EFTA01553802.pdf

05 2004 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 78 J.P. Morgan Portfolios May 1 - May 31, 2004 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio Q 30171-00-5 JPMCB JPMSI 161121381 2 3 76 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY INC ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS IBS ST THOMAS 00802 US VIRGIN ISLDS EFTA01553802 05 2004 FINANCIAL TRUST COMPANY INC Portfolio Summary May 01, 2004 - May 31, 2004 Page 2 of 78 Portfolio Summary Net Worth Summary Asset Portfolio USD Q 30171-00-5 Assets(Long) Cash S Short Term Equities Other Options Liabilities (Short) Other Options Total FX Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total 98,056,616.08 83,997,122.82 13,465,312.74 0.00 594,180.52 - 9,819,129.76 - 3,757,741.98 - 6,061,387.78 88,237,486.32 - 2,608,629.3842,497.15 85,671,354.09 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 98,056,616.08 83,997,122.82 13,465,312.74 0.00 594,180.52 - 9,819,129.76 - 3,757,741.98 - 6,061,387.78 88,237,486.32 - 2,608,629.3842,497.15 85,671,354.09 This Period 32,972.80 32,972.80 Year to Date 140,235.85 140,235.85 JPMorgan provides this Portfolio Summary for informational purposes. This summary includes informati on about assets held at JPMCB and JPMSI in accounts listed on the front page. Securities are not bank deposits or FDIC insured, are not obligations of or guaranteed by JPMCB or a ny of its bank of thrift affiliates (unless otherwise indicated), and are subject to investment risks, including possible loss of the pr incipal amount invested. Assets held in custody by JPMCB are not protected under the Securities Investor Protection Corporati EFTA01553803 on ("SIPC") insurance. Total USD EFTA01553804 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 3 of 78 Asset Account Portfolio May 1 - May 31, 2004 Table of Contents Portfolio Summary Cash and Short Term Equities Other Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers D'ORAZIO/HORNAK Page 4 6 7 8 11 16 20 30 EFTA01553805 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 4 of 78 Overview Current Portfolio Summary Except for the Deposit Account (if elected), and the cash in your Asset Account, which are insured deposits with JPMCB, none of the investments referred to in this statement of your Asset Account, including mutual funds, are FDIC insured or bank deposits, obligations of or guaranteed by JPMCB or any of its bank or thrift affiliates (unless otherwise indicated). Such securities and other investments are subject to investment risks, including possible loss of the principal amount invested. See "Important Information about your JPMSI Brokerage Account" at the end of this Asset Account Portfolio. Asset Allocation 82% Cash and Short Term 14% Equities 4% Other Cash S Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value Market Value USD May 31 83,997,122.82 13,465,312.74 - 3,757,741.98 - 5,467,207.26 88,237,486.32 - 2,608,629.38 42,497.15 85,671,354.09 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Net Long Term Gain/Loss Total Prior Period Market Value USD Apr 30 44,046,049.07 14,033,368.12 43,883,275.14 - 5,384,132.62 96,578,559.71 - 1,265,387.34 32,972.80 95,346,145.17 This Period USD 32,972.80 32,972.80 Year to Date USD* 140,235.85 140,235.85 Tax Cost USD 83,963,741.34 - 1,586,179.06 82,377,562.28 Estimated Annual Income USD 727,607.61 Yield 0.9 0.0 0.0 EFTA01553806 727,607.61 N/A N/A 0.8 Realized This Period USD Realized Year to Date USD* - 1,087,115.91 - 1,087,115.91 Unrealized USD 9,835,918.18 - 3,545,173.63 - 302,473.08 9,835,918.18 - 3,847,646.71 •Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of May 31, 2004 Market value of Options is not included in pie chart. Currency AUD EUR Exchange Rate 0.7136 1.2212 EFTA01553807 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 5 of 78 Exchange Rates Spot Rates as of May 31, 2004 Currency GBP HKD HUF JPY NZD THB TWD Exchange Rate 1.8333 7.7939 205.9944 110.5250 0.6284 40.5700 33.3250 EFTA01553808 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 6 of 78 Cash and Short Term Summary by Maturity Current Market Value USD Cash Total 83,997,122.82 83,997,122.82 Estimated Annual Income USD 727,607.61 727,607.61 Current yield is displayed for instruments with no maturity and YTM on market is displayed for instr uments that mature. Cash and Short Term by Type Description Cusip/S&P/Moody's Rating Cash JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 7-Day Annualized Yield: .94% P N ZEALAND DOLLAR POUND STERLING Total Cash USD 77,735,855.77 1.00 1.00 77,735,855.77 77,735,855.77 42,497.15 NZD GBP 9,964,616.52 0.14 0.625000 1.785714 0.62835 6,227,885.32 0.25 83,963,741.34 6,261,266.79 0.26 83,997,122.82 42,497.15 33,381.47 0.01 33,381.48 727,607.61 0.94 Currency/ Unit Cost Adjusted Account Type Quantity Original Market Price Tax Cost Adjusted Original Market Value USD Accrued Interest USD Unrealized Gain/Loss USD Estimated Current Annual Yield/ Income USD YTM 4 EFTA01553809 Current N/A N/A 727,607.61 0.87 EFTA01553810 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 7 of 78 Equities Equity Holdings in Alphabetical Order Description Cusip/Symbol CurrenCyi Account Type Quantity unit Cost Current Market Price Tax Cost Current Market Value USD USD Accrued Dividends USD Estimated