New Issue: JPMorgan prices $7.96 million dual directional buffered return enhanced notes tied to S&P 500

By Angela McDaniels

Tacoma, Wash., July 15 - JPMorgan Chase & Co. priced $7.96 million of 0% dual directional buffered return enhanced notes due July 30, 2009 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

The payout at maturity will be par plus double any index gain, subject to a maximum return of 14.14%. If the index declines by 10% or less, the payout will be par plus the absolute value of the index return. Investors will lose 1.1111% for each 1% decline beyond 10%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Dual directional buffered return enhanced notes
Underlying index:	S&P 500
Amount:	$7.96 million
Maturity:	July 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, capped at payout equal to 114.14% of par; if index falls by 10% or less, par plus the absolute value of the index return; 1.1111% loss for each 1% decline beyond 10%
Initial index level:	1,239.49
Pricing date:	July 11
Settlement date:	July 16
Agent:	J.P. Morgan Securities Inc.
Fees:	1.5%, including 0.75% for selling concessions

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