EFTA01553375.pdf

12 2003 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 44 J.P. Morgan Portfolios December 1 - December 31, 2003 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio 0 JPMCB JPMSI 161121381 2 3 42 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY INC ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS 153 ST THOMAS 00802 US VIRGIN ISLDS EFTA01553375 12 2003 Portfolio Summary FINANCIAL TRUST COMPANY INC December 01, 2003 - December 31, 2003 Page 2 of 44 Portfolio Summary Net Worth Summary Asset Portfolio USD Assets(Long) Cash fi Short Term Equities Other Options Liabilities (Short) Total Options FX Gain/Loss Accrued Income Total Net Worth Income Summary Taxable Interest Dividends Total 92,991,974.98 27,555,114.03 13,505,316.64 47,477,809.70 4,453,734.61 - 71,539.50 - 71,539.50 92,920,435.48 1,615,219.80 16,460.75 94,552,116.03 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 92,991,974.98 27,555,114.03 13,505,316.64 47,477,809.70 4,453,734.61 - 71,539.50 - 71,539.50 92,920,435.48 1,615,219.80 16,460.75 94,552,116.03 This Period 17,845.69 17,845.69 Year to Date 258,350.00 723,829.75 982,179.75 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 on ("SIPC") insurance. Total USD EFTA01553376 EFTA01553377 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 3 of 44 Asset Account Portfolio December 1 - December 31, 2003 Table of Contents Portfolio Summary Cash and Short Term Equities Other Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers Service Specialist: D'ORAZIO/HORNBEC Page 4 6 7 8 10 12 14 19 EFTA01553378 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 4 of 44 Overview 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 31% Cash and Short Term 15% Equities 54% Other Market Value USD Dec 31 Cash S Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value 27,555,114.03 13,505,316.64 47,477,809.70 4,382,195.11 92,920,435.48 1,615,219.80 16,460.75 94,552,116.03 Income Summary Taxable Interest Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Net Long Term Gain/Loss Total Market Value USD Nov 30 13,356,137.28 14,601,423.50 57,781,004.73 707,732.19 86,446,297.70 3,991,083.59 17,845.69 90,455,226.98 Tax Cost USD 27,555,114.03 45,268,400.02 1,951,307.80 74,774,821.85 Estimated Annual Income USD 260,946.92 Yield 1.0 0.0 0.0 260,946.92 N/A N/A 0.3 This Period USD 17,845.69 17,845.69 EFTA01553379 Year to Date USD* 258,350.00 723,829.75 982,179.75 Realized This Period USD Realized Year to Date USD* 5,148,739.91 5,148,739.91 12,676,331.10 12,676,331.10 *Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of December 31, 2003 Market value of Options is not included in pie chart. Currency AUD CHF Exchange Rate 0.7535 1.2368 Unrealized USD 4,923,483.60 - 283,186.67 4,640,296.93 EFTA01553380 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 5 of 44 Exchange Rates Spot Rates as of December 31, 2003 Currency EUR GBP HKD HUF MXN NOK NZD ZAR Exchange Rate 1.2614 1.7902 7.7636 207.4172 11.2373 6.6528 0.6565 6.6750 EFTA01553381 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 6 of 44 Cash and Short Term Summary by Maturity Current Market Value USD Cash Total 27,555,114.03 27,555,114.03 Estimated Annual Income USD 260,946.92 260,946.92 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: .95% USD 27,555,114.03 1.00 1.00 27,555,114.03 27,555,114.03 16,460.75 260,946.92 0.95 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 % Current EFTA01553382 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 7 of 44 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 16.88 13,505,316.64 13,505,316.64 N/A 0.00 N/A 0.0 EFTA01553383 12 Other Structured Investments in Alphabetical Order Description 3 MONTH AUD BULLISH FX DEPOSIT -AUD 100% PRINCIPAL PROTECTED IN AUD JP MORGAN CHASE LONDON 1/28/2004 619998-9R-0 Bearer 3 MONTH NZD BULLISH FX DEPOSIT - NZD 100% PRINCIPAL PROTECTED IN NZD JP MORGAN CHASE LONDON 1/28/2004 619998-9S-8 Bearer 3 MONTH GBP BULLISH FX DEPOSIT -GBP 100% PRINCIPAL PROTECTED IN GBP JPMORGAN CHASE LONDON 1/30/2004 619998-9T-6 Bearer 3 MONTH HUF BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN HUF JP MORGAN CHASE LONDON MATURITY 02/20/2004 630998-9A-2 Bearer Market Value USD Currency AUD Quantity 10,000,000 Unit Cost 100.00 PriCe/Unit 99.885 Tax Cost 7,053,000.00 Accrued Income USD 7,526,000.00 Unrealized Estimated Annual Gain/Loss USD 473,000.00 Income USD Yield N/A JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 8 of 44 NZD 10,000,000 100.00 98.3345 6,136,000.00 6,456,000.00 320,000.00 N/A GBP 10,000,000 100.00 99.6989 16,980,000.02 17,848,000.00 867,999.98 N/A HUF 1,083,000,000 100.00 101.6344 