New Issue: JPMorgan prices $184,000 knock-out notes linked to three indexes

By Angela McDaniels

Tacoma, Wash., Feb. 28 - JPMorgan Chase & Co. priced $184,000 of 0% knock-out notes due Feb. 28, 2011 linked to a basket of indexes, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the S&P 500, Nikkei 225 and Dow Jones Euro Stoxx 50 indexes.

A knock-out event will occur if any index falls by more than 40% during the life of the notes.

If a knock-out event has occurred, the payout at maturity will be par plus the basket return. If no knock-out event has occurred, the payout will be par plus the basket return, subject to a minimum payout of 120% of par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Index basket knock-out notes
Underlying indexes:	S&P 500, Nikkei 225 and Dow Jones Euro Stoxx 50, equally weighted
Amount:	$184,000
Maturity:	Feb. 28, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	If any index has fallen by more than 40% during life of notes, par plus basket return; otherwise, par plus greater of the basket return and 20%
Initial index levels:	1,381.29 for S&P 500; 13,824.72 for Nikkei; 3,855.03 for Euro Stoxx
Pricing date:	Feb. 26
Settlement date:	Feb. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	3.6%, including 2% to 2.125% for selling concessions

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