Common use of Extension Trades Clause in Contracts

Extension Trades. From time to time a particular holding may be sold and a different issue purchased in its stead (an “extension trade”). An extension trade allows the seller to realize a gain on the issue being sold, while reinvesting the proceeds (ex the gain) into other paper. Table of Contents **************** Each Lender should regularly analyze these guidelines to determine their continued appropriateness, recognizing that all investments bear risk and that return of principal is not assured. Please indicate your acceptance of these guidelines by signing in the space provided below. JPMorgan Trust I on behalf of its series listed above: By: /s/ Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx Title: Senior Vice President Date: August 26, 2005 JPMorgan Trust II on behalf of its series listed above: By: /s/ Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx Title: Senior Vice President Date: August 26, 2005 Table of Contents Repurchase Agreement Guidelines Repurchase Agreement Guidelines

Extension Trades. From time to time a particular holding may be sold and a different issue purchased in its stead (an “extension trade”). An extension trade allows the seller to realize a gain on the issue being sold, while reinvesting the proceeds (ex the gain) into other paper. Table of Contents **************** Each Lender should regularly analyze these guidelines to determine their continued appropriateness, recognizing that all investments bear risk and that return of principal is not assured. Please indicate your acceptance of these guidelines by signing in the space provided below. JPMorgan Trust I II on behalf of its series listed above: By: /s/ Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx Title: Senior Vice President Date: August 26, 2005 JPMorgan Investment Trust II on behalf of its series listed above: By: /s/ Xxxxxx X. Xxxxx Name: Xxxxxx X. Xxxxx Title: Senior Vice President Date: August 26, 2005 Table of Contents Repurchase Agreement Appendix 1 JPMorgan Chase Bank, N.A. Securities Lending Investment Guidelines Repurchase Agreement GuidelinesSeparate Account For