EFTA01512443.pdf

J.PMorgan FINANCIAL TRUST COMPANY, INC. ACCT. For the Period 1UUOS to 11,30/08 YOurnuat proinpNadviseJPUSl d malenalchaoges in yo(, mreStmentObieCMOSCe lonanCialleuelOn Unto s sOusntrrn JFI.ASIO(IXtwafe JPMSI .v4110,0140! Yee enlermat,CoCtrteil4fin es tiles ro be comp**. and aeon* YOuiheukl heieseconedsepotateJPIASI coo/melons fat eaCh seCurthes ' ,smatter's AVfrensectons aresubjeCt to the terms and condeons stead on the retersesodeotsucli cakevrnelons endive sub.ecl to Me Ccosthrton. by-laws °Morro and mteeprelabOnsOf the merkatplaoewhoto executed and governed by and construed in ace:rearm vom the laws of On Stem of Now Yorkard I spotted°federal/ows and nagutefrons Further .r,•lwriaton wen respect to commnsons and erne, charges rebid to lbw execution of transedicm. oetedoe oreerne Ireraecbors has been included In coresmeatins that were prevotalflurmshed to you Upon wraten repute !PM& wed pornplly Sueolyp:u inch the latest such nformelion SIvrehallersolcalwn JPM Funds °recent a tedempton fee eau& to "el the proceeds I they erxclmngew redeemshares of suoS funds warm 60 days of inches* suers( to ocean excepeons set Galt, m the prospectus of the appacalloeund Plea",canna your JP Morgan rgevesentabielor a AV OMB JPIA Funds that moose redemptoo fees JPMSI a a mantel of the Secuoles lnyeslorProteclon Caporabon ('Sh,C7 a not-kr-wag matneershe wperaton funded by beater -*ekes tegrstered eoth the Se antes and ExchangeConnsvon &curdeS and cash hell foram:tomer al JPMSI we paecled by S/PC up PS $.500000 per customer ehth includes up to $1000(10 d protooton for cash SIPC does not pnoaal °gay's, losses horn hock/atone in the valued the SeCuntea ASSO(S neAd in custody by JPIAvgen Chose Bonk N A (the tank7wo not &epic! to &PC You may obtain infarrebonabout &PC ineeirkng the SIPCDeccnure on Ow webs*. at llvme spa erg' a* by contact's; them at (204371-8300 JP Mogan Socurtoos Inc JPMorgan Chase Bank NA or ;ha offAelos me 'Morgan Corry:scowl may pow/0 edmnistratwo cuslcd sat saes dose*unon err sivverokleesaw:este JPlicegan Funds AnxvicanCenhay Funds or funds estabeshod scone-ad adeaod managed by thrd pathos and We Mogen Companies may be compensated for such sennoes Explanation of JPMSI Ratings: J P Morgan uses the Icatreeng rata; system Overweight: Over We non six to (woke months. wo expect the sock mi/oapmeefonn Ma average keel rohon tho stocks NI tho analyst's (of tile ansNyst's toam's)cortrage universe Neutral: CYe the nest sic to ?salve months we expect Ms stock wet Worn in hoe *JIM, r.wage bk./return of the stocks rn the analyst's (a' the enalystS team's)Ctwerege Linnets° Underweight Over the next Six tO tneNe (Moths, we expect Ma stock at under.perSom the &Aran (OW (Orton CI the Stooks in the anmysts (w the anatySt's leam'S)Coverage urwerse Independent Research RelingS: JPMSI dyes not endorse0, otherwise adopt the Inde.nenientResearchProvxkoresarch soarer Wogs ftwentferns use a veretyot (alms terns as eel as &keen!ratings systems to descrtelner recOrrrnendatons IFStS1 fan a )eaNcerotngs system esdaunted above IRPs may usea deferentratros system such as as an -absoLto'ritogs system and use such Isms as 'buy" totl • a "sat" Since telabbe'and "aosoluto-tatogs systems aro tundornontalyddlorenl you should rood coratialy the <lento/a of a4ralvgs used in Vie JPMSI end /PP resenech that a :faded sn the research tee Fa this reason and once the researchcontains the base kr the mimes es wet as complete .nfamehonconceintno the analysts vets. you shOutl reed carefuty the reSeafChand ranter RS Contents from the rating atone J P Mogan Ftwat. Bank a We Illinaltig none foe the emote banking bus Of14/ 43 conducted by J P Morgan Chase S Co Mewl) its subsdanes floridode ocludog 'Pt/organ Chase Bank N A end J P Mogan Sealtea Inc Account Page 12 of 12 Page 13 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00038290 Chase CONFIDENTIAL SDNY_GM_00307488 EFTA01512443