New Issue: JPMorgan prices $9.75 million dual directional notes linked to five currencies

By Angela McDaniels

Tacoma, Wash., June 27 - JPMorgan Chase & Co. priced $9.75 million of zero-coupon principal-protected dual directional notes due Dec. 31, 2010 linked to a basket of currencies, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes equal weights of the Brazilian real, Russian ruble, South Korean won, Chinese renminbi and Indian rupee.

If the basket appreciates relative to the dollar, the payout at maturity will be par plus 155% of the gain. If the basket depreciates relative to the dollar, the payout will be par plus 55% of the absolute value of the decline.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Principal-protected dual directional notes
Underlying currencies:	Brazilian real, Russian ruble, South Korean won, Chinese renminbi and Indian rupee, equally weighted
Amount:	$9,751,000
Maturity:	Dec. 31, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 1.55% for every 1% that the basket strengthens against the dollar; par plus 0.55% for every 1% that the basket weakens against the dollar
Pricing date:	June 25
Settlement date:	June 30
Agent:	J.P. Morgan Securities Inc.
Fees:	2.006%, including 0.2% for selling concessions

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