# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-23-007781
**Filing Date:** 2023-2
**Character Count:** 67265
**Document Hash:** 5c1840683f435942f34470ce381ff4cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-007781.hdr.sgml**: 20230203

**ACCESSION NUMBER**: 0001213900-23-007781

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20230203

**DATE AS OF CHANGE**: 20230203

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236659
- **FILM NUMBER:** 23584028

**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]
- **IRS NUMBER:** 475462128
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-236659-01
- **FILM NUMBER:** 23584029

**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 February 3, 2023**

PRICING SUPPLEMENT<br> Filed Pursuant to Rule 424(b)(2) <br> Registration Statement Nos. 333-236659 and 333-236659-01 <br> Dated February , 2023

JPMorgan Chase Financial Company LLC Capped Airbag GEARS

Linked to the S&P 500<sup>®</sup> Index due on or about February 6, 2025

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

**Investment Description**<br>

Airbag GEARS (Growth Enhanced Asset Return Securities), which we refer to as the "Securities," are unsecured and unsubordinated debt securities issued by JPMorgan Chase Financial Company LLC ("JPMorgan Financial"), the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co., with a return linked to the performance of the S&P 500<sup>®</sup> Index (the "Underlying"). If the Underlying Return is positive, JPMorgan Financial will repay your principal amount at maturity *plus* pay a return equal to the Underlying Return times the Upside Gearing of 2.00, up to the Maximum Gain of between 25.00% and 26.15%, which will be finalized on the Trade Date and provided in the pricing supplement. If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold (85% of the Initial Value), JPMorgan Financial will repay your principal amount at maturity. However, if the Underlying Return is negative and the Final Value is less than the Downside Threshold, you will have exposure to any additional decline of the Underlying in excess of the Threshold Percentage multiplied by the Downside Gearing. In this case, JPMorgan Financial will repay less than your principal amount at maturity, if anything, resulting in a loss of 1.17647% of your principal amount for every 1% that the Underlying has declined by more than the Threshold Percentage. **Investing in the Securities involves significant risks. You may lose some or all of your principal amount. You will not receive dividends or other distributions paid on any stocks included in the Underlying, and the Securities will not pay interest. The contingent repayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial, as issuer of the Securities, and the creditworthiness of JPMorgan Chase & Co., as guarantor of the Securities. If JPMorgan Financial and JPMorgan Chase & Co. were to default on their payment obligations, you may not receive any amounts owed to you under the Securities and you could lose your entire investment.**

**Features**<br>

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| | |
|:---|:---|
| ❑ | **Enhanced Growth Potential Subject to Maximum Gain** — At maturity, the Upside Gearing feature will provide leveraged exposure to any positive performance of the Underlying, up to the Maximum Gain of between 25.00% and 26.15%, which will be finalized on the Trade Date and provided in the pricing supplement. If the Underlying Return is negative, investors may be exposed to the negative Underlying Return at maturity. |

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| | |
|:---|:---|
| ❑ | **Downside Exposure with Contingent Repayment of Principal at Maturity** — If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold, JPMorgan Financial will repay your principal amount at maturity. However, if the Underlying Return is negative and the Final Value is less than the Downside Threshold, JPMorgan Financial will repay less than your principal amount at maturity, if anything, resulting in a loss of 1.17647% of your principal amount for every 1% that the Underlying has declined by more than the Threshold Percentage. You may lose some or all of your principal amount. The contingent repayment of principal applies only if you hold the Securities to maturity. Any payment on the Securities, including any repayment of principal, is subject to the creditworthiness of JPMorgan Financial and JPMorgan Chase & Co. |

---

**Key Dates**<br>

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| | |
|:---|:---|
| Trade Date<sup>1</sup> | February 3, 2023 |
| Original Issue Date (Settlement Date)<sup>1</sup> | February 8, 2023 |
| Final Valuation Date<sup>2</sup> | February 3, 2025 |
| Maturity Date<sup>2</sup> | February 6, 2025 |

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| | |
|:---|:---|
| 1 | Expected. In the event that we make any change to the expected Trade Date and Settlement Date, the Final Valuation Date and/or the Maturity Date will be changed so that the stated term of the Securities remains the same. See "Supplemental Plan of Distribution" for more details on the expected Settlement Date. |

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| | |
|:---|:---|
| 2 | 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. |

---

**THE SECURITIES ARE SIGNIFICANTLY RISKIER THAN CONVENTIONAL DEBT INSTRUMENTS. JPMORGAN FINANCIAL IS NOT NECESSARILY OBLIGATED TO REPAY THE FULL PRINCIPAL AMOUNT OF THE SECURITIES AT MATURITY, AND THE SECURITIES MAY HAVE DOWNSIDE MARKET RISK SIMILAR TO THE UNDERLYING. THIS MARKET RISK IS IN ADDITION TO THE CREDIT RISK INHERENT IN PURCHASING A DEBT OBLIGATION OF JPMORGAN FINANCIAL FULLY AND UNCONDITIONALLY GUARANTEED BY JPMORGAN CHASE & CO. YOU SHOULD NOT PURCHASE THE SECURITIES IF YOU DO NOT UNDERSTAND OR ARE NOT COMFORTABLE WITH THE SIGNIFICANT RISKS INVOLVED IN INVESTING IN THE SECURITIES.**

