Term sheet |
Term Sheet No. 2 to Product Supplement No. 37-V Registration Statement No. 333-130051 Dated June 11, 2007; Rule 433 |
Structured |
JPMorgan Chase & Co. $ 14.0% (equivalent to 27.39% per annum) Reverse Exchangeable Notes due December 31, 2007 Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. The actual interest rate will be determined on the pricing date and will not be less than 14.0% (equivalent to 27.39% per annum) |
General
Key Terms
Reference Stocks: |
The common stocks included in the Dow Jones Industrial AverageSM other than the common stock of JPMorgan Chase & Co., as reflected in The Reference Stocks below (each such common stock, a Reference Stock and, together, the Reference Stocks). Upon the occurrence of certain corporate events with respect to the issuers of the Reference Stocks, the Reference Stocks may change during the term of the notes. See General Terms of Notes Anti-dilution Adjustments Reorganization Events in the accompanying product supplement no. 37-V for further information about changes to the Reference Stocks. |
Interest Rate: |
At least 14.0% (equivalent to 27.39% per annum) during the term of the notes, paid monthly and calculated on a 30/360 basis. The actual interest rate will be determined on the pricing date and will not be less than 14.0% (equivalent to 27.39% per annum). |
Protection Amount: |
For each Reference Stock, an amount that represents 30% of the applicable Initial Share Price of such Reference Stock, subject to adjustments. See The Reference Stocks Initial Share Prices and Protection Amounts below for the Protection Amount for each Reference Stock. |
Maturity Date: |
December 31, 2007 |
Pricing Date: |
On or about June 22, 2007 |
Settlement Date: |
On or about June 27, 2007 |
Observation Date: |
December 26, 2007 |
CUSIP: |
48123JF79 |
Interest Payment Date: |
Interest on the notes will be payable monthly in arrears on the 27th calendar day of each month, except for the final interest payment, which shall be payable on the Maturity Date (each such date, an Interest Payment Date), commencing July 27, 2007, 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. |
Payment at Maturity: |
You will receive $1,000 for each $1,000 principal amount note plus any accrued and unpaid interest at maturity unless (a) a Trigger Event has occurred and (b) the Cash Value of the Physical Delivery Amount for the Least Performing Reference Stock is less than $1,000, in which case in lieu of $1,000 in cash you will receive the Physical Delivery Amount (or, at our election, the Cash Value thereof) for the Least Performing Reference Stock. The market value of the shares of the Least Performing Reference Stock delivered to you as the Physical Delivery Amount or the Cash Value thereof will be less than the principal amount of your notes and may be zero. Accordingly, you may lose some or all of your principal if you invest in the notes. |
Trigger Event: |
A Trigger Event occurs if, on any day during the Monitoring Period, the closing price of any Reference Stock has declined, as compared to that particular Reference Stocks Initial Share Price, by more than that Reference Stocks Protection Amount. |
Least Performing Reference Stock: |
The Reference Stock with either (i) the greatest percentage decrease between its Initial Share Price and its Final Share Price, as compared to the percentage decreases or increases between the respective Initial Share Prices and Final Share Prices of the other Reference Stocks, or, (ii) if the Final Share Price of each of the Reference Stocks has appreciated in value as compared to its respective Initial Share Price, the lowest percentage increase between such Reference Stocks Initial Share Price and its Final Share Price, as compared to the percentage increases between the respective Initial Share Prices and Final Share Prices of the other Reference Stocks. The determination of the single Least Performing Reference Stock may be affected by the occurrence of certain corporate events affecting such Reference Stock. See General Terms of Notes Anti-dilution Adjustments. |
Monitoring Period: |
The period from the Pricing Date to and including the Observation Date. |
Physical Delivery Amount: |
For each Reference Stock, the number of shares of such Reference Stock, per $1,000 principal amount note, equal to $1,000 divided by the Initial Share Price of such Reference Stock, subject to adjustments. |
Initial Share Price: |
For each Reference Stock, the closing price of the Reference Stock on the Pricing Date. Please see The Reference Stocks Initial Share Prices and Protection Amounts below for the Initial Share Price for each Reference Stock. The Initial Share Price is subject to adjustments and any Reference Stock issuer may be changed in certain circumstances. See Description of Notes Payment at Maturity and General Terms of Notes Anti-dilution Adjustments in the accompanying product supplement no. 37-V for further information about these adjustments. |
Final Share Price: |
For each Reference Stock, the closing price of such Reference Stock on the Observation Date. |
| 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. 37-V. |
Investing in the Reverse Exchangeable Notes involves a number of risks. See Risk Factors beginning on page PS-6 of the accompanying product supplement no. 37-V and Selected Risk Considerations beginning on page TS-2 of this term sheet.
