Form 424B2 - Prospectus [Rule 424(b)(2)]

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 December 27, 2024

January , 2025 Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)

Pricing supplement to product supplement no. 4-I dated April 13, 2023, underlying supplement no. 1-I dated April 13, 2023, the prospectus and

prospectus supplement, each dated April 13, 2023, and the prospectus addendum dated June 3, 2024

JPMorgan Chase Financial Company LLC

Structured Investments

Contingent Interest Notes Linked to the Least Performing of

the Nasdaq-100® Technology Sector IndexSM, the EURO

STOXX 50® Index and the Russell 2000® Index due January

8, 2031

Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.

• The notes are designed for investors who seek a Contingent Interest Payment with respect to each Review Date for

which the closing level of each of the Nasdaq-100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index, which we refer to as the Indices, is greater than or equal to 80.00% of its Initial Value, which we

refer to as an Interest Barrier.

• If the closing level of each Index is greater than or equal to its Interest Barrier on any Review Date, investors will receive,

in addition to the Contingent Interest Payment with respect to that Review Date, any previously unpaid Contingent

Interest Payments for prior Review Dates.

• Investors should be willing to accept the risk of losing some or all of their principal and the risk that no Contingent Interest

Payment may be made with respect to some or all Review Dates.

• Investors should also be willing to forgo fixed interest and dividend payments, in exchange for the opportunity to receive

Contingent Interest Payments.

• 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.

• Payments on the notes are not linked to a basket composed of the Indices. Payments on the notes are linked to the

performance of each of the Indices individually, as described below.

• Minimum denominations of $1,000 and integral multiples thereof

• The notes are expected to price on or about January 3, 2025 and are expected to settle on or about January 8, 2025.

• CUSIP: 48135WPU4

Investing 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-6 of this pricing

supplement.

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

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

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

criminal offense.

Price to Public (1)

Fees and Commissions (2)

Proceeds to Issuer

Per note

$1,000

$

$

Total

$

$

$

(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the

notes.

(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 $6.50 per

$1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.

If the notes priced today, the estimated value of the notes would be approximately $962.30 per $1,000 principal amount

note. The estimated value of the notes, when the terms of the notes are set, will be provided in the pricing supplement

and will not be less than $950.00 per $1,000 principal amount note. See “The Estimated Value of the Notes” in this

pricing supplement for additional information.

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

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

PS-1 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Key Terms

Issuer: JPMorgan Chase Financial Company LLC, a direct,

wholly owned finance subsidiary of JPMorgan Chase & Co.

Guarantor: JPMorgan Chase & Co.

Indices: The Nasdaq-100® Technology Sector IndexSM

(Bloomberg ticker: NDXT), the EURO STOXX 50® Index

(Bloomberg ticker: SX5E) and the Russell 2000® Index

(Bloomberg ticker: RTY)

Contingent Interest Payments: If the closing level of each

Index on any Review Date is greater than or equal to its Interest

Barrier, you will receive on the applicable Interest Payment

Date for each $1,000 principal amount note a Contingent

Interest Payment equal to at least $7.1667 (equivalent to a

Contingent Interest Rate of at least 8.60% per annum, payable

at a rate of at least 0.71667% per month) (to be provided in the

pricing supplement), plus any previously unpaid Contingent

Interest Payments for any prior Review Dates.

If the Contingent Interest Payment is not paid on any Interest

Payment Date, that unpaid Contingent Interest Payment will be

paid on a later Interest Payment Date if the closing level of each

Index on the Review Date related to that later Interest Payment

Date is greater than or equal to its Interest Barrier. You will not

receive any unpaid Contingent Interest Payments if the closing

level of any Index on each subsequent Review Date is less than

its Interest Barrier.

Contingent Interest Rate: At least 8.60% per annum, payable

at a rate of at least 0.71667% per month (to be provided in the

pricing supplement)

