EFTA01512342.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. ACCT. O78805001 For the Period 6/1/08 to 6/30/08 Yoh/shoed havereamedseas th!eJFNUSI conIe~tens ke each steuhtes!remotion AN fransactons aesuesect do the terms and condhons stated on the rever se she of such conformations and are subs« lo theconsbluten byteves. customs and in&wpretatonsci the mahAstplaoewhate ~Mad and governed by and tonteve inaocadanoe wan the 'entitle Slated Now Yoltand ara &pekoe,eledavailehs and tedukshons Furtnenutimeton wet towed to oomessuces and ana chadas rate:alto toe execution°, natuachons nobdand options transectons has been ecAuded m confirm:gees that were precouslyftemsnedSo >co Upon .enen request 'PM& vhu~Pr supph• you *eh the latest such information SnaoshoUotscIcatato &PM funds ere cnagea reclempton lea equal to 2% ci te proceeds if they excheogea sedeeenshatesof non funds wtho 60 days of purchase. subject to catenexceptens set forth n tne prospectus of Me apcdoebieFurd Ploasecansue you JPMagensepresextahvefor Oat of the JPM Funds That erosetedenoten lees. JAMS, 34~x:era the SectintesInwestceProection Corporation r SIPC9 et nonce-wad membershep corpora:on fumed by baser-dealers registeredwith the Smokesand ExchandeCorrnsson &cakes end cash led fa a ass!~ a: JPIRSI ere picketed by SIPC up to COO PO0 per ~toner. uth&lt wo»des up to $100000 *forefoot°, oasn SPC does not ptotect egonst bases from Nxtutittotts o the reared the seConfres Assets heel r custody by JP:Fagan Chase Elen4. NA (Me Mena')are not Suited ts, SIPC You trey °Wen ~motion atteut S/PC included the &PC atlas, on Mee ~it at 'were sec ad' a by contacting; them at (l02)3714030 JP Ma pan Securers JPMorgan Chase Bank N A a thee aff‘hatesahe "Axon COmptmea7mOya0veeadinhatrelne custolwal. Was PstrOutol a sharehottatsaroces to JPMorgan Funds, Arniteican Century Funds, a fungi eSlatAshad, sponsoed minder managed by:SO pates and the Mayen Condones may teconwensated ke such servces Explanatton of JPIata Ratings: JPMorgan uses the kaYsehnd raise system Overweight: Om the nest se to nwave months, we expect this stock sues outpetam the ...age total return of the sbatsolne anchysts (a the analyst's leatn's)covefede unman Neutral: Over the ned six to Mene months weeded this dock ma perform», Me nCh the average »ts/ fatten ci te stocks mthe ana/Jars (a the enelYsFs kin's) coverage uns ef (Indenveght: Ora the next an le tweNe mat we expect',/,' stock wit under -pedant the average total felan of the skas as the anaYst's fa the an:Wan kana)COYetage ~Y.» Independent Research Refiner JPMSt does nd endorse0e othennseadoet the IndependentReseechRood« eseach end/a slaps attach:Irma use, veetyd ratings terns as woes deferentresteds syskwe to ~ad:ether reCOntrendden5 :ANSI~a a "ownwe'rategs system as °note«, oboe* tRPsmey use a diffeeentrehngs system such as as an rabsautor tatnps system and use such tams as 'buy, Told' ot 'sat Sence'reaafwe'and retnotae'ratops systems areNidamentalydderant 'co snood read wetuly the derntons of ad ratings used in the JPMS) end IRPteseach that a octuded n the research45M, Fa This reason and since the ieserch contains the base fa the rends as nett as compete Afarmelon concerned the anapest's wows )Cu should teed carefully the teseachand not Wads OrSent$ Nam the ',style Wore JFIAregen l'hvate &oh Is the miakeWn; none o the ',note banked banns conducted by J P «organ Chase& Co tivovgn es subsdaes floridwde Pckxlhe JPNtaden Chase Bank NA JP Mogen Tryst Company NA and JP Morgan Securities Inc Account O78805001 Page 11 of 11 Page 12 of 18 Confidential Treatment Requested by JPMorgan JPM-SDNY-00038189 Chase CONFIDENTIAL SDNY_GM_00307387 EFTA01512342