●THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAY ANY INTEREST AT ALL-
If the notes 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 to its Interest Barrier. If the closing level of anyIndexon
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 andJPMorgan Chase & 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 bythemarket for taking that credit
risk, is likely to adversely affect thevalue of 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. tomake 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 to make
payments on the notes, you may have toseek payment under the related guaranteebyJPMorgan Chase & Co., and that
guarantee will rankpari 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, which may be significant. You will not participate inany appreciation of any Index.
●POTENTIAL CONFLICTS-
We and our affiliatesplay avarietyof roles in connection with thenotes. In performingthese duties, our andJPMorgan 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 affiliates in connection with the notes could result in substantial returns for us or our affiliates whilethe
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 S&P 500®INDEX,
but JPMorgan Chase & Co. will not have any obligation to consider your interests in taking anycorporate action that might affect
the level of the S&P 500® Index.
●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® TECHNOLOGY SECTOR INDEXSM-
The non-U.S. equitysecurities included in the Nasdaq-100®Technology Sector IndexSMhave beenissued by non-U.S. companies.
Investments in securities linked to the value of such non-U.S. equitysecurities involve risks associated with thehome countries
and/or thesecurities marketsin thehome countries of theissuersof those non-U.S. equitysecurities. Also, with respect to equity
securities that are not listed in the U.S., there is generallyless publicly available information about companies in some of these
jurisdictions than there is about U.S. companies that are subject to the reporting requirements of the SEC.
●RISKS ASSOCIATED WITH THE TECHNOLOGY SECTOR WITH RESPECT TO THE NASDAQ-100® TECHNOLOGY SECTOR
INDEXSM-
All or substantially all of the equitysecurities included in the Nasdaq-100®Technology Sector IndexSMare issued bycompanies
whoseprimaryline of business is directlyassociated with the technology sector. As a result, the value of the notes may be subject
to greater volatility and be more adversely affected by asingle economic, political or regulatory occurrence affecting thissector
than a different investment linked to securities of a more broadlydiversified group of issuers. Thevalue of stocksof technology
companiesand companies that rely heavilyon technology isparticularly vulnerable to rapidchanges in technology product cycles,
rapidproduct obsolescence, government regulation and competition, both domestically and internationally, including competition
from foreign competitors with lower productioncosts. Stocks of technology companies andcompaniesthat rely heavilyon
technology, especially those of smaller, less-seasoned companies, tend to be more volatilethan the overall market.Technology
companiesare heavily dependent on patent and intellectual property rights, the lossor impairment of which mayadversely affect
profitability. Additionally, companies in the technology sector mayface dramaticand often unpredictable changes in growth rates
and competition for theservices of qualified personnel. These factorscould affect the technology sector and could affect the value
of theequity securities included in the Nasdaq-100®Technology Sector IndexSMand the levelof the Nasdaq-100®Technology
Sector IndexSM during the term of the notes, which may adversely affect thevalueof your notes.
●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 byanyof 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 be offset or mitigated by
positive performance by any other Index.