New Issue: JPMorgan prices $191,000 10.65% reverse convertibles linked to Joy Global

New York, March 30 - JPMorgan Chase & Co. priced $191,000 of 10.65% reverse convertible notes due March 30, 2012 linked to Joy Global Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Joy Global shares fall below the protection price of $75.896, 80% of the initial price of $94.87, during the life of the notes and finish below the initial price in which case the payout will be 10.5407 shares of Joy Global stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Joy Global Inc. (Symbol: JOYG)
Amount:	$191,000
Maturity:	March 30, 2012
Coupon:	10.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Joy Global shares fall below the protection price of $75.896, 80% of the initial price, and finish below the initial price, in which case 10.5407 shares of Joy Global stock
Initial price:	$94.87
Protection price:	$75.896, 80% of $94.87
Exchange ratio:	10.5407
Pricing date:	March 28
Settlement date:	March 31
Agent:	JPMorgan
Cusip:	48125XJD9

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