This slide is not for distribution in isolation and must be viewed in
conjunction with the accompanying term sheet, product supplement, underlying
supplement, prospectus supplement and prospectus, which further describe the
terms, conditions and risks associated with the notes.

JPMorgan Quarterly Review Notes ("QRN") Linked to the S and P 500([R]) Index due
August 7, 2013
The notes are designed for investors who seek early exit (subject to automatic
call) at a premium if, on any one of four quarterly review dates, the S and P
500([R]) Index is at or above its level on the pricing date.


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 this offering that JPMorgan Chase
and Co. has filed with the SEC for more complete information about JPMorgan Chase
and Co. and this 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 the this offering will arrange to send
you the prospectus and the prospectus supplement as well as any relevant
product supplement and underlying supplement and term sheet if you so request
by calling toll-free 866-535-9248.
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.
Investment suitability must be determined individually for each investor, and
the financial instruments described herein may not be suitable for all
investors. The products described herein should generally be held to maturity
as early unwinds could result in lower than anticipated returns. This
information is not intended to provide and should not be relied upon as
providing accounting, legal, regulatory or tax advice. Investors should consult
with their own advisors as to these matters.
This material is not a product of J.P. Morgan Research Departments. J.P. Morgan
is the marketing name for JPMorgan Chase and Co. and its subsidiaries and
affiliates worldwide. J.P. Morgan Securities LLC. is a member of FINRA, NYSE
and SIPC. Clients should contact their salespersons at, and execute
transactions through, a J.P. Morgan entity qualified in their home jurisdiction
unless governing law permits otherwise.
Filed pursuant to Rule 433 Registration Statement No. 333-177923 Dated: July
16, 2012

Risk Considerations
The risk considerations identified below are not exhaustive. Please see the
accompanying term sheet, product supplement and underlying supplement for a
more detailed discussion of risks, conflicts of interest and tax consequences
associated with an investment in the notes.
YOUR INVESTMENT IN THE NOTES MAY RESULT IN A LOSS OF SOME OR ALL OF YOUR
PRINCIPAL -- The notes do not guarantee any return of principal. If the notes
are not automatically called, the return on the notes at maturity is linked to
the performance of the Index and will depend on the extent to which the Index
Return is negative. If the notes are not automatically called, for every 1%
that the Ending Index Level is less than the Initial Index Level by more than
10%, you will lose an amount equal to 1.1111% of the principal amount of your
notes. Accordingly, you could lose some or all of your initial investment at
maturity.

RESTATEMENT AND NON-RELIANCE OF OUR PREVIOUSLY FILED INTERIM FINANCIAL
STATEMENTS FOR THE FIRST QUARTER OF 2012 -- On July 13, 2012, we reported that
we had reached a determination to restate our previously filed interim
financial statements for the first quarter of 2012 and that our previously
filed interim financial statements for the first quarter of 2012 should not be
relied upon. As a result, we will be filing an amendment to our Quarterly
Report on Form 10-Q for the quarter ended March 31, 2012. When making an
investment decision to purchase the notes, you should not rely on our interim
financial statements for the first quarter of 2012 until we file an amendment
to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. See
"Recent Developments" in the accompanying term sheet and Item 4.02(a) of our
Current Report on Form 8-K dated July 13, 2012.

