Obligation JPMorgan Chase 5% ( US48125UUS94 ) en USD

JPMorgan Chase

100 % ⇌

Etas-Unis

US48125UUS94 ( en USD )

5% par an ( paiement semestriel )

21/08/2030

Prospectus brochure de l'obligation JP Morgan US48125UUS94 en USD 5%, échéance 21/08/2030

1 000 USD

48125UUS9

N/A

21/02/2026 ( Dans 14 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 US48125UUS94, paye un coupon de 5% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 21/08/2030

424B2 1 e65659_424b2.htm PRICING SUPPLEMENT NO. 1102
CALCULATION OF REGISTRATION FEE
Title of Each Class of
Maximum Aggregate
Amount of
Securities Offered
Offering Price
Registration Fee
Notes
$5,000,000
$581.00

Pric ing supple m e nt no. 1 1 0 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
Dated August 18, 2015; Rule 424(b)(2)
underlying supplement no. 1a-I dated November 7, 2014

$ 5 ,0 0 0 ,0 0 0
Structured Callable Range Accrual Notes linked to 6-Month USD LIBOR
Investments
a nd t he S& P 5 0 0 ® I nde x due August 2 1 , 2 0 3 0
Ge ne ra l
·
Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing August 21, 2030, subject to postponement as
described below.
·
The notes are designed for investors who believe that (a) 6-month USD LIBOR will remain low (i.e., above the Minimum
LIBOR Rate of 0.00% but below the Maximum LIBOR Rate of 5.00%) on each Accrual Determination Date and (b) the Index
Level of the S&P 500® Index will be greater than or equal to the Minimum Index Level of 1,530 on each Accrual Determination
Date.
·
If either 6-Month USD LIBOR is either less than the Minimum LIBOR Rate or greater than the Maximum LIBOR Rate 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. 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
set forth below. 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-I, will supersede the terms set forth in product supplement no. 1a-I. In particular, whether the Accrual
Provision is satisfied will depend on 6-Month USD LIBOR and the Index Level on the applicable Accrual Determination Date
(rather than on 6-Month USD LIBOR on a LIBOR Determination Date and the Index Level on an Equity Index Determination
Date as described in product supplement no. 1a-I), as set forth below, and interest will be payable to the holders of record at
the close of business on the business day immediately preceding the applicable Interest Payment Date or Redemption Date.
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 August 18, 2015 and are expected to settle on or about August 21, 2015.
K e y T e rm s
Payment at Maturity:
At maturity, you will receive the principal amount of your notes plus any accrued and unpaid interest
on your notes.
Redemption Feature:
On the 21st day of each February, May, August and November of each year, commencing on August
21, 2017 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
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Convention and the Interest Accrual Convention described below and in the accompanying product
supplement no. 1a-I.
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 described below and in the accompanying product
supplement no. 1a-I.
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-I.
Interest Payment Dates:
Interest on the notes will be payable in arrears on the 21st day of each February, May, August and
November of each year, commencing on November 21, 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-I.
Interest Rate:
For each 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.
Interest Factor:
5.00% per annum, from and including the original issue date to but excluding August 21, 2020;
8.00% per annum, from and including August 21, 2020 to but excluding August 21, 2025; and
10.00% per annum from and including August 21, 2025 to but excluding the maturity date.
Minimum LIBOR Rate:
0.00%
Maximum LIBOR Rate:
5.00%
Minimum Interest Rate:
0.00% per annum
Maximum Interest Rate:
Equal to the Interest Factor
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-1 of the accompanying underlying supplement
no. 1a-I and "Selected Risk Considerations" beginning on page TS-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)(2)(3)
Fees and Commissions (2)
Proceeds to Issuer
Per note
At variable prices
$30.00
$970.00
Total
At variable prices
$150,000
$4,850,000
(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of
the notes.
(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 $30.00 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.
(3) JPMS sold the notes in one or more negotiated transactions at varying prices determined at the time of each sale, which were
at market prices prevailing at the time of sale, at prices related to such prevailing prices or at negotiated prices, provided that such
prices were not less than $970.00 per $1,000 principal amount note and not more than $1,000 per $1,000 principal amount note.
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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 .P. M orga n Se c urit ie s LLC, w hic h w e re fe r t o a s 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 $ 9 3 0 .0 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.
August 1 8 , 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 da t e d August 1 7 , 2 0 1 5 , 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
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 both (i) 6-Month USD LIBOR, as determined
on the Accrual Determination Date relating to such calendar day, is greater than the Minimum
LIBOR Rate but less than the Maximum LIBOR Rate and (ii) 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 (i) 6-Month USD LIBOR determined on any Accrual
Determination Date relating to a calendar day is less than the Minimum LIBOR Rate or greater
than or equal to the Maximum LIBOR Rate and/or (ii) 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-I, 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 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.
6-Month USD LIBOR:
For each Accrual Determination Date, 6-Month USD LIBOR refers to the London Interbank
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Offered Rate for deposits in U.S. dollars with a designated maturity of six months that appears on
Reuters page "LIBOR01" under the heading "6Mo" (or any successor page) at approximately 11:00
a.m., London time, on such Accrual Determination Date, as determined by the calculation
agent. If on such Accrual Determination Date, 6-Month USD LIBOR cannot be determined by
reference to Reuters page "LIBOR01" (or any successor page), then the calculation agent will
determine 6-Month USD LIBOR in accordance with the procedures set forth in the accompanying
product supplement no. 1a-I under "Description of Notes -- Interest -- The Underlying Rates--
LIBOR Rate."
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. 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-I.
Minimum Index Level
1,530
Trading Day:
A day, as determined by the calculation agent, (a) 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, and (b) commercial
banks and foreign exchange markets settle payments and are open for general business
(including dealings in foreign exchange and foreign currency deposits) in London.
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
Pricing Date:
August 18, 2015, subject to the Business Day Convention.
Original Issue Date
On or about August 21, 2015
(Settlement Date):
Maturity Date*:
August 21, 2030, subject to the Business Day Convention.
Business Day Convention:
Following
Interest Accrual Convention:
Unadjusted
Day Count Fraction:
30/360
CUSIP:
48125UUS9
* Subject to postponement in the event of a market disruption event and as described under "Description of Notes--Payment At
Maturity" in the accompanying product supplement no. 1a-I.
JPMorgan Structured Investments --
PS-2
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o 6 -M ont h U SD LI BOR a nd t he S& P 5 0 0 ® I nde x

