Term
sheet
To
prospectus dated December 1, 2005,
prospectus supplement dated October 12, 2006 and product supplement no. 126-I dated March 13, 2008 |
Term
Sheet to
Product
Supplement No. 126-I
Registration
Statement No. 333-130051
Dated
March 14, 2008; Rule 433
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Structured
Investments |
JPMorgan
Chase & Co.
$ 3.50% (equivalent to 14.00% per annum) Resetting Reverse Exchangeable Notes due June 30, 2008 Linked
to the Common Stock of Research In Motion
Limited
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·
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The
notes are
designed for investors who seek a higher interest rate than the
current
dividend yield on the Reference Stock or the yield on a conventional
debt
security with the same maturity issued by us or an issuer with
a
comparable credit rating. Investors should be willing to forgo
the
potential to participate in appreciation in the Reference Stock,
be
willing to accept the risks of owning equities in general and the
common
stock of Research In Motion Limited, in particular, and be willing
to lose
some or all of their principal at maturity.
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· |
The
notes
will pay 3.50% (equivalent to 14.00% per annum) interest over the
term of
the notes. However,
the
notes do not guarantee any return of principal at
maturity.
Instead,
the payment at maturity will be based on the Final Share Price
of the
Reference Stock and whether the closing price of the Reference
Stock has
declined from the Initial Share Price by more than the Protection
Amount
during the Monitoring Period, as described below.
The Initial
Share Price may be reduced by at least 30% if the closing price
of the
Reference Stock falls below 70% of the Initial Share Price on any
trading
day during the first thirty (30) calendar days of the notes, as
described
below.
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·
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Senior
unsecured obligations of JPMorgan Chase & Co. maturing June 30,
2008*.
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·
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Payment
at
maturity for each $1,000 principal amount note will be either a
cash
payment of $1,000 or delivery of shares of the Reference Stock
(or, at our
election, the Cash Value thereof), in each case, together with
any accrued
and unpaid interest, as described
below.
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·
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Minimum
denominations of $1,000 and integral multiples
thereof.
|
Reference
Stock:
|
The
common
stock, no par value, of Research In Motion Limited (The NASDAQ
Stock
Market symbol “RIMM”). We refer to Research In Motion Limited as
“RIM.”
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|
Interest
Rate:
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3.50%
(equivalent to 14.00% per annum),
paid
monthly and calculated on a 30/360 basis.
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Protection
Amount:
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An
amount
that represents at least 30.00%
of the Initial Share Price, subject to adjustments. See
“Initial
Share Price” below.
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Maturity
Date:
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June
30,
2008*
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Pricing
Date:
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On
or about
March 26, 2008
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|
Settlement
Date:
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On
or about
March 31, 2008
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Observation
Date:
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June
25,
2008*
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CUSIP:
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48123MB27
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Interest
Payment Dates
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Interest
on
the notes will be payable monthly in arrears on the last calendar
day of
each month (each such date, an “Interest Payment Date”), commencing April
30, 2008, to and including the Interest Payment Date corresponding
to the
Maturity Date. See “Selected Purchase Considerations — Monthly Interest
Payments” in this term sheet for more information.
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Payment
at
Maturity:
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The
payment
at maturity, in excess of any accrued and unpaid interest, is
based on the
performance of the Reference Stock. You will receive $1,000 for
each
$1,000 principal amount note, plus any accrued and unpaid interest
at
maturity, unless:
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(1)
|
the
Final
Share Price is less than the Initial Share Price (as adjusted,
if
applicable, after a Reset Event has occurred); and
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(2)
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on
any
trading day during the Monitoring Period, the closing price of
the
Reference Stock has declined, as compared to the Initial Share
Price, by
more than the Protection Amount (as adjusted, if applicable,
after a Reset
Event has occurred).