CREDIT RISK OF JPMORGAN CHASE and CO. -- The notes are subject to the credit risk
of JPMorgan Chase and Co., and our credit ratings and credit spreads may
adversely affect the market value of the notes. Investors are dependent on
JPMorgan Chase and Co.'s ability to pay all amounts due on the notes, and
therefore investors are subject to our credit risk and to changes in the
market's view of our creditworthiness. Any decline in our credit ratings or
increase in the credit spreads charged 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.
In particular, on June 21, 2012, Moody's Investors Services downgraded our
long-term senior debt rating to "A2" from "Aa3" as part of its review of 15
banks and securities firms with global capital markets operations. Moody's also
maintained its "negative" outlook on us, indicating the possibility of a
further downgrade. In addition, on May 11, 2012, Fitch Ratings downgraded our
long-term senior debt rating to "A+" from "AA-" and placed us on negative
rating watch for a possible further downgrade, and Standard and Poor's Ratings
Services changed its outlook on us to "negative" from "stable," indicating the
possibility of a future downgrade. These downgrades may adversely affect our
credit spreads and the market value of the notes. See "Risk Factors" in our
annual report on Form 10-K for the year ended December 31, 2011.
In addition, on July 13, 2012, we reported that we had reached a determination
to restate our previously filed interim financial statements for the first
quarter of 2012. The restatement relates to valuations of certain positions in
the synthetic credit portfolio of our Chief Investment Office. We also
reported, on July 13, 2012, management's determination that a material weakness
existed in our internal control over financial reporting at March 31, 2012.
The reported trading losses have led to heightened regulatory scrutiny, and any
future losses related to these positions and the material weakness in our
internal control over financial reporting may lead to additional regulatory or
legal proceedings against us and may adversely affect our credit ratings and
credit spreads and, as a result, the market value of the notes. See "Recent
Developments" in the accompanying term sheet and Item 4.02(a) of our Current
Report on Form 8-K dated July 13, 2012 for further discussion.

POTENTIAL CONFLICTS -- JPMorgan Chase and Co. and its affiliates may play a
variety of roles in connection with the issuance of the notes, including acting
as calculation agent and hedging our obligations under the notes. In performing
these duties, the economic interests of JPMorgan Chase and Co. and the
calculation agent and other affiliates of JPMorgan Chase and Co. are potentially
adverse to your interests as an investor in the notes. It is possible that
these hedging activities or other trading activities of JPMorgan Chase and Co. or
its affiliates could result in substantial returns for JPMorgan Chase and Co. or
its affiliates while the value of the notes declines.

LIMITED RETURN ON THE NOTES -- Your potential gain on the notes will be limited
to the call premium applicable to the Review Dates, regardless of the
appreciation in the Index, which may be significant. You may receive a lower
payment if automatically called or at maturity, as the case may be, than you
would have if you had invested directly in the Index.

REINVESTMENT RISK -- If your notes are automatically called early, the term of
the notes may be reduced to as short as three months. There is no guarantee
that you would be able to reinvest the proceeds from an investment in the notes
at a comparable return for a similar level of risk in the event the notes are
automatically called prior to the maturity date.

CERTAIN BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE NOTES
PRIOR TO MATURITY -- While the payment upon an automatic call or at maturity of
the notes would be based on the full principal amount of the notes, the
original issue price of the notes includes an agent's commission and the cost
of hedging JPMorgan Chase and Co's obligations under the notes. As a result, the
price, if any, at which J.P. Morgan Securities LLC, which we refer to as JPMS,
will be willing to purchase such 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.
The notes will not be designed to be short-term trading instruments. YOU SHOULD
BE WILLING TO HOLD ANY NOTES UNTIL MATURITY.

NO INTEREST OR DIVIDEND PAYMENTS OR VOTING RIGHTS -- As a holder of the notes,
you will not receive any interest payments and you will not have voting rights
or rights to receive cash dividends or other distributions or other rights that
holders of securities composing the Index would have.

LACK OF LIQUIDITY -- The notes described above 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. Because other dealers are not likely to make a secondary market
for the notes, the price 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 such notes.

MANY ECONOMIC AND MARKET FACTORS WILL IMPACT THE VALUE OF THE NOTES -- In
addition to the level of the Index on any day, the value of any notes will be
affected by a number of economic and market factors that may either offset or
magnify each other, including: the actual and expected volatility of the Index;
the time to maturity of the notes; the dividend rate on the equity securities
underlying the Index; interest and yield rates in the market generally; a
variety of economic, financial, political, regulatory and judicial events; and
the creditworthiness of JPMorgan Chase and Co.

The notes are not bank deposits and are not insured by the Federal Deposit
Insurance Corporation or any other governmental agency, nor are they
obligations of, or guaranteed by, a bank.

Calculations and determinations will be made in the sole discretion of JPMS, as
calculation agent, and may be potentially adverse to your interests as an
investor in the notes.