Term sheet
To prospectus dated November 7, 2014,
prospectus supplement dated November 7, 2014 and
product supplement no. 4a-I dated November 7, 2014
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Term Sheet to
Product Supplement No. 4a-I
Registration Statement No. 333-199966
Dated January 29, 2015; Rule 433
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Structured
Investments
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$
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks due February 18, 2016
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The notes are designed for investors who seek capped, unleveraged exposure to the appreciation of an equally weighted basket of 6 Reference Stocks, up to a maximum return of 21.90% at maturity.
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Investors should be willing to forgo interest and dividend payments and, if the Ending Basket Level is less than the Starting Basket Level by more than 21.90%, be willing to lose some or all of their principal.
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The notes are unsecured and unsubordinated obligations of JPMorgan Chase & Co. Any payment on the notes is subject to the credit risk of JPMorgan Chase & Co.
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Minimum denominations of $10,000 and integral multiples of $1,000 in excess thereof
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Basket:
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The Basket consists of 6 common shares, common stocks and ordinary shares (each, a “Reference Stock” and collectively, the “Reference Stocks”). The issuers of the Reference Stocks and the Bloomberg ticker symbol, the relevant exchange on which it is listed, the Stock Weight and the Initial Stock Price of each Reference Stock are set forth under “The Basket” on page TS-1 of this term sheet.
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Payment at Maturity:
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If the Ending Basket Level is greater than the Starting Basket Level, at maturity you will receive a cash payment that provides you with a return per $1,000 principal amount note equal to the Basket Return, subject to the Maximum Return. Accordingly, if the Ending Basket Level is greater than the Starting Basket Level, your payment at maturity per $1,000 principal amount note will be calculated as follows:
$1,000 + ($1,000 × Basket Return), subject to the Maximum Return
If the Ending Basket Level is equal to the Starting Basket Level or if the Ending Basket Level is less than the Starting Basket Level by up to 21.90%, you will be entitled to the full repayment of your principal amount at maturity.
If the Ending Basket Level is less than the Starting Basket Level by more than 21.90%, you will lose 1% of the principal amount of your notes for every 1% that the Ending Basket Level is less than the Starting Basket Level, and your payment at maturity per $1,000 principal amount note will be calculated as follows:
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$1,000 + ($1,000 × Basket Return)
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If the Ending Basket Level is less than the Starting Basket Level by more than 21.90%, you will lose more than 21.90% of your principal amount at maturity and may lose all of your principal amount at maturity.
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Maximum Return:
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21.90%. For example, if the Basket Return is equal to or greater than 21.90%, you will receive the Maximum Return of 21.90%, which entitles you to the maximum payment at maturity of $1,219 per $1,000 principal amount note that you hold.
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Contingent Buffer Amount:
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21.90%
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Basket Return:
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(Ending Basket Level – Starting Basket Level)
Starting Basket Level
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Starting Basket Level:
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Set equal to 100 on the Pricing Date
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Ending Basket Level:
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The arithmetic average of the Basket Closing Levels on the Ending Averaging Dates
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Basket Closing Level:
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On each Ending Averaging Date, the Basket Closing Level will be calculated as follows:
100 × [1 + sum of (Stock Return of each Reference Stock on that Ending Averaging Date × 1/6)]
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Stock Return:
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With respect to each Reference Stock, on each Ending Averaging Date:
(Final Stock Price – Initial Stock Price)
Initial Stock Price
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Initial Stock Price:
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With respect to each Reference Stock, the closing price of one share of that Reference Stock on the Pricing Date, as specified in “The Basket” on page TS-1 of this term sheet.
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Final Stock Price:
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With respect to each Reference Stock, on each Ending Averaging Date, the closing price of one share of that Reference Stock on that date
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Stock Adjustment Factor:
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With respect to each Reference Stock, the Stock Adjustment Factor is referenced in determining the closing price of one share of that Reference Stock and is set initially at 1.0 on the Pricing Date. The Stock Adjustment Factor for each Reference Stock is subject to adjustment upon the occurrence of certain corporate events affecting that Reference Stock. See “The Underlyings — Reference Stocks — Anti-Dilution Adjustments” and “The Underlyings — Reference Stocks — Reorganization Events” in the accompanying product supplement no. 4a-I for further information.
