Obbligazione JPMorgan Chase 4.66% ( US48126NWV53 ) in USD

Emittente JPMorgan Chase
Prezzo di mercato 100 USD  ▼ 
Paese  Stati Uniti
Codice isin  US48126NWV53 ( in USD )
Tasso d'interesse 4.66% per anno ( pagato 2 volte l'anno)
Scadenza 31/10/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione JP Morgan US48126NWV53 in USD 4.66%, scaduta


Importo minimo 1 000 USD
Importo totale 1 590 000 USD
Cusip 48126NWV5
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata JPMorgan Chase & Co. è una delle più grandi istituzioni finanziarie al mondo, operante nel settore bancario d'investimento, gestione patrimoniale e servizi finanziari.

The Obbligazione issued by JPMorgan Chase ( United States ) , in USD, with the ISIN code US48126NWV53, pays a coupon of 4.66% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 31/10/2023







Pricing Supplement No.1875
http://www.sec.gov/Archives/edgar/data/19617/000119312513418789/d...
424B2 1 d620989d424b2.htm PRICING SUPPLEMENT NO.1875
CALCULATION OF REGISTRATION FEE

Title of Each Class of Securities Offered

Maximum Aggregate Offering Price

Amount of Registration Fee
Notes

$1,590,000

$204.79
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Pricing Supplement No.1875
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Pricing supplement no. 1875
Registration Statement No. 333-177923
To prospectus dated November 14, 2011,
Dated October 28, 2013
prospectus supplement dated November 14, 2011,
Rule 424(b)(2)
product supplement no. 6-I dated November 14, 2011 and
underlying supplement no. 4-III dated June 29, 2012





$1,590,000
Market-Linked Notes with Contingent Coupons Linked to the
Performance of the JPMorgan ETF Efficiente 5 Index due October

31, 2023
General

--
Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing October 31, 2023*

--
Cash payment at maturity of principal plus the Additional Amount** and the final Contingent Coupon, if any, as described below
--
The notes are designed for investors who seek exposure to any appreciation of the JPMorgan ETF Efficiente 5 Index at maturity and who seek a
Contingent Coupon** with respect to each quarterly Coupon Review Date on which the Index closing level of the JPMorgan ETF Efficiente 5 Index

is greater than or equal to its Initial Index Level. The notes may be appropriate for investors requiring asset and investment strategy diversification.
Investors should be willing to forgo fixed coupons and dividend payments, while seeking payment of your principal in full at maturity. Any payment
on the notes is subject to the credit risk of JPMorgan Chase & Co.

--
The level of the Index reflects the deduction of a fee of 0.50% per annum that accrues daily.

--
Investors will receive no coupon payments if the Index closing level is less than the Initial Index Level on each quarterly Coupon Review Date.
--

Investing in the notes is not equivalent to investing in the JPMorgan ETF Efficiente 5 Index, any of the Basket Constituents or any of the assets
underlying the Basket Constituents.

--
Minimum denominations of $1,000 and integral multiples thereof

--
The notes priced on October 28, 2013 and are expected to settle on or about October 31, 2013.

--
The Additional Amount and the repayment of principal is available from JPMorgan Chase & Co. only at maturity.

--
The notes will not be listed on an exchange and may have limited or no liquidity.
--
The terms of the notes as set forth below, to the extent they differ or conflict with those set forth in the accompanying product

supplement no. 6-I, will supersede the terms set forth in the accompanying product supplement. Among other things, your payment at
maturity will be determined as described below under "Key Terms -- Payment at Maturity." See "Supplemental Terms of the Notes" in
this pricing supplement for more information.
Key Terms
Index:

JPMorgan ETF Efficiente 5 Index (the "Index")
Payment at Maturity:
At maturity, you will receive, in addition to the final Contingent Coupon, if any, a cash payment, for each $1,000 principal
amount note, of $1,000 plus the Additional Amount**, which may be zero.
You will be entitled to repayment of principal in full only at maturity, subject to the credit risk of JPMorgan Chase &

Co.
Additional Amount**:
The Additional Amount per $1,000 principal amount note payable at maturity will equal $1,000 × the Index Return × the

Participation Rate, provided that the Additional Amount** will not be less than zero.
Participation Rate:

100%
Contingent Coupons**:
If the Index closing level on any quarterly Coupon Review Date is greater than or equal to the Initial Index Level, you will receive
on the applicable Coupon Payment Date for each $1,000 principal amount note a Contingent Coupon** equal to $1,000 ×
Coupon Rate × 1/4.

