New Issue: JPMorgan prices $13.82 million notes linked to worst performing of euro, gold

By Angela McDaniels

Tacoma, Wash., Sept. 27 - JPMorgan Chase & Co. priced $13.82 million of 0% notes due March 28, 2012 linked to the euro and gold, according to a 424B2 filing with the Securities and Exchange Commission.

The notes are bearish on the euro and bullish on gold. The currency return will be positive if the euro depreciates relative to the dollar, and the commodity return will be positive if the price of gold appreciates.

The payout at maturity will be 98% of par plus the additional amount, which cannot be less than zero or more than $1,000 per $1,000 principal amount of notes. The additional amount will be the currency return or the commodity return, whichever is less.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Notes
Underlying components:	The euro and gold
Amount:	$13,816,000
Maturity:	March 28, 2012
Coupon:	0%
Price:	Par
Payout at maturity:	98% of par plus the additional amount, which will be the lesser of the currency return and the commodity return; additional amount cannot be less than zero or more than $1,000 per $1,000 principal amount of notes; currency return will be positive if euro depreciates relative to dollar
Initial levels:	1.3513 dollars per euro and $1,689 per troy ounce of gold
Pricing date:	Sept. 23
Settlement date:	Sept. 28
Agent:	J.P. Morgan Securities LLC
Fees:	0.5%
Cusip:	48125X5A0

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