EFTA01508606.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number August 01, 2007 - August 31, 2007 ShavehadersacedatrOPM Fonds e cawpeat a redernotonhe equal to 2% at,* proceects the/ eicherve tedeernstmees of such funds wThot 60 days a purchase subject to cabin excepaces set forth in the prOSpeCtus a the appl.CabkFuni Reeseconsut JP1Aagan representabvelot a lest attn.JR., Funds that impose nalonoticn lees JR1eSI ea member of the SecvatAkstmesla Ptaecbon Corporation(SIPC) a notax-prolrt membersnap corpora:.o funded ey as:tee-desk.," tegolerechwth the Secuntes and EAchangeComm, ssion Secadesanct cash heil ta e CAIVOnee at JP1ASI &envied./ by &PC up to $.500 000 per customer which orludes up to $100000 of potocbon Ice cash SIPC does not protect trian.V Josses from Masten& .n the value ar the socartes Assets been custody by JPMorgan ChaseEWA. NA (the12..analarts not subect to SOX You froti,•,, Mao ntorrneton *bad &PC. encludino the &PC &oceae on they webs* at ewe spa cap' a by contecling Meer, et JP Wigan &cur.:es/ix JP?Aoroan Chase Bank N A a thee affitetes(the Woven Comseneslmm. aowdeeannestrebee cus.totol sets chshbuton a sherehadaserv.ce.s to JPMagen Funds. Amacan Century Funds. a funds eststashed. sponsored *Ivned a managed by coed parties ant the Morgan Congdonmay be coamnsaled b such sennOes ErplanallOn Of JPAISI RUM'S: JPMorgan uses the faiomng rang system Overweight: Ober the next v.. to twelve months we expect d: stock wit outperform the encase total return of the stocks m Me enayst's (a the analpsYs team's)coterese unwise Neutral: Owe the cart ax to Marra m7.0013 we a•Pea me stock wagpertain/ An me owl the average IA:go/return OM* stocks a the anaAit's (a the analyst's leam's)COvenige Gohro se Underweight: Over the neat so to two's/Omonth* we expect this stock wall under {steam the average tolalreturn of the stocks en the anayst's (a the analyst's team's)coonge tiara se Independent Research Ratings: JRUSt aces not emit:flea ottwalvAsnxiopt the IndepongentRestatchFtcode reseaschandke 'obeys °Minn1(rens use a vend ratings twins as well as differentrat.ngs systems to dosage thee tocoovnengobons al& uses a 'reastne'rehnss system as descobtd same IRPs tray use a clatventraence system such as es an 'easaute-rattnas system and use such tams as 'buy hold' a 'sal' Synce1eistNeend 'obsolugetattngs systems are fundamentelyaerent )as thard read weluity tile dentate of sate:ay, used rn the JPMS and 1RPresearch that gs gOltded n the tesearchdself For this season end Wc's the teseach Contains the base la me retnos as 0,0 w COmplele sofamelon conteinang The eneyst's news. you MIOtdd Feed carefay the teunecnand not So' its contents Man the rating atone atagon Fong,a Ban* is me mirkato; non* la the ante Conlin° bosons conducted by J P Maven Chose S Co threogn Cs subsdporass naklovido enckAng !Mattoon Chase Sank NA. JP Mayan Trust Ccogony. NA and JP ?Anon Securities Inc Page 14 of 17 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033924 Chase CONFIDENTIAL SDNY_GM_00303122 EFTA01508606