EFTA01519851

J.P.Morgan GHISLA1NE MAXWELL For the Period 7/1/09 to 7/31/09 Impotent InforrnebonRegedg Aixton Pak Started (ARS) ARS we debt a pre4nedsecurees wen en 'Merest a darlenO rate reautpaodicaPra an nuaran Although there may be 60y. weekly0rd monde/roses there's no guararbeethat Sole MI be lquchty If mote are not enough has as an auction to tadaerntne socoaresaratabarcv sand the result may be a laiWavcbon In a Wed &Flan there no assurancothel a seconder yrreiletm0 dewlap& that that security tode at pars any Ow praninpaledon sloPments Acwdngiy eyes:as should no: reton axone one arnstcneppeennge they staarnents ad+ respect to ARS JPMSI a the coskden c listed opbobs purchased thra-gh JPMSI You must proerpth/adviseJPSISI of rnatepalchangns in your investment obect oar a tinancelstuateon Unless you inform JPMSI Othernell JPMSI wed condo me inronnaton currentntn ds hies to be compato and accurate You anova haverectinedstapannaanMSIconlernstans b each MC404.3 transacton An fransectons are autanal to the teems and conoacna stated on the 'even. bd. of sack conlanetona and ere subject to the Orldbdra by-lows. MOM and vatorpretatto30/ the naraotoasco where executed and gowned by and construed rn accadananwth the laws &the Slate of New York and *Scab* Waal/rows and regulabons Further otoernoton welt respect to commosons and other charges related to the **tauten of bansedsons rick...dry option: fransectons. has teen mcluded on conferrebons that were prevousbia oohed b wo Upon written request INAS, tat/ pan t/y supply aou ?Oh the blest such Jalametra, ShareholderscicettenJ.Palorpen Funds we alleged a redempbon fee ad ye/ to 2% of the proceeds I they e.changece redeem shares of such funds within 60days of purchase. subject to cater °racy:bons set lath an the prospectusa:he epyatubleFund Meese consub wor P Morgan reneeentelbercr a list of the JPtiagen Funds that impose redemphon fees. Slot& is a member of Me StcoreAasInversta Prolechon Ca perabon FSIPCI a nobler-add nernbashre mecca:co funded by &ober-dealers registered with the &cunt*, and ExchenpeConwneson Seca des and cash held to, a ova toner at JPMSI we gYatcled by SIPC up to $500.000 pot OuVOITS. Anon inc/ulata up to 5100.000 04 protection Ice cash SIPC does not protect egiunst losses from Mtn/Nona rn the valued the wadies Assets had en custody by 'Pita-gen Chase Bank. N A (rho Ilank7are not sAect b SIFC You may °bleb ofcaneton about SIPC include"; the SIPCSecchcee on thee *stet* et 'Wm./ SIX ad' a by conkcIng Morn at (202)3714X/0 To the adentappleablo plea se reed the folku.ng thsclasaesregacAngestenated ennuahnodme (EAl)encl labrnated yea(EY)EAland EY fcr colon types of seaway:no:4AI Ince-de a fel urn c procabal a west gains in shell case the EA I and Ernouif be overstated EA' and EY ereesbenales and the actual moat* and yet/matt be. arn a hgher than the narrated amounts E Yrenects onbe the mane generated by en evestment a does not rebectchengte vi its pa which rnaybicluste JP Skew &curbed Inc.. !Maw Chase Sank NA adv., affastes (the J P Mogen Co panes, may proud. adennotratno cuskdel sales clathbOen a shareholder aerobes to JPMorgan Funds. Armen Century Funds a funds estathahed sponsored edreed. a managed by Wad parties. and the J P Morgyn Convenes nay be carver sated fa such see roes Bank products end soma*, ere offered Waugh !Meager Chase Bank NA and Is /Intern Securkto we cx%red by JP Morgan &canes Inc Page 29 of 29 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00047156 SDNY_GM_00316354 EFTA01519851