# EDGAR Filing Document

**Accession Number:** 0000019617
**File Stem:** 0001213900-23-010088
**Filing Date:** 2023-2
**Character Count:** 47232
**Document Hash:** dc157131a6538b3c9bafe0a99ab3328f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-23-010088.hdr.sgml**: 20230210

**ACCESSION NUMBER**: 0001213900-23-010088

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 5

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230210

**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:** 23609426

**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:** 23609427

**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 9, 2023** 

---

| | |
|:---|:---|
| &nbsp;&nbsp; February , 2023 | &nbsp;&nbsp; Registration Statement Nos. 333-236659 and 333-236659-01; Rule 424(b)(2)<br> ![image1_48133udq2.png](image1_48133udq2.jpg)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> JPMorgan Chase Financial Company LLC<br> Structured Investments<br> Capped Dual Directional Buffered Return Enhanced <br> Notes Linked to the S&P 500<sup>®</sup> Index due <br> March 14, 2024<br> Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.<br> ●The notes are designed for investors who seek a capped return of 1.20 times any appreciation (with a Maximum Upside <br> Return of at least 10.85%), or a capped, unleveraged return equal to the absolute value of any depreciation (up to the Buffer <br> Amount of 15.00%), of the S&P 500<sup>®</sup> Index at maturity.<br> ●Investors should be willing to forgo interest and dividend payments and be willing to lose up to 85.00% of their principal <br> amount at maturity.<br> ●The notes are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as <br> JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. **Any payment** <br> **on the notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of** <br> **JPMorgan Chase & Co., as guarantor of the notes.**<br> ●Minimum denominations of $1,000 and integral multiples thereof<br> ●The notes are expected to price on or about February 10, 2023 and are expected to settle on or about February 15, 2023.<br> ●CUSIP: 48133UDQ2<br>

**Investing in the notes involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying** 

**prospectus supplement, "Risk Factors" beginning on page PS-12 of the accompanying product supplement, "Risk Factors"** 

**beginning on page US-3 of the accompanying underlying supplement and "Selected Risk Considerations" beginning on** 

**page PS-4 of this pricing supplement.**

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of

the notes or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying product supplement,

underlying supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Price to Public (1) | &nbsp;&nbsp; Fees and Commissions (2) | &nbsp;&nbsp; Proceeds to Issuer |
| &nbsp;&nbsp; Per note | &nbsp;&nbsp; $1000 | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |
| &nbsp;&nbsp; Total | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ | &nbsp;&nbsp; $ |
| (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $6.00 per $1,000 principal amount <br> note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $6.00 per $1,000 principal amount <br> note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $6.00 per $1,000 principal amount <br> note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. | (1) See "Supplemental Use of Proceeds" in this pricing supplement for information about the components of the price to public of the notes.<br> (2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it <br> receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $6.00 per $1,000 principal amount <br> note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement. |

---

**If the notes priced today, the estimated value of the notes would be approximately $987.50 per $1,000 principal amount note.** 

**The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement and will not** 

**be less than $960.00 per $1,000 principal amount note. See "The Estimated Value of the Notes" in this pricing supplement for** 

**additional information.**

*The notes are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and* 

*are not obligations of, or guaranteed by, a bank.*

Pricing supplement to product supplement no. 4-II dated November 4, 2020, underlying supplement no. 1-II dated November 4, 2020 and the prospectus

and prospectus supplement, each dated April 8, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Key Terms**

