New Issue: JPMorgan prices $500,000 12.85% reverse convertibles linked to Host Hotels

New York, May 10 - JPMorgan Chase & Co. priced $500,000 of 12.85% reverse convertible notes due Nov. 14, 2012 linked to Host Hotels & Resorts, Inc shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Host Hotels shares fall below the protection price of $12.864, 80% of the initial price of $16.08, during the life of the notes and finish below the initial price in which case the payout will be 62.1891 shares of Host Hotels stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Host Hotels & Resorts, Inc (Symbol: HST)
Amount:	$500,000
Maturity:	Nov. 14, 2012
Coupon:	12.85%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Host Hotels shares fall below the protection price of $12.864, 80% of the initial price, and finish below the initial price, in which case 62.1891 shares of Host Hotels stock
Initial price:	$16.08
Protection price:	$12.864, 80% of $16.08
Exchange ratio:	62.1891
Pricing date:	May 8
Settlement date:	May 11
Agent:	JPMorgan
Fees:	2.25%, including 1.5% for selling concessions
Cusip:	48125VYK0

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