Unrealized Gain/Loss USD Annual Dividend Income USD Yield TOO INC 890333-10-7 TOO 800,078 are liened USD Total Equity 800,078 800,078 16.83 13,465,312.74 13,465,312.74 N/A 0.00 N/A 0.0 EFTA01553811 05 Other Swaps in Alphabetical Order Description WALT DISNEY CO EQUITY SWAP 24,954,900 USD NOTIONAL JAN 19 2005 DEAL REF f 2353480 SWPBDA-FL-1 N/0 Client WALT DISNEY CO TOTAL RETURN SWAP 11,920,650 USD NOTIONAL FEB 14 2005 DEAL REF f 2361214 SWPBDA-FV-9 N/0 Client INTEREST RATE SWAP 10,000,000 AUD NOTIONAL 3/9/2014 REC:FIXED RATE 5.72% AUD SEMI-ANNUAL PAY: FLOATING RATE AUD 3 MONTH BANK BILL RATE ACTUAL/365 SWPBDA-GV-8 N/0 Client - 270,021.00 - 240,880.55 Trade Date Maturity Date Estimated Value USD - 1,537,912.52 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 8 of 78 EFTA01553812 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 9 of 78 Swaps in Alphabetical Order Description continued Trade Date INTEREST RATE SWAP 10,000,000 NZD NOTIONAL 3/9/2014 REC:FIXED RATE 6.14% NZD SEMI-ANNUAL PAY:FLOATING RATE NZD 3 MONTH BANK BILL RATE ACTUAL/365 SWPBDA-GW-6 N/0 Client INTEREST RATE SWAP 10,000,000 AUD NOTIONAL 3/9/2014 REC:FIXED RATE 5.68% AUD SEMI-ANNUAL PAY:FLOATING RATE AUD 3 MONTH BANK BILL RATE ACTUAL/365 SWPBDA-GX-4 N/O Client INTEREST RATE SWAP 10,000,000 NZD NOTIONAL 3/9/2014 REC:FIXED RATE 6.11% NZD SEMI-ANNUAL PAY:FLOATING RATE NZD 3 MONTH BANK BILL RATE ACTUAL/365 SWPBDA-GY-2 N/O Client CROSS CURRENCY SWAP 10MM NZD NOTIONAL 6.51MM USD NOTIONAL 3/9/2014 REC: FIXED RATE 6.26% NZD SEMI-ANNUAL PAY: FLOATING RATE USD 3 MONTH LIBOR QUARTERLY SWPBDA-HA-3 N/0 Client - 391,766.00 - 269,294.00 - 291,444.00 Maturity Date Estimated Value USD - 255,416.00 EFTA01553813 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 10 of 78 Swaps in Alphabetical Order Description continued Trade Date CROSS CURRENCY SWAP 10MM AUD NOTIONAL 7.41MM USD NOTIONAL 3/9/2014 REC: FIXED RATE 5.84% AUD SEMI-ANNUAL PAY: FLOATING RATE USD 3 MONTH LIBOR QUARTERLY SWPBDA-HB-1 N/0 Client Structured Investments in Alphabetical Order Description P 3 MONTH NZD BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN NZD JPMORGAN CHASE LONDON MATURITY DATE 8/10/2004 630999-9Z-5 Bearer Total Other Maturity Date Estimated Value USD - 501,007.91 Market Value USD Unrealized Estimated Annual Currency NZD Quantity 0 Unit Cost PriCe/Unit 98.104 Tax Cost Accrued Income USD 0.00 Gain/Loss USD N/A Income USD Yield N/A - 3,757,741.98 EFTA01553814 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 11 of 78 Options Foreign Exchange Description Cusip HUF PUT USD CALL FX EUROPEAN STYLE OPTION SEP 16, 2004 @ 211. KNOCK IN @ 220 XHUFPA-AI-Z HUF PUT USD CALL FX EUROPEAN STYLE OPTION SEP 16, 2004 @ 212. KNOCK IN @ 220 XHUFPA-AJ-Z EUR CALL CHF PUT FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.565 XEURCA-VS-Z EUR PUT CHF CALL FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.525 KNOCK IN @ 1.52 XEURPA-NW-Z EUR PUT CHF CALL FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.525 KNOCK IN @ 1.52 XEURPA-NT-Z EUR - 7,262,295 CHF - 11,074,999.88 USD - 31,765.08 - 31,765.08 - 32,684.10 - 919.02 EUR - 10,262,295 CHF - 15,649,999.88 USD - 42,394.00 - 42,394.00 - 32,684.08 9,709.92 EUR - 10,000,000 CHF - 15,650,000.00 USD - 38,273.00 - 38,273.00 - 1,213.80 37,059.20 HUF -1,696,000,000 USD - 8,000,000.00 USD - 424,000.00 - 424,000.00 - 235,082.56 188,917.44 Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD HUF -1,002,250,000 USD - 4,750,000.00 USD - 277,875.00 - 277,875.00 - 147,531.20 130,343.80 EFTA01553815 EFTA01553816 05 Cusip JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 12 of 78 Foreign Exchange Description JPY PUT USD CALL FX EUROPEAN STYLE OPTION NOV 04, 2004 @ 111. KNOCK IN TRIGGERED @ 112.5 KNOCK OUT @ 106.25 XJPYPA-JW-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 10, 2004 @ .615 KNOCK IN TRIGGERED @ .60 KNOCK OUT @ .642 XNZDPA-DR-Z NZD CALL USD PUT FX EUROPEAN STYLE OPTION JUN 10, 2004 @ .62 KNOCK IN TRIGGERED @ .635 XNZDCA-CG-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .69 KNOCK IN @ .67 XAUDPA-DN-Z EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUN 15, 2004 @ 1.185 KNOCK IN TRIGGERED @ 1.2 XEURCA-WK-Z AUD CALL USD PUT FX EUROPEAN STYLE OPTION JUN 16, 2004 @ .69 KNOCK IN TRIGGERED @ .71 XAUDCA-BY-Z AUD - 5,000,000 USD - 3,450,000.00 USD - 48,645.00 - 48,645.00 - 119,709.35 - 71,064.35 EUR - 12,000,000 USD - 14,220,000.00 USD - 142,769.00 - 142,769.00 - 442,799.88 - 300,030.88 AUD - 4,000,000 USD - 2,760,000.00 USD - 91,908.00 - 91,908.00 - 61,658.96 30,249.04 NZD - 15,000,000 USD - 9,300,000.00 USD - 91,140.00 - 91,140.00 - 165,846.30 - 74,706.30 NZD - 10,000,000 USD - 6,150,000.00 USD - 193,725.33 - 193,725.33 - 117,442.70 76,282.63 Counter Amount Currency continued JPY -1,110,000,000 USD - 10,000,000.00 USD - 138,000.00 - 138,000.00 - 174,591.90 - 36,591.90 EFTA01553817 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01553818 05 Cusip JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 13 of 78 Foreign Exchange Description HKD PUT USD CALL FX EUROPEAN STYLE OPTION SEP 23, 2004 @ 7.833 XHKDPA-AH-Z EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.25 KNOCK OUT @ 1.1375 KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 XEURCA-TP-Z EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.3 KNOCK OUT @ 1.1375 KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 XEURCA-TQ-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .7775 KNOCK IN TRIGGERED @ .7565 KNOCK OUT @ .8020 XAUDPA-CQ-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .68 KNOCK IN TRIGGERED @ .6625 XNZDPA-DC-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .68 KNOCK IN TRIGGERED @ .6625 XNZDPA-DB-Z NZD - 1,986,500 USD - 1,350,820.00 USD - 61,192.17 - 61,192.17 - 1,329,960.94 - 1,268,768.77 NZD - 16,650,000 USD - 11,322,000.00 USD - 469,863.00 - 469,863.00 - 2,177,096.22 - 1,707,233.22 AUD - 4,000,000 USD - 3,110,000.00 USD - 106,673.20 - 106,673.20 - 304,594.12 - 197,920.92 EUR 10,000,000 USD 13,000,000.00 USD 56,447.00 56,447.00 100,771.20 44,324.20 EUR 5,000,000 USD 6,250,000.00 USD 49,186.20 49,186.20 323,939.05 274,752.85 Counter Amount Currency continued HKD 156,660,000 USD 20,000,000.00 USD 312,280.00 EFTA01553819 312,280.00 9,806.92 - 302,473.08 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01553820 05 Cusip JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 14 of 78 Foreign Exchange Description GBP PUT USD CALL FX EUROPEAN STYLE OPTION AUG 20, 2004 @ 1.875 KNOCK IN TRIGGERED @ 1.8375 XGBPPA-GN-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .77 KNOCK IN @ TRIGGERED @ .755 KNOCK OUT @ .7965 XAUDPA-DH-Z THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 36. XTHBCA-AC-Z THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 38. XTHBCA-AB-Z TWD CALL USD PUT FX EUROPEAN STYLE OPTION MAR 01, 2005 @ 32.75 XTWDCA-AB-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION SEP 13, 2004 @ .63 KNOCK IN TRIGGERED @ .60 XNZDPA-DE-Z NZD - 5,000,000 USD - 3,150,000.00 USD - 90,720.00 - 90,720.00 - 121,144.75 - 30,424.75 TWD 327,500,000 USD 10,000,000.00 USD 196,000.00 196,000.00 112,263.73 - 83,736.27 THB 351,500,000 USD 9,250,000.00 USD 108,225.00 108,225.00 22,991.62 - 85,233.38 THB 2,700,000,000 USD 75,000,000.00 USD 405,000.00 405,000.00 24,408.00 - 380,592.00 AUD - 1,500,000 USD - 1,155,000.00 USD - 23,561.94 - 23,561.94 - 108,734.96 - 85,173.02 Counter Amount Currency continued GBP - 5,750,000.66 USD - 10,781,251.24 USD - 349,312.54 - 349,312.54 - 406,364.91 - 57,052.37 Counter Premium Amount Currency Premium EFTA01553821 Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01553822 05 Cusip JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 15 of 78 Foreign Exchange Description GBP CALL USD PUT FX EUROPEAN STYLE OPTION JUN 15, 2004 @ 1.83 KNOCK IN TRIGGERED @ 1.86 XGBPCA-NW-2 Total Foreign Exchange Exchange-listed options are valued using market prices at the close of business for statement date Over-The-Counter (OTC) options are valued at Mid-Market, unless otherwise agreed. See: Important Information about Pricing and Valuations. - 1,586,179.06 - 5,467,207.26 - 3,881,028.19 Counter Amount Currency continued GBP - 5,000,000 USD - 9,150,000.00 USD - 91,500.00 - 91,500.00 - 82,247.05 9,252.95 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD Important Information about Pricing and Valuations Prices, some of which are provided by pricing services or other sources which we deem reliable, are not guaranteed for accuracy or as realizable values. Valuations of over-the-counter derivative transactions, including certain derivatives-related deposi t products, have been prepared on a mid-market basis. These valuations are indicative values as of t he close of business of the date of this statement and, except as otherwise agreed in writing, these valuations do not represent the actual terms at wh ich transactions or securities could be bought or sold or new transactions could be entered into, or the actual terms on which existing transactions or securities could be liquidated as of the date of this statement. We do not warrant their completenes s or accuracy. These valuations are derived from proprietary models based upon well recognized finan cial principles and we have, when necessary to calculate the present value of future cash flows, made reasonable estimates about relevant future ma rket conditions. Valuations based on other models or different assumptions may yield different resul ts. Morgan expressly disclaims any responsibility for (1) the accuracy of the models or estimates used in deriving the valuations, (2) any errors or o missions in computing or disseminating the valuations, and (3) any uses to which the valuations are put. Valuations are provided for information purposes only and are intended solely for your own use. Please refer to the trade confirmation for d etails of each transaction. EFTA01553823 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 16 of 78 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary N Zealand Dollar U S Dollar Value in Currency - 4,964,616.52 1,269,412.96 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Open Total Unrealized Gain/Loss - 636,369.62 - 1,972,259.76 - 2,608,629.38 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Apr. 29 04 Jun. 1 04 AUD May. 28 04 Jun. 1 04 AUD Feb. 20 04 Aug. 24 04 AUD Feb. 20 04 Aug. 24 04 AUD Mar. 1 04 Aug. 24 04 AUD Total Closed May. 11 04 Jun. 15 04 AUD May. 14 04 Jun. 15 04 AUD May. 17 04 Jun. 15 04 AUD Apr. 16 04 Oct. 20 04 AUD Apr. 23 04 Oct. 20 04 AUD Total Open Total - 10,000,000.00 USD 10,000,000.00 USD 7,500,000.00 USD 