Term sheet |
Term Sheet to |
Structured |
$ Return Notes Linked to an Equally Weighted Basket of 15 Reference Stocks due May 16, 2012 |
General
Key Terms
Basket: |
The Basket consists of 15 common stocks (each, a Reference Stock and collectively, the Reference Stocks). The issuers of the Reference Stocks and the Bloomberg ticker symbol, the relevant exchange on which each Reference Stock is listed and the Stock Weighting of each Reference Stock are set forth under The Basket on page TS-1 of this term sheet. |
Payment at Maturity: |
Payment at maturity will reflect the performance of the Basket, subject to the Basket Adjustment Factor. Accordingly, at maturity, you will receive an amount per $1,000 principal amount note calculated as follows: |
$1,000 x (1 + Basket Return) x Basket Adjustment Factor |
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Because the Basket Adjustment Factor is 99.60%, you will lose some or all of your investment at maturity if the Basket Return is less than approximately 0.402%. For more information on how the Basket Adjustment Factor can impact your payment at maturity, please see What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Basket? in this term sheet. | |
Basket Return: |
Ending Basket Level Starting
Basket Level |
Basket Adjustment Factor: |
99.60% |
Starting Basket Level: |
Set equal to 100 on the pricing date |
Ending Basket Level: |
The Basket Closing Level on the Observation Date |
Basket Closing Level: |
The Basket Closing Level will be calculated as follows: |
100 x [1 + sum of (Stock Return of
each Reference Stock x Stock Weighting of such Reference Stock)]
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Stock Return: | With respect to each Reference Stock, on any trading day: |
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Final
Share Price Initial Share Price |
Initial Share Price: |
With respect to each Reference Stock, the closing price of one share of such Reference Stock on the pricing date |
Final Share Price: |
With respect to each Reference Stock, on the Observation Date, the closing price of one share of such Reference Stock on such day times the Stock Adjustment Factor for such Reference Stock on such day |
Stock Adjustment Factor: |
With respect to each Reference Stock, 1.0 on the pricing date and subject to adjustment under certain circumstances. See Description of Notes Payment at Maturity and General Terms of Notes Anti-Dilution Adjustments in the accompanying product supplement no. 174-A-I for further information. |
Observation Date: |
May 11, 2012 |
Maturity Date: |
May 16, 2012 |
CUSIP: |
48125XNW2 |
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Subject to postponement in the event of a market disruption event and as described under Description of Notes Payment at Maturity in the accompanying product supplement no. 174-A-I |
Investing in the Return Notes involves a number of risks. See Risk Factors beginning on page PS-6 of the accompanying product supplement no. 174-A-I and Selected Risk Considerations beginning on page TS-3 of this term sheet.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of the notes or passed upon the accuracy or the adequacy of this term sheet or the accompanying prospectus supplement and prospectus. Any representation to the contrary is a criminal offense.
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Price to Public(1) |
Fees and Commissions(2) |
Proceeds to Us |
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Per note |
$ |
$ |
$ |
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Total |
$ |
$ |
$ |
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(1) |
The price to the public includes the estimated cost of hedging our obligations under the notes 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 page PS-16 of the accompanying product supplement no. 174-A-I. |
(2) |
Please see Supplemental Plan of Distribution in this term sheet for information about fees and commissions. |
The notes 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.
April 26, 2011
Additional Terms Specific to the Notes
JPMorgan Chase & Co. has filed a registration statement (including a prospectus) with the Securities and Exchange Commission, or SEC, for the offering to which this term sheet relates. Before you invest, you should read the prospectus in that registration statement and the other documents relating to this offering that JPMorgan Chase & Co. has filed with the SEC for more complete information about JPMorgan Chase & Co. and this offering. You may get these documents without cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, JPMorgan Chase & Co., any agent or any dealer participating in this offering will arrange to send you the prospectus, the prospectus supplement, product supplement no. 174-A-I and this term sheet if you so request by calling toll-free 866-535-9248.
You may revoke your offer to purchase the notes at any time prior to the time at which we accept such offer by notifying the applicable agent. We reserve the right to change the terms of, or reject any offer to purchase, the notes prior to their issuance. In the event of any changes to the terms of the notes, we will notify you and you will be asked to accept such changes in connection with your purchase. You may also choose to reject such changes in which case we may reject your offer to purchase.