**YOU SHOULD CAREFULLY CONSIDER THE RISKS DESCRIBED UNDER "KEY RISKS" BEGINNING ON PAGE 6 OF THIS PRICING SUPPLEMENT, UNDER "RISK FACTORS" BEGINNING ON PAGE S-2 OF THE ACCOMPANYING PROSPECTUS SUPPLEMENT, UNDER "RISK FACTORS" BEGINNING ON PAGE PS-12 OF THE ACCOMPANYING PRODUCT SUPPLEMENT AND UNDER "RISK FACTORS" BEGINNING ON PAGE US-3 OF THE ACCOMPANYING UNDERLYING SUPPLEMENT BEFORE PURCHASING ANY SECURITIES. EVENTS RELATING TO ANY OF THOSE RISKS, OR OTHER RISKS AND UNCERTAINTIES, COULD ADVERSELY AFFECT THE MARKET VALUE OF, AND THE RETURN ON, YOUR SECURITIES. YOU MAY LOSE SOME OR ALL OF YOUR INITIAL INVESTMENT IN THE SECURITIES. THE SECURITIES WILL NOT BE LISTED ON ANY SECURITIES EXCHANGE.**

**Security Offering**<br>

We are offering Capped Airbag GEARS linked to the S&P 500<sup>®</sup> Index. The Securities are offered at a minimum investment of $1,000 in denominations of $10 and integral multiples thereof. The return on the Securities is subject to, and will not exceed, the Maximum Gain. The Maximum Gain, Downside Threshold and Initial Value will be finalized on the Trade Date and provided in the pricing supplement. The actual Maximum Gain will not be less than the bottom of the range listed below, but you should be willing to invest in the Securities if the Maximum Gain were set equal to the bottom of that range.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying** | **Upside <br> Gearing** | **Maximum Gain** | **Downside<br> Gearing** | **Initial <br> Value** | **Downside<br> Threshold** | **Threshold Percentage** | **CUSIP** | **ISIN** |
| S&P 500<sup>®</sup> Index <br> (Bloomberg ticker: SPX) | 2.00 | 25.00% to 26.15% | 1.17647 | • | 85% of the <br> Initial Value | 15% | 48133K625 | US48133K6257 |

---

**See "Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Securities" in this pricing supplement. The Securities will have the terms specified in the prospectus and the prospectus supplement, each dated April 8, 2020, product supplement no. UBS-1-II dated November 4, 2020, underlying supplement no. 1-II dated November 4, 2020 and this pricing supplement. *The terms of the Securities as set forth in this pricing supplement, to the extent they differ or conflict with those set forth in the accompanying product supplement, will supersede the terms set forth in that product supplement.***

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Price to Public<sup>1</sup>** | **Price to Public<sup>1</sup>** | **Fees and Commissions<sup>2</sup>** | **Fees and Commissions<sup>2</sup>** | **Proceeds to Issuer** | **Proceeds to Issuer** |
| <br>**Offering of Securities** | **Total** | **Per Security** | **Total** | **Per Security** | **Total** | **Per Security** |
| Securities Linked to the S&P 500<sup>®</sup> Index |  | $10.00 |  |  |  | $10.00 |

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

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| | |
|:---|:---|
| 2 | All sales of the Securities will be made to certain fee-based advisory accounts for which UBS Financial Services Inc., which we refer to as UBS is an investment adviser and UBS will act as placement agent. The purchase price will be $10.00 per Security and UBS will forgo any commissions related to these sales. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement, as supplemented by "Supplemental Plan of Distribution" in this pricing supplement. |

---

**If the Securities priced today and assuming a Maximum Gain equal to the middle of the range listed above, the estimated value of the Securities would be approximately $9.934 per $10 principal amount Security. The estimated value of the Securities, when the terms of the Securities are set, will be provided in the pricing supplement and will not be less than $9.60 per $10 principal amount Security. See "The Estimated Value of the Securities" in this pricing supplement for additional information.**

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

 

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| | |
|:---|:---|
| **UBS Financial Services Inc.** | ![](image_003.jpg) |

---

 

**Additional Information about JPMorgan Financial, JPMorgan Chase & Co. and the Securities**<br>

You may revoke your offer to purchase the Securities at any time prior to the time at which we accept such offer by notifying the agent. We reserve the right to change the terms of, or reject any offer to purchase, the Securities prior to their issuance. In the event of any changes to the terms of the Securities, 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 Securities are a part, and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement. **This pricing supplement, together with the documents listed below, contains the terms of the Securities 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, the accompanying product supplement and the accompanying underlying supplement, as the Securities involve risks not associated with conventional debt securities.

**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;&nbsp;&nbsp;&nbsp;&nbsp;⧫ Product supplement no. UBS-1-II dated November 4, 2020:<br> <u>[http://www.sec.gov/Archives/edgar/data/19617/000095010320021470/crt_dp139324-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021470/crt_dp139324-424b2.pdf)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⧫ Underlying supplement no. 1-II dated November 4, 2020:<br> <u>[http://www.sec.gov/Archives/edgar/data/19617/000095010320021471/crt_dp139381-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021471/crt_dp139381-424b2.pdf)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;⧫ Prospectus supplement and prospectus, each dated April 8, 2020:<br> [http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320007214/crt_dp124361-424b2.pdf)

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, the "Issuer," "JPMorgan Financial," "we," "us" and "our" refer to JPMorgan Chase Financial Company LLC.

**Supplemental Terms of the Securities**<br>

For purposes of the accompanying product supplement, the S&P 500<sup>®</sup> Index is an "Index."

