New Issue: JPMorgan prices $2.2 million 22% reverse convertibles linked to Veeco Instruments

New York, Aug. 20 - JPMorgan Chase & Co. priced $2.2 million of 22% reverse convertible notes due Feb. 25, 2011 linked to Veeco Instruments Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Veeco Instruments shares fall below the protection price of $21.19, 65% of the initial price of $32.60, during the life of the notes and finish below the initial price in which case the payout will be 30.6748 shares of Veeco Instruments stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Veeco Instruments Inc. (Symbol: VECO)
Amount:	$2.2 million
Maturity:	Feb. 25, 2011
Coupon:	22%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Veeco Instruments shares fall below the protection price of $21.19, 65% of the initial price, and finish below the initial price, in which case 30.6748 shares of Veeco Instruments stock
Initial price:	$32.60
Protection price:	$21.19, 65% of $32.60
Exchange ratio:	30.6748
Pricing date:	Aug. 19
Settlement date:	Aug. 24
Agent:	JPMorgan
Fees:	2.625%, including 1.875% for selling concessions
Cusip:	48124AZT7

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