EFTA02443716

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To: Jeffrey From: Harry Date: June 11, 2009 The following is a summary regarding "JP Morgan Secondary Private Equity Investors" (Fund): liming: In order to invest in the Fund, we must provide subscription documents on or before June 30, 2009. Strategy : The strategy of the Fund is to acquire "seasoned" limited partnership interests in existing private equity funds. These private equity funds will be purchased in the secondary market from stressed or distressed sellers such as university endowment and other institutional investors. The portfolio of the private equity funds will consist of private equity and venture capital of small to midsized companies. The funds expect to be able to purchase these assets at deep discount prices. Approximately 1/3 of the fund's investments will be seasoned venture capital funds and 2/3's will be in leverage buyout funds. Many of the underlying fund's that the Fund expects to acquire have capital commitments that were raised in 2000-2005 and have relatively mature portfolios of underlying company investments that have been in the portfolio for several years. Operation: The Fund will be managed by Larry Unrein, who is currently the head of the Private Equity Fund of Funds group at JPM. This group has approximately 40 investment professionals. The Fund will have a 3 year investment period to purchase limited partnership interests in the equity funds. The Fund anticipates that the commitment of capital will be completed w