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April 2011 Pricing Sheet dated April 25, 2011 relating to Preliminary Terms No. 38 dated March 24, 2011 Registration Statement No. 333-155535 Filed pursuant to Rule 433 |
STRUCTURED INVESTMENTS
Opportunities in U.S. Equities
PLUS Based on the Value of the S&P 500® Index due May 24, 2012
Performance Leveraged Upside SecuritiesSM
PRICING TERMS APRIL 25, 2011 | |||
Issuer: | JPMorgan Chase & Co. | ||
Maturity date: | May 24, 2012, subject to adjustment for certain market disruption events and as described under Description of PLUS Payment at Maturity in the accompanying product supplement no. MS-1-A-III. | ||
Underlying index: | S&P 500® Index | ||
Aggregate principal amount: | $20,572,350 | ||
Payment at maturity: | If the final index value is greater than the initial index value, for each $10 principal amount PLUS, | ||
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If the final index value is less than or equal to the initial index value, for each $10 principal amount PLUS, | |||
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Leveraged upside payment: | $10 x leverage factor x index percent increase | ||
Index percent increase: | (final index value initial index value) / initial index value | ||
Initial index value: | 1335.25, the index closing value on the pricing date | ||
Final index value: | The index closing value on the valuation date | ||
Valuation date: | May 21, 2012, subject to adjustment for non-trading days or certain market disruption events and as described under Description of PLUS Payment at Maturity in the accompanying product supplement no. MS-1-A-III. | ||
Leverage factor: | 300% | ||
Index performance factor: | final index value / initial index value | ||
Maximum payment at maturity: | $11.30 (113% of the stated principal amount) per PLUS | ||
Stated principal amount: | $10 per PLUS | ||
Issue price: | $10 per PLUS (see Commissions and Issue Price below) | ||
Pricing date: | April 25, 2011 | ||
Original issue date: | April 28, 2011 (3 business days after the pricing date) | ||
CUSIP / ISIN: | 46634X286 / US46634X2861 | ||
Listing: | The PLUS will not be listed on any securities exchange. | ||
Agent: | J.P. Morgan Securities LLC (JPMS) |
Commissions and issue price: | Price to Public(1)(2) | Fees and Commissions(2)(3) | Proceeds to Issuer |
Per PLUS |
$10.00 | $0.20 | $9.80 |
Total |
$20,572,350 | $411,447 | $20,160,903 |
(1) |
The price to the public includes the estimated cost of hedging our obligations under the PLUS through one or more of our affiliates, which includes our affiliates expected cost of providing such hedge as well as the profit our affiliates expect to realize in consideration for assuming the risks inherent in providing such hedge. For additional related information, please see Use of Proceeds beginning on PS-14 of the accompanying product supplement no. MS-1-A-III. |
(2) |
The actual price to public and commissions for a particular investor may be reduced for volume purchase discounts depending on the aggregate amount of PLUS purchased by that investor. The lowest price payable by an investor is $9.925 per PLUS. Please see Syndicate Information on page 5 of the accompanying preliminary terms for further details. |
(3) |
JPMS, acting as agent for JPMorgan Chase & Co., received a commission of $0.20 per $10 stated principal amount PLUS and used all of that commission to allow selling concessions to Morgan Stanley Smith Barney LLC. See Underwriting beginning on page PS-40 of the accompanying product supplement no. MS-1-A-III. |
The agent for this offering, JPMS, is an affiliate of ours. See Supplemental Plan of Distribution (Conflicts of Interest) in the accompanying preliminary terms.
The PLUS are not bank deposits and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
YOU SHOULD READ THIS DOCUMENT TOGETHER WITH THE PRELIMINARY TERMS DESCRIBING THE OFFERING, RELATED PRODUCT SUPPLEMENT
NO. MS-1-A-III, PROSPECTUS
SUPPLEMENT AND PROSPECTUS, EACH OF WHICH CAN BE ACCESSED VIA THE HYPERLINKS BELOW.
Preliminary Terms No. 38 dated March 24, 2011:
http://www.sec.gov/Archives/edgar/data/19617/000089109211001924/e42762fwp.pdf
Product supplement no. MS-1-A-III dated January 29, 2009:
http://www.sec.gov/Archives/edgar/data/19617/000089109209000361/e34259_424b2.pdf
Prospectus supplement dated November 21, 2008:
http://www.sec.gov/Archives/edgar/data/19617/000089109208005661/e33600_424b2.pdf
Prospectus dated November 21, 2008:
http://www.sec.gov/Archives/edgar/data/19617/000089109208005658/e33655_424b2.pdf
The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in this offering will arrange to send you the prospectus if you request it by calling toll-free (800) 869-3326.
Standard & Poors®, S&P®, S&P 500® and Standard & Poors 500 are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by JPMorgan Chase & Co. The PLUS are not sponsored, endorsed, sold or promoted by The McGraw-Hill Companies, Inc., and The McGraw-Hill Companies, Inc. makes no representation regarding the advisability of investing in the PLUS.
Performance Leveraged Upside SecuritiesSM and PLUSSM are service marks of Morgan Stanley.