EFTA01511872.pdf

04 2005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 II3 JPMorgan Private Bank Account Number Asset Account Portfolio Page 12 of 15 FINANCIAL TRUST COMPANY, INC. April 01, 2005 - April 30. 2005 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES I • 3 contnual Hedge fund tedemptons ore genceenyon a monthly guerterhor emu& base MA can sometnea be subset berme...« bcleip before e r eng pmmted Fa redemptons there ia generabya notfisabon pared Pet can beaten intervalbeefed,. actual redempbon date Redenetonproceeds are penereAypand 3-5 bueness days alter me fine NAV is issued but can be »twee b a be/aback of* patan d the proceeds ore, an annealoude of Me Fund has been competed Pea el to the applcabiehedge lundS operatwedccumneabon br further details Fa hedge funds one cl two methods mill be used on this stedarets to report how ~Melees that wry be owed to Me GeneralPatna a Manner tenet The fist method u ceged 'Saes a, Shares and Consadeton Method' ard we &locale° new sees of the hedge fund et a pet eatte g 1. MO or 1000) Ia evenrauteCreb0nPere &nee] the yearend a daemINAV wed be tracked for each seres me end of the appgaiNencentnekferengdfgenefafing end d the lea0 any senn for when an incentive fee as met. OS Me fund has a net dvelt cr as over the tweeted. WI vat* ruank' and known es the "Consoldefing Senn -gnat be ~pawed wd, and consoida3ed as pet at the emhestseees issued by the fund in who an tNesSor has subscribedla which an woentms fee .5 panstgørthe teed Seller) invEkekeshOtirvp shwas n a Consadatmg Senn ntil havethier shares redeemedIn:meatof the Consolidating Senn and smugeneouslybo Issued edMhoretsharesof gle teed Saes (based on the IS/AVE.Me Len Sass« the conversion dam) Anyseas la which an ncentvp fes n not payablepath. hind Nun»! Ices ore not Over the lopploCabgeangif water mark] wit tenant., a seperagssinat until the Mowing meat fee pen:4 endt (Daneteam Iesf -en« when a ma nen be evaluated and ~Sedated as pet of the Lead Sae,I the prevouslydasoreed«lone is met Die SPLOnd method is NWlma EquatnabonMetncid "Egateetronls en occounhng math«ology used ha «sae that each nrsetce an a Mtge rondo paying agar, angtobio ad:cancer a• ^coigne foes Untie th• Sers of Shins method shores held by av nvatias orro ,altreda tree sane NAV The "EqueMeten Amount' reflects an amount deducba3 won, the subscript« worse in cedar so "equalgo'Ine »sank*Ins among ihroshes rrentng to the Fund in Mg current yaw The "Eguearabengadar" used to &Mime* the Ea uernarnAmount may vary•mon "'Mors and depends on both the dabs at which M nemeesubscn'es to the fund and the undS ~rent levelof perfamenco An invosta who Swiatentrai 10 • fund Voaciawfg the nee closunMN* wet hens an Et?Waal», Arrounf alfacenitranrogaSod torn Na subscription annan uble•fltig Purchase shares 1.1. 0 EdueirlernoPm0«. can charge sua hire ~Noon any new invosiasenleng the hind este amount a again "agusereerto onswench 'mesa:, has an nude,»eAraton intent.* fees Note Mato change rn EwersMono.. twee ~result en a negeaveGovaNnonAmount A nogatrastagustabcn amount meets • potatoes, entree.« n inveislor shares to pay rncontrarroos to the Menage »were No EqvaleationMahods commonry used today ~bon Wend' a Dessecaaton Maenad • Under both ~Mods d the fund rs up in veto ham Is inception dote and from the date in whon an investor has anveMed at the end of the appAcaele penal (generellyyearend)tte Equaleabo Amount is used by me Fund b sate addecnal shores to the "esker If the invesfor had invested n the fiend when the fund rs down n veva *on, its inception dage and the fund suesequeney goes up n veins (al a ("0~ the eppezabJeInn water meld under the Redemphon frrethcd an nvestoes shares ed be redeemedb pay incentive lees own to the manner Under the DepreashonMeMod an amount is deducted from the subscription amount and °cited as a cleaeorabon deposit whet is then used to pay ~tee fee, owed to the Gengte/Piofna of Manager Orr an ongoing base For addgionahnkr~ tvore /he hedge fund's optvatiogdocvments Confidential Treatment Requested by JPMorgan JPM-SDNY-00037709 Chase CONFIDENTIAL SDNY_GM_00306907 EFTA01511872