New Issue: JPMorgan prices $1.537 million 21% notes linked to least-performing Dow Industrials stock

By Angela McDaniels

Seattle, Oct. 26 - JPMorgan Chase & Co. priced a $1.537 million issue of 21% reverse exchangeable notes due Oct. 30, 2007 linked to the least-performing common stock in the Dow Jones Industrial Average during the life of the notes, according to a 424B2 filing with the Securities and Exchange Commission.

Noteholders will receive par unless any stock included in the Dow Industrials falls by more than 40% during the life of the notes, in which case the payout will be a number of shares of the least-performing stock in the Dow Industrials equal to $1,000 divided by the stock's initial share price. If the cash value of the physical delivery amount is greater than $1,000, investors will receive par in cash in lieu of the shares.

JPMorgan's own stock will be excluded from the Dow Industrials for the purpose of the notes.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying security:	Least-performing common stock in the Dow Jones Industrial Average
Amount:	$1.537 million
Maturity:	Oct. 30, 2007
Coupon:	21%, payable monthly
Price:	Par
Payout at maturity:	Par unless any stock included in the Dow Industrials falls by more than 40% during the life of the notes, in which case a number of shares of the least-performing stock in the Dow Industrials equal to $1,000 divided by the stock's initial share price
Pricing date:	Oct. 24
Settlement date:	Oct. 27
Agent:	J.P. Morgan Securities Inc.
Agent fees:	447 basis points

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