New Issue: JPMorgan prices $3.42 million 10.5% reverse exchangeables linked to Citigroup

By Laura Lutz

Des Moines, Sept. 27 - JPMorgan Chase & Co. priced a $3.42 million issue of 10.5% annualized reverse exchangeable notes due March 28, 2008 linked to Citigroup Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Citigroup stock falls below 80% 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 Citigroup shares equal to $1,000 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:	Citigroup Inc. (Symbol: C)
Amount:	$3,423,000
Maturity:	March 28, 2008
Coupon:	10.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless Citigroup stock falls below $37.048 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to $1,000 divided by the initial price
Initial share price:	$46.31
Protection amount:	$37.048, 80% of the initial share price
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Agent:	J.P. Morgan Securities Inc.
Fees:	2.69%, including 2.096% for selling concessions

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