New Issue: JPMorgan Chase sells $1.065 million 9.3% notes linked to Cisco Systems

By E. Janene Geiss

Philadelphia, April 26 - JPMorgan Chase & Co. priced a $1.065 million issue of reverse exchangeable notes due April 28, 2008 linked to the common stock of Cisco Systems, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity, in addition to interest, will be par unless Cisco Systems stock falls by more 20% during the life of the notes and finishes below the initial share price of $26.33, in which case the payout will be a number Cisco Systems 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:	Cisco Systems, Inc.
Amount:	$1.065 million
Maturity:	April 28, 2008
Coupon:	9.3%, payable monthly
Price:	Par
Payout at maturity:	If Cisco Systems stock falls by more than 20% during the life of the notes and finishes below the initial share price, 37.98 Cisco shares or, at JPMorgan's option, the equivalent cash value; otherwise par
Initial share price:	$26.33
Pricing date:	April 24
Settlement date:	April 27
Agent:	J.P. Morgan Securities Inc.
Agent fees:	2.562%, including 2.281% in selling concessions

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