New Issue: JPMorgan prices $423,000 9.5% reverse exchangeables linked to Sprint Nextel

By Angela McDaniels

Seattle, Aug. 29 - JPMorgan Chase & Co. priced a $423,000 issue of 9.5% reverse exchangeable notes due Aug. 31, 2007 linked to the common stock of Sprint Nextel Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par unless Sprint Nextel 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 Sprint Nextel shares equal to $1,000 divided by the initial price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Sprint Nextel Corp.
Amount:	$423,000
Maturity:	Aug. 31, 2007
Coupon:	9.5%
Price:	Par
Payout at maturity:	Par unless Sprint Nextel stock falls below $13.032, the protection price, during the life of the notes and finishes below its initial price, in which case payout will be 61.38735 shares of Sprint Nextel stock
Initial price:	$16.29
Protection price:	$13.032, 80% of the initial share price
Pricing date:	Aug. 25
Settlement date:	Aug. 30
Agent:	J.P. Morgan Securities Inc.

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