EFTA01512363.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. ACCT. For the Period 7/1/08 to 7/31/08 You must oomph's's:NueJP/A.9o/ nettenetchemges in sour ovestmere othecb eia lesancietseuebon Unless sou Warn JAI& °Verne. JAMS weer anode ble internal°, °wreath, in its tees to be °cookie end ware* You shoal have receeredseperateJPSISI conremabons ise each securdesteanswton AN frensectrons restredect to the teems and =oaten, stated on The reversesde ci such conformetons and are asked lo the constduban bylaws. customs and oderprefab:nod the Maddepl•Cerehere (neared and gOvemed by and COMP WO n toCcadenOewiM the laws of the Slate a New /tit and aseppkebafed(vaaws end regubbOns Fixity( ntormeton weft respeCI10 00nerresCns and Other °Woes related to the execution Ot PensaChOra. reading options trensactoons. has been =Wed in confrmabons that weepeecuslyturenahed to 'al Upon antten request JPM& will promptly supply you verth the latest such mint= Shareholdersof certeesJPIA Funds notepad roderrpbon lee squat to 2% of the proceeds it they exchanged redeemshenss Gauen funds vat 60 days or purchase. subject to oaten exosohcas set forth in Me pospedus &the asolcebleFund Fteeseconsul you JPIkrganrepresentsbesfor a add Me JPfd Funds that impose nJorybon lees. JAMS) is a manbrdthe Sacurebas Investor Prntechon Cceperaton(SIPC7 a noldy.prola memberslms corporabon funded by brolorralsrs registered wah the Securtes and ExclungeCommapon Searems and ash had ke • customer • I !PUS, we protected by SIPC up to MOM per castoffs*. which Stades up to 5100000 of protection la ash WC does not plant epainet/Cefea Peen Atksbunsi, the valued Me SeCtribel Assets heed in custody by 'Mogen Chase Bank NA (the 13enk7erenor stipact b SIPC You myobtain nlarnebon *bey! SIPC. includes; the WPC Brocrea on Mew **AS et 'Wee sec ay a bycontscang Mom el (20a 3714300. J P Wpm Securities Inc. JAUcrgen Chose Bank NA. Mee eMtetes(the 'Mown Convenes' iney provide admeaftebre.CuStOdel. Wes eAsMbutiOn a ehereherdtrSerVele SO JP/AMMO Funds AirstnanCenturyFundt a W SIS trelatenhed SpOnSOred. edided managed by Ned pates and the Mown Compareas may be ccerreruated kr such menses Explanation or JPAISI Ratings: JPMorgan uses tree lolbenng rating system Ovenvivght Om* the nest sa b twelve menthe we ex peel This gosh wit OuVieltele MB tivertble tag !WWI Of MS soda telt. enefraf (Cr the SnalySSI leeMVCOvence unherSe Neutral: Ova the nut six to Mohr mcoDis me expect Ma stool, wet pesfotrn in Me welt the average Joist Morn of the stocks as The analyst's (a tee anetyst's Ieem's)coveishoe unne,se Undwwetght: Oren the flea Sit lo tweive months. we expect Mei stock mg under-perfcem Me average load return d the Mode in the enehote (or the analyst's leem'OGOverage unit se. Independent Research Ratings: does not coda:ea °Memento! the IndeeendentResarchgeowdeuesearchendice ratings Deferentlims use a venelyof retry terms es wen as defeeentredengs systems to desert, ewe recommendations JAWS uses a "reMbeerrioMcd system es cle3Oted above. IRPs mey use a dile' ent ratings System Soli es as an 1.060tufe-Febno system and use such teems as "Dthe. Mb'. a 'set SoCeldelNeend 'absolae'rehngs systems erefundemehletyclfferent you shOuld reed Owerulb, Me definitions of , ti renn ts co used an the JPMSI and IRPrasearch that a included n the rasearchrtseif Fa reason and since the respect, contains Me basis b as well as compote mtornslon comer:long the anahats yams )co should reed ore!uhy the teetethend net of A-oen the rating alone JPIdagan Rive* San) a the marketing none fcr Me pirate bankng baseless conducted by J P Mayen Chese S Co through is substrates noted. =lecher; JPIAcrcian Chase Bank NA.JP Morgan Tut Company NA and .1 P Morgan recur es Inc Accour Page 12 of 12 Page 13 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00038210 Chase CONFIDENTIAL SDNY_GM_00307408 EFTA01512363