PRICING SUPPLEMENT dated June 28, 2024
(To the Prospectus and Prospectus Supplement, each dated
April 13, 2023,
Product Supplement no. WF-1-I dated April
13, 2023 and Prospectus Addendum dated June 3, 2024) |
Filed Pursuant to Rule 424(b)(2)
Registration Statement Nos. 333-270004 and 333-270004-01 |
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024058483/image_001.jpg) |
JPMorgan
Chase Financial Company LLC
Global Medium-Term Notes, Series A
Fully and Unconditionally Guaranteed
by JPMorgan Chase & Co. |
$1,029,000 Market Linked Securities — Auto-Callable
with Contingent Downside
Principal at Risk Securities Linked to the Common Stock
of Uber Technologies, Inc. due July 1, 2027 |
n Linked
to the common stock of Uber Technologies, Inc. (the “Underlying Stock”)
n Unlike
ordinary debt securities, the securities do not pay interest or repay a fixed amount of principal at maturity and are subject to potential
automatic call upon the terms described below. Whether the securities are automatically called for a fixed call premium or, if not automatically
called, the maturity payment amount, will depend, in each case, on the stock closing price of the Underlying Stock on the relevant call
date.
n Automatic
Call. If the stock closing price of the Underlying Stock on any call date is greater than or equal to the applicable call value, the
securities will be automatically called for the principal amount plus the call premium applicable to that call date. The call premium
applicable to each call date will be a percentage of the principal amount that increases for each call date based on a simple (non-compounding)
return of approximately 14.75% per annum. The call value is (i) 100.00% of the starting price on each call date other than the final call
date and (ii) 70.00% of the starting price on the final call date. |
|
Call
Date |
Call
Premium |
|
July 3, 2025 |
14.75% of the principal amount |
|
July 6, 2026 |
29.50% of the principal amount |
|
June 28, 2027 (the “final calculation
day”) |
44.25% of the principal amount |
n Maturity
Payment Amount. If the securities are not automatically called, at maturity, you will
receive a maturity payment amount that is less than the principal amount, you will have full
downside exposure to the decrease in the price of the Underlying Stock from the starting
price, and you will lose more than 30%, and possibly all, of the principal amount.
n Investors
may lose some or all of the principal amount.
n Any
positive return on the securities will be limited to the applicable call premium, even if the stock closing price of the Underlying Stock
on the applicable call date significantly exceeds the starting price. You will not participate in any appreciation of the Underlying
Stock beyond the applicable fixed call premium.
n The
securities are unsecured and unsubordinated obligations of JPMorgan Chase Financial Company LLC, which we refer to as JPMorgan Financial,
the payment on which is fully and unconditionally guaranteed by JPMorgan Chase & Co. Any payment on the securities is subject to
the credit risk of JPMorgan Financial, as issuer of the securities, and the credit risk of JPMorgan Chase & Co., as guarantor of
the securities.
n No
periodic interest payments or dividends
n No
exchange listing; designed to be held to maturity |
The securities have complex features and investing
in the securities involves risks not associated with an investment in conventional debt securities. See “Risk Factors” beginning
on page S-2 of the accompanying prospectus supplement, Annex A to the accompanying prospectus addendum, “Risk Factors” beginning
on page PS-11 of the accompanying product supplement and “Selected Risk Considerations” on page PS-8 in this pricing supplement.
Neither the Securities and Exchange Commission
(the “SEC”) nor any state securities commission has approved or disapproved of the securities or passed upon the accuracy
or the adequacy of this pricing supplement or the accompanying product supplement, prospectus supplement, prospectus and prospectus addendum.
Any representation to the contrary is a criminal offense.
|
Price to Public(1) |
Fees and Commissions(2)(3) |
Proceeds to Issuer |
Per Security |
$1,000.00 |
$25.75 |
$974.25 |
Total |
$1,029,000 |
$26,496.75 |
$1,002,503.25 |
| (1) | See “Supplemental Use of Proceeds” in this pricing supplement for information about the components
of the price to public of the securities. |
| (2) | Wells Fargo Securities, LLC, which we refer to as WFS, acting as agent for JPMorgan Financial, will receive
selling commissions from us of $25.75 per security. WFS has advised us that it may provide dealers, which may include Wells Fargo Advisors
(“WFA”) (the trade name of the retail brokerage business of WFS’s affiliates, Wells Fargo Clearing Services,
LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $20.00 per security. In addition to the concession
allowed to WFA, WFS has advised us that it may pay $0.75 per security of the selling commissions to WFA as a distribution expense fee
for each security sold by WFA. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement. |
| (3) | In respect of certain securities sold in this offering, J.P. Morgan Securities LLC, which we refer to as
JPMS, may pay a fee of $3.50 per security to selected dealers in consideration for marketing and other services in connection with the
distribution of the securities to other dealers. |
The estimated value of the securities, when
the terms of the securities were set, was $945.90 per security. See “The Estimated Value of the Securities” in this pricing
supplement for additional information.
The securities
are not bank deposits, are not insured by the Federal Deposit Insurance Corporation or any other governmental agency and are not obligations
of, or guaranteed by, a bank.
Wells Fargo Securities |
![J](https://www.sec.gov/Archives/edgar/data/1665650/000121390024058483/image_002.jpg) |
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Terms
of the Securities
Issuer: |
JPMorgan Chase Financial Company LLC, a direct, wholly owned finance subsidiary of JPMorgan Chase & Co. |
Guarantor: |
JPMorgan Chase & Co. |
Underlying Stock: |
The common stock of Uber Technologies, Inc. (Bloomberg ticker: UBER) (the “Underlying Stock”). We refer to the issuer of the Underlying Stock as the “Underlying Stock Issuer.” The accompanying product supplement refers to the Underlying Stock as a “Reference Stock.” |
Pricing Date: |
June 28, 2024 |
Issue Date: |
July 3, 2024 |
Stated Maturity Date1: |
July 1, 2027 |
Principal Amount: |
$1,000 per security. References in this pricing supplement to a “security” are to a security with a principal amount of $1,000. |
Automatic Call: |
If the stock closing price of the Underlying Stock on any call date is greater
than or equal to the applicable call value, the securities will be automatically called, and on the related call settlement date you will
be entitled to receive a cash payment per security in U.S. dollars equal to the principal amount plus the call premium applicable
to the relevant call date. The final call date is the final calculation day, and payment upon an automatic call on the final calculation
day, if applicable, will be made on the stated maturity date.
