S&P 500[R] Dividend Aristocrats Risk Control 8% Excess Return Index

Performance Update - November 2014

OVERVIEW
The S&P 500[R] Dividend Aristocrats Risk Control 8% Excess Return Index (the
"Index") provides investors with exposure to the "blue chip" names of the S&P
500[R] Dividend Aristocrats Total Return Index. It also adds a volatility
control mechanism that targets 8% volatility by adjusting its level of exposure
to the S&P 500[R] Dividend Aristocrats Total Return Index. This volatility
control mechanism seeks to create a more consistent risk-return profile for the
Dividend Aristocrats Risk Control 8% Index.

Key Features of the Index
    Exposure to the S&P 500[R] Dividend Aristocrats Total Return Index, a group
of 40 or more S&P 500[R] stocks with records of consistently increasing
dividends over the past 25 years. S&P can relax this criterion if less than 40
names qualify.
    In an effort to maintain a constant annualized volatility of 8%, the Index
uses an algorithm to dynamically adjust exposure daily.
    To adjust exposure, the Index has the ability to employ leverage of up to
150% during periods of low volatility.
    Levels published daily by Standard & Poor's on Bloomberg. The S&P 500[R]
Dividend Aristocrats Risk Control 8% Excess Return Index targets 8% volatility
and is published to Bloomberg under the ticker SPXD8UE.

Hypothetical and Actual Historical Performance (October 29, 2004 to October 31,
2014)

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Sources: Bloomberg and JPMorgan. Past hypothetical performance results are
neither indicative of nor a guarantee of future returns. Actual results will
vary, potentially materially, from the hypothetical historical performance
provided herein. There is no assurance the Index will outperform the S&P 500[R]
Index, the S&P 500[R] Dividend Aristocrats Risk Control Index, or any
alternative investment strategy.

[GRAPHIC OMITTED]

Hypothetical Index Volatility and Leverage (October 29, 2004 to October 31,
2014)

[GRAPHIC OMITTED]

Sources: Bloomberg and JPMorgan. Past hypothetical performance results are
neither indicative of nor a guarantee of future returns. Actual results will
vary, potentially materially, from the hypothetical historical performance
provided herein. There is no assurance the Index will outperform the S&P 500[R]
Index, the S&P 500[R] Dividend Aristocrats Risk Control Index, or any
alternative investment strategy.

Recent Performance of the S&P 500[R] Dividend Aristocrats Risk Control 8%
Excess Return Index and the S&P 500[R] Index (as of Oct 31, 2014)

                                Oct 2014  Sep 2014   Aug 2014
------------------------------- --------- ---------- ---------
S&P 500[R] Dividend Aristocrats
Risk Control 8% Excess Return       2.04%     -0.16%     3.38%
Index
------------------------------- --------- ---------- ---------

        November 3, 2014
        1

Comparative Hypothetical and Historical Total Returns (%), Volatility (%) and
Correlation -- October 31, 2014

                                                         Three Year        Five Year         Ten Year           Ten Year           Ten Year
                                      One Year Return Annualized Return Annualized Return Annualized Return Annualized Volatility Sharpe Ratio
------------------------------------- --------------- ----------------- ----------------- ----------------- --------------------- ------------
S&P 500[R] Dividend Aristocrats Risk      8.3%             11.7%             9.3%              5.5%               8.0%             0.68
Control 8% Excess Return Index
S&P 500[R] Index (SPX)                    14.9%            17.2%             14.3%             6.0%              20.4%             0.29
------------------------------------- --------------- ----------------- ----------------- ----------------- --------------------- ------------
S&P 500[R] Dividend Aristocrats Total     15.7%            21.3%             18.9%            10.9%              19.3%             0.56
Return Index
S&P 500[R] Total Return Index (SPTR)      17.3%            19.8%             16.7%             8.2%              20.4%             0.40

Notes on performance, volatility, leverage and, Sharpe Ratio statistics
Hypothetical, historical performance measures: Represent the performance of the
Index based on, as applicable to the relevant measurement period, the
hypothetical backtested daily Index closing levels from October 29, 2004
through August 24, 2010, and the actual historical performance of the Index
based on the daily Index closing level from August 25, 2010 through October 31,
2014, as well as the performance of the S&P 500[R] Index over the same period.
For purposes of these examples, each index was set equal to 100 at the
beginning of the relevant measurement period and returns are calculated
arithmetically (not compounded). There is no guarantee the relevant Index will
outperform the S&P 500[R] Total Return Index, the S&P 500[R] Dividend
Aristocrats Total Return Index or any alternative investment strategy. Sources:
Bloomberg and JPMorgan.Volatility is calculated from the historical returns, as
applicable to the relevant measurement period, of the S&P 500[R] Total Return
Index, the S&P 500[R] Dividend Aristocrats Total Return Index and the S&P
500[R] Dividend Aristocrats Risk Control 8% Excess Return Index. Volatility
represents the annualized standard deviation of the relevant index's arithmetic
daily returns through October 31, 2014. The index leverage is the hypothetical
back-tested amount of exposure of the Index to the S&P 500[R] Dividend
Aristocrats Total Return Index and should not be considered indicative of the
actual leverage that would be assigned during an investment in the Index. The
Sharpe Ratio, which is a measure of risk-adjusted performance, is computed as
the ten year annualized historical return divided by the ten year annualized
volatility. The back-tested, hypothetical, historical annualized volatility and
index leverage have inherent limitations. These volatility and leverage results
were achieved by means of a retroactive application of a back-tested volatility
model designed with the benefit of hindsight. No representation is made that in
the future the relevant indices will have the volatility as shown. Alternative
modeling techniques or assumptions might produce significantly different
results and may prove to be more appropriate. Actual annualized volatilities
and leverage may vary materially from this analysis. Source: Bloomberg and
JPMorgan.