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If
the
conditions described in both (1) and (2) are satisfied, at maturity
you
will receive, in addition to any accrued and unpaid interest,
instead of
the principal amount of your notes, the number of shares of the
Reference
Stock equal to the Physical Delivery Amount (as adjusted, if
applicable,
after a Reset Event has occurred) or, at our election, the Cash
Value
thereof. Fractional shares will be paid in cash. The
market value of the Physical Delivery Amount or the Cash Value
thereof
will most likely be substantially less than the principal amount
of your
notes, and may be zero.
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Initial
Share
Price:
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On
any
trading day, the Initial Share Price is equal to:
(1)
if a
Reset Event has not occurred on any previous trading day, the
closing
price of the Reference Stock on the Pricing Date; or
(2)
if a
Reset Event has occurred on any previous trading day, the closing
price of
the Reference Stock on the Pricing Date minus
the
Reset
Trigger Amount on the Pricing Date,
in
each case
divided by the Stock Adjustment Factor, which will be set initially
to
equal 1.0 on the Pricing Date. For the avoidance of doubt, if
a Reset
Event has occurred, the Initial Share Price on each trading day
after
the Reset
Event occurs will be calculated according to clause (2) above.
The Stock
Adjustment Factor (and, therefore, the Initial Share Price, the
Protection
Amount, the Reset Trigger Amount, the Physical Delivery Amount
and the
Cash Value) is subject to adjustments in certain circumstances.
See
“Description of Notes — Payment at Maturity” and “General Terms of Notes —
Anti-Dilution Adjustments” in the accompanying product supplement no.
126-I for further information about these adjustments.
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Reset
Event:
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A
Reset Event
occurs if, on any trading day during the Reset Observation Period,
the
closing price of the Reference Stock has declined, as compared
to the
Initial Share Price, by more than the Reset Trigger Amount.
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Reset
Observation Period:
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The
period
from the Pricing Date to and including the earlier of (i) the
trading day
on which a Reset Event occurs and (ii) the Final Reset Observation
Date.
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Final
Reset
Observation Date:
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April
25,
2008
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Reset
Trigger
Amount:
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An
amount
that represents at least 30.00%
of the Initial Share Price prior to a Reset Event, subject to
adjustments.
See
“Initial
Share Price” above.
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Monitoring
Period:
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The
period
from the trading day immediately after the final trading day
of the Reset
Observation Period to and including the Observation Date.
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Physical
Delivery Amount:
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The
number of
shares of the Reference Stock, per $1,000 principal amount note,
equal to
$1,000 divided by the Initial Share Price, subject to adjustments.
See
“Initial Share Price” above.
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Cash
Value:
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The
amount in
cash equal to the product of (1) $1,000 divided by the Initial
Share Price
and (2) the Final Share Price, subject to adjustments. See “Initial Share
Price” above.
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Final
Share
Price:
|
The
closing
price of the Reference Stock on the Observation
Date.
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* |
Subject
to
postponement in the event of a market disruption event and
as described
under “Description of Notes — Payment at Maturity” in the accompanying
product supplement no. 126-I.
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Price
to Public
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Fees
and Commissions (1)
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Proceeds
to Us
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|
Per
note
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$
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$
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$
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Total
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$
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$
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$
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(1) |
If
the notes
priced today, J.P. Morgan Securities Inc., which we refer to
as JPMSI,
acting as agent for JPMorgan Chase & Co., would receive a commission
of approximately $30.00 per $1,000 principal amount note and
would use a
portion of that commission to allow selling concessions to
other dealers
of approximately $21.25 per $1,000 principal amount note. The
concessions
of approximately $21.25 include concessions to be allowed to
selling
dealers and concessions to be allowed to an arranging dealer.
The actual
commission received by JPMSI may be more or less than $30.00
and will
depend on market conditions on the Pricing Date. In no event
will the
commission received by JPMSI, which includes concessions to
be paid to
other dealers, exceed $60.00 per $1,000 principal amount note.
