New Issue: JPMorgan prices $129,000 11.5% reverse exchangeables linked to Whole Foods

By Laura Lutz

Des Moines, Aug. 30 - JPMorgan Chase & Co. priced a $129,000 issue of 11.5% reverse exchangeable notes due Aug. 29, 2008 linked to Whole Foods Market, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Whole Foods stock falls below 80% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Whole Foods shares equal to $1,000 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:	Whole Foods Market, Inc. (Symbol: WFMI)
Amount:	$129,000
Maturity:	Aug. 29, 2008
Coupon:	11.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless Whole Foods stock falls below $35.808 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
Initial share price:	$44.76
Protection amount:	$35.808, 80% of the initial share price
Pricing date:	Aug. 28
Settlement date:	Aug. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	4.68%, including 3.34% for selling concessions

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