[PICTURE OMITTED]
 J.P. Morgan Balanced Capital Strength Index 8.5%

OVERVIEW
The J.P. Morgan Balanced Capital Strength Index 8.5% (the
"Index") is a rules-based index designed to track the
Hypothetical historical performance comparison: February 20,
2007 through November 28, 2014
250 J.P. Morgan Balanced Capital Strength Index (Excess Return)

 performance of a hypothetical investment in a notional dynamic SandP 500 Total Return Index (Excess Return)
 portfolio that consists of the Capital Strength Total Return
 Index, the PIMCO Total Return Exchange Traded Fund and a
 Cash Constituent while seeking to maintain a Target Volatility of
 8.5%. The Index is subject to a daily deduction of 0.50% per annum index fee and a daily deduction of a
 synthetic borrowing cost calculated based on a composite LIBOR rate.
 Index Features
 n The Index has three constituents:
 1. The Capital Strength Total Return Index (the "Equity Constituent").
 2. The PIMCO Total Return Exchange Traded Fund (the "Bond
 Constituent").
200 150 100 50
Barclays US Aggregate Bond Index (Excess Return)
 3. The Cash Constituent bearing interest at a blended rate
 0
 determined based on the 3-month and 2-month LIBOR rates.
 n The Index is subject to a daily deduction of 0.50% per annum index fee and a daily deduction of a synthetic
 borrowing cost calculated based on the composite LIBOR rate.
 n On a daily basis, the Index first seeks to identify a portfolio consisting solely of the Equity
 Constituent and Bond Constituents (together, the "Target Constituents") with a historic volatility of
 8.5%, subject to minimum exposure of 0% and a maximum exposure of 100% for each Target Constituent.
 n If no such portfolio exists, the Index will then select the combination of the Target
 Constituents with the lowest annualized realized volatility (the "Minimum Variance Portfolio") and scale
 down the exposure to this Minimum Variance Portfolio so as to have a realized volatility less than or equal to
 the Target Volatility, and allocate the remaining exposure to the Cash Constituent.
 n Published on Bloomberg under the ticker JPUSBLCS index.
 Feb-07 Feb-08 Feb-09 Feb-10 Feb-11 Feb-12 Feb-13 Feb-14

 See "Notes" below. 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).Hypothetical historical returns and volatilities: February 20, 2007 through November 28, 2014
-------------------------------------------------------
 JPUSBLCS (ER) SPTR (ER) LBUSTRUU (ER)
-------------------------------------------------------
 Annualized
 Return (Excess 10.06% 5.90% 4.11%
 Return)
-------------------------------------------------------

 Volatility 7.98% 22.53% 3.92%
 -------------------------------------------------------
 Sharpe Ratio 1.05
 1.26 0.26
-------------------------------------------------------
 See "Notes" below.

 Hypothetical historical allocations of the Index (March 1, 2007  November 28, 2014)

 100.00% 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%
 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
 Equity Weight Fixed I ncome Cash Weight
 Weight

 See "Notes" below.

 Hypothetical Annual Returns of the Index (2010 - 2014)

 ----------------------------------------------------------------------------------------------------------------

 2010 Jan Feb Mar May Jun Aug Sep Oct Nov Dec Full
 Apr Jul Year
 ----------------------------------------------------------------------------------------------------------------

 JPUSBLCS -1.61% 1.39% 3.35% 0.62% -3.93% -0.57% 3.11% -1.19% 5.15% 3.07% -1.43% 2.72% 10.80%
 Index
 ----------------------------------------------------------------------------------------------------------------

 2011 Jan Feb Mar May Jun Aug Sep Oct Nov Dec Full
 Apr Jul Year
 ----------------------------------------------------------------------------------------------------------------

 JPUSBLCS 0.93% 4.19% 0.34% 3.62% 0.57% -0.99% -1.96% -3.58% -2.69% 3.39% -0.27% 1.97% 5.30%
 Index
 ----------------------------------------------------------------------------------------------------------------

 2012 Jan Feb Mar May Jun Aug Sep Oct Nov Dec Full
 Apr Jul Year
 ----------------------------------------------------------------------------------------------------------------

 JPUSBLCS 3.27% 1.77% 3.60% 0.17% -2.87% 2.13% 1.56% 0.89% 1.50% -2.96% 1.04% 0.09% 10.40%
 Index
 ----------------------------------------------------------------------------------------------------------------

 2013 Jan Feb Mar May Jun Aug Sep Oct Nov Dec Full
 Apr Jul Year
 ----------------------------------------------------------------------------------------------------------------

