New Issue: JPMorgan prices $526,000 16.25% reverse exchangeables linked to Research In Motion

By Angela McDaniels

Tacoma, Wash., Feb. 29 - JPMorgan Chase & Co. priced $526,000 of 16.25% annualized reverse exchangeable notes due May 31, 2012 linked to the common stock of Research In Motion Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Research In Motion stock closes below the trigger price, 65% of the initial share price, during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of shares of Research In Motion stock 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:	Reverse exchangeable notes
Underlying stock:	Research In Motion Ltd. (Symbol: RIMM)
Amount:	$526,000
Maturity:	May 31, 2012
Coupon:	16.25%, payable monthly
Price:	Par
Payout at maturity:	If stock falls by more than protection amount during life of notes and final share price is less than initial share price, 69.3481 shares of Research In Motion stock or equivalent in cash; otherwise, par
Initial share price:	$14.42
Protection amount:	$5.047, or 35% of initial share price
Pricing date:	Feb. 27
Settlement date:	Feb. 29
Agent:	J.P. Morgan Securities LLC
Fees:	1.6%, including 1.425% used for selling concessions
Cusip:	48125VNL0

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