New Issue: JPMorgan prices $271,000 12% reverse convertibles linked to Las Vegas Sands

New York, April 25 - JPMorgan Chase & Co. priced $271,000 of 12% reverse convertible notes due July 26, 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 $36.68, 80% of the initial price of $45.85, during the life of the notes and finish below the initial price in which case the payout will be 21.8103 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:	$271,000
Maturity:	July 26, 2011
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Las Vegas Sands shares fall below the protection price of $36.68, 80% of the initial price, and finish below the initial price, in which case 21.8103 shares of Las Vegas Sands stock
Initial price:	$45.85
Protection price:	$36.68, 80% of $45.85
Exchange ratio:	21.8103
Pricing date:	April 20
Settlement date:	April 26
Agent:	JPMorgan
Fees:	4.062%, including 2.25% for selling concessions
Cusip:	48125XNL6

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