New Issue: JPMorgan prices $630,000 12% reverse exchangeables linked to Schlumberger

By Laura Lutz

Des Moines, Feb. 12 - JPMorgan Chase & Co. priced $630,000 of 12% reverse exchangeable notes due Aug. 13, 2008 linked to Schlumberger NV common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Schlumberger stock falls below 75% of the initial share price during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of Schlumberger 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:	Schlumberger NV (Symbol: SLB)
Amount:	$630,000
Maturity:	Aug. 13, 2008
Coupon:	12%, payable monthly
Price:	Par
Payout at maturity:	If Schlumberger stock falls below protection price during the life of the notes and finishes below the initial price, number of shares equal to par divided by the initial price; otherwise, par
Initial price:	$77.37
Protection price:	75% of the initial price
Pricing date:	Feb. 8
Settlement date:	Feb. 13
Agent:	J.P. Morgan Securities Inc.
Fees:	3.31%, including 2.405% for selling concessions

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