# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-25-107679
**Filing Date:** 2025-11
**Character Count:** 90742
**Document Hash:** 5513c03a10e642c0ddabf8124fa027fb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-107679.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001213900-25-107679

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**FILER**: 

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004
- **FILM NUMBER:** 251463580

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

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

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

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

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

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

**FILING VALUES:**
- **FORM TYPE:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270004-01
- **FILM NUMBER:** 251463581

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

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

---

| | |
|:---|:---|
| **JPMorgan Chase Financial Company LLC** | **November 2025** |

---

Pricing Supplement

Registration Statement Nos. 333-270004 and 333-270004-01

Dated November 5, 2025

Filed pursuant to Rule 424(b)(2)

Structured Investments

Opportunities in U.S. Equities

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

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

The Enhanced Jump Securities with Auto-Callable Feature, which we refer to as the securities, do not guarantee the repayment of principal and do not provide for the regular payment of interest. The securities will be automatically redeemed if the closing level of each of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index on the first determination date is greater than or equal to its strike value, for an early redemption payment that will correspond to a return of approximately 10.05% per annum. At maturity, if the securities have not previously been automatically redeemed and the final index value of each underlying index is greater than or equal to 70% of its strike value, which we refer to as its downside threshold level, the payment at maturity due on the securities will correspond to a return of approximately 10.05% per annum. If, however, the securities have not been automatically redeemed prior to maturity and the final index value of either underlying index is less than its downside threshold level, investors will be fully exposed to the decline in the worse performing of the underlying indices, as compared to its strike value, on a 1-to-1 basis and will receive a payment at maturity that is less than 70% of the stated principal amount of the securities and could be zero. **Accordingly,** i**nvestors may lose their entire initial investment in the securities.** The securities are for investors who are willing to risk their principal and forgo current income in exchange for the possibility of receiving an early redemption payment or payment at maturity greater than the stated principal amount, if each of the underlying indices closes at or above its strike value on the first determination date or at or above its downside threshold level on the final determination date. Because all payments on the securities are based on the worse performing of the underlying indices, a decline of either underlying index below its downside threshold will result in a significant loss of your initial investment, even if the other underlying index appreciates or has not declined as much. Investors will not participate in any appreciation of either underlying index. The securities are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial, the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co., issued as part of JPMorgan Financial's Medium-Term Notes, Series A, program. **Any payment on the securities is subject to the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of the securities.**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**FINAL TERMS** | | | |
| &nbsp;&nbsp;**Issuer:** | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| &nbsp;&nbsp;**Guarantor:** | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;**Underlying indices:** | Russell 2000<sup>®</sup> Index (the "RTY Index") and S&P 500<sup>®</sup> Index (the "SPX Index") (each, an "underlying index") | Russell 2000<sup>®</sup> Index (the "RTY Index") and S&P 500<sup>®</sup> Index (the "SPX Index") (each, an "underlying index") | Russell 2000<sup>®</sup> Index (the "RTY Index") and S&P 500<sup>®</sup> Index (the "SPX Index") (each, an "underlying index") |
| &nbsp;&nbsp;**Aggregate principal amount:** | $10000000 | $10000000 | $10000000 |
| &nbsp;&nbsp;**Automatic early redemption:** | If, on the first determination date, the closing level of each underlying index is **greater than or equal to** its strike value, the securities will be automatically redeemed for a cash payment equal to the early redemption payment payable on the redemption date. | If, on the first determination date, the closing level of each underlying index is **greater than or equal to** its strike value, the securities will be automatically redeemed for a cash payment equal to the early redemption payment payable on the redemption date. | If, on the first determination date, the closing level of each underlying index is **greater than or equal to** its strike value, the securities will be automatically redeemed for a cash payment equal to the early redemption payment payable on the redemption date. |
| &nbsp;&nbsp;**Early redemption payment:** | The early redemption payment will be $1,100.50 (equal to the stated principal amount *plus* an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum). No further payments will be made on the securities once they have been redeemed. | The early redemption payment will be $1,100.50 (equal to the stated principal amount *plus* an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum). No further payments will be made on the securities once they have been redeemed. | The early redemption payment will be $1,100.50 (equal to the stated principal amount *plus* an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum). No further payments will be made on the securities once they have been redeemed. |
| &nbsp;&nbsp;**Payment at maturity:** | If the securities have not previously been automatically redeemed, you will receive at maturity a cash payment as follows: | If the securities have not previously been automatically redeemed, you will receive at maturity a cash payment as follows: | If the securities have not previously been automatically redeemed, you will receive at maturity a cash payment as follows: |
| &nbsp;&nbsp;**Payment at maturity:** | · If the final index value of **each** underlying index is **greater than or equal to** its downside threshold level: | the maturity redemption payment, which is an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum, or $1,201.00. | the maturity redemption payment, which is an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum, or $1,201.00. |
| &nbsp;&nbsp;**Payment at maturity:** | · If the final index value of **either** underlying index is **less than** its downside threshold level: | (i) the stated principal amount *multiplied* by (ii) the index performance factor of the worse performing underlying index<br> **Under these circumstances, the payment at maturity will be less than 70% of the stated principal amount and could be zero.** | (i) the stated principal amount *multiplied* by (ii) the index performance factor of the worse performing underlying index<br> **Under these circumstances, the payment at maturity will be less than 70% of the stated principal amount and could be zero.** |
| &nbsp;&nbsp;**Stated principal amount:** | $1,000 per security | $1,000 per security | $1,000 per security |
| &nbsp;&nbsp;**Issue price:** | $1,000 per security (see "Commissions and issue price" below) | $1,000 per security (see "Commissions and issue price" below) | $1,000 per security (see "Commissions and issue price" below) |
| &nbsp;&nbsp;**Strike date:** | November 4, 2025 | November 4, 2025 | November 4, 2025 |
| &nbsp;&nbsp;**Pricing date:** | November 5, 2025 | November 5, 2025 | November 5, 2025 |
| &nbsp;&nbsp;**Original issue date (settlement date):** | November 10, 2025 | November 10, 2025 | November 10, 2025 |
| &nbsp;&nbsp;**Maturity date\*:** | November 10, 2027 | November 10, 2027 | November 10, 2027 |
| &nbsp;&nbsp;**Agent:** | J.P. Morgan Securities LLC ("JPMS") | J.P. Morgan Securities LLC ("JPMS") | J.P. Morgan Securities LLC ("JPMS") |
|  | ***Terms continued on the following page*** | ***Terms continued on the following page*** | ***Terms continued on the following page*** |
| &nbsp;&nbsp;**Commissions and issue price:** | **Price to public<sup>(1)</sup>** | **Fees and commissions** | **Proceeds to issuer** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Per security** | $1000.00 | $4.00<sup>(2)</sup> | $995.00 |
|  |  | $1.00<sup>(3)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $10000000.00 | $50000.00 | $9950000.00 |

