Obligation JPMorgan Chase 9.66% ( US48125UTE28 ) en USD

JPMorgan Chase

93.18 % ⇌

Etas-Unis

US48125UTE28 ( en USD )

9.66% par an ( paiement semestriel )

30/06/2030

Prospectus brochure de l'obligation JP Morgan US48125UTE28 en USD 9.66%, échéance 30/06/2030

1 000 USD

3 145 000 USD

48125UTE2

N/A

30/06/2026 ( Dans 143 jours )

JPMorgan Chase & Co. est une société multinationale de services financiers américaine, offrant des services bancaires d'investissement, de gestion de patrimoine, de banque commerciale et de cartes de crédit à une clientèle mondiale.

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48125UTE28, paye un coupon de 9.66% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 30/06/2030

424B2 1 e64873_424b2.htm PRICING SUPPLEMENT NO. 882
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Maximum Aggregate
Amount of
Securities Offered
Offering Price
Registration Fee
Notes
$3,145,000
$365.45

Pric ing supple m e nt N o. 8 8 2
Pricing supplement to
To prospectus dated November 7, 2014,
Product Supplement No. 1a-I
prospectus supplement dated November 7, 2014
Registration Statement No. 333-199966
product supplement no. 1a-I dated November 7, 2014 and underlying supplement no.
Dated June 25, 2015; Rule 424(b)(2)
1a-I dated November 7, 2014
$ 3 ,1 4 5 ,0 0 0
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S.
Structured Dollar Constant Maturity Sw ap Rate, the 2-Year U.S. Dollar
Investments
Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due
J une 3 0 , 2 0 3 0
Ge ne ra l
·
Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing June 30, 2030, subject to postponement as described below.
·
The notes are designed for investors who believe that (i) the 30-Year U.S. Dollar Constant Maturity Swap Rate will be greater than the 2-Year U.S.
Dollar Constant Maturity Swap Rate on each Determination Date, (ii) the Index Level of the S&P 500® Index will remain at or above the Minimum Index
Level of 60% of the Initial Index Level on each Accrual Determination Date and (iii) the Index Level of the S&P 500® Index will be greater than or equal
to the Barrier Level of 50% of the Initial Index Level on the Observation Date.
·
The notes are designed for investors who seek periodic interest payments that will accrue (i) for the Initial Interest Periods, at a rate of 10.00% per
annum and (ii) for each other Interest Period, at a per annum rate equal to the Spread (the 30-Year CMS Rate minus the 2-Year CMS Rate) on the
applicable Determination Date for such Interest Period multiplied by the Multiplier of 10.0, provided that the Closing Level of the S&P 500® Index on
each Accrual Determination Date during such Interest Period is greater than or equal to the Minimum Index Level (60% of the Index Level of the S&P
500® Index on the Pricing Date), and subject to the Maximum Interest Rate and the Minimum Interest Rate.
·
At maturity, an investor in the notes will lose at least 50% of principal and may lose all of the initial investment in the notes if the Index Level of the
S&P 500® Index declines below the Barrier Level on the Observation Date.
·
After the Initial Interest Periods, if either the Spread on the applicable Determination Date is less than or equal to zero or the level of the S&P 500®
Index is less than the Minimum Index Level for an entire Interest Period, the Interest Rate for such Interest Period will be equal to zero. In addition,
investors should be willing to assume the risk that if the Ending Index Level is less than the Barrier Level, they will lose at least 50% of their principal
and may lose their entire principal at maturity. Any pa ym e nt on t he not e s is subje c t t o t he c re dit risk of J PM orga n Cha se & Co.
·
Subject to satisfaction of the Accrual Provision, interest on the notes will be calculated based on the applicable Interest Factor, which will be equal to
the Spread times the Multiplier (subject to the Maximum Interest Rate and the Minimum Interest Rate). In no event will the Interest Rate be greater
than the Maximum Interest Rate as set forth below or less than the Minimum Interest Rate of 0% per annum.
·
At our option, we may call your notes prior to their scheduled Maturity Date on one of the Redemption Dates set forth below. For more information, see
"Key Terms" and "Selected Risk Considerations" in this pricing supplement.
·
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. 1a-1, will
supersede the terms set forth in product supplement no. 1a-1. In particular, whether the Accrual Provision is satisfied will depend on the Index Level
on the applicable Accrual Determination Date (rather than on the Index Level on an Equity Index Determination Date as described in product
supplement no. 1a-1), as set forth below. Please refer to "Additional Key Terms -- Accrual Provision," "Additional Key Terms -- Accrual Determination
Date," "Key Terms -- Redemption Feature" and "Selected Purchase Considerations -- Periodic Interest Payments" in this pricing supplement for more
information.
·
Notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.
·
The notes priced on June 25, 2015 and are expected to settle on or about June 30, 2015.
K e y T e rm s
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Payment at Maturity:
If the Ending Index Level is greater than or equal to the Barrier Level, you will receive the principal amount of your notes at
