# EDGAR Filing Document

**Accession Number:** 0001665650
**File Stem:** 0001213900-26-024870
**Filing Date:** 2026-3
**Character Count:** 57128
**Document Hash:** bd1278aaa00ee479a855bfd296e60dc4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-024870.hdr.sgml**: 20260309

**ACCESSION NUMBER**: 0001213900-26-024870

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260309

**DATE AS OF CHANGE**: 20260306

**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:** 26732918

**BUSINESS ADDRESS:**
- **STREET 1:** 270 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 2122706000

**MAIL ADDRESS:**
- **STREET 1:** 270 PARK 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:** 26732917

**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 March 6, 2026**

---

| | |
|:---|:---|
| **Pricing supplement**<br> *To prospectus dated April 13, 2023,* <br> *prospectus supplement dated April 13, 2023,* <br> *product supplement no. 1-I dated April 13, 2023* <br> *and prospectus addendum dated June 3, 2024* | **Registration Statement Nos. 333-270004 and 333-270004-01<br> Dated March , 2026**<br> **Rule 424(b)(2)**<br>|
| **JPMorgan Chase Financial Company LLC** | **JPMorgan Chase Financial Company LLC** |

---

**$**

**Floating Rate Notes Linked to the Consumer Price Index due March 11, 2036**

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

**General**

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

&nbsp;&nbsp;&nbsp;&nbsp;· The notes are designed for
investors who seek (i) periodic interest payments that for each Interest Period are linked to the year-over-year change in the Consumer
Price Index as determined on the applicable Determination Date *plus* 2.025%, *provided* that this rate will not be less than
the Minimum Interest Rate of 0.00% per annum, and (ii) the return of their principal amount at maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· These notes have a long maturity relative to other fixed income products. Longer-dated notes may be
riskier than shorter-dated notes. See "Selected Risk Considerations" in this pricing supplement.

&nbsp;&nbsp;&nbsp;&nbsp;· The
notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.

**Key Terms**

---

| | |
|:---|:---|
| Issuer: | JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
| Guarantor: | JPMorgan Chase & Co. |
| Payment at Maturity: | On the Maturity Date, we will pay you the principal amount of your notes *plus* any accrued and unpaid interest. |
| Interest: | We will pay you interest in arrears on each Interest Payment Date based on the applicable Interest Rate and the applicable Day Count Fraction, subject to the Interest Accrual Convention described below and in the accompanying product supplement. |
| Interest Periods: | The period beginning on and including the Original Issue Date and ending on but excluding the first Interest Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date, subject to the Interest Accrual Convention described below and in the accompanying product supplement |
| Interest Payment Dates: | Interest on the notes will be payable in arrears on the 11<sup>th</sup> calendar day of each calendar month, beginning on April 11, 2026 to and including the Maturity Date (each, an "Interest Payment Date"), subject to the Business Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement. |
| Interest Rate: | With respect to each Interest Period, a rate per annum equal to the CPI Rate, as determined on the applicable Determination Date, *plus* 2.025% (the "Spread"), *provided* that this rate will not be less than the Minimum Interest Rate. Notwithstanding anything to the contrary in the accompanying product supplement, the Interest Rate with respect to each Interest Period will be rounded to 3 decimal places. |
| Minimum Interest Rate: | 0.00% per annum |
| CPI Rate: | For any Determination Date, the CPI Rate will be calculated as follows:<br> <u>CPI<sub>t-2</sub> - CPI<sub>t-14</sub></u><br> CPI<sub>t-14</sub><br> where: "CPI<sub>t-2</sub>" means, with respect to that Determination Date, the published level of the Consumer Price Index for the calendar month that is two (2) calendar months immediately preceding the calendar month in which that Determination Date falls, which we refer to as the "reference month"; and<br> "CPI<sub>t-14</sub>" means, with respect to that Determination Date, the published level of the Consumer Price Index for the calendar month that is fourteen (14) calendar months immediately preceding the calendar month in which that Determination Date falls. |
| CPI or Consumer Price Index: | The non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers, as published on the Bloomberg Professional<sup>®</sup> service ("Bloomberg") page "CPURNSA" (or any successor source) or any successor index, as determined by the calculation agent in accordance with the procedures set forth under "The Underlyings — Base Rates — CPI Rate" in the accompanying product supplement.<br> Notwithstanding anything to the contrary in the accompanying product supplement, if by 3:00 p.m. New York City time on the applicable Determination Date, the CPI for any relevant month has not been published by the Bureau of Labor Statistics of the U.S. Labor Department (the "BLS"), the calculation agent will determine the CPI for that month in its sole discretion, taking into account all available information that it considers relevant. |
| Determination Date: | For each Interest Period, the second business day immediately preceding the beginning of that Interest Period. For example, April 9, 2026 (which is two business days immediately prior to April 11, 2026) is the Determination Date of the CPI Rate with respect to interest due and payable on May 11, 2026. On the April 2026 Determination Date, interest will be based on year-over-year change in CPI between February 2025 and February 2026. |
| Pricing Date: | March 6, 2026, subject to the Business Day Convention |
| Original Issue Date: | March 11, 2026, subject to the Business Day Convention (Settlement Date) |
| Maturity Date: | March 11, 2036, subject to the Business Day Convention |
| Other Key Terms: | See "Additional Key Terms" in this pricing supplement. |

---

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

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

---

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

---

(1) The price to the public includes the estimated cost of hedging our obligations under the notes through one or more of our affiliates.

