New Issue: JPMorgan prices $25,000 10% reverse exchangeables linked to Whole Foods

By Susanna Moon

Chicago, July 30 - JPMorgan Chase & Co. priced $25,000 of 10% annualized reverse exchangeable notes due Jan. 30, 2009 linked to the common stock of Whole Foods Market, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Whole Foods stock falls by more than 40% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Whole Foods shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Whole Foods Market, Inc. (Symbol: WFMI)
Amount:	$25,000
Maturity:	Jan. 30, 2009
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	If the stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, a number of shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value; otherwise, par
Initial share price:	$22.03
Protection amount:	40% of initial price
Pricing date:	July 28
Settlement date:	July 31
Agent:	J.P. Morgan Securities Inc.
Fees:	5.168%, including 3.334% for selling concessions

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