New Issue: JPMorgan prices $0.165 million 10.25% reverse convertibles linked to CSX

New York, May 28 - JPMorgan Chase & Co. priced $0.165 million of 10.25% reverse convertible notes due Nov. 30, 2009 linked to CSX Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless CSX shares fall below the protection price of $11.94, 40% of the initial price of $29.85, during the life of the notes and finish below the initial price in which case the payout will be 33.5008 shares of CSX stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	CSX Corp. (Symbol: CSX)
Amount:	$0.165 million
Maturity:	Nov. 30, 2009
Coupon:	10.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless CSX shares fall below the protection price of $11.94, 40% of the initial price, and finish below the initial price, in which case 33.5008 shares of CSX stock
Initial price:	$29.85
Protection price:	$11.94, 40% of $29.85
Exchange ratio:	33.5008
Pricing date:	May 26
Settlement date:	May 29
Agent:	JPMorgan
Fees:	4.44%

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