J.P. Morgan US Treasury Note Futures (G) Tracker

Index Highlight - November 2011

OVERVIEW
The  JPMorgan US Treasury  Note  Futures  (G) Tracker  Index (the  "Index") is a
proprietary  J.P.  Morgan  strategy  that  seeks to  replicate  the  returns  of
maintaining a long position in 10-Year U.S. Treasury notes futures contracts.

Hypothetical and Actual Historical Performance --Oct 31, 2001 to Oct 31, 2011

[GRAPHIC OMITTED]

Recent Index Performance

--------------------------
         Historical Return
-------- -----------------
Oct 2011      -0.79%
-------- -----------------
Sep 2011      0.82%
-------- -----------------
Aug 2011      3.43%
--------------------------

Key Features of the Index

[]  Synthetic  index which aims to  replicate  a rolling  position in US 10 year
Treasury Futures;

[] Notionally rolled on a quarterly basis, prior to the expiry
of the current front month contract;

[] The futures contract is based on U.S. Treasury notes maturing between 6.5
years and 10 years from the delivery

[] Levels published on Bloomberg under the ticker RFJGUSBE

Hypothetical and Historical Total Returns (%) and Volatility (%) -- Oct 31,
2011

----------------------------------------
Three Year Annualized Return(1)    9.01%
---------------------------------- -----
Five Year Annualized Return(1)     7.19%
---------------------------------- -----
Ten Year Annualized Return(1)      5.01%
---------------------------------- -----
Five Year Annualized Volatility(3) 6.95%
---------------------------------- -----
Ten Year Sharpe Ratio(4)           0.720
---------------------------------- -----

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  Oct  31,2001  through  Aug 27,  2009,  and the  actual  historical
performance  of the Index  based on the daily Index  closing  level from Aug 28,
2009  through  Oct  31,  2011,  as  well as the  performance  of the US  Generic
Government  10 Year Yield Index over the same  period.  There is no guarantee of
any future  performance  for these  indices based on this  information.  Source:
Bloomberg and JPMorgan.

2) On a quarterly basis (generally, the second to last business day in February,
May, August and November),  J.P. Morgan Securities Ltd., or JPMSL, acting as the
Index  calculation  agent,  will  rebalance  the  Index to take  synthetic  long
positions  in the next 10 year  Treasury  Futures  Contract  scheduled to expire
immediately following the contract closest to expiration.

3) Calculated based on the annualized standard deviation for the ten year
period prior to Oct 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.

November 02, 2011

Key Risks
[] Our affiliate, JPMSL, is the index calculation agent and may adjust the Index
in a way that affects its level.  The policies and  judgments for which JPMSL is
responsible  could have an impact,  positive  or  negative,  on the level of the
Index and the value of your investment. JPMSL is under no obligation to consider
your interest as an investor in financial instruments linked to the Index.
[] The Index comprises notional assets only. You will not have any claim against
any of the 10-year Treasury futures underlying the Index or the related Treasury
securities.
[]  Interest  Rate  Risk -- The  level  of the  Index  changes  daily,  at times
significantly  based upon the  current  market  prices of the  volatile  10-year
Treasury futures  contracts and the related Treasury notes.  These market prices
are influenced by a variety of factors,  particularly interest rate changes, the
yields on the  Treasury  futures/notes  as compared to current  market  interest
rates and the actual or perceived credit quality of the U.S. government.  [] The
Index may be subject to high  levels of  volatility.  Futures  contracts  on the
10-year  U.S.  Treasury  notes are highly  leveraged  and often  display  higher
volatility  and less  liquidity  than the 10-year U.S.  Treasury  Notes.  [] The
settlement price of 10 year Treasury Futures may not be readily available.
[] The  Index  was  established  in  August  2009 and  therefore  has a  limited
operating  history.  [] The Index may in the future be subject to an  adjustment
factor that could negatively affect the level of the Index.

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
The Index was developed, complied, prepared and arranged by JPMorgan through the
expenditure  of  substantial  time,  effort and money and  constitutes  valuable
intellectual  property and trade  secrets of  JPMorgan.  All right,  title,  and
interest in and to the Index is vested in JPMorgan  and the Index cannot be used
without  JPMorgan's prior written consent.  Information herein is believed to be
reliable but JPMorgan does not warrant its completeness or accuracy.

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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