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, each prospectus supplement, product supplement no. 37-V and any 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, each prospectus supplement, product supplement no. 37-V 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.
Neither the SEC 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 supplements and prospectus. Any representation to the contrary is a criminal offense.
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Price to Public |
Fees and Commissions (1) |
Proceeds to Us |
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Per note |
$ |
$ |
$ |
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Total |
$ |
$ |
$ |
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(1) | If the notes priced today, J.P. Morgan Securities Inc., whom we refer to as JPMSI, acting as agent for JPMorgan Chase & Co., would receive a commission of approximately $55.00 per $1,000 principal amount note and would use a portion of that commission to allow selling concessions to other dealers of approximately $25.00 per $1,000 principal amount note. The concessions of $25.00 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 $55.00 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-29 of the accompanying product supplement no. 37-V . |
The notes are not bank deposits and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency, nor are they obligations of, or guaranteed by, a bank.
JPMorgan
June 11, 2007
ADDITIONAL TERMS SPECIFIC TO THE NOTES
You should read this term sheet together with the prospectus dated December 1, 2005, as supplemented by the prospectus supplement dated October 12, 2006 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. 37-V dated May 15, 2007. 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. 37-V, 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):
Our Central Index Key, or CIK, on the SEC website is 19617. As used in this term sheet, the Company, we, us or our refers to JPMorgan Chase & Co.
Selected Purchase Considerations
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-1 |
Selected Risk Considerations
An investment in the notes involves significant risks. Investing in the notes is not equivalent to investing directly in one or more of the Reference Stocks. These risks are explained in more detail in the Risk Factors section of the accompanying product supplement no. 37-V dated May 15, 2007.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-2 |
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-3 |
Examples of Hypothetical Payment at Maturity for Each $1,000 Principal Amount Note
The following table illustrates hypothetical payments at maturity on a $1,000 investment in the notes, based on a range of hypothetical Final Share Prices for the Least Performing Reference Stock and assuming that the closing price of each Reference Stock did not decline, as compared to its respective Initial Share Price, by more than its respective Protection Amount on any day from the Pricing Date to and including the Observation Date, except as indicated in the column titled Hypothetical lowest closing price of the common stock of Citigroup Inc. during the Monitoring Period. The following table assumes that the Least Performing Reference Stock will be the common stock of Citigroup Inc. and that the common stock of Citigroup Inc. will be the least performing Reference Stock at all times during the term of the notes. We make no representation or warranty as to which of the Reference Stocks will be the Least Performing Reference Stock for the purposes of calculating your actual payment at maturity. In addition, you may receive shares of a Reference Stock at maturity that never experiences a decline from its Initial Share Price in excess of the Protection Amount during the Monitoring Period. For more information see Selected Purchase Considerations Your Return at Maturity May Be Based on a Reference Stock That Did Not Experience a Decline in Excess of Its Protection Amount During the Monitoring Period.
For this table of hypothetical payments at maturity, we have also assumed the following:
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Hypothetical lowest |
Hypothetical Final |
Payment at Maturity |
Total Value of Payment |
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$53.00 |
$75.00 |
$1,000.00 |
$1,000.00 |
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$53.00 |
$54.00 |
$1,000.00 |
$1,000.00 |
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$53.00 |
$53.00 |
$1,000.00 |
$1,000.00 |
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$37.10 |
$37.10 |
$1,000.00 |
$1,000.00 |
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$26.50 |
$54.00 |
$1,000.00 |
$1,000.00 |
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$26.50 |
$50.00 |
18 shares of Citigroup Inc. |
$943.40 |
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$26.50 |
$26.50 |
18 shares of
Citigroup Inc. |
$500.00 |
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$15.00 |
$15.00 |
18 shares of
Citigroup Inc. |
$283.02 |
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$0.00 |
$0.00 |
18 shares of
Citigroup Inc. |
$0.00 |
|
* | Note that you will receive at maturity any accrued and unpaid interest in cash, in addition to either shares of the Least Performing 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 following examples illustrate how the total value of payments received at maturity set forth in the table above are calculated.
