J.P.Morgan JEFFREY EPSTEIN ACCT. For the Period 3/1/09 to 3/31/09 InpodanrennwratenenRoyadmgAuction Rate Sec' mhos (ARS) ARS are deb: a aetarodsocvnbeernta in interest a dividend rate reset parcdcalym an aucton Although *we may be da*. weak/ye* meal* resets :hero 4 no guaranteethat Mae war be *may it Mae are not enough ed.: at an aucton to redeem the 'Devoe,* anabblala sab the resat may be a haled ;salon Ina laded 'maw Mereu no ~Lance that a secondary Make< wet **bp« Mat the saw* war trede at pot a any otter gmce rce ca on statements AccordNM. tnveslors snadd not rely On *adding interne: an Wpalreng en thee satlements with respect to ARS It you hem chosen one at the »et, ~me hinds you we notated that pastas in the Puma Money Mahe' Snap Fund represent holenys in the JPMegon Rime Money Mahe Ft,* pastas en the Federal Money Make! Sweep Fund *wean' hahregs et the JFalorgan Fectorsileamy Martel Fund and pastas m Imo Tex E xentptIfonety Male Sweep Fund rePreeenthMffings n the Stargan TIN Elem.« Money ~fret Fund JAMS! of the *Mahon iNtøted OphOna pact ea a 1 through JPMS1 Youmusl prompUy adyeeJPMSJ of maCenalchanpas n you, nnestmentaNaceves a Mental alvann Unless jots *am JPMSI othenwse JPMSwauomdaMemhmabonererenbymbfautobe compete and •tturate You should Perm recenedseparateJF%4S, confine:Mona la each saunas ban section AV transactions we subsea to the tams and and Eons stand on the rentrande of such conlvms!ons and aresvepet to the consbhdm by-laws customs and mterprotabans of the Markeep408 where maC;dedatel paternal by and ~sawed n accordance nth the ems Cl the Staled New Yak and at apperaae eeadealeawa end mpiete3Ons Further mkeneta ndh teepee' to comendaeona and OW Charges meted to the *autrend trenseobons. IncheN aeons Sense:bona has been inctectod in conamebons that wore promausNherashed to you upon wan request JPIR SI *V promptly supply nsu warn the vett such *ameba Shanaholdersot oaten JRMagan Funds recharged. niolompbon Me equal to 2% a tho phrasal /they exchengeor redeamshares a ma* *Ids wean 60 days ce aurae» suNect ~tam exceptions sot beta en the prospectus of tha appacadaFund Please canaset yar JP Morgan represcntatnetcr • hat of the JP•knian Fords that impose redempton tees JPa1S/eaØaMeSecWwllweybRptabpnCaØw.on('SIFC7,•notJaØe membashes ~pasha la** by frokeres registered wan Die Soctettead oral ExcnandeCommeaseon Socurmes and cash held la a customer at JAWS! we fl eeted by SIPC up I o U00003 per customer. whch includes up lo MOAN °foreleg:bon !crash SIPC does no! protect aganstIoneo from &dye** ut am *km& the securities Asseft held en custody by JPIftrairn ChaseBink NA (The 13enk)are not suNect to &PC You may aeon enfoneateon about WC. **Nang the WCBochum. on thee webs* at 1.ww ape ogg-cr by anMehrig then, at (2043714300 TO the mtent sonnet* okesennol the folgoang deCteumasreptedingestemated annualmcane (EA1Mnd ~meted meld (EY)EAtand ENa certain types Of ~ea* come mctude return ot pine-at« CoavaNdeata n each use enele ENand CY nousd be Overstated EA, and Evan, estimates and the alma( become and pskt mph' be lone ce holm. than the OdeMad amounts E Yrellects onN the «co» gawated by an abashment • does not retbacnangas ee as cam which may fluctuate JP Morgan SICL/E*3 lx JPIAcepan Chase Bank NA a Moe Ma** (Me VP WrgAl Copses, nay provide «ImmaYaDve ~a( sales. &ataxia:a a sharehalasorncee 10 JAMagen Funds Amacan °wheyFunds a Nabs ostsashed fl awed &dyad a managed by Med pates and the JP &fawn Companies day be compensated to' WC?, ~van Bank products and amens are offered through -*Megan Chase Bank NA and Cs &Noses Saunas we olhyod by J P Morgan Secuntss Inc Page 9 of 9 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00006525 SDNY_GM_00275723 EFTA01485248