CALCULATION OF REGISTRATION FEE |
Title
of Each Class of
Securities Offered |
Maximum
Aggregate
Offering Price |
Amount
of
Registration Fee |
Notes |
$3,336,000 |
$429.68 |
Filed Pursuant to Rule 424(b)(2)
Registration Statement No. 333-177923
Pricing Supplement to the Prospectus
dated November 14, 2011, the Prospectus
Supplement dated November 14, 2011, the Underlying
Supplement No. 1-I dated November 14, 2011 and the Product
Supplement No. 4-I dated November 14, 2011 — No. 2798
Medium-Term
Notes, Series E
$3,336,000
Capped Buffered Enhanced Participation Equity Notes due 2016
(Linked to the S&P 500® Index)
The notes do not bear interest. The amount that you
will be paid on your notes on the stated maturity date (August 25, 2016, subject to adjustment) is based on the performance of
the S&P 500® Index (which we refer to as the underlier) as measured from and including the trade date (August
20, 2014) to and including the determination date (August 22, 2016, subject to adjustment). If the final underlier level on the
determination date is greater than the initial underlier level, the return on your notes will be positive, subject to the maximum
settlement amount of $1,139.50 for each $1,000 principal amount note. If the final underlier level declines by up to 10.00% from
the initial underlier level, you will receive the principal amount of your notes. If the final underlier level declines by more
than 10.00% from the initial underlier level, the return on your notes will be negative. You could lose your entire investment
in the notes. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
To determine your payment at maturity, we will calculate the
underlier return, which is the percentage increase or decrease in the final underlier level from the initial underlier level. On
the stated maturity date, for each $1,000 principal amount note, you will receive an amount in cash equal to:
| · | if the underlier return is positive (the final underlier level is greater than the initial underlier level),
the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) 1.5 times (c) the underlier
return, subject to the maximum settlement amount; |
| · | if the underlier return is zero or negative but not below -10.00% (the final underlier level is equal
to or less than the initial underlier level but not by more than 10.00%), $1,000; or |
| · | if the underlier return is negative and is below -10.00% (the final underlier level is less than the initial
underlier level by more than 10.00%), the sum of (i) $1,000 plus (ii) the product of (a) $1,000 times
(b) approximately 1.1111 times (c) the sum of the underlier return plus 10.00%. You will receive less than $1,000. |
Your investment in the notes involves certain risks,
including, among other things, our credit risk. See “Risk Factors” on page PS-21 of the accompanying product supplement
no. 4-I, “Risk Factors” on page US-1 of the accompanying underlying supplement no. 1-I and “Selected Risk Factors”
on page PS-12 of this pricing supplement.
The foregoing is only a brief summary of the terms of your
notes. You should read the additional disclosure provided herein so that you may better understand the terms and risks of your
investment.
The estimated value of the notes as determined by J.P.
Morgan Securities LLC, which we refer to as JPMS,when the terms of the notes were set, was $974.70 per $1,000 principal amount
note. See “Summary Information — JPMS’s Estimated Value of the Notes” on page PS-7 of this pricing
supplement for additional information about JPMS’s estimated value and “Summary Information — Secondary Market
Prices of the Notes” on page PS-8 of this pricing supplement for information about secondary market prices of the notes.
Original issue date (settlement date): August 27, 2014
Original issue price: 100.00% of the principal amount
Underwriting commission/discount: 2.00% of the principal amount
Net proceeds to the issuer: 98.00% of the principal amount
See “Summary Information — Supplemental Use of Proceeds”
on page PS-8 of this pricing supplement for information about the components of the original issue price of the notes.
JPMS, acting as agent for JPMorgan Chase & Co., will pay
all of the selling commissions of 2.00% of the principal amount it receives from us to an unaffiliated dealer. See “Plan
of Distribution (Conflicts of Interest)” on page PS-77 of the accompanying product supplement no. 4-I.
Neither the Securities and Exchange Commission (the “SEC”)
nor any other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this pricing
supplement, the accompanying product supplement, the accompanying underlying supplement, the accompanying prospectus supplement
or the accompanying prospectus. Any representation to the contrary is a criminal offense.
The notes are not bank deposits and are not insured by the
Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
Pricing Supplement dated August 20, 2014
The original issue price, fees and commissions and net proceeds
listed above relate to the notes we sell initially. We may decide to sell additional notes after the date of this pricing supplement,
at issue prices and with fees and commission and net proceeds that differ from the amounts set forth above. The return (whether
positive or negative) on your investment in notes will depend in part on the price you pay for your notes.
We may use this pricing supplement in the initial sale of the
notes. In addition, JPMS or any other affiliate of ours may use this pricing supplement in a market-making transaction in a note
after its initial sale. Unless JPMS or its agents inform the purchaser otherwise in the confirmation of sale, this pricing
supplement is being used in a market-making transaction.
SUMMARY
INFORMATION
You may revoke your offer to purchase
the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to
change the terms of, or 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.
