JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number December 01, 2006 - December 31, 2006 ~St raiment« ol the Secterbes lava*, Protecta CapargioncSiPc” ratkarpregt mernberehipcoportig” funded by tagerdeeterwegalvedeveh the Secret!~ end ExCharveCalatatiOn. Secunbas and cash hau la a customer accourt! at ~State ~acted up to the /Sinai *say or each account The lest 6600.000 or prolecton. urea ~as up to 6100.00V ol patron lor ash. is proadard by StPC As or March 2001. ttanceof the profecton proabled by • maratoExcess &PC SuretyBond usual by Customer Asset Pro!~ Company SPC end «CPR SIPC protection do not Noted against bases torn fluctuatas in the baked the secunbea Assets held in custody by JPiforgenChasegank NA (gre'lllanK)are net subject ad &Pea excess SIPC prolix-ton J P Ragan Suttein Inc.. ~flan Chaser Bank NA. or thee RYAN., the Wawa Companeapntyproadeedranarrebve cuskdral mks dal tuarn a shrahotswcosb JAVorgen Fund; Armen Canary Funds. a funds eslaNalred. Øserad elvaad managed by Pod netts and the ~pea Compasses may be compensated such services Espenation of JRNSI Ratings: JPatagen uses she bliating retina system Overweight: Ova the mat sir 10 twelvemonths we expect this Mora ail outpaaam the average Asks rehun il tro skclu rn the aaelysrs (or the anaAsrs ~FR carnage ~en» Neutral: Over the next sot to Meat, monks, ea expect beds sky:, was pa/kern rn Me with the average MN return tithe atocks et the *main (cv the analyst's leenFalcorerege seered. Uncletweert: 0.e the marl au to NrAur months **aspect Ina SOO wit uWe.patammo ~pa toWrfwn of the atcas as Ma eneyst's (or the an vers leam6)cparag• unarm Independent Research Ravage: 'PRY does not endOrSeOr of adopt the htdeaklen~ hFrOPPPfelrePCJI endkr ' nags GAMYe' ft""e • reNRCFPNP2r tern as wed as dfierkurtletvAte Rilame to describe their secommencletsoas JPMSl uses e "reabia'ranngs system as descnbad above IRPs may use ea/Rant carpus system such as as an ittuolufe'rannas system and use such team as lug. 'Toter cs. 'sot Since "alatraread 'absolufe'ratings systems are lundanatelydrIcartf )cv should road caretrAN !hr china:as of al/rebogs used n the JPMS1 and lePtesearch that 4 racketed a the research itself For Pat reason and mace the researchemtens the beers kg the reran as see ea complete Pfcrrraan concernftng UN analysed vas. tou should reed ~eh* the rarawchend not mkrts ocaleata from the rØ alone JPIrrai pan Ftalar ear* w tys nuha an* ke the prate ~rune business Conducted by J P Morgan Chase 6 Co though ta auturcluees Øvede. InCludrog Jatkrgen Chase Sena NA. JP Morgan Taal Company. NA end JP. MPLIen &WIN. Inc Page 19 of 22 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033589 SDNY_GM_00302787 EFTA01508352