EFTA01554609.pdf

01 2005 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 29 J.P. Morgan Portfolios January 1 - January 31, 2005 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio Q 30171-00-5 JPMCB JPMSI 161121381 2 3 27 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 EFTA01554609 01 2005 Portfolio Summary FINANCIAL TRUST COMPANY INC January 01, 2005 - January 31, 2005 Page 2 of 29 Portfolio Summary Net Worth Summary Asset Portfolio USD Q 30171-00-5 Assets(Long) Cash S Short Term Equities Options Liabilities (Short) Cash S Short Term Other Options Total FX Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total 117,011,437.89 104,342,202.53 12,647,814.48 21,420.8E - 24,348,198.36 - 23,528,000.00 - 256,029.00 - 564,169.36 92,663,239.53 945,399.47 147,814.94 93,756,453.94 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 0.00 117,011,437.89 104,342,202.53 12,647,814.48 21,420.8E - 24,348,198.36 - 23,528,000.00 - 256,029.00 - 564,169.36 92,663,239.53 945,399.47 147,814.94 93,756,453.94 This Period 131,454.94 131,454.94 Year to Date 131,454.94 131,454.94 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 EFTA01554610 on ("SIPC") insurance. Total USD EFTA01554611 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 3 of 29 Asset Account Portfolio January 1 - January 31, 2005 Table of Contents Portfolio Summary Cash and Short Term Equities Equity Research Ratings Other Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers D'ORAZIO/HORNAK Page 4 6 7 8 9 10 12 14 17 EFTA01554612 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 4 of 29 Overview Current Portfolio Summary Except for the Deposit Account (if elected), and the cash in your Asset Account, which are insured deposits with JPMorgan Chase Bank, N.A. ("JPMCB") or Chase Manhattan Bank USA, N.A. ("CHASE USA"), 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 CHASE USA or any of their 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 85% Cash and Short Term 14% Equities 1% Other Cash S Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value Market Value USD Jan 31 80,814,202.53 12,647,814.48 - 256,029.00 - 542,748.48 92,663,239.53 945,399.47 147,814.94 93,756,453.94 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Total Prior Period Market Value USD Dec 31 79,132,270.89 11,390,483.88 - 149,542.00 - 1,524,106.14 88,849,106.63 1,072,962.39 131,454.94 90,053,523.96 Tax Cost USD 80,814,202.53 - 477,193.00 80,337,009.53 Estimated Annual Income USD 1,841,755.66 Yield 2.3 0.0 0.0 1,841,755.66 N/A N/A 2.0 This Period USD 131,454.94 131,454.94 EFTA01554613 Year to Date USD* 131,454.94 131,454.94 Realized This Period USD Realized Year to Date USD* 729,973.45 729,973.45 *Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of January 31, 2005 Market value of Options is not included in pie chart. Currency EUR GBP JPY Exchange Rate 1.3035 1.8861 103.4550 729,973.45 729,973.45 Unrealized USD - 65,555.48 - 65,555.48 EFTA01554614 01 JI0Morgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 5 of 29 Exchange Rates Spot Rates as of January 31, 2005 Currency THB Exchange Rate 38.5600 EFTA01554615 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 6 of 29 Cash and Short Term Summary by Maturity Current Market Value USD Adjusted Cash Balance Total 80,814,202.53 80,814,202.53 Estimated Annual Income USD 1,841,755.66 1,841,755.66 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: 2.26% POUND STERLING COST OF PENDING PURCHASES PROCEEDS FROM PENDING SALES Adjusted Cash Balance USD 80,882,974.37 