New Issue: JPMorgan prices $11.6 million return enhanced notes linked to PHLX Semiconductor Sector

By Laura Lutz

Des Moines, June 26 - JPMorgan Chase & Co. priced an $11.595 million issue of 0% return enhanced notes due Dec. 27, 2007 linked to the PHLX Semiconductor Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus three times any positive index return up to a maximum return on the notes of 14.1%. Investors will be fully exposed to any decline.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced notes
Underlying index:	PHLX Semiconductor Sector index
Amount:	$11.595 million
Maturity:	Dec. 27, 2007
Coupon:	0%
Price:	Par
Payout at maturity:	If index performance is positive or zero, par plus three times any index gain, capped at 14.1%; full exposure to any decline
Initial index level:	504.73
Pricing date:	June 22
Settlement date:	June 27
Agent:	J.P. Morgan Securities Inc.
Fees:	8.6%, including 0.43% for selling concessions

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