# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-050806
**Filing Date:** 2025-6
**Character Count:** 67520
**Document Hash:** b2ac17dd6e523a3aa2b4b25ff8c0f231
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-050806.hdr.sgml**: 20250603

**ACCESSION NUMBER**: 0001213900-25-050806

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20250603

**DATE AS OF CHANGE**: 20250603

**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:** 251019799

**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:** 251019800

**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

---

| | |
|:---|:---|
| **JPMorgan Chase Financial Company LLC** | **May 2025** |
|  | Pricing Supplement<br> Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated May 30, 2025<br> Filed pursuant to Rule 424(b)(2) |

---

Structured Investments

Opportunities in International Equities

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

**Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.**

The Trigger PLUS will pay no interest and do not guarantee any return of your principal at maturity. At maturity, if the underlying index has **appreciated** in value, investors will receive the stated principal amount of their investment *plus* leveraged upside performance of the underlying index. If the underlying index has declined in value but the final index value is greater than or equal to the trigger level, investors will receive the stated principal amount of the Trigger PLUS at maturity. However, if the underlying index has **declined** in value so that the final index value is less than the trigger level, at maturity investors will lose a significant portion or all of their investment, resulting in a 1% loss for every 1% decline in the closing level of the underlying index over the term of the Trigger PLUS. The Trigger PLUS are for investors who seek an equity-based return and who are willing to risk their principal and forgo current income in exchange for the leverage feature. At maturity, an investor will receive an amount in cash that may be greater than, equal to, or less than the stated principal amount based upon the closing level of the underlying index on the valuation date. The Trigger PLUS 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., issued as part of JPMorgan Financial's Medium-Term Notes, Series A, program. **Any payment on the Trigger PLUS is subject to the credit risk of JPMorgan Financial, as issuer of the Trigger PLUS, and the credit risk of JPMorgan Chase & Co., as guarantor of the Trigger PLUS. The investor may lose a significant portion or all of the stated principal amount of the Trigger PLUS.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FINAL TERMS** | &nbsp;&nbsp;**FINAL TERMS** |
| &nbsp;&nbsp;**Issuer:** | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| &nbsp;&nbsp;**Guarantor:** | JPMorgan Chase & Co. |
| &nbsp;&nbsp;**Underlying index:** | EURO STOXX 50<sup>®</sup> Index (Bloomberg ticker: SX5E Index) |
| &nbsp;&nbsp;**Aggregate principal amount:** | $11994000 |
| &nbsp;&nbsp;**Payment at maturity:** | If the final index value is *greater than* the initial index value, for each $1,000 stated principal amount Trigger PLUS: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,000 + leveraged upside payment |
|  | If the final index value is *less than or equal to* the initial index value but is *greater than or equal to* the trigger level, for each $1,000 stated principal amount Trigger PLUS: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1000 |
|  | If the final index value is *less than* the trigger level, for each $1,000 stated principal amount Trigger PLUS: |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1,000 × index performance factor |
|  | *This amount will be less than the stated principal amount of $1,000 per Trigger PLUS and will represent a loss of more than 35%, and possibly all, of your investment.* |
| &nbsp;&nbsp;**Leveraged upside payment:** | $1,000 × leverage factor × index percent increase |
| &nbsp;&nbsp;**Index percent increase:** | (final index value – initial index value) / initial index value |
| &nbsp;&nbsp;**Initial index value:** | The closing level of the underlying index on the pricing date, which was 5,366.59 |
| &nbsp;&nbsp;**Final index value:** | The closing level of the underlying index on the valuation date |
| &nbsp;&nbsp;**Trigger level:** | 3,488.2835, which is 65% of the initial index value |
| &nbsp;&nbsp;**Leverage factor:** | 201.05% |
| &nbsp;&nbsp;**Index performance factor:** | final index value / initial index value |
| &nbsp;&nbsp;**Stated principal amount:** | $1,000 per Trigger PLUS |
| &nbsp;&nbsp;**Issue price:** | $1,000 per Trigger PLUS (see "Commissions and issue price" below) |
| &nbsp;&nbsp;**Pricing date:** | May 30, 2025 |
| &nbsp;&nbsp;**Original issue date (settlement date):** | June 4, 2025 |
| &nbsp;&nbsp;**Valuation date\*:** | May 30, 2031 |
| &nbsp;&nbsp;**Maturity date\*:** | June 4, 2031 |
| &nbsp;&nbsp;**Agent:** | J.P. Morgan Securities LLC ("JPMS") |
|  | ***Terms continued on the following page*** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commissions and issue price:** | **Price to public<sup>(1)</sup>** | **Fees and commissions** | **Proceeds to issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per Trigger PLUS** | $1000.00 | $30.00**<sup>(2)</sup>** | $965.00 |
|  |  | $5.00**<sup>(3)</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $11994000.00 | $419790.00 | $11574210.00 |