1.00 1.00 80,882,974.37 80,882,974.37 147,814.94 GBP USD 0.14 - 23,528,000 USD 23,459,227.90 1.857143 1.00 1.00 0.26 1.00 - 23,528,000.00 1.00 23,459,227.90 80,814,202.53 0.26 - 23,528,000.00 23,459,227.90 80,814,202.53 147,814.94 - 536,203.12 534,635.80 1,843,322.98 2.28 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 EFTA01554616 Annual Yield/ Income USD YTM % Current N/A 2.28 2.28 1,841,755.66 2.28 EFTA01554617 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 7 of 29 Equities Independent, third party research selected by an Independent Consultant for certain companies covere d by JPMorgan Securities, Inc. is available to clients of JPMSI at no cost. Clients can access this research at www.privateclient.jpmorgan.com or can call their JPMorgan representative at their toll free number t o request that a copy of this research be sent to them. When JPMorgan drops coverage of a company, independent resear ch will continue to be provided for an 18-month period, when available. Refer to Equity Research Ratings sec tion for research ratings on client holdings, if applicable. Note: C P Equity Holdings in Alphabetical Order Description Cusip/Symbol indicates Equity covered by JPMSI. indicates position adjusted for Pending Trade Activity. Currency/ Account Type Quantity unit Cost Current Market Price Tax Cost Current Market Value USD USD Accrued Dividends USD Unrealized Gain/Loss USD Annual Dividend Income USD Yield % Estimated P C SPDR TRUST SERIES 1 78462F-10-3 SPY USD TOO INC 890333-10-7 TOO 465,678 are liened Total Equity USD 0 465,678 465,678 118.16 27.16 0.00 12,647,814.48 12,647,814.48 N/A N/A 0.00 1.9 N/A 0.0 EFTA01554618 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 8 of 29 Equity Research Ratings Independent, third party research is available for 18 months after JPMorgan Securities, Inc. termina tes coverage. Clients can access this research at www.privateclient.jpmorgan.com or can call their JPMorgan representative at their toll free number to request that a copy of this research be sent to them. Equity Research Ratings for any comp any where JPMSI has terminated coverage are excluded below. For explanation of JPMSI ratings, see disclaimer section at end of statement. For third party ratings systems, see specific third party research at www.privateclient.j pmorgan.com. Equity Holdings in Alphabetical Order Description/Ticker TOO INC TOO Ratings JPMSI: NEUTRAL MRNGSTAR: 1 star Providers: BOE SECU = BOE Securities; MRNGSTAR = Morningstar; REN CAP = Renaissance Capital EFTA01554619 01 Other Swaps in Alphabetical Order Description INTEREST RATE SWAP 1,000,000,000JPY NOTIONAL SEP 7 2014 REC FLOATING JPY 3 MONTH LIBOR PAY FIXED RATE 1.577% JPY QUARTERLY ACTUAL/360 SWPBDA-JL-7 N/0 Client Total Other - 256,029.00 Trade Date Maturity Date Estimated Value USD - 256,029.00 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 9 of 29 EFTA01554620 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 10 of 29 Options Foreign Exchange Description Cusip EUR CALL CHF PUT FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 1.5395 KNOCK IN TRIGGERED @ 1.5525 KNOCK OUT @ 1.5045 XEURCA-XL-2 JPY PUT USD CALL FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 115. XJPYPA-KB-2 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 XGBPPA-IA-2 THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 36. XTHBCA-AC-2 THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 38. XTHBCA-AB-2 Total Foreign Exchange - 477,193.00 - 542,748.48 - 65,555.48 THB 351,500,000 