New Issue: JPMorgan prices $32 million return enhanced notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., July 15 - JPMorgan Chase & Co. priced $32 million of 0% return enhanced notes due Oct. 16, 2008 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any index gain, subject to a maximum payout of $1,099 per $1,000 principal amount. Investors will be fully exposed to any index decline.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced notes
Underlying index:	S&P 500
Amount:	$32 million
Maturity:	Oct. 16, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of any index gain, capped at maximum return of 9.9%; full exposure to any index decline
Initial index level:	1,239.49
Final index level:	Average of index's closing levels on the five trading days ending Oct. 13, 2008
Pricing date:	July 11
Settlement date:	July 16
Agent:	J.P. Morgan Securities Inc.
Fees:	0.4%, including 0.2% for selling concessions

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