New Issue: JPMorgan prices $1 million 10% exchangeable notes linked to Aetna

By Jennifer Chiou

New York, Sept. 1 - JPMorgan Chase & Co. priced a $1 million issue of 10% reverse exchangeable notes due Sept. 6, 2007 linked to Aetna Inc. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Noteholders will receive par unless the final share price of Aetna stock is less than the initial price and it falls below the protection amount during the life of the notes, in which case 26.83 Aetna shares. The protection amount is $29.82, 80% of the initial share price.

Investors will share in any losses.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Aetna Inc.
Amount:	$1 million
Maturity:	Sept. 6, 2007
Coupon:	10%
Price:	Par
Payout at maturity:	Par unless the final share price of Aetna stock is less than the initial price and it falls below $29.82, the protection amount, during the life of the notes, in which case 26.83 Aetna shares
Initial price:	$37.27
Protection amount:	$29.82, 80% of the initial share price
Agent:	JPMorgan
Pricing date:	Aug. 31
Settlement date:	Sept. 6

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