**2**

**Investor Suitability**

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| | |
|:---|:---|
| **The Securities may be suitable for you if, among other considerations:**<br> ⧫ You fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire principal amount.<br> ⧫ You can tolerate a loss of all or a substantial portion of your investment and are willing to make an investment that may have similar downside market risk as a hypothetical investment in the Underlying.<br> ⧫ You believe the level of the Underlying will increase over the term of the Securities and that the appreciation is unlikely to exceed an amount equal to the Maximum Gain indicated on the cover hereof (the actual Maximum Gain will be finalized on the Trade Date and provided in the pricing supplement and will not be less than the bottom of the range indicated on the cover hereof).<br> ⧫ You understand and accept that your potential return is limited by the Maximum Gain and you would be willing to invest in the Securities if the Maximum Gain were set equal to the bottom of the range indicated on the cover hereof.<br> ⧫ You can tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the Underlying.<br> ⧫ You do not seek current income from your investment and are willing to forgo dividends paid on the stocks included in the Underlying.<br> ⧫ You are willing and able to hold the Securities to maturity.<br> ⧫ You accept that there may be little or no secondary market for the Securities and that any secondary market will depend in large part on the price, if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS, is willing to trade the Securities.<br> ⧫ You understand and accept the risks associated with the Underlying.<br> ⧫ You are willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Securities, and understand that if JPMorgan Financial and JPMorgan Chase & Co. default on their obligations, you may not receive any amounts due to you including any repayment of principal. | **The Securities may not be suitable for you if, among other considerations:**<br> ⧫ You do not fully understand the risks inherent in an investment in the Securities, including the risk of loss of your entire principal amount.<br> ⧫ You require an investment designed to provide a full return of principal at maturity.<br> ⧫ You cannot tolerate a loss of all or a substantial portion of your investment, or you are not willing to make an investment that may have similar downside market risk as a hypothetical investment in the Underlying.<br> ⧫ You believe the level of the Underlying will decline over the term of the Securities and is likely to close below the Downside Threshold on the Final Valuation Date, or you believe the Underlying will appreciate over the term of the Securities by more than the Maximum Gain indicated on the cover hereof (the actual Maximum Gain will be finalized on the Trade Date and provided in the pricing supplement and will not be less than the bottom of the range indicated on the cover hereof).<br> ⧫ You seek an investment that has unlimited return potential without a cap on appreciation.<br> ⧫ You would be unwilling to invest in the Securities if the Maximum Gain were set equal to the bottom of the range indicated on the cover hereof.<br> ⧫ You cannot tolerate fluctuations in the price of the Securities prior to maturity that may be similar to or exceed the downside fluctuations in the level of the Underlying.<br> ⧫ You seek current income from your investment or prefer not to forgo dividends paid on the stocks included in the Underlying.<br> ⧫ You are unwilling or unable to hold the Securities to maturity or seek an investment for which there will be an active secondary market.<br> ⧫ You do not understand or accept the risks associated with the Underlying.<br> ⧫ You are not willing to assume the credit risks of JPMorgan Financial and JPMorgan Chase & Co. for all payments under the Securities, including any repayment of principal. |

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**The suitability considerations identified above are not exhaustive. Whether or not the Securities are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an investment in the Securities in light of your particular circumstances. You should also review carefully the "Key Risks" section of this pricing supplement and the "Risk Factors" sections of the accompanying prospectus supplement, the accompanying product supplement and the accompanying underlying supplement for risks related to an investment in the Securities. For more information on the Underlying, please see the section titled "The Underlying" below.**

**3**

**Indicative Terms**<br>

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| | |
|:---|:---|
| Issuer: | JPMorgan Chase Financial Company LLC, an indirect, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| Guarantor: | JPMorgan Chase & Co. |
| Issue Price: | $10.00 per Security (subject to a minimum purchase of 100 Securities or $1,000) |
| Principal Amount: | $10.00 per Security. The payment at maturity will be based on the principal amount. |
| Underlying: | S&P 500<sup>®</sup> Index |
| Term1: | Approximately 2 years |
| Payment at Maturity (per $10 principal amount Security): | **If the Underlying Return is positive,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + ($10.00 × Underlying Return × Upside Gearing)<br> *provided, however,* that in no event will JPMorgan Financial pay you at maturity an amount greater than:<br> $10.00 + ($10.00 × Maximum Gain)<br> **If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity of $10.00 per $10 principal amount Security.<br> **If the Underlying Return is negative, and the Final Value is less than the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + [$10.00 × (Underlying Return<br> + Threshold Percentage) × Downside Gearing]<br> ***In this scenario, you will lose 1.17647% of your principal amount for every 1% that the Underlying has declined by more than the Threshold Percentage. You will lose some or all of your principal amount.*** |
| Underlying Return: | <u>(Final Value – Initial Value)</u><br> Initial Value |
| Upside Gearing: | 2.00 |
| Maximum Gain: | Between 25.00% and 26.15%. The actual Maximum Gain will be finalized on the Trade Date and provided in the pricing supplement and will not be less than 25.00%. In no event will the return on the Principal Amount be greater than the Maximum Gain. |
| Initial Value: | The closing level of the Underlying on the Trade Date |
| Final Value: | The closing level of the Underlying on the Final Valuation Date |
| Downside Threshold: | 85.00% of the Initial Value |
| Threshold Percentage: | 15%, if held to maturity |
| Downside Gearing: | 1.17647, equal to 1 / (100% - Threshold Percentage) |
| 1 See footnote 1 under "Key Dates" on the front cover | 1 See footnote 1 under "Key Dates" on the front cover |

