New Issue: JPMorgan prices $4.17 million 23.4375% reverse exchangeables linked to five stocks

By Jennifer Chiou

New York, Jan. 9 - JPMorgan Chase & Co. priced $4.17 million of 23.4375% annualized reverse exchangeable notes due Sept. 11, 2009 linked to the common stocks of Ameriprise Financial Inc., Freeport-McMoRan Copper & Gold Inc., Google Inc., Jacobs Engineering Group Inc. and Valero Energy Corp., according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If any of the equally weighted reference stocks closes below 90% 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:	Ameriprise Financial, Inc. (NYSE: AMP), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Google Inc. (Nasdaq: GOOG), Jacobs Engineering Group Inc. (NYSE: JEC) and Valero Energy Corp. (NYSE: VLO)
Amount:	$4,165,000
Maturity:	Sept. 11, 2009
Coupon:	23.4375%, payable monthly
Price:	Par
Payout at maturity:	If any reference stock closes below 90% of its initial level during the life of the notes, shares of the worst-performing stock equal to par divided by initial price of that stock, or the cash equivalent; otherwise, par
Pricing date:	Jan. 7
Settlement date:	Jan. 12
Agent:	J.P. Morgan Securities Inc.
Fees:	4.75%, including 3.5% for selling concessions

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