New Issue: JPMorgan sells $1.68 million 10% auto callable reverse exchangeables on Wells Fargo

By Susanna Moon

Chicago, Oct. 13 - JPMorgan Chase & Co. priced $175,000 of 10% upside auto callable single observation reverse exchangeable notes due Oct. 14, 2011 based on the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Wells Fargo stock closes above the initial share price on Jan. 11, April 11, 2011, July 11, 2011 and Oct. 11, 2011.

The payout at maturity will be par unless the stock finishes below 75% of the initial share price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, a cash amount equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Upside auto callable single observation reverse exchangeable notes
Underlying stock:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$1,677,000
Maturity:	Oct. 14, 2011
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If stocks falls by more than 25%, 38.5356 Wells Fargo shares; otherwise, par
Call:	At par if Wells Fargo stock closes above initial share price on Jan. 11, April 11, 2011, July 11, 2011 and Oct. 11, 2011
Initial share price:	$25.95
Protection price:	$6.4875, or 25% of the initial price
Pricing date:	Oct. 8
Settlement date:	Oct. 14
Agent:	J.P. Morgan Securities LLC
Fees:	3.583%, including 2.542% for selling concessions
Cusip:	48124AL39

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