New Issue: JPMorgan prices $1.67 million return enhanced notes linked to MSCI Brazil

By Susanna Moon

Chicago, Sept. 27 - JPMorgan Chase & Co. priced $1.67 million return enhanced notes due Oct. 31, 2008 linked to the iShares MSCI Brazil Index fund, according to a 424B2 filing with the Securities and Exchange Commission.

At maturity, the notes pay triple any gain on the index, capped at 35.52% for the total maximum return. Investors are fully exposed to any decline in the index.

Merrill Lynch & Co. is the underwriter.

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced notes
Underlying index:	iShares MSCI Brazil Index fund
Amount:	$1.67 million
Maturity:	Oct. 31, 2008
Price:	Par
Payout at maturity:	Triple the gain on the index, capped at 35.52% for the total maximum return; full exposure to any decline in the index
Initial index price:	$71.25 per share
Pricing date:	Sept. 25
Settlement date:	Sept. 28
Underwriter:	JPMorgan
Fees:	2.19%, including 1% for selling concessions

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