New Issue: JPMorgan prices $140,000 15.6% reverse exchangeables linked to Caterpillar, ADM

By Susanna Moon

Chicago, April 21 - JPMorgan Chase & Co. priced $140,000 of 15.6% reverse exchangeable notes due Oct. 22, 2008 linked to the worst performing of the common stocks of Caterpillar Inc. and Archer-Daniels-Midland Co., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If either reference stock closes below 70% of its initial level during the life of the notes, the payout at maturity will be shares of the worst-performing stock equal to par divided by the initial price of that stock, or the equivalent in cash.

Otherwise, the payout will be par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stocks:	Caterpillar Inc. (NYSE: CAT) and Archer-Daniels-Midland Co. (NYSE: ADM)
Amount:	$140,000
Maturity:	Oct. 22, 2008
Coupon:	15.6%, payable monthly
Price:	Par
Payout at maturity:	If either stock closes below 70% of its initial level during the life of the notes, shares of worst-performing stock equal to par divided by the initial price of that stock, or cash equivalent; otherwise, par
Initial share price:	$78.59 for Caterpillar; $45.54 for Archer-Daniels-Midland
Protection amount:	30% of initial share price
Pricing date:	April 17
Settlement date:	April 22
Agent:	J.P. Morgan Securities Inc.
Fees:	1.98%

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