New Issue: JPMorgan prices $4.8 million buffered return enhanced notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Jan. 29 - JPMorgan Chase & Co. priced $4.8 million of 0% buffered return enhanced notes due Feb. 27, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the final index level is greater than the initial index level, the payout at maturity will be par plus 1.5% for each 1% index gain, subject to a maximum return of 19.155%. Investors will receive par if the index declines by 7% or less and will lose 1% for each 1% decline beyond 7%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$4,797,000
Maturity:	Feb. 27, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain, capped at maximum return of 19.155%; par if index falls by 7% or less; 1% loss for each 1% decline beyond 7%
Initial index level:	1,353.97
Pricing date:	Jan. 28
Settlement date:	Jan. 31
Agent:	J.P. Morgan Securities Inc.
Fees:	1.08%, including 0.1% for selling concessions

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