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USE OF SIMULATED RETURNS

Back-testing and other statistical analysis material that is provided in
connection with the explanations of the potential returns of the investments
linked to any index use simulated analysis and hypothetical circumstance to
estimate how it may have performed prior to its actual existence.

The results obtained from "back-testing" information should not be considered
indicative of the actual results that might be obtained from an investment or
participation in a financial instrument or transaction referencing any index.
JPMorgan provides no assurance or guarantee that the investments linked to any
index will operate or would have operated in the past in a manner consistent
with this Website. The hypothetical historical levels presented herein have not
been verified by an independent third party, and such hypothetical historical
levels have inherent limitations. Alternative simulations, techniques, modeling
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more appropriate. Hypothetical back-tested results are neither an indicator nor
guarantee of future returns. Actual results will vary, perhaps materially, from
the simulated returns presented in this Website.

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1 MONTH 3 MONTHS 6 MONTHS 1 YEAR 5 YEARS All

Chart Index Name Bloomberg Ticker level Date Month to Date Return Year To Date
Return Return

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Footnotes

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Footnotes

level:

Level refers to the closing level of the 1ndex as of the trading day
immediately preceding the date you have accessed this websue.

Date:

Date refers to the first date in the relevant measurement period used to
calculate the Return displayed on this web page. Return: Return is the trailing
return of the applicable Index over the custom period seleaed.

lW Return:

is the trailing return of the applicable index over the past week. There is no
guarantee that the index will achieve the one week return in the future.

1M Return:

is the trailing return of the applicable index over the past month. There is no
guarantee that the appl icable index will achieve the one month return in the
future.

3 Month Return:

is the trailing return of the index over the past 3 month period ending in the
last trading day immediately preceding the date. The 3 Month Return may be
based on hypothetical, historical index levels and not actual index levels.
There is no guarantee that the Index will achieve the 3 Month Return in the
future. Past performance is not ind1cative of future returns.

6 Month Return:

is the trailing return of the index over the past 6 month period ending in the
last trading day immediately preceding the date. The 6 Month Return may be
based on hypothetical, historcal index levels and not actual index levels.
There is no guarantee that the Index will achieve the 6 Month Return in the
future. Past performance is not mdicative of future returns.

1 Year Return: is the trailing return of the index over the past 1 Year period
ending in the last trading day immediately preceding the date. The 1 Year
Return may be based on hypothetical, historical index levels and not actual
index levels. There is no guarantee that the Index w1ll ach1eve the 1 Year
Return in the future. Past performance is not indicative of future returns.
3 Year Return:

The 3 Year Return is the uaihng return of Index from the trading day that
occurs on or immediately preceding the date occurring three years pnor to the
specified end date to the specified end date, provided thatlfthe

specified end date is today?s date or not a trading day, to the trading day
immediaiely preceding the specified end dateland IS not annualized). The 3 Year
Return rr:ay be based on hypothetical, historical Index levels and not
aauallndex levels. There is no guarantee that the Index wil achieve the 3 Year
Re: urn in : he future. Past performance []s not mdJCauve of future returns.

5Y Return: is the trailing return of index over the past 5 year penod ending in
the last trading day immediately preceding the date, and IS not annualized. The
5 Year Return may be based on hypo:h erical, historical index levels and nor
aaual index levels. There is no guarantee that the Index will achieve the 5
Year Return in the future. Pas: performance is not 1nd1cauve of future returns.


Normalized Index Performance:

Normalized Index Performance reflects the return of the applicable Index
calculated from the ' Selected Start Date' to the "Selected End date'
calculated arithmetically and not compot.nded. The Normalized Index Performance
may be based on hypothetical, historical index levels and not actual index
levels. There is no guarantee that the applicable mdex will outperform any
other index or invest'Tlent strategy displayed in the chart.

General Disclaimers

Investments in products linked to an Index require investors to assess several
characteristics and risk factors that may not be present in other types of
transactions. In reaching a determination as to the appropriateness of any
proposed transaction, clients should undertake a thorough i ndependent review
of the legal, regulatory, credit, tax, accounting and economic consequences of
such transaction in relation to their particular circumstances. This website
contains market data from various sources other than us and our affiliates,
and, accordi ngly, we make no representation or warranty as to the market
data's accuracy or completeness. All information is subject to change without
notice.

