The information in this preliminary pricing supplement is
not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities
in any jurisdiction where the offer or sale is not permitted.
Subject to completion dated August 27,
2024
PRICING SUPPLEMENT
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-270004 and 333-270004-01
Dated August , 2024
JPMorgan Chase Financial Company LLC Trigger Autocallable Contingent
Yield Notes
Linked to the common stock of Freeport-McMoRan Inc. due on or about September
2, 2027
Linked to the common stock of Morgan Stanley due on or about September 2, 2027
Linked to the common stock of Pfizer Inc. due
on or about September 2, 2027
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
Trigger Autocallable Contingent Yield Notes are unsecured and unsubordinated
debt securities issued by JPMorgan Chase Financial Company LLC (“JPMorgan Financial”), the payment on which is fully and unconditionally
guaranteed by JPMorgan Chase & Co., (each, a “Note” and collectively, the “Notes”) linked to the
performance of the common stock of a specific company (the “Underlying”). If the closing price of one share of the applicable
Underlying on the applicable quarterly Observation Date is equal to or greater than the applicable Coupon Barrier, JPMorgan Financial
will make a Contingent Coupon payment with respect to that Observation Date. Otherwise, no coupon will be payable with respect to that
Observation Date. JPMorgan Financial will automatically call the Notes early if the closing price of one share of the applicable Underlying
on any quarterly Observation Date (after an initial six-month non-call period) is equal to or greater than the applicable Initial Value.
If the Notes are called, JPMorgan Financial will pay the principal amount plus the applicable Contingent Coupon for that Observation
Date and no further amounts will be owed to you. If the Notes are not called prior to maturity and the applicable Final Value is equal
to or greater than the applicable Downside Threshold (which is the same price as the applicable Coupon Barrier), JPMorgan Financial will
make a cash payment at maturity equal to the principal amount of your Notes, in addition to the applicable Contingent Coupon. If the Notes
are not called prior to maturity and the applicable Final Value is less than the applicable Downside Threshold, JPMorgan Financial will
pay you less than the full principal amount, if anything, at maturity, resulting in a loss on your principal amount that is proportionate
to the decline in the price of one share of the applicable Underlying from the applicable Initial Value to the applicable Final Value.
The closing price of one share of the applicable Underlying is subject to adjustments, in the sole discretion of the calculation agent,
in the case of certain corporate events described in the accompanying product supplement under “The Underlyings — Underlying
Stocks — Anti-Dilution Adjustments” and “The Underlyings — Underlying Stocks — Reorganization Events.”
Investing in the Notes involves significant risks. You may lose some or all
of your principal amount. Generally, a higher Contingent Coupon Rate is associated with a greater risk of loss. The contingent repayment
of principal applies only if you hold the Notes to maturity. Any payment on the Notes, including any repayment of principal, is subject
to the creditworthiness of JPMorgan Financial, as issuer of the Notes, and the creditworthiness of JPMorgan Chase & Co.,
as guarantor of the Notes. If JPMorgan Financial and JPMorgan Chase & Co. were to default on their payment obligations,
you may not receive any amounts owed to you under the Notes and you could lose your entire investment.
| q | Automatically
Callable: JPMorgan Financial will automatically call the Notes and pay you the principal amount plus the applicable
Contingent Coupon otherwise due for a quarterly Observation Date (after an initial six-month non-call period) if the closing price of
one share of the applicable Underlying on that quarterly Observation Date is equal to or greater than the applicable Initial Value. No
further payments will be made on the Notes. If the Notes are not called, investors will have the potential for downside equity market
risk at maturity. |
| q | Contingent
Coupon: If the closing price of one share of the applicable Underlying on a quarterly Observation Date (including the Final
Valuation Date) is equal to or greater than the applicable Coupon Barrier, JPMorgan Financial will make a Contingent Coupon payment with
respect to that Observation Date. Otherwise, no coupon will be payable with respect to that Observation Date. |
| q | Downside
Exposure with Contingent Repayment of Principal Amount at Maturity: If by maturity the Notes
have not been called and the price of one share of the applicable Underlying closes at or above the applicable Downside Threshold on
the Final Valuation Date, JPMorgan Financial will pay you the principal amount per Note at maturity, in addition to the Contingent Coupon.
If by maturity the Notes have not been called and the price of one share of the applicable Underlying closes below the applicable Downside
Threshold on the Final Valuation Date, JPMorgan Financial will repay less than the principal amount, if anything, at maturity, resulting
in a loss on your principal amount that is proportionate to the decline in the price of one share of the applicable Underlying from the
applicable Initial Value to the applicable Final Value. The contingent repayment of principal applies only if you hold the Notes until
maturity. Any payment on the Notes, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial and
JPMorgan Chase & Co. |
Key Dates |
Trade Date1 |
August 28, 2024 |
Original Issue Date (Settlement Date)1 |
August 30, 2024 |
Observation Dates2 |
Quarterly (callable beginning February 28, 2025) (see page 5) |
Final Valuation Date2 |
August 30, 2027 |
Maturity Date2 |
September 2, 2027 |
| 1 | Expected. In the event that we
make any change to the expected Trade Date and Settlement Date, the Observation Dates, the Final Valuation Date and/or the Maturity Date
will be changed so that the stated term of the Notes remains the same. |
| 2 | Subject to postponement in the
event of a market disruption event and as described under “General Terms of Notes — Postponement of a Payment Date”
and “General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes
Linked to a Single Underlying (Other Than a Commodity Index)” in the accompanying product supplement |
THE NOTES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS.
JPMORGAN FINANCIAL IS NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE NOTES AT MATURITY, AND THE NOTES CAN HAVE DOWNSIDE
MARKET RISK SIMILAR TO THE APPLICABLE UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION
OF JPMORGAN FINANCIAL FULLY AND UNCONDITIONALLY GUARANTEED BY JPMORGAN CHASE & CO. YOU SHOULD NOT PURCHASE THE NOTES
IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE NOTES.
YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER “KEY RISKS”
BEGINNING ON PAGE 7 OF THIS PRICING SUPPLEMENT, UNDER “RISK FACTORS” BEGINNING ON PAGE S-2 OF THE ACCOMPANYING PROSPECTUS
SUPPLEMENT, IN ANNEX A TO THE ACCOMPANYING PROSPECTUS ADDENDUM AND UNDER “RISK FACTORS” BEGINNING ON PAGE PS-12 OF THE ACCOMPANYING
PRODUCT SUPPLEMENT BEFORE PURCHASING ANY NOTES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY
AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR NOTES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN THE NOTES. THE NOTES
WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE.
This pricing supplement relates to three (3) separate Note offerings. Each
issuance of offered Notes is linked to one, and only one, Underlying. You may participate in any of the three (3) Note offerings or, at
your election, in two or more of the offerings. This pricing supplement does not, however, allow you to purchase a Note linked to a basket
of some or all of the Underlyings described below. The Notes are offered at a minimum investment of $1,000 in denominations of $10 and
integral multiples thereof. Each of the three (3) Note offerings is linked to the common stock of a different company, and each of the
three (3) Note offerings has its own Contingent Coupon Rate, Initial Value, Downside Threshold and Coupon Barrier, each of which will
be finalized on the Trade Date and provided in the pricing supplement. The Downside Threshold and Coupon Barrier will be set to the same
percentage for each Note. The actual Downside Threshold and Coupon Barrier for each Note will not be greater than the top of the applicable
range listed below, but you should be willing to invest in the Notes if the Downside Threshold and Coupon Barrier were set equal to the
top of the applicable range. The performance of each Note offering will not
depend on the performance of any other Note offering.