7,500,000.00 USD - 15,000,000.00 USD 0.00 - 3,000,000.00 USD - 5,000,000.00 USD - 5,000,000.00 USD 10,000,000.00 USD 3,000,000.00 USD 0.00 0.00 7,171,000.00 - 7,187,000.00 - 5,676,750.00 - 5,639,250.00 11,347,500.00 15,500.00 2,081,400.00 3,438,000.00 3,408,500.00 - 7,289,000.00 - 2,148,600.00 - 509,700.00 - 494,200.00 0.7171 0.7187 0.7569 0.7519 0.7565 0.6938 0.6876 0.6817 0.7289 0.7162 EFTA01553824 0.713537 1.391401 0.706524 0.706524 0.706524 0.712332 0.712332 0.712332 0.702435 0.702435 7,171,000.00 7,187,000.00 5,298,931.06 5,298,931.06 11,347,500.00 36,303,362.12 2,081,400.00 3,438,000.00 3,408,500.00 7,024,348.63 2,107,304.58 18,059,553.21 54,362,915.33 7,135,369.61 7,187,000.00 5,676,750.00 5,639,250.00 10,597,862.13 36,236,231.74 2,136,994.57 3,561,657.62 3,561,657.62 7,289,000.00 2,148,600.00 18,697,909.81 54,934,141.55 35,630.39 0.00 - 377,818.94 - 340,318.94 749,637.87 67,130.38 - 55,594.57 - 123,657.62 - 153,157.62 - 264,651.37 - 41,295.42 - 638,356.60 - 571,226.22 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01553825 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 17 of 78 Foreign Exchange Contracts Settlement Date Currency EURO CURRENCY - U S DOLLAR Mar. 3 04 Jun. 7 04 EUR Mar. 5 04 Jun. 7 04 EUR Mar. 5 04 Jun. 7 04 EUR Mar. 16 04 Jun. 7 04 EUR May. 17 04 Aug. 6 04 EUR May. 27 04 Aug. 6 04 EUR Feb. 20 04 Aug. 24 04 EUR Mar. 1 04 Aug. 24 04 EUR Apr. 16 04 Oct. 20 04 EUR Apr. 23 04 Oct. 20 04 EUR May. 3 04 Oct. 20 04 EUR May. 11 04 Oct. 20 04 EUR May. 17 04 Oct. 20 04 EUR Total Closed continued Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD 5,000,000.00 USD 10,000,000.00 USD 20,000,000.00 USD - 35,000,000.00 USD - 5,000,000.00 USD 5,000,000.00 USD 7,500,000.00 USD - 7,500,000.00 USD 10,000,000.00 USD 3,000,000.00 USD - 10,000,000.00 USD - 1,500,000.00 USD - 1,500,000.00 USD 0.00 - 6,073,500.00 - 12,395,000.00 - 24,726,000.00 42,952,000.00 5,993,500.00 - 6,127,000.00 - 9,395,250.00 9,287,250.00 - 11,971,000.00 - 3,536,700.00 11,883,000.00 1,766,100.00 1,796,100.00 - 546,500.00 POUND STERLING - U S DOLLAR Mar. 3 04 Jun. 7 04 GBP Mar. 5 04 Jun. 7 04 GBP Mar. 5 04 Jun. 8 04 GBP Mar. 16 04 Jun. 8 04 GBP Feb. 23 04 Aug. 24 04 GBP Mar. 1 04 Aug. 24 04 GBP EFTA01553826 Total Closed May. 11 04 Jun. 14 04 GBP May. 12 04 Jun. 14 04 GBP May. 17 04 Jun. 14 04 GBP May. 19 04 Jun. 14 04 GBP Apr. 16 04 Oct. 20 04 GBP 10,000,000.00 USD - 10,000,000.00 USD 10,000,000.00 USD - 10,000,000.00 USD 10,000,000.00 USD - 10,000,000.00 USD 0.00 - 5,000,000.00 USD - 5,000,000.00 USD 1,000,000.00 USD - 4,000,000.00 USD 10,000,000.00 USD - 18,106,000.00 18,290,000.00 - 18,295,000.00 18,012,000.00 - 18,337,000.00 18,404,000.00 - 32,000.00 8,752,500.00 8,850,500.00 - 1,767,000.00 7,103,600.00 - 17,725,000.00 1.2147 1.2395 1.2363 1.2272 1.1987 1.2254 1.2527 1.2383 1.1971 1.1789 1.1883 1.1774 1.1974 0.819057 0.819057 0.819057 0.819057 0.820242 0.820242 0.820488 0.820488 0.820963 0.820963 0.820963 0.820963 0.820963 6,104,584.56 12,209,169.13 24,418,338.26 42,952,000.00 5,993,500.00 6,095,763.30 9,140,899.95 9,287,250.00 12,180,812.21 3,654,243.66 11,883,000.00 1,766,100.00 1,796,100.00 147,481,761.07 1.8106 1.829 1.8295 1.8012 1.8337 1.8404 1.7505 1.7701 1.767 EFTA01553827 1.7759 1.7725 1.832196 1.832196 1.832032 1.832032 1.819165 1.819165 1.831044 1.831044 1.831044 1.831044 1.810108 18,321,962.64 18,290,000.00 18,320,316.43 18,012,000.00 18,191,649.89 18,404,000.00 109,539,928.96 8,752,500.00 8,850,500.00 1,831,043.91 7,103,600.00 18,101,081.96 6,073,500.00 12,395,000.00 24,726,000.00 42,732,091.95 6,095,763.30 6,127,000.00 9,395,250.00 9,140,899.95 11,971,000.00 3,536,700.00 12,180,812.21 1,827,121.83 1,827,121.83 148,028,261.07 18,106,000.00 18,321,962.64 18,295,000.00 18,320,316.43 18,337,000.00 18,191,649.89 109,571,928.96 9,155,219.58 9,155,219.58 1,767,000.00 7,324,175.66 17,725,000.00 31,084.56 - 185,830.87 - 307,661.74 219,908.05 - 102,263.30 - 31,236.70 - 254,350.05 146,350.05 209,812.21 117,543.66 - 297,812.21 - 61,021.83 - 31,021.83 - 546,500.00 215,962.64 - 31,962.64 25,316.43 - 308,316.43 - 145,350.11 212,350.11 - 32,000.00 - 402,719.58 - 304,719.58 64,043.91 - 220,575.66 376,081.96 EFTA01553828 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 18 of 78 Foreign Exchange Contracts Settlement Date Currency Apr. 23 04 Oct. 20 04 GBP Total Open Total HUNGARIAN FORINT - U S DOLLAR May. 12 04 Jun. 14 04 HUF May. 17 04 Jun. 14 04 HUF Apr. 27 04 Oct. 20 04 HUF Apr. 28 04 Oct. 20 04 HUF Total Open JAPANESE YEN May. 18 04 Jun. 15 04 JPY May. 27 04 Jun. 15 04 JPY Apr. 16 04 Oct. 20 04 JPY May. 25 04 Oct. 20 04 JPY Total Open continued Amount Counter Currency 3,000,000.00 USD 0.00 0.00 - 1,396,450,000.00 USD - 297,770,000.00 USD 1,059,940,000.00 USD 634,280,000.00 USD 0.00 - U S DOLLAR - 567,850,000.00 USD 49,800,000.00 USD 1,076,700,000.00 USD - 558,650,000.00 USD 0.00 N ZEALAND DOLLAR - U S DOLLAR Mar. 3 04 Jun. 8 04 NZD Mar. 4 04 Jun. 8 04 NZD Mar. 16 04 Jun. 8 04 NZD Mar. 22 04 Jun. 8 04 NZD Feb. 20 04 Aug. 24 04 NZD Feb. 23 04 Aug. 24 04 NZD Mar. 2 04 Aug. 24 04 NZD Mar. 11 04 Mar. 15 05 NZD Mar. 23 04 Mar. 15 05 NZD Total Closed May. 11 04 Jun. 14 04 NZD May. 12 04 Jun. 14 04 NZD 15,000,000.00 USD 15,000,000.00 USD - 10,000,000.00 USD - 20,000,000.00 USD 5,000,000.00 USD 5,000,000.00 USD - 10,000,000.00 USD 