Interest Barrier: With respect to each Index, 80.00% of its

Initial Value

Trigger Value: With respect to each Index, 70.00% of its Initial

Value

Pricing Date: On or about January 3, 2025

Original Issue Date (Settlement Date): On or about January

8, 2025

Review Dates*: February 3, 2025, March 3, 2025, April 3,

2025, May 5, 2025, June 3, 2025, July 3, 2025, August 4, 2025,

September 3, 2025, October 3, 2025, November 3, 2025,

December 3, 2025, January 5, 2026, February 3, 2026, March

3, 2026, April 7, 2026, May 4, 2026, June 3, 2026, July 6, 2026,

August 3, 2026, September 3, 2026, October 5, 2026,

November 3, 2026, December 3, 2026, January 4, 2027,

February 3, 2027, March 3, 2027, April 5, 2027, May 3, 2027,

June 3, 2027, July 6, 2027, August 3, 2027, September 3, 2027,

October 4, 2027, November 3, 2027, December 3, 2027,

January 3, 2028, February 3, 2028, March 3, 2028, April 3,

2028, May 3, 2028, June 5, 2028, July 3, 2028, August 3, 2028,

September 5, 2028, October 3, 2028, November 3, 2028,

December 4, 2028, January 3, 2029, February 5, 2029, March

5, 2029, April 3, 2029, May 3, 2029, June 4, 2029, July 3, 2029,

August 3, 2029, September 4, 2029, October 3, 2029,

November 5, 2029, December 3, 2029, January 3, 2030,

February 4, 2030, March 4, 2030, April 3, 2030, May 3, 2030,

June 3, 2030, July 3, 2030, August 5, 2030, September 3, 2030,

October 3, 2030, November 4, 2030, December 3, 2030 and

January 3, 2031 (final Review Date)

Interest Payment Dates*: February 6, 2025, March 6, 2025,

April 8, 2025, May 8, 2025, June 6, 2025, July 9, 2025, August

7, 2025, September 8, 2025, October 8, 2025, November 6,

2025, December 8, 2025, January 8, 2026, February 6, 2026,

March 6, 2026, April 10, 2026, May 7, 2026, June 8, 2026, July

9, 2026, August 6, 2026, September 9, 2026, October 8, 2026,

November 6, 2026, December 8, 2026, January 7, 2027,

February 8, 2027, March 8, 2027, April 8, 2027, May 6, 2027,

June 8, 2027, July 9, 2027, August 6, 2027, September 9, 2027,

October 7, 2027, November 8, 2027, December 8, 2027,

January 6, 2028, February 8, 2028, March 8, 2028, April 6,

2028, May 8, 2028, June 8, 2028, July 7, 2028, August 8, 2028,

September 8, 2028, October 6, 2028, November 8, 2028,

December 7, 2028, January 8, 2029, February 8, 2029, March

8, 2029, April 6, 2029, May 8, 2029, June 7, 2029, July 9, 2029,

August 8, 2029, September 7, 2029, October 9, 2029,

November 8, 2029, December 6, 2029, January 8, 2030,

February 7, 2030, March 7, 2030, April 8, 2030, May 8, 2030,

June 6, 2030, July 9, 2030, August 8, 2030, September 6, 2030,

October 8, 2030, November 7, 2030, December 6, 2030 and the

Maturity Date

Maturity Date*: January 8, 2031

Payment at Maturity:

If the Final Value of each Index is greater than or equal to its

Trigger Value, you will receive a cash payment at maturity, for

each $1,000 principal amount note, equal to (a) $1,000 plus (b)

the Contingent Interest Payment, if any, applicable to the final

Review Date plus (c) if the Contingent Interest Payment

applicable to the final Review Date is payable, any previously

unpaid Contingent Interest Payments for any prior Review

Dates.

If the Final Value of any Index is less than its Trigger Value,

your payment at maturity per $1,000 principal amount note will

be calculated as follows:

$1,000 + ($1,000 × Least Performing Index Return)

If the Final Value of any Index is less than its Trigger Value, you

will lose more than 30.00% of your principal amount at maturity

and could lose all of your principal amount at maturity.

Least Performing Index: The Index with the Least Performing

Index Return

Least Performing Index Return: The lowest of the Index

Returns of the Indices

Index Return:

With respect to each Index,

(Final Value – Initial Value)

Initial Value

Initial Value: With respect to each Index, the closing level of

that Index on the Pricing Date

Final Value: With respect to each Index, the closing level of

that Index on the final Review Date

* 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 or early acceleration in the event of

a change-in-law event as described under “General Terms of Notes —

Consequences of a Change-in-Law Event” in the accompanying

product supplement and “Selected Risk Considerations — Risks

Relating to the Notes Generally — We May Accelerate Your Notes If a

Change-in-Law Event Occurs” in this pricing supplement

PS-2 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Supplemental Terms of the Notes

Any values of the Indices, and any values derived therefrom, included in this pricing supplement may be corrected, in the event of

manifest error or inconsistency, by amendment of this pricing supplement and the corresponding terms of the notes. Notwithstanding

anything to the contrary in the indenture governing the notes, that amendment will become effective without consent of the holders of

the notes or any other party.

How the Notes Work

Payments in Connection with Review Dates Preceding the Final Review Date

Payment at Maturity

The closing level of each Index is greater than

or equal to its Interest Barrier.

The closing level of any Index is less than its

Interest Barrier.

Review Dates Preceding the Final Review Date

Compare the closing level of each Index to its Interest Barrier on each Review Date.

