EFTA01485058.pdf

JPMorgan Private Bank JEFFREY EPST E I N ACCT. For the Period VI /08 to 4/30/08 Important Inlormarion about Auction Rate Swath., (ARS) ARS are debt a pteetered recupbe: nth an ~estor &room,rateroseI penedcaly an an action Aelsough Moronity be deily neatly andmonde/texts there a no guarantee that "wane be Nudity Itthee we not enough lads aI an often to redeem the secuntos mamma,. Mr sale. Ina ue may bee Wed aucton In a fineclauCloan. Mwe a no manner) Note aiMiNdleyrnerkiel wit devotee a that the SOCuary na Modest par Cr &WOW( pace fentotted On statements AOc,400Y. ewesten anOuSi not Lary On tram oscoophoo •Ppeanng in met statements with respect to ARS the distrbutor of the JPMorgan Funds is JAM:ow astnbuton Servs Inc. witch s an eMWnYa JPMorgan Chase Bea, NA JPMorgan Chase Sank N A and as aMOoaros wow compensation ton!Plana° Funds taxon:Mg 'ewes Amencan Canny One:emcee Semmes Inc a Med:sett,el the AmericanCenturyFunds AmencenCengrylmestment Managementinc :enemas inyestmentadoso to es rospectnefund Rinse/and iceestescovipensaton trom that fund hammy for pavaneme:Went advaoryand other sewn If you hem chosen one d the snow mAusi funds you we notified that positions in the Pin Money Market Snap Fund representhollings ar the JPAksgen Rene Money Merkel Fund poi teas on the FedereiMoney Merkel Sweep Fund represent hadings in the JPMorgan Federamloney ManyFund and posoons m me Tax Exempt MoneyMerleA Salop Fund reptesonthoefings tri the JPMorgan Tax Exempt Money MartelFuod JPMSIis the Gustationa tetedoptions end moss mare, funds. nfliching :hod party mutual funds purONMed through JPMSI You shout hensrecenrodseptvateJPNISIconfrmeons toe each sec-vines Panda bon AV transwbons ere Sub"d lo the barns end COndsax stated on the rereseade of such ca ntons end &sucked to the consfitubm, byJews customs and interpretations& the nwerkerpraoewnin immuredand go/wood by and cons toed a aCoYdanCO min NO taws Of the Stale or New Yak and as apcoktoownwhwanans and regule3OnS Further infOnntatiOn onta respect to monsoons and other charges retitled b the eireadon of transeebona .ncluthng opens frame:bons has been include:lin cortrmatons that wereprevousNtrolled to you Upon wnhen request JPMSI who promptly supply ?pi oat* the bleat such ntarnetion Sherehoalersel orlon JAM Funds recharged a redemption foe*qua to 2% of theproceedsif they exchangeor redeemshares of such funds mem CO days ofpother* subsett to certain eacepoons set loth en the prospectus of Me epee:aweFund Feas.consua year JF0Aotgan representatwetv a 1St of the JPM Funds that impose redemptron fees JPMSIIs a member of the Secures: InvestorMotecton Commetron rSIPC1 not.brprate rrembershe caporabon funded by brokeScotts reenteredmin the Senates and EahangeConnesch Satiates and cash batik, a customer at !PSIS, ace prctected by &PC up 10 $930000 prioNotOnter. min:* rnOwdee up 10 SIO0.000 Of potecton ke cash SIFC does not protect *gene ;Cotes • in the rived the *Mutts Assets hen mu:stogy by JItMagen ChaseBen& NA (Me Dank, we not subject to S/PC. Youmayceten a7loonwitoon 4/bout SIC. ecticlong the SIPC&xbse m Net wittiest at NMI./ ape air a by contacting them sr JP Wigan SOCulexa Inc. JPMorgan Chase Bank NA a thee adAalOS be 'Morgan Cannanon)mohypievde itdrneseltabw asSEdel Saba dotiblOulan cc shotenoklotnat.:taro JPMagen Funds. AnetanCenturyFundt a fund. estebtehed. sponsored. richreed. managedby thrd parties and the Morgan Companies may be sampan:Ma:0m such services JPMorgan Potato &Math, mykohng name for the tante banting business conducted by .1PM:igen Chase S Co avow, ifs subsdramm onxichonde. inctudrng JPAlortgan Chase Sank. NA. JP Morgan Trust Company. NA. and JP Morgan Secreates Inc Page 8 of 8 Confidential Treatment Requested by JPMorgan JPM-SDNY-00006312 Chase CONFIDENTIAL SDNY_GM_00275510 EFTA01485058