EFTA01511885

05 Account Number FINANCIAL TRUST COMPANY, INC. May 01. 2005 - May 31, 2005 JPMorgan Chase Bank, N.A. 2005 345 Park Avenue, New York, NY 10154-1002 II3JPMorgan Private Bank Asset Account Portfolio Page 10 of 13 If Sou hews chosen prod the sneep nuked funds ton are notecd that point:ins in die Rene Money Market Steep Fund iecresent riokliNs .n the JPIAr pen Anne Money literAN Fund pesos .n the Federeittoney Market Sweep Fund retresentboddnvs in the JPMorgan FeclorelMoneyMorketAvnl and positrons in the re. Exempt Money Menket Stepp Fend nsetnesnahoMindit in the IFIAOrdno Tav &Aron, MOOSY Mark. , F And JAN& rs the custodian of ',seed options enclave mutual funds sciLding thed petty mutual fonds Anchasedttrough ADM& You shout thentrecenied sepereteJAMS1conf✓melons for each securities Venseetwso AN Iran sections ere piped to the ter nu end coodtesrd steSed on the anteseside or surd, <alternations and are sulyect to the Chriatiotort brIews flab/re end mterprelebons of the maketptece whore arocuted and powernol by and construed in accordance with the tens althea Stag of Now York and at epolcabletederallews and togritaSons Purina pectination nigh respect to commosions and othee charges related to the °Apennine, or transadtons exeudergopeons 6'4040dt:fix hes been tncluded in ccinfrmekins that were ao noratylurnished to you Upon written request (PUSS eh promptly supply Ku net the blestsuch onlohnetion Sherehodetser certain JP1A Funds recharged et redemptce (coequal lo "of the proceeds A theyexchangeor releemshares or such funds within 60 days of pa these su&ect to oaten enceptions setbflhin Me prospectus of the appAcatOe fund laciexconsuA your JPMapan repiesentistrakt a Ad of the AM Funds met nerose redeem/ion/eft JAM& is a marribord the SeCont*SInieakitAtOteliOn Capcnaticor&PC7 a notnoriaoh nnonbershocorporetrai 040 by bralwideatoesnevisterectnitn the &conies and ExchierveCarmiss on Socvnnesand cash hnt lore cusfornor account at JPMS, ant ptonxted up to he dal net equity of each account The first3500000 aerated= who, includes up to WO MO of pf teat for cash is ploy des' by &PC As of March XiOit the balance of the protection is prorded Dy a weer Excess &PC Spey Bond issued by Customer Asset Protection Company &PC and Wen S/FCreotecton do not protect against Kettei NonIIvttWLpa el me netted the sear, des Assets herd m Unto* Dy.IPhk. pan Chase Bank NA (the ttank)ere not sut.ect IC StdC a en Cess SfFCOoleshon JP Mogen Secuttes Inc JPIAdrpen Chase Bann NA ache affintaesdherMagan Conlortnieslmay provide eclmniaretnie custodial saes dobitotion or shareholder son cos to JPMacien funds Amman Cardin funds a funds eztonkshect sponsored atened a mandOectbY thrd perheS and the Mogen Convenes trey be consoensdted for such seneces JPittnan Reale Bank NA is the marketing name for ere private Donkey Diann., conducted by I P Morgan Chase & Co thrown sutord wins wardwdirt hnc. dvp JPMagan Chase Bank J P Madan Trust Company NA and JP Morgan &Kates Inc Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037722 SDNY_GM_00306920 EFTA01511885