New Issue: JPMorgan prices $0.575 million 23.3% reverse convertibles linked to First Solar

New York, Sept. 26 - JPMorgan Chase & Co. priced $0.575 million of 23.3% reverse convertible notes due March 31, 2009 linked to First Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless First Solar shares fall below the protection price of $132.828, 60% of the initial price of $221.38, during the life of the notes and finish below the initial price in which case the payout will be 4.5171 shares of First Solar stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	First Solar, Inc. (Symbol: FSLR)
Amount:	$0.575 million
Maturity:	March 31, 2009
Coupon:	23.3%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless First Solar shares fall below the protection price of $132.828, 60% of the initial price, and finish below the initial price, in which case 4.5171 shares of First Solar stock
Initial price:	$221.38
Protection price:	$132.828, 60% of $221.38
Exchange ratio:	4.5171
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Agent:	JPMorgan
Fees:	3%

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