JPMorgan to price 13% reverse convertibles linked to McMoRan Exploration

New York, May 3 - JPMorgan Chase & Co. plans to price 13% reverse convertible notes due Aug. 18, 2011 linked to McMoRan Exploration Co. shares, according to an FWP filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless McMoRan Exploration shares fall below 75% of the initial price during the life of the notes and finish below the initial price, in which case the payout will be a number of McMoRan Exploration shares equal to $1,000 divided by the initial price.

The notes are expected to price on May 13 and settle on May 18.

JPMorgan is the agent.

The Cusip number is 48125XPJ9.

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