New Issue: JPMorgan prices $1.39 million dual directional notes linked to commodities basket

By Jennifer Chiou

New York, June 27 - JPMorgan Chase & Co. priced $1.39 million of zero-coupon principal-protected dual directional notes due June 28, 2013 linked to a basket of three commodities and three commodity indexes, according to a 424B2 filing with the Securities and Exchange Commission.

The basket includes West Texas Intermediate crude oil with a 25% weight, primary aluminum with a 15% weight, copper grade A with a 15% weight, the S&P GSCI Precious Metals Index Excess Return with a 15% weight, the S&P GSCI Livestock Index Excess Return with a 15% weight and the S&P GSCI Agriculture Index Excess Return with a 15% weight.

If the basket return is positive, the payout at maturity will be par plus 115% of the gain. If the basket return is negative, the payout will be par plus 30% 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:	West Texas Intermediate crude oil (25% weight), primary aluminum (15% weight), copper grade A (15% weight), S&P GSCI Precious Metals Index Excess Return (15% weight), S&P GSCI Livestock Index Excess Return (15% weight) and S&P GSCI Agriculture Index Excess Return (15% weight)
Amount:	$1,393,000
Maturity:	June 28, 2013
Coupon:	0%
Price:	Par
Payout at maturity:	Par plus 115% of any basket gain; par plus 30% of the absolute value of any basket decline
Pricing date:	June 25
Settlement date:	June 30
Agent:	J.P. Morgan Securities Inc
Fees:	2.7%, including 0.2% for selling concessions

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