---

| | |
|:---|:---|
| **Issuer:** JPMorgan Chase Financial Company LLC, an <br> indirect, wholly owned finance subsidiary of JPMorgan <br> Chase & Co.<br> **Guarantor:** JPMorgan Chase & Co.<br> **Index:** The S&P 500<sup>®</sup> Index (Bloomberg ticker: SPX)<br> **Maximum Upside Return:** At least 10.85% (corresponding <br> to a maximum payment at maturity of at least $1,108.50 per <br> $1,000 principal amount note if the Index Return is positive) <br> (to be provided in the pricing supplement)<br> **Upside Leverage Factor:** 1.20<br> **Buffer Amount:** 15.00%<br> **Pricing Date:** On or about February 10, 2023<br> **Original Issue Date (Settlement Date):** On or about <br> February 15, 2023<br> **Observation Date\*:** March 11, 2024<br> **Maturity Date\*:** March 14, 2024<br> \* Subject to postponement in the event of a market <br> disruption event and as described under "General Terms of <br> Notes — Postponement of a Determination Date — Notes <br> Linked to a Single Underlying — Notes Linked to a Single <br> Underlying (Other Than a Commodity Index)" and "General <br> Terms of Notes — Postponement of a Payment Date" in the <br> accompanying product supplement | **Payment at Maturity:**<br> If the Final Value is greater than the Initial Value, your <br> payment at maturity per $1,000 principal amount note will be <br> calculated as follows:<br> $1,000 + ($1,000 × Index Return × Upside Leverage Factor), <br> subject to the Maximum Upside Return<br> If the Final Value is equal to the Initial Value or is less than <br> the Initial Value by up to the Buffer Amount, your payment at <br> maturity per $1,000 principal amount note will be calculated <br> as follows:<br> $1,000 + ($1,000 × Absolute Index Return)<br> *This payout formula results in an effective cap of 15.00% on* <br> *your return at maturity if the Index Return is negative. Under* <br> *these limited circumstances, your maximum payment at* <br> *maturity is $1,150.00 per $1,000 principal amount note.*<br> If the Final Value is less than the Initial Value by more than <br> the Buffer Amount, your payment at maturity per $1,000 <br> principal amount note will be calculated as follows:<br> $1,000 + [$1,000 × (Index Return + Buffer Amount)]<br> *If the Final Value is less than the Initial Value by more than* <br> *the Buffer Amount, you will lose some or most of your* <br> *principal amount at maturity.*<br> **Absolute Index Return:** The absolute value of the Index <br> Return. For example, if the Index Return is -5%, the <br> Absolute Index Return will equal 5%.<br> **Index Return:**<br> (Final Value – Initial Value)<br> Initial Value<br> **Initial Value:** The closing level of the Index on the Pricing <br> Date<br> **Final Value:** The closing level of the Index on the <br> Observation Date |

---

---

| | |
|:---|:---|
| PS-1 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Hypothetical Payout Profile**

The following table and graph illustrate the hypothetical total return and payment at maturity on the notes linked to a hypothetical Index.

The "total return" as used in this pricing supplement is the number, expressed as a percentage, that results from comparing the payment

at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns and payments set forth below assume the

following:

● an Initial Value of 100.00;

● a Maximum Upside Return of 10.85%;

● an Upside Leverage Factor of 1.20; and

● a Buffer Amount of 15.00%.

The hypothetical Initial Value of 100.00 has been chosen for illustrative purposes only and may not represent a likely actual Initial Value.

The actual Initial Value will be the closing level of the Index on the Pricing Date and will be provided in the pricing supplement. For

historical data regarding the actual closing levels of the Index, please see the historical information set forth under "The Index" in this

pricing supplement.

Each hypothetical total return or hypothetical payment at maturity set forth below is for illustrative purposes only and may not be the

actual total return or payment at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and graph