Example 1: During the Monitoring Period, none of the Reference Stocks close at a price which reflects a decline of more than their respective Protection Amounts. Because Citigroup is the Least Performing Reference Stock and because its Final Share Price of $75.00 exceeds its Initial Share Price of $53.00, you will receive a payment at maturity of $1,000 per $1,000 principal amount note.
Example 2: During the Monitoring Period, Citigroup was the first Reference Stock to close at a level below its Initial Share Price minus the Protection Amount. On the Observation Date, Citigroup, still the Least Performing Reference Stock, recovers to a Final Share Price of $54.00. Because the Final Share Price of the Least Performing Reference Stock is above its Initial Share Price, you will receive $1,000 per $1,000 principal amount note at maturity even though a Trigger Event occurred.
Example 3: During the Monitoring Period, Citigroup was the first Reference Stock to close at a level below its Initial Share Price minus the Protection Amount. On the Observation Date, Citigroup, still the Least Performing Reference Stock, recovers to a Final Share Price of $50.00. Because at least one of the Reference Stocks had a closing price that had declined from its Initial Share Price by more than its Protection Amount, and because the Final Share Price of the Least Performing Reference Stock is less than its Initial Share Price, you will receive the Physical Delivery Amount of the Least Performing Reference Stock, or, at our election, the Cash Value thereof, at maturity. Because the Final Share Price of the Least Performing Reference Stock is $50.00, the total value of your final payment at maturity, whether in cash or shares of the Least Performing Reference Stock, is $943.40.
Example 4: During the Monitoring Period, Citigroup was the first Reference Stock to close at a level below its Initial Share Price minus the Protection Amount. On the Observation Date, Citigroup, still the Least Performing Reference Stock, declines further to a Final Share Price of $15.00. Because at least one of the Reference Stocks had a closing price that had declined from its Initial Share Price by more than its Protection Amount, and because the Final Share Price of the Least Performing Reference Stock is less than its Initial Share Price, you will receive the Physical Delivery Amount of the Least Performing Reference Stock, or, at our election, the Cash Value thereof, at maturity. Because the Final Share Price of the Least Performing Reference Stock is $15.00, the total value of your final payment at maturity, whether in cash or shares of the Least Performing Reference Stock, is $283.02.
Regardless of the performance of the Least Performing Reference Stock or the payment you receive at maturity, you will receive interest payments, for each $1,000 principal amount note, in the aggregate amount of approximately $140.00 over the term of the notes. If we priced the notes on June 8, 2007, you would have received 18 shares of Citigroup Inc. common stock or, at our election, the Cash Value thereof, at maturity, assuming that the Citigroup Inc. common stock was the Least Performing Reference Stock and provided the Citigroup Inc. common stocks Final Share Price declined from its Initial Share Price and the closing price of at least one Reference Stock declined by more than 30%, as compared to its Initial Share Price on at least one day during the Monitoring Period. The actual number of shares of each Reference Stock or the Cash Value thereof you would receive at maturity (if it were the Least Performing Reference Stock and a Trigger Event occurs) and the actual Protection Amount may be more or less than the amounts displayed in the hypothetical examples and the chart above and will depend in part on the closing price of each Reference Stock on the pricing date.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-4 |
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 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-14 of the
accompanying product supplement no. 37-V for more information.
Initial Share Prices and Protection Amounts
The Reference
Stocks are the component stocks of the Dow Jones Industrial AverageSM as of June 8, 2007, excluding the common stock of JPMorgan Chase & Co. The
table below sets forth the 29 issuers of the Reference Stocks, as well as the
ticker symbol for each Reference Stock and the U.S. exchange on which each Reference Stock is listed. The Reference Stocks
will not be modified for changes in the composition of the Dow Jones Industrial
AverageSM during the term of the notes, but may
be modified in the case of certain corporate events. See General Terms of
Notes Anti-dilution Adjustments.
The table below indicates the Initial Share Price and Protection Amount for each Reference Stock, subject to adjustments. The Initial Share Price and Protection Amount for each Reference Stock will be determined on the pricing date.
