EFTA01511949.pdf

JPMorgan 0 10 2005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 Private Bank Account Number Asset Account Portfolio Page 10 of 10 FINANCIAL TRUST COMPANY, INC. October 01, 2005- October 31, 2005 J P Mager Seas, tios 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 independentPeseavndveeletreseetch ender ris~ COVerentirms use a oarat& reOrps errs as net es dflaastanngs systems fo descreethew reconrneofolons JPMSI uses a teeve'rate9s systerras dauntedWare ?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 ordensontasydeWoro you shove food caeatkey the do ions of all tahnos used in the JPMSI and IRPrewarch ,S snosuclec 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 seseafichan, 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 JPM-SDNY-00037786 Chase CONFIDENTIAL SDNY_GM_00306984 EFTA01511949