You should read this pricing supplement together with the
prospectus dated November 14, 2011, as supplemented by the prospectus supplement dated November 14, 2011 relating to our Series
E medium-term notes of which these notes are a part, and the more detailed information contained in product supplement no. 4-I
dated November 14, 2011 and underlying supplement no. 1-I dated November 14, 2011. 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 “Risk Factors” in the accompanying product supplement no. 4-I and “Risk Factors”
in the accompanying underlying supplement no. 1-I, as the notes involve risks not associated with conventional debt securities.
We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
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):
Our Central Index Key, or CIK, on the SEC website is 19617.
As used in this pricing supplement, the “Company,” “we,” “us” and “our” refer to
JPMorgan Chase & Co.
Key Terms
Issuer: JPMorgan Chase & Co.
Underlier: the S&P 500® Index (Bloomberg
symbol, “SPX Index”), as published by Standard & Poor’s Financial Services LLC (“S&P”). The
accompanying product supplement refers to the underlier as the “Index.”
Principal amount: each note will have a principal amount
of $1,000; $3,336,000 in the aggregate for all the offered notes; the aggregate principal amount of the offered notes may be increased
if the issuer, at its sole option, decides to sell an additional amount of the offered notes on a date subsequent to the date of
this pricing supplement
Purchase at amount other than principal amount: the
amount we will pay you at the stated maturity date for your notes will not be adjusted based on the price you pay for your notes,
so if you acquire notes at a premium (or discount) to the principal amount and hold them to the stated maturity date, it could
affect your investment in a number of ways. The return on your investment in the notes will be lower (or
higher) than it would have been had you purchased the notes
at the principal amount. Also, the stated buffer level would not offer the same benefit to your investment as would be the case
if you had purchased the notes at the principal amount. Additionally, the cap level would be triggered at a lower (or higher) percentage
return than indicated below, relative to your initial investment. See “Selected Risk Factors — If You Purchase Your
Notes at a Premium to the Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at the
Principal Amount and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected” on page PS-14 of this pricing
supplement.
Payment on the stated maturity date: for each $1,000
principal amount note, we will pay you on the stated maturity date an amount in cash equal to:
| · | if the final underlier level is greater than or equal to the cap level of 9.30% of the initial underlier level,
the maximum settlement amount of $1,139.50; |
| · | if the final underlier level is greater than the initial underlier level but less than the cap level, the sum
of (i) $1,000 plus (ii) the product of (a) $1,000 times (b) the upside participation rate times (c)
the underlier return; |
| · | if the final underlier level is equal to or less than the initial underlier level but greater than or
equal to the buffer level, $1,000; or |
| · | if the final underlier level is less than the buffer level, the sum of (i) $1,000 plus (ii) the product
of (a) $1,000 times (b) the buffer rate times (c) the sum of the underlier return plus the buffer amount.
You will receive less than $1,000. |
Initial underlier level: 1,986.51. The accompanying
product supplement refers to the initial underlier level as the “Initial Index Level.”
Final underlier level: the closing level of the underlier
on the determination date. In certain circumstances, the closing level of the underlier will be based on the alternative calculation
of the underlier described under “Description of Notes — Postponement of a Determination Date — A. Notes Linked
to a Single Component” on page PS-18 of the accompanying product supplement or “General Terms of Notes — Additional
Index Provisions — B. Discontinuation of an Index; Alteration of Method of Calculation” on page PS-66 of the accompanying
product supplement. The accompanying product supplement refers to the final underlier level as the “Ending Index Level.”
Underlier return: the quotient of (i) the final
underlier level minus the initial underlier level divided by (ii) the initial underlier level, expressed as a percentage.
The accompanying product supplement refers to the underlier return as the “Index Return.”
Upside participation rate: 1.5
Cap level: 109.30% of the initial underlier level
Maximum settlement amount: $1,139.50
Buffer level: 90.00% of the initial underlier level
Buffer amount: 10.00%
Buffer rate: the quotient of the initial underlier
level divided by the buffer level, which equals approximately 1.1111
Trade date: August 20, 2014
Original issue date (settlement date): August 27, 2014
Determination date: August 22, 2016, subject to postponement
in the event of a market disruption event and as described under “Description of Notes — Postponement of a Determination
Date — A. Notes Linked to a Single Component” on page PS-18 of the accompanying product supplement
Stated maturity date: August 25, 2016, subject to postponement
in the event of a market disruption event and as described under “Description of Notes — Payment at Maturity —
D. Other Terms” on page PS-16 of the accompanying product supplement. The accompanying product supplement refers to the stated
maturity date as the “maturity date.”
No interest: The offered notes do not bear interest.
No listing: The offered notes will not be listed on
any securities exchange or interdealer quotation system.
No redemption: The offered notes will not be subject
to redemption right or price dependent redemption right.
Closing level: as described under “Description
of Notes — Payment at Maturity — C. Determining the Value of the Underlying — 2. The Level of an Index”
on page PS-14 of the accompanying product supplement. The accompanying product supplement refers to the closing level as the “Index
closing level.”
Business day: as described under “Description
of Notes — Payment at Maturity — D. Other Terms” on page PS-16 of the accompanying product supplement
Trading day: as described under “Description
of Notes — Payment at Maturity — C. Determining the Value of the Underlying — 2. The Level of an Index”
on page PS-14 of the accompanying product supplement
Use of proceeds and hedging: as described under “Use
of Proceeds and Hedging” on page PS-48 of the accompanying product supplement no. 4-I, as supplemented by “ —
Supplemental Use of Proceeds” below
Capital gains tax treatment: You should review carefully
the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4-I.
