New Issue: JPMorgan prices $1.15 million 7.6% reverse exchangeables linked to Disney

By Susanna Moon

Chicago, June 2 - JPMorgan Chase & Co. priced $1.15 million of 7.6% reverse exchangeable notes due Dec. 4, 2008 linked to the common stock of Walt Disney Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Disney stock falls by more than 25% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Disney 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:	Walt Disney Co. (NYSE: DIS)
Amount:	$1.15 million
Maturity:	Dec. 4, 2008
Coupon:	7.6%, payable monthly
Price:	Par
Payout at maturity:	If Disney stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, 29.7619 Disney shares or the equivalent cash value; otherwise, par
Initial share price:	$33.60
Protection amount:	$8.40, or 25% of initial price
Pricing date:	May 30
Settlement date:	June 4
Agent:	J.P. Morgan Securities Inc.
Fees:	1.2%, including 0.5% for selling concessions

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