New Issue: JPMorgan prices $1.29 million 11.5% reverse convertibles linked to Cliffs Natural

New York, Dec. 27 - JPMorgan Chase & Co. priced $1.295 million of 11.5% reverse convertible notes due March 25, 2013 linked to Cliffs Natural Resources Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Cliffs Natural shares fall below the protection price of $23.257, 65% of the initial price of $35.78, during the life of the notes and finish below the initial price in which case the payout will be 27.9486 shares of Cliffs Natural stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Cliffs Natural Resources Inc. (Symbol: CLF)
Amount:	$1.295 million
Maturity:	March 25, 2013
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cliffs Natural shares fall below the protection price of $23.257, 65% of the initial price, and finish below the initial price, in which case 27.9486 shares of Cliffs Natural stock
Initial price:	$35.78
Protection price:	$23.257, 65% of $35.78
Exchange ratio:	27.9486
Pricing date:	Dec. 20
Settlement date:	Dec. 28
Agent:	JPMorgan
Fees:	2%, including 1.5% for selling concessions
Cusip:	48126DQR3

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