New Issue: JPMorgan prices $575,000 9.25% reverse exchangeables linked to Exxon Mobil

By Angela McDaniels

Tacoma, Wash., Jan. 30 - JPMorgan Chase & Co. priced $575,000 of 9.25% reverse exchangeable notes due Jan. 30, 2009 linked to the common stock of Exxon Mobil Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

The payout at maturity will be par unless Exxon Mobil stock falls by more than 20% during the life of the notes and finishes below the initial share price, in which case the payout will be a number of Exxon Mobil 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:	Exxon Mobil Corp. (Symbol: XOM)
Amount:	$575,000
Maturity:	Jan. 30, 2009
Coupon:	9.25%, payable monthly
Price:	Par
Payout at maturity:	If Exxon Mobil stock falls by more than the protection amount during the life of the notes and the final share price is less than the initial share price, 11.7467 Exxon Mobil shares or equivalent cash value; otherwise, par
Initial share price:	$85.13
Protection amount:	$17.026, 20% of initial share price
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	4.13%, including 3.25% for selling concessions

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