Obligation JPMorgan Chase 1.088% ( US48126D5Q80 ) en USD

JPMorgan Chase

100 % ▼

Etas-Unis

US48126D5Q80 ( en USD )

1.088% par an ( paiement semestriel )

24/07/2023 - Obligation échue

Prospectus brochure de l'obligation JP Morgan US48126D5Q80 en USD 1.088%, échue

1 000 USD

1 193 000 USD

48126D5Q8

A- ( Qualité moyenne supérieure )

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 US48126D5Q80, paye un coupon de 1.088% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 24/07/2023

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48126D5Q80, a été notée NR par l'agence de notation Moody's.

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48126D5Q80, a été notée A- ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

http://www.sec.gov/Archives/edgar/data/19617/000089109213006419/e...
424B2 1 e54725_424b2.htm PRICING SUPPLEMENT NO. 1589
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$1,193,000
$162.73

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Pricing supplement no. 1589
Pricing supplement to
To prospectus dated November 14, 2011,
Product Supplement No. 1-II
prospectus supplement dated November 14, 2011 and
Registration Statement No. 333-177923
product supplement no. 1-II dated April 5, 2013
Dated July 19, 2013; Rule 424(b)(2)
JPMorgan Chase & Co.
Structured
Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate

Investments
and 5-Year Constant Maturity Swap Rate due July 24, 2023
$1,193,000
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing July 24, 2023, subject to postponement as described below.
· The notes are designed for investors who seek periodic interest payments that (a) for the Initial Interest Periods, wil be equal to a fixed Interest
Rate of 7.00% per annum and (b) for all subsequent Interest Periods, wil be equal to the greater of (a) zero or (b) the Multiplier multiplied by the
Spread, which is equal to the 30-Year CMS Rate minus the 5-Year CMS Rate minus 0.25%. After the Initial Interest Periods, the Interest Rate is
subject to the Minimum Interest Rate of 0.00% per annum and the Maximum Interest Rate of 7.00% per annum. Any payment on the notes is
subject to the credit risk of JPMorgan Chase & Co.
· 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. 1-II,
wil supersede the terms set forth in the accompanying product supplement no. 1-II. Among other things, your interest rate wil be determined as
described below under "Key Terms -- Interest Rate."
· Minimum denominations of $1,000 and integral multiples of $1,000 thereafter.
· The notes priced on July 19, 2013 and are expected to settle on or about July 24, 2013.
Key Terms
Payment at Maturity:
At maturity you wil receive a cash payment for each $1,000 principal amount note of $1,000 plus any accrued
and unpaid interest.
Initial Interest Period(s):
Each Interest Period beginning on and including the Issue Date of the notes and ending on but excluding July
24, 2014.
Initial Interest Rate(s):
7.00% per annum
Interest:
With respect to each Interest Period and subject to the Accrual Period Convention described below and in the
accompanying product supplement no. 1-II, for each $1,000 principal amount note, the interest payment wil be
calculated as fol ows:
$1,000 x Interest Rate x Day Count Fraction
.
Interest Period:
The period beginning on and including the 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 Accrual Period Convention described
below and in the accompanying product supplement no. 1-II.
Interest Payment Date(s):
Interest on the notes wil be payable in arrears on the 24th day of January, April, July and October of each
year, commencing on October 24, 2013, to and including the Maturity Date, subject to the Business Day
Convention and Accrual Period Convention described below and in the accompanying product supplement no.
1-II.
Interest Rate:
With respect to each Initial Interest Period, a rate per annum equal to 7.00%, and with respect to each Interest
Period thereafter, a rate per annum, subject to the Minimum Interest Rate and the Maximum Interest Rate,
equal to the greater of (a) zero and (b) the Multiplier multiplied by the Spread. With respect to each Interest
Period fol owing the final Initial Interest Period, the Interest Rate for any such Interest Period wil not be less
than the Minimum Interest Rate or greater than the Maximum Interest Rate.
Multiplier:
4.00
Spread:
With respect to each Interest Period (after the Initial Interest Periods), the 30-Year CMS Rate minus the
5-Year CMS Rate minus 0.25% as determined on the applicable Determination Date.
Minimum Interest Rate:
0.00% per annum
Maximum Interest Rate:
With respect to each Interest Period after the Initial Interest Periods, 7.00% per annum
30-Year CMS Rate:
The 30-Year U.S. Dol ar Constant Maturity Swap Rate, which is the rate for a U.S. dol ar 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 wil determine the 30-Year CMS
Rate in accordance with the fal backs set forth under "What is a CMS Rate?" below.
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5-Year CMS Rate:
The 5-Year U.S. Dol ar Constant Maturity Swap Rate, which is the rate for a U.S. dol ar swap with a
Designated Maturity of 5 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 5-Year CMS Rate cannot be determined by reference to
Reuters page "ISDAFIX1" (or any successor page), then the calculation agent wil determine the 5-Year CMS
Rate in accordance with the fal backs set forth under "What is a CMS Rate?" below.

