New Issue: JPMorgan prices $1.62 million 14% reverse exchangeables linked to Suntech

By Angela McDaniels

Seattle, Oct. 10 - JPMorgan Chase & Co. priced $1.62 million of 14% reverse exchangeable notes due Oct. 14, 2008 linked to the American Depositary Shares of Suntech Power Holdings Co., Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Suntech ADSs fall by more than 40% during the life of the notes and finish below the initial share price, in which case the payout will be a number of Suntech ADSs 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:	Suntech Power Holdings Co., Ltd. (NYSE: STP)
Amount:	$1.62 million
Maturity:	Oct. 14, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	If Suntech ADSs decline by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 25.2908 Suntech ADSs or the equivalent cash value; otherwise, par
Initial share price:	$39.54
Protection amount:	$15.82, 40% of initial share price
Pricing date:	Oct. 9
Settlement date:	Oct. 14
Agent:	J.P. Morgan Securities Inc.
Fees:	5.45%, including 4.725% for selling concessions

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