Ticker |
Issuer |
Exchange |
Initial Share Price |
Protection Amount |
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AA |
Alcoa Inc. |
NYSE |
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AIG |
American International Group, Inc. |
NYSE |
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AXP |
American Express Company |
NYSE |
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BA |
The Boeing Company |
NYSE |
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C |
Citigroup Inc. |
NYSE |
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CAT |
Caterpillar Inc. |
NYSE |
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DD |
E. I. du Pont de Nemours and Company |
NYSE |
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DIS |
The Walt Disney Company |
NYSE |
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GE |
General Electric Company |
NYSE |
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GM |
General Motors Corporation |
NYSE |
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HD |
The Home Depot, Inc. |
NYSE |
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HON |
Honeywell International Inc. |
NYSE |
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HPQ |
Hewlett-Packard Company |
NYSE |
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IBM |
International Business Machines Corporation |
NYSE |
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INTC |
Intel Corporation |
NASDAQ |
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JNJ |
Johnson & Johnson |
NYSE |
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KO |
The Coca-Cola Company |
NYSE |
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MCD |
McDonalds Corporation |
NYSE |
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MMM |
3M Corporation |
NYSE |
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MO |
Altria Group, Inc. |
NYSE |
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MRK |
Merck & Co., Inc. |
NYSE |
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MSFT |
Microsoft Corporation |
NASDAQ |
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PFE |
Pfizer Inc. |
NYSE |
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PG |
The Procter & Gamble Company |
NYSE |
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T |
AT&T Inc. |
NYSE |
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UTX |
United Technologies Corporation |
NYSE |
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VZ |
Verizon Communications Inc. |
NYSE |
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WMT |
Wal-Mart Stores, Inc. |
NYSE |
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XOM |
Exxon Mobil Corporation |
NYSE |
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-5 |
Historical Information of the Reference Stocks
The graphs contained in this term sheet set forth the historical performance of each Reference Stock based on the weekly closing price (in U.S. dollars) of that Reference Stock from January 4, 2002 through June 8, 2007. 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 its inception, the price of each Reference Stock has experienced significant fluctuations. The historical performance of each Reference Stock 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 during the term of the notes. We cannot give you assurance that the performance of each Reference Stock will result in the return of any of your initial investment. We make no representation as to the amount of dividends, if any, that each 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 each Reference Stock.
Alcoa Inc. (Alcoa)
According to its publicly available filings with the SEC, Alcoa is the worlds leading producer of primary aluminum, fabricated aluminum, and alumina, and is active in all major aspects of the industry: technology, mining, refining, smelting, fabricating and recycling. The common stock of Alcoa is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Alcoa in the accompanying product supplement no. 37-V. Alcoas SEC file number is 001-03610.
Historical Information of the Common Stock of Alcoa
The following graph sets forth the historical performance of the common stock of Alcoa based on the weekly closing price (in U.S. dollars) of the common stock of Alcoa from January 4, 2002 through June 8, 2007. The closing price of the common stock of Alcoa on June 8, 2007 was $39.66.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-6 |
American International Group, Inc. (AIG)
According to its publicly available filings with the SEC, AIG is a holding company which, through its subsidiaries, is engaged in a broad range of insurance and insurance-related activities in the United States and abroad. The common stock of AIG is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of AIG in the accompanying product supplement no. 37-V. AIGs SEC file number is 001-08787.
Historical Information of the Common Stock of AIG
The following graph sets forth the historical performance of the common stock of AIG based on the weekly closing price (in U.S. dollars) of the common stock of AIG from January 4, 2002 through June 8, 2007. The closing price of the common stock of AIG on June 8, 2007 was $71.53.
American Express Company (American Express)
According to its publicly available filings with the SEC, American Express is a leading global payments, network and travel company that offers its products and services throughout the world. The common stock of American Express is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of American Express in the accompanying product supplement no. 37-V. American Express SEC file number is 001-07657.
Historical Information of the Common Stock of American Express
The following graph sets forth the historical performance of the common stock of American Express based on the weekly closing price (in U.S. dollars) of the common stock of American Express from January 4, 2002 through June 8, 2007. The closing price of the common stock of American Express on June 8, 2007 was $63.04.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-7 |
The Boeing Company (Boeing)
According to its publicly available filings with the SEC, Boeing is one of the worlds major aerospace firms. The common stock of Boeing is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Boeing in the accompanying product supplement no. 37-V. Boeings SEC file number is 001-00442.
Historical Information of the Common Stock of Boeing
The following graph sets forth the historical performance of the common stock of Boeing based on the weekly closing price (in U.S. dollars) of the common stock of Boeing from January 4, 2002 through June 8, 2007. The closing price of the common stock of Boeing on June 8, 2007 was $98.19.
