New Issue: JPMorgan prices $3 million 0% bearish return enhanced notes linked to EMC

By Jennifer Chiou

New York, Nov. 5 - JPMorgan Chase & Co. priced $3 million of 0% bearish return enhanced notes due Jan. 4, 2008 linked inversely to the stock of EMC Corp., according to a 424B2 filing with the Securities and Exchange Commission.

If the final price of EMC stock is less than the initial level, investors will receive four times the absolute value of the depreciation, capped at a 14.15% total return. Investors will share in losses determined according to gains in EMC stock.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Bearish return enhanced notes
Underlying stock:	EMC Corp. (NYSE: EMC)
Amount:	$3 million
Maturity:	Jan. 4, 2008
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus four times the absolute value of the price decline of EMC stock, capped at 14.15%; investors share in losses determined according to gains in the stock price
Initial price:	$24.53
Pricing date:	Nov. 1
Settlement date:	Nov. 6
Agent:	J.P. Morgan Securities Inc.
Fees:	1%, including 0.5% for selling concessions

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