New Issue: JPMorgan prices $1.27 million 11.75% reverse exchangeables linked to Verizon

By Laura Lutz

Des Moines, March 6 - JPMorgan Chase & Co. priced $1.27 million of 11.75% reverse exchangeable notes due Sept. 10, 2008 linked to Verizon Communications Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Verizon 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 Verizon 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:	Verizon Communications Inc. (NYSE: VZ)
Amount:	$1,265,000
Maturity:	Sept. 10, 2008
Coupon:	11.75%, payable monthly
Price:	Par
Payout at maturity:	If Verizon stock falls below protection price during life of notes and finishes below initial share price, number of shares equal to par divided by initial share price; otherwise, par
Initial share price:	$35.95
Protection price:	$26.9625, 75% of initial share price
Pricing date:	March 5
Settlement date:	March 10
Agent:	J.P. Morgan Securities Inc.
Fees:	2.1%, including 1.6% for selling concessions

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