Any positive return on the securities will be limited to the applicable call
premium, even if the stock closing price of the Underlying Stock on the applicable call date significantly exceeds the starting price.
You will not participate in any appreciation of the Underlying Stock beyond the applicable call premium.
If the securities are automatically called, they will cease to be outstanding
on the related call settlement date and you will have no further rights under the securities after that call settlement date. |
|
The call premium applicable to each call date will be a percentage of the principal amount that increases for each call date based on a simple (non-compounding) return of approximately 14.75% per annum. |
Call
Dates1 and Call
| Call Date |
Call Premium |
Payment per Security
upon an Automatic
Call |
Premiums: |
July 3, 2025 |
14.75% of the principal amount |
$1,147.50 |
|
July 6, 2026 |
29.50% of the principal amount |
$1,295.00 |
|
June 28, 2027 (the
“final calculation
day”) |
44.25% of the principal amount |
$1,442.50 |
Call Settlement Date1: |
Three business days after the applicable call date, provided that the call settlement date for the final call date is the stated maturity date |
Maturity Payment Amount: |
If the securities are not automatically called, then on the stated maturity
date, you will be entitled to receive a cash payment per security in U.S. dollars equal to the maturity payment amount. The “maturity
payment amount” per security will equal:
$1,000 + ($1,000 × stock return)
If the securities are not automatically called, you will have full downside
exposure to the decrease in the price of the Underlying Stock from the starting price, and you will lose more than 30%, and possibly all,
of the principal amount of your securities at maturity. |
Stock Return: |
The “stock return” is the percentage change from the starting
price to the ending price, calculated as follows:
ending price – starting price
starting price |
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Starting Price: |
$72.68, the stock closing price of the Underlying Stock on the pricing date |
Ending Price: |
The “ending price” will be the stock closing price of the Underlying Stock on the final calculation day |
Call Value: |
On each call date other than the final call date, $72.68, which is equal to
100.00% of the starting price
On the final call date (which is also the final calculation day), $50.876, which
is equal to 70.00% of the starting price |
Stock Closing Price: |
“Stock closing price” has the meaning set forth under “The Underlyings — Reference Stocks — Certain Definitions” in the accompanying product supplement. The stock closing price of the Underlying Stock is subject to adjustment through the adjustment factor as described in the accompanying product supplement. |
Additional Terms: |
Terms used in this pricing supplement, but not defined herein, will have the meanings ascribed to them in the accompanying product supplement. |
Calculation Agent: |
J.P. Morgan Securities LLC (“JPMS”) |
Tax Considerations: |
For a discussion of the material U.S. federal income tax consequences of the ownership and disposition of the securities, see “Tax Considerations.” |
Denominations: |
$1,000 and any integral multiple of $1,000 |
CUSIP: |
48135NHJ8 |
Fees and Commissions: |
Wells Fargo Securities, LLC, which we refer to as WFS, acting as agent for JPMorgan
Financial, will receive selling commissions from us of $25.75 per security. WFS has advised us that it may provide dealers, which may
include Wells Fargo Advisors (“WFA”) (the trade name of the retail brokerage business of WFS’s affiliates, Wells Fargo
Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), with a selling concession of $20.00 per security. In addition
to the concession allowed to WFA, WFS has advised us that it may pay $0.75 per security of the selling commissions to WFA as a distribution
expense fee for each security sold by WFA. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product
supplement.
In addition, in respect of certain securities sold in this offering, JPMS may
pay a fee of $3.50 per security to selected securities dealers in consideration for marketing and other services in connection with the
distribution of the securities to other securities dealers.
We, WFS or an affiliate may enter into swap agreements or related hedge transactions
with one of our or their other affiliates or unaffiliated counterparties in connection with the sale of the securities and JPMS, WFS and/or
an affiliate may earn additional income as a result of payments pursuant to the swap or related hedge transactions. See “Supplemental
Use of Proceeds” below and “Use of Proceeds and Hedging” in the accompanying product supplement. |
1 Subject to postponement in the event of a non-trading day or
a market disruption event and as described under “General Terms of Notes — Postponement of a Determination Date — Notes
Linked to a Single Underlying” and “General Terms of Notes — Postponement of a Payment Date” in the accompanying
product supplement. For purposes of the accompanying product supplement, the call dates are Determination Dates and the call settlement
dates are Payment Dates.
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Additional
Information about the Issuer, the Guarantor and the Securities
You should read this pricing supplement together with the
accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which
these securities are a part, the accompanying prospectus addendum and the more detailed information contained in the accompanying product
supplement. This pricing supplement, together with the documents listed below, contains the terms of the securities and supersedes all
other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms,
correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of
ours. You should carefully consider, among other things, the matters set forth in the “Risk Factors” sections of the accompanying
prospectus supplement and the accompanying product supplement and in Annex A to the accompanying prospectus addendum, as the securities
involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other
advisers before you invest in the securities.
You may access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
| · | Prospectus addendum dated June 3, 2024: |
http://www.sec.gov/Archives/edgar/data/1665650/000095010324007599/dp211753_424b3.htm
Our Central Index Key, or CIK, on the SEC website is 1665650,
and JPMorgan Chase & Co.’s CIK is 19617. As used in this pricing supplement, “we,” “us” and “our”
refer to JPMorgan Financial.