---

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

*(2)* *JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions of $4.00 per $1,000 stated principal amount security it receives from us to Morgan Stanley Smith Barney LLC ("Morgan Stanley Wealth Management"). See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.* 

*(3)* *Reflects a structuring fee payable to Morgan Stanley Wealth Management by the agent or its affiliates of $1.00 for each $1,000 stated principal amount security* 

\* Subject to postponement in the event of a market disruption event and as described under "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement

**The estimated value of the securities on the pricing date was $980.80 per $1,000 stated principal amount security.** See "Additional Information about the Securities — The estimated value of the securities" in this document for additional information.

**Investing in the securities involves a number of risks. See "Risk Factors" beginning on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, "Risk Factors" beginning on page PS-11 of the accompanying product supplement and "Risk Factors" beginning on page 10 of this document.**

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 document or the accompanying product supplement, underlying supplement, prospectus supplement, prospectus and prospectus addendum. Any representation to the contrary is a criminal offense.

*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.*

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

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

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

Prospectus supplement and prospectus, each dated April 13, 2023: [http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)

Prospectus addendum dated June 3, 2024: [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Downside threshold level:** | With respect to the RTY Index: 1,708.0945, which is equal to 70% of its strike value<br> With respect to the SPX Index: 4,750.20, which is equal to 70% of its strike value |
| &nbsp;&nbsp;**Strike value:** | With respect to the RTY Index: 2,440.135, **determined based on certain intraday levels of the RTY index on the strike date and is *not* the closing level of the RTY Index on the strike date or pricing date.**<br> With respect to the SPX Index: 6,786.00, **determined based on certain intraday levels of the SPX Index on the strike date and is *not* the closing level of the SPX Index on the strike date or pricing date.**<br> See "Risk Factors — Risks Relating to Conflicts of Interest — Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the securities and other affiliates of the issuer may be different from those of investors" in this pricing supplement. |
| &nbsp;&nbsp;**Final index value:** | With respect to each underlying index, the closing level of that underlying index on the final determination date |
| &nbsp;&nbsp;**Worse performing underlying index:** | The underlying index with the worse index performance factor |
| &nbsp;&nbsp;**Index performance factor:** | With respect to each underlying index, its final index value *divided by* its strike value |
| &nbsp;&nbsp;**Determination dates\*:** | November 12, 2026 and November 5, 2027 (the final determination date) |
| &nbsp;&nbsp;**Redemption dates\*:** | November 17, 2026 and the maturity date |
| &nbsp;&nbsp;**CUSIP/ISIN:** | 48136JRY2 / US48136JRY28 |
| &nbsp;&nbsp;**Listing:** | The securities will not be listed on any securities exchange. |

---

\* 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 Multiple Underlyings" and "General Terms of Notes — Postponement of a Payment Date" in the accompanying product supplement

November 2025 Page 2

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

Investment Summary

The Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027 Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index, which we refer to as the securities, provide an opportunity for investors to earn an early redemption payment, which is an amount that will correspond to a return of approximately 10.05% per annum of the stated principal amount per security. If the closing level of each underlying index is greater than or equal to its strike value on the first determination date, the securities will be automatically redeemed for a payment equal to the early redemption payment payable on the redemption date.

If the securities have not been automatically redeemed prior to maturity and if the final index value of each underlying index is greater than or equal to 70% of its strike value, which we refer to as its downside threshold level, the payment at maturity due on the securities will be the maturity redemption payment, which is an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum, or $1,201.00. However, if the securities have not been automatically redeemed prior to maturity and the final index value of either underlying index is less than its downside threshold level, investors will be fully exposed to the decline in the level of the worse performing underlying index, as compared to its strike value, on a 1-to-1 basis and will receive a payment at maturity that is less than the stated principal amount of the securities and could be zero. Under these circumstances, the payment at maturity will be (i) the stated principal amount *multiplied* by (ii) the index performance factor of the worse performing underlying index, which will be less than 70% of the stated principal amount of the securities and could be zero. Accordingly, investors in the securities must be willing to accept the risk of losing their entire initial investment. In addition, investors will not participate in any appreciation of the underlying indices.

Supplemental Terms of the Securities

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

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

November 2025 Page 3

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

Key Investment Rationale

The securities do not provide for the regular payment of interest. The securities offer investors an opportunity to earn an early redemption payment, which is an amount that will correspond to a return of approximately 10.05% per annum of the stated principal amount per security if the closing level of each underlying index is **greater than or equal to** its strike value on the first determination date. If the securities have not been automatically redeemed prior to maturity and if the final index value of each underlying index is greater than 70% of its strike value, which we refer to as its downside threshold level, the payment at maturity due on the securities will be the maturity redemption payment, which is an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum, or $1,201.00. However, if the securities have not been automatically redeemed prior to maturity and the final index value of either underlying index is less than its downside threshold level, investors will be fully exposed to the decline in the level of the worse performing underlying index, as compared to its strike value, on a 1-to-1 basis and will receive a payment at maturity that is less than the stated principal amount of the securities and could be zero.

