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 R