JPMorgan to price lesser index annual review notes linked to Euro Stoxx 50, Nikkei 225

By E. Janene Geiss

Philadelphia, Dec. 12 - JPMorgan Chase & Co. plans to price 0% lesser index annual review notes due Jan. 6, 2011 linked to the Dow Jones Euro Stoxx 50 and Nikkei 225 indexes, according to an FWP filing with the Securities and Exchange Commission.

The notes are expected to price Dec. 14 and settle Dec. 19.

The notes will be called at increasing premiums if both index levels are at least 90% of their initial levels on the first review date and at or above their initial index levels on the second or third annual review dates. The redemption amount will be par plus at least 17.8% if the notes are called on Jan. 2, 2009, par plus at least 35.6% if called on Jan. 4, 2010 and par plus at least 53.4% if called on Jan. 3, 2011. The exact call premiums will be determined at pricing.

If the notes are not called, the payout at maturity will be par unless one or both indexes decline by more than 10%. Investors will lose 1.1111% for every 1% decline in the lesser-performing index beyond 10%.

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

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