New Issue: JPMorgan prices $5 million 13% upside autocallable reverse exchangeables tied to McMoRan

By Angela McDaniels

Tacoma, Wash., Feb. 11 - JPMorgan Chase & Co. priced $5 million of 13% upside autocallable single observation reverse exchangeable notes due Feb. 14, 2012 linked to the common stock of McMoRan Exploration Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if McMoRan stock closes at or above the initial share price on May 11, Aug. 10, Nov. 8, 2011 or Feb. 9, 2012.

The payout at maturity will be par unless the final share price is less than 50% of the initial share price, in which case the payout will be a number of McMoRan shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside autocallable single observation reverse exchangeable notes
Underlying stock:	McMoRan Exploration Co. (NYSE: MMR)
Amount:	$5 million
Maturity:	Feb. 14, 2012
Coupon:	13%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than 50% of initial share price, 58.3771 McMoRan shares or equivalent in cash; otherwise, par
Call:	Automatically at par if McMoRan stock closes at or above initial share price on May 11, Aug. 10, Nov. 8, 2011 or Feb. 9, 2012
Initial share price:	$17.13
Pricing date:	Feb. 9
Settlement date:	Feb. 14
Agent:	J.P. Morgan Securities LLC
Fees:	1.15%, including 0.85% for selling concessions
Cusip:	48125XEP7

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