Jeffrey Epstein

Jeffrey Epstein April 16, 2010 JPMORGAN PRIVATE BANK CASH MANAGEMENT Global Investment Specialist Jeff Matusow Investment products: Not FDIC insured • No bank guarantee • May lose value Please see important information at the end of this presentation. J.P. Morgan EFTA00726981 Option 1 - Day-to-Day Liquidity Money Market Strategy: Managing Short Term Liquidity Needs r Objective: - Meet near term liquidity needs - Mitigate principal volatility in a rising rate environment Solution: - J.P. Morgan Capital Prime Money Market Fund (CJPXX) • Money Market Fund • Daily Liquidity • 2a7 regulated • Weighted Average Maturity: 51 days • Yield : 0.11% Option 2- Reserve Cash Managed Cash Strategy: Enhancing your Cash Yield r -Wr Objective: — Enhance income by investing in short term high quality securities with an average duration slightly longer than money market funds — Minimize principal volatility to a level appropriate for a 6-18 month time horizon Solution: - J.P. Morgan Taxable Managed Cash Strategy • Separately Managed Account • T+3 liquidity • Duration: 0.5 years / 0.9 years • Average Life: 0.7 years / 1 year • Yield: 0.6% / 0.8% Option 3 - Strategic Cash Short Term Fixed Income Strategy: Augmenting your Total Return r Objective: — Complements cash portfolio seeking to enhance total returns — Short term fixed income investment intended for strategic cash with a time horizon of at least 18 months Solution: - J.P. Morgan Short Duration Bond Fund (JSDUX) • Short term fixed income mutual fund • T+1 liquidity • Duration: 1.9 years • Average Life: 2.3 years • Yield: 1.27% J.P. Morgan Neither JPIVIorgan nor any of its affiliates offer tax or legal advice. Such advice should be obtained from your professional tax and legal advisors. The views and strategies described herein may not be suitable for all investors. This information is not intended as an offer or solicitation for the purchase or sale of any financial instrument and is being provided merely to illustrate a particular investment strategy. Past performance is not a guarantee of comparable future results. EFTA00726982 Day-to-Day Liquidity: J.P. Morgan USD Prime Money Market Fund Profile (CPXX) As of April 15, 2010 Fund Features Current yield (7 day avg.)1 WAM Assets Credit Rating Minimum investment (Capital) Settlement Annual Total Expenses CUSIP Ticker 0.11% 51 days $146.3 bn AAAm, Aaa/MR1+, AAAN1+ (S&P, Moody's, Fitch) $50 mm T+0 (5:00 PM EST cutoff time) 18 bps 4812A0367 CJPXX 'Source: JPMorgan Asset Management as of April 15, 2010 Investment Parameters • Invested in low risk money market instruments • Minimum credit quality of A-1/P-1 • Minimum 50% assets A-1+/P-1 • Diversified pool of investments • Maximum 5% in single issuer (ex repo) • Maximum security maturity 397 days • Maximum portfolio maturity 60 days Maturity Distribution 50% 43.9% 45% 41.3% 40% 35% 30% 25% 20% 15% 13.3% 10% 5% 1.5% 0% Less than 1 1- 3 Months 3- 6 Months 6- 9 Months Month Portfolio Composition USGovernment Repos Agencies 0.9% 4.6% Trite Deposes 12.3% Commercial Paper 27.3% Corporate Bonds 0.3% Certificates of Deposit 54.6% Due to rounding, values may not total 100%. Source: JPMorgan Asset Management February 28, 2010. 'For floating rate securities the maturity is defined as the time to next reset. For amortizing securities the maturity is defined as the average life of the bond. J. P Morgan Past performance Is not Indicative of future results. Investment returns will fluctuate so that the redemption amount may be worth more or less than the original investment. Performance information is shown net of investment management fees. Performance includes the reinvestment of interests when applicable. Please refer to the prospectus for more detailed information. 2 EFTA00726983 J.P. Morgan Reserve Cash - Option 1: J.P. Morgan Taxable Managed Cash Strategy As of April 15, 2010 Portfolio Summary Average Credit Quality AA Average Duration 0.5 Years Average Life 0.7 Years Average Market Yield 0.6% Typical Benchmarks • Federal Funds Effective • iMoneyNet First Tier Instil • Lipper Money Market Fund Inch • 30-Day Commercial Paper • 3-Month Certificates of Deposit • 3-Month U.S. Treasury Bills • 6-Month U.S. Treasury Bills • Ibbotson U.S. Treasury Bills • Consumer Price Index (CPIU) Portfolio Duration vs. Average Life Breakdown 0 - 1 years 1 - 2 years • Duration • Average Life 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Portfolio Sector Breakdown FDIC-TLGP 3% Commercial Paper & Certificates of Deposit 17% Non Mortgage ABS 21% US Tbills 2% Agency 7% Sovereigns/ Supras 2% Corporate Bonds 48% Portfolio Credit Breakdown AAA 33% A 37% Average Credit Quality: AA Neither JPMorgan Chase & Co. nor any of its affiliates offer tax or legal