EFTA01511754.pdf

08 2004 JPMorgan (haw Bank 345 Park A% enue, New York, NY 10154-I002 II3 JPMorgan Private Bank Account Number: Asset Account Portfolio Page 11 of 15 FINANCIAL TRUST COMPANY, INC. August 01, 2004 - August 31, 2004 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Phyate Equity Hedge Funds Etchenge Funds RedEstate and Other ~he!~ Assets I Died owa,eapinty.mrestrrents and pooled pls. investments (et mina in Amited antennasend NnhN babWty nenpanet)ke genetaityAkquel secunbes Yates we estimated "trod We not warranted toe aCCurtCyOr CO..~ Vakeedo not tenement Me et teal tanks et wna) tM9MfAnsa aieurgai Could be bought Or *Old a new transactions COuid be enteredinfo a Pie attueN tern* On Met./ e.atng Densectoeuaktbi De keudefedeS Cl:no de»CI !ha staten.nt Died private eptu7y investmen.5 genneyslu d el Cast urdess thaw .s an ectessecondentredwg market in Me setuntieS wnwi)Clite. direct prneteeouty ilwealments raIlued using mane ones es Lithe CAM. Of the lett betelati ~kw thia Statement paned Pooled awaked y ~knots ere veAtedawning to the GeneeelPettnernce ~epee's staled methOJObgy In general pooled pintle equ,ty tnvestments are vakedat COO wan, a spanfeent "'stow! event oc.turs whet, mandates* ~Mono! the investment The vehmeon reethedele9em 9enteMYnctode an aP091.91110l Da unclehrry assets at the .01.« Ci COW a a wrgien.down antxtnt et a value at which lard party linanong has occurred et • motel pm* Ar en actwo seconderymenet &yokes. a at a rate Cat- Wated by an incloperelont pkty Finn toler to the Amtel pattnetshw aneman( Amen '1~1ycompany enema,: cv other opseathedocumentaton lot each thentrnent for me spec& vahation nsathodofty used by the GeneralPwtnot a Manager lot that investment Sloven eiptaul>Asclams any rospcnstalylc,(1)~ «way°, the elk/malice end d+o momodologyusod try Me GonerelPattnerce Managree, danyngvaluab:01. (2)•nyorrcesor ohmis.ons in =mad»; OrdisSenxnehng the vek.obons and (3)any use to wnicn the vat...Opinion>put Vahatrons orsprondadk. mketrabonpurposes Ony and ire intended SOW,. for yaw Own 010 Hedge funds gernabycekVatethe prce (the Wet Asset Vaiverot NA117 10-15 business days kftweig the test business day cl the month Foe that rea:cn hedge fund NAY: shown wNY genya\ybe the NAY of the month necedn; the stamen! need In general teNAYu staled net of frenagernemtand mcenherees The NAY u cakubled accordng to the GencealPartners a Manna*: staled trethodoegy ~sent« to Me Mated pertneeshipegreeeent anted Aabelycompenyagtosenenta other cpwebve da- vmente5co for each hedge lund la the spade valve:enmethodology used by Ne GenealPettnevor Manager tor that hedge fund Mown expeesslydrscasvns any responsebay fee Mine *candy& the inkemeJon aen the methodology used by the Smart✓ePartneece Manner in dennrevatuabons (2)anyetrors or ~saws vi compare cc dasseennany the vakrabons and (3)any use to what the yakehons teeput IfekraMsns wepenndedke wecernattonpurposes only and are ugended soblyIce your own use Fa ExchangeFunde tie puce (the Wet Asset VaIve-ot WAV,includes Me valreof any nonakeleNeseCuntef Mat,a relve0~ erg etar ve!uernellsodabgy entvotedby lite board of tin Mann« The Stel AMet Veit &USE, ' kneels the Ane et °eft used to Monte Me nonmenekteetecurnes the Damn:kneed»)eseombes end the swap COnfreCtS use b ngvete the ~resttote hsk between the MOMg tale on the ene ol Crede end the hied fete of time nonnliefeffiesearnes Th9 Fund Can draw donn on the Neo aedg to Pay coPensesead menegementlees et startup .n Me eeent Met the dnnlend~cm, Mr Me underlYmgsecvnhes ~not POT the exPenSelnMe Fund Tiis sfd~t does hge~e taureeabn9 on prneb investments Seale CCebnue 10 ten upon Me Genral Pne , a Meager dine reestrnent behicde kv the tnktmebon Autos torn. of *then era progdod by peeing ~Inns a åma sources enc., no doom fit~ ner guaranteed fa accuracy eras ~zone waives 2 The Capita, Caned Since Woolen lISer ond toan/Socumy&sirtut.ens Since /ncopSen t «Awns we updated nirdity to na,ocl °awl>. (captal co4y and cOsPibut/OnS) lacy 3 Hedge funds generaeyeAsw subschotens enamor:My or quarkrlybeas Vas n'eresta a helge fund a hedge fund et funds is gencrane: et the fist Du:mess day of the subsoebon period Due So enlyluncterg teeunments by the epelcabie fund )on account may te dot.ted kJ' the svtacrebon amount psi to the svbscopton date Peesetefer to the apPlvsNehedge fund oPerafnedocurramtabor, for f "IS Confidential Treatment Requested by JPMorgan JPM-SDNY-00037587 Chase CONFIDENTIAL SDNY_GM_00306785 EFTA01511754