New Issue: JPMorgan prices $1.27 million 13.5% reverse convertibles linked to Rambus

New York, April 21 - JPMorgan Chase & Co. priced $1.27 million of 13.5% reverse convertible notes due July 25, 2011 linked to Rambus Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Rambus shares fall below the protection price of $11.796, 60% of the initial price of $19.66, during the life of the notes and finish below the initial price in which case the payout will be 50.8647 shares of Rambus stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Rambus Inc. (Symbol: RMBS)
Amount:	$1.27 million
Maturity:	July 25, 2011
Coupon:	13.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Rambus shares fall below the protection price of $11.796, 60% of the initial price, and finish below the initial price, in which case 50.8647 shares of Rambus stock
Initial price:	$19.66
Protection price:	$11.796, 60% of $19.66
Exchange ratio:	50.8647
Pricing date:	April 19
Settlement date:	April 25
Agent:	JPMorgan
Fees:	2.02%, including 1.5% for selling concessions
Cusip:	48125XNK8

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