New Issue: JPMorgan prices $1.65 million 10.75% reverse exchangeables linked to Bank of America

By Laura Lutz

Des Moines, Nov. 6 - JPMorgan Chase & Co. priced $1.65 million of 10.75% reverse exchangeable notes due Nov. 7, 2008 linked to Bank of America Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If Bank of America stock falls below 80% 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 Bank of America 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:	Bank of America Corp. (Symbol: BAC)
Amount:	$1,652,000
Maturity:	Nov. 7, 2008
Coupon:	10.75%, payable monthly
Price:	Par
Payout at maturity:	Par unless Bank of America stock falls below $36.088 during the life of the notes and finishes below the initial share price, in which case payout will be a number of shares equal to par divided by the initial price
Initial share price:	$45.11
Protection price:	$36.088, 80% of the initial share price
Pricing date:	Nov. 2
Settlement date:	Nov. 7
Agent:	J.P. Morgan Securities Inc.
Fees:	6%, including 4% for selling concessions

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