- Free Writing Prospectus - Filing under Securities Act Rules 163/433 (FWP)

	Indicative Terms
	Issuer			JPMorgan Chase & Co.
	Issue Price			$10.00 per Security
	Underlying Stock			Common Stock of Apple Inc. Class A Common Stock of Google Inc. Common Stock of Dell Inc.
	Principal Amount			$10 per Security (subject to a minimum purchase of 100 Securities or $1,000)
	Term 1			12 months, unless called earlier
	Automatic Call Feature			The Securities will be called automatically if the closing price of one share of the applicable Underlying Stock on any Observation Date is equal to or greater than the applicable Initial Price. If the Securities are called, JPMorgan Chase will pay you on the applicable Call Settlement Date a cash payment per Security equal to the principal amount plus the applicable Contingent Coupon otherwise due for the applicable Observation Date.
	Contingent Coupon			If the closing price of one share of the applicable Underlying Stock 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 price of one share of the applicable Underlying Stock is less than the applicable Coupon Barrier on any Observation Date, the applicable Contingent Coupon for that Observation Date will not 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 sets forth each Observation Date and a hypothetical Contingent Coupon for each Security. The actual Contingent Coupons will be based on the applicable Contingent Coupon Rate, which will be determined on the Trade Date. The table below assumes a Contingent Coupon Rate of (i) 9.35% per annum for Securities linked to the common stock of Apple Inc., (ii) 9.00% per annum for Securities linked to the Class A common stock of Google Inc. and (iii) 9.75% per annum for Securities linked to the common stock of Dell Inc. If the actual Contingent Coupon Rates as determined on the Trade Date are less than the assumed Contingent Coupon Rates specified above, the actual Contingent Coupons will be less than the amounts shown below.
				Contingent Coupon (per $10 Security)
	Observation Dates 2			Coupon Payment Dates 2		Apple Inc.		Google Inc.		Dell Inc.
	May 29, 2012 August 29, 2012 November 28, 2012 February 22, 2013 (Final Valuation Date)			May 31, 2012 August 31, 2012 November 30, 2012 February 28, 2013 (Maturity Date)		$0.2338 $0.2338 $0.2338 $0.2338		$0.2250 $0.2250 $0.2250 $0.2250		$0.2438 $0.2438 $0.2438 $0.2438
				Contingent Coupon payments on the Securities 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 Stock is less than the applicable Coupon Barrier.
	Contingent Coupon Rate			The Contingent Coupon Rate is expected to be between (i) 8.10% and 10.60% per annum for Securities linked to the common stock of Apple Inc., (ii) 8.00% and 10.00% per annum for Securities linked to the Class A common stock of Google Inc. and (iii) 8.50% and 11.00% per annum for Securities linked to the common stock of Dell Inc. The actual Contingent Coupon Rate for each Security will be determined on the Trade Date.
	Coupon Payment Dates 2			2nd business day following the applicable Observation Date, except that the Coupon Payment Date for the Final Valuation Date is the Maturity Date
	Call Settlement Dates 2			First Coupon Payment Date following the applicable Observation Date
	Payment at Maturity (per $10 Security)			If the Securities are not automatically called and the applicable Final Price is equal to or greater than the applicable Trigger Price and the applicable Coupon Barrier, we will pay you a cash payment at maturity per $10 principal amount Security equal to $10 plus the applicable Contingent Coupon otherwise due on the Maturity Date. If the Securities are not automatically called and the applicable Final Price is less than the applicable Trigger Price and the applicable Coupon Barrier, we will pay you a cash payment at maturity that is less than $10 per $10 principal amount Security resulting in a loss on your principal amount proportionate to the negative Stock Return, equal to: $10 × (1 + Stock Return)
	Stock Return			Final Price - Initial Price Initial Price
	Initial Price 3			The closing price of one share of the applicable Underlying Stock on the Trade Date
	Final Price 2,3			The closing price of one share of the applicable Underlying Stock on the Final Valuation Date
	Trigger Price 3			For Securities linked to the common stock of Apple Inc., 75% of the Initial Price For Securities linked to the Class A common stock of Google Inc., 80% of the Initial Price For Securities linked to the common stock of Dell Inc., 75% of the Initial Price
	Coupon Barrier 3			For Securities linked to the common stock of Apple Inc., 75% of the Initial Price For Securities linked to the Class A common stock of Google Inc., 80% of the Initial Price For Securities linked to the common stock of Dell Inc., 75% of the Initial Price
	1	See footnote 1 under "Key Dates" on the front cover
	2	See footnote 2 under "Key Dates" on the front cover
	3	Subject to adjustment upon the occurrence of certain corporate events affecting the applicable Underlying Stock as described under "General Terms of Securities — Anti-Dilution Adjustments" in the accompanying product supplement no. UBS-5-I. The Trigger Price and Coupon Barrier for each Underlying Stock may be rounded up to the nearest cent.

