<SEC-DOCUMENT>0001839882-26-024238.txt : 20260514
<SEC-HEADER>0001839882-26-024238.hdr.sgml : 20260514
<ACCEPTANCE-DATETIME>20260514172505
ACCESSION NUMBER:		0001839882-26-024238
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		17
FILED AS OF DATE:		20260514
DATE AS OF CHANGE:		20260514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JPMORGAN CHASE & CO
		CENTRAL INDEX KEY:			0000019617
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				132624428
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-293684
		FILM NUMBER:		26980578

	BUSINESS ADDRESS:	
		STREET 1:		270 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122706000

	MAIL ADDRESS:	
		STREET 1:		270 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	J P MORGAN CHASE & CO
		DATE OF NAME CHANGE:	20010102

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHASE MANHATTAN CORP /DE/
		DATE OF NAME CHANGE:	19960402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMICAL BANKING CORP
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JPMorgan Chase Financial Co. LLC
		CENTRAL INDEX KEY:			0001665650
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		ORGANIZATION NAME:           	02 Finance
		EIN:				475462128
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B2
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-293684-01
		FILM NUMBER:		26980579

	BUSINESS ADDRESS:	
		STREET 1:		383 MADISON AVENUE
		STREET 2:		FLOOR 21
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10179
		BUSINESS PHONE:		(212) 270-6000

	MAIL ADDRESS:	
		STREET 1:		383 MADISON AVENUE
		STREET 2:		FLOOR 21
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10179
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>jpm4021_424b2-15766.htm
<DESCRIPTION>PRICING SUPPLEMENT
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                            <P style="line-height: 1.35; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Filed Pursuant to Rule 424(b)(2)</font></FONT></P>
                            <P style="line-height: 1.35; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Registration Statement Nos. 333-293684 and 333-293684-01</font></FONT></P>
                            <P style="line-height: 1.35; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>(To Prospectus dated April 17, 2026, </font></FONT></P>
                            <P style="line-height: 1.35; text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Prospectus Supplement dated April 17, 2026 and </font></FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-size: 7.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Product Supplement EQUITY MLI-1 dated August 6, 2024)</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>1,000,000 Units</font><BR><font style='white-space: pre-wrap;'>$10 principal amount per unit</font><BR><font style='white-space: pre-wrap;'>CUSIP No.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>48135A179</font><BR></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Strike Date*</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Pricing Date*</font><BR><font style='white-space: pre-wrap;'>Settlement Date*</font><BR><font style='white-space: pre-wrap;'>Maturity Date*</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>May 11, 2026</font></FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>May 12, 2026</font><BR><font style='white-space: pre-wrap;'>May 19, 2026</font><BR><font style='white-space: pre-wrap;'>May 19, 2028</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 1.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                        <TD colspan="7" style="padding-top: 0.0pt; padding-left: 9.90pt; padding-right: 5.94pt; padding-bottom: 0.0pt; background-color: #1F497D; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; color: #FFFFFF; font-size: 17.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>JPMorgan Chase Financial Company LLC</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; color: #FFFFFF; font-size: 17.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="font-weight: bold; color: #FFFFFF; font-size: 15pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-weight: bold; color: #FFFFFF; font-size: 17.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="font-weight: bold; color: #FFFFFF; font-size: 15pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-weight: bold; color: #FFFFFF; font-size: 17.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; color: #FFFFFF; font-size: 14.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Fully and Unconditionally Guaranteed by JPMorgan Chase &amp; Co.</font></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Automatically callable if the closing level of the Worst-Performing Market Measure, which will be one of the S&amp;P 500</font></FONT><FONT style="font-size: 7pt; vertical-align: super; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="font-size: 7pt; vertical-align: super; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index (each an &#8220;Index,&#8221; and collectively the &#8220;Indices&#8221;), on any annual Call Observation Date beginning approximately one year after the pricing date, is at or above its applicable Call Value </font></FONT><FONT style="font-weight: bold; font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>(the Call Value steps down from 100% to 70.00% of the</font></FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT><FONT style="font-weight: bold; font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Worst-Performing Market Measure&#8217;s Starting Value on the final Call Observation Date; see page TS-2)</font></FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>. If the notes are called, on the relevant Call Payment Date you will receive the applicable Call Payment (each of which represents an approximate return of 10.35% per annum), and no further amounts will be payable on the notes</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>In the event of an automatic call, the amount payable per unit will be:</font></FONT></FONT></P>
                            <P STYLE="margin-top: 5.5pt; margin-bottom: 2.5pt; margin-left: 45.93pt; text-indent: -15.62pt"><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$11.035 if called on the first Call Observation Date</font></FONT></FONT></P>
                            <P STYLE="margin-top: 2.5pt; margin-bottom: 5.5pt; margin-left: 45.93pt; text-indent: -15.62pt"><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>$12.07 if called on the final Call Observation Date</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If not called prior to the final Call Observation Date, a maturity of approximately two years</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If not called on any of the Call Observation Dates, 1-to-1 downside exposure to decreases in the Worst-Performing Market Measure from its Starting Value, with up to 100.00% of the principal amount at risk</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Starting Value of each Index was determined on May 11, 2026 (the &#8220;Strike Date&#8221;). The Starting Value of each Index was higher than the closing level of such Index on the pricing date.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes are not linked to a basket composed of the Indices. Any depreciation in the level of either Index will not be offset by any appreciation in the level of the other Index.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>All payments are subject to the credit risk of JPMorgan Chase Financial Company LLC, as issuer of the notes, and the credit risk of JPMorgan Chase &amp; Co., as guarantor of the notes</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>No periodic interest payments</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Investors in the notes should be willing to forgo dividend and interest payments and will be willing to accept the risk of losing some or all of their principal amount at maturity</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Limited secondary market liquidity, with no exchange listing</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; margin-left: 31.24pt; text-indent: -15.62pt; "><!--[if IE]<FONT style="display: inline-block; width: 15.62pt; text-indent: -15.62pt; "><![endif]--><FONT style="display: inline-block; width: 15.62pt; text-indent: 0; text-align: left; color: #FFFFFF; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; color: #FFFFFF; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will be issued in denominations of whole &#8220;units&#8221;. Each unit will have a principal amount of $10.</font></FONT></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes are being issued by JPMorgan Chase Financial Company LLC (&#8220;JPMorgan Financial&#8221;) and are fully and unconditionally guaranteed by JPMorgan Chase &amp; Co. Investing in the notes involves a number of risks. There are important differences between the notes and a conventional debt security, including different investment risks and certain additional costs. See &#8220;Risk Factors&#8221; beginning on page TS-7 of this term sheet, &#8220;Additional Risk Factor&#8221; on page TS-9 of this term sheet, and &#8220;Risk Factors&#8221; on page PS-6 of the accompanying product supplement and page S-2 of the accompanying prospectus supplement. </font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The initial estimated value of the notes, when the terms of the notes were set, was $9.818 per unit, which is less than the public offering price listed below.</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> See &#8220;Summary&#8221; on the following page, &#8220;Risk Factors&#8221; beginning on page TS-7 of this term sheet and &#8220;The Estimated Value of the Notes&#8221; on page TS-12 of this term sheet for additional information. The actual value of your notes at any time will reflect many factors and cannot be predicted with accuracy.</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>_________________________</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>None of the Securities and Exchange Commission (the &#8220;SEC&#8221;), any state securities commission, or any other regulatory body has approved or disapproved of these securities or determined if this Note Prospectus (as defined below) is truthful or complete. Any representation to the contrary is a criminal offense. </font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>_________________________</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                        <TD width="183.98pt" style="width: 183.98pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="116.32pt" style="width: 116.32pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="146.14pt" style="width: 146.14pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Per Unit</font></U></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Total</font></U></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Public offering </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>price</font></FONT><FONT style="font-size: 7pt; vertical-align: super; font-family: Arial, sans-serif; "></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; width: 77.94pt; display: inline-block; ">&nbsp;</FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 5.12pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>10.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$&nbsp;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 0.00pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>10,000,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Underwriting </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>discount</font></FONT><FONT style="font-size: 7pt; vertical-align: super; font-family: Arial, sans-serif; "></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; width: 69.69pt; display: inline-block; ">&nbsp;</FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 5.12pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>0.025</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 0.00pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Proceeds, before expenses, to JPMorgan </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Financial</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 77.28pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 5.12pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>9.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>975</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0.0pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$&nbsp;&nbsp;&nbsp;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; width: 0.00pt; display: inline-block; ">&nbsp;</FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>9,975,000.00</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; padding-left: 31.19pt; text-align: center; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; padding-left: 31.19pt; text-align: center; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes and the related guarantee:</font></FONT></P>
                <TABLE width="75.00%" style="margin-left: auto; width: 75.00%; table-layout: fixed; border-collapse: collapse; margin-right: auto; ">
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                        </TD>
                        <TD width="154.94pt" style="width: 154.94pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="149.27pt" style="width: 149.27pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; text-align: center; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Are Not FDIC Insured</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; text-align: center; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Are Not Bank Guaranteed</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.1pt; margin-bottom: 1.1pt; text-align: center; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>May Lose Value</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV style="width: 595.21pt; padding: 0 39.00pt 38.89pt 39.00pt; min-height: 7.92pt; position: relative; ">
                <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 14.0pt; "><font style='white-space: pre-wrap;'>J.P. Morgan Securities LLC</font></FONT></P>
                <P style="text-align: center; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>May 12, 2026</font></FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
                <TABLE width="100.00%" style="margin-left: -5.94pt; width: 100.00%; table-layout: fixed; border-collapse: collapse; ">
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                        <TD width="88.97%" style="width: 88.97%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="21.03%" style="width: 21.03%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                        </TD>
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                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Summary</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Stepdown Snowball Autocallable Notes Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="font-size: 6pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="font-size: 6pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028 (the &#8220;notes&#8221;) are our unsecured and unsubordinated obligations. Payments on the notes are fully and unconditionally guaranteed by JPMorgan Chase &amp; Co. The notes and the related guarantee are not insured by the Federal Deposit Insurance Corporation or secured by collateral.</font></FONT><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> The notes will rank equally in right of payment with all other unsecured and unsubordinated obligations of JPMorgan Financial from time to time outstanding. The guarantee of the notes will rank equally in right of payment with all other unsecured and unsubordinated obligations of JPMorgan Chase &amp; Co., except obligations that are subject to any priorities or preferences by law, and senior in right of payment to its subordinated obligations. Any payments due on the notes, including any repayment of principal, will be subject to the credit risk of JPMorgan Financial, as issuer, and JPMorgan Chase &amp; Co., as guarantor. </font></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will be automatically called if the Observation Value of the Worst-Performing Market Measure (as described in "Terms of the Notes" below) on any Call Observation Date is equal to or greater than its applicable Call Value. If your notes are called, you will receive the applicable Call Payment on the related Call Payment Date, and no further amounts will be payable on the notes. If your notes are not called, at maturity you will lose a portion, or possibly all, of the principal amount of your notes depending on the decline of the Worst-Performing Market Measure as measured from its Starting Value to its Ending Value. In such circumstances, you will lose more than 30.00%, and possibly all, of the principal amount of your notes depending on the negative performance of the Worst-Performing Market Measure. Any payments on the notes will be calculated based on the $10 principal amount per unit and will depend on the performance of the Worst-Performing Market Measure, subject to our and JPMorgan Chase &amp; Co.&#8217;s credit risk. See &#8220;Terms of the Notes&#8221; below.</font></FONT></P>
                <P style="margin-top: 2.2pt; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The estimated value of the notes set forth on the cover of this term sheet 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 notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase &amp; Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates&#8217; 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 the conventional fixed income instruments of JPMorgan Chase &amp; Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes.</font></FONT></P>
                <P style="margin-top: 3.3pt; text-align: left; margin-bottom: 0; "><FONT style="font-weight: bold; color: #5B8F22; font-size: 19.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Terms of the Notes</font></FONT></P>
                <TABLE width="99.84%" style="margin-left: 0.94pt; width: 99.84%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="93.78pt" style="width: 93.78pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="499.95pt" style="width: 499.95pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Issuer:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>JPMorgan Chase Financial Company LLC (&#8220;JPMorgan Financial&#8221;), a direct, wholly owned finance subsidiary of JPMorgan Chase &amp; Co.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Guarantor:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>JPMorgan Chase &amp; Co.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Term:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>Approximately two years, if not called prior to the final Call Observation Date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Market Measure:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Worst-Performing of the S&amp;P 500</font></FONT><FONT style="font-size: 6pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index (Bloomberg symbol: &#8220;SPX&#8221;) and the Russell 2000</font></FONT><FONT style="font-size: 6pt; vertical-align: super; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> Index (Bloomberg symbol: &#8220;RTY&#8221;) (each an &#8220;Index,&#8221; and collectively the &#8220;Indices&#8221;)</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-size: 8.0pt; font-weight: bold; color: #5B8F22; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Worst-Performing Market Measure:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Index with the lowest Observation Value or Ending Value, as applicable, in each case as compared to its Starting Value, calculated as follows:</font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>With respect to each Index on each Call Observation Date prior to the Final Calculation Day:</font></FONT></P>
                            <P style="text-align: center; margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="color: #000000; font-size: 8.0pt; font-family: Arial, sans-serif; "><FONT style="width: 149.54pt; height: 23.43pt; ">                                        <IMG width="149.54pt" height="23.43pt" src="image1.jpg" style="width: 149.54pt; height: 23.43pt; ">
                                        </FONT></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>With respect to each Index on the Final Calculation Day (which will also be the final Call Observation Date):</font></FONT></P>
                            <P style="text-align: center; margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="color: #000000; font-size: 8.0pt; font-family: Arial, sans-serif; "><FONT style="width: 138.11pt; height: 26.62pt; ">                                        <IMG width="138.11pt" height="26.62pt" src="image2.jpg" style="width: 138.11pt; height: 26.62pt; ">
                                        </FONT></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Principal Amount:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>$10.00 per unit</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Call Payments (per unit):</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>With respect to each Call Payment Date, the Call Payment is equal to the principal amount plus the applicable Call Premium. </font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>$11.035 if called on the first Call Observation Date; and</font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>$12.07 if called on the final Call Observation Date.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Call Premiums:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>$1.035, representing a Call Premium of 10.35% of the principal amount, if called on the first Call Observation Date; and </font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>$2.07, representing a Call Premium of 20.70% of the principal amount, if called on the final Call Observation Date. </font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Call Value:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>For the first Call Observation Date: with respect to each Index, 100.00% of its Starting Value, which is:</font></FONT></P>
                            <P style="padding-left: 23.87pt; margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>7,412.84 with respect to the SPX</font><BR><font style='white-space: pre-wrap;'>2,870.640 with respect to the RTY</font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>For the final Call Observation Date: with respect to each Index, 70.00% of its Starting Value, which is:</font></FONT></P>
