New Issue: JPMorgan prices $1.911 million lesser index notes linked to Nikkei 225, S&P 500

By Jennifer Chiou

New York, May 16 - JPMorgan Chase & Co. priced a $1.911 million issue of 0% lesser index principal-protected notes due May 12, 2008 linked to the Nikkei 225 and S&P 500 indexes, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple the lesser of the returns on the two indexes, subject to a maximum return of 13.2%. Investors will receive at least par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Lesser index principal-protected notes
Underlying indexes:	Nikkei 225, S&P 500
Amount:	$1.911 million
Maturity:	May 12, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple the lesser of the index returns, capped at 13.2%; floor of par
Initial index levels:	17,512.98 for Nikkei 225; 1,501.19 for S&P 500
Pricing date:	May 15
Settlement date:	May 18
Agent:	J.P. Morgan Securities Inc.
Fees:	0.66%, including 0.1% for selling concessions

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