JPMorgan Issues Notes with Estimated Value-Based Pricing

JPMorgan Chase & Co. has issued notes that reflect the risk-return profile and market exposure provided by the notes.

The original issue price of the notes is equal to the estimated value of the notes plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, plus the estimated cost of hedging our obligations under the notes, plus the fees, if any, paid for third-party data analytics and/or electronic platform services.

The validity of the notes and the guarantee is supported by an opinion from Davis Polk & Wardwell LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co.