5,000,000.00 USD - 5,000,000.00 USD 0.00 - 5,000,000.00 USD - 5,000,000.00 USD 5,000,000.00 - 445,438.28 - 10,000,000.00 5,000,000.00 - 445,438.28 - 9,943,500.00 - 9,900,000.00 EFTA01553829 6,450,000.00 13,118,000.00 - 3,315,000.00 - 3,344,500.00 6,742,000.00 - 3,102,500.00 3,170,500.00 - 125,000.00 3,017,000.00 3,033,500.00 113.57 111.80 107.67 111.73 110.47286 110.47286 109.865589 109.865589 5,000,000.00 450,789.45 9,800,156.77 5,000,000.00 20,250,946.22 0.6629 0.66 0.645 0.6559 0.663 0.6689 0.6742 0.6205 0.6341 0.6034 0.6067 0.627703 0.627703 0.627703 0.627703 0.621507 0.621507 0.621507 0.608080 0.608080 0.627218 0.627218 9,415,549.56 9,415,549.56 6,450,000.00 13,118,000.00 3,107,536.90 3,107,536.90 6,742,000.00 3,040,398.89 3,170,500.00 57,567,071.81 3,017,000.00 3,033,500.00 5,140,176.49 445,438.28 10,000,000.00 5,084,849.61 20,670,464.38 9,943,500.00 9,900,000.00 6,277,033.04 12,554,066.08 3,315,000.00 3,344,500.00 6,215,073.80 3,102,500.00 3,040,398.89 57,692,071.81 3,136,091.41 3,136,091.41 - 140,176.49 5,351.17 - 199,843.23 - 84,849.61 - 419,518.16 EFTA01553830 - 527,950.44 - 484,450.44 172,966.96 563,933.92 - 207,463.10 - 236,963.10 526,926.20 - 62,101.11 130,101.11 - 125,000.00 - 119,091.41 - 102,591.41 Counter Amount - 5,232,300.00 - 17,700.00 - 49,700.00 6,478,242.71 1,394,968.61 - 4,803,280.91 - 2,859,564.49 210,365.92 Contract Rate 1.7441 Current Market Forward Rate 1.810108 Market Value Receivables USD 5,430,324.58 50,069,050.45 159,608,979.41 215.56 213.46 220.67 221.81 206.829810 206.829810 213.779408 213.779408 6,478,242.71 1,394,968.61 4,958,101.47 2,966,983.60 15,798,296.39 Market Value Payables USD 5,232,300.00 50,358,914.82 159,930,843.78 6,751,686.32 1,439,686.08 4,803,280.91 2,859,564.49 15,854,217.80 Unrealized Gain/Loss USD 198,024.58 - 289,864.37 - 321,864.37 - 273,443.61 - 44,717.47 154,820.56 107,419.11 - 55,921.41 EFTA01553831 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 19 of 78 Foreign Exchange Contracts Settlement Date Currency May. 17 04 Jun. 14 04 NZD Apr. 16 04 Oct. 20 04 NZD May. 27 04 Oct. 20 04 NZD May. 27 04 Oct. 20 04 NZD Total Open Total TRADE RELATED N ZEALAND DOLLAR - U S DOLLAR May. 27 04 Jun. 1 04 NZD Total Foreign Exchange Contracts - 9,964,616.52 USD 6,227,885.32 0.625 1.60 6,227,885.32 482,667,530.56 6,227,885.32 485,276,159.94 0.00 - 2,608,629.38 continued Amount Counter Currency - 5,000,000.00 USD 10,000,000.00 USD 5,000,000.00 USD 5,000,000.00 USD 5,000,000.00 5,000,000.00 Counter Amount 2,971,500.00 - 6,276,000.00 - 3,127,000.00 - 3,127,000.00 - 3,508,000.00 - 3,633,000.00 Contract Rate 0.5943 0.6276 0.6254 0.6254 Current Market Forward Rate 0.627218 0.617384 0.617384 0.617384 Market Value Receivables USD 2,971,500.00 6,173,837.51 3,086,918.75 3,086,918.75 21,369,675.01 78,936,746.82 Market Value Payables USD 3,136,091.41 6,276,000.00 3,127,000.00 3,127,000.00 21,938,274.23 79,630,346.04 EFTA01553832 Unrealized Gain/Loss USD - 164,591.41 - 102,162.49 - 40,081.25 - 40,081.25 - 568,599.22 - 693,599.22 EFTA01553833 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 20 of 78 Trade Activity Realized Gain/Loss Summary Short Term Gain/Loss Long Term Gain/Loss Note: indicates Short Term Realized Gain/Loss indicates Long Term Realized Gain/Loss S L Capital gains and losses on sales with missing or incomplete tax cost are identified with N/A. Trade Date Settlement Date Settled May 3 May 5 Buy-Back Opt EUR CALL USD PUT May 3 May 5 Buy-Back Opt FX EUROPEAN STYLE OPTION JUL 20, 2004 @ 1.24 KNOCK IN @ 1.26 EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 27, 2004 @ 1.2 May 3 May 5 Buy-Back Opt KNOCK IN TRIGGERED @ 1.1885 GBP CALL USD PUT May 4 May 6 Buy-Back Opt FX EUROPEAN STYLE OPTION MAY 24, 2004 @ 1.85 KNOCK IN @ 1.87 GBP PUT USD CALL FX EUROPEAN STYLE OPTION JUN 15, 2004 @ 1.78 KNOCK IN TRIGGERED @ 1.76 USD 2,200,000 - 3,398.00 45,584.00 42,186.00 S USD 5,625,000 - 51,615.00 134,618.00 83,003.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD - 68,303.82 0.00 USD 5,500,000 - 238,260.00 198,660.00 - 39,600.00 S USD 5,000,000 - 121,930.00 167,320.00 45,390.00 S EFTA01553834 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 21 of 78 Settlement Date Realized Type Settled continued May 4 May 10 Purchase May 5 May 10 Purchase 3 MONTH MXN FX DEPOSIT 100% PRINCIPAL PROTECTED IN USD JP MORGAN CHASE LONDON 8/5/2004 3 MONTH FX EUR FX DEPOSIT 100% PRINCIPAL PROTECTED IN EUROS JPMORGAN CHASE LONDON AUG 4 2004 May 6 May 10 Buy-Back Opt AUD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 14, 2004 @ .73 May 6 May 10 Buy-Back Opt KNOCK IN TRIGGERED @ .71 KNOCK OUT @ .7695 NZD PUT USD CALL May 6 May 10 Buy-Back Opt FX EUROPEAN STYLE OPTION OCT 21, 2004 @ .625 KNOCK IN @ .6090 KNOCK OUT @ .6500 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JUN 03, 2004 @ 7. KNOCK IN @ 7.15 May 7 May 10 Buy-Back Opt May 7 May 10 Buy-Back Opt TURKISH LIRA KNOCK IN PUT OPTION 10,000,000 USD ORIGINAL NOTIONAL 14 TRILLION TRL ORIGINAL NOTIONAL MAY 14 2004 @ 1,400,000 KNOCK IN TRIGGERED @ 1,420,000 TURKISH LIRA KNOCK IN PUT OPTION 10,000,000 USD ORIGINAL NOTIONAL 14 TRILLION TRL ORIGINAL NOTIONAL MAY 14 2004 @ 1,400,000 KNOCK IN TRIGGERED @ 1,420,000 USD 2,500,000 - 215,000.00 41,250.00 - 173,750.00 S USD 10,000,000 - 166,875.00 191,875.00 25,000.00 S MXN EUR USD 110,500,000 15,000,000 14,000,000 100.00 - 110,500,000.00 100.00 - 15,000,000.00 - 432,306.00 347,480.00 0.06 S - 84,826.