New Issue: JPMorgan prices $266,000 17.5% reverse exchangeables linked to SanDisk

By Angela McDaniels

Seattle, Aug. 29 - JPMorgan Chase & Co. priced a $266,000 issue of 17.5% reverse exchangeable notes due Aug. 31, 2007 linked to the common stock of SanDisk Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par unless SanDisk stock falls below the protection price during the life of the notes and finishes below its initial price, in which case payout will be a number of SanDisk shares equal to $1,000 divided by the initial price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	SanDisk Corp.
Amount:	$266,000
Maturity:	Aug. 31, 2007
Coupon:	17.5%
Price:	Par
Payout at maturity:	Par unless SanDisk stock falls below $38.227, the protection price, during the life of the notes and finishes below its initial price, in which case payout will be 18.31166 shares of SanDisk stock
Initial price:	$54.61
Protection price:	$38.227, 70% of the initial share price
Pricing date:	Aug. 25
Settlement date:	Aug. 30
Agent:	J.P. Morgan Securities Inc.

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