We refer to the 30-Year Constant Maturity Swap Rate and the 5-Year Constant Maturity Swap Rate each as a
"CMS Rate" and together as the "CMS Rates".
Designated Maturity:
5 years or 30 years, as the case may be, depending on whether the 5-Year CMS Rate or the 30-Year CMS
Rate is being calculated.
Determination Date:
For each Interest Period (other than the Initial Interest Periods), two U.S. Government Securities Business
Days immediately prior to 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
Business Day:
Association ("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.
Pricing Date:
July 19, 2013
Issue Date:
July 24, 2013, subject to the Business Day Convention.
Maturity Date:
July 24, 2023, subject to the Business Day Convention.
Business Day Convention:
Following
Accrual Period Convention:
Unadjusted
Day Count Fraction:
30/360
CUSIP:
48126D5Q8
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-14 of the accompanying product supplement
no. 1-II and "Selected Risk Considerations" beginning on page PS-1 of this pricing supplement.
Neither the SEC nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this
pricing supplement, the accompanying product supplement no. 1-II 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 (1)(2)
Proceeds to Issuer
Per note
At variable prices
$23.56
$976.44
Total
At variable prices
$28,107.08
$1,164,892.92
(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., wil pay al of the sel ing commissions of
$23.56 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-43 of the accompanying product supplement no. 1-II.
(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 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. See "Plan of Distribution (Conflicts of Interest)" beginning on page PS-43 of
the accompanying product supplement no. 1-II.
The estimated value of the notes as determined by JPMS, when the terms of the notes were set, was $948.75 per $1,000 principal amount
note. See "JPMS's Estimated Value of the Notes" in this pricing supplement for additional information.
The notes are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency,
nor are they obligations of, or guaranteed by, a bank.
July 19, 2013

