New Issue: JPMorgan sells $2.3 million 7% callable yield notes tied to S&P 500, U.S. Oil Fund

By Marisa Wong

Madison, Wis., Dec. 7 - JPMorgan Chase & Co. priced $2.3 million of 7% annualized callable yield notes due June 8, 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.

Interest is payable monthly.

The notes are callable at par on March 8.

The payout at maturity will be par unless either index or fund falls to or below its knock-in level - 75% of its initial level - during the life of the notes and finishes below the initial level, in which case investors will receive par plus the return of the worse performing underlying index or fund.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Callable yield notes
Underlying components:	S&P 500 index and the United States Oil Fund, LP
Amount:	$2,297,000
Maturity:	June 8, 2011
Coupon:	7% per year, payable monthly
Price:	Par
Payout at maturity:	If either index or fund falls to or below 75% of its initial level during the life of the notes and finishes below its initial level, par plus the return of the worse performing index or fund; otherwise, par
Call option:	At par on March 8
Initial levels:	1,224.71for S&P 500; $38.32 for U.S. Oil
Pricing date:	Dec. 3
Settlement date:	Dec. 8
Agent:	J.P. Morgan Securities LLC
Fees:	3.45%, including 1.75% for selling concessions
Cusip:	48124A4F1

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