You will receive, on the applicable Interest Payment Date, (a) a

Contingent Interest Payment plus (b) any previously unpaid

Contingent Interest Payments for any prior Review Dates.

Proceed to the next Review Date.

No Contingent Interest Payment will be made with respect to

the applicable Review Date.

Proceed to the next Review Date.

You will receive (a) $1,000 plus (b)

the Contingent Interest Payment, if

any, applicable to the final Review

Date plus (c) if the Contingent

Interest Payment applicable to the

final Review Date is payable, any

previously unpaid Contingent

Interest Payments for any prior

Review Dates.

Final Review Date Payment at Maturity

The Final Value of each Index is greater than or equal to its Trigger Value.

You will receive:

$1,000 + ($1,000 × Least

Performing Index Return)

Under these circumstances, you will

lose some or all of your principal

amount at maturity.

The Final Value of any Index is less than its Trigger Value.

PS-3 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Total Contingent Interest Payments

The table below illustrates the hypothetical total Contingent Interest Payments per $1,000 principal amount note over the term of the

notes based on a hypothetical Contingent Interest Rate of 8.60% per annum, depending on how many Contingent Interest Payments

are made prior to maturity. The actual Contingent Interest Rate will be provided in the pricing supplement and will be at least 8.60% per

annum (payable at a rate of at least 0.71667% per month).

Number of Contingent

Interest Payments

Total Contingent Interest

Payments

72

$516.0000

71

$508.8333

70

$501.6667

69

$494.5000

68

$487.3333

67

$480.1667

66

$473.0000

65

$465.8333

64

$458.6667

63

$451.5000

62

$444.3333

61

$437.1667

60

$430.0000

59

$422.8333

58

$415.6667

57

$408.5000

56

$401.3333

55

$394.1667

54

$387.0000

53

$379.8333

52

$372.6667

51

$365.5000

50

$358.3333

49

$351.1667

48

$344.0000

47

$336.8333

46

$329.6667

45

$322.5000

44

$315.3333

43

$308.1667

42

$301.0000

41

$293.8333

40

$286.6667

39

$279.5000

38

$272.3333

37

$265.1667

PS-4 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

36

$258.0000

35

$250.8333

34

$243.6667

33

$236.5000

32

$229.3333

31

$222.1667

30

$215.0000

29

$207.8333

28

$200.6667

27

$193.5000

26

$186.3333

25

$179.1667

24

$172.0000

23

$164.8333

22

$157.6667

21

$150.5000

20

$143.3333

19

$136.1667

18

$129.0000

17

$121.8333

16

$114.6667

15

$107.5000

14

$100.3333

13

$93.1667

12

$86.0000

11

$78.8333

10

$71.6667

9

$64.5000

8

$57.3333

7

$50.1667

6

$43.0000

5

$35.8333

4

$28.6667

3

$21.5000

2

$14.3333

1

$7.1667

0

$0.0000

PS-5 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Hypothetical Payout Examples

The following examples illustrate payments on the notes linked to three hypothetical Indices, assuming a range of performances for the

hypothetical Least Performing Index on the Review Dates. Solely for purposes of this section, the Least Performing Index with

respect to each Review Date is the least performing of the Indices determined based on the closing level of each Index on that

Review Date compared with its Initial Value.

The hypothetical payments set forth below assume the following:

• an Initial Value for each Index of 100.00;

• an Interest Barrier for each Index of 80.00 (equal to 80.00% of its hypothetical Initial Value);

• a Trigger Value for each Index of 70.00 (equal to 70.00% of its hypothetical Initial Value); and

• a Contingent Interest Rate of 8.60% per annum.

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

actual Initial Value of any Index. The actual Initial Value of each Index will be the closing level of that Index on the Pricing Date and will

be provided in the pricing supplement. For historical data regarding the actual closing levels of each Index, please see the historical

information set forth under “The Indices” in this pricing supplement.

Each hypothetical payment set forth below is for illustrative purposes only and may not be the actual payment applicable to a purchaser

of the notes. The numbers appearing in the following examples have been rounded for ease of analysis.

Example 1 — The Final Value of the Least Performing Index is greater than or equal to its Trigger Value and its Interest

Barrier.

Date

Closing Level of Least

Performing Index

Payment (per $1,000 principal amount note)

First Review Date

95.00

$7.1667

Second Review Date

85.00

$7.1667

Third through Seventy-

First Review Dates

Less than Interest Barrier

$0

Final Review Date

90.00

$1,501.6667

Total Payment

$1,516.00 (51.60% return)

Because the Final Value of the Least Performing Index is greater than or equal to its Trigger Value and its Interest Barrier, the payment

at maturity, for each $1,000 principal amount note, will be $1,501.6667 (or $1,000 plus the Contingent Interest Payment applicable to

the final Review Date plus the unpaid Contingent Interest Payments for any prior Review Dates). When added to the Contingent

Interest Payments received with respect to the prior Review Dates, the total amount paid, for each $1,000 principal amount note, is

$1,516.00.

