New Issue: JPMorgan prices $1 million 25% reverse convertibles linked to McMoRan Exploration

New York, Nov. 21 - JPMorgan Chase & Co. priced $1 million of 25% reverse convertible notes due Feb. 23, 2012 linked to McMoRan Exploration Co. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless McMoRan Exploration shares fall below the protection price of $6.51, 44.2857% of the initial price of $14.70, during the life of the notes and finish below the initial price in which case the payout will be 68.0272 shares of McMoRan Exploration stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	McMoRan Exploration Co. (Symbol: MMR)
Amount:	$1 million
Maturity:	Feb. 23, 2012
Coupon:	25%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless McMoRan Exploration shares fall below the protection price of $6.51, 44.2857% of the initial price, and finish below the initial price, in which case 68.0272 shares of McMoRan Exploration stock
Initial price:	$14.70
Protection price:	$6.51, 44.2857% of $14.70
Exchange ratio:	68.0272
Pricing date:	Nov. 17
Settlement date:	Nov. 22
Agent:	JPMorgan
Fees:	4.56%, including 2% for selling concessions
Cusip:	48125VDD9

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