New Issue: JPMorgan prices $3.27 million 7% callable yield notes tied to S&P 500, U.S. Oil Fund

By Angela McDaniels

Tacoma, Wash., Dec. 28 - JPMorgan Chase & Co. priced $3.27 million of callable yield notes due June 29, 2011 linked to the S&P 500 index and the United States Oil Fund, LP, according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes carry an annualized coupon of 7%. Interest is payable monthly.

If either underlying component closes below its initial level by more than 25% during the life of the notes and the final level of either underlying component is less than its initial level, the payout at maturity will be par plus the return of the lower-performing component. Otherwise, the payout will be par.

The notes are callable at par on March 29.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable yield notes
Underlying components:	S&P 500 index and United States Oil Fund, LP
Amount:	$3,265,000
Maturity:	June 29, 2011
Coupon:	7%, payable monthly
Price:	Par
Payout at maturity:	If either underlying component closes below initial level by more than 25% during life of notes and final level of either underlying component is less than initial level, par plus return of lower-performing component; otherwise, par
Call option:	At par on March 29
Initial levels:	1,256.77 for index and $38.98 for fund
Pricing date:	Dec. 23
Settlement date:	Dec. 29
Agent:	J.P. Morgan Securities LLC
Fees:	2.492%, including 1.75% for selling concessions
Cusip:	48124A6C6

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