New Issue: JPMorgan sells $888,000 13.25% callable yield notes on S&P 500, Market Vectors Gold

By Susanna Moon

Chicago, June 29 - JPMorgan Chase & Co. priced $888,000 of 13.25% annualized callable yield notes due Dec. 31, 2010 based on the performance of the S&P 500 index and Market Vectors Gold Miners exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes are callable at par on Sept. 30.

The payout at maturity will be par unless either underlying component falls to or below its knock-in level - 70% of its initial level - during the life of the notes, in which case investors will receive par plus the return of the lesser-performing index or fund, up to a maximum payout of par.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable yield notes
Underlying components:	S&P 500 index and Market Vectors Gold Miners exchange-traded fund
Amount:	$888,000
Maturity:	Dec. 31, 2010
Coupon:	13.25%, payable monthly
Price:	Par
Payout at maturity:	If either underlying component falls to or below its knock-in level during the life of the notes, par plus the return of the lesser-performing index or fund, capped at par; otherwise, par
Call option:	At par on Sept. 30
Initial levels:	1,076.76 for S&P; $54.06 for Market Vectors Gold
Knock-in levels:	753.732 for S&P; $37.842 for Market Vectors Gold; 70% of initial levels
Pricing date:	June 25
Settlement date:	June 30
Agent:	J.P. Morgan Securities Inc.
Fees:	2.45%, including 0.2% for selling concessions
Cusip:	48124ASU2

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