You should read this term sheet together with the prospectus dated November 21, 2008, as supplemented by the prospectus supplement dated November 21, 2008 relating to our Series E medium-term notes of which these notes are a part, and the more detailed information contained in product supplement no. 174-A-I dated September 28, 2009. This term sheet, together with the documents listed below, contains the terms of the notes and supersedes all other prior or contemporaneous oral statements as well as any other written materials including preliminary or indicative pricing terms, correspondence, trade ideas, structures for implementation, sample structures, fact sheets, brochures or other educational materials of ours. You should carefully consider, among other things, the matters set forth in Risk Factors in the accompanying product supplement no. 174-A-I, as the notes involve risks not associated with conventional debt securities. We urge you to consult your investment, legal, tax, accounting and other advisers before you invest in the notes.
You may access these documents on the SEC website at www.sec.gov as follows (or if such address has changed, by reviewing our filings for the relevant date on the SEC website):
Product supplement no. 174-A-I dated September 28, 2009:
http://www.sec.gov/Archives/edgar/data/19617/000089109209003670/e36603_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
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this term sheet, the Company, we, us and our refer to JPMorgan Chase & Co.
The Basket
The issuers of the Reference Stocks and the Bloomberg ticker symbol, the relevant exchange on which each Reference Stock is listed and the Stock Weighting of each Reference Stock are set forth below:
Ticker Symbol |
Reference Stock Issuer |
Relevant Exchange |
Stock |
Initial |
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AGCO |
AGCO Corporation |
New York Stock |
1/15 |
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AKAM |
Akamai Technologies, Inc. |
The NASDAQ Stock |
1/15 |
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COG |
Cabot Oil & Gas Corporation |
NYSE |
1/15 |
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DOX |
Amdocs Limited |
NYSE |
1/15 |
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EQT |
EQT Corporation |
NYSE |
1/15 |
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HK |
Petrohawk Energy Corporation |
NYSE |
1/15 |
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MJN |
Mead Johnson Nutrition Company |
NYSE |
1/15 |
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MYL |
Mylan Inc. |
NASDAQ |
1/15 |
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NG |
NovaGold Resources Inc. |
NYSE Amex LLC |
1/15 |
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NLC |
Nalco Holding Company |
NYSE |
1/15 |
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PXD |
Pioneer Natural Resources Company |
NYSE |
1/15 |
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SPW |
SPX Corporation |
NYSE |
1/15 |
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STI |
SunTrust Banks, Inc. |
NYSE |
1/15 |
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UTHR |
United Therapeutics Corporation |
NASDAQ |
1/15 |
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WTS |
Watts Water Technologies, Inc. |
NYSE |
1/15 |
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*The Initial Share Price of each Reference Stock will be determined on the pricing date.
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JPMorgan
Structured Investments |
TS-1 |
What Is the Total Return on the Notes at Maturity, Assuming a Range of Performances for the Basket?
The following table and examples illustrate the hypothetical total return at maturity for each $1,000 principal amount note. The total return as used in this term sheet is the number, expressed as a percentage, that results from comparing the payment at maturity per $1,000 principal amount note to $1,000. The hypothetical total returns set forth below reflect the Basket Adjustment Factor of 99.60%. The hypothetical total returns set forth below are for illustrative purposes only and may not be the actual total returns at maturity applicable to a purchaser of the notes. The numbers appearing in the following table and examples have been rounded for ease of analysis.