5,000,000.00 5,307,284.82 307,284.82 N/A EFTA01553384 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 9 of 44 Structured Investments in Alphabetical Order Description 3 MONTH MXN BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN MXN JPMORGAN CHASE LONDON 02/20/2004 630998-9Y-0 Bearer 3 MONTH GBP BULLISH FX DEPOSIT 100% PRINCIPAL PROTECTED IN GBP JPMORGAN CHASE LONDON 02/19/2004 630998-9Z-7 Bearer Total Other continued Market Value USD Currency MXN Quantity 56,250,000 Unit Cost 100.00 PriCe/Unit 100.2093 Tax Cost 5,000,000.00 Accrued Income USD 5,016,184.88 Unrealized Estimated Annual Gain/Loss USD 16,184.88 Income USD Yield % N/A GBP 3,000,000 100.00 99.1392 5,099,400.00 5,324,340.00 224,940.00 N/A 1,172,250,000 45,268,400.02 47,477,809.70 2,209,409.68 EFTA01553385 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 10 of 44 Options Foreign Exchange Description Cusip HKD PUT USD CALL FX EUROPEAN STYLE OPTION SEP 23, 2004 @ 7.833 XHXDPA-AH-2 CHF CALL USD PUT FX EUROPEAN STYLE OPTION MAR 15, 2004 @ 1.15 XCHFCA-CX-2 CHF CALL USD PUT FX EUROPEAN STYLE OPTION MAR 16, 2004 @ 1.175 XCHFCA-DC-2 EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 07, 2004 @ 1.165 KNOCK IN TRIGGERED @ 1.15 XEURPA-LL-2 EUR CALL USD PUT FX EUROPEAN STYLE OPTION JUL 22, 2004 @ 1.25 XEURCA-TJ-2 AUD PUT USD CALL FX EUROPEAN STYLE OPTION APR 23, 2004 @ .695 KNOCK IN @ .685 XAUDPA-CJ-2 AUD - 10,000,000 USD - 6,950,000.00 USD - 251,590.00 - 251,590.00 - 33,960.90 217,629.10 EUR 40,000,000 USD 50,000,000.00 USD 750,000.00 750,000.00 1,580,792.00 830,792.00 EUR - 10,000,000 USD - 11,650,000.00 USD - 302,900.00 - 302,900.00 - 37,578.60 265,321.40 CHF 58,750,000 USD 50,000,000.00 USD 420,690.00 420,690.00 248,368.56 - 172,321.44 CHF 80,500,000 USD 70,000,000.00 USD 543,848.00 543,848.00 177,441.32 - 366,406.68 Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01553386 HKD 156,660,000 USD 20,000,000.00 USD 312,280.00 312,280.00 29,093.33 - 283,186.67 EFTA01553387 12 Cusip JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 11 of 44 Foreign Exchange Description 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-2 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-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. 1,951,307.80 4,382,195.11 2,430,887.25 EUR 50,000,000 USD 65,000,000.00 USD 282,235.00 282,235.00 1,471,730.00 1,189,495.00 Counter Amount Currency continued EUR 20,000,000 USD 25,000,000.00 USD 196,744.80 196,744.80 946,309.40 749,564.60 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. EFTA01553388 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 12 of 44 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary Australia Dollar Pound Sterling Norwegian Krone U S Dollar S African Rand Value in Currency 10,000,000.00 5,000,000.00 67,525,000.00 - 34,621,000.00 65,385,000.00 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Open Total Unrealized Gain/Loss 1,126,895.23 488,324.57 1,615,219.80 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Nov. 18 03 Jan. 20 04 AUD Nov. 24 03 Jan. 20 04 AUD Oct. 23 03 Jan. 27 04 AUD Nov. 24 03 Jan. 27 04 AUD Total Closed Dec. 11 03 Mar. 15 04 AUD Total 10,000,000.00 USD - 10,000,000.00 USD 10,000,000.00 USD - 10,000,000.00 USD 0.00 10,000,000.00 USD 10,000,000.00 EURO CURRENCY - U S DOLLAR Nov. 18 03 Jan. 20 04 EUR Dec. 31 03 Jan. 20 04 EUR 5,000,000.00 USD - 5,000,000.00 USD - 7,204,000.00 7,146,000.00 - 6,936,000.00 7,139,000.00 145,000.00 - 7,287,000.00 - 7,142,000.00 - 5,963,500.00 6,301,000.00 0.7204 0.7146 0.6936 0.7139 0.7287 0.751609 0.751609 0.750959 0.750959 0.746722 7,516,086.43 7,146,000.00 7,509,585.88 7,139,000.00 29,310,672.31 EFTA01553389 7,467,224.93 36,777,897.24 1.1927 1.2602 0.793254 0.793254 6,303,153.41 6,301,000.00 7,204,000.00 7,516,086.43 6,936,000.00 7,509,585.88 29,165,672.31 7,287,000.00 36,452,672.31 5,963,500.00 6,303,153.41 312,086.43 - 370,086.43 573,585.88 - 370,585.88 145,000.00 180,224.93 325,224.93 339,653.41 - 2,153.41 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01553390 12 Trade Date JPMorgan Chase Bank 2003 Account Number: FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 13 of 44 Foreign Exchange Contracts Settlement Date Currency Dec. 11 03 Mar. 15 04 EUR Dec. 31 03 Mar. 15 04 EUR Total Closed Nov. 18 03 Jan. 20 04 GBP continued Amount Counter Currency 10,000,000.00 USD - 10,000,000.00 USD 0.00 POUND STERLING - U S DOLLAR NORWEGIAN KRONE - U S DOLLAR N ZEALAND DOLLAR - U S DOLLAR Dec. 11 03 Mar. 15 04 NOK Dec. 18 03 Jan. 5 04 NZD Dec. 30 03 Jan. 5 04 NZD Nov. 18 03 Jan. 20 04 NZD Nov. 19 03 Jan. 20 04 NZD Nov. 24 03 Jan. 20 04 NZD Dec. 26 03 Jan. 20 04 NZD Dec. 29 