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Pricing Date:
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On or about January 29, 2015
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Original Issue Date (Settlement Date):
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On or about January 30, 2015
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Ending Averaging Dates†:
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February 8, 2016, February 9, 2016, February 10, 2016, February 11, 2016 and February 12, 2016 (the “Final Ending Averaging Date”)
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Maturity Date†:
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February 18, 2016
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CUSIP:
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48125UAF9
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†
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Subject to postponement in the event of certain market disruption events 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 no. 4a-I
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Price to Public (1)
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Fees and Commissions (2)
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Proceeds to Issuer
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Per note
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$1,000
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$
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$
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Total
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$
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$
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$
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(1)
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See “Supplemental Use of Proceeds” in this term sheet for information about the components of the price to public of the notes.
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(2)
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J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Chase & Co., 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 $10.00 per $1,000 principal amount note. See “Plan of Distribution (Conflicts of Interest)” beginning on page PS-87 of the accompanying product supplement no. 4a-I.
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Product supplement no. 4a-I dated November 7, 2014:
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Prospectus supplement and prospectus, each dated November 7, 2014:
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Ticker
Symbol
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Reference Stock Issuer
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Relevant Exchange
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Stock Weight
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Initial Stock Price*
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SU
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Suncor Energy Inc.
(common shares)
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New York Stock Exchange (NYSE)
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1/6
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$
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EOG
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EOG Resources, Inc.
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NYSE
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1/6
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$
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SLB
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Schlumberger N.V. (Schlumberger Limited)
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NYSE
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1/6
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$
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COG
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Cabot Oil & Gas Corporation
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NYSE
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1/6
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$
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WFT
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Weatherford International public limited company (ordinary shares)
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NYSE
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1/6
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$
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APC
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Anadarko Petroleum Corporation
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NYSE
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1/6
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$
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-1
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Ending Basket
Level
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Basket Return
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Total Return
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180.00
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80.00%
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21.90%
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170.00
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70.00%
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21.90%
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160.00
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60.00%
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21.90%
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150.00
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50.00%
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21.90%
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140.00
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40.00%
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21.90%
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130.00
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30.00%
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21.90%
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121.90
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21.90%
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21.90%
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115.00
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15.00%
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15.00%
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110.00
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10.00%
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10.00%
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105.00
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5.00%
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5.00%
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102.50
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2.50%
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2.50%
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100.00
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0.00%
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0.00%
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95.00
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-5.00%
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0.00%
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90.00
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-10.00%
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0.00%
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85.00
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-15.00%
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0.00%
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80.00
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-20.00%
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0.00%
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78.10
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-21.90%
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0.00%
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78.09
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-21.91%
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-21.91%
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70.00
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-30.00%
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-30.00%
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60.00
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-40.00%
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-40.00%
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50.00
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-50.00%
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-50.00%
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40.00
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-60.00%
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-60.00%
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30.00
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-70.00%
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-70.00%
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20.00
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-80.00%
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-80.00%
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10.00
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-90.00%
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-90.00%
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0.00
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-100.00%
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-100.00%
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-2
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-3
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CAPPED APPRECIATION POTENTIAL — The notes provide the opportunity to earn a capped, unleveraged return equal to a positive Basket Return, up to the Maximum Return of 21.90%, for a maximum payment at maturity of $1,219 per $1,000 principal amount note. Because the notes are our unsecured and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they become due.
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LIMITED PROTECTION AGAINST LOSS — We will pay you your principal back at maturity if the Ending Basket Level is equal to or less than the Starting Basket Level by up to the Contingent Buffer Amount of 21.90%. If the Ending Basket Level is less than the Starting Basket Level by more than the Contingent Buffer Amount, for every 1% that the Ending Basket Level is less than the Starting Basket Level, you will lose an amount equal to 1% of the principal amount of your notes. Under these circumstances, you will lose more than 21.90% of your principal amount and may lose all of your principal amount at maturity.
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RETURN LINKED TO AN EQUALLY WEIGHTED BASKET OF 6 REFERENCE STOCKS — The return on the notes is linked to the performance of an equally weighted Basket that consists of 6 Reference Stocks as set forth under “The Basket” on page TS-1 of this term sheet.
