EFTA01512076.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. Account Number Q December 01, 2006 - December 31, 2006 ErplanSten Of JPAISI Rlatingt JPMorgan uses the foeomng retry Wean Overweight: Ore the ne4 su to twelve months we evsect this stuck vutI outperform the oversee 30431 retum of Me stocks in Me eneyst's (a the analyst's teem's)COvenne unwise Neutral: th ee the rm t 3. to MO,* m20013 et pea MI 910Cit ma pertarn tr. Me min the *voyage Ma' return of the SAX4 el Ile anti4S1r3 (a the athiinn leam.3) ooveene Univesn, Underweght: Ova the net Sc. to (Wear& months we expect this stock ant undet-perfam he average Iola!return of the stacks en the anceyst's (or the analyst's team's)covetage unease InSp.n*s Research Ratings: ✓PMS does not endorse ot *trade adopt the IncleponlentRasaarchRovarroseaschanike ratuys anWeottrens use yenned Wow terms as wee as Onetantrangs systems to bosunq thee tocommonclatons at& uses a 'rels!ne'retnes system as descrkeed same IRPsensy use a dherentrebngs system such as ea en 'etuaute - reap system end use such terms as 'buy' Toed' or 'se' Sex° 7eistnee-eni 'absoVerehngs systems ere tundamentelyclitereM )cu Maas' read carefuey the Clentan Or ettlettg, used on the ✓PMS1 and FRPemewch that a sittcsect in the teeeenhotX4 For Inn reason end s✓ne Metelarchcontaers the (WM lame Wogs as men a, cOmplele inrcnneaon Concerning the analyst's views IhOuld teed Carefudy the research and not Serfs contents from the rating acne JPMorgan &NM* &ruts m0 mautetrng nwnc Ia the please Oandung bus✓iess conducted cy J P Moven CALMS Co thrown es subsdpares norklmde enctxtng JPMorgan Chase Rank NA,JP Mogan Trust Ccaramoy. NA and J P Morgan Sew sties Inc Page 10 of 15 Confidential Treatment Requested by JPMorgan JPM-SDNY-00037922 Chase CONFIDENTIAL SDNY_GM_00307120 EFTA01512076