                            <P style="padding-left: 23.87pt; margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>5,188.99 (rounded to two decimal places) with respect to the SPX</font><BR><font style='white-space: pre-wrap;'>2,009.448 (rounded to three decimal places) with respect to the RTY</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
            </DIV>
            <DIV style="width: 595.21pt; padding: 0 39.00pt 23.43pt 39.00pt; min-height: 23.38pt; position: relative; ">
                <TABLE width="607.09pt" style="margin-left: -5.94pt; width: 607.09pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="555.39pt" style="width: 555.39pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="51.70pt" style="width: 51.70pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>1</FONT></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
                <TABLE width="100.00%" style="margin-left: -5.94pt; width: 100.00%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="88.97%" style="width: 88.97%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="21.03%" style="width: 21.03%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <TABLE width="99.84%" style="margin-left: 0.94pt; width: 99.84%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="93.78pt" style="width: 93.78pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="499.95pt" style="width: 499.95pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Starting Value:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>With respect to each Index, its closing level on Strike Date, which is:</font></FONT></P>
                            <P style="padding-left: 23.87pt; margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>7,412.84 with respect to the SPX</font><BR><font style='white-space: pre-wrap;'>2,870.640 with respect to the RTY</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Ending Value:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>With respect to each Index, its Observation Value on the final Call Observation Date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Observation Value:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>With respect to each Index, its closing level on the applicable Call Observation Date</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Call Observation Dates:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>May 19, 2027 and May 12, 2028 (the final Call Observation Date)</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The scheduled Call Observation Dates are subject to postponement in the event of Market Disruption Events and non-Market Measure Business Days, as described beginning on page PS-29 of the accompanying product supplement. For purposes of the accompanying product supplement, each Call Observation Date is an &#8220;Observation Date.&#8221;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Final Calculation Day / Maturity Valuation Period:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>May 12, 2028 (which is also the final Call Observation Date), which is the fifth scheduled Market Measure Business Day immediately preceding the maturity date, subject to postponement in the event of Market Disruption Events and non-Market Measure Business Days, as described beginning on page PS-30 of the accompanying product supplement.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Call Payment Dates:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The fifth business day following the applicable Call Observation Date, subject to postponement as described on page PS-29 of the accompanying product supplement; provided however, that the Call Payment Date related to the final Call Observation Date will be the maturity date. For purposes of the accompanying product supplement, each Call Payment Date is a &#8220;payment date.&#8221;</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Fees and Charges:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid black; border-bottom:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>The underwriting discount of $0.025 per unit listed on the cover page.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-left:  0.50pt solid black; border-right:  0.50pt solid black; background-color: #F2F2F2; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; font-weight: bold; color: #5B8F22; "><font style='white-space: pre-wrap;'>Calculation Agent:</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  0.50pt solid black; border-top:  0.50pt solid black; border-right:  0.50pt solid black; border-left:  0.50pt solid black; ">
                            <P style="margin-top: 1.65pt; margin-bottom: 1.65pt; "><FONT style="font-family: Arial, sans-serif; font-size: 8.0pt; "><font style='white-space: pre-wrap;'>J.P. Morgan Securities LLC (&#8220;JPMS&#8221;), an affiliate of JPMorgan Financial.</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 0 39.00pt 23.43pt 39.00pt; min-height: 23.38pt; position: relative; ">
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>2</FONT></FONT></P>
                        </TD>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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            <P></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-size: 2.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <TABLE width="102.44%" style="margin-left: auto; width: 102.44%; table-layout: fixed; border-collapse: collapse; margin-right: auto; ">
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                        <TD width="609.73pt" style="width: 609.73pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="font-size: 18.0pt; color: #5B862B; font-family: Arial, sans-serif; "></FONT><FONT style="font-size: 20.0pt; color: #5B862B; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Determining Payments on the Notes</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 11.39pt; ">
                        <TD rowspan="20" style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; color: #5B862B; font-size: 12.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Automatic Call Provision:</font></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 3.3pt; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The notes will be called automatically if the Observation Value of the Worst-Performing Market Measure on a Call Observation Date (including the final Call Observation Date, which is also the Final Calculation Day) is greater than or equal to its applicable Call Value. If the notes are called, you will receive $10 per unit plus the applicable Call Premium due on the applicable Call Payment Date and no further amounts will be payable on the notes.</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT style="width: 257.24pt; height: 134.97pt; ">                                        <IMG width="257.24pt" height="134.97pt" src="image3.gif" style="width: 257.24pt; height: 134.97pt; ">
                                        </FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 6.6pt; "><FONT style="font-weight: bold; color: #5B862B; font-size: 12.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Redemption Amount Determination:</font></FONT></P>
                            <P style="margin-bottom: 3.3pt; margin-top: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the notes are not automatically called, on the maturity date, you will receive a cash payment per unit (the &#8220;Redemption Amount&#8221;), determined as follows:</font></FONT></P>
                            <P style="margin-top: 1.65pt; margin-bottom: 3.3pt; "><FONT style="font-size: 9.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                            <P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT style="width: 492.31pt; height: 22.16pt; ">                                        <IMG width="492.31pt" height="22.16pt" src="image4.gif" style="width: 492.31pt; height: 22.16pt; ">
                                        </FONT></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>If the notes are not called, you will not receive any positive return on your investment and will lose a significant portion or all of your investment. If the notes are not called, you</font></FONT><FONT style="font-weight: bold; font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> will lose more than 30.00%, and possibly all, of the principal amount of your notes.</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 0 39.00pt 23.43pt 39.00pt; min-height: 23.38pt; position: relative; ">
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>3</FONT></FONT></P>
                        </TD>
                    </TR>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
                <TABLE width="100.00%" style="margin-left: -5.94pt; width: 100.00%; table-layout: fixed; border-collapse: collapse; ">
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                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The terms and risks of the notes are contained in this term sheet and in the following:</font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-size: 9.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Product supplement No. EQUITY MLI-1 dated April 17, 2026:</font></FONT></FONT></P>
                <P STYLE="margin-left: 20pt; margin-top: 0pt; text-indent: 0pt; margin-bottom: 0pt"><FONT style="font-size: 9.0pt; font-family: Arial, sans-serif; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; "><U><font style='white-space: pre-wrap;'><A HREF="https://www.sec.gov/Archives/edgar/data/19617/000183988226020513/jpm1_424b2-13214.pdf">https://www.sec.gov/Archives/edgar/data/19617/000183988226020513/jpm1_424b2-13214.pdf</A></font></U></FONT><FONT style="font-size: 9.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Prospectus supplement and prospectus, each dated April 17, 2026:</font><BR></FONT><A href="https://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf" style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>https://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf</font></U></FONT></A><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'> </font></FONT></FONT></P>
                <P style="margin-top: 3.3pt; margin-bottom: 3.3pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>These documents (together with this term sheet, the &#8220;Note Prospectus&#8221;) have been filed as part of a registration statement with the SEC, which may, without cost, be accessed on the SEC website at www.sec.gov or obtained from Merrill Lynch, Pierce, Fenner &amp; Smith Incorporated (&#8220;MLPF&amp;S&#8221;) by calling 1-800-294-1322. Before you invest, you should read the Note Prospectus, including this term sheet, for information about us, JPMorgan Chase &amp; Co. and this offering. Any prior or contemporaneous oral statements and any other written materials you may have received are superseded by the Note Prospectus. Certain terms used but not defined in this term sheet have the meanings set forth in the accompanying product supplement. Unless otherwise indicated or unless the context requires otherwise, all references in this document to &#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or similar references are to JPMorgan Financial, and not to JPMorgan Chase &amp; Co. </font></FONT></P>
                <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Investor Considerations</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You may wish to consider an investment in the notes if:</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes may not be an appropriate investment for you if:</font></FONT></P>
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                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You understand that any payment on the notes will be based solely on the performance of the Worst-Performing Market Measure.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You anticipate that the Observation Value of the Worst-Performing Market Measure on at least one of the Call Observation Dates will be equal to or greater than its applicable Call Value and, in that case, you accept an early exit from your investment.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You accept that the return on the notes will be limited to the return represented by the applicable Call Premium even if the percentage change in the level of the Worst-Performing Market Measure is significantly greater than such return.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are willing to lose more than 30.00%, and possibly all, of the principal amount if the notes are not automatically called.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are willing to forgo the interest payments that are paid on conventional interest-bearing debt securities.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are willing to forgo dividends or other benefits of owning the stocks included in each Index.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are willing to accept a limited or no market for sales of the notes prior to maturity, and understand that the market prices for the notes, if any, will be affected by various factors, including our and JPMorgan Chase &amp; Co.&#8217;s actual and perceived creditworthiness, JPMorgan Chase &amp; Co.&#8217;s internal funding rate and fees and charges on the notes.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 19.80pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are willing to assume our credit risk, as issuer of the notes, and JPMorgan Chase &amp; Co.&#8217;s credit risk, as guarantor of the notes, for all payments under the notes, including the Redemption Amount.</font></FONT></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are unwilling to accept that any payment on the notes will be based solely on the performance of the Worst-Performing Market Measure, regardless of the performance of the other Index.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You anticipate that the Observation Value of the Worst-Performing Market Measure will be less than its applicable Call Value on each Call Observation Date.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You wish to make an investment that cannot be automatically called prior to maturity.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You seek an uncapped return on your investment.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You seek principal repayment or preservation of capital.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You seek interest payments or other current income on your investment.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You want to receive dividends or other distributions paid on the stocks included in either Index.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You seek an investment for which there will be a liquid secondary market.</font></FONT></FONT></P>
                            <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B8F22; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You are unwilling or are unable to take market risk on the notes, to take our credit risk, as issuer of the notes, or to take JPMorgan Chase &amp; Co.&#8217;s credit risk, as guarantor of the notes.</font></FONT></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Examples of Hypothetical Payments</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The following examples and table are for purposes of illustration only. They are based on </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>hypothetical</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> values and show </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>hypothetical</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> returns on the notes. They illustrate the calculation of the Call Payment or the Redemption Amount, as applicable, based on the hypothetical terms set forth below. </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The actual amount you receive and the resulting return will depend on the actual Starting Values, Call Values and Observation Values of each Index (in particular, of the Worst-Performing Market Measure), whether the notes are automatically called and the term of your investment.</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>  The following examples do not take into account any tax consequences from investing in the notes. These examples are based on the following </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>hypothetical</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> terms:</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 1.5pt; margin-left: 29.70pt; text-indent: -29.70pt; "><!--[if IE]<FONT style="display: inline-block; width: 29.70pt; text-indent: -29.70pt; "><![endif]--><FONT style="display: inline-block; width: 29.70pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; color: black; font-size: 9.0pt; ">1)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a Starting Value of 100.00 for the Worst-Performing Market Measure;</font></FONT></FONT></P>
                <P style="margin-top: 1.5pt; margin-bottom: 1.5pt; margin-left: 29.70pt; text-indent: -29.70pt; "><!--[if IE]<FONT style="display: inline-block; width: 29.70pt; text-indent: -29.70pt; "><![endif]--><FONT style="display: inline-block; width: 29.70pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; color: black; font-size: 9.0pt; ">2)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a Call Value of 100.00 for the Worst-Performing Market Measure on the first Call Observation Date;</font></FONT></FONT></P>
                <P style="margin-top: 1.5pt; margin-bottom: 1.5pt; margin-left: 29.70pt; text-indent: -29.70pt; "><!--[if IE]<FONT style="display: inline-block; width: 29.70pt; text-indent: -29.70pt; "><![endif]--><FONT style="display: inline-block; width: 29.70pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; color: black; font-size: 9.0pt; ">3)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a Call Value of 70.00 for the Worst-Performing Market Measure on the final Call Observation Date;</font></FONT></FONT></P>
                <P style="margin-top: 1.5pt; margin-bottom: 1.5pt; margin-left: 29.70pt; text-indent: -29.70pt; "><!--[if IE]<FONT style="display: inline-block; width: 29.70pt; text-indent: -29.70pt; "><![endif]--><FONT style="display: inline-block; width: 29.70pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; color: black; font-size: 9.0pt; ">4)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>an expected term of the notes of approximately two years, if the notes are not called on the first Call Observation Date;</font></FONT></FONT></P>
                <P style="margin-top: 1.5pt; margin-bottom: 1.5pt; margin-left: 29.70pt; text-indent: -29.70pt; "><!--[if IE]<FONT style="display: inline-block; width: 29.70pt; text-indent: -29.70pt; "><![endif]--><FONT style="display: inline-block; width: 29.70pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; color: black; font-size: 9.0pt; ">5)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>the Call Premium of 10.35% of the principal amount if the notes are called on the first Call Observation Date; and 20.70% if called on the final Call Observation Date; and</font></FONT></FONT></P>
                <P style="margin-top: 1.5pt; margin-bottom: 1.5pt; margin-left: 29.70pt; text-indent: -29.70pt; "><!--[if IE]<FONT style="display: inline-block; width: 29.70pt; text-indent: -29.70pt; "><![endif]--><FONT style="display: inline-block; width: 29.70pt; text-indent: 0; text-align: left; font-family: Arial, sans-serif; color: black; font-size: 9.0pt; ">6)</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>the Call Observation Dates occurring approximately one and two years after the pricing date.</font></FONT></FONT></P>
                <P style="text-indent: 0.0pt; padding-left: 0.0pt; margin-top: 1.5pt; margin-bottom: 1.5pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="text-indent: 0.33pt; padding-left: 0.0pt; margin-top: 1.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>hypothetical</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Starting Value of 100.00 for the Worst-Performing Market Measure used in these examples has been chosen for illustrative purposes only, and does not represent a likely actual Starting Value of any Index. For recent actual levels of the Indices, see &#8220;The Indices&#8221; section below. Each Index is a price return index and as such the levels of the Indices will not include any income generated by dividends paid on the stocks included in the Indices, which you would otherwise be entitled to receive if you invested in those stocks directly. In addition, all payments on the notes are subject to issuer and guarantor credit risk.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-style: italic; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Notes Are Called on a</font></U><U><font style='white-space: pre-wrap;'> </font></U><U><font style='white-space: pre-wrap;'>Call Observation Date</font></U></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes will be called at $10.00 plus the applicable Call Premium if the Observation Value of the Worst-Performing Market Measure on one of the Call Observation Dates is equal to or greater than its applicable Call Value. After the notes are called, they will no longer remain outstanding and there will not be any further payments on the notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Example 1</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> - The Observation Value of the Worst-Performing Market Measure on the first Call Observation Date is 130.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $1.035 = $11.035 per unit.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Example 2</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> - The Observation Value of the Worst-Performing Market Measure on the first Call Observation Date is below its applicable Call Value, but the Observation Value of the Worst-Performing Market Measure on the second and final Call Observation Date is 75.00. Therefore, the notes will be called at $10.00 plus the Call Premium of $2.07 = $12.07 per unit.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-style: italic; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Notes Are Not Called on </font></U><U><font style='white-space: pre-wrap;'>Any </font></U><U><font style='white-space: pre-wrap;'>Call Observation Date (including the </font></U><U><font style='white-space: pre-wrap;'>Final Calculation Day</font></U><U><font style='white-space: pre-wrap;'>)</font></U></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Example 3</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> - The notes are not called on any Call Observation Date. The Redemption Amount will be less than the principal amount and could be zero. For example, if the Ending Value of the Worst-Performing Market Measure is 50.00, the Redemption Amount per unit will be:</font></FONT></P>