The following scenarios are for illustrative purposes only to demonstrate how an automatic early redemption or the payment at maturity (if the securities have not previously been redeemed) is calculated, and do not attempt to demonstrate every situation that may occur. Accordingly, the securities may or may not be redeemed and the payment at maturity may be less than the stated principal amount of the securities and may be zero.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Scenario 1** | **On the first determination date, the closing level of each underlying index is *greater than or equal to* its strike value.**<br> ▪ The securities will be automatically redeemed for the stated principal amount *plus* an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum. No further payments will be made on the securities once they have been redeemed.<br> ▪ Investors will not participate in any appreciation of either underlying index from its strike value. |
| &nbsp;&nbsp;**Scenario 2** | **The securities have not been previously automatically redeemed and the final index value of each underlying index is *greater than or equal to its downside threshold level*.**<br> ▪ The payment due at maturity will be the maturity redemption payment, which is an amount in cash per stated principal amount corresponding to a return of approximately 10.05% per annum, or $1,201.00.<br> ▪ Investors will not participate in any appreciation of either underlying index from its strike value. |
| &nbsp;&nbsp;**Scenario 3** | **The securities have not been previously automatically redeemed and the final index value of either underlying index is *less than* its downside threshold level.**<br> ▪ The payment due at maturity will be (i) the stated principal amount *multiplied* by (ii) the index performance factor of the worse performing underlying index.<br> ▪ **Investors will lose more than 30% and possibly all of their principal in this scenario.** |

---

November 2025 Page 4

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

How the Securities Work

The following diagrams illustrate the potential outcomes for the securities depending on (1) the closing levels of the underlying indices and (2) the final index values of the underlying indices.

**Diagram #1: First Determination Date**

![](image_001.jpg)

**Diagram #2: Payment at Maturity**

 

*For more information about the payment at maturity in different hypothetical scenarios, see "Hypothetical Examples" starting on page 6.*

November 2025 Page 5

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

Hypothetical Examples

The following hypothetical examples illustrate how to determine whether the securities will be automatically redeemed on the first determination date and how to calculate the payment at maturity if the securities have not been redeemed early. The following examples are for illustrative purposes only. Whether you receive an early redemption payment or the maturity redemption payment, as applicable, will be determined on each determination date. The hypothetical strike value of each underlying index of 100.00 has been chosen for illustrative purposes only and does not represent the actual strike value of either underlying index. The actual strike value of each underlying index has been determined based on certain intraday levels of that underlying index on the strike date and is specified under "Summary Terms — Strike value" in this pricing supplement. For historical data regarding the actual closing levels of each underlying index, please see the historical information set forth under "Russell 2000<sup>®</sup> Index Overview" and "S&P 500<sup>®</sup> Index Overview," as applicable, in this pricing supplement. The actual downside threshold level of each underlying index is specified under "Final Terms — Downside threshold level" in this document. Any payment on the securities is subject to our and JPMorgan Chase & Co.'s credit risks. The numbers in the hypothetical examples below may have been rounded for the ease of analysis. The examples below are based on the following assumed terms:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Stated principal amount: | &nbsp;&nbsp;$1,000 per security |
| &nbsp;&nbsp;Hypothetical strike value: | &nbsp;&nbsp; With respect to the RTY Index: 100.00<br> With respect to the SPX Index: 100.00 |
| &nbsp;&nbsp;Hypothetical downside threshold level: | &nbsp;&nbsp; With respect to the RTY Index: 70.00, which is 70% of its hypothetical strike value<br> With respect to the SPX Index: 70.00, which is 70% of its hypothetical strike value |
| &nbsp;&nbsp;Early redemption payment: | &nbsp;&nbsp;$1100.50 |
| &nbsp;&nbsp;Maturity redemption payment: | &nbsp;&nbsp;$1201.00 |

---

In Example 1, the closing level of each underlying index is greater than or equal to its strike value on the first determination date. Because the closing level of each underlying index is greater than or equal to its strike value on the first determination date, the securities are automatically redeemed following the first determination date. In Examples 2 and 3, the closing level of each underlying index on the first determination date is less than its strike value, and, consequently, the securities are not automatically redeemed prior to, and remain outstanding until, maturity.

November 2025 Page 6

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

How to calculate the payment upon automatic redemption or at maturity:

**Example 1 — the securities are redeemed following the first determination date**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;RTY Index Closing<br> Level | &nbsp;&nbsp;&nbsp;SPX Index Closing<br> Level | &nbsp;&nbsp;Payment (per <br> Security) |
| 1<sup>st</sup> Determination<br> Date | 105 (**at or above** <br> strike value) | 110 (**at or above** <br> strike value) | $1100.50 |
| Final <br> Determination <br> Date |  |  |  |

---

The securities are automatically redeemed following the first determination date as the closing level of each underlying index on the first determination date is at or above its strike value. Following the first determination date, you will receive the early redemption payment with respect to the first determination date.

*In this example, the early redemption feature limits the term of your investment to approximately one year and you may not be able to reinvest at comparable terms or returns. If the securities are redeemed early, no further payments will be made on the securities. The total payment on the securities will be $1,100.50 per security.*

November 2025 Page 7

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

**Example 2 — the securities are not automatically redeemed prior to maturity**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;RTY Index Closing <br> Level | &nbsp;&nbsp;&nbsp;SPX Index Closing<br> Level | &nbsp;&nbsp;Payment (per <br> Security) |
| 1<sup>st</sup> Determination<br> Date | 105 (**at or above** <br> strike value) | 85 (**below** strike <br> value) |  |
| Final <br> Determination <br> Date | 150 (**above** downside<br> threshold level) | 180 (**above** downside<br> threshold level) | $1201.00 |

---

The securities are not automatically redeemed prior to maturity and the final index value of each underlying index is greater than its downside threshold level. Following the final determination date, you will receive the maturity redemption payment with respect to the final determination date.

