AAS33 Australian Accounting Standard - AAS33 deals with the presentations and disclosures of financial instruments. Account 1.

A contractual relationship between a buyer and seller under which payment is made at a later time. 2. The historical record of transactions under the contract, as periodically shown on the statement of account. 3. In banking, an account is a relationship under a particular name, usually evidenced by a deposit against which withdrawals can be made. Account Control System - ACS - A system that holds specific information about the transaction's accounts. It is a database of information regarding each deal. ACS uses "ticklers" (reminders) that are created for important dates or events scheduled to occur in the future. The dates/event are taken from the Indenture document. Accounting - A way to provide clients with accurate, timely and complete information about the value of their portfolios. Accounting Area - There are several groups within JPMorgan Worldwide Securities Services where client accounting is conducted. Duties include: Reviewing and recording transactions on a daily basis and monitoring cash and asset variances between custody and accounting systems. Monitoring income activity to ensure overdue items are resolved according to departmental standards. Performing cash projections. Reviewing work of colleagues for quality assurance purposes. Interacting with clients, fund managers, custody groups and administrators as necessary. Accountant An accountant prepares and renders accurate and timely accounting statements in compliance with the customer expectations and local regulatory standards. Accreted Value - The current value of a zero-coupon municipal bond, taking into account interest that has been accumulating and automatically reinvested in the bond. Accrual Bond See Zero-Coupon. Accrual Period - The period over which the interest due the lender is calculated. Accrued Interest - Interest deemed to be earned on a security but not yet paid to the investor. The amount (stated in currency) of interest accrued on a security is based on the stated interest rate and calculated from its start date to the date of delivery to the original purchaser. This is usually paid by the original purchaser to the issuer as part of the purchase price of the issue. ACES - A web-based software application that performs reconciliations between Accounting systems such as WINS and the Custody positions on systems such as TITAN and COSMIC. Accrue/Accrual - An accounting method whereby income and expense items are

recognized as having a value for net asset value calculation purposes as they are earned or incurred, even though they may not have been received or actually paid in cash. ACEnT - Automated Client Enquiry Tracking - A system which allows the recording, updating, delegation, management, control and analysis of both internal and external (client initiated) inquiries between all COSMIC users. ACH - Automated Clearing House - A computerized facility used by member depository institutions. Agent A person or financial institution authorized to act on behalf of another. Agent Bank - A bank that performs safekeeping in its local market on behalf of the global custodians. Agent Commission - A fee or allowance given to an agent in exchange for services rendered. AIRS - Automated Income Reconciliation System - The dividend and interest payment system in Worldwide Securities Services for U.S. securities. Amortisation/Amortization - The gradual reduction of a debt by equal periodic payments sufficient to meet currency interest and to extinguish the debt at maturity. Anti-Money Laundering - AML - The steps that must be taken to ensure that investor/client money has come from an appropriate source and has not resulted from illegal activity. More information can be found by accessing the JPMorgan Compliance site on eSource. Appropriations - The payment to the trustees of the fund for the creation of new units. Articles of Association - A document which lists the regulations that govern the running of a company. Articles of Association cover things like the main business and purposes of the company, investor's voting rights, directors' duties and general working and management practices. They are registered with the memorandum of association when the company is formed. ASDA - Actual Settlement Date Accounting - A system of accounting whereby custodians will only credit the client's account on the actual settlement date of the securities. ASSEP - Associations d pargne pension - An international Pension Plan, first introduced in Luxembourg. Asset 1. Anything that is of value to the holder. 2. Another name for share/stock/security. Asset Backed Security - A bond or note whose payments are primarily derived from income generated by a pool of non-mortgage assets such as auto loans, credit card receivables, home equity loans and student loans. Asset/Currency Position - The quantity of any specific security or cash held in an

account. ATBAS - Automated Transaction Based Account System - A London cash register system. Clients maintain these accounts for disbursing the currency of the settlement market for securities purchases and receiving it from securities sales. Audit Trail - A step-by-step record by which financial data can be traced to its source. Audited - Professional examination and verification of a companys accounting documents and supporting data for the purpose of rendering an opinion as to their fairness, consistency, and conformity with generally accepted accounting principles. Audited Statements - The most reliable type of financial statements. The audit is based on information submitted by the client and the Auditor does not verify all of the information. Limits on the scope of the audit and on the Auditors responsibility are described in the opinion letter that accompanies the audited statements. However, the value of an audited statement is that the independent Auditor is responsible for testing and verifying any numbers that seem questionable or unusual as well as the most material financial information. Auditors - Professionals employed by companies who are qualified to verify the accuracy of company accounts, accounting valuations, applied accounting principles and procedures. Authenticate - To prove as genuine or as represented. Auto Settle Entries - Provisional cash accounting entries made in JPMorgans custody system. In Autosettle, cash movements associated with a purchase or a sale of a security are posted on settlement to a client's cash account regardless of whether the actual security movement has taken place in the market. Autosettle improves cash liquidity for a client as it gives a truer sense of cash balances, as they would be post settlement. Autosettle entries are provisional as our accounting entry can be reversed if the trade is cancelled or amended. Autocredit - JPMorgan system that credits clients with income payments when due; and regardless of whether the payment has been received the Bank. Autocredit is only available in certain markets.

Back-office - Administration and support personnel in a financial services company. The back office carry out functions like settlements, clearances, record maintenance, regulatory compliance and accounting. Back Value - Adjustments for the lost interest income resulting from a JPMorgan error that has deprived a client or other party of use of funds to which they are entitled. The adjustments must cover the entire period from the due date to the actual date of payment, and the Global Trade Input system (GTI) calculates them automatically. Backward Movement - One of the more restricted TITAN functions that allow a trade which has been matched and ready for settlement, to be repaired or deleted as needed.

BACS - Bankers' Automated Clearing System - U.K. based electronic transfer system used to move money between accounts for regular payments. The majority of salary and wage payments made in the U.K. are now processed by BACS. BACS is not suitable for single oneoff payments. Balance Sheet - A financial statement detailing the status of an organizations asset and liability accounts at any moment in time, usually the last business day of the month, quarter or year. Bargain Date - The date on which a trade is agreed. Base Currency - A currency selected by the customer for reporting purposes. Basis Point - A basis point is 1/100th of 1 percent (0.01%). The safekeeping fees charged by the custodian are expressed in basis points and are based on the market value of the securities held in the portfolio. Batch - A system term for a set of data or system jobs that can be processed in a single program run. Broker Dealer Automated Systems - BDAS The JPMorgan Chase rapid trade settlement system that moves book-entry deliveries within seconds to the Federal Reserve Bank of New York. The BDAS system is used for: clearing securities, originating book entry transfers and payments, maintaining electronic links with customers, intraday inquiries, initiating Tri-party transactions and End-of-Day reporting. Bearer Certificate - An unregistered, negotiable certificate on which interest and principal are payable to the current holder, similar to legal tender. Benchmark The standard used for matching the performance of an investment against a relevant market. A benchmark is usually represented by a recognized market index such as the FTSE100 or S&P500. Beneficial Owner/Ownership The legal owner of a security or financial instrument. The term can be used to describe the individual(s), company or other legal entity that has title over and therefore owns a unit/share holding. Benefit Payment - A service that provides monthly distributions and one-time lump sum distributions to participants in U.S. corporate pensions defined benefit and defined contribution plans. This area processes loans and loan repayments against savings (401k) plans. Best Execution - In the U.K. there is a requirement that brokers carry out a deal on behalf of a client at the best price available in the market. Best Practices - An industry term used to define strategies, devices, policies, procedures and other tactics used by companies which are the most highly regarded in their industry or in general. BIC - Bank Identifier Code - A code allocated to financial institutions by a registration authority under an international identification scheme. A BIC consists of eight or eleven

contiguous characters comprising, as a minimum, the first three of the following components: BANK CODE, COUNTRY CODE, LOCATION CODE, BRANCH CODE. The bank, country and location code are mandatory, the branch code is optional. Bid Price The price at which a market maker is bidding to buy shares. Bloomberg - A Limited Partnership/company that provides data, analytics, electronic trading and financial news to the world. Bond - Interest bearing securities which entitle the holder to interest during their life and repayment of the loan at maturity. They can be issued by companies or governments and are more usually called loan stocks in this country. Bonus Issue - A free issue of shares to a company's existing shareholders. No money changes hands, and the share price falls pro rata. This is a cosmetic exercise to make the shares more marketable. It is also known as a capitalization or scrip issue. Book Cost - The original cost of an investment generally used to compare against the current market value. Book-entry - A security issued not as an electronic entry at a central depository, not as a physical certificate. Most Treasury Bonds and Stocks are book-entry. When a book-entry security is traded it does not physically move within the marketplace but rather the central depository creates an electronic entry to signify a change in ownership. Broker - The counter-party in a securities trade who represents the buyer and/or the seller. Brokers execute their transactions in either an auction setting at a stock exchange or face to face (over the counter). Browser TI - Web browser based application used by clients to instruct JPMorgan about executed trades. Bulk Income - JPMorgan interest and dividend tracking and posting system. BTI - Batch Trade Interface - The automatic transmission of information, generally trade information but can include account and agent information, in a pre formatted file over a secure link which then feeds automatically into the Transfer Agents record keeping system. Bundled - Several related banking services packaged as a single account, for which the customer pays an annual fee or monthly fee, plus applicable monthly service charges. Back to Top

Call - An option contract giving the owner the right (but not the obligation) to buy a specified amount of an underlying security at a specified price within a specified time. Capitalization - The sum of a corporation's long-term debt, stock and retained earnings. Also called invested capital.

