Obligation JPMorgan Chase 3% ( US48126DNA36 ) en USD

JPMorgan Chase

100 % ⇌

Etas-Unis

US48126DNA36 ( en USD )

3% par an ( paiement semestriel )

13/03/2028

Prospectus brochure de l'obligation JP Morgan US48126DNA36 en USD 3%, échéance 13/03/2028

1 000 USD

48126DNA3

N/A

13/09/2025 ( Dans 52 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 US48126DNA36, paye un coupon de 3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 13/03/2028

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...
424B2 1 e52552_424b2.htm PRICING SUPPLEMENT NO. 1154
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$3,063,000
$417.79

1 of 7
3/13/2013 8:15 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...

Pricing supplement no. 1154
Pricing supplement to
To prospectus dated November 14, 2011,
Product Supplement No. 1-I
prospectus supplement dated November 14, 2011 and
Registration Statement No. 333-177923
product supplement no. 1-I dated November 14, 2011
Dated March 8, 2013; Rule 424(b)(2)

JPMorgan Chase & Co.
Structured $3,063,000
Investments
Callable Step-Up Fixed Rate Notes due March 13, 2028
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing March 13, 2028, subject to postponement as described below.
· Interest on the notes wil be payable semiannually on each Interest Payment Date in arrears at a rate per annum equal to (a) for the first year to
the seventh year, an interest rate equal to 3.000% per annum, (b) for the eighth year to the twelfth year, an interest rate equal to 4.000% per
annum and (c) for the thirteenth year to the fifteenth year, an interest rate equal to 5.000% per annum. Any payment on the notes is subject to
the credit risk of JPMorgan Chase & Co.
· Unless general interest rates rise significantly, you should not expect to earn the highest scheduled Interest Rate below because the notes are
likely to be cal ed prior to maturity if interest rates remain the same or fal during the term of notes. Additional y, the interest rate on the notes does
not step up significantly until later during the term of the notes. See "Selected Risk Considerations" in this pricing supplement.
· These notes, which have a relatively long term, may be more risky than notes with a shorter term. See "Selected Risk Considerations" in this
pricing supplement.
· Minimum denominations of $1,000 and integral multiples thereof.
· At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates specified below.
· The notes priced on March 8, 2013 and are expected to settle on or about March 13, 2013.
Key Terms
Pricing Date:
March 8, 2013
Issue Date:
March 13, 2013, provided, however, if such day is not a business day, the business day immediately fol owing
the Issue Date.
Maturity Date:
March 13, 2028, provided, however, if such day is not a business day, the business day immediately fol owing
the Maturity Date.
Payment at Maturity:
If we have not elected to redeem the notes prior to 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.
Payment upon Redemption:
At our option, we may redeem the notes, in whole but not in part, on the 13th day of March and September of
each year (each such date, a "Redemption Date"), commencing March 13, 2020. If the notes are redeemed,
you wil receive on the applicable Redemption Date a cash payment equal to $1,000 for each $1,000 principal
amount note plus any accrued and unpaid interest. Such amounts wil 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 (a) the
Redemption Date or (b) if earlier, the date in which payment is to be made (as described below). We wil
provide notice of redemption at least 5 business days prior to the applicable Redemption Date. If a
Redemption Date is not a business day, payment wil be made on the business day immediately fol owing the
Redemption Date. No additional interest wil be paid with respect to such a postponement.
Interest:
With respect to each Interest Period, for each $1,000 principal amount note, the interest payment wil be
calculated as fol ows:
$1,000 × Interest Rate × (180 / 360)
Notwithstanding anything to the contrary in the product supplement, any accrued and unpaid interest wil 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 Interest Payment Date.
Interest Rate:
From (and including)
To (but excluding)
Interest Rate
March 13, 2013
March 13, 2020
3.000% per annum
March 13, 2020
March 13, 2025
4.000% per annum
March 13, 2025
March 13, 2028
5.000% per annum
The dates above refer to original y scheduled Interest Payment Dates and dates on which interest is paid may
be adjusted as described below.
Interest Period:
The period beginning on and including the issue date 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 or, if the notes have been redeemed prior to such next
succeeding Interest Payment Date, ending on but excluding the applicable Redemption Date.
2 of 7
3/13/2013 8:15 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...
Interest Payment Date:
Interest on the notes wil be payable semiannually in arrears on the 13th day of March and September of each
year (each such date, an "Interest Payment Date"), commencing September 13, 2013, to and including the
Interest Payment Date corresponding to the Maturity Date, or, if the notes have been redeemed, the applicable
Redemption Date. If an Interest Payment Date is not a business day, payment wil be made on the business
day immediately fol owing the Interest Payment Date. No additional interest wil be paid with respect to such a
postponement. See "Selected Purchase Considerations -- Semiannual Interest Payments" in this pricing
supplement for more information.
CUSIP:
48126DNA3
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page PS-13 of the accompanying product supplement
no. 1-I and "Selected Risk Considerations" beginning on page PS-1 of this pricing supplement.
Neither the U.S. Securities and Exchange Commission 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-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 (1)(2)
Proceeds to Us
Per note
At variable prices
$35.30
$964.70
Total
At variable prices
$108,123.90
$2,954,876.10
(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., wil receive a commission of $35.30 per
$1,000 principal amount note and wil use a portion of that commission to allow sel ing concessions to other affiliated or unaffiliated dealers of $12.80
per $1,000 principal amount note. This commission wil include the projected profits that our affiliates expect to realize, some of which will be allowed
to other unaffiliated dealers, for assuming risks inherent in hedging our obligations under the notes. The concessions of $12.80 include concessions to
be allowed to sel ing dealers and concessions to be allowed to any arranging dealer. See "Plan of Distribution (Conflicts of Interest)" beginning on page
PS-42 of the accompanying product supplement no. 1-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 prices related to such prevailing prices or at negotiated prices, provided that such prices were not less than $985.00 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-42 of
the accompanying product supplement no. 1-I.
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.
March 8, 2013

