JPMorgan Chase & Co.
11/04/2024 | Press release | Distributed by Public on 11/04/2024 05:11
Primary Offering Prospectus - Form 424B2
The information in this preliminary pricingsupplement is notcompleteandmaybe changed. This preliminary pricing supplementis not an
offer to sell nor does it seek anoffer to buythese securities inany jurisdictionwhere the offer or sale is not permitted.
Subjectto completion dated November 1, 2024
November , 2024
RegistrationStatement Nos.333-270004 and 333-270004-01;Rule 424(b)(2)
Pricingsupplement to product supplementno. 4-Idated April 13, 2023, underlyingsupplement no.1-IdatedApril13,2023, the prospectusand
prospectus supplement, each dated April 13,2023,and the prospectus addendum dated June 3,2024
JPMorgan Chase Financial Company LLC
Structured Investments
Callable Contingent Interest Notes Linked to the Least Performing
of the Dow Jones Industrial Average®, the Nasdaq-100 Index®and
the Russell 2000® Index dueAugust 18, 2027
Fully and UnconditionallyGuaranteed by JPMorgan Chase & Co.
●The notes aredesigned for investors whoseek a Contingent Interest Payment with respect to each Review Date for which
the closing levelof each of the Dow Jones Industrial Average®, the Nasdaq-100 Index® and the Russell 2000®Index, which
we refer to as the Indices, isgreater than or equal to 70.00%of its Initial Value, which we refer toas an Interest Barrier.
●The notes may be redeemed early, in whole but not in part, at our option on any of the Interest Payment Dates (other than
the first,second and final Interest Payment Dates).
●The earliest dateon which the notes may be redeemed earlyis February 19, 2025.
●Investors should be willing toaccept the riskof losing some or allof their principal and the risk that no Contingent Interest
Payment may bemade with respect tosome or all Review Dates.
●Investors should also be willing to forgo fixed interest and dividend payments, in exchange for the opportunity to receive
Contingent Interest Payments.
●The notes areunsecuredandunsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer toas
JPMorgan Financial, the payment on which is fully and unconditionallyguaranteed by JPMorgan Chase & Co. Any
payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk
of JPMorgan Chase & Co., as guarantor of the notes.
●Payments onthenotes are not linkedto abasket composed of the Indices. Payments onthe notes are linked to the
performance of each of the Indices individually, as describedbelow.
●Minimum denominations of $1,000 and integralmultiplesthereof
●The notes areexpected to price on or about November 13, 2024 and are expected to settle onor about November 18, 2024.
●CUSIP: 48135VHT8
Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying
prospectus supplement, Annex A to the accompanyingprospectus addendum, "Risk Factors" beginning on page PS-11 of
the accompanying product supplement and "Selected Risk Considerations"beginning on page PS-6 of this pricing
supplement.
Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of
the notes or passedupon theaccuracy or theadequacyof thispricing supplement or the accompanying product supplement,
underlyingsupplement, prospectus supplement,prospectusand prospectusaddendum. Any representation to the contrary is a
criminal offense.
Price to Public (1)
Feesand Commissions(2)
Proceeds to Issuer
Per note
$1,000
$
$
Total
$
$
$
(1) See "Supplemental Use ofProceeds" in this pricingsupplementforinformation about the components of the price to publicofthe notes.
(2) J.P. Morgan SecuritiesLLC, which we referto asJPMS, acting asagentfor JPMorgan Financial,will payallof the sellingcommissionsit
receivesfrom us tootheraffiliated orunaffiliateddealers.In noeventwillthese sellingcommissions exceed$24.50 per$1,000 principal
amount note. See "Plan ofDistribution (Conflicts of Interest)"in theaccompanyingproductsupplement.
If thenotes priced today, the estimatedvalue of thenoteswould be approximately$949.50 per $1,000principal amount
note. Theestimatedvalue ofthenotes, whenthe terms of thenotesareset, willbe providedinthepricing supplement and
will not be less than $920.00per $1,000 principal amount note. See "The Estimated Valueof theNotes"inthis pricing
supplement for additional information.
Thenotesare not bankdeposits, are not insured by theFederal Deposit Insurance Corporation or anyother governmentalagency
and are not obligations of, or guaranteedby, a bank.
PS-1| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Key Terms
Issuer:JPMorgan Chase Financial Company LLC, adirect,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Indices:The Dow JonesIndustrialAverage®(Bloombergticker:
INDU), the Nasdaq-100 Index®(Bloombergticker: NDX)and
theRussell 2000®Index(Bloombergticker:RTY) (eachan
"Index" and collectively, the "Indices")
Contingent Interest Payments:
If the noteshave not been previouslyredeemed earlyand the
closing level of eachIndexonanyReview Dateisgreater than
or equaltoitsInterestBarrier, you willreceive on the applicable
Interest Payment Datefor each $1,000 principal amount notea
Contingent InterestPayment equaltoat least $6.4583
(equivalent to a Contingent Interest Rateof at least 7.75% per
annum, payable at a rateof at least 0.64583% per month)(to
be provided in the pricingsupplement).