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Ending Basket |
Basket Return |
Total Return |
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200.000 |
100.000% |
99.20% |
180.000 |
80.000% |
79.28% |
165.000 |
65.000% |
64.34% |
150.000 |
50.000% |
49.40% |
140.000 |
40.000% |
39.44% |
130.000 |
30.000% |
29.48% |
120.000 |
20.000% |
19.52% |
110.000 |
10.000% |
9.56% |
105.000 |
5.000% |
4.58% |
102.500 |
2.500% |
2.09% |
100.402 |
0.402% |
0.00% |
100.250 |
0.250% |
-0.15% |
100.000 |
0.000% |
-0.40% |
95.000 |
-5.000% |
-5.38% |
90.000 |
-10.000% |
-10.36% |
80.000 |
-20.000% |
-20.32% |
70.000 |
-30.000% |
-30.28% |
60.000 |
-40.000% |
-40.24% |
50.000 |
-50.000% |
-50.20% |
40.000 |
-60.000% |
-60.16% |
30.000 |
-70.000% |
-70.12% |
20.000 |
-80.000% |
-80.08% |
10.000 |
-90.000% |
-90.04% |
0.000 |
-100.000% |
-100.00% |
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Hypothetical Examples of Amounts Payable at Maturity
The following examples illustrate how the total returns set forth in the table above are calculated.
Example 1: The level of
the Basket increases from the Starting Basket Level of 100 to an Ending Basket
Level of 105.
Because the Ending Basket
Level of 105 is greater than the Starting Basket Level of 100, the investor
receives a payment at maturity of $1,045.80 per $1,000 principal amount note,
calculated as follows:
$1,000 x (1 + 5%) x 99.60% = $1,045.80
Example 2: The level of the Basket increases from the Starting Basket Level of 100 to an Ending Basket Level of 100.25. Although the Ending Basket Level of 100.25 is greater than the Starting Basket Level of 100, because of the adverse effect of the Basket Adjustment Factor, the investor receives a payment at maturity of $998.49 per $1,000 principal amount, calculated as follows:
$1,000 x (1 + 0.25%) x 99.60% = $998.49
Example 3: The level of the Basket decreases from the Starting Basket Level of 100 to an Ending Basket Level of 80. Because the Ending Basket Level of 80 is less than the Starting Basket Level of 100, the investor receives a payment at maturity of $796.80 per $1,000 principal amount note, calculated as follows:
$1,000 x (1 + (-20%)) x 99.60% = $796.80
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JPMorgan
Structured Investments |
TS-2 |
Selected Purchase Considerations
Selected Risk Considerations
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in the Reference Stocks. These risks are explained in more detail in the Risk Factors section of the accompanying product supplement no. 174-A-I dated September 28, 2009.
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JPMorgan
Structured Investments |
TS-3 |
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JPMorgan
Structured Investments |
TS-4 |
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JPMorgan
Structured Investments |
TS-5 |
The Reference Stocks
Public Information
All information contained herein on the Reference Stocks and on the Reference Stock issuers is derived from publicly available sources and is provided for informational purposes only. Companies with securities registered under the Securities Exchange Act of 1934, as amended, which we refer to as the Exchange Act, are required to periodically file certain financial and other information specified by the SEC. Information provided to or filed with the SEC by a Reference Stock issuer pursuant to the Exchange Act can be located by reference to the applicable SEC file number provided below and can be accessed through www.sec.gov. We do not make any representation that these publicly available documents are accurate or complete. See The Reference Stocks beginning on page PS-17 of the accompanying product supplement no. 174-A-I for more information.
Historical Information of the Reference Stocks and the Basket
Except as noted below, the graphs contained in this term sheet set forth the historical performance of the Reference Stocks based on the weekly closing prices (in U.S. dollars) of the Reference Stocks from January 6, 2006 through April 21, 2011. The New York Stock Exchange, the NASDAQ Stock Exchange and NYSE Amex LLC were closed on April 22, 2011 due to exchange holidays. The graph of the historical Basket performance is based on the weekly closing prices (in U.S. dollars) of the Reference Stocks from February 13, 2009 through April 21, 2011 and assumes the Basket Closing Level on February 13, 2009 was 100 and the Stock Weightings were as specified under The Basket in this term sheet. We obtained the closing prices and other market information in this term sheet from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Since the commencement of trading of each Reference Stock, the price of such Reference Stock has experienced significant fluctuations. The historical performance of each Reference Stock and the historical performance of the Basket should not be taken as an indication of future performance, and no assurance can be given as to the closing prices of each Reference Stock or the levels of the Basket during the term of the notes. We cannot give you assurance that the performance of the Reference Stocks will result in the return of any of your initial investment. We make no representation as to the amount of dividends, if any, that any Reference Stock issuer will pay in the future. In any event, as an investor in the notes, you will not be entitled to receive dividends, if any, that may be payable on any Reference Stock.