If the Index closing level on any Coupon Review Date is less than the Initial Index Level, no Contingent Coupon will be made

on the applicable Coupon Payment Date.
Coupon Rate:

4.66% per annum, if applicable, payable at a rate of 1.165% per quarter.
Coupon Review Dates*:
January 28, 2014, April 25, 2014, July 28, 2014, October 28, 2014, January 27, 2015, April 27, 2015, July 28, 2015, October
27, 2015, January 26, 2016, April 26, 2016, July 26, 2016, October 26, 2016, January 26, 2017, April 25, 2017, July 26, 2017,
October 26, 2017, January 26, 2018, April 25, 2018, July 26, 2018, October 26, 2018, January 28, 2019, April 25, 2019, July
26, 2019, October 28, 2019, January 28, 2020, April 27, 2020, July 28, 2020, October 27, 2020, January 26, 2021, April 27,
2021, July 27, 2021, October 26, 2021, January 26, 2022, April 26, 2022, July 26, 2022, October 26, 2022, January 26, 2023,

April 25, 2023, July 26, 2023 and the Observation Date
Coupon Payment Dates*:
January 31, 2014, April 30, 2014, July 31, 2014, October 31, 2014, January 30, 2015, April 30, 2015, July 31, 2015, October
30, 2015, January 29, 2016, April 29, 2016, July 29, 2016, October 31, 2016, January 31, 2017, April 28, 2017, July 31, 2017,
October 31, 2017, January 31, 2018, April 30, 2018, July 31, 2018, October 31, 2018, January 31, 2019, April 30, 2019, July
31, 2019, October 31, 2019, January 31, 2020, April 30, 2020, July 31, 2020, October 30, 2020, January 29, 2021, April 30,
2021, July 30, 2021, October 29, 2021, January 31, 2022, April 29, 2022, July 29, 2022, October 31, 2022, January 31, 2023,

April 28, 2023, July 31, 2023 and the Maturity Date
Index Return:
(Ending Index Level ­ Initial Index Level)

Initial Index Level

Initial Index Level:

The Index closing level on the pricing date, which was 119.38
Ending Index Level:

The Index closing level on the Observation Date
Observation Date*:

October 26, 2023
Maturity Date*:

October 31, 2023
CUSIP:

48126NWV5
ISIN:

US48126NWV53
* Subject to postponement in the event of a market disruption event and as described under "Description of Notes -- Payment at Maturity," "Description of Notes
-- Interest Payments" in the accompanying product supplement no. 6-I and "Supplemental Terms of Notes -- Postponement of a Determination Date -- Notes
linked solely to the ETF Efficiente Index" in the accompanying underlying supplement no. 4-III and "Supplemental Terms of the Notes" in this pricing supplement.
** Subject to the impact of a commodity hedging disruption event as described under "General Terms of Notes -- Additional Index Provisions -- A. Consequences
of a Commodity Hedging Disruption Event -- Early Determination of the Additional Amount" in the accompanying product supplement no. 6-I. In the event of a
commodity hedging disruption event, we have the right, but not the obligation, to cease paying further Contingent Coupons and to cause the note calculation
agent to determine on the commodity hedging disruption date the value of the Additional Amount payable at maturity. Under these circumstances, the value of
the Additional Amount payable at maturity will be determined prior to, and without regard to the level of the Index on, the Observation Date. Please see "Selected
Risk Considerations -- We May Cease Paying Further Contingent Coupons and Adjust your Payment at Maturity if a Commodity Hedging Disruption Event
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Occurs" for additional information.
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-16 of the accompanying product supplement no. 6-I,
"Risk Factors" beginning on page US-6 of the accompanying underlying supplement no. 4-III and "Selected Risk Considerations" beginning on page
PS-5 of this pricing supplement.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the notes or passed upon the
accuracy or the adequacy of this pricing supplement or the accompanying product supplement, underlying supplement, prospectus supplement and prospectus.
Any representation to the contrary is a criminal offense.


