# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-25-051695
**Filing Date:** 2025-6
**Character Count:** 51525
**Document Hash:** adc01781ed62c6c04a4804f18f7615c0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-051695.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001213900-25-051695

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN CHASE & CO
- **CENTRAL INDEX KEY:** 0000019617
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 132624428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004
- **FILM NUMBER:** 251028660

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** J P MORGAN CHASE & CO
- **DATE OF NAME CHANGE:** 20010102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHASE MANHATTAN CORP /DE/
- **DATE OF NAME CHANGE:** 19960402

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHEMICAL BANKING CORP
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Chase Financial Co. LLC
- **CENTRAL INDEX KEY:** 0001665650
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 251028661

**BUSINESS ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179
- **BUSINESS PHONE:** (212) 270-6000

**MAIL ADDRESS:**
- **STREET 1:** 383 MADISON AVENUE
- **STREET 2:** FLOOR 21
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10179

**The information in this preliminary pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**Subject to completion dated June 5, 2025**

---

| | |
|:---|:---|
| **Pricing supplement**<br> *To prospectus dated April 13, 2023,*<br>*prospectus supplement dated April 13, 2023,*<br>*product supplement no. 2-I dated April 13, 2023 and prospectus addendum<br> dated June 3, 2024*  | <br> **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated June , 2025**<br> **Rule 424(b)(2)** |
| **JPMorgan Chase Financial Company LLC** | <br> **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated June , 2025**<br> **Rule 424(b)(2)** |

---

---

| | |
|:---|:---|
| Structured<br> Investments | &nbsp;&nbsp;&nbsp; **$**<br> **Knock-Out Notes Linked to Grade A Copper due July 7, 2026**<br> **Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.** |

---

**General**

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are designed for investors who seek a positive
return at maturity based on the appreciation of copper of not more than 15.00% over the term of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are also designed for investors who are willing
to accept a fixed return of 11.00% at maturity if copper has appreciated by more than 15.00% over the term of the notes and are willing
to lose up to 1.95% of the principal amount of their notes at maturity if copper has depreciated over the term of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;· Investors should be willing to forgo interest payments while
seeking repayment of at least 98.05% of the principal amount of their notes at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are unsecured and unsubordinated obligations of
JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed
by JPMorgan Chase & Co. **Any payment on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of JPMorgan Chase & Co., as guarantor of the notes.** 

&nbsp;&nbsp;&nbsp;&nbsp;· Minimum denominations of $10,000 and integral multiples
of $1,000 in excess thereof

**Key Terms**

---

| | |
|:---|:---|
| Issuer: | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| Guarantor: | JPMorgan Chase & Co. |
| Commodity: | The spot price of Grade A Copper (Bloomberg ticker: LOCADY) |
| Payment at Maturity:<br>| If the Final Value is less than or equal to the Knock-Out Value, at maturity, you will receive a cash payment, for each $1,000 principal amount note, calculated as follows:<br> $1,000 + ($1,000 × Commodity Return)<br> In no event, however, will the payment at maturity per $1,000 principal amount note be less than the Minimum Amount. |
|  | *If the Final Value is less than the Strike Value, assuming a Minimum Amount of $980.50 per $1,000 principal amount note, you will lose up to 1.95% of your principal amount at maturity.* |
|  | If the Final Value is greater than the Knock-Out Value, at maturity, you will receive a cash payment, for each $1,000 principal amount note, of $1,000 *plus* the Fixed Amount.<br> **You are entitled to repayment of at least the Minimum Amount per $1,000 principal amount note at maturity, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co.** |
| Knock-Out Value: | 115.00% of the Strike Value |
| Minimum Amount: | At least $980.50 per $1,000 principal amount note. The actual Minimum Amount will be provided in the pricing supplement and will not be less than $980.50 per $1,000 principal amount note. |
| Fixed Amount: | $110.00 per $1,000 principal amount note |
| Commodity Return: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>(Final Value – Strike Value)</u><br> Strike Value |
| Strike Value: | The Commodity Price on the Strike Date, which was $9,834.00. **The Strike Value is *not* determined by reference to the Commodity Price on the Pricing Date.** |
| Final Value: | The Commodity Price on the Observation Date |
| Commodity Price: | On any day, the official cash offer price of Copper Grade A on the London Metal Exchange (the "LME") for the spot market, stated in U.S. dollars per metric ton, as determined by the LME and displayed on the Bloomberg Professional<sup>®</sup> service ("Bloomberg") under the symbol "LOCADY" on that day |
| Strike Date: | June 5, 2025 |
| Pricing Date: | On or about June 6, 2025 |
| Original Issue Date: | On or about June 11, 2025 (Settlement Date) |
| Observation Date<sup>†</sup>: | July 1, 2026 |
| Maturity Date<sup>†</sup>: | July 7, 2026 |
| CUSIP: | 48135NXA9 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Subject to postponement in the event of a market disruption event and as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Commodity or Commodity Futures Contract" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement |

---

**Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, "Risk Factors" beginning on page PS-11 of the accompanying product supplement and "Selected Risk Considerations" beginning on page PS-5 of this pricing supplement.**

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to Public (1)** | **Fees and Commissions (2)** | **Proceeds to Issuer** |
| **Per note** | $1000 | $| $|
| **Total** | $| $| $|

---

(1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public
of the notes.

(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions
it receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $10.42 per $1,000 principal
amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

**If the notes priced today, the estimated value of the notes would be approximately $977.90 per $1,000 principal amount note. The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement and will not be less than $975.00 per $1,000 principal amount note.** See "The Estimated Value of the Notes" in this pricing supplement for additional information.

The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.

![](image_001.jpg)

**Additional Terms Specific to the Notes**

**You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying 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 accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes, of which these notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement. **This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours.** You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. 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):

&nbsp;&nbsp;&nbsp;&nbsp;· Product supplement no. 2-I dated April 13, 2023:

[http://www.sec.gov/Archives/edgar/data/19617/000121390023029567/ea151907_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029567/ea151907_424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus supplement and prospectus, each dated April 13, 2023:

[http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)

&nbsp;&nbsp;&nbsp;&nbsp;· Prospectus addendum dated June 3, 2024:

[http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617. As used in this pricing supplement, "we," "us" and "our" refer to JPMorgan Financial.

**Supplemental Terms of the Notes**

For purposes of the notes offered by this pricing supplement: the Observation Date is a "Determination Date" as described in the accompanying product supplement and is subject to postponement as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Commodity or Commodity Futures Contract" in the accompanying product supplement.

**The notes are not commodity futures contracts or swaps and are not regulated under the Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act").** The notes are offered pursuant to an exemption from regulation under the Commodity Exchange Act, commonly known as the hybrid instrument exemption, that is available to securities that have one or more payments indexed to the value, level or rate of one or more commodities, as set out in section 2(f) of that statute. Accordingly, you are not afforded any protection provided by the Commodity Exchange Act or any regulation promulgated by the Commodity Futures Trading Commission.

Any values of the Commodity, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of the notes or any other party.

JPMorgan Structured Investments — PS- 1 <br> Knock-Out Notes Linked to Grade A Copper

**What Is the Payment at Maturity, Assuming a Range of Performances for the Commodity?**

The following table and examples illustrate the hypothetical payment at maturity on the notes. Each hypothetical payment at maturity set forth below assumes a Strike Value of $100, a Knock-Out Value of $115 (equal to 115.00% of the hypothetical Strike Value), a Minimum Amount of $980.50 per $1,000 principal amount note and reflects a Fixed Amount of $110.00 per $1,000 principal amount note. The actual Minimum Amount will be provided in the pricing supplement and will not be less than $110.00 per $1,000 principal amount note.

The hypothetical Strike Value of $100 has been chosen for illustrative purposes only and does not represent the actual Strike Value. The actual Strike Value is the Commodity Price on the Strike Date and is specified under "Key Terms — Strike Value" in this pricing supplement. For historical data regarding the actual Commodity Prices, please see the historical information set forth under "Historical Information" in this pricing supplement.

