05 Account Number FINANCIAL TRUST COMPANY INC May 01. 2005 - May 31, 2005 JPMorgan Chase Bank, N.A. 2005 345 Park Avenue, New York, NY 10154-1002 II3JPMorgan Private Bank Asset Account Portfolio Page 12 of 15 te you here Mann COO of the sweep navel funds kou are notated the positions in Me Pane Money Merest Skeep Fund representholdnos m the JPMorgan Mime Money WAS Fund, poe.tons In the FederalMoney Markel Sweep Fund represent hadings in the JINAccren Faiderediloney Market Fund and posikons m Me Tv raters:4 Money Merkel Seep Fund nopiesonttnatengs in the JPMorgan Tax Exempt Money Mann Fund JPMSI is the ciao:kenof listedoptions and most mutual hinds, natiekno third party mutual funds purchased through JPMSI You Wadi IMeloneenvedniperaMIPSISIONnimebOnit to each Maintain sans bon AV ttenstrataU ere auMea to Me terns and condemns steed on the taverna* ot sue, ccninnelone and ereaubma to Me conabfulion by-taws Customs end oleo:rale:tons a the merketplacetithere executed and governed by end construed n accordanceme the bees a the Ste* of New Yak and el opplooselehetwalAmvs end regulatons Further edamotion me respect to =noma and other chargesteleted to the execution d transaMons including aeons frerasoMana has been MIMS erfroWerla that were premokak iturnehedlo you. Upon widen repaint JPMSJ en pronaaYerinlY INN min The West such mansion Shirai:Mersa coriernJPSI Funds we charged a ilideMpbm feeequelto 2% of the proceeds it they exchangea redeem shares of such funds mein 60 days otpachase subtext to certain exceptions set kith in the prospectus ot the appdcableFund ffectsocomutt your JPMorgan tepteeeMetreeke a tat of the JPM Funds Tel imposeredemptionlees Jinn& a • member a Me Securers Menke Proleclion CorperefrakESIFC-X• nothexproht nerreershocapa atom 'undid by brokemditinersrepeleredwith the Securitiesand ExchaniteCommisson Senatesend can held Ices customer account at SACS! we protected up to the lob, net equilyci each account The fest SWE000 of probection which includes up to $100.000 cagrolectrai kr cash. e provided by SPC As of March 2004. the balanced the pielection is arerded by a seder& &Excess WPC Surety Bond issued by Customer Asset Priem:bon Conmeny. SIFC and excess SIPC profs:ban do not protect against tosses Prom NRIvations in Me valved me seituribee Assets hind n CuatOeY by .1PlAmcw Cease Belk NA attnanENtrena autyeal0 SIPC a axone &PC pneeston JP Morgan &cuts Inc !Mown ChaseEar* NA a shot effeelos (Me Wagon Commies, may poetic edeumsbelms modem/ Wes &Mtg.:vice stwaholderscevcento JPMorgan Funds AmacanCeretry F unds a funds calabash.° sponsored *dosed a managed by cord panes end Me Mann Companies may be compensated la such sauces Explanation Of JPMSI ROOM'S: !Meagan uses Me Moreno rent' system OVeneeight: Ow Me net So to Neve awes. we expect 104 stock me ocepettmen Ile an Mt return ot me stocks on the &matt, (a me analysts reama)corarege WIIVOISO Neutral: Oin the next sh to 'webs mornexi we expect ea stak wet eterkem In Ian wan me enrage met return of the Stocks n the analysts (a UV rialysta teamk)convage urkvene Undetwongtit: Mier the next six no team moms we eipect this dock nit innahanonn the eyinge tad reran a me stocks in the eneasts (a the analysts Norna)coverege unworn. IndePendent Reflarth Range: JPIOSI stows not ervkiSeO, Otherwise edOpt the lodeperneolgesearchPreocteneseetchardbraMps Offerenflims uses venetyof tangs lemmas mules raff emit ratings system. to deiSarte thew reCOrwendelan PPM& uses e tolatve'resegs system as descnoon move lRPs may uses dterentratings system such as as en latiaiderahngs system Ord use such terms of lay" TOW a 'MT Sot. totaine-and *absaltdo-rattros systems we futetsy.ntalyerttentel you Sttatid teed consUlly the de/mMons d oil tomes used in the JPMSI and IRP research Mae Welded m the research tail Fa this reason and ease tee research cannon the tops la the ,apps as wee as coronae wecerrotoncorcommt the analysts yeas, you should reed airetuty the Wean:hand OM ',Vera contents from Me ratty alone JPMorgan Private Bone NA a Me meeting name tor the peyote bank vg business conducted by J P Morgan Chase & Co through as soaminoes wadwde. main' JPhIorgen Chase Bank. J P Magian Trust Company N A and J P Morgan Socrates Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00033313 SDNY_GM_00302511 EFTA01508143