EFTA01511783

10 Account Number O 78805-00-1 FINANCIAL TRUST COMPANY, INC. October 01, 2004 - October 31, 2004 JPMorgan Clime Bank 2004 345 Park A% enue, New York, NY 10154-IOW II3JPMorgan Private Bank Asset Account Portfolio Page 10 ot 14 IMPORTANT INFORMATKW ABOUT PRIVATE INVESTMENTS: FOOTNOTES 1 • 3 Prhate Equity Hedge Funds Ekehenge Funds Red Estate and Other Mane!~ Assets I Died nne,eepwty.ns.attrents and pooled pls.investments (e g interests rn Amited partneeshas and inMed babAy Canpanes) Ye generae»Mguel secunbes Yates we estimates "end re not nonanted tor aCCuraCyOr COMple~ Valinado not reposent IM et Wei teems et wna) b•MettOn3 Or siøeurge.9 Could be bOuglit or sod a new frenseettens Ød be entered info a Pie &Tu./ temq m when e.at,n21, ansaclonscouti be IN tudefect ea Cht Me Oa» CI staten.nt Died privilege eq tub.. investmem.5 are genneyve,a d Cast uness Uwe is an actnencondarytradng market in the seeunfieS Mmortaite thee, nateeouty nvosImmts an raked usmg n‘ FM prices as Of the CAn• Me WI DOOMS* ~Mr thre Statement period Pooled ponateedury ~Monts are vaAhadaccadng to the GenetalPartnets ~ogees staled methOclabgy In general pooled pinata eqinty "entrants &revoke, d at COO 00339 a spotter', aft's!~ *rent Oaaa9 when mendatn ~Monet the investment The uateabon rreln0 O0009es PoroWYnciode an aPnaelol the unclehrry assets at the My.* o oast awrgien.donn ampunt at a web. at wile," thrd party Inanong has occumed morkel phoe I tan actwe sacondarymarket dovekips. n at ratio Cattgated by an ~open:Mot party Reese rider to the Jolted partnershw einoment *Mod 4~1ycompany agreement Cv Other OC) I ON( ffidOCurnentalon lot each "treatment la me spec& vatiation nythodobity used by the General Patnot a Manager la that investment 14.gan eiptessl>Asclaeros any rospcnstalylce Mtn* «way°, Ina inlormahce end the memaJoSogy used try Me GoneralPattner Managan dawngwalualens. (2)anyerrasor an:goons in COmpdn; (MU/mule/mg the våkasbons and ())any use to Mbar the vatakins are put VaAJOIKAS are peandad k. nIcnrebon purposes Oniy and are Minded soW, for yaa Own uro Madge funds geraanycakVate the prov (the Wet Assaf Valtle-of • NAY' 10-15 Cosiness days kfamng the last business day cl the month Fa that rea:cn hair fund NAY: shown ,mY genyeåybe the NAY of the rnont.h amain; Mrs stetarene pence in general the NAY u staled net of ne tend ncenhe foes The NAV cakubled accordng to the General Partners a Manna, : stated meth:defray ~sated« to Me &Mod partneeshipegree~: tinted Aabatlycompenyageeenenta MM one*. dccvenenta5on Ice each hedge lund la the speedo valve:on methodology used by the GenealPettner a Manager tor that hedge fund Maven expeenlydrscbans any racponseatey fee MM. *candy& the intamaJon cud the methodologyused by the GcnerelPattneea Manage n damns valuations (2) anyetrors or ~sons el compare cc dassenvnatry the notations and (3) any use to what the yaluatonsare put litotaMsns we panded yearn:fay, purposes only and are ntended soletylor your ben use ExchangeFunds the pnoe (the Wet Asset Valve-o• WAV,rnaudes Me we any nonakeeaDieseCtinfin (Wt.e valued vs", e far va!uerneMOdatigyeAtvened by lite board of Ms, Mann« The Net Aset Veto eUSD' reflects the Me a seie used to finance Me non-rned.44ateesecemees the non. meke!ab»secunbes and Me snap Confrects used lo ~gate me "' realrate hat( between the karma fete on the ene ol tredtt and the fried rate of the non-nwliefebteseanies The Fad Can Mow donn On the Me of aedt to Pay eta« , es and meAseement lees at startup a in Me event that the dNclend nocme from Ne cm~ngSecvnbes Gannet DaYtheez.OenSeSOl Me Fund nits sfd te"*"? does notivo'nde tai( '<wawa onfunete iruestments Please oonbnueto re)e upon tbe General %Ira a gantqe, aline reeafrnent behcde la Ma ,nformebOn Pncos some of when ere provided Dy pnan9 ~Incas a Nnee aanCat ancil ne doom fliMbk, are not guaf &abed fro accuracy a as roaazobe waives 2 rbo *Capita, Canød Since Woolen USer and toM/Socumy&sirt‘toos S,nce hx-opS‘m t cokams are updated mo,Mity to redact °diva>. (captai ca4S and ddeibutonS) daiy 3 Hedge funds generaNaltw subscriptons on a monthly or guar 'arty boos Vas.nkrestma hedge fund a hedge find of funds es generalyes Cl the list bu mess day of the subsoebon period Due So eartyluncbng tesurements by the enlmsbie fund sour account may be cleated ke tre svbaxebon amount pia to the svbscripton date Peeseterer to the apPlosbIe hedge hind oPmetnedmonentaben gof further dets Confidential Treatment Requested by JPMorgan Chase CONFIDENTIAL JPM-SDNY-00037617 SDNY_GM_00306815 EFTA01511783