EFTA01508545.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number CI 30171-00-5 June 01. 2007 - June 30. 2007 Shay eholdersa cedar/JP/if Fonds /rootage:I redernoton Re equal to 2% at,* proceeds d the, eichervea tedeanshates a such funds w4Yun 60 days a purchase subject to cabal exceptans set fora in 0te (rospectus a the applocabkFuni Fleaseconsue )Oa JPMorgan repossentatnelot a lest armsJR., Funds the! impose talemotic0 loos JPIAS: p a rowans of the Seeuntes Investor Flotechon Corporation (SIFC) a nona -prole roembersko corproboo lorded 0y Draw-deo/ea agare0w46 the SeCuutieSanc) EmcnaajeCoonsaas Sevade3 and C43h hall la a aalcmee at JF'IASI are protected by S:PC up to $500 COO per customer which abaci up to $100000 a potechon fa cash SiPC does not protect trien•a losses from Nuelustons r the valueof the :wades Assets hat custody by JPIRagan Chase IltrA.N A (lhel2arA)are not Joked b S/PC You fray Oaan olorrnebon eta &PC. mcluding the SIPC &ashore. on they webste at %flyer' spa ag' a by Conteeling Tern at (202)371-8300 JP lea pan Secubteslnc JP&Soroan Chase Bank N A a they aft-Setae (Me 'Morgan Consoeneslmayaowdeeannsbelse custabst sees cAsetubcn a shotenaclasavros So JPMorgan Funds. Amacan Century Funds. a funds estsbAslvd sponsaed elvned a managed by tryd pathos ant the Morgan Convenes may be coornole0 b such aerobes Eirplanallon of JPAISI Ratings: JAWapan uses the feblohmg reeng system Overweight: Ober the ne..t w to twelvemonths we expect the stock wit outperform he enlace total return of the aka,: in the ensysts (a the analyst's team's)cotersge unreels* Neutral: Over the 00•11. to Mei.. Moth& we 0,Pea tMJ stock *ape/fan/ M Me owl mo average mat return a the stabs at the ansYstS the anolyst's trams) coveene isume se Underweight: Over the ne..1 so to twebe months we expect Ma stock will under-paean the average Iola /elan of the stocks en the anayst's (a me analyst's teams) coverage unease Independent Research Ratings: JP:1St6:es not ends/sea ottstewAse adopt the indeponctentRenatenPoodterateaChandke raten)S Otheren tans use vannya ratings terms as was as differentia:sip systems to 603000 that tecoovnendebons JPMSI uses a 'rebitne'rahnes system as descobtd ohm, IRParay use a eldferentrelogs system such as es an absolute-ratings system and use such terms as 'uy Taff'. a 'sea' Synce'reistbearsd %bsokee'rattngs systems ere fundamentelyakrent you alas!!read cemeeugy. the 0e6ntiorts d aft /saw tistchnthe JPVS1 end IRPresearch that s nctded n the re3eyChotielf Fa Ith5 Mbe.54M and WC. the ffsledIGICOntain3 Ira Nora fa the re:nos as nt.11as complete otarnaSon coneeenong he BM:Man newt. you II)Ould geed CafethVy tmuntMand not mkr its contents from the (tang atoms JP1dagan Fora Bans is me meMeten; nem. kr Me meae tanking bosons conducted by J P Mayan Chose S Co thrown es 803m:hares flak!w6t. enCtiMng JP1ACIgen Chase Rank NA.JP Mogan Trust Compeny. NA and J P Morgan Securities Inc Page 13 of 16 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033847 Chase CONFIDENTIAL SDNY_GM_00303045 EFTA01508545