New Issue: JPMorgan prices $2.98 million 20.5% reverse exchangeables linked to Wachovia

By Susanna Moon

Chicago, June 27 - JPMorgan Chase & Co. priced $2.98 million of 20.5% annualized reverse exchangeable notes due Sept. 30, 2008 linked to the common stock of Wachovia Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Wachovia stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wachovia 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:	Wachovia Corp. (Symbol: WB)
Amount:	$2,978,000
Maturity:	Sept. 30, 2008
Coupon:	20.5%, payable monthly
Price:	Par
Payout at maturity:	If Wachovia stock falls by more than the protection level during the life of the notes and finishes below the initial share price, 55.9597 Wachovia shares; otherwise, par
Initial share price:	$17.87
Protection level:	30% of initial price
Pricing date:	June 25
Settlement date:	June 30
Agent:	J.P. Morgan Securities Inc.
Fees:	6%, including 3% for selling concessions

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