EFTA01512203

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY, INC. Account Number September 01. 2007 - September 30, 2007 JP Mogan Secuotes Inc JPMorgan Chase Bonk N A or thee edge*, (Me lArgen Comortneslrraypeovedeedmoustrehee custothas so*, date Puton or shatehadd seesoces to JPMorgan Fonda Amer/con Century Funds. or funs ealatashed. sponsored &tweed or managedby Irwd pros, end the Morgan Companies Troy be conpansased Poi such stn.:5es ecinananon Of JP1131 Ralgtgs: JPMagen saes the kitroring rat"; system Overweight: 0.tu the, nests& to Mete months we expect this stock wi I outperform the average total return of the stocks in the eneyste (a' the analysts team's) coverage universe Neutral: Over Jr. nets sag loin?), moon .na expect rhos ace/ eel pcvform on one wen theoverage iota/ return of the vocAs ag roe eneys is tor the analyst's leam's)coverege ushers* UnclenvOght: Oiet (honest sir lo hveke nnnths we expect this stock me undercerfam Me average total mean of the stocks .n the aneYsts (at Me analyst} learn's)ccierage waver Independent Research Ratings: JPMSI does not nose CateVoiSeadcp: the InciseendentResearchAcuder resevch *sake 'en?: Cdteter.lirrn: use a wanetycl tangs term as wades differenhangs sysSemo to deSa abe thee tecornmonctetvns JP/ASI uses a ielitnehatvga systems, desonbeclabore APs may use <lateen( Yahoos system such es as so Isteo/ufe-wtons system and use such terms es 'buy" More or 'Stir Soce-tekitve•end•abaduteagno kinCkentiendiTydeJetinf yw should read *Yen"' Inn eittnin003 or se fetngs used n the JPSISI end IRP IOSearch that if 001419 in the tosearchitsea Fa Rh, meson and s,cre the nflisalChanntilins me bases to' the rethgs as well as complete inkvenason conceinng Ire anahsts yews you sewn reed careftgy Ihr to:00ms and not mik.r its contents from the rating store JPteceartn Awal e Ranh is the Mcifisetin; name kw the tamale tsankng business conducted by .0 P Morgan Chase & Co thrown is StsbiChateS aotwde enckachng JPMorgan Chase Rank NA., JP Mown Trust Company NA and JP Morgan Seounhes Inc Page 10 of 14 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00038050 SDNY_GM_00307248 EFTA01512203