New Issue: JPMorgan prices $3.25 million 0% buffered return enhanced notes linked to S&P 500

By Jennifer Chiou

New York, March 6 - JPMorgan Chase & Co. priced a $3.25 million issue of 0% buffered return enhanced notes due June 11, 2008 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any positive return on the index up to a maximum return of 13.2%. Investors will share in any losses beyond 10% at a rate of 1.1111% per 1% drop below 10%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced senior unsecured notes
Underlying index:	S&P 500
Amount:	$3.25 million
Maturity:	June 11, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 13.2%; par if the index loses up to 10%; share in losses at 1.1111% per 1% drop beyond 10%
Initial index level:	1,387.17
Pricing date:	March 2
Settlement date:	March 7
Agent:	J.P. Morgan Securities Inc.
Fees:	1.61%, including 0.805% for selling concessions

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