EFTA Document EFTA01508635

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number September 01. 2007 - September 30, 2007 Sharehadersdavtatn.IPM Fonds sec./lard a redernebatke equal to 2% cif,* proceectsd thee eichavea tedeernstmees of such funds wehat 60 days a purchase subject to cabin except,ona set forth in the a0SpeCtus of the appacabkFunl Fleaseconsue Yea JPMorgan representatwalot a lest attn.JR., Funds thai imposer textenota, lees JPIeSI ea member or the SecontssImesla PtcOect.on Corporation (SIPC) a nonce-prole r*A' shrpcupaaton funded hy &cite e -desk.," tedolerechwth the Secunlea and EmchangeCommosion Secades and cash heelfae al3207see at JP1ASI are 'weeded by &PC up to 1500000 per customer which abaci up to $100000 of potochon fa cash SIPC does not pact erihn..V tosses from Micluethnne .n the value or the :oeuvres Assets bee n custody by JPIRagan ChaseBarn, . N A (thel?..areC)are not select to S/PC You rroti..y obfao Warne:onatty.! &PC. including the &PC &ochure on they webs* et "Www spa erg- a by COnteeling Mem JP Morgan SecurdesInc JP?Aoroan Chase Sank N A a thee afrkates(the 'Morgan Ca:wanes') may aowdeectmn.strebre custd.o.7 seks cash but.on a sherehadaserv.ce.s to JPMorgan Funds. Amacan Century Funds. a funds estsbAslwt. sponsaed *Iv ned a managed by Ityd parses ant the Megan Compaon may be cons:emotedlot such *rote, Explanallen of JPAISI Nonage: JPMorgan uses the fotanng ratty system Oyetweaght: Ober the ne..t v.. to twelvemonths we expect the stock wit outperform the enlace total return of the stocks in the analyses (a the analyses team's)corerage unwise Neutral: we me ant six to Mee.e maella we expect me stock w.apertam M Me awl the average wet return Ott* stocks 'the anaYses (a the analyst's !bin's) coven." Gniire se Undeenght: Ova the ne..1 so to twelvemonths we expect Mn stock oat undalsatarn the average Iola, tetum of the stocks en the analyst's (a the analyst's team's) coif)' tiara se Independent Research Ratings: JPUSt does not eosin/sea othtewAse adopt the IndepondentRaseatchRovbtereseacnandke 'obeys Wheel, 1 terns use vanatyce ratings terms as well as d eleven:retype sysewns to gesaabe thee tocoovnendebons at& uses a "eas!ne'retnes system as described sham IRPs trey use a cldftventratnes system such as es an absauteratnnas system and use such terms as 'buy Mott or •sell' Sence'reietNe-and %bsokee'rettegs systems we fundamenteaydflevent boo sha.4 1 read cal No.,' the dentions of ears:Ng, used rn the JPMS and 1RP research that a ocArded ,n the teOesYChotielt For this season end !W U. the fe3edfalcOntain3 the base la me reaps as wen w COmplele otarnalr conteinang the eneyst's WWI& shouAl ieedowefay teunecnand not .nod its contents frotrithOreang Wane JPMorgan Fora Ban* s me marketen; name la the meal. banking bosons conducted by J P Maven Chose S Co thrown es 80v:hares nceklmde enckAng !Mattoon Chase Bank N A JP Magian Mat Canpeny. NA and JP Morgan Securities Mc Page 14 of 17 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033960 SDNY_GM_00303158 EFTA01508635