JPMorgan plans issue of annual review notes linked to Nikkei 225

By Angela McDaniels

Seattle, March 13 - JPMorgan Chase & Co. plans to price an issue of 0% annual review notes due April 17, 2009 linked to the Nikkei 225 Index, according to a 424B2 filing with the Securities and Exchange Commission.

The pricing date is expected to be on or about March 24.

The notes will be automatically called at increasing premiums if the index shows a positive return on the annual review dates. For each $1,000 principal amount, the redemption amount will be at least 13.5% if called on April 10, 2007, at least 27% if called on April 10, 2008 and at least 40.5% if called on April 10, 2009. The exact redemption amounts will be determined at pricing.

If the notes are not called, investors will receive par unless the index declines by more than 15%. Investors will lose 1.1765% of the principal amount for every 1% decline in the index beyond 15%.

J.P. Morgan Securities Inc. will be agent for the offering.

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