New Issue: JPMorgan prices $2.13 million 9.05% reverse convertibles linked to Exxon Mobil

New York, March 12 - JPMorgan Chase & Co. priced $2.125 million of 9.05% reverse convertible notes due Sept. 16, 2010 linked to Exxon Mobil Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Exxon Mobil shares fall below the protection price of $59.1536, 88% of the initial price of $67.22, during the life of the notes and finish below the initial price in which case the payout will be 14.8765 shares of Exxon Mobil stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Exxon Mobil Corp. (Symbol: XOM)
Amount:	$2.125 million
Maturity:	Sept. 16, 2010
Coupon:	9.05%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Exxon Mobil shares fall below the protection price of $59.1536, 88% of the initial price, and finish below the initial price, in which case 14.8765 shares of Exxon Mobil stock
Initial price:	$67.22
Protection price:	$59.1536, 88% of $67.22
Exchange ratio:	14.8765
Pricing date:	March 11
Settlement date:	March 16
Agent:	JPMorgan
Fees:	1%, including 0.5% for selling concessions

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