Obbligazione JPMorgan Chase 0% ( US48127R5789 ) in USD

Emittente JPMorgan Chase
Prezzo di mercato 10.15 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US48127R5789 ( in USD )
Tasso d'interesse 0%
Scadenza 20/02/2025 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione JP Morgan US48127R5789 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale /
Cusip 48127R578
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 US48127R5789, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 20/02/2025







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424B2 1 e62854_424b2.htm PRICING SUPPLEMENT NO. 325
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$26,189,960
$3,043.27



PRICING SUPPLEMENT NO. 325
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-199966
Dated February 13, 2015
JPMorgan Chase & Co. Trigger Phoenix Autocallable Optimization Securities
$26,189,960 Linked to the lesser performing of the EURO STOXX 50® Index and the Russell 2000® Index
due February 20, 2025

I nve st m e nt De sc ript ion
Trigger Phoenix Autocallable Optimization Securities are unsecured and unsubordinated debt securities issued by JPMorgan Chase & Co. ("JPMorgan
Chase") (each, a "Security" and collectively, the "Securities") linked to the lesser performing of the EURO STOXX 50® Index and the Russell 2000® Index
(each an "Index" and together the "Indices"). If the closing level of each Index on a quarterly Observation Date is equal to or greater than its Coupon Barrier,
JPMorgan Chase will make a Contingent Coupon payment with respect to that Observation Date. Otherwise, no coupon will be payable with respect to that
Observation Date. JPMorgan Chase will automatically call the Securities early if the closing level of each Index on any quarterly Observation Date (after an
initial one-year non-call period) is equal to or greater than its Initial Index Level. If the Securities are called, JPMorgan Chase will pay the principal amount
plus the Contingent Coupon for that Observation Date and no further amounts will be owed to you. If the Securities are not called prior to maturity and the
Final Index Level of each Index is equal to or greater than both its Trigger Level and its Coupon Barrier, JPMorgan Chase will make a cash payment at
maturity equal to the principal amount of your Securities, in addition to the Contingent Coupon. If the Securities are not called prior to maturity and the Final
Index Level of each Index is greater than or equal to its Trigger Level but the Final Index Level of either Index is less than its Coupon Barrier, JPMorgan
Chase will make a cash payment at maturity equal to the principal amount of our Securities, but no Contingent Coupon will be paid. If the Final Index Level
of either Index is less than its Trigger Level, JPMorgan Chase will pay you less than the full principal amount, if anything, at maturity, resulting in a loss of
your principal amount that is proportionate to the decline in the closing level of the Index with the Lower Index Return (the "Lesser Performing Index") from
the Trade Date to the Final Valuation Date. I nve st ing in t he Se c urit ie s involve s signific a nt risk s. Y ou m a y lose som e or a ll of your
princ ipa l a m ount . Y ou w ill be e x pose d t o t he m a rk e t risk of e a c h I nde x a nd a ny de c line in t he le ve l of one I nde x m a y
ne ga t ive ly a ffe c t your re t urn a nd w ill not be offse t or m it iga t e d by a le sse r de c line or a ny pot e nt ia l inc re a se in t he le ve l of
t he ot he r I nde x . Ge ne ra lly, a highe r Cont inge nt Coupon Ra t e is a ssoc ia t e d w it h gre a t e r e x pe c t e d vola t ilit y of t he I ndic e s a nd
t he re fore a gre a t e r risk of loss. T he c ont inge nt re pa ym e nt of princ ipa l a pplie s only if you hold t he Se c urit ie s t o m a t urit y. Any
pa ym e nt on t he Se c urit ie s, inc luding a ny re pa ym e nt of princ ipa l, is subje c t t o t he c re dit w ort hine ss of J PM orga n Cha se . I f
J PM orga n Cha se w e re t o de fa ult on it s pa ym e nt obliga t ions, you m a y not re c e ive a ny a m ount s ow e d t o you unde r t he
Se c urit ie s a nd you c ould lose your e nt ire inve st m e nt .






Fe a t ure s
K e y Da t e s
Aut om a t ic a lly Ca lla ble : JPMorgan Chase will automatically call
Trade Date
February 13, 2015
the Securities and pay you the principal amount plus the
Original Issue Date (Settlement Date)
February 19, 2015
Contingent Coupon otherwise due for a quarterly
Observation Dates1
Quarterly (callable beginning
Observation Date (after an initial one-year non-call period)
February 16, 2016) (see page 4)
if the closing level of each Index on that quarterly
Final Valuation Date1
February 13, 2025
Observation Date is equal to or greater than its Initial Index
Maturity Date1
February 20, 2025
Level. No further payments will be made on the Securities.
1
Subject to postponement in the event of a market disruption event and
as described under "General Terms of Notes -- Postponement of a
Cont inge nt Coupon: If the closing level of each Index on a
Payment Date" and "General Terms of Notes -- Postponement of a
quarterly Observation Date (including the Final Valuation
Determination Date -- Notes Linked to Multiple Underlyings" in the
Date) is equal to or greater than its Coupon Barrier,
accompanying product supplement no. UBS-1a-I
JPMorgan Chase will make a Contingent Coupon payment


with respect to that Observation Date. Otherwise, no


coupon will be payable with respect to that Observation


Date.
Cont inge nt Re pa ym e nt of Princ ipa l Am ount a t M a t urit y:
If by maturity the Securities have not been called and each
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Index closes at or above its Trigger Level on the Final
Valuation Date, JPMorgan Chase will pay you the principal
amount per Security at maturity, in addition to any
Contingent Coupon that may be payable as described
above. If either Index closes below its Trigger Level on the
Final Valuation Date, JPMorgan Chase will repay less than
the principal amount, if anything, at maturity, resulting in a
loss on your principal amount that is proportionate to the
decline in the closing level of the Lesser Performing Index
from the Trade Date to the Final Valuation Date. The
contingent repayment of principal applies only if you hold
the Securities until maturity. Any payment on the Securities,
including any repayment of principal, is subject to the
creditworthiness of JPMorgan Chase.

