EFTA01459328.pdf

risks inherent in hedging our obligations under the notes and the estimated cost of hedging our obligations under the notes Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the notes may be allowed to other affiliated or unaffiliated dealers. and we or one or more of our affiliates will retain any remaining hedging profits. See "Selected Risk Considerations — JPMS's Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the Notes` in this pricing supplement Secondary Market Prices of the Notes For information about factors that will impact any secondary market prices of the notes. see 'Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors' in the accompanying product supplement. In addition, we generally expect that some of the costs included in the original issue price of the notes will be partially paid back to you in connection with any repurchases of your notes by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include projected hedging profits, if any, and. in some circumstances, estimated hedging costs and our secondary market credit spreads for structured debt issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities. the estimated costs of hedging the notes and when these costs are incurred, as determined by JPMS. See "Selected Risk Considerations — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than JPMS's Then-Current Estimated Value of the Notes for a Limited Time Period' Supplemental Use of Proceeds The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes. See "Hypothetical Payout Profile" and 'How the Notes Work" in this pricing supplement for an illustration of the risk-return profile of the notes and 'The index' in this pricing supplement for a description of the market exposure provided by the notes. The original issue price of the notes is equal to JPMS's estimated value of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes. 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 pnor 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 prospectus. as supplemented by the prospectus supplement. each dated November 7. 2014, relating to our Series E medium-term notes of which these notes are a part. and the more detailed information contained in product supplement no. 4a-I dated November 7, 2014 and underlying supplement no. la-I dated November 7, 2014. 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 "Risk Factors" in the accompanying product supplement no 4a-I and "Risk Factors" in the accompanying underlying supplement no. la-I, 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. PS-7 j Structured Investments Capped Contingent Buffered Return Enhanced Notes Linked to the EURO STOXX 50' Index J.P.Morgan CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0119667 CONFIDENTIAL SDNY_GM_00265851 EFTA01459328