EFTA01508558.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number June 01. 2007 - June 30, 2007 Shay ehadersa co/law/JP/II Fonds sec./awed. 'edemas:4k. equal to 2% at,* proceeds d they eichavea tedeernshates a such funds way, 60 days a purchase subject to cabin except0Nae4 forth in the prospectus a the applocabkFuni Fleaseconsue )42a JP1Aagan repossentarynYot a lest armsJR., Funds the! impose talemoticv, loos JPASS: u a member a Me Sesames Investor Flotechon Corporation (SIFC) a nabs -prole rnembershp corprobon funded Oy b/cloo-deo/e/s /egutece0 colt, the SecuntasanO&changeCo#n'mnon Secedes and C43h heel to a aalcmee at JF'44.5: are protected by SIPC up to $500 COO per customer which abaci up to $100000 a potochon fa cash SiPC does not protect agrnc losses from Nue:us:0ns r the rite of the sesames Assets bee n custody by JPIRagan Chase Benk.N A (thel2ena)are not su%ect b SIFC Yount °bah olorrnehonobcv/ &PC. mcludro the SIFC &ashore. on they webs* at %flyer' spa ag' a by Conteeling Tern at (202)371-8300 JP lea pan Securdeslnc !Pal:roan Chase Bank N A a they affibates(the 'Morgan Comoeneslmayaowdeeann.strebe sus:cobs, sees cAsetubcn a sherehadasay.cos So JPMorgan Funds. Amacan Century Funds. a funds es:ebb:Owd sponsored slyoed a managed by Ityd bathes. ant the Morgan Commis may be cove atedb such aerobes &plans:Ion of JPAISI Retingt JPMorgan uses the fcblohmg roue system Oyetweapht Ober the next se to twelve months we expect the stock wit outperform he enlace total return of the stocks in ;he eneyst's (a the analyst's team's)coterege unreels* Neutral: Over the 00•11. to Mrre m70013. we eVea tMJ stock *Ape/fan/ h she owl the enrage 1%j/return a the stocks n the anbYstS the anoint's loam's/ ecotone Go/hose Underweight: Ova the ne..1 so to twebe months we expect Ma stock will under -paean, he average total return of the stocks w the anayst's (a the analyst's team's) coverage unnase Independent Research Ratings: JP:1St6:es not ends/sea ottstewAse adopt the indepondentRenatChFSCode reSeasChandke ratengS Wheel,1Inns use a vannya mays terms as wen as diterentrabnp systems to 603000 thee tecoovnendebons alSI uses a 'reastne'rahngs system as descobed *bap, IRPs troy use a cfilftventrohnos system such as es an atuoluteratinos system and use such terms as 'uy Toff a 'see' Synce'reistAre-and %bsokee'rattergs systems ere fundamentelydflerert you should read caielugy. the dental., of oh retry, used "I the JPVS1 and IRPresearch that a roltded n the re3esYChotielf Fa the seeSa) and !WC. the retouch COntain3 tire Nora la me 'ergs as nt.11as complete otarnalOn COnCeenrg The eneWS1'S WWI& YOU II)Ould geed “Vefay the tesootcnend not mkr its contents from the rating atone JP11,,gan Fora Bans u me merketen; nem. kr the meal. Canimg bushes. conducted by J P Wigan Chase S Co thrcogn es subsdpares neekbv6* enCtid,ng JPMorgan Chase 8ank NA.JP Mogan Trust Ccopeny. NA and J P Morgan Securities Inc Page 13 of 16 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033865 Chase CONFIDENTIAL SDNY_GM_00303063 EFTA01508558