EFTA01508504.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number April 01, 2007 -April 30. 2007 Shay Onedersci ceflonJP/O Fonds septa, pota redernetonRe equal to 2% at,* proceeds d thee tacherve tedeemOwes a such funds wehut 60 day, a purchase subject to colon exceptwans set forth in the prospectus a the applocabkFuni Fleaseconsue )42a JPMagen representatatelot a lest arrasJR., Funds Mel impose tirlemoticv, roes JPASS: 4.9 member a Me Sectset*,Investor Ficaschon Corporation(SIFC) a nalaseart nnembersPe copper tended 0y txceeeeteyOos ogistre0 vete the SeCuutie3Anc)EmcnangeCoonasson Sevadnand Won heel to a Clalcmen. at JF'44.5: are CfOleaed by SIPC up to $5G GOO per customer which stales up to $100000 alpacas:so fa cash SiPC does not protect °coma Josses born filAcInahnns fa the ream of the socartes Assets bee fn custody by 'Neaps., Chase Sanle. NA (the12..analare not Joked to S/PC Younpy obfea Warne:swab:of &PC. mcludino the SIFC &ashore. on they webs* at 'wave spa op' a by Conteeling teem at JP Wigan Secuateslnc JP&Soroan Chase Bank N A a thee affibates(the 'Morgan Ccersoeneslmay aowdeadasmstrebee cusSoder sots chst tuba a sherehadaserv.ce.s to JPMagen Funds. Amacan Century Funds. a funds estseashed sponsaed sinned a managed by Its.0 oases. ant the Mager, Crones may be conmesale0 b such senates Eirplanallen Of 'INC; RUM'S: JAWapan uses the raplorang retvc system Oyetweapht Coma the ne..t se to twelvemonths, we expect d: stock wit outperform the escrow total tetwn a the stocks m tee enoyst's (a the analyst's team's)coterese unreels* Neutral: ha me newt la to Mrre m70013 we Cereal tees slack well pertain/ An me ash the average kgoOreturn ante stccas nithe anaAstS(a the analyst's tern's) coPene yew se Underweight: Ova the ne..1so to twelvemonths we expect Ma stock wall undo-ma:on the average Iola/ tetwn a the stacks en the anayst's (a the analyst's teams) coverage unnase Independent Research Ratings: JPUSt does not eosin/sea ottstawAse adopt the indeponctentRessetchFScode wows/J*4kt retry* Wheel,1tarns use vanstya mass terms as was as dlleventrataigs sysSeens to °nine thee tecoovnendebons at& uses a 'reastne'rahnes system as descobtd oboe IRPs any use a cldftventrebngs system such as as en atAsaufe-ratings system, and use such toms as 'buy Tad or 'see' Synce'reistNearsd 'absokeetattros systems ere fundamentelydfleren( )es* shirrs!! read °NNW,'" the denten, d att:saw used in the 'PUSS end IRPresearch that a osNlided n the reOesYChitied FOIM.5 lesson and !WIC(' the teseetchcontams two hese la pre tetnos 83 0,0 w complete mearnalen conceeneg The eneyst's views. you shoukl read cavefay the reusatchand not .rike its contents AVM the (gang Wane Jr:IA:Nan Flwese Bans s me enernetro; name la the please Nulling bus Peas conducted by J P Maven Chose S Co thrcsasti es subsd'eres aciklaade enckal,ng !Meagan Chase Sank NA.JP Mayan Trust Conpeny NA end J P Morgan Secvabes Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033790 Chase CONFIDENTIAL SDNY_GM_00302988 EFTA01508504