JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number October 01, 2007 - October 31, 2007 Shay ehadersa cedatnJP/SI Fonds sechaged a redemeter Re equal to 2% at,* proceeds d the/ tachavea tedeanshaes a such funds wash 60 days purdase subject to cabin exceptans set forth in hte prospectus a the appacebkFuni Reeseconsue yoa JPMorgan oapresentataelot s lest armsJR. , Funds thel impose tinanatica lees JPASS: aa member a Me Secustes 'mega Ficaschon CO? bastion (SIFC) a nomf-proert hsembershp corps/eon lorded Dy brchee-deegees etsgutere0 chill the SeCuulissaanc)EschangeCnas Secade3 and 033h heel la a aalcmee at JF'IRS: am Minted by S:PC up to $500000 per custonw which arAides up to $100000 a potechon fa cash SiPC does not pact regemg losses from Nuchataans r the weans of the socurdes Assets nee:nous:nay by JPMorgan ChaseBerta . NA (the 12erglats not su%ect b SOX You nay oafish Warne:on ebcot &PC. including the SIFC &whore on they webs* et -Ware spa ag - a by Conteelinsf them el (2O2)371-830O JP Morgan Secy.:es/no . JP&Sagen Chose Bank N A a thee affibatesghe 'Morgan Ccvnoeneslmayaowdeeannagetne custabal sees cAsetubon a shwehadasay.ce.s So JPMorgan Funds. American Century Funds. a funds est:ICA:bed sponsaed elvned a managed by gad pathes ant the :Sawn Compeon may be cons:reeled b such senates Explanation of JPAISI Ratings: JPMorgan uses the Cotonou ratty system Oyetwapht Coma the next sa to twelve months we expect:ha stock wit outperform he eve rose total return of the stocks in ;he eneyst's (a the analyst's teem's)ccaeasse unreels* Neutral: Gel the Misr 1.s SO Mei.e ma113 at taPea 1MJ stock win peckers m Me 0,2/1 the average isgoOretum a the stocks ar the ansAirs(a the analyst's team's) coveene aura se Underweight: Ova the net so to tweke months we expect Ma stock will urges Isertarn the average last tetum a the stocks w the anayst's (a the analyst's teemS)coectege unnase Independent Research Ratings: JP:1Stgoes not cola/sea *thaw Aso adopt the independent FtenatChFblarbte aneaChandke ratengS Diann t tans use a venal ratings terms as wales ditleventtabngS systems to 603000 thee recoovnendabons al& uses a "eastoe'rehngs syskm as described obme IRPs rray use a cldftventrelogs system such as es en absolure'ratings system and use such tetra as 'buy Toff a 'sell' Syncerastae -end 'obsoicae'tebngs systems we fundamentelydflegeot you shaad read caieloPy the dental., d SttIetv);15 use chril the JPVS1 and IRPtesearch that o oat°. d n the te3earChotielf Fa the rearm and stria. the ffsletyclIpattains the teens la me Wogs as !sell as compete kola InalOn COnCeenalig to eNWS1'S WWI& KV Should feed “Vefay tM tetatchand not whew its contents from the 'gang &ore JP1ilagas, Funs* Ban* 4 tsr0 enerketa; nano la the please banking bushes. conducted by J P Wigan Chose S Co thrown es subsdares nakbv6* enCtid,nq JPMorgan Chase Beak NA, JP Mogen Trust Company. NA and JP Morgan Secvnbes Inc Page 13 of 16 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00034013 SDNY_GM_00303211 EFTA01508683