New Issue: JPMorgan prices $391,000 13.5% reverse convertibles linked to Freeport-McMoRan

By Susanna Moon

Chicago, Sept. 29 - JPMorgan Chase & Co. priced $391,000 of 13.5% reverse convertible notes due Sept. 30, 2009 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash unless Freeport-McMoRan shares fall by more than the 50% protection amount during the life of the notes and finish below the initial price, in which case a number of shares of Freeport-McMoRan stock equal to $1,000 divided by the initial price.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$391,000
Maturity:	Sept. 30, 2009
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Freeport-McMoRan shares fall by more than the 50% protection amount and finish below the initial price, in which case a number of shares of Freeport-McMoRan stock equal to $1,000 divided by the initial price
Initial price:	$68.40
Protection amount:	50% of the initial price
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Agent:	JPMorgan
Fees:	4.864%, including 3.432% for selling concessions

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