EFTA01507337.pdf

O7 2004 JPMorgan Chase Bank 345 Park Avenue. New York. NY 10154-1002 II3 JPMorgan Private Bank Account Number: Asset Account Portfolio Page 14 of 65 FINANCIAL TRUST COMPANY INC July 01, 2004 - July 31, 2004 Important InfOrMat4On abOUt PION/and Valuations Poces some d MOP re prowled by preing serinCes a other sources shch no deennetabse we rot goateed kri et- curacy or as reeAzable valves Valuations co1.rtecounter denvatAte Panzabons =Wm.; eaten derrvatNes.etated depot products have been prepaed on a and -market Ms's These valuebons ete mchGeterc voles as of the close o twsness of the date d this statement and ...Cep: as (Viand° agreed .n "wiry. these valuatOns do rot represent tne actual Wins at elm") tranaattOnS a 'Bevil*. could be bayed Or sod a nen Sansacham tout, be entered nib Or the actual Kona On nrtCh Post"; fransaCtOns a seCotbes 0,c4:1 be Agudaied as of Me date of ton statement We do not aafrant they canriknianns b aoaacy Tole veliatiOns Ire devared PrOm prOpOary mOda based upon eta( retogneedMartial pnroples and ne Pave. when neensary b calculate the present vac* Of future cash fbe. s made reasonable Bs:metes abOut relevant tutu.* maker COncbbens Valuations based On dna mOde4 a deferentalio/vita/. may red different resuis Morgan e 'Feisty thiClerns any respOn9iNey (Or (a) the aCCuraCy P e tra update o estimates used in den'WV the viMeatiOn9 (2) any 0.10/3 o Ormas+003 on COffixiting o dassemoabng the vekabOns and (3) any uses 10 ete'h the yakiabOns am put Veliabons ere prOeded fo tnbrmebOn poiposet Only am are Wended *Wily ke your a. use Reese far to the trade COM%eMkin KY derses d each tranSaCtiOn Confidential Treatment Requested by JPMorgan JPM-SDNY-00032365 Chase CONFIDENTIAL SDNY_GM_00301563 EFTA01507337