New Issue: JPMorgan prices $0.42 million 15% reverse convertibles linked to Bank of America

New York, June 29 - JPMorgan Chase & Co. priced $0.423 million of 15% reverse convertible notes due June 30, 2010 linked to Bank of America Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Bank of America shares fall below the protection price of $6.175, 50% of the initial price of $12.35, during the life of the notes and finish below the initial price in which case the payout will be 80.9717 shares of Bank of America stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Bank of America Corp. (Symbol: BAC)
Amount:	$0.423 million
Maturity:	June 30, 2010
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Bank of America shares fall below the protection price of $6.175, 50% of the initial price, and finish below the initial price, in which case 80.9717 shares of Bank of America stock
Initial price:	$12.35
Protection price:	$6.175, 50% of $12.35
Exchange ratio:	80.9717
Pricing date:	June 25
Settlement date:	June 30
Agent:	JPMorgan
Fees:	3.65%

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