EFTA01511636.pdf

IMO JPMorgan Chum: Bank JPMorgan Private Bank Account Number: Asset Account Portfolio Page 11 of 14 FINANCIAL TRUST COMPANY, INC. November 01. 2003 - November 30, 2003 IMPORTANT INFORMATION ABOUT PFUVATE INVESTMENTS: FOOTNOTES I • 3 Continued ledge fund redemptions me genereayon a monthly querteeNce annual basis but can sometimes be subpart to a Instssetv belsup before a rederhoton is per:meted Fos nedemptons there is grettlitY• ItatikabOll PSII:d mot can berating interval befcern. Wheal redenwtcn date Redenebon pfoceeds are esenereAypad 3-5 business days ales me final IVAV issued but can be subect to e leddesck of et porton of the proceeds unMan annual *suds! of the Fund has been carpeted Plea el to the applcabiehedge 'Ludt oposethedturrentaten for furtherdetaits For hedge funds one of Sao methods me be used on this statement td repent hOuf ,nCentve Mesh*t may be hoed to the GeneceIRelneree Manager are mad The fist method is caned 'Senna/ Shares end Consokleton Methxf and will Nbtatee nen series of the hedge fund ate pit mano(. g 1, 100 t 1000) for evesysubsombo penod donee the yea, and a dhersMINAV war be backed for each saves At me end of the septet,. mcentheles awed (generehithe end of the year). any series ks synth an meet...foe a parade Ors. the fund nee a net add," is overlie epplicabterhoh water mote and known as the "Conso4datin, Sechse)nal the mcorporeed wen and corsets:lased as part el tie eartestseses asued by the fund in when en invest."' has subtated fcr when an ocerate lee is payabehhe lead Sties') Invest*, holding shares vs a ConsoAdatasSIIIII4 me hone)", shires (adorned from each of the Conscadahng Sores and smueaneously be issued eddlonalshens of The Lead Sores (based on the NAV of the Lead Sohn on the comarsion date) Any SO/004 St which an inCentve fee a not POy•bint 0 the fund htS a net boa a is net Gaga 050 aaakaanalaaa aataa awn me rnnaa a aaNaataaaa'aa 'anti the IcOmhott Menthe fed heNd end, thmereaW SN•Ond). when d again be evaluated am eonsoadated as pal of the Lead Sores Ito previouslydoseNed nee a net Thesecond method 4 caeodmo Equalmtenatened' Equelcalsonls an accounbng malhortegy used to ensure trial each in vestor in a hedge fund a paying hhhef Oaalaakaaaaaaaaa 00 ne•o&vefaaa kWh, the Soros of iSh2ntsmott4d Own Ow4d by eV vivatiO, we valued," the sane NAV The Equatebotstnome reflects an amount deducted from the subscnehon amount in order to "equaice-the inavithe fees arsons investors mestere to the Fund as the amen! year The risuatatmnFactor used to dekemr. the EquatatenAmount may varyarreng "esfas end dpi ds on both the dale et when en 'numb subschbes to the fund end the fund's current Info/ performance An investor who subt-ntes b a fund follmeng the vutal cbsung dee wet ham an Equeteston Amotmt electselysegresseed from the subscrefron amount uthzed to patches° shares The EguateationAmount can changeover time depending on any new mottors entering the fund as the amount is nen 'equated-to !MUM etch ove*r has an equstabbarbcaten of memento kes Note Mat a change sn equatationone, Mme can results, a negahnsEquatalsonAmcont A negatheequataticnarrount atones a pctentol redsction n investor shares to Tay incentive fees to the Manage, neve en tee EatratahonMethods conmonhe used today 'Peden:shows Method' or Tlepeorston tether Wide( loth n id* fund,, up in vat* from as mcepton date and from the date m which an investor has inveSted fit the end of the Shekel*. penal (Genetefhyetv-end)the EqualcetennOrOunl is used by the Fund to owe addbonalshares to the wheat," If the meat., had invested in the test when the funds down m vshutsfram as moepbon date and the Fund whs.:sentry QOM up in nave (at or beyond the epphastenth miter meth) under the Rederhoton Method an investors shares net be redeem:4So pay incentive fen owed to the manager Under the Ostrectabon Method. all amount is deducted ham the SubeMptiOn amount end Podded We depreciation de0034 whmha then used., pey unCentne lees owed to the Genes MAIM*, CO Menage on en ONP00 bass For addebonehnformakes feet Me hedge/undo operehngdocvnwas Confidential Treatment Requested by JPMorgan JPM-SDNY-00037466 Chase CONFIDENTIAL SDNY_GM_00306664 EFTA01511636