New Issue: JPMorgan prices $102,000 14.6% reverse exchangeables linked to Cummins

By Susanna Moon

Chicago, Sept. 29 - JPMorgan Chase & Co. priced $102,000 of 14.6% reverse exchangeable notes due March 31, 2009 linked to Cummins Inc. shares, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

Payout at maturity will be par in cash unless Cummins shares fall by more than the 40% protection amount during the life of the notes and finish below the initial price, in which case the payout will be a number of shares of Cummins stock equal to $1,000 divided by the initial price.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Cummins Inc. (Symbol: CMI)
Amount:	$102,000
Maturity:	March 31, 2009
Coupon:	14.6%, payable monthly
Price:	Par
Payout at maturity:	Par in cash unless Cummins shares fall by more than the 40% protection amount and finish below the initial price, in which case a number of shares of Cummins stock equal to $1,000 divided by the initial price
Initial price:	$48.65
Protection amount:	40% of the initial price
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	5.973%, including 3.737% for selling concessions

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