New Issue: JPMorgan prices $4.08 million of lesser index notes linked to Nikkei 225, S&P 500

By Laura Lutz

Des Moines, Aug. 24 - JPMorgan Chase & Co. priced a $4,082,000 issue of lesser index principal-protected notes due Aug. 13, 2008 linked to the Nikkei 225 index and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, investors will receive par plus three times the lesser of the returns on the two indexes. The payout will be capped at 12%.

Investors will receive at least par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Lesser index principal-protected notes
Underlying indexes:	Nikkei 225, S&P 500
Amount:	$4,082,000
Maturity:	Aug. 13, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus three times the lesser of the returns on the two indexes, capped at 12% return, floor of par
Initial levels:	15,900.64 for Nikkei 225; 1,464.07 for S&P 500
Pricing date:	Aug. 22
Settlement date:	Aug. 27
Agent:	J.P. Morgan Securities Inc.
Fees:	0.75% total; part will be used for selling concessions

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