EFTA01511694

03 Account Number: FINANCIAL TRUST COMPANY, INC. March 01, 2004 - March 31, 2004 JPMorgan Chase Bank 2004 345 Park Avenue, New York, NY 10154-1002 II3JPMorgan Private Bank Asset Account Portfolio Page 10 of 14 IMPORTANT INFORMATION ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Prhak Equity Hedge Funds Etchenge FIrtds Rear Estate end Other Mane!~ Assets I Died ouvateeptuty.Preattrents and ~led pls.investments (a g interest sin Amited paelreeshas and i~ babtity Canpahestere generaitytMquel secunbes Yates are estimates onty end We not atrenfedAY aCCuttCyOr COen~ Valutedo not tenement ~ BC tea/ /awe et *nth aen9aClin9a SeCurgai Could be beuplit or sod a new trensactiOnsCOutl be entered info a Pie &Tu./ ler~ M Met./ e.atng DansaclionsCOuti DB %fwd.», at Or tne date CI he stat~nt Orett private eptu/y investme~ ate gennaystu d✓east uwb9stuneean✓LMsBcwd✓yaadvgmYketetMsecuntes von,thaite dame, premeSeeputy il ~Iment3 age va4lued uang rnatke(priCe3 as Of 1/18 CIPT• Of Me POI buttulati ~Ns' Ma statement paned Pooled pore» eq y ~Mayes are vaAtedaceadng to the GenevalPettner's a ~epee's staled metn0Jobgy In genera! pool. d pinata equ,ty investments tve vatuad at &at 00939 a wait:ant guest/nail event 00:059 when tnendatn* ~atone( the investment The Wen", reelhOd0009es PaanitYnctude an atintiesitlol Me unclothe"; assets at the lower °toast c a wrgke.doen ampunt eta value at wherr lard party financing has occumed • ~bk.! photo/fen actwo seconderymarket &yokes. n at yaw Cat-Wated by an incloperelont betty FM•90 fader to UP larded pattnershw einemon( Myriad 4~1y company enemeetta ante Op ONO dOCurnantalon each trtentrnont la me spec bc vattation nsethodokgy used by the Gwent Pattnor a Manager la that investment Sloven eiptnindtsclisyns any rospcnstillylo, t It fro «way°, Duo ellormalice end Ino momedology used by GoneralPaitnerce Ma/again darwngwalualens. (2)•nyarcesor an:ism:ins in (nrin; ordissenvintng Ito vhbtobons and ()tannish to wPcn the vatatonS ate put VaAtatKUBS a...pow/ad mketratton purposes Ony and are vitaldec/$00oy yat Own ute Madge funds gernabycakVatethe puce (the Wet Asset Value-a • NAY' 10-15 business days kftwerg the last business day at the month Fa that ree3ce ~Jr fund NAY: shown tNY genya\ybe the NAV or the month amain; Mrs stetarent peed in general the NAY♦ staled not of ne tend mentuelopt The NAV♦ cakubled accordng to the GehrealPartners a Manna*: stated rretnatetzgy Plesserelee to lue dented pertneeshipagree~ tinted habetycompenyagrearienta other cpaatne documents...on b each hedge lund la the specific kakabonmetnaktogy used by the GenealPattner a Manager for that hedge lund Morgan expecuslydrscbuns any taaponsehttly fee MM. ticaeacy of the tnIcemebon and the methodology used by the General Perlman Manna vi *neap vatuabons (2)anyetrors or ornastoets in compare a disseennattry the varedons and (3) any use to vtltiat the yaluatenstee put liettaMsns weprandedke tntermatash purposes only and are uttended soletykr your ben use Fa ExcnangeFunds the puce (Me Wet Asset Vakte-or WAV,includes Me valreOf any nOnakeleDieseCunbef Met.. valved n'a~ vs", e gav v~ernellsodebgy entvo,red by~ board of ~ Mann« The Wet Awe Veit; eUSD' kneels the Meet ~bused to finance me non- marbekteesectmaes the now n~tabtesecunbee en0 the snap COnfrecle used 10 rnbbete the ~testtetanal( between the kettng fete on the One ol Gre:ht and the Ned fete of Me non-nwliefebteseasstres Th9 Fund Pan (Paw donn on the Me« aedt to Pay ei Peneesend meneienentlees at startup a .n Me event that the dtweend ~ape from Me unde~gSecvntess cannot pay the exPenSeSOl Me Fund Th,s statement does notiv~e 1. 1( theabn9 on Arvet intestments Seale 0010~ 10 ray upon Ne General %Ira a Menage, «the titepafrnent rotes la the tnktmebort Prices soma of when are needed by peeing ~noes a å0p sources at eh no doemliT~ t« guaranteed fa accuracy n- as reabzobe waives 2 Tre *Caere, Caned Spro twat thUn lISCY and tahlvSecutnyawbtuttons Snce /ncopånn USG,' ccAttms Ole updated mr/Jity so rattan pawl>. (captai co4y and dt$PtbuttOnS) lacy 3 Hedge funds generaayeasw subscriptens on a ~natty or quarkrlyttesa Vas nkarest,n a hedge fund a hedge fund el funds es generalyes «the list business day of the subsoebon petted Due le ewylpd.gtepurenints by thw eppbcebie hind your account maybe debts !et tee subscerobon amount pia to the sub:ere:ton date Peeseteter to the aGetaebte hedge lund deetatneddeenentabon ke luethre dekt Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037526 SDNY_GM_00306724 EFTA01511694