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Additional Terms Specific to the Notes
You should read this pricing supplement together with the prospectus dated November 14, 2011, as supplemented by the prospectus supplement dated
November 14, 2011, relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in
product supplement no. 1-II dated April 5, 2013. This pricing supplement, together with the documents listed below, contains the terms of the
notes, supplements the term sheet related hereto, dated July 9, 2013, and supersedes all other prior or contemporaneous oral statements
as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for
implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should careful y consider, among other
things, the matters set forth in "Risk Factors" in the accompanying product supplement no. 1-II, as the notes involve risks not associated with
conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as fol ows (or if such address has changed, by reviewing our filings for the
relevant date on the SEC website):
· Product supplement no. 1-II dated April 5, 2013:
http://www.sec.gov/Archives/edgar/data/19617/000089109213003066/e53030_424b2.htm
· Prospectus supplement dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007578/e46180_424b2.pdf
· Prospectus dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007568/e46179_424b2.pdf
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this pricing supplement, the "Company," "we," "us," or "our" refers to
JPMorgan Chase & Co.
The notes are subject to the limitation on interest described under "Description of Notes -- Floating Rate Notes" on page S-10 of the Prospectus
Supplement dated November 14, 2011.
Selected Purchase Considerations
· PRESERVATION OF CAPITAL AT MATURITY -- Regardless of the performance of the 30-Year CMS Rate or the 5-Year CMS Rate, we wil pay
you at least 100% of the principal amount of your notes if you hold the notes to maturity. Because the notes are our unsecured and unsubordinated
obligations, payment of any amount at maturity is subject to our ability to pay our obligations as they become due.
· PERIODIC INTEREST PAYMENTS -- The notes offer periodic interest payments on each Interest Payment Date. With respect to the Initial
Interest Periods, your notes wil pay an annual interest rate equal to the Initial Interest Rate, and for the applicable Interest Periods thereafter,
your notes wil pay a rate per annum equal to the greater of (a) zero and (b) the Multiplier multiplied by the Spread, provided that such rate wil not
be greater than the Maximum Interest Rate or less than the Minimum Interest Rate. The yield on the notes may be less than the overal return you
would receive from a conventional debt security that you could purchase today with the same maturity as the notes.
· TAXED AS VARIABLE RATE DEBT INSTRUMENTS You should review careful y the section entitled "Material U.S. Federal Income Tax
Consequences" in the accompanying product supplement no. 1-II. 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 wil general y 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, except to
the extent of original discount issue, if any. In addition, a U.S. Holder (as defined in the accompanying product supplement) must include original
issue discount, if any, in income as ordinary interest as it accrues, general y in advance of receipt of cash attributable to such income. In general,
gain or loss realized on the sale, exchange or other disposition of the notes wil be capital gain or loss. 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 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.
Subject to certain assumptions and representations received from us, the discussion in this section entitled "Treated As Variable Rate Debt
Instruments", when read in combination with the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product
supplement, constitutes the ful opinion of Sidley Austin LLP regarding the material U.S. federal income tax treatment of owning and disposing of
the notes.
Selected Risk Considerations
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. 1-II dated April 5, 2013.
· THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE, EXCEPT FOR THE INITIAL INTEREST PERIODS, THE INTEREST RATE
ON THE NOTES IS VARIABLE AND MAY BE EQUAL TO THE MINIMUM INTEREST RATE With respect to the Initial Interest Periods, your
notes wil pay an annual interest rate equal to the Initial Interest Rate, and for the applicable Interest Periods thereafter, your notes wil pay a rate
per annum equal to the greater of (a) zero and (b) the Multiplier multiplied by the Spread, provided that such rate wil not be less than the Minimum
Interest Rate or greater than the Maximum Interest Rate. If the Spread as described on the cover of this pricing supplement is less than or equal
to zero, the Interest Rate for such Interest Period wil be equal to the Minimum Interest Rate. You wil 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.
· THE INTEREST RATE ON THE NOTES FOR AN INTEREST PERIOD (OTHER THAN AN INITIAL INTEREST PERIOD) IS SUBJECT TO THE
MAXIMUM INTEREST RATE The Interest Rate for an Interest Period (other than an Initial Interest Period) is variable; however, it wil not
exceed the Maximum Interest Rate set forth on the front cover of this pricing supplement, regardless of the performance of the CMS Rates or the
Spread. In other words, for an Interest Period (other than an Initial Interest Period), if the Multiplier multiplied by the Spread is greater than or
equal to the Maximum Interest Rate, your Interest Rate on the notes wil be capped at the Maximum Interest Rate.
JPMorgan Structured Investments --
PS-1
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· THE INTEREST RATE ON THE NOTES IS BASED ON THE SPREAD, WHICH MAY RESULT IN YOU RECEIVING THE MINIMUM INTEREST
RATE OF 0.00% PER ANNUM  The Spread is calculated as (a) the 30-Year CMS Rate minus (b) the 5-Year CMS Rate minus (c) 0.25%. 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 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. A
decrease in a positive Spread wil result in a reduction of the Interest Rate payable for the corresponding Interest Period (other than the Initial
Interest Periods). A negative Spread wil cause the Interest Rate for the corresponding Interest Period to be equal to the Minimum Interest Rate of
0.00% per annum. The amount of interest you accrue on the notes in any Interest Period (other than the Initial Interest Periods) may decrease
