08 21104 Account Number FINANCIAL TRUST COMPANY INC August 01, 2005 - August 31, 2005 .1P1lorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 JPMorgan 0 Private Bank Asset Account Portfolio Page 13 of 16 JP Madan ~409 toe JPLtagen ChoseBonk NA °flaw' atlAdtm rho -Maven Cente.vies9may aov de odoneddotrve CcalOduit sass ddaneuten sheneada a 4. eas :Pt/croonCurds Anton Ca, rwy Funds or funds estobishod sponsored *ridded, cr ~ivyet by turd port.r.: ard the Magen Companes may be tendon:1~1 foe svcn senmses Explanation of JPMSI Ratings: JPM1tagen uses rho todoweg toted system Ovonvoigar Cww trio no. t so, to a.eve moms es expect tee V.:0 we? outpedenn me/Avow° tot* Worn et Me stocks sn the anwyst's me the analyst's leamd)covnge universe Neutral: Don the ne.it sn b MeM1e inconMs we e5oect Yes stock wiV psekrm en An, we, tee men* total otter, of the stocks e the ena3;st's (a the onalystS team's)cceseape urweese Undenveignr ad* toe newt s,x to Met,. rooms thu unalv.peektrn ...tag. tot& vittto Of the stocks en II* one.»I's (a the ~leers teem's) Weever? uvuese Independent ReSeirCti Rating*: JP1ISI does not coda sea otherwise edept the independenlPesearchPvwelereseetch exit( mb "rent& ms use a ear ,e,yol (*Mg: Wins as wet es <Mkt eitetings system to cleacrnbethen recornmeofshans JPMSI uses a teevie'retings system as des•cneod aeon> IRAsmayuses elndaentrotegs system such as as on 'obad‘de"ocWingssys,om arul 'seined, terms as row' mod' of -.or Save 'reNthe'ond 'a tdaute" rotegs sysfeve senor ds n wate•yddweni yOU sØ feed caeotuty the debeNtons of all tabngs used sn tro JPMSI and IRPreurcarch Mat ,S neksle c er the ~arch tsar Fa Mu reason and smog the emsonmcon2ams the bade /cc the tehngs SS wet, as Økte egg:ma:en concern'; the analysls wens. you should 100d weedy the ,eseafichin1 rot etc< ds contents gran Use letup adore "roan Reste Bank is the medeting name tor he pnvete &Inked budnces conducted by J P Madan Chase Q Co through its subsdrenes %ridden:1e Anctud‘ng JPMegen Chase Benk NA JP Morgan Trust Company, NA and JP Mayan Secontes Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033403 SDNY_GM_00302601 EFTA01508211