The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel,
Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.
Based on current market conditions, in the opinion of our
special tax counsel it is reasonable to treat the notes as “open transactions” that are not debt instruments for U.S.
federal income tax purposes. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term
capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the original
issue price. However, the Internal Revenue Service (the “IRS”) or a court may not respect this treatment, in which
case the timing and character of any income or loss on the notes could be materially and adversely 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; the relevance of factors such as the nature of the underlying property to which the instruments
are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject
to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime,
which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest
charge. 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 and adversely affect the tax consequences of an investment
in the notes, possibly with retroactive effect. 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 this notice.
Notwithstanding the discussion under “Material U.S.
Federal Income Tax Consequences — Tax Consequences to Non-U.S. Holders — Recent Legislation” in the accompanying
product supplement, withholding under legislation commonly referred to as “FATCA” may apply to amounts treated as interest
paid with respect to the notes, if they are recharacterized as debt instruments. You should consult your tax adviser regarding
the potential application of FATCA to the notes.
Non-U.S. Holders should also note that recently proposed Treasury
regulations could impose a 30% (or lower treaty rate) withholding tax on amounts paid or deemed paid after December 31, 2015 that
are treated as attributable to U.S.-source dividends on equities underlying financial instruments such as the notes. While it is
not clear whether or in what form these regulations will be finalized, under recent Treasury guidance, these regulations would
not apply to the notes. Non-U.S. Holders should consult their tax advisers regarding the potential application of these proposed
regulations.
ERISA: as described under “Benefit Plan Investor
Considerations” on page PS-86 of the accompanying product supplement no. 4-I
Supplemental plan of distribution: as described under
“Plan of Distribution (Conflicts of Interest)” on page PS-77 of the accompanying product supplement no. 4-I; we estimate
that our share of the total offering expenses, excluding underwriting discounts and commissions, will be approximately $10,000.
We will deliver the notes against payment therefor in New
York, New York on August 27, 2014, which is the fifth scheduled business day following the date of this pricing supplement and
of the pricing of the notes. Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market
generally are required to settle in three business days, unless the parties to any such trade expressly agree otherwise. Accordingly,
purchasers who wish to trade notes on any date prior to three business days before delivery will be required, by virtue of the
fact that the notes will initially settle in five business days (T + 5), to specify alternative settlement arrangements to prevent
a failed settlement.
Conflicts of interest: We own, directly or indirectly,
all of the outstanding equity securities of JPMS. The net proceeds received from the sale of the notes will be used, in part, by
JPMS or its affiliates in connection with hedging our obligations under the notes. The offering of the notes will comply with the
requirements of Rule 5121 of Financial Industry Regulatory Authority, Inc. (“FINRA”) regarding a FINRA member firm’s
underwriting of securities of an affiliate. In accordance with FINRA Rule 5121, neither JPMS nor any other affiliated agent of
ours may make sales in the offering of the notes to any of its discretionary accounts without the specific written approval of
the customer.
Calculation agent: JPMS
CUSIP no.: 48127DWV6
ISIN no.: US48127DWV62
FDIC: the notes are not bank deposits and are not insured
by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a
bank.
Supplemental Terms of the Notes
For purposes of the notes offered by this pricing supplement:
(a) the reference to “business day” used in the
first paragraph under “Description of Notes — Postponement of a Determination Date — A. Notes Linked to a Single
Component” in the accompanying product supplement will be deemed to refer to “trading day”;
(b) the reference to the “tenth business day”
used in the definition of Final Disrupted Determination Date under “Description of Notes — Postponement of a Determination
Date — A. Notes Linked to a Single
Component” in the accompanying product supplement will
be deemed to refer to the “tenth Scheduled Trading Day,” where Scheduled Trading Day means, with respect to the Index
or any relevant successor index (as defined in the accompanying product supplement), a day, as determined by the calculation agent,
on which each of the following exchanges is scheduled to be open for trading for their respective regular trading sessions: (i)
the relevant exchanges (as defined in the accompanying product supplement) for securities underlying the Index or that successor
index, as applicable, and (ii) the exchanges on which futures or options contracts related to the Index or that successor index,
as applicable, are traded; and
(c) all references to each of the following defined terms
used in the accompanying product supplement will be deemed to refer to the corresponding defined term used in this pricing supplement,
as set forth in the table below:
Product Supplement Defined Term |
Pricing Supplement Defined Term |
Index |
underlier |
Initial Index Level |
initial underlier level |
Ending Index Level |
final underlier level |
Index Return |
underlier return |
Index closing level |
closing level |
pricing date |
trade date |
maturity date |
stated maturity date |
term sheet |
preliminary pricing supplement |
In addition, the following terms used in this pricing supplement
are not defined with respect to Capped Buffered Enhanced Participation Equity Notes in the accompanying product supplement: upside
participation rate, maximum settlement amount, cap level, buffer level, buffer amount and buffer rate. Accordingly, please refer
to “Key Terms” on page PS-3 of this pricing supplement for the definitions of these terms.