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost EFTA01553835 Gain/Loss USD USD 35,000,000 - 121,000.00 123,000.00 2,000.00 S USD 2,500,000 - 148,750.00 41,250.00 - 107,500.00 S EFTA01553836 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 22 of 78 Settlement Date Realized Type Settled continued May 7 May 11 Buy-Back Opt AUD PUT USD CALL May 7 May 11 Write Option FX EUROPEAN STYLE OPTION OCT 25, 2004 @ .7275 KNOCK IN TRIGGERED @ .72 KNOCK OUT @ .7625 AUD PUT USD CALL May 7 May 11 Buy-Back Opt FX EUROPEAN STYLE OPTION NOV 10, 2004 @ .71 KNOCK IN @ .699 KNOCK OUT @ .74 NZD PUT USD CALL May 7 May 11 write Option FX EUROPEAN STYLE OPTION SEP 13, 2004 @ .63 KNOCK IN @ .60 NZD PUT USD CALL May 10May 12 Sell Option May 10May 12 Buy-Back Opt FX EUROPEAN STYLE OPTION NOV 10, 2004 @ .615 KNOCK IN TRIGGERED @ .60 KNOCK OUT @ .642 EUR PUT CHF CALL FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.55 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION JUN 03, 2004 @ 7. KNOCK IN @ 7.15 May 10May 12 Purchase 3 MONTH NZD BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN NZD JPMORGAN CHASE LONDON MATURITY DATE 8/10/2004 NZD 10,000,000 100.00 - 10,000,000.00 USD 10,000,000 - 439,410.00 246,623.00 - 192,787.00 5 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD - 15,000,000 4.04 430,260.00 USD 10,000,000 - 319,410.00 181,440.00 - 137,970.00 5 USD - 15,000,000 3.15 290,588.00 EFTA01553837 USD USD - 6,667,000 92,513.00 35,000,000 - 159,000.00 - 90,724.60 123,000.00 1,788.40 S - 36,000.00 S EFTA01553838 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 23 of 78 Settlement Date Realized Type Settled continued May 12May 13 Buy-Back Opt May 12May 14 Buy-Back Opt TURKISH LIRA KNOCK IN PUT OPTION 10,000,000 USD ORIGINAL NOTIONAL 14 TRILLION TRL ORIGINAL NOTIONAL MAY 14 2004 @ 1,400,000 KNOCK IN TRIGGERED @ 1,420,000 AUD PUT USD CALL May 12May 14 Write Option FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .7775 KNOCK IN TRIGGERED @ .7565 KNOCK OUT @ .8020 AUD PUT USD CALL May 12May 14 Buy-Back Opt May 12May 14 Sell Option May 12May 14 Write Option FX EUROPEAN STYLE OPTION OCT 11, 2004 @ .69 KNOCK IN @ .67 EUR CALL CHF PUT FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.565 EUR PUT CHF CALL FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.55 NZD CALL USD PUT May 12May 14 Buy-Back Opt May 12May 14 Write Option FX EUROPEAN STYLE OPTION JUN 10, 2004 @ .62 KNOCK IN @ .635 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .63 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .61 KNOCK IN @ .58 USD 5,000,000 - 390,000.00 82,500.00 - 307,500.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD 4,000,000 - 365,425.00 106,673.20 - 258,751.80 S USD - 4,000,000 3.33 91,908.00 USD USD USD 10,000,000 EFTA01553839 - 11,017.00 - 10,000,000 - 15,000,000 0.98 141,431.00 91,140.00 36,146.00 - 140,332.94 25,129.00 S 1,098.06 S USD USD 12,000,000 - 465,696.00 - 15,000,000 3.98 364,170.00 233,226.00 - 232,470.00 S EFTA01553840 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 24 of 78 Settlement Date Realized Type Settled continued May 14May 18 Write Option AUD CALL USD PUT May 14May 17 Write Option FX EUROPEAN STYLE OPTION JUN 16, 2004 @ .69 KNOCK IN @ .71 EUR CALL USD PUT May 18May 21 Sell Option May 18May 21 Sell Option May 18May 20 Write Option May 19May 21 Write Option May 19May 21 Write Option May 19May 21 FX Option Assi May 19May 21 Write Option May 19May 21 Write Option FX EUROPEAN STYLE OPTION JUN 15, 2004 @ 1.185 KNOCK IN TRIGGERED @ 1.2 EUR PUT CHF CALL FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.55 EUR PUT CHF CALL FX EUROPEAN STYLE OPTION JUN 25, 2004 @ 1.55 NZD CALL USD PUT FX EUROPEAN STYLE OPTION MAY 19, 2004 @ .6033 AUD CALL USD PUT FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .695 AUD PUT USD CALL FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .695 NZD CALL USD PUT FX EUROPEAN STYLE OPTION MAY 19, 2004 @ .6033 NZD CALL USD PUT FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .605 NZD PUT USD CALL FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .605 USD - 5,000,000 1.41 48,645.00 Description CurrenCy Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD - 12,000,000 1.004 142,769.00 USD - 96,774 USD USD USD USD USD EFTA01553841 USD USD - 3,429,774 - 10,000,000 - 10,000,000 - 10,000,000 10,000,000 - 10,000,000 - 10,000,000 0.375 0.415 0.325 0.355 0.395 1,620.70 57,439.30 19,607.00 24,673.00 27,453.00 0.00 22,688.00 25,108.00 19,607.00 19,607.00 S - 1,358.06 - 46,672.40 262.64 S 10,766.90 S EFTA01553842 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 25 of 78 Settlement Date Realized Type Settled continued May 19May 21 FX Opt Asgn'D SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL NZD BUY USD May 20May 24 FX Option AssiAUD PUT USD CALL May 20May 24 FX Option Assi May 20May 24 FX Opt Asgn'D May 20May 24 FX Opt Asgn'D May 24May 24 Expired Opt FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .695 NZD CALL USD PUT FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .605 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY AUD SELL USD SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL NZD BUY USD AUD CALL USD PUT FX EUROPEAN STYLE OPTION MAY 20, 2004 8 .695 Issued in USD May 24May 24 Expired Opt NZD PUT USD CALL FX EUROPEAN STYLE OPTION MAY 20, 2004 @ .605 Issued in USD May 25May 27 Buy-Back Opt AUD PUT USD CALL May 25May 27 Buy-Back Opt FX EUROPEAN STYLE OPTION NOV 10, 2004 @ .71 KNOCK IN @ .699 KNOCK OUT @ .74 EUR PUT USD CALL FX EUROPEAN STYLE OPTION OCT 27, 2004 @ 1.22 KNOCK IN @ 1.202 USD 15,000,000 - 379,140.00 430,260.00 51,120.00 S NZD 10,000,000 0.00 25,108.00 25,108.00 S USD USD AUD 10,000,000 - 10,000,000 10,000,000 1.438 1.652 - 6,950,000.00 6,050,000.00 0.00 6,950,000.00 - 6,051,333.33 24,673.00 EFTA01553843 - 1,333.33 S 24,673.00 S USD USD USD - 10,000,000 10,000,000 10,000,000 1.657 6,033,000.00 0.00 0.00 - 6,059,000.00 27,453.00 22,688.00 - 26,000.00 S 27,453.00 S 22,688.