EFTA01508650.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number September 01. 2007 - September 30, 2007 Saar ehadersd ceflaalJP/SI Fonds dacha, on:fa redernotonRe equal to 2% at,* proceeds d the, eichervea , eclewnststees a such funds re4Yon 60 days a purchase subject to certain excepbons sat forth in the proAoectus a the applocebkFuni Reeseconsue sea JPASagan representatsrelot a lest armsJR., Funds tha impose talemonagees JP149 pa mesa s a Me Secuntes Investor Rceschon Corporation(SIPC) a nonce-prat roemberskp corm:taboo lorded by &cat 4eanees registered w4h the SeCuutie3Anc)EmcnangeConsaasson Sec1/das agysh hall to a Clalcmee et JF'44.5: are CrOleaed by S:PC up to $5G COO per customer which abaci up to $100000 otpotochon fa cash SiPC does not protect orgasm losses from Mactuetons fn the yeAte of the socartes Assets head n custody by JPMorgan Chase Bank N A (thel?..analare not su%ect b SOX You rroti..y °beep Prorrneton *bail &PC. encludino the SIPC &ashore. on that webs* et AWAY(' spa cor a by COnteeling Tem a/ JP Morgan Securdeslnc !PAS:roan Chase Bank N A a thee aft-Setae (Me 'Morgan Ccvisoenes1may aowdeeann.strebee custd.ol seks cAsetubcn a shatehadesovre.s to JPMorgan Fonda American Century Funds. a funds estabAslvd. sponsored sinned a managed by Its.0 pates. ant the Magen Com:wonow be coos:woad tot such aerobes &plane:Ion of JAM& Ratings: JPMorgan uses the kAlomng rang system Overweight: 0 her the nest se to twelvemonths we expect :Os stock wit outperform the enlace 3c431re tro of the stocks in ;he eneyst's (a the analyst's teem's)coterese unhorse Neutral. ve, me ',Ogle to Mei.e m70013 we aspect ths stock wagpertains to In. awl the avatar kgoOretan d the 'Was n the ana4(1ta(a th9 aoalystts !earn's) coatone Gnaw se Underweight: Ova the ne..1so to twelvemonths we expect this stock will underIsertarn the average tolalteturn of the stocks m the analyst's (a the analyst's team's) coverage unnase Independent Research Ratings: JP:1St6:es not emit:flea ottstewAse adopt the indepondentRenatChFSCode reSeaChandke raten)S Penn.,t tans tee e yanstya mays terms as wen as diterentratsigs SySkwnS to desoibe thee tecoovnendebons ..iPtASI uses a "ess2ne'retylos syskm as described ebme IRPsrnsy use a cldferentrebnos system such as es en absolute'raanos system and use such terms es 'buy Tad or •sell• Saxe reistAreersd %bsokee'rebros systems are tondarnevaadyclfiereof osu Masid read careluer the dentiona d attratags used on the JPVS1 end IRPresearch that o VIC%Sd n tee teeeakettielf Fe' this /peer end WV. the fflea, elleentain3 the door kr the steps 85 0,0 as conasele mksMeer COnterneg the eneMal'S WWI& KV Sepik, geed Crikethey the tesoatcnand not .nkr its contents from the 'sang atone alacian Pores Bans s me merketen; nen* la the phase basking bosons conducted by J P Wigan Chose S Co thrown es subsdperes flak!w6t. enCtiMne JPMorgan Chase Sank NA JP Wigan Trust Company. NA and JP Morgan Securities Inc Page 14 of 17 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033978 Chase CONFIDENTIAL SDNY_GM_00303176 EFTA01508650