T H E SECU RI T I ES ARE SI GN I FI CAN T LY RI SK I ER T H AN CON V EN T I ON AL DEBT I N ST RU M EN T S. J PM ORGAN CH ASE I S N OT
N ECESSARI LY OBLI GAT ED T O REPAY T H E FU LL PRI N CI PAL AM OU N T OF T H E SECU RI T I ES AT M AT U RI T Y , AN D T H E
SECU RI T I ES CAN H AV E DOWN SI DE M ARK ET RI SK SI M I LAR T O T H E LESSER PERFORM I N G I N DEX . T H I S M ARK ET RI SK I S I N
ADDI T I ON T O T H E CREDI T RI SK I N H EREN T I N PU RCH ASI N G A DEBT OBLI GAT I ON OF J PM ORGAN CH ASE. Y OU SH OU LD N OT
PU RCH ASE T H E SECU RI T I ES I F Y OU DO N OT U N DERST AN D OR ARE N OT COM FORT ABLE WI T H T H E SI GN I FI CAN T RI SK S
I N V OLV ED I N I N V EST I N G I N T H E SECU RI T I ES.
Y OU SH OU LD CAREFU LLY CON SI DER T H E RI SK S DESCRI BED U N DER "K EY RI SK S" BEGI N N I N G ON PAGE 6 AN D U N DER
"RI SK FACT ORS" BEGI N N I N G ON PAGE PS-6 OF T H E ACCOM PAN Y I N G PRODU CT SU PPLEM EN T N O. U BS-1 A-I BEFORE
PU RCH ASI N G AN Y SECU RI T I ES. EV EN T S RELAT I N G T O AN Y OF T H OSE RI SK S, OR OT H ER RI SK S AN D U N CERT AI N T I ES,
COU LD ADV ERSELY AFFECT T H E M ARK ET V ALU E OF, AN D T H E RET U RN ON , Y OU R SECU RI T I ES. Y OU M AY LOSE SOM E OR
ALL OF Y OU R I N I T I AL I N V EST M EN T I N T H E SECU RI T I ES. T H E SECU RI T I ES WI LL N OT BE LI ST ED ON AN Y SECU RI T I ES
EX CH AN GE.
Se c urit y Offe ring
We are offering Trigger Phoenix Autocallable Optimization Securities linked to the lesser performing of the EURO STOXX 50® Index and the Russell 2000®
Index. The Securities are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples thereof.






Cont inge nt
I nit ia l I nde x
T rigge r
Coupon
CU SI P /
I nde x
Coupon Ra t e
Le ve l
Le ve l*
Ba rrie r*
I SI N
EURO STOXX 50® Index (Bloomberg
3,447.59
1,723.80, which is 50% of the
2,413.31, which is 70% of
Ticker: SX5E)
8.47% per
Initial Index Level
the Initial Index Level
48127R578 /
annum
1,223.131
611.566, which is 50% of the
856.192, which is 70% of
US48127R5789
Russell 2000® Index (Bloomberg Ticker:
RTY)
Initial Index Level
the Initial Index Level
*Rounded to two decimal places for the EURO STOXX 50® Index and rounded to three decimal places for the Russell 2000® Index
Se e "Addit iona l I nform a t ion a bout J PM orga n Cha se & Co. a nd t he Se c urit ie s" in t his pric ing supple m e nt . T he Se c urit ie s w ill
ha ve t he t e rm s spe c ifie d in t he prospe c t us a nd t he prospe c t us supple m e nt , e a c h da t e d N ove m be r 7 , 2 0 1 4 , produc t
supple m e nt no. U BS-1 a -I da t e d N ove m be r 7 , 2 0 1 4 , unde rlying supple m e nt no. 1 a -I da t e d N ove m be r 7 , 2 0 1 4 a nd t his pric ing
supple m e nt . The terms of the Securities as set forth in this pricing supplement, to the extent they differ or conflict with those set forth in
product supplement no. UBS-1a-I, will supersede the terms set forth in product supplement no. UBS-1a-I.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the Securities or passed
upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, prospectus supplement, product supplement no. UBS-1a-I
and underlying supplement no. 1a-I. Any representation to the contrary is a criminal offense.









Pric e t o Public (1 )
Fe e s a nd Com m issions (2 )
Proc e e ds t o I ssue r
Offe ring of Se c urit ie s
T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
T ot a l
Pe r Se c urit y
Securities linked to the lesser performing of the EURO
STOXX 50® Index and the Russell 2000® Index
$26,189,960
$10
$916,648.60
$0.35
$25,273,311.40
$9.65


