JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number August 01, 2007 - August 31, 2007 ShavehadersacedatrOPM Fonds e caw pea t a redernoton he equal to 2% at,* proceects the/ eicherve tedeernstmees of such funds wThot 60 days a purchase subject to cabin excepaces set forth in the prOSpeCtus a the appl.CabkFuni Reeseconsut JP1Aagan representabvelot a lest attn.JR., Funds that impose nalonoticn lees JR1eSI ea member of the SecvatAkstmesla Ptaecbon Corporation (SIPC) a notax-prolrt membersnap corpora:. o funded ey as:tee-desk.," tegolerechwth the Secuntes and EAchangeComm,ssion Secadesanct cash heil ta e CAIVOnee at JP1ASI &envied./ by &PC up to $.500 000 per customer which orludes up to $100000 of potocbon Ice cash SIPC does not protect trian.V Josses from Masten& .n the value ar the socartes Assets been custody by JPMorgan ChaseEWA. NA (the12..analarts not subect to SOX You froti,•, Mao ntorrneton *bad &PC. encludino the &PC &oceae on they webs* at ewe spa cap' a by contecling Meer, et JP Wigan &cur.:es/ix JP?Aoroan Chase Bank N A a thee affitetes(the Woven Comseneslmm. aowdeeannestrebee cus.totol sets chshbuton a sherehadaserv.ce.s to JPMagen Funds. Amacan Century Funds. a funds eststashed. sponsored *Iv ned a managed by coed parties ant the Morgan Congdonmay be coamnsaled b such sennOes ErplanallOn Of JPAISI RUM'S: JPMorgan uses the faiomng rang system Overweight: Ober the next v.. to twelve months we expect d: stock wit outperform the encase total return of the stocks m Me enayst's (a the analpsYs team's)coterese unwise Neutral: Owe the cart ax to Marra m7.0013 we a•Pea me stock wagpertain/ An me owl the average IA:go/return OM* stocks a the anaAit's (a the analyst's leam's)COvenige Gohro se Underweight: Over the neat so to two's/Omonth* we expect this stock wall under {steam the average tolalreturn of the stocks en the anayst's (a the analyst's team's)coonge tiara se Independent Research Ratings: JRUSt aces not emit:flea ottwalvAsnxiopt the IndepongentRestatchFt code reseaschandke 'obeys °Minn 1 (rens use a vend ratings twins as well as differ entrat.ngs systems to dosage thee tocoovnengobons al& uses a 'reastne'rehnss system as descobtd same IRPs tray use a clatventraence system such as es an 'easaute-rattnas system and use such tams as 'buy hold' a 'sal' Synce1eistNeend 'obsolugetattngs systems are fundamentelyaerent )as thard read weluity tile dentate of sate:ay, used rn the JPMS and 1RP research that gs gOltded n the tesearchdself For this season end Wc's the teseach Contains the base la me retnos as 0,0 w COmplele sofa melon conteinang The eneyst's news. you MIOtdd Feed carefay the teunecnand not So' its contents Man the rating atone atagon Fong, a Ban* is me mirkato; non* la the ante Conlin° bosons conducted by J P Maven Chose S Co threogn Cs subsdporass naklovido enckAng !Mattoon Chase Sank NA. JP Mayan Trust Ccogony. NA and JP ?Anon Securities Inc Page 14 of 17 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033924 SDNY_GM_00303122 EFTA01508606