New Issue: JPMorgan prices $209,000 dual directional knock-out notes linked to S&P 500, Russell 2000

By Jennifer Chiou

New York, Feb. 28 - JPMorgan Chase & Co. priced $209,000 of zero-coupon principal-protected dual directional knock-out notes due Jan. 29, 2010 linked to the S&P 500 index and the Russell 2000 index, according to a 424B2 filing with the Securities and Exchange Commission.

If either index closes above or below its initial level by more than 20% during the life of the notes, the payout will be par plus 1.75%.

Otherwise, the payout will be a fixed amount of 125% of par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Principal-protected dual directional knock-out notes
Underlying indexes:	S&P 500, Russell 2000
Amount:	$209,000
Maturity:	Jan. 29, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	If either index ever closes above the upper knock-out level or below the lower knock-out level, par plus 1.75%; otherwise, par plus 25%
Initial index level:	1,381.29 for S&P 500; 717.32 for Russell 2000
Upper knock-out level:	1,657.548 for S&P 500; 860.784 for Russell 2000; 120% of initial level
Lower knock-out level:	1,105.032 for S&P 500; 573.856 for Russell 2000; 80% of initial level
Pricing date:	Feb. 26
Settlement date:	Feb. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	3.2%, including 1.5% for selling concessions

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