JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number: Q 30171-00-5 May 01, 2007 - May 31, 2007 Shavehoeeraci eta MeJP/II Fonds dacha, pa: f a 'Serrate° Re equal to 2% at,* proceeds d the/ mchervea mdeemsnams a such funds way, 60 days a purchase subject to certain exceptans Ng forth in the prospectus a the appAcabkFuni Fleaseconsue JPMorgan representatamlot a Mt armsJR., Funds thai impose naleiraticm sees JPIeSt ,se rare se, a Me Secuntes Investor Ficaschon Corporation (SIFC) a nator-prart rnembefahe corporate° funded ay brcaee-cieeees eegatere0 volt, the SeCuutiNanc)EmchangeComnacson Sevade340,1033h heel la a aalcmee at JF'44.5: are CrOleaed by SIPC up to MO COO per customer which abaci up to $100000 otpotochon fa cash SiPC does not protect agent: losses from Nuchastons r the vaAto of the secedes Assets he* 1 m custody by JPIRagan Chase Iltra.N A (thel?..arglare not Joked to SIFC You may °bean +donee:on *ace! &PC. mcludro the SIFC &ashore. on they 'Yeas* at -Wave spa cep' a by Conteeling Tem of (2O2)371-830O JP Morgan SecuMeslnc JPMorgan Chase Bank N A albs, snores One Woman Ccvnoeneslmay aowdeactmnstrebee sus:coast soles cAst.butcn a shwehadastivre.s So JPMorgan Funds. American Century Funds. a funds estaaalmd. sponsaect elvned a managed by trad petite. ant the :Sawn Convenes may be cons:rased b such *rotes &plane:Ion Of RUM'S: JPMorgan uses the Cotonou redo! system Overweight: Ohm the nmt sa to twelve months we expect Ma stock wit outperform the maraca total return &the stocks in the eneyst's (a the analyst's team's)coteroge unreels* Neutral. Over the newt ax to Mrre imaalla we expect thu stock !ien pagan/ An In. went/waverer ma return a the stocks or the anaYsta(a the analyst's earn's) ccotear Gooey se Underweight: Over the neat so to twelvemonths we expect Ma stock will undc e -paean, the average tow/return a the stocks m the anayst's (a the analyst's teams) coverage unease Independent Research Ratings: JPUStOces not endorsea ottammse adopt the MdeponctentRaseatchFS ova, mseaschandke ratings °Myren 1 tarns use a vanstya ratings terms as was as dileventrabngs systems to Omaha thee tecoovnendabons at& uses a 'rekitne'ratngs system as described sham IRPs tray use a cldfoorearelogs system such as as an atoolute-ratnes system and use such terms as 'buy Tot's'. a •sell' Synce'reistae-and 'obsokee'retargs systems me fundarnanbaydflegeof you &Ica!! read °NNW,'" tne denten., of Ott ',sew used m the 'PUSS end IRPresearch that o nc ge. d n the re3esYChitied FOP this mason end steel. The Meech contains Ice basis Mx Me re:nos as net' as complete otarnalon cons-among the enayst's Wen you nett lea 1 Celaeun the resserchand not So' its contents from the rating atone JPMorgan Aware Bans s me mirketen; name la the pine* %Inlay bosons conducted by J P Morgan Chase S Co thrown es subsdares flak! wide rock...dna JPMorgan Chase Bank NA.JP Mayan Trust Company. NA and J P Morgan Securities Inc Page 15 of 18 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033809 SDNY_GM_00303007 EFTA01508518