New Issue: JPMorgan prices $1.48 million dual directional knock-out notes tied to S&P MidCap 400 index

By E. Janene Geiss

Philadelphia, June 10 - JPMorgan Chase & Co. priced $1.48 million of zero-coupon principal-protected dual directional knock-out notes due Dec. 11, 2009 linked to the S&P Midcap 400 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index never closes by 26.25% above or below the initial level at any time during the life of the notes, the payout at maturity will be par plus the absolute value of the index return. Otherwise, the payout will be par.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Principal-protected dual directional knock-out notes
Underlying index:	S&P MidCap 400 index
Amount:	$1,475,000
Maturity:	Dec. 11, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	If the index never closes by 26.25% above or below the initial level, par plus the absolute value of the index return; otherwise, par
Initial index level:	873.75
Upper knock-out level:	1,103.10938, or 126.25% of initial level
Lower knock-out level:	644.39063, or 73.75% of initial level
Pricing date:	June 6
Settlement date:	June 11
Agent:	J.P. Morgan Securities Inc.
Fees:	0.94%

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