New Issue: JPMorgan sells $2.23 million buffered return enhanced notes on iShares MSCI EM

By Susanna Moon

Chicago, May 7 - JPMorgan Chase & Co. priced $2.23 million of 0% buffered return enhanced notes due Nov. 10, 2011 based on the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 1.5 times any fund gain, up to a maximum return of 24%.

Investors will receive par if the index falls by up to 15% and will lose 1% for each 1% decline beyond 15%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying fund:	iShares MSCI Emerging Markets index fund
Amount:	$2,226,000
Maturity:	Nov. 10, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any fund gain, capped at 24%; 1% loss per 1% drop beyond 15%
Initial price:	$39.60
Pricing date:	May 5
Settlement date:	May 10
Agent:	J.P. Morgan Securities Inc.
Fees:	2%
Cusip:	48124AMT1

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