New Issue: JPMorgan prices $0.06 million 21% reverse convertibles linked to Sprint Nextel

New York, May 27 - JPMorgan Chase & Co. priced $0.055 million of 21% reverse convertible notes due Aug. 30, 2010 linked to Sprint Nextel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Sprint Nextel shares fall below the protection price of $3.9675, 75% of the initial price of $5.29, during the life of the notes and finish below the initial price in which case the payout will be 189.0359 shares of Sprint Nextel stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Sprint Nextel Corp. (Symbol: S)
Amount:	$0.055 million
Maturity:	Aug. 30, 2010
Coupon:	21%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Sprint Nextel shares fall below the protection price of $3.9675, 75% of the initial price, and finish below the initial price, in which case 189.0359 shares of Sprint Nextel stock
Initial price:	$5.29
Protection price:	$3.9675, 75% of $5.29
Exchange ratio:	189.0359
Pricing date:	May 25
Settlement date:	May 28
Agent:	JPMorgan
Cusip:	48124APJ0

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