New Issue: JPMorgan prices $19,000 15% reverse exchangeables linked to NYSE Euronext

By Angela McDaniels

Tacoma, Wash., May 29 - JPMorgan Chase & Co. priced $19,000 of reverse exchangeable notes due Dec. 1, 2008 linked to the common stock of NYSE Euronext, according to a 424B2 filing with the Securities and Exchange Commission.

The six-month notes will pay 7.5% for an annualized coupon of 15%. Interest is payable monthly.

The payout at maturity will be par unless NYSE Euronext stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of NYSE Euronext shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, an equivalent amount in cash.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	NYSE Euronext (Symbol: NYX)
Amount:	$19,000
Maturity:	Dec. 1, 2008
Coupon:	15%, payable monthly
Price:	Par
Payout at maturity:	If NYSE Euronext stock declines by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 15.8078 NYSE Euronext shares or the equivalent cash amount; otherwise, par
Initial share price:	$63.26
Protection amount:	$15.815, 25% of initial share price
Pricing date:	May 27
Settlement date:	May 30
Agent:	J.P. Morgan Securities Inc.
Fees:	2.719%

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