JPMorgan prices reverse exchangeables linked to least performing automakers stock

By E. Janene Geiss

Philadelphia, Feb. 9 - JPMorgan Chase & Co. plans to price reverse exchangeable notes due Feb. 27, 2008 linked to the least performing stock of Ford Motor Co. and General Motors Corp., according to a FWP filing with the Securities and Exchange Commission.

Interest will be paid monthly. The rate will be determined at pricing and not be less than 18.25%

At maturity, investors will receive par in cash unless the final price of either of the stocks is less than its initial level and it has closed at or below 70% of the initial level at any time during the life of the notes. If the trigger is hit and either of the stocks close below the initial level, investors will receive a number of shares of the worst performing stock equal to par divided by its initial price.

The notes are expected to price Feb. 23 and settle Feb. 28.

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

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