*This example represents the maximum amount payable on the securities and illustrates that, although the closing level of each underlying index has appreciated significantly, the investor's return is limited to the maturity redemption payment, without any participation in the appreciation of the underlying indices. The total payment on the securities will be $1,201.00 per security.* 

November 2025 Page 8

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

**Example 3 — the securities are not automatically redeemed prior to maturity**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;RTY Index Closing <br> Level | &nbsp;&nbsp;&nbsp;SPX Index Closing<br> Level | &nbsp;&nbsp;Payment (per <br> Security) |
| 1<sup>st</sup> Determination<br> Date | 90 (**below** strike<br> value) | 95 (**below** strike<br> value) |  |
| Final <br> Determination <br> Date | 50 (**below** downside threshold level) | 90 (**above** downside<br> threshold level) | $500.00 |

---

The securities are not automatically redeemed prior to maturity. The final index value of at least one underlying index is less than its downside threshold level. As the final index value of at least one underlying index is less than its downside threshold level, you would receive a payment at maturity equal to the product of the stated principal amount and the index performance factor of the worse performing underlying index, calculated as follows:

stated principal amount × (final index value of the worse performing underlying index / strike value of the worse performing underlying index) = $1,000 × (50 / 100) = $500.00

The total payment on the securities is $500.00 per security, representing a substantial loss on your initial investment.

*Although the closing level of the worse performing underlying index may have been greater than or equal to its downside threshold level throughout the term of the securities prior to the final determination date, because its final index value is less than its downside threshold level, the investor is fully exposed to the decline in the level of the worse performing underlying index.*

The hypothetical returns and hypothetical payments on the securities shown above apply **only if you hold the securities for their entire term or until early redemption.** 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.

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Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

Risk Factors

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

Risks Relating to the Securities Generally

▪ **The securities do not pay interest or guarantee the return of any principal and your investment in the securities may result in a loss.** The terms of the securities differ from those of ordinary debt
securities in that the securities do not guarantee the payment of regular interest or the return of any of the principal amount at maturity.
Instead, if the securities have not been automatically redeemed prior to maturity and the final index value of either underlying index
is less than its downside threshold level, you will be exposed to the decline in the level of the worse performing underlying
index , as compared to its strike value, on a 1-to-1 basis. Under these circumstances, you will receive for each security that you
hold at maturity an amount equal to the stated principal amount *times* the index performance factor of the worse performing underlying
index. In this case, your payment at maturity will be less than 70% of the stated principal amount and could be zero.

▪ **The appreciation potential of the securities is limited .** Your
potential gain on the securities will be limited to the fixed early redemption payment with respect to the first determination date or
the maturity redemption payment with respect to the final determination date, as applicable, regardless of any appreciation of either
of the underlying indices, which may be significant. You may receive a lower payment if the securities are automatically redeemed or at
maturity, as the case may be, than you would have if you had invested directly in either of the underlying indices .

▪ **You are exposed to the price risk of each underlying index.** Your
return on the securities is not linked to a basket consisting of the underlying indices. Rather, it will be contingent upon the
independent performance of each underlying index. Unlike an instrument with a return linked to a basket of underlying assets in
which risk is mitigated and diversified among all the components of the basket, you will be exposed to the risks related to each underlying
index. The performance of the underlying indices may not be correlated. Poor performance by **either underlying index** over the term of the securities will negatively affect your return and will not be offset or mitigated by any positive performance by
the other underlying index. Accordingly, your investment is subject to the risk of decline in the closing level of each underlying
index.

To receive the early redemption payment or the maturity redemption payment, **each** underlying index must close at or above its strike value on the first determination date or at or above its downside threshold level on the final determination date. In addition, if the securities have not been automatically redeemed and either underlying index has declined to below its downside threshold level as of the final determination date, you will be fully exposed to the decline in the level of the worse performing underlying index, as compared to its strike value, on a 1-to-1 basis, even if the other underlying index has appreciated. Under this scenario, the value of any payment at maturity will be less than 70% of the stated principal amount and could be zero.

▪ **Because the securities are linked to the performance of the worse performing underlying index, you are exposed to greater risks of no early redemption payment or maturity redemption payment and sustaining a significant loss on your investment than if the securities were linked to just one underlying index.** The risk
that you will not receive the early redemption payment or the maturity redemption payment, or that you will suffer a significant loss
on your investment is greater if you invest in the securities than if you invest in substantially similar securities that are linked to
the performance of just one underlying index. With two underlying indices, it is more likely that an underlying index will close below
its strike value on the first determination date or below its downside threshold level on the final determination date than if the securities
were linked to only one underlying index. In addition, you will not benefit from the performance of the underlying index other than the
worse performing underlying index. Therefore, it is more likely that you will not receive the early redemption payment or the maturity
redemption payment and that you will suffer a significant loss on your investment.

▪ **The securities are subject to the credit risks of JPMorgan Financial and JPMorgan Chase & Co., and any actual or anticipated changes to our or JPMorgan Chase & Co.'s credit ratings or credit spreads may adversely affect the market value of the securities.** Investors are dependent on our and JPMorgan
Chase & Co.'s ability to pay all amounts due on the securities. Any actual or anticipated decline in our or JPMorgan
Chase & Co.'s

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JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

credit ratings or increase in our or JPMorgan Chase & Co.'s credit spreads determined by the market for taking that credit risk is likely to adversely affect the market value of the securities. If we and JPMorgan Chase & Co. were to default on our payment obligations, you may not receive any amounts owed to you under the securities and you could lose your entire investment.