even if either or both of the CMS Rates increase. Interest during any Interest Period (other than the Initial Interest Periods) may be equal to
0.00% per annum, and you wil 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.
· THE METHOD OF DETERMINING THE VARIABLE INTEREST RATE FOR ANY INTEREST PERIOD MAY NOT DIRECTLY CORRELATE WITH
THE ACTUAL CMS RATES -- The determination of the Interest Rate payable for any Interest Period (other than the Initial Interest Periods) wil
be based on the Spread, but it wil not directly correlate with actual CMS Rates. In addition, the Interest Rate applicable to the notes during any
Interest Period (other than the Initial Interest Periods) wil not be greater than the Maximum Interest Rate or less than the Minimum Interest Rate.
We wil use the CMS Rates on each Determination Date to determine the Spread on such Determination Date, which in turn wil be used to
determine the Interest Rate for the Interest Period corresponding to such Determination Date, regardless of what the actual CMS Rates and
differences between the CMS Rates are for the calendar days during such Interest Period that are not Determination Dates.
· VARIABLE RATE NOTES DIFFER FROM FIXED RATE NOTES After the Initial Interest Periods, the rate of interest on your notes wil be
variable and determined based on the Spread, provided that such rate wil not be greater than the Maximum Interest Rate or less than the
Minimum Interest Rate, which may be less than returns otherwise payable on notes issued by us with similar maturities. You should consider,
among other things, the overal potential annual percentage rate of interest to maturity of the notes as compared to other investment alternatives.
· LONGER DATED NOTES MAY BE MORE RISKY THAN SHORTER DATED NOTES 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. Specifical y, you may be negatively affected if certain
interest rate scenarios occur. 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 that short term rates rise, the
market value of a longer dated note wil be lower than the market value of a comparable short term note with similar terms.
· CREDIT RISK OF JPMORGAN CHASE & 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 al 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.
· POTENTIAL CONFLICTS -- 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 potential y adverse to your interests as an investor in the notes. In addition, our business activities, including hedging and trading activities as
wel 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 General y" in the accompanying product supplement no. 1-II for additional information about these risks.
· JPMS'S ESTIMATED VALUE OF THE NOTES IS LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES --
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 sel ing, structuring and hedging the notes are included in the original issue price of the notes. These costs include the sel ing
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.
· JPMS'S ESTIMATED VALUE DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS' ESTIMATES
-- 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 wil ing to buy notes from you in secondary market transactions. See "JPMS's Estimated Value of the Notes" in this pricing supplement.
· JPMS'S ESTIMATED VALUE IS NOT DETERMINED BY REFERENCE TO CREDIT SPREADS FOR OUR CONVENTIONAL FIXED-RATE
DEBT -- The internal funding rate used in the determination of JPMS's estimated value general y 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.
JPMorgan Structured Investments --
PS-2
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· THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS)
MAY BE HIGHER THAN JPMS'S THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD -- We generally
expect that some of the costs included in the original issue price of the notes wil be partial y paid back to you in connection with any repurchases
of your notes by JPMS in an amount that wil 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).
· SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE NOTES -- Any
secondary market prices of the notes wil 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 sel ing 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 wil be wil ing to buy notes from you in secondary market transactions, if at
al , 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 Wil Be Impacted By Many Economic And Market Factors" below for information about additional factors
that wil 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 wil ing to hold your notes to maturity. See
"Lack of Liquidity" below.
· SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS -- The secondary
market price of the notes during their term wil be impacted by a number of economic and market factors, which may either offset or magnify each
other, aside from the sel ing commissions, projected hedging profits, if any, estimated hedging costs, including, but not limited to:
· 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;
· interest and yield rates in the market general y, as wel as the volatility of those rates;
· the likelihood, or expectation, that the notes wil 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 wil ing to
purchase your notes in the secondary market.
· LACK OF LIQUIDITY -- The notes wil 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 al ow you to trade or sel 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 wil ing to buy the notes.
· THE AMOUNT OF INTEREST, IF ANY, WILL BE AFFECTED BY A NUMBER OF FACTORS -- After the Initial Interest Periods, the amount of
interest, if any, payable on your notes wil depend primarily on the CMS Rates. A number of factors can affect the value of your notes and/or the
amount of interest that you wil receive, including, but not limited to:
· changes in, or perceptions, about the future CMS Rates;
· general economic conditions;
· prevailing interest rates; and
· policies of the Federal Reserve Board regarding interest rates.
These and other factors may have a negative impact on the payment of interest on the notes and on the value of the notes in the secondary
market.
· THE CMS RATES MAY BE VOLATILE -- The CMS Rates are subject to volatility due to a variety of factors affecting interest rates general y,
including but not limited to:
· sentiment regarding the U.S. and global economies;
· expectation regarding the level of price inflation;
· sentiment regarding credit quality in U.S. and global credit markets;
· central bank policy regarding interest rates; and
