New Issue: JPMorgan prices $690,000 14.5% reverse exchangeables linked to Oracle

By Laura Lutz

Des Moines, Nov. 16 - JPMorgan Chase & Co. priced $690,000 of 14.5% annualized reverse exchangeable notes due May 20, 2008 linked to Oracle Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be paid monthly.

If Oracle stock falls below 75% of the initial share price during the life of the notes and finishes below the initial share price, the payout will be a number of Oracle 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:	Oracle Corp. (Nasdaq: ORCL)
Amount:	$690,000
Maturity:	May 20, 2008
Coupon:	14.5% annualized, payable monthly
Price:	Par
Payout at maturity:	Par if Oracle stock stays above $33.1585 during the life of the notes or finishes above the initial share price; otherwise, a number of shares equal to par divided by the initial price
Initial share price:	$39.01
Protection amount:	$33.1585, 75% of the initial share price
Pricing date:	Nov. 15
Settlement date:	Nov. 20
Agent:	J.P. Morgan Securities Inc.
Fees:	2.5%, including 1.9% for selling concessions

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