---

*(1)* *See "Additional Information about the Trigger PLUS — Supplemental use of proceeds and hedging" in this document for information about the components of the price to public of the Trigger PLUS.* 

*(2)* *JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions of $30.00 per $1,000 stated principal amount Trigger PLUS it receives from us to Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management"). See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.* 

*(3)* *Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $5.00 for each $1,000 stated principal amount Trigger PLUS* 

\* Subject to postponement in the event of a market disruption event and as described under "General Terms of Notes — Postponement of a Determination Date — Notes Linked to a Single Underlying — Notes Linked to a Single Underlying (Other Than a Commodity Index)" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement or early acceleration in the event of a change-in-law event as described under "General Terms of Notes — Consequences of a Change-in-Law Event" in the accompanying product supplement and "Risk Factors — Risks Relating to the Trigger PLUS Generally — We may accelerate your Trigger PLUS in our sole discretion and the calculation agent may adjust their final payment in good faith and in a commercially reasonable manner if a change-in-law event occurs" in this document

**The estimated value of the Trigger PLUS on the pricing date was $952.60 per $1,000 stated principal amount Trigger PLUS. See "Additional Information about the Trigger PLUS — The estimated value of the Trigger PLUS" in this document for additional information.**

**Investing in the Trigger PLUS 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 "Risk Factors" beginning on page 6 of this document.**

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

*The Trigger PLUS 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.*

**You should read this document together with the related product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum, each of which can be accessed via the hyperlinks below. Please also see "Additional Information about the Trigger PLUS" at the end of this document.**

Product supplement no. 4-I dated April 13, 2023: [http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf)

Underlying supplement no. 1-I dated April 13, 2023: [http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf)

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)

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)

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

***Terms continued from previous page:***

---

| | |
|:---|:---|
| &nbsp;&nbsp;**CUSIP / ISIN:** | 48136DYU5 / US48136DYU52 |
| &nbsp;&nbsp;**Listing:** | The Trigger PLUS will not be listed on any securities exchange. |

---

May 2025 Page 2

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Investment Summary

**Trigger Performance Leveraged Upside Securities**

**Principal at Risk Securities**

The Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031 (the "Trigger PLUS") can be used:

▪ As an alternative to direct exposure to the underlying index that enhances returns for any positive performance of the underlying
index.

▪ To potentially achieve similar levels of upside exposure to the underlying index as a direct investment, while using fewer dollars
by taking advantage of the leverage factor.

▪ To provide limited market downside protection against loss of principal in the event of a decline of the underlying index but only
if the final index value is *greater than or equal to* the trigger level.

---

| | |
|:---|:---|
| **Maturity:** | 6 years |
| **Leverage factor:** | 201.05% |
| **Trigger level:** | 65% of the initial index value |
| **Minimum payment at maturity:** | None. Investors may lose their entire initial investment in the Trigger PLUS. |

---

Supplemental Terms of the Trigger PLUS

For purposes of the accompanying product supplement, the underlying index is an "Index."

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

May 2025 Page 3

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Key Investment Rationale

Trigger PLUS offer leveraged exposure to an underlying asset, which may be equities, commodities and/or currencies, while providing limited protection against negative performance of the underlying asset. In exchange for enhanced returns from any positive performance of the underlying asset, investors are exposed to the risk of loss of a significant portion or all of their investment due to the trigger feature. At maturity, if the underlying asset has appreciated, investors will receive the stated principal amount of their investment *plus* leveraged upside performance of the underlying asset. At maturity, if the underlying asset has depreciated but is at or above the trigger level, investors will receive the stated principal amount of their investment. At maturity, if the underlying asset has depreciated below the trigger level, investors are fully exposed to the negative performance of the underlying asset. **Investors may lose a significant portion or all of the stated principal amount of the Trigger PLUS.**

