New Issue: JPMorgan prices $4.5 million return enhanced notes linked to Oil Service Holdrs

By Angela McDaniels

Tacoma, Wash., Jan. 28 - JPMorgan Chase & Co. priced $4.5 million of 0% return enhanced notes due July 30, 2010 linked to the depositary receipts of the Oil Service Holdrs trust, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any gain in the depositary receipt price, subject to a maximum return of 18.24%. Investors will be exposed to any decline.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced notes
Underlying securities:	Oil Service Holdrs trust depositary receipts
Amount:	$4.5 million
Maturity:	July 30, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 300% of any gain, capped at 18.24%; exposure to any decline
Initial price:	$122.61
Final price:	Average of depositary receipts' closing prices on the five trading days ending July 27, 2010
Pricing date:	Jan. 26
Settlement date:	Jan. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	0.5%
Cusip:	48124AFS1

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