JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number July 01, 2007 - July 31, 2007 She' ehadersd cer!a0.4P/44 Fonds sectary() a redcap's:4ke equal to 2% at,* proceeds d the/ eichavea tedeanshates a such funds 'seat 60 days a pc/Wyse. subject to cabin excep6os set forth in the prospectus a the applocabkFuni Reeseconsue JPfilagan representetwelot a Oat a Me JPM Funds the impose nesemoticv, loos JPASSI as member of the SeCvntgkstnveslot Pratechen Corporation (SIPC) a none:sear, mernbershrpcorporab o lorded by as:tee-desks, tegshwed ...nth the Secuntea and E4c/largeConnssion Secades end cash twd kre CII3207SOS at JPIASI afe 'weeded by S:PC up to 1.500 000 pee customs. which abaci up to $100000 a potochon lee cash SiPC does not poem! aroma losses from filtIta!ans n the value of the socurdes Assets he* 1 m custody by JPMorgan Chase Bars,. NA (the 'Banalate not subect to SOX You rroti,•, obfao Warne:on about &PC. encludino the &PC &ochure on that webs* at %nye.' spa Dv' a by contestvs; than JP lea pen Securdeslnc JPMorgan Chase Bank N A a thee affibates(the 'Morgan Comoeneslmay aowdeadmhstrelse cusSolol sets chshtbwtxn a sherehadaservres So JPMorgan Funds. AmacanCenturyFunds. a funds estabAsIwt sponsored elvoed a managed by Ityd pmtes. ant the Mogen Compass'smay be cons:a:sated b such *rotes Explanation of JPAISI RUM'S: JONA:span uses the roVomng ratng system Overweight Oho the neat se to twelve months we expect tho stock wit outperform he averese total tetra of the skcits ;he anoyst's (a the analyst's team's)cosage unreels* Neutral: Ova he Mist 3.s to Mahe m70013 we e•Pea tea stock w.tipectonn nn Me 0,V1 the average we, reran a the 'WA., or Me anaYlrs (a Th9OnalYsn ksOMWCOSe/020 Imhos se Underweight: Over the neat so to tweets months we expect This stock will undes {steam the average last tetum or the stacks m the anayst's (a the analyst's teams) corsage aura se Independent Research Ratings: JPUSt des not sole/sea ottstawAse adopt the indeponctentRenatChFSOvannarCharsdke raten)S Wheel, 1 tans use a vanstya Wines tame as well as diteeenttabn(jS system to 603000 thee tecoovnendsbons .0b4SI uses "ebtne'rebnps sysktm as described ohm, IRPs trey use a cldfaentrelops system such as es en absolute-ratings Systemand use such tetra es 'buy Taff a 'see' Sance'reistNeassd 'absoicSe'tettros systems we fundamootedydflerent you should read caieluity. the dental., at Otte:NW cited on the JPVS1 and IRPtesearch that a .nctdad in the fez...WC/WIWI FOP this setliOn end StSCO the te3et) clIcontams tie rasa MX me Wogs as 0,0 as complete otarnalon cocteenng the enayst's WWI& you should ieedowefthVy the teunichend not mien its contents from the rating abere JPMorgan Fong, a Bans a MO enetketro; nen* Itr the meal. CanAteto DuStnesti conducted by J P Mown Chose S Co thrown es 803m:hares neeklmde enCtid,nq JPMorgan Chase Bent NA,JP Mayen Tats! Compeny NA and J P Wigan Secvnbas Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033886 SDNY_GM_00303084 EFTA01508578