New Issue: JPMorgan prices $1.38 million 16.05% reverse convertibles linked to First Solar

New York, April 21 - JPMorgan Chase & Co. priced $1.38 million of 16.05% reverse convertible notes due Oct. 25, 2011 linked to First Solar, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless First Solar shares fall below the protection price of $107.408, 80% of the initial price of $134.26, during the life of the notes and finish below the initial price in which case the payout will be 7.4482 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:	$1.38 million
Maturity:	Oct. 25, 2011
Coupon:	16.05%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless First Solar shares fall below the protection price of $107.408, 80% of the initial price, and finish below the initial price, in which case 7.4482 shares of First Solar stock
Initial price:	$134.26
Protection price:	$107.408, 80% of $134.26
Exchange ratio:	7.4482
Pricing date:	April 19
Settlement date:	April 25
Agent:	JPMorgan
Fees:	2.55%, including 2.15% for selling concessions
Cusip:	48125XNJ1

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