advice. Such advice should be obtained from your professional tax and legal advisors. Note: Market value and market yield reflected may be subject to change due to interest rate fluctuations and changes in credit and market liquidity conditions. Market prices and values reflected may differ from liquidation values. Average Life represents the weighted average period of principal paybacks and may vary for securities with principal prepayment variability. Legal Final Maturity may be longer than average life. Duration represents the sensitivity of a fixed income portfolio market value to interest rate fluctuations. Private placement securities are internally rated by the J.P. Morgan Investment Management Credit Team. Portfolio characteristics will vary over time based on market conditions. This report snot intended as an offer or solicitation for the purchase or sale of any portfolio. The investment strategy referenced herein may not be suitable for all investors. 3 EFTA00726984 J.P. Morgan Reserve Cash - Option 2: J.P. Morgan Taxable Managed Cash Strategy As of April 15, 2010 Portfolio Summary Average Credit Quality AA Average Duration 0.9 Years Average Life 1.0 Years Average Market Yield 0.8% Typical Benchmarks • Federal Funds Effective • iMoneyNet First Tier Instil • Lipper Money Market Fund Inch • 30-Day Commercial Paper • 3-Month Certificates of Deposit • 3-Month U.S. Treasury Bills • 6-Month U.S. Treasury Bills • Ibbotson U.S. Treasury Bills • Consumer Price Index (CPIU) Portfolio Duration vs. Average Life Breakdown 0 - 1 years 1 - 2 years • Duration • Average Life 0% 10% 20% 30% 40% 50% 60% 70% 80% Portfolio Sector Breakdown Agency 6% US Short Term Treasuries US Tbills 5% 3% FDIC-TLGP 2% Commercial Paper & Certificates of Deposit 12% Non Mortgage ABS 22% Agency Discount Notes 5% Sovereigns/ Supras 3% Corporate Bonds 42% Portfolio Credit Breakdown A AAA 46% AA 13% A1/P1 Average Credit Quality: AA 12% Neither JPMorgan Chase & Co. nor any of its affiliates offer tax or legal advice. Such advice should be obtained from your professional tax and legal advisors. Note: Market value and market yield reflected may be subject to change due to interest rate fluctuations and changes in credit and market liquidity conditions. Market prices and values reflected may differ from liquidation values. Average Life represents the weighted average period of principal paybacks and may vary for securities with principal prepayment variability. Legal Final Maturity may be longer than average life. Duration represents the sensitivity of a fixed income portfolio market value to interest rate fluctuations. Private placement securities are internally rated by the J.P. Morgan Investment Management Credit Team. Portfolio characteristics will vary over time based on market conditions. This report 'knot intended as an offer or solicitation for the purchase or sale of any portfolio. The investment strategy referenced herein may not be suitable for all investors. 4 EFTA00726985 Strategic Cash - J.P. Morgan Short Duration Bond Fund (JSDUX) J.P. Morgan EFTA00726986 NOT FDIC INSURED I NO BANK GUARANTEE I MAY LOSE VALUE JPMorgan Short Duration Bond Fund Ultra (JSDUX) Data as of March 31, 2010 Fund overview Objective The Fund seeks currem income consistent with preservation of capital through investment in high- and medium-grade fixed income securities. Strategy/Investment process • Under normal conditions. may invest at least 8016 in bonds. • Generally maintains an average weighted maturity of 3 years Total returns or less. taking into account expected amortization and Performance at NAY (96) Latest QTR YTD prepayment of principal on certain investments. Ultra' 0.91 0.91 • Seeks market sectors and individual securities that it believes Barclays Capital 1.3 Year U.S. Govemment/Cred4 will perform well over time. Bond Index 0.89 0.89 • May purchase taxable or tax-exempt municipal securities. Lipper Short U.S. Government Finds Index 0.65 026 Average maturity/quality SEC yields (%) Ultra Short Int. Long 30-Day SEC Yield 127 30-Day SEC Yield (Unsubsidized) 1.21 MEM High Calendar-year returns (%) Ultra at NAY 2005 2.20 2006 4.57 Barclays Capital 1•3 Year U.S. Govemment/Cred rt Medium Bond Index 1.77 4.25 Lipper Shan U.S. Government Funds Index 1.68 4.02 Fund performance* As it was designed to do. the share price of the iPMorgan Short Duration Bond Fund has remained relatively stable since the share class's inception in February 2005. Share price is for Ultra. Past performance is no guarantee of future results. S20 sis Ito SS SO 2495 Portfolio managers/industry experience Gregg Hrivnak. 24 years Richard Figuly. 