New Issue: JPMorgan prices $92.93 million of buffered return enhanced notes linked to AIG index

By Laura Lutz

Indianapolis, Jan. 23 - JPMorgan Chase & Co. priced a $92.931 million issue of 0% buffered return enhanced notes due Jan. 30, 2008 linked to the Dow Jones - AIG Commodity index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 165% of any positive return on the basket up to a maximum return of 50%. Investors will lose 1% for each 1% that the index drops beyond 15%.

JPMorgan Securities Inc. will be the agent for the offering.

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced senior unsecured notes
Underlying index:	Dow Jones - AIG Commodity index
Amount:	$92.931 million
Maturity:	Jan. 30, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 165% of any index gain, capped at 50%; par if the basket loses up to 15%; share in losses at 1% per 1% drop beyond 15%
Initial index level:	811.17
Pricing date:	Jan. 19
Settlement date:	Jan. 25
Agent:	J.P. Morgan Securities Inc.
Fees:	0.9% for $92.388 million of the notes; no commission for remaining notes

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