The SandP 500[R] Risk Control 10% Excess Return Index

Performance Update - November 2011

OVERVIEW
The SandP 500[R] Risk Control 10% Excess Return Index (the "Index") provides
investors with a broad U.S. equities index that has the potential for greater
stability and lower overall risk when compared to the SandP 500[R] Total Return
Index.

Hypothetical and Actual Historical Performance (October 31, 2001 to October 31,
2011)[]

[GRAPHIC OMITTED]

Hypothetical Index Volatility and Leverage (October 31, 2001 to October 31,
2011)[]

[GRAPHIC OMITTED]

Key Features of the Index

[]   Exposure to the SandP 500[R] Total Return Index with the benefit of a risk
     control mechanism that targets an annualized volatility of 10% or less;

[]   Algorithmic exposure adjusted on a daily basis with the ability to employ
     leverage of up to 150% during periods of low volatility; and

[]   Levels published daily by Standard and Poor's on Bloomberg under the ticker
     SPXT10UE.

Recent Index Performance

---------------------------------------------------------
                  October 2011 September 2011 August 2011
----------------- ------------ -------------- -----------
Historical Return     3.42%         -2.09%       -6.26%
----------------- ------------ -------------- -----------

Comparative Hypothetical and Historical Total Returns (%), Volatility (%) and
Correlation -- October 31, 2011

                              Three Year Five Year  Ten Year   Ten Year      Ten Year
                    One Year  Annualized Annualized Annualized Annualized     Sharpe
                    Return(1)  Return(1)  Return(1)  Return(1) Volatility(3)  Ratio(4) Correlation(5)
------------------- --------- ---------- ---------- ---------- ------------- ------------- ----------
SandP 500[R] Risk
Control 10%
Excess Return Index   1.7%      5.7%       0.8%       2.1%       10.0%        21.0%          85.1%
------------------- --------- ---------- ---------- ---------- ------------- ------------- ----------
SandP 500[R] Index    5.9%      9.0%       -1.9%      1.7%       21.9%         7.7%         100.0%

November 2, 2011

Notes

(1)  Represents  the  performance  of the Index based on, as  applicable  to the
relevant  measurement  period,  the hypothetical  backtested daily Index closing
levels from  February 28, 2001 through May 13, 2009,  and the actual  historical
performance  of the Index  based on the daily Index  closing  level from May 14,
2009 through  October 31,  2011,  as well as the  performance  of the SandP 500[R]
Index over the same period.  For purposes of these examples,  each index was set
equal to 100 at the  beginning  of the relevant  measurement  period and returns
calculated arithmetically (not compounded). There is no guarantee the Index will
outperform the SandP 500[R] Index or any alternative investment strategy.  Source:
Bloomberg and JPMorgan.

(2) Volatility is calculated from the historical  returns,  as applicable to the
relevant  measurement  period,  of  the  SandP  500[R]  Total  Return  Index  (the
"Underlying  Index")  over a six-month  observation  period.  For any given day,
represents  the  annualized   standard   deviation  of  the  Underlying  Index's
arithmetic  daily returns for the 126-index day period  preceding  that day. The
index leverage is the hypothetical  back-tested  amount of exposure of the Index
to the  Underlying  Index and should not be considered  indicative of the actual
leverage  that would be  assigned  during  your  investment  in the  Index.  The
back-tested,  hypothetical, historical six-month annualized volatility and index
leverage have inherent  limitations.  These volatility and leverage results were
achieved by means of a retroactive application of a back-tested volatility model
designed with the benefit of hindsight.  No  representation  is made that in the
future the  Underlying  Index  will have the  volatility  as shown.  Alternative
modeling techniques or assumptions might produce significantly different results
and may prove to be more appropriate.  Actual six-month annualized  volatilities
and leverage may vary  materially  from this  analysis.  Source:  Bloomberg  and
JPMorgan.
(3) Calculated based on the annualized standard deviation for the ten year period
prior to October 31, 2011.
(4)  For  the  above  analysis,   the  Sharpe  Ratio,  which  is  a  measure  of
risk-adjusted  performance,  is computed as the ten year  annualized  historical
return divided by the ten year annualized volatility.
(5)  Correlation  refers to the degree the SandP 500[R]  Risk  Control  10% Excess
Return Index has changed  relative to daily  changes in the SandP 500[R] Index for
the ten year period prior to October 31, 2011.

