EFTA01511724.pdf

05 12004 JPMorgan Chase Bank 345 Park Avenue, New York, NY 10154-1002 fl JPMorgan Private Bank Account Number: Asset Account Portfolio Page 10 of 14 FINANCIAL TRUST COMPANY, INC. May 01, 2004 - May 31, 2004 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Minsk Equity Hedge Funds Etchenge Fads. Rest Estate end Other Marne!~ Assets I Died ana,eapinty.nnittnents and ~led asta investments (et roloreSts rn Amited pat ewskps and landed "eta), CCer.pamat) Ye genwaRpMquel secur~s I/earedare estimates "end We not atrentedkY aCCuttCyOr COen~ Vafµedo not represent ~ BC tea/ /awe et *nth bM9MtAnsa SeCurgar Could be bewnt or sal Cr new trensactiOns COutl be enteredinfo a Pie &Tu./ ler~ ad Moth e.atng DansaclionsCOM De Ipudefeel ea Or :no Oa» CI Erns slaten.ne Diet) privilege epwly vivestme~ ate genneystu d teat unless tune is an actnesecondarytradvg market n ten seeurgiat m vent, Cate dote: prnateequty nuesImmts ate vatted using market prices as oft,* clan of Me lest business ~Kt Ma Statement paned Pooled porateeqcmy ~Mayes ere vaAtedaccordne to the GenevalPettnets Managers staled melhOJObgy In general pooled pinata equ,ty wheStrrents twavakedat &at unA99a spnleaattnnebtmenlerent bean when tnendatn ~atonal the nvaatmtml The Wen" , rrelh000009es ParnitYnotodo an aPalleaelof Mo unclethwg assets at the Imwrolcost a a wrgien.down ampunt a/oval...of when lard party financing has occumod at • morkel pm* Aen active secondary market &yokes. a ate rate Cat- Wilted by an ~open:tote party Fins* toler la the Jolted partnershw agreement. tarried 4~1ycompany agreement a ante Op ON(ffidOCurnanfabbn each throstrnent In me spoof< vatiation nsathodofty used by the General Pattner a Manager la that investment Mo-gan etprstsslyritsclayns anyresponsa.V:yfa(t)mea«wacyo(me nlormabon end h, * memo:Won used ty GM✓WP✓la✓a Managten downgvalualons. (2)•nyorrcesor nth s.ons in COMpiln; ads,ennnatvp vakiebOnS and 0 any use to when the v*AWAY'S ate put VaAJOIKAS orspandad k. edostratton purposes any and are vitaldec/ soWjta yak own uro Hedge funds gernabyclikutate the ace (the Wet Assaf Value-or • NAY' 10-15 business days klbworg the last business day of the month For that rarxe ~Jr fund NAY: shown tNY genya\ybe the NAY of the month necedn; this stateren! parted In general the NAY< staled net of ne tend menhe foes The NAY u cakubled accordng to the GentrealPartners a Manna, : stated rrethottotzgy Plesserehe to Me kneed pertneestupegree~ limbed twentycompeny agresenentor other operative documents...on for each hedge turd la the speed< kalvabon methodology used by Ne GenealPattncr a Manager lor that hedge fund Morgan expresslydrscasvns any taaponsebtely fee Mina ticancyar the thIcemeSon and the methodologyused by the GcnerelPartneece Manage n denorgvatuabons (2)enyetrors or ~sons el compare ce disseenneng the vaketens and (3)any use to what the valuations are put litattaMsns we pronded ke tntermatton purposes only and are uttended sole/Mr your own use Fa ExchangeFunds the puce (me Wet Asset Vakte-ot WAV,rnoludes Me vela« any nonaletablesecunbes that ate valved~ wag a let %Woe rnelltodcIogy «Itooral by Me board oft?* Manager The Wet Abbe VetoeUSD' tellecIstt* Aneravet used to financeme nooneSetateetectrnaes the non~tat0esecunbes en0 Me snap connects used lo tailgate the ~rest fate nick between the karma fete on the ven ol Gre:ht and the (Ned fete a Me nonnliefebteseantres Th9 Fad Can Mew donn on tile eska cebig to Pay e iPen*nand menagementlees at startup a.n Me event that the (Mt.:lend ~me from me coalertYmpsecvnbes ~not Pay the ex0e10.10, Me Fund This s i rt' t does nee provide tan tettertngm Pt hate investments Seale 0010~ 10 ray upon Me General %Met a Mdneoe, aline reeafrnent behicde ta gaff mfaniebon Aioes some a when ern needed by prong ~nose a åma sources eh en no doom /Ina*, CCf TIC/ flf~d fa accuracy n as roaazobto values 2 The Capita, Caned Suite Woolen USE, ' and toall/Socumy d‘sirtut:oos Snot, /ncopbon tbSo'cokarns we updated ovanry so 'enact °awl>. (captor cand and d4P.bubonS) lacy 3 Hedge funds generaayeasw subscriptons wens:natty or guarSerlyttesa Vas n'aesta a hedge fund a hedge find of funds o generalyes et the lest business day of the subsoebon period Due le earlyluncbng tee urements by the eppbcebie fund pour account may be deb.ted !es Me subscrebon amount once to the svbacreton date Peeseteter to the apotosbtohedge (sins oPeratnedoconentaben for further detsis Confidential Treatment Requested by JPMorgan JPM-SDNY-00037557 Chase CONFIDENTIAL SDNY_GM_00306755 EFTA01511724