New Issue: JPMorgan prices $2.55 million notes linked to S&P Composite 1500 Homebuilding index

By Laura Lutz

Des Moines, Jan. 10 - JPMorgan Chase & Co. priced a $2.55 million issue of 0% return enhanced notes due Jan. 14, 2009 linked to the S&P Composite 1500 Homebuilding index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus three times any positive return on the index, up to a maximum return of 48%. Investors will be fully exposed to any decline in the index.

J.P. Morgan Securities Inc. was agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced senior notes
Underlying index:	S&P Composite 1500 Homebuilding index
Amount:	$2.55 million
Maturity:	Jan. 14, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus three times any positive return on the index, capped at 48%; full exposure to any decline
Initial index level:	656.52
Pricing date:	Jan. 8
Settlement date:	Jan. 11
Placement agent:	J.P. Morgan Securities Inc.
Fees:	2.13%, includes 1.065% selling concession

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