New Issue: JPMorgan prices $254,000 9.1% notes linked to Hess

By E. Janene Geiss

Philadelphia, Feb. 28 - JPMorgan Chase & Co. priced a $254,000 offering of 9.1% reverse exchangeable notes due Feb. 28, 2008 linked to the common stock of Hess Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

The payout at maturity will be par unless Hess stock falls by more than 20% during the life of the notes and finishes below the initial share price of $55.58, in which case the payout will be a number of Hess shares equal to $1,000 divided by the initial share price.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Hess Corp.
Amount:	$254,000
Maturity:	Feb. 27, 2008
Coupon:	9.1%, payable monthly
Price:	Par
Payout at maturity:	Par unless Hess stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case payout will be 17.992 Hess shares
Initial share price:	$55.58
Protection price:	$44.46, 80% of the initial price
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	J.P. Morgan Securities Inc.
Agent fees:	4.3%, including 3.115% for selling commissions

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