JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number December 01, 2006 - December 31, 2006 ~Sr raiment« of the Sectabea Inver*, It Canton rdiPfla rcalcaprcat mernbererhipcaponda funded by ta:Jeadearerwegralverdevah the &rowan and ErreltadarsCrOlaaSiOn. Secunbas and cash ha la a customer accourt! at ~State adkrcted up to the /Sinai aiquay of each account Th• lest $500.000 of prolection. whCh ~as up to 6100.003 of patron la ash. is proadard by SIPC As of Mach 20CM. II* banceof thematic!~ is plOvieNd by • sne•NExcnsSIPC SwayBond usual by Crain Asset Pro!~ Company SPC and exaS3 SIPC protection do not dedect against bases torn fluctuatas in the waked the secunbera Assets held in ~lady by JPAInerneherseBank NA (Daatlanalare pa subject Da &Pea excess SIPCprobsbon JP Wigan Sacurdes Inc.. JPAlagan Chase Sank NA. or tan sabres (rho Wagon Companeapnayprovaloadrranafrabve cusbaaar »rat &Stub:6 a sharahokla !aerates lo JAVorgan Fund; Armada, Cahry Funds. a funds adlablatrad. sponscract alvaad managed by Pact ~ea and the ~pea Comps/740s~ be ~teaseled la such ~aces Espenation of JPI4S1 Ratings: JPIaaaan uses !he loriardng nap system Overweight: Ova the mat sir to twelve months we expect this stock ail outpaaam the average lost tein il tro sbcas rn the ~Ora (or the anaaars Yen7Wcaraapo urinal* Neutral: Over the next six to Praha ~pas se expect fars Ptak *a pa/kern rn tea wall the average Mar return tithe Pocks m Ineeraryars (a the analyst's leama)coveradre traverse (InclawervIN: 0.e the norl au to Naar. months **aspect IT stock wit .ndar.pefan,Me~pa totalretwn of Me atcas as It,. anayars ax the analyark lam'.) alfegi unarm Independont R•iiif CA Ramps: 'PSIS( does not endOrtie Or of adept selndepedentResaarchRovdereseach endkr 'n ags GAMYe' ft""e • ra'.44 0" 61100$ tern as ~as daardraa6rd dyad.« to describe rhea recommends:as JAWS! BIBS a "alsbire'ranngs system as descnbad above IRPs may use a &Sant naps system sad, as as an 'absorofe'ratanis system and use such teams as lug. 'add' cs. 'sore Since Yalataraaral 'absoluki ratings sysbams ate fundamsaadyettlaraf )cu should read carer", !he china:as of al/tebogs use:141AB JPMS1 and IRPtesesch that 4 exacted n the research deed For Pra reason and mace the research 03/1611« the bona ke the reaps as te0 as comp.rele mnformean catnap The anarysla vas. tau sØ read aver" the ~act and not ode ifs ocareata ham the rating wore ANANgen FtNa Sank a Me ~Nino Awn) la the il hale banking bosonsConducted ay Jr:344er~ Chase 6 Co Uvargh ta svaarchns Øvede. Induang JPMagan Chase sank N A ... P ~pen Toad CompasY. NA end JP. ~PM SeOPPas Inc Page 19 of 22 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033565 SDNY_GM_00302763 EFTA01508335