<SEC-DOCUMENT>0001213900-26-064143.txt : 20260602
<SEC-HEADER>0001213900-26-064143.hdr.sgml : 20260602
<ACCEPTANCE-DATETIME>20260602155833
ACCESSION NUMBER:		0001213900-26-064143
CONFORMED SUBMISSION TYPE:	424B2
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20260602
DATE AS OF CHANGE:		20260602

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:		261055718

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B2
<SEQUENCE>1
<FILENAME>ea0293305-01_424b2.htm
<DESCRIPTION>PRELIMINARY PRICING SUPPLEMENT
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
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<P STYLE="color: red; font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">The information in this preliminary
pricing supplement is not complete and may be changed. This preliminary pricing supplement is not an offer to sell nor does it seek an
offer to buy these securities in any jurisdiction where the offer or sale is not permitted.</P>

<P STYLE="color: red; font: bold 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">Subject to completion dated June 2,
2026</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 40%">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Pricing supplement</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><I>To prospectus dated April 17, 2026, </I></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><I>prospectus supplement dated April 17, 2026 and </I></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0"><I>product supplement no. 1-I dated April 17, 2026</I></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="width: 20%; font-size: 7pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 40%">
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Registration Statement No. 333-293684</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Dated June&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; , 2026</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Rule 424(b)(2)</B></P>
    <P STYLE="font: 7pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="3" STYLE="font-size: 7pt"><IMG SRC="image_001.jpg" ALT="" STYLE="height: 23px; width: 166px"></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="color: #4E8ABE; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">$</P>

<P STYLE="color: #4E8ABE; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 0">Callable Fixed Rate Notes due June 4, 2038</P>

<P STYLE="color: #4E8ABE; font: 9pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><B>General</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes are unsecured and unsubordinated obligations of JPMorgan Chase&nbsp;&amp;&nbsp;Co. <B>Any payment
on the notes is subject to the credit risk of JPMorgan Chase&nbsp;&amp;&nbsp;Co.</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">These notes are designed for an investor who seeks a fixed income investment at an interest rate of 5.45
% per annum but who is also willing to accept the risk that the notes will be called prior to the Maturity Date.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">These notes have a long maturity relative to other fixed income products. Longer-dated notes may be riskier
than shorter-dated notes. See &ldquo;Selected Risk Considerations&rdquo; in this pricing supplement.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">At our option, we may redeem the notes, in whole but not in part, on any of the Redemption Dates specified
below.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 8pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 8pt">The notes may be purchased in minimum denominations of $1,000 and in integral multiples of $1,000 thereafter.</FONT></TD></TR></TABLE>

<P STYLE="color: #4E8ABE; font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><B>Key Terms</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="width: 24%; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Issuer:</FONT></TD>
    <TD STYLE="width: 76%; padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">JPMorgan Chase&nbsp;&amp;&nbsp;Co.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Payment at Maturity:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">On the Maturity Date, we will pay you the principal amount of your notes <I>plus</I> any accrued and unpaid interest, <I>provided</I> that your notes are outstanding and have not previously been called on any Redemption Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Call Feature:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">On the 4<SUP>th</SUP> calendar day of June and December of each year, beginning on June 4, 2029 and ending on December 4, 2037 (each, a &ldquo;Redemption Date&rdquo;), we may redeem your notes, in whole but not in part, at a price equal to the principal amount being redeemed <I>plus</I> any accrued and unpaid interest, subject to the Business Day Convention and the Interest Accrual Convention described below and in the accompanying product supplement.&nbsp;&nbsp;If we intend to redeem your notes, we will deliver notice to The Depository Trust Company on any business day after the Original Issue Date that is at least 5 business days before the applicable Redemption Date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt; color: black">Interest:</FONT></TD>
    <TD>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0">Subject to the Interest Accrual Convention, with respect to each Interest
    Period, for each $1,000 principal amount note, we will pay you interest in arrears on each Interest Payment Date in accordance with the
    following formula:</P>
    <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 1.5pt 0; text-align: center">$1,000 &times; Interest Rate &times; Day Count
    Fraction.</P></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Interest Periods:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">The period beginning on and including the Original Issue Date and ending on but excluding the first Interest Payment Date, and each successive period beginning on and including an Interest Payment Date and ending on but excluding the next succeeding Interest Payment Date, subject to any earlier redemption and the Interest Accrual Convention described below and in the accompanying product supplement</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Interest Payment Dates:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Interest on the notes will be payable in arrears on the 4<SUP>th</SUP> calendar day of June and December of each year, beginning on December 4, 2026 to and including the Maturity Date (each, an &ldquo;Interest Payment Date&rdquo;), subject to any earlier redemption and the Business Day Convention and Interest Accrual Convention described below and in the accompanying product supplement.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Interest Rate:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">5.45% per annum</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Pricing Date:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">June 2, 2026, subject to the Business Day Convention</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Original Issue Date:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">June 4, 2026, subject to the Business Day Convention (Settlement Date)</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Maturity Date:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">June 4, 2038, subject to the Business Day Convention</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Business Day Convention:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Following</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Interest Accrual Convention:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Unadjusted</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">Day Count Convention:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">30/360</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">CUSIP:</FONT></TD>
    <TD STYLE="padding-top: 1.5pt; padding-bottom: 1.5pt"><FONT STYLE="font-size: 8pt">48130KHR1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0"><B>Investing in the notes involves a number of risks. See &ldquo;Risk Factors&rdquo;
beginning on page S-2 of the accompanying prospectus supplement, &ldquo;Risk Factors&rdquo; beginning on page PS-11 of the accompanying
product supplement and &ldquo;Selected Risk Considerations&rdquo; beginning on page PS-4 of this pricing supplement.</B></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0">Neither the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) nor
any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this pricing supplement
or the accompanying product supplement, prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.</P>