16 years Portfolio characteristics Humber of holdings 1394 Fund assets (in billions) $836 Portfolio breakdown (%)" Asset Backed Securities 10.1 Collateralized Mortgage Obligations 11.4 Commercial Mortgage-Backed Securities 1.4 Corporate Bonds 13.0 Mortgage Pass-Through Securities 8.1 Short-Term Investments 4.3 U.S. Government Agency Securities 23.8 U.S. Treasury Obligations 27.5 Other 0.4 Average life PIO" Less than one year 17.4 Years 1.3 53.3 Years 3.5 25.0 years 5.7 4.0 Years 7-10 0.3 Duration 1.87 yeas Average Ife 2.33 yeas Quality (%).• US Government 65.4 AAA 20.7 AA 4.1 A 6.6 BBB 2.7 BB 0.3 B 0.1 "Due to rounding values may not total 100%. Insight + Process = Results" Ca 445 4 , Average annual total returns 1 yr 3 yrs S yrs 00 39p 10 yrs 4.87 4.95 4.65 4.70 4.15 5.01 4.56 4.82 3.51 4.02 3.85 4.04 2007 6.33 648; 2008 3.88 4.97 2009 520 3.83 5.56 3.46 3.59 *The performance quoted is past performance and is not a guarantee of future result:. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investors shares. when redeemed. maybe worth moreor less than original cost. Current performance may be higher or lower than the performance data shown. for performance current to the most recent month.end please call 1-80048041a Morningstar ratings Overall 3-Year 5.Year 10-Year Ratirg/number of funds in category ****/365 ****/385 ****1317 Not yet rated Ultra share class: Short-Term Bond Category Morningstar calculates a Morningstar Rating metric each month by subtracting the return on a 90-day US. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for rig. Annual operating expenses Ultra Expense cap expiation date 6/30/2010 Expense cap (%) 0.44 Total annual Fund operating expenses (6)2 0.40 :7Ile Investment Advisor. Administrator and Distributor have contractually agr e e d to wan. e feesartd/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees andftoeoses, dividend expenses relating to short sales. interest, taxes and extraordinary expenses and expenses related to the Board of trustees' deferred compensation olan)exceed the expense cap of the average daily net assets through the expense cap expiration date. Withourthe Acquired fund fees and Expenses. the tota(Annual Operating Expenses and fretExpenseswould have been loner. la addition. the Fund's service providers may bolontat i 1 y waiv e or reimburse certain of their fees. as they may determine. from time to time. Portfolio statistic Ultra Inception date 2)22/2005 Investment minimum $5M Fund number 3944 CUSIP 4812(0167 Please refer to the back of the page for important disclosure information including risks associated with investing in the Fund. J.P.Morgan Asset Management 6 EFTA00726987 NOT FDIC INSURED I NO BANK GUARANTEE I MAY LOSE VALUE JPMorgan Short Duration Bond Fund Ultra (1SDUX) Contact JPMorgan Distribution Services, Inc. at 1.800.480.4111 fora fund prospectus. You can also visit us at wvacipmorganfurtds.com. Investors should carefully consider the investment objectives and risks as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other Information about the mutual fund. Read the prospectus carefully before Investing. RISKS ASSOCIATED WMIIIIIIEST1NG IN THE FUND: Because this Fund primarily invests M bonds. it is subject to interest rate rnks. Bond prices generally fall when interest rates rise. The Fund may invest in futures contracts and other derivatives. This may make the Fund more volatile. The portfolio characteristics (excluding sector and holdings) include derivative positions. RETURNS: The quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information. IIORNINGSTAR DISCLOSURE: Morningstar cakulates a Morningstar Rating metric each month by subtracting the return on a 90.day US. Treasury Bill from the fund's load- adjusted return for the same period. and then adjusting this excess return for risk. The top 10%04 funds in each broad asset class receive 5 stars. the next 22.5% receive 4 stars. the next 35% receive 3 stars. the next 223% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-. five- and ten-year (if applicable) Momingstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings. INDEXES DEFINED: The Barclays Capital 1-3 Year U.S. Government/Credit Bond index is an unmanaged index of investment grade government and corporate bonds with maturities of one to three years. The performance of the index does not reflect thededuction of expenses associatedwith a mutual fund. such as investment management fees. By contrast the performance of the Fund reflects the deduction of the mutual fund expenses. including sales charges if applicable. An irdividual cannot invest directly man index_ The Lipper Short U.S. Government Funds Index represents the total returns of the funds in the indicated category. as defined by Lipper. Inc. An individual cannot invest directly n an index. 