New Issue: JPMorgan prices $280,000 11.5% notes linked to Wynn Resorts

By E. Janene Geiss

Philadelphia, Feb. 27 - JPMorgan Chase & Co. priced a $280,000 offering of 11.5% equivalent reverse exchangeable notes due May 31, 2007 linked to the common stock of Wynn Resorts, Ltd., according to a 424B2 filing with the Securities and Exchange Commission.

The notes will pay 2.875% interest during the three-month term.

The payout at maturity will be par unless Wynn Resorts stock falls by more than 20% during the life of the notes and finishes below the initial share price of $103.81, in which case the payout will be a number of Wynn Resorts shares equal to $1,000 divided by the initial share price.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Wynn Resorts, Ltd.
Amount:	$280,000
Maturity:	May 31, 2007
Coupon:	11.5% equivalent (2.875% interest during the three-month term)
Price:	Par
Payout at maturity:	Par unless Wynn Resorts stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case payout will be 9.633 Wynn Resorts shares
Initial share price:	$103.81
Protection amount:	$20.76, 20% of the initial price
Pricing date:	Feb. 23
Settlement date:	Feb. 28
Agent:	J.P. Morgan Securities Inc.
Agent fees:	2.55%, including 1.9% for selling commissions

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