EFTA01508760.pdf

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC ACCT. For the Period 1/1/08 to 1/31/08 JAWS, a the custden of hated optons and most nWuel funds maxima Med partynyhJet funds. pachesectlfratphJP&ISI You shout, haverecereedsepete*JPIASI confernattons br each scourges bansachon AN bensectens mesuAccttithe terms and condbons stated on the reverse side of stchconramsbons and are sublect to the consMuton by-bas customs and inkrpretabonsof the mehketetEewhereefecutedend govomelby and GMs!nRdto zoodancemth the laws of the Sae/ Nen Yerk anc aa Opp‘osOse federallaws and regulations Fortner informer with respict to comtrupons and other Merges reiatedto execs/Dona Densectons rnctudng options bansactoons has been frxkdel contimabons that were prerouSlamshed b you Upon potton request JPMSI we promptly supply you with the Saba such information Snafenoaersci °erten JPM Funds *monied& a re:tomato* leo squat to 2% </the proceeds if theyameba/yea redeemshares of such funds mtho 60 days or purchase, subject to °erten enoophons set kern in be prospectus of the apoticadoeFurd Fteeseconsue you' JPMorgan representatnefor a test old,. JAW Funds that impose redemption fees. JAWS s a mernbir of the Securdes Investa Acithone,ceperatran eSIFC1 a not-lcoprofit mambershm corporation funded by larolier-deaters registered wan the &fourth'sand EAchangeCommtspon Secceenn and cash heel Mr a cusknwe et JPMSI ere protected by &PC up to $50.000 per customer. which incbtles up to 5100.000 aprotean° for cash SPC does not protect yens! leases born Ituctuotais in the rare°, the stourtbes Assets heti to custody by JPIAcrgan Chase Bank NA (the VaNt)eee not satyect to SIPC You may may, neerintobon about &PC. incAAng the SIFC &donut* on they webs*. u www spc a Dycontxtvig mem et (202) 371.8X0 JP Wigan SeCurihnInc JP,Diaptin Chase Bank N A ce thee anetes(Me WeljenConpenealmeby °forgeadnanebebee custodial. sates dsbdub°a StstrehactaseorPos to JPOAOrpen Ronda Arnencen Century Funds. Or fonds esba0431,ed sponsored elyped a maneged by third parties and the Moen Comperes may be concensated te such strwces Explanatron of JPIASI Throngs: JPIArgen uses ute labsung reap system Overweight. Ora the next sh 10 twelve months we e.t.a this stock w Woe, fcern the average tOtaltetaln 0/the steCkS m the eneYst's (a the snakes leemb)COverege wenn* Neutral Cva The nett six to Mahe meals ee coped Ms stocA awl padamin toe with the average Iolatslum el the stocAs ti tle analyst's (ce the analysrs lawn's) overage tnne se Undenveight: Ott., the next Sty lo twelve months bye aped this stock will under ixt•rkem the overage MOWnoon of the VOCAS in the andysts (a the analysa team's) coverage pave, se. Independent Research Ratings: !PM& does not crakes* or °Maws:ceded; the IndependentResetediFtowderesearcheni/a ratings etiTerentlems uses valeta fangs terms as wen as dincventrahngs syskyr.: to descnbetree recomrnenclatons JPMSI uses a 'relabreratoga 3,1fen 03 oesootia above 'RP'smayuse a differentraMos system stal as as an 'absolute formes system and use such ttlen4 a, 'buy' Told'. et set Soca 'retatveend 'abspkee tattoos system* ere lunctamertlenTyclefevent )ou ShOtad reed caret". me deinbans of ati taDops used m the Asti& end :PPresearch that a included in the iconychitsef For Ins reason and since the research contains the base jar the tarps as wee as complete saarrnekonconceenaw trio aneysts wews )au should read cafehAy the researchand not it its contents from the rating alone JPIrktgan PtNate Bank ,a he marketing name fa the prrrate baniung busness conducted by J P Morgan Chase it Co through ts subsdenes worldwide inckdang JPIAcrgan Chase Bank NA JP Megan Trust Company NA and J P Morgan Secunbes Inc AecOunt Page 14 of 14 Page 15 of 19 Confidential Treatment Requested by JPMorgan JPM-SDNY-00034110 Chase CONFIDENTIAL SDNY_GM_00303308 EFTA01508760