New Issue: JPMorgan prices $1 million 16.5% reverse convertibles linked to Las Vegas Sands

New York, March 30 - JPMorgan Chase & Co. priced $1.005 million of 16.5% reverse convertible notes due June 30, 2011 linked to Las Vegas Sands Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Las Vegas Sands shares fall below the protection price of $33.456, 80% of the initial price of $41.82, during the life of the notes and finish below the initial price in which case the payout will be 23.9120 shares of Las Vegas Sands stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Las Vegas Sands Corp. (Symbol: LVS)
Amount:	$1.005 million
Maturity:	June 30, 2011
Coupon:	16.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Las Vegas Sands shares fall below the protection price of $33.456, 80% of the initial price, and finish below the initial price, in which case 23.9120 shares of Las Vegas Sands stock
Initial price:	$41.82
Protection price:	$33.456, 80% of $41.82
Exchange ratio:	23.9120
Pricing date:	March 28
Settlement date:	March 31
Agent:	JPMorgan
Cusip:	48125XHM1

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