JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number: Ci 30171-00-5 December 01, 2007 - December 31, 2007 Shay Madersa cedan.oPM Fonds &gawped a rederrtoton Re equal to 2% at,* proceeds d the, eichave tedeanshates a such funds Mfht 60 days a purchase subject to certain excepbons set forth in the prospectus a the applocabkFuni Reeseconsue )424, JP1Aagan repossentatwelot a let dressJR., Funds thai impose talemoticv, loos JPASS: e a neater of the Secuntes Investor Flotechon Corporation (SIFC) a nab -prole membetshm cap:rubor tonged Oy bramt-deetets tegutetegw4h the SeCuutiNanc)EmhangeCommaston Secades end COM hall la a aalcmee at JF'44.5: are protected by SIPC up to $500 COO per customer. which 'extern up to $100000 a potochon fa cash SiPC does not protect trien•a losses from Nuctuetons r the prate of the socartes Assets bee n custody by JPIRagan Chase BerAN A (thel2enalare not su%ect to S/PC You may Man Wayne:on etmv/ &PC. mcludro the SIFC &ashore on they webs* at \mute spa ag- a by Conteeling Tern at (202)371-8300 JP lea pan Secunteslnc JP&Soroan Chase Bank N A a thee affibates(the 'Morgan Comoeneslmey aowdeeannetrebere sus:cobs, sates cAsetubcn a shetehogascmcgslo JP&Corgen Funds. Amacan Century Funds. a funds estab&slvd sponsaed elvned a managed by (tvd pates ant the lea gen Commion may be consmnseled b such *rotes &plans:Ion of JPAISI RUM'S: JPMorgan uses the IlOVOr, mg mac system Ovetwapht 0 her the next se to twelvemonths we expect the stock wit outperform he enlace total return of the stocks in ;he eneyst's (a the analyst's team's)coterege unreels* Neutral: Over the 00•11. to Mrre m70013. we (*.Pea tMJ stock wrllpevtam rn me nth me enrage 1%j/ return a the stocks at the anaAers the analysts !elms) covetage umw se Undenenght: Ova the ne..1 so to tweAre months we expect Ma stock will under-paean, he average Iola! return a the stocks w the anayst's (a the analyst's teams) coverage unease Independent Research Refine: JP:1St6:es not ends/sea othweAse adopt the indepenctentReseatchFS ova, roseachandke ratengS Wheel, 1 tans use a vanstya Wings terms as wen as dileventrabngs system to Seine thee tecarvnendebons at& uses a "cestne'ratngs system as descobtd ohm, IRPs rray use a cfilferentrebnce system such as es en atuoluteratnygs systemand use such terms as 'buy Toff'. a 'see' Sance'reistNe-and %bsokee'rattergs systems we fundamentegyancnt you shaad read °NNW,'" trio cletnhons d ea tatvgs used m the 'PUSS and IRPresearch that a roltde d n the reakliChitleif Fa fit4 see.5a) and WC. The teseech COntain3 tre base for me Wogs as nt.11as complete otarnalon conceenong The enayst's Van YOU nOttAl lea 1 Celaeun the ressetchand not sike its contents from the rating atone JPMorgan Asa Bans u me mirketen; nano la the please Calling bushes. conducted by J P Wigan Chase S Co thrcogn es 803m:hares flak:wide rock-dr.; !Meagan Chase 8ank NA. JP Mogan Trust Ccopeny. NA and J P Morgan Securities Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00034090 SDNY_GM_00303288 EFTA01508744