New Issue: JPMorgan prices $500,000 25% reverse exchangeables linked to WCI

By Angela McDaniels

Seattle, March 2 - JPMorgan Chase & Co. priced a $500,000 offering of reverse exchangeable notes due June 6, 2007 linked to the common stock of WCI Communities, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

The three-month notes will pay 6.25% for an annualized rate of 25%. Interest is payable at maturity.

The redemption amount at maturity will be par unless WCI stock falls by more than 20% during the life of the notes and finishes below the initial share price of $20.98, in which case the payout will be a number of WCI shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	WCI Communities, Inc.
Amount:	$500,000
Maturity:	June 6, 2007
Coupon:	25%, payable at maturity
Payout at maturity:	If WCI falls by more than 20% during the life of the notes and finishes below the initial share price, 47.6644 WCI shares; otherwise, par
Initial share price:	$20.98
Pricing date:	March 1
Settlement date:	March 6
Agent:	J.P. Morgan Securities Inc.
Agent fees:	2.75%, including 1.55% for selling commissions

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