JPMorgan Chase & Co. Airbag Phoenix Autocallable Optimization Securities

$1,480,000 Linked to the common stock of Palo Alto Networks, Inc. due April 22, 2016
$1,360,000 Linked to the common stock of AbbVie Inc. due April 22, 2016

$1,269,000 Linked to the common stock of D.R. Horton, Inc. due April 22, 2016

See "Additional Information about JPMorgan Chase & Co. and the Securities" in this pricing supplement. Each Security we are offering will have the terms specified in the prospectus dated November 14, 2011, the prospectus supplement dated November 14, 2011, product supplement no. UBS-12-I dated January 27, 2014 and this pricing supplement. The terms of the Securities as set forth in this pricing supplement, to the extent they differ or conflict with those set forth in product supplement no. UBS-12-I, will supersede the terms set forth in product supplement no. UBS-12-I.

Neither the Securities and Exchange Commission (the "SEC") nor any state securities commission has approved or disapproved of the Securities or passed upon the accuracy or the adequacy of this pricing supplement or the accompanying prospectus, prospectus supplement and product supplement no. UBS-12-I. Any representation to the contrary is a criminal offense.

The estimated value of the Securities as determined by J.P. Morgan Securities LLC, which we refer to as JPMS, when the terms of the Securities were set, was $968.70, $972.50 and $977.10 per $1,000 principal amount Security linked to the common stock of Palo Alto Networks, Inc., linked to the common stock of AbbVie Inc. and linked to the common stock of D.R. Horton, Inc., respectively. See "JPMS's Estimated Value of the Securities" in this pricing supplement for additional information.

The Securities are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.

Additional Information about JPMorgan Chase & Co. and the Securities

This pricing supplement relates to three (3) separate Security offerings. Each issue of the offered Securities is linked to one, and only one, Underlying Stock. The purchaser of a Security will acquire a security linked to a single Underlying Stock (not to a basket or index that includes the other Underlying Stocks). You may participate in any of the three (3) Security offerings or, at your election, in two or more of the offerings. While each Security offering relates only to a single Underlying Stock identified on the cover page, you should not construe that fact as a recommendation of the merits of acquiring an investment linked to that Underlying Stock (or any other Underlying Stock) or as to the suitability of an investment in the Securities.

You should read this pricing supplement together with the prospectus dated November 14, 2011, as supplemented by the prospectus supplement dated November 14, 2011, relating to our Series E medium-term notes of which these Securities are a part, and the more detailed information contained in product supplement no. UBS-12-I dated January 27, 2014. This pricing supplement, together with the documents listed below, contains the terms of the Securities, supplements the free writing prospectus related hereto and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in "Risk Factors" in the accompanying product supplement no. UBS-12-I, as the Securities involve risks not associated with conventional debt securities.

You may access these on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filing for the relevant date on the SEC website):

As used in this pricing supplement, the "issuer," "JPMorgan Chase," "we," "us" and "our" refer to JPMorgan Chase & Co.

Investor Suitability

The suitability considerations identified above are not exhaustive. Whether or not the Securities are a suitable investment for you will depend on your individual circumstances, and you should reach an investment decision only after you and your investment, legal, tax, accounting and other advisers have carefully considered the suitability of an investment in the Securities in light of your particular circumstances. You should also review carefully the "Key Risks" beginning on page 6 of this pricing supplement and "Risk Factors" in the accompanying product supplement no. UBS-12-I for risks related to an investment in the Securities.

Coupon Observation Dates and Coupon Payment Dates

*These Coupon Observation Dates are also Autocall Observation Dates. If the Securities are called, the corresponding Coupon Payment Date will be the applicable Call Settlement Date and no further payments will be made.

Each of the Coupon Observation Dates and the Autocall Observation Dates, and therefore the Contingent Coupon Payment Dates, is subject to postponement in the event of a market disruption event and as described under Subject to postponement in the event of a market disruption event and as described under "Description of Securities — Postponement of a Determination Date" and "Description of Securities — Postponement of a Payment Date" in the accompanying product supplement no. UBS-12-I.