(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $2.50 per $1,000 principal amount note. See "Plan of Distribution (Conflicts of Interest)" in the accompanying product supplement.

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

![](image_001.jpg)

**Additional Terms Specific to the Notes**

**You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.**

You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these notes are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in the "Risk Factors" sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.

You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Product
supplement no. 1-I dated April 13, 2023:

[http://www.sec.gov/Archives/edgar/data/1665650/000121390023029554/ea152829_424b2.pdf](http://www.sec.gov/Archives/edgar/data/1665650/000121390023029554/ea152829_424b2.pdf)

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

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

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

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

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

**Additional Key Terms**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Day: | &nbsp;&nbsp;Any day other than a day on which banking institutions in the City of New York are authorized or required by law, regulation or executive order to close or a day on which transactions in U.S. dollars are not conducted. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business Day Convention: | &nbsp;&nbsp;Following |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Accrual Convention: | &nbsp;&nbsp;Unadjusted |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Day Count Convention: | &nbsp;&nbsp;30/360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP: | &nbsp;&nbsp;46660NAG8 |

---

**Selected Purchase Considerations**

&nbsp;&nbsp;&nbsp;&nbsp;· **PRESERVATION OF CAPITAL AT MATURITY** — Regardless of the year-over-year
change in the CPI, we will pay you at least the principal amount of your notes if you hold the notes to maturity. **Because the notes are our unsecured and unsubordinated obligations, the payment of which is fully and unconditionally guaranteed by JPMorgan Chase & Co., payment of any amount on the notes is subject to our ability to pay our obligations as they become due and JPMorgan Chase & Co.'s ability to pay its obligations as they become due.** 

&nbsp;&nbsp;&nbsp;&nbsp;· **PERIODIC INTEREST PAYMENTS** — The notes offer periodic interest
payments on each Interest Payment Date. With respect to each Interest Period, your notes will pay an interest rate per annum equal to
the CPI Rate as determined on the applicable Determination Date *plus* the Spread, *provided* that this rate will not be less
than the Minimum Interest Rate. The yield on the notes may be less than the overall return you would receive from a conventional debt
security that you could purchase today with the same maturity as the notes.

&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL INFLATION PROTECTION —** For each Interest Period, the
Interest Rate on the notes will be a rate per annum equal to the CPI Rate as determined on the applicable Determination Date *plus* the Spread, *provided* that this rate will not be less than the Minimum Interest Rate. In no event will the Interest Rate for any
Interest Period be less than the Minimum Interest Rate. However, an investment in the notes may not fully offset any inflation actually
experienced by any holder of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;· **TAX TREATMENT** — You should review carefully the section entitled
"Material U.S. Federal Income Tax Consequences" in this pricing supplement and 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.

<br> JPMorgan Structured Investments — PS- 1 <br> Floating Rate Notes Linked to the Consumer Price Index

**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 and the accompanying product supplement and in Annex A to the accompanying prospectus addendum.

**Risks Relating to the Notes Generally**

&nbsp;&nbsp;&nbsp;&nbsp;· **THE NOTES ARE NOT ORDINARY DEBT SECURITIES BECAUSE THE INTEREST RATE ON THE NOTES IS A FLOATING RATE AND MAY BE EQUAL TO THE MINIMUM INTEREST RATE** — With respect to each Interest Period, your notes
will pay an interest rate per annum equal to the CPI Rate as determined on the applicable Determination Date (which is based on the year-over-year
change in the level of the CPI) *plus* the Spread of 2.025%, *provided* that this rate will not be less than the Minimum Interest
Rate. If the CPI for the same month in successive years does not increase, which is likely to occur when there is little or no inflation,
you will receive an interest payment for the applicable Interest Period with an Interest Rate that is less than or equal to the Spread.
If the CPI for the same month in successive years decreases, which is likely to occur when there is deflation, you will receive an interest
payment for the applicable Interest Period with an Interest Rate that is less than the Spread. If the Interest Rate for an Interest Period
is equal to the Minimum Interest Rate, which will occur if the CPI Rate on the applicable Determination Date is less than or equal to
-2.025% per annum, no interest will be payable with respect to that Interest Period. Accordingly, if the CPI Rate on the Determination
Dates for some or all of the Interest Periods is less than or equal to -2.025% per annum, you may not receive any interest payments for
an extended period over the term of the notes.

