EFTA01507634.pdf

09 2004 JPMorgan Chase Bank 345 Park Avenue, New York, NY 10154-1002 II3 JPMorgan Private Bank Account Number Asset Account Portfolio Page 59 of 62 FINANCIAL TRUST COMPANY INC September 01, 2004 - September 30. 2004 Explanation of JPAISIR•Ongs: JPMorgan uses tie Sowing ratan/ system Overweight Over the net', sex to teeNe months. we expect dra stack outpeftam Me average Met retum clthe sorks m the analyst å (a the *odors karat wasps universe Neutral: Over Ilie twit sa gtwelve months we expect Yus stock wit peeform ar Ant weft the mane tote; rotten of the stocks sn the analysts (a the enaystt team's) coverage unworn Undenveigfit Over the nevi ax to Me4e ~Ms. we expect Ka stock asa uexter.perlam the mane total tetra el the storks on the analysts (a the analyst's teams) coverage universe Independent Research Ramps: JP/SJ does not endorse a otherwise adopt the IndepondentResearcnPrande'research oast( raMps Ofierentlems oleo renotyol ratings kerns as wall as </Avantratt.gs sy steins to dosatothos worm:ode/tons !PUS! uses • "relatve'restings sysames describedstove IRPs may use • dneetentrebngs system such as as an "ebsavkrtngs system are/ use such terms as 'buy' 'hod a 'sea' Smce "rob:he-end 'absolute"rdogs systems aefundsmentalWrfrefeol. you should reed Orel^ the deriNfons «Ora/nos used in the JPMSI and IRPresearchNat a irckxted in the researm!rue Fa ttys reason and sanOe the researchcores", the base ta Me tarns as wed as complete .rdonnotonconcermng the analysts vens, you should reed sinfully the reseanhand rye slier es contents from the toting atone. JPMerpan Pirate Bank n the ineekehno name for the privet. banking &Kenn, conducted by J P Wigan Chase S Co through ds sutodnwies aOrldwde. mckekno JP/Japan Chase Bank JP Mown Dust Carry. NA and JR Magen Seatties Confidential Treatment Requested by JPMorgan JPM-SDNY-00032698 Chase CONFIDENTIAL SDNY_GM_00301896 EFTA01507634