New Issue: JPMorgan upsizes to $1.02 million 21% reverse exchangeables linked to Goldman Sachs

By E. Janene Geiss

Philadelphia, Nov. 21 - JPMorgan Chase & Co. priced $1.02 million of 21% reverse exchangeable notes due Feb. 20, 2008 linked to the Goldman Sachs Group, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

The notes initially priced Nov. 15 at $1 million. Interest is payable monthly.

If Goldman Sachs stock falls below 75% of the initial share price during the life of the notes or finishes below the initial share price, the payout at maturity will be a number of Goldman Sachs shares equal to par divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

Otherwise, the payout will be par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	The Goldman Sachs Group, Inc. (NYSE: GS)
Amount:	$1.02 million, up from $1 million
Maturity:	Feb. 20, 2008
Coupon:	21%, payable monthly
Price:	Par
Payout at maturity:	If Goldman Sachs stock falls below $170.27 during the life of the notes or finishes below the initial share price, a number of Goldman Sachs shares equal to par divided by the initial share price, or the equivalent cash value; otherwise, par
Initial share price:	$227.02
Protection price:	$170.27, 75% of the initial share price
Pricing date:	Nov. 15
Settlement date:	Nov. 20
Agent:	J.P. Morgan Securities Inc.
Fees:	2.15%, including 1.35% for selling concessions

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