EFTA01508133.pdf

05 2005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 II3 JPMorgan Private Bank Account Number Asset Account Portfolio Page 12 of 15 FINANCIAL TRUST COMPANY INC May 01. 2005 - May 31, 2005 if you have &NW are of the sweep nzAual funds sou We naiad that poserons m the Plume Money Merkel Skew Fund representholdmps m the JPMorgan Rene Matey Merkel Fund, poe.tons to the FederalMoney Markel Sweep Fund represent nadmps m the JINArgan FoderelMoney Market Fund and posikons tn TarrEsernpl Money Market Snoop Fund nopresonttralngs m cow JPMorgan Tax Exempt Money Manua Fund JPMSI Is the costa:kenof listedoptions and most mutual hinds, nuke.; thrd party mutual funds purchaaxl Itvough JPMSI You WOW hevereCemedNiparaNIPMSIONtivmeben* (a each aeCunkett Paraalan Ar transtkataU ere Subsea to The arms and condemns slated on the reverses* ol such conhoneloss and ereauome4 to Me consbrulson. by-lawa. CuitOms and mtemwelabons d the meiketpiacewhake executed and governed by end construed ei accordance wall the laws a' the Ste* of New Yak and el appbeableteskrehaws and tegulatons Further eastmanon mai nkspect to =minims and other chargesrebted to the executron et transadons InnludIng Cfskons fransettons has been MISS m Ceigetheierla that were prevotaNturnehedlo you Upon mullet, repent JPMSJ wet prenPFY NM* You wet the blest sett seChntliat Shareholderset cartoonNW Funds re charged a redeMphatleteaquelto 2% ohne proceeds II they exchange a redeem shares of such funds water 60 days Spathes* subsea to certain arceptrans set krth in the prospectus dine appdcableFund ReesecomuS your JRAorpan tepresenledvetv a asS of the JPIA Funds Owl impose sedan...on lees JPMSI a • 'wombed a. Sonatas Pinata Protection Corneas rSIFC").• ncalouptoterrternbershocapaattattunded by broksondeNsestepaleredrnat the Securitiesand Exchanpetommisson Secures'send cash held has customer account at JPMSI we protected up to the tele, net equayci each account The firstSgY2000 of probs.:Oen whosh includes up to SIOSCOO of grolectial kr cash. a provided by SPC As of March 2004. the bah:mace' the prelection is peorded by a separateExcess SWIG Sally Fond .ssed by Customs' Asset Protection Company. SIFC eat excess SIPC protector do not protect against tosses Saw thalvatons in the vetoed ore secants Pants held in huatOthi by JPMorgan Chase Beak NA (the ankNitena autsteCt to &PC a *seen &PC pwasechan JP Mogan &cuts Inc !Mown Chase Bards NA a met efteslos (the Wagon Compemes "may poetic ethoutusbelms maddest sales chselbutcoce sheteholdetscevcesto JPAIrtgen Funds Amacantenntry Funds a funds estabbshed spanceed *closed a managed by thrd pates and the Mogen Cornpenes may be compensated fa such sernces Explanation Of JPMSI Ratings: !Meagan uses Ste Moreno tang system Overweight: Over me net us to mote moths. we expect 104 VCCA w,aoupelaw itte nage total return Sind stacks on the Nathan (a Me analyst's rearna)coverage WIIVOISO Neutral: ste next sn to 'webs nxintrxx we expect Sus Pak eel phloem m law mu, ine average Mel rearm of the stocks w the analysts (a U10 walysn team's) mean* urkvene Undenveight: Oar the nett sh to Mee moms we copes: this stock me undoopertarn the average Me) return U me stake n the anaNsrs (a the analyst's teena)covetage towers. treltpandenr Research Range: JrhISI does not endaseo otherwise adopt the lndeprdenlReseethRovdereseech ender nerve Offerenflims uses venetyof steeps Wins es *autos der erenhanngs system. to dew:tether iticorrnervIefrine JAI& uses e telatve'resels system as descneed000ws IRPs may uses derrentratatgs system such as es an Itesauterarmgs system and use such Jams as tiur 'hoer a SOT Since toteinitrand *absokeva-ratirge systems we fie etsmentalyertforote you ShOuid MOO consUlly the dohnhons d ollnenes used an the JPMSI and IRPresearch Met a echded rn the research tail Fa It,,., reason and eche toe research cowains the bass la the hangs as weft as corrytkee wechrotoncorocenwp the analyst's yeas, you shook( reed carefuty the reSeeChend not infer as contents Soma* tatnpalorke JPMorgan Pnvate Bonk. NA a the mwkatmg name tor the envoie thank ng business conducted by J P Magan Chase & Co through as wreathv as vial:Node mcArdng JPMorgan Chase Bank J P Morgan Trust Company N A and J P Mogan Socurtas Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00033298 Chase CONFIDENTIAL SDNY_GM_00302496 EFTA01508133