New Issue: JPMorgan prices $150,000 return enhanced notes linked to PHLX Semiconductor Sector

By Jennifer Chiou

New York, July 3 - JPMorgan Chase & Co. priced a $150,000 issue of 0% return enhanced notes due Jan. 7, 2008 linked to the PHLX Semiconductor Sector index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes above its initial level, the payout at maturity will be par plus three times any positive index return, up to a maximum return on the notes of 13.95%. Investors will be fully exposed to any decline.

JPMorgan Securities Inc. is the agent.

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced notes
Underlying index:	PHLX Semiconductor Sector index
Amount:	$150,000
Maturity:	Jan. 7, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	If index performance is positive or zero, par plus three times any index gain, capped at 13.95%; full exposure to any decline
Initial index level:	501.16
Pricing date:	June 29
Settlement date:	July 5
Agent:	J.P. Morgan Securities Inc.
Fees:	0.93%, including 0.465% for selling concessions

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