EFTA01508533.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number May 01, 2007 - May 31, 2007 Shavehdderacicedatn.iPM Fonds e chef peea rederrtoton Re equal to 2% at,* proceeds d the, eichervea tedeernshates a such funds neYen 60 days a purchase subject to certain exceptwans Ng forth in the prospectus a the appl.cabkFuni Fleaseconsue fa JPMorgan representatsreot a lest a Ma JPM Funds thai impose talemoticv, sees JPASSI 4.9 merese, a Me Secuntes Investor Flotechon Corporation (SIFC) a nalassart membersep corporate° lorded Oy brcaee-deagees eeguterecl veal the SeCuutiNanc) EmchaegeCoinneason Sawde340,1 O13h heel to a aalcmee at JF'44.5: are CrOleaed by SIPC up to MO COO per customer which abaci up to $100000 otpotochon fa cash SiPC does not protect organ: losses from Nuchatons r the vaAto of the socartes Assets he*1 n custody by JPIRagan Chase BerAN A (thel?..enalare not Joked b SIFC You rroti..,, obfao Warne:on *ace! &PC. mcludro the SIFC &ashore. on they webSee at %flyer' spa in' a by Conteeling Tam al (202)371-8300 JP Morgan Securdeslnc JPMorgan Chase Bank N A albs, affibates(the 'Morgan Ccursoeneslmay aowdeactmhstrelse sus:oche, sees cAst.butcn a shwehadastivre.s So JPMorgan Funds. American Century Funds. a funds cetaeached. sponsaect elvned a managed by (tvd petite. ant the :Sawn Convenes may be conmesale0 hat such *rotes &plane:Ion of 'INC; RUM'S: JPMorgan uses the roVvenng rating system Overweight: 0 her the ne..t vs to twelve months we expect d: stock wit outperform the enlace total return &the aka's in ;he eneyst's (a the analyst's team's)coteroge unreels* Neutral. Over the newt ax to Mrre m70013 we a Vea tMJ stock were peen/ An In. went/waverer kga, return a the Vass or the anaAstS(a thaanaly9r3 leam'S)COvenige aUrW se Underweight: Over the ne..1 so to tweets months we expect Ma stock will under-paean, the average total return a the stocks m the anayst's (a the analyst's teams) coverage unease Independent Research Ratings: JP:1St6:es not ends/sea ottstowAse adopt the indeponctentResoatchFSova, roseaschersdke ratengS °Myren1hens use a vanstya ratings terms as was as dlleventrabngs systems* to basine thee tecoovnendsbons at& uses a 'reastne'rahngs system as described ohm, IRPs trey use a cldfcrentrebngs system such as es an absolute-ratings system and use such terms as 'buy Tad'. or %or Synce'reistNe-and %bsokee'rettergs systems we fundamentadyilfecalt you alas!d read w&uliy the cle6neona of eV retry, used orn the 'PUSS and IRPresearch that o nc ge.d n the re3esYChotielf FOP this season end strict. the /flew', contams Ire basis Mx the re:nos as net' as complete ream...Son conceenong the enayst's wen. )0v IMMI geed “Vefay the ressetchand not oda its contents from the rating atone JPMorgan Asa Bans is me marketen; nen* la the please tanking bosons conducted by J P Morgan Chase S Co thrown es subsdpares flak:wide encksirg !Meagan Chase Bank NA.JP Mayan Trust Company. NA and J P Morgan Securities Inc Page 15 of 18 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033829 Chase CONFIDENTIAL SDNY_GM_00303027 EFTA01508533