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
The
Estimated Value of the Securities
The estimated value of the securities set forth on the cover
of this pricing supplement is equal to the sum of the values of the following hypothetical components: (1) a fixed-income debt component
with the same maturity as the securities, valued using the internal funding rate described below, and (2) the derivative or derivatives
underlying the economic terms of the securities. The estimated value of the securities does not represent a minimum price at which JPMS
would be willing to buy your securities in any secondary market (if any exists) at any time. The internal funding rate used in the determination
of the estimated value of the securities may differ from the market-implied funding rate for vanilla fixed income instruments of a similar
maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may be based on, among other things, our and our affiliates’
view of the funding value of the securities as well as the higher issuance, operational and ongoing liability management costs of the
securities in comparison to those costs for the conventional fixed income instruments of JPMorgan Chase & Co. This internal funding
rate is based on certain market inputs and assumptions, which may prove to be incorrect, and is intended to approximate the prevailing
market replacement funding rate for the securities. The use of an internal funding rate and any potential changes to that rate may have
an adverse effect on the terms of the securities and any secondary market prices of the securities. For additional information, see “Selected
Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Estimated
Value of the Securities Is Derived by Reference to an Internal Funding Rate” in this pricing supplement. The value of the derivative
or derivatives underlying the economic terms of the securities is derived from internal pricing models of our affiliates. These models
are dependent on inputs such as the traded market prices of comparable derivative instruments and on various other inputs, some of which
are market-observable, and which can include volatility, dividend rates, interest rates and other factors, as well as assumptions about
future market events and/or environments. Accordingly, the estimated value of the securities is determined when the terms of the securities
are set based on market conditions and other relevant factors and assumptions existing at that time. See “Selected Risk Considerations
— Risks Relating to the Estimated Value and Secondary Market Prices of the Notes — The Estimated Value of the Notes Does Not
Represent Future Values of the Notes and May Differ from Others’ Estimates” in this pricing supplement.
The estimated value of the securities is lower than the original
issue price of the securities because costs associated with selling, structuring and hedging the securities are included in the original
issue price of the securities. These costs include the selling commissions paid to WFS (which WFS has advised us includes selling concessions
and distribution expense fees), the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging
our obligations under the securities and the estimated cost of hedging our obligations under the securities. Because hedging our obligations
entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than
expected, or it may result in a loss. A portion of the profits, if any, realized in hedging our obligations under the securities may be
allowed to other affiliated or unaffiliated dealers, and we or one or more of our affiliates will retain any remaining hedging profits.
See “Selected Risk Considerations — Risks Relating to the Estimated Value and Secondary Market Prices of the Securities —
The Estimated Value of the Securities Is Lower Than the Original Issue Price (Price to Public) of the Securities” in this pricing
supplement.
Secondary
Market Prices of the Securities
For information about factors that will impact any secondary
market prices of the securities, see “Risk Factors — Risks Relating to the Estimated Value and Secondary Market Prices of
the Notes — Secondary market prices of the securities will be impacted by many economic and market factors” in the accompanying
product supplement. In addition, we generally expect that some of the costs included in the original issue price of the securities will
be partially paid back to you in connection with any repurchases of your securities by JPMS in an amount that will decline to zero over
an initial predetermined period that is intended to be approximately three months. The length of any such initial period reflects the
structure of the securities, whether our affiliates expect to earn a profit in connection with our hedging activities, the estimated costs
of hedging the securities and when these costs are incurred, as determined by our affiliates. See “Selected Risk Considerations
— Risks Relating to the Estimated Value and Secondary Market Prices of the Securities — The Value of the Securities as Published
by JPMS (and Which May Be Reflected on Customer Account Statements) May Be Higher Than the Then-Current Estimated Value of the Securities
for a Limited Time Period” in this pricing supplement.
Supplemental
Use of Proceeds
The securities are offered to meet investor demand for products
that reflect the risk-return profile and market exposure provided by the securities. See “Hypothetical Examples and Returns”
in this pricing supplement for an illustration of the risk-return profile of the securities and “The Underlying Stock” in
this pricing supplement for a description of the market exposure provided by the securities.
The original issue price of the securities is equal to the
estimated value of the securities plus the selling commissions paid to WFS (which WFS has advised us includes selling concessions and
distribution expense fees), plus (minus) the projected profits (losses) that our affiliates expect to realize for assuming risks inherent
in hedging our obligations under the securities, plus the estimated cost of hedging our obligations under the securities.
Supplemental
Terms of the Securities
Any values of the Underlying Stock, and any values derived
therefrom, included in this pricing supplement may be corrected, in the event of manifest error or inconsistency, by amendment of this
pricing supplement and the corresponding terms of the securities. Notwithstanding anything to the contrary in the indenture governing
the securities, that amendment will become effective without consent of the holders of the securities or any other party.
Notwithstanding anything to the contrary in the accompanying
product supplement, any dollar amount payable on the securities will be rounded to the nearest cent, with one-half cent rounded upward.
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Investor
Considerations
The securities are not appropriate for all investors.
