EFTA01511841.pdf

02 I2005 JPMorgan Chase Bank, N.A. 345 Park Avenue, New York, NY 10154-1002 fl JPMorgan Private Bank Account Number Asset Account Portfolio Page 11 of 14 FINANCIAL TRUST COMPANY, INC. February 01. 2005 - February 28. 2005 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES I • 3 conlfnual Hedge fund f«tempter's we cenerstyon a monthly quertedyce annuelbasa MA can sometnee be subject to a nom sea bckip beforea r «a per:need Fa tedemptons these ia genaabye notReabon paved Pet can be e Ø ;Mara!before the actual redempbon de» Redenetonproceeds are penerrAyped 3-5 business days alter me hel NAV øs issued but can be sub,ecf b a teddbetek ale ~ton &the proceeds unfit an annualaudt of Me Fund has been can letect Pea el to the applcabtehedge lundS operetwedaumeMabon br lather details Fa hedge funds sed two methods wel be used on this statement to report how incentwelees that nay be owed to the GeneralPatnaa Manner teased The fist Øu ceAed 'Sees d Shires and Consadelon Method' ard will eakxatea new west the hedge fund et ape vette g 1. tal or 1000) fer ewhyaute:«Pb0nPene &TIN the yeaterd a davenINAVwat be backed for each awes A! the end of the appaCebencentne tee penX, (9eneraWthe old d the Yea0 any senn r eh« an innbua fee as made OS the fund has a net aol4 cr as over the applicable WI we* owe and known es the 'Consoldefing Saes,mg be ~pawed wdi and conschltWed as pal et Ina analeat senas issued by the fund n when an "mks has subscribedla which en ineentms fee is paAtite(the lead Servo') invEhekeshtichhp snares n a Consoldatmg Senn hot heve/lea shares redeemedhem each of the ConscAdafing Sena., and simueeneousfytet issued adMhoretsheresof ble teed Sores (based On the NAVE! the Len Sass« be oonverson dam) Any non by whch an 4nCentvfp fed d opt payablepath. fund hase net Ices ail not Cair ble appkgagelliell war merA7 wen rnnii9 a separeeeSeet Loh MS Mowing *ante* fie perod eh* (genera let lesf-endl, aohe d wt Van be evaluated and ~dated as pail of the Lead Sass I Me prevouslydescribed«Iona a net The»bond method is calledtn. EquatmacnMetned "Egateetonls en accounting math«ology used So «sae that earn nirceke n a hedge run</ paying Asia inur.'obbotteraVer acontvo ton untie the Senn of Shares method shales het by at nvosion re halo«a me sane NAV The -Faun:MenAmount' reflects an amount deducted from the subscript« mount n ada to "op ',al:0'Mo »sank*Ins among invasion innotng to the Fund in M. current year The "EguearabcnFector" used to &Mime* the EelualqsbonAmount may wvymmon "'Mors end depends on bom the dabs at when« imesSasubsentes to the fund arid tre I undS ~rent eve/of ~ammo An invest( who subscribes » • fund tollow‘hg the nrelcØvgdaY wt hotan EtjulaC0,40 Amount MN«nehrsegeogientmen the subxnØon amain, uMeal tJ PurchaseInns ene EdaMilAt00"0«. can change olar No. ~mg on any now investorseatingthe fund es the amount e »gan 'squat ed'to «sae each investor has en nude',eaaraton 0( mcontnie tau Note Mate change rn peweeMonths time can results, e negeaveSouelvehonAmount A nogatwonumMeacnamount inches • acerb&redtxtion *Investor shares to pay 'month* fen to Ms Menage more ire tee EqvaNahonMahods carrnomy used today ~bon Meehod- tectecatonMethod • Under both rnseheds ft. fry hind is up øn veto ham its inception dote and from the date in when an meek, has invested at the end of the amicable pencd (generellyyearend)tte EqualeabonAmount is used by me Fund So bare adddenal shares to the ones», If the investor had invested in the had when the fund is down en valve from its incept« Sean the kind sueseouenhy goes up n value (et a beyond the eppezabiehish water maid under the Redemphon Method an inveSta's shwas me be redeemed» pay ~Me fees owed b the manner Under the DeprecebonMeltod an amount is deducted from the subscription amount and oed,ted asa del:recoil« deposit which is then used lo pay ~givens owed to The Ge elPerther or Manager« an onddng basis For angonahnfermeten feet !he hedge/una'' operating documents Confidential Treatment Requested by JPMorgan JPM-SDNY-00037677 Chase CONFIDENTIAL SDNY_GM_00306875 EFTA01511841