EFTA01511797.pdf

11 2004 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. November 01, 2004 - November 30, 2004 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1• 3 Pirate Equity Hedge Funds Ekohenge FLetds Rear Estee end Other Alcvnethe Assets I Died payaleeptaty.nsasstrrents and~led pls.investments le g rolorestsinAmited partanshas and i~ babnty CCenpahes)ere generainAhquel secunbes Yates we estimates ohy end We not wanented aCCurtCyOr Coen Vakeedo no tenement IM et teal teems at *ea) b•Mattion3 Or siøetege9 COMO be bought or end a new frensectems Could be enteredinfo a Me attueNtem19 ad Meth e..;stmj Danseclonsahtli De head.»MS Chl the dale el he statemant Dyed pnyaleequey investmem.5 ate genpreaystu d Cast unless thew .s an actnesecondarytradvg market in the seeunfieS in Met* bite direct sorneteeouty ~eaIntents an vetoed unng maikef bites as Of the CAM* Of Me buterales ~Re' the Statement paged Pooled porateeq y ~Mayes ere vaAndecendng to GeneeelPettner's or ~epee's staled met~gy In genera! pooled pinata equ,ty whestments tee k.akedat &et wan's nonce°,"'strewn event occurs when mantle:nit ~Mono! the investment The ustuaon reelned0009es 9enteMYnniode an aaahlesalol Me unchain% assets at the lower °toast c a wrgatn.down ambit at a value at wile,/ laird /Wry linanong has occumed at o moltel pm* r en actwo seconderymarket &yokes. n at rate Cattgated by an ~open:ken early Finntat 10 the Jolted pattnershw einemon( Awned '1~1ycompany enema,: or anal at> &laselOCurnentalarl lot each inentrnent b the spec bc yaksation nsathodokoy used by the GreedPanne, or Manager tor that tn.:Jaen Istnan eipinal>Asclams enyrospcnstalyke (1)bwa «ea-yet:he elk/man»end met momodology used by Me GoneralPaitnerce Managr donwngwinualons. (2)•nyorroa or antinons in caned»; ordissemnatvp tn. vtiobons and (3)any uso tO wrhcn the vakaltainSateput VilayetKAS areplaadedkm, nketrationpurposes any and tare Melded sboyln yair Own use Hedge funds gernatneanutatethe prce (the Wet Assaf Value-ot • Nair) 10-15 business days kftwerg the test business day or the month For that reason helge fund NAY: Mown ,mY genye\ybe the NAY of the month ~atop this stelonen: peal in genera, ten NAY,t staled net of na tend thcantheleed The NAVa cakubled accordng to the GeneralPartners a Manna*: stated rretnottotrgy ~serene to Me Mated partneeshipegree~ tinted Aabstlycomponyagresenenta other operaene da-vmenta5oe for each hedge lund hatho specie kalvabonmetnnlology used by ale GenealPanneen Manager for that hedge fund Morgan capeasslydacassms any tasponebetylce Mtn. ecancyce the tolcrmeJon and the methodology used by the GeneralPanne'« Manage n deemeg vatuabons ( 2)anyetrors or ~sat: ei compare cc dasseennang the vakabons and (3)any use to what the yakehons teeput IfektaMsns weprondedke mtermattonpurposes only and are uttended soletykr your oar, use Fa ExcnangeFunds the peak (Me Wet Asset VaIveor WAV)includes Me velreof any nblakeeaDieseCtintef Melba valvedn'a~ Wingate' va!uerneMbflOgyeAtvenedby lite board of Me Mann« Tn. Wet AMet Veit;eUSD' kneels the Me ot «ede used to finance Me nonneSektee Wont., the non.narkteabtesecunbes end Me swap coefrects used lo ~gale the intern! hate rok between the fløting tale on the one of sedd end the /nedste of Ore non-nwliefelnesecontres Th9 Fend Can (flaw donn on the Meer aedt to Pay etPensesend menniementlees at startup aen Me event Met the dAn:lend~erneIran Me ce~ngSecvnbes cannot Deflnee(PanSeSOlMe Feed This sfdte""t does nOibbnate tar ,flobn9 on pavete i'nesimns Seale COnbeoe 10 retie upon Ne General PYha+a Manager «the ,' restnat iehcle kr the mktmebort Prices some of when ere paneled by prong ~noes a Nowt sources als411 no doom fliMbk, am not guaranteed fah accuracy eras roaazobto waives 2 Tre raina, Caned Since Mcoplon llSer end tnivSocumy&airtu!..00s Spice tricopSron t ccAnms we updated mbMity to rotten Dean. (caplet used and daetunonS) lacy 3 Hedge funds generaayansw subscrestons wens:nth* or quarkrnbesa You nkeestare helgefund a hedge fund of funds is generalyes Cl the list business day of the subsoebon period Due to earlyluncleg iceurements by the enicabie fund your account may be debded ta Me subsceebon amount plan to the svbscreton date Peeseteter to the aoPlosbIehedge tunri oPertnnedoconenteben for hall'«"IS Confidential Treatment Requested by JPMorgan JPM-SDNY-00037631 Chase CONFIDENTIAL SDNY_GM_00306829 EFTA01511797