03 Jan. 20 04 NZD Dec. 29 03 Jan. 20 04 NZD Dec. 30 03 Jan. 20 04 NZD Total Closed 5,000,000.00 USD 67,525,000.00 USD - 5,000,000.00 USD 5,000,000.00 USD 10,000,000.00 USD 15,000,000.00 USD - 10,000,000.00 USD - 10,000,000.00 USD - 5,000,000.00 USD - 5,000,000.00 USD 5,000,000.00 USD 0.00 S AFRICAN RAND - U S DOLLAR Dec. 16 03 Dec. 16 03 ZAR Dec. 18 03 Jan. 20 04 ZAR Total Open Total Foreign Exchange Contracts 32,195,000.00 USD 33,190,000.00 USD 65,385,000.00 Counter Amount - 12,125,000.00 12,583,000.00 795,500.00 - 8,475,000.00 - 10,000,000.00 3,245,000.00 - 3,266,500.00 - 6,336,000.00 - 9,460,500.00 6,336,000.00 6,460,000.00 3,242,000.00 3,242,000.00 - 3,261,500.00 200,500.00 - 5,000,000.00 - 5,000,000.00 - 10,000,000.00 EFTA01553391 Contract Rate 1.2125 1.2583 Current Market Forward Rate 0.794439 0.794439 Market Value Receivables USD 12,587,499.44 12,583,000.00 37,774,652.85 1.695 6.7525 0.649 0.6533 0.6336 0.6307 0.6336 0.646 0.6484 0.6484 0.6523 1.787373 6.669198 0.65612 1.53069 0.654881 0.654881 0.654881 0.654881 0.654881 0.654881 0.654881 8,936,866.23 10,124,904.85 3,245,000.00 3,266,500.00 6,548,813.49 9,823,220.23 6,336,000.00 6,460,000.00 3,242,000.00 3,242,000.00 3,274,406.74 45,437,940.46 6.439 6.638 6.488839 6.973081 4,961,596.14 4,759,732.42 9,721,328.56 148,773,590.19 Market Value Payables USD 12,125,000.00 12,587,499.44 36,979,152.85 8,475,000.00 10,000,000.00 3,280,604.77 3,266,500.00 6,336,000.00 9,460,500.00 6,548,813.49 6,548,813.49 3,274,406.74 3,274,406.74 3,261,500.00 45,251,545.23 5,000,000.00 5,000,000.00 10,000,000.00 147,158,370.39 Unrealized Gain/Loss USD 462,499.44 - 4,499.44 EFTA01553392 795,500.00 461,866.23 124,904.85 - 35,604.77 0.00 212,813.49 362,720.23 - 212,813.49 - 88,813.49 - 32,406.74 - 32,406.74 12,906.74 186,395.23 - 38,403.86 - 240,267.58 - 278,671.44 1,615,219.80 EFTA01553393 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 14 of 44 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 Dec 1 Dec 3 FX Option AssiAUD CALL USD PUT Dec 1 Dec 1 Expired Opt FX EUROPEAN STYLE OPTION DEC 01, 2003 @ .703 KNOCK IN TRIGGERED @ .72 EUR CALL USD PUT FX EUROPEAN STYLE OPTION DEC 01, 2003 @ 1.21 EUR BINARY ONE-TOUCH Dec 1 Dec 1 Expired Opt Dec 1 Dec 1 Expired Opt EUR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 @ 1.1375 EUR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 @ 1.1375 EUR BINARY ONE-TOUCH USD USD - 356,043.95 - 65,934.07 0.00 0.00 - 300,000.00 - 46,500.00 - 300,000.00 S - 46,500.00 S USD 28,449,502.13 0.00 170,000.00 170,000.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD 5,148,739.92 0.00 USD - 330,578.51 0.00 - 224,000.00 - 224,000.00 5 EFTA01553394 12 Trade Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 15 of 44 Settlement Date Realized Type Settled continued Dec 1 Dec 1 Expired Opt NZD PUT USD CALL Dec 1 Dec 1 Expired Opt Dec 1 Dec 3 FX Opt Asgn'D Dec 2 Dec 2 Expired Opt FX EUROPEAN STYLE OPTION DEC 01, 2003 @ .61 KNOCK IN @ .59 ZAR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 @ 7.05 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL AUD BUY USD AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 22, 2004 @ .7 KNOCK IN @ .688 KNOCK OUT @ .7293 Issued in USD Dec 3 Dec 5 Buy-Back Opt AUD PUT USD CALL Dec 3 Dec 5 Sell Option FX EUROPEAN STYLE OPTION FEB 25, 2004 @ .6475 KNOCK IN @ .6375 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.25 KNOCK OUT @ 1.1375 Dec 3 Dec 5 Sell Option KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.25 KNOCK OUT @ 1.1375 Dec 3 Dec 5 Buy-Back Opt KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 EUR PUT USD CALL FX EUROPEAN STYLE OPTION MAR 31, 2004 @ 1.06 USD 10,000,000 - 11,660.00 222,600.00 210,940.00 S USD - 10,000,000 316,250.00 - 98,372.40 217,877.60 S USD 30,000,000 - 13,598.00 543,900.00 530,302.00 S USD - 28,449,502.13 AUD 20,000,000 1.422 20,000,000.00 - 20,926,445.09 0.00 435,400.00 - 926,445.09 S EFTA01553395 435,400.00 S USD 32,786,885.24 0.00 142,000.00 142,000.