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**Investment Timeline**<br>

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| | |
|:---|:---|
| **Trade Date** | The Initial Value is observed. The Downside Threshold is determined and the Maximum Gain is finalized. |
| ![](image_001.jpg) |  |
| **Maturity Date** | The Final Value and the Underlying Return are determined.<br> **If the Underlying Return is positive,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + ($10.00 × Underlying Return ×<br> Upside Gearing),<br> *provided, however,* that in no event will JPMorgan Financial pay you at maturity an amount greater than:<br> $10.00 + ($10.00 × Maximum Gain)<br> **If the Underlying Return is zero or negative but the Final Value is greater than or equal to the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity of $10.00 per $10 principal amount Security.<br> **If the Underlying Return is negative, and the Final Value is less than the Downside Threshold,** JPMorgan Financial will pay you a cash payment at maturity per $10 principal amount Security equal to:<br> $10.00 + [$10.00 × (Underlying Return + Threshold Percentage) × Downside Gearing]<br> ***Under these circumstances, you will lose some or all of your principal amount.*** |

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**INVESTING IN THE SECURITIES INVOLVES SIGNIFICANT RISKS. YOU MAY LOSE SOME OR ALL OF YOUR PRINCIPAL AMOUNT. ANY PAYMENT ON THE SECURITIES, INCLUDING ANY REPAYMENT OF PRINCIPAL, IS SUBJECT TO THE CREDITWORTHINESS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. IF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. WERE TO DEFAULT ON THEIR PAYMENT OBLIGATIONS, YOU MAY NOT RECEIVE ANY AMOUNTS OWED TO YOU UNDER THE SECURITIES AND YOU COULD LOSE YOUR ENTIRE INVESTMENT.**

**4**

**What Are the Tax Consequences of the Securities?**<br>

You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. UBS-1-II. 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 Securities.

Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the Securities 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 Securities should be treated as long-term capital gain or loss if you hold your Securities for more than a year, whether or not you are an initial purchaser of Securities at the issue price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the Securities 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 Securities, possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities, including possible alternative treatments and the issues presented by this notice.

Section 871(m) of the Code and Treasury regulations promulgated thereunder ("Section 871(m)") generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2025 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an "Underlying Security"). Based on certain determinations made by us, we expect that Section 871(m) will not apply to the Securities with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application of Section 871(m) will be provided in the pricing supplement for the Securities. You should consult your tax adviser regarding the potential application of Section 871(m) to the Securities.

**5**

**Key Risks**<br>

An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in the Underlying. These risks are explained in more detail in the "Risk Factors" sections of the accompanying prospectus supplement, the accompanying product supplement and the accompanying underlying supplement. We also urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the Securities.

**Risks Relating to the Securities Generally**

⧫ **Your Investment in the Securities May Result in a Loss** — The Securities differ from ordinary debt securities in that
we will not necessarily repay the full principal amount of the Securities. If the Underlying Return is negative, we will pay you the principal
amount of your Securities in cash only if the Final Value has not declined below the Downside Threshold. If the Underlying Return is negative
and the Final Value is less than the Downside Threshold, you will lose 1.17647% of your principal amount for every 1% that the Underlying
has declined by more than the Threshold Percentage. Accordingly, you could lose up to your entire principal amount.

⧫ **Credit Risks of JPMorgan Financial and JPMorgan Chase & Co.** — The Securities are unsecured and unsubordinated debt
obligations of the Issuer, JPMorgan Chase Financial Company LLC, the payment on which is fully and unconditionally guaranteed by JPMorgan
Chase & Co. The Securities will rank *pari passu* with all of our other unsecured and unsubordinated obligations, and the related
guarantee JPMorgan Chase & Co. will rank *pari passu* with all of JPMorgan Chase & Co.'s other unsecured and unsubordinated
obligations. The Securities and related guarantees are not, either directly or indirectly, an obligation of any third party. Any payment
to be made on the Securities, including any repayment of principal, depends on the ability of JPMorgan Financial and JPMorgan Chase &
Co. to satisfy their obligations as they come due. As a result, the actual and perceived creditworthiness of JPMorgan Financial and JPMorgan
Chase & Co. may affect the market value of the Securities and, in the event JPMorgan Financial and JPMorgan Chase & Co. were to
default on their obligations, you may not receive any amounts owed to you under the terms of the Securities and you could lose your entire
investment.

⧫ **As a Finance Subsidiary, JPMorgan Financial Has No Independent Operations and Limited Assets —** As a finance subsidiary
of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of our securities. Aside from the
initial capital contribution from JPMorgan Chase & Co., substantially all of our assets relate to obligations of our affiliates to
make payments under loans made by us or other intercompany agreements. As a result, we are dependent upon payments from our affiliates
to meet our obligations under the Securities. If these affiliates do not make payments to us and we fail to make payments on the Securities,
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.

⧫ **The Appreciation Potential of the Securities Is Limited by the Maximum Gain** — The appreciation potential of the Securities is limited by the Maximum Gain. The Maximum Gain will be finalized
on the Trade Date and provided in the pricing supplement and will not be less than the bottom of the range indicated on the front cover
of this pricing supplement. Accordingly, the appreciation potential of the Securities will be limited by the Maximum Gain even if the
Underlying Return times the Upside Gearing is greater than the Maximum Gain.

⧫ **The Upside Gearing Applies Only If You Hold the Securities to Maturity** — You should
be willing to hold your Securities to maturity. If you are able to sell your Securities prior to maturity in the secondary market, if
any, the price you receive likely will not reflect the full economic value of the Upside Gearing or the Securities themselves, and the
return you realize may be less than the product of the performance of the Underlying and the Upside Gearing and may be less than the Underlying's
return, even if that return is positive and does not exceed the Maximum Gain. You can receive the full benefit of the Upside Gearing,
subject to the Maximum Gain, only if you hold your Securities to maturity.

