New Issue: JPMorgan prices $748,000 12% callable yield notes linked to S&P 500, Market Vectors Gold

By Angela McDaniels

Tacoma, Wash., July 29 - JPMorgan Chase & Co. priced $748,000 of 12% callable yield notes due July 29, 2011 linked to the S&P 500 index and the 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 Nov. 1, 2010, Jan. 31, 2011 and May 2, 2011.

The payout at maturity will be par unless either underlying component falls below its knock-in level - 70% of its initial level - during the life of the notes and either component finishes below its initial level, in which case investors will be exposed to the decline of the lesser-performing component.

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:	$748,000
Maturity:	July 29, 2011
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	If either underlying component falls below its knock-in level during the life of the notes and either component finishes below its initial level, par minus the decline of the lesser-performing component; otherwise, par
Call option:	At par on Nov. 1, 2010, Jan. 31, 2011 and May 2, 2011
Initial levels:	1,113.84 for index and $47.09 for ETF
Knock-in levels:	779.688 for index and $32.963 for ETF; 70% of initial levels
Pricing date:	July 27
Settlement date:	July 30
Agent:	J.P. Morgan Securities Inc.
Fees:	2.8%, including 1.719% for selling concessions
Cusip:	48124AVM6

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