---

| | |
|:---|:---|
| **Leveraged Performance** | The Trigger PLUS offer investors an opportunity to capture enhanced returns for any of positive performance relative to a direct investment in the underlying index. |
| **Trigger Feature** | At maturity, even if the underlying index has declined over the term of the Trigger PLUS, investors will receive their stated principal amount but only if the final index value is *greater than or equal to* the trigger level. |
| **Upside Scenario** | The underlying index increases in value and, at maturity, the Trigger PLUS pay the stated principal amount of $1,000 *plus* a return equal to 201.05% of the index percent increase. |
| **Par Scenario** | The final index value is less than or equal to the initial index value but is greater than or equal to the trigger level. In this case, the Trigger PLUS pay the stated principal amount of $1,000 per Trigger PLUS at maturity even when the underlying index has depreciated. |
| **Downside Scenario** | The final index value is less than the trigger level. In this case, the Trigger PLUS pay an amount that is over 35% less than the stated principal amount and this decrease will be by an amount that is proportionate to the percentage decline of the final index value from the initial index value. (Example: if the underlying index decreases in value by 40%, the Trigger PLUS will pay an amount that is less than the stated principal amount by 40%, or $600 per Trigger PLUS.) |

---

May 2025 Page 4

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

How the Trigger PLUS Work

**Payoff Diagram**

The payoff diagram below illustrates the payment at maturity on the Trigger PLUS based on the following terms:

---

| | |
|:---|:---|
| **Stated principal amount:** | $1,000 per Trigger PLUS |
| **Leverage factor:** | 201.05% |
| **Trigger level:** | 65% of the initial index value |

---

---

| |
|:---|
| **Trigger PLUS Payoff Diagram** |
| ![](image_001.jpg) |

---

**How it works**

▪ **Upside Scenario.** Under the terms of the Trigger
PLUS, if the final index value is greater than the initial index value, for each $1,000 principal amount Trigger PLUS, investors will
receive the $1,000 stated principal amount *plus* a return equal to 201.05% of the appreciation of the underlying index over the
term of the Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlying index appreciates 5%, investors will receive a 10.0525% return, or $1,100.525 per Trigger PLUS.

▪ **Par Scenario.** If the final index value is less
than or equal to the initial index value but is greater than or equal to the trigger level, investors will receive the stated principal
amount of $1,000 per Trigger PLUS.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlying index depreciates 5%, investors will receive the $1,000 stated principal amount.

▪ **Downside Scenario.** If the final index value
is less than the trigger level, investors will receive an amount that is significantly less than the stated principal amount by an amount
proportionate to the percentage decrease of the final index value from the initial index value.

&nbsp;&nbsp;&nbsp;&nbsp;▪ For example, if the underlying index depreciates 50%, investors will lose 50% of their principal and receive only $500.00 per Trigger
PLUS at maturity, or 50% of the stated principal amount.

The hypothetical returns and hypothetical payments on the Trigger PLUS shown above apply **only if you hold the Trigger PLUS 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.

May 2025 Page 5

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Risk Factors

*The following is a non-exhaustive list of certain key risk factors for investors in the Trigger PLUS. For further discussion of these and other risks, you should read the sections entitled "Risk Factors" of the accompanying prospectus supplement and the accompanying product supplement and Annex A to the accompanying prospectus addendum. We urge you to consult your investment, legal, tax, accounting and other advisers in connection with your investment in the Trigger PLUS.*

Risks Relating to the Trigger PLUS Generally

▪ **The Trigger PLUS do not pay interest or guarantee the return of any principal and your investment in the Trigger PLUS may result in a loss.** The terms of the Trigger PLUS differ from those of ordinary debt
securities in that the Trigger PLUS do not pay interest or guarantee the payment of any principal amount at maturity. If the final index
value is less than the trigger level (which is 65% of the initial index value), the payment at maturity will be an amount in cash that
is over 35% less than the stated principal amount of each Trigger PLUS, and this decrease will be by an amount that is proportionate to
the decrease in the value of the underlying index and may be zero. There is no minimum payment at maturity on the Trigger PLUS, and, accordingly,
you could lose your entire initial investment in the Trigger PLUS.

▪ **The Trigger PLUS are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., and any actual or anticipated changes to our or JPMorgan Chase & Co.'s credit ratings or credit spreads may adversely affect the market value of the Trigger PLUS.** Investors are dependent on our and JPMorgan Chase &
Co.'s ability to pay all amounts due on the Trigger PLUS. Any actual or anticipated decline in our or JPMorgan Chase & Co.'s
credit ratings or increase in our or JPMorgan Chase & Co.'s credit spreads determined by the market for taking that credit risk
is likely to adversely affect the market value of the Trigger PLUS. If we and JPMorgan Chase & Co. were to default on our payment
obligations, you may not receive any amounts owed to you under the Trigger PLUS and you could lose your entire investment.

