EFTA01508453.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number March 01. 2007 - March 31, 2007 Saar cqicadersacedatnJP&I Fonds e cawpeat a redenvton fee equal to 2% c/ heproceerlsd they ea:nerve mckwnshams a such funds altan 60 days a purchase subject to certain exceptwaas set forth in the prospectus a the appAcabkFuni Fleaseconsue sea JPfitagan representatseetot a lest a Me JPM Funds that impose tertemotagoes JPIeSt 4.9 merlin a he SecsAidesInvestor Flotechon Corporation(SIFC) a nonce-peas rnemberskp corporator larded by brcafleastees reentered sy,th the SeCuutieSanc)EmcnangeComaasson Serc4r6e3 and C43h hail la a aalcmee at JF'44.5I are protected by S:PC up to MO COO per customer. which 'extern up to $100000 a potochon fa cash SiPC does not protect agent losses born filactuatons en the vaAto of the socartes Assets het n custody by JPIAapan Chase Bents. N A (the'Sana)ans not subect b SOX You rroti,•, oaten nroerneton about &PC. madding the SIFC &ashore. on they webs* at "Www spa cap' a by contesIng Tem of JP Morgan Securdeslnc JAMoroan Chose Bank N A albs., affibates (Me 'Morgan Consoenoslmay aowdeactmnstrebee cusS:d.ol se*: cAsetubcn a sherehadaserv.ce.s to JPMorgan Funds. American Century Funds. a funds estabAshed. sponsaect *Ivned a managed by tryd {arses. and the Leaden Carnation may be consynsaled b such *rotes EirplanellOn Of JPAISI Ratings: JONA:span uses the raploonno retng system Overweight: 0 her the nest in to twelve months we expect the stock wit outperform he enlace total return of the stocks in ;he eneyst's (a the analyst's team's) cartage unwise Neutral: Cvet me new!I. to Met.e in70013. we VeCt meta stock wal pertain/ en me awl me average 1%j/return d the stocks or the anaAsta he aaaaars eamW coatene Averse Underweight: Over the no.1so to twelvemonths we expect this stock will under -ocean, he average tolalreturn a the stocks en the anaysta (a the analyst's teams) coverage unntese Independent Research Ratings: JPUSt does not aide/sea othrowAse adopt the indeponctentRessetchFSova, mseaschandke nitengS affiereh1Inns use a vanalya mays terms as wee as dlleventratngsSySkwnS to basine thee tecoonndebons at& uses a 'reastne'ratngs syskm as descobtd ohm, IRPs trey use a cldftventrebngs system such as as an %asolute-ratargs system and use such terms as 'buy hold' or Sance'reietNeand 'absokee'rattros systems ere fundamentalyclikren( )ou should read °NNW,'" The clentiorta d attrataqs used in the 'PUSS and IRPresearch that o .nctded in the reSelYChitied POI !NI mason end !WC. the Media, contains fire base Mx Me re:nos as wen as complete otarnalon conceenong the enaysta veva. you shark( read csvefthey the resoarchand not n'4' its contents from the rating &one atagan Aware Bans is me marketn; name la the phase Nulling bosons conducted by J P Wigan Chase S Co thrown es subsdares nceklmde encksing !Macros', Chase Rank NA. JP Mown Trust Compeny NA and J P Morgan Secvnbes Inc Page 16 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033730 Chase CONFIDENTIAL SDNY_GM_00302928 EFTA01508453