EFTA01511858.pdf

03 12005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 fl JPMorgan Private Bank Account Number'- Asset Account Portfolio Page 14 of 17 FINANCIAL TRUST COMPANY, INC. March 01, 2005 - March 31, 2005 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES I • 3 conlnuel Hedge fund f«tempter's ere generseyon a monthly quaterhof stered basis bel can sometnea be subset berme...my bckip before e redemoton a pennted Fa redemptons there ia geneedaye notfisabon paved Pet can beaten ;Mara!before the actual redempbon de» Redenetonproceeds are penerrAyped 3-5 bueness days alter refine NAV is issued but can be subset b a holdback of ~ton of the proceeds until an annualeudA of Me Fund has been completed Pea el to the epplenehedge lady operetwedccumeMabon br further details Fee hedge funds one el two methods nel be used on this Skeen: to report how ~Melees that wry be owed to Me GereralPetnea Manner tenet The fist meMcd Is ceAed 'Sees d Shams erd Consadaton Method' and wul, eakxalea new senesce the Wee fund et ape vette g 1. I(30 or 1000) fcr ewhyautetreb0nPere &Tull] Me Teal and a davenINAV tre Iracked for MT se.ma A.! Ene end of the apphhhtJhhno6,nhhe khe ht.'« (9~a/if* end d the >es ) any senn whal an inOtnt.v11fee a pMet. OS Me fund NM a net ores., as over the ['apace*, WI weter awe and known a the 'Consoldating Senn,mg be ~pawed wd, and conschla3ed as pal of Na earliest'«es issued by the fund in w hch an "mks has subscribed fa when en ,tesva fees paAtute)(1/* lead Sates') invEhekeshtichhp sheen re, a Consoldatog Senn no/ hevete., shares redeemedIn:meatof ths Consolidating Sena and surnue.aneoualybo Issued adMhoretsheresof The teed Saes (based on the NW a the Lead Sass« the whereon date) Any ~pity which an 4nCentyp feats not payablepath. fund Anne! loss die riot Over he app/reeistetwolf war nsarA7 wit rfln 6.9 a 44MTIIMIt9SIMIM Lob/ he Mowing *ante* fie penal tint roene'~: 14TIV-•nd), when d ven 89.0 be evaluated and consolidated as pan' of Vie Lead Snag he prev”uslydeeerubedarlone a net The Senn] method h celestine EquatzebonMetned' "EqueteetonIs en occounhin math«ology used to «saethat each 'mod na hedgerune paying tastier inurtobleadoceb« of acanthi> fees Untiethe Swim of Shires method Chilled held by all ~as», ris halo«a the sine NAV The -Egon:MenAmount' reflects an amount deducted from the subscript« mount n ado to "equateo'Ine incontnoIns among invasion ~shoe to the Fund in M. wrest yoNTI The "EqueareticnFeclor" used to delarme• the EeluerntionAmount may vayismon "'Mors and depends on both the dabs at which en inembasubsentes to the fund arid Me funds ~rent toved ~amens* An unvosta who subscribes to • fund follow‘hg the "libelee:anode» wall heroen &Waldo», Amount MN«nehrsegvogentmen the subscnceon am ert utilealt0 Purchase shares Te EdaekgehnoPmdaftl ten charge direr tue dependng on any new ~Kb, anfercg the fond as the amount is again "agusamerto «sae each invest, has an nude,'eel:seat« of uncont&otees Note Mato toangen seversMono.. time anneal:in a negetveGoveNnonAmount A nogatwonumMeacnamount inches a potenbalreduction n ~sr shares to pay 'month* fen to IN Menage Ace ~No EquaNabonMahods am: only used today "TYTT/CT7000Meehod- c• tectecarciT Method • Under both ~Mods dap fund is up in nags from its inception dote and from the date in when an meek, has any sed at he end of he eppAceale pared (generellyyearend)tte EqualeabonAmount is used by me Fund b sate edddenal shores to the 'meste' If the unvesSor had invested n the fund when the fund is down n valve *on, its incept« age and the kind subeequently goes up in value or ("0~ the eppezabiehgn water meld under the Redemphon firethcd an inveCtoe3 Mona ed be redeemedb pay inCenhVe lees owed to the manner Under the DeprecehonMencd en amount is deducted from the subscription amount and °cited as a del:meet« deposit which us then used to pay ~givens owed to the GeMe1RMMaa Manage( on an °noddy basis For addgionahnkr~ eftvio /he Wye fund's operebndocuments Confidential Treatment Requested by JPMorgan JPM-SDNY-00037694 Chase CONFIDENTIAL SDNY_GM_00306892 EFTA01511858