New Issue: JPMorgan prices $500,000 18.2% reverse convertibles linked to J.C. Penney

New York, Feb. 15 - JPMorgan Chase & Co. priced $500,000 of 18.2% reverse convertible notes due May 16, 2013 linked to J.C. Penney Co., Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless J.C. Penney shares fall below the protection price of $11.766, 60% of the initial price of $19.61, during the life of the notes and finish below the initial price in which case the payout will be 50.9944 shares of J.C. Penney stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	J.C. Penney Co., Inc. (Symbol: JCP)
Amount:	$500,000
Maturity:	May 16, 2013
Coupon:	18.2%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless J.C. Penney shares fall below the protection price of $11.766, 60% of the initial price, and finish below the initial price, in which case 50.9944 shares of J.C. Penney stock
Initial price:	$19.61
Protection price:	$11.766, 60% of $19.61
Exchange ratio:	50.9944
Pricing date:	Feb. 13
Settlement date:	Feb. 19
Agent:	JPMorgan
Fees:	3.5%, including 1.5% for selling concessions
Cusip:	48126DXK0

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