	Investment Timeline
	Trade Date:						The closing price of the applicable Underlying Stock (Initial Price), the applicable Trigger Price and the applicable Coupon Barrier are determined, in each case subject to adjustments, and the applicable Contingent Coupon Rate is set.
	Quarterly:						If the closing price of the applicable Underlying Stock is equal to or greater than the applicable Coupon Barrier on any Observation Date, JPMorgan Chase will pay you a Contingent Coupon on the applicable Coupon Payment Date. The Securities will also be called if the closing price of the applicable Underlying Stock on any Observation Date is equal to or greater than the applicable Initial Price. If the Securities are called, JPMorgan Chase will pay you a cash payment per Security equal to the principal amount plus the applicable Contingent Coupon otherwise due for the applicable Observation Date.
	Maturity Date:						The applicable Final Price is determined as of the Final Valuation Date. If the Securities have not been called and the applicable Final Price is equal to or greater than the applicable Trigger Price and the applicable Coupon Barrier, at maturity JPMorgan Chase will repay the principal amount equal to $10.00 per Security plus the applicable Contingent Coupon otherwise due on the Maturity Date. If the Securities have not been called and the applicable Final Price is less than the applicable Trigger Price and the applicable Coupon Barrier, JPMorgan Chase will repay less than the principal amount, if anything, at maturity, resulting in a loss on your principal amount proportionate to the decline of the applicable Underlying Stock, equal to a return of: $10 × (1 + Stock Return) per Security
	INVESTING IN THE SECURITIES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT. ANY PAYMENT ON THE SECURITIES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS OF JPMORGAN CHASE. IF JPMORGAN CHASE WERE TO DEFAULT ON ITS PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE SECURITIES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.

What Are the Tax Consequences of the Securities?

You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. UBS-5-I. In determining our reporting responsibilities we intend to treat (i) the Securities 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 — Tax Treatment as Prepaid Forward Contracts with Associated Contingent Coupons" in the accompanying product supplement no. UBS-5-I. 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 Internal Revenue Service (the "IRS") or a court may adopt, in which case the timing and character of any income or loss on the Securities could be significantly 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, which might include the Securities. The notice focuses in particular on whether to require holders of 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 and adversely affect the tax consequences of an investment in the Securities, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities, including possible alternative treatments and the issues presented by this notice.

The U.S. federal income tax treatment of Contingent Coupons is uncertain, and although we believe it is reasonable to conclude that Contingent Coupons are not subject to U.S. withholding tax, a withholding agent may nonetheless withhold on these payments (generally at a rate of 30%, subject to the possible reduction or elimination of that rate under an applicable income tax treaty), unless income from your Securities is effectively connected with your conduct of a trade or business in the United States. If you are not a United States person, you are urged to consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities in light of your particular circumstances.

Key Risks

An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in the applicable Underlying Stock. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement no. UBS-5-I. We also urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Securities.

Risks Relating to the Securities Generally

♦	Your Investment in the Securities May Result in a Loss: The Securities differ from ordinary debt securities in that JPMorgan Chase will not necessarily repay the full principal amount of the Securities. If the Securities are not called and the closing price of one share of the applicable Underlying Stock has declined below the applicable Trigger Price on the Final Valuation Date, you will be fully exposed to any depreciation in the closing price of one share of the applicable Underlying Stock from its Initial Price to its Final Price and JPMorgan Chase will repay less than the full principal amount at maturity, resulting in a loss of principal that is proportionate to the negative Stock Return. Under these circumstances, you will lose 1% of your principal for every 1% that the Final Price is less than the Initial Price and could lose your entire initial investment. As a result, your investment in the Securities 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 Stock.
♦	You Are Not Guaranteed Any Contingent Coupons: We will not necessarily make periodic coupon payments on the Securities. If the closing price of one share of the applicable Underlying Stock 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 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 Stock 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 Securities. Generally, this non-payment of the Contingent Coupon coincides with a period of greater risk of principal loss on your Securities.
♦	Limited Return on the Securities and You Will Not Participate in Any Appreciation of the Applicable Underlying Stock: The return potential of the Securities is limited to the specified Contingent Coupon Rate, regardless of the appreciation in the closing price of one share of the applicable Underlying Stock, which may be significant. In addition, the total return on the Securities 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 Securities 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 Securities could be called as early as the first Observation Date, the total return on the Securities could be minimal. If the Securities are not called, you will not participate in any appreciation in the price of the applicable Underlying Stock even though you will be subject to the applicable Underlying Stock's risk of decline. As a result, the return on an investment in the Securities could be less than the return on a direct investment in the applicable Underlying Stock. In addition, if the Securities are not called and the applicable Final Price is below the applicable Trigger Price, you will have a loss on your principal amount and the overall return on the Securities may be less than the amount that would be paid on a conventional debt security of JPMorgan Chase of comparable maturity.