▪ **As a finance subsidiary, JPMorgan Financial has no independent operations and has limited assets.** As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond
the issuance and administration of our securities and the collection of intercompany obligations. Aside from the initial capital contribution
from JPMorgan Chase & Co., substantially all of our assets relate to obligations of JPMorgan Chase & Co. to
make payments under loans made by us to JPMorgan Chase & Co. or under other intercompany agreements. As a result, we are
dependent upon payments from JPMorgan Chase & Co. to meet our obligations under the securities. We are not a key operating
subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan Chase & Co. we are not expected
to have sufficient resources to meet our obligations in respect of the securities as they come due. If JPMorgan Chase & Co.
does not make payments to us and we are unable 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. For more information, see the accompanying prospectus addendum.

▪ **Investors will not participate in any appreciation of either underlying index.** Investors will not participate in any appreciation of either underlying index from its strike
value, and the return on the securities will be limited to the early redemption payment that is paid with respect to the first determination
date if the closing level of each underlying index on that determination date is greater than or equal to its strike value or the maturity
redemption payment that is paid with respect to the final determination date if the final index value of each underlying index is greater
than or equal to its downside threshold level. It is possible that the closing level of either of the underlying indices could be below
its strike value on the first determination date so that you will receive no
early redemption payment, or below its downside threshold level on the final determination date, so that you will not receive the maturity
redemption payment. If you do not receive an early redemption payment or the maturity redemption payment, the overall return on the securities
may be less than the amount that would be paid on a conventional debt security of the issuer of comparable maturity.

▪ **Early redemption risk.** The term of
your investment in the securities may be limited to as short as approximately one year by the automatic early redemption feature of the
securities. If the securities are redeemed prior to maturity, you will receive no further payments on the securities and may be forced
to reinvest in a lower interest rate environment and may not be able to reinvest the proceeds from an investment in the securities at
a comparable return for a similar level of risk.

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

▪ **The tax consequences of an investment in the securities are uncertain.** There is no direct legal authority as to the proper
U.S. federal income tax characterization of the securities, and we do not intend to request a ruling from the IRS. The IRS might not accept,
and a court might not uphold, the treatment of the securities described in "Additional Information about the Securities ―
Additional Provisions ― Tax considerations" in this document and in "Material U.S. Federal Income Tax Consequences"
in the accompanying product supplement. If the IRS were successful in asserting an alternative treatment for the securities, the timing
and character of any income or loss on the securities could differ materially and adversely from our description herein. In addition,
in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax treatment of "prepaid forward
contracts" and similar instruments. The notice focuses in particular on whether to require investors in these instruments to accrue
income over the term of their investment. It also asks for comments on a number of related topics, including the character of income or
loss with respect to these instruments; the relevance of factors such as the nature of the underlying property to which the instruments
are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to
withholding tax; and whether these instruments are or should be subject to the "constructive ownership" regime, which very
generally can operate to recharacterize certain

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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 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 securities, including possible alternative treatments and the issues presented by this notice.

Risks Relating to Conflicts of Interest

▪ **Economic interests of the issuer, the guarantor, the calculation agent, the agent of the offering of the securities and other affiliates of the issuer may be different from those of investors.** We
and our affiliates play a variety of roles in connection with the issuance of the securities, including acting as calculation agent and
as an agent of the offering of the securities, 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, 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. The calculation agent has
determined the strike values and the downside threshold levels and will
determine the final index values and whether the closing level of each underlying index on the first determination date is below its strike
value and whether the final index value of either underlying index is below its downside threshold level. Determinations made by the calculation
agent, including with respect to the occurrence or non-occurrence of market disruption events, may affect the payment to you at maturity
or whether the securities are redeemed early .

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. We and our affiliates are under no obligation to consider your interests as a holder of the notes in making any determinations in connection with setting the strike values. The value of the notes may be affected by the strike values.

▪ **Hedging and trading activities by the issuer and its affiliates could potentially affect the value of the securities.** The hedging
or trading activities of the issuer's affiliates and of any other hedging counterparty with respect to the securities on or prior
to the strike date and prior to maturity could have adversely affected, and may continue to adversely affect, the closing levels of the
underlying indices. Any of these hedging or trading activities on or prior to the strike date could have affected the strike values, which
are the levels at or above which the underlying indices must close on the first determination date in order for you to receive an early
redemption payment, and, as a result, the downside threshold levels, which are the levels at or above which the underlying indices must
close on the final determination date in order for you to receive the maturity redemption payment and to avoid being exposed to the negative
performance of the worse performing underlying index. Additionally, these hedging or trading activities during the term of the securities
could potentially affect the closing levels of the underlying indices on the determination dates and, accordingly, whether you will be
entitled to an early redemption payment with respect to the first determination date and the payment to you at maturity, if any. It is
possible that these hedging or trading activities could result in substantial returns for us or our affiliates while the value of the
securities declines.

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

▪ **The estimated value of the securities is 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 exceeds the estimated value of the securities because
costs associated with selling, structuring and hedging the securities are included in the original issue price of the securities. These
costs include the selling commissions, the structuring fee, the projected profits, if any, that our affiliates expect to realize for assuming
risks inherent in hedging our obligations under the securities and the estimated cost of hedging our obligations under the securities.
See "Additional Information about the Securities — The estimated value of the securities" in this document.

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**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

▪ **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. This estimated value of the securities is based on market conditions
and other relevant factors existing at the time of pricing and assumptions about market parameters, which can include volatility, dividend
rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for the 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 "Additional Information about the Securities — The estimated value of the securities"
in this document.

▪ **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 & 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 "Additional
Information about the Securities — The estimated value of the securities" in this document.

▪ **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 selling commissions, the
structuring fee, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market
funding rates for structured debt issuances. See "Additional Information about the Securities — Secondary market prices of
the securities" in this document 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 selling commissions,
the structuring fee, 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 — Secondary trading may be limited" above.