CAPP - Corporate Action Principal Payment - JPMorgan mortgage backed security payment system. Principle and interest payments made on these investments are then transmitted to TITAN. CAR - Cash Account Repository - Client cash account balances and transactions from the core systems within COSMIC are stored here. The accounts are updated intra day and can be accessed via 'Cash Account Repository Enquiry'. Cash - Banknotes and coins. Cashflow - An analysis of all the changes that affect a cash account during an accounting period. The Statement of Cash Flow included in annual reports analyzes all changes affecting cash in the categories of operations, investments and financing. CCAP - Chase Customer Access Project - JPMorgan mainframe computer that acts as a warehouse of data. CEDEL - Central De Livraison De Valeurs Mobiliere - A depository headquartered in Luxembourg that provides clearing, settlement and custody for a wide range of internationally traded Eurobonds, domestic bonds and equities. Central Banks - The major regulatory bank in a country, usually government controlled. For example, the Federal Reserve, or Bank of England. Certificate - A document evidencing ownership or debt, such as a stock or bond certificate. Certificate of Deposit - A debt instrument issued by a bank that usually pays interest. Charitable Trusts - The financial donations received by a charity, which are safeguarded and administrated by it's trustees, and invested into investment funds to capitalize on the assets. ChaseTRAC - JPMorgan Worldwide Securities Services Fund Administration and Compliance system. CHAPS - Clearing House Automated Payment System - U.K. based electronic transfer system for sending same-day value payment from bank to bank. It operates in partnership with the Bank of England in providing the payment and settlement service. Chase CTE - Fixed width file format importable into TI. Chase ID - An in-house number allocated to a security where a SEDOL number is unavailable. They can be easily identified as they start with a letter as opposed to a number. CHATS - Clearing House Automated Transfer System - An electronic transfer system for sending same-day value, bank-to-bank payments in Hong Kong dollars. Chinese Walls - Artificial barriers to the flow of information set up in large firms to prevent the movement of sensitive information between departments.

Chill Period - A period of time when Notes cannot be sold or ownership transferred. This period usually lasts for 40 days from Closing Date and is also referred to as a Restricted Period. The Trustee files a Chill Release with depository institutions which allows sale or transferral after the timeframe expires. CHIPS - Clearing House Interbank Payment System - The premier U.S. bank owned system for clearing large value U.S. dollar payments globally. CIS - SWIFT like Interpretation of the old (ISO7775) SWIFT standard used by TI (Transaction Initiation). Clearing House - Association which processes international funds transfers in U.S. dollars to its members. Clearer Broker - The broker who actually executes a client's trade. Clearing - The process of calculating the mutual obligations of market participants, usually on a net basis, for the exchange of securities and money. It may also signify the process of transferring securities on the settlement date, and in this sense the term 'clearing system' is sometimes used to refer to securities settlement systems. Client Account - Detailed information of the clients name, address, agent, holdings, transactions, accrual to date etc. Client Instructions - Any directives relating to a clients cash and securities. These directives can be sent by an automated transmission or entered manually into JPMorgan systems. Client Management Group - JPMorgan group providing a central point of contact for customers with any enquiries or issues in relation to the Global Custody product. The group work closely with the Relationship Management Team (responsible for the client relationship and business strategy and the development of the client base). They are also responsible for analyzing and presenting details of the custody service delivered in order to maintain and improve levels. Client Mandate - Details of where and how clients' wish their money to be handled. Client Service JPMorgan group who are the first point of contact for clients'. They provide operational support for products and services and deal with a wide variety of operations based functions. Individuals performing this role make extensive use of systems to answer clients questions quickly and accurately. Closed The liquidating of a short term transaction on foreign currency and stock option deals. Closing The formal agreement that the transaction will go forward. Closing marks the starting point of the deal's life. COACs - Corporate Action System - Corporate Actions module of COSMIC. Captures corporate action announcements, confirms eligibility of holders, tracks responses and initiates instructions.

Collateral - Stock or other assets held as security against a loan. Collateral Administrator Manages information, produces reports, runs hypos (hypothetical scenarios) to make sure that trades are permissible under the conditions outlined in the documentation, calculates waterfalls (priorities of payment), on behalf of issuer. Collateral Administration Agreement - The governing document related to JPMorgan Chases responsibilities as Collateral Administrator on a transaction. Normally this is included within the Collateral Management Agreement. In some cases the roles of the Collateral Manager and the Collateral Administrator are split into two separate agreements: the Collateral Management Agreement and the Collateral Administration Agreement. Collateral Bond Obligation - CBO - An investment-grade transaction backed by a large, diversified pool of high-risk, high-yield bonds. Usually broken down into tiers with varying degrees of risk and varying interest rates. Collateral Debt Obligation - CDO An investment-grade security backed by a pool of bonds, loans and other assets. CDOs do not specialize in one type of debt but are often nonmortgage loans or bonds. Collateral Loan Obligation - CLO - A debt transaction backed by a pool of commercial loans. Collateral Management Agreement - CMA - The governing document related to the Collateral Managers responsibilities and JPMorgan Chases responsibilities as Collateral Administrator on a transaction. In some cases these are split into two separate agreements: the Collateral Management Agreement and the Collateral Administration Agreement. Collateral Manager The party that controls the collateral (stock or other assets held as security against a loan). The Collateral Manager chooses and monitors appropriate investments and allocates funds accordingly. Collateral Quality Tests Tests the diversity of risk of the underlying collateral of the transaction. This includes Weighted Average Life Test, Weighted Average Rating Factor Test and Diversity Test. Collective Investment Scheme - Collective investment schemes are pools of funds that are managed on behalf of investors by a professional Fund Manager who uses the money to buy stocks, bonds, or other securities according to specific investment objectives that have been established for the scheme. In return for putting money into these funds, the investor receives shares or units that represent a pro-rata share of the pool of fund assets. In return for administering the fund and managing its investment portfolio, a fee based on the value of the funds assets is charged. Comfort Letter - An accounting firm's statement provided to a company preparing for a public offering, confirming that unaudited financial data in the prospectus follows Generally Accepted Accounting Principles (GAAP), and that no significant changes have occurred since the report was prepared. Commercial Paper Short - Term obligations with maturities ranging from 2 to 270 days

issued by banks, corporations and other borrowers to investors with temporarily idle cash. Commission - The fee that a member of the Stock Exchange may charge for dealing on their behalf. Commodity - Any physical item that can be bought and sold. Often refers to exchangetraded items, for example sugar, wheat, soy beans, coffee or tin. Common Code - A coding system used as the unique identifier for securities on the Clearstream clearing system. Common Stock - Units of ownership of a public corporation. Owners typically are entitled to vote on the selection of directors and other important matters, as well as to receive dividends on their holdings. Compliance - A group within all organized stock exchanges to ensure that all investment banks and brokerage firms comply with local government regulatory requirements and exchange rules and regulations. Compliance Reporting Services - Product to monitor investment portfolios for potential exceptions against pre-defined regulations, investment mandates, or internal limits. Composite - A defined grouping of some or all accounts in a relationship. This can be used by the client to roll up certain accounts into higher levels of summary. It may or may not contain all the accounts in a relationship. Composites and the accounts contained can be viewed on WINS screen AAAS. Composite Account - A consolidation of accounts for specific reporting purposes. It is the clients decision on how many composites they have in their relationship. Composite Number - JPMorgan Chase 10-digit identifier that is created internally. This number begins with the digits 303, which is then followed by four digits containing the relationship number and other digits to differentiate whether more than one composite relationship exists, and finally is followed by two trailing zeroes. Example: 303 2099 1 00. Concentration The maximum allowable percentages of specific security types and characteristics for collateral held within the portfolio. These are expressed as percentages of the entire transaction. Contract Note - A confirmation of trading/dealing instructions, done on a particular day for and on behalf of an investor. Contribution An amount invested annually in a retirement saving plan or salary reduction plan. Corporate Action - Voluntary or mandatory action that corporations take (other than income payments) that affect client portfolios which have strict response deadlines. Corporate actions include stock splits, stock exchanges, dividend reinvestment options and early buy backs on bonds. Corporate Action Instructions - A browser based product that enables clients to instruct JPMorgan Worldwide Securities Services of their preferences regarding corporate actions.

Corporate Debt A debt instrument issued by a private corporation, as distinct from one issued by a government agency or a municipality. Corporate Pensions - Investments from moneys set aside by corporations for their employees' pension retirement benefits. Correspondent Bank - A bank that accepts deposits of, and performs services for, another bank (called a respondent bank); in most cases, the two banks are in different cities. COSMIC - Chase OnLine System for the Management of International Custody - A mainframe application that supports the various Global Custody sub-systems. COSMIC Memo Chase OnLine System - COSMIC Memo holds only data related to IOS clients. Counterparty - One party to a trade or transaction. A trade takes place between two counterparties. Coupons - Fixed rate of interest payable on a bond. The detachable part of the share certificate which has to be presented in order to collect interest or dividends on bearer securities. Covenant - A clause in a contract that requires one party to do, or refrain from doing, certain things. Often, a restriction on a borrower imposed by a lender. Coverage Tests Tests the investment returns on the transaction to determine whether or not there are sufficient funds to pay amounts due to the underlying investors. The Interest Coverage test focuses on the following Payment Date. The Par Value test focuses on the Final Maturity Date of the transaction. Creation - The purchase of new units required for a fund from the Trustees to cover daily dealing volumes. Credit - The acknowledgment of a payment by entry onto an account. Credit Improved Risk An asset with an increased value or credit rating. Credit Risk - The possibility that a Note Issuer will default, by failing to repay Principal and Interest in a timely manner. Credit Watch A rating agency puts the asset on review. Current ratings may be raised or lowered in the near future, depending on performance. CSV - Comma Separated Variable - A variable file format. CSW - Customer Service Workstation - A system that was created to electronically link all Worldwide Securities Services workgroups. The system was designed to capture incoming directives sent via fax, phone or electronic messaging and route these directives to specific (Client Management staff) desktops for the purposes of sorting, prepping, processing and storing.

Cured Default Successful action taken to uncover and remedy the cause of a failure to make the required debt payments on a timely basis or to comply with other conditions of an obligation or agreement. Currency - Any qualified accepted medium of exchange or means of payment within a country, including coins, banknotes, checks, and bills of exchange. CUSIP - Committee on Uniform Security Identification Procedures - A uniform identification process chaired by Standard & Poors in concert with the America Banking Association. It is a method for the market to identify both the issuers and their instruments in a trade. All CUSIP numbers are 9 digits of alpha and numeric characters with the first 6 identifying the issuer and the last 2 the instrument they have issued. The last digit is a check digit that is used for audit and validation purposes. Custodian - A custodian guards, protects or maintains property. A custodian for a security or financial instrument may perform any number of specified administrative functions for fees; and, for the convenience of the actual owner, a custodian may, even, be registered as the owner of the security. However, the custodial relationship does not give the custodian a level of control over or rights to the property which a trustee would hold. For instance, the contract permitting the use of the custodian's name as the registered owner of the security explicitly precludes the custodian taking any action to transfer ownership to another party or, even, that registration to another name without an instruction from the owner. Custody - The service that provides clients with a place to hold their assets. Custody services also provide a list of assets held and a list of transactions processed for those assets during a specific time frame. Back to Top

Data Collection - The platform that maintains real time information within the three key databases; Account, Security and Broker information. Deal Reference - A unique number applied to every deal traded on a fund within the GFAS system. Debit 1. The acknowledgment of a withdrawal by entry onto an account. 2. A record of indebtedness. It is an entry on the left-hand side of an account constituting an addition to an expense or asset account or a deduction from a revenue, net worth, or liability account. Debt - An amount owed to a person or organization for funds borrowed. Debt can be represented by a loan note, bond, mortgage or other form stating repayment terms and, if applicable, interest requirements. These different forms all imply intent to pay back an amount owed by a specific date, which is set forth in the repayment terms. Debt Securities - Securities created through a loan by the issuer, such as bonds, certificates of deposits (CDs), commercial papers.

