JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number November 01, 2006 - November 30, 2006 ~St raiment« ol the Secterbes lava*, Protecta CaparetioncSiPc” ratkarpregt mernberehipcoportiazo funded by tagerdeeterwegalvedeveh the Secret!~ end ExClavaCalatatiOn. Secuabas and cash hau la a customer accourt! at JPASSI are avatected up to the boast net away or each account The lest 6600.000 or prolecton. urea ~alp up to 6100.00V ol patron la ash. is proadard by StPC As or March 2001. ttanceof the profecton proabled by • searatoExcess &PC SuretyBond saved by Customer Asset Pro!~ Company SPC end arena SIPC protection do not Noted against bases tern fluctuatas in the baked the secunbea Assets held in custody by JPiforgenChasegank NA (gre'ElanK)are net subject ad &Pea excess SIPC prolix-ton J P Ragan Securdes Inc . ~flan CnwBank NA. or thee errata*, (the Wawa Companeapneyproadeedranarrebve cuskdral mks dal tuarn a ahrdwWaswsmb JAVargen Fund; Armen Canary Funds. a funds eslablalred, sponsored elvaad managed by area ~es and the ~yea CorrpraesmayybecorrpemsMedo such swots apitinetdon of JRNSI Range: JPatergen uses she bliating retina system Overweight: Ova the mat sir 10 twelvemonths we expect this Mora was outpeelam the average lotalretsvn of tro skclu rn the aaelysrs (or the anaAsrs ~FR carnage ~en» Neutral: Over the next six to Meat, monks, ea expect Vas sky:, waperkernm Ane with the average MN return tithe stocks et the ~Nan (cv the analyst's lee!~ coverage unawae Unclenetert: 0.er the marl au to area. mantas **aspect Ina stock wit uWe.patammo avaracto totalretten of the stacks as Ma eneyst's (or the an vers leam6)cparag• unarm Independent Research Ravage: 'PRY does not endOrSe Or of adopt WS MaaPandentResetchFrowdefeW‘ ilendkr ' nags GAMYe' ft""e • reNRCFPNP2r tern as Neff as dfierkurtletvAte aside« to describe tars secommendetsaas JPMSl uses e "ralsbve'rrangs system as descnbad above IRPs may use ea/Rant carpus system such as as an ittuakfe'ratanis system and use such team as 'W. "toter cs. 'sere Since "alatraread 'absolufe'ratings systems are lundanatelydrIcartf ›cv should read caretrAN !hr hasesans of al/reengs used n the JPMS1 and lePtesearch that 4 racketed a the research itself For Pat reason and mace the research enbus the beers kg the reran as see ea complete Pfcpraan concernftng UN analysra vas. tou should reed ~eft* the rarawchend nalatrards ocaleata from the rØ alone JPIrrai pan Ftalar ear* s Na nalana an* ke the prate ~rune business Conducted by J P Morgan Chase 6 Co through ta auturcluees nOrldarde. InCludrog Jatkrgen Chase Sena NA. JP Morgan Taal CrOmPay. NA end JP. Magen Sedt"Pet Page 19 of 22 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033517 SDNY_GM_00302715 EFTA01508297