<P STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7.5pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 25%; border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Price to Public<SUP>(1)</SUP></B></TD>
    <TD STYLE="width: 25%; border-top: #BFBFBF 1pt solid; border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Fees and Commissions<SUP>(2)</SUP></B></TD>
    <TD STYLE="width: 25%; border-top: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><B>Proceeds to Issuer</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><B>Per note</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">$1,000</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">$</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">$</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt"><B>Total</B></TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">$</TD>
    <TD STYLE="border-right: #BFBFBF 1pt solid; border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">$</TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-top: 3pt; padding-right: 5.4pt; padding-left: 5.4pt">$</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 1pt">(1) The price to the public includes the estimated cost of hedging
our obligations under the notes through one or more of our affiliates.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 1pt 0">(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as
agent for JPMorgan Chase&nbsp;&amp;&nbsp;Co., will pay all of the selling commissions it receives from us to other affiliated or unaffiliated
dealers.&nbsp; If the notes priced today, the selling commissions would be approximately $2.50 per $1,000 principal amount note and in
no event will these selling commissions exceed $3.00 per $1,000 principal amount note.&nbsp; See &ldquo;Plan of Distribution (Conflicts
of Interest)&rdquo; in the accompanying product supplement.</P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><I>The notes are not bank deposits, are not insured by the Federal
Deposit Insurance Corporation or any other governmental agency and are not obligations of, or guaranteed by, a bank.</I></P>

<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0; text-align: center"><FONT STYLE="font-size: 7.5pt"><IMG SRC="image_002.jpg" ALT="" STYLE="height: 29px; width: 96px"></FONT></P>


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<P STYLE="color: #4E8ABE; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Additional Terms Specific to the Notes</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0"><B>You may revoke your offer to purchase the notes at any time prior
to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any
offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes, we will notify you and you
will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may
reject your offer to purchase.</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">You should read this pricing supplement together with the accompanying
prospectus, as supplemented by the accompanying prospectus supplement relating to our Series E medium-term notes of which these notes
are a part, and the more detailed information contained in the accompanying product supplement. This pricing supplement, together with
the documents listed below, 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. You should carefully consider, among other things, the
matters set forth in the &ldquo;Risk Factors&rdquo; 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.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">You may access these documents on the SEC website at www.sec.gov as
follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="background-color: white">Product supplement no. 1-I dated April 17, 2026: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 0.25in"><A HREF="http://www.sec.gov/Archives/edgar/data/19617/000121390026045203/ea0285802-07_424b2.pdf"><FONT STYLE="background-color: white">http://www.sec.gov/Archives/edgar/data/19617/000121390026045203/ea0285802-07_424b2.pdf</FONT></A></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="background-color: white">Prospectus supplement and prospectus, each dated April 17, 2026: </FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 0.25in"><A HREF="http://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf"><FONT STYLE="background-color: white">http://www.sec.gov/Archives/edgar/data/19617/000095010326005889/crt_dp245141-424b2.pdf</FONT></A></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Our Central Index Key, or CIK, on the SEC website is 19617. As used
in this pricing supplement, &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to JPMorgan Chase&nbsp;&amp;&nbsp;Co.</P>

