07 12005 Account Number FINANCIAL TRUST COMPANY INC July 01, 2005 - July 31, 2005 JP81organ Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 JPMorgan Private Bank Asset Account Portfolio Page 15 of 18 JP Pagan Seantes JPVcrgan Chose Bonk NA tether affAates One 'Morgan Camanes9may pmv de admodaattve, cusleddl sales ddtoaltana sheiobosise sea 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 tots beta° 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 Chase CONFIDENTIAL JPM-SDNY-00033387 SDNY_GM_00302585 EFTA01508199