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JPMorgan
Structured Investments |
TS-6 |
AGCO Corporation (AGCO)
According to its publicly available filings with the SEC, AGCO is a manufacturer and distributor of agricultural equipment and related replacement parts. The common stock of AGCO, par value $0.01 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of AGCO in the accompanying product supplement no. 174-A-I. AGCOs SEC file number is 001-12930.
Historical Information Regarding the Common Stock of AGCO
The following graph sets forth the historical performance of the common stock of AGCO based on the weekly closing price (in U.S. dollars) of the common stock of AGCO from January 6, 2006 through April 21, 2011. The closing price of the common stock of AGCO on April 25, 2011 was $54.91. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Akamai Technologies, Inc. (Akamai)
According to its publicly available filings with the SEC, Akamai provides services for accelerating and improving the delivery of content and applications over the Internet, ranging from live and on-demand streaming video capabilities to conventional content on websites, to tools that help people transact business and reach out to new and existing customers. The common stock of Akamai, par value $0.01 per share, is listed on The NASDAQ Stock Market, which we refer to as the Relevant Exchange for purposes of Akamai in the accompanying product supplement no. 174-A-I. Akamais SEC file number is 000-27275.
Historical Information Regarding the Common Stock of Akamai
The following graph sets forth the historical performance of the common stock of Akamai based on the weekly closing price (in U.S. dollars) of the common stock of Akamai from January 6, 2006 through April 21, 2011. The closing price of the common stock of Akamai on April 25, 2011 was $40.68. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-7 |
Cabot Oil & Gas Corporation (Cabot)
According to its publicly available filings with the SEC, Cabot is an independent oil and gas company engaged in the development, exploitation and exploration of oil and gas properties located in the United States. The common stock of Cabot, par value $0.10 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Cabot in the accompanying product supplement no. 174-A-I. Cabots SEC file number is 001-10447.
Historical Information Regarding the Common Stock of Cabot
The following graph sets forth the historical performance of the common stock of Cabot based on the weekly closing price (in U.S. dollars) of the common stock of Cabot from January 6, 2006 through April 21, 2011. The closing price of the common stock of Cabot on April 25, 2011 was $54.58. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Amdocs Limited (Amdocs)
According to its publicly available filings with the SEC, Amdocs, a Guernsey company, provides customer management software and services to communications companies. The ordinary shares of Amdocs, par value £0.01 per share, which we refer to as the common stock of Amdocs, are listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Amdocs in the accompanying product supplement no. 174-A-I. Amdocs SEC file number is 001-14840.
Historical Information Regarding the Common Stock of Amdocs
The following graph sets forth the historical performance of the common stock of Amdocs based on the weekly closing price (in U.S. dollars) of the common stock of Amdocs from January 6, 2006 through April 21, 2011. The closing price of the common stock of Amdocs on April 25, 2011 was $30.67. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-8 |
EQT Corporation (EQT)
According to its publicly available filings with the SEC, EQT produces natural gas, provides gathering, transmission and storage services for its produced gas and to independent third parties in the Appalachian Basin and distributes and sells natural gas to residential, commercial and industrial customers in southwestern Pennsylvania, West Virginia and eastern Kentucky. The common stock of EQT, no par value, is listed on the New York Stock Exchange which we refer to as the Relevant Exchange for purposes of EQT in the accompanying product supplement no. 174-A-I. EQTs SEC file number is 001-03551.
Historical Information Regarding the Common Stock of EQT
The following graph sets forth the historical performance of the common stock of EQT based on the weekly closing price (in U.S. dollars) of the common stock of EQT from January 6, 2006 through April 21, 2011. The closing price of the common stock of EQT on April 25, 2011 was $47.04. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Petrohawk Energy Corporation (Petrohawk)
According to its publicly available filings with the SEC, Petrohawk is an oil and natural gas company engaged in the exploration, development and production of predominately natural gas properties in the United States. The common stock of Petrohawk, par value $0.001 per share, is listed on the New York Stock Exchange which we refer to as the Relevant Exchange for purposes of Petrohawk in the accompanying product supplement no. 174-A-I. Petrohawks SEC file number is 001-33334.
