EFTA01511826.pdf

01 2005 JPMorgan Chase Bank, N.A. 345 Park A% enue, New York, NY 10154-1002 O JPMorgan Private Bank Account Number Asset Account Portfolio Pager Y.; c 14 FINANCIAL TRUST COMPANY, INC. January 01, 2005 - January 31. 2005 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Rirate Equity Hodge Funds Ekohenge Funds Rear Estate and Other Mane!~ Assets I Died onveCeepwtynnestrrente and pooled pintoinvestments (Et g. ntorests rn Amited paelneshas and MNIediebtity CCenpanet)we genetaityAhguel secunbes Yates we estimates Ohiy end we not nanented toe aCCuttCyOr C001~3 Valµadd not regenet the actual terrro et watch hirdatfron3 Or aieurge9 Coed be bought Or *Old a new transactions Coud be entire:fir:0 a Pie aCtuellenne al went., ecatajbenseCtOnsacubi be ?J.:NO.3.0M« the da,e0t the statement Died private eptu7y vivestmern5 /re generatyvala d Met uNess Mae .3 an Set ceseeOnchery ea:kg market in the secunbes wiTO, Can ~al pretateeouty ilwestmmts am raked using nwliet ages as of thø CINT• Of the Ant buttolati clay Icv Sleferien. pen0d Pooled waste eat* ~knots ere veAted scooting le Me GeneealPeetnetscv Managea"s staled methOJObgy In genteel pool.d pinata eqinty uivestrrents ere vetoed/it &et una,39 a spnlicaaIsm's!~ event occurs when mendatne ~Mono( the n 1~ Tha witeetton teasM000109es 9enteMYnotode an athshesalOI hie undeyrrgassetS af the toc~ cot: 0 ca rgion.down amptiat et a value at which lard party tinanong has occumed at o ~kW ace it en actwo secondary market! devetops. n at e rate <Ski/kited by an incloperdont tarty Finn toter to the tented petnetshw tenement Awriod A•adly company enema,: cv other Op ION(cdOCurnental00 let nth ntestrnont kv me speak voter«. wrethodokoy used by the Genotal Pwmot n Manager la mar irNoarrent Mown eipresslychsclams any rospcnsteeyke (Who mcw•cyot Met nkernabon end II* memakkgy used eh, GonetelPaitnetce Managra ckervcrgwiclualene (2)•nyorrasot oeh srons in caned»; or dissaannanag vakaa'aaas araf ())any use to wnica the vatotonS Ye put V•hatien$ ~pit:4X~ km, nktwatton purposes any and ea vitencted so!oy for your own uro Hedge funds gernathcaXuate me arc. (Me Wee Asset Value-a • NAY' 10-15 Cosiness days kftworg the last business day ci the month Foe that reason hedge fund NAY: shown td game* be the NAV or the rnon!ii remedy Mrs statuen! mod Ingenera! the ?Olio stake) net of tronaganentand ncenthe foes The NAY u cakubled ~mg b the General parties's a Manna, : stakd rretncdotzgy Plcoseretee IQ Me Nated ~et stypagree~: vissted Aabatycompony ageeenent et other cpwabva documents...on for each hedge turd ke tla speedo kalvabon methodology used by the Genea )Pattncra Manager In that hedge fund Shown expresdydrscOncs any responsebay fee Mille ecaracyca the mIcemeton and the methodology used by the Canard Partneece Marne n dameg eakabons(2)anyarors or ~sons in compare a dasseennany the vakabons and (3)any use to which the yak:aeons we put ItabaMsns wepronded for mkerratton purposes only and we ntanded soblykr your o.n use For ExchangeFunds the puce (me Wet Asset Vahtteor 'ar hncludes Me we any nonalatablesecurites that we valved ma~ hang a tee value rnelhodatogy emoted by me board of the Manager The Ntel Asset Vatte USD' ;Meets the Me ot aet used to finance Me nOnmarSoPeNCe iec tint« the nOn-makeSiNeSeCurtheS end time Snap conaacts used to ~gale the ;Meresttale rah between the tkatu,g tale on the Wed aede and the toed tale at Me non-nwliefebteseantres The Fad Can drew dont on the Ned ore« b Pay ~eh 'e and menegement lees at startup a yn Me event Chef the drwclencleKomelean the undertYng secvnbes cannot pay the expenses or me Fund This Sferen*nf don noloorde tav ,epo'Mg on Gnat irr*Stmeols Seale nontrup 10 red upon the Gaveal Partrav a Markqe, of the reesfrnent versske for Ws nformesbort twos some d when ere provided by peeing ~noes a otnof sortces cht nO doom «Mot*, aro not guaranteed la accuracy am ~table watt.: 2 Tre taptal Cad Sint* thollphen USD' and tedVSocum•ydeircbutons Since tncoputin (ISO' «Aare,: WO updated mOn•Jiy b ;anon adnyty (captai cats and daatubonS) lacy 3 Hedge funds generaeyeasw subscriptons wen:nth* a querkwlybescs Vas nkrestn a hedge fund a hedge fund of funds es generalya: of the fist business day of the sobso‘otton period Due b early/ildup tea urements by ble *apace/aka fund pan account may be cleb.ted CO, the sub:a ipbon amount prase to Me svbscaston date Peeserefer to the 40Pcosb,e hedge furls 0Per&nedCcorrentabor, for further detags Confidential Treatment Requested by JPMorgan JPM-SDNY-00037662 Chase CONFIDENTIAL SDNY_GM_00306860 EFTA01511826