See
“Underwriting” beginning on page PS-36 of the accompanying product
supplement no. 126-I.
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Product
supplement no. 126-I dated March 13,
2008:
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· |
Prospectus
supplement dated October 12, 2006:
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· |
Prospectus
dated December 1, 2005:
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THE
NOTES OFFER A HIGHER INTEREST RATE THAN THE YIELD ON DEBT SECURITIES
OF
COMPARABLE MATURITY ISSUED BY US OR AN ISSUER WITH A COMPARABLE
CREDIT
RATING —
The
notes
will pay 3.50% (equivalent to 14.00% per annum) over the term
of the
notes, which we believe is higher than the yield received on
debt
securities of comparable maturity issued by us or an issuer
with a
comparable credit rating. Because the notes are our senior
unsecured
obligations, any interest payment or any payment at maturity
is subject to
our ability to pay our obligations as they become
due.
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MONTHLY
INTEREST PAYMENTS —
The notes offer monthly interest payments at a rate of 3.50%
(equivalent
to 14.00% per annum) interest over the term of the notes. Interest
will be
payable monthly in arrears on the last
calendar day of each month (each such date, an “Interest Payment Date”),
commencing April 30, 2008, to and including the Interest Payment
Date
corresponding to the Maturity Date, to the holders of record
at the close
of business on the date 15 calendar days prior to the applicable
Interest
Payment Date. If an Interest Payment Date is not a business
day, payment
will be made on the next business day immediately following
such day, but
no additional interest will accrue as a result of the delayed
payment.
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ONE-TIME
PROTECTION AGAINST SOME DOWNSIDE IN THE PRICE OF THE REFERENCE
STOCK
DURING THE 30-DAY RESET OBSERVATION PERIOD FOLLOWING THE PRICING
DATE
—
You may benefit from the one-time “reset” feature of the notes. Your
payment at maturity is partially determined by comparing the
Final Share
Price to the Initial Share Price. The Initial Share Price will
be reduced
to a level equal to, at a minimum, 70% of the Initial Share
Price (prior
to a Reset Event) if the closing price of the Reference Stock
falls below
70% of the Initial Share Price (prior to a Reset Event) on
any trading day
during the 30-day Reset Observation Period. Accordingly, the
Initial Share
Price and, therefore, your payment at maturity will be protected
against
the first 30% of any decline in the price of the Reference
Stock in excess
of 30% during this initial 30-day period. The Initial Share
Price may only
be reset once during the 30-day Reset Observation Period. For
additional
information see “Selected Risk Considerations- The Initial Share Price May
Only Be Reset Once During the 30-Day Reset Observation Period” in this
term sheet.
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POTENTIAL
FOR A RETURN ON THE NOTES OF PRINCIPAL PLUS ACCRUED INTEREST
EVEN IF THE
FINAL SHARE PRICE IS BELOW THE CLOSING PRICE OF THE REFERENCE
STOCK ON THE
PRICING DATE —
If a Reset Event occurs, the Initial Share Price will be reduced
to, at a
minimum, 70% of the closing price of the Reference Stock on
the Pricing
Date. Accordingly, under these circumstances, for each $1,000
principal
amount note, you would receive $1,000 at maturity plus any
accrued and
unpaid interest even if the Final Share Price reflects a decline
of up to
30% as compared to the closing price of the Reference Stock
on the Pricing
Date.
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THE
NOTES DO NOT GUARANTEE THE RETURN OF YOUR PRINCIPAL —
Your
return
of principal at maturity is protected so long as the Final
Share Price
does not decline from the Initial Share Price (as adjusted,
if applicable,
if a Reset Event has occurred) or the closing price of the
Reference Stock
does not decline, as compared to the Initial Share Price, by
more than the
Protection Amount (as adjusted, if applicable, if a Reset Event
has
occurred) on any trading day during the Monitoring Period.
