July , 2024
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Registration Statement Nos. 333-270004 and 333-270004-01; Rule 424(b)(2)
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JPMorgan Chase Financial Company LLC
Structured Investments
Capped Notes Linked to the Dow Jones Industrial AverageTM
due August 5, 2027
Fully and Unconditionally Guaranteed by JPMorgan Chase & Co.
●The notes are designed for investors who seek exposure to any appreciation of the Dow Jones Industrial AverageTM over the
term of the notes up to a maximum return of at least 34.20% at maturity.
●Investors should be willing to forgo interest and dividend payments, while seeking repayment of at least 95.00% of principal at
maturity.
●The notes 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 notes is subject to the credit risk of JPMorgan Financial, as issuer of the notes, and the credit risk of
JPMorgan Chase & Co., as guarantor of the notes.
●Minimum denominations of $1,000 and integral multiples thereof
●The notes are expected to price on or about July 31, 2024 and are expected to settle on or about August 5, 2024.
●CUSIP: 48135NM45
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Price to Public (1)
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Fees and Commissions (2)
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Proceeds to Issuer
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Per note
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$1,000
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$
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$
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Total
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$
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$
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$
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(1) See “Supplemental Use of Proceeds” in this pricing supplement for information about the components of the price to public of the notes.
(2) J.P. Morgan Securities LLC, which we refer to as JPMS, acting as agent for JPMorgan Financial, will pay all of the selling commissions it
receives from us to other affiliated or unaffiliated dealers. In no event will these selling commissions exceed $10.00 per $1,000 principal
amount note. See “Plan of Distribution (Conflicts of Interest)” in the accompanying product supplement.
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Issuer: JPMorgan Chase Financial Company LLC, a direct,
wholly owned finance subsidiary of JPMorgan Chase & Co.
Guarantor: JPMorgan Chase & Co.
Index: The Dow Jones Industrial AverageTM (Bloomberg
ticker: INDU)
Participation Rate: 100.00%
Maximum Amount: At least $342.00 per $1,000 principal
amount note (to be provided in the pricing supplement)
Pricing Date: On or about July 31, 2024
Original Issue Date (Settlement Date): On or about August
5, 2024
Observation Date*: August 2, 2027
Maturity Date*: August 5, 2027
* Subject to postponement in the event of a market disruption event
and as described under “General Terms of Notes — Postponement of
a Determination Date — Notes Linked to a Single Underlying — Notes
Linked to a Single Underlying (Other Than a Commodity Index)” and
“General Terms of Notes — Postponement of a Payment Date” in the
accompanying product supplement
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Payment at Maturity:
If the Final Value is greater than the Initial Value, at maturity,
you will receive a cash payment, for each $1,000 principal
amount note, of $1,000 plus the Additional Amount, which will
not be greater than the Maximum Amount.
If the Final Value is equal to or less than the Initial Value, your
payment at maturity will be calculated as follows:
$1,000 + ($1,000 × Index Return)
In no event, however, will the payment at maturity be less than
$950.00 per $1,000 principal amount note.
If the Final Value is less than the Initial Value, you will lose up
to 5.00% of your principal amount at maturity.
You are entitled to repayment of at least $950.00 per $1,000
principal amount note at maturity, subject to the credit risks of
JPMorgan Financial and JPMorgan Chase & Co.
Additional Amount:
The Additional Amount payable at maturity per $1,000 principal
amount note will equal:
$1,000 × Index Return × Participation Rate, provided that the
Additional Amount will not be greater than the Maximum
Amount.
Index Return:
(Final Value – Initial Value)
Initial Value
Initial Value: The closing level of the Index on the Pricing
Date
Final Value: The closing level of the Index on the Observation
Date
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PS-1 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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Final Value
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Index Return
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Additional Amount
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Payment at Maturity
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200.00
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100.00%
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$342.00
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$1,342.00
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190.00
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90.00%
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$342.00
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$1,342.00
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180.00
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80.00%
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$342.00
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$1,342.00
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170.00
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70.00%
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$342.00
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$1,342.00
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160.00
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60.00%
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$342.00
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$1,342.00
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150.00
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50.00%
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$342.00
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$1,342.00
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140.00
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40.00%
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$342.00
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$1,342.00
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134.20
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34.20%
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$342.00
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$1,342.00
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130.00
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30.00%
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$300.00
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$1,300.00
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120.00
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20.00%
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$200.00
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$1,200.00
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110.00
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10.00%
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$100.00
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$1,100.00
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105.00
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5.00%
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$50.00
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$1,050.00
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101.00
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1.00%
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$10.00
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$1,010.00
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100.00
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0.00%
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N/A
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$1,000.00
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99.00
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-1.00%
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N/A
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$990.00
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97.50
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-2.50%
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N/A
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$975.00
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95.00
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-5.00%
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N/A
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$950.00
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90.00
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-10.00%
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N/A
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$950.00
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80.00
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-20.00%
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N/A
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$950.00
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70.00
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-30.00%
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N/A
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$950.00
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60.00
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-40.00%
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N/A
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$950.00
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50.00
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-50.00%
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N/A
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$950.00
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40.00
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-60.00%
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N/A
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$950.00
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30.00
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-70.00%
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N/A
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$950.00
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20.00
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-80.00%
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N/A
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$950.00
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10.00
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-90.00%
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N/A
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$950.00
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0.00
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-100.00%
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N/A
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$950.00
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PS-2 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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Note Payoff at Maturity
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············
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Index Performance
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Index Return
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PS-3 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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PS-4 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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PS-5 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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Historical Performance of the Dow Jones Industrial Average™
![]() Source: Bloomberg
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PS-6 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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PS-7 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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PS-8 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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PS-9 | Structured Investments
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Capped Notes Linked to the Dow Jones Industrial AverageTM
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