New Issue: JPMorgan sells $300,000 10% single observation reverse convertibles on General Electric

By Susanna Moon

Chicago, Feb. 12 - JPMorgan Chase & Co. priced $300,000 of 10% single observation reverse convertible notes due Feb. 15, 2011 based on General Electric Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless General Electric shares fall below the protection price on the observation date of Feb. 10, 2011, in which case investors will receive a number of General Electric shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent amount in cash. The protection level is 78% of the initial share price.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Single observation reverse convertible notes
Underlying stock:	General Electric Co. (Symbol: GE)
Amount:	$300,000
Maturity:	Feb. 15, 2011
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless the stock falls below the protection price on Feb. 10, 2011, in which case 63.7349 General Electric shares
Initial price:	$15.69
Protection price:	$12.2382, or 78% of the initial price
Pricing date:	Feb. 10
Settlement date:	Feb. 16
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%
Cusip:	48124AHG5

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