New Issue: JPMorgan prices $40,000 buffered return enhanced notes linked to DJ-AIG Commodity

By Laura Lutz

Des Moines, April 27 - JPMorgan Chase & Co. priced a $40,000 issue of 0% buffered return enhanced notes due April 30, 2009 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 150% of any positive return on the index.

If the index declines by 10% or less, the payout will be par. Investors will lose 1% for each 1% that the index drops beyond 10%.

JPMorgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced senior unsecured notes
Underlying index:	Dow Jones - AIG Commodity
Amount:	$40,000
Maturity:	April 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain; par if the basket loses 10% or less; share in losses at 1% per 1% drop beyond 10%
Initial index level:	173.852
Pricing date:	April 25
Settlement date:	April 30
Agent:	J.P. Morgan Securities Inc.
Agent fees:	3.3%, including 2% for selling concessions

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