Per the S&P report (JPM, rated BUY)

July 6, 2008

As seen on the S&P report: We anticipate further pressure in JPM’s market-sensitive business in 2008, as the environment remains challenging.We expect near-term results to be pressured by credit quality issues in its sub-prime mortgage, auto, home equity, and credit card portfolios. Return on equity increased from 7.8% in 2005 to 12.2% in 2006 and 13.0% in 2007.We think recent expense management initiatives, implemented by Mr. Dimon, JPM’s CEO, will help drive ROE improvement in 2008.We see EPS growth of 5% annually over the next three years.

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