Example 2 — The Final Value of the Least Performing Index is less than its Interest Barrier but is greater than or equal to its

Trigger Value.

Date

Closing Level of Least

Performing Index

Payment (per $1,000 principal amount note)

First Review Date

90.00

$7.1667

Second Review Date

80.00

$7.1667

Third through Seventy-

First Review Dates

Less than Interest Barrier

$0

Final Review Date

75.00

$1,000.00

Total Payment

$1,014.3333 (1.43333% return)

Because the Final Value of the Least Performing Index is less than its Interest Barrier but is greater than or equal to its Trigger Value,

the payment at maturity, for each $1,000 principal amount note, will be $1,000.00. When added to the Contingent Interest Payments

received with respect to the prior Review Dates, the total amount paid, for each $1,000 principal amount note, is $1,014.3333.

PS-6 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Example 3 — The Final Value of the Least Performing Index is less than its Trigger Value.

Date

Closing Level of Least

Performing Index

Payment (per $1,000 principal amount note)

First Review Date

40.00

$0

Second Review Date

45.00

$0

Third through Seventy-

First Review Dates

Less than Interest Barrier

$0

Final Review Date

40.00

$400.00

Total Payment

$400.00 (-60.00% return)

Because the Final Value of the Least Performing Index is less than its Trigger Value and the Least Performing Index Return is -60.00%,

the payment at maturity will be $400.00 per $1,000 principal amount note, calculated as follows:

$1,000 + [$1,000 × (-60.00%)] = $400.00

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

These hypotheticals do not reflect the fees or expenses that would be associated with any sale in the secondary market. If these fees

and expenses were included, the hypothetical returns and hypothetical payments shown above would likely be lower.

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

Risks Relating to the Notes Generally

• YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —

The notes do not guarantee any return of principal. If the Final Value of any Index is less than its Trigger Value, you will lose 1% of

the principal amount of your notes for every 1% that the Final Value of the Least Performing Index is less than its Initial Value.

Accordingly, under these circumstances, you will lose more than 30.00% of your principal amount at maturity and could lose all of

your principal amount at maturity.

• THE NOTES DO NOT GUARANTEE THE PAYMENT OF INTEREST AND MAY NOT PAY ANY INTEREST AT ALL —

We will make a Contingent Interest Payment with respect to a Review Date (and we will pay you any previously unpaid Contingent

Interest Payments for any prior Review Dates) only if the closing level of each Index on that Review Date is greater than or equal to

its Interest Barrier. If the closing level of any Index on that Review Date is less than its Interest Barrier, no Contingent Interest

Payment will be made with respect to that Review Date. You will not receive any unpaid Contingent Interest Payments if the

closing level of any Index on each subsequent Review Date is less than the Interest Barrier. Accordingly, if the closing level of any

Index on each Review Date is less than its Interest Barrier, you will not receive any interest payments over the term of the notes.

• CREDIT RISKS OF JPMORGAN FINANCIAL AND JPMORGAN CHASE & CO. —

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

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

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

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

• AS A FINANCE SUBSIDIARY, JPMORGAN FINANCIAL HAS NO INDEPENDENT OPERATIONS AND HAS LIMITED ASSETS

—

As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of

our securities 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.

PS-7 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

• THE APPRECIATION POTENTIAL OF THE NOTES IS LIMITED TO THE SUM OF ANY CONTINGENT INTEREST PAYMENTS

THAT MAY BE PAID OVER THE TERM OF THE NOTES,

regardless of any appreciation of any Index, which may be significant. You will not participate in any appreciation of any Index.

• YOU ARE EXPOSED TO THE RISK OF DECLINE IN THE LEVEL OF EACH INDEX —

Payments on the notes are not linked to a basket composed of the Indices and are contingent upon the performance of each

individual Index. Poor performance by any of the Indices over the term of the notes may negatively affect whether you will receive

a Contingent Interest Payment on any Interest Payment Date and your payment at maturity and will not be offset or mitigated by

positive performance by any other Index.

• YOUR PAYMENT AT MATURITY WILL BE DETERMINED BY THE LEAST PERFORMING INDEX.

• THE BENEFIT PROVIDED BY THE TRIGGER VALUE MAY TERMINATE ON THE FINAL REVIEW DATE —

If the Final Value of any Index is less than its Trigger Value, the benefit provided by the Trigger Value will terminate and you will be

fully exposed to any depreciation of the Least Performing Index.

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

RESPECT TO THOSE SECURITIES.

