New Issue: JPMorgan prices $166,000 million 14% reverse exchangeables linked to Wynn Resorts

By Laura Lutz

Des Moines, Nov. 29 - JPMorgan Chase & Co. priced $166,000 million of 14% reverse exchangeable notes due Feb. 29, 2008 linked to Wynn Resorts, Ltd. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Wynn Resorts stock falls below 70% 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 Wynn Resorts 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:	Wynn Resorts, Ltd. (Symbol: WYNN)
Amount:	$166,000
Maturity:	Feb. 29, 2008
Coupon:	14%, payable monthly
Price:	Par
Payout at maturity:	Par if Wynn Resorts stock falls below $91.42 during the life of the notes or finishes below the initial share price; otherwise, a number of shares equal to par divided by the initial price
Initial price:	$130.60
Protection price:	$91.42, 70% of the initial share price
Pricing date:	Nov. 27
Settlement date:	Nov. 30
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%, including 1.375% for selling concessions

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