New Issue: JPMorgan prices $770,000 dual directional knock-out notes tied to S&P 500, Russell 2000

By Angela McDaniels

Tacoma, Wash., Feb. 28 - JPMorgan Chase & Co. priced $770,000 of zero-coupon principal-protected dual directional knock-out notes due Oct. 30, 2009 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event will occur if either index closes above or below its initial level by more than 18% during the life of the notes.

If a knock-out event has occurred, the payout at maturity will be par. If no knock-out event has occurred, the payout will be par plus 30%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Principal-protected dual directional basket knock-out notes
Underlying indexes:	S&P 500 and Russell 2000
Amount:	$770,000
Maturity:	Oct. 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If either index closes above its upper knock-out level or below its lower knock-out level during the life of the notes, par; otherwise, par plus 30%
Initial index levels:	1,381.29 for S&P 500 and 717.32 for Russell 2000
Upper knock-out levels:	1,629.9222 for S&P 500 and 846.4376 for Russell 2000; 118% of initial level
Lower knock-out levels:	1,132.6578 for S&P 500 and 588.2024 for Russell 2000; 82% of initial level
Pricing date:	Feb. 26
Settlement date:	Feb. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	4.1%, including 2% to 2.125% for selling concessions

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