Underlying |
Contingent
Coupon Rate |
Initial
Value |
Downside Threshold |
Coupon Barrier |
CUSIP |
ISIN |
Common stock of Freeport-McMoRan Inc. (Bloomberg ticker: FCX) |
10.35% per annum |
$• |
50.00% to 55.00%
of the Initial Value |
50.00% to 55.00%
of the Initial Value |
48131G238 |
US48131G2387 |
Common stock of Morgan Stanley (Bloomberg ticker: MS) |
8.00% per annum |
$• |
55.90% to 60.90%
of the Initial Value |
55.90% to 60.90%
of the Initial Value |
48131G246 |
US48131G2460 |
Common stock of Pfizer Inc. (Bloomberg ticker: PFE) |
8.00% per annum |
$• |
58.50% to 63.50%
of the Initial Value |
58.50% to 63.50%
of the Initial Value |
48131G253 |
US48131G2536 |
See “Additional
Information about JPMorgan Financial, JPMorgan Chase & Co. and the Notes” in this pricing supplement. The Notes will
have the terms specified in the prospectus and the prospectus supplement, each dated April 13, 2023, the prospectus addendum dated June
3, 2024, product supplement no. UBS-1-I dated April 13, 2023 and this pricing supplement. The terms of the Notes as set forth in this
pricing supplement, to the extent they differ or conflict with those set forth in the accompanying product supplement, will supersede
the terms set forth in that product supplement.
Neither the Securities and Exchange Commission (the “SEC”) nor any state securities commission has approved
or disapproved of the Notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, the
accompanying prospectus supplement, the accompanying prospectus addendum and the accompanying product supplement. Any representation to
the contrary is a criminal offense.
|
Price to Public(1) |
Fees and Commissions(2) |
Proceeds to Issuer |
Offering of Notes |
Total |
Per Note |
Total |
Per Note |
Total |
Per Note |
Notes linked to the common stock of Freeport-McMoRan Inc. |
|
$10 |
|
$0.20 |
|
$9.80 |
Notes linked to the common stock of Morgan Stanley |
|
$10 |
|
$0.20 |
|
$9.80 |
Notes linked to the common stock of Pfizer Inc. |
|
$10 |
|
$0.20 |
|
$9.80 |
| (1) | See “Supplemental Use of Proceeds” in this pricing
supplement for information about the components of the price to public of the Notes. |
| (2) | UBS Financial Services Inc., which we refer to as UBS, will
receive selling commissions from us that will not exceed $0.20 per $10 principal amount Note. See “Plan of Distribution (Conflicts
of Interest)” in the accompanying product supplement, as supplemented by “Supplemental Plan of Distribution” in this
pricing supplement. |
If the Notes
priced today and assuming a Downside Threshold and Coupon Barrier equal to the middle of the applicable range listed above, the estimated
value of the Notes would be approximately $9.604, $9.66 and $9.65 per $10 principal amount Note linked to the common stock of Freeport-McMoRan
Inc., linked to the common stock of Morgan Stanley and linked to the common stock of Pfizer Inc., respectively. The estimated value of
the Notes, when the terms of the Notes are set, will be provided in the pricing supplement and for each offering will not be less than
$9.30 per $10 principal amount Note. See “The Estimated Value of the Notes” in this pricing supplement for additional
information.
The Notes are not bank deposits, are not insured by the Federal
Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.
UBS Financial
Services Inc. |
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024072912/image_006.jpg) |
Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and 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 agent. We reserve the right to change the terms of, or reject any offer 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 such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer
to purchase.
This pricing supplement relates to three (3) separate Note offerings.
Each issue of the offered Notes is linked to one, and only one, Underlying. The purchaser of a Note will acquire a Note linked to a single
Underlying (not to a basket or index that includes the other Underlyings). You may participate in any of the three (3) Note offerings
or, at your election, in two or more of the offerings. We reserve the right to withdraw, cancel or modify any of the offerings and to
reject orders in whole or in part. While each Note offering relates only to a single Underlying identified on the cover page, you should
not construe that fact as a recommendation of the merits of acquiring an investment linked to that Underlying (or any other Underlying)
or as to the suitability of an investment in the Notes.
You should read this pricing supplement together with the accompanying prospectus,
as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes, of which these Notes are a part,
the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement. This pricing
supplement, together with the documents listed below, contains the terms of the Notes and supersedes all other prior or contemporaneous
oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas,
structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully
consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying prospectus supplement
and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the Notes involve risks not associated
with conventional debt securities.
You may access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
| t | Prospectus addendum dated June 3, 2024:
|
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm
Our Central Index Key, or CIK, on the SEC website is 1665650,
and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, the “Issuer,” “JPMorgan
Financial,” “we,” “us” and “our” refer to JPMorgan Chase Financial Company LLC.
Supplemental Terms of the Notes |
For purposes of the accompanying product supplement, each of
the common stock of Freeport-McMoRan Inc., the common stock of Morgan Stanley and the common stock of Pfizer Inc. is an “Underlying
Stock.”
Any values of the Underlyings, and any values derived therefrom,
included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement
and the corresponding terms of the Notes. Notwithstanding anything to the contrary in the indenture governing the Notes, that amendment
will become effective without consent of the holders of the Notes or any other party.
The Notes may be suitable for you if, among other considerations:
t You
fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.
t You
can tolerate a loss of all or a substantial portion of your investment and are willing to make an investment that may have the same downside
market risk as an investment in the applicable Underlying.
t You
accept that you may not receive a Contingent Coupon on some or all of the Coupon Payment Dates.
t You
believe the applicable Underlying will close at or above the applicable Coupon Barrier on the Observation Dates and the applicable Downside
Threshold on the Final Valuation Date.
t You
believe the applicable Underlying will close at or above the applicable Initial Value on one of the specified Observation Dates (after
an initial six-month non-call period).
t You
understand and accept that you will not participate in any appreciation of the applicable Underlying and that your potential return is
limited to the applicable Contingent Coupons.
t You
can tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside price fluctuations
of the applicable Underlying.
t You
would be willing to invest in the Notes if the applicable Downside Threshold and Coupon Barrier were set equal to the top of the applicable
range indicated on the cover hereof (the actual Downside Threshold and Coupon Barrier for each Note will be finalized on the Trade Date
and provided in the pricing supplement and will not be greater than the top of the applicable range listed on the cover).
t You
do not seek guaranteed current income from this investment and are willing to forgo dividends paid on the applicable Underlying.
t You
are able and willing to invest in Notes that may be called early (after an initial six-month non-call period) or you are otherwise able
and willing to hold the Notes to maturity.
t You
accept that there may be little or no secondary market for the Notes and that any secondary market will depend in large part on the price,
if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS, is willing to trade the Notes.
t You
understand and accept the single stock risk associated with the Notes and you understand and are willing to accept the risks associated
with the applicable Underlying.
t You
are willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Notes, and understand
that if JPMorgan Financial and JPMorgan Chase & Co. default on their obligations, you may not receive any amounts due to you including
any repayment of principal. |
|
The Notes may not be suitable for you if, among other considerations:
t You
do not fully understand the risks inherent in an investment in the Notes, including the risk of loss of your entire initial investment.
t You
cannot tolerate a loss of all or a substantial portion of your investment or are unwilling to make an investment that may have the same
downside market risk as an investment in the applicable Underlying.
t You
require an investment designed to provide a full return of principal at maturity.
t You
do not accept that you may not receive a Contingent Coupon on some or all of the Coupon Payment Dates.
t You
believe that the price of one share of the applicable Underlying will decline during the term of the Notes and is likely to close below
the applicable Coupon Barrier on the Observation Dates and the applicable Downside Threshold on the Final Valuation Date.
t You
seek an investment that participates in the full appreciation of the applicable Underlying or that has unlimited return potential.
t You
cannot tolerate fluctuations in the price of the Notes prior to maturity that may be similar to or exceed the downside price fluctuations
of the applicable Underlying.
t You
would not be willing to invest in the Notes if the applicable Downside Threshold and Coupon Barrier were set equal to the top of the applicable
range indicated on the cover hereof (the actual Downside Threshold and Coupon Barrier for each Note will be finalized on the Trade Date
and provided in the pricing supplement and will not be greater than the top of the applicable range listed on the cover).
t You
prefer the lower risk, and therefore accept the potentially lower returns, of fixed income investments with comparable maturities and
credit ratings.
t You
seek guaranteed current income from this investment or prefer to receive the dividends paid on the applicable Underlying.
t You
are unable or unwilling to invest in Notes that may be called early (after an initial six-month non-call period), or you are otherwise
unable or unwilling to hold the Notes to maturity, or you seek an investment for which there will be an active secondary market.
t You
do not understand or accept the single stock risk associated with the Notes or you do not understand or are not willing to accept the
risks associated with the applicable Underlying.
t You
are not willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Notes, including
any repayment of principal. |
The suitability considerations identified above are not exhaustive.