JPMS’s Estimated Value of the
Notes
The estimated value of the notes when the terms of the notes
are set, which we refer to as JPMS’s 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 our internal funding rate for structured debt described below, and (2) the derivative or derivatives underlying
the economic terms of the notes. JPMS’s estimated value 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 JPMS’s
estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. For additional information,
see “Selected Risk Factors — JPMS’s Estimated Value Is Not Determined by Reference to Credit Spreads for Our
Conventional Fixed-Rate Debt” on page PS-13 of this pricing supplement. The value of the derivative or derivatives underlying
the economic terms of the notes is derived from JPMS’s internal pricing models. 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, JPMS’s 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 “Selected Risk Factors
— JPMS’s Estimated Value Does Not Represent Future Values of the Notes and May Differ from Others’ Estimates”
on page PS-13 of this pricing supplement.
JPMS’s estimated value of the notes is 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 JPMS and the unaffiliated dealer, 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 “Selected Risk Factors — JPMS’s Estimated Value of the Notes Is
Lower Than the Original Issue Price of the Notes” on page PS-13 of this pricing supplement.
Secondary Market Prices of the Notes
For information about factors that will impact any secondary
market prices of the notes, see “Selected Risk Factors — Secondary Market Prices of the Notes Will Be Impacted by Many
Economic and Market Factors” on page PS-14 of 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 the period from the date of this pricing supplement through November
20, 2014. The length of any such initial period reflects 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 JPMS. See “Selected Risk Factors — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer
Account Statements) May Be Higher Than JPMS’s Then-Current Estimated Value of the Notes for a Limited Time Period”
on page PS-13 of this pricing supplement.
Supplemental Use of Proceeds
The net proceeds we receive from the sale of the notes will
be used for general corporate purposes and, in part, by us or one or more of our affiliates in connection with hedging our obligations
under the notes.
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” on page
PS-9 of this pricing supplement for an illustration of the risk-return profile of the notes and “The Underlier” on
page PS-16 of this pricing supplement for a description of the market exposure provided by the notes.
The original issue price of the notes is equal to JPMS’s
estimated value of the notes plus the selling commissions paid to JPMS and the unaffiliated dealer, 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.
For purposes of the notes offered by this pricing supplement,
the first and second paragraphs of the section entitled “Use of Proceeds and Hedging” on page PS-48 of the accompanying
product supplement no. 4-I are deemed deleted in their entirety. Please refer instead to the discussion set forth above.
Validity of the Notes
In the opinion of Davis Polk & Wardwell LLP, as our special
products counsel, when the notes offered by this pricing supplement have been executed and issued by us and authenticated by the
trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes will be our valid and binding
obligations, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting
creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without
limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion
as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed
above. This opinion is given as of the date hereof and is limited to the federal laws of the United States of America, the laws
of the State of New York and the General Corporation Law of the State of Delaware. In addition, this opinion is subject to customary
assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes
and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of
such counsel dated March 29, 2012, which was filed as an exhibit to a Current Report on Form 8-K by us on March 29, 2012.
HYPOTHETICAL EXAMPLES
The following table and chart are provided for purposes of
illustration only. They should not be taken as an indication or prediction of future investment results and are intended merely
to illustrate the impact that the various hypothetical underlier levels on the determination date could have on the payment at
maturity assuming all other variables remain constant.
The examples below are based on a range of final underlier
levels that are entirely hypothetical; no one can predict what the underlier level will be on any day throughout the term of your
notes, and no one can predict what the final underlier level will be on the determination date. The underlier has been highly volatile
in the past — meaning that the underlier level has changed considerably in relatively short periods — and its performance
cannot be predicted for any future period.
The information in the following examples reflects hypothetical rates
of return on the offered notes assuming that they are purchased on the original issue date at the principal amount and held to
the stated maturity date. If you sell your notes in a secondary market prior to the stated maturity date, your return will depend
upon the market value of your notes at the time of sale, which may be affected by a number of factors that are not reflected in
the table below, such as interest rates, the volatility of the underlier and our creditworthiness. In addition, JPMS’s estimated
value is less than the original issue price. For more information on the JPMS’s estimated value, see “Summary Information
— JPMS’s Estimated Value of the Notes” on page PS-7 of this pricing supplement. The information in the table
also reflects the key terms and assumptions in the box below.
Key Terms and Assumptions |
Principal amount |
$1,000 |
Upside participation rate |
1.5 |
Cap level |
109.30% of the initial underlier level |
Maximum settlement amount |
$1,139.50 |
Buffer level |
90.00% of the initial underlier level |
Buffer rate |
approximately 1.1111 |
Buffer amount |
10.00% |
Neither a market disruption event nor a non-trading day occurs
on the originally scheduled determination date
During the term of the notes, the underlier is not discontinued,
the method of calculating the underlier does not change in any material respect and the underlier is not modified so that its level
does not, in the opinion of the calculation agent, fairly represent the level of the underlier had those modifications not been
made
Notes purchased on original issue date at the principal amount
and held to the stated maturity date |
For these reasons, the actual performance of the underlier
over the term of your notes, as well as the amount payable at maturity, if any, may bear little relation to the hypothetical examples
shown below or to the historical underlier levels shown elsewhere in this pricing supplement. For information about the historical
levels of the underlier during recent periods, see “The Underlier — Historical Closing Levels of the Underlier”
below. Before investing in the offered notes, you should consult publicly available information to determine the levels of the
underlier between the date of this pricing supplement and the date of your purchase of the offered notes.
