JPMorgan Chase & Co.
11/01/2024 | Press release | Distributed by Public on 11/01/2024 04:16
Primary Offering Prospectus - Form 424B2
The information in this preliminary pricing supplement is notcomplete and maybe changed. This preliminary pricing supplement is not
an offer to sell nordoes itseek an offer tobuy these securitiesin any jurisdiction wherethe offer or sale is notpermitted.
Subjectto completion datedOctober 31,2024
November , 2024Registration Statement Nos.333-270004 and333-270004-01; Rule 424(b)(2)
Pricing supplementto productsupplement no. 3-I dated April 13, 2023, underlying supplement no. 2-IVdatedOctober20, 2023,
the prospectus andprospectus supplement, each dated April13, 2023, and the prospectus addendum dated June 3, 2024
JPMorgan Chase Financial CompanyLLC
Structured Investments
Step-Up Auto Callable Notes Linked to the S&P® Global 100
PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER
due November 30, 2028
Fully and UnconditionallyGuaranteed by JPMorgan Chase & Co.
•The notes aredesigned for investors whoseek early exit prior to maturity at a premium if, on anyReview Date (other
than the final Review Date), the closing level of the S&P®Global100 PR 5% Daily Risk Control0.5% Deduction Index
(USD) ER, which we refer to as the Index, is at or above the Call Value for that Review Date.
•Theearliest dateon which an automatic call may be initiated isDecember 5, 2025.
•Thenotes are also designed for investors whoseekuncapped, unleveragedexposure to any appreciation of the Index at
maturity if the notes have not beenautomatically called.
•Investors should be willing to forgo interestanddividendpayments, whileseeking full repayment of principal at maturity.
•The notes areunsecuredandunsubordinated obligations ofJPMorgan Chase Financial Company LLC, which we refer to
as 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., asguarantor of the notes.
•Minimum denominations of $1,000 and integral multiplesthereof
•Thenotes are expected to price on or about November 27, 2024 and are expected tosettle on or about December 3,
2024.
•CUSIP: 48135VCD8
Investing in the notes involves a number ofrisks. See "Risk Factors"beginning on page S-2 of the accompanying
prospectus supplement, Annex A to the accompanying prospectus addendum,"Risk Factors" beginning on page PS-12
of the accompanying product supplement, "Risk Factors" beginning on page US-3 of the accompanying underlying
supplementand"Selected Risk Considerations" beginning on page PS-5 of this pricing supplement.
Neither the Securities and Exchange Commission (the"SEC") nor anystate securities commission has approved or disapproved
of the notes or passed upon the accuracyor the adequacy ofthis pricing supplement or the accompanying product supplement,
underlyingsupplement, prospectus supplement, prospectus and prospectusaddendum.Any representation to thecontrary 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 pricing supplementfor information about thecomponents of the price to publicof the
notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS,acting as agent for JPMorganFinancial,will pay all ofthe selling
commissions it receives fromustoother affiliatedorunaffiliated dealers. In no event willtheseselling commissions exceed $11.50 per
$1,000 principal amountnote. See "Planof Distribution(Conflicts ofInterest)" in theaccompanying productsupplement.
If the notes priced today, the estimated value of the notes would be approximately $948.90 per $1,000 principal amount
note. The estimated value of the notes, when the termsof the notes are set, will beprovided in the pricing supplement
and will not be less than $900.00per $1,000principal amount note.See "The Estimated Value of the Notes" in this
pricing supplement for additional information.
Thenotes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmentalagency
and are not obligations of, or guaranteedby, a bank.
PS-1 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
Key Terms
Issuer:JPMorgan Chase Financial Company LLC, adirect,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Index:The S&P®Global 100 PR 5% Daily Risk Control 0.5%
Deduction Index (USD) ER (Bloomberg ticker: SPGLR5TE).
The level of the Index reflectsa 0.50% per annum deduction
and anotional financing cost, in each case, deducteddaily.
Call Premium Amount: The Call Premium Amount with
respect to each Review Date is set forth below:
•first Review Date:at least 11.00% × $1,000
•second Review Date: at least22.00% ×$1,000
•thirdReview Date: at least 33.00% × $1,000
(in each case, to be provided in thepricing supplement)
Call Value: The CallValue for each Review Date is set forth
below:
•first Review Date:at most 101.00%of the Initial Value
•second Review Date:at most 102.00%of the Initial Value
•third Review Date: at most 103.00% of the Initial Value
(in eachcase, to be provided in thepricing supplement)
Participation Rate:100.00%
Pricing Date:On or aboutNovember 27, 2024
Original Issue Date (Settlement Date): On or about
December 3, 2024
Review Dates*: December5, 2025, November 27, 2026,
November 29, 2027and November 27, 2028 (final Review
Date)
Call Settlement Dates*: December 10, 2025,December 2,
2026andDecember 2, 2027
Maturity Date*: November 30, 2028
* Subjectto postponement in theevent ofa market disruption
event andasdescribed under "General Terms of Notes-
Postponement of aDetermination Date -Notes Linkedtoa Single
Underlying -NotesLinked to a Single Underlying (Other Than a
Commodity Index)" and "General Termsof Notes-Postponement
of a PaymentDate" in the accompanying product supplement
Automatic Call†:
If theclosing level of theIndex onany Review Date (other than
the final Review Date) isgreater than or equal to the Call Value
for that Review Date, the notes will be automatically called for
a cash payment, for each $1,000 principal amount note, equal
to (a) $1,000 plus (b) the Call Premium Amount applicable to
that Review Date, payable on the applicableCall Settlement
Date. No further payments will bemade onthenotes.