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD 1,100,000 - 46,433.20 37,710.20 - 8,723.00 S EFTA01553844 05 Trade Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 26 of 78 Settlement Date Realized Type Settled continued May 25May 27 Buy-Back Opt NZD PUT USD CALL May 25May 27 Buy-Back Opt FX EUROPEAN STYLE OPTION NOV 10, 2004 @ .615 KNOCK IN TRIGGERED @ .60 KNOCK OUT @ .642 NZD PUT USD CALL FX EUROPEAN STYLE OPTION OCT 19, 2004 @ .61 KNOCK IN @ .58 May 25May 27 Sale May 26May 28 Sale 3 MONTH FX EUR FX DEPOSIT 100% PRINCIPAL PROTECTED IN EUROS JPMORGAN CHASE LONDON AUG 4 2004 3 MONTH MXN FX DEPOSIT 100% PRINCIPAL PROTECTED IN USD JP MORGAN CHASE LONDON 8/5/2004 Trade Date Estimated Settlement Date Pending May 12Jun 14 Dispose FX Contract May 17Jun 14 Dispose FX Contract May 27Jun 1 Sale BUY USD SELL HUF FORWARD CONTRACT FX RATE 215.5600000 TRADE 05/12/04 VALUE 06/14/04 BUY USD SELL HUF FORWARD CONTRACT FX RATE 213.4600000 TRADE 05/17/04 VALUE 06/14/04 3 MONTH NZD BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN NZD JPMORGAN CHASE LONDON MATURITY DATE 8/10/2004 USD USD NZD 6,478,242.71 1,394,968.61 - 10,000,000 0.00 0.00 0.00 0.00 0.00 9,964,616.52 - 10,000,000.00 36,893.21 S EUR MXN - 15,000,000 - 110,500,000 14,941,124.64 - 15,000,000.00 110,118,880.77 - 110,500,000.00 148,395.93 S - 38,709.94 S USD 5,000,000 - 103,013.00 06,862.67 - 6,150.33 S EFTA01553845 Description Currency Quantity Price/Unit Market Cost/Proceeds Tax cost Gain/Loss USD USD 15,000,000 - 325,740.00 364,170.00 38,430.00 S Realized Gain/Loss Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax cost USD EFTA01553846 05 Date JPMorgan Chase Bank 2004 Account Nutuber: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 27 of 78 Settled Foreign Exchange Contracts Trade Settlement Date Currency SPECULATIVE AUSTRALIA DOLLAR - U 5 DOLLAR May 4 04 May 13 04 May 11 04 May 13 04 May 11 04 May 13 04 May 17 04 May 19 04 May 17 04 May 19 04 May 20 04 May 24 04 May 17 04 May 26 04 May 25 04 May 26 04 EURO CURRENCY - U S DOLLAR Feb 9 04 Feb 9 04 May 11 04 May 11 04 Feb 11 04 May 11 04 Feb 12 04 May 11 04 May 11 04 Mar 1 04 EUR AUD - 8,000,000.00 USD AUD AUD AUD - 5,000,000.00 USD AUD AUD - 10,000,000.00 USD AUD - 5,000,000.00 USD AUD 5,818,400.00 3,000,000.00 USD - 2,089,800.00 5,000,000.00 USD - 3,483,000.00 3,449,500.00 5,000,000.00 USD - 3,457,500.00 6,937,000.00 3,424,500.00 5,000,000.00 USD - 3,527,500.00 EUR 15,000,000.00 USD - 18,936,000.00 3,000,000.00 USD - 3,787,200.00 8,939,000.00 6,389,500.00 7,448,400.00 EUR - 7,000,000.00 USD EUR - 5,000,000.00 USD EUR - 6,000,000.00 USD POUND STERLING - JAPANESE YEN Apr 26 04 May 7 04 POUND STERLING - U S DOLLAR GBP GBP Apr 21 04 May 7 04 Apr 26 04 May 7 04 May 4 04 May 13 04 May 6 04 May 13 04 May 11 04 May 13 04 GBP - 4,996,787.86 JPY 968,327,520.00 0.727300 0.696600 0.696600 0.689900 0.691500 0.693700 0.684900 0.705500 1.262400 EFTA01553847 1.262400 1.277000 1.277900 1.241400 193.790000 1.449700 0.696600 0.696600 0.691500 0.691500 0.695000 1.415600 0.705500 1.180638 1.180638 1.180638 1.180638 1.180638 1.786193 111.935000 5,000,000.00 USD - 8,887,000.00 - 3,212.00 USD 5,735.67 GBP - 10,000,000.00 USD 17,911,000.00 GBP - 3,000,000.00 USD GBP 8,000,000.00 USD - 14,044,800.00 5,386,800.00 1.777400 1.785700 1.791100 1.795600 1.755600 1.786193 1.786193 1.763202 1.763202 1.755600 - 8,887,000.00 5,735.67 8,930,963.65 - 5,737.25 17,911,000.00 - 17,632,019.74 5,386,800.00 - 14,044,800.00 - 5,289,605.92 14,044,800.00 43,963.65 - 1.58 278,980.26 97,194.08 5,818,400.00 - 2,089,800.00 - 3,483,000.00 3,449,500.00 - 3,457,500.00 6,937,000.00 3,424,500.00 - 3,527,500.00 - 18,936,000.00 - 3,787,200.00 8,939,000.00 6,389,500.00 7,448,400.00 - 8,925,226.14 - 5,518,383.11 2,089,800.00 3,483,000.00 - 3,457,500.00 3,457,500.00 - 6,950,000.00 - 3,532,071.20 3,527,500.00 17,709,563.16 3,541,912.63 - 8,264,462.80 - 5,903,187.72 - 7,083,825.26 8,650,801.98 EFTA01553848 300,016.89 Counter Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD - 8,000.00 - 13,000.00 - 107,571.20 - 1,226,436.84 - 245,287.37 674,537.20 486,312.28 364,574.74 - 274,424.16 EFTA01553849 05 Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 28 of 78 Settled Foreign Exchange Contracts Trade Settlement Date Currency May 11 04 May 13 04 May 11 04 May 18 04 May 17 04 May 18 04 GBP Counter Amount Currency continued GBP - 5,000,000.00 USD GBP HUNGARIAN FORINT - U S DOLLAR May 7 04 May 10 04 May 7 04 May 10 04 May 7 04 May 11 04 May 10 04 May 11 04 May 4 04 May 13 04 May 10 04 May 13 04 May 