(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the Securities.
(2) UBS Financial Services Inc., which we refer to as UBS, will receive selling commissions from us of $0.35 per $10 principal amount Security. See "Plan
of Distribution (Conflicts of Interest)" beginning on page PS-87 of the accompanying product supplement no. UBS-1a-I, as supplemented by
"Supplemental Plan of Distribution" in this pricing supplement.
The estimated value of the Securities as determined by J.P. Morgan Securities LLC, which we refer to as JPMS, when the terms of the Securities
were set, was $9.448 per $10 principal amount Security. See "JPMS's Estimated Value of the Securities" in this pricing supplement for additional
information.
The Securities are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not
obligations of, or guaranteed by, a bank.
Addit iona l I nform a t ion a bout J PM orga n Cha se & Co. a nd t he Se c urit ie s
You should read this pricing supplement together with the prospectus, as supplemented by the prospectus supplement, each dated
November 7, 2014, relating to our Series E medium-term notes of which these Securities are a part, and the more detailed
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information contained in product supplement no. UBS-1a-I dated November 7, 2014 and underlying supplement no. 1a-I dated
November 7, 2014. T his pric ing supple m e nt , t oge t he r w it h t he doc um e nt s list e d be low , c ont a ins t he t e rm s of
t he Se c urit ie s, supple m e nt s t he fre e w rit ing prospe c t us re la t e d he re t o a nd supe rse de s a ll ot he r prior or
c ont e m pora ne ous ora l st a t e m e nt s a s w e ll a s a ny ot he r w rit t e n m a t e ria ls inc luding pre lim ina ry or indic a t ive
pric ing t e rm s, c orre sponde nc e , t ra de ide a s, st ruc t ure s for im ple m e nt a t ion, sa m ple st ruc t ure s, fa c t she e t s,
broc hure s or ot he r e duc a t iona l m a t e ria ls of ours. You should carefully consider, among other things, the matters set
forth in "Risk Factors" in the accompanying product supplement no. UBS-1a-I and "Risk Factors" in the accompanying underlying
supplement no. 1a-I, as the Securities involve risks not associated with conventional debt securities.
Y ou m a y a c c e ss t he se on t he SEC w e bsit e a t w w w .se c .gov a s follow s (or if suc h a ddre ss ha s c ha nge d, by
re vie w ing our filing for t he re le va nt da t e on t he SEC w e bsit e ):
?
Product supplement no. UBS-1a-I dated November 7, 2014:
http://www.sec.gov/Archives/edgar/data/19617/000089109214008409/e61360_424b2.pdf
?
Underlying supplement no. 1a-I dated November 7, 2014:
http://www.sec.gov/Archives/edgar/data/19617/000089109214008410/e61337_424b2.pdf
?
Prospectus supplement and prospectus, each dated November 7, 2014:
http://www.sec.gov/Archives/edgar/data/19617/000089109214008397/e61348_424b2.pdf
As used in this pricing supplement, the "Issuer," "JPMorgan Chase," "we," "us" and "our" refer to JPMorgan Chase & Co.
2
I nve st or Suit a bilit y




T he Se c urit ie s m a y be suit a ble for you if, a m ong
T he Se c urit ie s m a y not be suit a ble for you if,
ot he r c onside ra t ions:
a m ong ot he r c onside ra t ions:
You fully understand the risks inherent in an investment in ?
You do not fully understand the risks inherent in an
the Securities, including the risk of loss of your
investment in the Securities, including the risk of
entire initial investment.
loss of your entire initial investment.
You can tolerate a loss of all or a substantial portion of
?
You cannot tolerate a loss of all or a substantial portion of
your investment and are willing to make an
your investment and are unwilling to make an
investment that may have the same downside
investment that may have the same downside
market risk as an investment in the Lesser
market risk as an investment in the Lesser
Performing Index.
Performing Index.
You are willing to accept the individual market risk of
?
You are unwilling to accept the individual market risk of
each Index and understand that any decline in the
each Index or do not understand that any decline
level of one Index will not be offset or mitigated by
in the level of one Index will not be offset or
a lesser decline or any potential increase in the
mitigated by a lesser decline or any potential
level of the other Index.
increase in the level of the other Index.
You accept that you may not receive a Contingent Coupon ?
You require an investment designed to provide a full return
on some or all of the Coupon Payment Dates.
of principal at maturity.
You believe each Index will close at or above its Coupon
?
You do not accept that you may not receive a Contingent
Barrier on the Observation Dates and its Trigger
Coupon on some or all of the Coupon Payment
Level on the Final Valuation Date.
Dates.
You believe each Index will close at or above its Initial
?
You believe that either Index will decline during the term
Index Level on one of the specified Observation
of the Securities and is likely to close below its
Dates (after an initial one-year non-call period).
Coupon Barrier on the Observation Dates and its
Trigger Level on the Final Valuation Date.
You understand and accept that you will not participate in
any appreciation in the level of either Index and
?
You seek an investment that participates in the full
that your potential return is limited to the
appreciation in the level of either or both of the
Contingent Coupons.
Indices or that has unlimited return potential.
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You can tolerate fluctuations in the price of the Securities
?
You cannot tolerate fluctuations in the price of the
prior to maturity that may be similar to or exceed
Securities prior to maturity that may be similar to
the downside fluctuations in the levels of the
or exceed the downside fluctuations in the levels
Indices.
of the Indices.
You are willing to invest in the Securities based on the
?
You are not willing to invest in the Securities based on the
Contingent Coupon Rate indicated on the cover
Contingent Coupon Rate indicated on the cover
hereof.
hereof.
You do not seek guaranteed current income from this
?
You prefer the lower risk, and therefore accept the
investment and are willing to forgo dividends paid
potentially lower returns, of fixed income
on the stocks included in the Indices.
investments with comparable maturities and credit
ratings.
You are willing to invest in securities that may be called
early (after an initial one-year non-call period) or
?
You seek guaranteed current income from this investment
you are otherwise willing to hold such securities to
or prefer to receive the dividends paid on the
maturity.
stocks included in the Indices.
You accept that there may be little or no secondary market ?
You are unable or unwilling to hold securities that may be
for the Securities and that any secondary market
called early (after an initial one-year non-call
will depend in large part on the price, if any, at
period), or you are otherwise unable or unwilling
which JPMS, is willing to trade the Securities.
to hold such securities to maturity or you seek an
investment for which there will be an active
You seek an investment with a return based in part on the
secondary market.
performance of companies in the Eurozone.
?
You do not seek an investment with a return based in part
You are willing to assume the credit risk of JPMorgan
on the performance of companies in the
Chase for all payments under the Securities, and
Eurozone.
understand that if JPMorgan Chase defaults on its
obligations you may not receive any amounts due
?
You are not willing to assume the credit risk of JPMorgan
to you including any repayment of principal.
Chase for all payments under the Securities,
including any repayment of principal.
T he suit a bilit y c onside ra t ions ide nt ifie d a bove a re not e x ha ust ive . Whe t he r or not t he Se c urit ie s a re a
suit a ble inve st m e nt for you w ill de pe nd on your individua l c irc um st a nc e s, a nd you should re a c h a n
inve st m e nt de c ision only a ft e r you a nd your inve st m e nt , le ga l, t a x , a c c ount ing a nd ot he r a dvise rs ha ve
c a re fully c onside re d t he suit a bilit y of a n inve st m e nt in t he Se c urit ie s in light of your pa rt ic ula r
c irc um st a nc e s. Y ou should a lso re vie w c a re fully t he "K e y Risk s" be ginning on pa ge 6 of t his pric ing
supple m e nt , "Risk Fa c t ors" in t he a c c om pa nying produc t supple m e nt no. U BS -1 a -I a nd "Risk Fa c t ors" in
t he a c c om pa nying unde rlying supple m e nt no. 1 a -I for risk s re la t e d t o a n inve st m e nt in t he Se c urit ie s.
3