If thenotes are automaticallycalled, you will not benefit from
the feature that provides youwith a positive returnat maturity
equal to the Index Return times the Participation Rate if the
Final Value is greater than the Initial Value.Because this
feature does not apply to the payment upon anautomaticcall,
the payment upon anautomatic call may besignificantly less
than the payment at maturity for thesame level of appreciation
in the Index.
Payment at Maturity†:
If thenotes have not been automatically called, at maturity, you
will receivea cash payment, for each $1,000principal amount
note, of $1,000plusthe Additional Amount,which may be
zero.
If thenotes have not been automatically called, youare entitled
to repayment of principal in full at maturity, subject tothecredit
risks of JPMorgan Financial and JPMorgan Chase & Co.
Additional Amount†: If the notes have not been automatically
called, the Additional Amountpayable at maturityper $1,000
principal amount note will equal:
$1,000 × Index Return× Participation Rate,
providedthat the Additional Amount will not beless than zero.
Index Return:
(Final Value -InitialValue)
Initial Value
Initial Value:The closing level of the Indexon the Pricing Date
Final Value: The closing levelof the Index on the final Review
Date
† Subject to the impact ofachange-in-law event asdescribed under
"General TermsofNotes-Consequences of aChange-in-Law Event"
in theaccompanying productsupplement.In the event of a change-in-
lawevent, wehave the right,but not theobligation, to cause the
calculation agent to determine onthe change-in-lawdate,as defined in
the accompanying productsupplement, thepayment at maturity.
Under these circumstances, thenotes willnolonger be subject to
automatic calland the paymentat maturitywillbedeterminedprior to,
and without regard to the closing level oftheIndexon, thefinalReview
Date.
PS-2 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
The S&P® Global 100 PR 5% Daily Risk Control 0.5% Deduction Index (USD) ER
The S&P® Global100 PR 5%Daily Risk Control 0.5% Deduction Index (USD) ER(the "Index") is maintained and calculated by
S&PDow Jones Indices LLC ("S&P Dow Jones"). Our affiliate, JPMS, worked with S&P Dow Jones in developing the guidelinesand
policies governing the composition and calculationof the Index.
The Index attempts to provide variable notional exposure to theS&P®Global 100 Index(the "Underlying Index"), while targeting an
annualized volatility of 5%, subject to the deduction, on adaily basis, of the notional financing cost described belowand a daily
deduction of 0.50% per annum (the "Index Deduction").
The Index is reported by Bloomberg L.P.under the ticker symbol "SPGLR5TE."
The Underlying Indexis designed to measure the performance of 100 large-capitalization multinational companies whose businesses
are global in nature and that derive asubstantial portion of their operatingincome from multiplecountries.For additional information
about the Underlying Index, see "Background on the S&P®Global 100 Index" inthe accompanying underlyingsupplement.
The Index will adjust its notional exposure to the Underlying Index dailyin an attempt to maintain an annualized volatilityfor the Index
approximatelyequal tothetarget volatilityof 5%, subject toa maximum exposure of 150% and a minimum exposure of 0%. We refer to
the notional exposure that the Index has to theperformanceof the Underlying Index on any dayas the "leverage factor" on that day.
The leverage factor on any day is equal to the target volatilitydivided by the annualized volatilityof the UnderlyingIndex as of the third
immediately preceding Indextrading day, subject to themaximumand minimum exposures. Accordingly, as the volatilityof the
Underlying Index increases, the exposure provided bythe Index to the UnderlyingIndex decreases, and as the volatility of the
Underlying Index decreases, the exposureprovided by the Index to the Underlying Indexincreases. If the leverage factor isgreater
than 100% on anyday, the Index will provide leveraged exposure to the Underlying Index.If theleverage factor isless than 100% on
anyday, the difference will be notionallyuninvested and will earn no return.Under normal market conditions, the Index is expected to
be significantly uninvested.
For example, if the annualized volatility of the Underlying Index usedtocalculate the leverage factor on agivenday is equal to 20%, the
leveragefactor will equal 25% (5% divided by 20%). This means that, subject to thenotional financing cost described below and the
Index Deduction, the Indexwould appreciate only 1% in response to an appreciation of 4% in the Underlying Index, and the Index
would depreciate only by 1% in response to a depreciation of 4% in the Underlying Index.
