New Issue: JPMorgan prices $589,000 19.6% reverse exchangeables linked to Wells Fargo

By Jennifer Chiou

New York, June 25 - JPMorgan Chase & Co. priced $589,000 of 19.6% annualized reverse exchangeable notes due Dec. 30, 2008 linked to the common stock of Wells Fargo & Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Wells Fargo stock falls by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Wells Fargo & Co. (Symbol: WFC)
Amount:	$589,000
Maturity:	Dec. 30, 2008
Coupon:	19.6%, payable monthly
Price:	Par
Payout at maturity:	If Wells Fargo stock declines by more than protection amount during life of notes and final share price is less than initial share price, a number of Wells Fargo shares equal to $1,000 divided by the initial share price or, at JPMorgan's option, the equivalent cash value
Initial share price:	$25.20
Protection amount:	30% of initial share price
Pricing date:	June 24
Settlement date:	June 30
Agent:	J.P. Morgan Securities Inc.
Fees:	2.4%, including 1.5% for selling concessions

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