⧫ **The Contingent Repayment of Principal Applies Only If You Hold the Securities to Maturity** —
You should be willing to hold your Securities to maturity. If you are able to sell your Securities in the secondary market, if any, prior
to maturity, you may have to sell them at a loss relative to your initial investment even if the closing level of the Underlying is above
the Downside Threshold. If you hold the Securities to maturity, JPMorgan Financial will repay your principal amount as long as the Final
Value is not below the Downside Threshold. However, if the Underlying Return is negative and the Final Value is less than the Downside
Threshold, JPMorgan Financial will repay less than your principal amount at maturity, resulting in a loss of 1.17647% of your principal
amount for every 1% that the Underlying has declined by more than the Threshold Percentage.

⧫ **No Interest Payments** — JPMorgan Financial will not make any interest payments to you with respect to the Securities.

⧫ **The Probability That the Final Value Will Fall Below the Downside Threshold on the Final Valuation Date Will Depend on the Volatility of the Underlying —** "Volatility" refers to the frequency and magnitude of changes in the level of the Underlying.
Greater expected volatility with respect to the Underlying reflects a higher expectation as of the Trade Date that the Underlying could
close below the Downside Threshold on the Final Valuation Date of the Securities, resulting in the loss of some or all of your investment.
However, the Underlying's volatility can change significantly over the term of the Securities. The level of the Underlying could
fall sharply, which could result in a significant loss of principal.

⧫ **Investing in the Securities Is Not Equivalent to Investing in the Stocks Composing the Underlying** — Investing in the Securities is not equivalent to investing in the stocks included in the Underlying.
As an investor in the Securities, you will not have any ownership interest or rights in the stocks included in the Underlying, such as
voting rights, dividend payments or other distributions.

⧫ **We Cannot Control Actions by the Sponsor of the Underlying and That Sponsor Has No Obligation to Consider Your Interests** — We and our affiliates are not affiliated with the sponsor of the Underlying
and have no ability to control or predict its actions, including any errors in or discontinuation of public disclosure regarding methods
or policies relating to the calculation of the

**6**

Underlying. The sponsor of the Underlying is not involved in this Security offering in any way and has no obligation to consider your interest as an owner of the Securities in taking any actions that might affect the market value of your Securities.

⧫ **Your Return on the Securities Will Not Reflect Dividends on the Stocks Composing the Underlying** — Your return on the Securities will not reflect the return you would realize if you actually
owned the stock included in the Underlying and received the dividends on the stock included in the Underlying. This is because the calculation
agent will calculate the amount payable to you at maturity of the Securities by reference to the Final Value, which reflects the closing
level of the Underlying on the Final Valuation Date without taking into consideration the value of dividends on the stock included in
the Underlying.

⧫ **Lack of Liquidity** — The Securities will not be listed on any securities exchange. JPMS intends to offer to purchase the
Securities in the secondary market, but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity
to allow you to trade or sell the Securities easily. Because other dealers are not likely to make a secondary market for the Securities,
the price at which you may be able to trade your Securities is likely to depend on the price, if any, at which JPMS is willing to buy
the Securities.

⧫ **Tax Treatment** — Significant aspects of the tax treatment of the Securities are uncertain. You should consult your tax
adviser about your tax situation.

⧫ **The Final Terms and Valuation of the Securities Will Be Finalized on the Trade Date and Provided in the Pricing Supplement** — The final terms of the Securities
will be based on relevant market conditions when the terms of the Securities are set and will be finalized on the Trade Date and provided
in the pricing supplement. In particular, each of the estimated value of the Securities and the Maximum Gain will be finalized on the
Trade Date and 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 Securities based on the minimums for the estimated value
of the Securities and the Maximum Gain.

**Risks Relating to Conflicts of Interest**

⧫ **Potential Conflicts** —
We and our affiliates play a variety of roles in connection with the issuance of the Securities, including acting as calculation agent
and hedging our obligations under the Securities and making the assumptions used to determine the pricing of the Securities and the estimated
value of the Securities when the terms of the Securities are set, which we refer to as the estimated value of the Securities. 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 Securities. 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 Securities and the value of the Securities. It is possible
that hedging or trading activities of ours or our affiliates in connection with the Securities could result in substantial returns for
us or our affiliates while the value of the Securities declines. Please refer to "Risk Factors — Risks Relating to Conflicts
of Interest" in the accompanying product supplement for additional information about these risks.

⧫ **Potentially Inconsistent Research, Opinions or Recommendations by JPMS, UBS or Their Affiliates** — JPMS, UBS or their
affiliates may publish research, express opinions or provide recommendations that are inconsistent with investing in or holding the Securities,
and that may be revised at any time. Any such research, opinions or recommendations may or may not recommend that investors buy or hold
investments linked to the Underlying and could affect the value of the Underlying, and therefore the market value of the Securities.

⧫ **Potential JPMorgan Financial Impact on the Market Price of the Underlying** — Trading or transactions by JPMorgan Financial
or its affiliates in the Underlying or in futures, options or other derivative products on the Underlying may adversely affect the market
value of the Underlying and, therefore, the market value of the Securities.

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

⧫ **The Estimated Value of the Securities Will Be Lower Than the Original Issue Price (Price to Public) of the Securities** —
The estimated value of the Securities is only an estimate determined by reference to several factors. The original issue price of the
Securities will exceed the estimated value of the Securities because costs associated with structuring and hedging the Securities are
included in the original issue price of the Securities. These costs include the projected profits, if any, that our affiliates expect
to realize for assuming risks inherent in hedging our obligations under the Securities and the estimated cost of hedging our obligations
under the Securities. See "The Estimated Value of the Securities" in this pricing supplement.

