07 JPMorgan (hase Bank 2004 345 Park A% entre, New York, NY Itil54-liatit Account Nutuber Q Asset Account Portfolio FINANCIAL TRUST COMPANY INC July 01, 2004 - July 31, 2004 Explanation of JPartSIR•tings: JAtIctgan oses tt* followine rane system Ovenveight: Over Mened sa to Make rronths. weempect the ska uiV cutperkern Me *veene MOI re:urner the slccks o the analyslå (or the enelyst's team's)coydreige torvene Neutral: Over the ned sa to tat** month.s we expect Yus stock wReedorm n Ane irttft Me ~ege lotet teten of the ~As o the analystå (ce the enahdtS tesmå) co.enne Lave,. Undenveight OT the nevt ox to Meke we Glipe« the stek nal urxter.perkrm the meine fotet (*hin ot the flaks n the analysrs (or the analystS teernå)covenee urxverse O JPMorgan Private Bank Pagc. 62 cl 65 Independent Research Ratmgs: JOMS1 eldes not endar se a otnormso *dept IndependentResearcnProadee leteareh oase< nabnos Offerentlims us*. venotyoltatings arms as well es </Agere t ratrgs systems to descrtothewtoconmeniestons !PV& usas • "relatve'restings systernes Oeschtedatcve IRPs may usea dneerenkabngs system sutl, as as an "atsc,uk.'re.nes system en! or :tien !enses "Deor. bod' ci 'ser Since "fnis:he-Ond 'absolute-ratnps systems wefunalsenentak).'cirfrei en: you shotdd redd Ofret^ the Oebn.fons Ce .14teiings used o tre JPMSI end IRPresearch Mel is voksled in the research esel, Flo this (essen and s,nte the reseorch ~ens the tasa kr the retogs es used es complate ,n innalon conoemng the enaN.sfs vens, you ~ti redd ~eluvy the researmen' nc,1 oter ts contents from Yrc ratog alene. JP&Ictgan Private Bank ‘s the ~Foto; nome for tPx, privet. banking business COMICM0 by J P Magen Chase 6 Co trwooph ds soter:In:nes aodOwcle nctustng JPMorgan Chase Benk J P Aktes° Trust COMearri NA and J P 41‘ , 9an ~geo Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00032413 SDNY_GM_00301611 EFTA01507378