New Issue: JPMorgan prices $3.04 million buffered return enhanced notes linked to S&P 500

By E. Janene Geiss

Philadelphia, Sept. 25 - JPMorgan Chase & Co. priced $3.04 million of 0% buffered return enhanced notes due March 31, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus 1.5 times any index gain, up to a maximum return of 19.5%. Investors will receive par if the index falls by 15% or less and will lose 1% for every 1% the index declines beyond 15%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$3,036,000
Maturity:	March 31, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.5 times any index gain, capped at 19.5%; par if index falls by 15% or less; 1% loss for every 1% decline beyond 15%
Initial index level:	1,185.87
Pricing date:	Sept. 24
Settlement date:	Sept. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	1.6%, including 0.1% for selling concessions

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