When you participate in the Employee Stock Purchase Plan, you receive a 5% discount on the purchase price of the shares of JPMorgan Chase common stock that you purchase. Any dividends on shares in your account also purchase shares at a 5% discount.

You may contribute on an after-tax basis from $240 per year up to 20% of your benefits pay, with a maximum contribution amount of $25,000 (including reinvested dividends). Once you are enrolled, you may increase or decrease your contributions — within plan limits — at any time.

JPMorgan Chase common stock is purchased quarterly using the money in your account. The purchase date of stock under the plan is the first day of February, May, August, and November on which trading is conducted on the New York Stock Exchange.

The price of the stock varies based on its market value. You receive a 5% discount on the purchase price of the stock purchased on your behalf. You pay 95% of the average of the high and low sales prices of JPMorgan Chase common stock, as set forth on the New York Stock Exchange Composite Tape, on the purchase date.

You may withdraw shares from your account at any time, receive a certificate, and keep your account open — without penalty. However, the dividends on the withdrawn shares will be paid in cash and will no longer be used to buy shares of JPMorgan Chase common stock at a 5% discount.

You can sell all or some of your shares at any time. However, if you sell any of your shares, your participation for the year will end. Any shares not sold at that time will be distributed to you. You will be able to rejoin during the next annual benefits enrollment period.