New Issue: JPMorgan prices $6.43 million capped daily observation knock-out notes linked to Deere

By Jennifer Chiou

New York, March 22 - JPMorgan Chase & Co. priced $6.43 million of 0% capped daily observation knock-out notes due April 4, 2012 linked to the common stock of Deere & Co., according to a 424B2 filing with the Securities and Exchange Commission.

If Deere stock closes below 75% of the initial share price on any day during the life of the notes, the payout at maturity will be par plus the stock return, which could be positive or negative. Otherwise, the payout will be par plus the greater of the stock return and 14.9%.

In either case, the payout will be subject to a maximum return of 20%.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Capped daily observation knock-out notes
Underlying stock:	Deere & Co. (NYSE: DE)
Amount:	$6,425,000
Maturity:	April 4, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	If Deere stock closes below 75% of initial share price on any day during life of notes, par plus stock return, with exposure to losses; otherwise, par plus greater of stock return and 14.9%; return capped at 20% in either case
Initial share price:	$90.10
Pricing date:	March 18
Settlement date:	March 23
Agent:	J.P. Morgan Securities LLC
Fees:	1%
Cusip:	48125XJV9

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