EFTA01511871.pdf

04 2005 JP?s1organ Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 fl JPMorgan Private Bank Account Number Asset Account Portfolio Page 11 of 15 FINANCIAL TRUST COMPANY, INC. April 01, 2005 - April 30. 2005 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES I • 3 Prwate Equity Hedge Funds Eachenge Funds Rear Est.. and Other Atemetare Assets 1 Died rervale equity uwearrents ani pooled pinusaearrestments (eg retreats in Angel pertneataps and &Pled kataityccanpenee)aregenerafiSquid ~wan Volt/e4 arteangen Only end eve not warranted for accuracy*, ~Meknes.. Valueado not represent the actval tame at wItch eanaactons a securer°, could be bought ce aatl a new trensaaions ~kJ te entaedinto a Me «fuel tams on huh.ch ea:sang eansactiona mutt be AquelMedas of the date of Me statement &red privateerady nun/m*0U me general?."SA d heat unlike.* then is an INbaesehOndivytraday market in the see/infra, in &TO, Can daret prhateequty il westmmts me vetoed yews) antes as CO 1A*9 Pap/ Of Me 49/ buli~ ~AV MP Staten-eh. pesiOd Poilelporateeq (4? ardstments are vaNradaCCO(Ono to Irla GeretaiMarna's Manaris leleel metnedOlOgy In genteel pooled pi &do &way town/man:a ate hawedar unlen a spnliOant dents/mad ere. OniS which mandatee rerNuabonol the investment The ~ANNA rnatn00002rat iranaranym~e an apprasa/of Eno undee/h•n9 assets a? the lowen Ot Cast Cr a vortkinAlOan arrOunt al a veld) at Anita rhea pets Inlehtsni2 has Oteared al medial pia an &dive SOCOndery Madan develops. a al vat* Clek"ted ei an areeendent parry Flaaaa ( St l 0 lha hinted Pahhetshai *Teeny« l'hyted AibelYillyninnnY agreement or «her OebetNe documental.", fer each ereestment la the Snente eannalen in0f~Y used by the GeneralRather PAINkler for that investment Mag an e.bvautydatrams anyroopenst.14y/a (Who aCtaacycf /no Worms/wry, and V* Man0:10.09y/rsad Ura GeneralROdnata Managahn S 1~9 walralaNt Wan,' afrona anaaOna COn10,11"3 d'ssen ‘ naln 2 tt,a vatalki la an d ( 3)an Ylaa lo which thevalwtaNboat VaWtnnsaroaonGdfanlanoepnpapwosmyandao,neØsaaifayavown use hedge hinds (Mv.00)-Clikulato the pia (Me Wet Asset Value-a ' NAY,. 10.15 bet$P).$4 dess ettissing the tad easiness day of the month Fes that reason hedge hard NAVs shown anY oawalybo Ina NAV of the month pureed") !Ns statement penal In general the NAY rs staged net of mennementand mom* lees The NAVN cat Waled according so ble Geniato~s a Manager's stated watuuthakty Phmsorofor to mo anatixt partnaaPhplagreement Pelted MOANobnle•ny agNi•MentO ache' COS"e ilOhunienSanOn for each hedge fund AP tnt speeda aseabonmethodology used by me Genera'Partner*, Manage fa the, hedge fund ~eon aup~daaarns any treponsaaitylot MM. «curacy°, tnt rnfamafon and the mothodolegy used by the Goon Wattler a Manager Swung vNUMms(2)anyenasa onassions M comp./rag a d‘sserrwhatno tero vairatrant and (3)any use to wrath the valtabonsw•put VaAratians woparadedla PnIcrmatonpurposes my and we intended saolyla your oar) use For EschangeFends the price (the l'h14 / .1 Asle( VeNda WAV7 sthe vetssca any non-menkatatitsecenties that sefixd~ using a lav veatenefflockNgy approx.:lid the board of the Manner The Net Asset veto°USO regketS Me Me of trede used to finance the nowmaraetataea:aunties the nots.rndketebbseciades end re seep contracts used lo mitigate the interest rate risk between the floating rate on the Me of ',reda ani the Ma 1 rate of Me nonrefraWetstaesecontge The Fwd can as« donn on me Me of code To Nlyerpe~50/4 managemmtlees at ~hip a in me event teat the dwdendPayne from the und~ngsecuntes cannot pay the evponseact the Fund Tiis 34)~(0~ not inna te tan reputing on orrvak ewestments Reese conbnoe,o ray won Ne General %tea a Manner of the "'vestment ,yteitle for ems 'Mama!~ P.:03 samel who, are provided by acing sernces a ogler sources alma, we deem«eat* ate not guteankel fa accuracy a as reekzelFe raises 2 The Cuptal Cared Since IneOphan USE,' and trathiSocutay ~tut:~ SinceInv-0p~ UStrecAurals uro updated nosey to rehoa octal>, (eeptalcoaS and A4eibittstriS) a any 3 riod9oldids gonorailyanow subsoiptons on o ~Wily fin~>1545.3 Y060000ont 0 hedge fund d hedge 14.rd d Icisda gonorarya: et :ha fa: biu*.nels cloy& rho subscNotion ponal Due $0 edly- tandog toptisemONS by the apsia?Obie fund aour *maid may to ~Sod Si, the stia.ichdon am:anpd. to MO ~All dare P1004~0/t0 the ill/pl'COD4Pheelgellina oporothedocomentabon ter Itathadotaas Confidential Treatment Requested by JPMorgan JPM-SDNY-00037708 Chase CONFIDENTIAL SDNY_GM_00306906 EFTA01511871