                <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT style="width: 2in; height: 30.41pt; ">                            <IMG width="2in" height="30.41pt" src="image5.gif" style="width: 2in; height: 30.41pt; ">
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Summary of the Hypothetical Examples</font></FONT></P>
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                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "></FONT></P>
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                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Notes Are Called on a Call </font><BR><font style='white-space: pre-wrap;'>Observation Date</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Notes Are Not </font><BR><font style='white-space: pre-wrap;'>Called on Any </font><BR><font style='white-space: pre-wrap;'>Call Observation </font><BR><font style='white-space: pre-wrap;'>Date</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
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                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Example 1</font></FONT></P>
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                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Example 2</font></FONT></P>
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                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Example 3</font></FONT></P>
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                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Starting Value of the Worst-Performing Market Measure</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Call Value of the Worst-Performing Market Measure on the first Call Observation Date</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>100.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Call Value of the Worst-Performing Market Measure on the final Call Observation Date</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>70.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>70.00</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>70.00</font></FONT></P>
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                    </TR>
                    <TR style="vertical-align: top; min-height: 17.88pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Observation Value of the Worst-Performing Market Measure on the first Call Observation Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>130.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>90.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>80.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 17.88pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Observation Value of the Worst-Performing Market Measure on the final Call Observation Date</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>N/A</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>75.00</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>50.00</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 17.88pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Return of the Worst-Performing Market Measure</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>30.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>-25.00%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>-50.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 17.88pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Return of the Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>10.35%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>20.70%</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>-50.00%</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 17.88pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Call Payment / Redemption Amount per unit</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$11.035</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$12.07</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; ">
                            <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>$5.00</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 0 39.00pt 23.43pt 39.00pt; min-height: 23.38pt; position: relative; ">
                <TABLE width="607.09pt" style="margin-left: -5.94pt; width: 607.09pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="555.39pt" style="width: 555.39pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="51.70pt" style="width: 51.70pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>6</FONT></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
                <TABLE width="100.00%" style="margin-left: -5.94pt; width: 100.00%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="88.97%" style="width: 88.97%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="21.03%" style="width: 21.03%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="font-size: 20.0pt; font-family: Arial, sans-serif; color: #5B862B; "><font style='white-space: pre-wrap;'>Risk Factors</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>There are important differences between the notes and a conventional debt security. An investment in the notes involves significant risks, including those listed below. You should carefully review the more detailed explanation of risks relating to the notes in the &#8220;Risk Factors&#8221; sections beginning on page PS-6 of the accompanying product supplement and page S-2 of the prospectus supplement. The notes are not an appropriate investment for you if you are not knowledgeable about significant elements of the notes or financial matters in general. We also urge you to consult your investment, legal, tax, accounting, and other advisors before you invest in the notes. </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Structure-related Risks</font></U></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your investment in the notes may result in a loss. There is no fixed principal repayment amount on the notes at maturity. If the notes are not called you will not receive any positive return on your investment and will lose a significant portion or all of your investment. </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If the notes are not called, you will lose up to 100% of the principal amount, depending on the negative performance of the </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Worst-Performing </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Market Measure as measured from its Starting Value to its Ending Value.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your investment return will be limited to the return represented by the applicable Call Premium and may be less than a comparable investment directly in the stocks included in either Index. If, on a Call Observation Date, the Observation Value of the Worst-Performing Market Measure is greater than or equal to its applicable Call Value, we will automatically call the notes. If the notes are automatically called, your return will be limited to the applicable Call Premium, regardless of the extent of the increase in the value of the Indices, which may be significant, and you will receive no additional payments on the notes.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Payments on the notes will not reflect changes in the value of the Indices other than on the relevant Call Observation Date. As a result, even if the level of either of the Indices increases during the term of the notes, you will not receive any Call Payment if the Observation Value of the Worst-Performing Market Measure on each Call Observation Date is less than its applicable Call Value. Similarly, if the notes are not called, you will receive a Redemption Amount that is less than the principal amount, even if the level of the Worst-Performing Market Measure was greater than its applicable Call Value or its Starting Value prior to the Final Calculation Day.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If the notes are called prior to the final Call Observation Date, you will be subject to reinvestment risk, and you will lose the opportunity to receive any higher Call Premium that otherwise might have been payable on a later date.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes are subject to the risks of each Index, not a basket composed of the Indices, and will be negatively affected if the level of either Index decreases below its applicable Call Value on any Call Observation Date, even if the level of the other Index is above its applicable Call Value as of those days. For example, even if the Observation Value of one of the Indices is greater than its applicable Call Value on a Call Observation Date, the notes will not be called and you will not receive the applicable Call Payment on the related Call Payment Date if the Observation Value of the other Index is below its applicable Call Value on that day.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You will not benefit in any way from the performance of the better performing Indices.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Because the notes are linked to multiple Indices, as opposed to only one, it is more likely that the level of an Index decreases below its applicable Call Value on any Call Observation Date, and consequently, that you will not receive a positive return on the notes and will lose some or all of your investment.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You will be subject to risks relating to the relationship between the Indices. The less correlated the Indices, the more likely it is that the Observation Value of one of the Indices will be below its applicable Call Value as of each Call Observation Date.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Your return on the notes may be less than the yield you could earn by owning a conventional fixed or floating rate debt security of comparable maturity.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Payments on the notes are subject to the credit risk of JPMorgan Financial, as issuer, and the credit risk of JPMorgan Chase &amp; Co., as guarantor, and any actual or perceived changes in our or JPMorgan Chase &amp; Co.&#8217;s creditworthiness are expected to affect the value of the notes. If we and JPMorgan Chase &amp; Co. become insolvent or are unable to pay our respective obligations, you may lose your entire investment.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 38.83pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>As a finance subsidiary of JPMorgan Chase &amp; Co., we have no independent activities beyond the issuance and administration of our securities and the collection of intercompany obligations.  Aside from the initial capital contribution from JPMorgan Chase &amp; Co., substantially all of our assets relate to obligations of JPMorgan Chase &amp; Co. to make payments under loans made by us to JPMorgan Chase &amp; Co. or under other intercompany agreements.  As a result, we are dependent upon payments from JPMorgan Chase &amp; Co. to meet our obligations under the notes. We are not an operating subsidiary of JPMorgan Chase &amp; Co. and in a bankruptcy or resolution of JPMorgan Chase &amp; Co. we are not expected to have sufficient resources to meet our obligations in respect of the notes as they come due.  If JPMorgan Chase &amp; Co. does not make payments to us and we are unable to make payments on the notes, you may have to seek payment under the related guarantee by JPMorgan Chase &amp; Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated obligations of JPMorgan Chase &amp; Co. For more information, see &#8220;Risk Factors &#8212; Holders of securities issued by JPMorgan Financial may be subject to losses if JPMorgan Chase &amp; Co. were to enter into a resolution&#8221; in the accompanying prospectus supplement.</font></FONT></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Valuation- and Market-related Risks</font></U></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The estimated value of the notes is only an estimate determined by reference to several factors.  The original issue price of the notes exceeds the estimated value of the notes 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 </font></FONT></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>7</FONT></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
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                    <TR style="vertical-align: top; min-height: 23.32pt; ">
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P STYLE="margin-left: 40pt; margin-top: 4.4pt; text-indent: 0pt; margin-bottom: 0pt"><FONT style="font-size: 9.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, the estimated cost of hedging our obligations under the notes and the fees, if any, paid for third-party data analytics and/or electronic platform services.  See &#8220;The Estimated Value of the Notes&#8221; in this term sheet.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The estimated value of the notes is determined by reference to internal pricing models of our affiliates when the terms of the notes are set.  This estimated value of the notes is based on market conditions and other relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates, interest rates and other factors.  Different pricing models and assumptions could provide valuations for the notes that are greater than or less than the estimated value of the notes.  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 or JPMorgan Chase &amp; Co.&#8217;s 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 &#8220;The Estimated Value of the Notes&#8221; in this term sheet.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase &amp; Co. or its affiliates.  Any difference may be based on, among other things, our and our affiliates&#8217; 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 the conventional fixed income instruments of JPMorgan Chase &amp; Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes.  The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes.  See &#8220;The Estimated Value of the Notes&#8221; in this term sheet.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>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 internal secondary market funding rates for structured debt issuances.  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).</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Any secondary market prices of the notes will likely be lower than </font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>the original issue price of the notes because, among other things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and, also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, estimated hedging costs and fees, if any, paid for third-party data analytics and/or electronic platform services 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. Furthermore, if you sell your notes, you will likely be charged a commission for secondary market transactions, or the price will likely reflect a dealer discount and/or fees for use of an electronic platform to facilitate secondary market activity. 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</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>.</font></FONT></FONT></P>
                <P STYLE="margin-left: 40pt; margin-top: 4.4pt; text-indent: 0pt; margin-bottom: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes are not designed to be short-term trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>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 level of the Indices.</font></FONT></FONT></P>
                <P STYLE="margin-left: 40pt; margin-top: 4.4pt; text-indent: 0pt; margin-bottom: 0pt"><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>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 &#8220;Risk Factors &#8212; Valuation- and Market-related Risks &#8212; The notes are not designed to be short-term trading instruments, and if you attempt to sell the notes prior to maturity, their market value, if any, will be affected by various factors that interrelate in complex ways, and their market value may be less than the principal amount&#8221; in the accompanying product supplement.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #76923C; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A trading market is not expected to develop for the notes. None of us, JPMorgan Chase &amp; Co., JPMS or MLPF&amp;S is obligated to make a market for, or to repurchase, the notes. There is no assurance that any party will be willing to purchase your notes at any price in any secondary market. </font></FONT></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Conflict-related Risks</font></U></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Our hedging and trading activities (including trades in shares of companies included in the Indices) and any hedging and trading activities we, JPMorgan Chase &amp; Co., JPMS or MLPF&amp;S or our other or their affiliates engage in that are not for your account or on your behalf, may affect the market value and return of the notes and may create conflicts of interest with you.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>There may be potential conflicts of interest involving the calculation agent, which is an affiliate of ours. We have the right to appoint and remove the calculation agent.</font></FONT></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Market Measure-related Risks</font></U></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An Index sponsor may adjust its applicable Index in a way that affects its level, and has no obligation to consider your interests.</font></FONT></FONT></P>
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            <DIV style="width: 595.21pt; padding: 0 39.00pt 23.43pt 39.00pt; min-height: 23.38pt; position: relative; ">
                <TABLE width="607.09pt" style="margin-left: -5.94pt; width: 607.09pt; table-layout: fixed; border-collapse: collapse; ">
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>8</FONT></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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            <P></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
                <TABLE width="100.00%" style="margin-left: -5.94pt; width: 100.00%; table-layout: fixed; border-collapse: collapse; ">
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                        <TD width="88.97%" style="width: 88.97%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="21.03%" style="width: 21.03%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You will not have any rights with respect to either Index or its underlying securities, including any voting rights or any right to receive dividends or other distributions.</font></FONT></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; margin-left: 39.60pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>While we, JPMorgan Chase &amp; Co., JPMS, MLPF&amp;S and our other or their affiliates may from time to time own securities of companies included in the Indices, except to the extent that JPMorgan Chase &amp; Co.&#8217;s common stock is included in either Index, we, JPMorgan Chase &amp; Co., JPMS, MLPF&amp;S and our other or their affiliates do not control any company included in either Index, and have not verified any disclosure made by any other company. You should undertake your own investigation into the Indices and their underlying assets. </font></FONT></FONT></P>
                <P style="text-indent: 0.0pt; padding-left: 0.0pt; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; text-decoration-style: solid; text-decoration-line: underline; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Tax-related Risks</font></U></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; margin-left: 39.00pt; text-indent: -19.80pt; "><!--[if IE]<FONT style="display: inline-block; width: 19.80pt; text-indent: -19.80pt; "><![endif]--><FONT style="display: inline-block; width: 19.80pt; text-indent: 0; text-align: left; color: #5B862B; font-size: 9.0pt; ">&#65517;</FONT><!--[if IE]</FONT><![endif]--><FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The U.S. federal income tax consequences of the notes are uncertain and may be adverse to a holder of the notes. See &#8220;Summary Tax Consequences&#8221; below and &#8220;Material U.S. Federal Income Tax Consequences&#8221; beginning on page PS-61 of the accompanying product supplement.</font></FONT></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Additional Risk Factors</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; text-decoration-style: solid; text-decoration-line: underline; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Additional Market Measure-related Risks </font></U></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; "><FONT style="font-weight: bold; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>JPMorgan Chase &amp; Co. is currently one of the companies that make up the S&amp;P 500</font></FONT><FONT style="font-weight: bold; background-color: #FFFFFF; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-weight: bold; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; "><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>JPMorgan Chase &amp; Co. is currently one of the companies that make up the S&amp;P 500</font></FONT><FONT style="background-color: #FFFFFF; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, but JPMorgan Chase &amp; Co. will have no obligation to consider your interests as a holder of the notes in taking any corporate action that might affect the value of the S&amp;P 500</font></FONT><FONT style="background-color: #FFFFFF; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; "><FONT style="font-weight: bold; background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes are subject to risks associated with small-size capitalization companies.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 0; "><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The stocks comprising the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; background-color: #FFFFFF; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="background-color: #FFFFFF; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index are issued by companies with small-sized market capitalization. The stock prices of small-size companies may be more volatile than stock prices of large capitalization companies. Small-size capitalization companies may be less able to withstand adverse economic, market, trade and competitive conditions relative to larger companies. Small-size capitalization companies may be more susceptible to adverse developments related to their products and or services and are less likely to pay dividends on their stocks, and the presence of a dividend payment could be a factor that limits downward stock price pressure under adverse market conditions.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>9</FONT></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Market Measures</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Russell 2000</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>consists of the middle 2,000 companies included in the Russell 3000E&#8482; Index and, as a result of the index calculation methodology, consists of the smallest 2,000 companies included in the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. The </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Russell 2000</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>is designed to track the performance of the small capitalization segment of the U.S. equity market. </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For additional information about the Market Measures, see in Annex A of this term sheet.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The following graphs show the daily historical performance of the Market Measures in the period from January 4, 2016 through the Pricing Date. We obtained this historical data from Bloomberg L.P. We have not independently verified the accuracy or completeness of the information obtained from Bloomberg L.P. On the Pricing Date the closing level of the S&amp;P 500</font></FONT><FONT style="font-weight: bold; font-style: italic; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index was 7,400.96. On the Pricing Date, the closing level of the Russell 2000</font></FONT><FONT style="font-weight: bold; font-style: italic; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index was 2,842.831.</font></FONT></P>
