New Issue: JPMorgan prices $0.408 million 15% reverse exchangeables linked to Silver Wheaton

By Jennifer Chiou

New York, July 30 - JPMorgan Chase & Co. priced a $0. 408 million issue of 15% annualized reverse exchangeable notes due Jan. 31, 2008 linked to Silver Wheaton Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

If Silver Wheaton stock falls by more than 20% 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 Silver Wheaton shares equal to $1,000 divided by the initial share price.

J.P. Morgan Securities Inc. is the agent and Incapital is distributor.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Silver Wheaton Corp.
Amount:	$0. 408 million
Maturity:	Jan. 31, 2008
Coupon:	15% annualized
Price:	Par
Payout at maturity:	Par unless Silver Wheaton stock falls by more than $2.698 during the life of the notes and finishes below the initial share price, in which case payout will be a number of Silver Wheaton shares equal to $1,000 divided by the initial share price
Initial share price:	$13.49
Protection amount:	$2.698, 20% of the initial share price
Pricing date:	July 26
Settlement date:	July 31
Agent:	J.P. Morgan Securities Inc.
Distributor:	Incapital
Fees:	3.82%, including 2.662% for selling concessions

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