Whether or not the Notes are a suitable investment for you will depend on your individual circumstances, and you should reach an investment
decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an
investment in the Notes in light of your particular circumstances. You should also review carefully the “Key Risks” section
of this pricing supplement, the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product
supplement and Annex A to the accompanying prospectus addendum for risks related to an investment in the Notes. For more information on
the Underlyings, please see the section titled “The Underlyings” below.
Issuer |
|
JPMorgan
Chase Financial Company LLC, a. direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
Guarantor |
|
JPMorgan
Chase & Co. |
Issue Price |
|
$10
per Note |
Underlying |
|
Common
stock of Freeport-McMoRan Inc.
Common stock of Morgan Stanley
Common stock of Pfizer Inc. |
Principal Amount |
|
$10
per Note (subject to a minimum purchase of 100 Notes or $1,000) |
Term1 |
|
Approximately
3 years, unless called earlier |
Automatic Call Feature |
|
The
Notes will be called automatically if the closing price2 of one share of the applicable Underlying on any Observation
Date (after an initial six-month non-call period) is equal to or greater than the applicable Initial Value. If the Notes
are called, JPMorgan Financial will pay you on the applicable Call Settlement Date a cash payment per Note equal to the principal
amount plus the applicable Contingent Coupon otherwise due for the applicable Observation Date, and no further payments will
be made on the Notes. |
Contingent Coupon |
|
If
the closing price2 of one share of the applicable Underlying is equal to or greater
than the applicable Coupon Barrier on any Observation Date, we will pay you the applicable
Contingent Coupon for that Observation Date on the relevant Coupon Payment Date.
If the closing price2
of one share of the applicable Underlying is less than the applicable Coupon Barrier on any Observation Date, the applicable Contingent
Coupon for that Observation Date will not accrue or be payable, and we will not make any payment to you on the relevant Coupon Payment
Date.
Each Contingent Coupon will be a
fixed amount based on equal quarterly installments at the applicable Contingent Coupon Rate, which is a per annum rate. The table
below reflects the Contingent Coupon Rate of (i) 10.35% per annum for Notes linked to the common stock of Freeport-McMoRan Inc.,
(ii) 8.00% per annum for Notes linked to the common stock of Morgan Stanley and (iii) 8.00% per annum for Notes linked to the common
stock of Pfizer Inc. |
|
|
Contingent
Coupon (per $10 Note) |
Contingent
Coupon Payments |
|
Freeport-McMoRan
Inc. |
Morgan
Stanley |
Pfizer
Inc. |
|
$0.2588 |
$0.20 |
$0.20 |
|
|
Contingent
Coupon payments on the Notes are not guaranteed. We will not pay you the applicable Contingent Coupon for any Observation
Date on which the closing price of one share of the applicable Underlying is less than the applicable Coupon Barrier. |
Contingent Coupon
Rate |
|
The
Contingent Coupon Rate is (i) 10.35% per annum for Notes linked to the common stock of Freeport-McMoRan Inc., (ii) 8.00% per annum
for Notes linked to the common stock of Morgan Stanley and (iii) 8.00% per annum for Notes linked to the common stock of Pfizer Inc. |
Coupon Payment Dates3 |
|
As specified
under the “Coupon Payment Dates” column of the table under “Observation Dates and Coupon Payment Dates” below |
Call Settlement
Dates3 |
|
First
Coupon Payment Date following the applicable Observation Date |
Payment at Maturity (per $10 Note) |
|
If
the Notes are not automatically called and the applicable Final Value is equal to or greater
than the applicable Downside Threshold, we will pay you a cash payment at maturity per
$10 principal amount Note equal to $10 plus the applicable Contingent Coupon otherwise
due on the Maturity Date.
If the Notes are not automatically
called and the applicable Final Value is less than the applicable Downside Threshold, we will pay you a cash payment at maturity
that is less than $10 per $10 principal amount Note, equal to:
$10 × (1
+ Underlying Return)
In this scenario,
you will be exposed to the decline in the price of one share of the applicable Underlying and you will lose some or all of your principal
at maturity in an amount proportionate to the negative Underlying Return. |
Underlying Return |
|
(Final
Value – Initial Value)
Initial Value |
Initial Value |
|
The
closing price of one share of the applicable Underlying on the Trade Date |
Final Value |
|
The
closing price2 of one share of the applicable Underlying on the Final Valuation Date |
Downside Threshold |
|
A
percentage of the Initial Value of the applicable Underlying, as specified on the cover of
this pricing supplement.
The actual Downside Threshold for
each Note will be finalized on the Trade Date and provided in the pricing supplement and will be set to the same percentage as the
applicable Coupon Barrier. |
Coupon Barrier |
|
A
percentage of the Initial Value of the applicable Underlying, as specified on the cover of
this pricing supplement.
The actual Coupon Barrier for each
Note will be finalized on the Trade Date and provided in the pricing supplement and will be set to the same percentage as the applicable
Downside Threshold. |
Stock Adjustment
Factor2 |
|
The
Stock Adjustment Factor is referenced in determining the closing price of one share of the applicable Underlying. The
Stock Adjustment Factor for the applicable Underlying is set initially at 1.0 on the Trade Date. |
1 |
See footnote 1 under “Key Dates” on the front cover |
2 |
The closing price and the Stock Adjustment Factor of the applicable Underlying are subject to adjustments, in the sole discretion of the calculation agent, in the case of certain corporate events described in the accompanying product supplement under “The Underlyings — Underlying Stocks — Anti-Dilution Adjustments” and “The Underlyings — Underlying Stocks — Reorganization Events.” |
3 |
See footnote 2 under “Key Dates” on the front cover |
Trade Date |
|
The closing price of one share of the applicable Underlying (Initial Value) is observed, and the applicable Downside Threshold and the applicable Coupon Barrier are determined. |
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024072912/image_001.jpg) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly
(callable after an initial six-month non-call period) |
|
If the closing price of one share of the applicable Underlying is equal
to or greater than the applicable Coupon Barrier on any Observation Date, JPMorgan Financial will pay you a Contingent Coupon on the applicable
Coupon Payment Date.
The Notes will also be called if the closing price of one share of
the applicable Underlying on any Observation Date (after an initial six-month non-call period) is equal to or greater than the applicable
Initial Value. If the Notes are called, JPMorgan Financial will pay you a cash payment per Note equal to the principal amount plus
the applicable Contingent Coupon otherwise due for the applicable Observation Date, and no further payments will be made on the Notes. |
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024072912/image_002.jpg) |
|
|
|
|
|
|
|
Maturity Date |
|
The applicable Final Value is
determined as of the Final Valuation Date.
If the Notes are not automatically
called and the applicable Final Value is equal to or greater than the applicable Downside Threshold, we will pay you a cash payment
at maturity per $10 principal amount Note equal to $10 plus the applicable Contingent Coupon otherwise due on the Maturity Date.
If the Notes are not automatically
called and the applicable Final Value is less than the applicable Downside Threshold, we will pay you a cash payment at maturity that
is less than $10 per $10 principal amount Note, equal to:
$10 ×
(1 + Underlying Return)
In this scenario, you will
be exposed to the decline in the price of one share of the applicable Underlying and you will lose some or all of your principal at maturity
in an amount proportionate to the negative Underlying Return.: |
|
|
|
INVESTING IN THE NOTES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE
SOME OR ALL OF YOUR PRINCIPAL AMOUNT. ANY PAYMENT ON THE NOTES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS
OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. IF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. WERE TO DEFAULT
ON THEIR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE NOTES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.
