11 2004 Account Number FINANCIAL TRUST COMPANY INC November 01. 2004 - November 30, 2004 JPMorgan Chase Bank, N.A. 345 Park As enue, New York, NY 10154-1002 1 ''JPMorgan Private Bank Asset Account Portfolio Page c 35 In:porton( Informat4on 'heal PICINI and Valuations Poces some d who, are provided by preing serinCes a other sources shch no dean nektbse 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 reCOgnded Martial 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 del erent 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 etre ft the yakiabOns am put VM,at,Ons are prOeded fa tnbrmebOn poi pas Only and are wended sowyke your On use Reese 'Vet 10 the track. COdireMkin KY dowse/Baal banSactOn Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00032960 SDNY_GM_00302158 EFTA01507871