New Issue: JPMorgan prices $48,000 10.5% reverse exchangeables linked to EMC

By Laura Lutz

Des Moines, Oct. 16 - JPMorgan Chase & Co. priced $48,000 of 10.5% reverse exchangeable notes due April 17, 2008 linked to EMC Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If EMC stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of EMC shares equal to $1,000 divided by the initial share price. Otherwise, the payout will be par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	EMC Corp. (Symbol: EMC)
Amount:	$48,000
Maturity:	April 17, 2008
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless EMC stock falls below $18.248 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
Initial share price:	$22.81
Protection price:	$18.248, 80% of the initial share price
Pricing date:	Oct. 12
Settlement date:	Oct. 17
Agent:	J.P. Morgan Securities Inc.
Fees:	4.95%, including 3.225% for selling concessions

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