▪ **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 Trigger PLUS. 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 Trigger PLUS as they come due. If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments
on the Trigger PLUS, 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.

▪ **The benefit provided by the trigger level may terminate on the valuation date.** If the final index value is less than the trigger level, the benefit provided by the
trigger level will terminate and you will be fully exposed to any depreciation of the underlying index.

▪ **Secondary trading may be limited.** Th e
Trigger PLUS will not be listed on a securities exchange. There may be little or no secondary market for the Trigger PLUS. Even if there
is a secondary market, it may not provide enough liquidity to allow you to trade or sell the Trigger PLUS easily .
JPMS may act as a market maker for the Trigger PLUS, but is not required to do so. Because we do not expect that other market makers
will participate significantly in the secondary market for the Trigger PLUS, the price at which you may be able to trade your Trigger
PLUS is likely to depend on the price, if any, at which JPMS is willing to buy the Trigger PLUS. If at any time JPMS or another agent does not act as a market maker, it is likely that there would be little or no secondary market for the Trigger PLUS.

▪ **We may accelerate your Trigger PLUS in our sole discretion and the calculation agent may adjust their final payment in good faith and in a commercially reasonable manner if a change-in-law event occurs.** Upon the announcement or occurrence of legal or regulatory
changes that the calculation agent determines are likely to interfere with your or our ability to transact in or hold the Trigger PLUS
or our ability to hedge or perform our obligations under the Trigger PLUS, we may, in our sole and absolute discretion,

May 2025 Page 6

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

accelerate the payment on your Trigger PLUS and pay you an amount determined in good faith and in a commercially reasonable manner by the calculation agent. If the payment on your Trigger PLUS is accelerated, your investment may result in a loss and you may not be able to reinvest your money in a comparable investment. Please see "General Terms of Notes — Consequences of a Change-in-Law Event" in the accompanying product supplement for more information.

▪ **The tax consequences of an investment in the Trigger PLUS are uncertain.** There
is no direct legal authority as to the proper U.S. federal income tax characterization of the Trigger PLUS, and we do not intend to request
a ruling from the IRS. The IRS might not accept, and a court might not uphold, the treatment of the Trigger PLUS described in "Additional
Information about the Trigger PLUS ― Additional Provisions ― Tax considerations" in this document and in "Material
U.S. Federal Income Tax Consequences" in the accompanying product supplement. If the IRS were successful in asserting an alternative
treatment for the Trigger PLUS, the timing and character of any income or loss on the Trigger PLUS could differ materially and adversely
from our description herein. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income
tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses in particular on whether to require
investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics,
including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying
property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S.
investors should be subject to withholding tax; and whether these instruments are or should be subject to the "constructive ownership"
regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest
charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance
promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Trigger
PLUS, possibly with retroactive effect. You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences"
in the accompanying product supplement and consult your tax adviser regarding the U.S. federal income tax consequences of an investment
in the Trigger PLUS, including possible alternative treatments and the issues presented by this notice.

Risks Relating to Conflicts of Interest

▪ **Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the Trigger PLUS and other affiliates of the issuer may be different from those of investors.** We
and our affiliates play a variety of roles in connection with the issuance of the Trigger PLUS, including acting as calculation agent
and as an agent of the offering of the Trigger PLUS, hedging our obligations under the Trigger PLUS and making the assumptions used to
determine the pricing of the Trigger PLUS and the estimated value of the Trigger PLUS, which we refer to as the estimated value of the
Trigger PLUS. 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 Trigger PLUS. The calculation
agent has determined the initial index value and the trigger level, will determine the final index value and will calculate the amount
of payment you will receive at maturity, if any. Determinations made by the calculation agent, including with respect to the occurrence
or non-occurrence of market disruption events, the selection of a successor to the underlying index or calculation of the final index
value in the event of a discontinuation or material change in method of calculation of the underlying index, may affect the payment to
you at maturity.

