New Issue: JPMorgan prices $1 million 12% reverse convertibles linked to Walter Energy

New York, July 28 - JPMorgan Chase & Co. priced $1 million of 12% reverse convertible notes due Oct. 31, 2011 linked to Walter Energy, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Walter Energy shares fall below the protection price of $85.25, 100% of the initial price of $127.42, during the life of the notes and finish below the initial price in which case the payout will be 7.8481 shares of Walter Energy stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Walter Energy, Inc. (Symbol: WLT)
Amount:	$1 million
Maturity:	Oct. 31, 2011
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Walter Energy shares fall below the protection price of $85.25, 100% of the initial price, and finish below the initial price, in which case 7.8481 shares of Walter Energy stock
Initial price:	$127.42
Protection price:	$85.25, 100% of $127.42
Exchange ratio:	7.8481
Pricing date:	July 26
Settlement date:	July 29
Agent:	JPMorgan
Fees:	1.7%, including 1% for selling concessions
Cusip:	48125XB54

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