EFTA01507435

07 2004 JPMorgan ('huse Bank 345 Park A% enue, New York, NY lill:S-4-10W, O JPMorgan Private Bank Account Norrbet Asset Account Portfolio Pagc. 62 cl 65 FINANCIAL TRUST COMPANY INC July 01, 2004 - July 31, 2004 Expleastion of JPartSIR•tings: JAtIctgan oses Me followine rane system Ovenveight: Over Mened sa to Meske rronths. weexpe:tYra stoa rne ~per ram Me *veene Mel re:urner the slccks m the analyslå (or the enelyst's team's)coyeretge torvene Neutral: Over the ned sa to tat** montho we expect Yus stock wReedorm an Ane ir ttft Me ~ege lotet teten of the ~As o the analystå (ce the enahdtS tesmå) co.enne Lave,. Undenveight Ove the nevt ox to Meke ~the. we Glipe« the stek nal urxter.perlam the meine fotet (*hin ot the sterk: o the analpsrs (or the analystS teernå)covenee urxverse Independent Research Ratmgs: JPMSI eldes not endar se ct otmaraiso*dept the IndependentResearcm Proadeetesearch oaser nabnos Offerentlrms us*. vetotyoltatings arms as **X es </Agere t ratrgs systems descrtothewtoconmeodeshins JPMSI usus • "relatve'restings systemes Oescntedatcve IRPs may osen dneerenkabngs system sutl, as as an "atsekJ.k.'re.nes system en! or :tien !enses 'Nor. 'bod' 'ser Since "fnis:ne-Ond 'absoVeratmps systems wefundomentak).'cirfreien: you shotdd road ~et^ the Oebn4tom ei .14teiings used o Ire JPMSI and IRPresearch Mel is woksled in the research eser For fnis (essen and s.noe the reseorch fl as the Dan Kr Me eat‘ngs es wed da complate .nacinnalon concern,ng the eneds vens, yoo ~uti rad ~eluvy the researchard not Na ts contents from Yrc raMg alene. JP&Icr gan Kvate Bank ‘s the ~Foto; nome for tPx, privet. banking business COMIWterl by J P PACIQM, Chase 6 Co trwooph ds SoterinvJes acdOwcle mcitAskng JP4korgen Chose Benk J P Magan Trust COMOdrri NA and J P Magan Seathel Ix Confidential Treatment Requested by JPMorgan JPM-SDNY-00032478 Chase CONFIDENTIAL SDNY_GM_00301676 EFTA01507435