▪ **Secondary market prices of the securities will be impacted by many economic and market factors.** 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 selling commissions,
structuring fee, projected hedging profits, if any, estimated hedging costs and the closing level of each underlying index, including:

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the actual and expected volatility in the closing level of each underlying index;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the time to maturity of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o whether the final index value of either of the underlying indices is expected to be less than its downside threshold level;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the likelihood of an early redemption being triggered;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o the actual and expected positive or negative correlation between the underlying indices, or the actual and expected absence of any
such correlation;

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

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

Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the 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 Indices

▪ **JPMorgan Chase & Co. is currently one of the companies that make up the SPX Index.** JPMorgan Chase & Co. is currently one of the companies that
make up the SPX Index. 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 SPX Index or the securities.

▪ **An investment in the securities is subject to risks associated with small capitalization stocks with respect to the RTY Index.** The stocks that constitute the RTY Index are
issued by companies with relatively small market capitalization. The stock prices of smaller companies may be more volatile than stock
prices of large capitalization companies. Small capitalization companies may be less able to withstand adverse economic, market, trade
and competitive conditions relative to larger companies. Small capitalization companies are less likely to pay dividends on their stocks,
and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.

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

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

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

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**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

Russell 2000<sup>®</sup> Index Overview

The Russell 2000<sup>®</sup> Index consists of the middle 2,000 companies included in the Russell 3000E<sup>TM</sup> Index and, as a result of the index calculation methodology, consists of the smallest 2,000 companies included in the Russell 3000<sup>®</sup> Index. The Russell 2000<sup>®</sup> Index is designed to track the performance of the small capitalization segment of the U.S. equity market. For additional information about the Russell 2000<sup>®</sup> Index, see "Equity Index Descriptions — The Russell Indices" in the accompanying underlying supplement.

Information as of market close on November 4, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Bloomberg Ticker Symbol:** | &nbsp;&nbsp;RTY | &nbsp;&nbsp;**52 Week High (on 10/27/2025):** | &nbsp;&nbsp;2520.435 |
| &nbsp;&nbsp;**Current Closing Level:** | &nbsp;&nbsp;2427.337 | &nbsp;&nbsp;**52 Week Low (on 4/8/2025):** | &nbsp;&nbsp;1760.710 |
| &nbsp;&nbsp;**52 Weeks Ago (on 11/4/2024):** | &nbsp;&nbsp;2219.033 |  |  |

---

The following table sets forth the published high and low closing levels, as well as end-of-quarter closing levels, of the Russell 2000<sup>®</sup> Index for each quarter in the period from January 1, 2020 through November 4, 2025. The closing level of the Russell 2000<sup>®</sup> Index on November 4, 2025 was 2,427.337. The associated graph shows the closing levels of the Russell 2000<sup>®</sup> Index for each day in the same period. We obtained the closing level information above and in the table and graph below from the Bloomberg Professional<sup>®</sup> service ("Bloomberg"), without independent verification.

The historical closing levels of the Russell 2000<sup>®</sup> Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Russell 2000<sup>®</sup> Index on any determination date. The payment of dividends on the stocks that constitute the Russell 2000<sup>®</sup> Index is not reflected in its closing level and, therefore, has no effect on the calculation of the payment at maturity.

---

| | | | |
|:---|:---|:---|:---|
| **Russell 2000<sup>®</sup> Index** | **High** | **Low** | **Period End** |
| &nbsp;&nbsp;**2020** | | | |
| &nbsp;&nbsp;First Quarter | 1705.215 | 991.160 | 1153.103 |
| &nbsp;&nbsp;Second Quarter | 1536.895 | 1052.053 | 1441.365 |
| &nbsp;&nbsp;Third Quarter | 1592.287 | 1398.920 | 1507.692 |
| &nbsp;&nbsp;Fourth Quarter | 2007.104 | 1531.202 | 1974.855 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;First Quarter | 2360.168 | 1945.914 | 2220.519 |
| &nbsp;&nbsp;Second Quarter | 2343.758 | 2135.139 | 2310.549 |
| &nbsp;&nbsp;Third Quarter | 2329.359 | 2130.680 | 2204.372 |
| &nbsp;&nbsp;Fourth Quarter | 2442.742 | 2139.875 | 2245.313 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;First Quarter | 2272.557 | 1931.288 | 2070.125 |
| &nbsp;&nbsp;Second Quarter | 2095.440 | 1649.836 | 1707.990 |
| &nbsp;&nbsp;Third Quarter | 2021.346 | 1655.882 | 1664.716 |
| &nbsp;&nbsp;Fourth Quarter | 1892.839 | 1682.403 | 1761.246 |

---

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---

| | | | |
|:---|:---|:---|:---|
| **Russell 2000<sup>®</sup> Index** | **High** | **Low** | **Period End** |
| &nbsp;&nbsp;**2023** | | | |
| &nbsp;&nbsp;First Quarter | 2001.221 | 1720.291 | 1802.484 |
| &nbsp;&nbsp;Second Quarter | 1896.333 | 1718.811 | 1888.734 |
| &nbsp;&nbsp;Third Quarter | 2003.177 | 1761.609 | 1785.102 |
| &nbsp;&nbsp;Fourth Quarter | 2066.214 | 1636.938 | 2027.074 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;First Quarter | 2124.547 | 1913.166 | 2124.547 |
| &nbsp;&nbsp;Second Quarter | 2109.459 | 1942.958 | 2047.691 |
| &nbsp;&nbsp;Third Quarter | 2263.674 | 2026.727 | 2229.970 |
| &nbsp;&nbsp;Fourth Quarter | 2442.031 | 2180.146 | 2230.158 |
| &nbsp;&nbsp; **2025** |  |  |  |
| &nbsp;&nbsp;First Quarter | 2317.968 | 1993.690 | 2011.913 |
| &nbsp;&nbsp;Second Quarter | 2175.035 | 1760.710 | 2175.035 |
| &nbsp;&nbsp;Third Quarter | 2467.697 | 2166.780 | 2436.484 |
| &nbsp;&nbsp;Fourth Quarter (through November 4, 2025) | 2520.435 | 2394.595 | 2427.337 |

