EFTA01512092.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. Account Number Q January 01, 2007 - January 31, 2007 ExplanatIOn Of JPAISI Ratings: JPMorgan uses the Ibibmerg retog system Overweight Ora Me ne4 3u to twelve months we evsect this stock wiI outperform the averse. 30441retum of the stocks in the eneyst's (a the analyst's teern's)ooverese unwise Ramat: Ovtv the Levi 3. to Mph* rn20013 toe expect the stock mti perfErm m Me mth the average Ica/a' ,peter 0, the 'Was or the ana.)ars (a the analyst's team's) COVehrje Wheel he Undetweght: Ovec the net Sc. to (*See months we mpect this stock wit unds-perfam he average Iola!return of the stocks en the aneyst's (or Meanalyst's teeMs)covaage unease Inclopenclent Research Ratings: JP&1St does not endeisece Shrewde adopt the IndeponlentRasaaichRoodorroseaschandke raterys anWenttrens use, vanalyce ratovs terms as wee as deletontrangs systems to cgesaibethsrocommondetons .ARIASI uses a 'rels!ne'retnes system as descobed same IRPserey use a dherentrebnos system such as as en 'et.sotute'reGnos system end use such terms as 'buy' Toed' or 'sag' Saxe 7eistnee-end 'absoVerehngs systems ere tondamentelyclifereM )co shad read cateluay the clentrars or att ratnos used rn the JPVS1 and FRP/neuron that is yietc‘e0 or the fez...T/143(4 fa tiro season and since fhe tooslychcontotno tire Dem tome Wogs 83 0,0 as cOmplele intarneaon Concerning The analyst's yOKY3 )Ou snould reed CeVeray the mu:etchend no: .races its contents from the rating acre JPAtagen FrNeks San* K n>e mentetrev nwnc Ia the please Oan.lung business conducted cy J P Morgan CNO.S4P it Co thrown es subsd pares Acrid wide encoudng JPIAcigan Chase Rank NA,JP Mogan Mist Canpatry. NA and J P Morgan Sesames Inc Page 10 of 14 Confidential Treatment Requested by JPMorgan JPM-SDNY-00037938 Chase CONFIDENTIAL SDNY_GM_00307136 EFTA01512092