have been rounded for ease of analysis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Final Value | &nbsp;&nbsp; Index Return | &nbsp;&nbsp; Absolute Index Return | &nbsp;&nbsp; Total Return on the <br> Notes | &nbsp;&nbsp; Payment at Maturity |
| 180.0000 | &nbsp;&nbsp; 80.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 165.0000 | &nbsp;&nbsp; 65.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 150.0000 | &nbsp;&nbsp; 50.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 140.0000 | &nbsp;&nbsp; 40.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 130.0000 | &nbsp;&nbsp; 30.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 120.0000 | &nbsp;&nbsp; 20.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 110.0000 | &nbsp;&nbsp; 10.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 109.0417 | &nbsp;&nbsp; 9.0417% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 10.85% | &nbsp;&nbsp; $1108.50 |
| 105.0000 | &nbsp;&nbsp; 5.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 6.00% | &nbsp;&nbsp; $1060.00 |
| 101.0000 | &nbsp;&nbsp; 1.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; 1.20% | &nbsp;&nbsp; $1012.00 |
| &nbsp;&nbsp; 100.0000 | &nbsp;&nbsp; 0.0000% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; 0.00% | &nbsp;&nbsp; $1000.00 |
| 95.0000 | &nbsp;&nbsp; -5.0000% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; 5.00% | &nbsp;&nbsp; $1050.00 |
| 90.0000 | &nbsp;&nbsp; -10.0000% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; 10.00% | &nbsp;&nbsp; $1100.00 |
| 85.0000 | &nbsp;&nbsp; -15.0000% | &nbsp;&nbsp; 15.00% | &nbsp;&nbsp; 15.00% | &nbsp;&nbsp; $1150.00 |
| 80.0000 | &nbsp;&nbsp; -20.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -5.00% | &nbsp;&nbsp; $950.00 |
| 70.0000 | &nbsp;&nbsp; -30.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -15.00% | &nbsp;&nbsp; $850.00 |
| 60.0000 | &nbsp;&nbsp; -40.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -25.00% | &nbsp;&nbsp; $750.00 |
| 50.0000 | &nbsp;&nbsp; -50.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -35.00% | &nbsp;&nbsp; $650.00 |
| 40.0000 | &nbsp;&nbsp; -60.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -45.00% | &nbsp;&nbsp; $550.00 |
| 30.0000 | &nbsp;&nbsp; -70.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -55.00% | &nbsp;&nbsp; $450.00 |
| 20.0000 | &nbsp;&nbsp; -80.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -65.00% | &nbsp;&nbsp; $350.00 |
| 10.0000 | &nbsp;&nbsp; -90.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -75.00% | &nbsp;&nbsp; $250.00 |
| 0.0000 | &nbsp;&nbsp; -100.0000% | &nbsp;&nbsp; N/A | &nbsp;&nbsp; -85.00% | &nbsp;&nbsp; $150.00 |

---

---

| | |
|:---|:---|
| PS-2 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following graph demonstrates the hypothetical payments at maturity on the notes for a sub-set of Index Returns detailed in the table

above (-100% to 100%). There can be no assurance that the performance of the Index will result in the return of any of your principal

amount in excess of $150.00 per $1,000.00 principal amount note, subject to the credit risks of JPMorgan Financial and JPMorgan

Chase & Co.

![image2_48133udq2.jpeg](image2_48133udq2.jpg)

**How the Notes Work**

**Index Appreciation Upside Scenario:**

If the Final Value is greater than the Initial Value, investors will receive at maturity the $1,000 principal amount *plus* a return equal to the

Index Return *times* the Upside Leverage Factor of 1.20, subject to the Maximum Upside Return of at least 10.85%. Assuming a

hypothetical Maximum Upside Return of 10.85%, an investor will realize the maximum upside payment at maturity at a Final Value of

approximately 109.0417% or more of the Initial Value.

● If the closing level of the Index increases 5.00%, investors will receive at maturity a return of 6.00%, or $1,060.00 per $1,000

principal amount note.

● Assuming a hypothetical Maximum Upside Return of 10.85%, if the closing level of the Index increases 20.85%, investors will

receive at maturity a return equal to the Maximum Upside Return of 10.85%, or $1,108.50 per $1,000 principal amount note, which

is the maximum payment at maturity if the Index Return is positive.

**Index Par or Index Depreciation Upside Scenario:**

If the Final Value is equal to the Initial Value or is less than the Initial Value by up to the Buffer Amount of 15.00%, investors will receive

at maturity the $1,000 principal amount *plus* a return equal to the Absolute Index Return.

● For example, if the closing level of the Index declines 10.00%, investors will receive at maturity a 10.00% return, or $1,100.00 per

$1,000 principal amount note.

**Downside Scenario:**

If the Final Value is less than the Initial Value by more than the Buffer Amount of 15.00%, investors will lose 1% of the principal amount

of their notes for every 1% that the Final Value is less than the Initial Value by more than the Buffer Amount.

● For example, if the closing level of the Index declines 60.00%, investors will lose 45.00% of their principal amount and receive only

$550.00 per $1,000 principal amount note at maturity.