Citigroup Inc. (Citigroup)
According to its publicly available filings with the SEC, Citigroup is a diversified global financial services holding company whose businesses provide a broad range of financial services to consumer and corporate customers. The common stock of Citigroup is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Citigroup in the accompanying product supplement no. 37-V. Citigroups SEC file number is 001-09924.
Historical Information of the Common Stock of Citigroup
The following graph sets forth the historical performance of the common stock of Citigroup based on the weekly closing price (in U.S. dollars) of the common stock of Citigroup from January 4, 2002 through June 8, 2007. The closing price of the common stock of Citigroup on June 8, 2007 was $53.33.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-8 |
Caterpillar Inc. (Caterpillar)
According to its publicly available filings with the SEC, Caterpillar manufactures, sells and services construction and mining equipment, diesel and natural gas engines and industrial gas turbines and provides related financial services. The common stock of Caterpillar is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Caterpillar in the accompanying product supplement no. 37-V. Caterpillars SEC file number is 001-00768.
Historical Information of the Common Stock of Caterpillar
The following graph sets forth the historical performance of the common stock of Caterpillar based on the weekly closing price (in U.S. dollars) of the common stock of Caterpillar from January 4, 2002 through June 8, 2007. The closing price of the common stock of Caterpillar on June 8, 2007 was $78.52.
E.I. du Pont de Nemours and Company (DuPont)
According to its publicly available filings with the SEC, DuPont is a world leader in science and technology in a range of disciplines, including biotechnology, electronics, materials science, safety and security and synthetic fibers. The common stock of DuPont is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of DuPont in the accompanying product supplement no. 37-V. DuPonts SEC file number is 001-00815.
Historical Information of the Common Stock of DuPont
The following graph sets forth the historical performance of the common stock of DuPont based on the weekly closing price (in U.S. dollars) of the common stock of DuPont from January 4, 2002 through June 8, 2007. The closing price of the common stock of DuPont on June 8, 2007 was $51.13.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-9 |
The Walt Disney Company (Disney)
According to its publicly available filings with the SEC, Disney is a diversified worldwide entertainment company with operations in four business segments: Media Networks, Parks and Resorts, Studio Entertainment and Consumer Products. The common stock of Disney is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Disney in the accompanying product supplement no. 37-V. Disneys SEC file number is 001-11605.
Historical Information of the Common Stock of Disney
The following graph sets forth the historical performance of the common stock of Disney based on the weekly closing price (in U.S. dollars) of the common stock of Disney from January 4, 2002 through June 8, 2007. The closing price of the common stock of Disney on June 8, 2007 was $34.20.
General Electric Company (GE)
According to its publicly available filings with the SEC, GE is engaged in developing, manufacturing and marketing a wide variety of products for the generation, transmission, distribution, control and utilization of electricity. The common stock of GE is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Disney in the accompanying product supplement no. 37-V. GEs SEC file number is 001-00035.
Historical Information of the Common Stock of GE
The following graph sets forth the historical performance of the common stock of GE based on the weekly closing price (in U.S. dollars) of the common stock of GE from January 4, 2002 through June 8, 2007. The closing price of the common stock of GE on June 8, 2007 was $37.32.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-10 |
General Motors Corporation (GM)
According to its publicly available filings with the SEC, GM is primarily engaged in automotive production and marketing, and financing and insurance operations. The common stock of GM is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of GM in the accompanying product supplement no. 37-V. GMs SEC file number is 001-00043.
Historical Information of the Common Stock of GM
The following graph sets forth the historical performance of the common stock of GM based on the weekly closing price (in U.S. dollars) of the common stock of GM from January 4, 2002 through June 8, 2007. The closing price of the common stock of GM on June 8, 2007 was $31.00.
The Home Depot, Inc. (Home Depot)
According to its publicly available filings with the SEC, Home Depot is a home improvement retailer that sells a wide variety of building materials and home improvement, lawn and garden products and provides a number of related services. The common stock of Home Depot is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Home Depot in the accompanying product supplement no. 37-V. Home Depots SEC file number is 001-08207.
Historical Information of the Common Stock of Home Depot
The following graph sets forth the historical performance of the common stock of Home Depot based on the weekly closing price (in U.S. dollars) of the common stock of Home Depot from January 4, 2002 through June 8, 2007. The closing price of the common stock of Home Depot on June 8, 2007 was $37.95.
