New Issue: JPMorgan prices $575,000 24% reverse exchangeables linked to Children's Place

By Laura Lutz

Des Moines, Jan. 24 - JPMorgan Chase & Co. priced $575,000 of 24% annualized reverse exchangeable notes due July 28, 2008 linked to Children's Place Retail Stores, Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Children's Place stock falls below 65% 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 Children's Place shares equal to par 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:	Children's Place Retail Stores, Inc. (Nasdaq: PLCE)
Amount:	$575,000
Maturity:	July 28, 2008
Coupon:	24%, payable monthly
Price:	Par
Payout at maturity:	Par if Children's Place stock falls below $11.115 during the life of the notes or finishes below the initial share price; otherwise, a number of shares equal to par divided by the initial price
Initial price:	$17.10
Protection price:	$11.115, 65% of the initial share price
Pricing date:	Jan. 23
Settlement date:	Jan. 28
Agent:	J.P. Morgan Securities Inc.
Fees:	3.35%, including 2.5% for selling concessions

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