The general guidelines for participating in the Employee Stock Purchase Plan are described below. Mellon Investor Services has been appointed the custodian and administrator of the plan by the Compensation and Management Development Committee of the Board of Directors of JPMorgan Chase.

Your participation in the JPMorgan Chase Employee Stock Purchase Plan is optional. In general, you are eligible to participate if you are:

Please Note: An individual classified or employed in a work status other than as a common law salaried employee by his/her employer, such as an:

is not eligible to participate in the plan regardless of whether an administrative or judicial proceeding subsequently determines this individual to have instead been a common law salaried employee.

Under the Employee Stock Purchase Plan, "service" is defined as the period of your employment beginning on your first day actively at work for JPMorgan Chase or a designated subsidiary (even if the designated subsidiary was acquired during the plan year) and ending when your employment with JPMorgan Chase or a designated subsidiary ends. For purposes of eligibility, you must have been hired on or before September 30th of any calendar year to participate in the plan in the following year. You may make an election to participate only during an annual enrollment period.

Participation in the Employee Stock Purchase Plan is optional.

Please Note: By using the JPMorgan Chase Benefits Web Center via My Rewards @ Work or the Benefits Call Center, you are authorizing JPMorgan Chase to withhold the amount you specify in order to purchase shares under the plan. Your authorization to begin payroll deductions also constitutes your agreement that all purchases of common stock will be in accordance with the terms and conditions of the plan, as amended from time to time. (If you're employed outside the United States, signing the plan enrollment form constitutes your authorization for payroll deductions and your agreement to the terms and conditions of the plan.) Payroll deductions will be effective beginning with your first pay in January. No deductions will be taken in any pay period in which your net compensation after taxes and before-tax benefits deduction does not cover the deduction amount you elected.

You decide how much to contribute to your Employee Stock Purchase Plan account (subject to a minimum and maximum contribution amount). All contributions are made with after-tax dollars, meaning that contributions are deducted from your pay after federal and, in most cases, state and local income taxes have been withheld. You can choose the contribution amount to be deducted each pay period in any amount between:

A deduction cannot be taken and no purchase will be made in any pay period in which your net compensation after taxes and before-tax benefits deduction, for whatever reason, does not cover the deduction amount you've elected. A partial deduction cannot be taken.

The money you contribute is credited to your account and used to purchase stock on your behalf. (For more information on the process, please see "How Shares Are Purchased.") The cash in your account does not earn interest.

Besides these contribution limits, there's a maximum total number of shares that can be purchased by all plan participants in any year. (Please see "Maximum Shares.") In the event that you're affected by this limit, you'll be notified.

Once you're enrolled, you may increase or decrease your contributions — within plan limits — at any time. You make contribution changes via the Benefits Web Center on My Rewards @ Work or by contacting the Benefits Call Center. Any changes you request go into effect as soon as administratively possible after your request is processed.

You may stop contributing to the plan at any time via the Benefits Web Center on My Rewards @ Work or by contacting the Benefits Call Center. Your contributions will stop as soon as administratively possible after your request is processed. If you stop contributing, your participation in the plan ends for the year. You may keep your account open; however, once your participation ends, you cannot resume participation unless you enroll during the next annual benefits enrollment period.

Dividends on shares held in your account will continue to be invested automatically at the 5% discount.

The Employee Stock Purchase Plan is designed to comply with all applicable laws and regulations. As a result, additional limits on contributions or stock ownership may apply. If additional limits are imposed that would affect your contributions, you'll be notified.

Ownership of stock entails rewards and risks. The rewards come in the form of dividends, and the potential for gains resulting from increases in the stock price from the time you purchase the stock. However, the stocks do not always pay a dividend or increase in value. In that regard, the value of individual securities (such as JPMorgan Chase common stock) can fluctuate over time and be more volatile than the market as a whole, and can perform differently than the market as a whole. This volatility can be due to developments particular to the financial services industry or to JPMorgan Chase, as well as to economic, political, regulatory, and market developments.

It's a good idea to periodically reassess your plan participation. Think about your tolerance for risk, the amount of JPMorgan Chase stock you own, your current financial situation, and your future financial goals. Then consider whether your current contribution and stock ownership level continue to meet your needs.