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

▪ **Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the Trigger PLUS .** The hedging or trading activities of the issuer's affiliates and of any other hedging counterparty with respect
to the Trigger PLUS on or prior to the pricing date and prior
to maturity could have adversely affected, and may continue to adversely affect, the value of the underlying index and, as a result, could
decrease the amount an investor may receive on the Trigger PLUS at maturity, if any. Any of these hedging or trading activities on or prior to the pricing date could have affected the initial index value and the trigger level and, therefore, could potentially increase
the level that the final index value must reach

May 2025 Page 7

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

before you receive a payment at maturity that exceeds the issue price of the Trigger PLUS or so that you do not suffer a loss on your initial investment in the Trigger PLUS. Additionally, these hedging or trading activities during the term of the Trigger PLUS, including on the valuation date, could adversely affect the final index value and, accordingly, the payment to you at maturity, if any. It is possible that these hedging or trading activities could result in substantial returns for us or our affiliates while the value of the Trigger PLUS declines.

Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS

▪ **The estimated value of the Trigger PLUS is lower than the original issue price (price to public) of the Trigger PLUS.** The estimated value of the Trigger PLUS is only an
estimate determined by reference to several factors. The original issue price of the Trigger PLUS exceeds the estimated value of the Trigger
PLUS because costs associated with selling, structuring and hedging the Trigger PLUS are included in the original issue price of the Trigger
PLUS. These costs include the selling commissions, the structuring fee, the projected profits, if any, that our affiliates expect to realize
for assuming risks inherent in hedging our obligations under the Trigger PLUS and the estimated cost of hedging our obligations under
the Trigger PLUS. See "Additional Information about the Trigger PLUS — The estimated value of the Trigger PLUS" in this
document.

▪ **The estimated value of the Trigger PLUS does not represent future values of the Trigger PLUS and may differ from others' estimates.** The estimated value of the Trigger
PLUS is determined by reference to internal pricing models of our affiliates. This estimated value of the Trigger PLUS is based on market
conditions and other relevant factors existing at the time of pricing and assumptions about market parameters, which can include volatility,
dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the Trigger PLUS
that are greater than or less than the estimated value of the Trigger PLUS. 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 Trigger PLUS 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 Trigger PLUS from you in secondary
market transactions. See "Additional Information about the Trigger PLUS — The estimated value of the Trigger PLUS" in
this document.

▪ **The estimated value of the Trigger PLUS is derived by reference to an internal funding rate.** The internal funding rate used in the determination of the estimated value of the
Trigger PLUS 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 Trigger PLUS as well as the higher issuance, operational and ongoing liability management costs of the Trigger PLUS 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 Trigger PLUS. The use of an internal funding rate and any potential
changes to that rate may have an adverse effect on the terms
of the Trigger PLUS and any secondary market prices of the Trigger PLUS. See "Additional Information about the Trigger PLUS —
The estimated value of the Trigger PLUS" in this document.

▪ **The value of the Trigger PLUS as published by JPMS (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the Trigger PLUS for a limited time period.** We generally expect that some of the costs included in the original issue price of the Trigger PLUS
will be partially paid back to you in connection with any repurchases of your Trigger PLUS by JPMS in an amount that will decline to zero
over an initial predetermined period. These costs can include selling commissions, the structuring fee, projected hedging profits, if
any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt issuances.
See "Additional Information about the Trigger PLUS — Secondary market prices of the Trigger PLUS" in this document for
additional information relating to this initial period. Accordingly, the estimated value of your Trigger PLUS during this initial period
may be lower than the value of the Trigger PLUS as published by JPMS (and which may be shown on your customer account statements).

▪ **Secondary market prices of the Trigger PLUS will likely be lower than the original issue price of the Trigger PLUS .** Any secondary market prices of the Trigger PLUS will likely be lower than the original issue price of the Trigger PLUS because,
among other things, secondary market prices take into account

May 2025 Page 8

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, the structuring fee, projected hedging profits, if any, and estimated hedging costs that are included in the original issue price of the Trigger PLUS. As a result, the price, if any, at which JPMS will be willing to buy Trigger PLUS from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the maturity date could result in a substantial loss to you. See the immediately following risk factor for information about additional factors that will impact any secondary market prices of the Trigger PLUS.

The Trigger PLUS are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Trigger PLUS to maturity. See "— Risks Relating to the Trigger PLUS Generally — Secondary trading may be limited" above.

▪ **Secondary market prices of the Trigger PLUS will be impacted by many economic and market factors.** The secondary market price of the Trigger PLUS 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, structuring fee, projected
hedging profits, if any, estimated hedging costs and the closing level of the underlying index, including:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the actual and expected volatility of the underlying index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the time to maturity of the Trigger PLUS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the dividend rates on the equity securities included in the underlying index;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the exchange rates and the volatility of the exchange rates between the U.S. dollar and each of the currencies in which the equity
securities included in the underlying index trade and the correlation among those rates and the levels of the underlying index; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o a variety of other economic, financial, political, regulatory and judicial events.