maturity.
If the Ending Index Level is less than the Barrier Level, you will lose 1% of the principal amount of your notes for every 1% that
the Ending Index Level is less than the Initial Index Level, and your payment at maturity per $1,000 principal amount note will be
calculated as follows:
$1,000 + ($1,000 × Index Return)
If the Ending Index Level is less than the Barrier Level, you will lose at least 50.00% of your principal and may lose
your entire principal at maturity.
Regardless of whether the Ending Index Level is greater than, equal to or less than the Initial Index Level, at maturity you will
also receive any accrued and unpaid interest on your notes.
Initial Index Level:
2,102.31
Ending Index Level:
The Index Level on the Observation Date
Index Return:
(Ending Index Level - Initial Index Level)
Initial Index Level
Barrier Level:
1,051.155, which is 50.00% of the Initial Index Level
Redemption Feature:
On the 30th day of each March, June, September, and December, commencing on June 30, 2016 and ending on the Maturity
Date (each, a "Redemption Date"), we may redeem your notes in whole but not in part at a price equal to 100% of the principal
amount being redeemed plus any accrued and unpaid interest to but excluding the Redemption Date, subject to the Business
Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement no. 1a-1.
Interest:
We will pay you interest on each Interest Payment Date based on the applicable Day Count Fraction and subject to the Interest
Accrual Convention, as applicable, described below and in the accompanying product supplement no. 1a-1.
Initial Interest Period(s):
The Interest Periods during the period beginning on and including the Original Issue Date of the notes and ending on but
excluding June 30, 2016. The Accrual Provision will not be applicable during the Initial Interest Periods.
Interest Period:
The period beginning on and including the Original Issue Date of the notes and ending on but excluding the first Interest
Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding
the next succeeding Interest Payment Date, subject to the Interest Accrual Convention described below and in the
accompanying product supplement no. 1a-1.
Interest Payment Dates:
Interest on the notes will be payable in arrears on the 30th day of each March, June, September, and December, commencing
on September 30, 2015 to and including the Maturity Date, subject to the Business Day Convention and Interest Accrual
Convention described below and in the accompanying product supplement no. 1a-1.
Interest Rate:
For each Initial Interest Period, 10.00%. For each Interest Period (other than an Initial Interest Period), the Calculation Agent will
determine the Interest Rate* per annum applicable to each Interest Period, calculated in thousandths of a percent, with five ten-
thousandths of a percent rounded upwards, based on the following formula:
, where
"Actual Days" means, with respect to each Interest Payment Date, the actual number of calendar days in the immediately
preceding Interest Period; and
"Variable Days" means, with respect to each Interest Payment Date, the actual number of calendar days during the immediately
preceding Interest Period on which the Accrual Provision is satisfied.
*T he I nt e re st Ra t e a s de sc ribe d a bove is a ra t e per annum, may not equal the Interest Factor during any Interest
Period and is subject to the Minimum Interest Rate and a Maximum Interest Rate. The Interest Rate will depend on the number
of calendar days during any given Interest Period on which the Accrual Provision is satisfied. See the definition for "Variable
Days" and "Accrual Provision" herein, as well as the formula for Interest Rate set forth above.
Other Key Terms:
Please see "Additional Key Terms" in this pricing supplement for other key terms.
Investing in the Callable Range Accrual Notes involves a number of risks. See "Risk Factors" beginning on page PS-18 of the accompanying product
supplement no. 1a-I, "Risk Factors" beginning on page US-2 of the accompanying underlying supplement no. 1a-I and "Selected Risk Considerations"
beginning on page PS-4 of this pricing supplement.
Neither the U.S. Securities and Exchange Commission, or 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, the accompanying product supplement no. 1a-I, the accompanying underlying supplement no.
1a-I or the accompanying 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
$ 38.68
$ 961.32
Total
$3,145,000
$ 121,648.60
$ 3,023,351.40
(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.
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(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., will pay all of the selling commissions of $38.68 per
$1,000 principal amount note it receives from us to other affiliated or unaffiliated dealers. See "Plan of Distribution (Conflicts of Interest)" beginning on page
PS-60 of the accompanying product supplement no. 1a-I.
T he e st im a t e d va lue of t he not e s a s de t e rm ine d by J PM S, w he n t he t e rm s of t he not e s w e re se t , w a s $ 8 9 2 .1 0 pe r $ 1 ,0 0 0
princ ipa l a m ount not e . Se e "J PM S's Est im a t e d V a lue of t he N ot e s" in t his pric ing supple m e nt for a ddit iona l inform a t ion.
The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are
they obligations of, or guaranteed by, a bank.
J une 2 5 , 2 0 1 5