♦	Contingent Repayment of Principal Applies Only If You Hold the Securities to Maturity: If you are able to sell your Securities in the secondary market prior to maturity, you may have to sell them at a loss relative to your initial investment even if the stock price is above the applicable Trigger Price. If by maturity the Securities have not been called, JPMorgan Chase will either repay you the full principal amount per Security plus the applicable Contingent Coupon, or if the price of the applicable Underlying Stock closes below the applicable Trigger Price on the Final Valuation Date, JPMorgan Chase 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 the applicable Underlying Stock from the Trade Date to the Final Valuation Date. This contingent repayment of principal applies only if you hold your Securities to maturity.
♦	The Probability That the Applicable Final Price Will Fall Below the Applicable Trigger Price on the Final Valuation Date Will Depend on the Volatility of the Applicable Underlying Stock: "Volatility" refers to the frequency and magnitude of changes in the price of the applicable Underlying Stock. Greater expected volatility with respect to the applicable Underlying Stock reflects a higher expectation as of the Trade Date that the price of that stock could close below its Coupon Barrier on any Observation Date, resulting in the loss of one or more Contingent Coupons or below its Trigger Price on the Final Valuation Date of the Securities, resulting in the loss of some or all of your investment. In addition, each Contingent Coupon Rate is set on the Trade Date and depends in part on this expected volatility. However, a stock's volatility can change significantly over the term of the Securities. The price of the applicable Underlying Stock for your Securities could fall sharply, which could result in a loss of one or more Contingent Coupons and a significant loss of principal.
♦	Credit Risk of JPMorgan Chase & Co.: The Securities are unsecured and unsubordinated debt obligations of the issuer, JPMorgan Chase & Co., and will rank pari passu with all of our other unsecured and unsubordinated obligations. The Securities are not, either directly or indirectly, an obligation of any third party. Any payment to be made on the Securities, including any repayment of principal, depends on the ability of JPMorgan Chase & Co. to satisfy its obligations as they come due. As a result, the actual and perceived creditworthiness of JPMorgan Chase & Co. may affect the market value of the Securities and, in the event JPMorgan Chase & Co. were to default on its obligations, you may not receive any amounts owed to you under the terms of the Securities and you could lose your entire investment.
♦	Reinvestment Risk: If your Securities are called early, the holding period over which you would have the opportunity to receive any Contingent Coupons could be as little as three months. There is no guarantee that you would be able to reinvest the proceeds from an investment in the Securities at a comparable return and/or with a comparable interest rate for a similar level of risk in the event the Securities are called prior to the maturity date.
♦	Potential Conflicts: We and our affiliates play a variety of roles in connection with the issuance of the Securities, including acting as calculation agent and hedging our obligations under the Securities. In performing these duties, our 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 Securities. In addition, our business activities, including hedging and trading activities, could cause our economic interests to be adverse to yours and could adversely affect any payment on the Securities and the value of the Securities. It is possible that hedging or trading activities of ours or our affiliates could result in substantial returns for us or our affiliates while the value of the Securities declines. Please refer to "Risk Factors — Risks Relating to the Securities Generally" in the accompanying product supplement no. UBS-5-I 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 Stock, including extending loans to, or making equity investments in, the issuer of the applicable Underlying Stock or providing advisory services to the issuer of the applicable Underlying Stock. As a prospective purchaser of the Securities, you should undertake an independent investigation of the issuer of the applicable Underlying Stock as in your judgment is appropriate to make an informed decision with respect to an investment in the Securities.
♦	Each Contingent Coupon Is Based Solely on the Closing Price of One Share of the Applicable Underlying Stock 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 Stock 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 Stock 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 Stock was higher on other days during the period before that Observation Date.
♦	Single Stock Risk: The price of the applicable Underlying Stock can rise or fall sharply due to factors specific to that Underlying Stock 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. We urge you to review financial and other information filed periodically with the SEC by the applicable Underlying Stock issuer.
♦	Certain Built-In Costs Are Likely to Affect Adversely the Value of the Securities Prior to Maturity: While the payment on any Coupon Payment Date, Call Settlement Date or at maturity, if any, described in this free writing prospectus is based on the full principal amount of your Securities, the original issue price of the Securities includes UBS's commission and the estimated cost of hedging our obligations under the Securities. As a result, and as a general matter, the price, if any, at which JPMS will be willing to purchase Securities from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the maturity date could result in a substantial loss to you. This secondary market price will also be affected by a number of factors aside from UBS's commission and our hedging costs, including those set forth under "Many Economic and Market Factors Will Influence the Value of the Securities" below. The Securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Securities to maturity.