Se le c t e d Purc ha se Conside ra t ions
·
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 502 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 6-Month USD
LIBOR 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.
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·
PERI ODI C I N T EREST PAY M EN T S -- The notes offer periodic interest payments on each Interest Payment Date. For all
Interest Periods, the notes will pay at the applicable variable Interest Rate. The interest payments for all Interest Periods will
be affected by both the level of 6-Month USD LIBOR 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 rate or such Index. In no
event will the Interest Rate be greater than the Maximum Interest Rate as set forth above 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 August 21, 2017, 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-I. 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. Subject to the limitations described therein, the notes will be treated for U.S.
federal income tax purposes as "contingent payment debt instruments." You will generally be required to accrue and recognize
original issue discount ("OID") as interest income in each year at the "comparable yield," as determined by us, even though the
actual interest payments made with respect to the notes during a taxable year may differ from the amount of OID that must be
accrued during that taxable year. In addition, solely for purposes of determining the amount of OID that you will be required to
accrue, we are also required to construct a "projected payment schedule" in respect of the notes representing a series of
payments the amount and timing of which would produce a yield to maturity on the notes equal to the comparable yield. You
will be required to make adjustments to the amount of OID you must recognize each taxable year to reflect the difference, if
any, between the actual amount of interest payments made and the projected amount of the interest payments (as reflected in
the projected payment schedule). Under the forgoing rules, you will not be required to separately include in income the interest
payments you receive with respect to the notes. To obtain the comparable yield and the projected payment schedule in respect
of the notes, contact a certified financial analyst at the Global Securities Group desk at (800) 576-3529. Generally, amounts
received at maturity or earlier sale or disposition in excess of your tax basis, if any, will be treated as additional interest income
while any loss will be treated as an ordinary loss to the extent of all previous interest inclusions with respect to the notes,
which will be deductible against other income (e.g., employment and interest income), with the balance treated as capital loss,
the deductibility of which may be subject to limitations. Purchasers who are not initial purchasers of notes at the issue price
should consult their tax advisers with respect to the tax consequences of an investment in the notes, including the treatment of
the difference, if any, between their basis in the notes and the notes' adjusted issue price.
Non-U.S. Holders should 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. 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.
Both U.S. and Non-U.S. Holders should consult their tax advisers regarding the U.S. federal income tax consequences of an
investment in the notes, including possible alternative treatments.
JPMorgan Structured Investments --
PS-3
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o 6 -M ont h U SD LI BOR a nd t he S& P 5 0 0 ® I nde x