• THE RISK OF THE CLOSING LEVEL OF AN INDEX FALLING BELOW ITS INTEREST BARRIER OR TRIGGER VALUE IS

GREATER IF THE LEVEL OF THAT INDEX IS VOLATILE.

• WE MAY ACCELERATE YOUR NOTES IF A CHANGE-IN-LAW EVENT OCCURS —

Upon the announcement or occurrence of legal or regulatory changes that the calculation agent determines are likely to interfere

with your or our ability to transact in or hold the notes or our ability to hedge or perform our obligations under the notes, we may, in

our sole and absolute discretion, accelerate the payment on your notes and pay you an amount determined in good faith and in a

commercially reasonable manner by the calculation agent. If the payment on your notes is accelerated, your investment may result

in a loss and you may not be able to reinvest your money in a comparable investment. Please see “General Terms of Notes —

Consequences of a Change-in-Law Event” in the accompanying product supplement for more information.

• LACK OF LIQUIDITY —

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

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

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

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

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

Contingent Interest Rate.

Risks Relating to Conflicts of Interest

• POTENTIAL CONFLICTS —

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

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

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

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

supplement.

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

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

THE NOTES —

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

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

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

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

our obligations under the notes. See “The Estimated Value of the Notes” in this pricing supplement.

PS-8 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

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

FROM OTHERS’ ESTIMATES —

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

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

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

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

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

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

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

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

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

secondary market prices of the notes. See “The Estimated Value of the Notes” in this pricing supplement.

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

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

PERIOD —

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

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

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

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

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

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

NOTES —

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

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

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

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

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

the Maturity Date could result in a substantial loss to you.

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

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

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

costs and the levels of the Indices. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price

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

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

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

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

Risks Relating to the Indices

• RISKS ASSOCIATED WITH THE TECHNOLOGY SECTOR WITH RESPECT TO THE NASDAQ-100® TECHNOLOGY SECTOR

INDEXSM —

All or substantially all of the equity securities included in the Nasdaq-100® Technology Sector IndexSM are issued by companies

whose primary line of business is directly associated with the technology sector. As a result, the value of the notes may be subject

to greater volatility and be more adversely affected by a single economic, political or regulatory occurrence affecting this sector

than a different investment linked to securities of a more broadly diversified group of issuers. The value of stocks of technology

companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles,

rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition

from foreign competitors with lower production costs. Stocks of technology companies and companies that rely heavily on

technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Technology

companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect

profitability. Additionally, companies in the technology sector may face dramatic and often unpredictable changes in growth rates

and competition for the services of qualified personnel. These factors could affect the technology sector and could affect the value

PS-9 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

of the equity securities included in the Nasdaq-100® Technology Sector IndexSM and the level of the Nasdaq-100® Technology

Sector IndexSM during the term of the notes, which may adversely affect the value of your notes.

• NON-U.S. SECURITIES RISK WITH RESPECT TO THE NASDAQ-100® TECHNOLOGY SECTOR INDEXSM AND THE EURO

STOXX 50® INDEX —

Some or all of the equity securities included in the Nasdaq-100® Technology Sector IndexSM and the EURO STOXX 50® Index

have been issued by non-U.S. companies. Investments in securities linked to the value of such non-U.S. equity securities involve

risks associated with the home countries and/or the securities markets in the home countries of the issuers of those non-U.S.

equity securities. Also, there is generally less publicly available information about companies in some of these jurisdictions than

there is about U.S. companies that are subject to the reporting requirements of the SEC.

• NO DIRECT EXPOSURE TO FLUCTUATIONS IN FOREIGN EXCHANGE RATES WITH RESPECT TO THE EURO STOXX 50®

INDEX —

The value of your notes will not be adjusted for exchange rate fluctuations between the U.S. dollar and the currencies upon which

the equity securities included in the EURO STOXX 50® Index are based, although any currency fluctuations could affect the

performance of the EURO STOXX 50® Index.

• AN INVESTMENT IN THE NOTES IS SUBJECT TO RISKS ASSOCIATED WITH SMALL CAPITALIZATION STOCKS WITH

RESPECT TO THE RUSSELL 2000® INDEX —

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.

PS-10 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

The Indices

The Nasdaq-100® Technology Sector IndexSM is an equal-weighted, price-return index designed to measure the performance of the

technology companies in the Nasdaq-100 Index®. For additional information about the Nasdaq-100® Technology Sector IndexSM, see

Annex A in this pricing supplement.