Observation Dates and Coupon Payment Dates |
Observation Dates† |
Coupon Payment Dates |
November 29, 2024 |
December 3, 2024 |
February 28, 2025 |
March 4, 2025 |
May 28, 2025 |
May 30, 2025 |
August 28, 2025 |
September 2, 2025 |
November 28, 2025 |
December 2, 2025 |
February 27, 2026 |
March 3, 2026 |
May 28, 2026 |
June 1, 2026 |
August 28, 2026 |
September 1, 2026 |
November 30, 2026 |
December 2, 2026 |
February 26, 2027 |
March 2, 2027 |
May 28, 2027 |
June 2, 2027 |
August 30, 2027 (the Final Valuation Date) |
September 2, 2027 (the Maturity Date) |
†The Notes are not callable until the second Observation
Date, February 28, 2025.
Each of the Observation Dates, and therefore the Coupon Payment Dates,
is subject to postponement in the event of a market disruption event and as described under “General Terms of Notes — Postponement
of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity
Index)” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement.
What Are the Tax Consequences of the Notes? |
You should review carefully the section entitled “Material U.S.
Federal Income Tax Consequences” in the accompanying product supplement no. UBS-1-I. In determining our reporting responsibilities
we intend to treat (i) the Notes for U.S. federal income tax purposes as prepaid forward contracts with associated contingent coupons
and (ii) any Contingent Coupons 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 advice of Davis Polk & Wardwell LLP, our special tax counsel, we believe that
this is a reasonable treatment, but that there are other reasonable treatments that the IRS or a court may adopt.
Sale, Exchange or Redemption of a Note. Assuming the treatment
described above is respected, upon a sale or exchange of the Notes (including redemption upon an automatic call or at maturity), you should
recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Notes,
which should equal the amount you paid to acquire the Notes (assuming Contingent Coupons are properly treated as ordinary income, consistent
with the position referred to above). This gain or loss should be short-term capital gain or loss unless you hold the Notes for more than
one year, in which case the gain or loss should be long-term capital gain or loss, whether or not you are an initial purchaser of the
Notes at the issue price. The deductibility of capital losses is subject to limitations. If you sell your Notes between the time your
right to a Contingent Coupon is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary income equal
to the Contingent Coupon. Although uncertain, it is possible that proceeds received from the sale or exchange of your Notes prior to an
Observation Date but that can be attributed to an expected Contingent Coupon payment could be treated as ordinary income. You should consult
your tax adviser regarding this issue.
As described above, there are other reasonable treatments that the
IRS or a court may adopt, in which case the timing and character of any income or loss on the Notes could be materially affected. In addition,
in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of “prepaid forward
contracts” and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue
income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or
loss with respect to these instruments and the relevance of factors such as the nature of the underlying property to which the instruments
are linked. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other
guidance promulgated after consideration of these issues could materially affect the tax consequences of an investment in the Notes, possibly
with retroactive effect. The discussions above and in the accompanying product supplement do not address the consequences to taxpayers
subject to special tax accounting rules under Section 451(b) of the Code. You should consult your tax adviser regarding the U.S. federal
income tax consequences of an investment in the Notes, including possible alternative treatments and the issues presented by the notice
described above.
Non-U.S. Holders — Tax Considerations. The U.S. federal
income tax treatment of Contingent Coupons is uncertain, and although we believe it is reasonable to take a position that Contingent Coupons
are not subject to U.S. withholding tax (at least if an applicable Form W-8 is provided), it is expected that withholding agents will
(and we, if we are the withholding agent, intend to) withhold on any Contingent Coupon paid to a Non-U.S. Holder generally at a rate of
30% or at a reduced rate specified by an applicable income tax treaty under an “other income” or similar provision. We will
not be required to pay any additional amounts with respect to amounts withheld. In order to claim an exemption from, 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 is eligible for such an exemption or reduction under an applicable tax treaty. If you are a Non-U.S. Holder, you should consult
your tax adviser regarding the tax treatment of the Notes, 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 (unless an income tax treaty applies) on dividend equivalents paid
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 from the scope
of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that
could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”). Based on certain determinations
made by us, we expect that Section 871(m) will not apply to the Notes with regard to Non-U.S. Holders. Our determination is not binding
on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular
circumstances, including whether you enter into other 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. You should consult your
tax adviser regarding the potential application of Section 871(m) to the Notes.
In the event of any withholding on the Notes, we will not be required
to pay any additional amounts with respect to amounts so withheld.
An investment in the Notes involves significant risks. Investing in the
Notes is not equivalent to investing directly in the applicable Underlying. These risks are explained in more detail in the “Risk
Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying
prospectus addendum. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Notes.
Risks Relating to the Notes Generally
| t | Your Investment in the Notes May Result in a Loss — The
Notes differ from ordinary debt securities in that JPMorgan Financial will not necessarily repay the full principal amount of the Notes.
If the Notes are not called and the closing price of one share of the applicable Underlying has declined below the applicable Downside
Threshold on the Final Valuation Date, you will be fully exposed to any depreciation in the closing price of one share of the applicable
Underlying from the applicable Initial Value to the applicable Final Value. In this case, JPMorgan Financial will repay less than the
full principal amount at maturity, resulting in a loss of principal that is proportionate to the negative Underlying Return. Under these
circumstances, you will lose 1% of your principal for every 1% that the applicable Final Value is less than the applicable Initial Value
and could lose your entire principal amount. As a result, your investment in the Notes may not perform as well as an investment in a security
that does not have the potential for full downside exposure to the applicable Underlying at maturity. |
| t | Credit Risks of JPMorgan Financial and JPMorgan Chase & Co.
— The Notes are unsecured and unsubordinated debt obligations of the Issuer, JPMorgan Chase Financial Company LLC, the payment on
which is fully and unconditionally guaranteed by JPMorgan Chase & Co. The Notes will rank pari passu with all of
our other unsecured and unsubordinated obligations, and the related guarantee by JPMorgan Chase & Co. will rank pari
passu with all of JPMorgan Chase & Co.’s other unsecured and unsubordinated obligations. The Notes and related
guarantees are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Notes, including any
repayment of principal, depends on the ability of JPMorgan Financial and JPMorgan Chase & Co. to satisfy their obligations
as they come due. As a result, the actual and perceived creditworthiness of JPMorgan Financial and JPMorgan Chase & Co.
may affect the market value of the Notes and, in the event JPMorgan Financial and JPMorgan Chase & Co. were to default on
their obligations, you may not receive any amounts owed to you under the terms of the Notes and you could lose your entire investment. |
| t | As a Finance Subsidiary, JPMorgan Financial Has No Independent Operations
and Limited Assets — As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations
beyond the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital
contribution from JPMorgan 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. As a 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 bankruptcy or 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 to make payments on the Notes, you may have to seek payment under the related guarantee by JPMorgan
Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan
Chase & Co. For more information, see the accompanying prospectus addendum. |
| t | You Are Not Guaranteed Any Contingent Coupons — We will
not necessarily make periodic coupon payments on the Notes. If the closing price of one share of the applicable Underlying on an Observation
Date is less than the applicable Coupon Barrier, we will not pay you the applicable Contingent Coupon for that Observation Date and the
applicable Contingent Coupon that would otherwise be payable will not be accrued and will be lost. If the closing price of one share of
the applicable Underlying is less than the applicable Coupon Barrier on each of the Observation Dates, we will not pay you any Contingent
Coupon during the term of, and you will not receive a positive return on, your Notes. Generally, this non-payment of the Contingent Coupon
coincides with a period of greater risk of principal loss on your Notes. |
| t | Return on the Notes Limited to the Sum of Any Contingent Coupons and You
Will Not Participate in Any Appreciation of the Applicable Underlying — The return potential of the Notes is limited
to the specified Contingent Coupon Rate, regardless of the appreciation in the closing price of one share of the applicable Underlying,
which may be significant. In addition, the total return on the Notes will vary based on the number of Observation Dates on which the requirements
for a Contingent Coupon have been met prior to maturity or an automatic call. Further, if the Notes are called, you will not receive any
Contingent Coupons or any other payments in respect of any Observation Dates after the applicable Call Settlement Date. Because the Notes
could be called as early as the second Observation Date, the total return on the Notes could be minimal. If the Notes are not called,
you may be subject to the applicable Underlying’s risk of decline even though you are not able to participate in any potential
appreciation in the price of one share of the applicable Underlying. Generally, the longer the Notes remain outstanding, the less likely
it is that they will be automatically called, due to the decline in the price of one share of the applicable Underlying and the shorter
time remaining for the price of one share of the applicable Underlying to recover to or above the applicable Initial Value on a subsequent
Observation Date. As a result, the return on an investment in the Notes could be less than the return on a direct investment in the applicable
Underlying. In addition, if the Notes are not called and the applicable Final Value is below the applicable Downside Threshold, you will
have a loss on your principal amount and the overall return on the Notes may be less than the amount that would be paid on a conventional
debt security of JPMorgan Financial of comparable maturity. |
| t | Contingent Repayment of Principal Applies Only If You Hold the Notes to
Maturity — If you are able to sell your Notes in the secondary market, if any, prior to maturity, you may have to sell
them at a loss relative to your initial investment even if the closing price of one share of the applicable Underlying is above the applicable
Downside Threshold. If by maturity the Notes have not been called, either JPMorgan Financial will repay you the full principal amount
per Note plus the applicable Contingent |
Coupon, or if the price of one share of the
applicable Underlying closes below the applicable Downside Threshold on the Final Valuation Date, JPMorgan Financial will repay less than
the principal amount, if anything, at maturity, resulting in a loss on your principal amount that is proportionate to the decline in the
closing price of one share of the applicable Underlying from the applicable Initial Value to the applicable Final Value. This contingent
repayment of principal applies only if you hold your Notes to maturity.
