New Issue: JPMorgan sells $2 million single observation reverse exchangeables on Freeport-McMoRan

By Marisa Wong

Madison, Wis., May 9 - JPMorgan Chase & Co. priced $2 million of 8% annualized single observation reverse exchangeable notes due Nov. 10, 2011 linked to the common stock of Freeport-McMoRan Copper & Gold Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable at maturity.

The payout at maturity will be par unless the final share price is less than 65% of the initial share price, in which case the payout will be a cash amount equal to the product of (a) $1,000 divided by the initial share price times (b) the final share price.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Single observation reverse exchangeable notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
Amount:	$2 million
Maturity:	Nov. 10, 2011
Coupon:	8% per year, payable at maturity
Price:	Par
Payout at maturity:	If final price of Freeport-McMoRan stock has declined from initial price by more than protection amount, cash amount equal to $1,000 divided by the initial share price, times the final share price; otherwise, par
Initial share price:	$49.85
Protection amount:	$17.4475, 35% of initial price
Pricing date:	May 5
Settlement date:	May 10
Agent:	J.P. Morgan Securities LLC
Fees:	0.5%
Cusip:	48125XQC3

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