New Issue: JPMorgan prices $610,000 10% reverse exchangeables linked to Goldman Sachs

By Angela McDaniels

Tacoma, Wash., April 8 - JPMorgan Chase & Co. priced $610,000 of 10% reverse exchangeable notes due April 9, 2009 linked to the common stock of Goldman Sachs Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Goldman Sachs stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Goldman Sachs shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent value in cash.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Goldman Sachs Group, Inc. (Symbol: GS)
Amount:	$610,000
Maturity:	April 9, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If Goldman Sachs stock declines by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 5.7013 Goldman Sachs shares or the equivalent cash value; otherwise, par
Initial share price:	$175.40
Protection amount:	$70.16, 40% of initial share price
Pricing date:	April 4
Settlement date:	April 9
Agent:	J.P. Morgan Securities Inc.
Fees:	4.27%, including 3.135% for selling concessions

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