J.PMorgan JEFFREY EPSTEIN ACC For the Period I/1/IM) to 1/31/09 lerponaor internat.>, Retta.Png Anatol Rate &Iowans (ARS) ARS are debt a preterralsocurnea Ada in interest or dasiesd taroreset pencecann at.nt.nn Aancoan Inere may be dab, ~Wand nnnthly resets there 4 no g..antrnan Mtn man w•Y De londay if Mere arc not enough ads et an auchon to redeem the securnes avaniblefor sale the maid may be a failed aye!~ Ina Wedanew there a no assunnce that a secordwymarket red aerobe« That The "aunty waV trade at par a anyother once roe o tie on statements Accentnett uneaten shoal not rely On prang interne:inn Wpartng in the« satlements with respect to ARS It >co hens chosen one d the 31•~Ø ~lust hinds you ere notated that posoions in the Puma Money ~et Smsep Fund represent holiaNs in the JPMegon F• me Money UNA& Fund posgons in the Feder& Money ~he! Sweep Fund mpeesent hcaings n the JFalorgan FectoreilANNytaaNetFunst and poserons m me Tex E xernotIfoney Male Sweep Fund reisreSenlinNWN4 n the JRISYGRR TN( Clema Money ~INK Fond JAMS! et the Costa:hen iNtøtedOphern purChesect ~ugh JPMS1 Youmusl prompPy adyeeJPIISI of mefenalchanyes n yotv nnestmentoNsceves hnevenInlvann Unless jots atom 'PM& othennse JPMSI wait ~seta nfoymboncurrenb yin ts files to be compete and ecturate You should twee recewedseparateJF%4S, conlanwsbons ta each :counties Van section AV transerbons we subsea* to the toms and nand CA:ns stand on the ten:rondo of such conlvms!ons and aresvapot to the consbtutm by-b ws customs and mterpretabans of the Inarkeep408 Where eJaC;ded and governed by and construed n eCCOrdence with the Ian Cl the Stele Of New Yak and at ~tea ble tade al tan and repute3ons Further nknnaton min respect to COmmatuena and OM« chives, 'Meted to the (neCueN, of transactions In oledliN °Peons Sense:bons has been shohntod in confrmebons that noroptorattaailtananad to you upon wan ~vast AN, SI net promptly supply nsu en, the as! such nterm•bon Shansholdersof conen JP•Nrgan Fund