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<SEC-DOCUMENT>0000891092-05-002406.txt : 20051202
<SEC-HEADER>0000891092-05-002406.hdr.sgml : 20051202
<ACCEPTANCE-DATETIME>20051202113610
ACCESSION NUMBER:		0000891092-05-002406
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20051202
DATE AS OF CHANGE:		20051202

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			J P MORGAN CHASE & CO
		CENTRAL INDEX KEY:			0000019617
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				132624428
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-130051
		FILM NUMBER:		051239606

	BUSINESS ADDRESS:	
		STREET 1:		270 PARK AVE
		STREET 2:		39TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122706000

	MAIL ADDRESS:	
		STREET 1:		270 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHASE MANHATTAN CORP /DE/
		DATE OF NAME CHANGE:	19960402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMICAL BANKING CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMICAL NEW YORK CORP
		DATE OF NAME CHANGE:	19880508

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			J P MORGAN CHASE & CO
		CENTRAL INDEX KEY:			0000019617
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				132624428
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		270 PARK AVE
		STREET 2:		39TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122706000

	MAIL ADDRESS:	
		STREET 1:		270 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHASE MANHATTAN CORP /DE/
		DATE OF NAME CHANGE:	19960402

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMICAL BANKING CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CHEMICAL NEW YORK CORP
		DATE OF NAME CHANGE:	19880508
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>e22932_fwp.txt
<DESCRIPTION>FORM FWP
<TEXT>
Term sheet
To prospectus dated December 1, 2005,
prospectus supplement dated December 1, 2005 and
product supplement no. 4-I dated December 1, 2005

                                                             Term Sheet No. 1 to
                                                      Product Supplement No. 4-I
                                           Registration Statement No. 333-130051
                                                          Dated December 2, 2005
                                                                        Rule 433

JPMorgan Chase [Logo]

$
JPMorgan Chase & Co.
Floating Rate Notes Linked to the 2-year Constant Maturity U.S. Treasury Rate
due December 19, 2008

General
- -------

      o     Senior unsecured obligations of JPMorgan Chase & Co. maturing
            December 19, 2008.

      o     Interest on the notes will be payable monthly in arrears at a rate
            per annum linked to the 2-year Constant Maturity U.S. Treasury Rate
            (the "2-year CMT Rate"), as described below, plus a spread. The
            spread will be set on the pricing date and will not be less than
            0.20%.

      o     Minimum denominations of $1,000 and integral multiples thereof.

      o     The notes are expected to price on or about December 14, 2005 and
            are expected to settle on or about December 19, 2005.

Key Terms
- ---------

Maturity Date:                December 19, 2008

Interest:                     For each $1,000 principal amount note, the
                              interest payment for each Interest Period will be
                              calculated as follows: $1,000 x Interest Rate x
                              (number of days in Interest Period/360), where the
                              number of days will be calculated on the basis of
                              a year of 360 days with twelve months of thirty
                              days each.

Interest Rate:                A rate per annum equal to the 2-year CMT Rate on
                              each applicable Determination Date plus a spread.
                              The spread will be set on the pricing date and
                              will not be less than 0.20% per annum. In no case
                              will the Interest Rate for the notes for any
                              monthly interest payment period be less than the
                              minimum spread.

2-year CMT Rate:              For any Interest Period, a percentage equal to the
                              yield for United States Treasury securities at
                              "constant maturity" for an original period to
                              maturity of 2 years, as such rate is set forth in
                              H.15(519) under the caption "Treasury constant
                              maturities," as such yield is displayed on the
                              Telerate Page for the Determination Date
                              immediately preceding such Interest Period.

Determination Dates:          Two business days immediately prior to the
                              beginning of the applicable Interest Period. For
                              example, December 15, 2005 is the Determination
                              Date of the 2-year CMT Rate with respect to
                              interest due and payable on January 19, 2006.

Interest Periods:             The period beginning on and including the issue
                              date of the notes and ending on but excluding the
                              first Interest Payment Date, and each successive
                              period beginning on and including an Interest
                              Payment Date and ending on but excluding the next
                              succeeding Interest Payment Date.

Interest Payment Dates:       The 19th day of each month, commencing with the
                              Interest Payment Date in January 2006, to and
                              including the maturity date. If the 19th day in
                              any month is not a business day, payment shall be
                              made on the next business day immediately
                              following such 19th day.

