EFTA01511621.pdf

09 2003 JPMorgan ('huse Bank 345 Park A% enue, New York, NY 10154-1002 II3 JPMorgan Private Bank Account Number Asset Account Portfolio Page 10 ot 14 FINANCIAL TRUST COMPANY, INC. September 01, 2003 - September 30. 2003 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Pirate Equity Hedge Funds Erchenge F✓Inds Rea Estate and Other Memo!~ Assets I Died onva,eapinty.mreatrrents and pooled pls.investments (a g. mlorests rn Amited parthershos and &Ned bab(ty Canpanet) Ye genettrayAkquel secunted I/areawe estimated Onry end We not warranted tee aCCureCyOr COMple~ Yea/auto not teptesent IM et WeiKerns et wet* ffnettont Or siøeurge.9 Could be bnuant Or Sal a new transactions Could Le entiredinfo a Pie &Tu./ tentle m when a. atng Dansactonsaktbi De IpadefecI ea Or tne Oa»CI laa staten.ne Died pnvaeoeptuty investmeoU are genneystued el teat unless Uwe ,a an actnencondarytradog market m seeunfiet vent" Can drool prnateeouty myeslmmts raked usmg market areas as 011118 CAM* Of Me butanøtts ~Mr thra Statement petted Pooled a mete ed y ~Metes are vaAialea:acing to Me GenevalPattner's or ~epee's 9 Wei melhOzlObgy In genera! pooled pinata equ,ty investments &revoked/if COO 00.939 a *of icant reheat/near env< occurs when mandates, ~Monet the investment The Wrath", orelh000009em PoroeMYncrodo an aPPM.91110I tee unclehrogassets at the .01.« cost c a wrolen.doen amen( &lavabo at which lard party Onanong has occurred at o motel phoe t en same seconderymarket doveMps. n at yaw Ceti/Wed by an indoperelont early Reese toler to de tented partnetshw egteoment *ivied 4~1ycompany enema,: cv other ootrathedocumentaton lot nth throstenont la me spec& vahation methodokgy used by the GemotalPortnot a Manager lot that toy:Jaen Mown etpimik,dtsclanns any rospcnstalyla Wawa «way°, Ina mlarnabco end Sy methodology used ty the GoneralPartner Managa danyngvalualOna (2)anyarcesor orro eons en corned»; ordissanmatng ttto vat:a/bons and Otanymo to wn.cn the v*AWAY'Satepat VaAJOIKAS orsprondadk. mIchretronpurposes Ony and ire ntiodecl SOW,. for your Own ute Hedge lunch gernarhookurate the prce (the Wee Asset Value-or • NAV7 10-15 busisms: days kftwerg the test business day of the month Fee that reason heir hind NAYS shown tNY genre\yrbe the NAY or the math needy Mrs :Warren! peed In general Me NAY it staled net of nenaganentand ncenhe foes The NM/ u cakubled accordmg to tre GencealPertners a Manna*: staled rrethaterzgy ~serer« to Me ~AM perateestupagree~n: tinted Aabalycompenyagresenenta other cpaabve &converts...on Ice each hedge lund la the speedo kalvabonmethodology used by the Cenrallotto(rot Menemlot that hedge fund Mown expeasslydrsclavns anyrosponebetylce MM. ecaettcyof the mIcemeJon and the methodologyused by the GcmerelPartneece Moran m damns vatuabons (2)anyetrors or ~sat: vi compare cr disseennang the vaketions and (3)any use to what the yakehonsemput lio.trabons weptandedke rntermabonpurposes only and are mtended sotelyler your mon use Pa ErchangeFunds. the once (Me Wet Asset VaIve-ot NOV'Maude., the ~Vealany nonaketablemcunbm that ate relve0~ wig alei rah* rnelhotflogy ~weed by Vre board of the Merbyen The Wet Auet VetotrUSD' reflects the Meet creld used to finance~ non-madretateesecemees the nowmaketabtesectatbes end Me swap COofrects used lo naivete the ;Merest talerisk between the floating tae on the ene Oedd and the hiedmile ot Me nonnliefebtesecrahtres Th9 Fad Can draw dean cm the asket cm« to pay erPen and mana9ementlees at startup a m Me trent that the dholend~case ern Va anle~ngsecvntiew ~not pay the exPerlaeld Me Fend This af t does ~inv.* tau ~ 01.'9 on prate inK•simen19 Sane aktnbme 10 ray upon the General Partner a Manage a the investment wehiede lir this tnlotmebort Aioes torna of wroirrh pe prOgdod by prong ~one a other sources when no doom qii~ aro not guaranteed fa accuracy a - as roaazobe values 2 The rePrei Caned Since tncephan MSD'ond toktv5ocumyetakewttons Since tncopson t creams Ole updated mr•Jity to mho° adnyty (caposi cant and dderbutralS)arry 3 Hedge funds generaeyeasw subactatond on a nrnlhly or quarkwlybas.s Vas nkarest,n a hedge fund a neap* fund of funds is generalya: et the lest bucess day el the subschpbon period Due le earlylunctmg tosurements by OM applicabie fund your account may be deb.te0 !Of Me subscrebon amount once to the svbscreton date Peesererer to the aoPicebrohedge lundO eiserathedcoorrontahon for &Mee cloth Confidential Treatment Requested by JPMorgan JPM-SDNY-00037451 Chase CONFIDENTIAL SDNY_GM_00306649 EFTA01511621