New Issue: JPMorgan prices $469,000 9.75% reverse exchangeables linked to Vale

By Jennifer Chiou

New York, July 30 - JPMorgan Chase & Co. priced $469,000 of 9.75% annualized reverse exchangeable notes due Jan. 30, 2014 linked to Vale SA American Depositary Shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par in cash unless Vale shares fall by more than the buffer amount of $5.1575, 35% of the initial price of $14.45, during the life of the notes and finish below the initial price in which case the payout will be Vale shares equal to $1,000 principal amount divided by the initial price.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying ADS:	Vale SA (Symbol: VALE)
Amount:	$469,000
Maturity:	Jan. 30, 2014
Coupon:	9.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Vale shares fall by more than the buffer amount of $5.1575, 35% of the initial price, and finish below the initial price, in which case Vale shares equal to $1,000 principal amount divided by the initial price
Initial price:	$14.45
Buffer amount:	$5.1575, 35% of $14.45
Pricing date:	July 25
Settlement date:	July 30
Agent:	JPMorgan
Fees:	None
Cusip:	48126NJX6

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