Deed of Charge A deed assigning responsibility to the trustee for particular assets. Default - The failure to complete a fund or securities transfer according to its terms for reasons that are not technical or temporary, usually as a result of bankruptcy. Default is usually distinguished from a 'failed transaction'. Defaulted Security - An asset where the holder has failed to make required payments or comply with other conditions of the transaction. Definitive Certificate A Note issued via a physical certificate. Held and traded outside any clearing systems. Can be a registered (transferable only with the named owners permission) or bearer certificate (negotiable similarly to legal tender). Delivery - The final transfer of a security or financial instrument. Demand Deposit Account DDA - A Demand Deposit Account is used to record client cash balances and transactions. The account balance can be drawn upon without prior notice. Also known as Current Accounts or Cash Accounts. Depository - A designated centralized location for the settlement of cash and securities and the related safekeeping of eligible security holdings. Some depositories, such as those in the U.S. operate within a book entry environment whereby security movements and changes in ownership are completed strictly through computer entry and not physical delivery. In Germany you will find the Depotbank is sometimes translated as Custodian or Depository Bank. Depotbank - The KAG (Kapitalanlagegesellschaft) is legally obliged to appoint a German bank or a German branch of another E.U. bank as depositary bank (Depotbank) for each of its investment funds. The KAG and the depositary bank must be independent legal entities; both are audited annually and need a special license. Derivatives - Financial instruments whose value is based on another security, examples are futures and options. Direct Lending - Worldwide Securities Services, Securities Lending program where clients make their own decisions as to whom and when they lend their securities, JPMorgan only administer that lending. Discharge The termination of the transaction and subsequent followup to ensure that all requirements are met with regard to all items related to the transaction. Discount - Amount (stated in currency or as a percentage) by which the selling or purchase price of a security is less than its face amount. Discretionary Lending - Worldwide Securities Services, Securities Lending program where JPMorgan make all of the lending decisions on behalf of the client. Distribution - Investors are periodically entitled to receive an equal portion of income that has been earned by a fund during a pre-defined period laid out in the rules of that fund; this process is commonly know as fund distribution. These are typically made in the form of monetary payment or by automatic reinvestment that results in more units or shares being added to the investors fund holding.

Distribution Date The date on which payment is due on the Notes or the underlying assets of the transaction. Diversification - The practice of investing broadly across a number of different types of securities to reduce risk. Diversity Score Table - A tabular representation of the results of the Diversity Test. This is one of the Collateral Quality Tests, which tests the underlying assets of the transaction to determine whether the current investment mix is sufficiently widely spread. This test gives an indication of the spread of investment risk, thus helping ensure that amounts due to the Noteholders can be paid. Diversity Test One of the Collateral Quality Tests. Tests the underlying assets of the transaction to determine whether the current investment mix is sufficiently widely spread. This spreads investment risk, thus helping ensure that amounts due to the Noteholders can be paid. Dividend - The allocation in the form of cash of a portion of company profits to a shareholder on a pro rata basis. Dividends may also be paid in the equivalent amount of shares (stock dividends). DK/DKed - An industry recognized acronym for Dont Know. DK signifies that the trade is not recognized as valid by the buyer, the seller or their designate. DOL - Department of Labor - U.S. government agency whose purpose is to foster, promote, and develop the welfare of the wage earners of the U.S. to improve their working conditions, and to advance their opportunities for profitable employment. Downgraded - A negative change in ratings for a security; two common examples are an analyst's downgrading a stock (such as from "buy" to "sell") and a credit bureau's downgrading of a bond. DTC Depository Trust Corporation - A division of the U.S. clearing house DTCC and owned by Wall Street brokerage firms. The DTC acts as a go-between in securities settlement. Ownership of stock and bond certificates is kept on the DTCs computerized record keeping system, allowing most securities transfers to take place in a virtually paperless environment. DTCs charges and credits are netted against each member firms account on a daily basis. DTCC - Depository Trust and Clearing Corporation - The central clearance and settlement service provider for equities, corporate debt, municipal debt, government securities and mortgage backed securities in the U.S. Back to Top

Electronic/Electronically - When data is automatically sent by an external system and processed on an internal system such as TITAN without intervention.

Endowments - A fixed term life assurance policy in which provision is made for premiums to pay for life cover plus a savings/investment element. The policy pays out a sum of money (the sum assured) on the death of the life assured or at a specified date (the maturity date) if the life assured survives the term. Enforcement - The Trustee exercising its responsibilities as instructed by the controlling Noteholder class in relation to liquidating the collateral and terminating the transaction. Equity - Another name given to shares. Shareholders are the owners of a company who can vote on important matters such as the appointment of directors and would share in the increased value if the company is successful. Equity Security - An instrument that signifies an ownership position (called equity) in a corporation, and represents a claim on its proportional share in the corporation's assets and profits. ERISA - Employee Retirement Income Security Act of 1974. Created to protect the interest of employee benefit plan participants. ERISA covers all plans established by employers and/or unions in the United States, including: defined benefit plans defined contribution plans pension plans health plans welfare plans

Eurobond - A bond that is underwritten by an international syndicate, issued simultaneously to investors in a number of countries, and issued outside the jurisdiction of any single country. Euroclear - An international central securities depository that provides clearing, settlement and custody for a wide range of internationally traded Eurobonds, domestic bonds and equities. Trades involving Euroclear securities clear through CEDEL. Event of Default - Failure to make required debt payments on a timely basis or to comply with other conditions of an obligation or agreement relating to the transaction. Excel - A Microsoft Office application that provides spreadsheet templates for manipulating and reporting financial information. Exercise Price - The price at which the security underlying a future or options contract may be bought or sold. Ex-date - The date specified by the local stock exchange used to determine whether the buyer or seller of the security is entitled to the benefit. The seller of a security during the ex period will normally be entitled to the benefit. Expense - Expense accruals represent what the fund owes to various entities as a result of doing business. Expenses are accrued on a daily basis but usually paid on a monthly, quarterly, or annual basis. Expropriations - The selling of excess units out of the Managers Box.

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Face Value - The amount excluding interest due to a bondholder on maturity of bond, or security also called 'par' or 'nominal value'. Factor Adjustments - These instruments pay out a specific portion of both principal and interest on a prearranged payment schedule. They generally relate to certain types of investments such as mortgage backed securities. These payments are tied to the underlying mortgages or other obligations and involve adjustable rates or variables. Because the underlying obligations are based upon a variable, the rate or factor by which these instruments provide payment will also fluctuate. As a result, adjustments to our payment factors are made so that TITAN cash postings reflect those intended changes as they are announced. Fail Tracking An automated principal and interest claim process, which is affected when the actual settlement date of a security is later than both the contractual settlement date and the record date(s). Failed Trade - A trade that does not settle on its planned value date; an unfilled exchange contract. 1. Fail to Deliver: securities firm or broker is failing to deliver securities to a buying firm or broker. 2. Fail to Receive: The securities firm or broker is failing to receive securities to a selling firm or broker. Fannie Mae - Nickname for the Federal National Mortgage Association (in the U.S.) and the securities guaranteed by that agency. Fannie Mae is a congressionally chartered, shareholder-owned company, and the largest source of home mortgage funds in the United States. Favorable Terms - 'Favorable terms' include a reasonable commission charge and a price that is as low as possible when buying but as high as possible when selling. The success with which the trader carries out this task has a significant influence on the fund's performance. FAW - Fund Accounting Workstation - Worldwide Securities Services Fund Accounting system. A Windows NT application and a centralized tool for Reference Information Management (RIM) and Accounting to review and update WINS accounting data in a timely fashion. Once all exceptions have been cleared, a clients FSR is run from this system. FCP - Fonds commun de placement An open ended mutual fund with a similar structure to a unit trust. Federal Agency Security - Interest bearing debt securities of U.S. departments and agencies. Among these are the 12 Federal Home Loan Banks, the Export-Import Bank, the Government National Mortgage Association, the Federal Housing Authority, the Resolution Funding Corp., and the Financing Corp. Also known as a U.S. Government Agency security. Fedwire - The Federal Reserve's electronic funds and securities transfer service for

government and depository institutions. Fee Billing - JPMorgan group responsible for issuing client invoices which generate revenue. FFX Forward Foreign Exchange - The buying or selling of currencies for delivery at a specified future date and at a fixed price. Fiduciary - A fiduciary responsibility is defined as a relationship imposed by law where there is a voluntary agreement to act in the capacity of a caretaker of another's rights, assets and/or well being. The person with fiduciary responsibilities owes an obligation to carry out those responsibilities with the utmost degree of good faith, honesty, integrity, loyalty and undivided service of the beneficiaries interests. Financial Statement - A written record of the financial status of an individual, association, or business organization. The Financial Statement includes a Balance Sheet, and an Income Statement (or Operating Statement or Profit and Loss Statement) and may also include a Statement of Cash Flows, a Statement of Changes in Retained Earnings and other analyses. Fixed Interest Rate - A loan or mortgage with an interest rate that remains at a predetermined rate for a stated time period, which can be the entire term of the loan. Fixed-Width - File format where each field contains a fixed number of characters, unused space is filled with space characters. Floating Rate - A Note (or other type of debt) whose coupon rate changes with market conditions (short-term interest rates). Also known as 'floating-rate debt'. Foreign Exchange A process in which one type of currency is exchanged for another (i.e. U.S. dollars to Euros). Form 5500 - Each year, pension and welfare benefit plans generally are required to file an annual return/report regarding their financial condition, investments, and operations. The annual reporting requirement is generally satisfied by filing the Form 5500 Annual Return/Report of Employee Benefit Plan and any required attachments. The Department of Labor, Internal Revenue Service, and the Pension Benefit Guaranty Corporation jointly developed the Form 5500 series so employee benefit plans could utilize the Form 5500 to satisfy annual reporting requirements under Title I and Title IV of ERISA and under the Internal Revenue Code. Forward Contract - A purchase or sale of specific quantity of a commodity, government security, foreign currency, or other financial instrument at the current or spot price, with delivery and settlement at a specified future date. Forward Exchange Transaction - A purchase or sale of foreign currency at an exchange rate established now but with payment and delivery at a specified future time. FRB - Federal Reserve Bank (the 'Fed') - The primary central depository for U.S. bonds and mortgage backed securities. The Federal Reserve Bank also acts as the Central Bank for the U.S. Government and controls the inflow and outflow of the U.S. dollar.

