New Issue: JPMorgan prices $250,000 7% single observation reverse exchangeables tied to Apple

By Toni Weeks

San Diego, Aug. 29 - JPMorgan Chase & Co. priced $250,000 of single observation reverse exchangeable notes due Aug. 30, 2013 linked to Apple Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Apple stock closes below the trigger price - 80% of the initial share price - on the Aug. 27, 2013 observation date, in which case the payout will be a number of shares of Apple stock equal to $1,000 divided by the initial share price or, at the issuer's option, a cash amount equal to the value of those shares.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Single observation reverse exchangeable notes
Underlying stock:	Apple Inc. (Nasdaq: AAPL)
Amount:	$250,000
Maturity:	Aug. 30, 2013
Coupon:	7%, payable monthly
Price:	Par
Payout at maturity:	If stock falls by more than protection amount on Aug. 27, 2013, 1.4805 shares of Apple stock or equivalent in cash; otherwise, par
Initial share price:	$675.47
Protection amount:	$135.094, or 20% of initial share price
Physical delivery amount:	1.4805 shares per $1,000 principal amount of notes
Pricing date:	Aug. 27
Settlement date:	Aug. 30
Agent:	J.P. Morgan Securities LLC
Fees:	3.6%, used for selling concessions
Cusip:	48125V4M9

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