The Index is an excess return index that tracks the return of the UnderlyingIndex, subject to the leverage factor, over and above a
short-termmoneymarket investment.In other words, the Indexprovides a return based on the performance of a notional investment in
the Underlying Index, subject to theleverage factor, wherethe investment was made using borrowedfunds. Thenotional financing
cost for theIndex is calculated by reference to the Effective Federal Funds Rate. S&P Dow Jones mayuse other successor interest
ratesif the EffectiveFederalFunds Ratecannot be obtained. The Effective Federal FundsRate is ameasure of the interest rate at
which depositoryinstitutionslend balances at the Federal Reserve to other depository institutions overnight, calculated as the volume-
weighted median of overnight federal funds transactions reported by U.S. banks and U.S. branchesand agenciesof non-U.S. banks,
and is quoted onthe basisof an assumedyear of 360 days.
Thenotional financingcostis applied to the Index'snotional exposure to the Underlying Index, so it increases as the leverage factor
increases and decreasesas the leverage factor decreases. For example, if leverage factor is 80%, no notional financingcosts will be
deducted from the remaining20%. If theleverage factor is150%, notional financing costs will be deducted fromthe entire 150%
exposure to the Underlying Index.
For additional information about the Index, see "The S&P Risk Control Index Series" in the accompanying underlying supplement.
No assurance can be given that the Index will approximate its target volatility. The actual realized volatility of the Index may
be greater or less than its target volatility.
Supplemental Terms of the Notes
Any values of the Index, and any valuesderived therefrom, included in this pricing supplement may be corrected, in the eventof
manifest error or inconsistency, byamendment of this pricingsupplement and the correspondingterms of the notes. Notwithstanding
anything to thecontraryin the indenture governing the notes, that amendment will becomeeffective without consent of the holders of
the notes or any other party.
PS-3 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
How the Notes Work
Payment upon an Automatic Call
Payment at MaturityIf the Notes Have Not Been Automatically Called
Call Premium Amount
The tablebelow illustrates the hypothetical Call Premium Amount per $1,000 principal amount note for each Review Date (other than
the final Review Date) basedon theminimum Call Premium Amountsset forthunder "KeyTerms -Call Premium Amount" above.
The actual Call Premium Amounts will be provided in thepricing supplement and will not be less than the minimum CallPremium
Amountsset forth under "KeyTerms-Call Premium Amount."
Review Date
Call Premium Amount
First
$110.00
Second
$220.00
Third
$330.00
The notes willbe automaticallycalledon the applicable Call Settlement Date and youwill
receive(a)$1,000plus (b) theCall PremiumAmountapplicabletothat ReviewDate.
No further payments will be made on thenotes.
Compare theclosing level of the Indexto the applicable Call Value on each ReviewDateuntil the finalReviewDate or anyearlier
automatic call.
ReviewDates Preceding the Final ReviewDate
AutomaticCall
The closing level of the
Indexis greater than or
equal to the Call Value
forthe applicable Review
Date.
The closing level of the
Indexis lessthanthe
Call Value forthe
applicable ReviewDate.
Call
Value
The notes will not be automaticallycalled. Proceedto the next ReviewDate.
No AutomaticCall
Final ReviewDate
The notes have not
been automatically
called. Proceedto the
payment at maturity.
Paymentat Maturity
Youwill receive $1,000plus the Additional Amount, which will be equal to:
$1,000× IndexReturn ×ParticipationRate,
provided that theAdditional Amount will not be less thanzero.
PS-4 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
Payment at Maturity If the Notes Have Not Been Automatically Called
The following tableillustrates the hypothetical payment at maturity onthenotes linked toa hypotheticalIndexif the noteshave not been
automaticallycalled. The hypothetical payments set forth below assume the following:
•the notes have not been automaticallycalled;
•an Initial Value of 100.00;and
•a Participation Rate of 100.00%.
The hypothetical Initial Value of 100.00 hasbeen chosen for illustrative purposes only andmaynot represent a likely actualInitial
Value. The actual Initial Value will be the closinglevelof the Index on the Pricing Date and will be provided in the pricingsupplement.
For historical data regarding the actual closing levels of the Index, please see the historical information set forth under "Hypothetical
Back-Tested Data and Historical Information" in this pricing supplement.
Each hypothetical paymentat maturityset forth below is for illustrative purposes only and may not be the actualpayment at maturity
applicable to a purchaser of the notes. Thenumbers appearing in thefollowing table havebeen rounded for ease of analysis.