---

---

| |
|:---|
| **Russell 2000<sup>®</sup> Index Historical Performance – Daily Closing Levels\*<br> January 2, 2020 to November 4, 2025** |
| \*The dotted line in the graph indicates the downside threshold level, equal to 70% of the strike value of the RTY Index.  |

---

**License Agreement.** The "Russell 2000<sup>®</sup> Index" is a trademark of FTSE Russell and has been licensed for use by JPMorgan Chase Bank, National Association and its affiliates. See "Equity Index Descriptions — The Russell Indices — Disclaimers" in the accompanying underlying supplement.

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**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

S&P 500<sup>®</sup> Index Overview

The S&P 500<sup>®</sup> Index, which is calculated, maintained and published by S&P Dow Jones Indices LLC, 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.

Information as of market close on November 4, 2025:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Bloomberg Ticker Symbol:** | &nbsp;&nbsp;SPX | &nbsp;&nbsp;**52 Week High (on 10/28/2025):** | &nbsp;&nbsp;6890.89 |
| &nbsp;&nbsp;**Current Closing Level:** | &nbsp;&nbsp;6771.55 | &nbsp;&nbsp;**52 Week Low (on 4/8/2025):** | &nbsp;&nbsp;4982.77 |
| &nbsp;&nbsp;**52 Weeks Ago (on 11/4/2024):** | &nbsp;&nbsp;5712.69 |  |  |

---

The following table sets forth the published high and low closing levels, as well as end-of-quarter closing levels, of the S&P 500<sup>®</sup> Index for each quarter in the period from January 1, 2020 through November 4, 2025. The closing level of the S&P 500<sup>®</sup> Index on November 4, 2025 was 6,771.55. The associated graph shows the closing levels of the S&P 500<sup>®</sup> Index for each day in the same period. We obtained the closing level information above and in the table and graph below from Bloomberg, without independent verification.

The historical closing levels of the S&P 500<sup>®</sup> Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the S&P 500<sup>®</sup> Index on any determination date. The payment of dividends on the stocks that constitute the S&P 500<sup>®</sup> Index is not reflected in its closing level and, therefore, has no effect on the calculation of the payment at maturity.

---

| | | | |
|:---|:---|:---|:---|
| **S&P 500<sup>®</sup> Index** | **High** | **Low** | **Period End** |
| &nbsp;&nbsp;**2020** | | | |
| &nbsp;&nbsp;First Quarter | 3386.15 | 2237.40 | 2584.59 |
| &nbsp;&nbsp;Second Quarter | 3232.39 | 2470.50 | 3100.29 |
| &nbsp;&nbsp;Third Quarter | 3580.84 | 3115.86 | 3363.00 |
| &nbsp;&nbsp;Fourth Quarter | 3756.07 | 3269.96 | 3756.07 |
| &nbsp;&nbsp;**2021** |  |  |  |
| &nbsp;&nbsp;First Quarter | 3974.54 | 3700.65 | 3972.89 |
| &nbsp;&nbsp;Second Quarter | 4297.50 | 4019.87 | 4297.50 |
| &nbsp;&nbsp;Third Quarter | 4536.95 | 4258.49 | 4307.54 |
| &nbsp;&nbsp;Fourth Quarter | 4793.06 | 4300.46 | 4766.18 |
| &nbsp;&nbsp;**2022** |  |  |  |
| &nbsp;&nbsp;First Quarter | 4796.56 | 4170.70 | 4530.41 |
| &nbsp;&nbsp;Second Quarter | 4582.64 | 3666.77 | 3785.38 |
| &nbsp;&nbsp;Third Quarter | 4305.20 | 3585.62 | 3585.62 |
| &nbsp;&nbsp;Fourth Quarter | 4080.11 | 3577.03 | 3839.50 |
| &nbsp;&nbsp;**2023** |  |  |  |
| &nbsp;&nbsp;First Quarter | 4179.76 | 3808.10 | 4109.31 |
| &nbsp;&nbsp;Second Quarter | 4450.38 | 4055.99 | 4450.38 |
| &nbsp;&nbsp;Third Quarter | 4588.96 | 4273.53 | 4288.05 |
| &nbsp;&nbsp;Fourth Quarter | 4783.35 | 4117.37 | 4769.83 |
| &nbsp;&nbsp;**2024** |  |  |  |
| &nbsp;&nbsp;First Quarter | 5254.35 | 4688.68 | 5254.35 |
| &nbsp;&nbsp;Second Quarter | 5487.03 | 4967.23 | 5460.48 |
| &nbsp;&nbsp;Third Quarter | 5762.48 | 5186.33 | 5762.48 |
| &nbsp;&nbsp;Fourth Quarter | 6090.27 | 5695.94 | 5881.63 |
| &nbsp;&nbsp; **2025** |  |  |  |
| &nbsp;&nbsp;First Quarter | 6144.15 | 5521.52 | 5611.85 |

---

November 2025 Page 17

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

---

| | | | |
|:---|:---|:---|:---|
| **S&P 500<sup>®</sup> Index** | **High** | **Low** | **Period End** |
| &nbsp;&nbsp;Second Quarter | 6204.95 | 4982.77 | 6204.95 |
| &nbsp;&nbsp;Third Quarter | 6693.75 | 6198.01 | 6688.46 |
| &nbsp;&nbsp;Fourth Quarter (through November 4, 2025) | 6890.89 | 6552.51 | 6771.55 |

---

---

| |
|:---|
| &nbsp;&nbsp; **S&P 500<sup>®</sup> Index Historical Performance – Daily Closing Levels\***<br> **January 2, 2020 to November 4, 2025** |
| **\*The dotted line in the graph indicates the downside threshold level, equal to 70% of strike value of the SPX Index.** |

---

**License Agreement.** "S&P<sup>®</sup>" and "S&P 500<sup>®</sup>" are trademarks of S&P Global, Inc. or its affiliates and have been licensed for use by JPMorgan Chase Bank, National Association and its affiliates, including JPMorgan Financial. See "Equity Index Descriptions — The S&P U.S. Indices — License Agreement" in the accompanying underlying supplement.

