Obligation JPMorgan Chase 0.524% ( US48126DV890 ) en USD

JPMorgan Chase

80.5 % ⇌

Etas-Unis

US48126DV890 ( en USD )

0.524% par an ( paiement semestriel )

17/05/2028

Prospectus brochure de l'obligation JP Morgan US48126DV890 en USD 0.524%, échéance 17/05/2028

1 000 USD

10 000 000 USD

48126DV89

A ( Qualité moyenne supérieure )

17/11/2025 ( Dans 117 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 US48126DV890, paye un coupon de 0.524% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 17/05/2028

L'Obligation émise par JPMorgan Chase ( Etas-Unis ) , en USD, avec le code ISIN US48126DV890, 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 US48126DV890, a été notée A ( Qualité moyenne supérieure ) par l'agence de notation Standard & Poor's ( S&P ).

http://www.sec.gov/Archives/edgar/data/19617/000089109213004635/e...
424B2 1 e53751_424b2.htm PRICING SUPPLEMENT NO. 1374
CALCULATION OF REGISTRATION FEE
Maximum Aggregate
Amount of
Title of Each Class of Securities Offered
Offering Price
Registration Fee
Notes
$10,000,000
$1.364

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Pricing supplement no. 1374
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 May 14, 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 2-Year Constant Maturity Swap Rate due May 17, 2028
$10,000,000
General
· Unsecured and unsubordinated obligations of JPMorgan Chase & Co. maturing May 17, 2028, 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 7.50% 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 2-Year CMS Rate minus 0.50%, provided that such rate wil not be less than the
Minimum Interest Rate of 0.00% per annum or greater than the Maximum Interest Rate of 10.00% 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 May 14, 2013 and are expected to settle on or about May 17, 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):
The Interest Periods beginning on and including the Issue Date of the notes and ending on but excluding May
17, 2014.
Initial Interest Rate(s):
7.50% per annum.
Interest:
We wil pay you interest on each Interest Payment Date based on the applicable Day Count Fraction and
subject to the Accrual Period Convention described below and in the accompanying product supplement no.
1-II.
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 quarterly in arrears on the 17th day of February, May, August and
November of each year, commencing on August 17, 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 fixed Interest Rate of 7.50% per annum and with respect to each
Interest Period thereafter, a rate per annum equal to the greater of (a) zero and (b) the Multiplier multiplied by
the Spread. Notwithstanding the foregoing, in no event wil the Interest Rate with respect to each Interest
Period fol owing the final Initial Interest Period be less than the Minimum Interest Rate or greater than the
Maximum Interest Rate.
Multiplier:
2.25
Spread:
On the applicable Determination Date, the 30-Year CMS Rate minus the 2-Year CMS Rate minus 0.50%.
Minimum Interest Rate:
0.00% per annum
Maximum Interest Rate:
10.00% per annum
30-Year CMS Rate:
The 30-Year U.S. Dol ar Constant Maturity Swap Rate, which is the rate for 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 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 procedures set forth under "What are the CMS Rates?" below.
2-Year CMS Rate:
The 2-Year U.S. Dol ar Constant Maturity Swap Rate, which is the rate for U.S. dol ar swap with a Designated
Maturity of 2 years that appears on Reuters page "ISDAFIX1" (or any successor page) at approximately 11:00
a.m., New York City time, on the Determination Date, as determined by the calculation agent. On the
Determination Date, if the 2-Year CMS Rate cannot be determined by reference to Reuters page "ISDAFIX1"
(or any successor page), then the calculation agent wil determine the 2-Year CMS Rate in accordance with the
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procedures set forth under "What are the CMS Rates?" below.