Also, the hypothetical examples shown below do not take into
account the effects of applicable taxes. Because of the U.S. tax treatment applicable to your notes, tax liabilities could affect
the after-tax rate of return on your notes to a comparatively greater extent than the after-tax return on the underlier stocks.
The levels
in the left column of the table below represent hypothetical final underlier levels and are expressed as percentages of the initial
underlier level. The amounts in the right column represent the hypothetical payments at maturity, based on the corresponding hypothetical
final underlier level
(expressed as a percentage of the initial underlier level), and are
expressed as percentages of the principal amount of a note (rounded to the nearest one-thousandth of a percent). Thus, a hypothetical
payment at maturity of 100.000% means that the value of the cash payment that we would deliver for each $1,000 of the outstanding
principal amount of the offered notes on the stated maturity date would equal 100.000% of the principal amount of a note, based
on the corresponding hypothetical final underlier level (expressed as a percentage of the initial underlier level) and the assumptions
noted above.
Hypothetical Final Underlier Level
(as Percentage of Initial Underlier Level) |
Hypothetical Payment at Maturity
(as Percentage of Principal Amount) |
150.000% |
113.950% |
140.000% |
113.950% |
130.000% |
113.950% |
120.000% |
113.950% |
110.000% |
113.950% |
109.300% |
113.950% |
105.000% |
107.500% |
102.500% |
103.750% |
100.000% |
100.000% |
95.000% |
100.000% |
90.000% |
100.000% |
80.000% |
88.889% |
75.000% |
83.333% |
50.000% |
55.556% |
25.000% |
27.778% |
0.000% |
0.000% |
If, for example, the final underlier level were determined
to be 25.000% of the initial underlier level, the payment that we would deliver on your notes at maturity would be approximately
27.778% of the principal amount of your notes, as shown in the table above. As a result, if you purchased your notes on the original
issue date at the principal amount and held them to the stated maturity date, you would lose approximately 72.222% of your investment
(if you purchased your notes at a premium to principal amount you would lose a correspondingly higher percentage of your investment).
In addition, if the final underlier level were determined to be 150.000% of the initial underlier level, the payment that we would
deliver on your notes at maturity would be capped at the maximum settlement amount (expressed as a percentage of the principal
amount), or 113.950% of each $1,000 principal amount note, as shown in the table above. As a result, if you held your notes to
the stated maturity date, you would not benefit from any increase in the final underlier level over 109.300% of the initial underlier
level.
The following chart also shows a graphical illustration of
the hypothetical payments at maturity (expressed as a percentage of the principal amount of your notes) that we would pay on your
notes on the stated maturity date, if the final underlier level (expressed as a percentage of the initial underlier level) were
any of the hypothetical levels shown on the horizontal axis. The chart shows that any hypothetical final underlier level (expressed
as a percentage of the initial underlier level) of less than 90.000% (the section left of the 90.000% marker on the horizontal
axis) would result in a hypothetical payment at maturity of less than 100.000% of the principal amount of your notes (the section
below the 100.000% marker on the vertical axis) and, accordingly, in a loss of principal to the holder of the notes. The chart
also shows that any hypothetical final underlier level (expressed as a percentage of the initial underlier level) of greater than
or equal to 109.300% (the section right of the 109.300% marker on the horizontal axis) would result in a capped return on your
investment.
The payments at maturity shown above are entirely hypothetical;
they are based on closing levels for the underlier that may not be achieved on the determination date and on assumptions that may
prove to be erroneous. The actual market value of your notes on the stated maturity date or at any other time, including any time
you may wish to sell your notes, may bear little relation to the hypothetical payments at maturity shown above, and these amounts
should not be viewed as an indication of the financial return on an investment in the offered notes. The hypothetical payments
at maturity on notes held to the stated maturity date in the examples above assume you purchased your notes at their principal
amount and have not been adjusted to reflect the actual price you pay for your notes. The return on your investment (whether positive
or negative) in your notes will be affected by the amount you pay for your notes. If you purchase your notes for a price other
than the principal amount, the return on your investment will differ from, and may be significantly lower than, the hypothetical
returns suggested by the above examples. Please read “Selected Risk Factors — Secondary Market Prices of the Notes
Will Be Impacted by Many Economic and Market Factors” on page PS-14 of this pricing supplement.
The hypothetical returns on the notes shown above apply only
if you hold the notes for their entire term. 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 shown above would likely be
lower.
We cannot predict the actual final underlier
level or what the market value of your notes will be on any particular day, nor can we predict the relationship between the underlier
level and the market value of your notes at any time prior to the stated maturity date. The actual amount that you will receive,
if any, at maturity and the rate of return on the offered notes will depend on the actual final underlier level determined by the
calculation agent as described above. Moreover, the assumptions on which the hypothetical returns are based may turn out to be
inaccurate. Consequently, the amount of cash to be paid in respect of your notes, if any, on the stated maturity date may be very
different from the information reflected in the table and chart above.
