New Issue: JPMorgan prices $280,000 13.25% reverse exchangeables linked to Citigroup

By Jennifer Chiou

New York, July 30 - JPMorgan Chase & Co. priced $280,000 of 13.25% annualized reverse exchangeable notes due July 31, 2009 linked to the common stock of Citigroup Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Citigroup stock falls by more than 50% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Citigroup shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Citigroup Inc. (Symbol: C)
Amount:	$280,000
Maturity:	July 31, 2009
Coupon:	13.25%, payable monthly
Price:	Par
Payout at maturity:	If Citigroup stock falls by more than the protection level during the life of the notes and finishes below the initial share price, Citigroup shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value; otherwise, par
Initial share price:	$17.43
Protection amount:	$8.715, 50% of initial price
Pricing date:	July 28
Settlement date:	July 31
Agent:	J.P. Morgan Securities Inc.
Fees:	5.538%, including 3.769% for selling concessions

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