JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number September 01. 2007 - September 30, 2007 Saar ehadersd ceflaalJP/SI Fonds dacha, on: f a redernoton Re equal to 2% at,* proceeds d the, eichervea ,eclewnststees a such funds re4Yon 60 days a purchase subject to certain excepbons sat forth in the proAoectus a the applocebkFuni Reeseconsue sea JPASagan representatsrelot a lest armsJR., Funds tha impose talemonagees JP149 pa mesa s a Me Secuntes Investor Rceschon Corporation (SIPC) a nonce-prat roemberskp corm:taboo lorded by &cat 4eanees registered w4h the SeCuutie3Anc)EmcnangeConsaasson Sec1/das agysh hall toa Clalcmee et JF'44.5: are CrOleaed by S:PC up to $5G COO per customer which abaci up to $100000 otpotochon fa cash SiPC does not protect orgasm losses from Mactuetons fn the yeAte of the socartes Assets head n custody by JPMorgan Chase Bank N A (thel?..analare not su%ect b SOX You rroti..y °beep Prorrneton *bail &PC. encludino the SIPC &ashore. on that webs* et AWAY(' spa cor a by COnteeling Tem a/ JP Morgan Securdeslnc !PAS:roan Chase Bank N A a thee aftSetae - (Me 'Morgan Ccvisoenes1 may aowdeeann.strebee custd.ol seks cAsetubcn a shatehadesovre.s to JPMorgan Fonda American Century Funds. a funds estabAslvd. sponsored sinned a managed by Its.0 pates. ant the Ma gen Com:wonow be coos:woad tot such aerobes &plane:Ion of JAM& Ratings: JPMorgan uses the kAlomng rang system Overweight: 0 her the nest se to twelvemonths we expect :Os stock wit outperform the enlace 3c431 re tro of the stocks in ;he eneyst's (a the analyst's teem's)coterese unhorse Neutral. ve, me ',Ogle to Mei.e m70013 we aspect ths stock wagpertains to In. awl the avatar kgoOretan d the 'Was n the ana4(1 ta(a th9 aoalystts !earn's) coatone Gnaw se Underweight: Ova the ne..1 so to twelvemonths we expect this stock will under Isertarn the average tolalteturn of the stocks m the analyst's (a the analyst's team's) coverage unnase Independent Research Ratings: JP:1St6:es not emit:flea ottstewAse adopt the indepondentRenatChFS Code reSeaChandke raten)S Penn., t tans tee e yanstya mays terms as wen as diterentratsigs SySkwnS to desoibe thee tecoovnendebons ..iPtASI uses a "ess2ne'retylos syskm as described ebme IRPsrnsy use a cldferentrebnos system such as es en absolute' raanos system and use such terms es 'buy Tad or •sell• Saxe reistAreersd %bsokee'rebros systems are tondarnevaadyclfiereof osu Masid read careluer the dentiona d attratags used on the JPVS1 end IRPresearch that o VIC%Sd n tee teeeakettielf Fe' this /peer end WV. the f flea,elleentain3 the door kr the steps 85 0,0 as conasele mks Meer COnterneg the eneMal'S WWI& KV Sepik, geed Crikethey the tesoatcnand not .nkr its contents from the 'sang atone alacian Pores Bans s me merketen; nen* la the phase basking bosons conducted by J P Wigan Chose S Co thrown es subsdperes flak! w6t. enCtiMne JPMorgan Chase Sank NA JP Wigan Trust Company. NA and JP Morgan Securities Inc Page 14 of 17 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033978 SDNY_GM_00303176 EFTA01508650