EFTA01508316.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number November 01, 2006 - November 30, 2006 ~Sr raiment« of the Sectabes leveed:, ProtecemeerpongioncSiPc” exelvapak mernberapcoportain fondled by tegerdeeterwegekeedeveh tla Secveles end reCherveCalltraSan. Secunbasand cash hau la a customer accourt! at ~State deRected up to the /Sinai *say ot efech account The lest 6600.000 of proaction. urea ~as up to 6100.00V of patron lor ash. is proadard by SRC As of March 20« the Same& the profeclon proaxhid by • nperatoExcess &PC SuretyBond eared by Custom« Asset Pro!~ Company SPC and «One «Reprobate do nor ~Oct against bases tanMucNabbtsn the waked the attent» Assets held in dusk« by JPiforgenChasegank NA (greallanelare net subject ad &Pea excess SIPCprolceton J P Megan Sonata Inc.. JPMorgan Chw Bank NA. or thee sedates the Wawa Companeepnayproadaradranefreave custodial salsa Aaetuton a sheathe»,'server10 JAVorgan Fund; Armen Canary Funds. a funds misdated. Øserad alvaed managed by Pod netts and the ~pea Compasses may be ~teaseled such services Espenation of Jaen! Ratings: JPIARgen uses she lelbrang rating system Overhear!: Ova the pert sir 1O twelvemonths we expect :he Rode ail outpaaam the average lodst rehun area sacra re the aaarysrs (or the anaVers ~FR convert urns* Neutral: Over the next six to Metre meals, se expect (ha sky:, w Ape/kern rn Ane ra the average/terreturn of the Rocks in the Ray«, (cv the analyst's lerral) coverage unhtese tIncletwieRte: 0.e the marl au to etes mans war *React Ina SOO wit .nda.pedamme~pa totalretwn of the atcas as It,. eneyars (rx the an:Ayers leame)ccereg• unarm Independent Research Ravage: 'PRY does not endOrSeCe of adopt the hgegradet~ac hFrOwa teen'« a ‘147 ' na gs GAMY"' ft""e • naeR« rereps tern es wee as «Wattage Ratem to describe their secommencletsoas JAM« uses e "reabiaranngs system as descnbed Saw IRPs may use a differen4merge system such as as an 'absorufe'ratanis system and use such team as 'bi 'add' cs. 'sere Since Yalatrararel 'aesolufe'trangs sysrems ate fundanwaterydllantaf )cu should read erectly !he china:as of etrates used the JPMS1 and lePtesearch the( 4 receded a the tesetech deed For Las ran°, and mace the research enbuls the beers ke the r Rags as te0 as complete «career concerrung The analyst's vas. >au should reed owehd6 the redawchand not meres ocateraa from the rating Mom JPIrrai pan Ftalar ear* w dys mereasp an* sys the prate ~rune business Conducted by J P Morgan Chase 6 Co though a wen:~ nOriderde InCludrog Jateragen Cane flank NA. JP Morgan Tore Company. NA end JP, Magen Sean.« FR Page 19 of 22 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033541 Chase CONFIDENTIAL SDNY_GM_00302739 EFTA01508316