Price to Public (1)
Fees and Commissions (2)
Proceeds to Issuer
Per note
$1,000
$50
$950
Total
$1,590,000
$79,500
$1,510,500
(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.
(2) UBS Financial Services Inc., which we refer to as UBS, will receive selling commissions of $50.00 per $1,000 principal amount note from us. See "Plan of
Distribution (Conflicts of Interest)" beginning on page PS-76 of the accompanying product supplement no. 6-I.
The estimated value of the notes as determined by J.P. Morgan Securities LLC, which we refer to as JPMS, when the terms of the notes were set, was
$901.20 per $1,000 principal amount note. See "JPMS's Estimated Value of the Notes" in this pricing supplement for additional information.
The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of,
or guaranteed by, a bank.


UBS Financial Services Inc.
October 28, 2013

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Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus dated November 14, 2011, as supplemented by
the prospectus supplement dated November 14, 2011 relating to our Series E medium-term notes of which these notes
are a part, and the more detailed information contained in product supplement no. 6-I dated November 14, 2011 and
underlying supplement no. 4-III dated June 29, 2012. This pricing supplement, together with the documents listed
below, contains the terms of the notes, supplements the term sheet related hereto dated October 4, 2013 and
supersedes all other prior or contemporaneous oral statements as well as any other written materials including
preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample
structures, fact sheets, brochures or other educational materials of ours. You should careful y consider, among
other things, the matters set forth in "Risk Factors" in the accompanying product supplement no. 6-I and "Risk Factors"
in the accompanying underlying supplement no. 4-III, as the notes involve risks not associated with conventional debt
securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the
notes.
You may access these documents on the SEC website at www.sec.gov as fol ows (or if such address has changed, by
reviewing our filings for the relevant date on the SEC website):


-- Product supplement no. 6-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007596/e46161_424b2.pdf


-- Underlying supplement no. 4-III dated June 29, 2012:
http://www.sec.gov/Archives/edgar/data/19617/000089109212003615/e48971_424b2.pdf


-- Prospectus supplement dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007578/e46180_424b2.pdf


-- Prospectus dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007568/e46179_424b2.pdf
You may access additional information regarding the JPMorgan ETF Efficiente 5 Index in the Strategy Guide at the
following URL:
http://www.sec.gov/Archives/edgar/data/19617/000095010313002214/crt_dp37432-fwp.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, the "Company," "we,"
"us" and "our" refer to JPMorgan Chase & Co.
We may create and issue additional notes with the same terms as these notes, so that any additional notes wil be
considered part of the same tranche as these notes.
Supplemental Terms of the Notes
For purposes of the notes offered by this pricing supplement:

-- al references to "Interest Rate" and "Interest Payment Date" in the accompanying product supplement no. 6-I are

deemed to refer to "Coupon Rate" and "Coupon Payment Date," respectively.

