EFTA01512176.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY. INC. Account Number July 01, 2007 - July 31, 2007 JP Mapen Sett:Totes lnc.. JPIAaganChaseSenk NA a the, a/Me*, (Me lArgan Comeenesltray ptevoleedrroustraere custodos sands doh ON-on a share/Weer setsces to JPMorgan Funds. Ameocan CenturyFunds a estaaashed sponsored &Nate( a managedby WO pros and the Mown Con posesmay dy corrpansased toi such soya. aptanadOn Of JPIOSI JPMagen uses the Wt..trig ratng system Overweight Come the, nests& to beefyt months we expect Mu stock wi outperfam the °yen . total return of the Posts in the enaysta (a the analyst's team's) coverage unease Neutral: ever me nag sot loin?), moths the °wised mw axe so palcem Ni an• wen The average otao torn of Me socks eta aneys ts (a the analyst's Iewn's)coyerege ushers* Undenveight Ora thanes} se lo Smoke months we expect this stock me undethperfam Me average total mean or the Pocks .n(he antthsts theanalyst} leam's)caretage unman Independent Research Ratings: JPMSI does not codas* a caravosseadsp: the InclapendentResearchActhiethesethcnahlIce 'en?: DdleterdIrrn: use a yanetyal tangs tarns as atlas differentrangs systenu to desatetite tecornmenctsbons -ANSI uses a ielitaehatyps systems' descnbeclabore haPs may use addltvenf yahoos system such as as ao Isteo/ufe-wtoss system and use such tams as 'buy" TOW 'Se. Save At etstveend lsbaauteralmos systems ere lithdamentaltydneent sou &yeti/eat/ weep/ the detretons or se 'ergs used n the JPMS} end IRPintact the 4 tatided in the nthearchasea Fa ma meson and scce the , PSPOIChaaltaMS me tests kr Me rechgs as atm as comp.* intameson concerting ine anahsts yews K.,/ shove reed careruty tesaatchand not et es =metes horn the rating &bre JPIAcroan Awede Bank is MO marketing name la the anal° twang business conducted by .0 P Morgan Chase & Co thrown es subscha'es nodded* nclachnd JPIAcrgan Chase Sank NA., JP Mown Trust Company NA and .0 P Morgan &scathes Inc Page 10 of 14 Confidential Treatment Requested by JPMorgan JPM-SDNY-00038022 Chase CONFIDENTIAL SDNY_GM_00307220 EFTA01512176