We refer to the 30-Year Constant Maturity Swap Rate and the 2-Year Constant Maturity Swap Rate each as a
"CMS Rate" and together as the "CMS Rates".
Designated Maturity:
2 years or 30 years, as the case may be, depending on whether the 2-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:
May 14, 2013
Issue Date:
May 17, 2013, subject to the Business Day Convention.
Maturity Date:
May 17, 2028, subject to the Business Day Convention.
Business Day Convention:
Following
Accrual Period Convention:
Unadjusted
Day Count Fraction:
30/360
CUSIP:
48126DV89
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)
Fees and Commissions (1)(2)
Proceeds to Issuer
Per note
$1,000
$ 20
$ 980
Total
$10,000,000
$ 200,000
$ 9,800,000
(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., wil pay al of the sel ing commissions of
$20.00 per $1,000 principal amount note it receives from us to an affiliated dealer. 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 $920.20 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.
May 14, 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 amended and restated term sheet related hereto dated May 14, 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 2-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 CONTINGENT PAYMENT 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. Subject to the limitations described therein, in the opinion of our special tax
counsel, Sidley Austin LLP, the notes wil be treated for U.S. federal income tax purposes as "contingent payment debt instruments." You wil
general y 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 wil 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. General y,
amounts received at maturity or earlier sale or disposition in excess of your tax basis, if any, wil be treated as additional interest income while any
loss wil be treated as an ordinary loss to the extent of al previous interest inclusions with respect to the notes, which wil 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.
Subject to certain assumptions and representations received from us, the discussion in this section entitled "Taxed as Contingent Payment 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 FIRST YEAR, THE INTEREST RATE ON THE NOTES
IS VARIABLE AND MAY BE EQUAL TO THE MINIMUM INTEREST RATE With respect to the Initial Interest Period, 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 Minimum 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 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
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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.
· 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.
JPMorgan Structured Investments --
PS-1
Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate and 2-Year Constant Maturity Swap Rate due May 17, 2028

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· 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.
· 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.
· 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.
· 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 the
immediately fol owing risk consideration 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:
· any actual or potential change in our creditworthiness or credit spreads;
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· 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.
JPMorgan Structured Investments --
PS-2
Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate and 2-Year Constant Maturity Swap Rate due May 17, 2028

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· 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 -- 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.
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. The hypothetical 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 2-Year CMS Rate is 3.00%. Because the 30-Year
CMS Rate (4.00%) is greater than the 2-Year CMS Rate (3.00%) by more than 0.50%, the Spread is positive and is equal to 0.50%. Accordingly, the
Interest Rate is calculated as fol ows:
MAX [0, 2.25 × (4.00% - 3.00% 0.50%)] = 1.125% per annum
The quarterly interest payment per $1,000 principal amount note is calculated as fol ows:
$1,000 × 1.125% × (90/360) = $2.81
Example 2: On the applicable Determination Date, the 30-Year CMS Rate is 10.00% and the 2-Year CMS Rate is 1.00%. Because the 30-Year
CMS Rate (10.00%) is greater than the 2-Year CMS Rate (1.00%) by more than 0.50%, the Spread is positive and is equal to 8.50%. Because the
Spread multiplied by the Multiplier of 2.25 is greater than the Maximum Interest Rate of 10.00% per annum, the Interest Rate is equal to the Maximum
Interest Rate of 10.00% per annum.
The quarterly interest payment per $1,000 principal amount note is calculated as fol ows:
$1,000 × 10.00% × (90/360) = $25.00
Example 3: On the applicable Determination Date, the 30-Year CMS Rate is 4.00% and the 2-Year CMS Rate is 6.00%. Because the 30-Year
CMS Rate (4.00%) is less than the 2-Year CMS Rate (6.00%), the Spread is negative and equal to -2.50%. Because the Spread multiplied by the
Multiplier of 2.25 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 are the CMS Rates?
The 30-Year CMS Rate is the rate for 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.
The 2-Year CMS Rate is the rate for U.S. dollar swap with a Designated Maturity of 2 years that appears on Reuters page "ISDAFIX1" (or any
successor page) at approximately 11:00 a.m., New York City time, on the Determination Date, as determined by the Calculation Agent.
On the Determination Date, if the 30-Year CMS Rate or the 2-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 2-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 2 year maturity commencing on such Determination
Date and in a 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
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Calculation Agent in good faith and in a commercial y reasonable manner. Representative Amount means, as determined by the Calculation Agent, an
amount that is representative for a single transaction in the relevant market at the relevant time.
JPMorgan Structured Investments --
PS-3
Fixed to Floating Rate Notes Linked to the 30-Year Constant Maturity Swap Rate and 2-Year Constant Maturity Swap Rate due May 17, 2028

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Historical Information
The fol owing graphs set forth the weekly historical performance of the CMS Rates and the Spread from January 4, 2008 through May 10, 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 May 14, 2013 was 3.121%. The 2-Year CMS Rate, as it appeared on
Reuters page "ISDAFIX1" on May 14, 2013 was 0.3876%. The Spread on May 14, 2013 was 2.7334%.
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 Determination Date. We cannot give you assurance that the performance of the CMS Rates and the Spread will result in
any positive interest payments in any Interest Period subsequent to the final Initial Interest Period.
JPMS's Estimated Value of the Notes
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