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CAPITAL GAINS TAX TREATMENT — You should review carefully the section entitled “Material U.S. Federal Income Tax Consequences” in the accompanying product supplement no. 4a-I. The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.
Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as “open transactions” that are not debt instruments for U.S. federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax Consequences—Tax Consequences to U.S. Holders—Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying product supplement no. 4a-I. Assuming this treatment is respected, the gain or loss on your notes should be treated as long-term capital gain or loss if you hold your notes for more than a year, whether or not you are an initial purchaser of notes at the issue price. However, the IRS or a court may not respect this treatment, in which case the timing and character of any income or loss on the notes could be materially and adversely 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; the relevance of factors such as the nature of the underlying property to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors should be subject to withholding tax; and whether these instruments are or should be subject to the “constructive ownership” regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest charge. 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 and adversely affect the tax consequences of an investment in the notes, possibly with retroactive effect. 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 this notice.
Withholding under legislation commonly referred to as “FATCA” may apply to amounts treated as interest paid with respect to the notes, if they are recharacterized as debt instruments. You should consult your tax adviser regarding the potential application of FATCA to the notes.
Based on certain factual assumptions and representations received from us, our special tax counsel is of the opinion that withholding under Sections 897 and 1445 of the Code and the regulations thereunder should not be imposed on proceeds paid to non-U.S. investors with respect to the notes, although it is possible that we may decide (or that the IRS could argue) that we are required to withhold.
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YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS — The notes do not guarantee any return of principal. The return on the notes at maturity is linked to the performance of the Basket and will depend on whether, and the extent to which, the Basket Return is positive or negative. If the Ending Basket Level is less than the Starting Basket Level by more than the Contingent Buffer Amount of 21.90%, the benefit provided by the Contingent Buffer Amount will terminate and you will be exposed to a loss. Under these circumstances, for every 1% that the Ending Basket Level is less than the Starting Basket Level, you will lose an amount equal to 1% of the principal amount of your notes. Accordingly, you will lose more than 21.90% of your principal amount and may lose all of your principal amount at maturity.
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YOUR MAXIMUM GAIN ON THE NOTES IS LIMITED TO THE MAXIMUM RETURN — If the Ending Basket Level is greater than the Starting Basket Level, for each $1,000 principal amount note, you will receive at maturity $1,000 plus an additional return that will not exceed the Maximum Return of 21.90%, regardless of the appreciation in the Basket, which may be significant.
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-4
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CREDIT RISK OF JPMORGAN CHASE & CO. — The notes are subject to the credit risk of JPMorgan Chase & Co., and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase & Co.’s ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness or credit spreads, as determined by the market for taking our credit risk, is likely to adversely affect the value of the notes. If we 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.
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POTENTIAL CONFLICTS — We and our affiliates play a variety of roles in connection with the issuance of the notes, including acting as calculation agent and as an agent of the offering of the notes, hedging our obligations under the notes and making the assumptions used to determine the pricing of the notes and the estimated value of the notes when the terms of the notes are set, which we refer to as JPMS’s estimated value. In performing these duties, our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse to your interests as an investor in the notes. In addition, our business activities, including hedging and trading activities, could cause our economic interests to be adverse to yours and could adversely affect any payment on the notes and the value of 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 no. 4a-I for additional information about these risks.
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THE BENEFIT PROVIDED BY THE CONTINGENT BUFFER AMOUNT MAY TERMINATE ON THE FINAL ENDING AVERAGING DATE — If the Ending Basket Level is less than the Starting Basket Level by more than the Contingent Buffer Amount, the benefit provided by the Contingent Buffer Amount will terminate and you will be fully exposed to any depreciation of the Basket.
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JPMS’S ESTIMATED VALUE OF THE NOTES WILL BE LOWER THAN THE ORIGINAL ISSUE PRICE (PRICE TO PUBLIC) OF THE NOTES — JPMS’s estimated value is only an estimate using several factors. The original issue price of the notes will exceed JPMS’s estimated value 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 “JPMS’s Estimated Value of the Notes” in this term sheet.