The EURO STOXX 50® Index consists of 50 component stocks of market sector leaders from within the Eurozone. The EURO STOXX

50® Index and STOXX are the intellectual property (including registered trademarks) of STOXX Limited, Zurich, Switzerland and/or its

licensors (the “Licensors”), which are used under license. The notes based on the EURO STOXX 50® Index are in no way sponsored,

endorsed, sold or promoted by STOXX Limited and its Licensors and neither STOXX Limited nor any of its Licensors shall have any

liability with respect thereto. For additional information about the EURO STOXX 50® Index, see “Equity Index Descriptions — The

STOXX Benchmark Indices” in the accompanying underlying supplement.

The Russell 2000® Index consists of the middle 2,000 companies included in the Russell 3000E™ Index and, as a result of the index

calculation methodology, consists of the smallest 2,000 companies included in the Russell 3000® Index. The Russell 2000® 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® Index, see “Equity Index Descriptions — The Russell Indices” in the accompanying underlying supplement.

Historical Information

The following graphs set forth the historical performance of each Index based on the weekly historical closing levels from January 4,

2019 through December 20, 2024. The closing level of the Nasdaq-100® Technology Sector IndexSM on December 20, 2024 was

10,492.20. The closing level of the EURO STOXX 50® Index on December 20, 2024 was 4,862.28. The closing level of the Russell

2000® Index on December 20, 2024 was 2,242.370. We obtained the closing levels above and below from the Bloomberg

Professional® service (“Bloomberg”), without independent verification.

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

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

Indices will result in the return of any of your principal amount or the payment of any interest.

PS-11 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Tax Treatment

You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product

supplement no. 4-I. In determining our reporting responsibilities we intend to treat (i) the notes for U.S. federal income tax purposes as

prepaid forward contracts with associated contingent coupons and (ii) any Contingent Interest Payments as ordinary income, as

described in the section entitled “Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Notes

Treated as Prepaid Forward Contracts with Associated Contingent Coupons” in the accompanying product supplement. Based on the

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

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

could be materially 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 and the relevance of factors such as the nature of the

underlying property to which the instruments are linked. 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 affect the

tax consequences of an investment in the notes, possibly with retroactive effect. The discussions above and in the accompanying

product supplement do not address the consequences to taxpayers subject to special tax accounting rules under Section 451(b) of the

Code. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the notes,

including possible alternative treatments and the issues presented by the notice described above.

PS-12 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Non-U.S. Holders — Tax Considerations. The U.S. federal income tax treatment of Contingent Interest Payments is uncertain, and

although we believe it is reasonable to take a position that Contingent Interest Payments are not subject to U.S. withholding tax (at least

if an applicable Form W-8 is provided), it is expected that withholding agents will (and we, if we are the withholding agent, intend to)

withhold on any Contingent Interest Payment paid to a Non-U.S. Holder generally at a rate of 30% or at a reduced rate specified by an

applicable income tax treaty under an “other income” or similar provision. We will not be required to pay any additional amounts with

respect to amounts withheld. In order to claim an exemption from, or a reduction in, the 30% withholding tax, a Non-U.S. Holder of the

notes must comply with certification requirements to establish that it is not a U.S. person and is eligible for such an exemption or

reduction under an applicable tax treaty. If you are a Non-U.S. Holder, you should consult your tax adviser regarding the tax treatment

of the notes, including the possibility of obtaining a refund of any withholding tax and the certification requirement described above.

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, we expect that Section 871(m) will

not apply to the notes with regard to Non-U.S. Holders. Our determination is not binding on the IRS, and the IRS may disagree with

this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you

enter into other transactions with respect to an Underlying Security. If necessary, further information regarding the potential application

of Section 871(m) will be provided in the pricing supplement for the notes. You should consult your tax adviser regarding the potential

application of Section 871(m) to the notes.

In the event of any withholding on the notes, we will not be required to pay any additional amounts with respect to amounts so withheld.

The Estimated Value of the Notes

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

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

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

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

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

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

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

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

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

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

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

prices of the notes. For additional information, see “Selected Risk Considerations — Risks Relating to the Estimated Value and

Secondary Market Prices of the Notes — The Estimated Value of the Notes Is Derived by Reference to an Internal Funding Rate” in this

pricing supplement.

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

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

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

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

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

time.

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

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

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

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

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

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

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

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

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

PS-13 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

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 — Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The

Estimated Value of the Notes Will Be Lower Than the Original Issue Price (Price to Public) of the Notes” in this pricing supplement.

Secondary Market Prices of the Notes

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

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

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

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

JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include selling commissions,

projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market funding rates

for structured debt issuances. This initial predetermined time period is intended to be the shorter of six months and one-half of the

stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a

profit in connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as

determined by our affiliates. See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices

of the Notes — The Value of the Notes as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May

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

Supplemental Use of Proceeds

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

notes. See “How the Notes Work” and “Hypothetical Payout Examples” in this pricing supplement for an illustration of the risk-return

profile of the notes and “The Indices” in this pricing supplement for a description of the market exposure provided by the notes.