Final Value
Index Return
Additional Amount
Payment at Maturity
165.00
65.00%
$650.00
$1,650.00
150.00
50.00%
$500.00
$1,500.00
140.00
40.00%
$400.00
$1,400.00
130.00
30.00%
$300.00
$1,300.00
120.00
20.00%
$200.00
$1,200.00
110.00
10.00%
$100.00
$1,100.00
105.00
5.00%
$50.00
$1,050.00
101.00
1.00%
$10.00
$1,010.00
100.00
0.00%
$0.00
$1,000.00
95.00
-5.00%
$0.00
$1,000.00
90.00
-10.00%
$0.00
$1,000.00
80.00
-20.00%
$0.00
$1,000.00
70.00
-30.00%
$0.00
$1,000.00
60.00
-40.00%
$0.00
$1,000.00
50.00
-50.00%
$0.00
$1,000.00
40.00
-60.00%
$0.00
$1,000.00
30.00
-70.00%
$0.00
$1,000.00
20.00
-80.00%
$0.00
$1,000.00
10.00
-90.00%
$0.00
$1,000.00
0.00
-100.00%
$0.00
$1,000.00
PS-5 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
Note Payout Scenarios
Upside ScenarioIf Automatic Call:
If theclosing level of the Index on any Review Date(other than the final Review Date)is greater thanor equal to the Call Valuefor that
Review Date, the notes will be automatically called and investors will receive on the applicableCall Settlement Datethe $1,000
principal amount plusthe CallPremium Amount applicable to that Review Date. No further payments will be made on the notes.
•Assuming ahypothetical Call Premium Amount of $110.00for the first Review Date, if the closing level of the Index increases
10.00% as of that Review Date, thenotes will be automaticallycalled and investors will receive a returnequal to11.00%, or
$1,110.00per $1,000 principal amount note.
•Assuming ahypothetical Call Premium Amount of $330.00for the third Review Date, if the notes have not been previously
automaticallycalled and the closinglevel of the Index increases65.00% as of that Review Date, the notes willbe automatically
called andinvestors will receive areturn equal to 33.00%, or $1,330.00per $1,000 principal amount note.
If No Automatic Call:
If thenotes have not been automatically called, investors will receive at maturity the$1,000 principal amount plus the Additional
Amount, which isequal to $1,000 timesthe Index Return times the Participation Rate of 100.00%.
Upside Scenario:
If thenotes have not been automatically called and the Final Value isgreater than the InitialValue, the Additional Amount will be
greater than zero and investors will receive atmaturitymorethan the principal amount of their notes.
•If thenotes have not been automatically called and the closing level of the Index increases 10.00%, investors will receive at
maturityareturn equal to10.00%, or $1,100.00 per $1,000principal amount note.
Par Scenario:
If thenotes have not been automatically called and the Final Value isequal to or less thanthe Initial Value, the Additional Amount will
be zero and investors will receive at maturity the principal amount of their notes.
The hypothetical returnsand hypothetical payments on the notesshown above applyonlyif you hold the notes for their entire term
or until automatically called.These hypotheticals do not reflect the fees or expenses that would beassociated with any sale inthe
secondarymarket. If these fees and expenses were included, thehypothetical returns and hypothetical payments shown above would
likelybe lower.
Selected Risk Considerations
An investment in the notesinvolvessignificant risks. These risks are explained in more detail in the "Risk Factors"sections of the
accompanyingprospectus supplement,product supplementand underlyingsupplementand in Annex A to the accompanying
prospectusaddendum.
Risks Relating to the Notes Generally
•IF THE NOTES HAVE NOT BEEN AUTOMATICALLY CALLED, THE NOTES MAY NOT PAY MORE THAN THE PRINCIPAL
AMOUNT AT MATURITY-
If the notes have not been automatically called and the Final Value is less than or equal totheInitial Value, you will receive only the
principal amount of your notes at maturity, and you will not be compensated for any loss in value due to inflation and other factors
relating to the value of moneyover time.
•THE LEVEL OF THE INDEX WILLREFLECT A 0.50% PER ANNUM INDEX DEDUCTION AND THE DEDUCTION OF A
NOTIONAL FINANCING COST-
ThisIndex Deduction and notionalfinancingcost will be deducted daily. As a result of the Index Deduction and the deduction of
the notional financing cost, thelevel of the Index will trail the value of a hypothetical identically constituted notionalportfolio from
which nosuch deductionsaremade.
•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 bythe market for taking that credit
risk, is likely to adversely affect thevalue of thenotes. 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.
PS-6 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
•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 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 CALL VALUE FOR EACH REVIEW DATE IS GREATER THAN THE INITIAL VALUE AND INCREASES PROGRESSIVELY
OVER THE TERM OF THE NOTES-
The notes willbe automatically called, and you will receive aCall Premium Amount, only if the closinglevelof the Indexincreases
from the Initial Valuesuch that it is greater than or equal to the Call Value for a Review Date. Even if the closing level of the Index
increases over the term of the notes, it may not increase sufficiently for the notes to be automatically called (including because,
due to the step-up Call Value feature, the Call Valuesincrease progressively over the termof the notes).
•IF THE NOTES ARE AUTOMATICALLY CALLED, THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE
APPLICABLE CALL PREMIUM AMOUNT PAID ON THE NOTES,
regardless of any appreciation of the Index, which may be significant. In addition, if the notes are automaticallycalled, you will not
benefit from the feature that provides you with a positive return at maturity equal to the Index Return times the Participation Rateif
the Final Value is greater than the Initial Value. Because this feature doesnot apply to the payment upon an automaticcall, the
payment upon an automaticcallmay be significantly less than the payment at maturity for the same level of appreciation in the
Index.