However,
if the Final Share Price declines from the Initial Share Price
and the
closing price of the Reference Stock on any trading day during
the
Monitoring Period has declined by more than the Protection
Amount, you
could lose the entire principal amount of your
notes.
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TAX
TREATMENT AS A UNIT COMPRISING A PUT OPTION AND A DEPOSIT
—
You should review carefully the section entitled “Certain U.S. Federal
Income Tax Consequences” in the accompanying product supplement no. 126-I.
We and you agree (in the absence of an administrative determination
or
judicial ruling to the contrary)
to treat the notes as units comprising a Put Option and a Deposit
for U.S.
federal income tax purposes. We will determine the portion
of each coupon
payment that we will allocate to interest on the Deposit and
to Put
Premium, respectively, and will provide that allocation in
the pricing
supplement for the notes. If the notes had priced on March
13, 2008, we
would have treated 19.50% of each coupon payment as interest
on the
Deposit and the remainder as Put Premium. The actual allocation
that we
will determine for the notes may differ from this hypothetical
allocation,
and will depend upon a variety of factors, including actual
market
conditions and our borrowing costs for
debt
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YOUR
INVESTMENT IN THE NOTES MAY RESULT IN A LOSS —
The
notes do
not guarantee any return of principal. The payment at maturity
will be
based on the Final Share Price and whether the closing
price
of the
Reference Stock has declined from the Initial Share Price (as
adjusted, if
applicable, after a Reset Event has occurred) by more than the
Protection
Amount (as adjusted, if applicable, after a Reset Event has occurred)
on
any trading day during the Monitoring Period. Under certain circumstances,
you will receive at maturity a predetermined number of shares
of the
Reference Stock (or, at our election, the Cash Value thereof).
The market
value of those shares of the Reference Stock or the Cash Value
thereof
will most likely be less than the principal amount of each note
and may be
zero. Accordingly, you could lose up to the entire principal
amount of
your notes.
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THE
PROTECTION PROVIDED BY THE PROTECTION AMOUNT MAY TERMINATE ON
ANY TRADING
DAY DURING THE MONITORING PERIOD — After
the
30-day Reset Observation Period, if, on any trading day during
the
Monitoring Period, the closing price of the Reference Stock declines
below
the Initial Share Price minus the Protection Amount, the protection
provided by the Protection Amount will terminate. If a Reset
Event has
occurred, the Initial Share Price and Protection Amount will
be reset to a
lower level. You will be fully exposed to any depreciation in
the
Reference Stock, if on any trading day during the Monitoring
Period, the
closing price of the Reference Stock declines below the Initial
Share
Price minus the Protection Amount. We refer to this feature as
a
contingent buffer. Under these circumstances, and
if the Final
Share Price is less than the Initial Share Price, you will receive
at
maturity a predetermined number of shares of Reference Stock
(or, at our
election, the Cash Value thereof) and, consequently, you will
lose 1% of
the principal amount of your investment for every 1% decline
in the Final
Share Price compared to the Initial Share Price. You will be
subject to
this potential loss of principal even if the price of the Reference
Stock
subsequently recovers such that the Final Share Price is above
the Initial
Share Price minus the Protection Amount. If these notes had a
non-contingent buffer feature, under the same scenario, you would
have
received the full principal amount of your notes plus accrued
and unpaid
interest at maturity. As a result, your investment in the notes
may not
perform as well as an investment in a security with a return
that includes
a non-contingent buffer.
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THE
PROTECTION PROVIDED BY THE “RESET FEATURE” AGAINST SOME DECLINES IN THE
REFERENCE STOCK IS LIMITED TO THE 30-DAY RESET OBSERVATION PERIOD
—
The
notes are
designed to provide you with limited protection against declines
in the
Reference Stock during the 30-day Reset Observation Period. After
the
30-day Reset Observation Period, however, the Initial Share Price
will not
be reset to a lower amount to mitigate subsequent declines in
the closing
price of the Reference Stock which exceed the Reset Trigger Amount
and
which may be significant. Accordingly, this “reset feature” will not
protect you against decreases in the Reference Stock after the
30-day
Reset Observation Period or if the Reference Stock declines,
as compared
to the Initial Share Price, by more than the Reset Trigger Amount
during
the latter portion of the term of the
notes.
