New Issue: JPMorgan prices $1 million 11.95% notes linked to Medtronic, Boston Scientific

By Susanna Moon

Chicago, Feb. 26 - JPMorgan Chase & Co. priced a $1 million issue of 11.95% reverse exchangeable notes due June 20, 2008 linked to the worst-performing common stock of Medtronic, Inc. and Boston Scientific Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

The payout at maturity will be par unless either stock falls by more than its protection amount -35% of the initial share price - during the life of the notes, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by the stock's initial share price, or at JPMorgan's election, the cash equivalent.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse Exchangeable notes
Underlying stocks:	Medtronic, Inc. (NYSE: MDT) and Boston Scientific Corp. (NYSE: BSX)
Amount:	$1 million
Maturity:	June 20, 2008
Coupon:	11.95%, payable monthly
Price:	Par
Payout at maturity:	Par unless either stock falls by more than its protection amount during the life of the notes, in which case the payout will be a number of shares of the worst-performing stock equal to $1,000 divided by the stock's initial share price, or at JPMorgan's election, the cash equivalent
Initial share prices:	$48.54 for Medtronic and $12.31 for Boston Scientific
Protection amounts:	$16.989 for Medtronic and $4.3085 for Boston Scientific; 35% of initial share price
Pricing date:	Feb. 22
Settlement date:	Feb. 27
Agent:	J.P. Morgan Securities Inc.
Fees:	1.38% including 0.69% for selling concessions

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