| t | A Higher Applicable Contingent Coupon Rate and/or a Lower Applicable Coupon
Barrier and/or Applicable Downside Threshold May Reflect Greater Expected Volatility of the Applicable Underlying, Which Is Generally
Associated with a Greater Risk of Loss — Volatility is a measure of the degree of variation in the price of one share
of the applicable Underlying over a period of time. The greater the expected volatility of the applicable Underlying at the time the terms
of the Notes are set, the greater the expectation is at that time that the price of one share of the applicable Underlying could close
below the applicable Coupon Barrier on any Observation Date, resulting in the loss of one or more, or all, Contingent Coupon payments,
or below the applicable Downside Threshold on the Final Valuation Date, resulting in the loss of a significant portion or all of your
principal at maturity. In addition, the economic terms of the Notes, including the applicable Contingent Coupon Rate, the applicable Coupon
Barrier and the applicable Downside Threshold, are based, in part, on the expected volatility of the applicable Underlying at the time
the terms of the Notes are set, where a higher expected volatility will generally be reflected in a higher applicable Contingent Coupon
Rate than the fixed rate we would pay on conventional debt securities of the same maturity and/or on otherwise comparable securities and/or
a lower applicable Coupon Barrier and/or a lower applicable Downside Threshold as compared to otherwise comparable securities. Accordingly,
a higher applicable Contingent Coupon Rate will generally be indicative of a greater risk of loss while a lower applicable Coupon Barrier
or applicable Downside Threshold does not necessarily indicate that the Notes have a greater likelihood of paying Contingent Coupon payments
or returning your principal at maturity. You should be willing to accept the downside market risk of the applicable Underlying and the
potential loss of some or all of your principal at maturity. |
| t | Reinvestment Risk — If your Notes are called early,
the holding period over which you would have the opportunity to receive any Contingent Coupons could be as short as approximately six
months. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return and/or
with a comparable interest rate for a similar level of risk in the event the Notes are called prior to the Maturity Date. |
| t | Each Contingent Coupon Is Based Solely on the Closing Price of One Share
of the Applicable Underlying on the Applicable Observation Date — Whether a Contingent Coupon will be payable with respect
to an Observation Date will be based solely on the closing price of one share of the applicable Underlying on that Observation Date. As
a result, you will not know whether you will receive a Contingent Coupon until the related Observation Date. Moreover, because each Contingent
Coupon is based solely on the closing price of one share of the applicable Underlying on the applicable Observation Date, if that closing
price is less than the applicable Coupon Barrier, you will not receive any Contingent Coupon with respect to that Observation Date, even
if the closing price of one share of the applicable Underlying was higher on other days during the period before that Observation Date. |
| t | No Dividend Payments or Voting Rights or Other Ownership Rights in the
Applicable Underlying — As a holder of the Notes, you will not have any ownership interest or rights in the applicable
Underlying, such as voting rights or rights to receive cash dividends or other distributions. In addition, the issuer of the applicable
Underlying will not have any obligation to consider your interests as a holder of the Notes in taking any corporate action that might
affect the value of the applicable Underlying and the Notes. |
| t | No Assurances That the Investment View Implicit in the Notes Will Be Successful
— While the Notes are structured to provide for Contingent Coupons if the applicable Underlying does not close below
the applicable Coupon Barrier on the Observation Dates, we cannot assure you of the economic environment during the term or at maturity
of your Notes. |
| t | Lack of Liquidity — The Notes will not be listed on any
securities exchange. JPMS intends to offer to purchase the Notes in the secondary market, but is not required to do so. Even if there
is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Notes easily. Because other dealers are not
likely to make a secondary market for the Notes, the price at which you may be able to trade your Notes is likely to depend on the price,
if any, at which JPMS is willing to buy the Notes. |
| t | Tax Treatment — Significant aspects of the tax treatment
of the Notes are uncertain. You should consult your tax adviser about your tax situation. |
| t | The Final Terms and Valuation of the Notes Will Be Finalized on the Trade
Date and Provided in the Pricing Supplement — The final terms of the Notes will be based on relevant market conditions
when the terms of the Notes are set and will be finalized on the Trade Date and provided in the pricing supplement. In particular, the
estimated value of the applicable Notes will be finalized on the Trade Date and provided in the pricing supplement and may be as low as
the applicable minimum set forth on the cover of this pricing supplement. In addition, the Downside Threshold and Coupon Barrier for each
Note will be finalized on the Trade Date and provided in the pricing supplement and each may be as high as the applicable maximum set
forth on the cover of this pricing supplement. Accordingly, you should consider your potential investment in the Notes based on the minimum
for the estimated value of the applicable Notes and the maximum for the Downside Threshold and Coupon Barrier of the applicable Notes. |
Risks Relating
to Conflicts of Interest
| t | Potential Conflicts — We and our affiliates play a variety
of roles in connection with the issuance of the Notes, including acting as calculation agent and hedging our obligations under the Notes
and making the assumptions used to determine the pricing of the Notes and the estimated value of the Notes when the terms of the Notes
are set, which we refer to as the estimated value of the Notes. In performing these duties, our and JPMorgan Chase & Co.’s
economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests
as an investor in the Notes. In addition, our |
and JPMorgan Chase & Co.’s
business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.’s economic
interests to be adverse to yours and could adversely affect any payment on the Notes and the value of the Notes. It is possible 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
while the value of the Notes declines. Please refer to “Risk Factors — Risks Relating to Conflicts of Interest” in the
accompanying product supplement for additional information about these risks. We and/or our affiliates may also currently or from time
to time engage in business with the issuer of the applicable Underlying, including extending loans to, or making equity investments in,
the issuer of the applicable Underlying or providing advisory services to the issuer of the applicable Underlying. As a prospective purchaser
of the Notes, you should undertake an independent investigation of the issuer of the applicable Underlying as in your judgment is appropriate
to make an informed decision with respect to an investment in the Notes.
| t | Potentially Inconsistent Research, Opinions or Recommendations by JPMS,
UBS or Their Affiliates — JPMS, UBS or their affiliates may publish research, express opinions or provide recommendations
(for example, with respect to the issuer of the applicable Underlying) that are inconsistent with investing in or holding the Notes, and
that may be revised at any time. Any such research, opinions or recommendations may or may not recommend that investors buy or hold the
applicable Underlying and could affect the value of the applicable Underlying, and therefore the market value of the Notes. |
| t | Potential JPMorgan Financial Impact on the Market Price of the Applicable
Underlying — Trading or transactions by JPMorgan Financial or its affiliates in the applicable Underlying and/or over-the-counter
options, futures or other instruments with returns linked to the performance of the applicable Underlying may adversely affect the market
price of the applicable Underlying and, therefore, the market value of the Notes. |
Risks Relating to the Estimated Value and Secondary
Market Prices of the Notes
| t | 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 value of the Notes because costs associated with selling,
structuring and hedging the Notes are included in the original issue price of the Notes. These costs include the selling commissions,
the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the
Notes and the estimated cost of hedging our obligations under the Notes. See “The Estimated Value of the Notes” in this pricing
supplement. |
| t | The Estimated Value of the Notes Does Not Represent Future Values of the
Notes and May Differ from Others’ Estimates — The estimated value of the Notes is determined by reference to internal
pricing models of our affiliates when the terms of the Notes are set. This estimated value of the Notes is based on market conditions
and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates,
interest rates and other factors. Different pricing models and assumptions could 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 future may change, and
any assumptions may prove to be incorrect. On future dates, the value of the Notes could change significantly based on, among other things,
changes in market conditions, our or JPMorgan Chase & Co.’s creditworthiness, interest rate movements and other relevant
factors, which may impact the price, if any, at which JPMS would be willing to buy Notes from you in secondary market transactions. See
“The Estimated Value of the Notes” in this pricing supplement. |
| t | The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate — 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 instruments
of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be 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 ongoing liability
management costs of the Notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co.