Payment at Maturity:          On the maturity date we will pay you the principal
                              amount of your notes plus any accrued and unpaid
                              interest.

Investing in the Floating Rate Notes involves risks. See "Risk Factors"
beginning on page PS-5 of the accompanying product supplement no. 4-I and
Selected Risk Considerations beginning on page TS-1 of this term sheet.

JPMorgan Chase & Co. has filed a registration statement (including a prospectus,
as supplemented by a prospectus supplement and product supplement no. 4-I) 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. 4-I
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 Web site 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. 4-I and this term
sheet if you so request by calling toll-free 866-535-9248 or sending an email to
jpmorgan@adcord.com.

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 Securities and Exchange Commission nor any state securities
commission has approved or disapproved of the notes or passed upon the accuracy
or the adequacy of this term sheet or the accompanying prospectus supplement and
prospectus, and product supplement no. 4-I. Any representation to the contrary
is a criminal offense.

================================================================================
               Price to Public        JPMSI's Commission (1)      Proceeds to Us
- --------------------------------------------------------------------------------
Per note       $                      $                           $
- --------------------------------------------------------------------------------
Total          $                      $                           $
- --------------------------------------------------------------------------------

(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 $3.00 per $1,000 principal amount note and
      would use a portion of that commission to pay selling concessions to other
      dealers of not more than $1.50 per $1,000 principal amount note. The
      actual commission received by JPMSI may be more or less than $3.00 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 $6.00 per $1,000 principal amount note. See
      "Underwriting" beginning on page PS-10 of the accompanying product
      supplement no. 4-I.

      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

December 2, 2005


<PAGE>

                     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 December 1,
2005, 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. 4-I
dated December 1, 2005. You should carefully consider, among other things, the
matters set forth in "Risk Factors" in the accompanying product supplement no.
4-I, as the notes involve risks not associated with conventional debt
securities. We urge you to consult your investment, legal, tax, accounting and
other advisers before you invest in the notes.

      You may access these documents on the SEC Web site at www.sec.gov as
follows (or if such address has changed, by reviewing our filings for the
relevant date on the SEC Web site):

      Product supplement no. 4-I dated December 1, 2005:
      http://www.sec.gov/Archives/edgar/data/19617/000089109205002394/
      e22925_424b3.txt

      Prospectus supplement dated December 1, 2005:
      http://www.sec.gov/Archives/edgar/data/19617/000089109205002390/
      e22885_424b2.txt

      Prospectus dated December 1, 2005:
      http://www.sec.gov/Archives/edgar/data/19617/000089109205002389/
      e22923_base.txt

      As used in this term sheet, the "Company," "we," "us," or "our" refer to
      JPMorgan Chase & Co.

Selected Purchase Considerations

      o     PRESERVATION OF CAPITAL - You will receive at least 100% of the
            principal amount of your notes if you hold the notes to maturity,
            regardless of changes in the 2-year CMT Rate.

      o     MONTHLY INTEREST PAYMENTS - The notes offer monthly interest
            payments linked to the 2-year CMT Rate plus the minimum spread. The
            spread will be set on the pricing date and will not be less than
            0.20%. The yield on the notes may be less than the overall return
            you would receive from a conventional debt security with the same
            maturity that you could purchase today.

      o     TAX TREATMENT - You should review carefully the section "Certain
            U.S. Federal Income Tax Consequences" in the accompanying product
            supplement no. 4-I. Subject to the limitations described therein,
            and based on certain factual representations received from us, in
            the opinion of our special tax counsel, Davis Polk & Wardwell, the
            notes will be treated for U.S. federal income tax purposes as
            "variable rate debt instruments." Accordingly, interest paid on the
            notes will generally be taxable to you as ordinary interest income
            at the time it accrues or is received in accordance with your method
            of accounting for U.S. federal income tax purposes. In general, gain
            or loss realized on the sale, exchange or other disposition of the
            notes will be capital gain or loss.

