New Issue: JPMorgan prices $57,000 18.5% reverse exchangeables linked to NutriSystem

By Laura Lutz

Des Moines, Jan. 30 - JPMorgan Chase & Co. priced $57,000 of 18.5% reverse exchangeable notes due Jan. 30, 2009 linked to NutriSystem, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If NutriSystem stock falls below 50% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of NutriSystem shares equal to par 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:	NutriSystem, Inc. (Symbol: NTRI)
Amount:	$57,000
Maturity:	Jan. 30, 2009
Coupon:	18.5%, payable monthly
Price:	Par
Payout at maturity:	If NutriSystem stock falls below $12.36 during the life of the notes and finishes below the initial share price, a number of shares equal to par divided by the initial price; otherwise, par
Initial price:	$24.72
Protection price:	$12.36, 50% of the initial share price
Pricing date:	Jan. 28
Settlement date:	Jan. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	4.6%, including 3.3% for selling concessions

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