New Issue: JPMorgan prices $6.975 million 13% buffered return enhanced notes linked to Euro Stoxx 50

By Susanna Moon

Chicago, Aug. 7 - JPMorgan Chase & Co. priced $6.975 million of 0% buffered return enhanced notes due Aug. 15, 2008 linked to the Dow Jones Euro Stoxx 50 index, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, the notes pay par plus double any gain on the index, capped at 18.6% for the total maximum return.

If the index declines up to 10%, the payout will be par. Beyond a 10% loss, investors will lose 1.1111% for every 1% drop in the Euro Stoxx 50.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying index:	Dow Jones Euro Stoxx 50
Amount	$6.975 million
Maturity:	Aug. 15, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 18.6% for the total maximum return; if the index declines up to 10%, par; beyond a 10% decline, 1.1111% loss for every 1% drop in the index
Initial index level:	4,229.19
Ending index level:	The arithmetic average of the index close on Aug. 6, Aug. 7, Aug. 8, Aug. 11, and Aug. 12 of 2008
Pricing date:	Aug. 3
Settlement date:	Aug. 8
Agent:	J.P. Morgan Securities Inc.
Fees:	1.4%, including 0.7% for selling concessions

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