USD 9,250,000.00 USD 108,225.00 108,225.00 21,177.88 - 87,047.12 THB 2,700,000,000 USD 75,000,000.00 USD 405,000.00 405,000.00 243.00 - 404,757.00 GBP - 16,130,000 JPY- 3,096,960,000.00 USD - 1,011,092.00 - 1,011,092.00 - 413,721.76 597,370.24 JPY 2,300,000,000 USD 20,000,000.00 USD 190,000.00 190,000.00 0.00 - 190,000.00 Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EUR - 23,000,000 CHF - 35,408,500.00 USD - 169,326.00 - 169,326.00 - 150,447.60 18,878.40 EFTA01554621 EFTA01554622 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 11 of 29 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. 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. EFTA01554623 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 12 of 29 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary U S Dollar Value in Currency 945,399.45 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Gain/Loss 945,399.47 945,399.47 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Total Closed Oct. 8 04 Apr. 12 05 AUD Dec. 22 04 Apr. 12 05 AUD POUND STERLING - U S DOLLAR Dec. 8 04 Mar. 10 05 GBP Dec. 9 04 Mar. 10 05 GBP Jan. 28 05 Mar. 10 05 GBP Total Closed MEXICAN NEW PESO - U S DOLLAR Oct. 13 04 Apr. 14 05 MXN Oct. 18 04 Apr. 14 05 MXN Nov. 8 04 Apr. 14 05 MXN 10,000,000.00 USD - 10,000,000.00 USD 0.00 15,000,000.00 USD - 12,500,000.00 USD - 2,500,000.00 USD 0.00 58,200,000.00 USD 59,141,000.00 USD - 58,453,000.00 USD - 7,214,000.00 7,580,000.00 366,000.00 - 28,690,500.00 23,896,250.00 4,717,500.00 - 76,750.00 - 5,000,000.00 - 5,000,000.00 5,000,000.00 0.7214 0.758 0.770781 0.770781 7,707,810.72 7,580,000.00 15,287,810.72 1.9127 1.9117 1.887 1.881989 1.881989 1.881989 28,229,834.43 23,896,250.00 4,717,500.00 56,843,584.43 11.64 11.8282 11.6906 11.364053 EFTA01554624 11.364053 11.364053 5,121,412.42 5,204,217.38 5,000,000.00 7,214,000.00 7,707,810.72 14,921,810.72 28,690,500.00 23,524,862.02 4,704,972.40 56,920,334.42 5,000,000.00 5,000,000.00 5,143,675.60 493,810.72 - 127,810.72 366,000.00 - 460,665.57 371,387.98 12,527.60 - 76,749.99 121,412.42 204,217.38 - 143,675.60 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01554625 01 Trade Date JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 13 of 29 Foreign Exchange Contracts Settlement Date Currency Dec. 1 04 Apr. 14 05 MXN Dec. 3 04 Apr. 14 05 MXN Total Closed continued Amount Counter Currency - 57,200,000.00 USD - 1,688,000.00 USD 0.00 N ZEALAND DOLLAR - U S DOLLAR Mar. 11 04 Mar. 15 05 NZD Mar. 23 04 Mar. 15 05 NZD Oct. 8 04 Apr. 12 05 NZD Dec. 7 04 Apr. 12 05 NZD Total Closed 5,000,000.00 USD - 5,000,000.00 USD 10,000,000.00 USD - 10,000,000.00 USD 0.00 Total Foreign Exchange Contracts Counter Amount 5,000,000.00 148,149.45 148,149.45 - 3,102,500.00 3,170,500.00 - 6,675,000.00 7,115,000.00 508,000.00 Contract Rate 11.44 11.3939 Current Market Forward Rate 11.364053 11.364053 Market Value Receivables USD 5,000,000.00 148,149.45 20,473,779.25 0.6205 0.6341 0.6675 0.7115 0.707829 0.707829 0.705629 0.705629 3,539,146.15 3,170,500.00 7,056,290.64 7,115,000.00 20,880,936.79 113,486,111.19 Market Value Payables USD 5,033,415.64 148,538.55 20,325,629.79 3,102,500.00 3,539,146.15 EFTA01554626 6,675,000.00 7,056,290.64 20,372,936.79 112,540,711.72 Unrealized Gain/Loss USD - 33,415.64 - 389.10 148,149.46 436,646.15 - 368,646.15 381,290.64 58,709.36 508,000.00 945,399.47 EFTA01554627 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 14 of 29 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 Jan 13 Jan 18 Write Option GBP