EFTA01508635.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number September 01. 2007 - September 30, 2007 Sharehadersdavtatn.IPM Fonds sec./larda redernebatke equal to 2% cif,* proceectsd thee eichavea tedeernstmees of such funds wehat 60 days a purchase subject to cabin except,ona set forth in the a0SpeCtus of the appacabkFunl Fleaseconsue Yea JPMorgan representatwalot a lest attn.JR., Funds thai imposer textenota, lees JPIeSI ea member or the SecontssImesla PtcOect.on Corporation(SIPC) a nonce-prole r*A' shrpcupaaton funded hy &citee -desk.," tedolerechwth the Secunlea and EmchangeCommosion Secades and cash heelfae al3207see at JP1ASI are 'weeded by &PC up to 1500000 per customer which abaci up to $100000 of potochon fa cash SIPC does not pact erihn..V tosses from Micluethnne .n the value or the :oeuvres Assets bee n custody by JPIRagan ChaseBarn,. N A (thel?..areC)are not select to S/PC You rroti..y obfao Warne:onatty.! &PC. including the &PC &ochure on they webs* et "Www spa erg- a by COnteeling Mem JP Morgan SecurdesInc JP?Aoroan Chase Sank N A a thee afrkates(the 'Morgan Ca:wanes')may aowdeectmn.strebre custd.o.7 seks cash but.on a sherehadaserv.ce.s to JPMorgan Funds. Amacan Century Funds. a funds estsbAslwt. sponsaed *Ivned a managed by Ityd parses ant the Megan Compaonmay be cons:emotedlot such *rote, Explanallen of JPAISI Nonage: JPMorgan uses the fotanng ratty system Oyetweaght: Ober the ne..t v.. to twelvemonths we expect the stock wit outperform the enlace total return of the stocks in the analyses (a the analyses team's)corerage unwise Neutral: we me ant six to Mee.e maella we expect me stock w.apertam M Me awl the average wet return Ott* stocks 'the anaYses (a the analyst's !bin's) coven." Gniire se Undeenght: Ova the ne..1so to twelvemonths we expect Mn stock oat undalsatarn the average Iola,tetum of the stocks en the analyst's (a the analyst's team's) coif)' tiara se Independent Research Ratings: JPUSt does not eosin/sea othtewAse adopt the IndepondentRaseatchRovbtereseacnandke 'obeys Wheel,1terns use vanatyce ratings terms as well as deleven:retype sysewns to gesaabe thee tocoovnendebons at& uses a "eas!ne'retnes system as described sham IRPs trey use a cldftventratnes system such as es an absauteratnnas system and use such terms as 'buy Mott or •sell' Sence'reietNe-and %bsokee'rettegs systems we fundamenteaydflevent boo sha.41 read calNo.,' the dentions of ears:Ng, used rn the JPMS and 1RPresearch that a ocArded ,n the teOesYChotielt For this season end !WU. the fe3edfalcOntain3 the base la me reaps as wen w COmplele otarnalr conteinang the eneyst's WWI& shouAl ieedowefay teunecnand not .nod its contents frotrithOreang Wane JPMorgan Fora Ban* s me marketen; name la the meal. banking bosons conducted by J P Maven Chose S Co thrown es 80v:hares nceklmde enckAng !Mattoon Chase Bank N A JP Magian Mat Canpeny. NA and JP Morgan Securities Mc Page 14 of 17 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033960 Chase CONFIDENTIAL SDNY_GM_00303158 EFTA01508635