The hypothetical returns and hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term.** 

These hypotheticals do not reflect the 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.

---

| | |
|:---|:---|
| PS-3 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Selected Risk Considerations**

An investment in the notes involves significant risks. These risks are explained in more detail in the "Risk Factors" sections of the

accompanying prospectus supplement, product supplement and underlying supplement.

● **YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —** 

The notes do not guarantee any return of principal. If the Final Value is less than the Initial Value by more than 15.00%, you will lose

1% of the principal amount of your notes for every 1% that the Final Value is less than the Initial Value by more than 15.00%.

Accordingly, under these circumstances, you will lose up to 85.00% of your principal amount at maturity.

● **YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED TO THE MAXIMUM UPSIDE RETURN IF THE INDEX RETURN IS** 

**POSITIVE,**

regardless of the appreciation of the Index, which may be significant.

● **YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED BY THE BUFFER AMOUNT IF THE INDEX RETURN IS NEGATIVE —** 

Because the payment at maturity will not reflect the Absolute Index Return if the Final Value is less than the Initial Value by more

than the Buffer Amount, the Buffer Amount is effectively a cap on your return at maturity if the Index Return is negative. The

maximum payment at maturity if the Index Return is negative is $1,150.00 per $1,000 principal amount note.

● **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —** 

Investors are dependent on our and JPMorgan Chase & Co.'s ability to pay all amounts due on the notes. Any actual or potential

change in our or JPMorgan Chase & Co.'s creditworthiness or credit spreads, as determined by the market for taking that credit risk,

is likely to adversely affect the value of the notes. If we and JPMorgan Chase & Co. were to default on our payment obligations, you

may not receive any amounts owed to you under the notes and you could lose your entire investment.

● **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. 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 notes. If these affiliates do not make payments to us

and we fail to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase & Co.,

and that guarantee will rank *pari passu* with all other unsecured and unsubordinated obligations of JPMorgan Chase & Co.

● **POTENTIAL CONFLICTS —** 

We and our affiliates play a variety of roles in connection with the notes. In performing these duties, our and JPMorgan Chase &

Co.'s economic interests are potentially adverse to your interests as an investor in the notes. It is possible that hedging or trading

activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value

of the notes declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest" in the accompanying product

supplement.

● **JPMORGAN CHASE & CO. IS CURRENTLY ONE OF THE COMPANIES THAT MAKE UP THE INDEX,** 

but JPMorgan Chase & Co. will not have any obligation to consider your interests in taking any corporate action that might affect the

level of the Index.

● **THE NOTES DO NOT PAY INTEREST.**

● **YOU WILL NOT RECEIVE DIVIDENDS ON THE SECURITIES INCLUDED IN THE INDEX OR HAVE ANY RIGHTS WITH** 

**RESPECT TO THOSE SECURITIES.**

● **LACK OF LIQUIDITY—**

The notes will not be listed on any securities exchange. Accordingly, the price at which you may be able to trade your notes is likely

to depend on the price, if any, at which JPMS is willing to buy the notes. You may not be able to sell your notes. The notes are not

designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

● **THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT —**

You should consider your potential investment in the notes based on the minimums for the estimated value of the notes and the

Maximum Upside Return.

● **THE ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE** 

**NOTES —** 

The estimated value of the notes is only an estimate determined by reference to several factors. The original issue price of the notes

will exceed the estimated value of the notes because costs associated with selling, structuring and hedging the notes are included in

the original issue price of the notes. These costs include the selling commissions, the projected profits, if any, that our affiliates

expect to realize for assuming risks inherent in hedging our obligations under the notes and the estimated cost of hedging our

obligations under the notes. See "The Estimated Value of the Notes" in this pricing supplement.

● **THE ESTIMATED VALUE OF THE NOTES DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER** 

**FROM OTHERS' ESTIMATES —** 

See "The Estimated Value of the Notes" in this pricing supplement.