-- the Coupon Review Dates are Determination Dates as described in the accompanying product supplement no. 6-I
and are subject to postponement as described under "Supplemental Terms of Notes -- Postponement of a
Determination Date -- Notes linked solely to the ETF Efficiente Index" in the accompanying underlying supplement
no. 4-III. If, due to a non-trading day or a market disruption event, a Coupon Review Date is postponed so that it

fal s less than three business days prior to the applicable scheduled Coupon Payment Date, that Coupon Payment
Date wil be postponed to the third business day fol owing that Coupon Review Date, as postponed, and the
applicable Contingent Coupon wil be payable on that Coupon Payment Date, as postponed, with the same force
and effect as if that Coupon Payment Date had not been postponed, and no additional interest wil accrue or be
payable as a result of the delayed payment;

-- Contingent Coupons wil be calculated as described above under "Key Terms -- Contingent Coupons" and "Key

Terms -- Coupon Rate" and wil not be calculated based on a 360-day year of twelve 30-day months;

-- notwithstanding anything to the contrary in the accompanying product supplement no. 6-I, in case an event of
default with respect to the notes shall have occurred and be continuing, the amount declared due and payable per
$1,000 principal amount note upon any acceleration of the notes wil be determined by the note calculation agent

and wil be an amount in cash equal to the amount payable at maturity per $1,000 principal amount note as
described above under "Key Terms -- Payment at Maturity," calculated as if the date of acceleration were (a) the
Observation Date, (b) the final Coupon Review Date and (c) the Final Disrupted Determination Date (if the



JPMorgan Structured Investments --
PS-1
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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date of acceleration is a Disrupted Day), provided that any Contingent Coupon payable as a result of treating the
date of acceleration as the final Coupon Review Date wil be prorated based on the ratio of the actual number of

days from and including the previous Coupon Payment Date to but excluding the accelerated maturity date over
the number of days from and including the previous Coupon Payment Date to but excluding the next scheduled
Coupon Payment Date;

-- notwithstanding anything to the contrary in the accompanying product supplement no. 6-I or the underlying

supplement no. 4-III, the consequences of a commodity hedging disruption event wil be as fol ows:
If a commodity hedging disruption event (as defined under "General Terms of Notes -- Additional Index Provisions
-- A. Consequences of a Commodity Hedging Disruption Event -- Commodity Hedging Disruption Events" in the
accompanying product supplement no. 6-I) occurs, we wil have the right, but not the obligation, to cease paying
further Contingent Coupons and to adjust your payment at maturity based on determinations made by the note
calculation agent described below. If we choose to exercise this right, in making this adjustment, the note
calculation agent wil determine, in good faith and in a commercial y reasonable manner, the Option Value (as
defined below) as of the date on which the note calculation agent determines that a commodity hedging disruption
event has occurred (such date, a "commodity hedging disruption date"). The "Option Value" wil be a fixed amount
representing the forward price of the embedded option representing the Additional Amount payable on the notes at
maturity and the forward price of the embedded option representing al of the potential remaining Contingent
Coupons from but excluding the commodity hedging disruption date through and including the final Coupon
Payment Date, provided that the Option Value may not be less than zero. If we choose to exercise our right to
determine the Option Value, we wil pay you at maturity, instead of any future Contingent Coupons and the
payment at maturity calculated as described above under "Key Terms -- Payment at Maturity," an amount equal to
(1) the Option Value (which may not be less than zero) plus (2) $1,000. The commodity hedging disruption event
may occur prior to the Observation Date. We wil provide, or cause the note calculation agent to provide, written
notice of our election to exercise this right to the trustee at its New York office. We (or the note calculation agent)
wil deliver this notice as promptly as possible and in no event later than the fifth business day immediately
fol owing the commodity hedging disruption date. Additional y, we wil specify in the notice the Option Value as
determined on the commodity hedging disruption date.



