New Issue: JPMorgan prices $2.2 million buffered return enhanced notes linked to two indexes, ETF

By Angela McDaniels

Tacoma, Wash., Nov. 25 - JPMorgan Chase & Co. priced $2.2 million of 0% buffered return enhanced notes due May 26, 2010 linked to a basket of two indexes and an exchange-traded fund, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes the Russell 3000 index with a 65% weight, the MSCI EAFE index with a 25% weight and the iShares MSCI Emerging Markets index fund with a 10% weight.

The payout at maturity will be par plus double any basket gain, subject to a maximum return of 29.4%. Investors will receive par if the basket declines by up to 10% and will lose 1% for every 1% that the basket declines beyond 10%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying basket:	Russell 3000 index (65% weight), MSCI EAFE index (25% weight) and iShares MSCI Emerging Markets index fund (10% weigh)
Amount:	$2.2 million
Maturity:	May 26, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any basket gain, up to maximum return of 29.4%; par if basket falls by 10% or less; 1% loss for every 1% decline beyond 10%
Initial levels:	454.12 for Russell 3000; 1,044.23 for MSCI EAFE; $20.89 for iShares MSCI Emerging Markets
Pricing date:	Nov. 21
Settlement date:	Nov. 26
Agent:	J.P. Morgan Securities Inc.
Fees:	1.36%, including 0.1% for selling concessions

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