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JPMS’S ESTIMATED VALUE DOES NOT REPRESENT FUTURE VALUES OF THE NOTES AND MAY DIFFER FROM OTHERS’ ESTIMATES — JPMS’s estimated value of the notes is determined by reference to JPMS’s internal pricing models when the terms of the notes are set. This estimated value is based on market conditions and other relevant factors existing at that time and JPMS’s assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors. Different pricing models and assumptions could provide valuations for notes that are greater than or less than JPMS’s estimated value. 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 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. See “JPMS’s Estimated Value of the Notes” in this term sheet.
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JPMS’S ESTIMATED VALUE IS NOT DETERMINED BY REFERENCE TO CREDIT SPREADS FOR OUR CONVENTIONAL FIXED-RATE DEBT — 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. The discount is based on, among other things, our 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 our conventional fixed-rate debt. If JPMS were to use the interest rate implied by our conventional fixed-rate credit spreads, we would expect the economic terms of the notes to be more favorable to you. Consequently, our use of an internal funding rate would have an adverse effect on the terms of the notes and any secondary market prices of the notes. See “JPMS’s Estimated Value of the Notes” in this term sheet.
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THE VALUE OF THE NOTES 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 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. These costs can include projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our secondary market credit spreads for structured debt issuances. See “Secondary Market Prices of the Notes” in this term sheet 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).
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-5
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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 secondary market credit spreads for structured debt issuances and, also, because secondary market prices (a) exclude selling commissions and (b) may exclude 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 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. See the immediately following risk consideration for information about additional factors that will impact any secondary market prices of the notes.
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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 price of one share of each Reference Stock, including:
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any actual or potential change in our creditworthiness or credit spreads;
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customary bid-ask spreads for similarly sized trades;
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secondary market credit spreads for structured debt issuances;
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the actual and expected volatility in the prices of the Reference Stocks;
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the time to maturity of the notes;
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the dividend rates on the Reference Stocks;
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the actual and expected positive or negative correlation among the Reference Stocks, or the expected absence of any such correlation;
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the occurrence of certain events affecting the issuer of a Reference Stock that may or may not require an adjustment to the applicable Stock Adjustment Factor, including a merger or acquisition;
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interest and yield rates in the market generally; and
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a variety of other economic, financial, political, regulatory and judicial events.
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CORRELATION (OR LACK OF CORRELATION) OF THE REFERENCE STOCKS — The notes are linked to an equally weighted Basket consisting of 6 Reference Stocks. Price movements of the Reference Stocks may or may not be correlated with each other. At a time when the value of one or more of the Reference Stocks increases, the value of the other Reference Stocks may not increase as much or may even decline. Therefore, in calculating the Ending Basket Level, increases in the value of one or more of the Reference Stocks may be moderated, or more than offset, by the lesser increases or declines in the values of the other Reference Stocks.
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THE REFERENCE STOCKS INCLUDED IN THE BASKET ARE CONCENTRATED IN THE ENERGY INDUSTRY — Each of the stocks in the Basket has been issued by a company whose business is associated with the energy industry. Because the value of the notes is determined by the performance of the Basket, an investment in these notes will be concentrated in this industry. As a result, the value of the notes may be subject to greater volatility and be more adversely affected by a single positive or negative economic, political or regulatory occurrence affecting this industry than a different investment linked to securities of a more broadly diversified group of issuers.
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NO OWNERSHIP OR DIVIDEND RIGHTS IN THE REFERENCE STOCKS — As a holder of the notes, you will not have any ownership interest or rights in any of the Reference Stocks, such as voting rights or dividend payments. In addition, the issuers of the Reference Stocks will not have any obligation to consider your interests as a holder of the notes in taking any corporate action that might affect the value of the relevant Reference Stocks and the notes.
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NO AFFILIATION WITH THE REFERENCE STOCK ISSUERS — We are not affiliated with the issuers of the Reference Stocks. We have not independently verified any of the information about the Reference Stock issuers contained in this term sheet. You should undertake your own investigation into the Reference Stocks and their issuers. We are not responsible for the Reference Stock issuers’ public disclosure of information, whether contained in SEC filings or otherwise.
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NO INTEREST PAYMENTS — As a holder of the notes, you will not receive any interest payments.
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LACK OF LIQUIDITY — The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the notes easily. Because other dealers are not likely to make a secondary market for the notes, 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.
