JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number: Q 30171-00-5 November 01, 2007 - November 30, 2007 Sher ehadersd cedatnJP/SI Fonds seal& oec f a 'edema:sanke equal to 2% at,* proceeds d the, eichavea tedeernshates a such funds wehe 60 days a purchase subject to eaten excepaore as la th in the prospectus a the appacobkFuni Fleoseconsue )ca JPMorgan representatyrect a lest armsJR. , Funds the impose tirtemoticProes JPIAS, ,se marble a Me Secustes Investor Flatschon Corporation (SIFC) a nonce-profs osembersep corpoosboo fended ay brceee-deagees et:catered vote the SeCuutiNanc)EschangeCosoneseas Sawde3 and O13h heel la a aalcmee at JF'44.5: are a Steeled by SIPC up to $.500 000 per customer which nriales up to $100000 of potochon fa cash SiPC does not protect crisoW losses from nuclustons r the ycAte of the socartes Assets bee m custody by JPMorgan Chase Bank. NA phe12..eralens not select to S/PC You rra.,, ocean Warne:on *boy/ &PC. encludins the SIFC &ashore. on the, websee at "Wwte spa tag' a by Conteeling Term at (202)371-8300 JP Masan Secubtesln< . !Paterson Chase Bank N A a thee snores RI* Worsen Comoenesl may aowdeoannatrabee <us:cobs, sates 6316N-on a shwehadasavre.s So JPMorgan Fumes American Century Funds. a funds estsCAshed. sponsaect elvned a managed by tryd panes end the Ma gen Compaoes may be coomesalecl b such servo., Explanation ob./NCI Ratings: JPMorgan uses the fcAlehmg roue system Overweight: Orel the neat in to twelvemonths we expect thu stock wit outperform the average total return of the stocks in ;he ensysts (a the analysts teom's)ccberose unreels* Neutral: Cvel the nrvt 1. to Mahe m70013 at aspect tMJ stock wagpeens m Me well the average total return a the stocks at the ansYsta(a thaanely9r3 leam'S)COvenige anti se Underweight: Ova the neat so to tweAre months we expect Ma stock will under -pee aro the average lotaltetwn of the stacks m the awe', Ps (a me analyst's teemS)coonge urbane Independent Research Ratin