&nbsp;&nbsp;&nbsp;&nbsp;· **THE INTEREST RATE ON THE NOTES IS BASED ON THE CPI RATE** — The
amount of interest, if any, payable on the notes will depend on a number of factors that could affect the levels of the CPI Rate, and
in turn, could affect the value of the notes. These factors include (but are not limited to) the expected volatility of the CPI Rate,
interest and yield rates in the market generally, the performance of capital markets, monetary policies, fiscal policies, regulatory or
judicial events, inflation, general economic conditions and public expectations with respect to such factors. These and other factors
may have a negative impact on the CPI Rate and on the value of the notes in the secondary market. The effect that any single factor may
have on the CPI Rate may be partially offset by other factors. We cannot predict the factors that may cause the CPI Rate, and consequently
the Interest Rate for an Interest Period, to increase or decrease. A decrease in the CPI Rate will result in a reduction of the applicable
Interest Rate used to calculate the Interest for any Interest Period.

&nbsp;&nbsp;&nbsp;&nbsp;· **FLOATING RATE NOTES DIFFER FROM FIXED RATE NOTES** — The rate of
interest on your notes will be variable and determined based on the CPI Rate *plus* the Spread, *provided* that this rate will
not be less than the Minimum Interest Rate, which may be less than returns otherwise payable on notes issued by us with similar maturities.
You should consider, among other things, the overall potential annual percentage rate of interest to maturity of the notes as compared
to other investment alternatives.

&nbsp;&nbsp;&nbsp;&nbsp;· **LONGER-DATED NOTES MAY BE RISKIER THAN SHORTER-DATED NOTES** —
By purchasing a note with a longer tenor, you are more exposed to fluctuations in interest rates than if you purchased a note with a shorter
tenor. The present value of a longer-dated note tends to be more sensitive to rising interest rates than the present value of a shorter-dated
note. If interest rates rise, the present value of a longer-dated note will fall faster than the present value of a shorter-dated note.
You should purchase these notes only if you are comfortable with owning a note with a longer tenor.

&nbsp;&nbsp;&nbsp;&nbsp;· **CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO.** — The notes are subject to our and JPMorgan Chase & Co.'s credit risks, and our and JPMorgan Chase & Co.'s
credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on our and JPMorgan Chase & Co.'s
ability to pay all amounts due on the notes. Any actual or potential change in our or JPMorgan Chase & Co.'s creditworthiness
or credit spreads, as determined by the market for taking that credit risk, is likely to adversely affect the value of the notes. If we
and JPMorgan Chase & Co. were to default on our payment obligations, you may not receive any amounts owed to you under the
notes and you could lose your entire investment.

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

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

**Risks Relating to Conflicts of Interest**

&nbsp;&nbsp;&nbsp;&nbsp;· **POTENTIAL CONFLICTS** — We and our affiliates play a variety of
roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes
and hedging our obligations under the notes. In performing these duties, our and JPMorgan Chase & Co.'s economic interests
and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor
in the notes. In addition, our and JPMorgan Chase & Co.'s business activities, including hedging and trading activities
for our and JPMorgan Chase & Co.'s own accounts or on behalf of customers, could cause our and JPMorgan Chase & Co.'s
economic interests to be adverse to yours and could adversely affect any payment on the

<br> JPMorgan Structured Investments — PS- 2 <br> Floating Rate Notes Linked to the Consumer Price Index

notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to "Risk Factors — Risks Relating to Conflicts of Interest" in the accompanying product supplement for additional information about these risks.

The Determination Date of the CPI Rate with respect to interest due and payable on January 11, 2027 is December 9, 2026 (which is two business days immediately prior to December 11, 2026). On the December 2026 Determination Date, interest will be based on year-over-year change in CPI between October 2025 and October 2026. Due to the 2025 federal government shutdown, there was no CPI data release for October 2025. The calculation agent has determined the CPI level for October 2025 to be 325.604 for purposes of determining interest due and payable on January 11, 2027 in its sole discretion, taking into account all available information that it considers relevant. The CPI level for October 2025 determined by the calculation agent may differ from the CPI level for October 2025 that would have been reported had publication occurred as scheduled, or from any CPI level that may be published subsequently. The calculation agent is under no obligation to consider your interests as a holder of the notes in making any determinations in connection with determining the CPI level for October 2025. Interest due and payable on January 11, 2027 and the return on and value of the notes may be adversely affected by such determination. See "— Risks Relating to the CPI Rate — The CPI and the Way the BLS Calculates the CPI May Change in the Future, and, in the Event the BLS Does Not Publish the CPI for a Particular Month, the Calculation Agent Will Determine the CPI for such Month" below.

**Risks Relating to Secondary Market Prices of the Notes**

&nbsp;&nbsp;&nbsp;&nbsp;· **CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY** — While the payment at maturity described in this pricing supplement is based on the full principal
amount of your notes, the original issue price of the notes includes the agent's commission and the estimated cost of hedging our
obligations under the notes through one or more of our affiliates. As a result, the price, if any, at which JPMS will be willing to purchase
notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale prior to the
Maturity Date could result in a substantial loss to you. This secondary market price will also be affected by a number of factors aside
from the agent's commission and hedging costs, including those referred to under "— Many Economic and Market Factors
Will Impact the Value of the Notes" below.

