EFTA01508000

01 2005 JPMorgan Chase Bank, N.A. 345 Park As enue, New York, NY 10154-1002 O JPNlorgan Private Bank Account Number Asset Account Portfolio Page 26 of 29 FINANCIAL TRUST COMPANY INC January 01, 2005 - January 31. 2005 The JPIAorpan Fondle or The JPAlagan Institutional Funds Or The American Century Funds Shares& the funds are not ban* departs and we nd guaranteed by any bank governrrententity a the FCC Return and share axe mg nuctua.and redemption vote pay be trcrea Ms than cog.naloost V•We the money market funds seek to maintain a gable ref asset ie..,e of SI 00 per shore Maya no assaancethe they were:enemy to do so TIvestenatedannual income and etvdendrek times fa mutual funds repreaentthe funds' most recentmcome dividend annua0zed .1 P Morgan Funds Datnbulcr Inc LI the databotts of the JP1Acegan Funds and AmtreenCeMury Inyestmere Senmces Mc a the claPOulcr eta Amencan Century Funds J P MO'gen Investment Management Inc and Andean Centuryinrestment Management Inc serveas innattrnantadviSS.310 therrrospectn.fund (amass and reel...geed-n."043400,, from thayescdctive fund farmlesAY prorodog 0mM/sot adviscryand Mar saves It you nee ctoaen one d tne ime.p AMU*/ folds you we netted that poseons mule Rune Money Merkel Sweep Fund represent holdongtI m me JPMagen Rene Money Market Fund paseons in the Federal Money Mine/ &veep FUnd terea.w Wanga N the JPIAcrgan Fedora/Money Market Fund and peahens m me Tax Exempt Money Market Sapp Fund mpresenthadocks in the JPVagan Tan Exempt WiryWokeFund JPMSI a the custodian dated options amines: mutual funds, natation; Nord party mutual funds purchased Waugh IPIASI JPMSI a a morn:sore Me &cages tmostorProtectol GapcvshenrSIFC7 • notlev.protamernborshecapastron funded by broker dosarsregatered mm Nov Secedes and ExchanoeConnsson Socurdlosand castrhokHa a cusJorner account at JAI& so preluded up to me IOW net *goryal*SO account The fast t500000 eproSection wench osasoles up to $100000 ciao:echo" fa cosh a provded by &PC As at Merit 2004. the balanceof Me proSechon a pordeday a aspreOsExcess9PC SurelyBond Issued ay Customer Asset Protection Company SIC and e.cess &PC peoilvton do not protect against fosses born fluctuations in me retool secontes Awes held m custody by JlaMagan Cnasettank N A (the 13ank,ansnot subset So SakCce excess &PC protection JP Mogan Sea lies Inc JP4assgea Chase Bank. NA a Mar 44303(MO ',Megan Cderkoan.es,may provide admotsteatwe ass loclart sales delnautsonar strivehrader sewees to JPIAcr gen Funds AnlenCanCentury Funds or funds estabeshod sponsored *dosed a managed by thrd petal and the Mogan Convanes rosy be compensated fa such senwes Explanation of JPMSI Ratings: JFittergan uses the foltemg ram system Overweight: Over me nor! six to McAro months we expect ma seise wol °utopia'', Me nage total 'Worn dma stocks m IM analyst's (a tiro analysts toam's)coveago universe Neutral: Over the next su to twelve months we expect Ma stock ww perform n nine welt the average teal return of the stocks in the anal/es (a the analystS team's) coverage universe Undenvelrf: Over the nes', so to tnetie months we expect eke stock m0 unier.perlam the overage total re vn of me stacks in the analyst's (a the eno,Yst's team's) Coverage universe Independent Research Ratings: JPMSI does not ordam a othermse adopt the IndeporaentPesearchProydee researchander mans Offerentfirms use a veralyot svgs teams as .net as deferent/anal Systems dose. isether recownerdatons !PUS/ uses a "reistve'rohngs system as describedabove IRPs may lase a deferentreihres system such es as en -abscAkY'remes system end use such lemmas "bur. "hod' a 'ker Sate 4elobse'ane "easotute", et a s systems cvekoxlimentePechlteven! you Slioukt reed cerefveY the definsons of eV ratings used in to JPIASI and IRPresearch that ss feCk.ded in the research conk Fa this reason and ante to research weans the bald Kt me ratings as wed as coapere ,kacamatonconskeenog the analysts vent you should road avetua,r the reseatchanJ not nice Is contents from the rating alone JPMorgan Pruett Bank d the inerkeMg wane fa D. private banking buaross conducted by J P Morgan Chase a Co (rough its substrates acrklwde snciodng JPAActgan Chase Bank NA SP Mogan Trust Company NA and J P Morgan Securities Inc Confidential Treatment Requested by JPMorgan JPM-SDNY-00033128 Chase CONFIDENTIAL SDNY_GM_00302326 EFTA01508000