New Issue: JPMorgan sells $960,000 10% callable yield notes on S&P 500, Nasdaq 100

By Marisa Wong

Madison, Wis., Oct. 28 - JPMorgan Chase & Co. priced $960,000 of 10% annualized callable yield notes due April 29, 2011 linked to the lesser performing of the S&P 500 index and the Nasdaq 100 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable in whole at par on Jan. 31.

The payout at maturity will be par unless either index falls to or below its trigger level - 75% of its initial level - during the life of the notes and finishes below the initial level, in which case investors will receive par plus the return of the worse performing index.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable yield notes
Underlying indexes:	S&P 500 index and Nasdaq 100
Amount:	$960,000
Maturity:	April 29, 2011
Coupon:	10% per year, payable monthly
Price:	Par
Payout at maturity:	If either index falls by more than protection amount during the life of the notes and finishes below initial level, par plus the return of the worse performing index; otherwise, par
Call option:	At par on Jan. 31
Initial levels:	1,185.64 for S&P 500 and 2,119.05 for Nasdaq 100
Protection amount:	296.41 for S&P 500 and 529.7625 for Nasdaq 100, 25% of initial levels
Pricing date:	Oct. 26
Settlement date:	Oct. 29
Agent:	J.P. Morgan Securities LLC
Fees:	0.55%
Cusip:	48124AM95

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