Historical Information Regarding the Common Stock of Petrohawk
The following graph sets forth the historical performance of the common stock of Petrohawk based on the weekly closing price (in U.S. dollars) of the common stock of Petrohawk from March 16, 2007 through April 21, 2011. The common stock of Petrohawk began trading on the New York Stock Exchange on March 16, 2007. The closing price of the common stock of Petrohawk on April 25, 2011 was $26.72. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-9 |
Mead Johnson Nutrition Company (Mead Johnson)
According to its publicly available filings with the SEC, Mead Johnson is a global producer of pediatric nutrition products. The common stock of Mead Johnson, par value $0.01 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Mead Johnson in the accompanying product supplement no. 174-A-I. Mead Johnsons file number is 001-34251.
Historical Information Regarding the Common Stock of Mead Johnson
The following graph sets forth the historical performance of the common stock of Mead Johnson based on the weekly closing price (in U.S. dollars) of the common stock of Mead Johnson from February 13, 2009 through April 21, 2011. The closing price of the common stock of Mead Johnson on April 25, 2011 was $61.28. The common stock of Mead Johnson began trading on the New York Stock Exchange on February 13, 2009. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Mylan Inc. (Mylan)
According to its publicly available filings with the SEC, Mylan, is an international pharmaceutical company that develops, licenses, manufactures, markets and distributes generic and branded generic pharmaceuticals, specialty pharmaceuticals and active pharmaceutical ingredients. The common stock of Mylan, par value $0.50 per share, is listed on The NASDAQ Stock Market, which we refer to as the Relevant Exchange for purposes of Mylan in the accompanying product supplement no. 174-A-I. Mylans SEC file number is 001-09114.
Historical Information Regarding the Common Stock of Mylan
The following graph sets forth the historical performance of the common stock of Mylan based on the weekly closing price (in U.S. dollars) of the common stock of Mylan from January 2, 2009 through April 21, 2011. The closing price of the common stock of Mylan on April 25, 2011 was $25.02. The common stock of Mylan began trading on The NASDAQ Stock Market on January 2, 2009. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-10 |
NovaGold Resources Inc. (NovaGold)
According to its publicly available filings with the SEC, NovaGold, a Canadian company, is a precious metals company that engages in the exploration and development of mineral resource properties primarily in Alaska and British Columbia. The common shares of NovaGold, no par value, which we refer to as the common stock of NovaGold, are listed on the NYSE Amex LLC, which we refer to as the Relevant Exchange for purposes of NovaGold in the accompanying product supplement no. 174-A-I. NovaGolds SEC file number is 001-31913.
Historical Information Regarding the Common Stock of NovaGold
The following graph sets forth the historical performance of the common stock of NovaGold based on the weekly closing price (in U.S. dollars) of the common stock of NovaGold from January 6, 2006 through April 21, 2011. The closing price of the common stock of NovaGold on April 25, 2011 was $12.91. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Nalco Holding Company (Nalco)
According to its publicly available filings with the SEC, Nalco produces water, air, energy and process technologies. The common stock of Nalco, par value $0.01 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Nalco in the accompanying product supplement no. 174-A-I. Nalcos SEC file number is 001-32342.
Historical Information Regarding the Common Stock of Nalco
The following graph sets forth the historical performance of the common stock of Nalco based on the weekly closing price (in U.S. dollars) of the common stock of Nalco from January 6, 2006 through April 21, 2011. The closing price of the common stock of Nalco on April 25, 2011 was $27.84. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-11 |
Pioneer Natural Resources Company (Pioneer)
According to its publicly available filings with the SEC, Pioneer is an oil and gas exploration company with current operations in the United States and South Africa. The common stock of Pioneer, par value $0.01 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Pioneer in the accompanying product supplement no. 174-A-I. Pioneers SEC file number is 001-13245.
