New Issue: JPMorgan prices $0.5 million 15% reverse convertibles linked to Wells Fargo

New York, July 30 - JPMorgan Chase & Co. priced $0.502 million of 15% reverse convertible notes due Jan. 29, 2010 linked to Wells Fargo & Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Wells Fargo shares fall below the protection price, 60% of the initial price of $24.52, during the life of the notes and finish below the initial price in which case the payout will be Wells Fargo shares equal to $1,000 principal amount divided by the initial price.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$0.502 million
Maturity:	Jan. 29, 2010
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Wells Fargo shares fall below the protection price, 60% of the initial price, and finish below the initial price, in which case Wells Fargo shares equal to $1,000 principal amount divided by the initial price
Initial price:	$24.52
Protection price:	60% of $24.52
Pricing date:	July 28
Settlement date:	July 31
Agent:	JPMorgan
Fees:	2.686%

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