New Issue: JPMorgan prices $4.83 million dual directional knock-out notes tied to Russell 2000, S&P 500

By Angela McDaniels

Tacoma, Wash., Aug. 28 - JPMorgan Chase & Co. priced $4.83 million of zero-coupon principal-protected dual directional knock-out notes due April 30, 2009 linked to the Russell 2000 and S&P 500 indexes, according to a 424B2 filing with the Securities and Exchange Commission.

A knock-out event will occur if either index closes above its upper knock-out level or below its lower knock-out level during the life of the notes. For each index, the upper and lower knock-out levels are 12% above and below the initial level, respectively.

If a knock-out event occurs, the payout at maturity will be par. If no such event occurs, the payout will be par plus 8%.

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

Issuer:	JPMorgan Chase & Co.
Issue:	Principal-protected dual directional knock-out notes
Underlying indexes:	Russell 2000 and S&P 500
Amount:	$4.83 million
Maturity:	April 30, 2009
Coupon:	0%
Price:	Par
Payout at maturity:	Par if either index closes above its upper knock-out level or below its lower knock-out level during the life of the notes; otherwise, par plus 8%
Initial index levels:	723.51 for Russell 2000 and 1,271.51 for S&P 500
Upper knock-out levels:	810.33 for Russell 2000 and 1,424.09 for S&P 500; 112% of initial level
Lower knock-out levels:	636.69 for Russell 2000 and 1,118.93 for S&P 500; 88% of initial level
Pricing date:	Aug. 26
Settlement date:	Aug. 29
Agent:	J.P. Morgan Securities Inc.
Fees:	0.769%, including 0.2% for selling concessions

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