If the closing level of anyIndexonanyReview Dateis lessthan
its Interest Barrier, no Contingent Interest Payment will be made
with respect to that Review Date.
Contingent Interest Rate: Atleast 7.75%per annum, payable
at arateof atleast 0.64583% per month (to beprovidedin the
pricingsupplement)
Interest Barrier/Trigger Value:With respect toeach Index,
70.00% of its Initial Value
Pricing Date:On or about November 13, 2024
Original Issue Date (Settlement Date): On or about November
18, 2024
Review Dates*: Asspecified under "Key Terms Relating to the
Review DatesandInterest Payment Dates" in thispricing
supplement
Interest Payment Dates*: As specifiedunder "KeyTerms
Relating tothe ReviewDates andInterestPayment Dates"in
thispricing supplement
Maturity Date*: August 18, 2027
* Subjecttopostponement in the event ofamarket disruption event and
asdescribed under"General Terms ofNotes-Postponementofa
Determination Date -NotesLinked to MultipleUnderlyings" and
"General TermsofNotes-PostponementofaPaymentDate"inthe
accompanyingproductsupplement
Early Redemption:
We, at our election, may redeem the notesearly, in whole but
not in part, onany of the Interest Payment Dates (other than the
first, second and final Interest Payment Dates) at a price, for
each $1,000principal amount note, equal to (a) $1,000 plus (b)
the Contingent Interest Payment, if any, applicable to the
immediately preceding Review Date. If we intend to redeem
your notes early, we will deliver notice to The DepositoryTrust
Company, or DTC, at least three business days before the
applicable Interest Payment Date on which the notes are
redeemedearly.
Payment at Maturity:
If thenotes have not been redeemed earlyandtheFinal Value
of each Index is greater than or equal toits Trigger Value, you
will receivea cash payment atmaturity, for each $1,000
principal amount note, equal to (a) $1,000 plus (b) the
Contingent Interest Payment applicable to the final Review
Date.
If thenotes have not been redeemed earlyandtheFinal Value
of any Index is less than its Trigger Value, your payment at
maturityper $1,000 principal amount note will be calculatedas
follows:
$1,000 + ($1,000 × Least Performing Index Return)
If thenotes have not been redeemed early and the Final Value
of any Index is less than its Trigger Value, you will lose more
than 30.00% of your principalamount at maturity and could lose
all of your principal amount at maturity.
Least Performing Index:The Index with the Least Performing
Index Return
Least Performing Index Return:The lowest of the Index
Returns of the Indices
Index Return:
With respect to eachIndex,
(Final Value -Initial Value)
Initial Value
Initial Value:With respect to each Index, the closing level of
that Index onthe Pricing Date
Final Value: Withrespect toeachIndex,theclosinglevel of
that Index onthefinal Review Date
PS-2| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Key Terms Relating to the Review Dates and Interest Payment Dates
Review Dates*: December 13, 2024, January 13, 2025,
February 13, 2025, March 13, 2025, April 14, 2025, May 13,
2025, June 13, 2025, July 14, 2025, August 13, 2025,
September 15, 2025, October 13, 2025, November 13, 2025,
December 15, 2025, January13, 2026, February 13,2026,
March 13, 2026, April 13, 2026, May 13, 2026, June 15, 2026,
July 13, 2026, August 13, 2026, September 14, 2026, October
13, 2026, November 13, 2026, December 14, 2026, January
13, 2027, February 16, 2027, March 15, 2027, April 13, 2027,
May13, 2027, June14, 2027, July 13, 2027 and August 13,
2027 (the "final Review Date")
Interest Payment Dates*: December 18, 2024, January 16,
2025, February19, 2025, March 18, 2025, April17, 2025,
May16, 2025, June 18, 2025, July 17, 2025, August 18,
2025, September 18, 2025, October 16, 2025, November 18,
2025, December 18, 2025, January 16, 2026, February 19,
2026, March18, 2026, April 16, 2026, May 18, 2026, June
18, 2026, July 16, 2026, August 18, 2026, September 17,
2026, October 16, 2026, November 18, 2026, December 17,
2026, January 19, 2027, February19, 2027, March18, 2027,
April 16, 2027, May 18, 2027, June 17, 2027, July 16, 2027
and the Maturity Date
* Subjectto postponement in theevent ofa market disruption event
and as describedunder"General Terms of Notes-Postponement of
a DeterminationDate -NotesLinked toMultipleUnderlyings" and
"General TermsofNotes-Postponement ofa PaymentDate" inthe
accompanyingproductsupplement
PS-3| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Supplemental Terms of the Notes
Any value of any underlier, and any values derived therefrom, included in this pricingsupplement may be corrected, in the event of
manifest error or inconsistency, byamendment of this pricing supplement andthe correspondingterms of the notes. Notwithstanding
anything to thecontraryin theindenture governing the notes, that amendment will becomeeffective without consent of the holders of
the notes or any other party.