Key Risks

[] The Index has a limited  operating history and may perform in unexpected ways
-- The Index  began  publishing  on May 13, 2009 and,  therefore,  has a limited
history.  SandP has  calculated  the returns that  hypothetically  might have been
generated had the Index existed in the past, but those  calculations are subject
to many  limitations and do not reflect actual trading,  liquidity  constraints,
fees and other costs.

[] The Index may not be successful,  may not outperform the Underlying Index and
may not  achieve  its target  volatility  --No  assurance  can be given that the
volatility  strategy will be successful  or that the Index will  outperform  the
Underlying  Index or any  alternative  strategy that might be employed to reduce
the level of risk of the  Underlying  Index.  We also can give you no  assurance
that the Index will achieve its target  volatility of 10%.

[] The Index is not a
total return  index and is subject to  short-term  money  market fund  borrowing
costs-- As an "excess  return"  index,  the SandP 500[R]  Risk  Control 10% Excess
Return Index  calculates the return on a leveraged or deleveraged  investment in
the  Underlying  Index where the investment was made through the use of borrowed
funds.  Investments  linked to this "excess return" index,  which  represents an
unfunded  position in the Underlying  Index, will be subject to short-term money
market fund borrowing  costs and will not include the "total return"  feature or
the cash  component  of the "total  return"  index,  which  represents  a funded
position in the Underlying Index.

[] The Index represents a portfolio consisting
of the Underlying Index and a borrowing cost component  accruing  interest based
on U.S.  overnight  LIBOR.  The Index  dynamically  adjusts its  exposure to the
Underlying  Index  based on the  Underlying  Index's  historic  volatility.  The
Index's   exposure  to  the  Underlying  Index  will  decrease  when  historical
volatility  causes  the  risk  level  of the  Underlying  Index  to reach a high
threshold.  If, at any time,  the Index  exhibits low exposure to the Underlying
Index and the Underlying Index subsequently appreciates significantly, the Index
will not participate fully in this appreciation.

Key Risks Continued

[] The Index  represents a portfolio  consisting of the  Underlying  Index and a
borrowing cost component  accruing  interest based on U.S.  overnight LIBOR. The
Index  dynamically  adjusts its  exposure to the  Underlying  Index based on the
Underlying Index's historic  volatility.  The Index's exposure to the Underlying
Index will  decrease  when  historical  volatility  causes the risk level of the
Underlying Index to reach a high threshold.  If, at any time, the Index exhibits
low  exposure to the  Underlying  Index and the  Underlying  Index  subsequently
appreciates  significantly,  the  Index  will  not  participate  fully  in  this
appreciation.

The risks identified above are not exhaustive.  You should also review carefully
the related "Risk Factors"  section in the relevant  product  supplement and the
"Selected Risk Considerations" in the relevant term sheet or pricing supplement.

Index Disclaimers
"Standard and Poor's[R]," "SandP[R]," "SandP 500[R]" and "SandP 500[R] Risk
Control 10%" are trademarks of the McGraw-Hill Companies, Inc. and have been
licensed for use by J.P. Morgan Securities LLC. This transaction is not
sponsored, endorsed, sold or promoted by SandP, and SandP makes no
representation regarding the advisability of purchasing CDs issued by JPMorgan
Chase Bank, N.A. SandP has no obligation or liability in connection with the
administration, marketing, or trading of products linked to the SandP 500[R]
Risk Control 10% Excess Return Index.

For more information on the Index and for additional key risk information see
Page 4 of the Strategy Guide at
http://www.sec.gov/Archives/edgar/data/19617/000095010311004248/crt_dp26672-fwp
..pdf

DISCLAIMER
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(including a prospectus) with the Securities and Exchange Commission (the "SEC")
for any offerings to which these materials relate. Before you invest in any
offering of securities by J.P. Morgan, you should read the prospectus in that
registration statement, the prospectus supplement, as well as the particular
product supplement, the relevant term sheet or pricing supplement, and any other
documents that J.P. Morgan will file with the SEC relating to such offering for
more complete information about J.P. Morgan and the offering of any securities.
You may get these documents without cost by visiting EDGAR on the SEC Website at
www.sec.gov. Alternatively, J.P. Morgan, any agent, or any dealer participating
in the particular offering will arrange to send you the prospectus and the
prospectus supplement, as well as any product supplement and term sheet or
pricing supplement, if you so request by calling toll-free (866) 535-9248. Free
Writing Prospectus filed pursuant to Rule 433; Registration Statement No.
333-155535

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