What Are the Tax Consequences of the Securities?

You should review carefully the section entitled "Material U.S. Federal Income Tax Consequences" in the accompanying product supplement no. UBS-12-I.  In determining our reporting responsibilities we intend to treat (i) the Securities for U.S. federal income tax purposes as prepaid forward contracts with associated contingent coupons and (ii) any Contingent Coupons as ordinary income, as described in the section entitled "Material U.S. Federal Income Tax Consequences — Tax Consequences to U.S. Holders — Tax Treatment as Prepaid Forward Contracts with Associated Contingent Coupons" in the accompanying product supplement no. UBS-12-I.  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 Internal Revenue Service (the "IRS") or a court may adopt.  The following discussion assumes the treatment described above is respected, except where otherwise indicated.

Sale or Exchange of a Security. Upon a sale or exchange of a Security (including retirement for cash upon an automatic call or at maturity), you should recognize capital gain or loss equal to the difference between the amount realized on the sale or exchange and your tax basis in the Security, which should equal the amount you paid to acquire the Security.  This gain or loss should be short-term capital gain or loss unless you hold the Security for more than one year, in which case the gain or loss should be long-term capital gain or loss, whether or not you are an initial purchaser of the Security at the issue price.  The deductibility of capital losses is subject to limitations.  If you sell a Security between the time your right to a Contingent Coupon is fixed and the time it is paid, it is likely that you will be treated as receiving ordinary income equal to the Contingent Coupon.  Although uncertain, it is possible that proceeds received from the sale or exchange of the Security prior to an Observation Date but that can be attributed to an expected Contingent Coupon payment could be treated as ordinary income.  You should consult your tax adviser regarding this issue.

Physical Settlement.  If you receive shares of the Underlying Stock at maturity, you should be deemed to have applied the purchase price of your Security toward the purchase of the shares you receive. You should not recognize gain or loss with respect to the receipt of those shares. Instead, your basis in the Share Delivery Amount should equal the price you paid to acquire your Security, and that basis should be allocated proportionately among the shares.  Your holding period for the shares of the Underlying Stock should begin on the day after receipt.  With respect to any cash received in lieu of a fractional share of Underlying Stock, you should recognize capital gain or loss in an amount equal to the difference between the amount of cash received and the tax basis allocable to the fractional share.

As described above, 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 Securities 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 Securities, possibly with retroactive effect.  You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities, including possible alternative treatments and the issues presented by this notice.

Non-U.S. Holders — Tax Considerations.  The U.S. federal income tax treatment of Contingent Coupons is uncertain, and although we believe it is reasonable to take a position that Contingent Coupons are not subject to U.S. withholding tax (at least if an applicable Form W-8 is provided), a withholding agent may nonetheless withhold on these payments (generally at a rate of 30%, subject to the possible reduction of that rate under an applicable income tax treaty), unless income from your Securities is effectively connected with your conduct of a trade or business in the United States (and, if an applicable treaty so requires, attributable to a permanent establishment in the United States).

In addition, notwithstanding the discussion under "Material U.S. Federal Income Tax Consequences —Tax Consequences to Non-U.S. Holders — FATCA" in the accompanying product supplement, withholding under legislation commonly referred to as "FATCA" could apply to amounts paid with respect to the Securities.  You should consult your tax adviser regarding the potential application of FATCA to the Securities.

Moreover, recently proposed Treasury regulations could impose a 30% (or lower treaty rate) withholding tax on amounts paid or deemed paid after December 31, 2015 that are treated as attributable to U.S.-source dividends on equities underlying financial instruments such as the Securities.  While it is not clear whether or in what form these regulations will be finalized, under recent Treasury guidance, these regulations would not apply to the Securities.

In the event of any withholding, we will not be required to pay any additional amounts with respect to amounts so withheld.  If you are not a United States person, you are urged to consult your tax adviser regarding the U.S. federal income tax consequences of an investment in the Securities in light of your particular circumstances.

