EFTA01508666.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number October 01, 2007 - October 31, 2007 Shavehadersd cedatn.IPM Fonds e cawpeata reclanebanRe equal to 2%dhtproceedsdthye.dvsryea tedeem>Nees of such funds wean 60 days a puraxase. subject to certain excepaces set forth in the prospectus a the appkcabkFuni Reeseconsue you JPMorgan napresentatnelot a lest a Ma JPM Funds thai imposer tatenotion lees JP1eSI 4 a memento( the Seouletesenvesta Flotecnon CeMaton(SIFC) a nab -part membersnp coypaatonlorded by Draw-0.0as regoteredynth the SeCunte3anc) EmcnangeConeneson Secardesenc, 0a3a heel fa a aalconee 01.1IntASI CfOlented by S:PC up to $.500 000 per customef which nyludes up to $100 000 otpotechon fa cash SiPC does not posted eriana losses • • the yak:* of the socurdes Assets heel n custody by JPIRagan Chase Bank. NA (the Varglage not so%ect b SOX Young Man Warne:on *bail &PC. encludino the SIFC&ochure on they webste at %nye.' spa eV a by conteetng mem et JP Wigan Securdeslnc JAMotoan Chase Bank N A alba, snores Rho 'Morgan Ccvneenoslmayaowdeeannestretive custod.sl se*: chsh‘buton a shwehada savre.s to JPMorgan Funds. American Century Funds. a funds eststashed. sponsaed *dyne.] a managed by tryd petal. ant the Morgan Compaon /my De consynsaled hat such *rotes Explanation of Manage: JPMorgan uses the roVomng ratty system Oyetweaght Opel the ne..t sn to twelvemonths we expect the stock me outperform the average total return of the stocks in ;he enayst's (a the analyst's teama)cotenage unreels* Neutral: CWr Me rent ex to More m2001a at aePeCt fres stock wag pertain, An Me rem the average IpPy0 reran d the 'Was fhb aneYsta (a the analyst's leann'$)COYeetlpet Gnine se Underweight: Over the ne..1so to twelvemonths we expect Ma stock will enact -paean, the average Iola/'atom of the stacks en the. angst's (a the analyst's teams) coverage unease Independent Research Ratings: JPUSt does not endorsees othtennAse adopt the IncleponcgentReSOWChReNanneasChanike reten)S Weel,1Inns use a vanalya ratings terms as wen as diffeeenttatngs systems to cieSenbe thee recoovnendations aASI uses a "eastne'retngs system as descobtd same IRPs tray use a clatventraence system such as es an ateaute-rattnas system and use such kites es 'buy Moe' or %ell' Synce'reiskve-and 'obsokOe'tettngs systems me fundarnanksayilfeceet bou thand read caieluey. the denten, of attietags used on the 'PM& and IRPtesearch that in 00,1440 in the teeeeChelee ADP fltp loosen end since Vie tflealchcontams tie base for he Wogs as 0,0 as complete otarnalon conceenng the anaysta WWI& tat ahwuk teas (-setae tee teunicherid not Ses its contents from the rating atone JPMorgan Fong,a Elan* 4 me marketing nen* Ice the prate oanimg bosons conducted by J P Maven Chose S Co thrown es subselparnos flak!w6t. enCtidee JPIACIgen Chase Rank NA.JP Mown Trust Company. NA and J P Morgan Securities Inc Page 13 of 16 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033995 Chase CONFIDENTIAL SDNY_GM_00303193 EFTA01508666