JPMorgan Structured Investments --
PS-2
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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The JPMorgan ETF Efficiente 5 Index
The JPMorgan ETF Efficiente 5 Index (the "Index") was developed and is maintained and calculated by J.P. Morgan
Securities plc (formerly known as J.P. Morgan Securities Ltd.) ("JPMS plc"), one of our affiliates. JPMS plc acts as the
calculation agent for the Index (the "index calculation agent"). The Index is a notional dynamic basket that tracks the
excess return of a portfolio of 12 exchange-traded funds ("ETFs") (each an "ETF Constituent," and collectively the "ETF
Constituents"), with dividends reinvested, and the JPMorgan Cash Index USD 3 Month (the "Cash Constituent") (each a
"Basket Constituent," and col ectively the "Basket Constituents") above the return of the Cash Constituent, less a fee of
0.50% per annum that accrues daily. The Basket Constituents represent a diverse range of asset classes and
geographic regions.
The Index rebalances monthly a synthetic portfolio composed of the Basket Constituents. The Index is based on the
"modern portfolio theory" approach to asset al ocation, which suggests how a rational investor should al ocate his capital
across the available universe of assets to maximize return for a given risk appetite. The Index uses the concept of an
"efficient frontier" to define the asset al ocation of the Index. An efficient frontier for a portfolio of assets defines the
optimum return of the portfolio for a given amount of risk. The Index uses the volatility of returns of hypothetical portfolios
as the measure of risk. This strategy is based on the assumption that the most efficient allocation of assets is one that
maximizes returns per unit of risk. The index level of the ETF Efficiente Index is determined by tracking the return of the
synthetic portfolio above the return of the Cash Constituent. The weights assigned to the Basket Constituents within the
synthetic portfolio are rebalanced monthly. The strategy assigns the weights to the Basket Constituents based upon the
returns and volatilities of multiple hypothetical portfolios comprising the Basket Constituents measured over the previous
six months. The re-weighting methodology seeks to identify the weight for each Basket Constituent that would have
resulted in the hypothetical portfolio with the highest return over the relevant measurement period, subject to an
annualized volatility over the same period of 5% or less. Thus, the portfolio exhibiting the highest return with an
annualized volatility of 5% or less is then selected, with the weightings for such portfolio applied to the Basket
Constituents. In the event that none of the portfolios has an annualized volatility equal to or less than 5%, this volatility
threshold is increased by 1% and this analysis performed again until a portfolio is selected. The weight of the Cash
Constituent at any given time represents the portion of the synthetic portfolio that is uninvested at that time and the Index
wil reflect no return for that portion.
No assurance can be given that the investment strategy used to construct the Index will be successful or that
the Index will outperform any alternative basket or strategy that might be constructed from the Basket
Constituents. Furthermore, no assurance can be given that the Index will achieve its target volatility of 5%. The
actual realized volatility of the Index may be greater or less than 5%.
The Index is described as a "notional" or synthetic portfolio or basket of assets because there is no actual
portfolio of assets to which any person is entitled or in which any person has any ownership interest. The
Index merely references certain assets, the performance of which will be used as a reference point for
calculating the level of the Index.
The fol owing are the Basket Constituents composing the Index and the maximum weighting constraints assigned to the
relevant sector and asset type to which each belongs:

Asset
Sector Cap
Basket Constituent

Cap
1 Developed Equities
SPDR S&P 500 E
® ®
TF Trust

20%
2 50%
iShares® Russel 2000 ETF

10%
3
iShares® MSCI EAFE ETF

20%
4 Bonds
iShares® 20+ Year Treasury Bond ETF

20%
5 50%
iShares® iBoxx $ Investment Grade Corporate Bond ETF

20%
6
iShares® iBoxx $ High Yield Corporate Bond ETF

20%
7 Emerging Markets
iShares® MSCI Emerging Markets ETF

20%
8 25%
iShares® J.P. Morgan USD Emerging Markets Bond ETF

20%
9 Alternative
iShares® U.S. Real Estate ETF

20%
10 Investments
iShares® S&P GSCITM Commodity-Indexed Trust

10%
11 25%

SPDR® Gold Trust

10%
12 Inflation Protected Bonds iShares® TIPS Bond ETF
50%
and Cash


13 50%
JPMorgan Cash Index USD 3 Month

50%
On July 1, 2013, the names of the iShares E
®
TF Constituents (other than the iShares S
®
&P GSCITM Commodity-Indexed
Trust) were changed to the names listed in the table above.
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See "The JPMorgan ETF Efficiente 5 Index " in the accompanying underlying supplement no. 4-III for more
information about the Index and the Basket Constituents.
The level of the Index is published each trading day under the Bloomberg ticker symbol "EEJPUS5E."



