New Issue: JPMorgan prices $1.45 million buffered return enhanced notes linked to S&P 500

By Laura Lutz

Des Moines, Nov. 13 - JPMorgan Chase & Co. priced $1.45 million of 0% buffered return enhanced notes due May 14, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is at least the initial level, the payout at maturity will be par plus double any gain on the index, capped at a maximum payout of 120% of par.

If the index declines by up to 10%, the payout will be par. Investors will lose 1% for each 1% decline beyond 10%.

J.P. Morgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$1,452,000
Maturity:	May 14, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If final index level is at least initial index level, par plus double any index gain, capped at payout of 120% of par; par if index declines by up to 10%; investors lose 1% for each 1% decline beyond 10%
Initial index level:	1,474.77
Pricing date:	Nov. 8
Settlement date:	Nov. 14
Agent:	J.P. Morgan Securities Inc.
Fees:	2.46%, including 0.2% for selling concessions

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