JPMorgan plans reverse exchangeables linked to least-performing stock in Dow 10 Index

By E. Janene Geiss

Philadelphia, Feb. 20 - JPMorgan Chase & Co. plans to price an issue of reverse exchangeable notes due Aug. 29, 2008 linked to the least-performing stock in the Dow 10 Index, according to an FWP filing with the Securities and Exchange Commission.

The reference stocks will be the common stocks in the Dow 10 Index, except for the common stock of JPMorgan Chase.

The coupon will be at least 26.3% per year. The exact coupon will be determined at pricing. Interest will be payable monthly.

If any reference stock falls below 40% of its initial level during the life of the notes and at least one stock finishes below its initial level, the payout at maturity will be shares of the least-performing stock equal to par divided by the final price, or the equivalent in cash.

Otherwise, the payout will be par.

The notes are expected to price Feb. 27 and settle Feb. 29.

J.P. Morgan Securities Inc. will be the agent.

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