EFTA01508263.pdf

JPMorgan 06 2006 JPMorgan Chase Bank, Nat 34.5 Park Avenue, New York, NY 10154-1002 Private Bank Account Number Asset Account Portfolio Page 20 of 23 FINANCIAL TRUST COMPANY INC June 01, 2006 - June 30, 2006 ExplananOn Of Jahn! ReMIS: JAWagan uses the lontmirm ream system Overweight Om.? the ne?t su to twhe months we expect the stock wil outperfam the engage WM ratan of the stocks in the eneysta (a the analysts acorn's) covenve unwise Neutral: Gi/ the Pets. to Area. ?moths. at cooed Ms WO ma pagan, tel Ane mtn the aveive Iota taken pr On iPOCin a, tr9 aneWs (a the analyst's learn,) Coverage unnwee Underweight Over he fled Sc. to Make Months we aspect me stock wit undoeipalam he average lob/return of the am:Varna* enraisla (a the ananan teerrs)coactegeurn Iv Independent Research Ratings: 'PSIS does not ',Wagon, *thaw'se adopt the IndeponclentRasearohMoWerrosomonewlacr ratenas DithrenOrrns uses vitnnyce reams terms as wan as dirterantrraings sysIems to Sloan,Mee reconvflondations .WAS, uses a 'relene'ratnim system as descobed abate IRPtrray use a cldfefentrebngs system such as as an 'absolute'rathas system and use sue* terms as 'buy Tad- a 'sea' Swe'relative-end 'absolute/Mums systems weibnclamentelyaferent you shoW read catalog/ thp dentOrn o an'atoms used 01 he JPVSI end IRPtesewch nettled in the inpoiCli dug/ For Mo mason and since the tpse&Chantains the tows kr me teams as wen as COmplefe infornnort compering the anews yew, Kv shout reed ometuay tat rematchend no: words orients from the '6Mg Mote JPMorgan FriveIelaara 4 me Inerneto; nano Ia the phase Dandam business Conducted Oy.)Rtfagan Gras., S Co tivagn es subsidiaries flak:1We mowing antecegenChase Bank N A —IP Morgan Mat Company N A end P Morgan &Kunnas Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00033470 Chase CONFIDENTIAL SDNY_GM_00302668 EFTA01508263