EFTA01511667.pdf

01 2004 JPMorgan Chase Bank 345 Park As enue, New York, NY I0154-11102 `JPMorgan Private Bank Account Number Asset Account Portfolio Page CI 15 FINANCIAL TRUST COMPANY, INC. January 01, 2004 - January 31, 2004 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1.3 Prhate Equity Hedge Funds Eiehenge Fads. Rest Estate and Other Marne!~ Assets I Diet? arve,eepinty .m..estrrents and pooled pls.investments (49 g. ~rests inAmited pwlwee bhp., era &Nei betWityCanpamettete gewentitwAhquel secunbes I/areawe estimated "end me not nawanted tor aCCur•CyOr C001~3 Velµedo natter ewe the at tuartettra at when bensetions or leCurged Could be bOuglit or *odor new transactions Could be entire:fir:0 a Pie attueNtenn9 m when e.gtvg DensaCtiOns COM be Apudekdas Or V* da,e Of the V49~ Died pnvigo era u4y vivestmeoU are gentwatyvelu d Cast °Ness thaw .3 an acthesecondarytradvie market vi the securities in MN*" Cate drat: foo.Weepuey Avattments an valued uang nwliet anon as 0111). CiDs• of the last &liens [Wks' Ma Sleferreot period Pooled powsteeq cm)! irwt, strneres ere vaAwadaccordng to the GenevalPartneWso. Manager's staled methOclabgy In gene& pool.d "MO equity trwestments Woo:let &or un»ss a spnecant whestmenterant occurs when mantle:nit ~atonal the mveaMnani The usAmbon rrem000lo9am PareeMYnciude an aPOrmalol tn. unclehevassets et the .01.« Ci Ø a a WIMMI40,*(1 amptint et a woke at which lard party financing has occumed at to rM'h&pM AM attire secondary mark& deveMps. a at e ratio <Ski/kited by an independent party Finn refer to th9 Jolted petnershw egrisemont. Ameod 4~1ycompany eproomen, a other ION(nIOCurnentalon lot Oat intostrnont Pa MO spoof< %robot«, nyth000kyy used by the Geneeal Pwtnot a Manager toe mar twos-Men /Fagan eiptessb,cbselevns any rospcnstwtyla (Who mcayot ellormalice end In* memo:Won used by Me GonerelPattner Mariagra in dewwngvalualens. (2)•nyorrewsor oeh swins in =mew»; clissetunatwg two vekabbons awf ()tennis° to wh ich the votobins so pot Vatuatrons orsplanded km, adormition purposes any and ea vifalded SOW/ for ya.ir Own uro Madge funds gernatiyaikVatethe no (the Wee Asset Vattnia • NAY' 10-15 Munoz! days kabwetg the last business day cl We month Fn !het reer.cw hedge fund NAY: shown wd genet *be pa NAV of the month amain; this stetarew! pawed In gene..., bbeN41/ 4 staled net of rat tand menhe foes The NAY e cakubled accordng to the GoarealPartners or Manna, : sØ rrethodoegy Plessetetew to Me ~ad ~entice agreement hmted Aabetycompony agreenentct eted operative documents...on for each hedge turd a the specific kalvabon methodology used by Me Geneallattnnor Manager tor that hedge fund Maven expronlyeltscasvns any responsebay fee MMe ecancyce the mIcemeton and the methodologyused by the Omer&Parfneece Manage in damns vababons(2)anyerrors or ~saws in compare cc dasseennanythe veketions and (3)any use to want the yaluabonstee put ~Miens wepranded for mIcemetton purposes only and are ntended solely In your own use For ExchangeFunds Nye puce (the Wet Asset VaIve-or WAV,includes Me veV.« any nonaketablemeunbes that be valvedsa)M.Y using a let valuernelhodatogy ~venal by the board of the Manager The Net Abbe VattreUSD' reflects the Aneotoefl used to finance Me nOnne944eNe »cunt. 9. the wowwkeketabtesecuwbes end Me snap contacts used to inhale the ;Merestrate wsk between the ttoatm tale on the etre ot **Mt and the (Ned tale al Me no~efebteseasstres The Fad Can <New Donn Co the Me 01 cad< b Pay empeoseband mene9ement lees at startup awn Me eventMat Ma dNdend ~Gene Ann Me underryingsecvnfies 090401 pay the ez.OelSeSOI Me Fund nid 3,d~tdOet , 4010,0nde tav Wabn9 of, Pun* ire, estmnb Seale Ølene to rely upon Vie Geneve/ Pi!~ a Abeweget al tle ree3frnent yen« , for the mformesbort Pncos tome of when ere raided by prang ~noes a otnef sources when no doom fit~ 9,Avarnbod tor accuracy a - as ~zeal. values 2 The taptal Carol Since Mcophon USE, ' and taalvSecanyewetubows Since tneopswn USLY «Awn,: Ole updated 0100•Jiy so radon adnyty (captai ca4S and ddetubonS) lacy 3 Hedge funds generaeyaasw subscriptens on a ~nth* or qu,:wkrlybes.s Vas n'aestaranect-je fund a hedge fund of funds es generalya: of the fist business day of the sobso‘otion period Due b earlytundwrg ree uremenfs by the eppbcebie fund your account may te deMted the subscrebon amount prase to The svbscreton date Peezetefee to the apPLcaNe hedge huds oPef&nedCcorrentabonkf &thewatt. , Confidential Treatment Requested by JPMorgan JPM-SDNY-00037497 Chase CONFIDENTIAL SDNY_GM_00306695 EFTA01511667