New Issue: JPMorgan prices $1.403 million 11% reverse convertibles linked to Microsoft

New York, Dec. 30 - JPMorgan Chase & Co. priced $1.403 million of 11% reverse convertible notes due June 30, 2009 linked to Microsoft Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Microsoft shares fall below the protection price of $9.64, 50% of the initial price of $19.28, during the life of the notes and finish below the initial price in which case the payout will be 51.8672 shares of Microsoft stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Microsoft Corp. (Symbol: MSFT)
Amount:	$1.403 million
Maturity:	June 30, 2009
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Microsoft shares fall below the protection price of $9.64, 50% of the initial price, and finish below the initial price, in which case 51.8672 shares of Microsoft stock
Initial price:	$19.28
Protection price:	$9.64, 50% of $19.28
Exchange ratio:	51.8672
Pricing date:	Dec. 23
Settlement date:	Dec. 31
Agent:	JPMorgan
Fees:	2.803%

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