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

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

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

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 and the accompanying underlying

supplement. This pricing supplement, together with the documents listed below, contains the terms of the notes and supersedes all

other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,

correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of

ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying

prospectus supplement 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.

PS-14 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

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

filings for the relevant date on the SEC website):

• Product supplement no. 4-I dated April 13, 2023:

http://www.sec.gov/Archives/edgar/data/19617/000121390023029539/ea152803_424b2.pdf

• Underlying supplement no. 1-I dated April 13, 2023:

http://www.sec.gov/Archives/edgar/data/19617/000121390023029543/ea151873_424b2.pdf

• Prospectus supplement and prospectus, each dated April 13, 2023:

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

Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing

supplement, “we,” “us” and “our” refer to JPMorgan Financial

PS-15 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

Annex A

The Nasdaq-100® Technology Sector IndexSM

All information contained in this pricing supplement regarding the Nasdaq-100® Technology Sector IndexSM, including, without limitation,

its make-up, method of calculation and changes in its components, has been derived from publicly available information, without

independent verification. This information reflects the policies of, and is subject to change by, The Nasdaq Stock Market, Inc.

(“Nasdaq”). The Nasdaq-100® Technology Sector IndexSM was developed by Nasdaq and is calculated, maintained and published by

The Nasdaq OMX Group, Inc. (“Nasdaq OMX”). Neither Nasdaq nor Nasdaq OMX has any obligation to continue to publish, and may

discontinue publication of, the Nasdaq-100® Technology Sector IndexSM.

The Nasdaq-100® Technology Sector IndexSM began on February 22, 2006 at a base value of 1,000.00. The Nasdaq-100® Technology

Sector IndexSM is reported by Bloomberg, L.P. under the ticker symbol “NDXT.”

The Nasdaq-100® Technology Sector IndexSM is an equal-weighted, price-return index designed to measure the performance of the

technology companies in the Nasdaq-100 Index®.

Security Eligibility Criteria

The Nasdaq-100® Technology Sector IndexSM contains securities of the Nasdaq-100 Index® which are classified as Technology

according to the Industry Classification Benchmark (“ICB”). The eligibility for the Nasdaq-100® Technology Sector IndexSM is

determined in a 2-step process and the security has to meet both criteria in order to become eligible for the Nasdaq-100® Technology

Sector IndexSM. For additional information about the Nasdaq-100 Index®, including the methodology for inclusion in the Nasdaq-100

Index®, see “Equity Index Descriptions — The Nasdaq-100 Index®” in the accompanying underlying supplement.

Parent Index

The security must be included in the Nasdaq-100 Index®, which includes 100 of the largest domestic and international non-financial

companies listed on the Nasdaq.

Industry or Sector Eligibility

The company must be classified as a Technology Company (any company classified under the Technology Industry) according to ICB.

Constituent Selection

All securities that meet the applicable Security Eligibility Criteria described above are included in the Nasdaq-100® Technology Sector

IndexSM.

Constituent Weighting

The Nasdaq-100® Technology Sector IndexSM employs an equal weighting methodology such that each company’s Index market value

is rebalanced quarterly to an equal-dollar value corresponding to an equal percent weight of the Nasdaq-100® Technology Sector

IndexSM’s aggregate market value. Index Shares are calculated by dividing this equal-dollar market value for each Index Security by

the corresponding Last Sale Price of the security at the close of trading on the third Friday in March, June, September, and December.

In the case of multiple share classes of a company being included in the Nasdaq-100® Technology Sector IndexSM, the equal-weighted

market value will be divided equally among the securities of that company.

Index Calculation

The Nasdaq-100® Technology Sector IndexSM is an equal weighted, price return index. The Nasdaq-100® Technology Sector IndexSM

is calculated without regard to ordinary dividends, however, it does reflect special dividends. The formula is as follows:

(1) “Index Market Value” shall be calculated as follows:

“Index Security” shall mean a security that has been selected for membership in the Nasdaq-100® Technology Sector IndexSM,

having met all applicable eligibility requirements.

n

= Number of Index Securities included in the Nasdaq-100® Technology Sector IndexSM

𝑞𝑖= Number of shares of Index Security i applied in the Nasdaq-100® Technology Sector IndexSM.