The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;· **MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES** — In addition to the level of the CPI
on any day, the value of the notes will be affected by a number of economic and market factors that may either offset or magnify each
other, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any actual or potential change in our creditworthiness or credit spreads;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the actual and expected volatility of the CPI;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· interest and yield rates in the market generally, as well as the volatility
of those rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· fluctuations in the prices of various consumer goods and energy resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· inflation and expectations concerning inflation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a variety of economic, financial, political, regulatory or judicial events.

**Risks Relating to the CPI Rate**

· **THE CPI AND THE WAY THE BLS CALCULATES THE CPI MAY CHANGE IN THE FUTURE, AND, IN THE EVENT THE BLS DOES NOT PUBLISH THE CPI FOR A PARTICULAR MONTH, THE CALCULATION AGENT WILL DETERMINE THE CPI FOR SUCH MONTH** — The CPI is calculated and published by the BLS. There can be no assurance that the BLS will not change the method by which
it calculates the CPI or that the CPI will be published each month. In addition, changes in the way the CPI is calculated could reduce
the level of the CPI and lower the interest payable with respect to the notes. Accordingly, the amount of interest payable on the notes,
and therefore the value of the notes, may be significantly reduced. If the CPI is not published, discontinued or substantially altered,
a successor index may be employed to calculate the interest payable on the notes and that substitution may adversely affect the value
of the notes. In certain circumstances, including as a result of government shutdowns or other disruptions, the CPI for a particular month
may not be published by the BLS. If the CPI for any relevant month is not published by the BLS, the calculation agent will determine the
CPI for that month in its sole discretion, taking into account all available information that it considers relevant. For example, the
Determination Date of the CPI Rate with respect to interest due and payable on January 11, 2027 is December 9, 2026 (which is two business
days immediately prior to December 11, 2026). On the December 2026 Determination Date, interest will be based on year-over-year change
in CPI between October 2025 and October 2026. Due to the 2025 federal government shutdown, there was no CPI data release for October 2025.
The calculation agent has determined the CPI level for October 2025 to be 325.604 for purposes of determining interest due and payable
on January 11, 2027 in its sole discretion, taking into account all available information that it considers relevant. The CPI level determined
by the calculation agent in these circumstances may differ from the CPI level that would have been reported had publication occurred as
scheduled, or from any CPI level that may be published subsequently. Any such determination by the calculation agent could adversely affect
the return on and value of the notes.

· **THE INTEREST RATE ON THE NOTES MAY NOT REFLECT ACTUAL LEVELS OF INFLATION AFFECTING HOLDERS OF THE NOTES** — The CPI is just one measure of inflation and may not reflect the actual levels of inflation
affecting holders of the notes. Further, the CPI Rate for any Interest Period is based on the lagging percentage change in the level of
the CPI over a specified period. Accordingly, an investment in the notes may not fully offset any inflation actually experienced by any
holder of the notes.

<br> JPMorgan Structured Investments — PS- 3 <br> Floating Rate Notes Linked to the Consumer Price Index

**Hypothetical Interest Rates Based on Historical CPI Levels**

Provided below are historical levels of the CPI from January 2015 to January 2026. Also provided below are the hypothetical Interest Rates for a hypothetical Interest Period ending in the calendar months from January 2017 to April 2026 that would have resulted from the year-over-year change in the historical levels of the CPI presented below *plus* the Spread, subject to the Minimum Interest Rate. We obtained the historical information included below from Bloomberg, without independent verification.

The historical levels of the CPI should not be taken as an indication of future levels of the CPI, and no assurance can be given as to the level of the CPI for any reference month. The hypothetical Interest Rates for a hypothetical Interest Period set forth below are intended to illustrate the effect of general trends in the CPI on the amount of interest payable to you on the notes and assume that the change in the CPI will be measured on a year-over-year basis. However, the CPI may not increase or decrease over the term of the notes in accordance with any of the trends depicted by the historical information in the table below, and the size and frequency of any fluctuations in the CPI level over the term of the notes, which we refer to as the volatility of the CPI, may be significantly different than the historical volatility of the CPI. Additionally, for ease of presentation, the hypothetical Interest Rates set forth below have only been calculated to the third decimal point and rounded to the nearest second decimal point, which is different from the rounding convention applicable to the notes. As a result, the hypothetical Interest Rates depicted in the table below should not be taken as an indication of the actual Interest Rates that will be payable with regard to the Interest Periods over the term of the notes.