How the Notes Work
Payments in Connectionwith the First and Second Review Dates
First and SecondReview Dates
Compare the closing level of each Index to its Interest Barrier on each Review Date.
The closing level of each Index isgreater than orequal
to its Interest Barrier.
You will receive a Contingent Interest Payment on the
applicable Interest Payment Date.
Proceed to the next Review Date.
The closing level of any Index is less than its Interest
Barrier.
No Contingent Interest Payment will be made with respect to
theapplicable Review Date.
Proceed to the next Review Date.
Payments in Connectionwith Review Dates (Other than the First, Second and Final Review Dates)
Review Dates (Other than the First,Second and Final Review Dates)
Compare the closing level of each Index to its Interest Barrier on each Review Date until the final Review Date or any early
redemption.
Early Redemption
No Early Redemption
The closing level of each
Index is greaterthan or
equal to its Interest
Barrier.
You will receive (a) $1,000 plus (b)a
Contingent Interest Payment on the
applicable Interest Payment Date.
No further payments will be made on the
notes.
You will receive a Contingent Interest
Payment on the applicable Interest
Payment Date.
Proceed to the next Review Date.
The closing level of any
Index is less thanits
Interest Barrier.
You will receive $1,000 on the applicable
Interest Payment Date.
No further payments will be made on the
notes.
No Contingent Interest Payment will be
made with respect tothe applicable
Review Date.
Proceed to the next Review Date.
PS-4| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Payment at MaturityIf the Notes Have Not Been Redeemed Early
Review Dates
Preceding the Final
Review Date
Final Review Date
Payment atMaturity
The notes have not
been redeemed early
prior to the final Review
Date.
The Final Value of each Index isgreater than
or equal to its Trigger Value.
You will receive (a) $1,000 plus (b)the
Contingent Interest Payment applicable
to the final Review Date.
Proceed to maturity
The Final Value of any Index is less than its
Trigger Value.
You will receive:
$1,000 + ($1,000 × Least Performing
Index Return)
Under these circumstances, you will
lose some orall of your principal
amount at maturity.
Total Contingent Interest Payments
The tablebelow illustrates the hypothetical total Contingent Interest Payments per $1,000 principal amount note over the termof the
notesbasedon a hypotheticalContingent Interest Rate of 7.75% per annum, dependingon how many Contingent Interest Payments
are made prior to early redemption or maturity. Theactual Contingent Interest Rate will beprovided in the pricing supplement and will
be at least 7.75% per annum.
Numberof Contingent
InterestPayments
Total Contingent Interest
Payments
33
$213.1250
32
$206.6667
31
$200.2083
30
$193.7500
29
$187.2917
28
$180.8333
27
$174.3750
26
$167.9167
25
$161.4583
24
$155.0000
23
$148.5417
22
$142.0833
21
$135.6250
20
$129.1667
19
$122.7083
18
$116.2500
17
$109.7917
16
$103.3333
15
$96.8750
14
$90.4167
13
$83.9583
12
$77.5000
11
$71.0417
10
$64.5833
9
$58.1250
8
$51.6667
7
$45.2083
6
$38.7500
5
$32.2917
4
$25.8333
3
$19.3750
2
$12.9167
1
$6.4583
0
$0.0000
Hypothetical Payout Examples
The following examples illustrate payments on the notes linked to threehypothetical Indices, assuming a range of performances for the
hypothetical Least Performing Index on the Review Dates.
The hypothetical payments set forthbelow assume the following:
PS-5| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
●the notes have not been redeemedearly;
●an Initial Value for the Least Performing Indexof 100.00;
●an Interest Barrier and a Trigger Value for the Least Performing Index of 70.00 (equal to 70.00% of its hypothetical Initial
Value); and
●a Contingent Interest Rate of 7.75% per annum (payable at a rate of 0.64583% per month).
The hypothetical Initial Value of theLeast Performing Index of 100.00 hasbeen chosen for illustrativepurposes only and maynot
represent a likely actual Initial Valueof any Index.
The actual Initial Value of eachIndex will be the closing level of that Indexon the Pricing Date and will be provided in the pricing
supplement. For historicaldata regarding the actual closing levels of each Index, pleasesee thehistorical information set forth under
"The Indices" in this pricing supplement.
