New Issue: JPMorgan prices $1.15 million 10% reverse exchangeables linked to Sears Holding

By Jennifer Chiou

New York, Oct. 30 - JPMorgan Chase & Co. priced a $1.15 million issue of 10% reverse exchangeable notes due Oct. 31, 2008 linked to Sears Holding Corp. common stock, according to a 424B2 filing with the Securities and Exchange Commission.

Interest is payable monthly.

If Sears Holding stock falls below 70% 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 Sears Holding shares equal to $1,000 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:	Sears Holding Corp. (Symbol: SHLD)
Amount:	$1.15 million
Maturity:	Oct. 31, 2008
Coupon:	10%, payable monthly
Price:	Par
Payout at maturity:	Par unless Sears Holding stock falls by $40.959 or more 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 $1,000 divided by the initial price
Initial share price:	$136.53
Protection amount:	$40.959, 30% of the initial share price
Pricing date:	Oct. 26
Settlement date:	Oct. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	5.05%, including 4.5% for selling concessions

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