Selected
Risk Factors
An investment in your notes is
subject to the risks described below, as well as the risks described under “Risk Factors” in the accompanying product
supplement no. 4-I and “Risk Factors” in the accompanying underlying supplement no. 1-I. Your notes are a riskier investment
than ordinary debt securities. Also, your notes are not equivalent to investing directly in the underlier stocks, i.e., the stocks
underlying the underlier to which your notes are linked. You should carefully consider whether the offered notes are suited to
your particular circumstances.
You May Lose Some or All of Your Investment
in the Notes
The notes do not guarantee any return of principal. The return
on the notes at maturity is linked to the performance of the underlier and will depend on whether, and the extent to which, the
underlier return is positive or negative. Your investment will be exposed to loss on a leveraged basis if the final underlier level
is less than the initial underlier level by more than 10%. For every 1% that the final underlier level is less than the initial
underlier level by more than 10%, you will lose an amount equal to approximately 1.1111% of the principal amount of your notes.
Accordingly, you could lose some or all of your initial investment at maturity. Also, the market price of your notes prior to the
stated maturity date may be significantly lower than the purchase price you pay for your notes. Consequently, if you sell your
notes before the stated maturity date, you may receive far less than the amount of your investment in the notes.
Your Maximum Gain on the Notes Is Limited
to the Maximum Settlement Amount
If the final underlier level is greater than the initial underlier
level, for each $1,000 principal amount note, you will receive at maturity a payment that will not exceed the maximum settlement
amount, regardless of the appreciation in the underlier, which may be significant. Accordingly, the amount payable on your notes
may be significantly less than it would have been had you invested directly in the underlier. The maximum settlement amount is
$1,139.50.
The Notes Are Subject to the Credit
Risk of JPMorgan Chase & Co.
The notes are subject to the credit risk of JPMorgan Chase
& Co., and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent
on JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness
or credit spreads, as determined by the market for taking our credit risk, is likely to adversely affect the value of the notes.
If we were to default on our payment obligations, you may not receive any amounts owed to you under the notes and you could lose
your entire investment.
Potential Conflicts of Interest
We and our affiliates play a variety of roles in connection
with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes, hedging our
obligations under the notes and making the assumptions used to determine the pricing of the notes and JPMS’s estimated value.
Also, the distributor from which you purchase the notes may conduct hedging activities for us in connection with the notes. In
performing these duties, our economic interests, the economic interests of any distributor performing such duties 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 business activities, and the business activities of any distributor from which you purchase the notes,
including hedging and trading activities, could cause our 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.
If the distributor from which you purchase notes is to conduct hedging activities for us in connection with the notes, that distributor
may profit in connection with such hedging activities and such profit, if any, will be in addition to the compensation that the
distributor receives for the sale of the notes to you. You should be aware that the potential to earn fees in connection with hedging
activities may create a further incentive for the distributor to sell the notes to you in addition to the compensation they would
receive for the sale of the notes. Please refer to “Risk Factors
— Risks Relating to the Notes Generally” on page
PS-21 of the accompanying product supplement no. 4-I for additional information about these risks.
In addition, we are currently one of the companies that make
up the underlier. We 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 underlier and the notes.
JPMS’s Estimated Value of the
Notes Is Lower Than the Original Issue Price of the Notes
JPMS’s estimated value is only an estimate using several
factors. The original issue price of the notes exceeds JPMS’s estimated value 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 “Summary Information — JPMS’s Estimated Value
of the Notes” on page PS-7 of this pricing supplement.
JPMS’s Estimated Value Does Not
Represent Future Values of the Notes and May Differ from Others’ Estimates
JPMS’s estimated value of the notes is determined by
reference to JPMS’s internal pricing models when the terms of the notes are set. This estimated value is based on market
conditions and other relevant factors existing at that time and JPMS’s assumptions about market parameters, which can include
volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations
for notes that are greater than or less than JPMS’s estimated value. 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 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
“Summary Information — JPMS’s Estimated Value of the Notes” on page PS-7 of this pricing supplement.
JPMS’s Estimated Value Is Not
Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt
The internal funding rate used in the determination of JPMS’s
estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. The discount is based
on, among other things, our 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 our conventional fixed-rate debt. If JPMS were to use the interest
rate implied by our conventional fixed-rate credit spreads, we would expect the economic terms of the notes to be more favorable
to you. Consequently, our use of an internal funding rate would have an adverse effect on the terms of the notes and any secondary
market prices of the notes. See “Summary Information — JPMS’s Estimated Value of the Notes” on page PS-7
of 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 JPMS’s 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 projected hedging profits, if
any, and, in some circumstances, estimated hedging costs and our secondary market credit spreads for structured debt issuances.
See “Summary Information — Secondary Market Prices of the Notes” on page PS-8 of 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).
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 secondary
market credit spreads for structured debt issuances and, also, because secondary market prices (a) exclude selling commissions
and (b) may exclude 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 consideration 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 “— Lack of Liquidity” on page
PS-15 of this pricing supplement.
