New Issue: JPMorgan prices $600,000 11.4% reverse exchangeables linked to AT&T

By Laura Lutz

Des Moines, Dec. 12 - JPMorgan Chase & Co. priced $600,000 of 11.4% reverse exchangeable notes due June 13, 2008 linked to AT&T Inc. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If AT&T stock falls below 75% of the initial share price during the life of the notes and finishes below the initial share price, the payout at maturity will be a number of AT&T 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:	AT&T Inc. (NYSE: T)
Amount:	$600,000
Maturity:	June 13, 2008
Coupon:	11.4%, payable monthly
Price:	Par
Payout at maturity:	If AT&T stock falls below $28.425 during the life of the notes and finishes below the initial share price, 26.3852 AT&T shares; otherwise, par
Initial price:	$37.90
Protection price:	$28.425, 75% of initial price
Pricing date:	Dec. 10
Settlement date:	Dec. 13
Agent:	J.P. Morgan Securities Inc.
Fees:	2.2%, including 1.75% for selling concessions

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