09 .1P1lorgan Chase Bank, N.A. 2005 345 Park Avenue, New York, NY 10154-1002 Account Number Q 30171-00-5 Asset Account Portfolio FINANCIAL TRUST COMPANY INC September 01, 2005 - September 30.2005 JPMorgan 0 Private Bank Page 11 of 14 JP Morgan Seca tres Inc JP4factan ClmsoBank NA tether 01441osrho Morgan Carmanes Wheyprovide admeagaatma asslcdel sales aaantotson or shanisosdatasansas to lAktgaa Fords AmencenConhey Funds a funds estobeshel sponsored wheal. cr alanard by /tad porta: eel Site Morgan Companies nay be tamponatodb st.ch seances Explanation of JPMSI Ratings: JPalagan uses nso toemang roma sysion Ovonvoight: The noir se to Imeve rron:ns weekly:et ass Ora aa, outpeefons me awaatio rota, return a toe stocks An Me aniwyst's (et the analyst's leam's)corfrage universe Neutral: Ora Me ^eft sn to Naive manias we expect Ma stock waf pafsrm m Ana Wel Sae average total mean of the stocks rn the ana3...ats (a the onalyett team's)camwage universe Undonvitgnt: Ofer the newt se to Melte means. nee.pecl taus sioCA and uniarperforn Me thereat. tot& rattan of The Mesas wi the anoWs (a the anelyeta teema) Cavern* tosserse Independent R neaten Raring*: JPMSI does not coda sea othsvaise adopt the IndepenclerlPesearchAandeneseerch anat. rabnps ClIferenthrms use a air atm, maws teems as net es caffetaalranags systems to <Macrae/hen recur...m.4,0cm JPMSI uses a -reasue'rannejs ma:ernes nescneed alcove IRAsmayuses datteentrotovs system such as as an 'ohactute'remes system an1 use suoh terms as bas)'- -MM- of Peer Secs Yeelaarand 'absaute'reenps systems sena dem anta4ydalarefa you staid read carefkay the aohr.ions of all reales used m the JPMSI and IPPrawarch Mat is incAuded m the TaNWCW Xseif Fa the reason and sence the research con:ems the taus fa the ratings as wee as carpal., mformatonconcernme the Amaral: Ye., you should reed captaly the reseamhanlool infer 0 Contents Can the eating adore JPMorgan Pleat° Bank is the marketing name for tie f xtvete banana Duancas conducted Dy J P Mogan Chase S Co thrown its subsdranes isteklwale AncagAng JPIAagan Chase Bank NA JP Morgan Trust Company. NA and JP Mogan Secsvaas Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033433 SDNY_GM_00302631 EFTA01508236