Each hypothetical payment set forth below isfor illustrative purposes only and maynot be the actual payment applicable to a purchaser
of thenotes. Thenumbers appearing in the following examples have been rounded for ease of analysis.
Example 1 - Notes have NOT been redeemed early and the Final Value of the Least Performing Index is greater
than or equal to its Trigger Value.
Date
Closing Level of Least
Performing Index
Payment (per $1,000 principalamount note)
First Review Date
95.00
$6.4583
Second Review Date
85.00
$6.4583
Third through Thirty-
Second Review Dates
Less than Interest Barrier
$0
Final Review Date
90.00
$1,006.4583
Total Payment
$1,019.375 (1.9375% return)
Because the notes have not been redeemedearly and the Final Valueof the Least Performing Index is greater than or equal to its
Trigger Value, the payment at maturity, for each $1,000principalamount note, will be $1,006.4583 (or $1,000plus the Contingent
Interest Payment applicable to the final Review Date). Whenadded to the Contingent Interest Paymentsreceived with respect to the
prior Review Dates, the total amount paid, for each $1,000 principal amount note, is $1,019.375.
Example 2 - Notes have NOT been redeemed early and the Final Value of the Least Performing Index is less than
its Trigger Value.
Date
Closing Level of Least
Performing Index
Payment (per $1,000 principalamount note)
First Review Date
45.00
$0
Second Review Date
65.00
$0
Third through Thirty-
Second Review Dates
Less than Interest Barrier
$0
Final Review Date
40.00
$400.00
Total Payment
$400.00 (-60.00% return)
Because thenotes have not been redeemedearly, the Final Valueof the Least Performing Index is lessthan its Trigger Value and the
Least Performing Index Return is-60.00%, the payment at maturity will be $400.00 per $1,000 principal amount note, calculated as
follows:
$1,000 + [$1,000 × (-60.00%)] = $400.00
The hypothetical returnsand hypothetical payments on the notesshown above apply onlyif you hold the notes for their entire term.
These hypotheticals do not reflect the feesor expenses that would be associated withanysale in the secondarymarket.If these fees
and expenses were included, the hypothetical returnsand hypothetical paymentsshown above would likely be lower.
PS-6| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Selected Risk Considerations
An investment in the notesinvolvessignificant risks. These risks are explained in more detail in the "Risk Factors" sections of the
accompanying prospectus supplement and product supplement and in Annex A to the accompanying prospectus addendum.
●YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS-
The notes donot guarantee any return of principal. If the notes have not been redeemed earlyand the Final Value of any Index is
less than its Trigger Value, you willlose 1% of theprincipal amount of your notes for every 1% that the Final Value of the Least
Performing Index is less than its Initial Value. Accordingly, under these circumstances, youwill lose more than 30.00% of your
principal amount at maturity and could lose allof your principal amount at maturity.
●THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAY ANY INTEREST AT ALL-
If thenotes have not been redeemed early, we will make a Contingent Interest Payment with respect toa Review Date only if the
closing level of each Indexon that Review Date is greater than or equal toits Interest Barrier. If theclosing level of any Indexon
that Review Date is less than its Interest Barrier, no Contingent Interest Payment will be made with respect to that Review Date.
Accordingly, if the closing level of any Index oneach Review Date is lessthan its Interest Barrier, you will not receive anyinterest
payments over the termof thenotes.
●CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. -
Investors are dependent on our andJPMorganChase & Co.'s ability to pay all amountsdue on the notes. Any actual or potential
change in our or JPMorgan Chase & Co.'s creditworthiness or credit spreads, as determined bythe market for taking that credit
risk, is likely to adversely affect thevalueof the notes. If we and JPMorgan Chase & Co. were to default on our payment
obligations, you maynot receive any amounts owed to you under the notes and you could loseyour entire investment.
●AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS
-
As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of
our securities and thecollection of intercompany obligations. Aside from the initial capital contribution fromJPMorgan Chase &
Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loansmade by us to
JPMorgan Chase & Co. or under other intercompany agreements. Asa result, we are dependent upon payments from JPMorgan
Chase & Co. to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a
bankruptcyor resolution of JPMorgan Chase & Co. we are not expected to havesufficient resources tomeet our obligations in
respect of the notesas they come due. If JPMorgan Chase& Co. does not make payments to us and we are unable tomake
payments on the notes, you may have toseek payment under the related guaranteebyJPMorgan Chase & Co., and that
guarantee will rank pari passuwith all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more
information, see the accompanying prospectus addendum.
●THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE SUM OF ANY CONTINGENT INTEREST PAYMENTS
THAT MAY BE PAID OVER THE TERM OF THE NOTES,
regardless of any appreciation of any Index, whichmay be significant. You will not participate inany appreciation of any Index.
