EFTA01507596.pdf

09 2004 JPMorgan Chase Bank 345 Park Avenue. New York. NY 10154-1002 II3 JPMorgan Private Bank Account Number Asset Account Portfolio Page 15 of 62 FINANCIAL TRUST COMPANY INC September 01, 2004 - September 30, 2004 Important Informat4on aDOUl PICINI and Valuations eves some d MOP re prowled by preing serinCes a other sources shch no deennetabse we rot goateed Ibi et-curacy or as reeAzable valves Valuations co1.rtecounter denvatAte Panzabons =Wm.; eaten derrvatNes reeled depot products have been proceed on a and -market Ms's These valuebons ete mchGeterc voles as of me close o twsness of the date d this statement and ...Cep: as (Viand° agreed .n "wiry. WPM) valuatOns do rot represent tne aCtO Wins at elm") tranaattOnS or 'Kure.. could be bayed Or sea a nen Sansacham tout, be entered wil0 a the actual teems On nrtCh eostAng fransaCtOns a seCotbes 0,c4:1 be Agude.ed as of Me date of ton statement We do not aafrant they canriknianns b artaaey MOS. veliatiOns Ire devared loom prOpOary m:OeS based upon PICOgnded Martial pnroples and ne bare. when necemsary to calculate the present vac* Of future cash tons wade reasonable Bs:metes abOut relevant tutu.* fro, Yet Concblanit Valuations based On dna mOde4 a delerent aSsiorptons may red different 11.91/43 Morgan e.pressty dd.:tarns any respOnsttily for (1) the Bea:Wye/ the medas o estimates used in den'WV the veltatiOn9 (2) any 0.10/3 o Ormas+003 on COffixiting o dassemoabng the vekabOns and (3) any uses JO weftft the vat,atans am put Veliabons Ye prOeded ro tnbrmebOn papas oily and an) Wended soOly ke your W use Pease far to the Wale COrlfreMlqn ter derses016MKA PanSaChOn Confidential Treatment Requested by JPMorgan JPM-SDNY-00032654 Chase CONFIDENTIAL SDNY_GM_00301852 EFTA01507596