New Issue: JPMorgan prices $145,000 13.5% upside autocallable reverse exchangeables linked to Netflix

By Angela McDaniels

Tacoma, Wash., Jan. 31 - JPMorgan Chase & Co. priced $145,000 of 13.5% upside autocallable single observation reverse exchangeable notes due Jan. 31, 2012 linked to the common stock of Netflix, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The notes will be called at par if Netflix stock closes at or above the initial share price on April 27, July 27, Oct. 26, 2011 or Jan. 26, 2012.

The payout at maturity will be par unless the final share price is less than 70% of the initial share price, in which case the payout will be a number of Netflix 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 autocallable single observation reverse exchangeable notes
Underlying stock:	Netflix, Inc. (Symbol: NFLX)
Amount:	$145,000
Maturity:	Jan. 31, 2012
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	If final share price is less than 70% of initial share price, number of Netflix shares equal to $1,000 divided by initial share price or equivalent in cash; otherwise, par
Initial share price:	$210.89
Pricing date:	Jan. 26
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities LLC
Fees:	3%, including 2.25% for selling concessions
Cusip:	48125XBQ8

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