---

| | |
|:---|:---|
| PS-4 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● **THE ESTIMATED VALUE OF THE NOTES IS DERIVED BY REFERENCE TO AN INTERNAL FUNDING RATE —**

The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding

rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may

be based on, among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance,

operational and ongoing liability management costs of the notes in comparison to those costs for the conventional fixed income

instruments of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may

prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an

internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary

market prices of the notes. See "The Estimated Value of the Notes" in this pricing supplement.

● **THE VALUE OF THE NOTES AS PUBLISHED BY JPMS (AND WHICH MAY BE REFLECTED ON CUSTOMER ACCOUNT** 

**STATEMENTS) MAY BE HIGHER THAN THE THEN-CURRENT ESTIMATED VALUE OF THE NOTES FOR A LIMITED TIME** 

**PERIOD —** 

We generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in

connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period.

See "Secondary Market Prices of the Notes" in this pricing supplement for additional information relating to this initial period.

Accordingly, the estimated value of your notes during this initial period may be lower than the value of the notes as published by

JPMS (and which may be shown on your customer account statements).

● **SECONDARY MARKET PRICES OF THE NOTES WILL LIKELY BE LOWER THAN THE ORIGINAL ISSUE PRICE OF THE** 

**NOTES —** 

Any secondary market prices of the notes will likely be lower than the original issue price of the notes because, among other things,

secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also,

because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging costs

that are included in the original issue price of the notes. As a result, the price, if any, at which JPMS will be willing to buy the notes

from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you prior to the

Maturity Date could result in a substantial loss to you.

● **SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS —** 

The secondary market price of the notes during their term will be impacted by a number of economic and market factors, which may

either offset or magnify each other, aside from the selling commissions, projected hedging profits, if any, estimated hedging costs

and the level of the Index. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the

notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of

the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See "Risk Factors — Risks

Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be

impacted by many economic and market factors" in the accompanying product supplement.

**The Index**

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 "Equity Index Descriptions — The S&P U.S. Indices" in the accompanying

underlying supplement.

**Historical Information**

The following graph sets forth the historical performance of the Index based on the weekly historical closing levels of the Index from

January 5, 2018 through February 3, 2023. The closing level of the Index on February 8, 2023 was 4,117.86. We obtained the closing

levels above and below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification.

The historical closing levels of the Index should not be taken as an indication of future performance, and no assurance can be given as

to the closing level of the Index on the Pricing Date or the Observation Date. There can be no assurance that the performance of the

Index will result in the return of any of your principal amount in excess of $150.00 per $1,000.00 principal amount note, subject to the

credit risks of JPMorgan Financial and JPMorgan Chase & Co.

---

| | |
|:---|:---|
| PS-5 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Historical Performance of the S&P 500**<sup>®</sup> **Index**<br> ![image3_48133udq2.jpeg](image3_48133udq2.jpg)<br>**Source: Bloomberg**<br>

---

| | |
|:---|:---|
| PS-6 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Tax Treatment**

In determining our reporting responsibilities, we intend to treat the notes for U.S. federal income tax purposes as "open transactions" that

are not debt instruments, as described in the section entitled "Material U.S. Federal Income Tax Consequences – Notes Treated as

Open Transactions That Are Not Debt Instruments" in the accompanying product supplement no. 4-II. Based on the advice of Davis Polk

& Wardwell LLP, our special tax counsel, we believe that this is a reasonable treatment, but that there are other reasonable treatments

that the IRS or a court may adopt, in which case the timing and character of any income or loss on the notes could be materially and

adversely affected.

No statutory, judicial or administrative authority directly addresses the characterization of the notes (or similar instruments) for U.S.

federal income tax purposes, and no ruling is being requested from the IRS with respect to their proper characterization and treatment.

Assuming that "open transaction" treatment is respected, the gain or loss on your notes should be treated as long-term capital gain or

loss if you hold your notes for more than a year, whether or not you are an initial purchaser of the notes at the issue price. However, the

IRS or a court may not respect the treatment of the notes as "open transactions," in which case the timing and character of any income

or loss on the notes could be materially and adversely affected. For instance, the notes could be treated as contingent payment debt

instruments, in which case the gain on your notes would be treated as ordinary income and you would be required to accrue original

issue discount on your notes in each taxable year at the "comparable yield," as determined by us, although we will not make any

payment with respect to the notes until maturity.