♦	No Dividend Payments or Voting Rights in the Applicable Underlying Stock: As a holder of the Securities, you will not have any ownership interest or rights in the applicable Underlying Stock, such as voting rights or dividend payments. In addition, the issuer of the applicable Underlying Stock will not have any obligation to consider your interests as a holder of the Securities in taking any corporate action that might affect the value of the applicable Underlying Stock and the Securities.
♦	No Affiliation with the Applicable Underlying Stock Issuer: We are not affiliated with the issuer of the applicable Underlying Stock. We assume no responsibility for the adequacy of the information about the applicable Underlying Stock issuer contained in this free writing prospectus or in product supplement no. UBS-5-I. You should make your own investigation into the applicable Underlying Stock and its issuer. We are not responsible for the applicable Underlying Stock issuer's public disclosure of information, whether contained in SEC filings or otherwise.
♦	No Assurances That the Investment View Implicit in the Securities Will Be Successful: While the Securities are structured to provide for Contingent Coupons if the applicable Underlying Stock 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 Securities.
♦	Lack of Liquidity: The Securities will not be listed on any securities exchange. JPMS intends to offer to purchase the Securities 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 Securities easily. Because other dealers are not likely to make a secondary market for the Securities, the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which JPMS is willing to buy the Securities.
♦	Anti-Dilution Protection Is Limited and May Be Discretionary: Although the calculation agent will adjust the applicable Initial Price, the applicable Trigger Price and the applicable Coupon Barrier for certain corporate events (such as stock splits and stock dividends) affecting the applicable Underlying Stock, the calculation agent is not required to make an adjustment for every corporate event that can affect the applicable Underlying Stock. If an event occurs that does not require the calculation agent to adjust the Initial Price, the applicable Trigger Price and the applicable Coupon Barrier, the market value of your Securities and the payment on any Coupon Payment Date, upon an automatic call or at maturity 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 Securities in making these determinations.
♦	Hedging and Trading in the Applicable Underlying Stock: While the Securities are outstanding, we or any of our affiliates may carry out hedging activities related to the Securities, including in the applicable Underlying Stock or instruments related to the applicable Underlying Stock. We or our affiliates may also trade in the applicable Underlying Stock or instruments related to the applicable Underlying Stock from time to time. Any of these hedging or trading activities as of the Trade Date and during the term of the Securities could adversely affect our payment of any Contingent Coupon and our payment to you at maturity if not previously called. It is possible that such hedging or trading activities could result in substantial returns for us or our affiliates while the value of the Securities declines.
♦	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 Stock) that are inconsistent with investing in or holding the Securities, and which 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 Stock and could affect the value of the applicable Underlying Stock, and therefore the market value of the Securities.
♦	Tax Treatment: Significant aspects of the tax treatment of the Securities are uncertain. You should consult your tax adviser about your tax situation.
♦	Potential JPMorgan Chase & Co. Impact on Market Price of Underlying Stock: Trading or transactions by JPMorgan Chase & Co. or its affiliates in the applicable Underlying Stock and/or over-the-counter options, futures or other instruments with returns linked to the performance of the applicable Underlying Stock may adversely affect the market price of the applicable Underlying Stock and, therefore, the market value of the Securities.
♦	Market Disruptions May Adversely Affect Your Return: The calculation agent may, in its sole discretion, determine that the markets have been affected in a manner that prevents it from properly determining the closing price of one share of the applicable Underlying Stock on an Observation Date, determining if the Securities are to be automatically called, determining if a Contingent Coupon is payable, calculating the applicable Stock Return if the Securities are not automatically called and calculating the amount that we are required to pay you, if any, on any Coupon Payment Date, upon an automatic call or at maturity. These events may include disruptions or suspensions of trading in the markets as a whole. If the calculation agent, in its sole discretion, determines that any of these events prevents us or any of our affiliates from properly hedging our obligations under the Securities, it is possible that one or more of the Observation Dates and the applicable payment date will be postponed and your return will be adversely affected. See "General Terms of Securities — Market Disruption Events" in the accompanying product supplement no. UBS-5-I.
♦	Many Economic and Market Factors Will Influence the Value of the Securities : In addition to the value of the applicable Underlying Stock and interest rates on any trading day, the value of the Securities will be affected by a number of economic and market factors that may either offset or magnify each other and which are set out in more detail in product supplement no. UBS-5-I.