                <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT style="width: 361.79pt; height: 207.19pt; ">                            <IMG width="361.79pt" height="207.19pt" src="image6.gif" style="width: 361.79pt; height: 207.19pt; ">
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                <P style="text-align: center; margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><FONT style="width: 349.75pt; height: 204.00pt; ">                            <IMG width="349.75pt" height="204.00pt" src="image7.gif" style="width: 349.75pt; height: 204.00pt; ">
                            </FONT></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-weight: bold; font-style: italic; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>This historical data on the Market Measures is not necessarily indicative of the future performance of the Market Measures or what the value of the notes may be. Any historical upward or downward trend in the level of the Market Measures during any period set forth above is not an indication that the levels of the Market Measures are more or less likely to increase or decrease at any time over the term of the notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Before investing in the notes, you should consult publicly available sources for the levels of the Market Measures.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>10</FONT></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 0.0pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Supplement to the Plan of Distribution; Conflicts of Interest </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>See &#8220;Plan of Distribution (Conflicts of Interest)&#8221; on page PS-59 of the accompanying product supplement. </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>JPMS will purchase the notes from us as principal at the public offering price indicated on the cover of this term sheet, less the indicated underwriting discount. MLPF&amp;S will purchase the notes from JPMS for resale and will receive a selling concession in connection with the sale of the notes in an amount up to the full amount of underwriting discount set forth on the cover of this term sheet. MLPF&amp;S will offer the notes at the public offering price set forth on the cover page hereto.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We will pay a fee to LFT Securities, LLC for providing certain electronic platform services with respect to this offering, which will reduce the economic terms of the notes to you. An affiliate of MLPF&amp;S has an ownership interest in LFT Securities, LLC.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>JPMS has a &#8220;conflict of interest&#8221; within the meaning of FINRA Rule 5121 in any offering of the notes in which it participates because JPMorgan Chase &amp; Co. owns, directly or indirectly, all of the outstanding equity securities of JPMS, because JPMS and JPMorgan Financial are under common control by JPMorgan Chase &amp; Co. and because the net proceeds received from the sale of the notes will be used, in part, by JPMS or its affiliates in connection with hedging the Issuer&#8217;s obligations under the notes. The offer and sale of the notes by JPMS will comply with the requirements of FINRA Rule 5121 regarding a FINRA member firm&#8217;s participation in a public offering of notes of an affiliate. In accordance with FINRA Rule 5121, neither JPMS nor any other affiliated underwriter, agent or dealer of the Issuer may sell the notes to any of its discretionary accounts without the specific written approval of the customer.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We may deliver the notes against payment therefor in New York, New York on a date that is greater than one business day following the pricing date. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, if the initial settlement of the notes occurs more than one business day from the pricing date, purchasers who wish to trade the notes more than one business day prior to the original issue date will be required to specify alternative settlement arrangements to prevent a failed settlement.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes will not be listed on any securities exchange. In the original offering of the notes, the notes will be sold in minimum investment amounts of 10,000 units. If you place an order to purchase the notes, you are consenting to MLPF&amp;S and/or one of its affiliates acting as a principal in effecting the transaction for your account.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For information about factors that will impact any secondary market prices of the notes, see &#8220;Risk Factors &#8212; Valuation- and Market-related Risks &#8212; The notes are not designed to be short-term trading instruments, and if you attempt to sell the notes prior to maturity, their market value, if any, will be affected by various factors that interrelate in complex ways, and their market value may be less than the principal amount.&#8221; in the accompanying product supplement. In addition, 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, our internal secondary market funding rates for structured debt issuances  and the fees, if any, paid for third-party data analytics and/or electronic platform services. This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes. The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 11.0pt; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The value of the notes shown on your account statement will be based on JPMS&#8217; estimate of the value of the notes if JPMS were to make a market in the notes, which it is not obligated to do. That estimate will be based upon the price that JPMS may pay for the notes in light of then-prevailing market conditions and other considerations, as mentioned above, and will include transaction costs. At certain times, this price may be higher than or lower than the initial estimated value of the notes. 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 any secondary market.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>11</FONT></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Supplemental Use of Proceeds</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes are offered to meet investor demand for products that reflect the risk-return profile and market exposure provided by the notes.  See &#8220;Examples of Hypothetical Payments&#8221; in this term sheet for an illustration of the risk-return profile of the notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The original issue price of the notes is equal to the estimated value of the notes plus the selling commissions paid to JPMS and other affiliated or unaffiliated dealers, 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. </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>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 the Issuer&#8217;s internal secondary market funding rates for structured debt issuances, and, also, because secondary market prices (a) exclude referral fees, if any, and structuring fees, if any, and (b) may exclude selling commissions, 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 &#8220;Risk Factors &#8212; Valuation- and Market-related Risks &#8212; Secondary trading may be limited.&#8221; in the accompanying product supplement for additional information about additional factors that will impact any secondary market prices of the notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="background-color: #FFFFFF; color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>The Estimated Value of the Notes</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The estimated value of the notes set forth on the cover of this term sheet 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 notes, valued using the internal funding rate described below, and (2) the derivative or derivatives underlying the economic terms of the notes. The estimated value of the notes does not represent a minimum price at which JPMS would be willing to buy your notes in any secondary market (if any exists) at any time. The internal funding rate used in the determination of the estimated value of the notes may differ from the market-implied funding rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase &amp; Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates&#8217; 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 the conventional fixed income instruments of JPMorgan Chase &amp; Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing market replacement funding rate for the notes. The use of an internal funding rate and any potential changes to that rate may have an adverse effect on the terms of the notes and any secondary market prices of the notes. For additional information, see &#8220;Valuation- and Market-related Risks&#8221; in this term sheet. The value of the derivative or derivatives underlying the economic terms of the notes is derived from internal pricing models of our affiliates. 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, the estimated value of the notes is determined when the terms of the notes are set based on market conditions and other relevant factors and assumptions existing at that time. See &#8220;Valuation- and Market-related Risks&#8221; in this term sheet.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The estimated value of the notes is lower than the original issue price of the notes 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 paid to JPMS and other affiliated or unaffiliated dealers, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the notes, the estimated cost of hedging our obligations under the notes  and the fees, if any, paid for third-party data analytics and/or electronic platform services. 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 notes  and plus the fees, if any, paid for third-party data analytics and/or electronic platform services. See &#8220;Valuation- and Market-related Risks&#8221; in this term sheet.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Validity of the Notes and Guarantee</font></FONT></P>
                <P style="margin-bottom: 2.2pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.5pt; "><font style='white-space: pre-wrap;'>In the opinion of Latham &amp; Watkins LLP, as special product counsel to JPMorgan Financial and JPMorgan Chase &amp; Co., when the notes offered by this pricing supplement have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions from JPMorgan Financial, the appropriate entries or notations in its records relating to the master global note that represents such notes (the &#8220;master note&#8221;), and such notes have been delivered against payment as contemplated herein, such notes will be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a valid and binding obligation of JPMorgan Chase &amp; Co., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&#8217; 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 special product counsel expresses no opinion as to (x) (i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of the JPMorgan Chase &amp; Co.&#8217;s obligation under the related guarantee or (y) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the notes to the extent determined to constitute unearned interest. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee&#8217;s authorization, execution and delivery of the indenture and its authentication of the master note 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 February 24, 2026, which was filed as an exhibit to the Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase &amp; Co. on February 24, 2026.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>TS-</font><FONT>13</FONT></FONT></P>
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                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="background-color: #FFFFFF; color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Summary Tax Consequences</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You should review carefully the section entitled &#8220;Material U.S. Federal Income Tax Consequences&#8221; in the accompanying product supplement no. EQUITY MLI-1.  The following discussion, when read in combination with that section, constitutes the full opinion of our special tax counsel, Latham &amp; Watkins LLP, regarding the material U.S. federal income tax consequences of owning and disposing of notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Based on current market conditions, in the opinion of our special tax counsel it is reasonable to treat the notes as &#8220;open transactions&#8221; that are not debt instruments for U.S. federal income tax purposes, as more fully described in &#8220;Material U.S. Federal Income Tax Consequences &#8212; Tax Consequences to U.S. Holders &#8212; Notes Treated as Open Transactions That Are Not Debt Instruments&#8221; in the accompanying product supplement.  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 &#8220;prepaid forward contracts&#8221; 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 &#8220;constructive ownership&#8221; 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.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Section 871(m) of the Code and Treasury regulations promulgated thereunder (&#8220;Section 871(m)&#8221;) generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include U.S. equities.  Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based indices that meet requirements set forth in the applicable Treasury regulations (such an index, a &#8220;Qualified Index&#8221;).  Additionally, a recent IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that could pay U.S.-source dividends for U.S. federal income tax purposes (each an &#8220;Underlying Security&#8221;).  Based on certain determinations made by us, our special tax counsel is of the opinion that Section 871(m) should not apply to the notes with regard to Non-U.S. Holders.  Our determination is not binding on the IRS, and the IRS may disagree with this determination.  Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security.  You should consult your tax adviser regarding the potential application of Section 871(m) to the notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Withholding under legislation commonly referred to as &#8220;FATCA&#8221; may (if the notes are recharacterized as debt instruments) apply to amounts treated as interest paid with respect to the notes, as well as to payments of gross proceeds of a taxable disposition, including redemption at maturity, of a note, although under recently proposed regulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization), no withholding will apply to payments of gross proceeds (other than any amount treated as interest).  You should consult your tax adviser regarding the potential application of FATCA to the notes.</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Where You Can Find More Information</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>We and JPMorgan Chase &amp; Co. have filed a registration statement (including a product supplement, a prospectus supplement, and a prospectus) with the SEC for the offering to which this term sheet relates. Before you invest, you should read the Note Prospectus, including this term sheet, and the other documents relating to this offering that we and JPMorgan Chase &amp; Co. have filed with the SEC, for more complete information about us, JPMorgan Chase &amp; Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at </font></FONT><FONT style="word-break: break-all; "><FONT style="font-family: Arial, sans-serif; color: #0000FF; text-decoration-style: solid; text-decoration-line: underline; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>www.sec.gov</font></U></FONT></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> or by calling MLPF&amp;S toll-free at 1-800-294-1322.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8220;Strategic Accelerated Redemption Securities</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8221; are registered service marks of Bank of America Corporation, the parent company of MLPF&amp;S.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You should read this term sheet together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information contained in the accompanying product supplement. </font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>This term sheet, together with the documents listed on page TS-4 of this term sheet, contains the terms of the notes 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.  </font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>You should carefully consider, among other things, the matters set forth in the &#8220;Risk Factors&#8221; sections of the accompanying prospectus supplement and the accompanying product supplement, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Our Central Index Key, or CIK, on the SEC website is 1665650, and JPMorgan Chase &amp; Co.&#8217;s CIK is 19617.  As used in this term sheet, &#8220;we,&#8221; &#8220;us&#8221; and &#8220;our&#8221; refer to JPMorgan Financial.</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 20.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Annex A:</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index (SPX)</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, which we also refer to in this description as the &#8220;index&#8221;:</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>is an equity index, and therefore cannot be invested in directly;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>does not file reports with the SEC because it is not an issuer;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>was first launched on March 4, 1957 based on an initial value of 10 from 1941-1943; and</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>is sponsored by S&amp;P Dow Jones Indices LLC (&#8220;S&amp;P&#8221;).</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index includes a representative sample of 500 companies in leading industries of the U.S. economy. The 500 companies are not the 500 largest companies listed on the NYSE and not all 500 companies are listed on the NYSE. S&amp;P chooses companies for inclusion in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index with an aim of achieving a distribution by broad industry groupings that approximates the distribution of these groupings in the common stock population of the U.S. domiciled equity market.  Although the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index contains 500 constituent companies, at any one time it may contain greater than 500 constituent trading lines since some companies included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index prior to July 31, 2017 may be represented by multiple share class lines in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.  The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is calculated, maintained and published by S&amp;P and is part of the S&amp;P Dow Jones Indices family of indices. Additional information about the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index (including the sector weights) is available on the following websites: spglobal.com/spdji/en/indices/equity/sp-500 and spglobal.com. We are not incorporating by reference the websites or any material they include in this term sheet.