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|
JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-11 |
Honeywell International Inc. (Honeywell)
According to its publicly available filings with the SEC, Honeywell is a diversified technology and manufacturing company, serving customers worldwide with aerospace products and services, control, sensing and security technologies for buildings, homes and industry, turbochargers, automotive products, specialty chemicals, electronic and advanced materials and process technology for refining and petrochemicals. The common stock of Honeywell is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Honeywell in the accompanying product supplement no. 37-V. Honeywells SEC file number is 001-08974.
Historical Information of the Common Stock of Honeywell
The following graph sets forth the historical performance of the common stock of Honeywell based on the weekly closing price (in U.S. dollars) of the common stock of Honeywell from January 4, 2002 through June 8, 2007. The closing price of the common stock of Honeywell on June 8, 2007 was $57.38.
Hewlett-Packard Company (Hewlett-Packard)
According to its publicly available filings with the SEC, Hewlett-Packard is a leading global provider of products, technologies, solutions and services to individual consumers, small- and medium-sized businesses and large enterprises. The common stock of Hewlett-Packard is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Hewlett-Packard in the accompanying product supplement no. 37-V. Hewlett-Packards SEC file number is 001-04423.
Historical Information of the Common Stock of Hewlett-Packard
The following graph sets forth the historical performance of the common stock of Hewlett-Packard based on the weekly closing price (in U.S. dollars) of the common stock of Hewlett-Packard from January 4, 2002 through June 8, 2007. The closing price of the common stock of Hewlett-Packard on June 8, 2007 was $45.78.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-12 |
International Business Machines Corporation (IBM)
According to its publicly available filings with the SEC, IBM is an innovation company, serving the needs of enterprises and institutions worldwide. IBM is the largest information technology company in the world, the worlds largest business and technology services company, the worlds largest consulting services organization, the worlds largest information technology research organization, and the worlds largest financier of information technology. The common stock of IBM is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of IBM in the accompanying product supplement no. 37-V. IBMs SEC file number is 001-02360.
Historical Information of the Common Stock of IBM
The following graph sets forth the historical performance of the common stock of IBM based on the weekly closing price (in U.S. dollars) of the common stock of IBM from January 4, 2002 through June 8, 2007. The closing price of the common stock of IBM on June 8, 2007 was $103.07.
Intel Corporation (Intel)
According to its publicly available filings with the SEC, Intel is the worlds largest semiconductor chip maker, developing advanced integrated digital technology platforms for the computing and communications industries. The common stock of Intel is listed on the Nasdaq Stock Market, which we refer to as the Relevant Exchange for purposes of Intel in the accompanying product supplement no. 37-V. Intels SEC file number is 000-06217.
Historical Information of the Common Stock of Intel
The following graph sets forth the historical performance of the common stock of Intel based on the weekly closing price (in U.S. dollars) of the common stock of Intel from January 4, 2002 through June 8, 2007. The closing price of the common stock of Intel on June 8, 2007 was $21.83.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-13 |
Johnson & Johnson (Johnson & Johnson)
According to its publicly available filings with the SEC, Johnson & Johnson engages in the manufacture and sale of a broad range of products in the health care field. The common stock of Johnson & Johnson is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Johnson & Johnson in the accompanying product supplement no. 37-V. Johnson & Johnsons SEC file number is 001-03215.
Historical Information of the Common Stock of Johnson & Johnson
The following graph sets forth the historical performance of the common stock of Johnson & Johnson based on the weekly closing price (in U.S. dollars) of the common stock of Johnson & Johnson from January 4, 2002 through June 8, 2007. The closing price of the common stock of Johnson & Johnson on June 8, 2007 was $62.13.
The Coca-Cola Company (Coca-Cola)
According to its publicly available filings with the SEC, Coca-Cola is the largest manufacturer, distributor and marketer of nonalcoholic beverage concentrates and syrups in the world. The common stock of Coca-Cola is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Coca-Cola in the accompanying product supplement no. 37-V. Coca-Colas SEC file number is 001-02217.