•THE AUTOMATIC CALL FEATURE MAY FORCE A POTENTIAL EARLY EXIT -
If your notesare automatically called, the termof the notes may be reduced to asshort as approximately one year. There is no
guaranteethat you would be able to reinvest the proceeds from an investment in the notesat a comparable return for a similar
level of risk. Even in cases where the notesarecalled before maturity, you are not entitled to any fees andcommissions described
on the front cover of thispricing supplement.
•THE NOTES DO NOT PAY INTEREST.
•YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN THE INDEX OR HAVE ANY RIGHTS WITH
RESPECT TO THOSE SECURITIES.
•WE MAY DETERMINE THE PAYMENT AT MATURITY FOR YOUR NOTES EARLY IF A CHANGE-IN-LAW EVENT OCCURS -
If we or our affiliates are unable to effect transactions necessary to hedge our obligationsunder the notes due to a change-in-law
event, we may, in our sole and absolute discretion, cause the calculation agent to determine the payment at maturity for your notes
early basedon the calculation agent'sgood faith determination of the option value for your notes (i.e., the price of the embedded
option representing anyamount payable on the notesupon automatic call (if applicable) or at maturity) on the date on which the
calculation agent determines that a change-in-law event has occurred, which may be significantly earlier than the final Review
Date. Under these circumstances, the notes will no longer be subject to automatic call and the amount due and payable on your
notes will bedue and payable only at maturity, and that amount will not reflect any appreciation of the Index after suchearly
determination.See "GeneralTerms of Notes- Consequencesof a Change-in-Law Event" in the accompanyingproduct
supplement for more information.
•LACK OF LIQUIDITY -
The notes will not belisted onanysecurities exchange. Accordingly, the price at which you may be able to trade your notes is
likelyto depend on the price, if any, at whichJPMS is willing to buy the notes. You may notbe able to sellyour notes. The notes
are not designedto be short-term trading instruments. Accordingly, you should beable and willing to hold your notes to maturity.
PS-7 | Structured Investments
Step-UpAuto CallableNotesLinked to the S&P®Global 100PR 5% Daily
Risk Control 0.5%Deduction Index (USD) ER
•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 theminimums for theestimated value of the notes and the
Call Premium Amountsand the maximums for the Call Values.
Risks Relating toConflicts of Interest
•POTENTIAL CONFLICTS -
We and our affiliatesplay avarietyof roles in connection with thenotes. In performing these duties, our and JPMorgan Chase &
Co.'seconomic interests are potentially adverse toyour interests as an investor in the notes. It is possiblethat hedging or trading
activities of ours or our affiliates in connection 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.
One of our affiliates, JPMS, worked with S&P Dow Jones in developing theguidelines andpolicies governing the composition and
calculation of the Index.Although judgments, policies anddeterminations concerning the Index were made by JPMS, JPMorgan
Chase & Co., as the parent company of JPMS, ultimatelycontrols JPMS. The policies and judgments for which JPMS was
responsible could have an impact, positive or negative, on the levelof the Index and the value of your notes.JPMS is under no
obligation to consider your interests as an investor in the notes inits role indeveloping the guidelines and policies governing the
Index or making judgments that may affect the level of the Index. Furthermore, the inclusion of equitysecurities in the Index is not
an investment recommendation byusor JPMS of theequitysecurities underlying the Index.
Risks Relating to theEstimated Value and Secondary Market Prices of the Notes
•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
noteswill 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.Thesecosts include the selling commissions, the projected profits, if any, that our
affiliates expect to realize for assuming risksinherent in hedging our obligations under the notesandtheestimated cost of hedging
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 themarket-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 thefunding value of 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. Thisinternal funding rate is based on certain market inputs and assumptions, which may
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 Estimated Value of the Notes" in this pricing 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 toyou 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).
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•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 intheoriginal issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy 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 each other, asidefrom theselling commissions, projected hedging profits, if any, estimatedhedging
costs and the level of the Index. Additionally, independent pricing vendorsand/or third party broker-dealersmay publish a price for
the notes, whichmay also be reflectedoncustomer 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 "Risk Factors-
Risks Relating to the Estimated Value and Secondary Market Prices of the Notes- Secondarymarket prices of the notes will be
impacted by many economic and market factors" in the accompanying product supplement.
Risks Relating to theIndex
•JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE UNDERLYING INDEX AND
THE 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 Underlying Index or the Index.
•NON-U.S. SECURITIES RISK-
Someof the equity securities included in the Index have been issued by non-U.S. companies. Investments in securities linked to
the value of such non-U.S. equitysecurities involve risksassociated with thehome countries and/or the securitiesmarkets in the
home countries of the issuers of those non-U.S. equitysecurities. Also, there is generally lesspubliclyavailable information about
companiesinsome of these jurisdictions than there is aboutU.S. companies that are subject tothe reporting requirements of the
SEC.