<P STYLE="color: #4E8ABE; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0">Selected Purchase Considerations</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>PRESERVATION OF CAPITAL AT MATURITY OR UPON REDEMPTION &mdash;</B> We will pay you at least the principal amount of your notes
if you hold the notes to maturity or to the Redemption Date, if any, on which we elect to call the notes. <B>Because the notes are our
unsecured and unsubordinated obligations, payment of any amount on the notes is subject to our ability to pay our obligations as they
become due.</B></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>PERIODIC INTEREST PAYMENTS &mdash;</B> The notes offer periodic interest payments on each Interest Payment Date at the Interest
Rate, subject to any earlier redemption. Interest, if any, will be paid in arrears on each Interest Payment Date to the holders of record
at the close of business on the business day immediately preceding the applicable Interest Payment Date. The interest payments will be
based on the Interest Rate listed on the cover of this pricing supplement. The yield on the notes may be less than the overall return
you would receive from a conventional debt security that you could purchase today with the same maturity as the notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>POTENTIAL PERIODIC REDEMPTION BY US AT OUR OPTION &mdash;</B> At our option, we may redeem the notes, in whole but not in part,
on any of the Redemption Dates set forth on the cover of this pricing supplement, at a price equal to the principal amount being redeemed
<I>plus</I> any accrued and unpaid interest, subject to the Business Day Convention and the Interest Accrual Convention described on the
cover of this pricing supplement and in the accompanying product supplement. Any accrued and unpaid interest on the notes redeemed will
be paid to the person who is the holder of record of these notes at the close of business on the business day immediately preceding the
applicable Redemption Date. Even in cases where the notes are called before maturity, noteholders are not entitled to any fees or commissions
described on the front cover of this pricing supplement.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><B>INSOLVENCY AND RESOLUTION CONSIDERATIONS &mdash; </B><FONT STYLE="background-color: white">Rules issued by the Board of Governors
of the Federal Reserve System (the &ldquo;Federal Reserve&rdquo;) require JPMorgan Chase&nbsp;&amp;&nbsp;Co. to maintain minimum levels
of unsecured external long-term debt and other loss-absorbing capacity with specific terms (&ldquo;eligible LTD&rdquo;) to recapitalize
JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s operating subsidiaries if JPMorgan Chase&nbsp;&amp;&nbsp;Co. were to enter into a resolution
either: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; background-color: white">in a bankruptcy proceeding under Chapter 11 of the U.S. Bankruptcy Code, or</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-size: 10pt; background-color: white">in a receivership administered by the Federal Deposit Insurance Corporation
(&ldquo;FDIC&rdquo;) under Title II of the Dodd-Frank Act (&ldquo;Title II&rdquo;).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 10pt 0.25in"><FONT STYLE="background-color: white">If JPMorgan Chase&nbsp;&amp;&nbsp;Co.
were to enter into a resolution, holders of eligible LTD, other unsecured creditors and holders of equity securities of JPMorgan Chase&nbsp;&amp;&nbsp;Co.
will absorb the losses of JPMorgan Chase&nbsp;&amp;&nbsp;Co. and its subsidiaries.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 10pt 0.25in"><FONT STYLE="background-color: white">The preferred &ldquo;single
point of entry&rdquo; strategy under JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s resolution plan contemplates that JPMorgan Chase&nbsp;&amp;&nbsp;Co.
would enter bankruptcy proceedings and JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s material subsidiaries would be recapitalized, as needed,
so that they could continue normal operations or subsequently be divested or wound down in an orderly manner. As a result, JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s
losses and any losses incurred by its subsidiaries would be imposed first on holders of JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s equity
securities and thereafter on its unsecured creditors, including holders of the notes and other debt securities and guarantees of JPMorgan
Chase&nbsp;&amp;&nbsp;Co. Claims of the JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s shareholders and unsecured creditors would have a junior
position to the claims of creditors of JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 10pt 0.25in">subsidiaries and to the claims of priority (as determined
by statute) and secured creditors of JPMorgan Chase&nbsp;&amp;&nbsp;Co.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 10pt 0.25in"><FONT STYLE="background-color: white">Accordingly, in a
resolution of JPMorgan Chase&nbsp;&amp;&nbsp;Co. in bankruptcy, unsecured creditors of JPMorgan Chase&nbsp;&amp;&nbsp;Co., including holders
of the notes and other debt securities and guarantees of JPMorgan Chase&nbsp;&amp;&nbsp;Co., would realize value only to the extent available
to JPMorgan Chase&nbsp;&amp;&nbsp;Co. as a shareholder of JPMorgan Chase Bank, N.A. and its other subsidiaries, and only after any claims
of priority and secured creditors of JPMorgan Chase&nbsp;&amp;&nbsp;Co. have been fully repaid. The FDIC has similarly indicated that
a single point of entry recapitalization model would be its expected strategy to resolve a systemically important financial institution,
such as JPMorgan Chase&nbsp;&amp;&nbsp;Co., under Title II. However, the FDIC has not formally adopted or committed to any specific resolution
strategy.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 0.25in; text-indent: 0in"><FONT STYLE="background-color: white">If
JPMorgan Chase&nbsp;&amp;&nbsp;Co. were to approach, or enter into, a resolution, none of JPMorgan Chase&nbsp;&amp;&nbsp;Co., the Federal
Reserve or the FDIC is obligated to follow JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s preferred resolution strategy, and losses to unsecured
creditors of JPMorgan Chase&nbsp;&amp;&nbsp;Co., including holders of the notes and other debt securities and guarantees of JPMorgan Chase&nbsp;&amp;&nbsp;Co.,
and to holders of equity securities of JPMorgan Chase&nbsp;&amp;&nbsp;Co., under whatever strategy is ultimately followed, could be greater