Freddie Mac - Nickname for the Federal Home Loan Mortgage Corporation (in the U.S.) and the mortgage-backed securities guaranteed by that corporation. The mortgage-backed securities are issued in minimum denominations of $25,000 that are packaged, guaranteed, and sold by the FHLMC. Mortgage-backed securities are issues in which residential mortgages are packages and sold to investors. Free Deliver - The movement of assets out of the fund for which there is no associated (cash) counter value. Front-office - The sales personnel and corporate finance employees in a financial services company. Revenues are generated within the front office. FSR - Financial Statement Reports Reports that are generated from the WINS system and distributed to JPMorgan clients either via hardcopy or electronic copy. Fund/s - Pooled money of individual investors that has been committed to a stock or bond market under the management of an investment professional. Funds offer the advantage of spreading investment risk, as they invest in a large number of securities at any one time. Fund of Funds - FOF - A unit trust which invests in other unit trusts, providing the investor with double diversification. Often a fund of funds will invest in trusts run by the same group, but some of them will invest in funds run by other groups too. Fund Accounting 1. The production of a period valuation and unit price on a unitized fund. 2. JPMorgan Worldwide Securities Services group that prepares accurate valuations of clients portfolios using and accounting system, such as WINS. This includes reconciling inhouse accounting data to custody records, reviewing trading activity for realistic gains and losses and checking prices on assets held within the portfolio against external sources such as Bloomberg and Reuters. Fund Administration - JPMorgan Worldwide Securities Services group that supports Fund Managers and sponsors on issues ranging from fund development to manager compliance training to board meeting preparation and administration. For U.S. mutual funds, service options include compliance, financial reporting, tax services, legal administration, compliance reviews, expense analyses, performance reports and distribution calculations. Offshore services include fund accounting and portfolio evaluation, transfer agency and shareholder record-keeping for both institutional and retail accounts, domiciliary administration services in the offshore location and fiduciary and compliance monitoring. Fund Distributions - Subject to the fund prospectus, investors may be periodically entitled to receive an equal portion of income that has been earned by a fund during a pre-defined period; this process is commonly know as a fund distribution. These are typically made in the form of monetary payment or by automatic reinvestment that results in more units or shares being added to the investors fund holding. Fund Manager - A manager of a pool of money such as a mutual fund, pension fund, insurance fund, or bank-pooled fund. Their job is to maximize the funds returns at the least risk possible. Each Fund Manager tries his or her best to realize the funds objectives, whether it be growth, income, or some combination of the two.

Fund Prices - When investors want to add to, or reduce their fund holding, the amount of cash they have to pay or will receive, is calculated by using the price of units/shares ruling on the day of the transaction. Fund prices are typically calculated on a daily, weekly or monthly basis and rise and fall in accordance with the value of the fund. Fund Prospectus - A document that describes the investment mandate and operating rules of a fund. It must explain the offer, including the terms, issuer, objectives (if mutual fund) or planned use of the money (if securities), historical financial statements, and other information that could help an individual decide whether the investment is appropriate for him/her. This document can also be called an offering circular or a circular. Fundsettle Euroclears internet based platform for investment funds. It is fully automated and provides a single access point to all parties in the investment funds business. Fund management companies, distributors and transfer agents all benefit from centralized fund order processing and corporate actions. The fund may register with Fundsettle free of charge however fund distributors must have a Euroclear account to use FundSettle. Future - A term used to designate all contracts covering the sale of financial instruments or physical commodities for future delivery on a commodity exchange. FX - Foreign Exchange - A process in which one type of currency is exchanged for another (i.e. U.S. dollars to Euros). Back to Top

Gain - A profit on a securities transaction recognized by selling a security for more than the security originally cost. The gain is the difference between the cost and the sale. General Collateral Finance - GCF A repurchase agreement, introduced in 1998 by the Fixed Income Clearing Corporation (FICC) and two large dealer clearing banks, JPMorgan Chase Bank (JPMC) and Bank of New York (BoNY), to reduce transactions costs and enhance liquidity in the repo market. General Ledger 1. The definitive books and records of a corporation such as JPMorgan. A general ledger contains all of the final entries of a company's financial transactions, through offsetting debit and credit accounts. 2. Central accounting record of an organization, summarizing changes in financial position as transactions are posted during an accounting position. GFAS - Global Fund Administration System - JPMorgan Worldwide Securities Services core Transfer Agent system. Ginnie Mae Nickname for the Government National Mortgage Association (in the U.S.) and the securities guaranteed by that agency. The GNMA guarantees timely payment of principal and interest on securities backed by pools of mortgages that are guaranteed by the Department of Veterans Affairs or insured by the Federal Housing Administration, making Ginnie Mae securities among the safest mortgage backed securities for investors.

Global 1 - JPMorgan Worldwide Securities Services Securities Lending system. Global Certificate - A Note held and traded within a clearing system such as Euroclear, Clearstream, Depositary Trust and Clearing (DTC) or Euroclear AG. Can be a registered (transferable only with the named owners permission) or bearer certificate (negotiable similarly to legal tender). GMRD - Global Market Reference Date - A single, global repository that centralizes the capture, cleansing and delivery of asset indicative data. It was developed by Worldwide Securities Services and is the primary system used by the REACH group. Government Treasury Funds - A fund that invests primarily in financial instruments issued or guaranteed by a government's Treasury or its agencies. Grant of Probate When a person dies having left a will, a grant of probate is often needed as official proof of the identity and appointment of the executors. GTI - Global Trade Input - A module of the COSMIC system that is used for front-end inputting and processing of asset and cash transactions. Back to Top

Hedge Funds - A fund which is managed 'aggressively' to get maximum rates of returns by using derivatives and swaps, selling short and using arbitrage techniques. Because of the high risk, investors in hedge funds have traditionally been drawn from the ranks of institutional investors who have well diversified portfolios and can afford to take on the extra risk. The rewards of hedge fund managers are usually heavily geared towards the performance of their funds. Hedging - Protecting an existing position or commitment. Hi-Portfolio - Vendor supplied system from DST International which is a fully integrated multicurrency accounting, valuation and reporting system used by JPMorgan to provide clients investment and fund accounting services. It is heavily utilized to provide insurance accounting. HTML - Hypertext Markup Language - A programming language predominantly used to format web pages. Back to Top

ICVC - Investment Companies with Variable Capital - An open-ended collective investment vehicle, similar to a unit trust. As with unit trusts, the money invested by savers is pooled, and then invested in the markets by professional fund managers appointed by the ICVC.

IDC - Provider of technology intelligence, industry analysis, market data, and strategic and tactical guidance to builders, providers, and users of information technology. IE - Instruction Execution - A project that covers all processes that Worldwide Securities Services performs fully to execute client instructions regarding their securities, cash, and foreign exchange transactions. IM - Instruction Management - The application that facilitates the processing of all incoming client instructions. Part of the Instruction Execution project. Income - A form of revenue that shareholders (both equity holders and debtholders) receive in respect of owning part of a company. Assuming that a company is making a profit, shareholders are entitled to receive a percentage of that profit. The amount due to the shareholder is determined by the size of their holding and the rate that the company announces it will pay. Income Statement - A statement showing the revenues, expenses, and income (the difference between revenues and expenses) of a fund over a given period of time. Incorporation - The process by which a business receives a state charter, allowing it to become a corporation. Indemnity - An expressed or implied contract to compensate an individual for loss or damage; for example, an insurance policy. Index Funds - A fund that replicates the behavior of a given index. Infopac - An On-Line Report Viewing and Distribution system on COSMIC. InfoServ History (TITAN 2) - InfoServ History is the Trust Information Transaction Accounting Network (TITAN 2) that records final settled transactions as part of the Banks historic books and records. (A Banks historic books and records are collectively known as its General Ledger system). Infostation - A personal computer based communication method that allows clients to send and receive information to or from JPMorgan. Input - Primarily refers to the entry or capture of trade and trade related information into a system such as TITAN. A variety of TITAN screens are used to input instructions based upon trade type (buy versus sale), type of instrument (stock versus bond) and other details required for settlement. Institutional Account - An account belonging to an organization that trades large volumes of securities, for example: mutual funds, banks, insurance companies, pension funds, labor union funds, corporate profit-sharing plans and college endowment funds. Instrument - When used in connection with financial investments, the term "instrument" is a general term which can apply to any of the securities or contracts being exchanged. The terms "security" and "instrument" are frequently used interchangeably; but there is a difference. "Instrument" is the more general term; and it can be applied to the contracts which are also actively traded by investors. Technically, a security is an asset - a bond or a

share of stock. Other investment instruments such as Options or Repurchase Agreements can involve securities; but they are contacts and not the securities themselves. Insurer - The party to an insurance arrangement who undertakes to indemnify for losses. Interest - The fee charged by a lender to a borrower for the use of borrowed money, usually expressed as an annual percentage of the principal; the rate is dependent upon the time value of money, the credit risk of the borrower, and the inflation rate. Interim Accounting - An automated tracking process for principal and interest when the beneficiary date occurs on a different date than the record date (such as zero-day delay bonds). Investment Accounting - This term refers to the production of a periodic valuation of a portfolio of assets. Investment Manager - The individual or firm responsible for formulating and executing investment strategies to increase the value of a mutual fund, endowment or other pool of assets. Some organizations have in-house investment managers; other organizations hire outside managers to perform the function. Investment Operations Services - IOS - JPMorgan group that offers end to end coverage, support and execution of investment operations predominantly for fund managers and insurance companies. Investment Trust - A company listed on the Stock Exchange that invests in the shares of other companies and seeks retail and institutional investors. Investor - Any party that makes an investment. Individuals and companies that purchase equity or debt securities in the hope of achieving capital gain, not as a profession or for short-term income. I/P - Communication protocol of the internet. IRS - Internal Revenue Service - A U.S. agency charged with collecting nearly all federal taxes, including personal and corporate income, social security and other taxes. ISA - Individual Savings Account A U.K. tax efficient investment vehicle that often use mutual funds as the underlying basis for investment. ISAs are subject to a number of local regulations. ISIN - International Securities Identification Number - A coding system developed by ISO with the purpose of creating one unique number on a global basis for identifying securities. Issue Order - Instructions to sell a security signed by an authorized signatory of the transaction. The list of authorized signatories may be found on the Incumbency Ceritificate. Issuer - A state, political subdivision, agency, authority or corporation that borrows through the sale of bonds or Notes. Also known as a borrower.

