11 2004 Account Nurober Cl~ FINANCIAL TRUST COMPANY INC November 01, 2004 - November 30, 2004 JPMorgan ('hau Bank, N.A. 345 Park A% enue, New York, NY 10154-1002 ffi`JPMorgan Private Bank Asset Account Portfolio Page. 32 ct 35 Explenation of JPartSIRMIngs: JAtIctgan oses tt* followino retina system Ovenveight: Over Mened sa to Meske rronths. weexpect dra stoa rne ~serk:dm Me avtrede MOI re:urner the slccks n the andlysrs (or the enelyst's team's)coyeretge unrverse Neutral: Ove/ ned sa to tat** month.s we expect Yus stock wReedorm n Ane irttft Me ~ege lotet teten of the ~Fa n the analystå (ce the enahdtS tedm's) ~ne Lave,. Undenveight OT the nevt ox to Meie we Glipe« the stek nal urxter.per lam the meidde fotet (*hin ot the flaks n the analysrs («the enelysfs teern,$)coverdoe urnvase Independent Research Ratings: JOMS1 eldes not endar se a otnormso *dop: the IndependentResearcmProndee 'eteren daler nabnos Offerentlrms usta venotyoltatings arms es »X es </Agere t retrgs systems doscrtothewtoconmeniestens !PV& usas • "reldtve'rdtings stakmas deacntedatove IRPs may us.d dneerenkabngs system suclt es as an "dtscuk.'re.nes system and ula :ven terms as "boy. 'bod' of 'ser Since "fnis:ne-6nd 'etwaVe-ratinps systems cvefunalsmentak).'cirfrei en: you shotdd redd ~enery tre clebn4 tom of .14 r>lings used n Me JPMSI end IRPresearch Mel ut voksled in the research esel, For Mk; r essen end santo the reseorch ~ens the tase Kr Me eatngs es ved es complate .nkt melon conoemng the anaN.sfs vens, yOU ~uti redd ~el". the tese:venane nc,I nier ts contents from kro tetne alene. JPHIcr gen Private Benk is the me ketg>o hame for tra pente banking &niom, conducted by I P Morgon Gastio Co IrtrOUVh ds suesdn•hes dorktwde. vickokng JP4bgen ane Bank NA IR Maven Trust Company. N A end J P Mergen Secorees Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033013 SDNY_GM_00302211 EFTA01507917