New Issue: JPMorgan prices $4 million semiannual review notes linked to El Paso stock

By Angela McDaniels

Tacoma, Wash., May 13 - JPMorgan Chase & Co. priced $4 million of 0% semiannual review notes due May 15, 2012 linked to the common stock of El Paso Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If El Paso stock closes at or above the initial share price on Nov. 10, 2010, May 31, 2011, Nov. 10, 2011 or May 10, 2012, the notes will be automatically called and investors will receive par plus a call premium of 15.8% per year.

If the notes are not called and the final share price is at least 90% of the initial share price, the payout at maturity will be par. Otherwise, investors will lose 1.1111% for every 1% that the share price declines beyond 10%.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Semiannual review notes
Underlying stock:	El Paso Corp. (NYSE: EP)
Amount:	$4 million
Maturity:	May 15, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	Par if final share price is at least 90% of initial price; 1.1111% loss for every 1% decline beyond 10%
Call:	Automatically at par plus premium of 15.8% per year if stock closes at or above initial share price on Nov. 10, 2010, May 31, 2011, Nov. 10, 2011 or May 10, 2012
Initial share price:	$11.86
Pricing date:	May 11
Settlement date:	May 14
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%
Cusip:	48124AQN0

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