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD 42,300,000 0.00 98,400.00 98,400.00 S USD - 20,000,000 625,000.00 - 196,744.80 428,255.20 5 EFTA01553396 12 Trade Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 16 of 44 Settlement Date Realized Type Settled continued Dec 3 Dec 3 Expired Opt EUR PUT USD CALL FX EUROPEAN STYLE OPTION JUL 22, 2004 @ 1.165 KNOCK IN TRIGGERED @ 1.16 KNOCK OUT @ 1.2093 Issued in USD Dec 5 Dec 5 Expired Opt NOK PUT USD CALL FX EUROPEAN STYLE OPTION MAR 03, 2004 @ 6.85 KNOCK IN FX OPTION TRIGGERED @ 7.00 KNOCK OUT @ 6.65 Issued in USD Dec 11 Dec 11 Expired Opt Dec 11 Dec 11 Expired Opt Dec 17 Dec 17 Expired Opt CHF CALL USD PUT FX EUROPEAN STYLE OPTION DEC 11, 2003 @ 1.2 CHF CALL USD PUT FX EUROPEAN STYLE OPTION DEC 11, 2003 @ 1.2 HUF PUT USD CALL FX EUROPEAN STYLE OPTION MAY 19, 2004 @ 217 KNOCK IN TRIGGERED @ 225 KNOCK OUT @ 213 Issued in USD Trade Date Settlement Date Counter Currency Settled Foreign Exchange Contracts SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Jun 3 03 Dec 5 03 Oct 22 03 Dec 5 03 AUD AUD 20,000,000.00 USD - 13,040,000.00 5,000,000.00 USD - 3,510,000.00 0.652000 0.702000 1.360550 1.360550 - 13,040,000.00 - 3,510,000.00 14,699,937.52 3,674,984.38 1,659,937.52 164,984.38 Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued EFTA01553397 Amount USD Realized Gain/Loss USD USD USD HUF - 12,000,000 - 12,000,000 3,255,000,000 0.00 0.00 0.00 - 107,300.00 - 106,200.00 337,500.00 - 107,300.00 S - 106,200.00 S 337,500.00 S NOK 34,250,000 0.00 100,045.00 100,045.00 S EUR 40,000,000 0.00 759,580.00 759,580.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD EFTA01553398 12 Date JPMorgan Chase Bank 2003 Account Number:m FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 17 of 44 Settled Foreign Exchange Contracts Trade Settlement Date Currency Oct 23 03 Dec 5 03 Oct 24 03 Dec 5 03 Oct 24 03 Dec 5 03 Dec 8 03 Dec 8 03 Nov 4 03 AUD Counter Amount Currency continued AUD - 12,000,000.00 USD Dec 10 03 Dec 10 03 Dec 15 03 Nov 14 03 Dec 15 03 Nov 24 03 Dec 15 03 SWISS FRANC Nov 4 03 Dec 15 03 Nov 18 03 Dec 15 03 Dec 10 03 Dec 10 03 Dec 15 03 AUD AUD 5,000,000.00 USD - 3,500,500.00 8,365,200.00 AUD - 18,000,000.00 USD 12,551,400.00 - 300,000.00 USD 300,000.00 USD AUD 18,000,000.00 USD - 12,486,600.00 AUD - 15,000,000.00 USD 10,761,000.00 AUD - 3,000,000.00 USD - U S DOLLAR CHF 26,050,000.00 USD - 19,208,081.40 CHF - 26,050,000.00 USD 19,976,993.87 EURO CURRENCY - U S DOLLAR Dec 8 03 Dec 8 03 EUR EUR Nov 4 03 POUND STERLING - U S DOLLAR GBP Nov 24 03 Dec 15 03 HUNGARIAN FORINT - U S DOLLAR Nov 20 03 Dec 1 03 Nov 21 03 Dec 1 03 Nov 21 03 Dec 1 03 Dec 1 03 Dec 1 03 Dec 4 03 Dec 1 03 Dec 8 03 Dec 8 03 NORWEGIAN KRONE - U S DOLLAR - 200,000.00 USD 200,000.00 USD 244,000.00 - 244,600.00 GBP - 5,000,000.00 USD HUF 217,000,000.00 USD 5,000,000.00 USD - 8,366,000.00 8,466,500.00 EFTA01553399 - 999,079.19 HUF 651,000,000.00 USD - 2,997,651.61 HUF 217,000,000.00 USD HUF- 1,085,000,000.00 USD HUF 1,085,000,000.00 USD - 4,825,439.18 HUF- 1,085,000,000.00 USD - 999,217.20 4,831,885.99 4,843,750.00 1.356200 1.304000 1.220000 1.223000 1.673200 1.693300 217.200000 217.170000 217.170000 224.550000 224.850000 224.000000 1.264050 1.264050 1.223000 1.223000 1.746572 1.746572 221.483942 221.483942 221.483942 219.126675 219.336726 215.595708 - 19,208,081.40 20,608,362.01 19,976,993.87 - 20,608,362.01 244,000.00 - 244,600.00 - 8,366,000.00 8,466,500.00 - 999,079.19 - 2,997,651.61 - 999,217.20 4,831,885.99 - 4,825,439.18 4,843,750.00 - 244,600.00 244,600.00 8,732,861.75 - 8,732,861.75 979,755.00 2,939,265.00 979,755.00 - 4,951,473.84 4,946,732.00 - 5,032,567.72 1,400,280.61 - 631,368.14 - 600.00 222,000.00 - 222,150.00 2,154,300.00 0.700100 0.697100 0.697300 0.740000 0.740500 0.693700 0.717400 0.718100 1.360550 1.360550 1.360550 0.740500 0.740500 1.346200 1.346200 1.346200 - 3,500,500.00 EFTA01553400 8,365,200.00 3,674,984.38 - 8,819,962.51 12,551,400.00 - 13,229,943.77 222,000.00 - 222,150.00 - 12,486,600.00 10,761,000.00 - 11,142,475.11 2,154,300.00 - 222,150.00 222,150.00 13,370,970.13 - 2,228,495.02 174,484.38 - 454,762.51 - 678,543.77 - 150.00 884,370.13 - 381,475.11 - 74,195.02 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD 366,861.75 - 266,361.75 - 19,324.19 - 58,386.61 - 19,462.20 - 119,587.85 121,292.82 - 102,982.00 EFTA01553401 12 Date Dec 8 03 Dec 8 03 JPMorgan Chase Bank 2003 Account Number: 0 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 18 of 44 Settled Foreign Exchange Contracts Trade Settlement Date Currency Dec 10 03 Dec 10 03 TRADE RELATED AUSTRALIA DOLLAR - U S DOLLAR Nov 5 03 Nov 5 03 Nov 6 03 Dec 2 03 Dec 3 03 Dec 3 03 Dec 3 03 Dee 4 03 EURO CURRENCY - U S DOLLAR Dec 15 03 Dec 17 03 AUD 10,000,000.00 USD - 7,090,000.00 AUD 10,000,000.00 USD - 7,078,000.00 AUD 10,000,000.00 USD - 7,053,000.00 AUD - 1,550,498.00 USD 1,132,638.79 EUR - 10,000,000.00 USD 12,284,615.00 0.709000 0.707800 0.705300 0.730500 1.228462 1.359500 1.359500 1.359500 0.735565 1.171000 - 7,090,000.00 - 7,078,000.00 - 7,053,000.00 1,132,638.79 7,355,645.45 7,355,645.45 7,355,645.45 - 1,140,491.35 12,284,615.00 - 11,710,000.01 265,645.45 277,645.45 302,645.45 - 7,852.56 574,614.99 Counter Amount Currency continued NOK 66,100,000.00 USD - 9,948,826.01 NOK - 66,100,000.00 USD 10,000,000.00 6.644000 