EFTA01508778.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC ACCT. For the Period 1/1/08 to 1/31/08 JAWS, a the et/al.:don dl alm/cob:Pt ani molt "Wual funds maxima Med partynyheat funds pachemmIthmhttMJP&ISI Vous/moll hayereceuedsepet akJPIASIconfernattons br each secuebestransachon ANbansactxns mesubect SP the terms and conoMas stated on the reeerseade of stet coreamsbons and ate subset to the constarton by-knes customs and inkrpretationsof the marletoteeewhereetecutedand govemmlbyami Construed in eccadeocemM the laws a the State Of Nen YOrk and ea Oppecalee federal laws and regulations Further infcematon eith resptcl to commusons and other charges reiatedto the exact/honor Pensectons rnctudng options transact...0ns has been wrk4od n confrmsbons Mel were ammoseyformshed b )ou Upon patron request JPMSI we promptly supply you with the orbit such "(cremation Snatermaersci oartienJPM Funds *recharged a redemptory lee squat to 7% tithe proceeds if they etchangeo redeemsharesot non funds wtho 60 days a purchase, subject to certain evottpacns sot brat in he prospectus of the appecal*Furel inteeseoonsue you' JPIetorganrepresentatettor a list old,. JAW Funds mat impose redemption fees JAWS s a mote' of the Sacuides Investa Mothon C,apaetmo (*Sart) a nohrohpfatt membership capers:on funded by brokeedaskers registered wan the Secuntesand EAchangeCommtsvon Seceeein and cash hoed fce a cusisnwe et JPMSI we protected by &PC up to S.500 X0 per customer. which incledes up bs S10 .0W ol protean° for cash SPC does not protect 40;KKR34 Josses ban Mitt, it the value of the seounbes Assets hekt n custody by JPMorgan Chase Bane N A (the StmAlace not ayeyect to SIPC You may °so neer"aeon about &PC, incAeltng the SIPC &tenure on Mew webs*. a \Yew sec or or Dycontxtog Item et JP Wigan Securities Inc JPMorgan Chase Bank N A or thee areeted(Me WeljanConntnealmety aorPeadthmotratoe Cuatthat mhtma aflottukrt a ShenhacktsemPes to JPMorgan Funds Arntecan Century Funds. Cr funds esbieestted sponsored alvoed a managed by blvd pa es and the Wigan Companes may be conzensated te such seetnces Explanatron of Jetta, Ratings: JPMorgan uses the taboos) retry' system Overweight. Orm the nett au to twelvemonths we expect this SW, outpertcern the average !Oita Morn 0/ the stile.3 in the enthYst's (a the enehers leemb)Covereee UMW,* NOWT]; CVO' the rent six to Mahe months. we coped des sbc'wnp:damn Ane mm the average Iola ndum ce the stools al the analyst's (ce the analysts learn's)coringe teene se Undenvergni: Otte the /Sit air to Melte moMhs the aped Ift4 stud sea under perform the overage IOWMtn, of the 3:00‘a in the anedysta (a the analysa team's) =vane unit se. Independent Research Ratings: JNIS1dces not crakes* or 0010IWASC adopt the IndependentReseeediFtowde researcheniea ratings afferent frms use or vemetyof tangs tents as wen as dincventrahnos syskrre to desc hatter recomrnenclatons JAMS( uses a 70,abre, a20a5 3,1fen as ciescopea above FRP. may use a differentraMos Wetc•M umh as as an 'eteotute-ratings system and use such terms as 'buy' -hole or 'set Soc. eteetyeand tatisceeet refutes systems ere lundameolaycleferent 3Ou should reed osteloM the ckinbans of eti tetnos used in the JPMSI and ICIPtezeasch that a onlicled n the reetwchitster For Imo reason and since the research contains the basis fa the tangs as hem es comabla saar maks, canceenaw trie anaysts veers pat should read carefuey the researchand not it its contents from the reeng alone JPIectgan Anode Bank is the merketno none fa the pneate banking business conducted by J P Mogan Chase it Co through es subsdenes notende mckydma JPIAcrgan Chase Beni( NA JP Megan Trust Company NA and J P Morgan Securities Inc AecOunt Page 14 of 14 Page 15 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00034130 Chase CONFIDENTIAL SDNY_GM_00303328 EFTA01508778