J.P.Morgan JEFFREY EPSTEIN ACCT- For the Period 4/1/09 to 4/30/09 ~an? Wcyrraton RettanAngAucton Rate Socinhas (ARS) ARS are deN prerarodanwretta torn en interest a dividend ratereset peredrolym an auctron Althoogn tree may be dab, weakly and ~nay resets :hero 4 no entrant» that Mae ben be loustry if Mae are na enough &es et an aucton to redeem the 'Devoe« avatblelor saga the testa may be a failed aucton Ina tatted whew Mere a no »stance Ittat a semndnrynarkdwnY dentin or Mat the scanty we, Soda at pa a anyone, gene rce o ca on statements Accentnary tnveslors shard not rely On anCing inkernehOn•Ppeenng in thew setlements with respect to ARS If you hens chosen one se the »et, ~lust hinds you we ~led that posisons in the Prime Money Wake' Sheep Fund represent holings et the JPMegon Rime Money ~Ate Fond posgons in the Federal Money Make! Sweep Fund red sent nachngs in the JPMorgan FectoreilAavy Matta Fund and hosanna m me Tex E rentorIfonsty Mena Sweep Fund reisteSenthNffings in the JP140'9•4 Tar Elem.« Money ~INK Fund JAMS! a the auslahlin 14AXI Ophona pot !legal through JPMSI Younsusl prompUyadyneJPMSJohnetenalchanossn yotv nnestmentatescOvescr Manse ~Men Unless sou assam ale& otherwise JPMSI wN cored.' the rntarnsboncurrenbyn is li ta to be compete and scarab You should hare rocenedseparateJFSAS, conkers:Nam la each :dainties Van section AV transactions we sublect to the tams and mind Ecns stated on the remse de of such conlvmstons and areaways:Ito the consbhdon. INS:tins customs and mterprNatons of the Ingskeep408 where era ctded governed by and anstrued n accordance with the ken at the Slut Of Nita Yak and at apincaae 6adea0awa and ~Won, Furth« nrarnaton mth respect to 05nnthoof and Magi charges 'Meted to the *taØOf trenseobons. nhindtrq Penns fl oss:lions has been in,:lvdød in conismatons that wore pros oupilunwhad 10 you Upon wan ~past JPMSI waY promptly suppinou ash the West such nfamMon Shareholder»! eaten JPANIgan Funds areCharged. nit:tempt/on heit squill to 2% of tho proceeds • they exchengsta rodeemsharesd awls fonds wain 60 days at puto.urso suleect Kr codas >exceptions sot fora in the prospectus tha app6caMaFuncl Please conatar yews JP Morgan represontatnelor • hat of the JP4krean Funds that impose redempton teas "Stu • member of the Secuntea Investor ~Sect« Con sonston (SIPC"), • not-fa-pro« enanbasap onceahon herded by lankiPre3 regishwal with trre Soots« awl ExcnangeCommoston Socunres and cash held tantalums at JAWS! se fl oored by SIPC up I o $500.003 her customer. whch includes up lo MOAN o protection kn ash SIFC does not protect agent lossew from Ma/Mons tri ~to/ the securities Asseft held in custody by JPIlegirn Chafe Bank NA pne mew». nol Sub feet to &PC, Youmay4st~ mformanon about SIPC. smNelång the S/PCBCChuna Mn thou webs., at 'WWII/ CIPC CIO. CI by OhnMehrt9 then, •: (204 3714300 To the or lent appecetes ineatensed the followng dutettsturreeregatingestsnated annual:a:owe (EA1Nnd esernsted yeld (EY)EAt and ENO' ~Ion types Of seCteffles COLN nctude returnor pi ~whet Cs Cope~ ai each One JIM ENend ES noel bs overstated EA, and E VIVO ash:Toros and tho actual income and yekt none De lone ce Mt« than Rtl ø:naadØ E eroded. only the «can gentwated by an tnrestaree • does not rettectchanges et as once whet, may fluctuate JP Morgan Sec 1/ Gl>3 lx JPIAhrgen Chase Bank NA a :nos area»; tine VP Wr6an Capen., nay prOvd•ednandfraDva ~a( sales, &Maxi», a ShatanCalinerva310 JAMorcen Funds AnWean Canary Fun« a funds OSISstied sponsored. Snood a managed by hord panes and the JP Mown Companies fray te compensated Ice Seidl sconces Bank products and ~sees are offered through JPMegan Chase Bank NA and es &Noses Satsa es are offered by J P Mogan &Kontos Inc Page 9 of 9 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00006545 SDNY_GM_00275743 EFTA01485266