

Comparative Hypothetical and Historical Total Returns (%), Volatility (
                                                         Three Year
 Ten Year
                                      One Year Return Annualized Return
 Sharpe Ratio
------------------------------------- --------------- -----------------
 ------------
S and P 500[R] Dividend Aristocrats Risk
                                          13.0%             8.1%
 0.61
Control 8% Excess Return Index
S and P 500[R] Index (SPX)                    22.8%            11.9%
 0.24
------------------------------------- --------------- -----------------
 ------------
S and P 500[R] Dividend Aristocrats Total
                                          22.8%            17.5%
 0.52
Return Index
S and P 500[R] Total Return Index (SPTR)      25.4%            14.4%
 0.35

%) and Correlation
     Five Year

 Annualized Return

 -----------------


      10.1%


          20.4%

 -----------------


      26.2%


          23.0%



-- February 28, 2014
    Ten Year           Ten Year

Annualized Return Annualized Volatility

----------------- ---------------------


     4.9%               8.0%


         5.0%               20.4%

----------------- ---------------------


     10.0%              19.3%


          7.2%              20.4%


[GRAPHIC OMITTED]

Notes on performance, volatility, leverage and, Sharpe Ratio statistics

Hypothetical, historical performance measures: Represent the performance of the
Index based on, as applicable to the relevant measurement period, the
hypothetical backtested daily Index closing levels from February 27, 2004
through August 24, 2010, and the actual historical performance of the Index
based on the daily Index closing level from August 25, 2010 through February 28,
2014, as well as the performance of the S and P 500[R] Index over the same
period. For purposes of these examples, each index was set equal to 100 at the
beginning of the relevant measurement period and returns are calculated
arithmetically (not compounded). There is no guarantee the relevant Index will
outperform the S and P 500[R] Total Return Index, the S and P 500[R] Dividend
Aristocrats Total Return Index or any alternative investment strategy. Sources:
Bloomberg and JPMorgan.Volatility is calculated from the historical returns, as
applicable to the relevant measurement period, of the S and P 500[R] Total
Return Index, the S and P 500[R] Dividend Aristocrats Total Return Index and the
S and P 500[R] Dividend Aristocrats Risk Control 8% Excess Return Index.
Volatility represents the annualized standard deviation of the relevant index's
arithmetic daily returns through February 28, 2014. The index leverage is the
hypothetical back-tested amount of exposure of the Index to the S and P 500[R]
Dividend Aristocrats Total Return Index and should not be considered indicative
of the actual leverage that would be assigned during an investment in the Index.
The Sharpe Ratio, which is a measure of risk-adjusted performance, is computed
as the ten year annualized historical return divided by the ten year annualized
volatility. The back-tested, hypothetical, historical annualized volatility and
index leverage have inherent limitations. These volatility and leverage results
were achieved by means of a retroactive application of a back-tested volatility
model designed with the benefit of hindsight. No representation is made that in
the future the relevant indices will have the volatility as shown. Alternative
modeling techniques or assumptions might produce significantly different results
and may prove to be more appropriate. Actual annualized volatilities and
leverage may vary materially

from this analysis. Source: Bloomberg and JPMorgan.

Key Risks

The Index has a limited operating history and may perform in unexpected ways.
The Index began publishing on August 25, 2010 and, therefore, has a limited
history. S and P has calculated the returns that hypothetically might have been
generated had the Index existed in the past, but those calculations are subject
to many limitations and do not reflect actual trading, liquidity constraints,
fees and other costs.

The Index may not be successful, may not outperform the S and P 500[R] Dividend
Aristocrats Total Return Index and may not achieve its target volatility. No
assurance can be given that the volatility strategy will be successful or that
the Index will outperform the S and P 500[R] Dividend Aristocrats Total Return
Index or any alternative strategy that might be employed to reduce the level of
risk of the S and P 500[R] Dividend Aristocrats Total Return Index . We also can
give no assurance that the Index will achieve its target volatility of 8%.

The Index is not a total return index, and is subject to short-term money market
fund borrowing costs-- As an "excess return" index, the S and P 500[R] Dividend
Aristocrats Risk Control 8% Excess Return Index calculates the return on a
leveraged or deleveraged investment in the S and P 500[R] Dividend Aristocrats
Total Return Index where the investment was made through the use of borrowed
funds. Investments linked to this "excess return" index, which represents an
unfunded position in the S and P 500[R] Dividend Aristocrats Total Return Index
, will be subject to short-term money market fund borrowing costs and will not
include the "total return" feature or the cash component of the "total return"
index, which represents a funded position in the S and P 500[R] Dividend
Aristocrats Total Return Index .

The Index represents portfolios consisting of the S and P 500[R] Dividend
Aristocrats Total Return Index and a borrowing cost component accruing interest
based on a synthetically rolling 3-month bond with reference to the 2-month and
3-month U.S. LIBOR rates. The Index dynamically adjusts its exposures to the S
and P 500[R] Dividend Aristocrats Total Return Index based on the S and P 500[R]
Dividend Aristocrats Total Return Index's historic volatility. The Index's'
exposure to the S and P 500[R] Dividend Aristocrats Total Return Index will
decrease when historical volatility causes the risk level of the S and P 500[R]
Dividend Aristocrats Total Return Index to reach a high threshold. If, at any
time, the Index exhibits low exposure to the S and P 500[R] Dividend Aristocrats
Total Return Index and the S and P 500[R] Dividend Aristocrats Total Return
Index subsequently appreciates significantly, the Index will not participate
fully in this appreciation.

Key Risks Continued

J.P. Morgan Securities LLC ("JPMS"), one of our affiliates, worked with S and P
in developing the guidelines and policies governing the composition and
calculation of the Index. The policies and judgments for which JPMS was
responsible could have an impact, positive or negative, on the level of the
Indices. JPMS is under no obligation to consider your interests as an investor.

The risks identified above are not exhaustive. You should also review carefully
the related "Risk Factors" section in the relevant product supplement and the
"Selected Risk Considerations" in the relevant term sheet or pricing
supplement.

Index Disclaimers

"Standard and Poor's[R]," "S and P[R]," "S and P 500[R]," "S and P 500[R]
Dividend Aristocrats," and "S and P 500[R] Dividend Aristocrats Risk Control 8%
Excess Return Index" are trademarks of the McGraw-Hill Companies, Inc. and have
been licensed for use by J.P. Morgan Securities LLC. This transaction is not
sponsored, endorsed, sold or promoted by S and P, and S and P makes no
representation regarding the advisability of purchasing securities generally or
financial instruments issued by JPMorgan Chase and Co. S and P has no obligation
or liability in connection with the administration, marketing, or trading of
products linked to the S and P 500[R] Dividend Aristocrats Risk Control 8%
Excess Return Index.

For more information on the Index and for additional key risk information see
Page 4 of the Strategy Guide at:
http://www.sec.gov/Archives/edgar/data/19617/000095010312003746/dp31802_fwp-ari
stocrats.htm

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