New Issue: JPMorgan prices $271,000 18% reverse exchangeables linked to Freeport-McMoRan

By Susanna Moon

Chicago, Nov. 29 - JPMorgan Chase & Co. priced $271,000 of 18% reverse exchangeable notes due Feb. 29, 2008 linked to Freeport-McMoRan Copper & Gold Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Freeport-McMoRan 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 Freeport-McMoRan 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:	Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX)
Amount:	$271,000
Maturity:	Feb. 29, 2008
Coupon:	18%, payable monthly
Price:	Par
Payout at maturity:	Par unless Freeport-McMoRan stock falls below 75% of the initial share price 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:	$89.28
Protection amount:	$22.32, or 25% of the initial share price
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	5.5%, including 3.375% for selling concessions

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