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-I dated November 7, 2014 and the accompanying underlying supplement no. 1a-I dated
November 7, 2014.
·
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 ; 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 I N T EREST
FACT OR 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 is not fixed, but will vary based on both the level of 6-Month
USD LIBOR and the level of the S&P 500® Index over the course of each Interest Period. For each Interest Period, 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 level of 6-Month USD LIBOR and the
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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 will not exceed the applicable Interest
Factor for such Interest Period, regardless of the decline in 6-Month USD LIBOR or appreciation in the S&P 500® Index,
which may be significant. Moreover, each calendar day during an Interest Period for which the level of 6-Month USD LIBOR is
less than the Minimum LIBOR Rate or greater than the Maximum LIBOR Rate or the Index Level of the S&P 500® Index is
less than the Minimum Index Level (each as determined based on the levels of 6-Month USD LIBOR and 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. If the level of 6-Month USD LIBOR is is less than the Minimum LIBOR Rate or greater than the
Maximum LIBOR Rate or 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 AN I N T EREST RAT E -- If either (i) 6-Month USD LIBOR is less
than the Minimum LIBOR Rate or greater than the Maximum LIBOR Rate and/or (ii) the Index Level of the S&P 500® Index is
less than the Minimum Index Level on the applicable Accrual Determination Date, the notes will not 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% for such Interest Period. You should carefully consider the movement, current level and
overall trend in equity markets and interest rates prior to purchasing these notes. Although the notes do not directly reference
the level of the S&P 500® Index or 6-Month USD LIBOR, 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 I S SU BJ ECT T O A M AX I M U M I N T EREST RAT E -- 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 will not
exceed the applicable Maximum Interest Rate for each Interest Period set forth on the front cover of this pricing supplement.
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 a
maximum interest rate.
·
Y OU ARE EX POSED T O PERFORM AN CE RI SK OF EACH OF 6 -M ON T H U SD LI BOR AN D T H E S& P 5 0 0 ®
I N DEX -- Your Interest Rate applicable to each Interest Payment Date is not linked to the aggregate performance of 6-Month
USD LIBOR and the S&P 500® Index. Rather, whether or not any calendar day is a Variable Day within an Interest Period will
be contingent upon the performance of each of 6-Month USD LIBOR and the S&P 500® Index individually. 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 to
each of 6-Month USD LIBOR and the S&P 500® Index. Poor performance of either of 6-Month USD LIBOR (meaning that it
decreases to be less than the Minimum LIBOR Rate or increases to be greater than the Maximum LIBOR Rate) 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 6-Month USD LIBOR 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
will be affected by the level of 6-Month USD LIBOR and the level of the S&P 500® Index. If the level of 6-Month USD LIBOR
or the level of the S&P 500® Index changes beyond the thresholds specified above, the Interest Rate on the notes may be
less than returns on similar variable rate notes issued by us that are not linked to 6-Month USD LIBOR and the S&P 500®
Index, or that are only linked to one of 6-Month USD LIBOR and the S&P 500® Index. We have no control over any
fluctuations in 6-Month USD LIBOR or the S&P 500® Index.
·
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 PERFORM AN CE OF 6 -M ON T H U SD LI BOR OR T H E ACT U AL
LEV EL OF T H E S& P 5 0 0 ® I N DEX -- 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 and the same
JPMorgan Structured Investments --
PS-4
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o 6 -M ont h U SD LI BOR a nd t he S& P 5 0 0 ® I nde x
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level of 6-Month USD LIBOR 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 and the level of 6-Month USD LIBOR used will be, respectively, the Index Level of the S&P 500® Index and
the level of 6-Month USD LIBOR on the first Trading Day immediately preceding the Exclusion Period, regardless of what the
actual closing level of the S&P 500® Index or the actual level of 6-Month USD LIBOR 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 may not directly correlate to the
actual Index Levels of the S&P 500® Index or the actual levels of 6-Month USD LIBOR, which will in turn affect the Interest
Rate calculation.
·
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 or if 6-Month USD LIBOR is less than the Minimum LIBOR Rate or greater than the
Maximum LIBOR Rate 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.
·
V ARI ABLE RAT E N OT ES DI FFER FROM FI X ED RAT E N OT ES -- The variable Interest Rate for all Interest Periods
will be determined in part based on 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 the level of 6-Month USD LIBOR 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.
·
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 -- The rate at which the notes accrue interest for an Interest Period will be based on the level of 6-Month USD
LIBOR and the Index Level of the S&P 500® Index on the applicable Accrual Determination Date. Notwithstanding anything to
the contrary herein or in the accompanying product supplement no. 1a-I, if a market disruption event with respect to the Index
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 your notes will not accrue interest unless the Accrual Provision is satisfied, if a market disruption event
continues for an extended period of time, 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
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
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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
JPMorgan Structured Investments --
PS-5
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o 6 -M ont h U SD LI BOR a nd t he S& P 5 0 0 ® I nde x