---

| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historical Levels of CPI | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hypothetical Interest Rates |
|  | **<u>2015</u>** | **<u>2016</u>** | **<u>2017</u>** | **<u>2018</u>** | **<u>2019</u>** | **<u>2020</u>** | **<u>2021</u>** | **<u>2022</u>** | **<u>2023</u>** | **<u>2024</u>** | **<u>2025</u>** | **<u>2026</u>** | **<u>2017</u>** | **<u>2018</u>** | **<u>2019</u>** | **<u>2020</u>** | **<u>2021</u>** | **<u>2022</u>** | **<u>2023</u>** | **<u>2024</u>** | **<u>2025</u>** | **<u>2026</u>** |
| **January** | 233.707 | 236.916 | 242.839 | 247.867 | 251.712 | 257.971 | 261.582 | 281.148 | 299.170 | 308.417 | 317.671 | 325.252 | 3.661% | 4.066% | 4.547% | 3.789% | 3.207% | 8.247% | 9.770% | 5.266% | 4.623% | 5.174%\* |
| **February** | 234.722 | 237.111 | 243.603 | 248.991 | 252.776 | 258.678 | 263.014 | 283.716 | 300.840 | 310.326 | 319.082 |  | 3.718% | 4.228% | 4.202% | 4.076% | 3.200% | 8.834% | 9.135% | 5.162% | 4.774% | 4.760% |
| **March** | 236.119 | 238.132 | 243.801 | 249.554 | 254.202 | 258.115 | 264.877 | 287.504 | 301.836 | 312.332 | 319.799 |  | 4.100% | 4.134% | 3.935% | 4.310% | 3.387% | 9.061% | 8.479% | 5.377% | 4.913% | 4.702% |
| **April** | 236.599 | 239.261 | 244.524 | 250.546 | 255.548 | 256.389 | 267.054 | 289.109 | 303.363 | 313.548 | 320.795 |  | 4.525% | 4.096% | 3.576% | 4.512% | 3.425% | 9.505% | 8.435% | 5.116% | 5.025% | 4.411% |
| **May** | 237.805 | 240.229 | 244.733 | 251.588 | 256.092 | 256.394 | 269.195 | 292.296 | 304.127 | 314.069 | 321.465 |  | 4.763% | 4.237% | 3.545% | 4.360% | 3.701% | 9.896% | 8.061% | 5.178% | 4.847% |  |
| **June** | 238.638 | 241.018 | 244.955 | 251.989 | 256.143 | 257.797 | 271.696 | 296.311 | 305.109 | 314.175 | 322.561 |  | 4.406% | 4.385% | 3.888% | 3.564% | 4.645% | 10.567% | 7.010% | 5.502% | 4.416% |  |
| **July** | 238.654 | 240.628 | 244.786 | 252.006 | 256.571 | 259.101 | 273.003 | 296.276 | 305.691 | 314.540 | 323.048 |  | 4.225% | 4.488% | 4.021% | 2.354% | 6.185% | 10.284% | 6.955% | 5.382% | 4.336% |  |
| **August** | 238.316 | 240.849 | 245.519 | 252.146 | 256.558 | 259.918 | 273.567 | 296.171 | 307.026 | 314.796 | 323.976 |  | 3.900% | 4.826% | 3.815% | 2.143% | 7.018% | 10.607% | 6.073% | 5.294% | 4.380% |  |
| **September** | 237.945 | 241.428 | 246.819 | 252.439 | 256.759 | 260.280 | 274.310 | 296.808 | 307.789 | 315.301 | 324.800 |  | 3.658% | 4.897% | 3.673% | 2.671% | 7.416% | 11.085% | 4.994% | 4.996% | 4.694% |  |
| **October** | 237.838 | 241.729 | 246.663 | 252.885 | 257.346 | 260.388 | 276.589 | 298.012 | 307.671 | 315.664 | 325.604\* |  | 3.753% | 4.975% | 3.836% | 3.011% | 7.390% | 10.550% | 5.203% | 4.920% | 4.730% |  |
| **November** | 237.336 | 241.353 | 246.669 | 252.038 | 257.208 | 260.229 | 277.948 | 297.711 | 307.051 | 315.493 | 324.122 |  | 3.964% | 4.724% | 3.775% | 3.335% | 7.276% | 10.288% | 5.690% | 4.556% | 4.941% |  |
| **December** | 236.525 | 241.432 | 246.524 | 251.233 | 256.974 | 260.474 | 278.802 | 296.797 | 306.746 | 315.605 | 324.054 |  | 4.258% | 4.302% | 3.736% | 3.396% | 7.415% | 10.227% | 5.725% | 4.466% | 5.038% |  |

---

\*Due to the 2025 federal government shutdown, there was no CPI data release for October 2025. The CPI level for October 2025 (and correspondingly the hypothetical interest rate for January 2026) above reflects the CPI level for October 2025 as determined by the calculation agent in its sole discretion, taking into account all available information that it considers relevant. See "Selected Risk Considerations — Risks Relating to Conflicts of Interest" and "Selected Risk Considerations — Risks Relating to the CPI Rate — The CPI and the Way the BLS Calculates the CPI May Change in the Future, and, in the Event the BLS Does Not Publish the CPI for a Particular Month, the Calculation Agent Will Determine the CPI for such Month" above.

