EFTA01584312

Confidential Treatment Requested by JPMorgan Chase OLI.179000-ANCIS-lAldr 05 12006 ACCOon Number rft4ANam TRUST COMPANY INC Equity Research Ratings TEMorgits Chime Bank. N A 345 Pa* Ascent. Nem York. NY 101/4-102 JPMorgan 0 Private Bank Asset Account Portfolio rag= Jul IS May el 2006s May 31 2006 Independent third parry re-waren is wadable Sr IS inanda alter Wirloreati Scsnrgas Inc SerfielrLikl ern•roge Chat can access this research at %mew pestareclianomorgan aim or am call that ,IPM60)44 relareienTilke ar drat toll nth number to request that a copy or this nrsearcb be sent to than Egan) ReseaRth Raunp Sr any conmany %here JPMSI less gniuntised untrue are esciluded below For esplanation of JPMSI ratings see &Kimmel' section u end or MaStintin rot third play ratings systems see speak Mud pans ((Kurth at vino. pm Kimball piriontan con Equtly Holdings m Alphakinctd Order ClecrWarracMr Amy TOOJAC TOO JPMSI NEUTRAL MTINGETnn sum readers ARGUSRES a Argue Research Corporation, BOE SECO • BOC SOC4M00111. 1440eGST AA • Morningstar. REM CAP = Renaissance Capital spiral PakireMlinlet/WavaStln• N., vv.. 4.040. •C P.0.4111 al, rat.% Ile of 104 " mei n t.1.144 w fbrarer fel WIAMIln• **Wader . ••ii. •••• EFTA01584312