Fina l T e rm s
I nve st m e nt T im e line
Issuer
JPMorgan Chase & Co.
The closing level of each Index (Initial Index
Issue Price
$10 per Security
Level) is observed, and the Trigger Level and
T ra de Da t e

Indices

the Coupon Barrier of each Index and the
EURO STOXX 50® Index
Contingent Coupon Rate are determined.
Russell 2000® Index


Principal Amount
$10 per Security (subject to a minimum
purchase of 100 Securities or $1,000)
Term
Approximately 10 years, unless called earlier
Automatic Call Feature
The Securities will be called automatically if the


closing level of each Index on any Observation



Date (beginning February 16, 2016) is equal to



or greater than its Initial Index Level. If the



Securities are called, JPMorgan Chase will pay



you on the applicable Call Settlement Date a
cash payment per Security equal to the

If the closing level of each Index is equal to or
principal amount plus the Contingent Coupon
greater than its Coupon Barrier on any
otherwise due for the applicable Observation
Observation Date, JPMorgan Chase will pay you
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Date, and no further payments will be made on
a Contingent Coupon on the Coupon Payment
the Securities.
Date.
Contingent Coupon
If the closing level of each Index is equal to or
Qua rt e rly
The Securities will also be called if the closing
greater than its Coupon Barrier on any
(c a lla ble a ft e r
level of each Index on any Observation Date
Observation Date, we will pay you the
a n init ia l one -
(after an initial one-year non-call period) is equal
Contingent Coupon for that Observation Date
ye a r non -c a ll
to or greater than its Initial Index Level. If the
on the relevant Coupon Payment Date.
pe riod)
Securities are called, JPMorgan Chase will pay
If the closing level of either Index is less than
you a cash payment per Security equal to the
its Coupon Barrier on any Observation Date,
principal amount plus the Contingent Coupon
the Contingent Coupon for that Observation
otherwise due for the applicable Observation
Date will not accrue or be payable, and we will
Date, and no further payments will be made on
not make any payment to you on the relevant
the Securities.
Coupon Payment Date.

Each Contingent Coupon will be a fixed
amount based on equal quarterly installments
at the Contingent Coupon Rate, which is a per
annum rate. Cont inge nt Coupon
pa ym e nt s on t he Se c urit ie s a re not


gua ra nt e e d. We w ill not pa y you t he


Cont inge nt Coupon for a ny


Obse rva t ion Da t e on w hic h t he


c losing le ve l of e it he r I nde x is le ss


t ha n it s Coupon Ba rrie r.

The Final Index Level of each Index is
Contingent Coupon
8.47% per annum
determined as of the Final Valuation Date.
Rate
Contingent Coupon
$0.2118 per $10 principal amount Security
If the Securities have not been called and the
payments
Final Index Level of each Index is equal to or
Coupon Payment
2nd business day following the applicable
greater than both its Trigger Level and its
Coupon Barrier, at maturity JPMorgan Chase
Dates1
Observation Date, except that the Coupon
Payment Date for the Final Valuation Date is
will repay the principal amount equal to $10.00
the Maturity Date
per Security plus the Contingent Coupon
otherwise due on the Maturity Date.
Call Settlement Dates1 First Coupon Payment Date following the
applicable Observation Date
If the Securities have not been called and the
Payment at Maturity
I f t he Se c urit ie s a re not
Final Index Level of each Index is greater than or
(per $10 Security)
a ut om a t ic a lly c a lle d a nd t he Fina l
equal to its Trigger Level but the Final Index
I nde x Le ve l of e a c h I nde x is e qua l t o
M a t urit y Da t e
Level of either Index is less than its Coupon
or gre a t e r t ha n bot h it s T rigge r Le ve l
Barrier, JPMorgan Chase will repay the principal
a nd it s Coupon Ba rrie r, we will pay you
amount equal to $10.00 per Security, but no
a cash payment at maturity per $10 principal
Contingent Coupon will be paid.
amount Security equal to $10 plus the
Contingent Coupon otherwise due on the
If the Securities have not been called and the
Maturity Date.
Final Index Level of either Index is less than its
Trigger Level, JPMorgan Chase will repay less
I f t he Se c urit ie s a re not
than the principal amount, if anything, at
a ut om a t ic a lly c a lle d a nd t he Fina l
maturity, resulting in a loss on your principal
I nde x Le ve l of e a c h I nde x is gre a t e r
amount proportionate to the decline of the
t ha n or e qua l t o it s T rigge r Le ve l but
Lesser Performing Index, equal to a return of:
t he Fina l I nde x Le ve l of e it he r I nde x
is le ss t ha n it s Coupon Ba rrie r, we will
$ 1 0 × (1 + Le sse r Pe rform ing I nde x
pay you a cash payment at maturity per $10
Re t urn) pe r Se c urit y
principal amount Security equal to $10, but no



Contingent Coupon will be paid.



