JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. Account Number March 01. 2007 - March 31, 2007 JP Mapen Seaman Inc JPIAagan Chase Bonk NA a thee a/Metes0V* lArgan Comortneslrrayprovaleedmerstraere custoMas sears MO Outon a sharehader arenas to JPMorgan Funds. Ameocan CenturyFunds a eslateshed sponsored sewed a managed by WO panes and the Morgan Convenors maydscorrpansased tor soon soya. EXplarsadOn Of JAM, Ratings: JPMagen saes the Wt.. trig atm system Overweight Ore' the nests& lo twelve months we expect the stock wi outperfoun the average total ream of the abalS in the enaysta (or the analyzes Man's) coverage unease Neutral: Cue( me awl sot loaner* morn we moot this stock w,apebm Ni and wen theoverage Iota' return of Me Moro m foe eneysts (a the anahers kram's)coverege unmet* Undenveight: Oar thanes} se to twelve manta we expect this stock we underoperfam the oversee total taken of the stocks .n the analysts (a the analyst} team's) coverage unease Independent Research Ratings: JPMSI does not codas* a CateiNiSeadcp: the InclapendentResearchAckner 'wench wake along: Off am! Irmo use a tanerycl tangs taint as atlas difeconttangs sateen to deSaieetnee tecornmencisSons JAMS/ uses a iekenehatvps system& descnbeclaboa haPs may use adAvenf taboos system such as as an labsorufe-tetmos system and use sect tams as 'buy" More a 'Se. Once At elstveand labaauke. talon& syskfill eft ItteXkiTefidnydeJeenf sae shOL‘ite.d *Yet"' IS. dermaons or serer& used on the JPMSI end IRPreseamn that is nckded on the noseachotsell Fa ins ,POSP, and soar the tfetkalChCOntelMs Ma bases kr tole reaps as well as non *ale inkvenakon concertino me anahosts yews mu shooed mad candkoty the tosoatch and not nnkor its contents hum the rating store !PI/organ Await Hank ute 'Minket/A; name Icy the prnete beano business conducted by .0 P Morgan Cars* & Co :mown GS SubSdieteS nalchale acting JP1.4ogan Chase Rank NA., JP Morgan Trust Company NA and .0 P Morgan &scathes Inc Page 10 of 14 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037966 SDNY_GM_00307164 EFTA01512120