Each hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the actual payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and in the examples below have been rounded for ease of analysis.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Final Value** | &nbsp;&nbsp;**Commodity<br> Return** | &nbsp;&nbsp;**Payment at<br> Maturity** |
| &nbsp;&nbsp;$180.00 | &nbsp;&nbsp;80.00% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$165.00 | &nbsp;&nbsp;65.00% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$150.00 | &nbsp;&nbsp;50.00% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$140.00 | &nbsp;&nbsp;40.00% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$130.00 | &nbsp;&nbsp;30.00% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$120.00 | &nbsp;&nbsp;20.00% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$115.01 | &nbsp;&nbsp;15.01% | &nbsp;&nbsp;$1110.00 |
| &nbsp;&nbsp;$115.00 | &nbsp;&nbsp;15.00% | &nbsp;&nbsp;$1150.00 |
| &nbsp;&nbsp;$110.00 | &nbsp;&nbsp;10.00% | &nbsp;&nbsp;$1100.00 |
| &nbsp;&nbsp;$105.00 | &nbsp;&nbsp;5.00% | &nbsp;&nbsp;$1050.00 |
| &nbsp;&nbsp;$102.50 | &nbsp;&nbsp;2.50% | &nbsp;&nbsp;$1025.00 |
| &nbsp;&nbsp;$100.00 | &nbsp;&nbsp;**0.00%** | &nbsp;&nbsp;**$1000.00** |
| &nbsp;&nbsp;$99.00 | &nbsp;&nbsp;-1.00% | &nbsp;&nbsp;$990.00 |
| &nbsp;&nbsp;$98.05 | &nbsp;&nbsp;-1.95% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$95.00 | &nbsp;&nbsp;-5.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$90.00 | &nbsp;&nbsp;-10.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$80.00 | &nbsp;&nbsp;-20.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$70.00 | &nbsp;&nbsp;-30.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$60.00 | &nbsp;&nbsp;-40.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$50.00 | &nbsp;&nbsp;-50.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$40.00 | &nbsp;&nbsp;-60.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$30.00 | &nbsp;&nbsp;-70.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$20.00 | &nbsp;&nbsp;-80.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;-90.00% | &nbsp;&nbsp;$980.50 |
| &nbsp;&nbsp;$0.00 | &nbsp;&nbsp;-100.00% | &nbsp;&nbsp;$980.50 |

---

JPMorgan Structured Investments — PS- 2 <br> Knock-Out Notes Linked to Grade A Copper

**Hypothetical Examples of Amount Payable at Maturity**

The following examples illustrate how the payment at maturity in different hypothetical scenarios is calculated.

**Example 1: The Commodity Price increases from the Strike Value of $100 to a Final Value of $102.50.** 

Because the Final Value of $102.50 is less than or equal to the Knock-Out Value of $115 and the Commodity Return is 2.50%, the investor receives a payment at maturity of $1,025.00 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × 2.50%) = $1,025.00

**Example 2: The Commodity Price increases from the Strike Value of $100 to a Final Value of $150.**

Because the Final Value of $150 is greater than the Knock-Out Value of $115, the investor receives a payment at maturity of $1,110.00 per $1,000 principal amount note, calculated as follows:

$1,000 + $110.00 = $1,110.00

**Example 3: The Commodity Price decreases from the Strike Value of $100 to a Final Value of $99.** 

Because the Final Value of $99.00 is less than or equal to the Knock-Out Value of $115 and the Commodity Return is

-1%, the investor receives a payment at maturity of $990.00 per $1,000 principal amount note, calculated as follows:

$1,000 + ($1,000 × -1%) = 990.00

**Example 4: The Commodity Price decreases from the Strike Value of $100 to a Final Value of $60.**

Because the Final Value of $60 is less than or equal to the Knock-Out Value of $115 and although the Commodity Return is -40%, the investor receives a payment at maturity equal to the Minimum Amount of $980.50 per $1,000 principal amount note.

