New Issue: JPMorgan prices $0.37 million 9% reverse convertibles linked to Morgan Stanley

New York, March 30 - JPMorgan Chase & Co. priced $0.373 million of 9% reverse convertible notes due Sept. 30, 2010 linked to Morgan Stanley shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Morgan Stanley shares fall below the protection price of $23.08, 80% of the initial price of $28.85, during the life of the notes and finish below the initial price in which case the payout will be 34.662 shares of Morgan Stanley stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Morgan Stanley (Symbol: MS)
Amount:	$0.373 million
Maturity:	Sept. 30, 2010
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Morgan Stanley shares fall below the protection price of $23.08, 80% of the initial price, and finish below the initial price, in which case 34.662 shares of Morgan Stanley stock
Initial price:	$28.85
Protection price:	$23.08, 80% of $28.85
Exchange ratio:	34.662
Pricing date:	March 26
Settlement date:	March 31
Agent:	JPMorgan
Fees:	2.725%
Cusip:	48124AKH9

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