Addit iona l T e rm s Spe c ific t o t he N ot e s
You should read this pricing supplement together with the prospectus dated November 7, 2014, as supplemented by the prospectus supplement
dated November 7, 2014 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. 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 not e s, supple m e nt s t he
t e rm she e t 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. 1a-I, the accompanying
underlying supplement no. 1a-I and "Selected Risk Considerations" below, 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 follows (or if such address has changed, by reviewing our filings for
the relevant date on the SEC website):
·
Product supplement no. 1a-I dated November 7, 2014:
http://www.sec.gov/Archives/edgar/data/19617/000089109214008402/e61380_424b2.htm
·
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 dated November 7, 2014:
http://www.sec.gov/Archives/edgar/data/19617/000089109214008397/e61348_424b2.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.
Addit iona l K e y T e rm s
Interest Factor:
With respect to each Interest Period (other than an Initial Interest Period), the Spread times the Multiplier, subject to the
Maximum Interest Rate and the Minimum Interest Rate. T he I nt e re st Ra t e is a per annum ra t e and may or may not
equal the Interest Factor during any Interest Period. The Interest Rate will depend on the number of calendar days during
any given Interest Period on which the Accrual Provision is satisfied. See the definition for "Variable Days" and "Accrual
Provision" herein, as well as the formula for Interest Rate set forth above.
Spread:
With respect to each Interest Period (after the Initial Interest Periods), the 30-Year CMS Rate minus the 2-Year CMS Rate
as determined on the applicable Determination Date. I f, on t he a pplic a ble De t e rm ina t ion Da t e , t he Spre a d is
e qua l t o or le ss t ha n ze ro, int e re st w ill a c c rue a t a ra t e of 0 .0 0 % for t ha t I nt e re st Pe riod.
Multiplier:
10.0
Minimum Interest Rate:
With respect to each Interest Period (other than an Initial Interest Period), 0.00% per annum
Maximum Interest Rate:
With respect to each Interest Period (other than an Initial Interest Period), 10.00% per annum
Accrual Provision:
For each Interest Period, the Accrual Provision shall be deemed to have been satisfied on each calendar day during such
Interest Period on which the Index Level of the S&P 500® Index, as determined on the Accrual Determination Date relating
to such calendar day, is greater than or equal to the Minimum Index Level. If the Index Level of the S&P 500® Index as
determined on the Accrual Determination Date relating to such calendar day is less than the Minimum Index Level, then the
Accrual Provision shall be deemed not to have been satisfied for such calendar day. Notwithstanding the foregoing and
anything to the contrary in the accompanying product supplement no. 1a-1, the Accrual Provision will be deemed to have not
been satisfied on a calendar day if a market disruption event occurred or was continuing, as applicable, on the originally
scheduled Accrual Determination Date for that calendar day (including any originally scheduled Accrual Determination Date
relating to an Exclusion Period).
Accrual Determination Date:
For each calendar day during an Interest Period, the second Trading Day prior to such calendar day. Notwithstanding the
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foregoing, for all calendar days in the Exclusion Period, the Accrual Determination Date will be the first Trading Day that
precedes such Exclusion Period. The Accrual Provision will be deemed to have not been satisfied on a calendar day if a
market disruption event occurred or was continuing, as applicable, on the originally scheduled Accrual Determination Date for
that calendar day.
Exclusion Period:
For each Interest Period, the period commencing on the sixth Business Day prior to but excluding each Interest Payment
Date.
Index Level:
On any Trading Day, the official closing level of the S&P 500® Index (the "Index") published following the regular official
weekday close of trading for the S&P 500® Index as published by Bloomberg Financial Services on such Trading Day. If a
market disruption event exists with respect to the S&P 500® Index on any Accrual Determination Date, the Index Level on
the immediately preceding Accrual Determination Date for which no market disruption event occurs or is continuing will be
the Index Level for such disrupted Accrual Determination Date (and will also be the Index Level for the originally scheduled
Accrual Determination Date). In certain circumstances, the Index Level will be based on the alternative calculation of the
S&P 500® Index as described under "General Terms of Notes -- Discontinuation of an Equity Index; Alteration of Method of
Calculation" in the accompanying product supplement no. 1a-1.
Minimum Index Level:
1,261.386, which is 60.00% of the Index Level of the S&P 500® Index on the Pricing Date.
Trading Day:
A day, as determined by the calculation agent, on which trading is generally conducted on (i) the relevant exchanges for
securities underlying the S&P 500® Index or the relevant successor index, if applicable, and (ii) the exchanges on which
futures or options contracts related to the S&P 500® Index or the relevant successor index, if applicable, are traded, other
than a day on which trading on such relevant exchange or exchange on which such futures or options contracts are traded is
scheduled to close prior to its regular weekday closing time.
Business Day:
Any day other than a day on which banking institutions in the City of New York are authorized or required by law, regulation
or executive order to close or a day on which transactions in dollars are not conducted
Determination Date:
For each Interest Period (other than the Initial Interest Periods), the second U.S. Government Securities Business Day
immediately preceding the beginning of the applicable Interest Period.
U.S. Government Securities
Any day, other than a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association
Business Day:
("SIFMA") recommends that the fixed income departments of its members be closed for the entire day for purposes of trading
in U.S. government securities.
30-Year CMS Rate:
With respect to any Determination Date, the 30-Year U.S. Dollar Constant Maturity Swap Rate, which is the rate for a U.S.
dollar swap with a designated maturity of 30 years that appears on Reuters page "ISDAFIX1" (or any successor page) at
approximately 11:00 a.m., New York City time, on the Determination Date, as determined by the Calculation Agent. On the
applicable Determination Date, if the 30-Year CMS Rate cannot be determined by reference to Reuters page "ISDAFIX1" (or
any successor page), then the Calculation Agent will determine the 30-Year CMS Rate in accordance with the fallbacks set
forth under "What is a CMS Rate?" below.
2-Year CMS Rate:
With respect to any Determination Date, the 2-Year U.S. Dollar Constant Maturity Swap Rate, which is the rate for a U.S.
dollar swap with a designated maturity of 2 years that appears on Reuters page "ISDAFIX1" (or any successor page) at
approximately 11:00 a.m., New York City time, on the Determination Date, as determined by the Calculation Agent. On the
applicable Determination Date, if the 2-Year CMS Rate cannot be determined by reference to Reuters page "ISDAFIX1" (or
any successor page), then the Calculation Agent will determine the 2-Year CMS Rate in accordance with the fallbacks set
forth under "What is a CMS Rate?" below.
We refer to the 30-Year CMS Rate and the 2-Year CMS Rate each as a "CMS Rate" and together as the "CMS Rates".
Pricing Date:
June 25, 2015
Original Issue Date
On or about June 30, 2015, subject to the Business Day Convention.
(Settlement Date):
Observation Date*:
June 26, 2030
Maturity Date*:
June 30, 2030, subject to the Business Day Convention.
JPMorgan Structured Investments --
PS- 1
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e , t he 2 -Y e a r
U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due J une 3 0 , 2 0 3 0

