JPMorgan 0 Private Bank FINANCIAL TRUST COMPANY INC Account Number December 01, 2007 - December 31, 2007 Sher efredersd cedatrOPM Fonds e caw pea t a redernoton Re equate 2% at,* proceeds d the, eicherve a tedean Owes a such funds nehut 60 day, a purchase subject to certain exceptwans set forth in the prospectus a the applocabSeFuni Reeseconsat )424, JP1Aaganospresentatseelot a lest armsJR., Funds thai impose talemoticv, lees JPASS: 4.9 member a Me Sects et*, Investor Flotecnon Corporation (SIFC) a naloisaart reemberskp corporator tended Oy /x04,0.'4.08,4 repute/Wyatt, the 59<w/ea anc) EmcnangeConeneson Saccades and Cash hwk la a customer at JF'44.5: are CfOleaed by SIPC up to $500 COO per customer which abaci up to $100000 otpotochon fa cash SiPC does not protect °coma losses born hisclustons fn the vaAto of the socartes Assets bee fn custody by JPIAagan Chase Sena. NA (thel2enA)are not Joked to S/PC You rroti,•,, obfao Warne:on *bail &PC. madding the SIFC &ashore. on 51w webs* at "Www spa cap' a by COnteeling Them al JP Morgan Securdeslnc JPMorgan Chase Bank N A a thee affibatee(the 'Morgan Consseneslmay aowdeadmn.sbelse cusS:d.ol sates cAst.buton a shatehadaservre.s to JPMorgan Funds. American Century Funds. a funds estabAshed. sponsaed *Iv oed a managed by foal {arses. ant the Morgan Compaon may De connensaled ke such *rotes Explanation Of 'INC; RUM'S: JAWagan uses the Cotonou rang system Overweight Ober the ne..t se to twelvemonths, we expect this stock wit outperform he enlace total retro a the stocks in ;he eneyst's (a the analyst's team's)coterege unhorse Neutral: Over me 00, 1 six to Mrre m70013. we (*.Pea me stock will pertain/ An In. awl me average total return Ott* stocks n the anaAstS(a he eeelysrs ham's) cartage Geary se Underweight: Over the ne..1 so to twelve months we expect Ma stock will under -paean, he average kla return a the stacks en m. anayst's (a the analyst's teams) coverage urn use Independent Research RUIN'S: JP:1St6:es