New Issue: JPMorgan prices $189,000 11.25% reverse convertibles linked to VMware

New York, April 28 - JPMorgan Chase & Co. priced $189,000 of 11.25% reverse convertible notes due Oct. 31, 2011 linked to VMware, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless VMware shares fall below the protection price of $76.208, 80% of the initial price of $95.26, during the life of the notes and finish below the initial price in which case the payout will be 10.4976 shares of VMware stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	VMware, Inc. (Symbol: VMW)
Amount:	$189,000
Maturity:	Oct. 31, 2011
Coupon:	11.25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless VMware shares fall below the protection price of $76.208, 80% of the initial price, and finish below the initial price, in which case 10.4976 shares of VMware stock
Initial price:	$95.26
Protection price:	$76.208, 80% of $95.26
Exchange ratio:	10.4976
Pricing date:	April 26
Settlement date:	April 29
Agent:	JPMorgan
Cusip:	48125XME3

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