New Issue: JPMorgan prices $10.35 million 0% buffered return enhanced notes linked to Nikkei 225

By Jennifer Chiou

New York, Sept. 19 - JPMorgan Chase & Co. priced a $10.35 million issue of 0% buffered return enhanced notes due Sept. 26, 2007 linked to the Nikkei 225 index, according to a 424B2 filing with the Securities and Exchange Commission.

Noteholders will receive par plus twice any positive return on the index, up to a maximum payout of 20%.

If the ending index level declines by 10% or less, payout at maturity will be par. Holders will lose 1.1111% for each 1% decline beyond 10%.

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced senior notes
Underlying index:	Nikkei 225
Amount:	$10.35 million
Maturity:	Sept. 26, 2007
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus twice any positive return on the index, capped at 20%; par if the ending basket level declines by 10% or less; holders will lose 1.1111% for each 1% basket decline beyond 10%
Pricing date:	Sept. 15
Settlement date:	Sept. 20
Underwriter:	J.P. Morgan Securities Inc.

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