EFTA01511447

06 2002 Account Number FINANCIAL TRUST COMPANY, INC. June 01, 2002 - June 30, 2002 JPMorgan Chase Bank .345 Park Menus% New York, NY I 0l54-loo2 O JPNlorgan Private Bank Asset Account Portfolio Page 8 of In:porton( lnformat4on 'heal PICINI and 1lebalionS Ances some of who, are proveded by preing serinCes a other sources shch no dean irektbse we not aostarfeed Ip et-curacy or as reeAzable values Valuations of ove+1.rtecountee denvatve Panzachons Includov eaten derwatNes.etaled *post products have been piepaed on a and -market Las's These valuebons we mchGeterc voles as of the close of NJ:floss of the date0(0w statement and eiCepl as alierwae agreed ownlvq. these raluatOns 00 rot represent the actual Wins at ehch transattOnS p 'Kuhl*. could be bought Or sold a nen Sensachens toutl be enteeed wil0 d the actual tarns On arteheostav fransaCbOns 'Peat:vs 0,c4:1 be Agudaled as of the date of ton staterrent We do IVY aafrant thee COrnriknianns Or ateriaey Th010 veliatiOns Ye devared leOmproatteary nbda based upon well( retognded Martial atropin and ne Pave. when neausary b calculate the present value Of future cash lbws made reasonable Bs:metes about relevant future market CO010114 Valuations based On other male4 0' Off trent ass wrptoos may reid thflefen1 fesuis Morgan e.pressty thidarns any respOn9ttily for (1) the aCCuraCy Of the medals b estimates used in derrayng the vadatiOn9 (2) any areas p Oen.s+003 n COnniting b dassemoabng the vekahOns and (3) any uses 10 Whin...the valuations am put VahliabOns Ye prOeded tnbrmebOn poi pas Only am Ye Wended SOWy yOur Oa WO Reese ear 10 a e trade COnnOMkin rOr dowse/Baal PanSattOn Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037273 SDNY_GM_00306471 EFTA01511447