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>S&amp;P intends for the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index to provide a performance benchmark for the large-cap U.S. domiciled equity markets. Constituent changes are made on an as-needed basis and there is no schedule for constituent reviews. Index additions and deletions are announced with at least three business days advance notice. Less than three business days&#8217; notice may be given at the discretion of the S&amp;P Index Committee. Relevant criteria for additions to the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index that are employed by S&amp;P include: the company proposed for addition should have an unadjusted company market capitalization of $15.8 billion or more and a security level float-adjusted market capitalization of at least 50% of such threshold (for spin-offs, eligibility is determined using when-issued prices, if available); the float-adjusted liquidity ratio of the stock (defined as the annual dollar value traded divided by the float-adjusted market capitalization) should be greater than or equal to 0.75 at the time of the addition to the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the stock should trade a minimum of 250,000 shares in each of the six months leading up to the evaluation date (current constituents have no minimum requirement), where the annual dollar value traded is calculated as the average closing price multiplied by the historical volume over the 365 calendar days prior to the evaluation date (reduced to the available trading period for IPOs, spin-offs or public companies considered to be U.S. domiciled for index purposes that do not have 365 calendar days of trading history on a U.S. exchange); the company must be a U.S.-domiciled company (characterized as a company that satisfies U.S. Securities Exchange Act&#8217;s periodic reporting obligations by filing certain required forms for domestic issuers (e.g., Form 10-K annual reports, Form 10-Q quarterly reports and Form 8-K current reports, among others) and with a primary listing of the common stock on the NYSE, NYSE Arca, NYSE American (formerly NYSE MKT), Nasdaq Global Select Market, Nasdaq Select Market, Nasdaq Capital Market, Cboe BZX (formerly Bats BZX), Cboe BYX (formerly Bats BYX), Cboe EDGA (formerly Bats EDGA) or Cboe EDGX (formerly Bats EDGX) (each, an &#8220;eligible exchange&#8221;)); the proposed constituent has an investable weight factor (&#8220;IWF&#8221;) of 10% or more; the inclusion of the company will contribute to sector balance in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index relative to sector balance in the market in the relevant market capitalization range; financial viability (the sum of the most recent four consecutive quarters&#8217; Generally Accepted Accounting Principles (GAAP) earnings (net income excluding discontinued operations) should be positive as should the most recent quarter); and, for IPOs, the company must be traded on an eligible exchange for at least twelve months (for former SPACs, S&amp;P considers the de-SPAC transaction to be an event equivalent to an IPO, and 12 months of trading post the de-SPAC event are required before a former SPAC can be considered for inclusion in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index; spin-offs or in-specie distributions from existing constituents do not need to be traded on an eligible exchange for twelve months prior to their inclusion in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index). In addition, constituents of the S&amp;P MidCap 400</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the S&amp;P SmallCap 600</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index can be added to the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index provided they meet the unadjusted company level market capitalization eligibility criteria for the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. Migrations from the S&amp;P MidCap 400</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index or the S&amp;P SmallCap 600</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index do not need to meet the financial viability, liquidity, or 50% of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index&#8217;s unadjusted company level minimum market capitalization threshold criteria.  Further, constituents of the S&amp;P Total Market Index Ex S&amp;P Composite 1500 (which includes all eligible U.S. common equities except for those included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, the S&amp;P MidCap 400</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the S&amp;P SmallCap 600</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index) that acquire a constituent of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, the S&amp;P MidCap 400</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index or the S&amp;P SmallCap 600</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index that do not fully meet all of the eligibility criteria may still be added to the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index at the discretion of the Index Committee if the merger consideration includes the acquiring company issuing stock to target company shareholders, and the Index Committee determines that the addition could minimize turnover and enhance the representativeness of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index as a market benchmark. Certain types of organizational structures and securities are always excluded, including, but not limited to, business development companies (BDCs), limited partnerships, master limited partnerships, limited liability companies (LLCs), OTC bulletin board issues, closed-end funds, ETFs, ETNs, royalty trusts, tracking stocks, special purpose acquisition companies (SPACs), preferred stock and convertible preferred stock, unit trusts, equity warrants, convertible bonds, investment trusts, rights and American depositary receipts (ADRs). Stocks are deleted from the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index when they are involved in mergers, acquisitions or significant restructurings such that they no longer meet the inclusion criteria, and when they substantially violate one or more of the addition criteria. Stocks that are delisted or moved to the pink sheets or the bulletin board are removed, and those that experience a trading halt may be retained or removed in S&amp;P&#8217;s discretion. S&amp;P evaluates additions and deletions with a view to maintaining S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index continuity.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For constituents included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index prior to July 31, 2017, all publicly listed multiple share class lines are included separately in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Index, subject to, in the case of any such share class line, that share class line satisfying the liquidity and </font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>float criteria discussed above and subject to certain exceptions.  It is possible that one listed share class line of a company may be included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 5pt; vertical-align: super; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Index while a second listed share class line of the same company is excluded.  For companies that issue a second publicly traded share class to index share class holders, the newly issued share class line is considered for inclusion if the event is mandatory and the market capitalization of the distributed class is not considered to be de minimis.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>As of July 31, 2017, companies with multiple share class lines are no longer eligible for inclusion in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. Only common shares are considered when determining whether a company has a multiple share class structure. Constituents of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index prior to July 31, 2017 with multiple share class lines will be grandfathered in and continue to be included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. If an S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174; </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Index constituent reorganizes into a multiple share class line structure, that company will be reviewed for continued inclusion in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index at the discretion of the S&amp;P Index Committee.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Calculation of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is calculated using a base-weighted aggregative methodology. The value of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index on any day for which an index value is published is determined by a fraction, the numerator of which is the aggregate of the market price of each stock in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>times</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> the number of shares of such stock included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, and the denominator of which is the divisor, which is described more fully below. The &#8220;market value&#8221; of any index stock is the </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>product</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> of the market price per share of that stock </font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>times </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>the number of the then-outstanding shares of such index stock that are then included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is also sometimes called a &#8220;base-weighted aggregative index&#8221; because of its use of a divisor. The &#8220;divisor&#8221; is a value calculated by S&amp;P that is intended to maintain conformity in index values over time and is adjusted for all changes in the index stocks&#8217; share capital after the &#8220;base date&#8221; as described below. The level of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index reflects the total market value of all index stocks relative to the index&#8217;s base date of 1941-43.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In addition, the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is float-adjusted, meaning that the share counts used in calculating the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index reflect only those shares available to investors rather than all of a company&#8217;s outstanding shares. S&amp;P seeks to exclude shares held by long-term, strategic shareholders concerned with the control of a company, a group that generally includes the following: officers and directors and related individuals whose holdings are publicly disclosed, private equity, venture capital, special equity firms, asset managers and insurance companies with board of director representation, publicly traded companies that hold shares in another company, holders of restricted shares (except for shares held as part of a lock-up agreement), company-sponsored employee share plans/trusts, defined contribution plans/savings, investment plans, foundations or family trusts associated with the company, government entities at all levels (except government retirement or pension funds), sovereign wealth funds and any individual person listed as a 5% or greater stakeholder in a company as reported in regulatory filings (collectively, &#8220;strategic holders&#8221;). To this end, S&amp;P excludes all share-holdings (other than depositary banks, pension funds (including government pension and retirement funds), mutual funds, exchange traded fund providers, investment funds, asset managers that do not have direct board of director representation (including stakeholders who may have the right to appoint a board of director member but choose not to do so, stakeholders who have exercised a right to appoint a board of director &#8220;observer&#8221; even if that observer is employed by the stakeholder and stakeholders who have exercised a right to appoint an independent director who is not employed by the stakeholder), investment funds of insurance companies and independent foundations not associated with the company) with a position greater than 5% of the outstanding shares of a company from the float-adjusted share count to be used in S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index calculations.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The exclusion is accomplished by calculating an IWF for each stock that is part of the numerator of the float-adjusted index fraction described above:&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; text-indent: 45.76pt; text-align: center; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>IWF = (available float shares)/(total shares outstanding)</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>where available float shares is defined as total shares outstanding less shares held by strategic holders. In most cases, an IWF is reported to the nearest one percentage point. For companies with multiple share class lines, a separate IWF is calculated for each share class line.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Maintenance of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In order to keep the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index comparable over time S&amp;P engages in an index maintenance process. The S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index maintenance process involves changing the constituents as discussed above, and also involves maintaining quality assurance processes and procedures, adjusting the number of shares used to calculate the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, monitoring and completing the adjustments for company additions and deletions, adjusting for stock splits and stock dividends and adjusting for other corporate actions. In addition to its daily governance of indices and maintenance of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index methodology, at least once within any 12 month period, the S&amp;P Index Committee reviews the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index methodology to ensure the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index continues to achieve the stated objective, and that the data and methodology remain effective. The S&amp;P Index Committee may at times consult with investors, market participants, security issuers included in or potentially included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, or investment and financial experts.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Divisor Adjustments&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The two types of adjustments primarily used by S&amp;P are divisor adjustments and adjustments to the number of shares (including float adjustments) used to calculate the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. Set forth below under &#8220;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Adjustments for Corporate Actions</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8221; is a table of certain corporate events and their resulting effect on the divisor and the share count. If a corporate event requires an adjustment to the divisor, that event has the effect of altering the market value of the affected index stock and consequently of altering the aggregate market value of the index stocks following the event. In order that the level of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index not be affected by the altered market value (which could be an increase or decrease) of the affected index stock, S&amp;P generally derives a new divisor by dividing the post-event market&#160; value of the index stocks by the pre-event index value, which has the effect of reducing the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index&#8217;s post-event value to the pre-event level.&#160;</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
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            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Changes to the Number of Shares of a Constituent&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The index maintenance process also involves tracking the changes in the number of shares included for each of the index companies. Changes as a result of mandatory events, such as mergers or acquisition driven share/IWF changes, stock splits and mandatory distributions are not subject to a minimum threshold for implementation and are implemented when the transaction occurs. At S&amp;P&#8217;s discretion, however, de minimis merger and acquisition changes may be accumulated and implemented with the updates made with the quarterly share updates as described below. Material share/IWF changes resulting from certain non-mandatory corporate actions follow the accelerated implementation rule. Non-material share/IWF changes are implemented quarterly.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Accelerated Implementation Rule</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>1. Public offerings. Public offerings of new company-issued shares and/or existing shares offered by selling shareholders, including block sales and spot secondaries, will be eligible for accelerated implementation treatment if the size of the event meets the materiality threshold criteria:</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>(a)</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>at least US $150 million, and</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>(b)</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>at least 5% of the pre-event total shares.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In addition to the materiality threshold, public offerings must satisfy the following conditions:</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>be underwritten.</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>have a publicly available prospectus, offering document, or prospectus summary filed with the relevant authorities.</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>have a publicly available confirmation from an official source that the offering has been completed.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For public offerings that involve a concurrent combination of new company shares and existing shares offered by selling shareholders, both events are implemented if either of the public offerings represent at least 5% of total shares and $150 million. Any concurrent share repurchase by the affected company will also be included in the implementation.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>2. Dutch Auctions, self-tender offer buybacks, and split-off exchange offers. These nonmandatory corporate action types will be eligible for accelerated implementation treatment regardless of size once the final results are publicly announced and verified by S&amp;P.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For companies with multiple share class lines, the criteria specified above apply to each individual multiple share class line rather than total company shares.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Exception to the Accelerated Implementation Rule</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For non-mandatory corporate actions subject to the accelerated implementation rule with a size of at least US $1 billion, S&amp;P will apply the share change, and any resulting IWF change, using the latest share and ownership information publicly available at the time of the announcement, even if the offering size is below the 5% threshold. This exception ensures that very large events are recognized in a timely manner using the latest available information.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Any non-fully paid or non-fully settled offering such as forward sales agreements are not eligible for accelerated implementation. Share updates resulting from completion of subscription receipts terms or the settlement of forward sale agreements are updated at a future quarterly share rebalancing.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All non-mandatory events not covered by the accelerated implementation rule (including but not limited to private placements, acquisition of private companies, and conversion of non-index share lines) will be implemented quarterly coinciding with the third Friday of the third month in each calendar quarter. In addition, events that were not implemented under the accelerated implementation rule but were found to have been eligible, (e.g. due to lack of publicly available information at the time of the event) are implemented as part of a quarterly rebalancing.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Announcement Policy</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For accelerated implementation, S&amp;P will generally provide two (2) business days&#8217; notice for all non-U.S. listed stocks and U.S. listed depositary receipts, and one (1) business days&#8217; notice for all non-depositary receipt U.S. listed stocks.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>IWF Updates</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Accelerated implementation for events less than $1 billion will include an adjustment to the company&#8217;s IWF only to the extent that such an IWF change helps the new float share total mimic the shares available in the offering. To minimize unnecessary turnover, these IWF changes do not need to meet any minimum threshold requirement for implementation. Any IWF change resulting in an IWF of 0.96 or greater is rounded up to 1.00 at the next annual IWF review.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>IWF changes will only be made at the quarterly review if the change represents at least 5% of total current shares outstanding and is related to a single corporate action that did not qualify for the accelerated implementation rule, regardless of whether there is an associated share change.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Quarterly share change events resulting from the conversion of derivative securities, acquisitions of private companies, or acquisitions of non-index companies that do not trade on a major exchange are considered to be available to investors unless there is explicit information stating that the new owner is a strategic holder.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Other than the situations described above, please note that IWF changes are only made at the annual IWF review.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Rebalancing Guidelines &#8211; Share/IWF Reference Date &amp; Freeze Period</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A reference date, after the market close five weeks prior to the third Friday in March, June, September, and December, is the cutoff for publicly available information used for quarterly shares outstanding and IWF changes. All shares outstanding and ownership information </font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A-</font><FONT>3</FONT></FONT></P>
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            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
