EFTA01511725.pdf

O5 2004 JPMorgan Chase Bank 345 Park Avenue, New York, NY 10154-1002 II3 JPMorgan Private Bank Account Number CI Asset Account Portfolio Page 11 of 14 FINANCIAL TRUST COMPANY, INC. May 01, 2004 - May 31, 2004 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES I • 3 continued Fledge fund redemptions ere oenereeyon a monthly querteeNcr annual basss but can sometimes be subject to a trudtlee, be/we before a redemoton a pet:meted For tectemptvns there is grettlitY• Itatikab011PSIItd tor ten betaking ineenelbefcern. actual reclamation date Redenebonproceeds are eenerepiped 3-5 business days alter Me finalNAVis issued but can be su4eCt b e holdback of* porton of the proceeds unM an annualaude oI the Fund has been con sited Plea el to the applicabiehedge 'Ludt Operel, rodocurrentabon for furtherdefetts For Wee funds. aged Mo ngllpda on' be used on this statement to report hew stentve Mester mds. be Seed SO the GeneralAttests Manager ere pad The fist method e called 'Senn el Shares end Consokleton Methxf and will *Notelets ne. series of the 'Woo fund at e per yearn. Q 1100 co, 1000) far evesysubscobonpenal donee MO year and a det!erenINAV wilt* backed for each seven At to end of the septet hcentneles resod (genertythe end of the yet). any senes far synth an tn(senteelee s payee* (is. the fund nos a net pedlar is overlie applabierng/1 vac* mwe and known as the "COnsoldafin, &X./337n* be ,n petaled web and conscedeted as pert of the asued by the fund mywhch en invests hat sutgatesd NY which en even:Nolee .5 payeter(the lead Stones') Invest*,holding shares vs a ConsoAdatiNSIIIIII4 Rol have thew slaves M4001710d601/7 each of the Conscadanng Setas and simueaneously be issued oldlonalshates of Me toad Sores (basedon the NAV of the Lead Sores on the convorsoon date) Any SO/104 It when an mcentve fee is not pay.bisso 0 the turd htS a net loss ca s not Gaga led OPPlablelVn water nV,A7 we rn,naa a aaNaataaaa'aa 'anti the fo0Cwoit Menthe fee ind end, tiftereaft Yfte-tad), whoa d again be evaluated am consoadatel es pal of the teed Sines slew previouslydesoteenes* is roof Thesecond method 4 caegdmo Equal:atenAteMod' Equelcatonls an accounting nelhodoegy used to ensure that can eves*, in a hedge fund s paying hgher Oaalabbaarapaa d ne•^Nre 14 / . 3 Oaths the Senn of Shares "'had shires hen by eN ovestft we valued., the sane NAV The EquakratenAmoune reflects an amount deducted from the sutocneeon amount in ores to "equalso-the once/4w fees anon; investors "'etre to the Fund as the assent year The risuatettnFactor used to detente. the EquatabonAmount may varyarrene "etas end clepeeds on both the defeat which an nugget subsettea to the fund end the fund's currentInfo/ performance An myestor who subscribes b a fund follawmg the vutal cbsner dee wet haws an EqueAcaton Amotmt electnetyserseafed from the suescrefron amount utAred to patches., shares The EauateatonAmount can changeover hire deem:lineon any new mossier, entering the fund as the amount is nen lasuatredlo !MUMetch nye*r has an eisolabbatbcaten of encentnoskos Note Mat a chorea m equalrationone• tine can resuln a negabwEquaSzabonAmount A neoatneeequabraticnarrount atones a potentotred‘chon el investor shares to pay incentive fees to the Manager Therese tee Eavatabonlgethods COnwnOnk used today ReaemphOlMetiner Or TtepflOatOntiethOr Under both n # the fund's up in vale from its neepton date and from the date m which an ovesto, has ovealed fit The end of the Spatesbe pent: (senereStyeesend)the EpwtetcnMount is used by the Fund to awe Masons, shoes to to somata if the meat, ' had invested in the fend when the fund .3 down m we've ftom Aa moepbon deb and the Wed 9u0SequentrypOn up vi ratty (et or beyOnd the eppeoselesnth weed' meth) under the Rederretion Method an investors shares an' be redeem:410 pay ssoentwe Sem owed to the manager Under the DetrecebonMethod. an amount a deducted run the U430)00/I &atm( end Ott& We deprecation *0034 which., then used to pey sinentnetesi owed to The Ge elnetner a Menages on en Oneang basis For addlonehnformelon feet the hedeelund'S OpefetsnOdOCvnWeS Confidential Treatment Requested by JPMorgan JPM-SDNY-00037558 Chase CONFIDENTIAL SDNY_GM_00306756 EFTA01511725