New Issue: JPMorgan prices $400,000 single observation reverse exchangeables linked to Lincoln National

By Angela McDaniels

Tacoma, Wash., April 27 - JPMorgan Chase & Co. priced $400,000 of 8.75% single observation reverse exchangeable notes due April 30, 2013 linked to the common stock of Lincoln National Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

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 Lincoln National shares equal to $1,000 divided by the initial share price or, at the issuer'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:	Single observation reverse exchangeable notes
Underlying stock:	Lincoln National Corp. (NYSE: LNC)
Amount:	$400,000
Maturity:	April 30, 2013
Coupon:	8.75%, payable monthly
Price:	Par
Payout at maturity:	If final price of Lincoln National stock has declined from initial price by more than protection amount, 40.6009 Lincoln National shares or equivalent amount in cash; otherwise, par
Initial share price:	$24.63
Protection amount:	$6.1575, 25% of initial price
Pricing date:	April 25
Settlement date:	April 30
Agent:	J.P. Morgan Securities LLC
Fees:	3.5%, including 2.75% for selling concessions
Cusip:	48125VWN6

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