Hypothetical Examples

The examples below illustrate the hypothetical payments on a Contingent Coupon Date, upon an automatic call or at maturity under different hypothetical scenarios for a $10.00 Security on an offering of the Securities linked to a hypothetical Underlying Stock with the following assumptions (the actual terms will be determined on the Trade Date; amounts have been rounded for ease of reference):

	Principal Amount:						$10.00
	Term:						Approximately 12 months (unless earlier called)
	Initial Price:						$50.00
	Contingent Coupon Rate:						6.00%* per annum (or 1.50% per quarter)
	Observation Dates:						Quarterly
	Trigger Price:						$40.00 (which is 80.00% of the hypothetical Initial Price)
	Coupon Barrier:						$40.00 (which is 80.00% of the hypothetical Initial Price)
	*			The actual Contingent Coupon Rate for each Security will be set on the Trade Date. The actual value of any Contingent Coupon payments you will receive over the term of the Securities, the actual value of the payment upon automatic call or at maturity and the actual Trigger Price and Coupon Barrier applicable to your Securities may be more or less than the amounts displayed in these hypothetical scenarios, and will be set on the Trade Date.

The examples below are purely hypothetical and are not based on any specific offering of Securities linked to any specific Underlying Stock. These examples are intended to illustrate how the value of any payment on the Securities will depend on the closing price on the Observation Dates.

Example 1 — Securities Are Called on the First Observation Date

	Date			Closing Price						Payment (per Security)
	First Observation Date			$55.00 (at or above Initial Price)						$10.15 (Payment upon Automatic Call)
				Total Payment:						$10.15 (1.50% return)

Because the Securities are called on the first Observation Date, we will pay you on the applicable Call Settlement Date a total of $10.15 per Security, reflecting your principal amount plus the applicable Contingent Coupon for a 1.50% total return on the Securities.

Example 2 — Securities Are Called on the Third Observation Date

	Date			Closing Price						Payment (per Security)
	First Observation Date			$45.00 (at or above Coupon Barrier; below Initial Price)						$0.15 (Contingent Coupon)
	Second Observation Date			$40.00 (at or above Coupon Barrier; below Initial Price)						$0.15 (Contingent Coupon)
	Third Observation Date			$55.00 (at or above Initial Price)						$10.15 (Payment upon Automatic Call)
				Total Payment:						$10.45 (4.50% return)

Because the Securities are called on the third Observation Date, we will pay you on the applicable Call Settlement Date a total of $10.15 per Security, 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 Security for a 4.50% total return on the Securities.

Example 3 — Securities Are NOT Called and the Final Price Is at or above the Trigger Price and the Coupon Barrier

	Date			Closing Price						Payment (per Security)
	First Observation Date			$44.00 (at or above Coupon Barrier; below Initial Price)						$0.15 (Contingent Coupon)
	Second Observation Date			$38.00 (below Coupon Barrier)						$0.00
	Third Observation Date			$36.00 (below Coupon Barrier)						$0.00
	Final Valuation Date			$44.00 (at or above Trigger Price and Coupon Barrier; below Initial Price)						$10.15 (Payment at Maturity)
				Total Payment:						$10.30 (3.00% return)

At maturity, we will pay you a total of $10.15 per Security, 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 prior Observation Dates, we will have paid you a total of $10.30 per Security for a 3.00% total return on the Securities.

Example 4 — Securities Are NOT Called and the Final Price Is below the Trigger Price and the Coupon Barrier

	Date			Closing Price						Payment (per Security)
	First Observation Date			$44.00 (at or above Coupon Barrier; below Initial Price)						$0.15 (Contingent Coupon)
	Second Observation Date			$42.00 (at or above Coupon Barrier; below Initial Price)						$0.15 (Contingent Coupon)
	Third Observation Date			$44.00 (at or above Coupon Barrier; below Initial Price)						$0.15 (Contingent Coupon)
	Final Valuation Date			$35.00 (below Trigger Price and Coupon Barrier)						$10.00 × (1 + Stock Return) = $10.00 × (1 + -30%) = $10.00 × 70% = $7.00 (Payment at Maturity)
				Total Payment:						$7.45 (-25.50% return)

Because the Securities are not called and the Final Price is below the Trigger Price and the Coupon Barrier, at maturity we will pay you $7.00 per Security. When that amount is added to the Contingent Coupon payments of $0.45 received in respect of prior Observation Dates, we will have paid you $7.45 per Security for a loss on the Securities of 25.50%.