**Hypothetical Example of Calculation of the CPI Rate** 

The following example illustrates how the CPI Rate is calculated for a particular Interest Period. The hypothetical CPI Rate in the following example is for illustrative purposes only and may not correspond to the actual CPI Rate for any Interest Period applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

On the Determination Date occurring in March 2026, the relevant CPI Rate is calculated based on the percent change in the CPI for the one-year period from January 2025 (317.671) to January 2026 (325.252) as follows:

CPI Rate = <u>325.252 – 317.671</u> = 2.386%

317.671 <br> JPMorgan Structured Investments — PS- 4 <br> Floating Rate Notes Linked to the Consumer Price Index

**Hypothetical Interest Rate for an Interest Period**

The following table illustrates the Interest Rate determination for an Interest Period for a hypothetical range of performance of the CPI Rate and reflects the Minimum Interest Rate set forth on the cover of this pricing supplement. The hypothetical CPI Rate and interest payments set forth in the following examples are for illustrative purposes only and may not be the actual CPI Rate or interest payment applicable to a purchaser of the notes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Hypothetical CPI Rate |  | Spread |  | Hypothetical Interest Rate |
| 9.000% | + | 2.025% | = | 11.025% |
| 8.000% | + | 2.025% | = | 10.025% |
| 7.000% | + | 2.025% | = | 9.025% |
| 6.000% | + | 2.025% | = | 8.025% |
| 5.000% | + | 2.025% | = | 7.025% |
| 4.000% | + | 2.025% | = | 6.025% |
| 3.000% | + | 2.025% | = | 5.025% |
| 2.000% | + | 2.025% | = | 4.025% |
| 1.500% | + | 2.025% | = | 3.525% |
| 1.000% | + | 2.025% | = | 3.025% |
| 0.500% | + | 2.025% | = | 2.525% |
| 0.000% | + | 2.025% | = | 2.025% |
| -0.500% | + | 2.025% | = | 1.525% |
| -1.000% | + | 2.025% | = | 1.025% |
| -2.000% | + | 2.025% | = | 0.025% |
| -2.025% | + | 2.025% | = | 0.000%\* |
| -3.000% | + | 2.025% | = | 0.000%\* |
| -4.000% | + | 2.025% | = | 0.000%\* |

---

\*The Interest Rate cannot be less than the Minimum Interest Rate of 0.00% per annum.

**Hypothetical Examples of Interest Rate Calculation for an Interest Period**

The following examples illustrate how the hypothetical Interest Rate is calculated for a particular Interest Period occurring and assume that that the Day Count Fraction for the applicable Interest Period is equal to 30/360. The actual Day Count Fraction for an Interest Period will be calculated in the manner set forth in the accompanying product supplement. The hypothetical Interest Rates in the following examples are for illustrative purposes only and may not correspond to the actual Interest Rate for any Interest Period applicable to a purchaser of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

**Example 1: With respect to a particular Interest Period, the CPI Rate is 1.00% on the applicable Determination Date.** The Interest Rate applicable to this Interest Period is 3.025% per annum.

The corresponding interest payment per $1,000 principal amount note is calculated as follows:

$1,000 × (1.00% + 2.025%) × (30/360) = $2.5208

**Example 2: With respect to a particular Interest Period, the CPI Rate is -3.00% on the applicable Determination Date.** Because the CPI Rate of -3.00% *plus* 2.025% is less than the Minimum Interest Rate of 0.00% per annum, the Interest Rate applicable to this Interest Period is 0.00% per annum and no interest is payable with respect to this Interest Period.

The hypothetical payments on the notes shown above apply **only if you hold the notes for their entire term**. These hypotheticals do not reflect fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were included, the hypothetical payments shown above would likely be lower.

<br> JPMorgan Structured Investments — PS- 5 <br> Floating Rate Notes Linked to the Consumer Price Index

**What Is the Consumer Price Index?**

The Consumer Price Index for purposes of the notes is the non-seasonally adjusted U.S. City Average All Items Consumer Price Index for All Urban Consumers ("CPI"), reported monthly by the Bureau of Labor Statistics of the U.S. Department of Labor ("BLS") and published on Bloomberg screen CPURNSA or any successor source, as determined by the calculation agent in accordance with the procedures set forth under "The Underlyings — Base Rates — CPI Rate" in the accompanying product supplement. The CPI for a particular month is published during the following month.

The CPI is a measure of the average change in consumer prices over time for a fixed market basket of goods and services, including food and beverages, housing, apparel, transportation, medical care, recreation, and education and communication, and other goods and services. In calculating the CPI, price changes for the various items are averaged together with weights that represent their importance in the spending of urban households in the United States. The contents of the market basket of goods and services and the weights assigned to the various items are updated periodically by the BLS to take into account changes in consumer expenditure patterns. The CPI is expressed in relative terms in relation to a time base reference period for which the level is set at 100.0. The base reference period for these notes is the 1982-1984 average.

**Historical Information**

The following graph sets forth the monthly historical performance of the year-over-year change in the CPI from January 2021 through January 2026.\* We obtained the rates used to construct the graph below from Bloomberg, without independent verification. The rates displayed below do not reflect the Spread.

