New Issue: JPMorgan prices $1 million 15.5% reverse convertibles linked to STEC

New York, April 6 - JPMorgan Chase & Co. priced $1 million of 15.5% reverse convertible notes due July 7, 2011 linked to STEC, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless STEC shares fall below the protection price of $12.73, 63.7456% of the initial price of $19.97, during the life of the notes and finish below the initial price in which case the payout will be 50.0751 shares of STEC stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	STEC, Inc. (Symbol: STEC)
Amount:	$1 million
Maturity:	July 7, 2011
Coupon:	15.5%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless STEC shares fall below the protection price of $12.73, 63.7456% of the initial price, and finish below the initial price, in which case 50.0751 shares of STEC stock
Initial price:	$19.97
Protection price:	$12.73, 63.7456% of $19.97
Exchange ratio:	50.0751
Pricing date:	April 4
Settlement date:	April 7
Agent:	JPMorgan
Fees:	1.4%, including 1.15% for selling concessions
Cusip:	48125XLS3

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