Key Risks
 The Index has a limited operating history and may perform in unexpected ways.
The Index began publishing on August 25, 2010 and, therefore, has a limited
history. S&P has calculated the returns that hypothetically might have been
generated had the Index existed in the past, but those calculations are subject
to many limitations and do not reflect actual trading, liquidity constraints,
fees and other costs.
 The Index may not be successful, may not outperform the S&P 500[R] Dividend
Aristocrats Total Return Index and may not achieve its target volatility. No
assurance can be given that the volatility strategy will be successful or that
the Index will outperform the S&P 500[R] Dividend Aristocrats Total Return
Index or any alternative strategy that might be employed to reduce the level of
risk of the S&P 500[R] Dividend Aristocrats Total Return Index. We also can
give no assurance that the Index will achieve its target volatility of 8%.
 The Index is not a total return index, and is subject to short-term money
market fund borrowing costs-- As an "excess return" index, the S&P 500[R]
Dividend Aristocrats Risk Control 8% Excess Return Index calculates the return
on a leveraged or deleveraged investment in the S&P 500[R] Dividend Aristocrats
Total Return Index where the investment was made through the use of borrowed
funds. Investments linked to this "excess return" index, which represents an
unfunded position in the S&P 500[R] Dividend Aristocrats Total Return Index,
will be subject to short-term money market fund borrowing costs and will not
include the "total return" feature or the cash component of the "total return"
index, which represents a funded position in the S&P 500[R] Dividend
Aristocrats Total Return Index.
 The Index represents portfolios consisting of the S&P 500[R] Dividend
Aristocrats Total Return Index and a borrowing cost component accruing interest
based on a synthetically rolling 3-month bond with reference to the 2-month and
3-month U.S. LIBOR rates. The Index dynamically adjusts its exposures to the
S&P 500[R] Dividend Aristocrats Total Return Index based on the S&P 500[R]
Dividend Aristocrats Total Return Index's historic volatility. The Index's'
exposure to the S&P 500[R] Dividend Aristocrats Total Return Index will
decrease when historical volatility causes the risk level of the S&P 500[R]
Dividend Aristocrats Total Return Index to reach a high threshold. If, at any
time, the Index exhibits low exposure to the S&P 500[R] Dividend Aristocrats
Total Return Index and the S&P 500[R] Dividend Aristocrats Total Return Index
subsequently appreciates significantly, the Index will not participate fully in
this appreciation.

Key Risks Continued
 J.P. Morgan Securities LLC ("JPMS"), one of our affiliates, worked with S&P in
developing the guidelines and policies governing the composition and
calculation of the Index. The policies and judgments for which JPMS was
responsible could have an impact, positive or negative, on the level of the
Indices. JPMS is under no obligation to consider your interests as an
investor.

The risks identified above are not exhaustive. You should also review carefully
the related "Risk Factors" section in the relevant product supplement and the
"Selected Risk Considerations" in the relevant term sheet or pricing
supplement.

Index Disclaimers
"Standard & Poor's[R]," "S&P[R]," "S&P 500[R]," "S&P 500[R] Dividend
Aristocrats," and "S&P 500[R] Dividend Aristocrats Risk Control 8% Excess
Return Index" are trademarks of the McGraw-Hill Companies, Inc. and have been
licensed for use by J.P. Morgan Securities LLC. This transaction is not
sponsored, endorsed, sold or promoted by S&P, and S&P makes no representation
regarding the advisability of purchasing securities generally or financial
instruments issued by JPMorgan Chase & Co. S&P has no obligation or liability
in connection with the administration, marketing, or trading of products linked
to the S&P 500[R] Dividend Aristocrats Risk Control 8% Excess Return Index.

For more information on the Index and for additional key risk information see
Page 4 of the Strategy Guide at:
http://www.sec.gov/Archives/edgar/data/19617/000095010312003746/dp31802_fwp-ari
stocrats.htm

DISCLAIMER
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(including a prospectus) with the Securities and Exchange Commission (the
"SEC") for any offerings to which these materials relate. Before you invest in
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that registration statement, the prospectus supplement, as well as the
particular product supplement, the relevant term sheet or pricing supplement,
and any other documents that J.P. Morgan will file with the SEC relating to
such offering for more complete information about J.P. Morgan and the offering
of any securities. You may get these documents without cost by visiting EDGAR
on the SEC Website at www.sec.gov. Alternatively, J.P. Morgan, any agent, or
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the prospectus and the prospectus supplement, as well as any product supplement
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(866) 535-9248.
Free Writing Prospectus filed pursuant to Rule 433; Registration Statement No.
333-177923

J.P. Morgan Structured Investments | 800 576 3529 | JPM_Structured_Investments@jpmorgan.com
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