New Issue: JPMorgan prices $498,000 12.25% reverse exchangeables linked to Washington Mutual

By Jennifer Chiou

New York, Aug. 30 - JPMorgan Chase & Co. priced a $498,000 offering of 12.25% reverse exchangeable notes due Aug. 29, 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 monthly.

The payout at maturity will be par unless Washington Mutual stock falls by more than 20%, the protection amount, during the life of the notes and finishes below the initial share price of $35.81, in which case the payout will be a number of Washington Mutual shares equal to $1,000 divided by the initial share price.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Washington Mutual, Inc. (Symbol: WM)
Amount:	$498,000
Maturity:	Aug. 29, 2008
Coupon:	12.25%, payable monthly
Price:	Par
Payout at maturity:	Par unless Washington Mutual stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case payout will be Washington Mutual shares equal to $1,000 divided by the initial share price
Initial share price:	$35.81
Protection amount:	$7.162, 20% of the initial share price
Pricing date:	Aug. 28
Settlement date:	Aug. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	5.31%, including 3.65% for selling concessions

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