New Issue: JPMorgan prices $1.17 million 10.9% reverse exchangeables linked to Bank of America

By Susanna Moon

Chicago, June 27 - JPMorgan Chase & Co. priced $1.17 million of 10.9% reverse exchangeable notes due June 30, 2009 linked to the common stock of Bank of America Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Bank of America stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Bank of America 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:	Bank of America Corp. (Symbol: BAC)
Amount:	$1,171,000
Maturity:	June 30, 2009
Coupon:	10.9%, payable monthly
Price:	Par
Payout at maturity:	If Bank of America stock falls by more than the protection level during the life of the notes and finishes below the initial share price, 37.5799 Bank of America shares; otherwise, par
Initial share price:	$26.61
Protection level:	$10.644, 40% of initial price
Pricing date:	June 25
Settlement date:	June 30
Agent:	J.P. Morgan Securities Inc.
Fees:	5.999%, including 3.985% for selling concessions

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