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

Risks Relating to the Underlying Index

▪ **Investing in the Trigger PLUS is not equivalent to investing in the underlying index.** Investing in the Trigger PLUS is not equivalent to investing in the underlying
index or its component stocks. Investors in the Trigger PLUS will not have voting rights or rights to receive dividends or other distributions
or any other rights with respect to the stocks that constitute the underlying index.

▪ **Adjustments to the underlying index could adversely affect the value of the Trigger PLUS.** The underlying index publisher may discontinue or suspend calculation
or publication of the underlying index at any time. In these circumstances, the calculation agent will have the sole discretion to substitute
a successor index that is comparable to the discontinued underlying index and is not precluded from considering indices that are calculated
and published by the calculation agent or any of its affiliates.

▪ **The Trigger PLUS are subject to risks associated with securities issued by non-U.S. companies.** The equity securities included in the underlying index have been
issued by non-U.S. companies. Investments in securities linked to the value of such non-U.S. equity securities involve risks associated
with the home countries and/or the securities markets in the home countries of the issuers of those non-U.S. equity securities, including
risks of volatility in those markets, governmental intervention in those markets and cross shareholdings in companies in certain countries.
Also, there is generally less publicly available information about companies in some of these jurisdictions
than there is about U.S. companies that are subject to the reporting requirements of the SEC, and generally non-U.S. companies are subject
to

May 2025 Page 9

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

accounting, auditing and financial reporting standards and requirements and securities trading rules different from those applicable to U.S. reporting companies.

▪ **The Trigger PLUS are not directly exposed to fluctuations in foreign exchange rates.** The value of your Trigger PLUS will not be adjusted for exchange rate fluctuations
between the U.S. dollar and the currencies upon which the equity securities included in the underlying index are based, although any currency
fluctuations could affect the performance of the underlying index. Therefore, if the applicable currencies appreciate or depreciate relative
to the U.S. dollar over the term of the Trigger PLUS, you will not receive any additional payment or incur any reduction in any payment
on the Trigger PLUS.

▪ **Governmental legislative and regulatory actions, including sanctions, could adversely affect your investment in the Trigger PLUS.** Governmental legislative
and regulatory actions, including, without limitation, sanctions-related actions by the U.S. or a foreign government, could prohibit or
otherwise restrict persons from holding the Trigger PLUS or the securities included in the underlying index, or engaging in transactions
in them, and any such action could adversely affect the value of the Trigger PLUS or the underlying index. These legislative and
regulatory actions could result in restrictions on the Trigger PLUS. You may lose a significant portion or all of your initial investment
in the Trigger PLUS if you are forced to divest the Trigger PLUS due to the government mandates, especially if such divestment must be
made at a time when the value of the Trigger PLUS has declined.

May 2025 Page 10

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

EURO STOXX 50<sup>®</sup> Index Overview

The EURO STOXX 50<sup>®</sup> Index consists of 50 component stocks of market sector leaders from within the Eurozone. For additional information about the EURO STOXX 50<sup>®</sup> Index, see "Equity Index Descriptions ― The STOXX Benchmark Indices" in the accompanying underlying supplement.

Information as of market close on May 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Bloomberg Ticker Symbol:** | SX5E | **52 Week High (on 3/3/2025):** | 5540.69 |
| **Current Closing Level:** | 5366.59 | **52 Week Low (on 8/5/2024):** | 4571.6 |
| **52 Weeks Ago (on 5/30/2024):** | 4982.18 |  |  |

---

The following table sets forth the published high and low closing levels, as well as end-of-quarter closing levels, of the underlying index for each quarter in the period from January 1, 2020 through May 30, 2025. The graph following the table sets forth the daily closing levels of the underlying index during the same period. The closing level of the underlying index on May 30, 2025 was 5,366.59. We obtained the closing level information above and in the table and graph below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. The historical closing levels of the underlying index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the underlying index on the valuation date. The payment of dividends on the stocks that constitute the underlying index are not reflected in its closing level and, therefore, have no effect on the calculation of the payment at maturity.