JPMorgan Structured Investments --
PS-3
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Selected Purchase Considerations

-- POTENTIAL PRESERVATION OF CAPITAL AT MATURITY -- Subject to the credit risk of JPMorgan Chase &
Co., the payout formula al ows you to receive at least your initial investment in the notes if you hold the notes to

maturity, regardless of the performance of the Index. Because the notes are our unsecured and
unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our
obligations as they become due.

-- APPRECIATION POTENTIAL -- At maturity, in addition to your principal and the final Contingent Coupon, if any,

for each $1,000 principal amount note you wil receive a payment equal to $1,000 × the Index Return × the
Participation Rate of 100%, provided that this payment (the Additional Amount) wil not be less than zero.

-- QUARTERLY CONTINGENT COUPONS -- The notes offer the potential to earn a Contingent Coupon in
connection with each quarterly Coupon Review Date of $1,000 × the Coupon Rate × 1/4 per $1,000 principal
amount note. The Coupon Rate is 4.66% per annum, payable at a rate 1.165% per quarter. If the Index closing
level on any Coupon Review Date is greater than or equal to the Initial Index Level, you wil receive a Contingent

Coupon on the applicable Coupon Payment Date. If the Index closing level on any Coupon Review Date is less
than the Initial Index Level, no Contingent Coupon wil be payable on the applicable Coupon Payment Date. If
payable, a Contingent Coupon wil be paid to the holders of record at the close of business on the business day
immediately preceding the applicable Coupon Payment Date.

-- RETURN LINKED TO A NOTIONAL DYNAMIC BASKET THAT TRACKS THE EXCESS RETURN OF A
PORTFOLIO OF TWELVE ETFs AND ONE INDEX, REPRESENTING A DIVERSE RANGE OF ASSETS AND
GEOGRAPHIC REGIONS -- The return on the notes is linked to the performance of the JPMorgan ETF Efficiente
5 Index. The Index tracks the excess return of a portfolio of twelve ETFs and the Cash Constituent using an
investment strategy that is based on the modern portfolio theory of asset allocation, which suggests how a rational

investor should al ocate his capital across the available universe of assets to maximize return for a given risk
appetite. The Index uses the concept of an "efficient frontier" to define the asset al ocation of the Index. An
efficient frontier for a portfolio of assets defines the optimum return of the portfolio for a given amount of risk. The
Index uses the volatility of returns of hypothetical portfolios as the measure of risk. This strategy is based on the
assumption that the most efficient al ocation of assets is one that maximizes returns per unit of risk. See "The
JPMorgan ETF Efficiente 5 Index " in the accompanying underlying supplement no. 4-III.

-- TAXED AS CONTINGENT PAYMENT DEBT INSTRUMENTS -- You should review careful y the section entitled
"Material U.S. Federal Income Tax Consequences" and in particular the subsection thereof entitled " -- Notes
Treated as Contingent Payment Debt Instruments" in the accompanying product supplement no. 6-I. In the opinion
of our special tax counsel, Davis Polk & Wardwel LLP, the notes wil be treated for U.S. federal income tax
purposes as "contingent payment debt instruments." You general y wil be required to accrue original issue discount
on your notes in each taxable year at the "comparable yield," as determined by us, subject to certain adjustments
to reflect the differences between the actual and "projected" amounts of any payments you receive during the
year, with the result that your taxable income in any year may differ significantly from the Contingent Coupons, if
any, you receive in that year. Upon sale or exchange (including at maturity), you wil recognize taxable income or
loss equal to the difference between the amount received from the sale or exchange and your adjusted basis in the
note, which general y wil equal the cost thereof, increased by the amount of original issue discount you have
accrued in respect of the note (determined without regard to any of the adjustments described above), and
decreased by the amount of any projected payments in respect of the note through the date of the sale or