Historical Information of the Common Stock of Coca-Cola
The following graph sets forth the historical performance of the common stock of Coca-Cola based on the weekly closing price (in U.S. dollars) of the common stock of Coca-Cola from January 4, 2002 through June 8, 2007. The closing price of the common stock of Coca-Cola on June 8, 2007 was $51.67.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-14 |
McDonalds Corporation (McDonalds)
According to its publicly available filings with the SEC, McDonalds primarily franchises and operates McDonalds restaurants in the food service industry. These restaurants serve a varied, yet limited, value-priced menu in more than 100 countries around the world. The common stock of McDonalds is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of McDonalds in the accompanying product supplement no. 37-V. McDonalds SEC file number is 001-05231.
Historical Information of the Common Stock of McDonalds
The following graph sets forth the historical performance of the common stock of McDonalds based on the weekly closing price (in U.S. dollars) of the common stock of McDonalds from January 4, 2002 through June 8, 2007. The closing price of the common stock of McDonalds on June 8, 2007 was $51.41.
3M Company (3M)
According to its publicly available filings with the SEC, 3M is a diversified technology company with a global presence in the following businesses: health care; industrial; display and graphics; consumer and office; safety, security and protection services; electronics and telecommunications; and transportation. The common stock of 3M is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of 3M in the accompanying product supplement no. 37-V. 3Ms SEC file number is 001-03285.
Historical Information of the Common Stock of 3M
The following graph sets forth the historical performance of the common stock of 3M based on the weekly closing price (in U.S. dollars) of the common stock of 3M from January 4, 2002 through June 8, 2007. The closing price of the common stock of 3M on June 8, 2007 was $85.94.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-15 |
Altria Group, Inc. (Altria)
According to its publicly available filings with the SEC, Altria is a holding company whose wholly-owned subsidiaries, Philip Morris USA Inc. and Philip Morris International Inc., are engaged in the manufacture and sale of cigarettes and other tobacco products. Philip Morris Capital Corporation, another wholly owned subsidiary, maintains a portfolio of leveraged and direct finance leases. The common stock of Altria, par value $0.33 1/3 per share, is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Altria in the accompanying product supplement no. 37-V. Altrias SEC file number is 001-08940.
Historical Information of the Common Stock of Altria
The following graph sets forth the historical performance of the common stock of Altria based on the weekly closing price (in U.S. dollars) of the common stock of Altria from January 4, 2002 through June 8, 2007. The closing price of the common stock of Altria on June 8, 2007 was $70.30.
Merck & Co., Inc. (Merck)
According to its publicly available filings with the SEC, Merck is a global research-driven pharmaceutical company that discovers, develops, manufactures and markets a broad range of innovative products to improve human and animal health, directly and through its joint ventures. The common stock of Merck is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Merck in the accompanying product supplement no. 37-V. Mercks SEC file number is 001-03305.
Historical Information of the Common Stock of Merck
The following graph sets forth the historical performance of the common stock of Merck based on the weekly closing price (in U.S. dollars) of the common stock of Merck from January 4, 2002 through June 8, 2007. The closing price of the common stock of Merck on June 8, 2007 was $50.14.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-16 |
Microsoft Corporation (Microsoft)
According to its publicly available filings with the SEC, Microsoft develops and markets software, services and solutions that deliver new opportunity, convenience and value to peoples lives. The common stock of Microsoft is listed on the Nasdaq Stock Market, which we refer to as the Relevant Exchange for purposes of Microsoft in the accompanying product supplement no. 37-V. Microsofts SEC file number is 000-14278.
Historical Information of the Common Stock of Microsoft
The following graph sets forth the historical performance of the common stock of Microsoft based on the weekly closing price (in U.S. dollars) of the common stock of Microsoft from January 4, 2002 through June 8, 2007. The closing price of the common stock of Microsoft on June 8, 2007 was $30.05.
Pfizer Inc. (Pfizer)
According to its publicly available filings with the SEC, Pfizer is a research-based, global pharmaceutical company. Pfizer discovers, develops, manufactures and markets leading prescription medicines for humans and animals as well as many of the worlds best known consumer healthcare products. The common stock of Pfizer is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Pfizer in the accompanying product supplement no. 37-V. Pfizers SEC file number is 001-03619.
Historical Information of the Common Stock of Pfizer
The following graph sets forth the historical performance of the common stock of Pfizer based on the weekly closing price (in U.S. dollars) of the common stock of Pfizer from January 4, 2002 through June 8, 2007. The closing price of the common stock of Pfizer on June 8, 2007 was $26.52.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-17 |
The Procter & Gamble Company (Procter & Gamble)
According to its publicly available filings with the SEC, Procter & Gamble is focused on providing branded products of superior quality and value to improve the lives of the worlds consumers. The common stock of Procter & Gamble is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Procter & Gamble in the accompanying product supplement no. 37-V. Procter & Gambles SEC file number is 001-00434.
