New Issue: JPMorgan prices $1.76 million 14.25% reverse exchangeables on U.S. Steel

By Susanna Moon

Chicago, March 30 - JPMorgan Chase & Co. priced $1.76 million of 14.25% annualized reverse exchangeable notes due June 30, 2011 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless the stock finishes at less than the initial price and falls by more than 20% during the life of the notes, in which case the payout will be a number of U.S. Steel shares equal to $1,000 divided by the initial price or, at JPMorgan's option, the cash equivalent.

J.P. Morgan Securities LLC is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying ADS:	United States Steel Corp. (Symbol: X)
Amount:	$1,764,000
Maturity:	June 30, 2011
Coupon:	14.25%, payable monthly
Price:	Par
Payout at maturity:	Par unless the stock is less than the initial price and falls by more than 20% during the life of the notes, in which case 18.0505 U.S. Steel shares
Initial share price:	$55.40
Protection amount:	$11.88, 20% of initial share price
Pricing date:	March 28
Settlement date:	March 31
Agent:	J.P. Morgan Securities LLC
Fees:	2.55%, including 2.025% for selling concessions
Cusip:	48125XHR0

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