New Issue: JPMorgan prices $1 million 9% reverse convertibles linked to Cummins

New York, June 15 - JPMorgan Chase & Co. priced $1 million of 9% reverse convertible notes due Sept. 18, 2012 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Cummins shares fall below the protection price of $63.75, 68.2183% of the initial price of $93.45, during the life of the notes and finish below the initial price in which case the payout will be 10.7009 shares of Cummins stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Cummins Inc. (Symbol: CMI)
Amount:	$1 million
Maturity:	Sept. 18, 2012
Coupon:	9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cummins shares fall below the protection price of $63.75, 68.2183% of the initial price, and finish below the initial price, in which case 10.7009 shares of Cummins stock
Initial price:	$93.45
Protection price:	$63.75, 68.2183% of $93.45
Exchange ratio:	10.7009
Pricing date:	June 13
Settlement date:	June 18
Agent:	JPMorgan
Fees:	2.24%, including 1.5% for selling concessions
Cusip:	48125VK58

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