The securities may be an appropriate investment for you if all of the following statements are true:
| § | You do not seek an investment that produces periodic interest or coupon payments or other sources of current income. |
| § | You anticipate that the stock closing price of the Underlying Stock will be greater than or equal to the applicable call value on
one call date. |
| § | You are willing and able to accept that you will not participate in any appreciation of the Underlying Stock, which may be significant,
and that any potential return on the securities is limited to the applicable call premium, if any, paid on the securities. |
| § | You are willing and able to accept the risk that, if the securities are not automatically called, you will lose more than 30%, and
possibly all, of the principal amount of your securities at maturity. |
| § | You are willing and able to accept the risk that the securities may be automatically called, that you will not receive a higher call
premium payable with respect to a later call date if the securities are called on an earlier call date and that you may not be able to
reinvest your money in an alternative investment with comparable risk and yield. |
| § | You are willing and able to accept the risks associated with an investment linked to the performance of the Underlying Stock, as explained
in more detail in the Selected Risk Considerations section of this pricing supplement. |
| § | You understand and accept that you will not be entitled to receive dividends or distributions that may be paid to holders of the Underlying
Stock, nor will you have any voting rights with respect to the Underlying Stock. |
| § | You do not seek an investment for which there will be an active secondary market and you are willing and able to hold the securities
to maturity if the securities are not automatically called. |
| § | You are willing and able to assume our and JPMorgan Chase & Co.s credit risks for all payments on the securities. |
The securities may not be an appropriate investment for
you if any of the following statements are true:
| § | You seek an investment that produces periodic interest or coupon payments or other sources of current income. |
| § | You anticipate that the stock closing price of the Underlying Stock will be less than the applicable call value on each call date. |
| § | You seek an investment that participates in the full appreciation of the Underlying Stock rather than an investment with a return
that is limited to the applicable call premium, if any, paid on the securities. |
| § | You seek an investment that provides for the full repayment of principal at maturity and/or you are unwilling or unable to accept
the risk that, if the securities are not automatically called, you will lose more than 30%, and possibly all, of the principal amount
of your securities at maturity. |
| § | You are unwilling or unable to accept the risk that the securities may be automatically called, that you will not receive a higher
call premium payable with respect to a later call date if the securities are called on an earlier call date and that you may not be able
to reinvest your money in an alternative investment with comparable risk and yield. |
| § | You are unwilling or unable to accept the risks associated with an investment linked to the performance of the Underlying Stock, as
explained in more detail in the Selected Risk Considerations section of this pricing supplement. |
| § | You seek an investment that entitles you to dividends or distributions that may be paid to holders of the Underlying Stock, or voting
rights with respect to the Underlying Stock. |
| § | You seek an investment for which there will be an active secondary market and/or you are unwilling or unable to hold the securities
to maturity. |
| § | You are unwilling or unable to assume our and JPMorgan Chase & Co.s credit risks for all payments on the securities. |
The considerations identified above are not exhaustive.
Whether or not the securities are an appropriate investment for you will depend on your individual circumstances, and you should reach
an investment decision only after you and your investment, legal, tax, accounting and other advisors have carefully considered the appropriateness
of an investment in the securities in light of your particular circumstances. You should also review carefully the “Selected Risk
Considerations” section in this pricing supplement, the “Risk Factors” sections in the accompanying prospectus supplement
and product supplement and Annex A to the accompanying prospectus addendum. For more information about the Underlying Stock, please see
the section titled “The Underlying Stock” below.
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Determining
Timing and Amount of Payment on the Securities
Whether the securities are automatically called on any
call date for the applicable call premium will each be determined based on the stock closing price of the Underlying Stock on the applicable
call date as follows:
![A screenshot of a message
Description automatically generated](https://www.sec.gov/Archives/edgar/data/1665650/000121390024058483/image_003.jpg)
If the securities are not automatically called, then
on the stated maturity date, you will receive a cash payment per security (the maturity payment amount) calculated as follows:
![A white rectangular object with black text
Description automatically generated](https://www.sec.gov/Archives/edgar/data/1665650/000121390024058483/image_004.jpg)
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Selected
Risk Considerations
An investment in the securities involves significant risks.
Investing in the securities is not equivalent to investing directly in the Underlying Stock. Some of the risks that apply to an investment
in the securities are summarized below, but we urge you to read the more detailed explanation of risks relating to the securities generally
in the “Risk Factors” sections of the accompanying prospectus supplement and the accompanying product supplement and in Annex
A to the accompanying prospectus addendum. You should not purchase the securities unless you understand and can bear the risks of investing
in the securities.
Risks Relating to the Securities Generally
| · | If the Securities Are Not Automatically Called, You Will Lose More Than 30%, and Possibly All, of the
Principal Amount of Your Securities at Maturity The securities do not guarantee the full return of principal. If the securities
are not automatically called, the return on the securities at maturity is linked to the performance of the Underlying Stock and will depend
on the extent to which the Underlying Stock has depreciated. You will lose 1% of the principal amount of the securities for every 1% that
the ending price is less than the starting price (expressed as a percentage of the starting price). Accordingly, under these circumstances,
you will lose more than 30%, and possibly all, of your principal amount at maturity. |
| · | The Potential Return on the Securities Is Limited to the Call Premium The potential return
on the securities is limited to the applicable call premium, regardless of any appreciation of the Underlying Stock, which may be significant.
You will not participate in any appreciation of the Underlying Stock. Therefore, your return on the securities may be lower than the return
on a direct investment in the Underlying Stock. Furthermore, if the securities are called on an earlier call date, you will receive a
lower call premium than if the securities were called on a later call date, and accordingly, if the securities are called on one of the
earlier call dates, you will not receive the highest potential call premium. |
| · | You Will Be Subject to Reinvestment Risk If your securities are automatically called early,
the term of the securities may be reduced to as short as approximately one year. There is no guarantee that you would be able to reinvest
the proceeds from an investment in the securities at a comparable return for a similar level of risk in the event the securities are automatically
called prior to maturity. Even in cases where the securities are called before maturity, you are not entitled
to any fees and commissions described on the front cover of this pricing supplement. |
| · | The Securities Are Subject to the Credit Risks of JPMorgan Financial and JPMorgan Chase & Co.
