EFTA01508172.pdf

06 12005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 JPMorgan Private Bank Account Number Asset Account Portfolio Page 16 of 19 FINANCIAL TRUST COMPANY INC June 01, 2005 - June 30. 2005 JP Pagan ~Po s JPbtagen CaneBank NA of that affeetes r.,* -IyforganCentoabas9may Nov de Oder14,9,0~, led Saltn deNtogen or sha ~Ada s 4.a oes to IPA/organFonds Anton C4mtury Funds of fads sstobeshad sponsored addax!, CY rens;et Dy ffi rd port.r.: so/ the Morgan Companies may he compensated Ice nee sernces Explanation of JPMSI Renege: JPbtagon uses rho to4ow,ing (*nog system Ovonvergar CSatre no. t so to Novo mans as expect Pa sera natootoodam me avow° MOW (Worn attire Mocks in :he analst's (a No analyst's leareb)coNeage universe Neutral. Of*, rho nat en b Mohe inonMs we expect Yos stock wit askran m Ane nth Ne eater fotol rave ate stocks se the ona3;st's (a the enetots team's)cayerepe urovase Undenyeignt: Ore Me newt ox to Me're rooms. nee.pecl th4 3W* f”.1 &Waveflam the eovage tot& f eta° Or the stocks m ten ensbare (a ger enelyers teem's) Coverage uoverse Independent Reseed Ratings: JPMSI does not encase a otherwise edge! the Independent Research/nano'« f ~arch anda ratings ~rams use a ssintol neaps am: es wets, dflaentretings systems b clescrtelhat nacoornef4oloos 'PM& uses a "retaNe'rattos system« awneod aeons IRPs may use a claaentrasays system such es as es "aneaee'fangssysfern and use each Mont as "den ?PP' a 'soe' Secs YeeNna'and 'absauto-raengs systems so fintotrantakydpfhvon2 you shOok/ reed smoke), the debotons of ell a:ay: used ,n the JPMSI and breProwarch Na a ,nageoa ay the research ant Fa this reason and :moo the te500.217 con:ems the bozo /cc No ratings as net es complete ~elan cancan", the enstols yews. yoy sexed real c.vefon/ the eseachen1 not infer Rs contents Corn the rebny alone JPMorgan Potato Bene NA all* makebng name la the pow* bookog boson's conducted by I P Mc, goo Chase & Co Waugh es syfesedanos ~evde erecang JPMorgan Chase Bank JP Pagan Trust Conwany. NA end JP Morgan Secure.» Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00033351 Chase CONFIDENTIAL SDNY_GM_00302549 EFTA01508172