6.610000 6.644000 6.644000 - 9,948,826.01 10,000,000.00 9,948,826.01 - 9,948,826.01 51,173.99 Counter Amount Contract Rate Revaluation EFTA01553402 Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD EFTA01553403 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 19 of 44 Account Transactions by Currency Australia Dollar Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Miscellaneous Receipts Foreign Exchange Debits Purchases of Securities Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Australia Dollar Activity by Date Settlement Date Dec 2 Type Expired Opt Quantity Description 20,000,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION JUL 22, 2004 @ .7 KNOCK IN @ .688 KNOCK OUT @ .7293 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT - 78,300,000.13 .00 - .01 - 50,000,000.00 - 283,104,823.59 39,804,823.46 .13 78,300,000.00 .13 293,300,000.00 .00 Amount to Date Realized Amount Gain/Loss USD Amount USD EFTA01553404 12 Date Dec 3 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 20 of 44 Australia Dollar Activity by Date Settlement continued Realized Type Fwd FX Ctrct Quantity Description - 7,090,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.709000000 TRADE 11/05/03 VALUE 12/03/03 Dec 3 Fwd FX Ctrct - 7,078,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.707800000 TRADE 11/05/03 VALUE 12/03/03 Dec 3 Fwd FX Ctrct - 7,053,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.705300000 TRADE 11/06/03 VALUE 12/03/03 Dec 3 FX Opt Asgn'D 20,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL AUD BUY USD TRADE 12/01/03 VALUE 12/03/03 Dec 4 Spot FX 1,132,638.79 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.730500000 TRADE 12/02/03 VALUE 12/04/03 U S DOLLAR AUSTRALIA DOLLAR Dec 5 Fwd FX Ctrct - 13,040,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.652000000 TRADE 6/03/03 VALUE 12/05/03 Dec 5 Fwd FX Ctrct - 3,510,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.702000000 TRADE 10/22/03 VALUE 12/05/03 - 0.01 20,000,000.00 14,699,937.52 Gain/Loss USD 10,000,000.00 7,355,645.45 Amount Amount USD 10,000,000.00 7,355,645.45 10,000,000.00 7,355,645.45 EFTA01553405 - 28,449,502.13 - 20,926,445.11 - 1,550,498.00 - 1,132,638.79 5,000,000.00 3,674,984.38 EFTA01553406 12 Date Dec 5 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 21 of 44 Australia Dollar Activity by Date Settlement continued Realized Type Fwd FX Ctrct Quantity Description - 3,500,500 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.700100000 TRADE 10/23/03 VALUE 12/05/03 Dec 5 Fwd FX Ctrct 8,365,200 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.697100000 TRADE 10/24/03 VALUE 12/05/03 Dec 5 Fwd FX Ctrct 12,551,400 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.697300000 TRADE 10/24/03 VALUE 12/05/03 Dec 10 Spot FX 222,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.740000000 TRADE 12/08/03 VALUE 12/10/03 U 5 DOLLAR AUSTRALIA DOLLAR Dec 10 Spot FX - 222,150 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.740500000 TRADE 12/08/03 VALUE 12/10/03 AUSTRALIA DOLLAR U S DOLLAR Dec 15 Fwd FX Ctrct - 12,486,600 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.693700000 TRADE 11/04/03 VALUE 12/15/03 300,000.00 222,150.00 Gain/Loss USD 5,000,000.00 3,674,984.38 Amount Amount USD - 12,000,000.00 - 8,819,962.51 - 18,000,000.00 - 13,229,943.77 - 300,000.00 - 222,000.00 18,000,000.00 13,370,970.13 EFTA01553407 12 Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 22 of 44 Australia Dollar Activity by Date Settlement continued Realized Type Dec 15 Fwd FX Ctrct Quantity Description 10,761,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.717400000 TRADE 11/14/03 VALUE 12/15/03 Dec 15 Fwd FX Ctrct 2,154,300 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.718100000 TRADE 11/24/03 VALUE 12/15/03 Dec 15 Misc. Receipt REP: WRITE OFF OF OVERDRAFT AUSTRALIA DOLLAR Gain/Loss USD - 15,000,000.00 - 11,142,475.11 Amount Amount USD - 3,000,000.00 - 2,228,495.02 0.13 0.10 EFTA01553408 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 23 of 44 Account Transactions by Currency Euro Currency Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Purchases of Securities Miscellaneous Disbursements Foreign Exchange Ending Balance Euro Currency Activity by Date Settlement Date Dec 3 Type Expired Opt Quantity Description 40,000,000 EUR PUT USD CALL FX EUROPEAN STYLE OPTION JUL 22, 2004 @ 1.165 KNOCK IN TRIGGERED @ 1.16 KNOCK OUT @ 1.2093 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT Dec 10 Spot FX 244,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.220000000 TRADE 12/08/03 VALUE 12/10/03 U S DOLLAR EURO PRINCIPAL CURRENCY - 200,000.00 - 244,000.00 - 10,200,000.00 -00 - 20,000,000.00 - .53 - 579,769,309.74 10,000,000.00 200,000.00 19,974,741.74 579,794,568.53 .00 Amount to Date Realized Amount Gain/Loss USD Amount USD EFTA01553409 12 Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 24 of 44 Euro Currency Activity by Date Settlement continued Realized Type Dec 10 Spot FX Quantity Description - 244,600 SPOT CURRENCY TRANSACTION - BUY BUY EUR SELL USD SPOT RATE : 1.223000000 TRADE 12/08/03 VALUE 12/10/03 EURO PRINCIPAL CURRENCY U S DOLLAR Dec 19 Redemption - 10,000,000 2 MONTH FX EUR DEPOSIT - EUR 100% PRINCIPAL PROTECTED IN EUR DOLLARS JP MORGAN CHASE LONDON 12/15/2003 TO REDEMPTION AS OF 12/17/03 Dec 19 Spot FX 12,284,615 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.228461500 TRADE 12/15/03 VALUE 12/17/03 REP:PROCEEDS FROM MATURITY OF 2 MONTH FX EUR DEPOSIT U S DOLLAR EURO PRINCIPAL CURRENCY AS of 12/17/03 - 10,000,000.00 - 12,284,615.00 Gain/Loss USD 200,000.00 244,600.00 Amount Amount USD 10,000,000.00 11,710,000.01 EFTA01553410 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 25 of 44 Account Transactions by Currency Hungarian Forint Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Purchases of Securities Foreign Exchange Ending Balance Hungarian Forint Activity by Date Settlement Date Dec 1 Type Fwd FX Ctrct Quantity Description - 999,079.19 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 217.200000000 TRADE 11/20/03 VALUE 12/01/03 Dec 1 Fwd FX Ctrct - 2,997,651.61 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 217.170000000 TRADE 11/21/03 VALUE 12/01/03 Dec 1 Fwd FX Ctrct - 999,217.20 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 217.170000000 TRADE 11/21/03 VALUE 12/01/03 .00 2,170,000,000.00 4,555,000,000.00 - 2,170,000,000.0 .00 - 1,083,000,000.0 - 3,472,000,000.0 Amount to Date Realized Amount Gain/Loss USD 217,000,000.00 979,755.00 Amount USD 651,000,000.00 2,939,265.00 217,000,000.00 979,755.00 EFTA01553411 12 Date Dec 1 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 26 of 44 Hungarian Forint Activity by Date Settlement continued Realized Type Spot FX Quantity Description 4,831,885.99 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL HUF SPOT RATE : 224.550000000 TRADE 12/01/03 VALUE 12/01/03 U S DOLLAR HUNGARIAN FORINT Dec 8 Fwd FX Ctrct - 4,825,439.16 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 224.650000000 TRADE 12/01/03 VALUE 12/06/03 Dec 8 Spot FX 4,843,750 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL HUF SPOT RATE : 224.000000000 TRADE 12/04/03 VALUE 12/08/03 U S DOLLAR Dec 17 Expired Opt 3,255,000,000 HUNGARIAN FORINT HUF PUT USD CALL FX EUROPEAN STYLE OPTION MAY 19, 2004 @ 217 KNOCK IN TRIGGERED @ 225 KNOCK OUT @ 213 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT 1,065,000,000.00 4,946,732.00 Gain/Loss USD - 1,085,000,000.00 - 4,831,885.99 Amount Amount USD - 1,085,000,000.00 - 4,843,750.00 EFTA01553412 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 27 of 44 Account Transactions by Currency Norwegian Krone Activity Summary Amount this Period Beginning Balance Credits Taxable Interest Sales, Maturities, Redemptions Miscellaneous Receipts Foreign Exchange Debits Foreign Exchange Ending Balance Norwegian Krone Activity by Date Settlement Date Dec 5 Type Expired Opt Quantity Description 34,250,000 NOK PUT USD CALL FX EUROPEAN STYLE OPTION MAR 03, 2004 @ 6.85 KNOCK IN FX OPTION TRIGGERED @ 7.00 KNOCK OUT @ 6.65 EXPIRATION OF WRITTEN FX OPTION OPTION KNOCKED OUT Dec 10 Spot FX - 9,948,826.01 SPOT CURRENCY TRANSACTION - BUY BUY NOK SELL USD SPOT RATE : 6.644000000 TRADE 12/08/03 VALUE 12/10/03 NORWEGIAN KRONE U S DOLLAR 66,100,000.00 9,948,826.01 - 66,100,000.00 .00 - 2,444,975,844.0 66,100,000.00 1,915,704.00 73,684,296.00 4.16 2,365,995,135.84 .00 Amount to Date Realized Amount Gain/Loss USD Amount USD EFTA01553413 12 Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 28 of 44 Norwegian Krone Activity by Date Settlement continued Realized Type Dec 10 Spot FX Quantity Description 10,000,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.610000000 TRADE 12/08/03 VALUE 12/10/03 U S DOLLAR NORWEGIAN KRONE Gain/Loss USD - 66,100,000.00 - 10,000,000.00 Amount Amount USD EFTA01553414 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 29 of 44 Account Transactions by Currency Pound Sterling Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Purchases of Securities Miscellaneous Disbursements Foreign Exchange Ending Balance Pound Sterling Activity by Date Settlement Date Type Dec 15 Fwd FX Ctrct Quantity Description - 8,366,000 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL USD CONTRACT