Example 5 — Securities Are NOT Called and the Final Price is below the Trigger Price and the Coupon Barrier

	Date			Closing Price						Payment (per Security)
	First Observation Date			$38.00 (below Coupon Barrier)						$0.00
	Second Observation Date			$32.00 (below Coupon Barrier)						$0.00
	Third Observation Date			$28.00 (below Coupon Barrier)						$0.00
	Final Valuation Date			$25.00 (below Trigger Price and Coupon Barrier)						$10.00 × (1 + Stock Return) = $10.00 × (1 + -50%) = $10.00 × 50% = $5.00 (Payment at Maturity)
				Total Payment:						$5.00 (-50.00% return)

Because the Securities are not called and the Final Price is below the Trigger Price and the Coupon Barrier, at maturity we will pay you $5.00 per Security for a loss on the Securities of 50.00%. Because there is no Contingent Coupon paid during the term of the Securities, that represents the total payment on the Securities.

The hypothetical returns and hypothetical payouts on the securities shown above 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 payouts shown above would likely be lower.

The Underlying Stocks

Included on the following pages is a brief description of the issuers of the Underlying Stocks. This information has been obtained from publicly available sources and is provided for informational purposes only. Set forth below is a table that provides the quarterly high and low closing prices for each Underlying Stock. The information given below is for the four calendar quarters in each of 2007, 2008, 2009, 2010 and 2011. Partial data is provided for the first calendar quarter of 2012. 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 Stock as an indication of future performance.

Each of the Underlying Stocks 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 each issuer of an Underlying Stock 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 each issuer of an Underlying Stock under the Exchange Act can be located by reference to its SEC file number provided below. In addition, information filed with the SEC can be inspected and copied at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Copies of this material can also be obtained from the Public Reference Section, at prescribed rates. We do not make any representation that these publicly available documents are accurate or complete.

Apple Inc.

According to its publicly available filings with the SEC, Apple Inc., which we refer to as Apple, designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players and sells a variety of related software, services, peripherals, networking solutions and third-party digital content and applications. The common stock of Apple, no par value (Bloomberg ticker: AAPL), is listed on The NASDAQ Stock Market, which we refer to as the Relevant Exchange for purposes of Apple in the accompanying product supplement no. UBS-5-I. Apple's SEC file number is 000-10030.

Historical Information Regarding the Common Stock of Apple

The following table sets forth the quarterly high and low closing prices for the common stock of Apple, based on daily closing prices on the primary exchange for Apple, as reported by Bloomberg. The closing price of the common stock of Apple on February 22, 2012 was $513.04. The actual Initial Price will be the closing price of one share of the common stock of Apple on the Trade Date. We obtained the closing prices and other information below from Bloomberg, without independent verification. The closing prices and this other information may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg.

Since its inception, the price of the common stock of Apple has experienced significant fluctuations. The historical performance of the common stock of Apple should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of the common stock of Apple during the term of the Securities. We cannot give you assurance that the performance of the common stock of Apple will result in the return of any of your initial investment. We make no representation as to the amount of dividends, if any, that Apple will pay in the future. In any event, as an investor in the Securities, you will not be entitled to receive dividends, if any, that may be payable on the common stock of Apple.

	Quarter Begin						Quarter End			Quarterly High			Quarterly Low			Close
	1/1/2007						3/31/2007			$97.13			$83.27			$92.91
	4/1/2007						6/30/2007			$125.09			$90.24			$122.04
	7/1/2007						9/30/2007			$154.50			$117.05			$153.54
	10/1/2007						12/31/2007			$199.83			$153.76			$198.08
	1/1/2008						3/31/2008			$194.97			$119.15			$143.50
	4/1/2008						6/30/2008			$189.96			$147.14			$167.44
	7/1/2008						9/30/2008			$179.69			$105.26			$113.66
	10/1/2008						12/31/2008			$111.04			$80.49			$85.35
	1/1/2009						3/31/2009			$109.87			$78.20			$105.12
	4/1/2009						6/30/2009			$144.67			$108.69			$142.43
	7/1/2009						9/30/2009			$186.15			$135.40			$185.37
	10/1/2009						12/31/2009			$211.64			$180.76			$210.86
	1/1/2010						3/31/2010			$235.83			$192.00			$234.93
	4/1/2010						6/30/2010			$274.16			$235.86			$251.53
	7/1/2010						9/30/2010			$292.46			$240.16			$283.75
	10/1/2010						12/31/2010			$325.47			$278.64			$322.56
	1/1/2011						3/31/2011			$363.13			$326.72			$348.45
	4/1/2011						6/30/2011			$353.10			$315.32			$335.67
	7/1/2011						9/30/2011			$413.45			$343.23			$381.18
	10/1/2011						12/31/2011			$422.24			$363.50			$405.00
	1/1/2012						2/22/2012*			$514.85			$411.23			$513.04
	*			As of the date of this free writing prospectus available information for the first calendar quarter of 2012 includes data for the period from January 1, 2012 through February 22, 2012. Accordingly, the "Quarterly High," "Quarterly Low" and "Close" data indicated are for this shortened period only and do not reflect complete data for the first calendar quarter of 2012.

