New Issue: JPMorgan prices $2 million 32% reverse convertibles linked to Nucor

New York, Feb. 27 - JPMorgan Chase & Co. priced $2 million of 32% reverse convertible notes due Aug. 27, 2009 linked to Nucor Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Nucor shares fall below the protection price of $21.606, 60% of the initial price of $36.01, during the life of the notes and finish below the initial price in which case the payout will be 27.7701 shares of Nucor stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Nucor Corp. (Symbol: NUE)
Amount:	$2 million
Maturity:	Aug. 27, 2009
Coupon:	32%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Nucor shares fall below the protection price of $21.606, 60% of the initial price, and finish below the initial price, in which case 27.7701 shares of Nucor stock
Initial price:	$36.01
Protection price:	$21.606, 60% of $36.01
Exchange ratio:	27.7701
Pricing date:	Feb. 25
Settlement date:	Feb. 27
Agent:	JPMorgan

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