EFTA01519791

J.P.Morgan GHISLA1NE MAXWELL ACCT. For the Period 5/1/09 to 5/31/09 Important Informbon Regarding Auction Rate Smatters (ARS) ARSaredebt a prekittedsecurbesenth en nieces! a etIndend rate reset peflodicaPpn an euaon Although there may becks*. weekly ard morift 'nes there ss no guaranteethat SIMMS be Our* If mere are not enough tads at an archon to !Warmth* sectedreseralebelcv sale Marasco may be a tas*laucton Ina Mad auction there is no assurancethal a seconder ymetketws0 dewlap& that the security me lade.: pace any a h r Atedealedon sletements Acectdryly nvoiseas should no: reyon anon; one arnstionappeamm they staL.ments Iva respect to ARS JPAIS a the custodian c listed opteees purchased thwAgh JPAISI You must prorryamd vise !PSIS, of matepatchanns in sots investment °Ma/rose . Imancralsituateon Unless you inform JPMSIOthermSe. JPMSI sat condor me int.:Irma:4o Currently in its hies lo be coneekno end accurate Youa/100d heveteCooredsepartgeJPMS! °oaten:00ns tr each eecceobee (ransack.° An fransectchs are sub"( to the teem and condecns elated on the 'averse sde of such conlemetone and are subject to the consblutna by-Ittwa Customs and Serpretatto30! the neseotoAscowbeto executed and governed by and ccosbued maccarlancinath the laws cl :he SWbd New Yak and as eptacaNetederalless and septa:on: Father otoernaton erdrt respect to comneesions and other Char Goa related to the etsteuton of eanseaons mks's.; option: tonsectrcns. has been ncludedrn conferrabons Net were prevousty4, nehedb Ku Upon nntten request !PIM wet tromptiy supply you MI the blest such Samba , Sherehoderscicertain.SPAtorgan Funds we charged a redempbon feeaqua/to 2% of the proceeds I they eschangece redeemsheres of such funds within 60days of purchase. subject to cater etoesbens :et lath in the prospectus cIthe epsatuMFUnd Meese consuN jolt J P Morgan reneoentelmix a kst or the JPtiagen Funds that impose redimpbon fees. Slot& is a member a the Stco”..slevesk!Feceectem Corporation rSIPC1 a notfa prof d nembashrp macre:co funded by bracer-deekss registered with the Secuotes and ExchengeComemsron Seca hes and cash he'd foe cut!oner at JFUSI two peateled by SIPC up to $500 000 per OuStOire. which incAides up to 5100.000 of protector for cosh WC does not protect Vend! losses don, Mxtuelons rn the valued the wadies Assets hell en custody by JPStagan Chase Bank. N A (the "Bank7are not s‘Mot b SIPC You may obtain infooneton about SIPC extant; the SIPC Brochure on her vette at 'WM./ zoo ore' a by contectAg them et (202)3714SO To the orlon:applicable plea so read the fob:who dsclosaosregarcAngestimated annual income (Capitol Moulted yea (EY)E.A0and EY Ice ratan typeset sectoredcadet ince.de a return a ahem, a capital gains in which case the Eat and Snouts be overstated EAl and EYareesbensles and the actual mon and yet/might be bate or Inbar than he esteneted *moor* E Yrenects only the inner garo-atedbyn rwellmeot R does not reflect changes to its poet vetch may Ikettate JP Mawr Sec-trees Inc JP141orgen Chase Sank NA a thee athletes (the 'JP Macon Compenesl may proveleadmrestretno cuskdel sales clattsbaon or shareholder services to JPStagen Funds. Arracan Century Funds a funds estattohed sponsored sassed a nenagedby thud aarties and the I P Morgan Compares my be oomoensated fa such seems ExplanatiOn Of JPAISI Ratings: JP Morgan uses the following rats system Overweight: Ora the nest son to twelve months we expect the stock Ai outperkem the overage blot return of the stocks in the analyst's (a the analyst's tearn's)corettNe nnase Neutral. CVO/ the newts. to Magee 0170013. Ot erred Ma stock me perform in me my, the average kola' return 0/ the StittOti ti tre ana*sCs (a the analy,rs team's) coverage imhe'se Underweight: Ova the nor, sa to here° months we expect Ins stack will teldef terkem ho average total tetum of the stocks e ?the analyst's (a :he analystS frame) mane unna Independent Research Ratings: JPUS &es not anionic+ otherwise adopt the IndependefeRateafttROnite !OSeasen a/4kt '&493 affierePtirms use e vim( yof ratings ems as wee es differentrags systems to &add:N.then reCOervnandatiOnS .APIASI uses a "ebbveratngs syskm as doss-roe:lobo., !RP: may use a diferenteelings system such as as an 'absoieteratinos systemand use such term as 'uy. Tod-. a 'sell' Sexy "elative-and 'absolute/a:wigs systems eve fundamentelyafereM you should read earplug" the CtefraOrt$ of aerate:is used in Use JPVSI end IRPresearch The d included n the research itself FOP this reesco and since the rtlearch contains the bes4 tOr be 'Bing.' Si nett as co/m*4e elk! melon conce!rog the andandW15 wewS, you shOvkl reed oaretu4), the scratch and not aped its contents from the 'tang None Sans products and sasses are °Med /Novo!' JP1Acvgan Gnu* Bank N A end its altastes Security, we *Ind 0,J P Morgan Secures Inc Page 25 of 25 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00047094 SDNY_GM_00316292 EFTA01519791