New Issue: JPMorgan prices $310,000 semiannual review notes tied to Market Vectors Gold Miners

By Jennifer Chiou

New York, Feb. 25 - JPMorgan Chase & Co. priced $310,000 of 0% semiannual review notes due Aug. 26, 2011 linked to the Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The notes will be automatically called if the exchange-traded fund's shares close at or above the initial share price on any of three semiannual review dates. The redemption amount will be par plus 10.5% if the notes are called on Aug. 23, 2010, par plus 21% if called on Feb. 23, 2011 and par plus 31.5% if called on Aug. 23, 2011.

If the notes are not called and the final share price is at least 70% of the initial share price, the payout at maturity will be par. Otherwise, the payout will be par plus the fund return.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Semiannual review notes
Underlying ETF:	Market Vectors Gold Miners
Amount:	$310,000
Maturity:	Aug. 26, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par if final share price is at least 70% of initial price; otherwise, par plus fund return
Call:	Automatically at par plus premium of 21% per year if fund closes at or above initial share price on Aug. 23, 2010, Feb. 23, 2011 or Aug. 23, 2011
Initial share price:	$42.50
Pricing date:	Feb. 23
Settlement date:	Feb. 26
Agent:	J.P. Morgan Securities Inc.
Fees:	2.5%, including 2% for selling concessions
Cusip:	48124AFX0

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