The graph below illustrates the daily performance of the common stock of Apple from January 2, 2002 through February 22, 2012, based on information from Bloomberg without independent verification. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg. The dotted line represents a hypothetical Coupon Barrier and Trigger Price, equal to 75% of the closing price on February 22, 2012. The actual Coupon Barrier and Trigger Price will be based on the closing price of the common stock of Apple on the Trade Date.

Past performance of the Underlying Stock is not indicative of the future performance of the Underlying Stock.

Google Inc.

According to its publicly available filings with the SEC, Google Inc., which we refer to as Google, is a global technology company engaged primarily in providing web search capability and targeted advertising techniques. The Class A common stock of Google, par value $0.001 per share, is listed on The NASDAQ Stock Market, which we refer to as the Relevant Exchange for purposes of Google in the accompanying product supplement no. UBS-5-I. Google's SEC file number is 000-50726.

Historical Information Regarding the Class A Common Stock of Google

The following table sets forth the quarterly high and low closing prices for the Class A common stock of Google, based on daily closing prices on the primary exchange for Google, as reported by Bloomberg. The closing price of the Class A common stock of Google on February 22, 2012 was $607.94. The actual Initial Price will be the closing price of one share of the Class A common stock of Google on the Trade Date. We obtained the closing prices and other information below from Bloomberg, without independent verification. The closing prices and this other information may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg.

Since its inception, the price of the Class A common stock of Google has experienced significant fluctuations. The historical performance of the Class A common stock of Google should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of the Class A common stock of Google during the term of the Securities. We cannot give you assurance that the performance of the Class A common stock of Google will result in the return of any of your initial investment. We make no representation as to the amount of dividends, if any, that Google will pay in the future. In any event, as an investor in the Securities, you will not be entitled to receive dividends, if any, that may be payable on the Class A common stock of Google.

	Quarter Begin						Quarter End			Quarterly High			Quarterly Low			Close
	1/1/2007						3/31/2007			$505.00			$438.68			$458.16
	4/1/2007						6/30/2007			$530.26			$458.00			$523.38
	7/1/2007						9/30/2007			$569.55			$491.52			$567.27
	10/1/2007						12/31/2007			$741.79			$579.03			$691.48
	1/1/2008						3/31/2008			$685.33			$413.62			$440.47
	4/1/2008						6/30/2008			$594.90			$446.84			$526.42
	7/1/2008						9/30/2008			$555.15			$381.00			$400.52
	10/1/2008						12/31/2008			$411.72			$257.44			$307.65
	1/1/2009						3/31/2009			$378.77			$282.75			$348.06
	4/1/2009						6/30/2009			$444.32			$354.09			$421.59
	7/1/2009						9/30/2009			$499.06			$396.63			$495.85
	10/1/2009						12/31/2009			$622.73			$484.58			$619.98
	1/1/2010						3/31/2010			$626.75			$526.43			$567.01
	4/1/2010						6/30/2010			$595.30			$444.95			$444.95
	7/1/2010						9/30/2010			$530.41			$436.07			$525.79
	10/1/2010						12/31/2010			$627.16			$522.35			$593.97
	1/1/2011						3/31/2011			$639.63			$557.10			$586.21
	4/1/2011						6/30/2011			$591.80			$474.88			$506.38
	7/1/2011						9/30/2011			$622.46			$490.92			$514.38
	10/1/2011						12/31/2011			$645.90			$495.52			$645.90
	1/1/2012						2/22/2012*			$668.28			$568.10			$607.94
	*			As of the date of this free writing prospectus available information for the first calendar quarter of 2012 includes data for the period from January 1, 2012 through February 22, 2012. Accordingly, the "Quarterly High," "Quarterly Low" and "Close" data indicated are for this shortened period only and do not reflect complete data for the first calendar quarter of 2012.

