EFTA01512148.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. Account Number May 01, 2007 - May 31, 2007 JP Mapen Secuntes lnc.. JPIAagan Chase Bonk NA a than a/Metes0V* lArgan Comortneslrrayprovaleedmoustraere custoda•. sears MO Outon a sharehader arenas to JPMorgan Funds. Ameocan CenturyFunds a esleashed sponsored sdvsed a managedby WO parses end the Skagen Companies may Ory corrpansased tor soon stomas aplaisadOn Of OMAN Ratings: JPMorgan saes the katmeog stag system Overweight Oote the netts& lo twelve months we expect this stock wN outdate/vs the smear total return of the etas on Me eneYSte (a the analyst's Mama) coverage unease Neutral: ever me ant Mk loaner* means one mad rhos ace,' w,npalam on hop wen theoverage Pao return of Me Moro m ere eneysts (a the anahers team's)coverege um's,* Undenveight: Oar the nest se to Smoke months we expect this stock wal underoperfamMe averse* totalatm of the stocks .n the weals (a the analyst} learns)coverage Layer Independent Research Ratings: JPMSI does not ado:rasa caravosseadsp: the InclapendentResearchAmaer omelets+ ander rainn OlttrentIrmo use a yanetycl tangs term as atlas deo:rentfangs syskenc to dose.te thee tecornmenctsbons JAMS/ uses a "rekkkotaatvps systems, descnbeclaboa haPs nay use addlcvenfreaps system such as as an labsorufe-tetans system and use such tams as 'buy" More a 'See' Save Arebtveand labaaukersolongs systems eieSeedemendelydffeent sou shou‘l, e0c/ feeendey Me &engem or se 'ergs used on Me JPMSt and IRPresaamn that is mcaded on the noseachotsell Fa This meson and soar the research contains Me bests la Me retogs as well as complete mkernaeon cooceeeng pe anahosts aews you should read carerkky the a:eachand no; et ds ccekves hum the rating care !PI/organ Awe* Bank as the malsetin; name la the anal° Mang business conducted by .0 P Morgan Chase & Co thrown es subscha'es acelchale esckand JP1.4ogan Chase Rank NA., JP Mogen Trust Company NA and P Morgan &scathes Inc Page 10 of 14 Confidential Treatment Requested by JPMorgan JPM-SDNY-00037994 Chase CONFIDENTIAL SDNY_GM_00307192 EFTA01512148