New Issue: JPMorgan prices $360,000 16% reverse exchangeables linked to Merrill Lynch

By Susanna Moon

Chicago, Nov. 29 - JPMorgan Chase & Co. priced $360,000 of 16% reverse exchangeable notes due March 4, 2008 linked to Merrill Lynch & Co., Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Merrill Lynch stock falls below 70% 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 Merrill Lynch 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:	Merrill Lynch & Co., Inc. (NYSE: MER)
Amount:	$360,000
Maturity:	March 4, 2008
Coupon:	16%, payable monthly
Price:	Par
Payout at maturity:	Par unless Merrill Lynch stock falls below $17.337 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:	$57.79
Protection amount:	$17.337, 30% of the initial share price
Pricing date:	Nov. 28
Settlement date:	Dec. 3
Agent:	J.P. Morgan Securities Inc.
Fees:	3.8%, including 2.6% for selling concessions

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