SEC LEGEND

JPMorgan Chase and Co. ('J.P. Morgan' ) has filed a registration statement
(including a prospectus) with the Securities and Exchange Commission (the
"SEC") for any offering of securities to which these materials relate. Before
you invest in any offering of securities by J.P. Morgan, you should read the
prospectus in that registration statem~nt and the other documents relating to
the offering that J.P. Morgan files with the SEC for more

complete information about J.P. Morgan and the offering of 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 any dealer participating
in the particular offeri ng will arrange to send you the prospectus and the
prospectus supplement, as well as any product supplement, underlying supplement
and term sheet or pricing supplement, if you so request by calling toll[]free
866[]535-9248.

Use of Simulated Returns

Back-testing and other statistical analysis material that is provided in
connection with the explanations of the potential returns of the products
linked to the applicabl~ Index use simulated analysis and hypothetical

circumstances and may use assumptions not used in live index lev~l calculations
to estimate how it may have performed prior to its actual existence. The
results obtai ned from such "back-testing' information should not be considered
indicative of the actual results that might be obtain~d from an investment or
participation in a financial instrument or transaction referencing the
applicable Index. J.P. Morgan provides no assu rance o r

guarantee that the products linked to the applicable Index will operate or
would have operated in the past in a man ner consistent with these materials.
The hypothetical, back-tested, historical levels presented herein

have not been verified by an independent third party, and such hypothetical,
back-tested, historical levels have inherent limitations. Alternative
simulations, techniqu~s. model ing or assu mptions might produce significantly
different results and prove to be more appropriate. Hypothetical back-tested
results are neither an indicator nor guarantee of future returns. Actual
results will vary, perhaps materially, from the simulated

returns presented in this w ebsite.

IRS Circular 23D Disclosure

We and our affiliates do not provide tax advice. Accordingly, any discussion of
U.S. tax matters contained herein is not intended or written to be used, and
cannot be used, in connection with the promotion, marketing or

recommendation by anyone unaffiliated with J.P. Morgan of any of the matters
address 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 lor all
investors. 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 thes~ matters.

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lndcx Lt)Vel Date: OJ-Jun-205



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                          5.92

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nrltres About us lC2QUI

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J I, \I f))"!,!" rlll I I I....Cpffl~t C .2015 :PUcrftarl (his.to" ~Co fA
lllbll!'~ R~fJf 10d

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Footnotes

Index level Data

Index level:

Index level refers to the clos1ng level of the Index on the Index Level Date.
Index level Date: Index level Date refers to the date used to determine the
Index level.

Return

10% Change:

The 10% Change is the return of the index from the trading day that is 2
business days immediately preceding the date you accessed this website to the
business day immediately preceding the date you accessed this website. There is
no guarantee that the Index will achieve the 10% Change in the future. Past
performance is not indicative of future returns.

1M % Change:

The 1M% Change is the trailing return of the index over the past one month
period ending in the last trad ing day immediately preceding the date you
accessed this website. The 1M %Change may be based on

hypothetical, historical index levels and not actual index levels. There is no
guarantee that the Index will achieve the 1M% Change in the future. Past
performance is not indicative of future returns. YTD % Change:

The YTD% Change is the return of the index from the first business day of the
current calendar year to the trading day immediately preced1ng the date you
accessed this website. The YTD% Change may be based on

hypothetical, historical index levels and not actual index levels. There is no
guaramee that the Index will achieve the YTD% Change 1n the future. Past
performance is not indicative of future returns.

Risk Measures

1yr Volatility%:

Volatility refers to the standard dev1auon of the da1ly logarithmic returns of
the index over the time period specified and annualized. Volatility is a w1dely
used measure to express the risk of the financial instrument over

:he specified time period. Compared to convenuonal anthmetic return
calculations, logarithmic returns are generally lower for pos111ve returns and
generally have higher magnitude for negative returns. The volatility

calculations include hypothetical, hiStorical back[]tested Information that has
inherent limitations. No representation is made that 10 the future the Index
will have the Volatility shown. Actual annualized Volaulity may varv materially
from the analysis implied 1n th1s hypothet[]cal, historical calculation.

General Disclaimers

Investments in products linked to an Index require mvestors to assess several
characteristics and risk factors that may not be present 1n other types of
transactions. In reaching a determination as to the appropriateness

of any proposed transaction, clients should undertake a thorough independent
review of the legal, regulatory, credit, tax, accounting and economic
consequences of such transaction in relation to their particular

circumstances. This website contains market data from various sources other
than us and our affiliates, and, accordingly, we make no representation or
warranty as to the market data's accuracy or completeness. All information is
subject to change without nouce.