This internal 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 potential changes to that rate
may have an adverse effect on the terms of the Notes and any secondary market prices of the Notes. See “The Estimated Value of the
Notes” in this pricing supplement. |
| t | 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 generally expect that some of the costs included in the original issue price of the Notes will be partially paid back to you
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 include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and
our internal secondary market funding rates for structured debt issuances. See “Secondary Market Prices of the Notes” in this
pricing supplement for additional information relating to this initial period. Accordingly, the estimated value of your Notes during this
initial period may be lower than the value of the Notes as published by JPMS (and which may be shown on your customer account statements). |
| t | Secondary Market Prices of the Notes Will Likely
Be Lower Than the Original Issue Price of the Notes — Any secondary market prices
of the Notes will likely be lower than the original issue price of the Notes because, among other things, secondary market prices take
into account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may
exclude selling commissions, projected hedging profits, if any, and estimated hedging costs that are included in the original issue price
of the Notes. As a result, the price, if any, at which JPMS will be willing to buy Notes from you in secondary market transactions, if
at all, is likely to be lower than the original issue price. Any sale by you prior to the Maturity Date could result in a substantial
loss to you. See the immediately following risk factor for information about additional factors that will impact any secondary market
prices of the Notes. |
The Notes are not designed
to be short-term trading instruments. Accordingly, you should be able and willing to hold your Notes to maturity. See “— Risks
Relating to the Notes Generally — Lack of Liquidity” above.
| t | Many Economic and Market Factors Will Impact the
Value of the Notes — As described under “The Estimated Value of the Notes”
in this pricing supplement, the Notes can be thought of as securities that combine a fixed-income debt component with one or more derivatives.
As a result, the factors that influence the values of fixed-income debt and derivative instruments will also influence the terms of the
Notes at issuance and their value in the secondary market. Accordingly, the secondary market price of the Notes during their term
will be impacted by a number of economic and market factors, which may either offset or magnify each other, aside from the selling commissions,
projected hedging profits, if any, estimated hedging costs and the price of one share of the applicable Underlying, including: |
| t | any actual or potential change in our or JPMorgan Chase & Co.’s
creditworthiness or credit spreads; |
| t | customary bid-ask spreads for similarly sized trades; |
| t | our internal secondary market funding rates for structured debt
issuances; |
| t | the actual and expected volatility in the closing price of one
share of the applicable Underlying; |
| t | the time to maturity of the Notes; |
| t | the likelihood of an automatic call being triggered; |
| t | whether the closing price of one share of the applicable Underlying has been, or is expected to be, less than the applicable Coupon
Barrier on any Observation Date and whether the applicable Final Value is expected to be less than the Downside Threshold; |
| t | the dividend rate on the applicable Underlying; |
| t | the occurrence of certain events affecting the issuer of the applicable Underlying that may or may not require an adjustment to the
closing price and the Stock Adjustment Factor of the applicable Underlying, including a merger or acquisition; |
| t | interest and yield rates in the market generally; and |
| t | a variety of other economic, financial, political, regulatory
and judicial events. |
Additionally, independent
pricing vendors and/or third party broker-dealers may 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 secondary market.
Risks Relating to the Underlyings
| t | Single Stock Risk — The price of one share of the applicable
Underlying can rise or fall sharply due to factors specific to that Underlying and its issuer, such as stock price volatility, earnings,
financial conditions, corporate, industry and regulatory developments, management changes and decisions and other events, as well as general
market factors, such as general stock market volatility and levels, interest rates and economic and political conditions. For additional
information regarding each Underlying and its issuer, please see “The Underlyings” and the section applicable to that Underlying
issuer in this pricing supplement and that issuer’s SEC filings referred to in those sections. We urge you to review financial and
other information filed periodically with the SEC by the applicable Underlying issuer. |
| t | No Affiliation with the Applicable Underlying Issuer —
We are not affiliated with the issuer of the applicable Underlying. We have not independently verified any of the information about the
applicable Underlying issuer contained in this pricing supplement. You should make your own investigation into the applicable Underlying
and its issuer. We are not responsible for the applicable Underlying issuer’s public disclosure of information, whether contained
in SEC filings or otherwise. |
| t | Anti-Dilution Protection Is Limited and May Be Discretionary
— Although the calculation agent will adjust the closing price and the Stock Adjustment Factor of the applicable Underlying for
certain corporate events (such as stock splits and stock dividends) affecting the applicable Underlying, the calculation agent is not
required to make an adjustment for every corporate event that can affect the applicable Underlying. If an event occurs that does not require
the calculation agent to make these adjustments, the market value of your Notes, whether the Notes will be automatically called and any
payment on the Notes may be materially and adversely affected. You should also be aware that the calculation agent may make any such adjustment,
determination or calculation in a manner that differs from what is described in the accompanying product supplement as it deems necessary
to ensure an equitable result. Subject to the foregoing, the calculation agent is under no obligation to consider your interests as a
holder of the Notes in making these determinations. |
Hypothetical terms only. Actual terms may vary.
See the cover page for actual offering terms.
The examples below illustrate the hypothetical payments on a Coupon
Payment Date, upon an automatic call or at maturity under different hypothetical scenarios for a $10.00 Note on an offering of the Notes
linked to a hypothetical Underlying and assume an Initial Value of $100, a Downside Threshold and Coupon Barrier of $80.00* (which is
80.00%* of the hypothetical Initial Value) and a Contingent Coupon Rate of 6.00% per annum. The hypothetical Initial Value of $100.00
has been chosen for illustrative purposes only and may not represent a likely actual Initial Value for any Underlying. The actual Initial
Value and the resulting Downside Threshold and Coupon Barrier for each Underlying will be based on the closing price of one share of that
Underlying on the Trade Date and will be provided in the pricing supplement.** For historical data regarding the actual closing prices
of one share of each Underlying, please see the historical information set forth under “The Underlyings” in this pricing supplement.
Principal Amount: |
$10.00 |
Term: |
Approximately 3 years (unless earlier called) |
Hypothetical Initial Value: |
$100.00 |
Hypothetical Contingent Coupon Rate: |
6.00% per annum (or 1.50% per quarter) |
Observation Dates: |
Quarterly (callable after six months) |
Hypothetical Downside Threshold: |
$80.00 (which is 80.00%* of the hypothetical Initial Value) |
Hypothetical Coupon Barrier: |
$80.00 (which is 80.00%* of the hypothetical Initial Value) |
* |
The actual Downside Threshold and Coupon Barrier for each Underlying will be finalized on the Trade Date and provided in the pricing supplement. If the actual Downside Threshold and Coupon Barrier for the applicable Underlying are greater than the assumed Downside Threshold and Coupon Barrier specified above, there will be a greater possibility that the closing price of one share of that Underlying will decline below its Coupon Barrier on an Observation Date and/or its Downside Threshold on the Final Valuation Date. Accordingly, the payments on the Notes may be less than the amounts shown below. |
** |
The actual value of any Contingent Coupon payments you will receive over the term of the Notes, the actual value of the payment upon automatic call or at maturity and the actual Initial Value, Downside Threshold and Coupon Barrier for each Underlying applicable to your Notes may be more or less than the amounts displayed in these hypothetical scenarios. The actual Contingent Coupon Rate for each Underlying is specified on the cover of this pricing supplement. |
The examples below are purely hypothetical and are not based on
any specific offering of Notes linked to any specific Underlying. These examples are intended to illustrate how the value of any payment
on the Notes will depend on the closing price on the Observation Dates.