The hypothetical returns and hypothetical payments 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 and hypothetical payments shown above would likely be lower.

JPMorgan Structured Investments — PS- 3 <br> Knock-Out Notes Linked to Grade A Copper

**Selected Purchase Considerations**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL PRESERVATION OF AT LEAST 98.05% OF CAPITAL AT MATURITY —** Subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., the payment at maturity
will be at least $980.50 per $1,000 principal amount note if you hold the notes to maturity, regardless of the performance of the Commodity. **Because the notes are unsecured and unsubordinated obligations of JPMorgan Financial and JPMorgan Chase & Co., payment of any amount on the notes is subject to our and JPMorgan Chase & Co.'s ability to pay our and JPMorgan Chase & Co.'s obligations as they become due.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CAPPED APPRECIATION POTENTIAL —** If the Final
Value is greater than the Strike Value but is less than or equal to the Knock-Out Value of 115.00% of the Strike Value, you will receive
at maturity $1,000 *plus* an additional return equal to the Commodity Return. Under these circumstances, the maximum payment
at maturity is $1,150.00 per $1,000 principal amount note. In addition, if the Final Value is greater than the Knock-Out Value,
the payment at maturity for each $1,000 principal amount note will be equal to $1,000 *plus* the Fixed Amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **RETURN LINKED TO THE PERFORMANCE OF COPPER** —
The return on the notes is linked to the performance of copper. For additional information about the Commodity, see the information set
forth under "The Underlyings — Commodities" in the accompanying product supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **TAX TREATMENT —** You should review carefully
the section entitled "Material U.S. Federal Income Tax Consequences," and in particular the subsection thereof entitled "—
Tax Consequences to U.S. Holders — Notes Treated as Debt Instruments That Have a Term of More than One Year," in the accompanying
product supplement no. 2-I . Notwithstanding that the notes do not provide for the full repayment of their principal amount at or prior
to maturity, our special tax counsel, Davis Polk & Wardwell LLP, is of the opinion that the notes should be treated for U.S. federal
income tax purposes as "contingent payment debt instruments." Assuming this treatment is respected, as discussed in that subsection,
you generally will be required to accrue original issue discount ("OID") on your notes in each taxable year at the "comparable
yield," as determined by us, although we will not make any payment with respect to the notes until maturity. Upon sale or exchange
(including at maturity), you will recognize taxable income or loss equal to the difference between the amount received from the sale or
exchange and your adjusted basis in the note, which generally will equal the cost thereof, increased by the amount of OID you have accrued
in respect of the note. You generally must treat any income as interest income and any loss as ordinary loss to the extent of previous
interest inclusions, and the balance as capital loss. The deductibility of capital losses is subject to limitations. Special rules may
apply if the amount payable at maturity is treated as becoming fixed prior to maturity. You should consult your tax adviser concerning
the application of these rules. The discussions herein and in the accompanying product supplement do not address the consequences to taxpayers
subject to special tax accounting rules under Section 451(b) of the Code. Purchasers who are not initial purchasers of notes at their
issue price should consult their tax advisers with respect to the tax consequences of an investment in notes, including the treatment
of the difference, if any, between the basis in their notes and the notes' adjusted issue price.

The discussions in the preceding paragraphs, when read in combination with the section entitled "Material U.S. Federal Income Tax Consequences" (and in particular the subsection thereof entitled "— Notes Treated as Debt Instruments That Have a Term of More than One Year") in the accompanying product supplement, constitute the full opinion of Davis Polk & Wardwell LLP regarding the material U.S. federal income tax consequences of owning and disposing of notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **COMPARABLE YIELD AND PROJECTED PAYMENT SCHEDULE —** We will determine the comparable yield for the notes and will provide that comparable yield and the related projected payment schedule
(or information about how to obtain them) in the pricing supplement for the notes, which we will file with the SEC. The comparable yield
for the notes will be determined based upon a variety of factors, including actual market conditions and our borrowing costs for debt
instruments of comparable maturities at the time of issuance. **The comparable yield and projected payment schedule are determined solely to calculate the amount on which you will be taxed with respect to the notes in each year and are neither a prediction nor a guarantee of what the actual yield will be.** 

JPMorgan Structured Investments — PS- 4 <br> Knock-Out Notes Linked to Grade A Copper

**Selected Risk Considerations**

An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Commodity or in any exchange-traded or over-the-counter instruments based on, or other instruments linked to, the Commodity. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum.

