New Issue: JPMorgan prices $1.62 million notes linked to iShares MSCI Emerging Markets

By Jennifer Chiou

New York, Nov. 14 - JPMorgan Chase & Co. priced $1.62 million of 0% buffered return enhanced notes due Dec. 15, 2008 linked to the iShares MSCI Emerging Markets index fund, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par plus double any index gain, capped at a maximum return of 24.6%. If the index falls by up to 15%, the payout will be par. Beyond a 15% drop, investors will lose 1% for every 1% drop in the index.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered return enhanced notes
Underlying index:	iShares MSCI Emerging Markets index fund
Amount:	$1,621,000
Maturity:	Dec. 15, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at 24.6% maximum return; par if index falls by 15% or less; 1% loss for each 1% index drop beyond 15%
Initial level:	$153.60
Pricing date:	Nov. 9
Settlement date:	Nov. 15
Agent:	J.P. Morgan Securities Inc.
Fees:	1.66%, including 0.1% for selling concessions

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