New Issue: JPMorgan prices $1.2 million 20% reverse convertibles linked to Western Refining

New York, June 20 - JPMorgan Chase & Co. priced $1.2 million of 20% reverse convertible notes due Sept. 19, 2011 linked to Western Refining, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Western Refining shares fall below the protection price of $11.895, 75% of the initial price of $15.86, during the life of the notes and finish below the initial price in which case the payout will be 63.0517 shares of Western Refining stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Western Refining, Inc. (Symbol: WNR)
Amount:	$1.2 million
Maturity:	Sept. 19, 2011
Coupon:	20%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Western Refining shares fall below the protection price of $11.895, 75% of the initial price, and finish below the initial price, in which case 63.0517 shares of Western Refining stock
Initial price:	$15.86
Protection price:	$11.895, 75% of $15.86
Exchange ratio:	63.0517
Pricing date:	June 14
Settlement date:	June 17
Agent:	JPMorgan
Fees:	3.658%
Cusip:	48125XUX2

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