Business Day Convention:
Following
Interest Accrual Convention:
Unadjusted
Day Count Fraction:
30/360
CUSIP:
48125UTE2
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* Subject to postponement in the event of a market disruption event and as described under "Description of Notes--Payment on the Notes--Payment At
Maturity" and "Description of Notes--Payment on the Notes--Postponement of an Observation Date" in the accompanying product supplement no. 1a-1.
JPMorgan Structured Investments --
PS- 2
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e , t he 2 -Y e a r
U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due J une 3 0 , 2 0 3 0

Se le c t e d Purc ha se Conside ra t ions
·
LI M I T ED PROT ECT I ON AGAI N ST LOSS - We will pay you your principal back at maturity if the Ending Index Level is
not less than the Barrier Level. If the Ending Index Level is less than the Barrier Level, for every 1% that the Ending Index
Level is less than the Initial Index Level, you will lose an amount equal to 1% of the principal amount of your notes. I f t he
Ending I nde x Le ve l is le ss t ha n t he Ba rrie r Le ve l, you w ill lose a t le a st 5 0 .0 0 % of your princ ipa l a nd m a y
lose your e nt ire princ ipa l a t m a t urit y.
·
RET U RN LI N K ED T O T H E S& P 5 0 0 ® I N DEX - The S&P 500® Index consists of 500 component stocks selected to
provide a performance benchmark for the U.S. equity markets. For additional information about the S&P 500® Index, see the
information set forth under "Equity Index Descriptions -- The S&P 500® Index" in the accompanying underlying supplement
no. 1a-I.
·
PRESERV AT I ON OF CAPI T AL U PON EARLY REDEM PT I ON -- Regardless of the performance of the CMS Rates or
the S&P 500® Index, we will pay you at least the principal amount of your notes upon early redemption. Because the notes are
our unsecured and unsubordinated obligations, payment of any amount upon early redemption is subject to our ability to pay
our obligations as they become due.
·
PERI ODI C I N T EREST PAY M EN T S -- The notes offer periodic interest payments on each Interest Payment Date. For the
Initial Interest Periods, the notes will pay at a fixed Interest Rate. After the Initial Interest Periods, the notes will pay at the
applicable variable Interest Rate, which takes into account the Accrual Provision. The interest payments for all Interest Periods
after the Initial Interest Periods will be affected by both the levels of the CMS Rates and the official closing level of the S&P
500® Index as described under "Interest Rate" on the cover of this pricing supplement, but will not reflect the performance of
such rates or such Index. In no event will the Interest Rate during any Interest Period other than the Initial Interest Periods be
greater than the Maximum Interest Rate of 10.00% per annum or less than the Minimum Interest Rate of 0.00% per annum.
The yield on the notes may be less than the overall return you would receive from a conventional debt security that you could
purchase today with the same maturity as the notes.
·
POT EN T I AL EARLY REDEM PT I ON BY U S AT OU R OPT I ON -- At our option, we may redeem the notes, in whole
but not in part, on each of the Redemption Dates set forth above, commencing on June 30, 2016, at a price equal to 100% of
the principal amount being redeemed plus any accrued and unpaid interest, subject to the Business Day Convention and the
Interest Accrual Convention described on the cover of this pricing supplement and in the accompanying product supplement
no. 1a-1. Any accrued and unpaid interest on notes redeemed will be paid to the person who is the holder of record of such
notes at the close of business on the Business Day immediately preceding the applicable Redemption Date.
·
T AX T REAT M EN T -- You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in
the accompanying product supplement no. 1a-I. The proper U.S. federal income tax treatment of the notes is uncertain. Based
upon our numerical analysis, we intend to treat the notes as "variable rate debt instruments" for U.S. federal income tax
purposes. In addition, you and we agree to treat the notes as "variable rate debt instruments" for U.S. federal income tax
purposes. Assuming this characterization is respected, interest paid on the notes will generally be taxable to you as ordinary
interest income at the time it accrues or is received in accordance with your method of accounting for U.S. federal income tax
purposes. In general, gain or loss realized on the sale, exchange or other disposition of the notes will be capital gain or loss.
There can be no assurance, however, that this characterization of the notes will be respected. If the Internal Revenue Service
(the "IRS") were to successfully assert an alternative characterization of the notes, the timing and character of income, gain or
loss recognized with respect to the notes could significantly differ from that described herein. Prospective purchasers are urged
to consult their own tax advisers regarding the U.S. federal income tax consequences of an investment in the notes.
Purchasers who are not initial purchasers of notes at their issue price on the Original Issue Date should consult their tax
advisers with respect to the tax consequences of an investment in the notes, and the potential application of special rules.
Non-U.S. Holders should note that because the United States federal income tax treatment (including the applicability of
withholding) of the notes is uncertain, and although the Company believes it is reasonable to take a position that the notes are
properly treated as variable rate debt instruments and, therefore, that the interest payments are not subject to U.S. withholding
tax (at least if the applicable IRS Form W-8 is provided), a withholding agent could possibly nonetheless withhold on these
payments (generally at a rate of 30%, subject to the possible reduction or elimination of that rate under an applicable income
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tax treaty), unless income from your notes 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). In the event of
any withholding, we will not be required to pay any additional amounts with respect to amounts so withheld. If you are a Non-
U.S. Holder, you are urged to consult your tax adviser regarding the U.S. federal income tax consequences of an investment in
the notes in light of your particular circumstances.
Non-U.S. Holders should also note that final Treasury regulations were released on legislation that imposes a withholding tax
of 30% on payments to certain foreign entities unless information reporting and diligence requirements are met, as described in
"Material U.S. Federal Income Tax Consequences-Tax Consequences to Non-U.S. Holders" in the accompanying product
supplement. Pursuant to the final regulations, such withholding tax will generally apply to obligations that are issued on or after
July 1, 2014; therefore, the notes will generally be subject to this withholding tax.
JPMorgan Structured Investments --
PS- 3
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e , t he 2 -Y e a r
U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due J une 3 0 , 2 0 3 0

