New Issue: JPMorgan prices $1.76 million 16% reverse convertibles linked to Freeport-McMoRan

New York, Sept. 21 - JPMorgan Chase & Co. priced $1.76 million of 16% reverse convertible notes due March 24, 2011 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $66.68, 80% of the initial price of $83.35, during the life of the notes and finish below the initial price in which case the payout will be 11.9976 shares of Freeport-McMoRan stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$1.76 million
Maturity:	March 24, 2011
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Freeport-McMoRan shares fall below the protection price of $66.68, 80% of the initial price, and finish below the initial price, in which case 11.9976 shares of Freeport-McMoRan stock
Initial price:	$83.35
Protection price:	$66.68, 80% of $83.35
Exchange ratio:	11.9976
Pricing date:	Sept. 20
Settlement date:	Sept. 23
Agent:	JPMorgan
Fees:	2.35%, including 1.95% for selling concessions
Cusip:	48124AJ73

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