New Issue: JPMorgan prices $10 million return enhanced notes linked to S&P 500

By Susanna Moon

Chicago, Jan. 28 - JPMorgan Chase & Co. priced $10 million of 0% return enhanced notes due April 29, 2008 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus triple any gain on the index, capped at a return of 9.9%.

Investors will be fully exposed to any decline in the index.

The ending index level will be the arithmetic average of the index's closing levels on April 18, April 21, April 22, April 23 and April 24 of 2008.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced notes
Underlying index:	S&P 500
Amount:	$10 million
Maturity:	April 29, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus triple any index gain, capped at 9.9% return; full exposure to any index decline
Initial index level:	1,352.07
Ending index level:	Arithmetic average of the index closing levels on April 18, April 21, April 22, April 23 and April 24 of 2008
Pricing date:	Jan. 24
Settlement date:	Jan. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	0.3%, including 0.15% for selling concessions

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