EFTA01511668.pdf

01 2004 JPMorgan Chase Bank JPMorgan Private Bank Account Number Asset Account Portfolio Page 13 of 16 FINANCIAL TRUST COMPANY, INC. January 01, 2004 - January 31, 2004 IMPORTANT INFORMATION ABOUT PFUVATE INVESTMENTS: FOOTNOTES I • 3 conbnued ledge fund redemptions me genereayon a monthly queleeNcr annual basis but can sometimes be subject to a Instssee, belsup before a rederhoton is permitted Fos tedensptons th ree greenly' notitabenpentd Met Gen berating infant befcern. Wheal reclamation date Rodestetson pfocetto are penereAypad 3-3 business days ales Me final IVAV is issued but can be setseCt to e hadtmek of et porton of' the proceeds oat an annual *suds! of the Fund has been conetted Plea el to the appicabiehedge funds Operethedturrentaten for furtherdetaits For Wee funds one of two inelliOdS ewNbe used on Inn statement to report how mcentve foes that may be owed to the GeneralPattnercr Manager are ped The fist method e called 'Sties of Snares end COnsOMeton Method' end will *Notate* nen smksOf the hedge fund eta pit vintne(. g 1, 100 t 1000)I. evesysubsaebon penal donee the yew end a dneronINAV wat be backed for each sties At Me end o the septet,. ',tether& resod (genertit the end of the yet). any series ks when an me:BM...lee a Met* OS. MO fund has a net mild is Overlie opplicebternon we,* mete and known es the -Conso4dating Seq./337mill be incorpereed wen end corsets:lased as part of tie earths:Irons issued by the fund mallets an invest."' het sutgated la which en oxen:telee is payee*(the load Sams') Invasion holding shares in a ConsoAdahrqS110114 Rol ha ve/ ow Shines nodettliedfilyn each of the Consoklanng Seinesand sirnueaneously be issued eddlonalshoein of be Load Sores Ma sad on the NAV of the teed Sward on the conversion date) Any SO/004 Sy winch en viCentvere. is not pay.bisso 0 the fund has a net bas a is net Over tine OPPloebtelnin neter fnek7 wa mamas a aaNaataaaa'aa ton, the Wowing tneenth. fee period ends teherefhat Som-endS when d *Of again be evaluated am consoiSdated as pal of the Lead Series Ito prevOustydescribednee a rnof The second method 4 ca fed Pp EquatatenAtered' Equelcelsonls an accconhng malhortegy used to ensure trial each in vestor in a hedge fund is Parini INSMCW 04“WabbatiretCei ancantne fees Uhahe the Senn of Shores methdd shirn heId by., investors we sat sod re the sane NAV The 'Equate&o Anscone reflects an amount deducted from the subscnptnn amount in order to "equaiselne incevItnie feeders:a; investors onsetsrl to the Fund an the amen! yew The risuatattnFactor used to deb miry the £quatatonAmount may varyarreng "eskes and depends on both the defeat when an snuggles subset tad to the fund and the fund's current Info/ performance An investor who subscribes b a fund follawmg the nitsol cbsing deb wet ham an Equeteston Amotmt electtselysegresseed from the sub:esteem anoint uthzed to purchase shares The EguateationAmount can changeover time depending on any new moues, entering the fund as the amount is again tquearedlo ensunseech investor has an equstabbahocaten of "'neon/ekes Note Mat a change sn equataticnoner tine can result in a negabvaEisuatalsonAmount A negatheequataticnarrount atones a potent.' redsetion in investor shared to pay incentive feed to the Manager Therese tees EistratahonMethods conwnOnne used today 'Peden:ten Method'. TtepenetiOntiethOr finder loth ncesda. WV* fun0 is up in vale from as neeptors date and horn the date in which an outlet has inveSted et Me end of the appAcaNe period (genereh)yetv-end)the Epvoice.")krOunl is used by the Fund to issue addinonstsheres to the mint," If the invests., had invested in tne fund when the funds down it, vshtits from as inCieptiOn deb and the kind 9u0SeQuentry Wel up in rake (et of beyond the epptaelenth water mesh) under the Rederhoton Method an investors shares me be redeem :silo pay menthe fees coned to the manager Under the OthectabonMethol an amount is deducted Iran the subscription amount and Ued'edaa a depreciation *0034 which is then used to pay sneentne eel owed to the Ge elf:fete, os Menage on en ongang bass For addebonehnformakes meet the hedge fund's operahngdoevnents Confidential Treatment Requested by JPMorgan JPM-SDNY-00037498 Chase CONFIDENTIAL SDNY_GM_00306696 EFTA01511668