than they might have been under JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s preferred strategy.</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="color: #4E8ABE; font: bold 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">Selected Risk Considerations</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0">An investment in the notes involves significant risks. These risks
are explained in more detail in the &ldquo;Risk Factors&rdquo; sections of the accompanying prospectus supplement and the accompanying
product supplement.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: #54301A"><B>Risks Relating to the Notes Generally</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>WE MAY CALL YOUR NOTES PRIOR TO THEIR SCHEDULED MATURITY DATE &mdash;</B> We may choose to call the notes early or choose not to
call the notes early on any Redemption Date in our sole discretion. If the notes are called early, you will receive the principal amount
of your notes <I>plus</I> any accrued and unpaid interest to, but excluding, the applicable Redemption Date. The aggregate amount that
you will receive through and including the applicable Redemption Date will be less than the aggregate amount that you would have received
had the notes not been called early. If we call the notes early, your overall return may be less than the yield that the notes would have
earned if you held your notes to maturity and you may not be able to reinvest your funds at the same rate as the original notes. We may
choose to call the notes early, for example, if U.S. interest rates decrease or do not rise significantly or if volatility of U.S. interest
rates decreases significantly.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>LONGER-DATED NOTES MAY BE RISKIER THAN SHORTER-DATED NOTES</B> &mdash; By purchasing a note with a longer tenor, you are more exposed
to fluctuations in interest rates than if you purchased a note with a shorter tenor. The present value of a longer-dated note tends to
be more sensitive to rising interest rates than the present value of a shorter-dated note. If interest rates rise, the present value of
a longer-dated note will fall faster than the present value of a shorter-dated note. You should purchase these notes only if you are comfortable
with owning a note with a longer tenor.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>CREDIT RISK OF JPMORGAN CHASE&nbsp;&amp;&nbsp;CO. &mdash;</B> The notes are subject to the credit risk of JPMorgan Chase&nbsp;&amp;&nbsp;Co.,
and our credit ratings and credit spreads may adversely affect the market value of the notes. Investors are dependent on JPMorgan Chase&nbsp;&amp;&nbsp;Co.&rsquo;s
ability to pay all amounts due on the notes. Any actual or potential change in our creditworthiness or credit spreads, as determined by
the market for taking our credit risk, is likely to adversely affect the value of the notes. If we were to default on our payment obligations,
you may not receive any amounts owed to you under the notes and you could lose your entire investment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>REINVESTMENT RISK &mdash;</B> If we redeem the notes, the term of the notes may be reduced and you will not receive interest payments
after the applicable Redemption Date. There is no guarantee that you would be able to reinvest the proceeds from an investment in the
notes at a comparable return and/or with a comparable interest rate for a similar level of risk in the event the notes are redeemed prior
to the Maturity Date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>LACK OF LIQUIDITY &mdash;</B> The notes will not be listed on any securities exchange. JPMS intends to offer to purchase the notes
in the secondary market but is not required to do so. Even if there is a secondary market, it may not provide enough liquidity to allow
you to trade or sell the notes easily.&nbsp; Because other dealers are not likely to make a secondary market for the notes, the price
at which you may be able to trade your notes is likely to depend on the price, if any, at which JPMS is willing to buy the notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: #54301A"><B>Risks Relating to Conflicts of Interest</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>POTENTIAL CONFLICTS &mdash;</B> We and our affiliates play a variety of roles in connection with the issuance of the notes, including
acting as calculation agent and as an agent of the offering of the notes and hedging our obligations under the notes. In performing these
duties, our economic interests and the economic interests of the calculation agent and other affiliates of ours are potentially adverse
to your interests as an investor in the notes. In addition, our business activities, including hedging and trading activities for our
own accounts or on behalf of customers, could cause our economic interests to be adverse to yours and could adversely affect any payment
on the notes and the value of the notes. It is possible that hedging or trading activities of ours or our affiliates in connection with
the notes could result in substantial returns for us or our affiliates while the value of the notes declines. Please refer to &ldquo;Risk
Factors &mdash; Risks Relating to Conflicts of Interest&rdquo; in the accompanying product supplement for additional information about
these risks.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 6pt 0; color: #54301A"><B>Risks Relating to Secondary Market Prices of the
Notes</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>CERTAIN BUILT-IN COSTS ARE LIKELY TO AFFECT ADVERSELY THE VALUE OF THE NOTES PRIOR TO MATURITY &mdash;</B> While the payment at
maturity described in this pricing supplement is based on the full principal amount of your notes, the original issue price of the notes
includes the agent&rsquo;s commission and the estimated cost of hedging our obligations under the notes through one or more of our affiliates
and the fees, if any, paid for third-party electronic platform services. As a result, the price, if any, at which JPMS will be willing
to purchase notes from you in secondary market transactions, if at all, will likely be lower than the original issue price and any sale
prior to the Maturity Date could result in a substantial loss to you. 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. This secondary market price will also be affected by a number of factors aside from
the agent&rsquo;s commission and the hedging costs and the fees, if any, paid for third-party electronic platform services, including
those referred to under &ldquo;&mdash;Many Economic and Market Factors Will Impact the Value of the Notes&rdquo; below.</TD></TR></TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 0 0.25in; text-indent: 0in">The notes are not designed to be short-term
trading instruments. Accordingly, you should be able and willing to hold your notes to maturity.</P>