Key Risks

An investment in the Securities involves significant risks. Investing in the Securities is not equivalent to investing directly in the applicable Underlying Stock. These risks are explained in more detail in the "Risk Factors" section of the accompanying product supplement no. UBS-12-I. We also urge you to consult your investment, legal, tax, accounting and other advisors before you invest in the Securities.

Risks Relating to the Securities Generally

Hypothetical Examples

The examples below illustrate the hypothetical payments on a Coupon Payment Date, upon an automatic call or at maturity under different hypothetical scenarios for a $1,000 Security on an offering of the Securities linked to a hypothetical Underlying Stock with the following assumptions* (amounts have been rounded for ease of reference):

The examples below are purely hypothetical and are not based on any specific offering of Securities linked to any specific Underlying Stock. These examples are intended to illustrate how the value of any payment on the Securities will depend on the closing price on the Autocall Observation Dates and Coupon Observation Dates, including the Final Valuation Date.

Example 1 — Securities Are Called on the First Autocall Observation Date and the Underlying Stock Closed at or Above the Coupon Barrier on the First Three Coupon Observation Dates

Because the Securities are called on the first Autocall Observation Date, we will pay you on the applicable Call Settlement Date a total of $1,005.00 per Security, reflecting your principal amount plus the applicable Contingent Coupon. When added to the Contingent Coupon payments of $10.00 received in respect of the prior Coupon Observation Dates, we will have paid you a total of $1,015.00 per Security, for a 1.50% total return on the Securities. No further amounts will be owed on the Securities.

Example 2 — Securities Are Called on the Third Autocall Observation Date and the Underlying Stock Closed at or Above the Coupon Barrier on Six of Nine Coupon Observation Dates

Because the Securities are called on the third Autocall Observation Date, we will pay you on the applicable Call Settlement Date a total of $1,005.00 per Security, reflecting your principal amount plus the applicable Contingent Coupon. When that amount is added to the Contingent Coupon payments of $25.00 received in respect of the prior Coupon Observation Dates, we will have paid you a total of $1,030.00 per Security, for a 3.00% total return on the Securities. No further amounts will be owed on the Securities.

Example 3 — Securities Are NOT Called and the Final Price Is at or Above the Conversion Price and the Coupon Barrier

At maturity, we will pay you a total of $1,005.00 per Security, reflecting your principal amount plus the applicable Contingent Coupon. When that amount is added to the Contingent Coupon payments of $40.00 received in respect of prior Coupon Observation Dates, we will have paid you a total of $1,045.00 per Security, for a 4.50% total return on the Securities.

Example 4 — Securities Are NOT Called and the Final Price Is Below the Conversion Price but Above the Coupon Barrier

Because the Securities are not called and the Final Price is below the Conversion Price, we will deliver to you at maturity the number of shares of the Underlying Stock equal to the Share Delivery Amount for every $1,000 principal amount of the Securities you hold and will pay cash at the Final Price for any fractional shares included in the Share Delivery Amount. The value of shares received at maturity and the total return on the Securities at that time depends on the closing price of the Underlying Stock on the maturity date, and could result in the loss of some or all of your principal. In this example, we will deliver to you at maturity 25 shares of the Reference Stock at $37.50 per share, which is equal to a value of $937.50 (assuming the Final Price also equals the closing price at maturity), and will also pay you the final Contingent Coupon payment of $5.00. When that amount is added to the Contingent Coupon payments of $45.00 received in respect of the prior Coupon Observation Dates, we will have paid you $987.50 per Security, for a loss on the Securities of 1.25%.

Example 5 — Securities Are NOT Called and the Final Price Is below the Conversion Price and the Coupon Barrier

Because the Securities are not called and the Final Price is below the Conversion Price, we will deliver to you at maturity the number of shares of the Underlying Stock equal to the Share Delivery Amount for every $1,000 principal amount of the Securities you hold and will pay cash at the Final Price for any fractional shares included in the Share Delivery Amount. The value of shares received at maturity and the total return on the Securities at that time depends on the closing price of the Underlying Stock on the maturity date, and could result in the loss of some or all of your principal. In this example, we will deliver to you at maturity 25 shares of the Reference Stock at $30.00 per share, which is equal to a value of $750.00 (assuming the Final Price also equals the closing price at maturity). When that amount is added to the Contingent Coupon payments of $60.00 received in respect of the prior Coupon Observation Dates, we will have paid you $810.00 per Security, for a loss on the Securities of 19.00%.

