EFTA01508199.pdf

07 12005 JP81organ Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 JPMorgan Private Bank Account Number Asset Account Portfolio Page 15 of 18 FINANCIAL TRUST COMPANY INC July 01, 2005 - July 31, 2005 JP Pagan Seantes JPVcrgan Chose Bonk NA tether affAates One 'Morgan Camanes9may pmv de admodaattve, cusleddl sales ddtoaltana sheiobosisesea ces to IF'Afagoe Fords An ton Century Funds a funds estobeshal sponsored *ridded, a managed by /tad parte: ri vto Pagan Companies 'my be compena odb sten scopes Explanation of JPMSI Raungs: JPMagan uses rho laSowpg tame system Pvenvetglitt Dar 'IV no .Sot to trnote rron:hs we expect tea stock a,Jcutpefam me average tae! Wan a toe stocks An Me aniWysfs (a Me analyst's learra)cortrage universe Neutral: Ora the npt se to Metro monins we expect Yes stock we pakten a Ara won tee as total return of the stocks n the ana3.sts (a Po analystt toaMs)canwage urwase Undetweignt: Ora tee newt sa to Main+ moans tha sloth nd undePperkpn Ire thwage totsbeta° a the stocks n the ana)ajs Me anoint's teem's) texas°. unease Independent R°Search Rating*: JP/S$ does not coda sea otherwise adopt the MdepenclentPosearchPonde reseed andt( Wings ClIterentIrms use a veroetyol (ems Seems as net es efface!ratings systems to *eat e then recorreneolotons JPMSI uses a teaNe'retaas system as descneed above IRPs may use a detteentrategs system such as as an "Pbaagera,ngssys,an and use such terms as bur 'hoer a Par &Poe 'reelnerand 'absolute-Wigs systems setwelanenta4ydaTeren2 you shothll read carefkay the defetaons of all rainy: used plop JPMSI and IPPrewarch That is Pasted m the TaNItCh Xseif Fa Mu reason and smog tho research contans the basis fa the raMgs as wail as compkto marnatonconcenung the analysis yea" you should food carefaby the fasciae/78(P rot infer 0 contents Can the toting [acne JAttcrgen Prate Bank es the marketing name for be ante barking bupnees conducted byJ P Pagan Chase S Co Through its subsdenes ea/Ova* mckciag JPIAagan Chase Bank NA JP Morgan Trust Company. NA and JP Magan Secureas Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00033387 Chase CONFIDENTIAL SDNY_GM_00302585 EFTA01508199