EFTA01511651.pdf

12 2003 JPMorgan Chase Bank 345 Park As enue, New York, NY I0154 -10o? `JPMorgan Private Bank Account Number Asset Account Portfolio Page cl FINANCIAL TRUST COMPANY, INC. December 01. 2003 - December 31, 2003 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Rirate Equity Hedge Funds Etcharge Fund, Rear Esset and Other Mane!~ Assets I Diet? onve,eepinty nyrestrrents and pooled photoinvestments (eg intests rn Amiled patinef shas and NnlediRbRy CCenbanssfeee geneeffifyAhquel secures Yates we estimates"end We not na✓ffanted toe aCCur•CyOr COMple~ Yalµed0nel «genet the at WM terfro at *Inch bensacfrons or aieurgai Could be bOuglit Or *Oki a new thansechana COW/ M entered info a Pie attueNtenn9 n when O. ot,n2 DensaCtiOns cØ be k(Ndefed SS Or V* Oa» Of Erns V49~ Died pnvigo equ4y investmen.5 ire genneysfu d Cast un.ins thaw .9 en litbranOOndarytrachng maf kel in Me secunfin whirl, Glee direct prnateequty fnuesImmts We raked ubng Iraf ages es Of the CiDs• Of Me butty.$4 clay la Ma Slaten'en. pelted Pooled name eq y ~Infants are vaAfecI scenting lo the GeneealPfif (nets ~epee's staled methOJOUgy Inflame& pool.d pinata equIy investrraffes we vetoedat COO (Anted, a police°, snits!~ event occurs when mendatne ~Ronne the investment The vehmtaffn Inelh000009es gienneYncto )e an appraisalof the unclartpra;assets at the Iowa Cl oast a a wf gfan.donn amen( et a woke at which Wmd party financing has occumad & e rM'll&pM Are factwo secondary ~fa! &yokes. a of e raw Cat-Weted by an indopendont poly Fins. refer to the Jolted petnetshys egfeemonI Anviod 4~1ycompany enema,: a other OptfahanIOCurnentalon Av each intostrnont for ire spoof< %reborn", nyth000kify used by the Greed Paftnot a Manager la that investment Mown of etarsalydfsclayna any rospcnstalyln (1)tma «ea-yet:no plonnabco end PR memo:Won usod GonerelPaitnerce Managafn dar.ingvoluah:04. (2)•nyorrasor onfisions coniaIvR disseennathg the vhkaahoas ard (hennas° to wnien the vatokins so put VONOtiOn$ Ore plandod km, mlcareffon putposes Ony and ire intiodecl soW, or yair own use Hedgerends gerevechcskVate the no (the Wet Asset Vattnia • NAY' 10-15 business days azatamng the last business day ci We month Foe that reasr hedge fund NAY: shown wd genyo4ybe the NAV or the rnonM ~aim, this stateren! eaffed in general Me NAY d sØ net el ma tand ncenfne tees The NM/ e cakubled ~mg b Me Gonna]Partners ce Manna*: MOSS rrethcdoegy Pleaserein to Mc Noted pertheeshipegreemant tinted Aathtlycompenyagecenenta other optrave ton for each hedge fund Ice Me spank kalvabon methodology used by Me GenealPt!~ of Manager In that hedge fund Maven expensh.cfrscasvns any tea ponsebayke MM. ecancy of the mIcrmeton and the methodology used by the Gana&Paftneece Manner in denerqvatuabons (2) anyetrors or ~opens in compang aduseenn&ry the vakrations and (3)any use to wi'llar the yaluatonsare put YwtatO+swepwdeddtOrmbmatnprwroses only and are uftended soletykr your fifth use For ExchangeFunds the puce phe Wet Afset Vetotå WAV,includes Me wolf.« any nOnaketO~Ctinfin Mat be ralµd n'a~ vang e far vo!uernelhaflogy emoted by lite board of the Mann« The Ref Asset VaItRUSD' 'effects the Ane ot cfcNII used to finance Me nOnne944eNe»cunt.9. the non-narkteas»secuwbeesno Me snap conhects used lo innate me interest talerfisk between the karma tale on the Meal aedd and the toed hide of Me non-nwlietabfeseasstes The Fad Can drew Donn on the Me 01 ~I t° Pay empenso, and mene9ement lees at startup a ef the even:Chef the 01vdend ~amp /ran Vie anderhmasecvnbes Gannet pay me expenses or the Fund This Sfdran9nt does naporde te.(we•bngonPinete ir”estments Please dambhhe 10 tea( upon Me General Ratner a Ahmed« of the reesfrnent yen«, for this fnformebon Rion some of when Ore panded by prein9 ~noes a o:nof sources ahal no doom flii~ ass guaranteed fa accuracy am ~nib'. values 2 The taptal Cared Sim* Prop:inn USE,' end t0911/Secumy&sirtut:ons Since tneopstan USLY «Ann,: Ole updated niOn•Jity to radon °Caw:). (capfai calls and ddatuffonS) tarry 3 Hedge funds generae,aasw subscriptons wan:n.1,1* or quarkwlybos.s You n'aestaranedoe kind a hedge fund of funds es generalyes Cl the fist business day el the subsoRtfon period Due b earlytundiltg fee urements by ~shah:Wake fund sour account may be debeted fro subscerobon amount aria to The sub:co:Ron date Peozotora ti the apPlcoNo hedge huds 0Per&nedCcurrentetten for further deels Confidential Treatment Requested by JPMorgan JPM-SDNY-00037481 Chase CONFIDENTIAL SDNY_GM_00306679 EFTA01511651