Secondary Market Prices of the Notes
Will Be Impacted by Many Economic and Market Factors
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 level of the underlier, including:
| · | any actual or potential change in our creditworthiness or credit spreads; |
| · | customary bid-ask spreads for similarly sized trades; |
| · | secondary market credit spreads for structured debt issuances; |
| · | the actual and expected volatility of the underlier; |
| · | the time to maturity of the notes; |
| · | the dividend rates on the underlier stocks; |
| · | interest and yield rates in the market generally; and |
| · | 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.
We May Sell an Additional Aggregate
Principal Amount of the Notes at a Different Issue Price
At our sole option, we may decide to sell an additional aggregate
principal amount of the notes subsequent to the date of this pricing supplement. The issue price of the notes in the subsequent
sale may differ substantially (higher or lower) from the original issue price you paid as provided on the cover of this pricing
supplement.
If You Purchase Your Notes at a Premium
to the Principal Amount, the Return on Your Investment Will Be Lower Than the Return on Notes Purchased at the Principal Amount
and the Impact of Certain Key Terms of the Notes Will Be Negatively Affected
The amount you will be paid for your notes on the stated maturity
date will not be adjusted based on the price you pay for the notes. If you purchase notes at a price that differs from the principal
amount of the notes, then the return on your investment in the notes held to the stated maturity date will differ from, and may
be substantially less than, the return on notes purchased at the principal amount. If you purchase your notes at a premium to the
principal amount and hold them to the stated maturity date the return on
your investment in the notes will be lower than it would have
been had you purchased the notes at the principal amount or a discount to the principal amount. In addition, the impact of the
buffer level and the cap level on the return on your investment will depend upon the price you pay for your notes relative to the
principal amount. For example, if you purchase your notes at a premium to the principal amount, the cap level will permit only
a lower percentage increase in your investment in the notes than would have been the case for notes purchased at the principal
amount or a discount to the principal amount. Similarly, the buffer level, while still providing an increase in the return on the
notes if the final underlier level is greater than or equal to the buffer level but less than the cap level, will allow a greater
percentage decrease in your investment in the notes than would have been the case for notes purchased at the principal amount or
a discount to the principal amount.
No Interest or Dividend Payments or
Voting Rights
As a holder of the notes, you will not receive interest payments.
As a result, even if the amount payable for your notes on the stated maturity date exceeds the principal amount of your notes,
the overall return you earn on your notes may be less than you would have earned by investing in a non-index-linked debt security
of comparable maturity that bears interest at a prevailing market rate. In addition, as a holder of the notes, you will not have
voting rights or rights to receive cash dividends or other distributions or other rights that holders of the underlier stocks would
have.
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.
The Tax Consequences of an Investment
in the Notes Are Uncertain
There is no direct legal authority as to the proper U.S. federal
income tax characterization of the notes, and we do not intend to request a ruling from the IRS. The IRS might not accept, and
a court might not uphold, the treatment of the notes described in “Key Terms — Capital gains tax treatment” in
this pricing supplement and in “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement
no. 4-I. If the IRS were successful in asserting an alternative treatment for the notes, the timing and character of any income
or loss on the notes could differ materially and adversely from our description herein. 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; the relevance of factors such as the nature of the underlying property to which the instruments are linked;
the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding
tax; and whether these instruments are or should be subject to the “constructive ownership” regime, which very generally
can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. 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 and adversely affect the tax consequences of an investment in the notes, possibly
with retroactive effect. You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences”
in the accompanying product supplement no. 4-I and 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 this notice.
THE Underlier
The S&P 500® Index consists of stocks of
500 companies selected to provide a performance benchmark for the U.S. equity markets. For additional information about the S&P
500® Index, see the information set forth under “Equity Index Descriptions — The S&P 500®
Index” on page US-68 of the accompanying underlying supplement no. 1-I.
Historical Closing Levels of the Underlier
The closing level of the underlier has fluctuated in the past
and may, in the future, experience significant fluctuations. Any historical upward or downward trend in the closing level of the
underlier during any period shown below is not an indication that the underlier is more or less likely to increase or decrease
at any time during the term of your notes.
You should not take the historical levels of the underlier
as an indication of the future performance of the underlier. We cannot give you any assurance that the future performance of
the underlier or the underlier stocks will result in a return of any of your initial investment on the stated maturity date. In
light of the increased volatility currently being experienced by the financial services sector and U.S. and global securities markets,
and recent market declines, it may be substantially more likely that you could lose all or a substantial portion of your investment
in the notes.
Neither we nor any of our affiliates make any representation
to you as to the performance of the underlier. The actual performance of the underlier over the term of the offered notes, as well
as the amount payable at maturity, may bear little relation to the historical levels shown below.
The graph below shows the closing levels of the underlier on each
day from January 2, 2009 through August 20, 2014. The closing level of the underlier on August 20, 2014 was 1,986.51. We obtained
the closing levels listed in the graph below from Bloomberg Financial Services, without independent verification.
