New Issue: JPMorgan prices $550,000 15.5% reverse exchangeables linked to Ford

By Laura Lutz

Des Moines, Oct. 10 - JPMorgan Chase & Co. priced $550,000 of 15.5% reverse exchangeable notes due Jan. 11, 2008 linked to Ford Motor Co. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Ford stock falls below 75% 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 Ford 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:	Ford Motor Co. (Symbol: F)
Amount:	$550,000
Maturity:	Jan. 11, 2008
Coupon:	15.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless Ford stock falls below $6.2775 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:	$8.37
Protection amount:	$6.2775, 75% of the initial share price
Pricing date:	Oct. 5
Settlement date:	Oct. 11
Agent:	J.P. Morgan Securities Inc.
Fees:	2.6%, including 1.925 for selling concessions

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