EFTA01511595.pdf

07 I2003 J.P. Morgan Securities Inc. 270 Park Avenue, New York, NY 10017 JPMorgan Private Bank Account Number: Margin Account Portfolio Page 13 of 14 FINANCIAL TRUST COMPANY, INC. July 01, 2003 - July 31, 2003 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1• 3 Prhate Equity Hedge Funds Efchenge Find, Rear Este:pond Other Mane!~ Assets I Delta nnateeptpty.Prestments and pooled pls.investments (eg, ~rests in finned pet/nets/7,N and ivnled bet«), Canpamairiefe genweiPoMpud waffles Yates eve estimates "end a»not w✓rentedkY aCCur•CyOr COnlWJObna99. Valµdda 001 reef~et IV» at tual terfro at *MC* bensacfrons Or liøeurgar Loud be boot! Or 90k1Cr new transactions Could te entire:fir:0 a Pie attueNterrne blithe., et tatn9 DensaClau COM be %ppd.»,at Or the Oats of the state~nt Died private era u4y investnien.5 ire gentwatyvelu d Met 001083 thaw .s an actnesecondary tracing mafket in Me seounties MN*, Can direct pfnabobuty ilwestmmts fee valued uang ftiet coon as 0/1/18 aft* Of Me /aft Deanne clay la Me Slaten'en: beefed Pooled powsteegcmy ~Mayes are vaAhadaccactng the GeneealPfetneWs of Manage, ' staled methOJObgy In genteel pool.d mate eginty investrraffes tre yokedat CM 00939 a spnicantsniestmenterent occurs wiffai mantle:nit ~atone' the investment The wituffbon reeln0O0009as geandYnciode an apt:weal& tno unclothe";assets at the .01.« d Ø a a WigkM4OVIII amptint &evoke at which lard petty financing has °scum» at to rM'hNpen AM octwo soconclaryrnarkot doveisps. a at o vote <Ski/kited by an ~open:lag pady Finn tader to th9 &Wad petnemh‘o egffsemonf. Anviod 4~1ycompany agreementa area OpiroMtodocurnortfalon tor oech Prpostrnont la me spec bc %reborn", nytholokgy used by the GeneealPaftnot a Manager lot mar investment /Fagan eianal>,dtsclaviz onyrospcnsteyln tIt No occtrocyot oilorrrtabrend thO mottrofology used try Ins GonerelYaitnerce Manaor fn dowwngwalualons. (2)•nyarcesor an:ism:ins comyilvnt dissemnatvp tn. våkagons and (3)any use 10 wibcP the vottottinsoropot litatatfons ors;yowledke ^fear.bonpurposes at» and re intended $04yfor yea Own ure Hedge Funds geraabycakVatethe arc., (the 'nee Asset Valw'er • NAV7 10-15 bunco' days kftweig the fast business day cl Pe month Fa that reair hedge fund NAY: shown wd pentratybe the NAV of the rna7.!.n amain; this stataren! peed In general ~NM! ts stated net of net tand menbe foes The NAY u cakubled accordng b the GreatPartners a Manage, : staled rretncdoegy Plesserefew to Me Sntd pertneeshipegree~ tinted Aatutlycomponyagecanenta other cpaatne documents...on for each hedge fundfa the specific kakfabonmethodology used by the GenealPatna of Manager tor that hedge fund Mown etpresslyeltscasyns anyresponsPaylce MP* ecancyof the intameton and the methodologyused by the Gceerehoeftneea Manage in damns valuations (2)anyetrors or ornss.ons in compare a dfssaanats» the vakebons and (3)any use to which the yaluatonsareput IhstraMsns wepandedfor fnIcernatonpurposes only and are etended sofelyta your own use Fe' ExchanpeFunds ?heaveat» Wet Asset Valve-of WAV,includes Me vel»of any nonaketablesecuntwe that a» velµd ma)M.Y using a hat wiluernelhodatogy eflefon»by Me board of the Manage The Net Asset Veit;eUSD' tenable the Aneot cf f used to finance Me nOtnnartoGitee»cunt." the nOn.ntwkaSiNereCketber end Pie swap COnfrects used to inhale the "Westrate fok between the floating tale on the ere ol efht and the toed tele of Me no~efebteseasfefes The Fond Can drew Bonn On the Me ol aedg b Pay etPeo eundmen99ement fees at startup a m Me eeent the!~ &MendIncome from Pie underlYingsecvnties cannot ~Me ex.OelSeSOr Me Fund nid statment doer nev provide ho foMffbn9 on pt ^rate 1~ 31~ 19 Seale ~Moe 10 ray upon Me Geneve/ %few a gantqe, of the reerfrnent vehicle fa this fnformesbon Aicea some of when Ore Øled by petite ~vitas a other tottrcos PA no doom toi‘oPY, no not pparorPood la accuracy eras reabzobe values 2 Tr. taptal Caned SOM tnntplOn USD' ond toalvSocany&airtut.cos Sv,a,!naptun USG,'«Awn,: are updad moony to radon adway (capfai ured and d‘saftmfonS) lacy 3 Hedge fund: generaayaltw subs:nylons wpm:wanly a quark:Hy bass Yaw nkeest,n a hedge fund a hedge fund of funds es generalye: of the fist busness day a'the subsoetfon period Due b earlytundefg fesurements by the enicabie fund sour account may be &PPS Pp, the subscerobon amount awe to Me subs:nylon date Peototorn to the apPtcobtohedge tun.n o, anedsconentet nh further detags Confidential Treatment Requested by JPMorgan JPM-SDNY-00037425 Chase CONFIDENTIAL SDNY_GM_00306623 EFTA01511595