10 2005 Account Number FINANCIAL TRUST COMPANY, INC. October 01, 2005- October 31, 2005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 JPMorgan 0 Private Bank Asset Account Portfolio Page 10 of 10 J P Mager Seas, tio s lnc JPNcroan Chose Bank NA °tawadrett rho "Mayan Cømpemes )may on» de OderteaWatrve eraledat sobs ØJSWFona shonedsdo • soov cos to IPA/oven Fords Anton Coetory Funds or funds estobal seasond echoed, cr ne 'eyed by /fed pates ord the Mogan Companies rnsy be comperksakof for :ten senors Explanation of JPMSI Potosi»: JAVagan uses rho iceowsng (tong system OvinvOight' tni, no. t to nswvo ~is a expect tne Vce* outpelenn de *yaw° Wei Worn lno stocks sn the an‘Wyst's (an* analyst's loam's) corny onworso Neutral: Odor the ne,t sn to Neb., inonMs we expect Yes stock we padorm en Are wen tee sneer total rutty', of the stocks e the ana3et's (cc the onalyutS learn's) metope wwerse Undenveight: Oar toe newt s,x to non: h ....pea th4 3.1~ nia unalv.peekne seeeve tot& yew, Or the slocfrs In* onolysl's (co tee anelyars teolmO)e0verege ueverse Independent Retteasen Rating*: JPMSI does not enda se a olneense &bp! the independent Peseavndveeletreseetch ender ris~ COVerentir ms use a oar at& reOrps errs as net es dflaastanngs systems fo descreethew reconrneofolons JPMSI uses a teeve'rate9s systerras daunted Ware ?RNmayuse, dnoaentrategs system such as as an "Ksaa.ge", a,agssysSorn *Muse ouch Moms as buy tiotl* 'see' Sees 're.SWies'and 'absesuteroOnos systene so orden sontasydeWoro you shove food caeatkey the do ions of all tahnos used in the JPMSI and IRPrewarch ,S snosucle c n the monarch Osed Fa Mu reason and once the resew& con:sou the base fa Me randyr as wet as ceenpkte trOomsatoan concern"; the analysls wend you should food °value,' the seseafich an, rot etc< Ps contents gran the using adore "open Prate Bank n the merketing name fa me tenet,' tenonng tomeas conducted Dy J P Maw) Chase Q Co drown rta soterdevrte eeedvede Ancludng JdMagan Chase Bank NA JP Morgan TrustCompany NA and JP Mayan Secuatom Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037786 SDNY_GM_00306984 EFTA01511949