 JPUSBLCS 3.82% 2.82% 3.61% 2.06% 0.97% -1.54% 2.55% -2.76% 3.14% 4.06% 2.87% 1.04% 24.85%
 Index
 ----------------------------------------------------------------------------------------------------------------

 2014 Jan Feb Mar May Jun Aug Sep Oct Nov Dec YTD
 Apr Jul
 ----------------------------------------------------------------------------------------------------------------

 JPUSBLCS -3.02% 2.62% 0.92% 0.15% 1.89% 0.37% -0.53% 3.73% -1.02% 1.63% 3.39% 10.40%
 Index
 ----------------------------------------------------------------------------------------------------------------
 Notes: Source: J.P. Morgan and Bloomberg. As of 11/28/2014. The Index is launched as of April 30, 2014.
 Therefore, the performance depicted is hypothetical performance based on back-tested data. PAST PERFORMANCE
 AND BACK-TESTED PERFOMANCE ARE NOT INDICATIVE OF FUTURE RESULTS. No guarantee can be given that the Index
 will outperform the SandP 500 Total Return Index or the Barclays US Aggregate Bond Index in the future. The
 "SandP500 Index (Excess Return)" and "Barclays US Aggregate Bond Index (Excess Return)" represent
 hypothetical indices constructed from the total returns of the SandP 500 Index and Barclays US Aggregate Bond
 Index, respectively, with the returns of the Cash Constituent deducted.

 J.P. Morgan Structured Investments | 800 576 3529 | JPM_Structured_Investments@jpmorgan.com November 30, 2014

The Capital Strength TR Index

 n The Capital Strength TR Index aims to provide exposure to well
 capitalized companies with strong market positions.

 n The Capital Strength TR Index is an equal-dollar weighted index and
 is composed of 50 U.S. securities selected objectively based on cash
 on hand, debt ratios and volatility that meet the following criteria:

 n be a member of NASDAQ US Benchmark Index (NQUSB);

 n have a minimum three-month average daily dollar trading volume of $5 million;

 n must be in the top 500 securities by float adjusted market
 capitalization after meeting the above criteria;

 n have at least $1 billion in cash or short term investments;

 n have a long-term debt to market capitalization ratio that is less than 30%;

 n have a return on equity that is greater than 15%;

 n may not be issued by an issuer currently in bankruptcy proceedings; and

 n may not have entered into a definitive agreement or other
 arrangement which would likely result in the security no
 longer being eligible for inclusion in the Capital Strength
 TR Index.

 The PIMCO Total Return Exchange Traded Fund

 n An actively managed fund that does not seek to track the performance of an index

 n Invests primarily in investment-grade debt securities

 Selected Risks

 n JPMS, the index calculation agent, may adjust the Index in a way that affects its level, and JPMS has no
 obligation to consider your interests.

 n The Index may not be successful, outperform any alternative strategy that might be employed in respect of the
 Target Constituents or achieve its target volatility.

 n The level of the Index will include the deduction of a fee and a borrowing cost.

 n The daily adjustment of the exposures of the Index to its Target Constituents will vary, and may be partially
 uninvested in its Target Constituents

 n By reducing its exposure to its Equity Constituent, the Index may significantly underperform its Equity
 Constituent.

 n The exposure of the Index to its Bond Constituent may be greater, perhaps significantly greater, than its
 exposure to its Equity Constituent.

 n The Index may have significant exposure to its Cash Constituent.

 n The returns of the Target Constituents may offset each other or may become correlated in decline.

 n The Index is subject to significant risks associated with fixed-income securities, including interest
 rate-related risks and credit risk.

 n The Index is subject to the negative impact of an interest deduction.

 n The Index comprises notional assets and liabilities.

 n The Index and its Target Constituents each have a limited operating history and may perform in unanticipated
 ways.

 n The Index is subject to market risks.

 n The investment strategy used to construct the Index involves daily adjustments to its synthetic exposure to its
 Target Constituents.

 n The Capital Strength TR Index is subject to the risk relating to its selection methodology.

 n The PIMCO Total Return Exchange Traded Fund is an actively managed fund and is subject to different risks than
 passively managed funds.



