New Issue: JPMorgan prices $1 million 11% notes linked to CB Richard Ellis

By Angela McDaniels

Seattle, April 23 - JPMorgan Chase & Co. priced a $1 million issue of 11% reverse exchangeable notes due April 24, 2008 linked to the class A common stock of CB Richard Ellis Group, Inc., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless CB Richard Ellis stock declines by more than 30% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of CB Richard Ellis class A common shares equal to $1,000 divided by the initial share price or, at 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:	CB Richard Ellis Group, Inc. class A common shares
Amount:	$1 million
Maturity:	April 24, 2008
Coupon:	11%, payable monthly
Price:	Par
Payout at maturity:	If CB Richard Ellis stock falls by more than 30% during the life of the notes and finishes below the initial share price, 27.3898 CB Richard Ellis class A common shares or equivalent cash value; otherwise, par
Initial share price:	$36.51
Pricing date:	April 19
Settlement date:	April 24
Agent:	J.P. Morgan Securities Inc.
Agent fees:	4%, including 3.5% for selling concessions

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