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

notes, 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 notes, 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 notes 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 notes. You should consult your tax adviser regarding the potential

application of Section 871(m) to the notes.

**The Estimated Value of the Notes**

The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following

hypothetical components: (1) a fixed-income debt component with the same maturity as the notes, valued using the internal funding rate

described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does

not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The

internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for

vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on,

among other things, our and our affiliates' view of the funding value of the notes as well as the higher issuance, operational and ongoing

liability management costs of the notes in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase

& Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to

approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes

to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional

information, see "Selected Risk Considerations — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding

Rate" in this pricing supplement.

---

| | |
|:---|:---|
| PS-7 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our

affiliates. These models are dependent on inputs such as the traded market prices of comparable derivative instruments and on various

other inputs, some of which are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as

well as assumptions about future market events and/or environments. Accordingly, the estimated value of the notes is determined when

the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time.

The estimated value of the notes does not represent future values of the notes and may differ from others' estimates. Different pricing

models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes. In

addition, market conditions and other relevant factors in the future may change, and any assumptions may prove to be incorrect. On

future dates, the value of the notes could change significantly based on, among other things, changes in market conditions, our or

JPMorgan Chase & Co.'s creditworthiness, interest rate movements and other relevant factors, which may impact the price, if any, at

which JPMS would be willing to buy notes from you in secondary market transactions.

The estimated value of the notes will be lower than the original issue price of the notes because costs associated with selling, structuring

and hedging the notes are included in the original issue price of the notes. These costs include the selling commissions paid to JPMS

and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in

hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes. Because hedging our

obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less

than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes 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

"Selected Risk Considerations — The Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the

Notes" in this pricing supplement.

**Secondary Market Prices of the Notes**

For information about factors that will impact any secondary market prices of the notes, see "Risk Factors — Risks Relating to the

Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic

and market factors" in the accompanying product supplement. In addition, we generally expect that some of the costs included in the

original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount

that will decline to zero over an initial predetermined period. These costs can include selling commissions, projected hedging profits, if

any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates for structured debt

issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes.

The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our

hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates. See

"Selected Risk Considerations — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account

Statements) May Be Higher Than the Then-Current Estimated Value of the Notes for a Limited Time Period" in this pricing supplement.

**Supplemental Use of Proceeds**

The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the

notes. See "Hypothetical Payout Profile" and "How the Notes Work" in this pricing supplement for an illustration of the risk-return profile

of the notes and "The Index" in this pricing supplement for a description of the market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other

affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent

in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes.

**Supplemental Plan of Distribution**

We expect that delivery of the notes will be made against payment for the notes 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 Pricing Date of the notes (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 notes 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.

**Supplemental Information About the Form of the Notes**

The notes 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 notes to

indicate that the master note evidences the notes.

---

| | |
|:---|:---|
| PS-8 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Additional Terms Specific to the Notes**

You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable

agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any

changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase.

You may also choose to reject such changes, in which case we may reject your offer to purchase.

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus

supplement relating to our Series A medium-term notes of which these notes are a part, 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 notes and supersedes all other prior or contemporaneous oral statements as well as

any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation,

sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the

matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement, the accompanying product supplement and

the accompanying underlying supplement, as the notes involve risks not associated with conventional debt securities. We urge you to

consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

**You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by** 

**reviewing our filings for the relevant date on the SEC website):**

● Product supplement no. 4-II dated November 4, 2020:

[http://www.sec.gov/Archives/edgar/data/19617/000095010320021467/crt_dp139322-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010320021467/crt_dp139322-424b2.pdf)

● Underlying supplement no. 1-II dated November 4, 2020:

[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)

● Prospectus supplement and prospectus, each dated April 8, 2020:

[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, "we," "us" and "our" refer to JPMorgan Financial.

---

| | |
|:---|:---|
| PS-9 \| Structured Investments | ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| Capped Dual Directional Buffered Return Enhanced Notes Linked to the S&P 500<sup>®</sup> Index<br>| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |
| ![image4_48133udq2.jpeg](image4_48133udq2.jpg) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;