Issuer (DEBT) A bankruptcy remote entity organized specifically to oversee a transaction. The administrator of a transaction. Back to Top

JPMorgan ACCESS - A portal that provides our clients with a single point of entry, via a single password, to a range of Internet-based products and services. Back to Top

KAG Kapitalanlagegesellschaft - KAGs are subject to federal supervision by the Bundesanstalt fr Finanzdienstleistungsaufsicht (BAFin) and need a license. The KAG has to be incorporated either in the form of a stock Corporation (AG) or as a limited company (GmbH). A KAG can set up several different investment funds. The fund manager is employed by the KAG. The investment fund itself is a special purpose asset pool without legal entity funded by the contributed capital of the investors, which has to be strictly separated from the managing KAGs own assets. Therefore the investment fund is not liable to obligations of the KAG; the accounting is strictly segregated from the companys accounting and from the other investment funds. The KAG is legally obliged to appoint a German bank or a German branch of another EU bank as a depository bank (depotbank) for each of its investment funds. The KAG can use an advisor for research and trading. The final authorization of any trade or transaction on the fund is given by the KAG. The depository bank can only accept order confirmations that have been approved by the KAG. Know Your Client KYC - An integral part of any Anti-Money Laundering Policy. Reasonable steps should be taken to identify each investor and to obtain evidence for verification of that identity. Staff are required to maintain a vigilant attitude in order to identify and report investor activity which breaches local regulations. Back to Top

Ledger - A record of transactions on our books. At JPMorgan the ledger is a record of transactions from the accounting systems such as Hiportfolio or WINS. Liability - A financial obligation, or the cash outlay that must be made at a specific time to satisfy the contractual terms of such an obligation. Lien - A legal claim against an asset which is used to secure a party's interest or position in the collateral.

Life Assurance/Insurance - A unit-linked product that can invest in, for example, equities, property, fixed interest securities and cash. When you invest, your money is used to purchase 'units' in a Life Fund. Many endowments, whole life insurance policies and investment bonds are invested in Life Funds as this type of insurance combines protection with saving. Life Fund - A unit-linked product that can invest in, for example, equities, property, fixed interest securities and cash. When you invest, your money is used to purchase 'units' in a Life Fund. Many endowment insurance policies, whole life insurance policies and investment bonds are invested in Life Funds as this type of insurance combines protection with saving. Liquidations - The selling of excess units in a fund back to the Trustees. Liquidity - The ability to quickly access invested money. In general, large companies, with hundreds of millions of shares in issue, and high numbers of shares changing hands every day, have good liquidity. In contrast, small companies with only a few shares in issue which change hands regularly can have very poor liquidity. Local Currency - The currency that is selected by the customer for reporting purposes. It is also known as the base currency of the fund. In many instances, this is the currency of the country in which the client is located. Locked In - An industry recognized term which means the trade details from the buyer and seller are matched electronically at the time of execution. London Interbank Offered Rate - LIBOR - An interest rate at which banks can borrow funds, in marketable size, from other banks in the London interbank market. The LIBOR is fixed on a daily basis by the British Bankers' Association. The LIBOR is derived from a filtered average of the world's most creditworthy banks' interbank deposit rates for larger loans with maturities between overnight and one full year. Long Options - Owning or holding options, where the number of contracts bought exceeds the number of contracts sold, creating a long position. 1. Equities: a long position occurs when an individual owns securities. 2. Forward currency contracts: the investor has purchased currency in anticipation of selling it at a future settlement date until that date is reached the fund is known has having an open long position. Loss - The opposite of profit or gain. A loss on a securities transaction recognized by selling a security for less than the security originally cost. The loss is the difference between the cost and the sale. Back to Top

Mainframe - A large-capacity computer system with processing power that is significantly superior to personal or midrange computers. They are generally used by large organizations to handle data processing for company-wide administrative tasks like payroll or accounts payable.

Mainframe-To-Mainframe - An interface whereby external systems send inbound communications directly to JPMorgan systems. Management Agreement - An agreement between an investor and a Fund Manager stating the terms and conditions applying to management of the pooled funds assets. This can also be known as the mandate or charter. Management Information Statistics - MIS - Reporting to target operational control risk areas and managing efficiencies within a business unit. Managers Box - A float of units owned by the Fund Management Company that can be allocated to new or existing investors as required. Typically Fund Managers take action to limit the amount of units in a box to prevent monetary exposure. Mandatory Redemption - Noteholders must redeem their interest in the transaction. This can be triggered by an Event of Default or taxation event which means transaction can no longer continue. Manual Input - This occurs when trades and other information are faxed or phoned to the bank and then entered by hand into the JPMorgan systems. Manually - When data is sent by fax or other physical means and entered into JPMorgan systems by hand. Margin - Money that must be deposited by participants in options and futures markets as a guarantee that they will be able to meet their commitments at the due date. Market Claims - When shares are purchased close to an income distribution then there may be delays in the re-registration of the securities, which lead to the income going to the previous owner. The process of transferring the funds to the new owner is known as a market claim. Market Indices/Index - A statistical index which is designed to measure the price changes of an overall market, such as the stock market or the bond market. An example is the FTSE100 or S&P500. The index provides a representation of the value of the securities which constitute it. Indices often serve as barometers for a given market or industry and benchmarks against which financial or economic performance is measured. Master Trust - Type of trust arrangement in which a fiduciary, usually a bank, manages the recordkeeping of corporate pension plans. Assets of various pension plans are comingled for investment purposes and each plan participates in the trust in relation to their size, contributions, and distributions. It is designed to reduce expenses and increase the rate of return of the smaller individual accounts. Maturity - The time when the principle amount of a debt instrument becomes due and payable by the issuer. Memorandum of Association - Those details which a company, when formed, must submit to the Registrar of Companies together with its articles of association. They include company name, registered office, objectives, authorized share capital and a statement of limited liability.

Memorandum Trades Securities - Securities that JPMorgan do not have direct responsibility to service as a custodian but the information on the holding is maintained and known as memorandum trades or memo entries. There are many reasons for memo entries. The security may need to be listed on the custody system so that the information feeds the accounting system. The actual security may be out on loan to another party and a memo entry holds its place on the system. Memo entries maintain the record of the security so that our systems can capture dividend, pricing and other information on the holding. MIC Member Investment Choice - A facility made available to the members of a superannuation fund allowing them to decide the proportion of funds to be allocated between high and low risk investment strategies, sectors or managers. Middle-office - The group of employees in a financial services company that manages risk, calculates profits and losses, and (generally) is in charge of information technology. Mil Rates - These are received from Fund Accounting are used to calculate the daily interest accruals for clients who invest in Money Market (Cash) Funds. Mitigation of Risk - Moderation in force or intensity of risk, or alleviation of risk. Money Markets - A wholesale market for high quality, short term debt instruments. It can be compared to the Bond Market (which deals in long-term debt instruments) and to the Stock Market (which involves equity instruments). A fourth, but smaller market for institutional investors is the Commodity/Futures Market. Money Market instruments are wide ranging. They include: short-term government securities (U.S. Treasury Bills), Certificates of Deposits, Commercial Paper and Repurchase Agreements. Money Market Funds - Mutual funds that invests in short-term debt securities and money market instruments, such as treasury bills, certificates of deposit, repurchase agreements and commercial papers. Money Market Security A short-term investment usually of less than one year in money market instruments, such as treasury bills, certificates of deposit, repurchase agreements and commercial papers. Mortgage-Backed Paydown - The partial reduction of a debt, as when a consumer pays off a part of the outstanding balance on a mortgage. Mortgage-Backed Security - A security created when a group of mortgages are gathered together and bonds are sold to other institutions or the public. Investors receive a portion of the interest payments on the mortgages as well as the principal payments, and they are usually guaranteed by the government. MQ - IBM proprietary communication protocol. Multi-line Fixed Width - A fixed width file format where information in a field can wrap into the same field in the subsequent line of data. Multi-line Tagged CSV - Similar to Tagged CSV, but the key field can apply to fields on subsequent lines.

Multi Manager Funds - A fund that is managed by more than one manager, each with a particular specialty. The goal of the multi-manager fund is to make investment decisions based on multiple professional opinions, rather than relying on a single person to have comprehensive knowledge of investment options. Municipal Security Bonds (sometimes called "munis"), issued by Municipal governments to raise capital for their day-to-day activities, and for specific projects that they might be undertaking (usually pertaining to development of local infrastructure such as roads and hospitals). Mutual Funds - A mutual fund, pools assets from investors and collectively invests those assets in stocks, bonds, or money market instruments. Through these pooled investments in a mutual fund, each investor in that fund shares in the returns from the collective portfolio while benefiting from professional investment management, liquidity, diversification, and other services. Back to Top

NAMT - North American Master Trust - Worldwide Securities Services group that does the accounting for Master Trust areas in North America. NATO - North American Trade Operation - The trade processing group for U.S. Custody. Net Assets - The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. Net Asset Value - The daily value of a fund. Net Income - Total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses. Net Worth - Common stockholders' equity which consists of common stock, surplus and retained earnings. Nominal Value - The amount of a loan that will be repaid on maturity; also know as 'par' or 'face value'. Nominee - Legal arrangements whereby securities are held by a third party on behalf of the beneficial owner. Non-Unitized funds - Where the value of the assets held by the fund are quoted as a total combined value, known as the Net Asset Value. Nostro Accounts - JPMorgan's current or demand deposit accounts in other countries, they are established to allow money to be paid around the world in different currencies. Note - A short-term debt security with variable maturity usually of five to ten years. A Note raises debt to the transaction rather than company balance sheet.