**Risks Relating to the Notes Generally**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE NOTES MAY NOT PAY MORE THAN 98.05% OF THE PRINCIPAL AMOUNT AT MATURITY —** If the Final Value is less than the Strike Value, you will lose 1% of the principal amount of your notes
for every 1% that the Final Value is less than the Strike Value, *provided* that the payment at maturity will not be less than $980.50
per $1,000 principal amount note, subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co. Accordingly,
under these circumstances, you will lose up to 1.95% of your principal amount at maturity and you will not be compensated for any loss
in value due to inflation and other factors relating to the value of money over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE KNOCK-OUT VALUE AND THE FIXED AMOUNT** — If the Final Value is greater than the Strike Value but is less than or equal to the Knock-Out
Value of 115.00% of the Strike Value, you will receive at maturity $1,000 *plus* an additional return equal to the Commodity Return.
Under these circumstances, the maximum payment at maturity is $1,150.00 per $1,000 principal amount note. However, you will not benefit
from the Commodity Return if the Final Value is less than or equal to the Strike Value or is greater than the Knock-Out Value. In addition,
if the Final Value is greater than the Knock-Out Value, the payment at maturity for each $1,000 principal amount note will be limited
to $1,000 *plus* the Fixed Amount, regardless of the appreciation of the Commodity, which may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO.** — The notes are subject to our and JPMorgan Chase & Co.'s credit risks, and our and JPMorgan Chase & Co.'s
credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our and JPMorgan
Chase & Co.'s ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase & Co.'s
creditworthiness or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of
the notes. If we and JPMorgan Chase & Co. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS** — As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration
of our securities and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co.,
substantially all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to
JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co.
to meet our obligations under the notes. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy
or resolution of JPMorgan Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect
of the notes as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on
the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank *pari passu* with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co. For more information,
see the accompanying prospectus addendum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **OWNING THE NOTES IS NOT THE SAME AS OWNING THE COMMODITY OR COMMODITY-RELATED FUTURES CONTRACTS DIRECTLY** — The return on your notes will not reflect the return you would realize if you actually purchased
the Commodity or exchange-traded or over-the-counter instruments based on the Commodity. You will not have any rights that holders of
such assets or instruments have.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **NO INTEREST PAYMENTS** — As a holder of the notes, you will
not receive any interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT** — The final terms of the notes will be based on relevant market conditions when the terms of the notes are
set and will be provided in the pricing supplement. In particular, each of the estimated value of the notes and the Minimum Amount will
be provided in the pricing supplement and each may be as low as the applicable minimum set forth on the cover of this pricing supplement.
Accordingly, you should consider your potential investment in the notes based on the minimums for the estimated value of the notes and
the Minimum Amount.

**Risks Relating to Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL CONFLICTS** — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent
and 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 the estimated value of the notes when the terms of the notes are set, which we refer to as the estimated value
of the notes. In performing these duties, our and JPMorgan Chase & Co.'s economic interests and the economic interests
of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition,
our and JPMorgan Chase & Co.'s business activities, including hedging and trading activities, could

JPMorgan Structured Investments — PS- 5 <br> Knock-Out Notes Linked to Grade A Copper

cause our and JPMorgan Chase & Co.'s economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest" in the accompanying product supplement for additional information about these risks.

