New Issue: JPMorgan prices $765,000 11% reverse exchangeables linked to Schering-Plough

By Angela McDaniels

Tacoma, Wash., April 29 - JPMorgan Chase & Co. priced $765,000 of 11% reverse exchangeable notes due April 30, 2009 linked to the common stock of Schering-Plough Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Schering-Plough stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Schering-Plough shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent value in cash.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Schering-Plough Corp. (Symbol: SGP)
Amount:	$765,000
Maturity:	April 30, 2009
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	If Schering-Plough stock falls by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 53.64807 Schering-Plough shares or the equivalent value in cash; otherwise, par
Initial share price:	$18.64
Protection amount:	$7.456, 40% of initial share price
Pricing date:	April 25
Settlement date:	April 30
Agent:	J.P. Morgan Securities Inc.
Fees:	2.694%, including 2.347% for selling concessions

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