New Issue: JPMorgan prices $283,000 dual directional notes linked to currencies basket

By E. Janene Geiss

Philadelphia, Sept. 29 - JPMorgan Chase & Co. priced $283,000 zero-coupon principal-protected dual directional notes due March 30, 2011 linked to a basket of five currencies, according to a 424B2 filing with the Securities and Exchange Commission.

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

If the final basket return is positive against the dollar, the payout at maturity will be par plus 125% of the gain. If the final basket return is negative, the payout will be par plus 25% 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 basket:	Equal weights (20%) of the Brazilian real, Russian ruble, South Korean won, Chinese renminbi and Indian rupee
Amount:	$283,000
Maturity:	March 30, 2011
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 125% of any basket gain against the dollar; par plus 25% of the absolute value of any basket decline against the dollar
Pricing date:	Sept. 25
Settlement date:	Sept. 30
Agent:	J.P. Morgan Securities Inc
Fees:	3.19%, including 2.25% for selling concessions

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