The withholding tax described above will not apply to payments of gross proceeds from the sale, exchange or other disposition
of the notes made before January 1, 2017.
Subject to certain assumptions and representations received from us, the discussion in this section entitled "Tax Treatment",
when read in combination with the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying
product supplement, constitutes the full opinion of Sidley Austin LLP regarding the material U.S. federal income tax treatment
of owning and disposing of the notes.
Se le c t e d Risk Conside ra t ions
An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors" section of the
accompanying product supplement no. 1a-1 dated November 7 , 2014 and the accompanying underlying supplement no. 1a-I
dated November 7, 2014.
·
Y OU R I N V EST M EN T I N T H E N OT ES M AY RESU LT I N A LOSS -- The notes do not guarantee any return of
principal. The return on the notes at maturity is linked to the performance of the Index and will depend on whether, and the
extent to which, the Index Return is positive or negative. Your investment will be exposed to loss if the Ending Index Level is
less than the Barrier Level. For every 1% that the Ending Index Level is less than the Barrier Level, you will lose an amount
equal to 1% of the principal amount of your notes. Ac c ordingly, if t he Ending I nde x Le ve l is le ss t ha n t he Ba rrie r
Le ve l, you w ill lose a t le a st 5 0 .0 0 % of your princ ipa l a nd m a y lose your e nt ire princ ipa l a t m a t urit y.
·
T H E N OT ES ARE N OT ORDI N ARY DEBT SECU RI T I ES AN D ARE SU BJ ECT T O AN I N T EREST ACCRU AL
PROV I SI ON ; AFT ER T H E I N I T I AL I N T EREST PERI ODS, T H E I N T EREST RAT E ON T H E N OT ES I S V ARI ABLE
AN D WI LL N OT EX CEED T H E M AX I M U M I N T EREST RAT E AS SET FORT H ABOV E AN D M AY BE EQU AL T O
0 .0 0 % -- The terms of the notes differ from those of ordinary debt securities in that the rate of interest you will receive after
the Initial Interest Periods is not fixed, but will vary based on both the level of the S&P 500® Index over the course of each
Interest Period and the Spread on the applicable Determination Date. For each Interest Period after the Initial Interest Periods,
there is a Maximum Interest Rate per annum equal to the Interest Factor set forth above on the cover of this pricing
supplement. This is because the variable Interest Rate on the notes, while determined by reference to the Spread on the
applicable Determination Date and the official closing level of the S&P 500® Index as described on the cover of this pricing
supplement, does not actually pay an amount based directly on such levels. Your return on the notes for any Interest Period
(other than an Initial Interest Period) will not exceed the applicable Interest Factor for such Interest Period, regardless of the
Spread or appreciation in the S&P 500® Index, which may be significant. Moreover, each calendar day during an Interest
Period (other than an Initial Interest Period) for which the Index Level of the S&P 500® Index is less than the Minimum Index
Level (as determined based on the level of the S&P 500® Index on the applicable Accrual Determination Date) will result in a
reduction of the Interest Rate per annum payable for the corresponding Interest Period. For Interest Periods other than the
Initial Interest Periods, if the official closing level of S&P 500® Index is less than the Minimum Index Level for an entire Interest
Period, the Interest Rate for such Interest Period will be equal to 0.00% and you will not receive any interest payment for such
Interest Period. In that event, you will not be compensated for any loss in value due to inflation and other factors relating to the
value of money over time during such period.
·
T H E N OT ES REFEREN CE AN EQU I T Y I N DEX AN D T H E CM S RAT ES -- After the Initial Interest Periods, if the Index
Level of the S&P 500® Index is less than the Minimum Index Level on any Accrual Determination Date, the notes will not
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accrue interest on that day. If the notes do not satisfy the Accrual Provision for each calendar day in an Interest Period, the
Interest Rate payable on the notes will be equal to 0.00% per annum for such Interest Period. Similarly, after the Initial Interest
Periods, if the 30-Year CMS Rate is less than or equal to the 2-Year CMS Rate on the Determination Date, interest on the
notes will accrue at 0.00% per annum for such Interest Period. You should carefully consider the movement, current level and
overall trend in equity markets and swap rates, prior to purchasing these notes. Although the notes do not directly reference
the level of the S&P 500® Index or the CMS Rates, the interest, if any, payable on your notes is contingent upon, and related
to, each of these levels.
·
T H E I N T EREST RAT E ON T H E N OT ES AFT ER T H E I N I T I AL I N T EREST PERI ODS I S SU BJ ECT T O A
M AX I M U M I N T EREST RAT E -- After the Initial Interest Periods, the rate of interest payable on the notes is variable;
however, it is still subject to a Maximum Interest Rate. The Interest Rate on the notes after the Initial Interest Periods will not
exceed the Maximum Interest Rate of 10.00% per annum. Although the notes are subject to an Accrual Provision, the interest
(if any) payable on the notes accrues at a rate based on the applicable Interest Factor set forth above, and therefore the
amount of interest payable on the notes remains subject to the Maximum Interest Rate.
·
Y OU ARE EX POSED T O PERFORM AN CE RI SK OF EACH T H E CM S RAT ES AN D T H E S& P 5 0 0 ® I N DEX --
Your Interest Rate applicable to each Interest Period after the Initial Interest Periods is not linked to the aggregate
performance of the CMS Rates and the S&P 500® Index. For instance, whether or not a calendar day is a Variable Day within
an Interest Period (other than an Initial Interest Period) will be contingent upon the performance of the S&P 500® Index as
determined on the applicable Accrual Determination Date. Further, the Interest Factor that is to be used to determine the
Interest Rate will be determined by the CMS Rates on the applicable Determination Date. Unlike an investment in an
instrument with a return linked to a basket of underlying assets, in which risk is mitigated through diversification among all of
the components of the basket, an investment in the notes will expose you to the risks related
JPMorgan Structured Investments --
PS- 4
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e , t he 2 -Y e a r
U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due J une 3 0 , 2 0 3 0

