New Issue: JPMorgan sells $220,000 12% callable yield notes on S&P, Market Vectors Gold Miners

By Susanna Moon

Chicago, Aug. 30 - JPMorgan Chase & Co. priced $220,000 of 12% annualized callable yield notes due Aug. 31, 2011 based on the performance of 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. 30, Feb. 28 and May 31, 2011.

The payout at maturity will be par unless either component falls to or below its knock-in level - 70% 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 or fund.

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 ETF
Amount:	$220,000
Maturity:	Aug. 31, 2011
Coupon:	12% per year, payable monthly
Price:	Par
Payout at maturity:	If index or fund falls to or below its knock-in level during life of notes and finishes below initial level, par plus the return of worse performing component; otherwise, par
Call option:	At par on Nov. 30, Feb. 28 or May 31, 2011
Initial levels:	1,047.22 for S&P; $52.77 for Market Vectors
Protection amount:	314.166 for S&P; $15.831 for Market Vectors; 30% of initial levels
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	3.35%, including 1.739% for selling concessions
Cusip:	48124AXX0

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