Note Class - A classification of Notes in terms of payment priority. This is based on an assessment of risk versus return on investment. Class A Notes pay out first, followed by B and C. Note Registrar - The organization, usually a bank or a trust company, that maintains a registry of the Noteholders and number of Notes held. Note Valuation Report A summary of current payment activity on the transaction for a given period. Noteholder The individual or organization who is in possession of the Note, usually the purchaser and owner. Noteholder Report An historical summary of rating information, security transactions, test results on the transaction for a given period. NSCC - National Security Clearing Corporation - A wholly owned subsidiary of the Depository Trust and Clearing Corporation (DTCC). The NSCC is a counterparty that provides centralized clearance, settlement and information services for virtually all broker to broker equity, corporate bond, municipal bond, exchange traded funds and unit investment trusts trades in the United States . Back to Top

OASYS - A specific definition of a multi-line tagged CSV used by the OASYS matching product from Thomson Financial. OEIC - Open Ended Investment Company - A form of collective investment which is designed to incorporate favorable aspects of both investment trusts and unit trusts. It is a company which issues shares, like an investment trust. Investors in an OEIC can sell the shares back to the company, as if it were a unit trust. Offer Price The price at which a market maker is offering to sell shares. Office Code These are used to identify the physical Company office chosen by the client as their servicing office. The Office Code is assigned at customer level, not when entering a deal. Office Codes can be used as a security measure also, and must be assigned to a CHAP ID in order to view and deal on that client's data. Officer's Certificate - A letter signed by the Issuer stating that an annual review of the transaction's activities has been conducted and the transaction is not in an Event of Default. Offshore Funds - Will be either classed as distributor funds (those which distribute at least 85% of their income) or roll up funds. The offshore fund itself does not pay U.K. tax. For distributor funds, income for the investor is treated as taxable income for U.K. residents and the profit on encashment of the unit is treated as a capital gain. For a roll up fund, any income distribution or profit on encashment is treated as taxable income. Income from offshore funds is usually received gross.

Option - A contract that, in exchange for the option price, gives the option buyer the right, but not the obligation, to buy (or sell) a financial asset at the exercise price from (or to) the Option seller within a specified time period, or on a specified date (expiration date). Optional Redemption - This enables the subordinated Noteholders to opt to liquidate the transaction prior to the stated maturity date. Allowed after the Non-Call Period. Back to Top

Par - The nominal value of securities or the exact amount which has been paid for them. Par Requirement The minimum principal balance requirement for the deal to become effective. Participation Banks and other investors who fund the loan do so with the primary syndicate. They are known to the borrower and receive all communications via the facility agent. Payable - A general ledger liability accounting entry which is created in expectation of funds to be paid out. As these funds are paid, the payable will be reduced, or closed, accordingly. Paydown 1. Partial reduction of a debt, as when a consumer pays off a part of the outstanding balance on a credit card, mortgage, or installment loan. 2. Net reduction of a debt when the amount of new securities issued is less than that of a maturing issue. Pay on Standard - Relating to the payment of income to JPMorgan clients, specifying that the client will be paid on the date payment is due from the market, even if the monies are recieved late. Pension Funds/Pension Plan - An investment plan set up by a corporation, labor union, or government entity designed to pay out benefits to retired workers. Pension funds take money in by gathering contributions from employees and/or employers. They disburse money to eligible retired employees in the form of benefit payment. Pension funds invest billions of dollars annually in the stock and bond markets, and play an important role in the supply-demand balance of markets. PEP - Personal Equity Plan - U.K. tax efficient investment vehicles that often use mutual funds as the underlying basis for investment. PEPs were only available for investment until 1999 but existing holders can maintain holdings. Performance Measurement - A product that is offered to JPMorgan clients to help them view how their portfolios are doing in comparison to industry benchmarks.

Pooled - Pooled funds from individual accounts, with each investor owning a share of the total fund. An investor can then spread the risk by utilizing the funds ability to diversify its holdings among many different securities. The investor delegates the investment decisions to a fund manager. Pooled Superannuation Trust - (PST) is a superannuation trust which complies with certain conditions set out in the Australian SIS (Superannuation Industry Supervision) legislation and regulations and into which complying funds can place their investments. Portfolios - The combined holdings of more than one stock, bond, commodity, real estate investment, cash equivalent or other asset by an individual or institutional investor. Position - An investors stake in a market, in the form of open (unliquidated) contracts. Investors take a view on the market by going long (buying) or going short (selling) securities. Power of Attorney - A document that gives a person the right to make binding decisions for another, as an agent. A power of attorney may be specific to a certain kind of decision or general, in which the agent makes all major decisions for the person who is the subject of the power of attorney. Premium - The amount by which the price of a security exceeds its principal amount. Principal - The total amount of a debt; the amount of money being borrowed or lent. Also known as the Principal Amount. Principal Proceeds Any amounts classified as principal (cash or par amounts related to Collateral Debt Securities) as defined in the indenture under Article 1. Priority of Payment - The payment schedule for the transaction. Priority is determined by Note Class. This is based on an assessment of risk versus return on investment. Class A Notes pay first, followed by B and C. Proceeds - Money received through a sale or loan. The term sometimes refers to net proceeds (after any commissions, fees or other charges are deducted), and sometimes refers to gross proceeds (before such deductions). Profit Sharing Plan An agreement between a corporation and its employees that allows the employees to share in company profits. Annual contributions are made by the company, when it has profits, to a profit-sharing account for each employee, either in cash or in a deferred plan, which may be invested in stocks, bonds, or cash equivalents. The funds in a profit-sharing account generally accumulate tax deferred until the employee retires or leaves the company. Pricing - The Net Asset Value (NAV) of the fund, received from Fund Accounting, is applied to bond and equity trades. Principal - The face amount of a debt instrument or deposit on which interest is either owed or earned; balance of a debt, separate from interest. Private Client - All individuals are private clients.

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Ramp Up Period The period up until the time the Collateralized Debt Obligation (CDO) transaction becomes effective. Rating Agency An agency such as Moodys or Standard & Poor which ensures the quality and safety of a transaction, based on the issuer's financial condition. More specifically, an evaluation from a rating service indicates the likelihood that a debt issuer will be able to meet scheduled interest and principal repayments. Typically, AAA is highest (best), and D is lowest (worst). REACH - Reference Access Hub - A Dallas based group responsible for the worldwide database of security master information. Realized - Profit or loss when a security actually is sold or otherwise disposed at a price different from its purchase price, as distinguished from paper profits. Receivable - A general ledger asset accounting entry created in expectation of funds to be received. As these expected funds are received, the receivable will be reduced, or closed, accordingly. Reclaim - Assertion of right to recover loses caused by bad delivery of securities. Reclaim Queue - All unmatched TITAN trades that are to be returned to DTCC as our clients have no record of the trade are listed here. The reclaim queue holds all TITAN trades that will be Dked back to the broker. Reconciliation Break - The difference between two balances from two sources, on the same account. Redemption - [DEBT] - Repayment of a debt security or preferred stock issue, at or before maturity, at PAR or at a premium price. Redemptions - A sale of units or shares by a unit holder or shareholder. The fund buys back units or shares from the unitholder or shareholder and pays out their cash value. Referral Queue - All unmatched TITAN trades that require an amendment of our clients' instructions before they can match and settle are listed here. Registered When an investor buys and pays for a unit or share and after they have passed all the local market regulation investor checks they are recorded as a beneficial owner within the Transfer Agents computer system.

Registered Certificate A certificate issued with the name of the owner printed on its face. It can be transferred to another individual only with the owner's endorsement. Registrar - A company charged with the responsibility of keeping a record of the owners of a corporation's securities and preventing the issuance of more than the authorized amount. Regulation S - Relates to Section 5 of the Securities Act of 1933. It governs offers and sales of unregistered securities outside the United States. Security may or may not be Depository Trust and Clearing (DTC) eligible. Reinvestment Period - This period commences on the effective date, during this period, assets may be freely traded. The Offering Circular defines the final date of the reinvestment period. Relationship Management - Overseeing and managing all aspects of a client relationship. Includes: developing an annual relationship plan with each client and implementing the plan, orchestrating delivery of services to satisfy evolving client needs, leading quarterly meetings with clients to review JPMorgan service score card results, adherence to the relationship plan, industry and regulatory developments and unique client needs, advising clients of new services to increase efficiency and meet evolving requirements and acting as a focal point and resource for the client on JPMorgan products and services outside of custody/trust. Repository - A system function that allows data to be stored and accessed by designated users. Reporting Currency - A currency selected by the customer for reporting purposes, may be either base currency or local currency. Report Set - A specific set of reports, which when set up contain options for: Frequency. Level of reporting, either composite or individual account. Preliminary/working copy for reconciliation process. Special need/purpose.