3 of 7
3/13/2013 8:15 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...
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-I dated November 14, 2011. This pricing supplement, together with the documents listed below, contains the
terms of the notes, supplements the term sheet related hereto dated February 25, 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-I, 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-I dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007588/e46195_424b2.pdf
· Prospectus supplement dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007578/e46180_424b2.pdf
· Prospectus dated November 14, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211007568/e46179_424b2.pdf
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.
Selected Purchase Considerations
· PRESERVATION OF CAPITAL -- You wil receive at least 100% of the principal amount of your notes if you hold the notes to maturity or to the
Redemption Date, if any, on which we elect to cal the notes. Because the notes are our unsecured and unsubordinated obligations, payment of
any amount at maturity or upon early redemption is subject to our ability to pay our obligations as they become due.
· SEMIANNUAL INTEREST PAYMENTS -- The notes offer semiannual interest payments which wil accrue at a rate equal to the applicable
Interest Rate and wil be payable semiannual y in arrears on the 13th day of March and September of each year, commencing September 13,
2013, to and including the Interest Payment Date corresponding to the Maturity Date, or, if the notes have been redeemed, the applicable
Redemption Date, to the holders of record at the close of business on the business day immediately preceding (a) the applicable Interest Payment
Date or (b) if earlier, the date on which the interest payment is to be made (as described below). If an Interest Payment Date is not a business
day, payment wil be made on the business day immediately fol owing such day. No additional interest wil be paid with respect to such a
postponement.
· POTENTIAL SEMIANNUAL REDEMPTION BY US AT OUR OPTION -- At our option, we may redeem the notes, in whole but not in part, on the
13th day of March and September of each year (each such date, a "Redemption Date"), commencing on March 13, 2020, for a cash payment
equal to $1,000 for each $1,000 principal amount note plus any accrued and unpaid interest on notes. Such amount wil 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 (a) the applicable Redemption Date or
(b) if earlier, the date on which payment is to be made (as described below). If a Redemption Date is not a business day, payment wil be made
on the business day immediately fol owing such day. No additional interest wil be paid with respect to such a postponement.
· TAX TREATMENT You should review careful y the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying
product supplement no. 1-I. Except to the extent of original issue discount, if any, during the term of the notes, 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. 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, including with respect to the treatment of any
original issue discount on 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 "Tax Treatment", when read in
combination with the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement, constitutes the
full opinion of Sidley Austin LLP regarding the material U.S. federal income tax treatment of owning and disposing of the notes.
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-I dated November 14, 2011.
· THE NOTES ARE SUBJECT TO EARLY REDEMPTION PRIOR TO MATURITY The notes are subject to redemption at the sole discretion of
the Issuer on the specified Redemption Dates indicated above. If the notes are redeemed prior to maturity, you wil receive the principal amount of
your notes plus accrued and unpaid interest to, but excluding the applicable Redemption Date. This amount wil be less than you would have
received had the notes not been cal ed early and continued to pay interest over the ful term of the notes. We may choose to redeem the notes
early or choose not to redeem the notes early on any Redemption Date, in our sole discretion. If we elect to redeem the notes early, your return
may be less than the return you would have earned on your investment had the notes been held to maturity, and you may not be able to reinvest
your funds at the same rate as the notes. We may choose to redeem the notes early, for example, if U.S. interest rates decrease significantly or if
the volatility of U.S. interest rates decreases significantly.
· THE NOTES ARE NOT ORDINARY DEBT SECURITIES; THE STEP-UP FEATURE PRESENTS DIFFERENT INVESTMENT
CONSIDERATIONS THAN FIXED RATE NOTES -- The rate of interest paid by us on the notes wil
JPMorgan Structured Investments --
PS-1
Callable Step-Up Fixed Rate Notes
4 of 7
3/13/2013 8:15 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...

