EFTA01511710

04 Account Number Cl 78805-00-1 FINANCIAL TRUST COMPANY, INC. April 01, 2004 - April 30, 2004 JPMorgan Clime Bank 2004 345 Park A% enue, New York, NY 10154-IOW II3JPMorgan Private Bank Asset Account Portfolio Page 13 of 17 IMPORTANT INFORMATh f:»1 ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Rirate Equity Hodge Funds Efchenge Funds. Rear Estate and Other Mane!~ Assets I Diet? arve,eepwty nnestmente and pooled amktonwestments(eg, folorests,n Amited paelnennes and i~ebfity nenpanesfere generaitnWq fed securities Yana we estimates "trod We not waranted tor aCCur•CyOr COMple~ Yak...300nel reponent the at fuel ter fro at *MC* tM9MfAnsa aieurgai Could be bought or sod a new transactions Coutl Le ente(edirto a Pie &Toe/ tear* Co ',Mal e.qt,n9 DenseCtiCes Ø0e apudekdas Or the da,e Of Erns staten.nt DreGprivateepwlynveglmen5regennaayvakedKCast urdess Uwe .s an actneeecondan tracing ma f ket in Me seountes MN*, Gin direct pfneteeouty ilwestmmts raked using mane prices as or Me tbs. or Me bulorries [Wks' Statement period Pooled a nete eq cal y infifstrnents ere ranvedaccadne the GeneealPartnet s Manegees staled methnlabgy Invent& pool. d ;effete equ,ty investments we Wood at &et °MSS a wales°. Ism's!~ event occurs whet, mandates* ~atonal the investment The vehmeon reeln0 O0009es PeeneYnctode an aPinfinfoln trie unclerhfra ;assets at the 10~ Ci C giefl4OVIII antxtat et a woke at which find party ntanong has occumad at e morkel pm* f en actwo secondary mane! denfops. of raw Cat-Wated by an incloperdont poly Finn refer to the Jolted petnershw eaffsemonf. Myriad 4~1ycompany enomffna alma Oefeet&MOCurnentalon la each intostrnont POI me spec& vaturan nsethodobey used by the General Paftnot Cd Manager la that investment Movan efonsulydfsclayns any rospcnstalytn (Who *nay°, Imo nlormahce end the memcdology used try Me GonarelPailnace Manaoan darwepwalualons. (2)•nyorronor arm isrons in commin; ordissemnahng the ...al:rotor's and (3)any LAS° to ernon the vototons so put VatatiOnS ors piondod k. mkt ire bon purposes any and ere vitended SOW/In yna Own uro Menge turns nsraabycak-ufate the arc., (the Wet Asset Value-ot • NAY' 10-15 business days klbwerg the last business day ci We month For that rearm heir fund NAY: shown wd genya\ybe the NAV of the rnon!.n retrain; this staknen ~fad ingenera to NAY is stabl net of fronaeanentand ncenhe fees The NAY a cakubled accordng lo the Sanwa] Partners a Manna*: stakd rretrxdokey Plessetefat Me Sntd pertneeship egree~: tinted Anent). company agecanenta other cpaabve documents...on for each hedge fund la the specie kalvabon methodology used by Me GenealPattna of Manager tor that hedge fund Morgan C,11,10.551).CPSCaNtS any tosponabay fee MY* ecaeacya the mIcemeton ane the methodologyused by the GcnerdPaftneece Manner n denorgvabafons (2) enyenors ~owns m compAng adusenwretrg the vakietons and (3) any use to whin the yaluatonsare put liabatasns weptanded for fntannattonpurposes only and are ntended sofelytcr your own use Fro ExchanpeFunda the pr foe (Me Wet Afset VaIve-of WAV,rncludes Me web/eat any nonaletablenecuntes that are valved~ using elev wituernelhodatogy ~rental by the bond of the Manage,' The Net Asset Vain eUSD' 'effects the Me or aede used to finance Me nenneSeGiNeiecvnten. the non'inekteateecesurees end time snap contacts used le inhale the ~restrate half between the karma rate on the etre omeds and the fried tele al the non-manetabfeseantes The F vat Can <New detin on the Nee redt b Pay eiPeneeeand mene9ement fees at startup a in Me event Met the 0Nclend nor* tan tro cmderenngsesentieso9nneteef thee ~Sean Me Fund nits state ent does nol Pr ~de le.( '<wawa cinPunw investments Pleere gentetee to rely upon the Gaveal %t o« a Vanager «the reeefrnent wehiCk, la the mformesbon Pncos some of wroirrh era provded by peeing ~noes a aner source, at cil ne doom feaatN, not guaranteed fro accuracy a - as reabzobio waives 2 Tre taptai Cared Since twee:fan USD' end t0911/Secomy&sirtut:oos Since tncopari t «Aunt. are updated mOn•Jity to renect Deal>. (cap:W co4S and d‘SettibOnS) Jary 3 Hedge funds generaeyaasw sub:notions wen:nth* a eastkylybes.s Vac .recrest'n a hedge fund a hedge find of funds es generalya: of the fist business daya/the subsoetfon period Due b calytundiltg feeurements by the eppecebieren0 your account may te deMted fee the subsceebon amount pia to to svbscreston date Peesetefee to the apPLceNe hedge huds agereeredaenvetetreh for further Octets Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037543 SDNY_GM_00306741 EFTA01511710