EFTA01508246.pdf

JPMorgan 0 09 21104 .1P1lorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 Private Bank Account Number Asset Account Portfolio Page 11 of 14 FINANCIAL TRUST COMPANY INC September 01, 2005 - September 30, 2005 J P Magee, Secant.. the JPktayan Chesonank NA Of that atfacktos rhe "Morgan Cento.vies9rray prov do odennaaokve c1å5Ø4 sales deaneur•once shakohodo sacnoes to iPmagon Fords Anton Century Funds or funds sstobeshod sponsor-4d *ridded cr ~ivyet by ffird port.r.: ard the Magan Companies nay be comperkseSxl foe skch senmses Explanation of JPMSI Rennes: JAMayan uses rho Iceow,ng roing systar Ovenvoight• Cww rho nett sn to nkovo moms we expect Ce4 S.btk wi4, outpeefren, tne *yew° tolarint<con doe Mocks in rho analyst's (ce the analyst's loam's)corwapo universe Neutral: Ora the ne,t sn to Neb.:, ~nits we e5oect114 / 3 stock wiV ~rm en Are we, Ve even* totalrkten of the sleeks rn the ona3;:ts (cc dro enalystS team's)cmyeape omvase Undenveignt: 0.,« the newt ox to Melia monl.hs ehpecl nkl unie.pektrn Ve ~aye tot& airtto Of the »Cis II* one.»I's (a the anelyela reema)aavertege uvueee Independent Research Rating*: JPMSI does not coda sea olhetwise &bpr the independentReseavnPvwviereseetch exit( ~93 "rent& ms use a yak,etyol(*Wry: !gems as net es dflaentratings systems to descrPelhen recorrrnadshana JPMSI la« e tekevie'rettos system as diwneadaeoko IRAsmayuses elgraentrotings system such os on "absolu,e'ra'ings system ana use such Moms as bur botl* a 'ser Save YoNrk.'and 'absoLuto-raenys sysfeere aefurdwr.WNayd4teenj you shot», feed caearkey the do ions of all tohnes used n the JPMSI and IRProwarchMa: w kncheled wr the ~arch eser Fa Ma reason and once the must,conZems the base to the ratings as att as ~Sae inkamakon concern", the analysts views you should rood wetly the reseafichan1rot intef Ps Contents Can the rating adore JPMorgan Prate Bank n the marketing name tor ne ante banking busnees conducted by J P Mayan Chase Q Co thrown subsdenee arkldwde AnctueA‘ng JPMegon Chase Bank NA JP Morgan TrustCompany. NA and JP Mayan Secuntes Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00033447 Chase CONFIDENTIAL SDNY_GM_00302645 EFTA01508246