I f t he Se c urit ie s a re not
I N V EST I N G I N T H E SECU RI T I ES I N V OLV ES SI GN I FI CAN T
a ut om a t ic a lly c a lle d a nd t he Fina l
RI SK S. Y OU M AY LOSE SOM E OR ALL OF Y OU R PRI N CI PAL
I nde x Le ve l of e it he r I nde x is le ss
AM OU N T . Y OU WI LL BE EX POSED T O T H E M ARK ET RI SK
t ha n it s T rigge r Le ve l, we will pay you a
OF EACH I N DEX AN D AN Y DECLI N E I N T H E LEV EL OF ON E
cash payment at maturity that is less than $10
I N DEX M AY N EGAT I V ELY AFFECT Y OU R RET U RN AN D
per $10 principal amount Security resulting in a
WI LL N OT BE OFFSET OR M I T I GAT ED BY A LESSER
loss on your principal amount proportionate to
DECLI N E OR AN Y POT EN T I AL I N CREASE I N T H E LEV EL OF
the negative Index Return of the Lesser
T H E OT H ER I N DEX . AN Y PAY M EN T ON T H E SECU RI T I ES,
Performing Index, equal to:
I N CLU DI N G AN Y REPAY M EN T OF PRI N CI PAL, I S SU BJ ECT
T O T H E CREDI T WORT H I N ESS OF J PM ORGAN CH ASE. I F
$10 × (1 + Lesser Performing Index Return)
J PM ORGAN CH ASE WERE T O DEFAU LT ON I T S PAY M EN T
OBLI GAT I ON S, Y OU M AY N OT RECEI V E AN Y AM OU N T S
Index Return
With respect to each Index:
OWED T O Y OU U N DER T H E SECU RI T I ES AN D Y OU COU LD
Final Index Level - Initial Index Level
LOSE Y OU R EN T I RE I N V EST M EN T .
Initial Index Level
Lesser Performing
The Index with the lower Index Return
Index:
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Lesser Performing
The lower of the Index Returns of the Indices
Index Return:
Initial Index Level
With respect to each Index, the closing level of
that Index on the Trade Date, which was
3,447.59 for the EURO STOXX 50® Index and
1,223.131 for the Russell 2000® Index
Final Index Level
With respect to each Index, the closing level of
that Index on the Final Valuation Date
Trigger Level
With respect to each Index, 50% of its Initial
Index Level, which is 1,723.80 for the EURO
STOXX 50® Index and 611.566 for the
Russell 2000® Index 2
Coupon Barrier
With respect to each Index, 70% of its Initial
Index Level, which is 2,413.31 for the EURO
STOXX 50® Index and 856.192 for the
Russell 2000® Index 2
1
See footnote 1 under "Key Dates" on the front cover
2
Rounded to two decimal places for the EURO STOXX 50®
Index and rounded to three decimal places for the Russell
2000® Index
4
Coupon Obse rva t ion Da t e s a nd Coupon Pa ym e nt Da t e s