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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Arial, Helvetica, Sans-Serif"><TR STYLE="vertical-align: top"><TD STYLE="border-top: Black 1pt solid; padding-right: 5.4pt; width: 92%; font-size: 8pt; color: #532F1A; padding-left: 5.4pt"><B>Callable Fixed Rate Notes</B></TD><TD STYLE="border-top: Black 1pt solid; text-align: right; padding-right: 5.4pt; width: 8%; font-size: 8pt; color: #532F1A; padding-left: 5.4pt">PS-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES &mdash;</B> The notes will be affected by a number of economic
and market factors that may either offset or magnify each other, including but not limited to:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>any actual or potential change in our creditworthiness or credit spreads;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the time to maturity of the notes;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>interest and yield rates in the market generally, as well as the volatility of those rates; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the likelihood, or expectation, that the notes will be redeemed by us, based on prevailing market interest rates or otherwise.</TD></TR></TABLE>

<P STYLE="color: #4E8ABE; font: 10pt Arial, Helvetica, Sans-Serif; margin: 9pt 0 6pt"><B>Tax Treatment</B></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 3pt 0 6pt">You should review carefully the section in the accompanying prospectus
supplement entitled &ldquo;United States Federal Taxation,&rdquo; focusing particularly on the section entitled &ldquo;&mdash; Tax Consequences
to U.S. Holders &mdash; Program Securities Treated as Debt Instruments &mdash; General&rdquo; The following, when read in combination
with those sections, constitutes the full opinion of our special tax counsel, Davis Polk &amp; Wardwell LLP, regarding the material U.S.
federal income tax consequences of owning and disposing of the notes. Our special tax counsel is of the opinion that the notes will be
treated for U.S. federal income tax purposes as debt instruments that provide for fixed interest payments at a single rate and that are
issued without OID as described therein.</P>



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