New Issue: JPMorgan prices $1.15 million 27% reverse exchangeables linked to Whole Foods

By Susanna Moon

Chicago, March 17 - JPMorgan Chase & Co. priced $1.15 million of 27% reverse exchangeable notes due June 24, 2008 linked to the common stock of Whole Foods Market, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Whole Foods stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Whole Foods shares equal to $1,000 divided by the initial share price or, at the 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:	Whole Foods Market, Inc. (Nasdaq: WFMI)
Amount:	$1.15 million
Maturity:	June 24, 2008
Coupon:	27%, payable monthly
Price:	Par
Payout at maturity:	If the stock falls by more than the protection amount during the life of the notes and finishes below the initial share price, 32.0821 Whole Foods shares or equivalent cash value; otherwise, par
Initial share price:	$31.17
Protection amount:	$6.234, or 20% of initial share price
Pricing date:	March 14
Settlement date:	March 24
Agent:	J.P. Morgan Securities Inc.
Fees:	1.97%, including 1.25% for selling concessions

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