5 of 7
3/13/2013 8:15 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...

increase upward from the initial stated rate of interest of the notes. The notes are cal able by us, in whole but not in part, prior to maturity and,
therefore, contain the cal risk described above. If we do not cal the notes, the interest rate wil step-up as described on the cover of this pricing
supplement. Unless general interest rates rise significantly, you should not expect to earn the highest scheduled Interest Rate set forth on the front
cover because the notes are likely to be cal ed prior to maturity if interest rates remain the same or fal during the term of your notes. When
determining whether to invest in a stepped-up rate note, you should not focus on the highest stated Interest Rate, which usual y is the final
stepped-up rate of interest. You should instead focus on, among other things, the overall annual percentage rate of interest to maturity or cal as
compared to other equivalent investment alternatives.
· THE INTEREST RATE OF THE NOTES DOES NOT STEP UP SIGNIFICANTLY UNTIL LATER IN THE TERM OF THE NOTES --Unless
general interest rates rise significantly, you should not expect to earn the highest scheduled Interest Rate set forth on the front cover because the
notes are likely to be cal ed prior to maturity if interest rates remain the same or fal during the term of your notes. Additional y, the interest rate on
the notes does not step up significantly until later in the term of the notes. If interest rates rise faster than the incremental increases in the interest
rates of the notes, the notes may have an interest rate that is significantly lower than the interest rates at that time and the secondary market
value of the notes may be significantly lower than other instruments with a similar term but higher interest rates. In other words, you should only
purchase the notes if you are comfortable receiving the stated interest rates set forth on the front cover of this pricing supplement for the entire
term of the notes.
· 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 all amounts
due on the notes, and therefore investors are subject to our credit risk and to changes in the market's view of our creditworthiness. Any decline in
our credit ratings or increase in the credit spreads charged 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 hedging our obligations under the notes. In performing these duties, our economic interests and the economic interests of the
calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our business activities,
including hedging and trading activities for our own accounts or on behalf of customers, could cause our economic interests to be adverse to yours
and could adversely affect any payments on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our
affiliates 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 for additional information about these risks.
· THESE NOTES MAY BE MORE RISKY THAN NOTES WITH A SHORTER TERM -- By purchasing a note with a longer term, you are more
exposed to fluctuations in interest rates than if you purchased a note with a shorter term. Specifical y, you may be negatively affected if certain
interest rate scenarios occur. For example, if interest rates begin to rise, the market value of your notes wil decline because the likelihood of us
cal ing your notes wil decline and the Interest Rate applicable to that specific Interest Period may be less than a note issued at such time. For
example, if the Interest Rate applicable to your notes at such time was 3.00% per annum, but a debt security issued in the then current market
could yield an interest rate of 5.00% per annum, your note would be less valuable if you tried to sel it in the secondary market.
· CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES PRIOR TO MATURITY -- While the payment
at maturity or upon early redemption, as applicable, described in this pricing supplement is based on the ful principal amount of your notes, the
original issue price of the notes includes the estimated cost of hedging our obligations under the notes. As a result, the price, if any, at which
JPMS will be willing to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price, and any
sale prior to the maturity date could result in a substantial loss to you. 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.
· 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 allow 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.
· MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- The notes wil be affected by a number of
economic and market factors that may either offset or magnify each other, including but not limited to:
· 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
· our creditworthiness, including actual or anticipated downgrades in our credit ratings.
· 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 $985.00 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-2
Callable Step-Up Fixed Rate Notes

6 of 7
3/13/2013 8:15 AM

http://www.sec.gov/Archives/edgar/data/19617/000089109213002219/e...

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, all 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-3
Callable Step-Up Fixed Rate Notes

7 of 7
3/13/2013 8:15 AM