Index Governance
An S&P Dow Jones indexcommittee (the "Index Committee") maintains the SPX Futures Index. All committee membersare full-time
professional members of S&P Dow Jones' staff. The Index Committee may revise index policycovering rules for including currencies,
the timing of rebalancing or other matters. The Index Committeeconsiders information about changes to the SPX Futures Index and
related matters to be potentially market moving and material.Therefore, all Index Committee discussions are confidential.
The Index Committees reserve the right tomake exceptions when applying the methodology of the SPX Futures Index if the need
arises. In anyscenario where the treatment differs from thegeneral rules stated in this document or supplemental documents, notice
will be provided, whenever possible.
In addition to the dailygovernanceof the SPX Futures Indexandmaintenance of itsindexmethodology, at least once within any12-
month period, the Index Committee reviews the methodology toensure the SPX Futures Index continues to achieve the stated
objectives, and that the data and methodology remaineffective. In certain instances, S&P Dow Jonesmay publish a consultation
inviting comments from external parties.
License Agreement
JPMorgan Chase & Co. or its affiliate has entered into an agreement with S&P Dow Jonesthat provides it and certain of its affiliates or
subsidiaries, including JPMorgan Financial, with a non-exclusive licenseand, for a fee, with the right to usethe SPX Futures Index,
which isowned and published by S&P Dow Jones, in connection withcertain securities, including the notes.
The notes arenot sponsored, endorsed, sold or promoted by S&P Dow Jonesor its third-party licensors. Neither S&P Dow Jones nor
its third-party licensors make any representation or warranty, express or implied, to the owners of the notes or any member of the public
regarding the advisabilityof investing in securities generally or in the notes particularlyor the ability of the SPX Futures Index to track
general stock market performance. S&P Dow Jones' and its third-party licensors' only relationship toJPMorgan Financialor JPMorgan
Chase & Co. is the licensing of certain trademarksand tradenames of S&P Dow Jones and the third-party licensors and of the SPX
Futures Index which is determined, composedand calculated by S&P Dow Jones or its third-partylicensors without regard toJPMorgan
Financial or JPMorgan Chase & Co. or the notes.S&P Dow Jones and its third-party licensors have no obligation to take the needs of
JPMorgan Financialor JPMorgan Chase & Co. or theowners of the notes intoconsideration indetermining,composing or calculating
the SPX Futures Index. Neither S&P Dow Jones nor its third-partylicensors are responsible for and hasnot participated in the
determination of the pricesand amount of the notes or the timing of the issuance or saleof the notesor in the determination or
calculation of the equation bywhich thenotes are to be convertedinto cash. S&P Dow Jones has no obligation or liabilityin connection
with the administration, marketing or trading of the notes.
NEITHER S&P DOW JONES, ITS AFFILIATES NOR THEIR THIRD-PARTY LICENSORS GUARANTEE THE ADEQUACY,
ACCURACY, TIMELINESS OR COMPLETENESS OF THE SPX FUTURESINDEX OR ANY DATA INCLUDED THEREIN OR ANY
COMMUNICATIONS, INCLUDING BUT NOT LIMITED TO, ORAL OR WRITTEN COMMUNICATIONS (INCLUDING ELECTRONIC
COMMUNICATIONS) WITH RESPECT THERETO. S&P DOW JONES, ITS AFFILIATES AND THEIR THIRD-PARTY LICENSORS
SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY FOR ANY ERRORS, OMISSIONS OR DELAYS THEREIN.S&P
DOW JONES MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIMS ALL WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE MARKS, THE SPX
FUTURESINDEX OR ANY DATA INCLUDED THEREIN.WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT
WHATSOEVER SHALL S&P DOW JONES, ITS AFFILIATES OR THEIR THIRD-PARTY LICENSORS BE LIABLE FOR ANY
INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE OR CONSEQUENTIAL DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF
PROFITS, TRADING LOSSES, LOST TIME OR GOODWILL, EVEN IF THEY HAVE BEEN ADVISED OF THE POSSIBILITY OF
SUCH DAMAGES, WHETHER IN CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE.
"S&P®" and "S&P 500®" aretrademarks of S&P Global, Inc. or its affiliates and have beenlicensed for use byJPMorgan Chase & Co.
and its affiliates, includingJPMorgan Financial.
Background on Futures Contracts
Overview of FuturesMarkets
Futures contracts arecontracts that legallyobligate the holder to buyor sellan asset at apredetermined delivery price during a
specified futuretime period. Futures contracts are traded on regulatedfuturesexchanges, in the over-the-counter market and on
varioustypes of physical and electronic trading facilitiesand markets. An exchange-traded futurescontract provides for the purchase
and sale of a specified type and quantity of anunderlyingasset or financial instrument during a stated deliverymonth for a fixed price.
A futures contract provides fora specified settlement month in which the cashsettlement is made or in which the underlying asset or
financial instrument is to be delivered by theseller (whose position is therefore described as"short") and acquired by the purchaser
(whoseposition is therefore described as "long").