· performance of capital markets.
· VARIABLE PRICE REOFFERING RISKS -- JPMS sold the notes at market prices prevailing at prices related to then-prevailing prices or at
negotiated prices, provided that such prices were not less than $970.00 per $1,000 principal amount note or more than $1,000 per $1,000
principal amount note. Accordingly, there is a risk that the price you pay for the notes wil be higher than the prices paid by other investors based
on the date and time you make your purchase, from whom you purchase the notes (e.g., directly from JPMS or through a broker or dealer), any
related transaction cost (e.g., any brokerage commission), whether you hold your notes in a brokerage account, a fiduciary or fee-based account
or another type of account and other market factors beyond our control.
JPMorgan Structured Investments --
PS-3
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Hypothetical Examples of Calculation of the Interest Rate on the Notes for an Interest Period (other than the Initial Interest Periods)
The fol owing examples il ustrate how to calculate the Interest Payment for an Interest Period (other than the Initial Interest Periods) and assume that
the number of calendar days in the applicable Interest Period is 90 and that the Multiplier is 4.00, the low end of the range set forth on the cover of this
pricing supplement. The hypothetical Multiplier, CMS Rates, Spreads and Interest Rates set forth in the fol owing examples are for il ustrative purposes
only and may not be the actual CMS Rates, Spreads or Interest Rates for any Interest Period applicable to a purchaser of the notes. The numbers
appearing in the fol owing examples have been rounded for ease of analysis.
Example 1: On the applicable Determination Date, the 30-Year CMS Rate is 4.00% and the 5-Year CMS Rate is 3.00%. Because the 30-Year
CMS Rate (4.00%) is greater than the 5-Year CMS Rate (3.00%) by more than 0.25%, the Spread is positive and is equal to 0.75%. Accordingly, the
Interest Rate is calculated as fol ows:
MAX [0, 4.00 × (4.00% - 3.00% - 0.25%)] = 3.000% per annum
The quarterly interest payment per $1,000 principal amount note is calculated as fol ows:
$1,000 × 3.000% × (90/360) = $7.50
Example 2: On the applicable Determination Date, the 30-Year CMS Rate is 5.00% and the 5-Year CMS Rate is 2.00%. Because the 30-Year
CMS Rate (5.00%) is greater than the 5-Year CMS Rate (2.00%) by more than 0.25%, the Spread is positive and is equal to 2.75%. Because the
Spread multiplied by the Multiplier of 4.00 is greater than the Maximum Interest Rate of 7.00% per annum, the Interest Rate is equal to the Maximum
Interest Rate of 7.00% per annum.
The quarterly interest payment per $1,000 principal amount note is calculated as fol ows:
$1,000 × 7.00% × (90/360) = $17.50
Example 3: On the applicable Determination Date, the 30-Year CMS Rate is 4.00% and the 5-Year CMS Rate is 6.00%. Because the 30-Year
CMS Rate (4.00%) is less than the 5-Year CMS Rate (6.00%), the Spread is negative and equal to -2.25%. Because the Spread multiplied by the
Multiplier of 4.00 is less than the Minimum Interest Rate of 0.00% per annum, the Interest Rate is equal to the Minimum Interest Rate of 0.00% per
annum.
The quarterly interest payment per $1,000 principal amount note is calculated as fol ows:
$1,000 × 0.00% × (90/360) = $0.00
What is a CMS Rate?
A CMS Rate is a rate for a U.S. dollar swap with a Designated Maturity and which appears on Reuters page "ISDAFIX1" (or any successor page) at
approximately 11:00 a.m., New York City time, on each Determination Date, as determined by the Calculation Agent.
On each Determination Date, if the 30-Year CMS Rate or the 5-Year CMS Rate cannot be determined by reference to Reuters page "ISDAFIX1" (or
any successor page), then the Calculation Agent wil determine the 30-Year CMS Rate or the 5-Year CMS Rate, as applicable, for such day on the
basis of the mid-market semi-annual swap rate quotations to the Calculation Agent provided by five leading swap dealers in the New York City
interbank market (the "Reference Banks") at approximately 11:00 a.m., New York City time, on such Determination Date, and, for this purpose, the
mid-market semi-annual swap rate means the mean of the bid and offered rates for the semi-annual fixed leg, calculated on a 30/360 day count basis,
of a fixed-for-floating U.S. Dol ar interest rate swap transaction with a term equal to the applicable 30 year or 5 year maturity commencing on such
Determination Date and in an amount, as determined by the Calculation Agent, that is representative for a single transaction in the relevant market at
the relevant time (the "Representative Amount") with an acknowledged dealer of good credit in the swap market, where the floating leg, calculated on
an actual/360 day count basis, is equivalent to USD-LIBOR-BBA with a designated maturity of three months. The Calculation Agent wil request the
principal New York City office of each of the Reference Banks to provide a quotation of its rate. If at least three quotations are provided, the rate for
that day wil be the arithmetic mean of the quotations, eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest
quotation (or, in the event of equality, one of the lowest). If fewer than three quotations are provided as requested, the rate wil be determined by the
Calculation Agent in good faith and in a commercial y reasonable manner.
Historical Information
The fol owing graphs set forth the weekly historical performance of the CMS Rates and the Spread from January 4, 2008 through July 19, 2013. We
obtained the rates 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 30-Year CMS Rate, as it appeared on Reuters page "ISDAFIX1" on July 19, 2013 was 3.5375%. The 5-Year CMS Rate, as it appeared on
Reuters page "ISDAFIX1" on July 19, 2013 was 1.4786%. The Spread on July 19, 2013 was 1.8089%.
The CMS Rates and the Spread data in the following graphs were obtained from Bloomberg Financial Markets at approximately 3:30 p.m. on
the relevant dates and may not be indicative of the Spread, which is determined on any date of determination by reference to the CMS
Rates published on Reuters page "ISDAFIX1" at approximately 11:00 a.m., New York City time. The historical CMS Rates and the Spread should
not be taken as an indication of future performance, and no assurance can be given as to the CMS Rates or the Spread on any
JPMorgan Structured Investments --
PS-4
Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate and 5-Year Constant Maturity Swap Rate due July 24, 2023

