EFTA01519765.pdf

J.P.Morgan GHISLA1NE MAXWELL ACCT. For the Period 4/1/09 to 4/30/09 Impotent IntormebonRegardm &chore Rafe Seabees (ARS) ARS we debt a athreedsecurates welt en Merest°, dvdendrateresetp&adcaynan essMson Although Theremay be desk. weekly erd mane*'nes themes no gmarreeethat Sale MI be Ague* if mere we not enough teds at an auction !o solemn rne maybes maJaMacv sale the result may be a lauelavckon In e Wed eueton there rfoo essurancethol a seconderymerketebe dowdopor Mel the security wel bodes!mime any Ow era nedealedon sletemenes Accordrgly enveseas should no: rayon phone oneamshonappeenng they stale ants vide respect to ARS JPMSI es Me custodian d ',Mod optima purchased thmkgh JPMSI You must pronyetb Wm.!PUS, or matenalchanges ire your env:Menem WeedNesa tbancealatuateon Unless you ntam JPMSI OtnernMe JPMSI nee condor the ineoemeteon cur:Mbm ds files .to be tomcats and accurate Youa/Mad aaveteCturedstspaugeJPMSIcoulemin0ns tr each semsobas transaclon An frenSiktOIS are subpaCf to the tern and condams stated on Me 'mama ade of such confametons and are subject to the consbluten. by-Iowa. Customs and Marretatto3d the nmaMMsca wheel> executed and gowned by and Ccostwed m accordance:kW the laws of the Slated New Yak and as owacabletederallows and regulabons Fanner saw-mew Mil respect to comnncns and Wiwi Char pas rotated to the executor. of earewonons bckerlm options banstectews. has been %wooded en conearnshons ha!! were Famous/Ow nahedb sus Upon mars request JPIAS, ad mcmotiy supply you wed, the West such mramatron Sharehaderscicetem.e.Pbtorgan Funds ander ged a redemption fee ad &al to 2% a the :tweeds eg they emhangece redeemshares of soon fundsrotten 60days °leach:se. subject to cater woe:bons set lath an the prospectus dale opeatubleFtend Please consue poor J P Morgan reneaentebrera a lest or the 'Miaow Funds that moose redemphon toes. JPM$I is a member a the &totems InvessM Protection Ca motion rSIPC1 a nottb peal membashrp macro:co funded by broker-dealers registered weth the Swart*:and ExchendeCommessron Seca hes and cash he'd fa a Cu, Mum at JPMSI we mckaled by SIPC up to $500.070 pee CuStOire. YAM incAides up to 5100.000 O4 protection fa oesn SIPC does not protect epiten31 losses dons Mcfuelons ne the valued the smarties Assets hell en custody by JPMorgan Chase Bank. N A (me "Bank7aue not se^eact to SIPC You may obtain informaton about SIPC including the SIPC Brochure on !her wetWe at 'WM./ woc ore' a bycent:M.1g Them at (202)371-8SO To the odentappOcablo abase read the fodbmg Mr.:ogees regauarcestenated annual income (Capered astraudad yak'(EY)EAland Error tartan bane se:totes could rce-de a return a' promal a wadi:Igains in shell case the EA and EYwout, be overstated Feb and EYwe esbeneles and the actual in and yoke:mkt, be Mama Weer than he eatmeted amOonIS ErrenectsorhY the mare generatedby n investment it does not reflect changes to its prat which maylkcluste JP Morgan &cakes Inc JPUorgen Chase Bank NA other ablate (the 'JP Morgan Compamesl may provszleadmrssaafna cuskdel sales dotrebeen a shareholder bermes to JO:Seagate Funds. Amman Century Funds a funds estabWhed sponsored °rimed a ranged by end Pates. and the I P Madan Comparsea may be combensated ta such sorrow Explanation of JPMSI Ratings: JP Mown uses the foreverreg wand system Overweight: Om the nest see to twelve months we expect this stock wet outperkrm the average blot return of the floats en the analyst's (a the analyst's team's) corersse unease Nei/Ital. CYO/ the next sir to :Weba morels. at aspect Ms stock ma paten in me wet, he ave'age Iota ) refute of the stocks ti the onoWs (a the analyst's lea'n's) coverage UnI1POSe Underweight: Over the nest sa to Wake mantle: we expect Ind stook we under pattern the average total tetum of the stocks en the analyst's (a the analysts teams) average unntese Independent Research Ratings: 'PUSdoes not en:lc/sea °Memo. adopt the IndependenrReseaecnFtonie resewch anike refen)3 DoTageolirmS ate a bombed ratings terms as was as diderentra!bgs se:awns to Macbeth., reCarrnendatiOnS JPMSI uses a "regabee'ratngs system as descrOol abuse IRPs trey use a dherentreems system such as as an 'absolute-ratings 3y3fen, and use such terms as 'uy. 'node a 'sell' Saxe "Wateievend 'absovetehrgs systems eve fundamentelyatereM you should read catelugy the OfeektiOrt$OISAttatOgi used in the JPMSI end IRPreseasch Thor d :lauded in Me teseerchitaee Fa this lesson and mace the eeserroll contains the be.14 fa the 'Bing.' Si nail as comaksteagamaloa comae/sag the elheenti WeeS you shOt/ki read (webby the mum°,and not Weeds contents from the reeling Mote Bank products and sepals, we clewed //rayon JFekvgan Chase Bank N A and its artastes Seasbes we *Ind hyJ P Wagon Sacuuras Inc Page 25 of 25 Confidential Treatment Requested by JPMorgan JPM-SDNY-00047068 Chase CONFIDENTIAL SDNY_GM_00316266 EFTA01519765