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THE
INITIAL SHARE PRICE MAY ONLY BE RESET ONCE DURING THE 30-DAY
RESET
OBSERVATION PERIOD — If
a Reset
Event occurs, the 30-day Reset Observation Period will terminate
on the
date of the Reset Event. Under these circumstances, the Initial
Share
Price will not be reset a second time if the closing price of
the
Reference Stock subsequently declines, as compared to the Initial
Share
Price, by more than the Reset Trigger Amount. This will be true
even if a
second Reset Event occurs before the end of the 30-day Reset
Observation
Period.
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YOUR
RETURN ON THE NOTES IS LIMITED TO THE PRINCIPAL AMOUNT PLUS ACCRUED
INTEREST REGARDLESS OF ANY APPRECIATION IN THE VALUE OF THE REFERENCE
STOCK —
Unless
(i)
the Final Share Price is less than the Initial Share Price and
(ii) on any
trading day during the Monitoring Period, the closing price of
the
Reference Stock has declined, as compared to the Initial Share
Price, by
more than the Protection Amount, for each $1,000 principal amount
note,
you will receive $1,000 at maturity plus any accrued and unpaid
interest,
regardless of any appreciation in the value of the Reference
Stock, which
may be significant. Accordingly, the return on the notes may
be
significantly less than the return on a direct investment in
the Reference
Stock during the term of the notes.
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NO
OWNERSHIP RIGHTS IN THE REFERENCE STOCK —
As
a holder
of the notes, you will not have any ownership interest or rights
in RIM,
such as voting rights or dividend payments. In addition, RIM
will not have
any obligation to consider your interests as a holder of the
notes in
taking any corporate action that might affect the value of the
Reference
Stock and the notes.
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NO
AFFILIATION WITH RIM —
We
are not
affiliated with RIM. We assume no responsibility for the adequacy
of the
information about RIM contained in this term sheet or in product
supplement no. 126-I. You should make your own investigation
into the
Reference Stock and RIM. We are not responsible for RIM’s public
disclosure of information, whether contained in SEC filings or
otherwise.
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RISKS ASSOCIATED WITH NON-U.S. SECURITIES — An investment in the notes linked to the value of non-U.S. equity securities, such as the Reference Stock, which is issued by a Canadian issuer and traded on both The NASDAQ Stock Market in U.S. dollars and the Toronto Stock Exchange in Canadian dollars, involves risks associated with the home country of the issuer of the Reference Stock. The notes are linked to the Reference Stock quoted and traded in U.S. dollars on The NASDAQ Stock Market, which may trade differently from the Reference Stock quoted and traded in Canadian dollars on the Toronto Stock Exchange. Non-U.S. companies are generally subject to accounting, auditing and financial reporting standards and requirements, and securities trading rules different from t hose applicable to U.S. reporting companies. The prices of non-U.S. equity securities may be affected by political, economic, financial and social factors in the home country of the issuer of the Reference Stock, including changes in such country’s government, economic and fiscal policies, currency exchange laws or other laws or restrictions. Moreover, the economies of such country may differ favorably or unfavorably from the economy of the United States in such respects as growth of gross national product, rate of inflation, capital reinvestment, resources and self sufficiency. Such country may be subjected to different and, in some cases, more adverse economic environments. |
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THE
NOTES ARE SUBJECT TO CURRENCY EXCHANGE RATE RISK —
Because the Reference Stock is quoted and traded in U.S. dollars
on The
NASDAQ Stock Market and in Canadian dollars on the Toronto
Stock Exchange,
fluctuations in the exchange rate between the Canadian dollar
and the U.S.
dollar will likely affect the relative value of the Reference
Stock in the
two different currencies and, as a result, will likely affect
the market
price of the Reference Stock trading on The NASDAQ Stock Market.
