New Issue: JPMorgan prices $8.75 million buffered return enhanced notes linked to S&P 500

By Jennifer Chiou

New York, Sept. 26 - JPMorgan Chase & Co. priced an $8.75 million issue of 0% buffered return enhanced notes due March 30, 2009 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 double any index gain, subject to a maximum return of 20%. Investors will receive par if the index declines by 10% or less and will lose 1% for each 1% decline beyond 10%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$8.75 million
Maturity:	March 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 20% return; par if index falls by 10% or less; 1% loss for each 1% decline beyond 10%
Initial index level:	1,517.73
Pricing date:	Sept. 24
Settlement date:	Sept. 28
Agent:	J.P. Morgan Securities Inc.
Fees:	0.83%, including 0.10% for selling concessions

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