Coupon Obse rva t ion Da t e s
Coupon Pa ym e nt Da t e s
May 13, 2015
May 15, 2015
August 13, 2015
August 17, 2015
November 13, 2015
November 17, 2015
February 16, 2016
February 18, 2016
May 13, 2016
May 17, 2016
August 15, 2016
August 17, 2016
November 14, 2016
November 16, 2016
February 13, 2017
February 15, 2017
May 15, 2017
May 17, 2017
August 14, 2017
August 16, 2017
November 13, 2017
November 15, 2017
February 13, 2018
February 15, 2018
May 14, 2018
May 16, 2018
August 13, 2018
August 15, 2018
November 13, 2018
November 15, 2018
February 13, 2019
February 15, 2019
May 13, 2019
May 15, 2019
August 13, 2019
August 15, 2019
November 13, 2019
November 15, 2019
February 13, 2020
February 18, 2020
May 13, 2020
May 15, 2020
August 13, 2020
August 17, 2020
November 13, 2020
November 17, 2020
February 16, 2021
February 18, 2021
May 13, 2021
May 17, 2021
August 13, 2021
August 17, 2021
November 15, 2021
November 17, 2021
February 14, 2022
February 16, 2022
May 13, 2022
May 17, 2022
August 15, 2022
August 17, 2022
November 14, 2022
November 16, 2022
February 13, 2023
February 15, 2023
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May 15, 2023
May 17, 2023
August 14, 2023
August 16, 2023
November 13, 2023
November 15, 2023
February 13, 2024
February 15, 2024
May 13, 2024
May 15, 2024
August 13, 2024
August 15, 2024
November 13, 2024
November 15, 2024
February 13, 2025 (the Final Valuation Date)
February 20, 2025 (the Maturity Date)
The Securities are not callable until the fourth Observation Date, February 16, 2016.
Each of the Observation Dates, and therefore the Coupon Payment Dates, is subject to postponement in the event of a market
disruption event and as described under "General Terms of Notes -- Postponement of a Determination Date -- Notes Linked to
Multiple Underlyings" and "General Terms of Notes -- Postponement of a Payment Date" in the accompanying product supplement
no. UBS-1a-I.
5
Wha t Are t he T a x Conse que nc e s of t he Se c urit ie s ?
You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product
supplement no. UBS-1a-I. In determining our reporting responsibilities we intend to treat (i) the Securities for U.S. federal income
tax purposes as prepaid forward contracts with associated contingent coupons and (ii) any Contingent Coupons as ordinary
income, as described in the section entitled "Material U.S. Federal Income Tax Consequences -- Tax Consequences to U.S.
Holders -- Notes Treated as Prepaid Forward Contracts with Associated Contingent Coupons" in the accompanying product
supplement no. UBS-1a-I. Based on the advice of Davis Polk & Wardwell LLP, our special tax counsel, we believe that this is a
reasonable treatment, but that there are other reasonable treatments that the IRS or a court may adopt.
Sale, Exchange or Redemption of a Security. Assuming the treatment described above is respected, upon a sale or exchange of
the Securities (including redemption upon an automatic call or at maturity), you should recognize capital gain or loss equal to the
difference between the amount realized on the sale or exchange and your tax basis in the Securities, which should equal the
amount you paid to acquire the Securities (assuming Contingent Coupons are properly treated as ordinary income, consistent with
the position referred to above). This gain or loss should be short-term capital gain or loss unless you hold the Securities for more
than one year, in which case the gain or loss should be long-term capital gain or loss, whether or not you are an initial purchaser
of the Securities at the issue price. The deductibility of capital losses is subject to limitations. If you sell your Securities between
the time your right to a Contingent Coupon is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary
income equal to the Contingent Coupon. Although uncertain, it is possible that proceeds received from the sale or exchange of
your Securities prior to an Observation Date but that can be attributed to an expected Contingent Coupon payment could be
treated as ordinary income. You should consult your tax adviser regarding this issue.
As described above, there are other reasonable treatments that the IRS or a court may adopt, in which case the timing and
character of any income or loss on the Securities could be materially affected. In addition, in 2007 Treasury and the IRS released
a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The
notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment.
It also asks for comments on a number of related topics, including the character of income or loss with respect to these
instruments and the relevance of factors such as the nature of the underlying property to which the instruments are linked. While
the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance
promulgated after consideration of these issues could materially affect the tax consequences of an investment in the Securities,
possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an
investment in the Securities, including possible alternative treatments and the issues presented by this notice.
Non-U.S. Holders -- Tax Considerations. The U.S. federal income tax treatment of Contingent Coupons is uncertain, and although
we believe it is reasonable to take a position that Contingent Coupons are not subject to U.S. withholding tax (at least if an
applicable Form W-8 is provided), a withholding agent may nonetheless withhold on these payments (generally at a rate of 30%,
subject to the possible reduction of that rate under an applicable income tax treaty), unless income from your Securities is
effectively connected with your conduct of a trade or business in the United States (and, if an applicable treaty so requires,
attributable to a permanent establishment in the United States). If you are not a United States person, you are urged to consult
your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities in light of your particular
circumstances.
FATCA. Withholding under legislation commonly referred to as "FATCA" could apply to payments on the Securities, and (if they
are recharacterized, in whole or in part, as debt instruments) could also apply to the payment of gross proceeds of a sale of a
Security occurring after December 31, 2016 (including an automatic call or redemption at maturity). You should consult your tax
adviser regarding the potential application of FATCA to the Securities.
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In the event of any withholding on the Securities, we will not be required to pay any additional amounts with respect to amounts
so withheld.
6
K e y Risk s
An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in either
or both of the Indices. These risks are explained in more detail in the "Risk Factors" section of the accompanying product
supplement no. UBS-1a-I and the "Risk Factors" section of the accompanying underlying supplement no. 1a-I. We also urge you
to consult your investment, legal, tax, accounting and other advisers before you invest in the Securities.
Risk s Re la t ing t o t he Se c urit ie s Ge ne ra lly
?
Y our I nve st m e nt in t he Se c urit ie s M a y Re sult in a Loss -- The Securities differ from ordinary debt
securities in that JPMorgan Chase will not necessarily repay the full principal amount of the Securities. If the
Securities are not called and the closing level of either Index has declined below its Trigger Level on the Final
Valuation Date, you will be fully exposed to any depreciation of the Lesser Performing Index from its Initial Index Level
to its Final Index Level. In this case, JPMorgan Chase will repay less than the full principal amount at maturity,
resulting in a loss of principal that is proportionate to the negative Index Return of the Lesser Performing Index. Under
these circumstances, you will lose 1% of your principal for every 1% that the Final Index Level of the Lesser
Performing Index is less than its Initial Index Level and could lose your entire principal amount. As a result, your
investment in the Securities may not perform as well as an investment in a security that does not have the potential
for full downside exposure to either Index.
?
Cre dit Risk of J PM orga n Cha se & Co. -- The Securities are unsecured and unsubordinated debt obligations of
the Issuer, JPMorgan Chase & Co., and will rank pari passu with all of our other unsecured and unsubordinated
obligations. The Securities are not, either directly or indirectly, an obligation of any third party. Any payment to be
made on the Securities, including any repayment of principal, depends on the ability of JPMorgan Chase & Co. to
satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of JPMorgan Chase &
Co. may affect the market value of the Securities and, in the event JPMorgan Chase & Co. were to default on its
obligations, you may not receive any amounts owed to you under the terms of the Securities and you could lose your
entire investment.
?
Y ou Are N ot Gua ra nt e e d Any Cont inge nt Coupons -- We will not necessarily make periodic coupon
payments on the Securities. If the closing level of either Index on an Observation Date is less than its Coupon Barrier,
we will not pay you the Contingent Coupon for that Observation Date even if the closing level of the other Index is
greater than or equal to its Coupon Barrier on that Observation Date, and the Contingent Coupon that would otherwise
be payable will not be accrued and will be lost. If the closing level of either Index is less than its Coupon Barrier on
each of the Observation Dates, we will not pay you any Contingent Coupon during the term of, and you will not receive
a positive return on, your Securities. Generally, this non-payment of the Contingent Coupon coincides with a period of
greater risk of principal loss on your Securities.
?
Re t urn on t he Se c urit ie s Lim it e d t o t he Sum of Any Cont inge nt Coupons a nd Y ou Will N ot
Pa rt ic ipa t e in Any Appre c ia t ion of Eit he r I nde x -- The return potential of the Securities is limited to the
specified Contingent Coupon Rate, regardless of the appreciation of either Index, which may be significant. In addition,
the total return on the Securities will vary based on the number of Observation Dates on which the requirements for a
Contingent Coupon have been met prior to maturity or an automatic call. Further, if the Securities are called, you will
not receive any Contingent Coupons or any other payments in respect of any Observation Dates after the Call
Settlement Date. Because the Securities could be called as early as the fourth Observation Date, the total return on
the Securities could be minimal. If the Securities are not called, you may be subject to the risk of decline in the level