The hypothetical returns and hypothetical payments on the Securities shown above apply only if you hold the Securities for their entire term or until called. These hypotheticals do not reflect 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.

The Underlying Stocks

Included on the following pages is a brief description of the issuers of the Underlying Stocks. This information has been obtained from publicly available sources, without independent verification. Set forth below is a table that provides the quarterly high and low closing prices of one share of each Underlying Stock. The information given below is for the four calendar quarters in each of 2009, 2010, 2011, 2012 and 2013 and the first, second and third calendar quarters of 2014. Partial data is provided for the fourth calendar quarter of 2014. We obtained the closing price information set forth below from the Bloomberg Professional^® service ("Bloomberg"), without independent verification. You should not take the historical prices of any Underlying Stock as an indication of future performance.

Each of the Underlying Stocks is registered under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Companies with securities registered under the Exchange Act are required to file financial and other information specified by the SEC periodically. Information filed by the issuer of each Underlying Stock with the SEC can be reviewed electronically through a web site maintained by the SEC. The address of the SEC's web site is http://www.sec.gov. Information filed with the SEC by the issuer of each Underlying Stock under the Exchange Act can be located by reference to its SEC file number provided below. In addition, information filed with the SEC can be inspected and copied at the Public Reference Section of the SEC, 100 F Street, N.E., Room 1580, Washington, D.C. 20549. Copies of this material can also be obtained from the Public Reference Section, at prescribed rates. We do not make any representation that these publicly available documents are accurate or complete.

Palo Alto Networks, Inc.

According to its publicly available filings with the SEC, Palo Alto Networks, Inc., which we refer to as Palo Alto Networks, offers an enterprise security platform that is intended to allow enterprises, service providers and government entities to safely enable applications to run on their networks and prevent breaches stemming from targeted cyber attacks. The common stock of Palo Alto Networks, par value $0.0001 per share (Bloomberg ticker: PANW), is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Palo Alto Networks in the accompanying product supplement no. UBS-12-I. Palo Alto Networks' SEC file number is 001-35594.

Historical Information Regarding the Common Stock of Palo Alto Networks

The following table sets forth the quarterly high and low closing prices of one share of the common stock of Palo Alto Networks, based on daily closing prices on the primary exchange for Palo Alto Networks, as reported by Bloomberg. The closing price of one share of the common stock of Palo Alto Networks on October 17, 2014 was $99.33. We obtained the closing prices and other information below from Bloomberg, without independent verification. The closing prices and this other information may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the common stock of Palo Alto Networks has experienced significant fluctuations. The historical performance of the common stock of Palo Alto Networks should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock of Palo Alto Networks during the term of the Securities. We cannot give you assurance that the performance of the common stock of Palo Alto Networks will result in the return of any of your principal. We make no representation as to the amount of dividends, if any, that Palo Alto Networks will pay in the future. In any event, as an investor in the Securities, you will not be entitled to receive dividends, if any, that may be payable on the common stock of Palo Alto Networks.

The graph below illustrates the daily performance of the common stock of Palo Alto Networks from July 20, 2012 through October 17, 2014, based on information from Bloomberg, without independent verification. The common stock of Palo Alto Networks began trading on the New York Stock Exchange on July 20, 2012 and therefore has a limited performance history. The dotted lines represent the Conversion Price of $79.46, equal to 80% of the closing price on October 17, 2014 and the Coupon Barrier of $64.56, equal to 65% of the closing price on October 17, 2014.

Past performance of the Underlying Stock is not indicative of the future performance of the Underlying Stock.

AbbVie Inc.

