New Issue: JPMorgan prices $142,000 10% notes linked to Ford

By E. Janene Geiss

Philadelphia, Feb. 28 - JPMorgan Chase & Co. priced a $142,000 offering of 10% reverse exchangeable notes due Feb. 27, 2008 linked to the common stock of Ford Motor Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

The payout at maturity will be par unless Ford stock falls by more than 30% during the life of the notes and finishes below the initial share price of $8.30, in which case the payout will be a number of Ford shares equal to $1,000 divided by the initial share price.

J.P. Morgan Securities Inc. is agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Ford Motor Co.
Amount:	$142,000
Maturity:	Feb. 27, 2008
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par unless Ford stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case payout will be 120.48 Ford shares
Initial share price:	$8.30
Protection price:	$5.81, 70% of the initial price
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	J.P. Morgan Securities Inc.
Agent fees:	5.49%, including 3.745% for selling commissions

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