We have not authorized anyone to provide any information other
than that contained or incorporated by reference in this pricing supplement, the accompanying underlying supplement no. 1-I, the
accompanying product supplement no. 4-I and the accompanying prospectus supplement and prospectus with respect to the notes offered
by this pricing supplement and with respect to JPMorgan Chase & Co. We take no responsibility for, and can provide no assurance
as to the reliability of, any other information that others may give you. This pricing supplement, together with the accompanying
underlying supplement no. 1-I, the accompanying product supplement no. 4-I and the accompanying prospectus supplement and prospectus,
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. The information in this pricing supplement, the accompanying
underlying supplement no. 1-I, the accompanying product supplement no. 4-I and the accompanying prospectus supplement and prospectus
may be accurate only as of the dates of each of these documents, respectively. This pricing supplement, the accompanying underlying
supplement no. 1-I, the accompanying product supplement no. 4-I and the accompanying prospectus supplement and prospectus do not
constitute an offer to sell or a solicitation of an offer to buy the notes in any circumstances in which such offer or solicitation
is unlawful.
TABLE OF CONTENTS
Pricing Supplement
Page
Summary Information |
PS-3 |
Hypothetical Examples |
PS-9 |
Selected Risk Factors |
PS-12 |
The Underlier |
|
PS-16 |
|
|
|
Product Supplement No. 4-I dated November 14, 2011 |
|
Description of Notes |
PS-1 |
Risk Factors |
|
PS-21 |
Use of Proceeds and Hedging |
PS-48 |
The Components |
PS-49 |
General Terms of Notes |
PS-50 |
Material U.S. Federal Income Tax Consequences |
PS-73 |
Plan of Distribution (Conflicts of Interest) |
PS-77 |
Notice to Investors |
PS-79 |
Benefit Plan Investor Considerations |
PS-86 |
|
|
Underlying Supplement No. 1-I dated November 14, 2011 |
Risk Factors |
|
US-1 |
Equity Index Descriptions |
US-15 |
The Dow Jones Industrial AverageSM |
US-15 |
The EURO STOXX 50® Index |
US-17 |
The FTSE™ 100 Index |
US-21 |
The Hang Seng China Enterprises Index |
US-23 |
The Hang Seng® Index |
US-27 |
The Korea Stock Price Index 200 |
US-31 |
The MDAX® Index |
US-35 |
The MSCI Indices |
US-41 |
The NASDAQ-100 Index® |
US-54 |
The Nikkei 225 Index |
US-59 |
The Russell Indices |
US-62 |
The S&P 500® Index |
US-68 |
The S&P MidCap 400® Index |
US-72 |
The S&P Select Industry Indices |
US-77 |
The Select Sector Indices |
US-82 |
The TOPIX® Index |
US-84 |
Commodity Index Descriptions |
US-87 |
The Dow Jones-UBS Commodity Indices |
US-87 |
The S&P GSCI Indices |
US-100 |
Fund Descriptions |
US-109 |
The Financial Select Sector SPDR® Fund |
US-109 |
The iShares® Barclays 20+ Year Treasury Bond Fund |
US-112 |
The iShares® Dow Jones Real Estate Index Fund |
US-115 |
The iShares® MSCI Brazil Index Fund |
US-119 |
The iShares® MSCI Emerging Markets Index Fund |
US-122 |
The iShares® MSCI EAFE Index Fund |
US-125 |
The iShares® Russell 2000 Index Fund |
US-128 |
The Market Vectors Gold Miners ETF |
US-131 |
The Market Vectors Junior Gold Miners ETF |
US-135 |
The SPDR® Gold Trust |
US-145 |
The SPDR® S&P 500® ETF Trust |
US-148 |
The SPDR® S&P® Homebuilders ETF |
US-151 |
The SPDR® S&P® Metals & Mining ETF |
US-154 |
The Technology Select Sector SPDR® Fund |
US-158 |
The United States Oil Fund, LP |
US-161 |
|
|
Prospectus Supplement dated November 14, 2011 |
|
About This Prospectus Supplement |
S-1 |
Foreign Currency Risks |
S-2 |
Description of Notes |
S-4 |
Description of Warrants |
S-21 |
Description of Units |
S-24 |
|
|
United States Federal Taxation |
S-26 |
Plan of Distribution (Conflicts of Interest) |
S-27 |
|
|
Prospectus dated November 14, 2011 |
|
Where You Can Find Information |
1 |
JPMorgan Chase & Co. |
2 |
Consolidated Ratios of Earnings to Fixed Charges |
3 |
Use of Proceeds |
3 |
Important Factors That May Affect Future Results |
4 |
Description of Debt Securities |
6 |
Description of Warrants |
12 |
Description of Units |
15 |
Description of Purchase Contracts |
17 |
Forms of Securities |
19 |
Plan of Distribution (Conflicts of Interest). |
23 |
Independent Registered Public Accounting Firm |
25 |
Legal Matters |
|
26 |
Benefit Plan Investor Considerations |
26 |
|
|
$3,336,000
JPMorgan Chase & Co.
Capped Buffered Enhanced Participation Equity Notes due 2016
(Linked to the S&P 500® Index)
Medium-Term Notes, Series E
JP Morgan Chase (NYSE:JPM)
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