---

| | | | |
|:---|:---|:---|:---|
| **EURO STOXX 50<sup>®</sup> Index** | **High** | **Low** | **Period End** |
| **2020** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3865.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2385.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2786.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3384.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2662.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3234.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3405.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3193.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3581.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2958.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552.64 |
| **2021** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3926.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3481.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3919.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4158.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3924.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4064.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4246.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4401.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3996.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4392.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3505.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3902.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3951.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3427.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3454.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3318.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3986.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3793.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3856.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4315.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4408.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4218.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4399.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4471.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4129.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4174.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4549.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4014.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4521.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5083.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4839.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4571.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fourth Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5041.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4729.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4895.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2025** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First Quarter | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5540.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5248.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Second Quarter (through May 30, 2025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5454.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4622.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5366.59 |

---

May 2025 Page 11

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| |
|:---|
| **EURO STOXX 50<sup>®</sup> Index Historical Performance – Daily Closing Levels\***<br> **January 2, 2020 to May 30, 2025** |
| ![](image_002.jpg) |

---

\*The dotted line in the graph indicates the trigger level, equal to 65% of the initial index value.

**License Agreement.** The EURO STOXX 50<sup>®</sup> Index and STOXX<sup>®</sup> are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its licensors (the "Licensors"), which are used under license. The securities based on the EURO STOXX 50<sup>®</sup> Index are in no way sponsored, endorsed, sold or promoted by STOXX Limited and its Licensors and neither Stoxx Limited nor any of its Licensors shall have any liability with respect thereto. See "Equity Index Descriptions — The STOXX Benchmark Indices — License Agreement" in the accompanying underlying supplement.

May 2025 Page 12

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

Additional Information about the Trigger PLUS

Please read this information in conjunction with the terms on the front cover of this document.

---

| | |
|:---|:---|
| **Additional Provisions:** | **Additional Provisions:** |
| &nbsp;&nbsp;**Postponement of maturity date:** | &nbsp;&nbsp;If the scheduled maturity date is not a business day, then the maturity date will be the following business day. If the scheduled valuation date is not a trading day or if a market disruption event occurs on that day so that the valuation date is postponed and falls less than three business days prior to the scheduled maturity date, the maturity date of the Trigger PLUS will be postponed to the third business day following the valuation date as postponed. |
| &nbsp;&nbsp;**Minimum ticketing size:** | &nbsp;&nbsp;$1,000 / 1 Trigger PLUS |
| &nbsp;&nbsp;**Trustee:** | &nbsp;&nbsp;Deutsche Bank Trust Company Americas (formerly Bankers Trust Company) |
| &nbsp;&nbsp;**Calculation agent:** | &nbsp;&nbsp;JPMS |
| &nbsp;&nbsp;**The estimated value of the Trigger PLUS:** | The estimated value of the Trigger PLUS set forth on the cover of this document 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 Trigger PLUS, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the Trigger PLUS. The estimated value of the Trigger PLUS does not represent a minimum price at which JPMS would be willing to buy your Trigger PLUS in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the Trigger PLUS 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 Trigger PLUS as well as the higher issuance, operational and ongoing liability management costs of the Trigger PLUS 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 Trigger PLUS. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the Trigger PLUS and any secondary market prices of the Trigger PLUS. For additional information, see "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS — The estimated value of the Trigger PLUS is derived by reference to an internal funding rate" in this document. The value of the derivative or derivatives underlying the economic terms of the Trigger PLUS is derived from internal pricing models of our affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about future market events and/or environments. Accordingly, the estimated value of the Trigger PLUS on the pricing date is based on market conditions and other relevant factors and assumptions existing at that time. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS — The estimated value of the Trigger PLUS does not represent future values of the Trigger PLUS and may differ from others' estimates" in this document.<br> The estimated value of the Trigger PLUS is lower than the original issue price of the Trigger PLUS because costs associated with selling, structuring and hedging the Trigger PLUS are included in the original issue price of the Trigger PLUS. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the structuring fee, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Trigger PLUS and the estimated cost of hedging our obligations under the Trigger PLUS. 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. A portion of the profits, if any, realized in hedging our obligations under the Trigger PLUS may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS — The estimated value of the Trigger PLUS is lower than the original issue price (price to public) of the Trigger PLUS" in this document. |
| &nbsp;&nbsp;**Secondary market prices of the Trigger PLUS:** | &nbsp;&nbsp;For information about factors that will impact any secondary market prices of the Trigger PLUS, see "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS — Secondary market prices of the Trigger PLUS will be impacted by many economic and market factors" in this document. In addition, we generally expect that some of the costs included in the original issue price of the Trigger PLUS will be partially paid back to you in connection with any repurchases of your Trigger PLUS by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be the shorter of two years and one-half of the stated term of the Trigger PLUS. The length of any such initial period reflects the structure of the Trigger PLUS, whether our affiliates expect to earn a profit in |

