New Issue: JPMorgan prices $0.06 million 30% reverse convertibles linked to U.S. Steel

New York, Feb. 26 - JPMorgan Chase & Co. priced $0.06 million of 30% reverse convertible notes due May 27, 2009 linked to United States Steel Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless U.S. Steel shares fall below the protection price of $8.86, 40% of the initial price of $22.15, during the life of the notes and finish below the initial price in which case the payout will be 45.1467 shares of U.S. Steel stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	United States Steel Corp. (Symbol: X)
Amount:	$0.06 million
Maturity:	May 27, 2009
Coupon:	30%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless U.S. Steel shares fall below the protection price of $8.86, 40% of the initial price, and finish below the initial price, in which case 45.1467 shares of U.S. Steel stock
Initial price:	$22.15
Protection price:	$8.86, 40% of $22.15
Exchange ratio:	45.1467
Pricing date:	Feb. 24
Settlement date:	Feb. 27
Agent:	JPMorgan
Fees:	6%

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