The year-over-year change in the CPI for the month of January 2026 (as compared to January 2025) was 2.40% based on Bloomberg page "CPI YOY." The actual CPI Rate for any Determination Date will be determined in the manner described in "Key Terms — CPI Rate" in this pricing supplement and not by reference to the Bloomberg page "CPI YOY."

The historical year-over-year change in CPI should not be taken as an indication of future results, and no assurance can be given as to the CPI Rate on any Determination Date. There can be no assurance that the performance of the CPI Rate will result in an Interest Rate for any Interest Period that is greater than the Minimum Interest Rate.

![](image_002.jpg)

\* Due to the 2025 federal government shutdown, there was no CPI data release for October 2025. The year-over-year change in CPI for the month of October 2025 (as compared to October 2024) shown in the graph above reflects the CPI level for October 2025 as determined by the calculation agent in its sole discretion, taking into account all available information that it considers relevant. See "Selected Risk Considerations — Risks Relating to Conflicts of Interest" and "Selected Risk Considerations — Risks Relating to the CPI Rate — The CPI and the Way the BLS Calculates the CPI May Change in the Future, and, in the Event the BLS Does Not Publish the CPI for a Particular Month, the Calculation Agent Will Determine the CPI for such Month" above.

<br> JPMorgan Structured Investments — PS- 6 <br> Floating Rate Notes Linked to the Consumer Price Index

**Material U.S. Federal Income Tax Consequences**

**Prospective investors should note that the discussion under "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement 1-I does not apply to the notes issued under this pricing supplement and is superseded by the following discussion.**

The following is a discussion of the material U.S. federal income and certain estate tax consequences of owning and disposing of the notes, and constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP. It applies to you only if you are an initial investor who purchases a note at its issue price for cash and holds it as a capital asset within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code").

This discussion does not address all aspects of U.S. federal income and estate taxation that may be relevant to you in light of your particular circumstances, including alternative minimum tax consequences, the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the Code, the potential application of the provision of the Code known as the Medicare contribution tax and the different consequences that may apply if you are an investor subject to special treatment under the U.S. federal income tax laws, such as:

&nbsp;&nbsp;&nbsp;&nbsp;· a financial institution;

&nbsp;&nbsp;&nbsp;&nbsp;· a "regulated investment company" as
defined in Code Section 851;

&nbsp;&nbsp;&nbsp;&nbsp;· a tax-exempt entity, including an "individual
retirement account" or "Roth IRA" as defined in Code Section 408 or 408A, respectively;

&nbsp;&nbsp;&nbsp;&nbsp;· a dealer in securities;

&nbsp;&nbsp;&nbsp;&nbsp;· a person holding a note as part of a "straddle,"
conversion transaction or integrated transaction, or who has entered into a "constructive sale" with respect to a note;

&nbsp;&nbsp;&nbsp;&nbsp;· a U.S. Holder (as defined below) whose functional
currency is not the U.S. dollar;

&nbsp;&nbsp;&nbsp;&nbsp;· a trader in securities who elects to apply a mark-to-market
method of tax accounting; or

&nbsp;&nbsp;&nbsp;&nbsp;· a partnership or other entity classified as a
partnership for U.S. federal income tax purposes.

If you are a partnership for U.S. federal income tax purposes, the U.S. federal income tax treatment of a partner will generally depend on the status of the partner and your activities.

This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and proposed Treasury regulations as of the date hereof, changes to any of which, subsequent to the date hereof, may affect the tax consequences described herein, possibly with retroactive effect. As the law applicable to the U.S. federal income taxation of instruments such as the notes is technical and complex, the discussion below necessarily represents only a general discussion. Moreover, the effects of any applicable state, local or non-U.S. tax laws are not discussed. **You should consult your tax adviser concerning the application of U.S. federal income and estate tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. jurisdiction.**

**Tax Treatment of the Notes**

Based on current market conditions, you and we agree to treat the notes as "variable rate debt instruments" that provide for a single objective rate for U.S. federal income tax purposes. An objective rate is a variable rate based on objective financial or economic information. However, the IRS or a court may not respect the treatment of the notes as variable rate debt instruments, in which case the notes will be treated as "contingent payment debt instruments." If the notes were treated as contingent payment debt instruments, (i) a U.S. Holder would be required to recognize interest income based on our "comparable yield" for a similar non-contingent debt instrument and a "projected payment schedule" in respect of the notes, adjusted each year to take account for the difference between the actual and the projected payments in that year, and (ii) gain with respect to a note would be treated as ordinary income. The remainder of this discussion assumes that the notes are variable rate debt instruments.

**Tax Consequences to U.S. Holders** 

You are a "U.S. Holder" if for U.S. federal income tax purposes you are a beneficial owner of a note that is:

&nbsp;&nbsp;&nbsp;&nbsp;· a citizen or individual resident of the United
States;

<br> JPMorgan Structured Investments — PS- 7 <br> Floating Rate Notes Linked to the Consumer Price Index

&nbsp;&nbsp;&nbsp;&nbsp;· a corporation created or organized in or under
the laws of the United States, any state therein or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;· an estate or trust the income of which is subject
to U.S. federal income taxation regardless of its source.

