EFTA01508335

JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number December 01, 2006 - December 31, 2006 ~Sr raiment«of the Sectabea Inver*,It Canton rdiPfla rcalcaprcat mernbererhipcaponda funded by ta:Jeadearerwegralverdevah the &rowan and ErreltadarsCrOlaaSiOn. Secunbas and cash ha la a customer accourt! at ~State adkrcted up to the /Sinai aiquay of each account Th• lest $500.000 of prolection. whCh ~as up to 6100.003 of patron la ash. is proadardby SIPC As of Mach 20CM. II* banceof thematic!~ is plOvieNdby • sne•NExcnsSIPC SwayBond usual by Crain Asset Pro!~ Company SPCand exaS3 SIPCprotection do not dedect against bases torn fluctuatas in the waked the secunbera Assets heldin ~lady by JPAInerneherseBank NA (Daatlanalarepa subject Da &Pea excess SIPCprobsbon JP Wigan Sacurdes Inc.. JPAlagan Chase Sank NA. or tan sabres (rho Wagon Companeapnayprovaloadrranafrabve cusbaaar »rat &Stub:6 a sharahokla!aerates lo JAVorgan Fund; Armada, CahryFunds. a funds adlablatrad. sponscract alvaad managed by Pact ~ea and the ~pea Comps/740s~ be ~teaseledla such ~aces Espenation of JPI4S1Ratings: JPIaaaan uses !he loriardng nap system Overweight: Ova the mat sir to twelve months we expect this stock ail outpaaam the average lost tein il tro sbcas rn the ~Ora (or the anaaars Yen7Wcaraapo urinal* Neutral: Over the next six to Praha ~pas se expect fars Ptak *a pa/kern rn tea wall the average Mar return tithe Pocks m Ineeraryars (a the analyst's leama)coveradre traverse (InclawervIN: 0.e the norl au to Naar. months **aspect IT stock wit .ndar.pefan,Me~pa totalretwn of Me atcas as It,. anayars ax the analyark lam'.) alfegi unarm Independont R•iiif CA Ramps: 'PSIS( does not endOrtie Or of adept selndepedentResaarchRovdereseach endkr 'n ags GAMYe' ft""e • ra'.44 0" 61100$ tern as ~as daardraa6rd dyad.« to describe rhea recommends:as JAWS! BIBS a "alsbire'ranngs system as descnbad above IRPs may use a &Santnaps system sad, as as an 'absorofe'ratanis system and use such teams as lug. 'add' cs. 'sore Since Yalataraaral 'absolukiratings sysbams ate fundamsaadyettlaraf )cu should read carer", !he china:as of al/tebogs use:141AB JPMS1and IRPtesesch that 4 exacted n the research deed For Pra reason and mace the research 03/1611« the bona ke the reaps as te0 as comp.rele mnformean catnap The anarysla vas. tau sØ read aver" the ~act and not odeifs ocareata ham the rating wore ANANgen FtNa Sank a Me ~Nino Awn)la the il hale banking bosonsConducted ay Jr:3 44er~ Chase 6 Co Uvargh ta svaarchns Øvede. Induang JPMagan Chase sank N A ... P ~pen Toad CompasY. NA end JP. ~PM SeOPPas Inc Page 19 of 22 Confidential Treatment Requested by JPMorgan JPM-SDNY-00033565 Chase CONFIDENTIAL SDNY_GM_00302763 EFTA01508335