New Issue: JPMorgan sells $5.09 million dual directional buffered return enhanced notes tied to S&P 500

By Angela McDaniels

Tacoma, Wash., March 4 - JPMorgan Chase & Co. priced $5.09 million of 0% dual directional buffered return enhanced notes due April 7, 2010 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 20.4%. Investors will receive par plus the absolute value of the index return if the index declines by 10% or less and will lose 1% for every 1% that the index declines 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:	$5,086,000
Maturity:	April 7, 2010
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus double any index gain, up to maximum return of 20.4%; par plus absolute value of index return if index falls by 10% or less; 1% loss for every 1% index decline beyond 10%
Initial index level:	700.82
Pricing date:	March 2
Settlement date:	March 5
Agent:	J.P. Morgan Securities Inc.
Fees:	1.25%,including 0.1% for selling concessions

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