New Issue: JPMorgan sells $4.46 million buffered return enhanced notes linked to S&P 500

By Angela McDaniels

Tacoma, Wash., Feb. 26 - JPMorgan Chase & Co. priced $4.46 million of 0% buffered return enhanced notes due Aug. 31, 2010 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 double any index gain, up to a maximum return of 34.1%. Investors will receive par if the index falls by up to 10% and will lose 1.1111% for every 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
Amount:	$4,458,000
Maturity:	Aug. 31, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 34.1%; par if index declines by 10% or less; 1.1111% loss for every 1% decline beyond 10%
Initial index level:	773.14
Pricing date:	Feb. 24
Settlement date:	Feb. 27
Agent:	J.P. Morgan Securities Inc.
Fees:	2%, including 1% for selling concessions

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