EFTA01511622

09 Account Number FINANCIAL TRUST COMPANY, INC. September 01, 2003 - September 30, 2003 JPMurgan Chase Bank 2003 345 Park Avenue, New York, NY 10154-1002 II3JPMorgan Private Bank Asset Account Portfolio Page 11 of 14 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES I • 3 conbnued Fledge fund redemptions se generesayon a monthly querteeNce annual basss but can sometimes be subpart to a masse*' bcrup before a rederhoton a per:meted Fos tectempbans there is WM/04. ItOlikab04 pit/ td awe ten beating integral be cern. actual reclamation date Redenobon psoceeds are generepsped 3-3 business days aft, ate final NAVis issued but can be sttseCt to a IscIdeack of* piston of the proceeds unti an annual °ode o I the Fund has been contacted Plea el to the applcabiehedge 'Ludt Operethedocumentattn for furtherdetaits For hedge funds. Chad two niellndS mar be used on this statement td report how utentve fees !net may be Owed SO the GeneraIRWInerre Manager are ped The fist method e called 'Senn or Shares and Consoidaton Methxf and will Nbxalea nen series of the Woo fund ate pit vate(e g 1100 t 1000)W evesyaubsaebon penal dunng the year and a dneronINAV wal be backed for each sties Al Me end of the septet,. ncentheloe resod (genertythe end of Me year). any stases f' synth an tnCentree fee is parade (ie. the fund has a net pedlar is overte applabierng/1 vac* mtve and known as the "COnsoldatin, &X./337a* be mcorporased wen and corsets:lased as part cl the eartestsesesasued by the fund mwhen an invest.' nal suet:Med for which an ocenthe fee is payableOneload Sams') !mattes Wang shares vs a ConsoAdahrq Sari wow MVO met SNOBS...dot/W*0T each of the Can't:Mating Saes and sirnuaanaoustyba scut* addlonalshaws of The Lead Sans (based on the NAV of the Load Sores on the convorsoon date) My saes la which an merest. rors a not POy•bint 0 the fund has a net 'OM °cis not 0i the OPPlablebogh Pa* n*,A7 we mamasa SOINVateSe*s 'anti the leadvang inCanthlifee end, teenerefht rhw-end). when d * 0/ again be evaluated am consoadato 1 as pal of the Lead Seines Ito prevoustydesohod Crain* is net Thesecond method 4 CilOodmo EquatabanIstened' Equelcalsonls an accounting malhockSogy used to ensure that each masks in a hedge fund s Parini INSMCW 04“Wabbatiret`Cei cre ne•^Nre 1/4. 3 kWh. the Soros of Shares n'ethcd sten 0,14d by. oveRC'a we sated a! the sane NAV The 'Equate& o Attune reflects an amount deducted from the suescneeon amount in order to "equalso-the ince•nthe fees anon; investors oneeshre to the Fund in the aspen! yew The Sivat.zahrFacter* used to detente. the EquatabonAmount may varyarrong monks: and depends on both the defeat which an mveste subsets:as to the fund and the fund's current Ando/ performance An rivesta who subscribes b a fund follaw.ng the nrtolcbsngdab wet ham an Equeteston Amotmt electsselysegregafed from the suesotfron amount uthzed to patches° shares The EguatationAmount can changeover1.TV depend Non any new mveati rs entering the fund as the amount is nen 'awaked-to MUMetch investor has an eaustabbatboaton of "cent,* kos Note Mat a changes, equate/ono/a time can result in e negabveEquatalsonAmount A negatheequataticnarrount atones a potent.' redschon n investor shares to pay incentive fees to the Manager There ere tee EgtratabonMethocts COnwnOni)e used today ReaemphOlAitetiner a TtepflOatOntiethOr Under bath n /tee fund d up in vat* from as inceptors date end from the date in which an investor has invested et the end of the apeAceNe penal (oentrehyyetvend)the Eau...Weston luroun o used by are Fund to awe edato9S3hefed b the :theater If the invests had invested in the fund when the fund .3 down m va'ue from la inception dab and the Fund SubJeguentrypOn up in valve (at or teyOnd the eppAoselen.gh water meth) under the Rederhotion Method an investors shares an' be redeem:410 pay inoenthro tees owed to the manager Under the OthectabonMethol an amount is *dotted turn the subscription amount and everted en depict/afters *0034 wh.ctt4 fhP4 used to pey "leonine f eel Owed SO The Ge e elf:WV*, a Manager On an ongoing basis For addebonehnformakes rest the hedge fund', Operehned0CvnW,te Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037452 SDNY_GM_00306650 EFTA01511622