This initial predetermined time period is intended to be the shorter of six months and one-half of the stated term of the notes. You should read this pricing supplement together with the accompanying prospectus, as supplemented by the accompanying prospectus supplement relating to our Series A medium-term notes of which these notes are a part, and the more detailed information contained in the accompanying product supplement. The calculation agent may make adjustments in response to events that are not described in the accompanying product supplement to account for any diluting or concentrative effect, but the calculation agent is under no obligation to do so or to consider your interests as a holder of the notes in making these determinations. The estimated value of the notes set forth on the cover of this pricing supplement is equal to the sum of the values of the following hypothetical components: Closing Price on May 22, Prospectus supplement and prospectus, each dated April 5,
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How the Notes Work. Payment in Connection with the First Review Date.
The calculation agent may make adjustments in response to events that are not described in the accompanying product supplement to account for any diluting or concentrative effect, but the calculation agent is under no obligation to do so or to consider your interests as a holder of the notes in making these determinations.
The closing prices above and below may have been adjusted by Bloomberg for corporate actions, such as stock splits, public offerings, mergers and acquisitions, spin-offs, delistings and bankruptcy.
This initial predetermined time period is intended to boot the shorter of six months and one-half of the stated term of the notes. This price may be different higher or lower than the price of the notes, if any, at which JPMS may be willing to purchase your notes in the secondary market.
Each hypothetical payment set forth below is for illustrative purposes only and may not be the actual payment applicable to a purchaser of the notes. This preliminary pricing supplement is not an offer to sell nor does it seek an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.
The length of any such initial period reflects the structure of the notes, whether our affiliates expect to earn a profit in gpww with our hedging activities, the estimated costs of hedging the notes and when these costs are incurred, as determined by our affiliates.
Least Performing Stock Return: Key Terms Relating to the Reference Stocks. Because hedging our obligations entails risk and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or it may result in a loss. Historical Performance of the Ordinary Shares of Allergan plc. You may access these documents on the SEC website at www. The hypothetical returns and hypothetical payments on the notes shown above apply only if you hold the notes for their entire term or until automatically called.
You may also choose to reject such changes, in which case we may reject your offer to purchase. The vv above and in the accompanying product supplement do not address the consequences to taxpayers subject to special tax accounting rules under Bo b of the Code. The notes are not designed to be short-term trading instruments.
Closing Price on May 22, Additionally, a recent IRS notice excludes from the scope of Section m instruments issued prior to January 1, that do not have a delta of one with respect to underlying securities that could pay U. As a result, the price, if any, at which JPMS will be willing to buy the notes from you in secondary market transactions, if at all, is likely to be lower than the original issue price. Disney, together with its subsidiaries, is an entertainment company with operations in four business segments: The historical closing prices of one share of each Reference Stock should not be taken as an indication of future performance, and no assurance can be given as to the closing price of one share of any Reference Stock on the Pricing Date or any Review Date.
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Secondary Market Prices of the Notes. If necessary, further information regarding the potential application of Section m will be provided in the pricing supplement for the notes. The Stock Adjustment Factor of each Reference Stock is subject to adjustment upon the bkt of certain corporate events affecting that Reference Stock. With respect to each Reference Stock. Any sale by you prior to the Maturity Date could result in a substantial loss to you.
Original Issue Date Settlement Date: You may not be able to sell your notes. There can be no gpqa that the performance of the Reference Stocks will result in the return of any of your principal amount or the payment of any interest.
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The following examples illustrate payments on the notes linked to three hypothetical Reference Stocks, assuming a range of performances for the hypothetical Least Performing Reference Stock on the Review Dates. Least Performing Reference Stock: These costs include the selling commissions, the structuring fee, if any, the projected profits, if any, that our affiliates expect to realize for assuming risks inherent in hedging our 22.2 under the notes and the estimated cost of hedging our obligations under the notes.
Each Reference Stock is registered under the Securities Exchange Act ofas amended, which we refer to as the Exchange Act, and is listed on the exchange provided in the table below, which we refer to as the relevant exchange for purposes of that Reference Stock in the accompanying product supplement.
The estimated value of the notes will be lower than the original issue price of the notes because costs associated with selling, structuring and hedging the notes are included in the original issue price of the notes.