Repo Tracking The process in which the Federal Reserve Bank records and maintains balances that reflect securities transferred using repo tracking indicators (codes) and held in the participants securities account, as well as the calculation and processing of claim adjustments based on the balances. Repurchases - The selling of units held within a fund. Repurchase Agreement - Transactions in which a dealer sells securities (usually Treasury Bills) to another dealer and agrees to repurchase them at a specific time (often the following day), at a specific price. In effect, the first dealer is borrowing moneys from the second dealer and securing the loan with securities. The second dealer (the lender) earns the difference between the purchase price of the securities and the agree-upon repurchase price. Retained Earnings - Accounting earnings that are retained by the firm for reinvestment in

its operations; earnings that are not paid out as dividends. Reuters - A global information company providing indispensable information tailored for professionals in the financial services, media and corporate markets. Reverse Repurchase Agreement - A transaction in which a dealer buys a certificate from another dealer and agrees to sell them back to the other dealer at a specific time, at a specific price. In effect, the first dealer is lending money to the second dealer (with the securities as collateral). The first dealer (the lender) earns the difference in sale prices. Right - Offer by a corporation to sell a new offering or additional shares of securities to its shareholders, proportionate to their holdings, at a lower price than at a public offering. The offer will expire on a specified date if not exercised by the stockholder. Rights Issue - The offer by a company of new shares direct to its existing members. The price is usually set below the market price of the existing shares, in order to make the offer attractive. The rights to subscribe, therefore, have themselves a market value and can be sold. Risk - A particular adverse event that occurs during a stated period of time, or results from a particular challenge. The chance of injury or loss or bad consequence (Oxford English Dictionary). Rolling Settlement - A system used in most countries. Bargains (Trades) are settled a set of number of days after being transacted. RRSP Registered Retirement Savings Plan. - Canadian/U.S. tax shelter provided to give individuals the incentive to save towards their retirement. RSP - Regular Saving Plan - An account for the disciplined saver (or for somebody who wants to become one). With an RSP you save a fixed sum of money each month which is fed into a suitable investment vehicle. Rule 144A - A Securities and Exchange Commission (SEC) rule specifying the conditions under which a domestic U.S. holder of unregistered securities may publicly sell them without filing a formal registration statement. RUMBA - This 'emulation' package converts the data stored in our Mainframe Computer to a format that can be viewed on a personal computer. Back to Top

Safekeeping - Securities held in a vault on behalf of our client which they are free to sell at any time. Sales/New Business Development - JPMorgan team that engages in selling and marketing custody securities and the entire firm to target clients. Typically these would be large institutional investors (insurance companies, pension fund companies, fund managers, large corporations). This group works with clients within agreed sales targets, within agreed

revenue and profitability guidelines, and works closely with Business and Client Management teams and Product Development teams. Sale - The purchase of units in a fund. Sales Representative - A sales representative is employed by an agent / broker to identify people or institutions that are willing to invest money into a mutual fund or similar investment vehicle. Sales representatives generally receive commission from the fund management company for each new investor they introduce. Schedule - An addtion to a trust document, containing useful information that does not fit in other parts of the document. Secured Bond - A type of bond that is secured by the issuer's pledge of a specific asset, which is a form of collateral on the loan. In the event of a default, the bond issuer passes title of the asset or the money that has been set aside onto the bondholders. Secured bonds can also be secured with a revenue stream that comes from the project that the bond issue was used to finance. Securities Act - U.S. Congressional law regulating the securities industry. Originally introduced in 1933. Required registration and disclosure and included measures to discourage fraud and deception. Amended in 1975 to enable the establishment of a National Market System, and to encourage fair and efficient handling of securities transactions. Securities and Exchange Commission - SEC Federal agency created by the Securities Exchange Act of 1934 to administer that act and the Securities Act of 1933. The SEC is made up of five commissioners, appointed by the President of the United States on a rotating basis for five-year terms. Securities Information - This provides the specific industry recognized information related to a particular security investment. This information may include the security issuers name, dividend and income payment information, maturity date and rate and other details that allows TITAN to properly identify, settle and service the investment. Securities Lending - A JPMorgan product which is not available to all clients but those that participate will be able to maximize their income by lending securities from their portfolio to facilitate trade settlement obligations. Security 1. Anything pledged as collateral against a loan or the document that sets out the terms of such collateral. 2. Any financial instrument that is traded on a stock exchange and that yields an income. 3. A loan that will be repaid at some time in the future. 4. General name for all stocks and shares of all types. Security Issued - A financial instrument that has been released into the marketplace, for trading by investors. SEDOL - Securities Exchange Daily Official List - A number, created by the Securities Exchange Daily Official List in London, used to identify a security.

Segregated Funds - A type of annuity that is similar to a mutual fund, and is an insurance product and offered only by insurance companies. Sell-side Broker A broker who buys and sells securities primarily to make money via the transactions themselves. Senior Notes Notes are classified in terms of payment priority. The Class A or "Senior" Notes pay out first, followed by B and C. This is based on an assessment of risk versus return on investment. Servicing - The collection of principal, interest, and sometimes property taxes from borrowers; accounting for the cash flows due and the cash flows received; and remitting the cash flows to the entitled recipients. Settlement - The final step in a securities transaction where cash and securities are exchanged. Settlement can occur physically at the custodians vault or at the depository for book entry transactions. Settlements Group A JPMorgan department that facilitates the settlement process in markets worldwide and are supported by agent banks. Share 1. Unit of equity ownership in a corporation. 2. Unit of ownership in a mutual fund. 3. Interest, normally represented by a certificate in a general or limited partnership. Shareholder/Stockholder 1. Owner of one or more shares of stock in a corporation. 2. Owner of one or more shares or units in a mutual fund. Short Option - Where a contract has been sold to establish a market position but has not yet closed out the position through an offsetting purchase; the opposite of a long position. 1. Equities: Selling a security that the seller does not own but is committed to repurchasing eventually. It is used to capitalize on an expected decline in the securitys price. 2. Forward Currency Contract: Establishing a market position by selling a currency one does not own in anticipation of the price of that security falling when the currency contract expires, and the deal is closed. Until this settlement date is reached, the fund is known as having a Short Open Position. SICAF - Socit d Investissement a Capital Fixes A closed ended, fixed capital Investment Company. These funds are marketed in various countries across Europe and are subject to local regulation. SICAV - Socit d Investissement a Capital Variable - An open ended mutual fund. This type of fund is similar to a unit trust but originated in France . These funds are marketed in various countries across Europe and are subject to local regulation. SLEP - Securities Lending and Execution Products - Provide a range of products that help clients maximise investment portfolio returns and reduce the costs and risk associated with investing in securities globally.

SMAC - Security Movement and Control - The process/system in which the custodian keeps track of the asset from trade entry through settlement. SOPs - Standard Operating Procedures - A step by step procedural description of the materials and methods required to undertake a task. They also provide details about appropriate precautions. In some situations, SOPs may be required for compliance with regulations. Special Purpose Vehicle - SPV / Special Purpose Entity - SPE - Also referred to as a "bankruptcy-remote entity" whose operations are limited to the acquisition and financing of specific assets. The SPV is usually a subsidiary company with an asset/liability structure and legal status that makes its obligations secure, even if the parent company goes bankrupt. Spot - Exchange rate on currency transactions for immediate delivery. This is based upon current market prices. Spread The difference between the bid (buy) and offer (sell) price, representing the expected profit of a market maker. SSR - SmartStream Reconciliation - A vendor tool that enables cash and stock reconciliation and investigation. It is capable of performing an automatic reconciliation when certain criteria has been meet. SSR also produces reports which enables monitoring and control of the reconciliation process. Stamp Duty - The tax levied by government on the transfer of ownership of securities, payable by the party receiving the securities. Statement - A report that details transactions within a specified date range for a particular fund/account. At JPMorgan, generally, a statement report is produced from the custody record or system such as COSMIC. STP - Straight Through Processing - No manual intervention takes place once the transaction is entered into JPMorgan's system. Sub-Custodians - A bank which provides clearance and safekeeping services in its domestic market on behalf of a global custodian based overseas. Subordination The method used to compare Note Classes for determining the priority of payment of proceeds. This is based on an assessment of risk versus return on investment. Class A Notes pay out first, followed by B and C. Sub-participation A new investor comes to an agreement with an existing participant in order to fund part of the existing participants portion of the loan. All the communications come via the existing participant. Subscriptions - A purchase of new shares by a unitholder or shareholder. The fund issues new shares to the unitholder or shareholder in return for a cash investment in the fund. Statement A report that details an investor's transactions within a specified date range for a particular fund.

Superannuation Fund A fund reserved to pay workers' pensions when they retire from service. SWIFT - Society For Worldwide Interbank Financial Telecommunications - the standardized electronic messaging utility in the financial services industry. JPMorgan Worldwide Securities Services use SWIFT to receive and send messages to our clients and agents. SWIFT ISO 7775 - A tagged file format defined by SWIFT. This version is no longer used by SWIFT members. SWIFT ISO 15022 - Current version of the SWIFT designed, ISO standardized tagged file format for financial information. Switch - When a shareholder moves money and shares from one fund to another fund within the same fund family, this is known as an exchange/switch. Back to Top

Tagged CSV - A comma separated variable file format where the first field in a line is used to decide the meaning of the subsequent fields on that line. Tax at Source - The tax that would normally be withheld is credited with the dividend or interest payment. The amount of tax relief available is determined by the tax treaty between two countries involved (the country were the income is paid and the investor's country). Tax Reclaims - Requesting and obtaining a refund on income, sales, or other taxes to which foreign investors are entitled as a result of tax treaties with or tax regulations in, the setting country. Reclaiming taxes "at the source" means arranging for the proper amount to be withheld from income or sales proceeds, so that clients need not wait for refunds and can put the money to use immediately. Terms 1. Maturity of a loan or deposit, expressed in months. Short-term obligations or investments generally are less than a year; long-term instruments may have maturities from 1 year to 30 or 40 years. 2. Any condition specifying how a loan is to be repaid, for example, the Annual Percentage Rate finance charge, monthly payment, number of payments, balloon payment, and so on. Third Party - Someone other than the principals directly involved in a transaction or agreement. Third Party Administrators - Companies other than JPMorgan, IOS who have been appointed by a Fund Manager or their clients to carry out certain administrative tasks, for example the provision of accurate stock and cash positions and investment accounting. Ticker Symbol - Letters that identify a security for trading purposes. Ticket - Short for order ticket; a form completed by a registered representative (account

executive) of a brokerage firm, upon receiving order instructions from a customer. It shows whether the order is to buy or to sell, the number of units, the name of the security, the kind of order (order market, limit order or stop order) and the customer's name or code number. Tickler A reminder created for important dates or events scheduled to occur in the future. The dates/event are taken from the Indenture document. An example would be compliance item due dates. Time Deposit - Savings account or certificate of deposit held in a financial institution for a fixed term or with the understanding that the depositor can withdraw only by giving notice. TITAN - Trust Information Transaction Accounting Network - Four domestic systems TITAN 1=Pension Accounting TITAN 2=Books of the Bank: Trust Cash Ledger TITAN3=Data Entry TITAN 4=Security Movement and Control make up the TITAN system. TITAN 2 (InfoServ History) - Trust Information Transaction Accounting Network (TITAN 2) records final settled transactions as part of the Banks historic books and records. (A Banks historic books and records are collectively known as its General Ledger system). TITAN 3/4 (Data Collection) - Trust Information Transaction Accounting Network (TITAN 3/4) is our U.S. SMAC system. It tracks the pending trade status and ownership of U.S. securities through its two key components: TITAN 3 Trust Information Transaction Accounting Network front end in support of data capture for U.S. security trade processing. TITAN 4 Trust Information Transaction Accounting Network back end in support of U.S. securities movement and control. Trade The transfer of the ownership of an asset between two parties with a corresponding transfer of value. Once a trade is confirmed, it is considered 'done' or final. Trade Date - The initial step in a security transaction where the terms and conditions of the exchange of cash and securities are contractually established on behalf of the buyer and seller. On trade date, the contractual obligation of both parties is agreed to in anticipation of the finality of settlement. Trade Match - An automated function that checks to see that client and broker trade information agrees. Trade Monitor - Allows our client service groups to identify any TITAN trades with unmatched information and to track the trades till resolution. Trade Path - The series of steps that a trade passes through on its journey towards settlement. Trade Repair - Allows pending trade information on TITAN to be amended. Generally this will allow the pending trade to match the brokers instructions and settle as redirected. Transaction - [DEBT] - An investment vehicle that collateralizes/securitizes assets. Debt securities and residual income Notes/preferred shares are issued and traded on the

