Selected Risk Considerations
An investment in the notes involvessignificant risks. These risks are explained inmore 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 automatically called and the Final Value of any
Underlying is lessthan its Trigger Value, you willlose 1% of the principal amount of your notes for every1% that the FinalValue of
the Least Performing Underlying is less than its Initial Value. Accordingly, under these circumstances, you will lose more than
40.00% of your principalamount at maturity and could lose all of your principal amount at maturity.
●THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAY ANY INTEREST AT ALL-
If the notes have not been automatically called, we will make a Contingent Interest Payment with respect to a Review Date (and we
will payyou any previously unpaid Contingent Interest Paymentsfor anyprior Review Dates) onlyif the closingvalue of each
Underlying onthat Review Date isgreater than or equal to its Interest Barrier. If the closing value of any Underlying on that Review
Date is lessthan its Interest Barrier, no Contingent InterestPayment will be made with respect to that Review Date. You will not
receive any unpaid Contingent Interest Payments if the closing valueof any Underlying on each subsequent Review Date is less
than its Interest Barrier. Accordingly, if the closing valueof any Underlying on each Review Date is less than its Interest Barrier,
you willnot receive any interest paymentsover the term of the notes.
●CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. -
Investors are dependent on our and JPMorgan 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, asdetermined by themarket 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 may not receive any amounts owed to you under the notes and you could lose your entire investment.
●AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS
-
As a financesubsidiary of JPMorgan Chase & Co., we have no independent operations beyond theissuance and administration of
our securities and thecollection of intercompany obligations. Aside from the initial capitalcontribution fromJPMorgan Chase &
Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made 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 keyoperating subsidiary of JPMorgan Chase & Co. and in a
bankruptcyor resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in
respect of the notes as 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 to seek payment under the related guaranteeby JPMorgan 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 Underlying, which maybe significant. You willnot participate in anyappreciation of any
Underlying.
●POTENTIAL CONFLICTS-
We and our affiliates play avariety of roles in connection with thenotes. In performingthese duties, our and JPMorgan Chase &
Co.'s economicinterests are potentially adverse to your interests as aninvestor in the notes. It ispossible that hedging or trading
activities of ours or our affiliates inconnection with thenotescould 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 accompanying product
supplement.
●THERE ARE RISKS ASSOCIATED WITH THE FUND-
The Fund is subject to management risk, which is the risk that theinvestment strategies ofthe Fund's investment adviser, the
implementation of which is subject to anumber of constraints, may not produce the intended results. These constraints could
adversely affect the market price of the sharesof the Fund and, consequently, the value ofthe notes.
●THE PERFORMANCE AND MARKET VALUE OF THE FUND, PARTICULARLY DURING PERIODS OF MARKET VOLATILITY,
MAY NOT CORRELATE WITH THE PERFORMANCE OF THE FUND'S UNDERLYING INDEX AS WELL AS THE NET ASSET
VALUE PER SHARE -
The Fund does not fully replicate its Underlying Index (asdefined under "The Underlyings" below) and may hold securities different
from those included inits Underlying Index. In addition, the performance of the Fund will reflect additionaltransaction costs and
fees that are not included in the calculation of its Underlying Index. Allof these factors maylead to a lack of correlationbetween
the performance of the Fund and its UnderlyingIndex. In addition, corporate actions with respect tothe equitysecurities underlying
the Fund (such as mergers and spin-offs) may impact the variance between the performancesof the Fund and its Underlying
Index. Finally, because the shares of the Fund are traded on a securities exchange and are subject tomarket supply and investor
demand, the market value of one share of the Fund maydiffer from thenet asset value pershare of the Fund.
During periodsof market volatility, securities underlying the Fundmaybe unavailable in thesecondarymarket,market participants
maybe unable to calculate accurately thenet asset value per share of the Fund and the liquidity of the Fund maybe adversely
affected. This kind of market volatility mayalso disrupt the ability of market participants tocreate and redeem shares of the Fund.
Further, market volatility mayadversely affect, sometimes materially, the prices at which market participants are willing to buy and
sell shares of the Fund. As a result, under these circumstances, themarket value of shares of the Fund mayvary substantially from
the net asset value per share of the Fund. For all of the foregoing reasons, the performance of the Fund may not correlate with the
performance of its Underlying Index as well asthe net asset value per share of the Fund, which could materiallyand adversely
affect the valueof the notes inthe secondary market and/or reduce any payment on the notes.