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                    <TR style="vertical-align: top; min-height: 23.32pt; ">
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>contained in public filings and/or official sources dated on or before the reference date are included in that quarter&#8217;s update. In addition, there is a freeze period on a quarterly basis for any changes that result from the accelerated implementation rules.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Pro-forma files for float-adjusted market capitalization indices are generally released after the market close on the first Friday, two weeks prior to the rebalancing effective date. Pro-forma files for capped and alternatively weighted indices are generally released after the market close on the second Friday, one week prior to the rebalancing effective date. For illustration purposes, if rebalancing pro-forma files are scheduled to be released on Friday, March 5, the share/IWF freeze period will begin after the close of trading on Tuesday, March 9 and will end after the close of trading the following Friday, March 19 (i.e. the third Friday of the rebalancing month).</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>During the share/IWF freeze period, shares and IWFs are not changed and the accelerated implementation rule is suspended, except for mandatory corporate action events (such as merger activity, stock splits, and rights offerings). The suspension includes all changes that qualify for accelerated implementation and would typically be announced or effective during the share/IWF freeze period. At the end of the freeze period all suspended changes will be announced on the third Friday of the rebalancing month and implemented five business days after the quarterly rebalancing effective date.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Adjustments for Corporate Actions&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>There is a large range of corporate actions that may affect companies included in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. Certain corporate actions require S&amp;P to recalculate the share count or the float adjustment or to make an adjustment to the divisor to prevent the value of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index from changing as a result of the corporate action. This helps ensure that the movement of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index does not reflect the corporate actions of individual companies in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Spin-Offs</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>As a general policy, a spin-off security is added to the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index on the ex-date at a price of zero (with no divisor adjustment) and will remain in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index for at least one trading day. The spin-off security will remain in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index if it meets all eligibility criteria. If the spin-off security is determined ineligible to remain in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, it will generally be removed after at least one day of regular way trading (with a divisor adjustment). The weight of the spin-off being deleted is reinvested across all the index components proportionately such that the relative weights of all index components are unchanged. The net change in index market capitalization will cause a divisor change.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Companies that are spun off from a constituent of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index do not need to meet the eligibility criteria for new constituents, but they should be considered U.S. domiciled for index purposes. At the discretion of the Index Committee, a spin-off company may be retained in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index if the Index Committee determines it has a total market capitalization representative of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. If the spin-off company&#8217;s estimated market capitalization is below the minimum unadjusted company market capitalization for the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174; </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Index but there are other constituent companies in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index that have a significantly lower total market capitalization than the spin-off company, the Index Committee may decide to retain the spin-off company in the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Several additional types of corporate actions, and their related treatment, are listed in the table below.&#160;</font></FONT></P>
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                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Corporate Action</font></FONT></P>
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                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Treatment</font></FONT></P>
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                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Company addition/deletion</font></FONT></P>
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                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; text-decoration-style: solid; text-decoration-line: underline; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Addition</font></U></FONT></P>
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Companies are added at the float market capitalization weight. The net change to the index market capitalization causes a divisor adjustment.</font></FONT></P>
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; text-decoration-style: solid; text-decoration-line: underline; font-size: 9.0pt; "><U><font style='white-space: pre-wrap;'>Deletion</font></U></FONT></P>
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The weights of all stocks in the index will proportionally change. Relative weights will stay the same. The index divisor will change due to the net change in the index market capitalization</font></FONT></P>
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                    </TR>
                    <TR style="vertical-align: top; min-height: 9.90pt; ">
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Change in shares outstanding</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Increasing (decreasing) the shares outstanding increases (decreases) the market capitalization of the index. The change to the index market capitalization causes a divisor adjustment.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 9.90pt; ">
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Split/reverse split</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Shares outstanding are adjusted by split ratio. Stock price is adjusted by split ratio. There is no change to the index market capitalization and no divisor adjustment.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 9.90pt; ">
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Change in IWF</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Increasing (decreasing) the IWF increases (decreases) the market capitalization of the index. A net change to the index market capitalization causes a divisor adjustment.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 9.90pt; ">
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Ordinary dividend</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>When a company pays an ordinary cash dividend, the index does not make any adjustments to the price or shares of the stock. As a result there are no divisor adjustments to the index.</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 9.90pt; ">
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Special dividend</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The stock price is adjusted by the amount of the dividend. The net change to the index market capitalization causes a divisor adjustment</font></FONT></P>
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 9.90pt; ">
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-left:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Rights offering</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.75pt; padding-left: 5.40pt; padding-right: 5.40pt; padding-bottom: 0.75pt; border-bottom:  0.50pt solid #000000; border-right:  0.50pt solid #000000; ">
                            <P style="margin-top: 2.2pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>All rights offerings that are in the money on the ex-date are applied under the assumption the rights are fully subscribed. The stock price is adjusted by the value of the rights and the shares outstanding are increased by the rights ratio. The net change in market capitalization causes a divisor adjustment.</font></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Any company that is removed from the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, the S&amp;P MidCap 400</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index or the S&amp;P SmallCap 600</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index must wait a minimum of one year from its removal date before being reconsidered as a replacement candidate for the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Recalculation Policy</font></FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 0 39.00pt 23.43pt 39.00pt; min-height: 23.38pt; position: relative; ">
                <TABLE width="607.09pt" style="margin-left: -5.94pt; width: 607.09pt; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
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                        <TD width="51.70pt" style="width: 51.70pt; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-top:  0.50pt solid #008000; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A-</font><FONT>4</FONT></FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; ">&nbsp;</FONT></P>
            </DIV>
        </DIV>
        <DIV style="page-break-after: always; border-bottom: 1pt solid black; ">
            <P></P>
        </DIV>
        <DIV style="margin: auto; width: 673.20pt; padding: 36pt 0; ">
            <DIV style="width: 595.21pt; padding: 31.19pt 39.00pt 0 39.00pt; min-height: 48.02pt; position: relative; ">
                <TABLE width="100.00%" style="margin-left: -5.94pt; width: 100.00%; table-layout: fixed; border-collapse: collapse; ">
                    <TR>
                        <TD width="88.97%" style="width: 88.97%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                        <TD width="21.03%" style="width: 21.03%; border: 0; margin: 0; padding: 0; height: 0; ">
                        </TD>
                    </TR>
                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
                        </TD>
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                            <P style="text-align: right; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
                        </TD>
                    </TR>
                </TABLE>
                <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-size: 8.0pt; font-family: Arial, sans-serif; ">&nbsp;</FONT></P>
            </DIV>
            <DIV style="width: 595.21pt; padding: 10pt 39.00pt 10pt 39.00pt; position: relative; margin-bottom: 20pt; ">
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>S&amp;P reserves the right to recalculate and republish the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index at its discretion in the event one of the following issues has occurred: (1) incorrect or revised closing price of one or more constituent securities; (2) missed or misapplied corporate action; (3) incorrect application of an index methodology; (4) late announcement of a corporate action; or (5) incorrect calculation or data entry error. The decision to recalculate the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is made at the discretion of the index manager and/or index committee, as further discussed below.  The potential market impact or disruption resulting from a recalculation is considered when making any such decision.  In the event of an incorrect closing price, a missed or misapplied corporate action, a late announcement of a corporate action, or an incorrect calculation or data entry error that is discovered within two trading days of its occurrence, generally the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is recalculated.  In the event any such event is discovered beyond the two trading day period, the index committee shall decide whether the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index should be recalculated. In the event of an incorrect application of the methodology that results in the incorrect composition and/or weighting of index constituents, the index committee shall determine whether or not to recalculate the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index following specified guidelines. In the event that the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is recalculated, it shall be done within a reasonable timeframe following the detection and review of the issue.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Calculations and Pricing Disruptions&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Closing levels for the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index are calculated by S&amp;P based on the closing price of the individual constituents of the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index as set by their primary exchange. Closing prices are received by S&amp;P from one of its third party vendors and verified by comparing them with prices from an alternative vendor. The vendors receive the closing price from the primary exchanges. Real-time intraday prices are calculated similarly without a second verification. Official end-of-day calculations are based on each stock&#8217;s primary market closing price. Prices used for the calculation of real time index values are based on the &#8220;Consolidated Tape&#8221;. The Consolidated Tape is an aggregation of trades for each constituent over all regional exchanges and trading venues and includes the primary exchange. If there is a failure or interruption on one or more exchanges, real-time calculations will continue as long as the &#8220;Consolidated Tape&#8221; is operational.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If an interruption is not resolved prior to the market close, official closing prices will be determined by following the hierarchy set out in NYSE Rule 123C. A notice is published on the S&amp;P website at spglobal.com</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>indicating any changes to the prices used in S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index calculations. In extreme circumstances, S&amp;P may decide to delay index adjustments or not publish the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. Real-time indices are not restated.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Unexpected Exchange Closures</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An unexpected market/exchange closure occurs when a market/exchange fully or partially fails to open or trading is temporarily halted. This can apply to a single exchange or to a market as a whole, when all of the primary exchanges are closed and/or not trading. Unexpected market/exchange closures are usually due to unforeseen circumstances, such as natural disasters, inclement weather, outages, or other events.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>To a large degree, S&amp;P is dependent on the exchanges to provide guidance in the event of an unexpected exchange closure. S&amp;P&#8217;s decision making is dependent on exchange guidance regarding pricing and mandatory corporate actions.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>NYSE Rule 123C provides closing contingency procedures for determining an official closing price for listed securities if the exchange is unable to conduct a closing transaction in one or more securities due to a system or technical issue.&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>3:00 PM ET is the deadline for an exchange to determine its plan of action regarding an outage scenario. As such, S&amp;P also uses 3:00 PM ET as the cutoff.</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If all major exchanges fail to open or unexpectedly halt trading intraday due to unforeseen circumstances, S&amp;P will take the following actions:&#160;</font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Market Disruption Prior to Open of Trading:&#160;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>(i)</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If all exchanges indicate that trading will not open for a given day, S&amp;P will treat the day as an unscheduled market holiday. The decision will be communicated to clients as soon as possible through the normal channels. Indices containing multiple markets will be calculated as normal, provided that at least one market is open that day. Indices which only contain closed markets will not be calculated. </font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>(ii)</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If exchanges indicate that trading, although delayed, will open for a given day, S&amp;P will begin index calculation when the exchanges open. </font></FONT></P>
                <P style="margin-top: 4.4pt; margin-bottom: 2.2pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Market Disruption Intraday:&#160;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>(i)</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If exchanges indicate that trading will not resume for a given day, the S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index level will be calculated using prices determined by the exchanges based on NYSE Rule 123C. Intraday S&amp;P 500</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index values will continue to use the last traded composite price until the primary exchange publishes official closing prices.  </font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-bottom: 11.0pt; margin-top: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8220;S&amp;P,&#8221; &#8220;S&amp;P 500,&#8221; &#8220;S&amp;P MidCap 400&#8221; and &#8220;S&amp;P SmallCap 600&#8221; are trademarks of S&amp;P Global, Inc. or its affiliates and have been licensed for use by JPMorgan Chase &amp; Co and its affiliates, including JPMorgan Financial.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-weight: bold; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index (RTY)</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, which we also refer to in this description as the &#8220;index&#8221;:</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>is an equity index, and therefore cannot be invested in directly;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>does not file reports with the SEC because it is not an issuer;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>was first launched in 1984 based on an initial value of 100 as of December 31, 1978; and</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>is sponsored by FTSE Russell (&#8220;FTSE Russell&#8221;)  </font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index measures the composite price performance of stocks of 2,000 companies in the U.S. equity market. It is generally considered to be a &#8220;small-cap&#8221; index.  Additional information about the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index (including the top ten constituent stocks and sector weights) is available on the following website: ftse.com/analytics/factsheets/Home/Search#. We are not incorporating by reference the website or any material it includes in this term sheet.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index includes approximately 2,000 of the smallest securities that form the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. The Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is comprised of the 3,000 largest U.S. companies, or 98% based on market capitalization, of the investable U.S. equity market. The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is designed to track the performance of the small capitalization segment of the U.S. equity market.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Selection of Constituent Stocks of the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is a sub-index of the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. To be eligible for inclusion in the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, and, consequently, the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, a company&#8217;s stocks must be listed on the rank day and FTSE Russell must have access to documentation verifying the company&#8217;s eligibility for inclusion. The rank day occurs on the last business day of April with membership eligibility determined using public information available on the rank day and market capitalizations calculated at market close. Eligible initial public offerings (&#8220;IPOs&#8221;) are added to Russell U.S. Indices quarterly, based on total market capitalization rankings within the market-adjusted capitalization breaks established during the most recent reconstitution. To be added to any Russell U.S. index during a quarter outside of reconstitution, IPOs must meet additional eligibility criteria.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A company is included in the U.S. equity markets and is eligible for inclusion in the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, and consequently, the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, if that company incorporates in the U.S., has its headquarters in the U.S. and also trades with the highest liquidity in the U.S.  