New Issue: JPMorgan prices $143,000 10.75% reverse exchangeables linked to Sprint Nextel

By E. Janene Geiss

Philadelphia, Nov. 29 - JPMorgan Chase & Co. priced $143,000 of 10.75% reverse exchangeable notes due Nov. 28, 2008 linked to the common stock of Sprint Nextel Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Sprint Nextel stock falls by more than 30% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Sprint Nextel shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Sprint Nextel Corp. (Symbol: S)
Amount:	$143,000
Maturity:	Nov. 28, 2008
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	If Sprint Nextel stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, 69.061 Sprint Nextel shares or equivalent cash value; otherwise, par
Initial share price:	$14.48
Protection amount:	$10.14, or 70% of initial share price
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	5.65%, including 3.825% for selling concessions

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