⧫ **The Estimated Value of the Securities Does Not Represent Future Values of the Securities and May Differ from Others' Estimates** — The estimated value of the Securities is determined by reference to internal pricing models of our affiliates when the terms of
the Securities are set. This estimated value of the Securities is based on market conditions and other relevant factors existing at that
time 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 Securities that are greater than or less than the estimated value of the
Securities. 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 Securities 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 Securities from you in secondary market transactions. See "The Estimated Value of
the Securities" in this pricing supplement.

⧫ **The Estimated Value of the Securities Is Derived by Reference to an Internal Funding Rate** — The internal funding rate used in the determination of the estimated value of the Securities 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 Securities
as well as the higher issuance, operational and ongoing liability management costs of the Securities in comparison to those costs for
the conventional fixed income instruments of JPMorgan Chase &

**7**

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 Securities. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the Securities and any secondary market prices of the Securities. See "The Estimated Value of the Securities" in this pricing supplement.

⧫ **The Value of the Securities as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Securities for a Limited Time Period** — We generally expect that some of the costs included
in the original issue price of the Securities will be partially paid back to you in connection with any repurchases of your Securities
by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include projected hedging profits,
if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt issuances.
See "Secondary Market Prices of the Securities" in this pricing supplement for additional information relating to this initial
period. Accordingly, the estimated value of your Securities during this initial period may be lower than the value of the Securities as
published by JPMS (and which may be shown on your customer account statements).

⧫ **Secondary Market Prices of the Securities Will Likely Be Lower Than the Original Issue Price of the Securities** — Any
secondary market prices of the Securities will likely be lower than the original issue price of the Securities 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 projected hedging profits, if any, and estimated hedging costs that are included in the original issue
price of the Securities. As a result, the price, if any, at which JPMS will be willing to buy Securities 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 Securities.

The Securities are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your Securities to maturity. See "— Risks Relating to the Securities Generally — Lack of Liquidity" above.

⧫ **Many Economic and Market Factors Will Impact the Value of the Securities** — As described under "The Estimated Value
of the Securities" in this pricing supplement, the Securities can be thought of as securities that combine a fixed-income debt component
with one or more derivatives. As a result, the factors that influence the values of fixed-income debt and derivative instruments will
also influence the terms of the Securities at issuance and their value in the secondary market. Accordingly, the secondary market price
of the Securities 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 projected hedging profits, if any, estimated hedging costs and the level of the Underlying, including:

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;⧫ the actual and expected volatility in the level of the Underlying;

&nbsp;&nbsp;&nbsp;&nbsp;⧫ the time to maturity of the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;⧫ the dividend rates on the equity securities included in the Underlying;

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

&nbsp;&nbsp;&nbsp;&nbsp;⧫ 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 Securities, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the Securities, if any, at which JPMS may be willing to purchase your Securities in the secondary market.

**Risks Relating to the Underlying**

⧫ **JPMorgan Chase & Co. Is Currently One of the Companies that Make Up the Underlying** — JPMorgan Chase & Co. is
currently one of the companies that make up the Underlying. JPMorgan Chase & Co. will not have any obligation to consider your interests
as a holder of the Securities in taking any corporate action that might affect the value of the Underlying and the Securities.

**8**

**Hypothetical Examples and Return Table**<br>

**Hypothetical terms only. Actual terms may vary. See the cover page for actual offering terms.**

The following table and hypothetical examples below illustrate the payment at maturity per $10.00 principal amount Security for a hypothetical range of Underlying Returns from -100.00% to +100.00% on an offering of the Securities linked to a hypothetical Underlying, and assume a hypothetical Initial Value of 100, a hypothetical Downside Threshold of 90, a hypothetical Upside Gearing of 1.10, a hypothetical Maximum Gain of 10.00%, a hypothetical Downside Gearing of 1.11111 and a hypothetical Threshold Percentage of 10%. The hypothetical Initial Value of 100 has been chosen for illustrative purposes only and may not represent a likely actual Initial Value. The actual Initial Value will be based on the closing level of the Underlying on the Trade Date and will be provided in the pricing supplement. For historical data regarding the actual closing levels of the Underlying, please see the historical information set forth under "The Underlying" in this pricing supplement. The actual Downside Threshold percentage, Upside Gearing, Downside Gearing and Threshold Percentage are specified on the cover of this pricing supplement. The actual Maximum Gain will be finalized on the Trade Date and provided in the pricing supplement. The hypothetical payment at maturity examples set forth below are for illustrative purposes only and may not be the actual returns applicable to a purchaser of the Securities. The actual payment at maturity may be more or less than the amounts displayed below and will be determined based on the actual terms of the Securities, including the Initial Value, the Downside Threshold, the Upside Gearing, the Downside Gearing, the Threshold Percentage and the Maximum Gain to be finalized on the Trade Date and provided in the pricing supplement and the Final Value on the Final Valuation Date. You should consider carefully whether the Securities are suitable to your investment goals. The numbers appearing in the table below have been rounded for ease of analysis.