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. 1-V 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.
·
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.
·
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, 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
CON V EN T I ON AL FI X ED -RAT E DEBT -- JPMS's 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 "Secondary Market Prices Of The Notes Will Be Impacted By Many Economic And Market Factors" below for information
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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, estimated hedging costs, including, but not limited to:
·
the performance of 6-month USD LIBOR;
·
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;
JPMorgan Structured Investments --
PS-6
Ca lla ble Ra nge Ac c rua l N ot e s link e d t o 6 -M ont h U SD LI BOR a nd t he S& P 5 0 0 ® I nde x

·
the time to maturity of the notes;
·
dividend rates on the equity securities underlying the Index;
·
the expected positive or negative correlation between 6-Month USD LIBOR 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, including but not limited to the performance of 6-Month
USD LIBOR, the secondary market prices of the notes will be adversely impacted because of the relatively long term of the
notes and the increased probability that the Accrual Provision may not be satisfied over the remaining term of the notes.
Additionally, if the Index Level declines, even if the Index Level has not declined below the Barrier Level, the secondary market
prices of the notes will also be adversely impacted because of the increased probability that the Accrual Provision may not be
satisfied over the remaining term of the notes and the increased probability that you may lose some or all of your principal at
maturity. If both interest rates rise and the Index Level declines, the secondary market prices of the notes may decline more
rapidly than other securities that are only linked to 6-Month USD LIBOR or the Index, or if the amount payable at maturity was
not linked to the performance of the Index relative to the Barrier Level.
·
LACK OF LI QU I DI T Y -- The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the
notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough
liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the
notes, the price at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing
to buy the notes.
·
H EDGI N G AN D T RADI N G I N T H E U N DERLY I N GS -- While the notes are outstanding, we or any of our affiliates may
carry out hedging activities related to the notes, including trading instruments related to 6-Month USD LIBOR, the Index and
the equity securities included in the Index. We or our affiliates may also trade in the equity securities included in the S&P 500®
Index from time to time. Any of these hedging or trading activities as of the Pricing Date and during the term of the notes could
affect adversely the likelihood of an early redemption or our payment to you at maturity.
·
6 -M ON T H U SD LI BOR AN D T H E I N DEX WI LL BE AFFECT ED BY A N U M BER OF FACT ORS T H AT COU LD
I M PACT T H E V ALU E OF T H E N OT ES -- The amount of interest, if any, payable on the notes will depend on a number of
factors that could affect the levels of 6-Month USD LIBOR and the Index Level of the S&P 500® Index and, in turn, could
affect the value of the notes. These factors include (but are not limited to) the expected volatility of 6-Month USD LIBOR,
supply and demand among banks in London for U.S. dollar-denominated deposits with approximately a six month term,
increases in interest and yield rates in the market, decreases in equities trading, the performance of capital markets, monetary
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policies, fiscal policies, regulatory or judicial events, inflation, general economic conditions, and public expectations with respect
to such factors. These and other factors may have a negative impact on the Interest Factor and therefore the Interest Rate on
the notes and on the value of the notes in the secondary market. The effect that any single factor may have on 6-Month USD
LIBOR or the Index Level of the S&P 500® Index, and therefore on the value of your notes, may be partially offset by other
factors. We cannot predict the factors that may cause the Accrual Provision to be satisfied, or not, on any calendar day.
Furthermore, we cannot predict the factors that may cause 6-Month USD LIBOR to increase such that it reduces the Interest
Rate per annum payable for the corresponding Interest Period.
JPMorgan Structured Investments --
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Ca lla ble Ra nge Ac c rua l N ot e s link e d t o 6 -M ont h U SD LI BOR a nd t he S& P 5 0 0 ® I nde x