 Disclaimer
 This material has been prepared solely for informational purposes. Nothing in this material or any other
 communications related thereto should be deemed to or be construed as creating a "fiduciary relationship".
 During the course of normal business, JPMorgan Chase and Co. and its affiliates ("J.P. Morgan") may enter
 into or promote, offer or sell transactions or investments linked to the Index, or any of the fixed income
 securities referenced in the Index. J.P. Morgan will not have any duty to consider the circumstances of any
 person when participating in such transactions or to conduct themselves in a manner that is favorable to
 anyone with exposure to the Index. Persons interested in the Index should refer to the official Index
 Rules, when available, for a complete description of the rules and methodology for the Index. Opinions
 expressed herein may differ from the opinions expressed by other areas of J.P. Morgan, including research.
 The simulated data presented herein was constructed using certain procedures that may be different from the
 procedures used to calculate the closing levels of the Index, and on the basis of certain assumptions that
 may not hold in future periods. The differences in procedures used in producing simulated data from those
 used to calculate the closing levels of the Index could produce differences in returns in terms of both
 direction and amount. Hypothetical and historical performance results are neither indicative nor a
 guarantee of future returns. Actual results will vary, potentially materially, from the hypothetical and
 historical performance described herein. There is no guarantee that the Index will outperform any
 alternative investment strategy, including the SandP 500 Index or the Barclays US Aggregate Bond Index.
 Past performance is not indicative of future results. No one may reproduce or disseminate the information
 contained in this document without the prior written consent of J.P. Morgan. Additional information is
 available upon request. Clients should contact their J.P. Morgan representative in, and execute
 transactions through, their home jurisdiction unless governing law permits otherwise.

 SEC Legend: JPMorgan Chase and Co. has filed a registration statement (including a prospectus) with the SEC
 for any offering to which these materials relate. Before you invest, you should read the prospectus in that
 registration statement and the other documents relating to this offering that JPMorgan Chase and Co. has
 filed with the SEC for more complete information about JPMorgan Chase and Co. and this offering. You may get
 these documents without cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, JPMorgan
 Chase and Co., any agent or any dealer participating in the this offering will arrange to send you the
 prospectus and the prospectus supplement as well as any product supplement and term sheet if you so request
 by calling toll-free 1-866-535-9248.

 Past performance, and especially hypothetical back-tested performance, is not indicative of future results.
 Actual performance may vary significantly from past performance or any hypothetical back-tested
 performance. This type of information has inherent limitations and you should carefully consider these
 limitations before placing reliance on such information.

 Copyright 2014 JPMorgan Chase and Co. All rights reserved. The presentation was developed, compiled,
 prepared and arranged by JPMorgan through the expenditure of substantial time, effort and money and
 constitutes valuable intellectual property and trade secrets of JPMorgan. All right, title, and interest
 in and to the presentation is vested in JPMorgan and the presentation cannot be used without JPMorgans
 prior written consent.

 The information contained in this presentation has been distributed to you on a stand-alone basis and is
 not to be combined with, consolidated, incorporated or otherwise used with any other written materials
 provided by JPMorgan.

 IRS Circular 230 Disclosure: JPMorgan Chase and Co. and its affiliates do not provide tax advice.
 Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not
 intended or written to be used, and cannot be used, in connection with the promotion, marketing or
 recommendation by anyone unaffiliated with JPMorgan Chase and Co. of any of the matters addressed herein or
 for the purpose of avoiding U.S. tax-related penalties.

 Investment suitability must be determined individually for each investor, and the financial instruments
 described herein may not be suitable for all investors. The products described herein should generally be
 held to maturity as early unwinds could result in lower than anticipated returns. This information is not
 intended to provide and should not be relied upon as providing accounting, legal, regulatory or tax advice.
 Investors should consult with their own advisors as to these matters.

 This material is not a product of JPMorgan Research Departments. Structured Investments may involve a high
 degree of risk, and may be appropriate investments only for sophisticated investors who are capable of
 understanding and assuming the risks involved. JPMorgan and its affiliates may have positions (long or
 short), effect transactions or make markets in securities or financial instruments mentioned herein (or
 options with respect thereto), or provide advice or loans to, or participate in the underwriting or
 restructuring of the obligations of, issuers mentioned herein. JPMorgan is the marketing name for JPMorgan
 Chase and Co. and its subsidiaries and affiliates worldwide. J.P. Morgan Securities LLC is a member of
 FINRA, NYSE and SIPC. Clients should contact their salespersons at, and execute transactions through, a
 JPMorgan entity qualified in their home jurisdiction unless governing law permits otherwise.



 J.P. Morgan Structured Investments | 800 576 3529 | JPM_Structured_Investments@jpmorgan.com November 30, 2014