•HYPOTHETICAL BACK-TESTED DATA RELATING TO THE INDEX DO NOT REPRESENT ACTUAL HISTORICAL DATA AND
ARE SUBJECT TO INHERENT LIMITATIONS-
The hypothetical back-tested performance of the Index set forth under "Hypothetical Back-Tested Dataand Historical Information"
in this pricingsupplement is purely theoretical and does not represent the actual historical performance of the Index andhasnot
beenverified by an independent third party. Hypothetical back-tested performance measures have inherent limitations. Alternative
modeling techniques might produce significantly different resultsand may prove to be more appropriate. Past performance, and
especially hypothetical back-tested performance, is not indicative of future results.Thistype of information has inherent limitations
and youshould carefullyconsider these limitations before placing reliance on such information. Hypotheticalback-tested
performance is derived bymeansof the retroactive application of a back-tested model that hasbeen designed with the benefit of
hindsight.
•THE INDEX MAY NOT BE SUCCESSFUL AND MAY NOT OUTPERFORM THE UNDERLYING INDEX-
The Index providesnotional exposure tothe Underlying Index, while targeting an annualized volatility of 5%. No assurance can be
given that the volatility targeting strategy will be successful or that the Index will outperformthe Underlying Index or any alternative
strategythat might be employed to providevolatility-adjusted exposure to the Underlying Index.
•THE INDEX MAY NOT APPROXIMATE ITS TARGET VOLATILITY -
No assurance can be given that the Index will approximate its target volatility. The actual realized volatility of the Indexmay be
greater or less than its target volatility. The exposure to theUnderlying Index isdynamically adjusted on adailybasis, subject to a
maximum exposure limit, based on the historical volatility of the UnderlyingIndex. However, there is noguarantee that trends
existing in the past will continue in the future.The volatility of the Underlying Indexon anyday maychangequicklyand
unexpectedly.Due to the decay factors utilized insetting the leverage factor for the Index, the long-term realized volatility of the
Index may be lower than its target volatility.Accordingly, the actual realized annualized volatilityof the Indexmay be greater than
or less than the target volatility, which mayadverselyaffect the level of the Index and the valueof the notes.
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•THE DAILY ADJUSTMENT OF THE EXPOSURE OF THE INDEX TO THE UNDERLYING INDEX MAY CAUSE THE INDEX NOT
TO REFLECT FULLY ANY APPRECIATION OF THE UNDERLYING INDEX OR TO MAGNIFY ANY DEPRECIATION OF THE
UNDERLYING INDEX -
In aneffort to approximate its target volatility, the Indexadjusts its exposure to the Underlying Index dailybased on the historical
volatilityof the Underlying Index, subject to amaximum exposurelimit of 150%.When thehistorical volatility is greater than the
target volatility, the Index willreduce its exposure to the Underlying Index. When the historical volatility is less than the target
volatility, theIndex will increase theexposure to the Underlying Index, up to 150%. Due tothe daily exposureadjustments, the
Index may failto realize gainsdue to appreciation of the Underlying Index at a time when the exposure is less than 100% or may
suffer increased losses due to depreciation of the UnderlyingIndex when the exposure is above100%. As a result, the Index may
underperform a similar index that doesnot include adaily exposure adjustment feature.
•THE INDEX MAY BE SIGNIFICANTLY UNINVESTED, WHICH WILL RESULT IN A PORTION OF THE INDEX REFLECTING NO
RETURN-
TheIndex utilizesthe existing Underlying Indexmethodology, plus an overlying mathematical algorithmdesigned to control the
level of risk of the Underlying Index byestablishinga specific volatility target and dynamically adjusting the exposure to the
Underlying Indexbased on itsobserved historical volatility. If the Underlying Indexexperiencesvolatility in excessof the applicable
volatilitytarget over the relevant period, the exposure to the Underlying Indexisdecreased, meaning that the Index willbe partially
uninvested and, accordingly, the Index will reflect no return with respect to the uninvested portion. Accordingly, when the exposure
of theIndex to the Underlying Index is less than 100% on any day, theIndex will be partially uninvested.For example, if the
exposure is set at 20%, theIndex will be 80% uninvested. Under normal market conditions, the Index is expected to be
significantlyuninvested. Increased volatility in the Underlying Indexmay adverselyaffect the performance of the Index and the
value of thenotes.
•OTHER KEY RISKS:
OTHE INDEX, WHICH WAS ESTABLISHED ON SEPTEMBER 18, 2023, HAS A LIMITED OPERATING HISTORY AND MAY
PERFORM IN UNEXPECTED WAYS.
OTHE EFFECTIVE FEDERAL FUNDS RATE WILL BE AFFECTED BY A NUMBER OF FACTORS AND MAY BE VOLATILE.
OTHE EFFECTIVE FEDERAL FUNDS RATE AND THE MANNER IN WHICH IT IS CALCULATED MAY CHANGE INTHE
FUTURE.
Please refer to the "Risk Factors" section of the accompanying underlying supplement for more details regarding the above-listed and
other risks.
