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This slide is not for distribution in isolation and must be viewed in
conjunction with the accompanying term sheet, product supplement, underlying
supplement, prospectus supplement and prospectus, which further describe the
terms, conditions and risks associated with the notes.
JPMorgan Contingent Buffered Equity Notes Linked to the EURO STOXX 50[R] Index
due June 22, 2016
The notes are designed for investors who seek uncapped, unleveraged exposure to
the appreciation of the EURO STOXX 50[R] Index. Investors should be willing to
forgo interest and dividend payments and, if the Ending Index Level is less
than the Initial Index Level by more than the Contingent Buffer Amount of
22.60% be willing to lose some or all of their principal at maturity. If the
Ending Index Level is less than the Initial Index Level by up to 22.60%
investors will receive a full repayment of principal at maturity. Any payment
on the notes is subject to the credit risk of JPMorgan Chase & Co.
Trade Details/Characteristics
=========================================================================================================================================================
Index: EURO STOXX 50([R]) Index ("the Index")
Contingent Buffer Amount: 22.60%
Index Return: (Ending Index Level - Initial Index Level) / Initial Index Level
Payment at Maturity: If the Ending Index Level is greater than the Initial Index Level, at maturity you will receive a cash payment that provides
you with a return per $1,000 principal amount note equal to the Index Return and calculated as follows:
$1,000 + ($1,000 [] Index Return)
If the Ending Index Level is equal to or less than the Initial Index Level by up to the Contingent Buffer Amount, you will
be entitled to receive the full repayment of your principal at maturity.
If the Ending Index Level is less than the Initial Index Level by more than the Contingent Buffer Amount, you will lose 1%
of the principal amount of your notes for every 1% that the Ending Index Level is less than the Initial Index Level, and
your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 [] Index Return)
If the Ending Index Level is less than the Initial Index Level by more than the Contingent Buffer Amount, you will lose
more than 22.60% of your principal amount and may lose all of your principal amount at maturity.
Initial Index Level: Closing index level of the Index on the pricing date
Ending Index Level: The arithmetic average of the Index closing levels on the Ending Averaging Dates
Ending Averaging Dates: June 13, 2016, June 14, 2016, June 15, 2016, June 16, 2016, June 17, 2016
Maturity Date: June 22, 2016
Preliminary Termsheet http://www.sec.gov/Archives/edgar/data/19617/000095010314008693/dp51761_fwp-1207.htm
--------------------------------------------------------------------------------------------------------------------------------------------------------
Please see the term sheet hyperlinked above for additional information about
the notes, including JPMS's estimated value, which is the estimated value of
the notes when the terms are set.
Risk Considerations
The risks identified below are not exhaustive. Please see the term sheet
hyperlinked above for more information.
Your investment in the notes may result in a loss of some or all of your
principal, and is subject to the credit risk of JPMorgan Chase & Co.
JP Morgan Chase & Co. and its affiliates play a variety of roles in
connection with the issuance of the notes, including acting as calculation
agent and hedging JPMorgan Chase & Co.'s obligations under the notes. Their
interests may be adverse to your interests.
JPMS's estimated value does not represent the future value of the notes and
may differ from others' estimates. JPMS's estimated value will be lower than
the issue price (price to the public) of the notes.
JPMS's estimated value is not determined by reference to credit spreads for
our conventional fixed rate debt.
Secondary market prices of the notes will likely be lower than the price you
paid for the notes and will be impacted by many economic and market factors.
Risks related to non-U.S. issuers of equity securities.
The value of the notes as published by JPMS may be higher than JPMS's
then-current estimated value of the notes for a limited time. The benefit of
the Contingent Buffer Amount may terminate on the Final Ending Averaging Date.
No interest payments and no ownership or dividend rights in stocks comprising
the Index. No direct exposure to fluctuations in foreign exchange rates.
Lack of liquidity - J.P. Morgan Securities LLC 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 sell
or trade the notes easily.
Hypothetical Payout of the Notes*
[GRAPHIC OMITTED]
The graphs above collectively demonstrate the hypothetical total return on the
notes at maturity for a subset of Index Returns detailed in the table below.
Your investment may result in a loss of all of your principal at maturity.
Ending Index Level Index Return Total Return
================== ============ ============
5544.000 80.00% 80.00%
4928.000 60.00% 60.00%
4620.000 50.00% 50.00%
4312.000 40.00% 40.00%
3696.000 20.00% 20.00%
3388.000 10.00% 10.00%
3234.000 5.00% 5.00%
3157.000 2.50% 2.50%
3110.800 1.00% 1.00%
3080.000 0.00% 0.00%
2926.000 -5.00% 0.00%
2772.000 -10.00% 0.00%
2383.920 -22.60% 0.00%
2383.612 -22.61% -22.61%
1540.000 -50.00% -50.00%
0.000 -100.00% -100.00%
================== ============ ============
The table above illustrates the hypothetical total return and the hypothetical
payment at maturity on the notes. The "total return" is the number, expressed
as a percentage, that results from comparing the payment at maturity per $1,000
principal amount note to $1,000.
Each hypothetical total return or payment at maturity set forth below assumes
an Initial Index Level of 3080 and reflects the Contingent Buffer Amount of
22.60% . Each hypothetical total return or payment at maturity set forth below
is for illustrative purposes only and may not be the actual total return or
payment at maturity applicable to a purchaser of the notes.
The numbers appearing in the following table and examples have been rounded for
ease of analysis.
SEC Legend: JPMorgan Chase & Co. has filed a registration statement (including
a prospectus) with the SEC for any offerings to which these materials relate.
Before you invest, you should read the prospectus in that registration
statement and the other documents relating to this offering that JPMorgan Chase &
Co. has filed with the SEC for more complete information about JPMorgan Chase &
Co. and this offering. You may get these documents without cost by visiting
EDGAR on the SEC Web site at www.sec.gov. Alternatively, JPMorgan Chase & Co.,
any agent or any dealer participating in the this offering will arrange to send
you the prospectus, the prospectus supplement as well as any relevant product
supplement, underlying supplement and term sheet if you so request by calling
toll-free 866-535-9248.
IRS Circular 230 Disclosure: JPMorgan Chase & Co. and its affiliates do not
provide tax advice. Accordingly, any discussion of U.S. tax matters contained
herein (including any attachments) is not intended or written to be used, and
cannot be used, in connection with the promotion, marketing or recommendation
by anyone unaffiliated with JPMorgan Chase & Co. of any of the matters address
herein or for the purpose of avoiding U.S. tax-related penalties.
Investment suitability must be determined individually for each investor, and
the financial instruments described herein may not be suitable for all
investors. This information is not intended to provide and should not be relied
upon as providing accounting, legal, regulatory or tax advice. Investors should
consult with their own advisors as to these matters.
This material is not a product of J.P. Morgan Research Departments.
Registration Statement No: 333-199966
Dated: December 09, 2014
Filed pursuant to Rule 433
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