New Issue: JPMorgan prices $1 million knock-out notes linked to S&P 500

By Jennifer Chiou

New York, May 28 - JPMorgan Chase & Co. priced $1 million of principal-protected dual directional knock-out notes due March 31, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes more than 11.25% above or below the initial level at any time during the life of the notes, the payout at maturity will be 111.25% of par.

Otherwise, the payout will be par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Principal-protected dual directional knock-out notes
Underlying index:	S&P 500
Amount:	$1 million
Maturity:	March 31, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If index never closes 11.25% above or below initial level at any time during life of notes, 111.25% of par; otherwise, par
Initial level:	1,385.35
Lower knock-out level:	1,229.4981, 88.75% of initial level
Upper knock-out level:	1,541.2019, 111.25% of initial level
Pricing date:	May 27
Settlement date:	May 30
Underwriter:	J.P. Morgan Securities Inc.
Fees:	1.75%, including 1% for selling concessions

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