EFTA Document EFTA01508695

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number: Q 30171-00-5 November 01, 2007 - November 30, 2007 Sher ehadersa cedamJP/SI Fonds sechaged a rederneton Re equal to 2% at,* proceeds d the, eichavea tedeanshares a such funds weir m 60 days a purchase subject to cabin exceptans set forth in the prospectus a the applocabkFuni Flesseconsue )42a JPMorgan representatnelot a lest armsJR., Funds Mel impose tertemonco lees JPM$I 4.9 mesa ses a me Sesames Investor Flotecnon Corporation (SIFC) a nonce-prole membershm corporator longed Dy braier-deagers reguteregmth the SeCuutiNanc)EschangeCommssams Sevade3 and C43h hall la a aalcmee at JF'44.5I are Minted by SIPC up to $.500 COO per customer which abaci up to $100000 of protection fa cash SiPC does not protect organs losses from Nuctustons r the prate of the socartes Assets het n custody by JPIAapan Chase Ban . NA (lhel?..analare not su%ect b SOX You rroti..y ocean Wormatonabcot &PC. encludno the SIFC &ashore. on that websee at -Www spa in' a by Conteeling Tem a/ (202)371-8300 JP Ma pan Securdeslnc JP&Soroan Chase Bank N A a thee affibates (Me 'Morgan Comsenes1 may aowdectannstrelot costa:OS sates 6316N-on a shwehadasemce.s So JPMagan Funds. American Century Funds. a funds estsaolvd sponsaect elvned a managed by mid pates. end the leaden Convenes Camsnesmaybeconcensatedb such *rotes Explanation of 'INC.; Ratings: JONA:span uses the roVvermg reng system Overweight: 0 her the neat so to twelve months we expect thu stock wit outperform the massy total retail of the stocks in ;he ensysts (a the analyst's teamO)cotersge unreels* Neutral: Over the nOwil. to MOOe m70013 we aspect PHs stock ma pagans so me 0,O1 the average icgaOreturn a the stocks sr the ansYstS(a the analyst's team's) careeage lame, se Underweight: Ova the neat so to tweAre months we expect Ma stock will on& s -paean, •he average tolalreturn of the stocks en the anaystO (a the analyst's teamS)coretage unntese Independent Research Ratings: JPUSt &es not ends/sea othtewAse adopt the lndeponctentReSearChFS Code reSearChandke 'SONS Wheel, t tans use a vanetya crags terms as was as diterentrabngS systems to 603000 Mae 10C0frvnenclAthonS al& uses a 'reastne'rebnes system as described sbme P3Ps tray use a cldftventroays system such as es an absolute-ratorgs system and use such Mina as 'buy 1'dd or %dr Synce1astAreand %bsokee'rettngs systems ere fundamentalyclikren( )ou Mood read caieluM' the cleemtisma of Bo netv);15 tistchnthe JPVS1 end IRPresearch that gs ocArded n the reziearChotielf Fa this ted5Coand stria. the ffsledIGICOntains Ire beJ4 fa the retnos as sell as complete otarneSOn COnCeenOg The BM:Man WWI& KV should geed CafethVy the tmuntMand not mkr its contents from the rating atone JPMagan Fora Bans 4 me mirketen; nano la the poste Sorokin° bosons conducted by J P Maven Chase S Co thrcogn es 803m:hares flak! wd• enCtiMnq JPMorgan Chase Bank NA —IP Maw Trust Company. NA and J P Morgan Securities Inc Page 13 of 16 Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00034031 SDNY_GM_00303229 EFTA01508695