Selected Risk Considerations

      o     FLOATING RATE NOTES DIFFER FROM FIXED RATE NOTES - The rate of
            interest paid by us on the notes for each Interest Period will be
            equal to the 2-year CMT Rate plus a minimum spread of 0.20% per
            annum, which may be less than returns otherwise payable on debt
            securities issued by us with similar maturities. You should
            consider, among other things, the overall variable annual percentage
            rate of interest to maturity on the notes as compared to other
            equivalent investment alternatives.

      o     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, 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 could result in a substantial loss to
            you. YOUR PRINCIPAL IS PROTECTED ONLY AT MATURITY.

      o     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



                                      TS-1
<PAGE>

            depend on the price, if any, at which JPMSI is willing to buy the
            notes. If you are an employee of JPMorgan Chase & Co. or one of its
            affiliates, you may not be able to purchase these notes from us and
            your ability to sell or trade these notes in the secondary market
            may be limited.

      o     JPMORGAN CREDIT RISK - Because the notes are senior unsecured
            obligations of JPMorgan Chase & Co. Inc., payment of any amount at
            maturity is subject to the ability of JPMorgan Chase & Co. Inc. to
            pay its obligations as they become due.

What is the 2-year Constant Maturity U.S. Treasury Rate?

The 2-year Constant Maturity U.S. Treasury Rate for purposes of the notes is a
yield interpolated by the United States Department of the Treasury from its
daily yield curve. That yield curve, which relates the yield on a U.S. Treasury
security to its time to maturity, is based on the closing market bid yields on
actively traded U.S. Treasury securities in the over-the-counter market. These
market yields are calculated from composites of quotations obtained by the
Federal Reserve Bank of New York. The yield values are read from the yield curve
at fixed maturities. This method provides a yield for a 2-year maturity, for
example, even if no outstanding U.S. Treasury security has exactly 2 years
remaining to maturity. For additional information about the 2-Year Constant
Maturity U.S. Treasury Rate, see "Description of Notes - The Constant Maturity
U.S. Treasury Rate" in the accompanying product supplement no. 4-I.

Historical Information

The following graph sets forth the historical performance of the 2-year Constant
Maturity Treasury rate from January 1, 2000 through November 25, 2005. The
2-year Constant Maturity Treasury rate on November 30, 2005 was 4.42%. We
obtained the 2-year Constant Maturity Treasury rates and other information below
from Bloomberg Financial Markets. We make no representation or warranty as to
the accuracy or completeness of the information so obtained from Bloomberg
Financial Markets.

The historical data with respect to the 2-year Constant Maturity Treasury rate
is not necessarily indicative of the future performance of the 2-year Constant
Maturity Treasury rate. Any historical upward or downward trend in the 2-year
Constant Maturity Treasury rate during any period set forth below is not an
indication that the rates are more or less likely to increase or decrease at any
time during the term of the notes. No assurance can be given as to the 2-year
CMT Rate on any given day, including any Determination Date.

  [The following data is represented by a line chart in the printed material.]

    Historical Performance of the 2-year U.S. Constant Maturity Treasury Rate

        Date         Rate Level (%)
        ----         --------------
      7-Jan-00           6.34
     14-Jan-00           6.43
     21-Jan-00           6.48
     28-Jan-00           6.48

      4-Feb-00           6.61
     11-Feb-00           6.68
     18-Feb-00           6.65
     25-Feb-00           6.54

      3-Mar-00           6.51
     10-Mar-00           6.51
     17-Mar-00           6.50
     24-Mar-00           6.54
     31-Mar-00           6.57

      7-Apr-00           6.38
     14-Apr-00           6.35
     21-Apr-00           6.34
     28-Apr-00           6.53

      5-May-00           6.76
     12-May-00           6.86
     19-May-00           6.89
     26-May-00           6.77

      2-Jun-00           6.64
      9-Jun-00           6.53
     16-Jun-00           6.45
     23-Jun-00           6.48
     30-Jun-00           6.44

      7-Jul-00           6.31
     14-Jul-00           6.34
     21-Jul-00           6.40
     28-Jul-00           6.31

      4-Aug-00           6.23
     11-Aug-00           6.19
     18-Aug-00           6.28
     25-Aug-00           6.23

      1-Sep-00           6.20
      8-Sep-00           5.90
     15-Sep-00           6.07
     22-Sep-00           6.08
     29-Sep-00           6.04

      6-Oct-00           6.00
     13-Oct-00           5.90
     20-Oct-00           5.85
     27-Oct-00           5.88