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Hypothetical Back-Tested Data and Historical Information
The following graph sets forth the hypothetical back-tested performance of the Index based on the hypothetical back-tested weekly
closing levels of the Index from January4, 2019 through September 15, 2023, and the historical performance of the Index basedon the
weekly historical closing levels of the Index from September 22, 2023 through October 25, 2024. The Index was established on
September 18, 2023, as represented by the red vertical line in the following graph.All data to the left of that vertical line reflect
hypothetical back-testedperformance of the Index. Alldata to the right of that vertical line reflect actual historical performance of the
Index. The closing levelof the Index on October 29, 2024 was 117.38. We obtained the closing levelsabove and below from the
Bloomberg Professional®service ("Bloomberg"), without independent verification.
The data for the hypotheticalback-tested performance of the Index set forth in the followinggraph are purely theoretical and do not
represent the actual historicalperformance of the Index.See "Selected Risk Considerations - Risks Relating to the Index-
Hypothetical Back-Tested Data Relating to the Index Do Not Represent Actual Historical Data and Are Subject to Inherent Limitations"
above.
The hypothetical back-tested and historical closing levels of the Indexshould not be taken as an indication of future performance, and
no assurance can be given as to the closing level of the Index onthe Pricing Date or any Review Date. There can be no assurance
that the performance of the Index will result in a payment at maturityin excess of your principal amount, subject to thecredit risksof
JPMorgan Financialand JPMorgan Chase & Co.
The hypothetical back-tested closinglevelsof the Index have inherent limitations and havenot been verified by an independent third
party. These hypotheticalback-tested closing levels are determined by means of a retroactiveapplication of a back-tested model
designed withthebenefit of hindsight. Hypothetical back-tested results are neither anindicator nor a guarantee of future returns. No
representation is made that an investment in the notes will or is likely to achieve returns similar to those shown. Alternative modeling
techniquesor assumptions would produce different hypothetical back-tested closinglevels of theIndex that might prove to bemore
appropriate and that might differ significantly from the hypothetical back-tested closing levels of the Index set forth above.
Treatment as ContingentPayment Debt Instruments
You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences," and in particular the subsection
thereof entitled "-Tax Consequences to U.S. Holders- Notes with a Term of More thanOne Year -NotesTreated as Contingent
Payment Debt Instruments," in the accompanying product supplement no. 3-I.Unlike a traditionaldebt instrument that providesfor
periodicpaymentsof interest at a single fixed rate, with respect to which acash-method investor generally recognizes income only
upon receipt of stated interest, our special tax counsel, Davis Polk & Wardwell LLP, is of the opinion that the notes will be treated for
U.S. federal incometax purposesas "contingent payment debt instruments."As discussedin that subsection, you generally will be
required to accrue original issue discount ("OID") on your notes in each taxable year at the "comparableyield," asdetermined by us,
although we will not make any payment with respect to the notes except upon an automaticcall or at maturity. Uponsale or exchange
(including an automatic call or at maturity), you will recognize taxable income or loss equal to thedifference between the amount
received from the saleor exchangeandyour adjusted basisin thenote, which generally will equal the cost thereof, increasedby the
amount of OID you have accrued in respect of the note. You generally must treat any income asinterest income and any lossas
ordinaryloss to the extent of previousinterest inclusions, and thebalance as capital loss.The deductibility of capital losses is subject
to limitations.Special rules may apply if any payment in excessof the principal amount of your noteistreated as becoming fixed prior
to maturity.You should consult your tax adviser concerning the application of these rules.The discussionsherein and inthe
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accompanying product supplement do not addresstheconsequences totaxpayers subject to specialtax accounting rules under
Section 451(b) of the Code.Purchasers whoare not initialpurchasers of notes at their issue price shouldconsult their tax advisers with
respect to the tax consequences of aninvestment in notes, including the treatment of thedifference, if any, between the basis in their
notes and the notes' adjusted issue price.
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 theapplicable
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 pay U.S.-source dividendsfor U.S. federal
income taxpurposes (each an "Underlying Security"). Based on certain determinations made by us, 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
thisdetermination. Section 871(m) iscomplex and its application may depend on your particular circumstances, including whether you
enter intoother transactions with respect to an Underlying Security.If necessary, further information regarding the potential application
of Section 871(m) will be provided in the pricing supplement for the notes.Youshould consult your taxadviser regarding the potential
application of Section 871(m) to thenotes.
The discussionsin the preceding paragraphs, when read in combination with the sectionentitled "Material U.S.Federal Income Tax
Consequences" (and in particular the subsection thereof entitled "- Tax Consequences toU.S. Holders- Notes with a Term of More
than One Year-Notes Treated as Contingent Payment Debt Instruments") in the accompanying product supplement, constitute the
fullopinion of Davis Polk & WardwellLLP regarding thematerial U.S. federal income tax consequences of owning and disposing of
notes.