●POTENTIAL CONFLICTS-
We and our affiliatesplay avarietyof roles in connection with the notes. In performing these duties, our and JPMorgan Chase &
Co.'seconomic interests are potentially adverse toyour interests as an investor in the notes. Itispossible that hedging or trading
activities of ours or our affiliatesinconnection with the notes could result in substantial returns for us or our affiliates while the
value of the notes declines. Please refer to "RiskFactors-Risks Relating to Conflicts of Interest" in the accompanyingproduct
supplement.
●JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE DOW JONES INDUSTRIAL
AVERAGE®,
but JPMorgan Chase & Co. will not have any obligation to consider your interests in taking anycorporate action that might affect
the level of the Dow Jones Industrial Average®.
●AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH SMALL CAPITALIZATION STOCKS WITH
RESPECT TO THE RUSSELL 2000® INDEX -
Small capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative
to larger companies. Small capitalization companies are less likely to paydividends on their stocks, and the presence of a dividend
payment could be a factor that limits downward stock price pressure under adverse marketconditions.
●NON-U.S. SECURITIES RISK WITH RESPECT TO THE NASDAQ-100 INDEX®-
The non-U.S. equitysecurities included in the Nasdaq-100 Index®have been issued bynon-U.S. companies. Investmentsin
securities linked to thevalue of such non-U.S. equitysecurities involve risks associated with the home countries and/or the
securities markets in the home countries of the issuers of those non-U.S. equitysecurities.Also, with respect to equity securities
that are not listed in the U.S., there is generally less publicly available information about companies in some of these jurisdictions
than there isabout U.S. companies that are subject to the reporting requirements of the SEC.
●YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE LEVEL OF EACH INDEX -
Payments onthenotes are not linkedto abasket composed of the Indices and are contingent upon the performance of each
individualIndex. Poor performance byany of the Indices over the termof the notesmay negatively affect whether you will receive a
Contingent Interest Payment on any Interest Payment Date and your payment at maturityand will not beoffset or mitigated by
positive performance by any other Index.
●YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LEAST PERFORMING INDEX.
PS-7| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
●THE BENEFIT PROVIDED BY THE TRIGGER VALUE MAY TERMINATE ON THE FINAL REVIEW DATE -
If theFinal Valueof any Indexis less than its Trigger Value and the noteshave not been redeemed early, the benefit provided by
the Trigger Value will terminate andyou will befully exposed to any depreciation of the Least Performing Index.
●THE OPTIONAL EARLY REDEMPTION FEATURE MAY FORCE A POTENTIAL EARLY EXIT -
If we elect to redeem your notes early, the term of the notesmaybe reduced to as short as approximatelythree months and you
will not receive any Contingent Interest Payments after the applicable Interest Payment Date. There is no guarantee that you would
be able to reinvest the proceeds from an investment in the notesat a comparable return and/or with acomparableinterest rate for
a similar level of risk. Even incases where we elect to redeem your notes beforematurity, youare not entitled to any fees and
commissions described onthe front cover of this pricingsupplement.
●YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN ANY INDEX OR HAVE ANY RIGHTS WITH
RESPECT TO THOSE SECURITIES.
●THE RISK OF THE CLOSING LEVEL OF AN INDEX FALLING BELOW ITS INTEREST BARRIER OR TRIGGER VALUE IS
GREATER IF THE LEVEL OF THAT INDEX IS VOLATILE.
●LACK OF LIQUIDITY -
The notes will not belisted on anysecurities exchange. Accordingly, theprice at which you maybe able to trade your notes is likely
to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not
designed to be short-termtrading instruments. Accordingly, you should be able and willing to hold your notes tomaturity.
●THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT -
You should consider your potential investment in the notesbased on the minimums for theestimated value of the notes and the
Contingent Interest Rate.
●THE ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF
THE NOTES -
The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the
notes will exceed the estimated valueof the notesbecause costs associated with selling, structuring and hedging the notes are
included in the original issue price of the notes. These costsinclude the selling commissions, the projected profits, if any, that our
affiliates expect to realize for assuming risks inherent in hedging our obligations under the notesandthe estimated cost ofhedging
our obligations under the notes. See "The Estimated Valueof the Notes" in this pricing supplement.
●THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER
FROM OTHERS' ESTIMATES -
See "The Estimated Value of the Notes" in this pricing supplement.
●THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE -
The internal funding rate used in the determinationof the estimated value of the notes maydiffer from the market-implied funding
rate for vanilla fixed income instruments of a similar maturityissued byJPMorgan Chase & Co. or its affiliates. Anydifference may
be based on, among other things, our and our affiliates' view of thefunding valueof the notes as well as the higher issuance,
operational and ongoingliability management costs of the notes in comparison to those costs for the conventional fixed income
instrumentsof JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, whichmay
prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes.The use of an
internal funding rate and any potentialchanges tothat ratemay have an adverse effect on the termsof the notes and any
secondarymarket prices of the notes. See "The EstimatedValue of the Notes" in thispricing supplement.
●THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT
STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME
PERIOD -
We generallyexpect that some of the costs included in the original issue price of the noteswill be partiallypaid back to you in
connection with any repurchases of your notesbyJPMS in an amount that will decline to zero over an initial predetermined period.
See "Secondary Market Prices of the Notes" in this pricingsupplement for additional information relating to this initial period.
Accordingly, the estimatedvalue of your notesduring thisinitial period may be lower than the valueof the notesaspublished by
JPMS (and which may be shown onyour customer account statements).
●SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE
NOTES -
Any secondarymarket prices of thenotes willlikely be lower than theoriginal issue price of the notes because, among other
things, secondary market prices take into account our internal secondarymarket funding rates for structured debt issuances and,
also, because secondarymarket prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging
costs that are included in theoriginal issue price of the notes. As a result, the price, if any, at which JPMS will be willingtobuy the
notes from you in secondarymarket transactions, if at all, is likely to be lower than the originalissue price. Anysale by you prior to
the Maturity Datecould result in a substantialloss to you.
●SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS -
The secondarymarket price of the notes duringtheir term will be impacted by a number of economic and market factors, which
mayeither offset or magnify eachother, asidefrom theselling commissions, projected hedging profits, if any, estimatedhedging
costs and the levels of the Indices. Additionally, independentpricingvendors and/or third party broker-dealersmay 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 willing to purchase your notes in the secondarymarket. See "RiskFactors-
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes- Secondarymarket pricesof the notes will be
impacted by many economic and market factors" in the accompanying product supplement.
PS-8| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
The Indices
The Dow Jones Industrial Average®consistsof 30 commonstocks chosen as representative of the broad market of U.S. industry. For
additional information about the Dow Jones Industrial Average®, see "Equity Index Descriptions-The Dow Jones Industrial Average®"
in the accompanying underlying supplement.
The Nasdaq-100 Index®isa modified market capitalization-weighted index of 100 of the largest non-financial securities listed on The
Nasdaq StockMarket based on market capitalization. For additionalinformation about the Nasdaq-100 Index®, see "Equity Index
Descriptions- The Nasdaq-100 Index®" in the accompanying underlying supplement.
The Russell 2000® Index consistsof the middle 2,000 companies included in the Russell3000ETM Index and, asa result of theindex
calculation methodology, consistsof the smallest 2,000companies included in the Russell 3000® Index. The Russell 2000®Index is
designed to track the performance of the small capitalization segment of the U.S.equitymarket. For additional information about the
Russell2000®Index, see "Equity Index Descriptions -TheRussell Indices" in the accompanying underlying supplement.
Historical Information
The following graphs set forth the historical performance of each Index based on the weekly historical closing levels from January4,
2019 through October 25, 2024. The closing level of the Dow Jones Industrial Average® on October 31, 2024 was41,763.46. The
closing level of the Nasdaq-100 Index®on October 31, 2024was 19,890.42. The closing levelof the Russell 2000®Index on October
31, 2024 was 2,196.652. Weobtained the closing levels above and below from the Bloomberg Professional®service ("Bloomberg"),
without independent verification.
The historical closing levels of each Indexshould not be taken asan indication of future performance, and noassurance can begiven
as to theclosing level of any Index on the Pricing Date or any Review Date. There can be no assurance that the performance of the
Indices will result in the returnof any of your principal amount or the payment of any interest.
