New Issue: JPMorgan prices $500,000 16% reverse convertibles linked to Lennar

New York, Aug. 13 - JPMorgan Chase & Co. priced $500,000 of 16% reverse convertible notes due Nov. 15, 2012 linked to Lennar Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Lennar shares fall below the protection price of $25.192, 80% of the initial price of $31.49, during the life of the notes and finish below the initial price in which case the payout will be 31.7561 shares of Lennar stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Lennar Corp. (Symbol: LEN)
Amount:	$500,000
Maturity:	Nov. 15, 2012
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Lennar shares fall below the protection price of $25.192, 80% of the initial price, and finish below the initial price, in which case 31.7561 shares of Lennar stock
Initial price:	$31.49
Protection price:	$25.192, 80% of $31.49
Exchange ratio:	31.7561
Pricing date:	Aug. 9
Settlement date:	Aug. 14
Agent:	JPMorgan
Fees:	1.75%, including 1.25% for selling concessions
Cusip:	48125V3A6

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