EFTA Document EFTA01377550

• 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 the 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. • SECONDARY MARKET PRICES OF THE NOTES WILL BE IMPACTED BY MANY ECONOMIC AND MARKET FACTORS — The secondary market price of the notes dunng 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 level of the Index. Additionally, independent pricing vendors and/or third party broker-dealers may publish a price for the notes, which may also be reflected on customer account statements. This price may be different (higher or lower) than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market. See Risk Factors — Risks Relating to the Estimated Value of Secondary Market Prices of the Notes — Secondary market prices of the notes will be impacted by many economic and market factors" in the accompanying product supplement. The Index The Index consists of 50 component stocks of market sector leaders from within the Eurozone. The Index and STOXXt are the intellectual property (including registered trademarks) of STOXX Limited. Zurich, Switzerland and/or its licensors (the 'Licensors"), which are used under license. The notes based on the Index are in no way sponsored, endorsed, sold or promoted by STO)CX. Limited and its Licensors and neither STOXX Limited nor any of its Licensors shall have any liability with respect thereto. For additional information about the Index, see "Equity Index Descriptions — The EURO STOXX se Index" in the accompanying underlying supplement. Historical Information The following graph sets forth the historical performance of the Index based on the weekly historical dosing levels of the Index from January 7, 2011 through January 8. 2015. The closing level of the Index on January 11. 2015 was 3,027.49. We obtained the closing levels above and below from the Bloomberg Professional° service ('Bloomberg"), without independent verification. The historical dosing levels of the Index should not be taken as an indication of future performance, and no assurance can be given as to the closing level of the Index on the Pricing Date or the Observation Date. We cannot give you assurance that the performance of the Index will result in the return of any of your principal amount. 75 > 0 ..1 I Historical Performance of the EURO STOXX 50•Index 4.500 4.000 3.500 • 3,000 2.500 - - - - I 2.000 - ---- 1.500 1.000 500 0 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-16 Jul-16 Jan-16 Source: Bloomberg PS-5 I Structured Investments Capped Contingent Buffered Return Enhanced Notes STOXX 50' Index ken; to the EURO J.P.Morgan CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0074601 CONFIDENTIAL SDNY_GM_00220785 EFTA01377550