According to its publicly available filings with the SEC, AbbVie Inc., which we refer to as AbbVie, is a global, research-based biopharmaceutical company that develops and markets therapies that address a number of health conditions. The common stock of AbbVie, par value $0.01 per share (Bloomberg ticker: ABBV), is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of AbbVie in the accompanying product supplement no. UBS-12-I. AbbVie's SEC file number is 001-35565.

Historical Information Regarding the Common Stock of AbbVie

The following table sets forth the quarterly high and low closing prices of one share of the common stock of AbbVie, based on daily closing prices on the primary exchange for AbbVie, as reported by Bloomberg. The closing price of one share of the common stock of AbbVie on October 17, 2014 was $53.37. We obtained the closing prices and other information below from Bloomberg, without independent verification. The closing prices and this other information may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the common stock of AbbVie has experienced significant fluctuations. The historical performance of the common stock of AbbVie should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock of AbbVie during the term of the Securities. We cannot give you assurance that the performance of the common stock of AbbVie will result in the return of any of your principal. We make no representation as to the amount of dividends, if any, that AbbVie will pay in the future. In any event, as an investor in the Securities, you will not be entitled to receive dividends, if any, that may be payable on the common stock of AbbVie.

The graph below illustrates the daily performance of the common stock of AbbVie from December 10, 2012 through October 17, 2014, based on information from Bloomberg, without independent verification. The common stock of AbbVie began trading on the New York Stock Exchange on December 10, 2012 and therefore has a limited performance history. The dotted lines represent the Conversion Price of $45.36, equal to 85% of the closing price on October 17, 2014 and the Coupon Barrier of $42.70, equal to 80% of the closing price on October 17, 2014.

Past performance of the Underlying Stock is not indicative of the future performance of the Underlying Stock.

D.R. Horton, Inc.

According to its publicly available filings with the SEC, D.R. Horton, Inc., which we refer to as D.R. Horton, is a U.S. homebuilding company that constructs and sells homes. The common stock of D.R. Horton, par value $0.01 per share (Bloomberg ticker: DHI), is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of D.R. Horton in the accompanying product supplement no. UBS-12-I. D.R. Horton's SEC file number is 001-14122.

Historical Information Regarding the Common Stock of D.R. Horton

The following table sets forth the quarterly high and low closing prices of one share of the common stock of D.R. Horton, based on daily closing prices on the primary exchange for D.R. Horton, as reported by Bloomberg. The closing price of one share of the common stock of D.R. Horton on October 17, 2014 was $21.56. We obtained the closing prices and other information below from Bloomberg, without independent verification. The closing prices and this other information may be adjusted by Bloomberg for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.

Since its inception, the price of one share of the common stock of D.R. Horton has experienced significant fluctuations. The historical performance of the common stock of D.R. Horton should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of one share of the common stock of D.R. Horton during the term of the Securities. We cannot give you assurance that the performance of the common stock of D.R. Horton will result in the return of any of your principal. We make no representation as to the amount of dividends, if any, that D.R. Horton will pay in the future. In any event, as an investor in the Securities, you will not be entitled to receive dividends, if any, that may be payable on the common stock of D.R. Horton.

The graph below illustrates the daily performance of the common stock of D.R. Horton from January 2, 2004 through October 17, 2014, based on information from Bloomberg, without independent verification. The dotted lines represent the Conversion Price of $18.33, equal to 85% of the closing price on October 17, 2014 and the Coupon Barrier if $16.17, equal to 75% of the closing price on October 17, 2014.

Past performance of the Underlying Stock is not indicative of the future performance of the Underlying Stock.

Supplemental Underwriting Information

We have agreed to indemnify UBS and JPMS against liabilities under the Securities Act of 1933, as amended, or to contribute to payments that UBS may be required to make relating to these liabilities as described in the prospectus supplement and the prospectus. We have agreed that UBS may sell all or a part of the Securities that it purchases from us to the public or its affiliates at the price to public indicated on the cover hereof.

