New Issue: JPMorgan prices $5.29 million 16% reverse convertibles linked to Vertex Pharmaceuticals

New York, July 7 - JPMorgan Chase & Co. priced $5.285 million of 16% reverse convertible notes due Oct. 11, 2011 linked to Vertex Pharmaceuticals Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Vertex Pharmaceuticals shares fall below the protection price of $38.895, 75% of the initial price of $51.86, during the life of the notes and finish below the initial price in which case the payout will be 19.2827 shares of Vertex Pharmaceuticals stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Vertex Pharmaceuticals Inc. (Symbol: VRTX)
Amount:	$5.285 million
Maturity:	Oct. 11, 2011
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Vertex Pharmaceuticals shares fall below the protection price of $38.895, 75% of the initial price, and finish below the initial price, in which case 19.2827 shares of Vertex Pharmaceuticals stock
Initial price:	$51.86
Protection price:	$38.895, 75% of $51.86
Exchange ratio:	19.2827
Pricing date:	July 5
Settlement date:	July 8
Agent:	JPMorgan
Fees:	0.95%, including 0.4% for selling concessions
Cusip:	48125XYJ9

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