These
trading differences and currency exchange may affect the market
value of
the notes and whether the closing price of the Reference Stock
will fall
below the Protection Amount on any trading day during the Monitoring
Period and whether the Final Share Price will be greater than,
equal to or
less than the Initial Share Price. The Canadian dollar has
been subject to
fluctuations against the U.S. dollar in the past, and may be
subject to
significant fluctuations in the future. Previous fluctuations
or periods
of relative stability in the exchange rate of the Canadian
dollar and the
U.S. dollar are not necessarily indicative of fluctuations
or periods of
relative stability in those rates that may occur over the term
of the
notes. The exchange rate between the Canadian dollar and the
U.S. dollar
is the result of the supply of, and the demand for, those currencies.
Changes in the exchange rate result over time from the interaction
of many
factors directly or indirectly affecting economic and political
conditions
in Canada and the United States, including economic and political
developments in other countries. Of particular importance are
rates of
inflation, interest rate levels, the balance of payments and
the extent of
governmental surpluses or deficits in Canada and the United
States, all of
which are in turn sensitive to the monetary, fiscal and trade
policies
pursued by Canada, the United States and other jurisdictions
important to
international trade and
finance.
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CERTAIN
BUILT-IN COSTS ARE LIKELY TO ADVERSELY AFFECT THE VALUE OF THE
NOTES PRIOR
TO MATURITY —
While
the
payment at maturity described in this term sheet is based on
the full
principal amount of your notes, the original issue price of the
notes
includes the agent’s commission and the cost of hedging our obligations
under the notes through one or more of our affiliates. As a result,
and as
a general matter, the price, if any, at which JPMSI will be willing
to
purchase notes from you in secondary market transactions, if
at all, will
likely be lower than the original issue price and any sale prior
to the
maturity date could result in a substantial loss to you. This
secondary
market price will also be affected by a number of factors aside
from the
agent’s commission and hedging costs, including those referred to under
“Many Economic and Market Factors Will Impact the Value of the
Notes”
below.
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LACK
OF LIQUIDITY —
The
notes
will not be listed on any securities exchange. JPMSI intends
to offer to
purchase the notes in the secondary market but is not required
to do so.
Even if there is a secondary market, it may not provide enough
liquidity
to allow you to trade or sell the notes easily. Because other
dealers are
not likely to make a secondary market for the notes, the price
at which
you may be able to trade your notes is likely to depend on the
price, if
any, at which JPMSI is willing to buy the notes.
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·
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POTENTIAL
CONFLICTS —
We
and our
affiliates play a variety of roles in connection with the issuance
of the
notes, including acting as calculation agent. In performing these
duties,
the economic interests of the calculation agent and other affiliates
of
ours are potentially adverse to your interests as an investor
in the
notes. We and/or our affiliates may also currently or from time
to time
engage in business with RIM, including extending loans to, or
making
equity investments in, RIM or providing advisory services to
RIM. In
addition, one or more of our affiliates may publish research
reports or
otherwise express opinions with respect to RIM, and these reports
may or
may not recommend that investors buy or hold the Reference Stock.
As a
prospective purchaser of the notes, you should undertake an independent
investigation of RIM as in your judgment is appropriate to make
an
informed decision with respect to an investment in the notes.
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·
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HEDGING
AND TRADING IN THE REFERENCE STOCK —
While
the
notes are outstanding, we or any of our affiliates may carry
out hedging
activities related to the notes, including in the Reference Stock
or
instruments related to the Reference Stock. We or our affiliates
may also
trade in the Reference Stock or instruments related to the Reference
Stock
from time to time. Any of these hedging or trading activities
as of the
Pricing Date and during the term of the notes could adversely
affect our
payment to you at maturity.