Subject to regulatory constraints, JPMS intends to offer to purchase the Securities in the secondary market, but it is not required to do so.

We or our affiliates may enter into swap agreements or related hedge transactions with one of our other affiliates or unaffiliated counterparties in connection with the sale of the Securities, and JPMS and/or an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See "Supplemental Use of Proceeds" in this pricing supplement and "Use of Proceeds and Hedging" beginning on page PS-20 of the accompanying product supplement no. UBS-12-I.

JPMS's Estimated Value of the Securities

For each offering of the Securities, JPMS's estimated value of the Securities 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 Securities, valued using our internal funding rate for structured debt described below, and (2) the derivative or derivatives underlying the economic terms of the Securities. JPMS's estimated value does not represent a minimum price at which JPMS would be willing to buy your Securities in any secondary market (if any exists) at any time. The internal funding rate used in the determination of JPMS's estimated value generally represents a discount from the credit spreads for our conventional fixed-rate debt. For additional information, see "Key Risks — Risks Relating to the Securities Generally — JPMS's Estimated Value Is Not Determined by Reference to Credit Spreads for Our Conventional Fixed-Rate Debt." The value of the derivative or derivatives underlying the economic terms of the Securities is derived from JPMS's internal pricing models. 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, JPMS's estimated value of the Securities is determined when the terms of the Securities are set based on market conditions and other relevant factors and assumptions existing at that time. See "Key Risks — Risks Relating to the Securities Generally — JPMS's Estimated Value Does Not Represent Future Values of the Securities and May Differ from Others' Estimates."

JPMS's estimated value of the Securities is lower than the original issue price of the Securities because costs associated with selling, structuring and hedging the Securities are included in the original issue price of the Securities. These costs include the selling commissions paid to UBS, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the Securities and the estimated cost of hedging our obligations under the Securities. 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. We or one or more of our affiliates will retain any profits realized in hedging our obligations under the Securities. See "Key Risks — Risks Relating to the Securities Generally — JPMS's Estimated Value of the Securities Is Lower Than the Original Issue Price (Price to Public) of the Securities" in this pricing supplement.

Secondary Market Prices of the Securities

For information about factors that will impact any secondary market prices of the Securities, see "Key Risks — Risks Relating to the Securities Generally — Secondary Market Prices of the Securities Will Be Impacted by Many Economic and Market Factors" in this pricing supplement. In addition, we generally expect that some of the costs included in the original issue price of the Securities will be partially paid back to you in connection with any repurchases of your Securities by JPMS in an amount that will decline to zero over an initial predetermined period that is intended to be approximately five months. The length of any such initial period reflects secondary market volumes for the Securities, the structure of the Securities, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the Securities and when these costs are incurred, as determined by JPMS. See "Key Risks — Risks Relating to the Securities Generally — The Value of the Securities as Published by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than JPMS's Then-Current Estimated Value of the Securities for a Limited Time Period."

Supplemental Use of Proceeds

The net proceeds we receive from the sale of the Securities will be used for general corporate purposes and, in part, by us or one or more of our affiliates in connection with hedging our obligations under the Securities.

The Securities are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the Securities. See "Hypothetical Examples" in this pricing supplement for an illustration of the risk-return profile of the Securities and the section for the applicable Underlying Stock set forth under "The Underlying Stocks" in this pricing supplement for a description of the market exposure provided by the Securities.

The original issue price of the Securities is equal to JPMS's estimated value of the Securities plus the selling commissions paid to UBS, plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the applicable Securities, plus the estimated cost of hedging our obligations under the applicable Securities.

Validity of the Securities

In the opinion of Davis Polk & Wardwell LLP, as our special products counsel, when the Securities offered by this pricing supplement have been executed and issued by us and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such Securities will be our valid and binding obligations, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above. This opinion is given as of the date hereof and is limited to the federal laws of the United States of America, the laws of the State of New York and the General Corporation Law of the State of Delaware. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the Securities and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated March 29, 2012, which was filed as an exhibit to a Current Report on Form 8-K by us on March 29, 2012.