of each Index, even though you are not able to participate in any potential appreciation of either Index. As a result, the
return on an investment in the Securities could be less than the return on a hypothetical direct investment in either
Index. In addition, if the Securities are not called and the Final Index Level of either Index is below its Trigger Level,
you will have a loss on your principal amount and the overall return on the Securities may be less than the amount
that would be paid on a conventional debt security of JPMorgan Chase of comparable maturity.
?
Be c a use t he Se c urit ie s Are Link e d t o t he Le sse r Pe rform ing I nde x , Y ou Are Ex pose d t o Gre a t e r
Risk s of N o Cont inge nt Coupons a nd Sust a ining a Signific a nt Loss on Y our I nve st m e nt a t
M a t urit y T ha n I f t he Se c urit ie s We re Link e d t o a Single I nde x -- The risk that you will not receive any
Contingent Coupons and lose some or all of your initial investment in the Securities at maturity is greater if you invest
in the Securities as opposed to substantially similar securities that are linked to the performance of a single Index. With
two Indices, it is more likely that the closing level of either Index will be less than its Coupon Barrier on the
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Observation Dates or less than its Trigger Level on the Final Valuation Date. Therefore it is more likely that you will
not receive any Contingent Coupons and that you will suffer a significant loss on your investment at maturity. In
addition, the performance of the Indices may not be correlated. If the performance of the Indices is not correlated, or
is negatively correlated, the potential for one Index to close below its Coupon Barrier or Trigger Level on an
Observation Date or the Final Valuation Date, respectively, is even greater. Furthermore, because the closing level of
each Index must be greater than or equal to its Initial Index Level on a quarterly Observation Date (after an initial one-
year non-call period) in order for the securities to be automatically called prior to maturity, the Securities are less likely
to be automatically called on any Observation Date than if the Securities were linked to a single Index.
?
Y ou Are Ex pose d t o t he Risk of De c line in t he Le ve l of Ea c h I nde x -- Your return on the Securities and
your payment at maturity, if any, is not linked to a basket consisting of the Indices. If the Securities have not been
automatically called, your payment at maturity is contingent upon the performance of each individual Index such that
you will be equally exposed to the risks related to either of the Indices. In addition, the performance of the Indices may
not be correlated. Poor performance by any of the Indices over the term of the Securities may negatively affect
whether you will receive a Contingent Coupon on any Coupon Payment Date and your payment at maturity and will
not be offset or mitigated by positive performance by the other Index. Accordingly, your investment is subject to the
risk of decline in the value of each Index.
7
?
Y our Pa ym e nt a t M a t urit y M a y Be De t e rm ine d By t he Le sse r Pe rform ing I nde x -- Because the
payment at maturity will be determined based on the performance of the Lesser Performing Index, you will not benefit
from the performance of the other Index. Accordingly, if the Securities have not been automatically called and the
Final Index Level of either Index is less than its Trigger Level, you will lose some or all of your principal amount at
maturity, even if the Final Index Level of the other Index is greater than or equal to its Initial Index Level.
?
Cont inge nt Re pa ym e nt of Princ ipa l Applie s Only I f Y ou H old t he Se c urit ie s t o M a t urit y -- If you are
able to sell your Securities in the secondary market prior to maturity, you may have to sell them at a loss relative to
your initial investment even if the closing levels of both Indices are above their respective Trigger Levels. If by maturity
the Securities have not been called, either JPMorgan Chase will repay you the full principal amount per Security, with
or without the Contingent Coupon, or, if either Index closes below its Trigger Level on the Final Valuation Date,
JPMorgan Chase will repay less than the principal amount, if anything, at maturity, resulting in a loss on your principal
amount that is proportionate to the decline in the closing level of the Lesser Performing Index from the Trade Date to
the Final Valuation Date. This contingent repayment of principal applies only if you hold your Securities to maturity.
?
T he Proba bilit y T ha t t he Fina l I nde x Le ve l of Eit he r I nde x Will Fa ll Be low I t s Coupon Ba rrie r on
Any Obse rva t ion Da t e or I t s T rigge r Le ve l on t he Fina l V a lua t ion Da t e Will De pe nd on t he
V ola t ilit y of T ha t I nde x -- "Volatility" refers to the frequency and magnitude of changes in level of an Index.
Greater expected volatility with respect to an Index reflects a higher expectation as of the Trade Date that the level of
that Index could close below its Coupon Barrier on any Observation Date, resulting in the loss of one or more
Contingent Coupons or below its Trigger Level on the Final Valuation Date of the Securities, resulting in the loss of
some or all of your principal amount. In addition, the Contingent Coupon Rate is a fixed rate and depends in part on
this expected volatility. A higher Contingent Coupon Rate is generally associated with greater expected volatility.
However, each Index's volatility can change significantly over the term of the Securities. The level of either Index could
fall sharply, which could result in a loss of one or more Contingent Coupons and a significant loss of principal.
?
Re inve st m e nt Risk -- If your Securities are called early, the holding period over which you would have the
opportunity to receive any Contingent Coupons could be as short as approximately one year. There is no guarantee
that you would be able to reinvest the proceeds from an investment in the Securities at a comparable return and/or
with a comparable interest rate for a similar level of risk in the event the Securities are called prior to the maturity
date.
?
Pot e nt ia l Conflic t s -- We and our affiliates play a variety of roles in connection with the issuance of the Securities,
including acting as calculation agent and hedging our obligations under the Securities and making the assumptions
used to determine the pricing of the Securities and the estimated value of the Securities when the terms of the
Securities are set, which we refer to as JPMS's estimated value. In performing these duties, our economic interests
and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests
as an investor in the Securities. In addition, our business activities, including hedging and trading activities, could
cause our economic interests to be adverse to yours and could adversely affect any payment on the Securities and the
value of the Securities. It is possible that hedging or trading activities of ours or our affiliates in connection with the
Securities could result in substantial returns for us or our affiliates while the value of the Securities declines. Please
refer to "Risk Factors -- Risks Relating to Conflicts of Interest" in the accompanying product supplement no. UBS-1a-I
for additional information about these risks.
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?
Ea c h Cont inge nt Coupon I s Ba se d Sole ly on t he Closing Le ve ls of t he I ndic e s on t he Applic a ble
Obse rva t ion Da t e -- Whether a Contingent Coupon will be payable with respect to an Observation Date will be
based solely on the closing levels of the Indices on that Observation Date. As a result, you will not know whether you
will receive a Contingent Coupon until the related Observation Date. Moreover, because each Contingent Coupon is
based solely on the closing levels of the Indices on the applicable Observation Date, if the closing level of either Index
is less than its Coupon Barrier, you will not receive any Contingent Coupon with respect to that Observation Date,
even if the closing level of the other Index is equal to or greater than its Coupon Barrier and even if the closing level of
that Index was higher on other days during the period before that Observation Date.
?
J PM S's Est im a t e d V a lue of t he Se c urit ie s I s Low e r T ha n t he Origina l I ssue Pric e (Pric e t o Public )
of t he Se c urit ie s -- JPMS's estimated value is only an estimate using several factors. The original issue price of
the Securities exceeds JPMS's estimated value of the Securities because costs associated with selling, structuring and
hedging the Securities are included in the original issue price of the Securities. These costs include the selling
commissions, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our
obligations under the Securities and the estimated cost of hedging our obligations under the Securities. See "JPMS's
Estimated Value of the Securities" in this pricing supplement.
?
J PM S's Est im a t e d V a lue Doe s N ot Re pre se nt Fut ure V a lue s of t he Se c urit ie s a nd M a y Diffe r from
Ot he rs' Est im a t e s -- JPMS's estimated value of the Securities is determined by reference to JPMS's internal
pricing models when the terms of the Securities are set. This estimated value is based on market conditions and other
relevant factors existing at that time and JPMS's assumptions about market parameters, which can include volatility,
dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for
Securities that are greater than or less than JPMS's estimated value. In addition, market conditions and other relevant
factors in the future may change, and any assumptions may prove to be incorrect. On future dates, the value of the
Securities could change significantly based on, among other things, changes in market conditions, our
creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at which
JPMS would be willing to buy Securities from you in secondary market transactions. See "JPMS's Estimated Value of
the Securities" in this pricing supplement.
?
J PM S's Est im a t e d V a lue I s N ot De t e rm ine d by Re fe re nc e t o Cre dit Spre a ds for Our Conve nt iona l
Fix e d -Ra t e De bt -- The internal funding rate used in the determination of JPMS's estimated value of the Securities
generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based on,
among other things, our view of the funding value of the Securities as well as the higher issuance, operational and
ongoing liability management costs of the Securities in comparison to those
8