---

| | | | |
|:---|:---|:---|:---|
| **Final Value** | **Underlying Return (%)** | **Payment at Maturity ($)** | **Return at Maturity per<br> $10.00 issue price (%)** |
| 200.00 | 100.00% | $11.0000 | 10.00% |
| 190.00 | 90.00% | $11.0000 | 10.00% |
| 180.00 | 80.00% | $11.0000 | 10.00% |
| 170.00 | 70.00% | $11.0000 | 10.00% |
| 160.00 | 60.00% | $11.0000 | 10.00% |
| 150.00 | 50.00% | $11.0000 | 10.00% |
| 140.00 | 40.00% | $11.0000 | 10.00% |
| 130.00 | 30.00% | $11.0000 | 10.00% |
| 120.00 | 20.00% | $11.0000 | 10.00% |
| 110.00 | 10.00% | $11.0000 | 10.00% |
| 109.09 | 9.09% | $11.0000 | 10.00% |
| 108.00 | 8.00% | $10.8800 | 8.80% |
| 106.00 | 6.00% | $10.6600 | 6.60% |
| 104.00 | 4.00% | $10.4400 | 4.40% |
| 102.00 | 2.00% | $10.2200 | 2.20% |
| 100.00 | 0.00% | $10.0000 | 0.00% |
| 95.00 | -5.00% | $10.0000 | 0.00% |
| 90.00 | -10.00% | $10.0000 | 0.00% |
| 80.00 | -20.00% | $8.8889 | -11.11% |
| 70.00 | -30.00% | $7.7778 | -22.22% |
| 60.00 | -40.00% | $6.6667 | -33.33% |
| 50.00 | -50.00% | $5.5556 | -44.44% |
| 40.00 | -60.00% | $4.4444 | -55.56% |
| 30.00 | -70.00% | $3.3333 | -66.67% |
| 20.00 | -80.00% | $2.2222 | -77.78% |
| 10.00 | -90.00% | $1.1111 | -88.89% |
| 0.00 | -100.00% | $0.0000 | -100.00% |

---

**Example 1 — The level of the Underlying increases by 2% from the Initial Value of 100 to the Final Value of 102.**

Because the Upside Gearing of 1.10 times the Underlying Return of 2% is less than the Maximum Gain of 10.00%, JPMorgan Financial will pay you your principal amount *plus* a return equal to the Underlying Return *times* the Upside Gearing, resulting in a payment at maturity of $10.22 per $10 principal amount Security, calculated as follows:

$10.00 + ($10.00 × Underlying Return × Upside Gearing)<br> $10.00 + ($10.00 × 2% × 1.10) = $10.22

**Example 2 — The level of the Underlying increases by 20% from the Initial Value of 100 to the Final Value of 120.**

Because the Upside Gearing of 1.10 times the Underlying Return of 20% is greater than the Maximum Gain of 10.00%, JPMorgan Financial will pay you your principal amount *plus* a return equal to the Maximum Gain of 10.00%, resulting in a payment at maturity of $11.00 per $10 principal amount Security, calculated as follows:

$10.00 + ($10.00 × Maximum Gain)<br> $10.00 + ($10.00 × 10.00%) = $11.00

**9**

**Example 3 — The level of the Underlying decreases by 5% from the Initial Value of 100 to the Final Value of 95.**

Because the Underlying Return is negative and the Final Value is greater than the Downside Threshold, at maturity, JPMorgan Financial will pay you your principal amount of $10.00 per $10 principal amount Security.

**Example 4 — The level of the Underlying decreases by 40% from the Initial Value of 100 to the Final Value of 60.**

Because the Underlying Return is -40% and the Final Value is less than the Downside Threshold of 90%, at maturity, JPMorgan Financial will pay you a payment at maturity of $6.6667 per $10 principal amount Security, calculated as follows:

$10.00 + [$10.00 × (Underlying Return + Threshold Percentage) × Downside Gearing]<br> $10.00 + [$10.00 × (-40.00% + 10.00%) × 1.11111] = $6.6667

***If the Underlying Return is negative and the Final Value is less than the Downside Threshold, investors will lose more than 1% of their principal amount for every 1% that the Underlying has declined in excess of the Threshold Percentage. Investors could lose some or all of their principal amount.***

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

**10**

**The Underlying**<br>

The S&P 500<sup>®</sup> Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For additional information about the S&P 500<sup>®</sup> Index, see the information set forth under "Equity Index Descriptions — The S&P U.S. Indices" in the accompanying underlying supplement.

**Historical Information**

The following table sets forth the quarterly high and low closing levels of the Underlying, based on daily closing levels of the Underlying as reported by the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification. The information given below is for the four calendar quarters in each of 2018, 2019, 2020, 2021 and 2022. Partial data is provided for the first calendar quarter of 2023. The closing level of the Underlying on February 1, 2023 was 4,119.21. The actual Initial Value will be the closing level of the Underlying on the Trade Date. We obtained the closing levels of the Underlying above and below from Bloomberg, without independent verification. You should not take the historical levels of the Underlying as an indication of future performance.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Quarter Begin** | **Quarter End** | **Quarterly Closing High** | **Quarterly Closing Low** | **Close** |
| 1/1/2018 | 3/31/2018 | 2872.87 | 2581.00 | 2640.87 |
| 4/1/2018 | 6/30/2018 | 2786.85 | 2581.88 | 2718.37 |
| 7/1/2018 | 9/30/2018 | 2930.75 | 2713.22 | 2913.98 |
| 10/1/2018 | 12/31/2018 | 2925.51 | 2351.10 | 2506.85 |
| 1/1/2019 | 3/31/2019 | 2854.88 | 2447.89 | 2834.40 |
| 4/1/2019 | 6/30/2019 | 2954.18 | 2744.45 | 2941.76 |
| 7/1/2019 | 9/30/2019 | 3025.86 | 2840.60 | 2976.74 |
| 10/1/2019 | 12/31/2019 | 3240.02 | 2887.61 | 3230.78 |
| 1/1/2020 | 3/31/2020 | 3386.15 | 2237.40 | 2584.59 |
| 4/1/2020 | 6/30/2020 | 3232.39 | 2470.50 | 3100.29 |
| 7/1/2020 | 9/30/2020 | 3580.84 | 3115.86 | 3363.00 |
| 10/1/2020 | 12/31/2020 | 3756.07 | 3269.96 | 3756.07 |
| 1/1/2021 | 3/31/2021 | 3974.54 | 3700.65 | 3972.89 |
| 4/1/2021 | 6/30/2021 | 4297.50 | 4019.87 | 4297.50 |
| 7/1/2021 | 9/30/2021 | 4536.95 | 4258.49 | 4307.54 |
| 10/1/2021 | 12/31/2021 | 4793.06 | 4300.46 | 4766.18 |
| 1/1/2022 | 3/31/2022 | 4796.56 | 4170.70 | 4530.41 |
| 4/1/2022 | 6/30/2022 | 4582.64 | 3666.77 | 3785.38 |
| 7/1/2022 | 9/30/2022 | 4305.20 | 3585.62 | 3585.62 |
| 10/1/2022 | 12/31/2022 | 4080.11 | 3577.03 | 3839.50 |
| 1/1/2023 | 2/1/2023\* | 4119.21 | 3808.10 | 4119.21 |