RATE : 1.673200000 TRADE 11/04/03 VALUE 12/15/03 Dec 15 Fwd FX Ctrct 8,466,500 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL GBP CONTRACT RATE : 1.693300000 TRADE 11/24/03 VALUE 12/15/03 - 5,000,000.00 .00 .00 5,000,000.00 40,350,000.00 - 13,000,000.00 - .25 - 27,350,000.00 Amount to Date Realized Amount Gain/Loss USD 5,000,000.00 8,732,861.75 Amount USD - 5,000,000.00 - 8,732,861.75 EFTA01553415 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 30 of 44 Account Transactions by Currency Swiss Franc Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Swiss Franc Activity by Date Settlement Date Type Dec 15 Fwd FX Ctrct Quantity Description - 19,208,081.40 SETTLE FORWARD CURRENCY CONTRACT BUY CHF SELL USD CONTRACT RATE : 1.356200000 TRADE 11/04/03 VALUE 12/15/03 Dec 15 Fwd FX Ctrct 19,976,993.87 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL CHF CONTRACT RATE : 1.304000000 TRADE 11/18/03 VALUE 12/15/03 .00 26,050,000.00 - 26,050,000.00 .00 270,265,900.00 - 270,265,900.00 Amount to Date Realized Amount Gain/Loss USD 26,050,000.00 20,608,362.01 Amount USD - 26,050,000.00 - 20,608,362.01 EFTA01553416 12 JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 31 of 44 Account Transactions by Currency U S Dollar Activity Summary Amount this Period USD Beginning Balance Credits Dividends Sweep Account Sales Sales, Maturities, Redemptions Miscellaneous Receipts Foreign Exchange Debits Sweep Account Purchases Purchases of Securities Miscellaneous Disbursements Foreign Exchange Ending Balance - 16,515,769.46 - 25,258.00 - 1,000,000.00 - 101,569,144.59 .00 *Year to date information is calculated on a calendar year basis. - 164,295,969.00 - 35,551,970.24 - 57,000,000.00 - 1,675,339,389.6 17,845.69 2,316,792.71 941,250.00 115,834,283.65 723,829.75 209,224,164.68 66,444,211.06 8,283,397.70 1,647,757,225.65 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date Dec 1 Dividend Quantity Description JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) Amount USD 17,845.69 EFTA01553417 12 Settlement Date Dee 1 JPMorgan Chase Bank 2003 Account Number: 0 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 32 of 44 U S Dollar Activity by Date Type continued Quantity Description Fwd FX Ctrct 217,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 217.200000000 TRADE 11/20/03 VALUE 12/01/03 Dee 1 Fwd FX Ctrct 651,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 217.170000000 TRADE 11/21/03 VALUE 12/01/03 Dee 1 Fwd FX Ctrct 217,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 217.170000000 TRADE 11/21/03 VALUE 12/01/03 Dee 1 Expired Opt - 330,578.51 EUR CALL USD PUT FX EUROPEAN STYLE OPTION DEC 01, 2003 a 1.21 EUR BINARY ONE-TOUCH Dee 1 Expired Opt - 356,043.95 EXPIRATION OF PURCHASED FX OPTION EUR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 a 1.1375 Dee 1 Expired Opt - 65,934.07 EXPIRATION OF PURCHASED FX OPTION EUR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 a 1.1375 EUR BINARY ONE-TOUCH EXPIRATION OF PURCHASED FX OPTION Amount USD - 999,079.19 - 2,997,651.61 - 999,217.20 EFTA01553418 12 Settlement Date Dec 1 JPMorgan Chase Bank 2003 Account Number: 0 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 33 of 44 U S Dollar Activity by Date Type continued Quantity Description Expired Opt 32,786,885.24 NZD PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 @ .61 KNOCK IN @ .59 Dec 1 Expired Opt 42,300,000 EXPIRATION OF WRITTEN FX OPTION ZAR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 01, 2003 @ 7.05 EXPIRATION OF WRITTEN FX OPTION Dec 1 Dec 1 Sale Spot FX - 146,216.32 - 1,085,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPOT CURRENCY TRANSACTION - SALE BUY USD SELL HUF SPOT RATE : 224.550000000 TRADE 12/01/03 VALUE 12/01/03 U S DOLLAR HUNGARIAN FORINT Dec 3 Fwd FX Ctrct 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.709000000 TRADE 11/05/03 VALUE 12/03/03 Dec 3 Fwd FX Ctrct 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.707800000 TRADE 11/05/03 VALUE 12/03/03 Dec 3 Fwd FX Ctrct 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.705300000 TRADE 11/06/03 VALUE 12/03/03 - 7,090,000.00 146,216.32 4,831,885.99 Amount USD - 7,078,000.00 - 7,053,000.00 EFTA01553419 12 Settlement Date Dec 3 JPMorgan Chase Bank 2003 Account Number: 0 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 34 of 44 U S Dollar Activity by Date Type continued Quantity Description FX Option Assignment 28,449,502.13 AUD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 01, 2003 @ .703 KNOCK IN TRIGGERED @ .72 WRITTEN FX OPTION ASSIGNED CALL 20,000,000.00 USD PUT 28,449,502.13 AUD TRADE DATE 12/01/03 Dec 3 FX Opt Asgn'D - 