to each of the CMS Rates and the S&P 500® Index. Poor performance of the 30-Year CMS Rate, as compared to the 2-Year
CMS Rate (meaning that the Spread would be lower), or the S&P 500® Index (meaning that it decreases to be less than the
Minimum Index Level) during the term of the notes may negatively affect your return on the notes and will not be offset or
mitigated by a positive performance of the other. Accordingly, your investment is subject to the performance risk of each of the
CMS Rates and the S&P 500® Index.
·
T H E I N T EREST RAT E ON T H E N OT ES M AY BE BELOW T H E RAT E OT H ERWI SE PAY ABLE ON SI M I LAR
V ARI ABLE RAT E N OT ES I SSU ED BY U S -- The value of the notes will depend on the Interest Rate on the notes, which
after the Initial Interest Periods will be affected by the Spread and the level of the S&P 500® Index. If the Spread is less than
or equal to zero on any Determination Date or the level of the S&P 500® Index is less than the Minimum Index Level on any
Accrual Determination Date, the Interest Rate on the notes may be less than returns on similar variable rate notes issued by
us that are not linked to the CMS Rates and the S&P 500® Index, or that are only linked to one of the CMS Rates or the S&P
500® Index. We have no control over any fluctuations in the CMS Rates or the S&P 500® Index.
·
T H E RET U RN OF AN Y PRI N CI PAL COM PON EN T OF Y OU R PAY M EN T AT M AT U RI T Y WI LL BE
DET ERM I N ED BY T H E PERFORM AN CE OF T H E I N DEX -- If the notes are not called and the Ending Index Level is
less than the Barrier Level, you will lose at least 50.00% of your investment in the notes and may lose all of your investment.
·
T H E M ET H OD OF DET ERM I N I N G WH ET H ER T H E ACCRU AL PROV I SI ON H AS BEEN SAT I SFI ED M AY N OT
DI RECT LY CORRELAT E T O T H E ACT U AL LEV EL OF T H E S& P 5 0 0 ® I N DEX -- After the Initial Interest Periods,
the determination of the Interest Rate per annum payable for any Interest Period will be based on the actual number of days in
that Interest Period on which the Accrual Provision is satisfied, as determined on each Accrual Determination Date. However,
we will use the same Index Level of the S&P 500® Index to determine whether the Accrual Provision is satisfied for the period
commencing on the sixth Business Day prior to but excluding each applicable Interest Payment Date, which period we refer to
as the Exclusion Period. The Index Level used will be the Index Level of the S&P 500® Index on the first Trading Day
immediately preceding the Exclusion Period, regardless of what the actual closing level of the S&P 500® Index is for the
calendar days in that period or whether the Accrual Provision could have otherwise been satisfied if actually tested in the
Exclusion Period. As a result, the determination as to whether the Accrual Provision has been satisfied for any Interest Period
(other than an Initial Interest Period) may not directly correlate to the actual Index Levels of the S&P 500® Index, which will in
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turn affect the Interest Rate calculation.
·
Y OU R RET U RN ON T H E N OT ES I S LI M I T ED T O T H E PRI N CI PAL AM OU N T PLU S ACCRU ED I N T EREST
REGARDLESS OF AN Y APPRECI AT I ON I N T H E V ALU E OF T H E I N DEX -- If the notes are not called and the
Ending Index Level is greater than or equal to the Barrier Level, for each $1,000 principal amount note, you will receive $1,000
at maturity plus any accrued and unpaid interest, regardless of any appreciation in the value of the Index, which may be
significant. In addition, if the notes are called, for each $1,000 principal amount note, you will receive $1,000 plus any accrued
and unpaid interest, regardless of the appreciation in the value of the Index, which may be significant. Accordingly, the return
on the notes may be significantly less than the return on a direct investment in the Index during the term of the notes.
·
LON GER DAT ED N OT ES M AY BE M ORE RI SK Y T H AN SH ORT ER DAT ED N OT ES -- By purchasing a note with a
longer tenor, you are more exposed to fluctuations in interest rates than if you purchased a note with a shorter tenor.
Specifically, you may be negatively affected if certain interest rate scenarios occur or if the Index Level of the S&P 500® Index
is less than the Minimum Index Level for an entire Interest Period. The applicable discount rate, which is the prevailing rate in
the market for notes of the same tenor, will likely be higher for notes with longer tenors than if you had purchased a note with
a shorter tenor. Therefore, assuming the notes have not been called and that short term rates rise, as described above, the
market value of a longer dated note will be lower than the market value of a comparable short term note with similar terms.
·
WE M AY CALL Y OU R N OT ES PRI OR T O T H EI R SCH EDU LED M AT U RI T Y DAT E -- We may choose to call the
notes early or choose not to call the notes early on any Redemption Date in our sole discretion. If the notes are called early,
you will receive the principal amount of your notes plus accrued and unpaid interest to, but not including the Redemption Date.
The aggregate amount that you will receive through and including the Redemption Date may be less than the aggregate
amount that you would have received had the notes not been called early. If we call the notes early, you will not receive
interest payments after the applicable Redemption Date. There is no guarantee that you would be able to reinvest the
proceeds from an investment in the notes at a comparable return and/or with a comparable interest rate for a similar level of
risk in the event the notes are redeemed prior to the Maturity Date. We may choose to call the notes early, for example, if U.S.
interest rates decrease significantly or if volatility of U.S. interest rates decreases significantly.
·
N O DI V I DEN D PAY M EN T S OR V OT I N G RI GH T S -- As a holder of the notes you will not have voting rights, or rights to
receive cash dividends or other distributions, or other rights that holders of securities composing the S&P 500® Index would
have.
·
REI N V EST M EN T RI SK -- If we redeem the notes, the term of the notes may be reduced and you will not receive interest
payments after the applicable Redemption Date. There is no guarantee that you would be able to reinvest the
JPMorgan Structured Investments --
PS- 5
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e , t he 2 -Y e a r
U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due J une 3 0 , 2 0 3 0

