New Issue: JPMorgan prices $1.06 million 10.75% reverse exchangeables linked to Schlumberger

By Laura Lutz

Des Moines, Jan. 30 - JPMorgan Chase & Co. priced $1.06 million of 10.75% reverse exchangeable notes due Jan. 30, 2009 linked to Schlumberger NV common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be payable monthly.

If Schlumberger stock falls below 75% 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 Schlumberger 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:	Schlumberger NV (Symbol: SLB)
Amount:	$1,058,000
Maturity:	Jan. 30, 2009
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	If Schlumberger stock falls below protection price during the life of the notes or finishes below the initial share price, a number of shares equal to par divided by the initial price; otherwise, par
Initial price:	$79.23
Protection price:	75% of the initial price
Pricing date:	Jan. 28
Settlement date:	Jan. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	5.38%, including 3.688% for selling concessions

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