New Issue: JPMorgan prices $0.67 million 10.25% reverse exchangeable notes linked to Alcoa

By Jennifer Chiou

New York, July 25 - JPMorgan Chase & Co. priced a $0.67 million issue of 10.25% reverse exchangeable notes due July 25, 2007 linked to the Alcoa Inc. stock, according to an FWP filing with the Securities and Exchange Commission.

Noteholders will receive par unless the final share price of Alcoa stock is less than the initial price and it falls below the protection amount during the life of the notes, in which case 33.83 Alcoa shares. The protection amount is $23.65, 80% of the initial share price.

Investors will share in any losses.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Alcoa Inc.
Amount:	$0.67 million
Maturity:	July 25, 2007
Coupon:	10.25%
Price:	Par
Payout at maturity:	Par unless the final share price of Alcoa stock is less than the initial price and it falls below $23.65, the protection amount, during the life of the notes, in which case 33.83 Alcoa shares
Initial price:	$29.56
Protection amount:	$23.65, 80% of the initial share price
Agent:	JPMorgan
Pricing date:	July 21
Settlement date:	July 26

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