New Issue: JPMorgan prices $375,000 15.5% reverse exchangeables linked to Mosaic

By E. Janene Geiss

Philadelphia, Feb. 27 - JPMorgan Chase & Co. priced $375,000 of 15.5% annualized annualized reverse exchangeable notes due May 30, 2008 linked to Mosaic Co. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Mosaic 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 Mosaic 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:	Mosaic Co. (NYSE: MOS)
Amount:	$375,000
Maturity:	May 30, 2008
Coupon:	15.5%, payable monthly
Price:	Par
Payout at maturity:	If Mosaic stock falls below protection price during life of notes and finishes below initial price, number of shares equal to par divided by initial price; otherwise, par
Initial price:	$115.63
Protection price:	$40.4705, 65% of initial price
Exchange ratio:	8.6483
Pricing date:	Feb. 26
Settlement date:	Feb. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	3.6%, including 2% for selling concessions

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