Investors are dependent on our and JPMorgan Chase & Co.s ability to pay all amounts due on the securities. Any actual
or potential change in our or JPMorgan Chase & Co.s creditworthiness or credit spreads, as determined by the market for taking
that credit risk, is likely to adversely affect the value of the securities. If we and JPMorgan Chase & Co. were to default on our
payment obligations, you may not receive any amounts owed to you under the securities and you could lose your entire investment. |
| · | As a Finance Subsidiary, JPMorgan Financial Has No Independent Operations and Has Limited Assets
As a finance subsidiary of JPMorgan Chase & Co., we have no independent operations beyond the issuance and administration of our securities
and the collection of intercompany obligations. Aside from the initial capital contribution from JPMorgan Chase & Co., substantially
all of our assets relate to obligations of JPMorgan Chase & Co. to make payments under loans made by us to JPMorgan Chase & Co.
or under other intercompany agreements. As a result, we are dependent upon payments from JPMorgan Chase & Co. to meet our obligations
under the securities. We are not a key operating subsidiary of JPMorgan Chase & Co. and in a bankruptcy or resolution of JPMorgan
Chase & Co. we are not expected to have sufficient resources to meet our obligations in respect of the securities as they come due.
If JPMorgan Chase & Co. does not make payments to us and we are unable to make payments on the securities, you may have to seek payment
under the related guarantee by JPMorgan Chase & Co., and that guarantee will rank pari passu with all other unsecured and unsubordinated
obligations of JPMorgan Chase & Co. For more information, see the accompanying prospectus addendum. |
| · | No Interest or Dividend Payments or Voting Rights As a holder of the securities, you will not
receive interest payments, and you will not have voting rights or rights to receive cash dividends or other distributions or other rights
that holders of the Underlying Stock would have. |
| · | Lack of Liquidity The securities will not be listed on any securities exchange. Accordingly,
the price at which you may be able to trade your securities is likely to depend on the price, if any, at which JPMS or WFS is willing
to buy the securities. You may not be able to sell your securities. The securities are not designed to be short-term trading instruments.
Accordingly, you should be able and willing to hold your securities to maturity. |
| · | The U.S. Federal Tax Consequences of the Securities Are Uncertain, and May Be Adverse to a Holder of
the Securities See Tax Considerations below and Risk Factors Risks Relating to the Notes Generally
The tax consequences of an investment in the notes are uncertain in the accompanying product supplement. |
Risks Relating to Conflicts of Interest
| · | Potential Conflicts We and our affiliates play a variety of roles in connection with the issuance
of the securities, including acting as calculation agent and hedging our obligations under the securities and making the assumptions used
to determine the |
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
pricing of the securities
and the estimated value of the securities when the terms of the securities are set, which we refer to as the estimated value of the securities.
In performing these duties, our and JPMorgan Chase & Co.’s economic interests and the economic interests of the calculation
agent and other affiliates of ours are potentially adverse to your interests as an investor in the securities. In addition, our and JPMorgan
Chase & Co.’s business activities, including hedging and trading activities, could cause our and JPMorgan Chase & Co.’s
economic interests to be adverse to yours and could adversely affect any payment on the securities and the value of the securities. It
is possible that hedging or trading activities of ours or our affiliates in connection with the securities could result in substantial
returns for us or our affiliates while the value of the securities declines. Please refer to “Risk Factors — Risks Relating
to Conflicts of Interest” in the accompanying product supplement for additional information about these risks.
Risks Relating to the Estimated Value
of the Securities and the Secondary Market
| · | The Estimated Value of the Securities Is Lower Than the Original Issue Price (Price to Public) of the
Securities The estimated value of the securities is only an estimate determined by reference to several factors. The original
issue price of the securities exceeds the estimated value of the securities because costs associated with selling, structuring and hedging
the securities are included in the original issue price of the securities. These costs include the selling commissions, the projected
profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our obligations under the securities and
the estimated cost of hedging our obligations under the securities. See The Estimated Value of the Securities in this pricing
supplement. |
| · | The Estimated Value of the Securities Does Not Represent Future Values of the Securities and May Differ
from Others Estimates The estimated value of the securities is determined by reference to internal pricing models of
our affiliates when the terms of the securities are set. This estimated value of the securities is based on market conditions and other
relevant factors existing at that time and assumptions about market parameters, which can include volatility, dividend rates, interest
rates and other factors. Different pricing models and assumptions could provide valuations for the securities that are greater than or
less than the estimated value of the securities. In addition, market conditions and other relevant factors in the future may change, and
any assumptions may prove to be incorrect. On future dates, the value of the securities could change significantly based on, among other
things, changes in market conditions, our or JPMorgan Chase & Co.s creditworthiness, interest rate movements and other relevant
factors, which may impact the price, if any, at which JPMS would be willing to buy securities from you in secondary market transactions.
