New Issue: JPMorgan prices $0.14 million 22% reverse convertibles linked to DryShips

New York, Nov. 30 - JPMorgan Chase & Co. priced $0.145 million of 22% reverse convertible notes due March 1, 2010 linked to DryShips Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless DryShips shares fall below the protection price of $1.905, 70% of the initial price of $6.35, during the life of the notes and finish below the initial price in which case the payout will be 157.4803 shares of DryShips stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	DryShips Inc. (Symbol: DRYS)
Amount:	$0.145 million
Maturity:	March 1, 2010
Coupon:	22%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless DryShips shares fall below the protection price of $1.905, 70% of the initial price, and finish below the initial price, in which case 157.4803 shares of DryShips stock
Initial price:	$6.35
Protection price:	$1.905, 70% of $6.35
Exchange ratio:	157.4803
Pricing date:	Nov. 24
Settlement date:	Nov. 30
Agent:	JPMorgan
Fees:	2.55%

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