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·
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MANY
ECONOMIC AND MARKET FACTORS WILL INFLUENCE THE VALUE OF THE NOTES
—
In
addition
to the value of the Reference Stock and interest rates on any
trading day,
the value of the notes will be affected by a number of economic
and market
factors that may either offset or magnify each other and which
are set out
in more detail in product supplement no. 126-I.
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the
Initial
Share Price: $105.00
|
·
|
the
Reset
Trigger Amount: $31.50
|
·
|
the
Protection Amount: $31.50
|
·
|
the
Interest
Rate: 3.50% (equivalent to 14.00% per
annum)
|
Hypothetical
lowest
closing
price
during the
Monitoring
Period
|
Hypothetical
Final
Share
Price
|
Payment
at Maturity
|
Total
Value of
Payment
Received
at
Maturity**
|
$105.00
|
$210.00
|
$1,000.00
|
$1,000.00
|
$52.50
|
$110.25
|
$1,000.00
|
$1,000.00
|
$105.00
|
$105.00
|
$1,000.00
|
$1,000.00
|
$73.50
|
$73.50
|
$1,000.00
|
$1,000.00
|
$52.50
|
$99.75
|
9
shares of
the Reference Stock
or
the Cash
Value thereof
|
$950.00
|
$52.50
|
$52.50
|
9
shares of
the Reference Stock
or
the Cash
Value thereof
|
$500.00
|
$26.25
|
$26.25
|
9
shares of
the Reference Stock
or
the Cash
Value thereof
|
$250.00
|
$0.00
|
$0.00
|
9
shares of
the Reference Stock
or
the Cash
Value thereof
|
$0.00
|
** |
Note
that
you will
receive at maturity any accrued and unpaid interest in cash, in
addition
to either shares of the Reference Stock (or, at our election, the
Cash
Value thereof) or the principal amount of your note in cash. Also
note
that if you receive the Physical Delivery Amount, the total value
of
payment received at maturity shown in the table above includes
the value
of any fractional shares, which will be paid in
cash.
|
·
|
the
Initial
Share Price: $105.00 (before reset) and $73.50 (after
reset)
|
·
|
the
Reset
Trigger Amount: $31.50
|
·
|
the
Protection Amount: $31.50 (before reset) and $22.05 (after
reset)
|
·
|
the
Interest
Rate: 3.50% (equivalent to 14.00% per
annum)
|
Hypothetical
lowest
closing
price
during the
Monitoring
Period
|
Hypothetical
Final
Share
Price
|
Payment
at Maturity
|
Total
Value of
Payment
Received
at
Maturity**
|
$73.50
|
$147.00
|
$1,000.00
|
$1,000.00
|
$36.75
|
$77.18
|
$1,000.00
|
$1,000.00
|
$73.50
|
$73.50
|
$1,000.00
|
$1,000.00
|
$51.45
|
$51.45
|
$1,000.00
|
|
$36.75
|
$69.83
|
13
shares of
the Reference Stock
or
the Cash
Value thereof
|
$950.07
|
$36.75
|
$36.75
|
13
shares of
the Reference Stock
or the Cash Value thereof |
$500.00
|
$18.38
|
$18.38
|
13
shares of
the Reference Stock
or
the Cash
Value thereof
|
$250.07
|
$0.00
|
$0.00
|
13
shares of
the Reference Stock
or
the Cash
Value thereof
|
$0.00
|
** |
Note
that you
will receive at maturity any accrued and unpaid interest in cash,
in
addition to either shares of the Reference Stock (or, at our election,
the
Cash Value thereof) or the principal amount of your note in cash.
Also
note that if you receive the Physical Delivery Amount, the total
value of
payment received at maturity shown in the table above includes the
value
of any fractional shares, which will be paid in
cash.
|