New Issue: JPMorgan prices $0.165 million 20% reverse convertibles linked to Hess

New York, Jan. 29 - JPMorgan Chase & Co. priced $0.165 million of 20% reverse convertible notes due April 30, 2009 linked to Hess Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Hess shares fall below the protection price of $23.672, 40% of the initial price of $59.18, during the life of the notes and finish below the initial price in which case the payout will be 16.8976 shares of Hess stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Hess Corp. (Symbol: HES)
Amount:	$0.165 million
Maturity:	April 30, 2009
Coupon:	20%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Hess shares fall below the protection price of $23.672, 40% of the initial price, and finish below the initial price, in which case 16.8976 shares of Hess stock
Initial price:	$59.18
Protection price:	$23.672, 40% of $59.18
Exchange ratio:	16.8976
Pricing date:	Jan. 27
Settlement date:	Jan. 30
Agent:	JPMorgan
Fees:	2.79%

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