EFTA01508744.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number: Ci 30171-00-5 December 01, 2007 - December 31, 2007 Shay Madersa cedan.oPM Fonds &gawpeda rederrtoton Re equal to 2% at,* proceeds d the, eichave tedeanshates a such funds Mfht 60 days a purchase subject to certain excepbons set forth in the prospectus a the applocabkFuni Reeseconsue )424, JP1Aagan repossentatwelot a let dressJR., Funds thai impose talemoticv, loos JPASS: e a neater of the Secuntes Investor Flotechon Corporation (SIFC) a nab -prole membetshm cap:rubor tonged Oy bramt-deetets tegutetegw4h the SeCuutiNanc)EmhangeCommaston Secades end COM hall la a aalcmee at JF'44.5: are protected by SIPC up to $500 COO per customer. which 'extern up to $100000 a potochon fa cash SiPC does not protect trien•a losses from Nuctuetons r the prate of the socartes Assets bee n custody by JPIRagan Chase BerAN A (thel2enalare not su%ect to S/PC You may Man Wayne:on etmv/ &PC. mcludro the SIFC &ashore on they webs* at \mute spa ag - a by Conteeling Tern at (202)371-8300 JP lea pan Secunteslnc JP&Soroan Chase Bank N A a thee affibates(the 'Morgan Comoeneslmey aowdeeannetrebere sus:cobs, sates cAsetubcn a shetehogascmcgslo JP&Corgen Funds. Amacan Century Funds. a funds estab&slvd sponsaed elvned a managed by (tvd pates ant the leagen Commion may be consmnseled b such *rotes &plans:Ion of JPAISI RUM'S: JPMorgan uses the IlOVOr, mg mac system Ovetwapht 0 her the next se to twelvemonths we expect the stock wit outperform he enlace total return of the stocks in ;he eneyst's (a the analyst's team's)coterege unreels* Neutral: Over the 00•11. to Mrre m70013. we (*.Pea tMJ stock wrllpevtam rn me nth me enrage 1%j/ return a the stocks at the anaAers the analysts !elms) covetage umw se Undenenght: Ova the ne..1 so to tweAre months we expect Ma stock will under-paean, he average Iola!return a the stocks w the anayst's (a the analyst's teams) coverage unease Independent Research Refine: JP:1St6:es not ends/sea othweAse adopt the indepenctentReseatchFSova, roseachandke ratengS Wheel,1tans use a vanstya Wings terms as wen as dileventrabngs system to Seine thee tecarvnendebons at& uses a "cestne'ratngs system as descobtd ohm, IRPs rray use a cfilferentrebnce system such as es en atuoluteratnygs systemand use such terms as 'buy Toff'. a 'see' Sance'reistNe-and %bsokee'rattergs systems we fundamentegyancnt you shaad read °NNW,'" trio cletnhons d ea tatvgs used m the 'PUSS and IRPresearch that a roltded n the reakliChitleif Fa fit4 see.5a) and WC. The teseech COntain3 tre base for me Wogs as nt.11as complete otarnalon conceenong The enayst's Van YOU nOttAl lea1Celaeun the ressetchand not sike its contents from the rating atone JPMorgan Asa Bans u me mirketen; nano la the please Calling bushes. conducted by J P Wigan Chase S Co thrcogn es 803m:hares flak:wide rock-dr.; !Meagan Chase 8ank NA. JP Mogan Trust Ccopeny. NA and J P Morgan Securities Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00034090 Chase CONFIDENTIAL SDNY_GM_00303288 EFTA01508744