See The Estimated Value of the Securities in this pricing supplement. |
| · | The Estimated Value of the Securities Is Derived by Reference to an Internal Funding Rate —
The internal funding rate used in the determination of the estimated value of the securities may differ from the market-implied funding
rate for vanilla fixed income instruments of a similar maturity issued by JPMorgan Chase & Co. or its affiliates. Any difference may
be based on, among other things, our and our affiliates’ view of the funding value of the securities as well as the higher issuance,
operational and ongoing liability management costs of the securities in comparison to those costs for the conventional fixed income instruments
of JPMorgan Chase & Co. This internal funding rate is based on certain market inputs and assumptions, which may prove to be incorrect,
and is intended to approximate the prevailing market replacement funding rate for the securities. The use of an internal funding rate
and any potential changes to that rate may have an adverse effect on the terms of the securities and any secondary market prices of the
securities. See “The Estimated Value of the Securities” in this pricing supplement. |
| · | The Value of the Securities as Published by JPMS (and Which May Be Reflected on Customer Account Statements)
May Be Higher Than the Then-Current Estimated Value of the Securities for a Limited Time Period We generally expect that some
of the costs included in the original issue price of the securities will be partially paid back to you in connection with any repurchases
of your securities by JPMS in an amount that will decline to zero over an initial predetermined period. These costs can include selling
commissions, projected hedging profits, if any, and, in some circumstances, estimated hedging costs and our internal secondary market
funding rates for structured debt issuances. See Secondary Market Prices of the Securities in this pricing supplement for
additional information relating to this initial period. Accordingly, the estimated value of your securities during this initial period
may be lower than the value of the securities as published by JPMS (and which may be shown on your customer account statements). |
| · | Secondary Market Prices of the Securities Will Likely Be Lower Than the Original Issue Price of the Securities
Any secondary market prices of the securities will likely be lower than the original issue price of the securities because, among
other things, secondary market prices take into account our internal secondary market funding rates for structured debt issuances and,
also, because secondary market prices may exclude selling commissions, projected hedging profits, if any, and estimated hedging costs
that are included in the original issue price of the securities. As a result, the price, if any, at which JPMS will be willing to buy
securities from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Any sale by you
prior to the stated maturity date could result in a substantial loss to you. See the immediately following risk consideration for information
about additional factors that will impact any secondary market prices of the securities. |
The securities are not designed
to be short-term trading instruments. Accordingly, you should be able and willing to hold your securities to maturity. See “—
Risks Relating to the Securities Generally — Lack of Liquidity” above.
| · | Many Economic and Market Factors Will Impact the Value of the Securities As described under
The Estimated Value of the Securities in this pricing supplement, the securities can be thought of as securities that combine
a fixed-income debt component with one or more derivatives. As a result, the factors that influence the values of fixed-income debt
and derivative |
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
instruments will also influence
the terms of the securities at issuance and their value in the secondary market. Accordingly, the secondary market price of the
securities during their term will be impacted by a number of economic and market factors, which may either offset or magnify each other,
aside from the selling commissions, projected hedging profits, if any, estimated hedging costs and the price of the Underlying Stock,
including:
| · | any actual or potential change in our or JPMorgan Chase & Co.’s creditworthiness
or credit spreads; |
| · | customary bid-ask spreads for similarly sized trades; |
| · | our internal secondary market funding rates for structured debt issuances; |
| · | the actual and expected volatility of the Underlying Stock; |
| · | the time to maturity of the securities; |
| · | the dividend rate on the Underlying Stock; |
| · | the occurrence of certain events affecting the Underlying Stock that may or may not require an adjustment to the adjustment factor
of the Underlying Stock; |
| · | interest and yield rates in the market generally; and |
| · | a variety of other economic, financial, political, regulatory and judicial events. |
Additionally, independent pricing vendors and/or third party broker-dealers
may publish a price for the securities, which may also be reflected on customer account statements. This price may be different
(higher or lower) than the price of the securities, if any, at which JPMS may be willing to purchase your securities in the secondary
market.
Risks Relating to the Underlying
Stock
| · | No Affiliation with the Underlying Stock Issuer — We are not affiliated
with the Underlying Stock Issuer. We have not independently verified any of the information about the Underlying Stock Issuer contained
in this pricing supplement. You should make your own investigation into the Underlying Stock and the Underlying Stock Issuer.
We are not responsible for the Underlying Stock Issuer’s public disclosure of information, whether contained in SEC filings or otherwise. |
| · | Limited Trading History — The Underlying Stock commenced trading on
the New York Stock Exchange on May 10, 2019 and therefore has limited historical performance. Past performance should not be considered
indicative of future performance. |
| · | The Anti-Dilution Protection Is Limited and May Be Discretionary — The
calculation agent will make adjustments to the adjustment factor for the Underlying Stock and other adjustments for certain corporate
events affecting the Underlying Stock. However, the calculation agent will not make an adjustment in response to all events that
could affect the Underlying Stock. If an event occurs that does not require the calculation agent to make an adjustment, the value
of the securities may be materially and adversely affected. Subject to the foregoing, the calculation agent is under no obligation
to consider your interests as a holder of the securities in making these determinations. |
| · | Any Payment on the Securities Will Depend upon the Performance of the Underlying Stock and Therefore the
Securities Are Subject to the Following Risks, Each as Discussed in More Detail in the Accompanying Product Supplement. |
| · | The Securities May Become Linked to the Common Stock of a Company Other Than the Original Underlying Stock
Issuer. |
| · | You Will Have No Ownership Rights in the Underlying Stock. Investing in the securities is not
equivalent to investing directly in the Underlying Stock. As a holder of the securities, you will not have any ownership interest
or rights in the Underlying Stock, such as voting rights or rights to receive cash dividends or other distributions. In addition,
the issuer of the Underlying Stock will not have any obligation to consider your interests as a holder of the securities in taking any
corporate action that might affect the value of the Underlying Stock and the securities. |
| · | Historical Prices of the Underlying Stock Should Not Be Taken as an Indication of the Future Performance
of the Underlying Stock During the Term of the Securities. |
| · | We Cannot Control Actions by the Underlying Stock Issuer.
|
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Hypothetical
Examples and Returns |
The payout profile,
return table and examples below illustrate the hypothetical payments upon an automatic call or at stated maturity for a security on a
hypothetical offering of securities under various scenarios, with the assumptions set forth in the table below. The terms used for purposes
of these hypothetical examples do not represent the actual starting price or call value.
The hypothetical starting price of $100.00 has been chosen
for illustrative purposes only and does not represent the actual starting price. The actual starting price is the stock closing price
of the Underlying Stock on the pricing date and is specified under “Terms of the Securities – Starting Price” in this
pricing supplement. For historical data regarding the actual closing prices of the Underlying Stock, please see the historical information
set forth under “The Underlying Stock” in this pricing supplement.