If a company does not satisfy all of the above criteria, it can still be included in the U.S. equity market if any one of the following home country indicators is in the United States: (i) country of incorporation, (ii) country of headquarters and (iii) country in which the company trades with the highest liquidity (as defined by a two-year average daily dollar trading volume from all exchanges within the country), and the primary location of that company&#8217;s assets or its revenue, based on an average of two years of assets or revenues data, is also in the United States. In addition, if there is insufficient information to assign a company to the U.S. equity markets based on its assets or revenue, the company may nonetheless be assigned to the U.S. equity markets if the headquarters of the company is located in the United States or if the headquarters of the company is located in certain &#8220;benefit-driven incorporation countries&#8221;, or &#8220;BDIs&#8221;, and that company&#8217;s most liquid stock exchange is in the United States. The BDI countries are Anguilla, Antigua and Barbuda, Aruba, Bahamas, Barbados, Belize, Bermuda, Bonaire, British Virgin Islands, Cayman Islands, Channel Islands, Cook Islands, Cura&#231;ao, Faroe Islands, Gibraltar, Guernsey, Isle of Man, Jersey, Liberia, Marshall Islands, Panama, Saba, Sint Eustatius, Sint Maarten and Turks and Caicos Islands. A U.S.-listed company is not eligible for inclusion within the U.S. equity market if it has been classified by FTSE Russell as a China N share on the rank date of the index reconstitution. A company will be considered a China N share if the following criteria are satisfied: (i) the company is incorporated outside of mainland China, (ii) the company is listed on the NYSE, the Nasdaq or the NYSE American (formerly the NYSE MKT), (iii) the company has a headquarter or principal executive office or its </font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>establishment in mainland China, with the majority of its revenue or assets derived from the People&#8217;s Republic of China, and (iv) the company is controlled by a mainland Chinese entity, company or individual (if the shareholder background cannot be determined with publicly available information, FTSE Russell will consider whether the establishment and origin of the company are in mainland China and whether the company is headquartered in mainland China). An existing China N Share which fails one or more of the following criteria will cease to be classified as a China N share: (i) the company is no longer incorporated outside the People&#8217;s Republic of China, (ii) the company is no longer listed on the NYSE, the Nasdaq exchange, or the NYSE American, (iii) the percentages of revenue and assets derived from the People&#8217;s Republic of China have both fallen below 45 percent, or (iv) the company is acquired/a controlling stake is held by a non-Mainland Chinese state entity, company or individual. Only asset and revenue data from the most recent annual report is considered when evaluating whether a company should be classified a China N share (i.e., there will be no two year averaging). ADRs and ADSs are not eligible for inclusion in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In addition, all securities eligible for inclusion in the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, and consequently, the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, must trade on an eligible exchange (CBOE (formerly BATS), NYSE, NYSE American (formerly NYSE MKT), NYSE Arca and Nasdaq).</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Exclusions from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>FTSE Russell specifically excludes the following companies and securities from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index: (i) preferred and convertible preferred stock, redeemable shares, participating preferred stock, warrants, rights, depositary receipts, installment receipts and trust receipts; (ii) royalty trusts, U.S. limited liability companies, closed-end investment companies, companies that are required to report Acquired Fund Fees and  Expenses (as defined by the SEC), including business development companies, blank check companies, special-purpose acquisition companies and limited partnerships; (iii) companies with a total market capitalization less than $30 million; (iv) companies with only a small portion of their shares available in the free-float as defined by FTSE Russell (companies with less than an absolute 5% of shares available); (v) bulletin board, pink sheets or over-the-counter traded securities, including securities for which prices are displayed on the FINRA ADF; (vi) real estate investment trusts and publicly traded partnerships that generate, or have&#160;historically generated, unrelated business taxable income and have not taken steps to block their unrelated business taxable income to equity holders; and (vii) companies with less than 5% of the company&#8217;s voting rights in the hands of unrestricted shareholders.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Initial List of Eligible Securities</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The primary criterion FTSE Russell uses to determine the initial list of securities eligible for the Russell 3000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and, consequently, the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, is total market capitalization, which is calculated by multiplying the total outstanding shares for a company by the market price as of the rank day for those securities being considered at annual reconstitution.  IPOs may be added between constitutions as noted below.  All common stock share classes are combined in determining a company&#8217;s total shares outstanding. If multiple share classes have been combined, the number of total shares outstanding will be multiplied by the primary exchange close price and used to determine the company&#8217;s total market capitalization. In cases where the common stock share classes act independently of each other (e.g., tracking stocks), each class is considered for inclusion separately. Stocks must have a closing price at or above $1.00 on their primary exchange or an eligible secondary exchange on the last trading day of May of each year to be eligible for inclusion in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. In order to reduce unnecessary turnover, if an existing member&#8217;s closing price is less than $1.00 on the rank day, it will be considered eligible if the average of the daily closing prices from their primary exchange during the 30 days prior to the rank day is equal to or greater than $1.00. If an existing member does not trade on the rank day, it must price at $1.00 or above on another eligible U.S. exchange to remain eligible.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Multiple Share Classes</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If an eligible company trades under multiple share classes or if a company distributes shares of an additional share class to its existing shareholders through a mandatory corporate action, each share class will be reviewed independently for inclusion. Share classes in addition to the primary vehicle (the pricing vehicle) that have a total market capitalization larger than $30 million, an average daily dollar trading value that exceeds that of the global median, and a float of 5% or greater of shares available in the free-float as defined by FTSE Russell are eligible for inclusion.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The pricing vehicle will generally be designated as the share class with the highest two-year trading volume as of the rank day. In the absence of two years&#8217; worth of data, all available data will be used for this calculation.  If the difference between trading volumes for each share class is less than 20%, the share class with the most available shares outstanding will be used as the pricing vehicle.  At least 100 day trading volume is necessary to consider the class as a pricing vehicle for existing members.  New members will be analyzed on all available data, even if that data is for less than 100 days.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Annual Reconstitution</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is reconstituted annually by FTSE Russell to reflect changes in the marketplace. The list of companies is ranked based on total market capitalization on the last trading day in May, with the actual reconstitution occurring on the fourth Friday of June each year. A full calendar for reconstitution is published each spring.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A company&#8217;s total shares are multiplied by the primary exchange close price of the pricing vehicle and used to determine the company&#8217;s total market capitalization for the purpose of ranking of companies and determination of index membership. If no volume exists on the primary exchange on the rank day, the last trade price from an eligible secondary exchange will be used where volume exists (using the lowest trade price above $1.00 if multiple secondary markets exist). The company&#8217;s rank will be determined based on the cumulative market capitalization. As of the June 2016 reconstitution, any share class not qualifying for eligibility independently will not be aggregated with the pricing vehicle within the available shares calculation.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For mergers and spin-offs that are effective between the rank day and the business day immediately before the index lock down takes effect ahead of the annual reconstitution in June, the market capitalizations of the impacted securities are recalculated and membership is reevaluated as of the effective date of the corporate action.  For corporate events that occur during the reconstitution lock down period (which takes effect from the open on the first day of the lock down period onwards), market capitalizations and memberships will not be reevaluated. Non index members that have been considered ineligible as of rank day will not be reevaluated in the event of a subsequent corporate action that occurs between rank day and the reconstitution effective date.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Index Calculation and Capitalization Adjustments</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>As a capitalization-weighted index, the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index reflects changes in the capitalization, or market value, of the index stocks relative to the capitalization on a base date. The current Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index value is the compounded result of the cumulative daily (or monthly) return percentages, where the starting value of the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index is equal to the base value (100) and base date (December 31, 1978). Returns between any two dates can then be derived by dividing the ending period index value (IV</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 5.0pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>) by the beginning period (IV</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 5.0pt; "><font style='white-space: pre-wrap;'>0</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>) index value, so that the return equals [(IV</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 5.0pt; "><font style='white-space: pre-wrap;'>1</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> / IV</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 5.0pt; "><font style='white-space: pre-wrap;'>0</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>) &#8211;1]*100.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Constituent stocks of the index are weighted in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index by their free-float market capitalization, which is calculated by multiplying the primary closing price by the number of free-float shares. Free-float shares are shares that are available to the public for purchase as determined by FTSE Russell. Adjustments to shares are reviewed quarterly (including at reconstitution) and for major corporate actions such as mergers. Total shares and adjustments for available shares are based on information recorded in SEC corporate filings.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The following are excluded from free float: shares directly owned by state, regional, municipal and local governments (excluding shares held by independently managed pension schemes for governments); shares held by sovereign wealth funds where each holding is 10% or greater of the total number of shares in issue; shares held by directors, senior executives and managers of the company, and by their family and direct relations, and by companies with which they are affiliated; shares held within employee share plans; shares held by public companies or by non-listed subsidiaries of public companies; shares held by founders, promoters, former directors, founding venture capital and private equity firms, private companies and individuals (including employees) where the holding is 10% or greater of&#160;the total number of shares in issue; all shares where the holder is subject to a lock-up clause (for the duration of that clause, after which free float changes resulting from the expiry of a lock-up will be implemented at the next quarterly review subject to the lock-up expiry date occurring on or prior to the share and float change information cut-off date); shares held by an investor, investment company or an investment fund that is actively participating in the management of a company or is holding shares for publicly announced strategic reasons, or has successfully placed a current member to the board of directors of a company; and shares that are subject to ongoing contractual agreements (such as swaps) where they would ordinarily be treated as restricted. In addition, while portfolio holdings such as pension funds, insurance funds or investment companies will generally not be considered as restricted from free float, where a single portfolio holding is 30% or greater it will be regarded as strategic and therefore restricted (and will remain restricted until the holding falls below 30%).</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Corporate Actions Affecting the Index</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>FTSE Russell adjusts the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index on a daily basis in response to certain corporate actions and events. Therefore, a company&#8217;s membership in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and its weight in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index can be impacted by these corporate actions. The adjustment is applied based on sources of public information, including press releases and Securities and Exchange Commission filings. Prior to the completion of a corporate action or event, FTSE Russell estimates the effective date. FTSE Russell will then adjust the anticipated effective date based on public information until the date is considered final. Depending on the time on a given day that an action is determined to be final, FTSE Russell will generally either (1) apply the action before the open on the ex-date or (2) apply the action after providing appropriate notice. If FTSE Russell has confirmed the completion of a corporate action, scheduled to become effective subsequent to a rebalance, the event may be implemented in conjunction with the rebalance to limit turnover, provided appropriate notice can be given. FTSE Russell applies the following methodology guidelines when adjusting the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index in response to corporate actions and events:</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8220;No Replacement&#8221; Rule</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; Securities that are deleted from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index between reconstitution dates, for any reason (e.g., mergers, acquisitions or other similar corporate activity) are not replaced. Thus, the number of securities in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index over the past year will fluctuate according to corporate activity.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Mergers and Acquisitions</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Adjustments due to mergers and acquisitions are applied to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index after the action is determined to be final. In the event that a constituent is being acquired for cash or is delisted subsequent to an index review, such constituent will be removed from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index in conjunction with the index review, assuming that the action is determined to be final and a minimum of two days&#8217; notice can be provided.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Between constituents:  When mergers and acquisitions take place between companies that are both constituents of a Russell index for cash, the target company is deleted from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index at the last traded price. When mergers and acquisitions take place between companies that are both constituents of a Russell index for stock, the target company is deleted from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the shares of the acquiring stock are increased according to the offer terms. When mergers and acquisitions take place between companies that are both constituents of a Russell index for cash or stock or a combination thereof, the target company is deleted from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the shares of the acquiring company are simultaneously increased per the merger terms.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Between a constituent and a non-constituent:</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If the target company is a member of the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, it is deleted from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the acquiring company will be included initially in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index provided it is eligible in all other respects at the time of the merger, regardless of previous eligibility screenings. If the acquiring company is deemed eligible it will be </font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index on the effective date and the opening price will be calculated using the offer terms. When the target company is a FTSE Russell Universe member, the shares of the member acquiring company will be updated to reflect the merger. Any share update will be made giving appropriate notice.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Given sufficient market hours after the confirmation of a merger or acquisition, FTSE Russell effects the action after the close on the last day of trading of the target company, or at an appropriate time once the transaction has been deemed to be final.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Rights Offerings &#8212;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Rights offered to shareholders are reflected in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index only if the subscription price of the rights is at a discount to the market price of the stock. Provided that FTSE Russell has been alerted to the rights offer prior to the ex-date, it will adjust the price of the stock for the value of the rights and increased shares according to the terms of the offering before the open on the ex-date.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Spin-offs</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8212; If the spin-off entity meets the eligibility requirements for the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, the spin-off entity will be added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index on the ex-date of the distribution. The spin-off entity will be retained in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index until the next annual reconstitution, when it will be evaluated for inclusion. If the spin-off entity does not meet the eligibility requirements for the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, the spin-off entity will be added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index on the ex-date of the distribution. It will remain in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index until listing and settlement and then deleted at market price with notice.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Initial Public Offerings </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8212; Eligible IPOs are added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index based on total market capitalization ranking within the market-adjusted capitalization breaks established at the most recent annual reconstitution.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>An IPO of additional share classes will be considered for eligibility and must meet the same eligibility criteria for all other multiple share classes.  If at the time of the IPO the additional share class does not meet the eligibility criteria for separate index membership, it will not be added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and will subsequently be reviewed for index membership during the next annual reconstitution.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Once IPO additions have been announced, an IPO may be added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index prior to the previously announced schedule, if a corporate action has deemed this to be appropriate and notice can be provided (e.g. an index member automatically receives shares via a stock distribution into a projected IPO add).&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Tender Offers</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; A company acquired as a result of a tender offer is removed when (i) (a) offer acceptances reach 90%; (b) shareholders have validly tendered and the shares have been irrevocably accepted for payment; and (c) all pertinent offer conditions have been reasonably met and the acquirer has not explicitly stated that it does not intend to acquire the remaining shares; (ii) there is reason to believe that the remaining free float is under 5% based on information available at the time; or (iii) following completion of the offer the acquirer has stated intent to finalize the acquisition via a short-form merger, squeeze-out, top-up option or any other compulsory mechanism.