New Issue: JPMorgan prices $327,000 10% reverse exchangeables linked to Legg Mason

By Angela McDaniels

Seattle, Aug. 29 - JPMorgan Chase & Co. priced a $327,000 issue of 10% reverse exchangeable notes due Aug. 31, 2007 linked to the common stock of Legg Mason, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par unless Legg Mason stock falls below the protection price during the life of the notes and finishes below its initial price, in which case payout will be a number of Legg Mason shares equal to $1,000 divided by the initial price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Legg Mason, Inc.
Amount:	$327,000
Maturity:	Aug. 31, 2007
Coupon:	10%
Price:	Par
Payout at maturity:	Par unless Legg Mason stock falls below $70.736, the protection price, during the life of the notes and finishes below its initial price, in which case payout will be 11.30965 shares of Legg Mason stock
Initial price:	$88.42
Protection amount:	$70.736, 80% of the initial share price
Pricing date:	Aug. 25
Settlement date:	Aug. 30
Agent:	J.P. Morgan Securities Inc.

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