12 04 May 13 04 JAPANESE YEN Apr 21 04 May 7 04 Feb 20 04 May 24 04 May 24 04 Mar 2 04 Apr 21 04 May 24 04 May 24 04 May 24 04 - U S DOLLAR JPY - 968,327,520.00 USD 8,887,000.00 JPY 1,087,300,000.00 USD - 10,000,000.00 JPY- 1,087,300,000.00 USD JPY 105,470,000.00 USD JPY - 105,470,000.00 USD N ZEALAND DOLLAR - U S DOLLAR May 3 04 May 4 04 Apr 28 04 May 11 04 Apr 29 04 May 11 04 May 4 04 May 13 04 May 11 04 May 13 04 May 11 04 May 13 04 9,939,665.42 - 968,681.12 935,988.57 NZD 10,000,000.00 USD - 6,246,000.00 NZD - 5,000,000.00 USD NZD NZD - 10,000,000.00 USD NZD NZD 5,000,000.00 USD - 3,029,500.00 5,000,000.00 USD - 3,029,500.00 108.960000 108.730000 109.390000 108.880000 112.683000 3,105,500.00 5,000,000.00 USD - 3,107,000.00 6,320,000.00 0.624600 0.621100 0.621400 0.632000 0.605900 0.605900 111.935000 EFTA01553850 112.595000 112.595000 112.595000 112.595000 0.624600 1.660850 1.660850 1.662650 0.605900 0.605900 8,887,000.00 - 10,000,000.00 9,939,665.42 - 968,681.12 935,988.57 - 6,246,000.00 3,105,500.00 - 3,107,000.00 6,320,000.00 - 3,029,500.00 - 3,029,500.00 - 8,650,801.98 9,656,734.31 - 9,656,734.31 936,720.10 - 936,720.10 6,246,000.00 - 3,010,506.66 3,010,506.66 - 6,014,494.93 3,029,500.00 3,029,500.00 236,198.02 - 343,265.69 282,931.11 - 31,961.02 - 731.53 HUF 110,800,000.00 USD HUF - 110,800,000.00 USD HUF - 355,300,000.00 USD 5,000,000.00 USD - 8,778,000.00 8,767,500.00 5,000,000.00 USD - 8,838,000.00 - 521,411.76 530,478.57 1,700,000.00 HUF 355,300,000.00 USD - 1,650,255.45 HUF- 1,041,150,000.00 USD HUF - 355,300,000. 00 USD HUF 1,396,450,000.00 USD - 6,540,749.41 5,000,000.00 1,649,152.44 1.755600 1.753500 1.767600 212.500000 208.868000 209.000000 215.300000 208.230000 215.444000 213.500000 1.755600 1.770068 1.767600 212.500000 198.184597 215.300001 215.300000 216.071390 213.500000 213.500000 - 8,778,000.00 8,767,500.00 - 8,838,000.00 - 521,411.76 530,478.57 1,700,000.00 - 1,650,255.45 EFTA01553851 5,000,000.00 1,649,152.44 - 6,540,749.41 8,778,000.00 - 8,850,340.73 8,838,000.00 521,411.76 - 559,074.73 - 1,650,255.45 1,650,255.45 - 4,818,546.31 - 1,664,168.62 6,540,749.41 - 82,840.73 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD - 28,596.16 49,744.55 181,453.69 - 15,016.18 94,993.34 - 96,493.34 305,505.07 EFTA01553852 05 Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 29 of 78 Settled Foreign Exchange Contracts Trade Settlement Date Currency May 20 04 May 21 04 May 20 04 May 24 04 May 20 04 May 24 04 May 20 04 May 24 04 TRADE RELATED EURO CURRENCY - U S DOLLAR HUNGARIAN FORINT - U S DOLLAR MEXICAN NEW PESO - U S DOLLAR May 25 04 May 27 04 May 7 04 May 10 04 EUR - 14,941,124.64 USD 18,080,254.93 HUF- 2,120,000,000.00 USD 10,734,760.71 May 26 04 May 28 04 MXN - 110,118,880.77 USD 9,651,085.08 1.210100 197.489264 11.410000 1.210100 198.184597 11.410000 18,080,254.93 - 18,080,254.93 10,734,760.71 - 10,697,097.74 9,651,085.08 - 9,651,085.08 37,662.97 NZD Counter Amount Currency continued NZD 10,000,000.00 USD - 6,059,000.00 5,000,000.00 USD - 3,020,000.00 3,018,000.00 NZD - 5,000,000.00 USD NZD 10,000,000.00 USD - 6,057,000.00 0.605900 0.604000 0.603600 0.605700 0.605900 0.604000 0.605133 0.605700 - 6,059,000.00 - 3,020,000.00 3,018,000.00 - 6,057,000.00 6,059,000.00 3,020,000.00 - 3,025,666.67 6,057,000.00 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD - 7,666.67 EFTA01553853 05 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 30 of 78 Account Transactions by Currency Australia Dollar Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Australia Dollar Activity by Date Settlement Date May 3 Type Spot FX Quantity Description 3,590,500 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.718100000 TRADE 4/29/04 VALUE 5/03/04 U S DOLLAR AUSTRALIA DOLLAR May 3 Spot FX - 3,603,500 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.720700000 TRADE 4/30/04 VALUE 5/03/04 AUSTRALIA DOLLAR U S DOLLAR 5,000,000.00 3,603,500.00 - 43,000,000.00 -00 - 49,845.69 - 235,500,000.00 43,000,000.00 10,000,000.00 225,500,000.00 .00 Amount to Date Realized Amount Gain/Loss USD - 13,000.00 - 5,000,000.00 - 3,590,500.00 Amount USD EFTA01553854 05 Date May 4 JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 31 of 78 Australia Dollar Activity by Date Settlement continued Realized Type Spot FX Quantity Description - 7,180,000 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.718000000 TRADE 4/30/04 VALUE 5/04/04 AUSTRALIA DOLLAR U S DOLLAR May 4 FX Opt Asgn'D 7,181,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL AUD BUY USD TRADE 4/30/04 VALUE 5/04/04 May 13 Fwd FX Ctrct 5,818,400 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.727300000 TRADE 5/04/04 VALUE 5/13/04 May 13 Spot FX - 2,089,800 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.696600000 TRADE 5/11/04 VALUE 5/13/04 AUSTRALIA DOLLAR U S DOLLAR May 13 Spot FX - 3,483,000 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.696600000 TRADE 5/11/04 VALUE 5/13/04 AUSTRALIA DOLLAR U S DOLLAR 1,000.00 Gain/Loss USD 10,000,000.00 7,180,000.00 Amount Amount USD - 10,000,000.00 - 7,291,286.91 - 54,416.89 - 8,000,000.00 - 5,518,383.11 3,000,000.00 2,089,800.00 5,000,000.00 3,483,000.00 EFTA01553855 05 Date JPMorgan Chase Bank 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2004 - May 31, 2004 Page 32 of 78 Australia Dollar Acti