Comparable Yield and Projected Payment Schedule
We will determine thecomparable yield for the notesand will provide that comparable yield and the related projectedpaymentschedule
(or information about how toobtain them) in the pricing supplement for thenotes, which we will file with the SEC. Although it is not
entirelyclear how the comparableyield and projected payment schedule should be determined when adebt instrument may be
redeemedbythe issuer prior to maturity, we will determine the comparable yield based upon the term to maturity of the notesassuming
no early redemption occursand a variety of other factors, including actual market conditions and our borrowing costs for debt
instrumentsof comparable maturitiesat the time of issuance.The comparableyield and projected payment schedule are
determined solely to calculate the amount onwhich youwill be taxed with respect to the notes in each year and are neither a
prediction nor aguarantee of what the actual yield or timing of the payment or payments will be.
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 secondarymarket (if anyexists) at
any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied
funding rate for vanilla fixed income instrumentsof asimilar maturityissued by JPMorganChase & Co. or its affiliates. Any difference
maybe based on, among other things, our and our affiliates' view of the funding value of 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, which mayprove
to beincorrect, and is intended to approximatetheprevailing market replacement funding rate for the notes. The use of an internal
funding rate and anypotential changes to that ratemay have an adverse effect on the terms of the notes and any secondary market
prices of the notes. For additional information, see "Selected Risk Considerations-Risks Relating to the Estimated Value and
Secondary Market Pricesof the Notes -The Estimated Value of the NotesIs Derived by Reference to anInternalFunding Rate" in this
pricing supplement.
The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing modelsof our
affiliates.These modelsare dependent on inputssuch as the traded market prices of comparable derivative instruments and on
variousother inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other
factors, as well as assumptions about future market events and/or environments.Accordingly, theestimated value of thenotes is
determined when the termsof the notes are set based on market conditions and other relevant factors and assumptions existing at that
time.
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Theestimated value of thenotes doesnot represent future values of thenotes and may differ from others' estimates. Different pricing
modelsand assumptionscould provide valuations forthenotes 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.'s creditworthiness, interest ratemovements and other relevant factors, which may impact the price, if any, at
which JPMS would be willingto buy notesfromyou in secondarymarket transactions.
Theestimated value of the noteswill be lower than the original issue price of the notes because costs associatedwithselling,
structuring and hedging the notes are included in the original issue price of the notes.These costs include the selling commissions
paidto JPMS and other affiliated or unaffiliated dealers, theprojected profits, if any, that our affiliatesexpect to realizefor assuming
risks inherent in hedging our obligations under thenotes and the estimated cost of hedgingour obligations under the notes.Because
hedging our obligations entails risk and may be influenced by market forces beyondour control, this hedging may result in a profit that
ismoreor less than expected,or it may result in a loss.A portionof 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- Risks Relating to the Estimated Value and SecondaryMarket Prices of the Notes-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 Prices of the Notes -Secondary market prices of the notes will beimpacted bymany
economic and market factors"in the accompanying product supplement.In addition, we generally expect that some of the costs
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 costs can includeselling commissions,
projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internalsecondarymarket funding rates
for structured debt issuances.This initial predetermined time period is intended to be the shorter of sixmonths and one-half of the
stated term of thenotes.Thelengthof any such initial period reflects the structure of the notes, whether our affiliatesexpect toearn a
profit inconnection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as
determined by our affiliates.See"Selected Risk Considerations- Risks Relating to the Estimated Value and Secondary Market Prices
of the Notes-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 pricingsupplement.
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 "Note Payout Scenarios" in this pricingsupplement for anillustration of the risk-return profile of
the notes and"TheS&P®Global 100 PR 5% Daily Risk Control 0.5% DeductionIndex (USD) ER"in thispricing supplementfor a
description of the market exposureprovided by the notes.
The originalissue price of thenotes is equal to the estimated value of the notesplus 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 theapplicable
agent. We reservethe right to change the terms of, or reject anyoffer to purchase, the notes prior to their issuance. In the event of any
changes to the terms of the notes, we will notifyyou and you will be asked to accept such changes 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
addendumand the more detailed information contained in the accompanying product supplement and the accompanying underlying
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 writtenmaterialsincluding preliminary or indicative pricing terms,
correspondence, trade ideas,structures for implementation, samplestructures, fact sheets, brochures or other educational materialsof
ours. Youshould carefullyconsider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying
prospectussupplement, the accompanying product supplement and the accompanying underlyingsupplement and in Annex A to the
accompanying prospectus addendum, as the notesinvolve risks not associated with conventional debt securities. We urge you to
consult your investment,legal, tax, accounting and other advisersbefore you invest in the notes.
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You may access these documentson the SEC website at www.sec.gov asfollows (or if such addresshaschanged, by reviewingour
filingsfor the relevant dateon the SEC website):
•Product supplement no. 3-I dated April 13, 2023:
•Underlying supplement no. 2-IVdated October 20, 2023:
•Prospectus supplement and prospectus, each dated April 13, 2023:
•Prospectus addendum datedJune 3, 2024:
Our CentralIndex Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617. As used in thispricing
supplement, "we," "us" and "our" refer to JPMorgan Financial.