The payout
profile, return table and examples below assume that an investor purchases the securities for $1,000 per security. These examples are
for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis. The payout profile,
return table and examples below do not take into account any tax consequences from investing in the securities. The actual payment upon
an automatic call or the maturity payment amount, as applicable, and resulting pre-tax total rate of return will depend on the actual
terms of the securities.
Call Premiums: |
Call
Date |
Call
Premium* |
|
1st call
date |
14.75%
of the principal amount |
|
2nd call
date |
29.50%
of the principal amount |
|
Final
call date (final
calculation day) |
44.25%
of the principal amount |
Hypothetical
Starting Price: |
$100.00 |
Hypothetical
Call Values: |
On
each call date other than the final call date, $100.00 (100% of the hypothetical starting
price); and
On
the final call date (which is also the final calculation day), $70.00 (70% of the hypothetical starting price) |
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Hypothetical Payout Profile*
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024058483/image_005.jpg)
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Hypothetical Returns
If the securities are automatically called:
|
|
|
Hypothetical call date on which
securities are automatically called |
Hypothetical payment
per security on related call
settlement date |
Hypothetical pre-tax total rate of
return(1) |
1st call date |
$1,147.50 |
14.75% |
2nd call date |
$1,295.00 |
29.50% |
Final call date (final calculation day) |
$1,442.50 |
44.25% |
If the securities are not automatically called:
|
|
|
|
Hypothetical
ending price |
Hypothetical
stock return |
Hypothetical
maturity payment
amount per security |
Hypothetical
pre-tax total
rate of return(1) |
$69.00 |
-31.00% |
$690.00 |
-31.00% |
$50.00 |
-50.00% |
$500.00 |
-50.00% |
$25.00 |
-75.00% |
$250.00 |
-75.00% |
$0.00 |
-100.00% |
$0.00 |
-100.00% |
| (1) | The hypothetical pre-tax total rate of return is the number, expressed as a percentage, that results from comparing the maturity payment
amount per security to the principal amount of $1,000. |
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Hypothetical Examples
Example 1. The stock closing price of the Underlying Stock on the
first call date is greater than or equal to the applicable call value and the securities are automatically called on the first call date:
|
Underlying Stock |
Hypothetical starting price: |
$100.00 |
Hypothetical stock closing price on first call date: |
$125.00 |
Hypothetical call value (with respect to first call date): |
$100.00 |
Because the hypothetical stock closing price of the Underlying Stock on
the first call date is greater than or equal to the hypothetical call value for the first call date, the securities are automatically
called on the first call date and you will receive on the related call settlement date the principal amount of your securities plus
a call premium of 14.75% of the principal amount. Even though the Underlying Stock on the first call date appreciated by 25.00% from the
starting price to its stock closing price on the first call date in this example, your return is limited to the call premium of 14.75%
that is applicable to that call date.
On the call settlement date, you will receive $1,147.50 per security.
You will not receive any further payments after the call settlement date.
Example 2. The securities are not automatically called prior to the
final call date (the final calculation day). The stock closing price of the Underlying Stock on the final calculation day is greater
than or equal to the applicable call value and the securities are automatically called on the final calculation day:
|
Underlying Stock |
Hypothetical starting price: |
$100.00 |
Hypothetical stock closing price on call dates prior to the final calculation day: |
Various (all below applicable call value) |
Hypothetical stock closing price on final calculation day (i.e., the ending price): |
$80.00 |
Hypothetical
call value (with respect to final call date): |
$70.00 |
Because the hypothetical stock closing price of the Underlying Stock
on each call date prior to the final call date (which is the final calculation day) is less than the hypothetical call value for that
call date, the securities are not called prior to the final calculation day. Because the stock closing price of the Underlying Stock on
the final calculation day is greater than or equal to the hypothetical call value for the final calculation day, the securities are automatically
called on the final calculation day and you will receive on the related call settlement date (which is the stated maturity date) the principal
amount of your securities plus a call premium of 44.25% of the principal amount.
On the call settlement date (which is the stated maturity date), you
will receive $1,442.50 per security.
Example 3. The securities are not automatically called. The maturity
payment amount is less than the principal amount:
|
Underlying Stock |
Hypothetical starting price: |
$100.00 |
Hypothetical stock closing price on each call date: |
Various (all below applicable call value) |
Hypothetical ending price: |
$40.00 |
Because the hypothetical stock closing price of the Underlying Stock
on each call date (including the final calculation day) is less than the hypothetical call value for that call date, the securities are
not automatically called. Because the securities are not automatically called, at maturity, you would lose a portion of the principal
amount of your securities and receive the maturity payment amount equal to $400.00 per security, calculated as follows:
$1,000 + ($1,000 ×
stock return)
$1,000 + ($1,000 ×
-60.00%)
=
$400.00
On the stated maturity date, you will receive $400.00 per security.
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
If the securities are not automatically called, you will lose more than 30%,
and possibly all, of your principal amount at maturity.
The hypothetical returns and hypothetical payments on the
securities shown above apply only if you hold the securities for their entire term or until automatically called. These hypotheticals
do not reflect the fees or expenses that would be associated with any sale in the secondary market. If these fees and expenses were
included, the hypothetical returns and hypothetical payments shown above would likely be lower.
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
The
Underlying Stock
All information contained herein on the Underlying Stock
and on Uber Technologies, Inc. is derived from publicly available sources, without independent verification. According to its publicly
available filings with the SEC, Uber Technologies, Inc. develops and operates proprietary technology applications supporting a variety
of offerings on its platform that connects (i) consumers with providers of ride services for ridesharing services, (ii) consumers with
restaurants, grocers and other stores with delivery service providers for meal preparation, grocery and other delivery services, (iii)
consumers with public transportation networks and (iv) shippers with carriers in the freight industry by providing carriers with the ability
to book a shipment, transportation management and other logistics services. The Underlying Stock is registered under the Securities
Exchange Act of 1934, as amended, which we refer to as the Exchange Act, and is listed on the New York Stock Exchange. Information
provided to or filed with the SEC by Uber Technologies, Inc. pursuant to the Exchange Act can be located by reference to the SEC file
number 001-38902, and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are
accurate or complete.
