New Issue: JPMorgan prices $825,000 15.75% reverse convertibles linked to AK Steel

New York, Aug. 30 - JPMorgan Chase & Co. priced $825,000 of 15.75% reverse convertible notes due Nov. 30, 2010 linked to AK Steel Holding Corp. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless AK Steel shares fall below the protection price of $9.045, 75% of the initial price of $12.06, during the life of the notes and finish below the initial price in which case the payout will be 82.9187 shares of AK Steel stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	AK Steel Holding Corp. (Symbol: AKS)
Amount:	$825,000
Maturity:	Nov. 30, 2010
Coupon:	15.75%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless AK Steel shares fall below the protection price of $9.045, 75% of the initial price, and finish below the initial price, in which case 82.9187 shares of AK Steel stock
Initial price:	$12.06
Protection price:	$9.045, 75% of $12.06
Exchange ratio:	82.9187
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Agent:	JPMorgan
Cusip:	48124AYK7

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