New Issue: JPMorgan prices $70,000 10% reverse convertibles linked to Allegheny Technologies

New York, March 15 - JPMorgan Chase & Co. priced $70,000 of 10% reverse convertible notes due June 18, 2012 linked to Allegheny Technologies Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Allegheny Technologies shares fall below the protection price of $33.44, 80% of the initial price of $41.80, during the life of the notes and finish below the initial price in which case the payout will be 23.9234 shares of Allegheny Technologies stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Allegheny Technologies Inc. (Symbol: ATI)
Amount:	$70,000
Maturity:	June 18, 2012
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Allegheny Technologies shares fall below the protection price of $33.44, 80% of the initial price, and finish below the initial price, in which case 23.9234 shares of Allegheny Technologies stock
Initial price:	$41.80
Protection price:	$33.44, 80% of $41.80
Exchange ratio:	23.9234
Pricing date:	March 13
Settlement date:	March 16
Agent:	JPMorgan
Fees:	2.3%
Cusip:	48125VRB8

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