JPMorgan Private Bank JEFFREY E PST E I N ACCT. For the Period VI /08 to 4/30/08 Important Inlormarion about Auction Rate Swath., (ARS) ARS are debt a p teetered recupbe: nth an ~estor &room, rate rose I penedcaly an an action Aelsough Moronity be deily neatly andmonde/texts there a no guarantee that "wane be Nudity It thee we not enough lads a I an often to redeem the secuntos mamma,. Mr sale. Ina ue may bee Wed aucton In a fineclauCloan. Mwe a no manner) Note aiMiNdleyrnerkiel wit devotee a that the SOCuary na Modest par Cr &WOW( pace fentotted On statements AOc ,400Y. ewes ten anOuSi not Lary On tram oscoophoo •Ppeanng in met statements with respect to ARS the distrbutor of the JPMorgan Funds is JAM:ow astnbuton Servs Inc. witch s an eMWnYa JPMorgan Chase Bea, NA JPMorgan Chase Sank N A and as aMOoaros wow compensation ton !Plana° Funds taxon:Mg 'ewes Amencan Canny One:emcee Semmes Inc a Med:sett, el the AmericanCentury Funds AmencenCengrylmestment Managementinc :enemas inyestmentadoso to es rospectne fund Rinse/ and iceestescovipensaton trom that fund hammy for pavaneme:Went advaoryand other sewn If you hem chosen one d the snow mAusi funds you we notified that positions in the Pin Money Market Snap Fund representhollings ar the JPAksgen Rene Money Merkel Fund poi teas on the FedereiMoney Merkel Sweep Fund represent hadings in the JPMorgan Federamloney Many Fund and posoons m me Tax Exempt Money Merle A Salop Fund reptesonthoefings tri the JPMorgan Tax Exempt Money Martel F uod JPMSI is the Gustationa tete d options end moss mare, funds. nfliching :hod party mutual funds purONMed through JPMSI You shout hen s recenrodseptvate JPNISIconfrmeons toe each sec-vines Panda bon AV transwbons ere Sub"d lo the barns end COnd sax stated on the rereseade of such ca ntons end &sucked to the consfitubm, byJews customs and interpretations& the nwerkerpraoewnin immured and go/wood by and cons toed a aCoYdanCO min NO taws Of the Stale or New Yak and as apcoktoo