New Issue: JPMorgan prices $1.46 million 9% upside callable reverse exchangeables on Schlumberger

By Susanna Moon

Chicago, May 31 - JPMorgan Chase & Co. priced $1.46 million of 9% upside autocallable single observation reverse exchangeable notes due May 31, 2013 linked to Schlumberger NV shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Schlumberger stock closes above the initial share price on any of three call dates.

The payout at maturity will be par unless the stock falls by more than 30%, in which case the payout will be a number of Schlumberger shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the cash equivalent.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside autocallable single observation reverse exchangeable notes
Underlying stock:	Schlumberger NV (NYSE: SLB)
Amount:	$1.46 million
Maturity:	May 31, 2013
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par unless stock falls by more than protection amount, in which case 14.8721 Schlumberger shares or cash equivalent
Call:	At par if Schlumberger stock closes above initial share price on Aug. 28, Nov. 27, 2012 or Feb. 25, 2013
Initial share price:	$67.24
Protection amount:	$20.172, 30% of initial price
Pricing date:	May 29
Settlement date:	May 31
Agent:	J.P. Morgan Securities LLC
Fees:	3.613%, including 2.99% for selling concessions
Cusip:	48125VZZ6

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