EFTA01511813.pdf

12 2 0114 JPMorgan Chase Bank, N.A. 345 Park As enue, New York, NY 10154-1002 JPMorgan Private Bank Asset Account Portfolio "age. '3 c 1, FINANCIAL TRUST COMPANY, INC. December 01. 2004 - December 31, 2004 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Rirate Equity sledge Funds Eiehonge Funds Rest Estate and Other Marne!~ Assets I Diet? owa,Beatnty.mrestrrents and pooled pls.investments (et ~rests in Ami7ed pa/1~97,N and ivnled hat«y CCenpamairiefe gerremo»Mquel sec.:dies Yates eve estimates Or» ende not warranted toe aCCur•Cyar C001~3 ValverdenoI women/ IM at tuarterrra et *Mc* bensacfrons Or liøeurnder Gould be Dnuallt Or *Old Cr new transactions Could be entire:fir:0 a Pie attueNterni9 M when e.atrg DansaCtiOnsaktbi DB INNS* MS Cl tnecia,e OP Erns sla~ Died privilege era u4y investnien.5 tre gentwatyvetu d teat urass thaw .3 an actnesecondarytradwo market in Ms secunties in Mitt* Cne dame! sorneWeeputy Avertment3 raked using sra rliet antes as 011.1* Ctn. Of NB Dulinalts [Wks' thd 3latemen: peered Pooled porateegcmyirht, strnents are vaAi44 sec:on:Ina lb the GentralPeetneWs Manage, ' staled methOclakoy In genteel pool.d Ornate &linty ulvettrrent9 are yak.: let COO 001.39 a Spatter?, innebtnienl Brent 00~9 when inendatna ~atonal the investment The Wen" , fraM000009es gente•IfYnctode an athshirser of tno undehtrogassets at the lower at cca: c a wrgienolown amen( at a woke at which lard piny financing has accurate' at e ~el ;wooden actwo secondary market &vetoes. n at e raw cattgated by an independent toady Finn rider to Us Jolted petnetshw tenement Anviod 4~1ycompany agreementa other OD ON(ffidOCurnenfalon fOt each inentrnent kv me spec& vettafiOn ~Molotov used by the Genetal Pwtnot a Manager lot that investment Morgan eipratsslychsclaens enyrosponstalyke (Who «cayenne' olormahco end hho memo:Jalopy used by Me GenetelPaitnetce Manager rn darwngvaluahana (2).erryorrcetor on:ism:ins in toen(oil»; or dissemnatvp tn. våkagons and ())any use to which the vatuIbini so put Vaketrons orsptanded kt mktrretton purposes Ony and are intiodecl sokot for yair Own ure Hedge funds gernatheakVatetne pee (the We< Asset Vaturice • NAV7 10-15 b.41,1"14 days klbweig the last business day cl the month For that reason hedge fund NAY: shown wd genyeayte the NAV of the month ~ain't/us ste,Wreol peal ingenera! len N4lits staled net of ma tand rncenthe lees The NAY u oakubled accordng lo the GeneralPartners a Manna*: :Wed rrethodokory lakeserefew10 the hrrated pertneeshipegroo~: dissted Aabelycompany agreamenta other oporatne documents...on for each hedge fund ke the specific vakrabon methodology used by the Gene&Patton or Manager for that hedge fund Morgan expensh.cfrscasvns any tosponsebay fee (/)1he ecancyof the inkemebon and the methodologyused by the Gcnershaartneece Manner in Mamma vababons(2)anyerrors or ~saws el combat» cc cksseennats» Hp vakrabons and (3)any use to which the valuatonsare put ItekraMsns sepronded for mkernatten purposes only and are ntended 'playlet your own use For ExchangeFunds puce (the Wet ASS., Vehttecie War hnnudes Me vel» of any nonaketablesecuntes that a» valved ma~ using e fee vatuernelhodatogy omen» by Me board oft?* Manner The Stet &wet Veit;trUSD' reflects the Meer OtNn used to finance Me non merSetatastecvnbes. the non-nadweablesecutibes end Pie swap confrects used to ymbvite the ~restfate nsk between the karma rate on the Meal Grede end the feed fete of Ore no~efeb'esecrahtres Th9 Fond can thew donn the Me of ore« b Pay to Peno&sand mena9ement fees ot startup or in Me ~Met the 01vdend ~me Iran Me und~ngsecvnbes cannot Pr" Me expense's or me Fond This 3,~t does not onde by tnerbng m lw nett' in estmento Seale anibnue 10 fete upon Me General Ratter a Årdneoe, or the reerfrnent iehiCle for mas tnformesbon Aires some of *then ere powded by peeing ~noes a ravne sources at on no doom fiT~ not guararaood fat accuracy nos ~nib» valves 2 Two Capra, cared Since tncephan USD' and taalvSocumy&airtut.00s Since /ncopsnn (ISO' oakum: ere updad moony so none° adnyty (caposi caM and ddatutonS) lacy 3 Hedge funds generaayahaw subxnahan3 wan:n.1,1* a qu,:wkwlybasss Yaw wterestn a hedge fund a ~pa fund of funds is generalya: at the fist business day el the subsoetton period Due b early fundng resurements by the enicabie fund gar account may te debts. e the subsceebon amount plan to Me sub:era:ton date Peeserefer to the apPLoaNe hedge huds eeer&nedCCurrentehen for &thew detags Confidential Treatment Requested by JPMorgan JPM-SDNY-00037648 Chase CONFIDENTIAL SDNY_GM_00306846 EFTA01511813