Historical Performance of the DowJones Industrial Average®
Source: Bloomberg
PS-9| Structured Investments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Historical Performance of the Nasdaq-100 Index®
Source: Bloomberg
Historical Performance of the Russell 2000® Index
Source: Bloomberg
Tax Treatment
You should review carefully the section entitled "Material U.S. Federal IncomeTax Consequences" in the accompanyingproduct
supplement no. 4-I. In determiningour reporting responsibilities we intend totreat (i) the notes for U.S. federal income taxpurposes as
prepaid forward contracts with associated contingent coupons and (ii) any Contingent Interest Payments as ordinary income, as
described in the section entitled "Material U.S. Federal Income Tax Consequences -Tax Consequences to U.S. Holders- Notes
Treated as Prepaid Forward Contracts with Associated Contingent Coupons" in the accompanying product supplement. Based on the
adviceof Davis Polk & Wardwell LLP, our specialtax counsel, we believe that this is a reasonable treatment,but that there are other
reasonable treatments that the IRS or acourt may adopt, inwhichcase the timing and character of anyincome or loss on thenotes
could be materially affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal
income taxtreatment of "prepaid forward contracts" and similar instruments. The notice focuses in particular on whether to require
investors in theseinstrumentsto accrue income over the term of their investment. It also asks for commentson a number of related
topics, includingthecharacter of income or loss with respect to these instruments and the relevance of factors such as thenature of the
underlying property to which the instrumentsare linked. While thenotice requests comments on appropriate transition rules and
effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materiallyaffect the
taxconsequences of an investment inthe notes, possibly with retroactive effect. The discussions above and in the accompanying
product supplement do not address the consequences to taxpayerssubject tospecial tax accounting rules under Section451(b) of the
Code. You should consult your taxadviser regarding the U.S. federal income taxconsequencesof an investment in the notes, including
possible alternative treatments and the issues presented by the notice described above.
PS-10| StructuredInvestments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
Non-U.S. Holders - Tax Considerations.The U.S. federal income tax treatment of Contingent Interest Payments is uncertain, and
although we believe it is reasonable to take a position that Contingent Interest Payments are not subject to U.S. withholding tax (at
least if an applicable Form W-8 isprovided), it is expected that withholding agents will (andwe, if we are the withholding agent,intend
to) withhold onany Contingent Interest Payment paid to a Non-U.S. Holder generally at a rate of 30% or at a reduced rate specified by
an applicable incometax treaty under an "other income" or similar provision. We will not be required to pay any additionalamounts with
respect to amounts withheld. In order to claiman exemptionfrom, or a reduction in, the 30% withholding tax, a Non-U.S. Holder of the
notes must comply with certification requirements to establish that it is not a U.S. person and iseligible for suchan exemptionor
reduction under an applicable tax treaty. Ifyou are a Non-U.S. Holder, you shouldconsultyour tax adviser regarding thetax treatment
of thenotes, including the possibility of obtaining a refund of any withholding tax and the certification requirement described above.
Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding
tax (unlessan income tax treaty applies) on dividend equivalentspaid or deemed paid to Non-U.S. Holders with respect to certain
financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this
withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable
Treasury regulations. Additionally, a recent IRS notice excludes fromthescope of Section 871(m) instruments issuedprior to January
1, 2027 that do not have a delta of one with respect to underlying securities that could payU.S.-source dividendsfor U.S. federal
income taxpurposes (each an "Underlying Security"). Based on certain determinations madebyus, we expect that Section 871(m) will
not apply tothenotes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, andthe IRS may disagree with this
determination. Section 871(m) iscomplex and its application maydependon your particular circumstances, including whether you enter
intoother transactions with respect to an Underlying Security. If necessary, further information regarding the potentialapplication of
Section 871(m) will be provided in the pricingsupplement forthe notes. You should consult your tax adviser regarding the potential
application of Section 871(m) to thenotes.
In theevent of any withholding on the notes, we will not be required topayany additional amounts with respect to amounts so withheld.
The Estimated Value of the Notes
The estimated value of the notes set forth on the cover of this pricing supplement isequal to thesum of thevalues of thefollowing
hypothetical components: (1) a fixed-income debt component with the same maturityasthe notes, valued using the internal funding
rate described below, and (2) the derivative or derivatives underlyingthe economic terms of the notes. The estimated value of the notes
does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any
time. The internal funding rate used in the determination of the estimatedvalueof the notesmaydiffer from the market-implied funding
rate for vanilla fixed income instruments of a similar maturityissuedbyJPMorgan Chase & Co. or its affiliates. Anydifferencemay be
based on, among other things, our and our affiliates'view of the funding value of the notesas well as the higher issuance,operational
and ongoing liabilitymanagement costs of thenotesin comparison to those costs for the conventional fixed income instruments of
JPMorgan Chase & Co. This internal funding rate is based on certain market inputsand assumptions, which mayprove to be incorrect,
and is intended to approximate theprevailingmarket replacement funding rate for the notes. The use of an internal funding rateand
anypotential changes to that rate mayhave an adverse effect on the terms of the notesand any secondary market prices of the notes.
For additional information, see "Selected Risk Considerations- The Estimated Value of the Notes Is Derived by Reference to an
Internal Funding Rate" in thispricing supplement.
The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricingmodelsof our
affiliates. These modelsare dependent on inputs such asthetradedmarket prices of comparablederivative instruments and onvarious
other inputs, some of which are market-observable, and which can includevolatility, dividend rates, interest rates and other factors, as
well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is determined when
the terms of the notes aresetbased on market conditions and other relevant factorsand assumptionsexisting at that time.