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Determination Date. We cannot give you assurance that the performance of the CMS Rates and the Spread wil result in any positive interest payments
in any Interest Period subsequent to the final Initial Interest Period.
JPMS's Estimated Value of the Notes
JPMS's estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the fol owing hypothetical
components: (1) a fixed-income debt component with the same maturity as the notes, valued using our internal funding rate for structured debt
described below, and (2) the derivative or derivatives underlying the economic terms of the notes. JPMS's estimated value does not represent a
minimum price at which JPMS would be wil ing to buy your notes in any secondary market (if any exists) at any time. 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. For additional
information, see "Selected Risk Considerations -- JPMS's Estimated Value Is Not Determined by Reference to Credit Spreads for Our Conventional
Fixed-Rate Debt." The value of the derivative or derivatives underlying the economic terms of the notes is derived from JPMS's internal pricing models.
These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of
which are market-observable, and which can include volatility, interest rates and other factors, as wel as assumptions about future market events
and/or environments. Accordingly, JPMS's estimated value of the notes is determined when the terms of the notes are set based on market conditions
and other relevant factors and assumptions existing at that time. See "Selected Risk Considerations -- JPMS's Estimated Value Does Not Represent
Future Values of the Notes and May Differ from Others' Estimates" in this pricing supplement.
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Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate and 5-Year Constant Maturity Swap Rate due July 24, 2023

