12 2004 Account Numbe FINANCIAL TRUST COMPANY INC December 01. 2004 - December 31, 2004 JPMorgan Chase Bank, N.A. 345 Park A% enue, New York, NY 10154-1002 ffi JPMorgan Private Bank Asset Account Portfolio Page 10 c 13 In can Of &T0M ordtroademasayeartnittn« MOMS. OW NM Credit If ~think that your staternenf is tamed or dyou need mans eterstins ~ate ~sedan abject salter:we encludeng a See secrete Yansechon you must wile to us on a ston a,. sheet desonbeng the error and send d to JONIcroati Private Bank. 502 Stanton Ctrielöne Reed %CPU Nowak DE 107132107. We must hear hem you no Wes than 60 days alter the slatenssnt on whet» the ~sr or picötem spewed is Salt Yesiben Malec. sow blare saves spec-was! but doing sown not present yew Mgt In your Mkt please provide th • lotion' informabsn (thocir ~wand occomtf numb*: (1 the dollar want of ouspolo era; end (3 J•darriikon cline error end mdalanation. dysa can why you badese there is an awe If you need more siankshori you ~1 ~De the ibm you we ~naiad Tne JPAforpon Funds or The ~organ Institutional Funds or The American Century Fonda Shares d Ire turd, are not bar* decocts end we not mwanleedby any bank governnen entiy a the FDIC Reath and ante price ers kicks» end rodeos wakanayee nurea less than onnaicom Yotrkb the money market /kinds seta b me,Maina stir», rat asset tabect SI 00 per share !turns ro maw *meth& they *tit continue to do so The °sheeted annual income and *Mend retl hgtees kr "AM keys represent». funds' most recent income dividend annuated JP moron Fads Dabemor Inc U the datnausa. 01 the "ovum Fonds and Arno IconCarthrry Immtment Servo«. Inc es the claMbute d the ArnenCanCenturyFuna JP ~On MweStmentMene(~0 end A~OenCentutYin~tmantMannemantIno »wee, investment ~mask) thee reSpeCtretttort 4.~.4 and teCeNeCOokrencatiOn from thee reSPOCtive fund Fenianfa NOr(Ong onveStrreht edvslayttocl Other stones dyur NAT ChOSen One 01 the sneer, mAuat funds tOu are notified that pOS4Ons in the Prime Money Markel Snipp Fend eetveaag been, er the "kegs^ Awns> MO^e), Mattat Fund. nonsens in the FecteratMoney Market Sweep Fund represent 6‘4"2, nthe JPMorgan FeckraPlIoney letreet Funs' and poskeoos m !he Tax Exempt Morey Marna, Swoop Fund reprozonfhokbros in the JPMorgan Tax Exempt Money Mont.. Fund JPMS? es the assodan o As adoptions and most mutualhods nciuding third pony mutual hinds purchased ftWOLIph JPMSI JAIISlo • menad It,. Secundas ImostorProtedon CceporaNsn ("SiPC 7 a not.to, prottrombeeshocaperatron had by trokarbabrsecoaSend with the Senoras and ExchanpoCconssen Savage and cash heel lava customs account at Jai& are protected up to Me lot& nef ~rya/ etiCh account The his( 8500000 cipecktcton whet includes up to $100 000 trotecten ter cask a peeved& by San As of March 2704 the Panted the prOMCfon a provided by e senerExcessSIPC Surdy Bond issug by Customer Asset Protection Company &PC and exCeSSSILC protector+ do not protect noose lassos from Auttuatons m pre rated the seruntes Assets het in custody by JPAttr pan ChaseBonk NA (the Bank ire not sutkect to SIPC a excess S/PCptotecton J P Wigan Secretes Inc. JPItOrgan Chase Bonk NA a NOT MUM*, (the 'Wan conwomss 7may pads admna.rome.oustotbst sad distribution or sharehottlenervoesto JPIrtagan Fonds. AmeriumCentury Panda or funds esteldshed »<snored &trued cr managed by dint ~tea and the Mayan Companies may be compensact for such sames &piano tiOn of JPMSI Ratings: JASIcrgan uses the felbayng eating systerin Overweight Over the next six to Mesas months. WO expect tow stock we outperform the nets Mel Mann OS the skils NI the analyst's (a Me analyst's team's) coverage universe Neutral: Ore the next stt b Mahe months we expect Elks stack wit pelcan in koro wan the nine total return& the stocks in the analyst's (a the metas teanea) covens. sowers. Underweight' Om* the next six to fret's moms. we ~art the stock agt unicr.peelom the nape ANY rehsn ce the stccks to the analyst's (or the sneisirs tam's) coverage unverse Independent ReSeereh Fladngs: JPMSI does not onckno a otherwise adapt the IndopenientRosoarchPrcmckeresearchardlor roans Llegsrent Inns use a vone.iyol ratings Mons as woe as da rentratngs systems to docate Mar reconmendatons !PAID uses a -retatve'retvigs system as ~it*/ above iRP3 may use a deleentratengs system Suet es es en '60$0,Werebnp4 ryskel tad use such terms es 'Puy' 'hoe' a •stse Snipe Yealmeand 'absoMe'ta&igs systems ivetkoldatnenhOyddleseot you stout read Cerefaty the dehotons d eV ratings used in the JPMSI and MPresearchMat s atided in the ~arch end For the reason and since tro march cortoms the base ta me tags os won as comp** int~aton con:smog the mayaos Vint you should read ~quay this tesearchand not infer is contents from the rainy alone JPMorgan Pomade Bonk a Me ~atop none tor the private armvite conducted by J P Morgan Chase S Co thrown its subsdranes stakved., inctudeng JPMagan Chase Bark NA JP Morgan TrustCOMP:MY NA and JP Magan Secretes Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033056 SDNY_GM_00302254 EFTA01507952