New Issue: JPMorgan prices $1.09 million 8.5% reverse exchangeables linked to General Electric

By Jennifer Chiou

New York, Jan. 30 - JPMorgan Chase & Co. priced $1.09 million of 8.5% reverse exchangeable notes due Jan. 30, 2009 linked to General Electric Co. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If General Electric stock falls below 80% 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 General Electric shares equal to par 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:	General Electric Co. (Symbol: GE)
Amount:	$1,085,000
Maturity:	Jan. 30, 2009
Coupon:	8.5%, payable monthly
Price:	Par
Payout at maturity:	Par unless General Electric stock falls below $27.776 during the life of the notes and finishes below the initial share price; otherwise, a number of shares equal to par divided by the initial price
Initial price:	$34.72
Protection price:	$27.776, 80% of the initial share price
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	3.2%, including about 2.6% for selling concessions

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