02 I2005 Account Number FINANCIAL TRUST COMPANY INC February 01, 2005 - February 28, 2005 JPMorgan Chose Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 JPMorgan Private Bank Asset Account Portfolio Page 27 of 30 Sherehtuarsot arta ONA Punds crechrga I • reamptco fana b 2% of thaccoserts tf Ma ~Masa ~dem awas of act, lunds mas 60 <bys at ~cess* satta to alen arcepteons set ta m the paneras or ta spacrabh•Pund Paseconsuk your JPitorpan repanentaiekr • ist of a• !Pli Punds tar apownampantees Jag& is a ante& Me SecuntearasetcrProIedion Caporatim rSIPC).• nalorprofit matsal* =pata rundad by brokerasersreeatered sort the &turas and ExchanpeCornmisson &antaand cash hold kr a custorrer account et Jaa/ se Roat& up to pre Me!~ «Mya/ eacheceouni Theltrat$520000 of potecta etta instudes up b $102000 of preacticn b ossh e parad by SPC As cariarth2OX ta ban:td knaprare:ton is provad by a seprakEro.wSPC &rekyl:fond inses( by Customer ANN Gatten Company S/FCardexoasSfCpaActiondenolpØapaaMlossasIDanllcehationsbeevlveellhesecsrAes Assets held in coda/ by JPAturcran ChoseRak N A ah e 'Illank7ate not suhect lo SIPCcr excess SIPC priNeaw J P Magen Secutes . lakan Can Sea NÅ or tas affrates(the lt ,sepon Urnans:0m.y paa. Orkrinatat ~Pta ~PI delfritrotenOi Shateboktet ~vad tO Jakorea Fonda AmeanCenturyFunds. a hma estebashect spOrmatect eau& a' manna ay 'ha ~öa and Die Magen Campa/lies msybecnnpenasaeb such services Explanahon of Jaa& Rama: JPAtorgan oses the fottevng redig Syslem Ovenvetphe Over me ned six to ~e nOnehS as e x ped Yes ~A wie otieeerkine the tana totat return ol Me saks in the dineilySta (Cc analysta leamS)coverope urtags. Neutral. Ca the ned sr. b Morse nona we east hu stock ~perkal on lose tas the ange tott/rean &Me skal to the enesses (a the analystS tara) ~eepe war.. Unclenvetglir Over the neit six to &Nto rnsoM • ne e paa fMf sa, ra under -alarm the masa ~return al the StCCAS n the anaata (or the engine: teamet rasa ramsa Independent Research Rangs: Jaa& doa we enarsaor oliscresseadopt thp IndopeatentResearaProakeresnaarvornwas Of Sanne ms sista varnad args terms as not as deiceent tetanis systems b cke.aies Mes teconeneedistons JAMS! oms • "ieistveretines systemet descritiedelSove may use a darentratas system such as as an ltbsotWe'rabngs system and WO s och dams as Uv' Mord' or aar Since YeasIne'and "ebsOlute- atingS SyMeme eieltindementalycleYerent you Skuld ISO careha rh. ~rons a dt rangs usel in th• JPMSI and IRPromarchtat irekded in Me researchstad Fa- thiS ~On and sera mo research oxdans the bind kr me rama es we« as come** orangen °manin the aMlysra val. you Pakt rad oanoturty the rescwchand nol afertts contents kom the rata Mae "Ligan FfWele Sea N A is me avlusa name ror the prale benkng hanen conduceep by J P Morgan Chase a Co tNovph ts sotiedwies ealifixide ioctudos JP4icrgeo Chase Bank J P :Anan TiliatCOMP•ne. NA and JP Morpen ~On Inc. Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033217 SDNY_GM_00302415 EFTA01508067