costs for our conventional fixed-rate debt. If JPMS were to use the interest rate implied by our conventional fixed-rate
credit spreads, we would expect the economic terms of the Securities to be more favorable to you. Consequently, our
use of an internal funding rate would have an adverse effect on the terms of the Securities and any secondary market
prices of the Securities. See "JPMS's Estimated Value of the Securities" in this pricing supplement.
?
T he V a lue of t he Se c urit ie s a s Publishe d by J PM S (a nd Whic h M a y Be Re fle c t e d on Cust om e r
Ac c ount St a t e m e nt s) M a y Be H ighe r T ha n J PM S's T he n -Curre nt Est im a t e d V a lue of t he Se c urit ie s
for a Lim it e d T im e Pe riod -- We generally expect that some of the costs included in the original issue price of
the Securities will be partially paid back to you in connection with any repurchases of your Securities by JPMS in an
amount that will decline to zero over an initial predetermined period. These costs can include selling commissions,
projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our secondary market
credit spreads for structured debt issuances. See "Secondary Market Prices of the Securities" in this pricing
supplement for additional information relating to this initial period. Accordingly, the estimated value of your Securities
during this initial period may be lower than the value of the Securities as published by JPMS (and which may be
shown on your customer account statements).
?
Se c onda ry M a rk e t Pric e s of t he Se c urit ie s Will Lik e ly Be Low e r T ha n t he Origina l I ssue Pric e of
t he Se c urit ie s -- Any secondary market prices of the Securities will likely be lower than the original issue price of
the Securities because, among other things, secondary market prices take into account our secondary market credit
spreads for structured debt issuances and, also, because secondary market prices (a) exclude selling commissions
and (b) may exclude projected hedging profits, if any, and estimated hedging costs that are included in the original
issue price of the Securities. As a result, the price, if any, at which JPMS will be willing to buy Securities from you in
secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the
Maturity Date could result in a substantial loss to you. See the immediately following risk factor for information about
additional factors that will impact any secondary market prices of the Securities.

The Securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to
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