EFTA Document EFTA01512302

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. ACCT. O78805001 For the Period 4/1/08 to 4/30/08 JMAS1 is the custodian of Wed opha's and most nMual weds motel", thed petymuftral funds ~chased through JPMSI You should have receeredsepsekkIPMSloan&mabons ix each siddes framed:on AN tranartens ares*.ect b Me teems erode:mg:km slated en the mesh We of such Ørnetons and are subject b the consetuton bylaws. customs and weer pretatreucl the madhs~whennxeCtiled and SpOwankh I by and antii& m acco'dance with the taws d the Stele Of hhhs YOk and WC epplablefedertillaws end moutabOns Fuk. emenneton voth respect» 00mnwsiOns and OM« Charges related to the exscuton Of wonting,. ~mg option transacbcns. has beeninclosed m confrmabons that werepv~onahallo >cu Upon mitten request. -PAIS/ wreprompey supply you with the Seal such tolarnation Shivenoldersd win JAM Ponds ~charge .1 a mderiplon km equal to 2% &the proceeds they exchanged ~nine« of such tunds wan 60 Swot purchase. subsect anon *sophism set forth in the seospecfus ot the ~Fund Pamseconsult yott JPMagen represeneetweex a hot of th eJPM Funds Met impose /kJ,. 'bun lees JAMB ts a ~bee of Me Securers Investor ~Mohan Cceecra6 o n(SIPC") a nobteprohl memberslue corporation funded by broleaslers registered wilh tha Secures'sand ExchangeCernmaston Sewn« end cash hetl ice • customer et JPI4SI ~detected ty SIPC vp to 1500 MO per customer. Mich mown up b S100000 of patches, fa cash SIPC does no< doted againstIces« from BY:~ in the %Met of Vie sectrribes Assets ~as cusbx/y by 'MAT gat) chaseBank NA (the 'Benk are nor sub,ectbSIPC You may obtain bnlainebon &kW snc. mean; the S1PCBrochde on Nee waist*. et *Vswes spc cep' da by contecting them M4202)3)1.~ P Mdgen Sewn'« Inc ~en Chem Bank NA a thee enetes (the Vow° Cormemsflirkry crowd r edirsnebebveCustOdret sett ashibuts:n CfehItehdderdennetieb JPIMOlgan Funds Athena:AC*04"y Fund& d hinds etilablehed. apOn9Ored. **did a mannedby thee pries and the Mew Comparges may be carp:treated kw such senors Explanation of JPAISI Rungs: JAwtemi uses the tolbenng rating system Overweight: Oms the next Se SO twelve mOntha we ex peer Ma sØ withuh:43~m the Synge SOW ASS~ Of the Made re the antikran (d the tanalydre le•MBCOvereg• ~tree Neutral: Over the navt six b ~he mcolhs se aspect Ma Montt von perform .n Me nitte the avenge tenon of Ifei Boca ås Me analysts (d the analyst's MemY)coyerege urnem UndMva.glit: Otth the next she lo Mahemonths we expect Me stock mg under-perkem Me enrage IMel 'Mum CV %Monks in the enagers (ce the analyst's Mom's) coven. umier Independent Research Ratings: -PAIS/ &es not ~arse cr ~swishatop! the independentRhsarchRovxle research enctAx ratings Diffetent fans uses venelyof niter terms Os 1~ as Odferentregnfp aysdems to deiscnbetMe recommenclebans JAMS' wes a "realtmerriihkgs system as cleocobed above IRPs mey edflesentreengs system SoGi es es an 'atooiefe'rebngs system and we such terms es 'buy'. •hdd-. d 'sea' Sine Yetebee'end 'absckge' Mince systems are rundemereetyclIkeent boy ~old reed oweruit/ Ma deBrutons of all ratan used an the JPIISI and IRProsearch that a inckded n Me research est.! Fa Ma reason and since Me research contains Ike ease Ice Me ratings as hell as complete Werrnaletn conceenrng Ma anyests yams >co Moue reed catefuhy the rescerch and not Wm as ~shah from the reIng alone JPMorgan Awe» Bank is the market/NI ~meld the pirate tank bosness conducted by .1 P Mown Chases Co tivough Es stress:harm wended* mcbdtog JPIAxgan Chase Bank NA., JP Mogan Dust Company NA and .1 P Morgan Secunbes Inc Account O78805001 Page 11 of 11 Page 12 of 18 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00038149 SDNY_GM_00307347 EFTA01512302