H ypot he t ic a l Ex a m ple s of Ca lc ula t ion of t he I nt e re st Ra t e on t he N ot e s for a n I nt e re st Pe riod
The following examples illustrate how to calculate the Interest Rate on the notes for four Interest Periods. For purposes of the
following examples, we have assumed that the notes are not called prior to their scheduled Maturity Date, that there are 90 days in
the applicable Interest Period and the applicable Interest Factor is 5.00% per annum. The hypothetical 6-Month USD LIBOR, Index
Levels and Interest Rates in the following examples are for illustrative purposes only and may not correspond to the actual 6-Month
USD LIBOR, Index Levels or Interest Rates for any Interest Period applicable to a purchaser of the notes. The numbers appearing
in the following examples have been rounded for ease of analysis.
Ex a m ple 1 : 6 -M ont h U SD LI BOR is gre a t e r t ha n t he M inim um LI BOR Ra t e but le ss t ha n t he M a x im um LI BOR
Ra t e a nd t he I nde x Le ve l is gre a t e r t ha n or e qua l t o t he M inim um I nde x Le ve l on 7 0 c a le nda r da ys during
t he I nt e re st Pe riod. Because the Accrual Provision is satisfied for 70 calendar days and the Interest Factor for the Interest
Period is 5.00% per annum, the Interest Rate for the Interest Period is 3.89% per annum, calculated as follows:
5.00% × (70 / 90) = 3.89% per annum
Ex a m ple 2 : 6 -M ont h U SD LI BOR is gre a t e r t ha n t he M inim um LI BOR Ra t e but le ss t ha n t he M a x im um LI BOR
Ra t e a nd t he I nde x Le ve l is gre a t e r t ha n or e qua l t o t he M inim um I nde x Le ve l on 5 0 c a le nda r da ys during
t he I nt e re st Pe riod. Because the Accrual Provision is satisfied for 50 calendar days and the Interest Factor for the Interest
Period is 5.00% per annum, the Interest Rate for the Interest Period is 2.78% per annum, calculated as follows:
5.00% × (50 / 90) = 2.78% per annum
Ex a m ple 3 : 6 -M ont h U SD LI BOR is gre a t e r t ha n t he M inim um LI BOR Ra t e but le ss t ha n t he M a x im um LI BOR
Ra t e a nd t he I nde x Le ve l is gre a t e r t ha n or e qua l t o t he M inim um I nde x Le ve l on 9 0 c a le nda r da ys during
t he I nt e re st Pe riod. Because the Accrual Provision is satisfied for all 90 calendar days and the Interest Factor for the Interest
Period is 5.00% per annum, the Interest Rate for the Interest Period is 5.00% per annum, calculated as follows:
5.00% × (90 / 90) = 5.00% per annum
Ex a m ple 4 : 6 -M ont h U SD LI BOR is gre a t e r t ha n t he M inim um LI BOR Ra t e but le ss t ha n t he M a x im um LI BOR
Ra t e , but t he I nde x Le ve l is le ss t ha n t he M inim um I nde x Le ve l on e a c h c a le nda r da y during suc h I nt e re st
Pe riod. Regardless of the Interest Factor, because the Accrual Provision is not satisfied on any calendar day, the Interest Rate for
the Interest Period is 0.00% per annum.
Wha t is 6 -M ont h U SD LI BOR?
For purposes of the Notes, 6-Month USD LIBOR is the London Interbank Offered Rate for deposits in U.S. dollars for a period of
six months calculated as set forth above.
Wha t is t he S& P 5 0 0 ® I nde x ?
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 on 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.
H ist oric a l I nform a t ion
The graph below sets forth the weekly historical performance of 6-Month USD LIBOR for the period from January 8, 2010 through
August 14, 2015. 6-Month USD LIBOR on August 18, 2015 was 0.52930%.
We obtained 6-Month USD LIBOR used to construct the graph below from Bloomberg Financial Markets. We make no
representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets. The
historical levels of 6-Month USD LIBOR should not be taken as an indication of future performance, and no assurance can be
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