EFTA01512322.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. ACCT. For the Period 5/1/08 to 5/31/08 JAWS, a the custodan of hated cphcns and most "Wud fonds maxima Mad partynyhJai funds pachesectUncughJP&ISI You shookI hayerecereedsepete*JPIASI confrmatans ter each secuntestransachon AN bansadmsaesubccttothe terms and condbons stated on the reverse:id. or :Loh overtime/on:and are sublect lo the ccostihrton by-bas customs and oterpretabonsof the marletc4a0enhereexecutedand goveroolby and ansetRdn escadauce al the On of the State Of Nen Y0rk arx a Opplicabse federallaws n regulatOrks Nethermlcimaton eith respxl to couvropoos and other Owen reiatedto the exact/honor Densectons mcbdang opbons bansectons has been axkdol contrmsbons the: *me prevoust)du, hedb sou Upon ventten request JPMSI we promptlysupplyyou ewes the Seat such inicemstion Snatenoaersci °edam JPM Funds sechirgal a redemptory lee avian° 2% of the proceeds if they emchengetx redeemstwesot stch Nods wthin 60 days a purchase, subject to certain evoophons set kirtn in be crospeclus of the appkcableFurd Fteaseconsof you' JPMorgan representative°, a Mat old,. JAW Funds that impose redemption fees. JAWS s a month of the Soca/Ass Investor Psothon C,ceperatran eSIFC1 a not-lce-protit neambershm corporation funded by biceer-deaters registered wan the Sccuntes and ExchangeCommuvon Seoseres and cash heel fa a cusknee et JPMSJ we protected by &PC up to $500.000 per ecotone which inades up to 5100.000 aprotean(' for cash SPCdoes not protect downs! losses born Itucluebros in Montano( the set-unfree Assets het in custody by lPMegan Chase Bane. NA (the StotAlace rot ayEyec b SIPC You may ootau neermelon about &PC. maxtro the SIPCEIrcchute on they webs*. at \Yew sac oh Dycontxtvp thorn V(202)371.8300 JP Wigan SeCurihnInc JP4hohglin Chase Sank N A or thee anetes(Me WeljanConpenealmtby prowcleadnxnabebie CusSedes 'Wes PO dots, a StUrehackesehrOes to JPM0hges Furs& Arnencan Centwy Funds. Or funds esbabtlsted spouscied Wooed a managed by Mid parties and the Mogen Companes may be conzensatcd to, such strew:as Explanation of JPIASI Ratings: JPMorgan uses thteloStuuno retro system Oymweight: Orer the nest SA to twelve months we e.t.a this stock *Of outowtoen the average MEd return 0/the stiXes in The aaYsta(a the Snakes leamX)C0verege unNeese Neutral: Oyer the rent sty to Mahe months we coped On slocA we padamrn Ane with the average Iolatslum a the stocAs as the analyst's (ce fly analysrs learn's)corerege Lnwee se tlisSivielght Over the neat Svc to twee months we aped ma stook vial under iflekrm the overage MOWMum of the VOCAS in the aneysta (a the analysa team's) coverage wear se independent Research Ratings: JP1IS1dces not co:terseor otherwise adopt the IndependentReseetiFtowderesearch web ratings afferent frms use a veleta tangs tarns as wed as MiTcventrabngs syskms to describetree recommencletons -Antuses a 70,abre.ra2023 system 03 ciescopea above 'RP'smaywe a differentraMos system such, al as an "absoMe'ratnngs system and use such Wan as 'buy' %Of a 'set Snot 'retatyeend 'absykee'reftngs systems we lunclameolaychlerent you 0300dreed aveluth. Iry dein:ass of ati 'atop used n the JPMSI and IRPresearch that a included n the leetvechitsof For m's reason and stros the research contains the base for the tarps as sod as comalcla sac(maks, canceenng lee anaysts vans )Cu should read catefu4y the researchand not it its contents from the rang alone JPMaorm Asvote Bank ,s ire marketing none fa the pro -ate banking business conducted by J P Morgan Chase it Co through ts subsdenes notrade mckstling JPIAcrgen Chase Bank NA JP Megan Trust Company NA and J P Morgan Securities Inc Account Page 11 of 11 Page 12 of 18 Confidential Treatment Requested by JPMorgan JPM-SDNY-00038169 Chase CONFIDENTIAL SDNY_GM_00307367 EFTA01512322