PRICING TERMS — May 22, 2015
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Issuer:
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JPMorgan Chase & Co.
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Underlying index:
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S&P GSCITM Crude Oil Index Excess Return
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Aggregate principal amount:
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$2,469,000
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Early redemption:
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If, on any determination date (other than the final determination date), the closing level of the underlying index is greater than or equal to the initial index value, the securities will be automatically redeemed for an early redemption payment on the first contingent payment date immediately following the related determination date. No further payments will be made on the securities once they have been redeemed.
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Early redemption payment:
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The early redemption payment will be an amount equal to (i) the stated principal amount plus (ii) the contingent monthly payment with respect to the related determination date.
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Contingent monthly payment:
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· If, on any determination date, the closing level or the final index value, as applicable, is greater than or equal to the downside threshold level, we will pay a contingent monthly payment of $10.625 (1.0625% of the stated principal amount) per security on the related contingent payment date.
· If, on any determination date, the closing level or the final index value, as applicable, is less than the downside threshold level, no contingent monthly payment will be made with respect to that determination date.
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Determination dates:
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June 23, 2015, July 22, 2015, August 24, 2015, September 23, 2015, October 22, 2015 and November 23, 2015, subject to postponement for non-trading days and certain market disruption events. We also refer to November 23, 2015 as the final determination date.
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Contingent payment dates:
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With respect to each determination date other than the final determination date, the third business day after the related determination date. The payment of the contingent monthly payment, if any, with respect to the final determination date will be made on the maturity date.
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Payment at maturity:
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· If the final index value is greater than or equal to the downside threshold level:
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(i) the stated principal amount plus (ii) the contingent monthly payment with respect to the final determination date
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· If the final index value is less than the downside threshold level:
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(i) the stated principal amount times (ii) the index performance factor. This amount will be less than 80% of the stated principal amount and could be zero.
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Downside threshold level:
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234.3424, which is equal to 80% of the initial index value
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Initial index value:
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292.9280, which was the closing level of the underlying index on the pricing date
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Final index value:
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The closing level of the underlying index on the final determination date
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Index performance factor:
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final index value / initial index value
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Stated principal amount:
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$1,000 per security
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Issue price:
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$1,000 per security (see “Commissions and issue price” below)
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Pricing date:
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May 22, 2015
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Original issue date (settlement date):
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May 28, 2015
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Maturity date:
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November 27, 2015, subject to postponement in the event of certain market disruption events and as described under “General Terms of Notes — Postponement of a Payment Date” in the accompanying product supplement no. 2a-I or early acceleration in the event of a commodity hedging disruption event as described under “General Terms of Notes — Consequences of a Commodity Hedging Disruption Event — Acceleration of the Notes” in the accompanying product supplement no. 2a-I and in “Risk Factors — We May Accelerate Your Notes If a Commodity Hedging Disruption Event Occurs” in the accompanying product supplement no. 2a-I
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CUSIP/ISIN:
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48125UST0 / US48125UST06
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Listing:
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The securities will not be listed on any securities exchange.
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Agent:
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J.P. Morgan Securities LLC (“JPMS”)
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The securities 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.
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free (800) 869-3326.