New Issue: JPMorgan prices $1.03 million 27% reverse convertibles linked to Netflix

New York, June 29 - JPMorgan Chase & Co. priced $1.028 million of 27% reverse convertible notes due Sept. 30, 2010 linked to Netflix, Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par in cash unless Netflix shares fall below the protection price of $88.485, 75% of the initial price of $117.98, during the life of the notes and finish below the initial price in which case the payout will be 8.476 shares of Netflix stock.

JPMorgan is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse convertible notes
Underlying stock:	Netflix, Inc. (Symbol: NFLX)
Amount:	$1.028 million
Maturity:	Sept. 30, 2010
Coupon:	27%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Netflix shares fall below the protection price of $88.485, 75% of the initial price, and finish below the initial price, in which case 8.476 shares of Netflix stock
Initial price:	$117.98
Protection price:	$88.485, 75% of $117.98
Exchange ratio:	8.476
Pricing date:	June 25
Settlement date:	June 30
Agent:	JPMorgan
Cusip:	48124ATK3

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