**Risks Relating to the Estimated Value and Secondary Market Prices of the Notes**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES** — The estimated value of the notes is only an estimate determined by reference to several
factors. The original issue price of the notes will exceed the estimated value of the notes because costs associated with selling, structuring
and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions, the projected
profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes and the
estimated cost of hedging our obligations under the notes. See "The Estimated Value of the Notes" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS' ESTIMATES** — The estimated value of the notes is determined by reference to internal
pricing models of our affiliates when the terms of the notes are set. This estimated value of the notes is based on market conditions
and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, interest rates
and other factors. Different pricing models and assumptions could provide valuations for the notes that are greater than or less than
the estimated value of the notes. In addition, market conditions and other relevant factors in the future may change, and any assumptions
may prove to be incorrect. On future dates, the value of the notes could change significantly based on, among other things, changes in
market conditions, our or JPMorgan Chase & Co.'s creditworthiness, interest rate movements and other relevant factors,
which may impact the price, if any, at which JPMS would be willing to buy notes from you in secondary market transactions. See "The
Estimated Value of the Notes" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE** — The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied
funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates.
Any difference may be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the
higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed
income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions,
which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use
of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary
market prices of the notes. See "The Estimated Value of the Notes" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME PERIOD** —
We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection
with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can
include selling commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary
market funding rates for structured debt issuances. See "Secondary Market Prices of the Notes" in this pricing supplement
for additional information relating to this initial period. Accordingly, the estimated value of your notes during this initial period
may be lower than the value of the notes as published by JPMS (and which may be shown on your customer account statements).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE NOTES** — Any secondary market prices of the notes will likely be lower than the original issue price of the
notes because, among other things, secondary market prices take into account our internal secondary market funding rates for structured
debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated
hedging costs that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing
to buy notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you
prior to the Maturity Date could result in a substantial loss to you. See the immediately following risk 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 "— Risks Relating to the Notes Generally — Lack of Liquidity" above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **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 price of the Commodity, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any actual or potential change in our or JPMorgan Chase & Co.'s
creditworthiness or credit spreads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· customary bid-ask spreads for similarly sized trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· our internal secondary market funding rates for structured debt issuances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the actual and expected volatility in the Commodity Price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· supply and demand trends for the Commodity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the time to maturity of the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest and yield rates in the market generally; and

JPMorgan Structured Investments — PS- 6 <br> Knock-Out Notes Linked to Grade A Copper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a variety of other economic, financial, political, regulatory, geographical,
agricultural, meteorological and judicial events.

Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market.

