New Issue: JPMorgan prices $1 million 21% reverse convertibles linked to McMoRan Exploration

New York, Aug. 17 - JPMorgan Chase & Co. priced $1 million of 21% reverse convertible notes due Nov. 18, 2011 linked to McMoRan Exploration Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless McMoRan Exploration shares fall below the protection price of $8.06, 100% of the initial price of $13.87, during the life of the notes and finish below the initial price in which case the payout will be 72.0981 shares of McMoRan Exploration stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	McMoRan Exploration Co. (Symbol: MMR)
Amount:	$1 million
Maturity:	Nov. 18, 2011
Coupon:	21%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless McMoRan Exploration shares fall below the protection price of $8.06, 100% of the initial price, and finish below the initial price, in which case 72.0981 shares of McMoRan Exploration stock
Initial price:	$13.87
Protection price:	$8.06, 100% of $13.87
Exchange ratio:	72.0981
Pricing date:	Aug. 15
Settlement date:	Aug. 18
Agent:	JPMorgan
Fees:	2.9%, including 1.5% for selling concessions
Cusip:	48125XN69

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