New Issue: JPMorgan sells $1.534 million 25.9% reverse exchangeables linked to Evergreen

By Laura Lutz

Des Moines, Nov. 22 - JPMorgan Chase & Co. priced $1.534 million of 25.9% reverse exchangeable notes due May 31, 2007 linked to Evergreen Energy Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if Evergreen stock stays at or above the protection price, 70% of the initial price of $10.20, between Nov. 21, 2006 and May 25, 2007, and finishes at or above the initial price. Otherwise, the payout will be in Evergreen stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Evergreen Energy Inc.
Amount:	$1.534 million
Maturity:	May 31, 2007
Coupon:	25.9%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if Evergreen stock stays at or above the protection price of $7.14 and finishes at or above the initial price; otherwise shares of Evergreen stock equal to $1,000 divided by the initial price
Initial price:	$10.20
Protection price:	$7.14, 70% of $10.20
Pricing date:	Nov. 21
Settlement date:	Nov. 27
Agent:	J.P. Morgan Securities Inc.
Agent fee:	5.5%, includes 3.5% selling concession

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