02010. American Bankers Association. CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau. a division of The McGraw-Hill Companies. Inc. All rights reserved. Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges. where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived performance would have been less favorable. LP. Morgan Funds are distributed by WMorgan Distribution Services. Inc. which is an affiliate of II:Morgan Chase& Co. Affiliates of IP/Aorgan Chase & Co. receive fees for providing various services to the funds. Products and services are offered by 1P1lorgan Distribution Services. Inc.. member Ft NRA/SIPC. FS-SDB-U-0310 J.P.Morgan Asset Management 7 EFTA00726988 Annual taxable fixed income management fee schedules for Separately Managed investment management accounts' The following Fixed Income Fee Schedule is charged on the total market value of the account2: ACTIVE MANAGEMENT Short Term Cash Management _> $20mm 0.25% on the first $20 million 0.20% on the next $80 million 0.15% on amount over $100 million $25,000 minimum fee 1. Brokerage fees and costs for executing securities transactions, legal fees and other out-of-pocket expenses incurred on behalf of the account will also be passed through to the account at cost. There are no charges for trades in J.P. Morgan Funds. As described in the J.P. Morgan Funds Disclosure statement and the fund prospectuses, J.P. Morgan affiliates are paid fees by the J.P. Morgan Funds for providing investment advisory, distribution, administrative, shareholder servicing and other services to the J.P. Morgan Funds. As disclosed in the prospectuses, J.P. Morgan affiliates, at their own expense and out of their profits, may provide additional cash payments to financial intermediaries. Your advisor can provide copies of mutual fund prospectuses describing such fees, as well as further information about the fees earned by or additional cash payments received by J.P. Morgan affiliates. Prospectuses also are available by calling J.P. Morgan Distribution Services, Inc., at 800-480.4111, option 3 or www„Mmorganhinels r m. Investments in J.P. Morgan Funds generally are made in Select or Institutional shares classes which have no sales load or 12b-1 fees. Please contact your advisor for additional information. 2. The Fixed Income Fee Schedule is charged on the total market value of the account excluding JPMorgan Mutual Funds accrued income, sweeps, uninvested cash, and JPM corporate bonds. 3. Please contact your JPM representative for specific fees related to the asset allocation outlined in your Disaetionary Portfolio Mandate. Term sheets for individual investments are available upon request. J.P.Morgan a EFTA00726989 Important information IRS Circular 230 Insclostawl.IP. Morgan Chase & Co. and its affiliates do not provide tax advice. Accordingly, any discussion of U.S. tax matters contained herein (including any attachments) is not intended or written to be used, and cannot be used, in connection with the promotion, marketing or recommendation by anyone unaffiliated with I.P. Morgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Each recipient of this presentation, and each agent thereof, may disclose to any person, without limitation, the U.S. income and franchise tax treatment and tax structure of the transactions described herein and may disclose all materials of any kind (including opinions or other tax analyses) provided to each recipient insofar as the materials relate to a U.S. income or franchise tax strategy provided to such recipient by 1.P. Morgan Chase & Co. and its subsidiaries. Bank products and services are offered by 1.P. Morgan Chase Bank, N.A. and its affiliates. Securities products and services are offered by 1.P. Morgan Securities Inc., member NYSE, FINRA and SIPC. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. J.P. 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Morgan Distribution Services at 1.800480.4111 or visit www.jpmorganfunds.com for the prospectus. Investors should carefully consider the investment objectives, risks, charges and expenses of the mutual funds before investing. The prospectus contains this and other information about the mutual fund and should be read carefully before investing. As applicable, portions of mutual fund performance information may be provided by Upper, a Reuters company, subject to the following: O 2008 Reuters. All rights reserved. Any copying, republication or redistribution of Upper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Upper. Upper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Past performance Is no guarantee of future results. Additional information is available upon request. O 20101.P. Morgan Chase & Co. 9 J.P.Morgan EFTA00726990