New Issue: JPMorgan prices $4.19 million 0% buffered return enhanced notes linked to S&P 500

By Susanna Moon

Chicago, May 20 - JPMorgan Chase & Co. priced $4.19 million of 0% buffered return enhanced notes due June 4, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus double any index gain, up to a maximum return of 11.5%.

If the index falls by up to 10%, the payout will be par. Investors will lose 1.1111% 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 index
Amount:	$4.19 million
Maturity:	June 4, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 11.5% maximum return; if index falls by up to 10%, par; 1.1111% loss for each 1% decline beyond 10%
Initial index level:	1,397.84
Pricing date:	May 16
Settlement date:	May 21
Agent:	J.P. Morgan Securities Inc.
Fees:	1.3%, including 0.65% for selling concessions

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