EFTA01507478.pdf

08 2004 JPMorgan Chase Bank 345 Park Avenue, New York, NV tul3-4-tuo2 ffi JPMorgan Private Bank Account Numbe1.11 r Asset Account Portfolio Page ,:f5 48 FINANCIAL TR NC August 01, 2004 - August 31. 2004 In east Of ~it ongssmonessessywr Statentaa MCIMIkt. yalsaM daldal. If you think het your tatiernenf Ss ironed or !you need mae irlametion acute =mbar= ease« stamen, roc-ludo' a bye closed" Yansection sou most mite to us on e =peak sheet desobeng the ara and send d to JFitagen Private Bank. 502 Stanton Christens Road LOPS3. Newark DE 10713.2107. We must hear hem you no leta» than 60 days alter the sletenssnt on whet. the ~sr a acötem speared ts sent You Ben confect yaw cler4 :once spec-was! but dad* sosr.not preserve 02'40* In your leta. please provide rho lotbseng in/amerce (I) your ~wand ~I numb*: maw doller errant of the magelectierro; end (3)•descriceon de* error end mcsAlandeion. lye* can why you *seem Mae is an a= If you need matt nfanrottori you nest ~MU the *Ism you tee unsure abbe The JPMorgan Funds a The ~organ Inatirtmonal Funds or The American Century Funds Shmesct Ire lords revor Cort. »poets end we no! mar=teed by any bank governnentenbly a the FCC Rah:nand Mete amen* &clue» end reclean vakessay be nere a less than =orielcost Kb» the money market funds seet. b ~Mana stable net asset vented SI CO per =ere Memo no assurencethet they wkitcontotoe to do so Theesbmsteclannual income and *Moody*IS Awes kr nututa lords repessonithe funds' most recent income dividend entrusted JP move° Funds &summer Inc me defobokr «the 'Allow) Funds and AonfrcenCerwrylostment Servo« Inc is the ds" Mu= of the ArnentianCenturyFuna JP lmieStmen Managarrend MC and Anon= CenturY inr*.stment Management Inc serve as , ..palment sallosars :0 thee reapeCtrefund fanekes and reCONOCOneensatiOn from then rest:ett yl? fund lamastee proves* inveStrrent advKlayand Other SennOea you hem ChOSen One 01 the sweep mutual hods yta ere notified that pbraOns in the Pone Money Make' Sweep Fund represent findings et the "gan 1. 0". Money MOM Fund. 00540na in the FectefaMOnek Merkel Sweep Fund reaeseM~nga JPMorgan FedscaPlIoneyletan‘«Funi ad potton to Me Tex Exempt Money Mole, Sweep Fund rep:scone ?miffing: in the JPIloben Tax Exempt Money Marl= Fund JPMS? is the =boa= oHot= aprons end most nerta funds nadir* third pony mutual funds purchased ftWP3Ligh JPMSI JAMS,* • ~Nava< the Secretes ImestorProtedren Cceporabon SIPC 7 a notAy.profemembershocaperatron faded by trokeraMersreorsbral with the Soccer= and ExchanoeConsmisson Securitiesand cash hold fa* cuslomor account at JPAISIare probe tod up to te lob net equilyof each account The restS.5000C0 of pratctron whet includes up to WO 000 trotecten kg cash a provided by San Aa d Mash 3»t. Me baton eat the protects= is ~vanity a ~mat Excess SIFC &My Bond isstad by Customer Asset ProlestonCompany. WC end excisesSAX protectors do not protect against lasses from Audubon: in the =bed Ute seruntes Amen hedas Cualoay by JPAbipan Chase BenA (the 13ankytvenc4 subsea b SIPC a excess SIPC protection J P Magen Swab« tid.. ~aeon Chine Bank a tet arleates One 'Skagen Comm/Yes, may p•Owdeadmessflitn. oustdral sales desebutson a shareholder nervtes10 JPICergan Funls Mutan Cenhay Funds a fu is OgablanOd span!bed. &hued b rnanaged by Bird pad« and the Mayen Cceptimes may be compensated ka such sannes Explanation of JAWS/ Ratings: !Fetapan uses the Won* tots* syslem Oyenveight: Over the next and to twee moths. we expect the stock ast outonlam se avows last return at the 81~s in the analyst's (a the entbrate leamalcover eye unease Neutral: Over the next =bleeds* months we expect NS stock wit »darn .n/ine prer the merge tota vehund the =eke in the analyst's (a the enalystS teambcoreeoe sover» Undenemy* Oar the next sor to MS> months. weevict the stock n,0 under.peelom Me memoe total return ci the stocks in the analyst's (a the eneiyars teeMs)coverne unverse Independent RSand, Rigby* JPMSt does not entice a »term» adopt the IndepenientReseetchPrandera»rcharostax rob"» Lberentlrms use a variety or rabies tams as wallas ~taints systems to deco/bent» teconknerattenseks !PUS/ uses a -reiatve'reting3 ayaemu asCribedestov• IRPs may use a deter enlisting* system such es as On "etiscesSe'rebnps =OCT and use such !ems as *try' *Or a 'See Snort Yealmeend triesolutel'bags systems ivelundarnentabdieWent you should teed oweAksy red »Anton, dta ~nip used JPMSI and IRPMAW= net is trebled in the *mach end Fa this reason and since tee ~ere> contains te base ta mo *tubs os v.« as complete into ettin comma* Me 4041W1 vent you should Ind =nobly tro teseetchand not odes Os contents from the rating *doe JPOrlorean Renate Bank a the ~Meting name (or Be pewees banung buineaa conducted by J P Morgan Chen S Co dear= its subadnenes muted., incrudene "gown Chase Bonk. JP Mayan Trust Carpany NA end J P Mayan Seamtes Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00032526 Chase CONFIDENTIAL SDNY_GM_00301724 EFTA01507478