PUT JPY CALL Jan 14 Jan 18 Buy-Back Opt FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 Jan 20 Jan 24 Buy-Back Opt EXPIRING 1/14/2005 EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 20, 2005 8 1.255 USD 10,500,000 - 92,243.00 322,848.75 230,605.75 S USD - 16,130,000 3.33 1,011,092.00 Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD 729,973.47 0.00 USD 50 - 81,000.00 97,500.00 16,500.00 S EFTA01554628 01 Trade Date JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 15 of 29 Settlement Date Realized Type Settled continued Jan 21 Jan 25 Buy-Back Opt AUD PUT USD CALL FX EUROPEAN STYLE OPTION APR 01, 2005 @ .715 KNOCK IN TRIGGERED @ .7193 BARRIER EXP 10/7/2004 Jan 21 Jan 26 Buy-Back Opt NZD PUT USD CALL FX EUROPEAN STYLE OPTION MAR 31, 2005 @ .665 KNOCK IN TRIGGERED @ .67 BARRIER EXP 10/7/2004 Jan 24 Jan 26 Sell Option TWD CALL USD PUT FX EUROPEAN STYLE OPTION MAR 01, 2005 @ 32.75 Trade Date Estimated Settlement Date Pending Jan 27 Feb 1 Purchase Jan 28 Feb 2 Sale Trade Date Settlement Date SPDR TRUST SERIES 1 SPDR TRUST SERIES 1 Counter Currency Settled Foreign Exchange Contracts SPECULATIVE SWISS FRANC Jan 21 05 Jan 25 05 Jan 21 05 Jan 25 05 Jan 11 05 - U S DOLLAR CHF 11,925,000.00 USD - 10,000,000.00 CHF - 11,925,000.00 USD 10,024,377.94 POUND STERLING - JAPANESE YEN Dec 6 04 GBP 10,000,000.00 JPY- 1,995,900,000.00 1.192500 1.189600 199.590000 1.192500 1.192500 1.876983 - 10,000,000.00 10,000,000.00 10,024,377.94 - 10,000,000.00 18,769,508.55 - 19,216,290.37 24,377.94 - 446,781.82 Amount Currency Counter Amount USD USD Contract Rate 200,000 - 200,000 Revaluation EFTA01554629 Rate 117.60 - 23,528,000.00 117.34 Contracted/ Base Amount USD 23,459,227.90 - 23,528,000.00 Revalued Amount USD - 68,772.10 S Realized Gain/Loss USD Realized Gain/Loss Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost USD USD - 327,500,000 320,000.00 - 196,000.00 124,000.00 S USD 10,000,000 - 33,250.00 99,750.00 66,500.00 S USD 20,000,000 - 50,000.00 215,930.00 165,930.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD EFTA01554630 01 Date JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 16 of 29 Settled Foreign Exchange Contracts Trade Settlement Date Currency Dec 9 04 Jan 11 05 JAPANESE YEN Dec 9 04 Counter Amount Currency continued GBP - 10,000,000.00 JPY 2,002,800,000.00 - U S DOLLAR Jan 11 05 Jan 21 05 JPY - 6,900,000.00 USD MEXICAN NEW PESO - U S DOLLAR Jan 5 05 Jan 12 05 Jan 21 05 66,055.50 MXN 57,125,000.00 USD - 5,000,000.00 MXN - 57,125,000.00 USD 104.457600 5,104,776.37 11.425000 11.190500 103.865000 11.260500 11.260500 66,055.50 - 5,000,000.00 5,104,776.37 - 66,432.38 5,073,042.93 - 5,073,042.93 - 376.88 73,042.93 31,733.44 200.280000 103.865000 1.876983 103.865000 - 18,769,508.55 19,282,722.76 513,214.21 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD EFTA01554631 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 17 of 29 Account Transactions by Currency Japanese Yen Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Japanese Yen Activity by Date Settlement Date Type Jan 11 Fwd FX Ctrct Quantity Description 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL JPY CONTRACT RATE : 199.590000000 TRADE 12/06/04 VALUE 1/11/05 Jan 11 Fwd FX Ctrct - 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY JPY SELL GBP CONTRACT RATE : 200.280000000 TRADE 12/09/04 VALUE 1/11/05 Jan 11 Fwd FX Ctrct 66,055.50 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL JPY CONTRACT RATE : 104.457600000 TRADE 12/09/04 VALUE 1/11/05 - 0.01 .00 2,002,800,000.00 - 2,002,800,000.0 .00 - .01 2,002,800,000.00 - 2,002,800,000.0 Amount to Date Realized Amount Gain/Loss 050 - 1,995,900,000.00 - 19,216,290.37 Amount USD 2,002,800,000.00 19,282,722.76 - 6,900,000.00 - 66,432.38 EFTA01554632 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 18 of 29 Account Transactions by Currency Mexican New Peso Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Mexican New Peso Activity by Date Settlement Date Type Jan 21 Fwd FX Ctrct Quantity Description - 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY MXN SELL USD CONTRACT RATE : 11.425000000 TRADE 1/05/05 VALUE 1/21/05 Jan 21 Fwd FX Ctrct 5,104,776.37 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.190500000 TRADE 1/12/05 VALUE 1/21/05 .00 57,125,000.00 - 57,125,000.00 .00 57,125,000.00 - 57,125,000.00 Amount to Date Realized Amount Gain/Loss USD 57,125,000.00 5,073,042.93 Amount USD - 57,125,000.00 - 5,073,042.93 EFTA01554633 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 19 of 29 Account Transactions by Currency Pound Sterling Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Foreign Exchange Gains/Losses Pound Sterling Activity by Date Settlement Date Type Jan 11 Fwd FX Ctrct Quantity Description - 1,995,900,000 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL JPY CONTRACT RATE : 199.590000000 TRADE 12/06/04 VALUE 1/11/05 Jan 11 Fwd FX Ctrct 2,002,800,000 SETTLE FORWARD CURRENCY CONTRACT BUY JPY SELL GBP CONTRACT RATE : 200.280000000 TRADE 12/09/04 VALUE 1/11/05 - 0.01 .14 10,000,000.00 - 10,000,000.00 .14 - .01 10,000,000.00 - 10,000,000.00 Amount to Date Realized Amount Gain/Loss USD 10,000,000.00 18,769,508.55 Amount USD - 10,000,000.00 - 18,769,508.55 EFTA01554634 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 20 of 29 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 Jan 25 Spot FX Quantity Description - 10,000,000 SPOT CURRENCY TRANSACTION - BUY BUY CHF SELL USD SPOT RATE : 1.192500000 TRADE 1/21/05 VALUE 1/25/05 SWISS FRANC U S DOLLAR Jan 25 spot FX 10,024,377.94 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL CHF SPOT RATE : 1.189600000 TRADE 1/21/05 VALUE 1/25/05 U S DOLLAR SWISS FRANC .00 11,925,000.00 - 11,925,000.00 .00 11,925,000.00 - 11,925,000.00 Amount to Date Realized Amount Gain/Loss USD 11,925,000.00 10,000,000.00 Amount USD - 11,925,000.00 - 10,024,377.94 EFTA01554635 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 21 of 29 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 Foreign Exchange Ending Balance - 1,868,568.81 - 256,493.00 - 15,000,000.00 .00 *Year to date information is calculated on a calendar year basis. - 1,868,568.81 - 256,493.00 - 15,000,000.00 131,454.94 117,865.06 1,331,092.00 349,440.00 15,195,209.81 131,454.94 117,865.06 1,331,092.00 349,440.00 15,195,209.81 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date Jan 3 Jan 3 Dividend Purchase 131,454.94 Quantity Description 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) Amount USD 131,454.94 - 131,454.94 EFTA01554636 01 Settlement Date Jan 6 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 22 of 29 U S Dollar Activity by Date Type continued Quantity Description Misc. Receipt WALT DISNEY CO TOTAL RETURN SWAP 11,920,650 USD NOTIONAL FEB 14 2005 DEAL REF t 2361214 SWAP PAYMENT Jan 6 Misc. Receipt WALT DISNEY CO EQUITY SWAP 24,954,900 USD NOTIONAL JAN 19 2005 DEAL REF 12353480 SWAP PAYMENT Jan 6 Purchase Jan 11 Fwd FX Ctrct 349,440 - 6,900,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL JPY CONTRACT RATE : 104.457600000 