New Issue: JPMorgan prices $353,000 10% reverse exchangeables linked to Exxon Mobil

By Angela McDaniels

Tacoma, Wash., April 29 - JPMorgan Chase & Co. priced $353,000 of 10% reverse exchangeable notes due April 30, 2009 linked to the common stock of Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Exxon Mobil stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Exxon Mobil shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent value in cash.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Exxon Mobil Corp. (Symbol: XOM)
Amount:	$353,000
Maturity:	April 30, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If Exxon Mobil stock falls by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 10.81549 Exxon Mobil shares or the equivalent value in cash; otherwise, par
Initial share price:	$92.46
Protection amount:	$18.40, 20% of initial share price
Pricing date:	April 25
Settlement date:	April 30
Agent:	J.P. Morgan Securities Inc.
Fees:	1.83%

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