transaction. Can take the form of a Special Purpose Vehicle (SPV) or Special Purpose Entity (SPE). Also referred to as the deal. Transaction Delete - Allows a pending trade to be cancelled and removed from the TITAN system. Transaction Management - The department within Worldwide Securities Services responsible for all incoming client transactions relating to Market Trades, Foreign Exchange, Free Cash Movements and all cancels and amendments of the above. On a daily basis they process instructions via various client interfaces. Transaction Reversal - One of the more restricted TITAN functions in which payment factors, settlement details on To Be Announced (TBAs) holdings and other select transactions are removed from the definitive books of the bank. Transactions - The delivery of a security by a seller and its acceptance by the buyer. Transfers - The transfer of ownership of units or shares from one unitholder or shareholders account to another unitholder or shareholder/s account within the same fund. Transition - This is where clients are either transferring their custody business to another custodian, or bringing their custody business to JPMorgan. On some occasions, a client may be consolidating a number of accounts held with JPMorgan, and transferring their assets to new accounts within the bank. Transfer Agency - Provision of a range of administration duties that record and track the beneficial ownership of investments into mutual funds and other investment products. Duties include; processing investor dealing instructions, collecting and distributing cash relating to investor transactions, maintaining a 'Register' of investor holding balances with details of the beneficial owner, distribution of fund dividends to investors. Transfer Agent - A company that issues, registers, and redeems securities on behalf of the issuer. Treasury 1. U.S. Department of the Treasury, which issues all Treasury Bonds, Notes and Bills as well as overseeing agencies. 2. The department within a corporation that oversees the financial operations including the issuance of new shares. Treasury Bills - Short-term securities with maturities of one year or less issued at a discount from face value. Treasury Bonds - Long-term debt instruments with maturities of 10 years or longer issued in minimum denominations of US$1000. Treasury Notes - Intermediate securities with maturities of one to ten years. Denominations range from US$1000 to US$1 million or more. The Notes are sold at cash subscription or maturing government issues or at an auction. Treasury Security - A generic term for interest bearing obligations of the U.S. government issued by the Treasury as a means of borrowing money to meet government expenditures

not covered by tax revenues. These currently are issued in book entry form only. Ownership of book entry securities is maintained on the computers of the Federal Reserve Bank of New York. The purchaser receives a statement (a receipt), rather than an engraved certificate. TRIP - Tri-party Processing System - System used by JPMorgan Chase Broker-Dealer Services for providing intraday cash accounting and funds movement for all related Tri-party activity. Tri-party An agreement involving three parties. The tri-party agent, such as a custodian bank or international clearing organization, acts as an intermediary between the investors and lenders. The tri-party agent is responsible for all the administration of the transaction such as collateral allocation, marking to market and substitution of collateral. The involvement of a third party reduces risk. Trust Administration - The administration of a legal arrangement in which an individual (trustor) gives fiduciary control of property to a person or institution (trustee) for the benefit of beneficiaries. Trust Deed - A legal document for setting up a trust. In order for a unit trust to be authorized by the Financial Services Authority, the trustees and Fund Providers must submit a draft trust deed and scheme particulars. The fund may only be promoted to the public once authorization is obtained. The trust deed has certain mandatory content such as the category and the name of the trust. Trust Deed - [DEBT] - The governing document related to JPMorgans responsibilities as Trustee on a transaction. Trustee - A Trustee is an individual or organization which holds assets for the benefit of the underlying investor. The Trustee is legally obliged to make all trust-related decisions with the investors interests in mind. Trustees ensure that services are provided in line with local regulations and those of the fund. Trustee - [DEBT] An individual or organization which holds or manages and invests assets for the benefit of another. The Trustee is legally obliged to make all trust-related decisions with the Noteholders' interests in mind, and may be liable for damages in the event of not doing so. The Trustee can take direction from the Issuer. Trustee/Depositary - A trustee/depositary is a person or financial institution responsible for receiving, protecting and accounting for Trust or Company assets for the benefit of a plan. Back to Top

UCITS - Undertaking for Collective Investment in Transferable Securities - A type of collective investment (or fund) that allows financial institutions to operate freely throughout the European Union on the basis of a single authorization from one member state. Unaudited Statements - Financial statements that have not been audited by an Auditor.

Uncured Default A Event of Default (or failure to make required debt payments) that has not been remedied. Underwriter - An intermediary between an issuer of a security and the investing public, usually an investment bank. Unit - In general, any division of quantity, accepted as a standard of measurement or of exchange. In Finance- in sales or production, quantity rather than dollars. For example, unit volume declined but dollar volume increased after prices were raised. Unit Holder - A person who invests in a trust by purchasing one or more units. The unit holder makes money primarily by receiving the interest generated by the securities in the trust. Unit Trusts - A form of Investment Company in which shareholders (unit holders) invest their money by buying shares or units of the trust in accordance with a specific investment objective. The groups objective is then to protect the interests of the unit and shareholders and ensure that the funds are administered in accordance with the Trust Deed or Instrument of Incorporation and the relevant regulations. Unitized Funds - Where the net asset value of the assets held by the fund is broken down and quoted in units/shares, and an investor owns one or more units/shares of the fund. Unliquidated - When assets are not converted into cash, or inventory into accounts receivable, to meet the current obligations of the organization or service long term debt obligations. Unrealized - Profit or loss that has not become actual. It becomes a realized profit or loss when the security or commodity future contract in which there is a gain or loss is actually sold. Unsecured Bond - A loan or equity interest that is given without any guarantee of payment, performance, satisfaction or opportunity for return from the recipient. No property, interest or security is used as collateral in either a guarantee or a pledge. USSO - United States Securities Operation - The North American operations hub located in Dallas, Texas, supporting securities held in U.S. Depositories as well as physically in our vault and vaults of other banks. Back to Top

Valuation 1. Report that shows the value of the investors holdings in each fund on a given date. 2. Determination of the value of a company's stock based on earnings and the market value of assets. Worldwide Securities Services Fund Accounting groups produce valuations of our clients portfolio of assets, either electronically or in hard-copy, using various accounting systems. Value Date - The delivery date of funds traded.

Vestima Clearstreams automated, electronic order-routing platform. It enables fund distributors, fund managers, and transfer agents throughout Europe to receive and transmit orders and allocations and generate settlement instructions automatically. VIP - Valuation of International Portfolios - U.S. based accounting system which replaced Multi Currency Valuation System (MCVS) and which has since been replaced by WINS. VIEWS Portfolio Reporting - A browser-based suite of applications that give users access to a variety of reporting, research and analytical applications. Clients have access, via single sign-on through the JPMorgan ACCESS client portal, to information and data with Any View, Any Time capability. VRU - Voice Response Unit Capabilities include inquiry at the investor or fund level, marketing and service messages, watch lists and transaction processing (subscriptions, redemptions, and exchanges). Vostro Accounts - The payments relationship account from the perspective of the legal entity receiving the charge (paying the legal entity). Back to Top

Warehouse - An operational datastore containing a fine level of detail to support client report delivery. The Warehouse currently handles the movement of data between disparate core application systems and their relevant data structures internally via the use of a multitude of methodologies. Warrant - A type of security, usually issued together with a bond or preferred stock, which entitles the holder to buy a proportionate amount of common stock at a specified price, usually higher than the market price at the time of issuance. There may, or may not, be an expiration to the offer. Waterfall - The priority of payment schedule for the transaction. Priority is determined by Note Class. This is based on an assessment of risk versus return on investment. Class A Notes pay out first, followed by B and C. Weighted Average Life Test One of the Collateral Quality Tests. Tests the Average Maturity Date of the underlying collateral. This is compared to an agreed Average Maturity Date, to determine whether or not the collateral will mature in time to pay amounts owing to Noteholders on the liquidation of the transaction. Weighted Average Rating Factor Test One of the Collateral Quality Tests. Tests the quality and safety of the underlying collateral, to reduce the risk of default. This is measured using a rating system from agencies such as Moodys or Fitch. The rating is calculated and compared to an agreed minimum figure. WINS - World Invest System - A fully integrated multicurrency accounting, valuation and reporting system used by JPMorgan to provide clients investment and fund accounting services.

Withdrawal - Taking funds out of a deposit account by writing a check, draft or withdrawal slip in the case of a time deposit or savings deposit. Withdrawal Plans - An arrangement in which a mutual fund investor chooses to receive periodic, fixed payments from his/her fund holdings. Withdrawal plans are often used to finance retirement or for fixed, periodic payments such as a child's education. Withholding Tax - Tax deducted from dividends on investments which are paid to foreign investors. In some cases the tax can be reclaimed by foreign investors. This process is simplified for the shareholder when two countries set up what is known as a double tax agreement. WOQ Work with Output Queues - a platform that allows you to view and work with report requests from the GFAS system. Back to Top

XML - Extensible Markup Language - A web-based authoring language rapidly becoming the standard data interchange format. Back to Top

Yield - The yield of a fund is equal to the distributions due in one year, expressed as a percentage of the fund's unit price. The yield is usually quoted gross, i.e. before the deduction of tax. Yields may not be applicable to all locations, please refer to your subject matter expert. Back to Top

Zero-Coupon - A debt security that doesn't pay interest (a coupon) but is traded at a deep discount, rendering profit at maturity when the bond is redeemed for its full face value. Also known as an accrual bond.