J.Pl\lorgan I ,.,,. , ,,,.,, , , ,,1, I '''" "'I [] I [] ' '"'"'P '' []
Copyright ll 2015JPMorgan Chaseandco.AII RightsReserved

SEC LEGEND

JPMorgan Chase and Co. (' J.P. Morgan") has filed a registration statement
(including a prospectus) with the Secu rities and Exchange Commission (the
"SEC") for any offering of securities to which these materials relate.

Before you invest in anv offering of securities by J.P. Morgan, you should read
the prospectus in that registration statement and the other documents relating
to the offering that J.P. Morgan files with the SEC for more complete
information about J.P. Morgan and the offering of securities. You may get these
docum ents without cost by visiting EDGAR on the SEC Website at www.sec.gov.
Alternatively, J.P. Morgan, any agent, or any dealer participating in t'le
particular offering wilt arrange to send you the prospectus and the prospectus
supplement, as well as any product supplement, underlying supplement and term
sheet or pricing supplement, if you so request by calion~ toll[]tree
866[]535-9248.

Use of Simulated Returns

Back-testing and other statistical analysis material that is provided in
connection with the explanations of the potential returns of the products
linked to the applicable Index use simulated analysis and hypothetical
circumstances and may use assumptions not used in live index level calculations
to estimate how it may have performed prior to its actual existence. The
results obtained from such "back-testing" information should not be considered
indicative of the actual results that might be obta ned from an investment or
participation in a financial instrument ~r transaction referencing the
applicable Index. J.P. Morgan provides no assurance or guarantee that the
products linked to the applicable Index will operate or would have operated in
the past in a manner consistent with these materials. The hypothetical,
back-tested, historical levels presented herein have not been verified by an
independent third party, and such hypothetical, back[]tested, historical levels
have inherent limitations. Alternative simulations, techniques, modeling or
assumptions might produce significantly different results and prove to be more
appropriate. Hypothetical back-tested results are neither an indicator nor
guarantee of future returns. Actual results wilt vary, perhaps materially, from
the simulated returns presented in this website.

IRS Circular 23D Disclosure

We and our affiliates do not provide tax advice. Accordingly, any discussion of
U.S. tax matters contained herein is not intended or written to be used, and
cannot be used, in connecti~n with the promotion, marketing or recommendation
by anyone unaffiliated with J.P. Morgan of any of the matters add ress herein
or for the purpose of avoiding U.S. tax[] related penalties. Investment
suitability must be determined individually for each

investor, and the financ at instruments described herein may no: be suitable
for all investors. 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.

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Home __. Indices __. Index Summary



 (Summary)

Analysis and Comparison

Expori Current Statistics II I, .... 1[]

JPMorgan ETF Efficiente 5 Index: Jun 07 2014 to Jun 05 2015

J.P l\llorgan I Privacy and Secur rty I Terms of Use I Cook res Polrcy
Copyright[C] 2015 JPMorgan Chase and Co. All Rights Reserved

Index Level Data

         Level       Date
------- ------ -----------
Current 127.68 05-Jun-2015
High    133.42 20-Mar-2015
Low     122.47 02-0ct-2014
Start   124.54 06-Jun-2014
End     127.68 05-Jun-2015

Risk Measures

Volatility       5.92%
Sharpe Ratio      0.49
Sortino Ratio      0.69
Maximum Drawdown  -4.3%
Monthly Maximum
                 -0.04%
Drawdown

Return Statistics

Annualized Return      2.53%
Average Monthly Return 0.23%
Average Monthly Return
                       1.67%
(Positive Months)
Average Monthly Return
                       []1.45%
(Negative Months)
# Positive Months          7
# Negative Months         6

Return

Daily Return           -0.34%
Month to Date Return   -0.98%
Quarter To Date Return -3.35%
Year To Date Return    -1.18%
3 Month Return         -2.52%
6 Month Return         -0.15%
1Year Return           2.81%
3 Year Return          15.14%
5 Year Return          35.9%

Monthly Return (o/o)

     Jan   Feb  Mar   Apr  May    Jun  Jul  Aug    Sep  Oct  Nov Dec  YeaIf
---- ---- ----- ---- ----- ----- ----- ---- ----- ----- ---- --- ---- -----
2014                             0.72  -0.7 2.9,B -3.84 2.87 1.7 0.53 7.21
2015 2.85 -0.75 0.17 -2.04 -0.36 -0.98                                -1.18