New Issue: JPMorgan prices $500,000 10.5% reverse convertibles linked to Citigroup

New York, June 19 - JPMorgan Chase & Co. priced $500,000 of 10.5% reverse convertible notes due Dec. 20, 2012 linked to Citigroup Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Citigroup shares fall below the protection price of $16.986, 60% of the initial price of $28.31, during the life of the notes and finish below the initial price in which case the payout will be 35.3232 shares of Citigroup stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Citigroup Inc. (Symbol: C)
Amount:	$500,000
Maturity:	Dec. 20, 2012
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Citigroup shares fall below the protection price of $16.986, 60% of the initial price, and finish below the initial price, in which case 35.3232 shares of Citigroup stock
Initial price:	$28.31
Protection price:	$16.986, 60% of $28.31
Exchange ratio:	35.3232
Pricing date:	June 15
Settlement date:	June 20
Agent:	JPMorgan
Fees:	4%, including 2.75% for selling concessions
Cusip:	48125VG53

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