EFTA01508726.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number December 01, 2007 - December 31, 2007 Sher efredersd cedatrOPM Fonds e cawpeat a redernotonRe equate 2% at,* proceeds d the, eicherve a tedeanOwes a such funds nehut 60 day, a purchase subject to certain exceptwans set forth in the prospectus a the applocabSeFuni Reeseconsat )424, JP1Aaganospresentatseelot a lest armsJR., Funds thai impose talemoticv, lees JPASS: 4.9 member a Me Sectset*,Investor Flotecnon Corporation(SIFC) a naloisaart reemberskp corporator tended Oy /x04,0.'4.08,4 repute/Wyatt, the 59<w/ea anc) EmcnangeConeneson Saccades and Cash hwk la a customer at JF'44.5: are CfOleaed by SIPC up to $500 COO per customer which abaci up to $100000 otpotochon fa cash SiPC does not protect °coma losses born hisclustons fn the vaAto of the socartes Assets bee fn custody by JPIAagan Chase Sena. NA (thel2enA)are not Joked to S/PC You rroti,•,, obfao Warne:on *bail &PC. madding the SIFC &ashore. on 51w webs* at "Www spa cap' a by COnteeling Them al JP Morgan Securdeslnc JPMorgan Chase Bank N A a thee affibatee(the 'Morgan Consseneslmay aowdeadmn.sbelse cusS:d.ol sates cAst.buton a shatehadaservre.s to JPMorgan Funds. American Century Funds. a funds estabAshed. sponsaed *Ivoed a managed by foal {arses. ant the Morgan Compaon may De connensaled ke such *rotes Explanation Of 'INC; RUM'S: JAWagan uses the Cotonou rang system Overweight Ober the ne..t se to twelvemonths, we expect this stock wit outperform he enlace total retro a the stocks in ;he eneyst's (a the analyst's team's)coterege unhorse Neutral: Over me 00, 1six to Mrre m70013. we (*.Pea me stock will pertain/ An In. awl me average total return Ott* stocks n the anaAstS(a he eeelysrs ham's) cartage Geary se Underweight: Over the ne..1so to twelve months we expect Ma stock will under -paean, he average kla return a the stacks en m. anayst's (a the analyst's teams) coverage urnuse Independent Research RUIN'S: JP:1St6:es not eosin/sea ottstawAse adopt the indeponctentRestatchFScode roseachersdke ratengS Wheel,1tans use vanstya mays terms as wee as dlleventratsigsSySkanS to °nine thee tecoovnendebons at& uses a 'reastne'rahngs syskm as descobtd ohm, IRPs rosy use a cldftventrebngs system such as es an absolute-ratings system and use such hems as 'buy Mott' a 'sea' Sance'reistNearsd 'absokeetattrgs systems ere fundamentelydflerent bou sowed read °NNW,'" tile denten., d att:saw used in the 'PUSS and IRPresearch that is ooltded in the reOesYChitied Fa this season and !MVO the MOW', contains MO basis la me 'slogs in i•011as complete otarnaLon conceenong the enayst's vows. )W IhOtild read csvefay the ressetchand not at its orients frotrithe (gang Wane JP1itacian Ftsrass Bans 4 MO merketen; name la the please basking bosons conducted by J P Maven Chose S Co thrown es subsdpares flak!wide enctid,ng !Meagan Chase 8ankNA.JP Mogen Trust Compeny NA end JP Morgan Securities Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00034070 Chase CONFIDENTIAL SDNY_GM_00303268 EFTA01508726