New Issue: JPMorgan prices $17.77 million buffered return enhanced notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., July 28 - JPMorgan Chase & Co. priced $17.77 million of 0% buffered return enhanced notes due Jan. 28, 2010 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus 150% of any index gain, subject to a maximum return of 20.03%. Investors will receive par if the index declines by 15% or less and will lose 1% for every 1% decline 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:	$17,768,000
Maturity:	Jan. 28, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 150% of any index gain, capped at maximum return of 20.03%; par if index falls by 15% or less; 1% loss for every 1% decline beyond 15%.
Initial index level:	1,252.54
Pricing date:	July 24
Settlement date:	July 29
Agent:	J.P. Morgan Securities Inc.
Fees:	0.86%, including 0.1% for selling concessions

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