proceeds from an investment in the notes at a comparable return and/or with a comparable interest rate for a similar level of
risk in the event the notes are redeemed prior to the Maturity Date.
·
V ARI ABLE RAT E N OT ES DI FFER FROM FI X ED RAT E N OT ES -- After the Initial Interest Periods of the notes, the
variable Interest Rate for all Interest Periods will be determined in part based on the Spread and the Accrual Provision set
forth on the cover of this pricing supplement, which is contingent upon the Index Level of the S&P 500® Index and may be
less than returns otherwise payable on debt securities issued by us with similar maturities. You should consider, among other
things, the overall potential annual percentage rate of interest to maturity of the notes as compared to other investment
alternatives.
·
AFT ER T H E I N I T I AL I N T EREST PERI ODS, M ARK ET DI SRU PT I ON EV EN T S M AY ADV ERSELY AFFECT T H E
RAT E AT WH I CH T H E N OT ES ACCRU E I N T EREST -- After the Initial Interest Periods, the rate at which the notes
accrue interest for an Interest Period will be based on the Index Level of the S&P 500® Index on the applicable Accrual
Determination Date and the Spread on the applicable Determination Date, subject to the Maximum Interest Rate.
Notwithstanding anything to the contrary herein or in the accompanying product supplement no. 1a-I, if a market disruption
event occurs or is continuing on any Accrual Determination Date, the Accrual Provision will be deemed to have not been
satisfied on such Accrual Determination Date (including any originally scheduled Accrual Determination Date relating to an
Exclusion Period). Because, after the Initial Interest Periods, your notes will not accrue interest unless the Accrual Provision is
satisfied, if a market disruption event continues for an extended period of time after the Initial Interest Periods, the amount of
interest that accrues on the notes may be severely limited.
·
CREDI T RI SK OF J PM ORGAN CH ASE & CO. -- The notes are subject to the credit risk of JPMorgan Chase & Co., and
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our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan
Chase & Co.'s ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness or credit
spreads, as determined by the market for taking our credit risk, is likely to adversely affect the value of the notes. If we were
to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose your
entire investment.
·
POT EN T I AL CON FLI CT S -- We and our affiliates play a variety of roles in connection with the issuance of the notes,
including acting as calculation agent and as an agent of the offering of the notes, hedging our obligations under the notes and
making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the
notes 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 notes. In addition, our business activities, including hedging and trading activities as well as modeling and structuring the
economic terms of the notes, could cause our economic interests to be adverse to yours and could adversely affect any
payment on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in
connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please
refer to "Risk Factors -- Risks Relating to the Notes Generally" in the accompanying product supplement no. 1a-I for additional
information about these risks.
We are also currently one of the companies that make up the S&P 500® Index. We will not have any obligation to consider
your interests as a holder of the notes in taking any corporate action that might affect the value of the S&P 500® Index and the
notes.
·
T H E I N T EREST RAT E ON T H E N OT ES I S BASED, I N PART , ON T H E SPREAD, AN D T H EREFORE ON T H E
PERFORM AN CE AN D RELAT I V E PERFORM AN CE OF LON GER AN D SH ORT ER T ERM I N T EREST RAT ES,
WH I CH M AY RESU LT I N T H E APPLI CAT I ON OF T H E M I N I M U M I N T EREST RAT E -- The Spread is calculated as
(a) the 30-Year CMS Rate minus (b) the 2-Year CMS Rate. The CMS Rates may be influenced by a number of factors,
including (but not limited to) monetary policies, fiscal policies, inflation, general economic conditions and public expectations
with respect to such factors. The effect that any single factor may have on the CMS Rates or may be partially offset by other
factors. We cannot predict the factors that may cause the CMS Rates, and consequently the Spread, to increase or decrease.
Either a zero or negative Spread (indicating that the 30-Year CMS Rate is equal to or less than the 2-Year CMS Rate) on a
Determination Date will cause the Interest Rate for the corresponding Interest Period to be equal to the Minimum Interest Rate.
The amount of interest you accrue on the notes in any Interest Period (other than an Initial Interest Period) may therefore
decrease even if either or both of the CMS Rates increase. Under these circumstances, particularly if short term interest rates
rise significantly relative to long term interest rates, the Interest Rate during any Interest Period (other than an Initial Interest
Period) may be equal to 0.00% per annum, and you will not be compensated for any loss in value due to inflation and other
factors relating to the value of money over time during such period.
·
J PM S'S EST I M AT ED V ALU E OF T H E N OT ES I S LOWER T H AN T H E ORI GI N AL I SSU E PRI CE (PRI CE T O
PU BLI C) OF T H E N OT ES -- JPMS's estimated value is only an estimate using several factors. The original issue price of
the notes exceeds JPMS's estimated value because costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. 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 notes and the estimated cost of
hedging our obligations under the notes. See "JPMS's Estimated Value of the Notes" in this pricing supplement.
JPMorgan Structured Investments --
PS- 6
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o t he 3 0 -Y e a r U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e , t he 2 -Y e a r
U .S. Dolla r Const a nt M a t urit y Sw a p Ra t e a nd t he S& P 5 0 0 ® I nde x due J une 3 0 , 2 0 3 0