---

May 2025 Page 13

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;connection with our hedging activities, the estimated costs of hedging the Trigger PLUS and when these costs are incurred, as determined by our affiliates. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Trigger PLUS — The value of the Trigger PLUS as published by JPMS (and which may be reflected on customer account statements) may be higher than the then-current estimated value of the Trigger PLUS for a limited time period." |
| &nbsp;&nbsp;**Tax considerations:** | You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the Trigger PLUS.<br> Based on current market conditions, in the opinion of our special tax counsel, it is reasonable to treat your Trigger PLUS as "open transactions" that are not debt instruments for U.S. federal income tax purposes, as more fully described in "Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments" in the accompanying product supplement. Assuming this treatment is respected, the gain or loss on your Trigger PLUS should be treated as long-term capital gain or loss if you hold your Trigger PLUS for more than a year, whether or not you are an initial purchaser of Trigger PLUS at the issue price. However, the IRS or a court may not respect this treatment of the Trigger PLUS, in which case the timing and character of any income or loss on the Trigger PLUS could be materially and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward contracts" and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the Trigger PLUS, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Trigger PLUS, including possible alternative treatments and the issues presented by this notice. |
| &nbsp;&nbsp;**Supplemental use of proceeds and hedging:** | The Trigger PLUS are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the Trigger PLUS. See "How the Trigger PLUS Work" in this document for an illustration of the risk-return profile of the Trigger PLUS and "EURO STOXX 50<sup>®</sup> Index Overview" in this document for a description of the market exposure provided by the Trigger PLUS.<br> The original issue price of the Trigger PLUS is equal to the estimated value of the Trigger PLUS plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers and the structuring fee, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Trigger PLUS, plus the estimated cost of hedging our obligations under the Trigger PLUS. |
| &nbsp;&nbsp;**Benefit plan investor considerations:** | &nbsp;&nbsp;See "Benefit Plan Investor Considerations" in the accompanying product supplement. |
| &nbsp;&nbsp;**Supplemental plan of distribution:** | Subject to regulatory constraints, JPMS intends to use its reasonable efforts to offer to purchase the Trigger PLUS in the secondary market, but is not required to do so. JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to Morgan Stanley Wealth Management. In addition, Morgan Stanley Wealth Management will receive a structuring fee as set forth on the cover of this document for each Trigger PLUS.<br> 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 Trigger PLUS and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "— Supplemental use of proceeds and hedging" above and "Use of Proceeds and Hedging" in the accompanying product supplement. |
| &nbsp;&nbsp;**Validity of the Trigger PLUS and the guarantee:** | &nbsp;&nbsp;In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the Trigger PLUS offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating to the master global note that represents such Trigger PLUS (the "master note"), and such Trigger PLUS have been delivered against payment as contemplated herein, such Trigger PLUS will be valid and |

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May 2025 Page 14

JPMorgan Chase Financial Company LLC

Trigger PLUS Based on the Value of the EURO STOXX 50<sup>®</sup> Index due June 4, 2031

**Trigger Performance Leveraged Upside Securities<sup>SM</sup>**

**Principal at Risk Securities**

&nbsp;&nbsp;**Where you can find more information:** &nbsp;&nbsp; You should read this document together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these Trigger PLUS are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement.<br> This document, together with the documents listed below, contains the terms of the Trigger PLUS 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, stand-alone 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 Trigger PLUS 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 Trigger PLUS.<br> 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):<br> **• Product supplement no. 4-I dated April 13, 2023:** <br> <u>[http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf)</u><br> **• Underlying supplement no. 1-I dated April 13, 2023:**<br> <u>[http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf)</u><br> **• Prospectus supplement and prospectus, each dated April 13, 2023:** <br> [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)<br> **• Prospectus addendum dated June 3, 2024:** <br> [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)<br> Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617.<br> As used in this document, "we," "us," and "our" refer to JPMorgan Financial.<br> "Performance Leveraged Upside Securities<sup>SM</sup>" and "PLUS<sup>SM</sup>" are service marks of Morgan Stanley.<br>

May 2025 Page 15

## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **S-3**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **JPMORGAN CHASE & CO**  |

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The maximum aggregate offering price of the securities to which the prospectus relates is $11,994,000. The prospectus is a final prospectus for the related offering.