EFTA01511739.pdf

06 2004 .MMoroan bake Bank `JPMorgan Private Bank Account Number Asset Account Portfolio 1 c 15 FINANCIAL TRUST COMPANY, INC. June 01, 2004 - June 30. 2004 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES f • 3 Phyate Equity Hedge Funds Efchenge Funds RedEon:0 and Other Marne!~ Assets I Diet? onve,eepinty.mrestrrents and pooled pls.investments (et ~rests in Am.760 molneeshos era ioneOosO(n CO•npanon Ye genemo),Mquel secuotoo Yates we estimates "trod We not w✓rentedb aCCureCyOr COMple~3 Valverde not fasessenf IM actual tettro at who* notationsOr reCurgar Could be bOuyit Or *Oki Cr new transactions COW/ be entered info a Me aCtueNternis on Mich e.atn9 DenseCtiOns COLtbi be %pod...WOOS Cl V* Oa» Of Erns V49~ Died privilgoequ4y inVeSblleOU are genpretyve,dodfa Cast unless thaw is an actneeecondary tracing market in Me securOn volmd, dolma.I prem..;oeputy Awn Iments rfrked using n*a OM aces ea Of MO CiDs• Me buttolati [Wks' Sfaleffeot mod Pooled powsteeg yirr,tatments ere vaAiEdectorcing to Ine GenevalPertner's Manegees annex, melhOzIonoy In yenfre! pod»d rrate eqinty investrrhent, we raked at CO9t wan, a agnioaa !snits!~ event occurs when mandates* ~Monet the investment The Woe.« fferM000009e 4 9ornaYnoionie an eppoomnof eno undernyvessots et the lower at cod cf a wrgiendown amen( et a valueat which lard party financing has occumed at to morket ;wooden actwo secondary rrierket &yokes. a at e rate Cat- Weted by an incloperelont awry Finn refer to Us tented petnetshw egfisemont. tarried '1~1ycompany agreementa other Op✓fat&OdOCurnentalon fOt each nyrostrnont kv me spec& %reborn", methodokgy used by the General Pwtnot a Manager lot that investment Maven eiptcosslycloclayns enyrospcnstelyk, (Who mcayof olormabco end the methodology used ty GonerelPaitnern Manaowo darwngvoluah:04. (2)•nyorrasor an:ism:ins in caned»; ordissoronatog too vekaiOons and (3) any uso tO wnicn the vatokins ore put Vabatrons arebranded km, mkarebon purposes any and ire intioded soW, for yair Own ure Hedge tunas oorevon)ookonfotne pro., nno Wet Asset Value-or • NAV7 1045 business days klbwerg the last business day of the month Foe that rerxn hedge fund NAY: shown wd genet Mybe the NAV of the uranla retrain; this stownon peal ingenera, Me NAY o stake) net of te tand menthe lees The NAY is cakubled accordng to the GeneralPartners a Manna, : stakd rrethodokgy Pk:octet« to Me Noted pertneeshipagree~: tinted babel).company agfeenenta oche cpciatwo documents...on for each hedge fund/ate speedo valve:on methodology used by the GenealPartncr or Mangero that hedge fund Morgan C,11,10.551).CPSCaNtS any rosponsebay fee Mine ecancyof the mtcrmabon and the methodologyused by the Ganef&Partnn Marne vi damns vakabons(2)anyarors or ~sons in compare cr dosefanang the vakatons and (3)any use to what the valuabonstve put Ifekratnsto wepanded for fnformaten purposes only and are ntended 'playlet your own use For ExchangeFunde the ;eve (the Wet Asset VaIve-or WAV,includes Me vMre of any nonaketablemountes Mat«. valved ~S . using e hat %Woe rnelhodotogy ~foetal by the board oft?* Manner The Wet Awe Veit;e USD' kneels the meat pelt used to finance Me nOn-rndr944eNeseceintss. the non. narkekbk securibes end Me swap confrects used to rnhate the ;Merestrate rok between the %Nog rate on the etre of aede end the Ned fete of Ore no~efebteseaveks Te Fund Can drew dOnn Co the Me of bran b Pay empeoSer ead mene9ement fees at startup a in Me teen:Met the 01vdenchncome Iran Me una~ngsecvnbes cannot pay ~expenses° , Me Fend This standlien does not ~ate tav reFef Mg on Pin,* investments Seale ~bootie f ely upon top General Feeder a Meneger cline ree3frnent '{Mito for Ws rnformesbort Aires some of er n.hpO provdorl by prong ~Aces a årret sources alen no doom fit~ not guaranteed fa accuracy a - as roar:oak waives 2 Tr. 'Caine/Caned none tncOphOn USD' ond tri911/Secumy&sirtutoor Since /mops*, t cabin,: 010 updated niCoMty so 'enact craw:). (capfai cant and dabibutfonS) anY 3 Hedge funds generaayaasw 5~7*h:ens a' a nr,nlhly a qtsykrlybos.s You .n!erest,n a hedge fund a hedge fund of funds es generalgas of the fist business day tl Ma sobsoetfon period Due b early fundng rob uvements by the eppicebie fund sour account maybe deMed ke the subwebon amount prof to Me sub:on:Mon date Peozotofor to the 40009No hedge huds oPer&nedc<orrenteher, for hunla detete Confidential Treatment Requested by JPMorgan JPM-SDNY-00037572 Chase CONFIDENTIAL SDNY_GM_00306770 EFTA01511739