EFTA01508096.pdf

03 2005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 II3 JPMorgan Private Bank Account Number Asset Account Portfolio Page 15 of 18 FINANCIAL TRUST COMPANY INC March 01. 2005 - March 31. 2005 Explanabon *ISMSRatings: JAN.:man uses the kilowng /tØ system OvI~PC Otto ~next Su to Mee months. we expect the stock wa merkm Me nape MRravn &the sleeks in the analyses Re The sittlysrsleamlOcasereste unhealed Natte: Cher the nest sa b Metre rnantha we~eat gas stock wepeeRsm w Ane nth the average Ms!return of!he skelet ån the analyst's (b' de enakts Rents) wrens tutees, Underweight Cur the nest as b Metre markhs. we expect IM slack wit under.perfam the ~age task 'Nun&the stocks in the aneirs Re the antrysrs ~RR coverage sneers. tndeptnelent Research Ratngs: JPMSI don not Øsen offionseo•dopt V»InclopordentReesechProwder restairettimeVcc mbres Oettntntrems ussr • varrelycIratings lenses fl eas clifeentrategs systems to dint:seethe,' rocormsend•torts JAS, uses • "Felatu'retings syslernes cleSCrrnedet‹)ve IRPs may use a ddkrentratatsts sysleve suk SS as en *abschrte'rsengs system end use such Ins as buy*. Tarot ser Since 'retina-and "ebeolute'rebngs systems ere fundementaddlerenZ you should mad carehey the clehn.fas of JR (Wipe used in the JPIASI and /RPresat«. that ts treAded in the ~Wen best Fa the reason and anse ais ~0+ Conklin, the ban b the earwigs as —as Minot«. inicemrstiOn COnOten.no the snalysrs wen. yOu ~Mt /Sect Ofeetey the leseerchand not ilerts contents /menthe rating oboe JPMorgan Pmete &ink NA as The nwkebng %RP M the Wale bOnlyng Deane., Ceedeeeed bylPikettel Chase 6 Co deOtrgh is subadftwea wahimcle. "-Ming JPMorgan Chase Bank J P Magen Rust Company. NA end JP Morgan Seatantee ends Confidential Treatment Requested by JPMorgan JPM-SDNY-00033253 Chase CONFIDENTIAL SDNY_GM_00302451 EFTA01508096