New Issue: JPMorgan prices $1.27 million 14% reverse exchangeables linked to Ford

By E. Janene Geiss

Philadelphia, Nov. 29 - JPMorgan Chase & Co. priced $1.27 million of 14% reverse exchangeable notes due Nov. 28, 2008 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Ford stock falls by more than 40% during the life of the notes and the final share price is less than the initial share price, in which case the payout will be a number of Ford 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:	Ford Motor Co. (Symbol: F)
Amount:	$1.27 million
Maturity:	Nov. 28, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	If Ford stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, 141.443 Ford shares or equivalent cash value; otherwise, par
Initial share price:	$7.07
Protection amount:	$4.242, or 60% of initial share price
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	5.981%, including 3.990% for selling concessions

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