𝑝𝑖 = Price in quote currency of Index Security i. Depending on the time of the calculation, the price can be either of the

following:

a. The Start of Day (SOD) price which is the previous index calculation day’s (

t

-1) closing price for Index Security i

adjusted for corporate action(s) occurring prior to market open on date t, if any, for the SOD calculation only;

PS-16 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

b. The intraday price which reflects the current trading price received from the Nasdaq during the index calculation day;

c. The End of Day (EOD) price refers to the Last Sale Price, which refers to the last regular-way trade reported on

Nasdaq; or

d. The Volume Weighted Average Price (VWAP)

𝑡 = current index calculation day

𝑡-1 = current index calculation day

(2) “PR Index Divisor” should be calculated as follows:

The Index Divisor serves the purpose of scaling an Index Market Value to lower order of magnitude, which is recommended for

reporting purposes. The Index Divisor is adjusted to ensure that changes in an Index Security’s price or shares either by corporate

actions or index participation which occur outside of trading hours do not affect the index value. An Index Divisor change occurs

after the close of the Nasdaq-100® Technology Sector IndexSM.

Index Maintenance

Deletion Policy

If a component of the Nasdaq-100® Technology Sector IndexSM is removed from the Nasdaq-100 Index® for any reason, it is also

removed from the Nasdaq-100® Technology Sector IndexSM at the same time.

Replacement Policy

When a component of the Nasdaq-100 Index® that is classified as Technology according to ICB is removed from the Nasdaq-100

Index, it is also removed from the Nasdaq-100 Technology Sector Index. As such, if the replacement company being added to the

Nasdaq-100 Index® is classified as Technology according to ICB, it is added to the Nasdaq-100® Technology Sector IndexSM and will

assume the weight of the removed company on the Index effective date.

When a component of the Nasdaq-100 Index® that is not classified as Technology according to ICB is removed and the replacement

company being added to the Nasdaq-100 Index is classified as Technology according to ICB, the replacement company is considered

for addition to the Nasdaq-100 Technology Sector Index at the next quarterly Rebalance. When a component of the Nasdaq-100 Index

that is classified as Technology according to ICB is removed from the Nasdaq-100 Index and the replacement company being added to

the Nasdaq-100 Index® is not classified as Technology according to ICB, the company is removed from the Nasdaq-100® Technology

Sector IndexSM and the divisor of the Nasdaq-100® Technology Sector IndexSM is adjusted to ensure Index continuity.

Additions Policy

If a security is added to the Nasdaq-100 Index® for any reason, it may be added to the Nasdaq-100® Technology Sector IndexSM at the

same time.

Corporate Actions

In the interim periods between scheduled index reconstitution and rebalance events, individual Index securities may be the subject to a

variety of corporate actions and events that require maintenance and adjustments to the Index.

In certain cases, corporate actions and events are handled according to the weighting scheme or other index construction techniques

employed. Wherever alternate methods are described, the Index will follow the “Non-Market Cap Corporate Action Method.”

Index Share Adjustments

Other than as a direct result of corporate actions, the Nasdaq-100® Technology Sector IndexSM does not normally experience share

adjustments between scheduled index rebalance and reconstitution events.

License Agreement

JPMorgan Chase & Co. or its affiliate intends to enter into a non-exclusive license agreement with Nasdaq providing for the license to it

and certain of its affiliates or subsidiaries, including JPMorgan Financial, with a non-exclusive license and, for a fee, with the right to use

the Nasdaq-100® Technology Sector IndexSM in connection with certain securities, including the notes.

The license agreement with Nasdaq provides that the following language must be stated in this pricing supplement:

The notes are not sponsored, endorsed, sold or promoted by Nasdaq Inc. or its affiliates (Nasdaq, with its affiliates, are referred to as

the “Corporations”). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and

disclosures relating to, the notes. The Corporations make no representation or warranty, express or implied, to the owners of the notes

or any member of the public regarding the advisability of investing in securities generally or in the notes particularly, or the ability of the

Nasdaq-100® Technology Sector IndexSM to track general stock market performance. The Corporations’ only relationship to the Issuer,

the Guarantor (if applicable) and their affiliates is in the licensing of Nasdaq®, Nasdaq-100® and Nasdaq-100 Index® registered

trademarks, service marks and certain trade names of the Corporations and the use of the Nasdaq-100® Technology Sector IndexSM

PS-17 | Structured Investments

Contingent Interest Notes Linked to the Least Performing of the Nasdaq-

100® Technology Sector IndexSM, the EURO STOXX 50® Index and the

Russell 2000® Index

which is determined, composed and calculated by Nasdaq without regard to the Issuer or the Guarantor (if applicable) or the notes.

Nasdaq has no obligation to take the needs of the Issuer or the Guarantor (if applicable) or the owners of the notes into consideration in

determining, composing or calculating the Nasdaq-100® Technology Sector IndexSM. The Corporations are not responsible for and

have not participated in the determination of the timing of, prices at, or quantities of the notes to be issued or in the determination or

calculation of the equation by which the notes are to be converted into cash. The Corporations have no liability in connection with the

administration, marketing or trading of the notes.

THE CORPORATIONS DO NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ-

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