New Issue: JPMorgan prices $20,000 0% notes linked to S&P 500

By Jennifer Chiou

New York, Aug. 31 - JPMorgan Chase & Co. priced $20,000 0% semi-annual review notes linked to the S&P 500 index, according to a 424B3 filing with the Securities and Exchange Commission.

The notes will be automatically called at increasing premiums if the index is showing a positive return on the semi-annual review dates beginning March 5, 2007. If the notes are not called, investors will participate in any index decline.

Issuer:	JPMorgan Chase & Co.
Issue:	Semi-annual review senior notes
Underlying index:	S&P 500
Amount:	$20,000
Maturity:	Sept. 12, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	If notes are not called, investors participate in any index decline
Call:	12% if called on first review date of March 5, 2007, 16% if called on second review date of Sept. 10, 2007, 20% if called on third review date of March 11, 2008, 23% if called on fourth review date of Sept. 9, 2008; notes automatically called if index shows gain on review date
Pricing date:	Aug. 26
Settlement date:	Aug. 31
Underwriter:	JPMorgan

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