---

\* As of the date of this pricing supplement, available information for the first calendar quarter of 2023 includes data for the period from January 1, 2023 through February 1, 2023. Accordingly, the "Quarterly Closing High," "Quarterly Closing Low" and "Close" data indicated are for this shortened period only and do not reflect complete data for the first calendar quarter of 2023.

**11**

The graph below illustrates the daily performance of the Underlying from January 2, 2013 through February 1, 2023, based on information from Bloomberg, without independent verification. The dotted line represents a hypothetical Downside Threshold of 3,501.33, equal to 85% of the closing level of the Underlying on February 1, 2023. The actual Downside Threshold will be based on the Initial Value and will be finalized on the Trade Date and provided in the pricing supplement.

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

![](image_002.jpg)

The historical performance of the Underlying should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Underlying on the Trade Date or the Final Valuation Date. There can be no assurance that the performance of the Underlying will result in the return of any of your principal amount.

**Supplemental Plan of Distribution**<br>

We and JPMorgan Chase & Co. have agreed to indemnify UBS and JPMS against liabilities under the Securities Act of 1933, as amended, or to contribute to payments that UBS may be required to make relating to these liabilities as described in the prospectus supplement and the prospectus. We will agree that UBS may sell all or a part of the Securities that it purchases from us to the public or its affiliates at the price to public indicated on the cover hereof.

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

We or our affiliates may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Securities, and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "Supplemental Use of Proceeds" in this pricing supplement and "Use of Proceeds and Hedging" in the accompanying product supplement.

All sales of the Securities will be made to certain fee-based advisory accounts for which UBS is an investment adviser and UBS will act as placement agent. The purchase price will be $10.00 per Security and UBS will forgo any selling commissions related to these sales.

We expect that delivery of the Securities will be made against payment for the Securities on or about the Original Issue Date set forth on the front cover of this pricing supplement, which will be the third business day following the Trade Date of the Securities (this settlement cycle being referred to as "T+3"). Under Rule 15c6-1 of the Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade Securities on any date prior to two business days before delivery will be required to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their own advisors.

**The Estimated Value of the Securities**<br>

The estimated value of the Securities 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 Securities, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the Securities. The estimated value of the Securities does not represent a minimum price at which JPMS would be willing to buy your Securities in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the Securities 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 values of the Securities as well as the higher issuance, operational and ongoing liability management costs of the Securities 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

**12**

incorrect, and is intended to approximate the prevailing market replacement funding rate for the Securities. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the Securities and any secondary market prices of the Securities. For additional information, see "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated Value of the Securities 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 Securities 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 Securities is determined when the terms of the Securities are set based on market conditions and other relevant factors and assumptions existing at that time. See "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated Value of the Securities Does Not Represent Future Values of the Securities and May Differ from Others' Estimates" in this pricing supplement.

The estimated value of the Securities will be lower than the original issue price of the Securities because costs associated with structuring and hedging the Securities are included in the original issue price of the Securities. These costs include the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Securities and the estimated cost of hedging our obligations under the Securities. 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 Securities. See "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated Value of the Securities Will Be Lower Than the Original Issue Price (Price to Public) of the Securities" in this pricing supplement.

**Secondary Market Prices of the Securities**<br>

For information about factors that will impact any secondary market prices of the Securities, see "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — Secondary Market Prices of the Securities 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 Securities will be partially paid back to you in connection with any repurchases of your Securities by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be up to five months. The length of any such initial period reflects secondary market volumes for the Securities, the structure of the Securities, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Securities and when these costs are incurred, as determined by our affiliates. See "Key Risks — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Value of the Securities as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Securities for a Limited Time Period" in this pricing supplement.

**Supplemental Use of Proceeds**<br>

The Securities are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the Securities. See "Hypothetical Examples and Return Table" in this pricing supplement for an illustration of the risk-return profile of the Securities and "The Underlying" in this pricing supplement for a description of the market exposure provided by the Securities.

The original issue price of the Securities is equal to the estimated value of the Securities plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Securities, plus the estimated cost of hedging our obligations under the Securities.

**Supplemental Information About the Form of the Securities**

The Securities will initially be represented by a type of global security that we refer to as a master note. A master note represents multiple securities that may be issued at different times and that may have different terms. The trustee and/or paying agent will, in accordance with instructions from us, make appropriate entries or notations in its records relating to the master note representing the Securities to indicate that the master note evidences the Securities.

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