EFTA01507855.pdf

11 2004 JPMorgan Chow Bank, N.A. 345 Park A% ener, New York, NY 10154-1002 ffi `JPMorgan Private Bank Account Nurober Asset Account Portfolio Page. 32 c 35 FINANCIAL TRUST COMPANY INC November 01, 2004 - November 30, 2004 Explenation of JPartSIRMIngs: JAtIctgan oses tt* followino retina system Ovenveight: Over Mened sa to Meske rronths. weexpect dra stoa rne ~serk:dm Me avtrede MOIre:urner the slccks n the andlysrs (or the enelyst's team's)coyeretge unrverse Neutral: Ove/ ned sa to tat** month.s we expect Yus stock wReedorm n Ane irttft Me ~ege lotet teten of the ~Fa n the analystå (ce the enahdtS tedm's) ~ne Lave,. Undenveight OT the nevt ox to Meie we Glipe« the stek nal urxter.perlam the meidde fotet (*hin ot the flaks n the analysrs («the enelysfs teern,$)coverdoe urnvase Independent Research Ratings: JOMS1 eldes not endar se a otnormso *dop: the IndependentResearcmProndeeletedren daler nabnos Offerentlrms usta venotyoltatings arms es »X es </Agere tretrgs systems doscrtothewtoconmeniestens !PV& usas • "reldtve'rdtings systemas deacntedatove IRPs may us.d dneerenkabngs system suclt es as an "dtscuk.'re.nes system and ula :ven terms as "boy. 'bod' of 'ser Since "fnis:ne-6nd 'etwaVe-ratinps systems cvefunalsmentak).'cirfreien: you shotdd redd ~enery tre clebn4tom of .14 r>lings used n Me JPMSI end IRPresearch Mel ut voksled in the research esel, For Mk; ressen end santo the reseorch~ens the tase Kr Me eatngs es ved es complate .nktmelon conoemng the anaN.sfs vens, yOU ~uti redd ~el". the tese:venane nc,I nier ts contents from kro tetne alene. JPHIcrgen Private Benk is the meketg>o hame for tra pente banking Dame« conducted by J P Morgon Chase 6 Co IrtrOUVh ds suesdn•hes dorktwde. vickokng JPMorgan ane Bank NA IR Maven Trust Company. N A end J P Mergen Secorees Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00032943 Chase CONFIDENTIAL SDNY_GM_00302141 EFTA01507855