      3-Nov-00           5.92
     10-Nov-00           5.97
     17-Nov-00           5.89
     24-Nov-00           5.86

      1-Dec-00           5.71
      8-Dec-00           5.49
     15-Dec-00           5.46
     22-Dec-00           5.23
     29-Dec-00           5.12

      5-Jan-01           4.78
     12-Jan-01           4.72
     19-Jan-01           4.80
     26-Jan-01           4.79

      2-Feb-01           4.66
      9-Feb-01           4.70
     16-Feb-01           4.78
     23-Feb-01           4.64

      2-Mar-01           4.44
      9-Mar-01           4.46
     16-Mar-01           4.34
     23-Mar-01           4.24
     30-Mar-01           4.29

      6-Apr-01           4.15
     13-Apr-01           4.25
     20-Apr-01           4.26
     27-Apr-01           4.19

      4-May-01           4.23
     11-May-01           4.16
     18-May-01           4.30
     25-May-01           4.33

      1-Jun-01           4.28
      8-Jun-01           4.15
     15-Jun-01           4.01
     22-Jun-01           3.97
     29-Jun-01           4.07

      6-Jul-01           4.21
     13-Jul-01           4.10
     20-Jul-01           4.02
     27-Jul-01           3.95

      3-Aug-01           3.86
     10-Aug-01           3.81
     17-Aug-01           3.73
     24-Aug-01           3.73
     31-Aug-01           3.68

      7-Sep-01           3.70
     14-Sep-01           3.20
     21-Sep-01           2.91
     28-Sep-01           2.86

      5-Oct-01           2.76
     12-Oct-01           2.80
     19-Oct-01           2.78
     26-Oct-01           2.72

      2-Nov-01           2.49
      9-Nov-01           2.40
     16-Nov-01           2.83
     23-Nov-01           3.05
     30-Nov-01           3.03

      7-Dec-01           3.02
     14-Dec-01           3.08
     21-Dec-01           3.15
     28-Dec-01           3.21

      4-Jan-02           3.17
     11-Jan-02           2.98
     18-Jan-02           2.86
     25-Jan-02           3.09

      1-Feb-02           3.11
      8-Feb-02           2.98
     15-Feb-02           3.02
     22-Feb-02           2.99

      1-Mar-02           3.08
      8-Mar-02           3.33
     15-Mar-02           3.58
     22-Mar-02           3.70
     29-Mar-02           3.71

      5-Apr-02           3.60
     12-Apr-02           3.47
     19-Apr-02           3.36
     26-Apr-02           3.30

      3-May-02           3.23
     10-May-02           3.22
     17-May-02           3.35
     24-May-02           3.28
     31-May-02           3.23

      7-Jun-02           3.15
     14-Jun-02           3.04
     21-Jun-02           2.90
     28-Jun-02           2.87

      5-Jul-02           2.84
     12-Jul-02           2.67
     19-Jul-02           2.57
     26-Jul-02           2.32

      2-Aug-02           2.24
      9-Aug-02           2.04
     16-Aug-02           2.14
     23-Aug-02           2.18
     30-Aug-02           2.19

      6-Sep-02           2.02
     13-Sep-02           2.12
     20-Sep-02           2.01
     27-Sep-02           1.93

      4-Oct-02           1.76
     11-Oct-02           1.78
     18-Oct-02           2.07
     25-Oct-02           2.14

      1-Nov-02           1.77
      8-Nov-02           1.84
     15-Nov-02           1.84
     22-Nov-02           1.99
     29-Nov-02           2.07

      6-Dec-02           2.01
     13-Dec-02           1.87
     20-Dec-02           1.83
     27-Dec-02           1.71

      3-Jan-03           1.70
     10-Jan-03           1.79
     17-Jan-03           1.70
     24-Jan-03           1.67
     31-Jan-03           1.72

      7-Feb-03           1.69
     14-Feb-03           1.62
     21-Feb-03           1.62
     28-Feb-03           1.57

      7-Mar-03           1.47
     14-Mar-03           1.47
     21-Mar-03           1.72
     28-Mar-03           1.65

      4-Apr-03           1.54
     11-Apr-03           1.61
     18-Apr-03           1.70
     25-Apr-03           1.66

      2-May-03           1.56
      9-May-03           1.48
     16-May-03           1.44
     23-May-03           1.36
     30-May-03           1.33