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JPMS's estimated value of the notes is lower than the original issue price of the notes because costs associated with sel ing, structuring and hedging
the notes are included in the original issue price of the notes. These costs include the sel ing commissions paid to JPMS and other affiliated or
unaffiliated dealers, 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. Because hedging our obligations entails risk and may be influenced by market
forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. A portion of the profits
realized in hedging our obligations under the notes may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates wil
retain any remaining hedging profits." See "Selected Risk Considerations -- JPMS's Estimated Value of the Notes Is Lower Than the Original Issue
Price (Price to Public) of the Notes" in this pricing supplement.
Secondary Market Prices of the Notes
For information about factors that wil impact any secondary market prices of the notes, see "Selected Risk Considerations -- Secondary Market
Prices of the Notes Wil Be Impacted by Many Economic and Market Factors" in this pricing supplement. In addition, we general y expect that some of
the costs included in the original issue price of the notes wil be partial y paid back to you in connection with any repurchases of your notes by JPMS in
an amount that wil decline to zero over an initial predetermined period that is intended to be the shorter of six months and one-half of the stated term of
the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our
hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by JPMS. See "Selected Risk
Considerations -- The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than
JPMS's Then-Current Estimated Value of the Notes for a Limited Time Period" in this pricing supplement.
Supplemental Use of Proceeds
The net proceeds we receive from the sale of the notes wil be used for general corporate purposes and, in part, by us or one or more of our affiliates
in connection with hedging our obligations under the notes.
The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes. See
"Selected Purchase Considerations" and "Hypothetical Examples of Calculation of the Interest Rate on the Notes for an Interest Period (other than the
Initial Interest Periods)" in this pricing supplement for a description of the risk-return profile and market exposure payable under the notes.
The original issue price of the notes is equal to JPMS's estimated value of the notes plus the sel ing commissions paid to JPMS and other affiliated or
unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations
under the notes, plus the estimated cost of hedging our obligations under the notes.
For purposes of the notes offered by this pricing supplement, the first and second paragraph of the section entitled "Use of Proceeds and Hedging" on
page PS-26 of the accompanying product supplement no. 1-II are deemed deleted in their entirety. Please refer instead to the discussion set forth
above.
Validity of the Notes
In the opinion of Sidley Austin LLP, as counsel to the Company, when the notes offered by this pricing supplement have been executed and issued by
the Company and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes wil be
valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts
of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance,
fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to
the Federal laws of the United States, the laws of the State of New York and the General Corporation Law of the State of Delaware as in effect on the
date hereof. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and
the genuineness of signatures and certain factual matters, al as stated in the letter of such counsel dated November 14, 2011, which has been filed as
Exhibit 5.3 to the Company's registration statement on Form S-3 filed with the Securities and Exchange Commission on November 14, 2011.
JPMorgan Structured Investments --
PS-6
Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate and 5-Year Constant Maturity Swap Rate due July 24, 2023
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