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-6
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THE ANTI-DILUTION PROTECTION FOR THE REFERENCE STOCKS IS LIMITED AND MAY BE DISCRETIONARY — The calculation agent will make adjustments to the Stock Adjustment Factor for each Reference Stock for certain corporate events affecting that Reference Stock. However, the calculation agent will not make an adjustment in response to all events that could affect each Reference Stock. If an event occurs that does not require the calculation agent to make an adjustment, the value of the notes may be materially and adversely affected. You should also be aware that the calculation agent may make adjustments in response to events that are not described in the accompanying product supplement to account for any diluting or concentrative effect, but the calculation agent is under no obligation to do so or to consider your interests as a holder of the notes in making these determinations.
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RISKS ASSOCIATED WITH NON-U.S. COMPANIES WITH RESPECT TO THE COMMON SHARES OF SUNCOR ENERGY INC., THE COMMON STOCK OF SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED) AND THE ORDINARY SHARES OF WEATHERFORD INTERNATIONAL LTD. — An investment in the notes, which are linked in part to the common shares of Suncor Energy Inc. (which we refer to as “Suncor”), the common stock of Schlumberger N.V. (Schlumberger Limited) (which we refer to as “Schlumberger”) and the ordinary shares of Weatherford International public limited company (which we refer to as “Weatherford”), involves risks associated with the home countries of Suncor, Schlumberger and Weatherford (which are Canada, Curaçao and Ireland, respectively). The prices of non-U.S. equity securities may be affected by political, economic, financial and social factors in the home country of the issuer of the non-U.S. company (i.e., Canada, Curaçao or Ireland), including changes in that country’s government, economic and fiscal policies, currency exchange laws or other laws or restrictions.
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THE NOTES ARE SUBJECT TO CURRENCY EXCHANGE RATE RISK WITH RESPECT TO THE COMMON SHARES OF SUNCOR — Because the common shares of Suncor are quoted and traded in U.S. dollars on the New York Stock Exchange and in Canadian dollars on the Toronto Stock Exchange, fluctuations in the exchange rate between Canadian dollar and the U.S. dollar will likely affect the relative value of the common shares of Suncor in the different currencies and, as a result, will likely affect the market price of the common shares of Suncor trading on the New York Stock Exchange. These trading differences and currency exchange rates may affect the closing prices of the common shares of Suncor and accordingly, the market value of the notes. The Canadian dollar has been subject to fluctuations against the U.S. dollar in the past, and may be subject to significant fluctuations in the future. Previous fluctuations or periods of relative stability in the exchange rates between the Canadian dollar and the U.S. dollar are not necessarily indicative of fluctuations or periods of relative stability in those rates that may occur over the term of the notes. The exchange rate between the Canadian dollar and the U.S. dollar is the result of the supply of, and the demand for, those currencies. Changes in the exchange rate result over time from the interaction of many factors directly or indirectly affecting economic and political conditions in Canada and the United States, including economic and political developments in other countries. Of particular importance to potential currency exchange risk are: (i) existing and expected rates of inflation; (ii) existing and expected interest rate levels; (iii) interest rate and exchange rate volatility levels which impact currency bid/offer spreads; (iv) balance of payments; and (v) the extent of governmental surpluses or deficits in Canada and the United States. All of these factors are in turn sensitive to the monetary, fiscal and trade policies pursued by the governments of Canada and the United States and other countries important to international trade and finance.
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THE FINAL TERMS AND VALUATION OF THE NOTES WILL BE PROVIDED IN THE PRICING SUPPLEMENT — The final terms of the notes will be based on relevant market conditions when the terms of the notes are set and will be provided in the pricing supplement. In particular, JPMS’s estimated value will be provided in the pricing supplement and may be as low as the minimum for JPMS’s estimated value set forth on the cover of this term sheet. Accordingly, you should consider your potential investment in the notes based on the minimum for JPMS’s estimated value.
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
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TS-7
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JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
|
TS-8
|
JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
|
TS-9
|
JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
|
TS-10
|
JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
|
TS-11
|
JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
|
TS-12
|
JPMorgan Structured Investments —
Capped Contingent Buffered Equity Notes Linked to an Equally Weighted Basket of 6 Reference Stocks
|
TS-13
|