November 2025 Page 18

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

Additional Information about the Securities

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Additional Provisions** |  |
| &nbsp;&nbsp;**Postponement of maturity date:** | If the scheduled maturity date is not a business day, then the maturity date will be the following business day. If the scheduled final determination date is not a trading day or if a market disruption event occurs on that day so that the final determination date is postponed and falls less than three business days prior to the scheduled maturity date, the maturity date of the securities will be postponed to the third business day following that final determination date as postponed. |
| &nbsp;&nbsp;**Minimum ticketing size:** | $1,000 / 1 security |
| &nbsp;&nbsp;**Trustee:** | Deutsche Bank Trust Company Americas (formerly Bankers Trust Company) |
| &nbsp;&nbsp;**Calculation agent:** | JPMS |
| &nbsp;&nbsp;**The estimated value of the securities:** | The estimated value of the securities set forth on the cover of this document is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component with the same maturity as the 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 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 & 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. For additional information, see "Risk Factors — 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 document. 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 on the pricing date is based on market conditions and other relevant factors and assumptions existing at that time. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The estimated value of the securities does not represent future values of the securities and may differ from others' estimates" in this document.<br> The estimated value of the securities is lower than the original issue price of the securities because costs associated with selling, structuring and hedging the securities are included in the original issue price of the securities. These costs include the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, the structuring fee, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the 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. A portion of the profits, if any, realized in hedging our obligations under the securities may be allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits. See "Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The estimated value of the securities is lower than the original issue price (price to public) of the securities" in this document. |
| &nbsp;&nbsp;**Secondary market prices of the securities:** | For information about factors that will impact any secondary market prices of the securities, see "Risk Factors — 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 document. 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 the shorter of two years and one-half of the stated term of the securities. The length of any such initial period reflects 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 "Risk Factors — 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 |

---

November 2025 Page 19

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

---

| | |
|:---|:---|
|  | the then-current estimated value of the securities for a limited time period." |
| &nbsp;&nbsp;**Tax considerations:** | You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. 4-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.<br> Based on current market conditions, in the opinion of our special tax counsel, it is reasonable to treat your 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 of the securities, 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.<br> 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, 2027 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, our special tax counsel is of the opinion that Section 871(m) should 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. You should consult your tax adviser regarding the potential application of Section 871(m) to the securities. |
| &nbsp;&nbsp;**Supplemental use of proceeds and hedging:** | The securities are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the securities. See "How the Securities Work" and "Hypothetical Examples" in this document for an illustration of the risk-return profile of the securities and "Russell 2000<sup>®</sup> Index Overview" and "S&P 500<sup>®</sup> Index Overview" in this document for a description of the market exposure provided by the securities.<br> The original issue price of the securities is equal to the estimated value of the securities plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers and the structuring fee, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the securities, plus the estimated cost of hedging our obligations under the securities. |
| &nbsp;&nbsp; **Benefit plan investor considerations:**<br>| See "Benefit Plan Investor Considerations" in the accompanying product supplement |
| **Supplemental plan of distribution:** | Subject to regulatory constraints, JPMS intends to use its reasonable efforts to offer to purchase the securities in the secondary market, but is not required to do so. JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to Morgan Stanley Wealth Management. In addition, Morgan Stanley Wealth Management will receive a structuring fee as set forth on the cover of this document for each security.<br> We or our affiliate may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the securities and JPMS and/or an. |

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November 2025 Page 20

JPMorgan Chase Financial Company LLC

Enhanced Jump Securities with Auto-Callable Feature due November 10, 2027

**Based on the Worse Performing of the Russell 2000<sup>®</sup> Index and the S&P 500<sup>®</sup> Index<br> Principal at Risk Securities**

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| | |
|:---|:---|
|  | affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "— Supplemental use of proceeds and hedging" above and "Use of Proceeds and Hedging" in the accompanying product supplement. |
| &nbsp;&nbsp;**Validity of the securities and the guarantee:** | In the opinion of Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the securities offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating to the master global note that represents such securities (the "master note"), and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a valid and binding obligation of JPMorgan Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of JPMorgan Chase & Co.'s obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24, 2023. |
| &nbsp;&nbsp;**<br> Where you can find more information:** | You should read this document together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement, relating to our Series A medium-term notes of which these securities are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement and the accompanying underlying supplement.<br> This document, together with the documents listed below, contains the terms of the 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, stand-alone fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the securities 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 securities.<br> You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):<br> **• Product supplement no. 4-I dated April 13, 2023:** <br> [http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf)<br> **• Underlying supplement no. 1-I dated April 13, 2023:**<br> [http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf)<br> **• Prospectus supplement and prospectus, each dated April 13, 2023:** <br> [http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf](http://www.sec.gov/Archives/edgar/data/19617/000095010323005751/crt_dp192097-424b2.pdf)<br> **• Prospectus addendum dated June 3, 2024:** <br> [http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm](http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm)<br> Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.'s CIK is 19617.<br> As used in this document, "we," "us" and "our" refer to JPMorgan Financial. |

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November 2025 Page 21

## Ex-Filing

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

---

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

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The maximum aggregate offering price of the securities to which the prospectus relates is $10,000,000. The prospectus is a final prospectus for the related offering.