exchange. You generally must treat any income as interest income and any loss as ordinary loss to the extent of
previous interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to
limitations. Special rules may apply if we elect to pay you the "Option Value" in lieu of any remaining Contingent
Coupons and the Additional Amount, as a result of a commodity hedging disruption event as described above in
"Supplemental Terms of the Notes." Under these rules, you would be required to account for the differences
between the originally projected payments and the fixed amounts of those payments (i.e., for each Contingent
Coupon, zero, and for the Additional Amount, the Option Value) in a reasonable manner over the period to which
the differences relate. In addition, you would be required to make adjustments to, among other things, your accrual
periods and your adjusted basis in your notes. The character of any gain or loss on a sale or exchange of your
notes would also be affected. You should consult your tax adviser concerning the application of these rules.
Purchasers who are not initial purchasers of notes at their issue price should consult their tax advisers with respect
to the tax consequences of an investment in notes, including the treatment of the difference, if any, between the
basis in their notes and the notes' adjusted issue price.



JPMorgan Structured Investments --
PS-4
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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Non-U.S. Holders -- Additional Tax Consideration
Non-U.S. Holders should note that recently proposed Treasury regulations, if finalized in their current form, could
impose a withholding tax at a rate of 30% (subject to reduction under an applicable income tax treaty) on amounts
attributable to U.S.-source dividends (including, potential y, adjustments to account for extraordinary dividends) that
are paid or "deemed paid" after December 31, 2013 under certain financial instruments, if certain other conditions
are met. While significant aspects of the application of these proposed regulations to the notes are uncertain, if
these proposed regulations were finalized in their current form, we (or other withholding agents) might determine
that withholding is required with respect to notes held by a Non-U.S. Holder or that the Non-U.S. Holder must
provide information to establish that withholding is not required. Non-U.S. Holders should consult their tax advisers
regarding the potential application of these proposed regulations. If withholding is required, we wil not be required
to pay any additional amounts with respect to amounts so withheld.
The discussion in the preceding paragraphs, when read in combination with the section entitled "Material U.S.
Federal Income Tax Consequences" (and in particular the subsection thereof entitled "--Notes Treated as
Contingent Payment Debt Instruments") in the accompanying product supplement, constitutes the ful opinion of
Davis Polk & Wardwel LLP regarding the material U.S. federal income tax consequences of owning and disposing
of notes.

-- COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE -- We have determined that the "comparable

yield" is an annual rate of 3.91%, compounded quarterly. Based on our determination of the comparable yield, the
"projected payment schedule" per $1,000 principal amount note consists of the fol owing payments:

Projected Payment

Payment Dates

Amounts
January 31, 2014

$11.12
April 30, 2014

$11.12
July 31, 2014

$7.54
October 31, 2014

$7.54
January 30, 2015

$7.54
April 30, 2015

$7.44
July 31, 2015

$7.35
October 30, 2015

$7.35
January 29, 2016

$7.35
April 29, 2016

$7.16
July 29, 2016

$7.16
October 31, 2016

$7.24
January 31, 2017

$6.98
April 28, 2017

$6.82
July 31, 2017

$7.13
October 31, 2017

$6.98
January 31, 2018

$6.79
April 30, 2018

$6.79
July 31, 2018

$6.79
October 31, 2018

$6.60
January 31, 2019

$6.60
April 30, 2019

$6.60
July 31, 2019

$6.41
October 31, 2019

$6.41
January 31, 2020

$6.41
April 30, 2020

$6.41
July 31, 2020

$6.41
October 30, 2020

$6.22
January 29, 2021

$6.22
April 30, 2021

$6.29
July 30, 2021

$6.22

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Pricing Supplement No.1875
http://www.sec.gov/Archives/edgar/data/19617/000119312513418789/d...


JPMorgan Structured Investments --
PS-5
Market-Linked Notes with Contingent Coupons Linked to the JPMorgan ETF Efficiente 5 Index

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