New Issue: JPMorgan prices $2 million 12.25% notes linked to Cameco

By Angela McDaniels

Seattle, Nov. 7 - JPMorgan Chase & Co. priced a $2 million issue of 12.25% reverse exchangeable notes due Nov. 9, 2007 linked to Cameco Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash unless Cameco stock declines by more than 30% during the life of the notes and finishes below the initial price, in which case the payout will be a number of Cameco shares equal to $1,000 divided by the initial share price.

Issuer:	JPMorgan Chase & Co.
Issue:	Reverse exchangeable notes
Underlying stock:	Cameco Corp.
Amount:	$2 million
Maturity:	Nov. 9, 2007
Coupon:	12.25%, payable quarterly
Price:	Par
Payout at maturity:	Par in cash if Cameco stock does not decline by more than $10.28 and finishes at or above the initial share price of $34.25; otherwise, 29.1971 shares of Cameco stock
Initial price:	$34.25
Protection amount:	$10.28, 30% of initial share price
Pricing date:	Nov. 6
Settlement date:	Nov. 9
Agent:	J.P. Morgan Securities Inc.
Agent fees:	405 basis points

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