**Risks Relating to the Commodity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **INVESTMENTS RELATED TO THE PRICES OF THE COMMODITY MAY BE MORE VOLATILE THAN TRADITIONAL SECURITIES INVESTMENTS** — The price of copper is subject to variables that may be less significant to the prices
of traditional securities such as stocks and bonds, and where the return on the securities is not related to commodities. Variables such
as those described under "— The Market Price of Copper Will Affect the Value of the Notes" below may have a larger impact
on the price of the Commodity than on traditional securities. These additional variables may create additional investment risks that may
cause the price of the Commodity to move in unpredictable and unanticipated directions and at unpredictable or unanticipated rates and
cause the value of the notes to be more volatile than the prices of traditional securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **THE MARKET PRICE OF COPPER WILL AFFECT THE VALUE OF THE NOTES** — Because the notes are linked to copper, we expect that generally the market value of the notes will depend in part on the market
price of copper. The price of copper is primarily affected by the global demand for and supply of copper, but is also influenced significantly
from time to time by speculative actions and by currency exchange rates. Demand for copper is significantly influenced by the level of
global industrial economic activity. Industrial sectors that are particularly important to demand for copper include the electrical and
construction sectors. In recent years, demand has been supported by strong consumption from newly industrializing countries due to their
copper-intensive economic growth and industrial development. An additional, but highly volatile, component of demand is adjustments to
inventory in response to changes in economic activity and/or pricing levels. There are substitutes for copper in various applications.
Their availability and price will also affect demand for copper. Apart from the United States, Canada, Australia and Poland, the majority
of copper concentrate supply (the raw material) comes from outside the Organization for Economic Cooperation and Development countries.
The supply of copper is also affected by current and previous price levels, which will influence investment decisions in new smelters.
In previous years, copper supply has been affected by strikes, financial problems and terrorist activity. It is not possible to predict
the aggregate effect of all or any combination of these factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SINGLE COMMODITY PRICES TEND TO BE MORE VOLATILE THAN, AND MAY NOT CORRELATE WITH, THE PRICES OF COMMODITIES GENERALLY** — The notes are linked to a single commodity and are not linked to a diverse
basket of commodities or a broad-based commodity index. The price of the Commodity may not correlate with, and may diverge significantly
from, the prices of commodities generally. Because the notes are linked to a single commodity, they carry greater risk and may be
more volatile than notes linked to the prices of multiple commodities or a broad-based commodity index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **ON THE OBSERVATION DATE, THE COPPER PRICE IS DETERMINED BY REFERENCE TO THE OFFICIAL CASH SETTLEMENT PRICE OF COPPER AS DETERMINED BY THE LME, AND THERE ARE CERTAIN RISKS RELATING TO THE COPPER PRICE BEING DETERMINED BY THE LME** — The Commodity Price of copper will be determined by reference to the official cash settlement price
of copper as determined by the LME. The LME is a principals' market that operates in a manner more closely analogous to the over-the-counter
physical commodity markets than regulated futures markets. For example, there are no daily price limits on the LME, which would otherwise
restrict the extent of daily fluctuations in the prices of LME contracts. In a declining market, therefore, it is possible that prices
would continue to decline without limitation within a trading day or over a period of trading days. In addition, a contract may be entered
into on the LME calling for delivery on any day from one day to three months following the date of that contract and for monthly delivery
up to 123 months forward following that third month, in contrast to trading on futures exchanges, which call for delivery in stated delivery
months. As a result, there may be a greater risk of a concentration of positions in LME contracts on particular delivery dates, which
in turn could cause temporary aberrations in the prices of LME contracts for certain delivery dates. If such aberrations occur during
the term of the notes, the official cash settlement prices of copper and, consequently, the Commodity Return, could be adversely affected.
The LME has no obligation to consider your interests in calculating or revising the official cash settlement price of copper.

JPMorgan Structured Investments — PS- 7 <br> Knock-Out Notes Linked to Grade A Copper

**Historical Information**

The following graph sets forth the historical weekly performance of the Commodity from January 3, 2020 through May 30, 2025. The Commodity Price on June 5, 2025 was $9,834.00.

We obtained the Commodity Prices above and below from Bloomberg, without independent verification. The historical Commodity Prices should not be taken as an indication of future performance, and no assurance can be given as to the Commodity Price on the Observation Date. There can be no assurance that the performance of the Commodity will result in the return of any of your principal amount.

![](image_002.jpg)

**The Estimated Value of the Notes**

The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance, operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate" in this pricing supplement. The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not Represent Future Values of the Notes and May Differ from Others' Estimates" in this pricing supplement.

The estimated value of the notes will be lower than the original issue price of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, 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 Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the Notes" in this pricing supplement.

JPMorgan Structured Investments — PS- 8 <br> Knock-Out Notes Linked to Grade A Copper

**Secondary Market Prices of the Notes**

For information about factors that will impact any secondary market prices of the notes, see "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary Market Prices of the Notes Will Be Impacted by Many Economic and Market Factors" in this pricing supplement. In addition, we generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be the shorter of six months and one-half of the stated term of the notes. 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 our affiliates. See "Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period."

**Supplemental Use of Proceeds**

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes. See "What Is the Payment at Maturity, Assuming a Range of Performances for the Commodity?" and "Hypothetical Examples of Amount Payable at Maturity" in this pricing supplement for an illustration of the risk-return profile of the notes and "Selected Purchase Considerations — Return Linked to the Performance of Copper" in this pricing supplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.

JPMorgan Structured Investments — PS- 9 <br> Knock-Out Notes Linked to Grade A Copper