EFTA01508402.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number January 01, 2007 - January 31, 2007 ADM& *entente ol the Sectsbeshweekt RoteceonfraporebenrSIPCle oselonevcart membershipcaponnintended by teRrercieeteneepolvedesth the Secretes and EschenpeCommosion. Secunbesend ash heel la a antorrve account at SPAS& see peobeted up to the low mil fluty& nen account The lest 000.000 ot redaction. witch incrucloo up to S100.0020/ pada, kr ash. is wooded try ROC As of March 200.. Ilse Minced the protectors is prowled by a serpeateExcessRPC &defyBond stead by Custanee Asset ProtectchComparry SOX and excess S/PCproketion do not poke aprons' losses born fluctustkos n the biked the recunbea Assets *Alm cuslody by JPAforpon ChoseBank NA (the'Eleolr)are no! subject Ia &Pea excess SIPCprotecton JP Ma pan Seaman Inc.. JPMorgan Chase Bank NA. or they atfAstes (the laceosn Compenes7mayprovedeedonrkstrebre cuslcdral sots dolt:rem a sharehoklasorvcos Pa JP14orpen Fund; American Ceneryfunds a tunes esSalnotred. sponsored olvaal named by thud netts and the lacepoin Canaan., may be compensated la such services ExplaneUon of JAI& Ratings: JAYA:span uses 1/70 folbsing rating system Overwerpht Ora' the nest so to twdye months we expect Ms Mork wit outperform the aroma islet ratan at tee sacits in the analyses (a Me ananors beama)covereper unseen* Neutral: Oven the next six to Metre mares. we expect Mrs Peck yes perform no the mth the average kter return of the stocks in the densiyara or the analysts leenes)coverage unnwse Varterweeple: O.or The M+law Ia (woke rnonThs. wooxpoct this stock woll uneler.pOrfank Me average IOW ratan ol the aka, en In. eneyst's (a Me analyses leanest cartage omen Independent Research RIOnge: 'PSIS( does net endorsee.' otherwaseadopl Me IndepenclehtFtesearchRovelaresearal ad ice retinas Defeeenttems use, Anted revs tern in welt as dRaentratngs modems to 0nCribe (her recoftroendetoos JPMSI uses "cAnnerebnps system as deserted above IRPs may cue editeeent macs system such as as an "ebsestee'reaps system one use such teems as 'buy" 'Told' a 'sole Sooe'reistneeni 'absolutehangs systems ore fundarraotalyarlaroot )cu should read canstrAN the Otingalla ailiebnps used JPMS1 and traPtesearchthet mead h the research CNN For this reason end enc. the research canteen the base kr the tarps as eel es coroolete infortra6ort concerning The endears vas. key should reed °even* the reseachand not haves ochtents from the rating cane JPlacepen Res* Bona o the ashen; neer* la the agnate banking bosons G0n0uclecl by J P Moron Cone 6 Co thrown es sunsdockee wedded* erAsamp Jnekegren Chase Soak NA...FP Mayen Pest C.Onkeeny. NA and JP. Magian Seeing*. MC Page 14 of 17 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033656 Chase CONFIDENTIAL SDNY_GM_00302854 EFTA01508402