New Issue: JPMorgan Chase sells $1.06 million 10.25% notes linked to Washington Mutual

By E. Janene Geiss

Philadelphia, April 26 - JPMorgan Chase & Co. priced a $1.06 million issue of 10.25% reverse exchangeable notes due April 28, 2008 linked to the common stock of Washington Mutual, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable at maturity.

The payout at maturity, in addition to interest, will be par unless Washington Mutual stock falls by more than 20% during the life of the notes and finishes below the initial share price of $41.65, in which case the payout will be a number Washington Mutual 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:	Washington Mutual, Inc.
Amount:	$1.06 million
Maturity:	April 28, 2008
Coupon:	10.25%, payable at maturity
Price:	Par
Payout at maturity:	If Washington Mutual stock falls by more than 20% during the life of the notes and finishes below the initial share price, 24.01 Washington Mutual shares or, at JPMorgan's option, the equivalent cash value; otherwise, par
Initial share price:	$41.65
Pricing date:	April 24
Settlement date:	April 27
Agent:	J.P. Morgan Securities Inc.
Agent fees:	2%, all for selling concessions

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