J.P. Morgan Alternative Index Multi-Strategy 5 (USD)

You are invited to a dedicated RIA webinar to introduce the AI Multi-Strategy
5


Date and Time:        TBD
Dial In and Passcode: TBD
Webinar/Materials:    TBD


Index Overview

[] The J. P.  Morgan Alternative Index Multi-Strategy  5 (USD) ("AI Multi-
Strategy 5") aims to generate absolute returns with a low correlation to
traditional asset classes

[] The strategies employed in the AI Multi-Strategy  5 range across strategy
style, asset class and region with each strategy referencing liquid
instruments

[] The weight of each strategy is risk adjusted monthly to limit allocation to
more volatile strategies

[] Alternative investment with:

[] Greater transparency and liquidity [] Low fee structure [] Daily indicative
valuations

[] Minimum investment of $1,000  and multiples thereof

Hypothetical Performance Statistics through May 2010*


YTD           Annualized Return     3.55%
              Annualized Volatility 4.99%
              Sharpe Ratio          0.71
Last 3 Years  Annualized Return     5.78%
              Annualized Volatility 4.86%
              Sharpe Ratio          1.19
Last 5 Years  Annualized Return     6.55%
              Annualized Volatility 4.27%
              Sharpe Ratio          1.53
Last 10 Years Annualized Return     8.92%
              Annualized Volatility 4.12%
              Sharpe Ratio          2.16


Comparison against Benchmarks

Hypothetical historical performance vs. equity and bond indices (excess
return), Dec 1996 -- May 2010*

[GRAPHIC OMITTED]


                                Global
           Alternative MSCI World Government
           Index Multi- (excess Bonds
           Strategy 5   return) (excess
                                return)
Annualized
Excess        7.6%       0.1%    1.9%
Returns
Annualized
              4.0%      17.1%    2.8%
Volatility
Sharpe
              1.93       0.01    0.69
Ratio


Hypothetical historical performance relative to hedge fund indices (excess
return), Dec 1996 -- May 2010*

[GRAPHIC OMITTED]


                        HFRI Fund
                                  CS Tremont
                        Weighted
           Alternative              Hedge
                        Composite
           Index Multi-           Fund Index
                          Index
           Strategy 5               (excess
                         (excess
                                    return)
                          return)
Annualized
Excess        7.6%        4.5%       4.5%
Returns
Annualized
              4.0%        7.7%       7.4%
Volatility
Sharpe
              1.93         0.58      0.61
Ratio


* Source: J.P. Morgan and Bloomberg. Past Performance and back-test performance
are not indicative of future results. Index performance live as of 11/09. The
index is constructed using observable market instruments. The index is not a
hedge fund and does not track the performance of any hedge fund or group of
hedge funds. Please see Disclaimer on the next page for further information

Telephone: 800-576-3529 Website: www.jpmorgan.com/si

June 29, 2010

J.P. Morgan Alternative Index Multi-Strategy 5 (USD)

Hypothetical historical annual returns breakdown by strategy, Jan 1997 -- May
2010**

[GRAPHIC OMITTED]

2008 breakdown by strategy**

[GRAPHIC OMITTED]


[] In general, the monthly rebalancing to a targeted volatility of 5% helped
stabilize the returns over the course of the year

[] Positive Momentum performance across asset classes as 5-day  averages dipped
below 260-day  averages for a number of strategies, leading to short exposures
during the crisis

[] Commodity Carry benefited from steepening forward curves triggered by
falling spot prices and the resulting negative roll yield on the short
position

[] Bond Carry (specifically the Long strategies) benefited from beta to an
appreciating global bond market

[] FX Carry performance suffered due to volatile spot levels triggered by a
global flight to quality

[] Declines in the SandP 500 resulted in high levels of realized volatility and
poor performance for the Short Volatility strategy

You may access additional information regarding The J.P. Morgan Alternative
Index Multi-Strategy 5 (USD) in the Strategy Guide at the following URL:
http://www.sec.gov/Archives/edgar/data/19617/000095010310000682/crt_fwp.pdf

** Source: J.P. Morgan. Past Performance and back-test performance are not
indicative of future results. Index performance live as of 11/09. The index is
constructed using observable market instruments. The index is not a hedge fund
and does not track the performance of any hedge fund or group of hedge funds.
Please see Disclaimer below for further information

Disclaimer
SEC Legend: JPMorgan Chase and Co. has filed a registration statement (including
a prospectus) with the SEC for any offerings to which these materials relate.
Before you invest, you should read the prospectus in that registration
statement and the other documents relating to any offering that JPMorgan Chase
and Co. has or will file with the SEC for more complete information about
JPMorgan Chase and Co. and that offering. You may get these documents without
cost by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively,
JPMorgan Chase and Co., any agent or any dealer participating in a particular
offering will arrange to send you the prospectus and the prospectus supplement
as well as any product supplement and pricing supplement or term sheet if you
so request by calling toll-free 800-576-3529.
Free writing prospectus filed pursuant to Rule 433 relating to Registration
Statement No. 333-155535. To the extent there are any inconsistencies between
this free writing prospectus and the relevant pricing supplement, the relevant
pricing supplement, including any hyperlinked information, shall supersede this
free writing prospectus.
Investment suitability must be determined individually for each investor. The
financial instruments described herein may not be suitable for all investors.
This information is not intended to provide and should not be relied upon as
providing accounting, legal, regulatory or tax advice. Investors should consult
their own advisors on these matters.
IRS Circular 230 Disclosure: JPMorgan Chase and Co. and its affiliates do not
provide tax advice. Accordingly, any discussion of U.S. tax matters contained
herein (including any attachments) is not intended or written to be used, and
cannot be used, in connection with the promotion, marketing or recommendation
by anyone unaffiliated with JPMorgan Chase and Co. of any of the matters address
herein or for the purpose of avoiding U.S. tax-related penalties.
Back-testing: any "back-testing" information provided herein is illustrative
only and derived from proprietary models based on certain data, assumptions and
estimates (not all of which are specified herein). The results obtained from
different models, assumptions, estimates and/or data may be materially
different from the results presented herein. Defined terms in this document are
as defined in the Strategy Guide referenced above.
Monthly returns for the AI Multi-Strategy 5 prior to November 2009 are
back-tested; see back-testing disclaimer above. All indices are normalized to a
value of 100 at the start date. The AI Multi-Strategy 5 levels are net of an 80
bps p.a. adjustment factor and other adjustments relating to notional
transaction costs. 'HFRI Fund Weighted Composite Index (excess return)', 'CS /
Tremont Hedge Fund (excess return)', 'MSCI World (excess return)' and 'Global
Government Bonds (excess return)' refer to the HFRI Fund Weighted Composite
Index reconstructed using monthly returns from Bloomberg ticker: HFRIFWI Index,
the Credit Suisse Tremont Hedge Fund Index (Bloomberg: HEDGENAV Index), the
performance of each of the MSCI World Index (Bloomberg: GDDUWI Index) and J.P.
Morgan Global Government Bond Index (Bloomberg: JHDCGBIG Index), respectively,
each less 3 month LIBOR.

Telephone: 800-576-3529 Website: www.jpmorgan.com/si

June 29, 2010