Historical Information Regarding the Common Stock of Pioneer
The following graph sets forth the historical performance of the common stock of Pioneer based on the weekly closing price (in U.S. dollars) of the common stock of Pioneer from January 6, 2006 through April 21, 2011. The closing price of the common stock of Pioneer on April 25, 2011 was $100.37. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
SPX Corporation (SPX)
According to its publicly available filings with the SEC, SPX is an international manufacturer of specialized engineering solutions, including infrastructure, process equipment and diagnostic tools, for the electricity, processed food and beverages and vehicle service markets. The common stock of SPX, par value $10.00 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of SPX in the accompanying product supplement no. 174-A-I. SPXs file number is 001-06948.
Historical Information Regarding the Common Stock of SPX
The following graph sets forth the historical performance of the common stock of SPX based on the weekly closing price (in U.S. dollars) of the common stock of SPX from January 6, 2006 through April 21, 2011. The closing price of the common stock of SPX on April 25, 2011 was $82.45. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-12 |
SunTrust Banks, Inc. (SunTrust)
According to its publicly available filings with the SEC, SunTrust is a financial services holding company that provides financial services to consumer and corporate clients. The common stock of SunTrust, par value $1.00 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of SunTrust in the accompanying product supplement no. 174-A-I. SunTrusts SEC file number is 001-08918.
Historical Information Regarding the Common Stock of SunTrust
The following graph sets forth the historical performance of the common stock of SunTrust based on the weekly closing price (in U.S. dollars) of the common stock of SunTrust from January 6, 2006 through April 21, 2011. The closing price of the common stock of SunTrust on April 25, 2011 was $27.70. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
United Therapeutics Corporation (United Therapeutics)
According to its publicly available filings with the SEC, United Therapeutics is a biotechnology company focused on the development and commercialization of products to address the medical needs of patients with chronic and life-threatening conditions. The common stock of United Therapeutics, par value $0.01, is listed on The NASDAQ Stock Market, which we refer to as the Relevant Exchange for purposes of United Therapeutics in the accompanying product supplement no. 174-A-I. United Therapeutics SEC file number is 000-26301.
Historical Information Regarding the Common Stock of United Therapeutics
The following graph sets forth the historical performance of the common stock of United Therapeutics is based on the weekly closing price (in U.S. dollars) of the common stock of United Therapeutics from January 6, 2006 through April 21, 2011. The closing price of the common stock of United Therapeutics on April 25, 2011 was $70.00. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
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JPMorgan
Structured Investments |
TS-13 |
Watts Water Technologies, Inc. (Watts)
According to its publicly available filings with the SEC, Watts is global manufacturer of products and systems focused on the control, conservation and quality of water. The class A common stock of Watts, par value $0.10 per share, which we refer to as the common stock of Watts, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Watts in the accompanying product supplement no. 174-A-I. Watts SEC file number is 001-11499.
Historical Information Regarding the Common Stock of Watts
The following graph sets forth the historical performance of the common stock of Watts based on the weekly closing price (in U.S. dollars) of the common stock of Watts from January 6, 2006 through April 21, 2011. The closing price of the common stock of Watts on April 25, 2011 was $37.90. We obtained the closing prices and other information below from Bloomberg Financial Markets, without independent verification. The closing prices and this other information may be adjusted by Bloomberg Financial Markets for corporate actions such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy. We make no representation or warranty as to the accuracy or completeness of the information obtained from Bloomberg Financial Markets.
Historical Information Regarding the Basket
The following graph sets forth the historical performance of the Basket based on the weekly Basket Closing Level from February 13, 2009 through April 21, 2011. The following graph assumes the Basket Closing Level on February 13, 2009 was 100 and the Stock Weightings were as specified under The Basket in this term sheet.
Supplemental Plan of Distribution
JPMS, acting as agent for JPMorgan Chase & Co., will receive a commission that will depend on market conditions on the pricing date. In no event will that commission exceed $10.00 per $1,000 principal amount note. See Plan of Distribution (Conflicts of Interest) beginning on page PS-32 of the accompanying product supplement no. 174-A-I.
For a different portion of the notes to be sold in this offering, an affiliated bank will receive a fee and another affiliate of ours will receive a structuring and development fee. In no event will the total amount of these fees exceed $10.00 per $1,000 principal amount note.
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JPMorgan
Structured Investments |
TS-14 |