New Issue: JPMorgan prices $500,000 12.75% reverse convertibles linked to Caterpillar

New York, Sept. 28 - JPMorgan Chase & Co. priced $500,000 of 12.75% reverse convertible notes due March 29, 2011 linked to Caterpillar Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Caterpillar shares fall below the protection price of $63.784, 80% of the initial price of $79.73, during the life of the notes and finish below the initial price in which case the payout will be 12.5423 shares of Caterpillar stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Caterpillar Inc. (Symbol: CAT)
Amount:	$500,000
Maturity:	March 29, 2011
Coupon:	12.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Caterpillar shares fall below the protection price of $63.784, 80% of the initial price, and finish below the initial price, in which case 12.5423 shares of Caterpillar stock
Initial price:	$79.73
Protection price:	$63.784, 80% of $79.73
Exchange ratio:	12.5423
Pricing date:	Sept. 24
Settlement date:	Sept. 29
Agent:	JPMorgan
Fees:	1.95%, including 1.5% for selling concessions
Cusip:	48124AK71

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