X0202 5 2004-12-31 0 0 0 0001050180 PHASE FORWARD INC PFWD 0001296500 Bleicher Paul A C/O PHASE FORWARD INC. 880 WINTER STREET WALTHAM MA 02451 1 1 0 0 Chairman, Chief Strategy Offic Common Stock 2004-12-15 5 G 0 3251 0 D 840753 D Common Stock 2004-12-15 5 G 0 3251 0 D 840753 D Common Stock 2004-12-15 5 G 0 6502 0 A 66502 I By Family Trust Bona fide gift to wife. The reporting person disclaims beneficial ownership of the shares held by his wife, and this report should not be deemed an admission that the reporting person is the beneficial owner of his wife's shares for purposes of Section 16 or for any other purpose. Bona fide gift to Paul A. Bleicher 1999 Irrevocable Trust, a trust for the benefit of members of his family. The reporting person disclaims beneficial ownership of the shares held by his family trust, and this report should not be deemed an admission that the reporting person is the beneficial owner of his family trust's shares for purposes of Section 16 or for any other purpose. Bona fide gift from reporting person and his wife to Paul A. Bleicher 1999 Irrevocable Trust, a trust for the benefit of members of his family. The reporting person disclaims beneficial ownership of the shares held by his family trust, and this report should not be deemed an admission that the reporting person is the beneficial owner of his family trust's shares for purposes of Section 16 or for any other purpose. Each of these two lines shows the reporting person's aggregate direct holdings at the end of the Issuers fiscal year. /s/ John Mutkoski under Power of Attorney 2005-02-14