Historical Information of the Common Stock of Procter & Gamble
The following graph sets forth the historical performance of the common stock of Procter & Gamble based on the weekly closing price (in U.S. dollars) of the common stock of Procter & Gamble from January 4, 2002 through June 8, 2007. The closing price of the common stock of Procter & Gamble on June 8, 2007 was $63.07.
AT&T Inc. (AT&T)
According to its publicly available filings with the SEC, AT&T, through its subsidiaries and affiliates, operates in the communications services industry both domestically and internationally, providing wireline and wireless telecommunications services and equipment as well as directory advertising and publishing services. The common shares of AT&T, 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 AT&T in the accompanying product supplement no. 37-V. AT&Ts SEC file number is 001-08610.
Historical Information of the Common Stock of AT&T
The following graph sets forth the historical performance of the common shares of AT&T based on the weekly closing price (in U.S. dollars) of the common shares of AT&T from January 4, 2002 through June 8, 2007. The closing price of the common shares of AT&T on June 8, 2007 was $40.26.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-18 |
United Technologies Corporation (UTC)
According to its publicly available filings with the SEC, UTC provides high technology products and services to the building systems and aerospace industries worldwide. The common stock of UTC is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of UTC in the accompanying product supplement no. 37-V. UTCs SEC file number is 001-00812.
Historical Information of the Common Stock of UTC
The following graph sets forth the historical performance of the common stock of UTC based on the weekly closing price (in U.S. dollars) of the common stock of UTC from January 4, 2002 through June 8, 2007. The closing price of the common stock of UTC on June 8, 2007 was $70.23.
Verizon Communications Inc. (Verizon)
According to its publicly available filings with the SEC, Verizon is one of the worlds leading providers of communications services. The common stock of Verizon is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Verizon in the accompanying product supplement no. 37-V. Verizons SEC file number is 001-08606.
Historical Information of the Common Stock of Verizon
The following graph sets forth the historical performance of the common stock of Verizon based on the weekly closing price (in U.S. dollars) of the common stock of Verizon from January 4, 2002 through June 8, 2007. The closing price of the common stock of Verizon on June 8, 2007 was $43.07.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-19 |
Wal-Mart Stores, Inc. (Wal-Mart)
According to its publicly available filings with the SEC, Wal-Mart operates retail stores in various formats around the world. The common stock of Wal-Mart is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of Wal-Mart in the accompanying product supplement no. 37-V. Wal-Marts SEC file number is 001-06991.
Historical Information of the Common Stock of Wal-Mart
The following graph sets forth the historical performance of the common stock of Wal-Mart based on the weekly closing price (in U.S. dollars) of the common stock of Wal-Mart from January 4, 2002 through June 8, 2007. The closing price of the common stock of Wal-Mart on June 8, 2007 was $50.08.
Exxon Mobil Corporation (ExxonMobil)
According to its publicly available filings with the SEC, ExxonMobils principal business is energy, involving exploration for, and production of, crude oil and natural gas, manufacture of petroleum products and transportation and sale of crude oil, natural gas and petroleum products. ExxonMobil is a major manufacturer and marketer of commodity petrochemicals, including olefins, aromatics, polyethylene and polypropylene plastics and a wide variety of specialty products. ExxonMobil also has interests in electric power generation facilities. The common stock of ExxonMobil is listed on the New York Stock Exchange, which we refer to as the Relevant Exchange for purposes of ExxonMobil in the accompanying product supplement no. 37-V. ExxonMobils SEC file number is 001-02256.
Historical Information of the Common Stock of ExxonMobil
The following graph sets forth the historical performance of the common stock of ExxonMobil based on the weekly closing price (in U.S. dollars) of the common stock of ExxonMobil from January 4, 2002 through June 8, 2007. The closing price of the common stock of ExxonMobil on June 8, 2007 was $82.68.
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JPMorgan
Structured Investments
Reverse Exchangeable Notes Linked to the Least Performing Common Stock in the Dow Jones Industrial AverageSM* * not including the common stock of JPMorgan Chase & Co. |
TS-20 |