EFTA01507395

07 2004 JPMorgan Chase Bank .345 Park Menus-, New York, NY lill54-loo2 Account Number Asset Account Portfolio FINANCIAL TRUST COMPANY INC July 01, 2004 - July 31, 2004 IMpOrtanf lnfOrMat4On abOUl PICINI and Valuations Poces some of who, re provided by preing serinCes a other sources shsch ne deennetabse we rot goateed kr eccurecy or as reeAzable valves 1''JPMorgan Private Bank Page 4 cl (35 Valuations of co1.rtecountee denvatve Panzabons =Wm.; eaten derwatAms.etaled *go! products have been prepaed on a and -market baus These raluebons ete mchGeterc vales as of the close o twsness of the date0(0ms statement and .Cep: as (Viand° agreed .n "wiry. these raluatOns 00 not represent tne actual Wins at elm") transattOnS or 'Bevil*. could be &road sod a nen Sansacham tout, be Onteeed wil0 a tn. actual Menu On nrtCh eostng fransaCbOns secwdes LOIN be Agudated as of The dale of ton statement We do IVY aafrant they canriknianns b artaaey Tnele veliatiOns Ire devrved from peOpOary Mc:a based upon eta( retogneed Martial pnroples and ne Pave. when neensay b calculate tne present vac* Of future cash tbns made reasonable Bs:metes about rekovan) future maker COn&bens Valuations based On *Ma ntd04 a dal trent ass wrptoos may red &been: fesuis Morgan e.pressty thiClarns any respOn9ttily for (1) the Bea:Wye/ the medals a eahmates used in den 'WV the vadatiOn9 (2) any a refs p• Onss+003 n COnvoring b dosemoabng the vekabOns and (3) any uses JO enter The vat,atans am pot Veliabons Ye prOeded tnbrmebOn papas Only tol4 eV wended sowyke your 0 use Please far 10 Me trade COnloreMlgn for dowse/ each PanSaChOn Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00032430 SDNY_GM_00301628 EFTA01507395