New Issue: JPMorgan changes settlement date for $1 million 11% notes linked to Grey Wolf

By Angela McDaniels

Seattle, Dec. 8 - JPMorgan Chase & Co. changed the settlement date for its $1 million issue of 11% reverse exchangeable notes due Dec. 10, 2007 linked to the common stock of Grey Wolf, Inc. to on or about Dec. 12 from Dec. 8, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable quarterly.

The payout at maturity will be par unless Grey Wolf stock falls by more than 40% during the life of the notes and finishes below the initial share price of $7.08, in which case the payout will be a number of Grey Wolf shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Grey Wolf, Inc.
Amount:	$1 million
Maturity:	Dec. 10, 2007
Coupon:	11%, payable quarterly
Price:	Par
Payout at maturity:	Par if Grey Wolf stock does not fall by more than the protection amount during the life of the notes or finishes above the initial share price; otherwise, 141.2429 shares of Grey Wolf stock
Initial share price:	$7.08
Protection amount:	$2.83, 40% of initial share price
Pricing date:	Dec. 5
Settlement date:	Dec. 12
Agent:	J.P. Morgan Securities Inc.
Agent fees:	3.5%, includes 2.75% selling concessions

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