New Issue: JPMorgan prices $4.45 million return enhanced notes linked to S&P 500

By Jennifer Chiou

New York, Dec. 8 - JPMorgan Chase & Co. priced a $4.45 million issue of 0% return enhanced notes due Dec. 19, 2007 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 positive return on the index, up to a maximum return of 14.3%. Investors will be fully exposed to any decline in the index.

Issuer:	JPMorgan Chase & Co.
Issue:	Return enhanced senior notes
Underlying index:	S&P 500
Amount:	$4.45 million
Maturity:	Dec. 19, 2007
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any positive return on the index, capped at 14.3%; full exposure to any decline
Initial index level:	1,412.90
Pricing date:	Dec. 6
Settlement date:	Dec. 12
Agent:	J.P. Morgan Securities Inc.
Fees:	1.25%, including 0.625% for selling concessions

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