28,449,502.13 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL AUD BUY USD TRADE 12/01/03 VALUE 12/03/03 Dec 3 Dec 4 Sale Spot FX - 1,221,000 - 1,550,498 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.730500000 TRADE 12/02/03 VALUE 12/04/03 U S DOLLAR AUSTRALIA DOLLAR Dec 4 Dec 5 Purchase Fwd FX Ctrct 1,132,638.79 20,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.652000000 TRADE 6/03/03 VALUE 12/05/03 - 1,132,638.79 - 13,040,000.00 20,000,000.00 Amount USD 1,221,000.00 1,132,638.79 EFTA01553420 12 Settlement Date Dec 5 JPMorgan Chase Bank 2003 Account Number: 0 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 35 of 44 U S Dollar Activity by Date Type continued Quantity Description Fwd FX Ctrct 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.702000000 TRADE 10/22/03 VALUE 12/05/03 Dec 5 Fwd FX Ctrct 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.700100000 TRADE 10/23/03 VALUE 12/05/03 Dec 5 Fwd FX Ctrct - 12,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.697100000 TRADE 10/24/03 VALUE 12/05/03 Dec 5 Fwd FX Ctrct - 18,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.697300000 TRADE 10/24/03 VALUE 12/05/03 Dec 5 Sell Option - 20,000,000 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 RESALE OF PURCHASED FX OPTION TRADE DATE 12/03/03 Dec 5 Sell Option - 10,000,000 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 RESALE OF PURCHASED FX OPTION TRADE DATE 12/03/03 316,250.00 Amount USD - 3,510,000.00 - 3,500,500.00 8,365,200.00 12,551,400.00 625,000.00 EFTA01553421 12 Settlement Date Dec 5 JPMorgan Chase Bank 2003 Account Number: 0 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 36 of 44 U S Dollar Activity by Date Type continued Quantity Description Buy-Back Opt 10,000,000 EUR PUT USD CALL FX EUROPEAN STYLE OPTION MAR 31, 2004 @ 1.06 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 12/03/03 Dec 5 Buy-Back Opt 30,000,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION FEB 25, 2004 @ .6475 KNOCK IN @ .6375 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 12/03/03 Dec 5 Dec 8 Dec 8 Purchase Purchase Fwd FX Ctrct 1,782,092 18,310.82 1,085,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SETTLE FORWARD CURRENCY CONTRACT BUY HUF SELL USD CONTRACT RATE : 224.850000000 TRADE 12/01/03 VALUE 12/08/03 Dec 8 Spot FX - 1,085,000,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL HUF SPOT RATE : 224.000000000 TRADE 12/04/03 VALUE 12/08/03 U S DOLLAR HUNGARIAN FORINT - 1,782,092.00 - 18,310.82 - 4,825,439.18 - 13,598.00 Amount USD - 11,660.00 4,843,750.00 EFTA01553422 12 Settlement Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 37 of 44 U S Dollar Activity by Date Type continued Quantity Description Dec 10 Spot FX 66,100,000 SPOT CURRENCY TRANSACTION - BUY BUY NOK SELL USD SPOT RATE : 6.644000000 TRADE 12/08/03 VALUE 12/10/03 NORWEGIAN KRONE U S DOLLAR Dec 10 Spot FX - 66,100,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.610000000 TRADE 12/08/03 VALUE 12/10/03 U S DOLLAR NORWEGIAN KRONE Dec 10 Spot FX - 300,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL AUD SPOT RATE : 0.740000000 TRADE 12/08/03 VALUE 12/10/03 U S DOLLAR AUSTRALIA DOLLAR Dec 10 Spot FX - 200,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.220000000 TRADE 12/08/03 VALUE 12/10/03 U S DOLLAR EURO PRINCIPAL CURRENCY Dec 10 Spot FX 300,000 SPOT CURRENCY TRANSACTION - BUY BUY AUD SELL USD SPOT RATE : 0.740500000 TRADE 12/08/03 VALUE 12/10/03 AUSTRALIA DOLLAR U S DOLLAR - 222,150.00 244,000.00 222,000.00 Amount USD - 9,948,826.01 10,000,000.00 EFTA01553423 12 Settlement Date JPMorgan Chase Bank 2003 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio December 01, 2003 - December 31, 2003 Page 38 of 44 U S Dollar Activity by Date Type continued Quantity Description Dec 10 Spot FX 200,000 SPOT CURRENCY TRANSACTION - BUY BUY EUR SELL USD SPOT RATE : 1.223000000 TRADE 12/08/03 VALUE 12/10/03 EURO PRINCIPAL CURRENCY U S DOLLAR Dec 10 Sale Dec 10 Misc. Disbursement - 949,576.01 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) FUNDS TRANSFERRED FROM BRKRG AC# Q30171005 (PRN) TO DDA AC# 000739110438 LETTER FROM CLIENT Dec 11 Expired Opt - 12,000,000 CHF CALL USD PUT FX EUROPEAN STYLE OPTION DEC 11, 2003 8 1.2 Dec 11 Expired Opt - 12,000,000 EXPIRATION OF PURCHASED FX OPTION CHF CALL USD PUT FX EUROPEAN STYLE OPTION DEC 11, 2003 8 1.2 EXPIRATION OF PURCHASED FX OPTION Dec 15 Fwd FX Ctrct 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL USD CONTRACT RATE : 1.673200000 TRADE 11/04/03 VALUE 12/15/03 Dec 15 Fwd FX Ctrct 18,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.693700000 TRADE 11/04/03 VALUE 12/15/