New Issue: JPMorgan prices $260,000 10.3% reverse exchangeables on Huntington

By Susanna Moon

Chicago, Dec. 20 - JPMorgan Chase & Co. priced $260,000 of 10.3% upside auto callable reverse exchangeable notes due June 21, 2011 linked to the common stock of Huntington Bancshares Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be automatically called at par if Huntington Bancshares stock closes above the initial share price on March 16, 2011.

The payout at maturity will be par unless the final share price is less than 75% of the initial share price, in which case the payout will be a number of Huntington Bancshares 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 auto callable reverse exchangeable notes
Underlying stock:	Huntington Bancshares Inc. (Nasdaq: HBAN)
Amount:	$260,000
Maturity:	June 21, 2011
Coupon:	10.3%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than 75% of initial share price, 160 Huntington Bancshares shares or cash equivalent; otherwise, par
Call:	At par if Huntington Bancshares stock closes above initial share price on March 16, 2011
Initial share price:	$6.25
Protection amount:	$1.5625, or 25% initial share price
Pricing date:	Dec. 16
Settlement date:	Dec. 21
Agent:	J.P. Morgan Securities LLC
Fees:	4.6%, including 2.5% for selling concessions
Cusip:	48124A5V5

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