*Interest.* Pursuant to rules governing the tax treatment of variable rate debt instruments, interest will be taxable to you as ordinary interest income at the time it is accrued or received, in accordance with your method of tax accounting.

*Sale, Exchange or Retirement of the Notes.* Upon a sale, exchange or retirement of the notes, you generally will recognize capital gain or loss equal to the difference between the amount realized on the sale, exchange or retirement (other than amounts attributable to accrued interest, which will be taxed as described in the preceding section) and your tax basis in the notes that are sold, exchanged or retired. Your tax basis in the notes will equal the amount you paid to acquire them. This gain or loss generally will be long-term capital gain or loss if, at the time of the sale, exchange or retirement, you held the notes for more than one year, and short-term capital gain or loss otherwise. Long-term capital gains recognized by non-corporate U.S. Holders are generally subject to taxation at reduced rates. The deductibility of capital losses is subject to certain limitations.

**Tax Consequences to Non-U.S. Holders**

You are a "Non-U.S. Holder" if for U.S. federal income tax purposes you are a beneficial owner of a note that is:

&nbsp;&nbsp;&nbsp;&nbsp;· a nonresident alien individual;

&nbsp;&nbsp;&nbsp;&nbsp;· a foreign corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;· a foreign estate or trust.

You are not a "Non-U.S. Holder" for purposes of this discussion if you are an individual present in the United States for 183 days or more in the taxable year of disposition of a note. In this case, you should consult your tax adviser regarding the U.S. federal income tax consequences of the sale or exchange of a note (including redemption at maturity).

Subject to the discussion of "FATCA" below, income and gain from a note generally will be exempt from U.S. federal income tax (including withholding tax) if these amounts are not effectively connected with your conduct of a U.S. trade or business and you provide a properly completed applicable Internal Revenue Service ("IRS") Form W-8 appropriate to your circumstances.

If you are engaged in a U.S. trade or business, and if income or gain from a note is effectively connected with your conduct of that trade or business (and, if an applicable income tax treaty so requires, is attributable to a permanent establishment in the United States), although exempt from the withholding tax discussed above, you generally will be taxed in the same manner as a U.S. Holder with respect to that income. You will not be subject to withholding in this case if you provide a properly completed IRS Form W-8ECI. If this paragraph applies to you, you should consult your tax adviser with respect to other U.S. tax consequences of owning and disposing of notes, including the possible imposition of a 30% branch profits tax if you are a corporation.

**Federal Estate Tax** 

If you are an individual Non-U.S. Holder, your notes will generally not be treated as U.S.-situs property subject to U.S. federal estate tax, provided that your income from the notes is not then effectively connected with your conduct of a U.S. trade or business.

**Backup Withholding and Information Reporting**

Interest accrued or paid on your notes and the proceeds received from a sale or exchange of your notes (including acceleration or redemption at maturity) will generally be subject to information reporting unless you are an "exempt recipient." You may also be subject to backup withholding on payments in respect of your notes unless you provide proof of an applicable exemption or a correct taxpayer identification number and otherwise comply with applicable requirements of the backup withholding rules. If you are a Non-U.S. Holder, you will not be subject to backup withholding if you provide a properly completed IRS Form W-8 appropriate to your circumstances. Amounts withheld under the backup withholding rules are not additional taxes and may be refunded or credited against your U.S. federal income tax liability, provided the required information is furnished to the IRS.

<br> JPMorgan Structured Investments — PS- 8 <br> Floating Rate Notes Linked to the Consumer Price Index

**FATCA**

Legislation commonly referred to as "FATCA," and regulations promulgated thereunder, generally impose a 30% withholding tax on payments to certain non-U.S. entities (including financial intermediaries) with respect to debt instruments such as the notes, unless various U.S. information reporting and due diligence requirements have been satisfied. An intergovernmental agreement between the United States and the non-U.S. entity's jurisdiction may modify these requirements. This regime applies to payments of interest or other "fixed or determinable annual or periodical" income ("FDAP Income") for U.S. federal income tax purposes paid with respect to a note, and to payments of gross proceeds of a taxable disposition, including early redemption or repurchase, acceleration or redemption at maturity. However, under regulations proposed in 2018 (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization) no withholding will apply to payments of gross proceeds (other than any amount treated as FDAP Income). You should consult your tax adviser regarding the potential application of FATCA to the notes.

The Issuer will not pay any additional amounts with respect to any withholding tax.

**YOU SHOULD CONSULT YOUR TAX ADVISER REGARDING THE TAX CONSEQUENCES OF OWNING AND DISPOSING OF NOTES, INCLUDING THE TAX CONSEQUENCES UNDER STATE, LOCAL, NON-U.S. AND OTHER TAX LAWS AND THE POSSIBLE EFFECTS OF CHANGES IN U.S. FEDERAL OR OTHER TAX LAWS.**

<br> JPMorgan Structured Investments — PS- 9 <br> Floating Rate Notes Linked to the Consumer Price Index