Example 1 — Notes Are Automatically Called on the Second Observation
Date
Date |
Closing Price |
Payment (per Note) |
First Observation Date |
$105.00 (at or above Initial Value; Notes NOT called because Observation Date is prior to the second Observation Date) |
$0.15 (Contingent Coupon) |
Second Observation Date |
$110.00 (at or above Initial Value) |
$10.15 (Payment upon Automatic Call) |
|
|
|
|
|
Total Payment: |
$10.30 (3.00% return) |
Although the closing price is above the Initial Value on the first
Observation Date, the Notes are not called because the Notes cannot be called before the second Observation Date. Because the Notes are
automatically called on the second Observation Date, we will pay you on the applicable Call Settlement Date a total of $10.15 per Note,
reflecting your principal amount plus the applicable Contingent Coupon. When that amount is added to the Contingent Coupon payment
of $0.15 received in respect of the prior Observation Date, we will have paid you a total of $10.30 per Note for a 3.00% total return
on the Notes. No further amounts will be owed on the Notes.
Example 2 — Notes Are Automatically Called on the Eleventh
Observation Date
Date |
Closing Price |
Payment (per Note) |
First Observation Date |
$90.00 (at or above Coupon Barrier; below Initial Value) |
$0.15 (Contingent Coupon) |
Second Observation Date |
$85.00 (at or above Coupon Barrier; below Initial Value) |
$0.15 (Contingent Coupon) |
Third through Tenth Observation Dates |
Various (all at or above Coupon Barrier, all below Initial Value) |
$1.20 (Contingent Coupons) |
Eleventh Observation Date |
$105.00 (at or above Initial Value) |
$10.15 (Payment upon Automatic Call) |
|
|
|
|
|
Total Payment: |
$11.65 (16.50% return) |
Because the Notes are automatically called on the eleventh Observation
Date, we will pay you on the applicable Call Settlement Date a total of $10.15 per Note, reflecting your principal amount plus
the applicable Contingent Coupon. When that amount is added to the Contingent Coupon payments of $1.50 received in respect of prior Observation
Dates, we will have paid you a total of $11.65 per Note for a 16.50% total return on the Notes. No further amounts will be owed on the
Notes.
Example 3 — Notes Are NOT Automatically Called and
the Final Value Is at or above the Downside Threshold
Date |
Closing Price |
Payment (per Note) |
First Observation Date |
$90.00 (at or above Coupon Barrier; below Initial Value) |
$0.15 (Contingent Coupon) |
Second Observation Date |
$85.00 (at or above Coupon Barrier; below Initial Value) |
$0.15 (Contingent Coupon) |
Third through Eleventh Observation Dates |
Various (all below Coupon Barrier) |
$0.00 |
Final Valuation Date |
$85.00 (at or above Downside Threshold; below Initial Value) |
$10.15 (Payment at Maturity) |
|
|
|
|
|
Total Payment: |
$10.45 (4.50% return) |
At maturity, we will pay you a total of $10.15 per Note, reflecting
your principal amount plus the applicable Contingent Coupon. When that amount is added to the Contingent Coupon payments of $0.30
received in respect of prior Observation Dates, we will have paid you a total of $10.45 per Note for a 4.50% total return on the Notes.
Example 4 — Notes Are NOT Automatically Called and
the Final Value Is below the Downside Threshold
Date |
Closing Price |
Payment (per Note) |
First Observation Date |
$90.00 (at or above Coupon Barrier; below Initial Value) |
$0.15 (Contingent Coupon) |
Second Observation Date |
$85.00 (at or above Coupon Barrier; below Initial Value) |
$0.15 (Contingent Coupon) |
Third through Eleventh Observation Dates |
Various (all at or above Coupon Barrier; all below Initial Value) |
$1.35 (Contingent Coupons) |
Final Valuation Date |
$60.00 (below Downside Threshold) |
$10.00 × (1 + Underlying Return) =
$10.00 × (1 + -40%) =
$10.00 × 60% =
$6.00 (Payment at Maturity) |
|
|
|
|
|
Total Payment: |
$7.65 (-23.50% return) |
Because the Notes are not automatically called, the Final Value of
$60.00 is below the Downside Threshold and the Underlying Return is -40%, at maturity we will pay you $6.00 per Note. When that amount
is added to the Contingent Coupon payments of $1.65 received in respect of prior Observation Dates, we will have paid you $7.65 per Note
for a loss on the Notes of 23.50%.
Example 5 — Notes Are NOT Automatically Called and
the Final Value Is below the Downside Threshold
Date |
Closing Price |
Payment (per Note) |
First Observation Date |
$65.00 (below Coupon Barrier) |
$0.00 |
Second Observation Date |
$60.00 (below Coupon Barrier) |
$0.00 |
Third through Eleventh Observation Dates |
Various (all below Coupon Barrier) |
$0.00 |
Final Valuation Date |
$50.00 (below Downside Threshold) |
$10.00 × (1 + Underlying Return) =
$10.00 × (1 + -50%) =
$10.00 × 50% =
$5.00 (Payment at Maturity) |
|
|
|
|
|
Total Payment: |
$5.00 (-50.00% return) |
Because the Notes are not automatically called, the Final Value is
below the Downside Threshold and the Underlying Return is -50%, at maturity we will pay you $5.00 per Note for a loss on the Notes of
50.00%. Because there is no Contingent Coupon paid during the term of the Notes, that represents the total payment on the Notes.
The hypothetical returns and hypothetical payments on the Notes shown
above apply only if you hold the Notes for their entire term or until automatically called. These hypotheticals do not reflect
fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical
returns and hypothetical payments shown above would likely be lower.
Included on the following pages is a brief description of the issuers
of the Underlyings. This information has been obtained from publicly available sources, without independent verification. We obtained
the closing price information set forth below from the Bloomberg Professional® service (“Bloomberg”), without
independent verification. You should not take the historical prices of any Underlying as an indication of future performance.
Each of the Underlyings is registered under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”). Companies with securities registered under the Exchange Act are required to
file financial and other information specified by the SEC periodically. Information filed by the issuer of each Underlying with the SEC
can be reviewed electronically through a web site maintained by the SEC. The address of the SEC’s web site is http://www.sec.gov.
Information filed with the SEC by the issuer of each Underlying under the Exchange Act can be located by reference to its SEC file number
provided below. We do not make any representation that these publicly available documents are accurate or complete.
According to its publicly available filings with the SEC, Freeport-McMoRan
Inc., which we refer to as Freeport-McMoRan, is an international mining company that produces copper, gold and molybdenum. The common
stock of Freeport-McMoRan, par value $0.10 per share (Bloomberg ticker: FCX), is listed on the New York Stock Exchange, which we refer
to as the relevant exchange for purposes of Freeport-McMoRan in the accompanying product supplement. Freeport-McMoRan’s SEC file
number is 001-11307-01.
Historical Information Regarding the Common Stock of Freeport-McMoRan
The graph below illustrates the daily performance of the common stock
of Freeport-McMoRan from January 2, 2014 through August 26, 2024, based on information from Bloomberg, without independent verification.
The closing price of one share of the common stock of Freeport-McMoRan on August 26, 2024 was $45.19. The actual Initial Value will be
the closing price of one share of the common stock of Freeport-McMoRan on the Trade Date. We obtained the closing prices above and below
from Bloomberg, without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions such as
stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.
Since its inception, the price of one share of the common stock of
Freeport-McMoRan has experienced significant fluctuations. The historical performance of the common stock of Freeport-McMoRan should not
be taken as an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock
of Freeport-McMoRan during the term of the Notes. There can be no assurance that the performance of the common stock of Freeport-McMoRan
will result in the return of any of your principal amount or the payment of any Contingent Coupon.