      6-Jun-03           1.25
     13-Jun-03           1.14
     20-Jun-03           1.22
     27-Jun-03           1.28

      4-Jul-03           1.31
     11-Jul-03           1.35
     18-Jul-03           1.45
     25-Jul-03           1.56

      1-Aug-03           1.71
      8-Aug-03           1.77
     15-Aug-03           1.82
     22-Aug-03           1.89
     29-Aug-03           1.98

      5-Sep-03           1.92
     12-Sep-03           1.69
     19-Sep-03           1.65
     26-Sep-03           1.66

      3-Oct-03           1.54
     10-Oct-03           1.65
     17-Oct-03           1.85
     24-Oct-03           1.83
     31-Oct-03           1.81

      7-Nov-03           1.95
     14-Nov-03           1.97
     21-Nov-03           1.84
     28-Nov-03           1.97

      5-Dec-03           2.04
     12-Dec-03           1.90
     19-Dec-03           1.84
     26-Dec-03           1.86

      2-Jan-04           1.88
      9-Jan-04           1.83
     16-Jan-04           1.67
     23-Jan-04           1.69
     30-Jan-04           1.81

      6-Feb-04           1.81
     13-Feb-04           1.75
     20-Feb-04           1.72
     27-Feb-04           1.68

      5-Mar-04           1.69
     12-Mar-04           1.53
     19-Mar-04           1.54
     26-Mar-04           1.53

      2-Apr-04           1.67
      9-Apr-04           1.88
     16-Apr-04           2.03
     23-Apr-04           2.17
     30-Apr-04           2.29

      7-May-04           2.41
     14-May-04           2.62
     21-May-04           2.57
     28-May-04           2.54

      4-Jun-04           2.65
     11-Jun-04           2.75
     18-Jun-04           2.84
     25-Jun-04           2.77

      2-Jul-04           2.71
      9-Jul-04           2.56
     16-Jul-04           2.58
     23-Jul-04           2.69
     30-Jul-04           2.76

      6-Aug-04           2.60
     13-Aug-04           2.47
     20-Aug-04           2.46
     27-Aug-04           2.48

      3-Sep-04           2.47
     10-Sep-04           2.52
     17-Sep-04           2.53
     24-Sep-04           2.53

      1-Oct-04           2.63
      8-Oct-04           2.61
     15-Oct-04           2.53
     22-Oct-04           2.55
     29-Oct-04           2.57

      5-Nov-04           2.65
     12-Nov-04           2.86
     19-Nov-04           2.95
     26-Nov-04           2.99

      3-Dec-04           2.94
     10-Dec-04           2.95
     17-Dec-04           3.03
     24-Dec-04           3.04
     31-Dec-04           3.09

      7-Jan-05           3.20
     14-Jan-05           3.24
     21-Jan-05           3.16
     28-Jan-05           3.25

      4-Feb-05           3.29
     11-Feb-05           3.34
     18-Feb-05           3.40
     25-Feb-05           3.54

      4-Mar-05           3.58
     11-Mar-05           3.73
     18-Mar-05           3.73
     25-Mar-05           3.83

      1-Apr-05           3.84
      8-Apr-05           3.74
     15-Apr-05           3.65
     22-Apr-05           3.57
     29-Apr-05           3.64

      6-May-05           3.65
     13-May-05           3.68
     20-May-05           3.62
     27-May-05           3.64

      3-Jun-05           3.55
     10-Jun-05           3.62
     17-Jun-05           3.71
     24-Jun-05           3.65

      1-Jul-05           3.66
      8-Jul-05           3.76
     15-Jul-05           3.84
     22-Jul-05           3.91
     29-Jul-05           3.97

      5-Aug-05           4.05
     12-Aug-05           4.11
     19-Aug-05           4.04
     26-Aug-05           4.02

      2-Sep-05           3.87
      9-Sep-05           3.86
     16-Sep-05           3.91
     23-Sep-05           3.97
     30-Sep-05           4.11

      7-Oct-05           4.20
     14-Oct-05           4.24
     21-Oct-05           4.26
     28-Oct-05           4.35

      4-Nov-05           4.44
     11-Nov-05           4.46
     18-Nov-05           4.43
     25-Nov-05           4.35


                                      TS-2
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