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Where the conditions for index deletion are not met, FTSE Russell may implement a free float change based on the reported acceptance results at the expiration of the initial, subsequent or final offer period where (i) the minimum acceptance level as stipulated by the acquiror is met; (ii) shareholders have validly tendered and the shares have been irrevocably accepted for payment; (iii) all pertinent offer conditions have been reasonably met and (iv) the change to the current float factor is greater than 3%. FTSE Russell uses the published results of the offer to determine the new free float of the target company. If no information is published in conjunction with the results from which FTSE Russell can determine which shareholders have and have not tendered, the free float change will reflect the total shares now owned by the acquiring company. A minimum T+2 notice period of the change is generally provided. . Any subsequent disclosure on the updated shareholder structure will be reviewed during the quarterly review cycle. If the offer includes a stock consideration, the acquiring company&#8217;s shares will be increased proportionate to the free float change of the target company.  If the target company&#8217;s free float change is greater than 3%, the associated change to the acquiring company&#8217;s shares will be implemented regardless of size. Additionally, if the change to the target company is less than 3%, then no change will be implemented to the target or the acquiring company at the time of the event, regardless of any change to the acquiring company&#8217;s shares. The target company will then be deleted as a second-step, if the conditions for deletion are achieved at the expiration of a subsequent offer period.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In the event that a tender offer results in an additional listed and active &#8220;tendered&#8221; line prior to the tendered shares being accepted and exchanged for settlement, FTSE Russell will generally evaluate the following factors to determine whether to switch to the tendered line: (i) the objective of the offer is to fully acquire and delist the target company (and FTSE Russell is not aware of any obstacles designed to prevent this objective; e.g. there are no major shareholders who have publicly disclosed that they will not be tendering); (ii) the offer is deemed to be successful (i.e. the minimum acceptance threshold has been achieved); (iii) more than 50% of the shares subject to the offer have been tendered; (iv) there is an additional tender offer period to provide a window for index users to tender into the tendered shares&#8217; line; and (v) there are outstanding regulatory or other substantive hurdles preventing the transaction completing immediately at the conclusion of the tender offer, with the results not expected to be known for some time. Index implementation will generally occur immediately after the opening of the additional offer period (with the provision of appropriate notice) &#8211; with an informative notice published announcing the change, to supplement the information within the applicable tracker files. In the event that the tendered line is halted prior to index implementation, its close price will be updated to reflect the deal terms until implementation. In the event that the prerequisites for deletion are not achieved and the target company is retained within the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index at a reduced weight, the tendered line will be removed at deal terms (if no active market) with the ordinary line being re-added at a reduced weight at its last close price.</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In exceptional circumstances, any review changes due to be effective for the companies involved in a tender offer may be retracted if FTSE Russell becomes aware of a tender offer which is due to complete on or around the effective date of such index review changes. Such exceptional circumstances may include undue price pressure being placed on the companies involved, or if proceeding with the review changes would compromise the replicability of the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.&#160;</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Delisted and Suspended Stocks</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; A constituent will be deleted if it is delisted from all eligible exchanges. A constituent will be deleted if FTSE Russell becomes aware (in the country of assigned nationality) that the stock has become bankrupt, has filed for bankruptcy protection, enters into administration or receivership, is insolvent or is liquidated (or local equivalents); or has filed for delisting and no regulatory or shareholder approvals are outstanding, converts into an ineligible corporate structure or where evidence of a change in circumstances makes it ineligible for index inclusion. If, however, FTSE Russell becomes aware that a constituent is suspended, index treatment will be determined as follows:</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>unless the circumstances regarding deletions set forth below apply, a constituent will continue to be included in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index for a period of up to 20 business days at its last traded price;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>if a constituent continues to be suspended at the end of that 20 business day period (the suspension period), it will be subject to review. FTSE Russell will take into account the stated reasons for the suspension. These reasons may include announcements made by the company regarding a pending acquisition or restructuring, and any stated intentions regarding a date for the resumption of trading. If following review, a decision is taken to remove the constituent, FTSE Russell will provide notice of 20 business days (the notice period) that it intends to remove the constituent, at zero value, at the conclusion of the notice period. If the security has not resumed trading at the conclusion of the notice period, it will be removed with two days&#8217; notice. If during the notice period further details are disclosed as to the reason for a company&#8217;s suspension, those reasons (and any possible resumption of trade date) will be taken into account when determining if the company should remain on notice;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>if a suspended constituent resumes trading on or before the last business day of the notice period, the deletion notice will be rescinded and the constituent will be retained in the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. However, where the constituent resumes trading after the 40th business day of suspension, the constituent will continue to be removed from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index as previously announced but in these circumstance the deletion will be implemented at market value unless there are barriers that render a market value irreplicable. In this event, the company will continue to be removed at zero;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>if the notice period expires in the week preceding an index review, the company will be removed in conjunction with the index review;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>in certain limited circumstances where the index weight of the constituent is significant and FTSE Russell determines that a market-related value can be established for the suspended constituent, for example because similar company securities continue to trade, deletion may take place at the market-related value</font></FONT><FONT style="font-family: Arial, sans-serif; color: #3D3D3D; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>instead. In such circumstances, FTSE Russell will set out its rationale for the proposed treatment of the constituent at the end of the suspension period. The company would then be removed at that value at the end of the notice period;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Times New Roman, Times, serif; color: #000000; font-size: 10.0pt; "><font style='white-space: pre-wrap;'>&#8226;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>subject to the second following paragraph, if a constituent has been removed from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and trading is subsequently restored, the constituent will only be reconsidered for inclusion after a period of 12 months from its deletion. For the purposes of index eligibility it will be treated as a new issue.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>For example, if FTSE Russell becomes aware that a U.S. company has filed for Chapter 7 bankruptcy, Chapter 11 bankruptcy protection, a receiver is appointed, has filed for delisting under a Form 25, or a liquidation plan is filed, it will be removed from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index with notice. If a constituent is removed pursuant to this rule and is not trading and there is no express confirmation that shareholders will receive a fixed cash amount per share held, FTSE Russell will remove the stock at a nominal price of $0.0001. If a price on an ineligible market (e.g. OTC) is available, the constituent may be removed using this price.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A company emerging from bankruptcy protection or insolvency will be reconsidered for index inclusion at the next annual reconstitution (i.e., there will be no 12 month exclusion).</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>A constituent will be deleted if FTSE Russell becomes aware that the price of the constituent has reached its minimum permissible trade price. The constituent will be removed from the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index in conjunction with the next index review subject to it still being at the minimum permissible trade price at the start of the quarterly review lock down period. The stock will only be reconsidered for index eligibility after a period of 12 months from its deletion. For purposes of index eligibility it will be evaluated as a new issue.</font></FONT></P>
                <P style="margin-top: 6.6pt; margin-bottom: 6.6pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stock Distributions</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>and distributions in specie</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8212; A price adjustment for stock distributions is applied on the ex-date of the distribution. Where FTSE Russell is able to value a distribution in specie prior to the ex-date, a price adjustment is made to the company paying the dividend at the open on the ex-date.  If no valuation of the distribution exists prior to the ex-date, no price adjustment is applied.  Where the company whose holders are receiving the distribution is an index member, its shares will be increased according to the terms of the distribution.  If such company is not an index member, the distributed shares will be added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index until they have been settled and have listed, at which point they will be removed at the last traded price giving appropriate notice.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Special Cash Dividends</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> &#8212; If a constituent pays out a special cash dividend, the price of the stock is adjusted to deduct the dividend amount before the open on the ex-date. No adjustment for regular cash dividends is made in the price return calculation of the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Updates to Shares Outstanding and Free Float </font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8212; FTSE Russell reviews the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index quarterly for updates to shares outstanding and to free floats used in calculating the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index. The changes are implemented quarterly in March, June, September and December after the close on the third Friday of such month. The June reconstitution will be implemented on the fourth Friday of June.&#160;</font></FONT></P>
                <P style="margin-top: 5.5pt; margin-bottom: 5.5pt; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>In March, September and December shares outstanding and free floats are updated to reflect (i) cumulative share changes greater than 1%, (ii) for constituents with a free float less than or equal to 15%, cumulative free float changes greater than 1%, and (iii) for constituents with a free float greater than 15%, cumulative free float changes greater than 3%. Updates to shares outstanding and free floats will be implemented each June regardless of size (i.e., the percentage change thresholds above will not be applied). FTSE Russell implements the June updates using data sourced primarily from the companies&#8217; publicly available information filed with the Securities and Exchange Commission.</font></FONT></P>
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                            <P style="text-align: left; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #5B862B; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font></FONT></P>
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                    <TR style="vertical-align: top; min-height: 23.32pt; ">
                        <TD style="padding-top: 0.0pt; padding-left: 5.94pt; padding-right: 5.94pt; padding-bottom: 0.0pt; border-bottom:  4.50pt solid #5B862B; ">
                            <P style="margin-top: 0; margin-bottom: 0; "><FONT style="color: #5B862B; font-size: 16.0pt; font-family: Arial, sans-serif; "><font style='white-space: pre-wrap;'>Stepdown Snowball Autocallable Notes</font><BR></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Linked to the Worst-Performing of the S&amp;P 500</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index and the Russell 2000</font></FONT><FONT style="color: #5B862B; vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="color: #5B862B; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index, due May 19, 2028</font></FONT></P>
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                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Outside of the quarterly update cycle, outstanding shares and free float will be updated with at least two days&#8217; notice if prompted by primary or secondary offerings if (i) there is a USD $1 billion investable market capitalization change related to a primary/secondary offering measured by multiplying the change to index shares by the subscription price or (ii) there is a resultant 5% change in index shares related to a primary or secondary offering and</font></FONT><FONT style="font-family: Arial, sans-serif; font-style: italic; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#160;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>a USD $250 million investable market capitalization change measured by multiplying the change to index shares by the subscription price. The pricing date will serve as the trigger for implementation; i.e. once FTSE Russell is aware that an offering has priced, the update will be implemented with two days&#8217; notice from market close (contingent on the thresholds described above being triggered). If discovery of the pricing date occurs more than two days after the pricing date, the update will be deferred until the next quarterly review.</font></FONT></P>
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                <P style="margin-top: 6.6pt; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>If a company distributes shares of an additional share class to its existing shareholders through a mandatory corporate action, the additional share class will be evaluated for separate index membership. The new share class will be deemed eligible if the market capitalization of the distributed shares meets the minimum size requirement (the market capitalization of the smallest member of the Russell 3000E Index from the previous rebalance as adjusted for performance to date). If the additional share class is not eligible at the time of distribution, it will not be added to the Russell 2000</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; vertical-align: super; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; color: #000000; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index.</font></FONT></P>
                <P style="padding-left: 59.4pt; margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>Disclaimers </font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>The notes are not sponsored, endorsed, sold, or promoted by London Stock Exchange Group plc or its affiliates (collectively, &#8220;</font></FONT><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>LSE</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8221;) or any successor thereto or index owner and neither LSE nor any party hereto makes any representation or warranty whatsoever, whether express or implied, to the owners of the notes or any member of the public regarding the advisability of investing in securities generally or in the notes particularly or the ability of the Russell Indices to track general stock market performance or a segment of the same. LSE&#8217;s publication of the Russell Indices in no way suggests or implies an opinion by LSE as to the advisability of investment in any or all of the securities upon which the Russell Indices are based. LSE&#8217;s only relationship to the Issuer, the Guarantor (if applicable) and their affiliates is the licensing of certain trademarks and trade names of LSE and of the Russell Indices, which are determined, composed and calculated by LSE without regard to the Issuer, the Guarantor (if applicable) and their affiliates or the notes. LSE is not responsible for and has not reviewed the notes or any associated literature or publications and LSE makes no representation or warranty express or implied as to their accuracy or completeness, or otherwise. LSE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change the Russell Indices. LSE has no obligation or liability in connection with the administration, marketing or trading of the notes. </font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&#8220;Russell 1000</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index,&#8221; &#8220;Russell 2000</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index,&#8221; &#8220;Russell 3000</font></FONT><FONT style="vertical-align: super; font-family: Arial, sans-serif; font-size: 7pt; "><font style='white-space: pre-wrap;'>&#174;</font></FONT><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'> Index&#8221; and &#8220;Russell 3000ETM Index&#8221; are trademarks of LSE and have been licensed for use by JPMorgan Chase Bank, National Association and its affiliates. This transaction is not sponsored, endorsed, sold, or promoted by LSE and LSE makes no representation regarding the advisability of entering into this transaction. </font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>&nbsp;</font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>LSE DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE RUSSELL INDICES OR ANY DATA INCLUDED THEREIN AND LSE SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. LSE MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE GUARANTOR </font></FONT></P>
                <P style="margin-top: 0; margin-bottom: 0; "><FONT style="font-weight: bold; font-family: Arial, sans-serif; font-size: 9.0pt; "><font style='white-space: pre-wrap;'>(IF APPLICABLE) AND/OR THEIR AFFILIATES, INVESTORS, OWNERS OF THE PRODUCT(S), OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE RUSSELL INDICES OR ANY DATA INCLUDED THEREIN. LSE MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE RUSSELL INDICES OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL LSE HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES (INCLUDING LOST PROFITS), EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.</font></FONT></P>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.26.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>May 14, 2026</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000019617<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">JPMorgan Chase & Co.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_RegnFileNb', window );">Registration File Number</a></td>
<td class="text">333-293684<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">424B2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_RegnFileNb">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_RegnFileNb</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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<td><strong> Data Type:</strong></td>
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>ex-filingfees_htm.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version="1.0" encoding="utf-8"?>
<xbrl
  xmlns="http://www.xbrl.org/2003/instance"
  xmlns:dei="http://xbrl.sec.gov/dei/2026"
  xmlns:ffd="http://xbrl.sec.gov/ffd/2026"
  xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
  xmlns:link="http://www.xbrl.org/2003/linkbase"
  xmlns:xlink="http://www.w3.org/1999/xlink">
    <link:schemaRef
      xlink:href="https://xbrl.sec.gov/ffd/2026/ffd-2026.xsd"
      xlink:type="simple"/>
    <context id="AsOf2026-05-14">
        <entity>
            <identifier scheme="http://www.sec.gov/CIK">0000019617</identifier>
        </entity>
        <period>
            <startDate>2026-05-14</startDate>
            <endDate>2026-05-14</endDate>
        </period>
    </context>
    <unit id="USD">
        <measure>iso4217:USD</measure>
    </unit>
    <dei:EntityCentralIndexKey contextRef="AsOf2026-05-14" id="Fact000003">0000019617</dei:EntityCentralIndexKey>
    <ffd:FormTp contextRef="AsOf2026-05-14" id="Fact000009">S-3</ffd:FormTp>
    <dei:EntityRegistrantName contextRef="AsOf2026-05-14" id="Fact000010">JPMorgan Chase &amp; Co.</dei:EntityRegistrantName>
    <ffd:SubmissnTp contextRef="AsOf2026-05-14" id="Fact000011">424B2</ffd:SubmissnTp>
    <ffd:FeeExhibitTp contextRef="AsOf2026-05-14" id="Fact000012">EX-FILING FEES</ffd:FeeExhibitTp>
    <ffd:RegnFileNb contextRef="AsOf2026-05-14" id="Fact000013">333-293684</ffd:RegnFileNb>
    <ffd:FnlPrspctsFlg contextRef="AsOf2026-05-14" id="Fact000014">true</ffd:FnlPrspctsFlg>
    <ffd:OfferingTableNa contextRef="AsOf2026-05-14" id="Fact000015">N/A</ffd:OfferingTableNa>
    <ffd:OffsetTableNa contextRef="AsOf2026-05-14" id="Fact000016">N/A</ffd:OffsetTableNa>
    <ffd:CombinedProspectusTableNa contextRef="AsOf2026-05-14" id="Fact000017">N/A</ffd:CombinedProspectusTableNa>
    <ffd:NrrtvMaxAggtOfferingPric
      contextRef="AsOf2026-05-14"
      decimals="0"
      id="Fact000018"
      unitRef="USD">10000000</ffd:NrrtvMaxAggtOfferingPric>
    <ffd:NrrtvDsclsr contextRef="AsOf2026-05-14" id="Fact000019">The
prospectus is a final prospectus for the related offering.</ffd:NrrtvDsclsr>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