The estimated value of the notes doesnot represent future values of thenotes and may differ from others' estimates. Different pricing
modelsand assumptionscould provide valuations for the notes that are greater than or less than the estimated value of the notes. In
addition, market conditions and other relevant factors in the futuremay change, and any assumptionsmay prove to be incorrect. On
futuredates, the value of the notescould change significantly based on, among other things, changes in market conditions, our or
JPMorgan Chase & Co.'screditworthiness, interest ratemovements and other relevant factors, which may impact the price, if any, at
which JPMS would be willingto buy notesfromyou in secondary market transactions.
PS-11| StructuredInvestments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
The estimated value of the notes will be lower than the original issue priceof the notes because costs associated with selling,
structuring and hedging the notes are included in the originalissue price of the notes. These costsinclude the selling commissionspaid
to JPMS and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliatesexpect to realize for assuming risks
inherent in hedging our obligations under the notesandtheestimated cost of hedging our obligations under thenotes. Because
hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result inaprofit that
ismoreor less than expected,or it may result in a loss. A portion of the profits, if any, 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 will retain any remaining hedging
profits. See "Selected Risk Considerations- The Estimated Value of the Notes Will Be 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 will impact any secondarymarket prices of the notes, see "Risk Factors- Risks Relating to the
Estimated Value and Secondary Market Pricesof the Notes - Secondary market prices of the notes will beimpacted bymany
economic and market factors" in the accompanying product supplement. In addition, we generallyexpect that some of thecosts
included in the original issue price of the notes willbe partially paid back toyou in connection with any repurchases of your notes by
JPMS in an amount that will decline to zero over an initial predetermined period. These costscan includeselling commissions,
projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondarymarket funding rates
for structureddebt issuances. Thisinitial predetermined time period is intendedto be the shorter of sixmonthsand one-half of the
stated term of thenotes. Thelengthof any such initial period reflects the structure of the notes, whether our affiliatesexpect toearna
profit inconnection with our hedging activities, the estimatedcosts of hedging the notesand when these costs are incurred, as
determined by our affiliates. 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 the Then-Current Estimated Value of the Notes for a Limited Time
Period" in this pricing supplement.
Supplemental Use of Proceeds
The notes areoffered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the
notes. See "How the Notes Work" and "Hypothetical Payout Examples" in this pricingsupplement for an illustration of the risk-return
profile of the notes and "The Indices" in thispricing supplement for a description of the market exposure provided bythenotes.
The originalissue price of thenotes is equal to the estimated value of the notes plus the selling commissions paidtoJPMS 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 thenotes, plus the estimated cost of hedging our obligations under the notes.
Additional Terms Specific to the Notes
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable
agent. We reserve the right to change the terms of, or rejectanyoffer to purchase, the notes prior to their issuance. In the event of any
changes to the terms of the notes, we will notify you and you will be asked to accept suchchanges in connection withyour purchase.
You may also choose to reject such changes, in which case we may reject your offer to purchase.
You should read thispricing supplement together with theaccompanyingprospectus, as supplemented bythe accompanying
prospectussupplement relating to our Series A medium-term notes of which these notes are a part, the accompanyingprospectus
addendum and the more detailed information contained in the accompanying product supplement and the accompanyingunderlying
supplement. This pricingsupplement, together with the documents listed below, contains the terms of the notesand supersedes all
other prior or contemporaneous oral statements as well as any other written materialsincluding preliminary or indicative pricing terms,
correspondence, trade ideas,structures for implementation, samplestructures, fact sheets, brochures or other educational materialsof
ours. You shouldcarefully consider, among other things, the mattersset forth in the "Risk Factors" sections of theaccompanying
prospectussupplement and the accompanying product supplement and in Annex A to the accompanying prospectusaddendum, as the
notes involve risksnot associated with conventional debt securities. Weurge you to consult your investment, legal, tax, accounting and
other advisers before you invest in the notes.
PS-12| StructuredInvestments
Callable ContingentInterestNotes Linked to theLeastPerforming ofthe
Dow Jones IndustrialAverage®, the Nasdaq-100 Index® andthe Russell
2000® Index
You mayaccessthese documentsonthe SEC websiteat www.sec.gov asfollows(or if such addresshas changed,by
reviewing our filings for the relevant dateon the SEC website):
●Product supplement no. 4-I dated April 13, 2023:
●Underlying supplement no. 1-Idated April 13, 2023:
●Prospectus supplement and prospectus, each dated April 13, 2023:
●Prospectus addendum datedJune 3, 2024:
Our CentralIndex Key, orCIK,on theSEC websiteis1665650,andJPMorganChase & Co.'s CIK is19617. Asused inthispricing
supplement, "we," "us" and "our" refer to JPMorgan Financial.