The graph below illustrates the daily performance of the Class A common stock of Google from August 19, 2004 through February 22, 2012, based on information from Bloomberg without independent verification. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg. The dotted line represents a hypothetical Coupon Barrier and Trigger Price, equal to 80% of the closing price on February 22, 2012. The actual Coupon Barrier and Trigger Price will be based on the closing price of the Class A common stock of Google on the Trade Date.

Past performance of the Underlying Stock is not indicative of the future performance of the Underlying Stock.

Dell Inc.

According to its publicly available filings with the SEC, Dell Inc., which we refer to as Dell, is a technology company that offers a range of products and services including personal and commercial computing solutions in addition to other electronics products. The common stock of Dell, par value $0.01 per share, is listed on The NASDAQ Stock Market, which we refer to as the Relevant Exchange for purposes of Dell in the accompanying product supplement no. UBS-5-I. Dell's SEC file number is 000-17017.

Historical Information Regarding the Common Stock of Dell

The following table sets forth the quarterly high and low closing prices for the common stock of Dell, based on daily closing prices on the primary exchange for Dell, as reported by Bloomberg. The closing price of the common stock of Dell on February 22, 2012 was $17.15. The actual Initial Price will be the closing price of one share of the common stock of Dell on the Trade Date. We obtained the closing prices and other information below from Bloomberg, without independent verification. The closing prices and this other information may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg.

Since its inception, the price of the common stock of Dell has experienced significant fluctuations. The historical performance of the common stock of Dell should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of the common stock of Dell during the term of the Securities. We cannot give you assurance that the performance of the common stock of Dell will result in the return of any of your initial investment. We make no representation as to the amount of dividends, if any, that Dell will pay in the future. In any event, as an investor in the Securities, you will not be entitled to receive dividends, if any, that may be payable on the common stock of Dell.

	Quarter Begin						Quarter End			Quarterly High			Quarterly Low			Close
	1/1/2007						3/31/2007			$27.28			$21.79			$23.21
	4/1/2007						6/30/2007			$28.55			$23.02			$28.55
	7/1/2007						9/30/2007			$29.34			$25.93			$27.60
	10/1/2007						12/31/2007			$30.60			$23.57			$24.51
	1/1/2008						3/31/2008			$24.39			$19.07			$19.92
	4/1/2008						6/30/2008			$24.45			$18.24			$21.88
	7/1/2008						9/30/2008			$25.63			$15.41			$16.48
	10/1/2008						12/31/2008			$16.15			$9.30			$10.24
	1/1/2009						3/31/2009			$11.27			$7.99			$9.48
	4/1/2009						6/30/2009			$13.86			$9.50			$13.73
	7/1/2009						9/30/2009			$16.92			$11.97			$15.26
	10/1/2009						12/31/2009			$16.07			$12.81			$14.36
	1/1/2010						3/31/2010			$15.22			$12.90			$15.01
	4/1/2010						6/30/2010			$17.50			$12.06			$12.06
	7/1/2010						9/30/2010			$13.74			$11.59			$12.96
	10/1/2010						12/31/2010			$14.71			$12.90			$13.55
	1/1/2011						3/31/2011			$15.83			$13.15			$14.51
	4/1/2011						6/30/2011			$16.75			$14.25			$16.67
	7/1/2011						9/30/2011			$17.52			$13.65			$14.15
	10/1/2011						12/31/2011			$16.62			$13.91			$14.63
	1/1/2012						2/22/2012*			$18.32			$14.99			$17.15
	*			As of the date of this free writing prospectus available information for the first calendar quarter of 2012 includes data for the period from January 1, 2012 through February 22, 2012. Accordingly, the "Quarterly High," "Quarterly Low" and "Close" data indicated are for this shortened period only and do not reflect complete data for the first calendar quarter of 2012.

The graph below illustrates the daily performance of the common stock of Dell from January 2, 2002 through February 22, 2012, based on information from Bloomberg without independent verification. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg. The dotted line represents a hypothetical Coupon Barrier and Trigger Price, equal to 75% of the closing price on February 22, 2012. The actual Coupon Barrier and Trigger Price will be based on the closing price of the common stock of Dell on the Trade Date.

Past performance of the Underlying Stock is not indicative of the future performance of the Underlying Stock.

Supplemental Plan of Distribution

We 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 Securities that it purchases from us to its affiliates at the price indicated on the cover of the pricing supplement, the document that will be filed pursuant to Rule 424(b)(2) and containing the final pricing terms of the Securities.

Subject to regulatory constraints, JPMS intends to offer to purchase the Securities in the secondary market, but it is not required to do so.

We or our affiliate 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 Securities, and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "Use of Proceeds and Hedging" beginning on page PS-18 of the accompanying product supplement no. UBS-5-I.