EFTA01511573.pdf

05 I 2003 JPMorgan Chase Bank 345 Park A% enue, New York, NY 10154-1002 JPMorgan Private Bank Account Number: Asset Account Portfolio Page 8 of 9 FINANCIAL TRUST COMPANY, INC. May 01, 2003 - May 31, 2003 IMPORTANT INFORMATSON ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Prink Equity Hedge Funds Etchenge Funds Rear Ent:0 and Other Mane!~ Assets I Died anateepwty.nrestments and pooled pintoinvestments (eg, interest in Amited paelnershas and in ast“ity Oanpanes)eregeneraitynguel securities Yearnwe estimatesCMend We not ntranted tor aCCunCyOr COMpletenn Valµrde «Eagan/It the at tuartettra at *NC* ten9aaAnsa reCurgar Could be bneglit or sod a new transactions COW/ te Wesel nto a Pie attuallenre On 'renal e.gtvg bergactais Ø0e apudekdas Or the date Of Erns statement Cfrett private era IA>. investmenU genneystu d el Mat unkes thaw e en attnesecondarytrachng market in In seCuntiat m MN*, Gin dames prevaSeeputy ewer/men:8 age valued ueng market bona as of the Cke• or me Ant bul"les [Wks' Mg Slateffeot paged Pooled ponstencary ~Mayes ere vaAnd scenting to In GeneeelPartnet Manegees Stakx methOclokey In yenfre! p0014.d pinata eqinty vivestments trevatueclat &et un»39 a spates°, ones!~ ern: occurs whoa, mandates* ~atonal the investment The vetnte” reennonegem giereneYncton an aPantola tee unclertrrytents at the 10~ Ci C g1M140Yon amen( et e woke et which lard party finanong has accurate at it met el ace if en earn secondary man! &veins. n at e ratio Cat- Wated by an incloperelont batty Finn refer to Us Jolted petnerthw agreement. Minn 4~1ycompany sprivementa alma Vatotedocumentalon **eh mestrnont kv spec& vehafion ~etiolate) , used by the General Patnot ce Manager la that .rNoarnon ~span ospinals,~~~ nyrospcnstelyln (Inn «ea -yet:he ellorrnahce end memo:Wan usod try Ino GonerelPattna a Manager in ciarwngvalualenl. (2).anyarcesor °matrons in camping orchssonsnahng the vekagenS anf (Stannic° to wfren the valuationswooer Vanatrons an prowled k. adarrabon purposes Ony and re intended SOW/. for you* Own ure Hedge tunas nter~thfrakVato the arc., (Ine Wee Asset Value-or NAV7 10-15 b.41,1"14 days klbwerg the last business day a We month Fa that isaner hedge fund NAY: shown wd genyeaybe the NAV of the rnon!.n remedy Mis :Wares,' need in general ~AMY , stand net of nenaganentand ncentne fees The NAY is cakubled accordng lo the GenetalPartnars a Manna: stakd nethodargy Pleasant« IQ Me dented pertneeshipagree~: anted Aabelycompenyagreamenta other cpa'abve documents...on for each hedge fund b the speedo valtabon methodology used by the GenealPartnera Manager for that hedge lund ~WI expresslyclecasms any responsebayke MM. ecancy of the infameton and the methodology used by the Genera Partneece Manner denorevakefons (2) anywors ornesem M compAng adeuemnety the vaketions and (3)any use to when the valuatonstee put Intranns wenonded for mtermatton purposes only and are ntended 'playlet your own use For ExchangeFunda the puce (me Wet Asset VaIve-or WAV,rnaudes Me we any nonantablencunbes Met an ralµd ma)M.Y wog a let wituernelhodatogy ~wen by the board of the Manger The Nel Asset Veit;eUSD' reflects the Ane crefl used to finance~ nonmadienteesectens. the non-nvelve!ablesecunbes end time swap confrants used lo inhale the Meresp telerist between the Boating tale on the Wb« **Mt and the fixed tele al Me non-nwliefebnseaartres The Fad Can <New damn On the Me a an< b Pay ~eh ea end menseement fees at startup a m Me event Met the 01Mendnocvnefecvn Vie (marrying secvnbes Gann, POT the expenses of me Fund This statement doer notpande ten reporting man* in eStmeols Seale ~beetle rely upon the Genera/ Partner a Mdrkqe, of the reerfrnent rehiCle for the mformebon Pons some of *0th eta powder! by peeing union a ant sources et al 'no doom rent*, flot guararand la accuracy nos roeSzeblO valves 2 Tr. *Capra, Caned Saco Manton USD' end triall/Secumy d‘rirtut:oos Since !mop*, t «Ann,: en updated nin'niyb redact Dandy (capta ca4S and d‘satubonS) Mary 3 Hedge funds generaeyean sub:cetera wpm:n.1,1* a quarkwlybas4 Vas nkaresta a hedge fund a hedge fund of funds es generalya: of the fist boanes day of the sobscnetion penzd Due b earlytundng tee urements by the applicabie fund your account may te debutdon the subnebon amount prase to Me svbscreton dale Peeretefee ti the 4000sNe hedge huds 0Per&nedawrenteher, for lunchs'dtsis Confidential Treatment Requested by JPMorgan JPM-SDNY-00037401 Chase CONFIDENTIAL SDNY_GM_00306599 EFTA01511573