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
In:porton( Informat4on 'heal PICINI and Valuations
Poces some d who, are provided by preing serinCes a other sources shch no deannektbse we not ow/anted kri et-curacy a as reeAzable values
Yetis:on, ove+1.rtecounter denvaNe Panzachons =Wm° eaten derrvatNes.etaled *post products have been prepived on a and -market baus These valuebons ete mchGeterc voles as done close o twsness of be date d this statement
and eiCepl as abet.ae agreed .n "wiry. these valuatOns do nor represent the actual Wins at elm") Peruse:Ana a 'Bevil*. could be bowed a sold a nen Sensachiam tout, be entered nib 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 ref aafrant Met COrnriknianns a ateriaey These va&'amns Me devared frOm prOateary m:da based upon mg reCOgndedMartial atropin and ne Pave. when neausary b
calculate the present rake Of future cash fbns made reasonable Balm/ales abOut relevant Uwe fro, Yet Concblanit Valuations based On dna male4 a delerent aSsiorptons may red different resuis Morgan e.pressly dd.:farm any respOn9ttily
for (1) the aduraCyd the mede's a estimates used in den'WV the vatabOn9 (2) any kr(On a Ormas+003 on Cenvottng a dtssemoabng the vekabOns and (3) any uses 10 etreft the yakiabOns am put VM,at,Ons are prOeded fa tnbrmebOn
poipas Only and are wended sowyke your On use Reese 'Vet 10 the track. COdireMkin KY dowse/Baal banSactOn
Confidential Treatment Requested by JPMorgan JPM-SDNY-00032960
Chase
CONFIDENTIAL SDNY_GM_00302158
EFTA01507871