The dotted line represents a hypothetical Downside Threshold and Coupon Barrier
of $24.85, equal to 55.00% (based on the top of the range of 50.00% to 55.00%) of the closing price of one share of the common stock of
Freeport-McMoRan on August 26, 2024. The actual Downside Threshold and Coupon Barrier will be finalized on the Trade Date and provided
in the pricing supplement based on the closing price of one share of the common stock of Freeport-McMoRan on the Trade Date and will not
be greater than 55.00% of the Initial Value.
Past performance of the Underlying is not indicative of the future
performance of the Underlying.
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024072912/image_003.jpg)
According to its publicly available filings with the SEC, Morgan Stanley
is a financial services firm that advises, and originates, trades, manages and distributes capital for, governments, institutions and
individuals. The common stock of Morgan Stanley, par value $0.01 per share (Bloomberg ticker: MS), is listed on the New York Stock Exchange,
which we refer to as the relevant exchange for purposes of Morgan Stanley in the accompanying product supplement. Morgan Stanley’s
SEC file number is 001-11758.
Historical Information Regarding the Common Stock of Morgan Stanley
The graph below illustrates the daily performance of the common stock
of Morgan Stanley from January 2, 2014 through August 26, 2024, based on information from Bloomberg, without independent verification.
The closing price of one share of the common stock of Morgan Stanley on August 26, 2024 was $102.33. The actual Initial Value will be
the closing price of one share of the common stock of Morgan Stanley on the Trade Date. We obtained the closing prices above and below
from Bloomberg, without independent verification. The closing prices may have been adjusted by Bloomberg for corporate actions such as
stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.
Since its inception, the price of one share of the common stock of
Morgan Stanley has experienced significant fluctuations. The historical performance of the common stock of Morgan Stanley should not be
taken as an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock
of Morgan Stanley during the term of the Notes. There can be no assurance that the performance of the common stock of Morgan Stanley will
result in the return of any of your principal amount or the payment of any Contingent Coupon.
The dotted line represents a hypothetical Downside Threshold and Coupon Barrier
of $62.32, equal to 60.90% (based on the top of the range of 55.90% to 60.90%) of the closing price of one share of the common stock of
Morgan Stanley on August 26, 2024. The actual Downside Threshold and Coupon Barrier will be finalized on the Trade Date and provided
in the pricing supplement based on the closing price of one share of the common stock of Morgan Stanley on the Trade Date and will not
be greater than 60.90% of the Initial Value.
Past performance of the Underlying is not indicative of the future
performance of the Underlying.
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024072912/image_004.jpg)
According to its publicly available filings with the SEC, Pfizer Inc.,
which we refer to as Pfizer, is a research-based, biopharmaceutical company that is engaged in the discovery, development, manufacture,
marketing, sale and distribution of biopharmaceutical products. The common stock of Pfizer, par value $0.05 per share (Bloomberg ticker:
PFE), is listed on the New York Stock Exchange which we refer to as the relevant exchange for purposes of Pfizer in the accompanying product
supplement. Pfizer’s SEC file number is 001-03619.
Historical Information Regarding the Common Stock of Pfizer
The graph below illustrates the daily performance of the common stock
of Pfizer from January 2, 2014 through August 26, 2024, based on information from Bloomberg, without independent verification. The closing
price of one share of the common stock of Pfizer on August 26, 2024 was $28.92. The actual Initial Value will be the closing price of
one share of the common stock of Pfizer on the Trade Date. We obtained the closing prices above and below from Bloomberg, without independent
verification. The closing prices may have been adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers
and acquisitions, spin-offs, delistings and bankruptcy.
Since its inception, the price of one share of the common stock of
Pfizer has experienced significant fluctuations. The historical performance of the common stock of Pfizer should not be taken as an indication
of future performance, and no assurance can be given as to the closing prices of one share of the common stock of Pfizer during the term
of the Notes. There can be no assurance that the performance of the common stock of Pfizer will result in the return of any of your principal
amount or the payment of any Contingent Coupon.
The dotted line represents a hypothetical Downside Threshold and Coupon Barrier
of $18.36, equal to 63.50% (based on the top of the range of 58.50% to 63.50%) of the closing price of one share of the common stock of
Pfizer on August 26, 2024. The actual Downside Threshold and Coupon Barrier will be finalized on the Trade Date and provided in
the pricing supplement based on the closing price of one share of the common stock of Pfizer on the Trade Date and will not be greater
than 63.50% of the Initial Value.
Past performance of the Underlying is not indicative of the future
performance of the Underlying.
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024072912/image_005.jpg)
Supplemental Plan of Distribution |
We and JPMorgan Chase & Co. have agreed to indemnify UBS
and JPMS against liabilities under the Securities Act of 1933, as amended, or to contribute to payments that UBS may be required to make
relating to these liabilities as described in the prospectus supplement and the prospectus. We will agree that UBS may sell all or a part
of the Notes that it purchases from us to the public or its affiliates at the price to public indicated on the cover hereof.
Subject to regulatory constraints, JPMS intends to offer to purchase
the Notes in the secondary market, but it is not required to do so.
We or our affiliates may enter into swap agreements or related hedge
transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Notes, and JPMS and/or
an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See “Supplemental
Use of Proceeds” in this pricing supplement and “Use of Proceeds and Hedging” in the accompanying product supplement.
The Estimated Value of the Notes |
For each offering of the Notes, the estimated value of the Notes set
forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income
debt component with the same maturity as the Notes, valued using the internal funding rate described below, and (2) the derivative or
derivatives underlying the 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 estimated value of the Notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar
maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our
affiliates’ view of the funding values of the Notes as well as the higher issuance, operational and ongoing liability management
costs of the Notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This
internal 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 potential changes to that rate
may have an adverse effect on the terms of the Notes and any secondary market prices of the Notes. For additional information, see “Key
Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes
Is Derived by Reference to an Internal Funding Rate” in this pricing supplement. The value of the derivative or derivatives underlying
the economic terms of the Notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as
the traded market prices of comparable derivative instruments and on various other 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, the estimated value of the Notes is determined when the terms of the Notes are set based on market conditions and other relevant
factors and assumptions existing at that time. See “Key Risks — Risks Relating to the Estimated Value and Secondary Market
Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others’
Estimates” in this pricing supplement.
The estimated value of the Notes will be lower than the original
issue price of the Notes because costs associated with selling, structuring and hedging the Notes are included in the original issue price
of the Notes. These costs include the selling commissions paid to UBS, the projected profits, if any, that our affiliates expect to realize
for assuming risks inherent in hedging our obligations under the Notes and the estimated cost of hedging our obligations under the Notes.
Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit
that is more or less than expected, or it may result in a loss. We or one or more of our affiliates will retain any profits realized in
hedging our obligations under the Notes. See “Key Risks — Risks Relating to the Estimated 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”
in this pricing supplement.
Secondary Market Prices of the Notes |
For information about factors that will impact any secondary market prices
of the Notes, see “Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary
Market Prices of the Notes Will Be Impacted by Many Economic and Market Factors” in this pricing supplement. In addition, we generally
expect that some of the costs included in the original issue price of the Notes will be partially paid back to you in connection with
any repurchases of your Notes by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to
be up to seven months. The length of any such initial period reflects secondary market volumes for the Notes, the structure of the Notes,
whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Notes and
when these costs are incurred, as determined by our affiliates. See “Key Risks — 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 pricing supplement.
Supplemental Use of Proceeds |
The Notes are offered to meet investor demand for products that reflect
the risk-return profile and market exposure provided by the Notes. See “Hypothetical Examples” in this pricing supplement
for an illustration of the risk-return profile of the Notes and the section for the applicable Underlying set forth under “The Underlyings”
in this pricing supplement for a description of the market exposure provided by the Notes.
The original issue price of the Notes is equal to the estimated value
of the Notes plus the selling commissions paid to UBS, plus (minus) the projected profits (losses) that our affiliates expect to realize
for assuming risks inherent in hedging our obligations under the Notes, plus the estimated cost of hedging our obligations under the Notes.
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