New Issue: JPMorgan prices $256,000 13.65% reverse convertibles linked to Freeport-McMoRan

New York, Jan. 31 - JPMorgan Chase & Co. priced $256,000 of 13.65% reverse convertible notes due July 31, 2012 linked to Freeport-McMoRan Copper & Gold Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Freeport-McMoRan shares fall below the protection price of $36.904, 80% of the initial price of $46.13, during the life of the notes and finish below the initial price in which case the payout will be 21.6779 shares of Freeport-McMoRan stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Freeport-McMoRan Copper & Gold Inc. (Symbol: FCX)
Amount:	$256,000
Maturity:	July 31, 2012
Coupon:	13.65%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Freeport-McMoRan shares fall below the protection price of $36.904, 80% of the initial price, and finish below the initial price, in which case 21.6779 shares of Freeport-McMoRan stock
Initial price:	$46.13
Protection price:	$36.904, 80% of $46.13
Exchange ratio:	21.6779
Pricing date:	Jan. 27
Settlement date:	Jan. 31
Agent:	JPMorgan
Fees:	2.35%
Cusip:	48125VKK5

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