New Issue: JPMorgan prices $356,000 buffered dual directional return enhanced notes linked to S&P 500

By Jennifer Chiou

New York, May 13 - JPMorgan Chase & Co. priced $356,000 of zero-coupon buffered dual directional return enhanced notes due May 28, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the closing index level is greater than the initial level, investors will receive double the index gain, capped at 11%. If the final index level drops by up to 10%, investors will receive the absolute value of the index return. Investors will share in losses beyond 10% at a rate of 1.1111% per 1% decline beyond 10%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Buffered dual directional return enhanced notes
Underlying index:	S&P 500
Amount:	$356,000
Maturity:	May 28, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Double the index gain if the closing index level is greater than the initial level, capped at 11%; if the final index level drops by up to 10%, investors will receive the absolute value of the index return; investors will share in losses beyond 10% at a rate of 1.1111% per 1% decline beyond 10%
Initial level:	1,388.28
Pricing date:	May 9
Settlement date:	May 14
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%, including 0.75% for selling concessions

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