Historical Information
The following graph sets forth the historical performance
of the Underlying Stock based on the daily historical closing prices of the Underlying Stock from May 10, 2019 through June 28, 2024.
The Underlying Stock commenced trading on the New York Stock Exchange on May 10, 2019 and therefore has limited historical performance.
The closing price of the Underlying Stock on June 28, 2024 was $72.68. We obtained the closing prices above and below from the Bloomberg
Professional® service (“Bloomberg”), without independent verification. The closing prices above and below may
have been adjusted by Bloomberg for corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings
and bankruptcy.
The historical closing prices of the Underlying Stock should
not be taken as an indication of future performance, and no assurance can be given as to the stock closing price of the Underlying Stock
on any call date. There can be no assurance that the performance of the Underlying Stock will result in the return of any of your principal
amount.
![](https://www.sec.gov/Archives/edgar/data/1665650/000121390024058483/image_006.jpg)
Market Linked Securities—Auto-Callable with Contingent Downside
Principal at Risk Securities Linked to the Common Stock of Uber Technologies, Inc. due July 1, 2027
Tax
Considerations
You should review carefully the section entitled “Material
U.S. Federal Income Tax Consequences” in the accompanying product supplement no. WF-1-I. The following discussion, when read in
combination with that section, constitutes the full opinion of our special tax counsel, Davis Polk & Wardwell LLP, regarding the material
U.S. federal income tax consequences of owning and disposing of securities.
Based on current market conditions, in the opinion of our
special tax counsel it is reasonable to treat the securities as “open transactions” that are not debt instruments for U.S.
federal income tax purposes, as more fully described in “Material U.S. Federal Income Tax Consequences — Tax Consequences
to U.S. Holders — Notes Treated as Open Transactions That Are Not Debt Instruments” in the accompanying product supplement.
Assuming this treatment is respected, the gain or loss on your securities should be treated as long-term capital gain or loss if you hold
your securities for more than a year, whether or not you are an initial purchaser of securities at the issue price. However, the IRS or
a court may not respect this treatment, in which case the timing and character of any income or loss on the securities could be materially
and adversely affected. In addition, in 2007 Treasury and the IRS released a notice requesting comments on the U.S. federal income tax
treatment of “prepaid forward contracts” and similar instruments. The notice focuses in particular on whether to require investors
in these instruments to accrue income over the term of their investment. It also asks for comments on a number of related topics, including
the character of income or loss with respect to these instruments; the relevance of factors such as the nature of the underlying property
to which the instruments are linked; the degree, if any, to which income (including any mandated accruals) realized by non-U.S. investors
should be subject to withholding tax; and whether these instruments are or should be subject to the “constructive ownership”
regime, which very generally can operate to recharacterize certain long-term capital gain as ordinary income and impose a notional interest
charge. While the notice requests comments on appropriate transition rules and effective dates, any Treasury regulations or other guidance
promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities,
possibly with retroactive effect. You should consult your tax adviser regarding the U.S. federal income tax consequences of an investment
in the securities, including possible alternative treatments and the issues presented by this notice.
Section 871(m) of the Code and Treasury regulations promulgated
thereunder (“Section 871(m)”) generally impose a 30% withholding tax (unless an income tax treaty applies) on dividend equivalents
paid or deemed paid to Non-U.S. Holders with respect to certain financial instruments linked to U.S. equities or indices that include
U.S. equities. Section 871(m) provides certain exceptions to this withholding regime, including for instruments linked to certain broad-based
indices that meet requirements set forth in the applicable Treasury regulations. Additionally, a recent IRS notice excludes from the scope
of Section 871(m) instruments issued prior to January 1, 2027 that do not have a delta of one with respect to underlying securities that
could pay U.S.-source dividends for U.S. federal income tax purposes (each an “Underlying Security”). Based on our representation
that the securities do not have a “delta of one” within the meaning of the regulations, our special tax counsel believes that
these regulations should not apply to the securities with regard to non-U.S. Holders, and we have determined to treat the securities as
not being subject to Section 871(m). Our determination is not binding on the IRS, and the IRS may disagree with this determination. Section
871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions
with respect to an Underlying Security. You should consult your tax adviser regarding the potential application of Section 871(m) to the
securities.
Validity
of the Securities and the Guarantees
In the opinion of Davis Polk & Wardwell
LLP, as special products counsel to JPMorgan Financial and JPMorgan Chase & Co., when the securities offered by this pricing supplement
have been issued by JPMorgan Financial pursuant to the indenture, the trustee and/or paying agent has made, in accordance with the instructions
from JPMorgan Financial, the appropriate entries or notations in its records relating to the master global note that represents such securities
(the “master note”), and such securities have been delivered against payment as contemplated herein, such securities will
be valid and binding obligations of JPMorgan Financial and the related guarantee will constitute a valid and binding obligation of JPMorgan
Chase & Co., enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’
rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts
of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to (i) the effect of
fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision
of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law
by limiting the amount of JPMorgan Chase & Co.’s obligation under the related guarantee. This opinion is given as of the date
hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited
Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution
and delivery of the indenture and its authentication of the master note and the validity, binding nature and enforceability of the indenture
with respect to the trustee, all as stated in the letter of such counsel dated February 24, 2023, which was filed as an exhibit to the
Registration Statement on Form S-3 by JPMorgan Financial and JPMorgan Chase & Co. on February 24, 2023.
Exhibit 107.1
The pricing supplement to which this Exhibit is
attached is a final prospectus for the related offering(s). The maximum aggregate offering price of the related offering(s) is $1,029,000.
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