EFTA01507840

11 2004 JPMorgan Chase Bank, N.A. 345 Park As enue, New York, NY 10154-1002 1''JPMorgan Private Bank Account Number Asset Account Portfolio Page c 35 FINANCIAL TRUST COMPANY INC November 01. 2004 - November 30, 2004 Important InfOrMat4On abOUt PION/and Valuations Poces some d who, are provided by preing serinCes a other sources shch no deannektbse we not ow/anted Ibi et-curacy a as reeAzable valves Yetis:on, ove+1.rtecounter denvatAte Panzachons =Wm° eaten denvatNes.etated *post products have been prepived on a and -market baus These valuebons ete mchGeterc voles as of the close o twsness of the date d this statement and ...Cep: as atiernae agreed .n "wiry. these valuatOns do rot represent tne actual Wins at elm") Peruse:Ana a 'Bevil*. could be bOuged a sold a nen Sensachiam Cousd be entered inI0 a the actual Kona On nrtCh eostav fransaCtOns a 'Peat:vs 0,c4:1 be Agudated as of Me date of ton statement We do not aafrant Theo COrnriknianns a ateriaey These veliatiOns Me devared PrOm prOateary m:da based upon reCOgneed fenenCial atropin and ne Pave. when neausary to calculate the present rake Of future cash tons made reasonable Balm/ales abOut relevant tutu.* natio( COnalan Valuations based On dna male4 a deferentalio/vireos may red different resuis Magan e.pressly thiderns any respOn9iNey (Or (1) the Beasley Of the mede's a estimates used in derrnng the vadatiOn9 (2) any arras a Ormas+003 on COnvottng a dtssemoabng the vekabOns and (3) any uses 10 etreft the vat,atons am put VM,at,Ons ere prOeded fa tniamebOn poipas Only am eV wended sowyke your On use Reese *Or to the trace ainloreMtgn for dowse/Baal banSattiOn Confidential Treatment Requested by JPMorgan JPM-SDNY-00032925 Chase CONFIDENTIAL SDNY_GM_00302123 EFTA01507840