EFTA01508488.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number April 01, 2007 -April 30, 2007 Sher a/ideate:I cedatn.IPM Fonds seaweed a rederneton Re equal to 2% at,* proceeds d the, eichavea tedeanshares a such funds w4Yen 60 days a purchase subject to certain excephons forth in the prospectus a the appl.cabkFuni Fleaseconsue JPMorgan rapresentatwelot a lest armsJR., Funds Mel imposer tatomotice sees JPM$I 4.9 meat r a Me Secuntes Investor Flotecnon Corporation (SIFC) a nalci-prart cnembersep corporate° lanced Oy brchee-deagees eeguterecl veal the SeCuutiNanc)EmchaegeCoinneason Sawde3 and O13h hall to a aalcmee at JF'44.5: are protected by SIPC up to $500 000 per customer. which 'extern up to $100000 ot Falconer fa cash SiPC does not protect trism.V losses from Nue:us:Ons r the yeAte of the socartes Assets he*1 m custody by JPIRagan Chase Bank.N A (thel?..ana)are not su%ect b SIFC You rre.,, °bean Warne:on *ace! &PC. encludro the SIFC&ochurw on that web).* at %nye(' spa in' a by Conteeling Term al (202)371-8300 JP Morgan Securdeslnc JPMorgan Chase Bank N A alb°, affibates(the 'Morgan Ccvnoeneslmay aowdeadmhstrelbe sus:cobs, sates citst.butcn a shotehadaservre.s So JAborgan Funds. American Century Funds. a funds estsCbsl‘nd. sponarect elvned a managed by (tvd petite. ant the :Sawn Convenes may be connweale0 b such *rotes Erplanebon of 'INC; RUM'S: JPMorgan uses the fcbtronna rang system Overweight: Ora the ne.4 sb to twelve months we expect bus stock wit outperform the encase total return &the stocks ern ;no erne ht's (a the analyst's team's)coteroge unreels* Neutral: Over the new II. to twehe m70,113 tie e Vea rh4 stock *Ai pagan/ An Me wen the average total return a the stocks or the anaYstS(a thaanaly9r3 leam'S)COvenige aUrW se Underweight: Over the ne..1 so to broke months we expect Ma stock will under -paean, the average total return a the stocks m the aneysYs (a the analyst's team's) coverage unease Independent Research Ratings: JP:1St6:es not emit:flea othtowAse adopt the indepondentRenatChFtCode reSeaChandke ratengS Wheel,1tans use a yanetya ratings terms as wen as diNventrabn(jS systems to 603000 that feCoovnencletonS at& uses a 'reas2neYabngs system as described ebme P3Ps tray use a cldftventratops system such as es an aihsauferatings system and use such tetra as 'buy Toff or •sell' Synce1aatnre-and %bsokee'ra:tngs systems we fundamentedyclIfecalt sou shaad read caieluity the dehneona d attratoqc used "I the JPVS1 and IRPresearch that e nc ge.d n the reziearChotielf FOP this seeSa) end dime the research contams Ire basis a the retngs as nvil as complete otarnalon concerning the enayst's WWI& you should ieedowefay Ity tesootcnend not .nkre its contents from the egging atone JPMorgan Fora Ban* 4 me marketen; nano la the please banking bosons conducted by J P Wigan Chase S Co thrown es 803m:hares nakbv6* enCtid,nq JPMorgan Chase Bank NA.JP Mayan Trust Company. NA and J P Morgan Securities Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033770 Chase CONFIDENTIAL SDNY_GM_00302968 EFTA01508488