·
J PM S'S EST I M AT ED V ALU E DOES N OT REPRESEN T FU T U RE V ALU ES OF T H E N OT ES AN D M AY DI FFER
FROM OT H ERS' EST I M AT ES --JPMS's estimated value of the notes is determined by reference to JPMS's internal pricing
models when the terms of the notes 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 notes 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 notes 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 notes from you in secondary market transactions. See
"JPMS's Estimated Value of the Notes" in this pricing supplement.
·
J PM S'S EST I M AT ED V ALU E I S N OT DET ERM I N ED BY REFEREN CE T O CREDI T SPREADS FOR OU R
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CON V EN T I ON AL FI X ED -RAT E DEBT -- The internal funding rate used in the determination of JPMS's estimated value
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 notes as well as the higher issuance, operational and ongoing liability
management costs of the notes in comparison to those 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 notes to be
more favorable to you. Consequently, our use of an internal funding rate would have an adverse effect on the terms of the
notes and any secondary market prices of the notes. See "JPMS's Estimated Value of the Notes" in this pricing supplement.
·
T H E V ALU E OF T H E N OT ES AS PU BLI SH ED BY J PM S (AN D WH I CH M AY BE REFLECT ED ON CU ST OM ER
ACCOU N T ST AT EM EN T S) M AY BE H I GH ER T H AN J PM S'S T H EN -CU RREN T EST I M AT ED V ALU E OF T H E
N OT ES FOR A LI M I T ED T I M E PERI OD -- We generally expect that some of the costs included in the original issue price
of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will
decline to zero over an initial predetermined period. These costs can include 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 Notes" in this pricing supplement for additional information relating to this initial period.
Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published
by JPMS (and which may be shown on your customer account statements).
·
SECON DARY M ARK ET PRI CES OF T H E N OT ES WI LL LI K ELY BE LOWER T H AN T H E ORI GI N AL I SSU E
PRI CE OF T H E N OT ES -- Any secondary market prices of the notes will likely be lower than the original issue price of the
notes 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 notes. As a
result, the price, if any, at which JPMS will be willing to buy notes 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 consideration for information about additional factors that will impact any secondary market
prices of the notes.
The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes
to maturity. See "Lack of Liquidity" below.
·
SECON DARY M ARK ET PRI CES OF T H E N OT ES WI LL BE I M PACT ED BY M AN Y ECON OM I C AN D M ARK ET
FACT ORS -- The secondary market price of the notes during their term will be impacted by a number of economic and
market factors, which may either offset or magnify each other, aside from the selling commissions, projected hedging profits, if
any, and estimated hedging costs, including, but not limited to:
·
the performance of the CMS Rates;
·
the performance of the Index;
·
any actual or potential change in our creditworthiness or credit spreads;
·
customary bid-ask spreads for similarly sized trades;
·
secondary market credit spreads for structured debt issuances;
·
the time to maturity of the notes;
·
dividend rates on the equity securities underlying the Index;
·
the expected positive or negative correlation between the CMS Rates and the S&P 500® Index or the expected
absence of such correlation;
·
interest and yield rates in the market generally, as well as the volatility of those rates;
·
the likelihood, or expectation, that the notes will be redeemed by us, based on prevailing market interest rates or
otherwise; and
·
a variety of other economic, financial, political, regulatory and judicial events.
Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also
be reflected on customer account statements. This price may be different (higher or lower) than the price of the notes, if any,
at which JPMS may be willing to purchase your notes in the secondary market.
·
SECON DARY M ARK ET PRI CES OF T H E N OT ES ARE SEN SI T I V E T O BOT H I N T EREST RAT ES AN D T H E
PERFORM AN CE OF T H E I N DEX -- If interest rates rise generally, the secondary market prices of the notes will be
JPMorgan Structured Investments --
PS- 7
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Document Outline

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