JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. Account Number Q January 01, 2007 - January 31, 2007 ExplanatIOn Of JPAISI Ratings: JPMorgan uses the Ibibmerg retog system Overweight Ora Me ne4 3u to twelve months we evsect this stock wi I outperform the averse. 30441retum of the stocks in the eneyst's (a the analyst's teern's)ooverese unwise Ramat: Ovtv the Levi 3. to Mph* rn20013 toe expect the stock mti perfErm m Me mth the average Ica/a' ,peter 0, the 'Was or the ana.)ars (a the analyst's team's) COVehrje Wheel he Undetweght: Ovec the net Sc. to (*See months we mpect this stock wit unds-perfam he average Iola! return of the stocks en the aneyst's (or Meanalyst's teeMs)covaage unease Inclopenclent Research Ratings: JP& 1St does not endeisece Shrewde adopt the IndeponlentRasaaichRoodorroseaschandke raterys anWenttrens use, vanalyce ratovs terms as wee as deletontrangs systems to cgesaibethsrocommondetons .ARIASI uses a 'rels!ne'retnes system as descobed same IRPserey use a dherentrebnos system such as as en 'et.sotute'reGnos system end use such terms as 'buy' Toed' or 'sag' Saxe 7eistnee-end 'absoVerehngs systems ere tondamentelyclifereM )co shad read cateluay the clentrars or att ratnos used rn the JPVS1 and FRP/neuron that is yietc‘e0 or the fez...T/143(4 fa tiro season and since fhe tooslychcontotno tire Dem tome Wogs 83 0,0 as cOmplele intarneaon Concerning The analyst's yOKY3 )Ou snould reed CeVeray the mu:etchend no: .races its contents from the rating acre JPAtagen FrNeks San* K n>e mentetrev nwnc Ia the please Oan.lung business conducted cy J P Morgan CNO.S4P it Co thrown es subsd pares Acrid wide encoudng JPIAcigan Chase Rank NA,JP Mogan Mist Canpatry. NA and J P Morgan Sesames Inc Page 10 of 14 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037938 SDNY_GM_00307136 EFTA01512092