New Issue: JPMorgan sells $500,000 9.25% single-observation reverse exchangeables on First Solar

By Jennifer Chiou

New York, Feb. 10 - JPMorgan Chase & Co. priced $500,000 of 9.25% single-observation reverse exchangeable notes due Feb. 14, 2013 linked to First Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless First Solar shares fall below the protection price on the observation date of Feb. 11, 2013, in which case investors will receive a number of First Solar shares equal to $1,000 divided by the initial share price, or at JPMorgan's option, the equivalent amount in cash. The protection level will be 70% of the initial share price.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Single-observation reverse exchangeable notes
Underlying stock:	First Solar, Inc. (Symbol: FSLR)
Amount:	$500,000
Maturity:	Feb. 14, 2013
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless First Solar shares fall by more than the protection amount on the observation date, in which case 8.8269 shares of First Solar stock
Initial price:	$113.29
Protection amount:	$33.987, 30% of $113.29
Exchange ratio:	8.8269
Observation date:	Feb. 11, 2013
Pricing date:	Feb. 9
Settlement date:	Feb. 12
Agent:	J.P. Morgan Securities Inc.
Fees:	4%, including 2.5% for selling concessions
Cusip:	48124AHD2

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