New Issue: JPMorgan prices $899,000 28% reverse convertibles linked to Dendreon

New York, Aug. 24 - JPMorgan Chase & Co. priced $899,000 of 28% reverse convertible notes due Nov. 26, 2010 linked to Dendreon Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Dendreon shares fall below the protection price of $27.5184, 72% of the initial price of $38.22, during the life of the notes and finish below the initial price in which case the payout will be 26.1643 shares of Dendreon stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Dendreon Corp. (Symbol: DNDN)
Amount:	$899,000
Maturity:	Nov. 26, 2010
Coupon:	28%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Dendreon shares fall below the protection price of $27.5184, 72% of the initial price, and finish below the initial price, in which case 26.1643 shares of Dendreon stock
Initial price:	$38.22
Protection price:	$27.5184, 72% of $38.22
Exchange ratio:	26.1643
Pricing date:	Aug. 20
Settlement date:	Aug. 25
Agent:	JPMorgan
Fees:	3.822%, including 2% for selling concessions
Cusip:	48124AZS9

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