TRADE 12/09/04 VALUE 1/11/05 Jan 11 Purchase Jan 18 Write Option 66,055.50 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 16,130,000 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 WRITTEN FX OPTION PUT 16,130,000.00 GBP CALL 3,096,960,000.00 JPY TRADE DATE 01/13/05 - 349,440.00 66,055.50 229,440.00 Amount USD 120,000.00 - 66,055.50 1,011,092.00 EFTA01554637 01 Settlement Date JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 23 of 29 U S Dollar Activity by Date Type continued Quantity Description Jan 18 Purchase Jan 18 Buy-Back Opt 930,092 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 50 WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 EXPIRING 1/14/2005 BUY BACK OTC PUT TRADE DATE 01/14/05 Jan 21 Fwd FX Ctrct 57,125,000 SETTLE FORWARD CURRENCY CONTRACT BUY MXN SELL USD CONTRACT RATE : 11.425000000 TRADE 1/05/05 VALUE 1/21/05 Jan 21 Fwd FX Ctrct - 57,125,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.190500000 TRADE 1/12/05 VALUE 1/21/05 Jan 21 Purchase Jan 24 Buy-Back Opt 104,776.37 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 10,500,000 EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 20, 2005 a 1.255 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/20/05 Jan 24 Sale - 92,243 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 92,243.00 - 5,000,000.00 Amount USD - 930,092.00 - 81,000.00 5,104,776.37 - 104,776.37 - 92,243.00 EFTA01554638 01 Settlement Date JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 24 of 29 U S Dollar Activity by Date Type continued Quantity Description Jan 25 Spot FX 11,925,000 SPOT CURRENCY TRANSACTION - BUY BUY CHF SELL USD SPOT RATE : 1.192500000 TRADE 1/21/05 VALUE 1/25/05 SWISS FRANC U S DOLLAR Jan 25 Spot FX - 11,925,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL CHF SPOT RATE : 1.189600000 TRADE 1/21/05 VALUE 1/25/05 U S DOLLAR SWISS FRANC Jan 25 Buy-Back Opt 20,000,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION APR 01, 2005 @ .715 KNOCK IN TRIGGERED @ .7193 BARRIER EXP 10/7/2004 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/21/05 Jan 25 Sale Jan 26 Buy-Back Opt - 25,622.06 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 10,000,000 ?MD PUT USD CALL FX EUROPEAN STYLE OPTION MAR 31, 2005 @ .665 KNOCK IN TRIGGERED @ .67 BARRIER EXP 10/7/2004 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 01/21/05 25,622.06 - 33,250.00 Amount USD - 10,000,000.00 10,024,377.94 - 50,000.00 EFTA01554639 01 Settlement Date JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 25 of 29 U S Dollar Activity by Date Type continued Quantity Description Jan 26 Sell Option - 327,500,000 TWD CALL USD PUT FX EUROPEAN STYLE OPTION MAR 01, 2005 a 32.75 RESALE OF PURCHASED FX OPTION TRADE DATE 01/24/05 Jan 26 Purchase 286,750 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 286,750.00 Amount USD 320,000.00 In Case of Errors or Questions About Your Electronic Transfers. Contact yourMorgan Teamat one ofthe telephonenumbers on the front of this statement or write us at S 00 Stanton ChristianaRoad, 1/OPS, Newark,DE19713-2107 as soon as you can, if you think yourstatement is wrong or if you needmore information about a transfer on the statement. We must hearfrom you no laterthan 60 days afterwe sent you the FIRSTstatement on w hich the erroror problem appeared. (1) Tellus yourname and account number. (2) Describethe erroror t he transferyou are unsure about, and explainas clearly as you can why you believe it is in erroror why you need more information. (3) tell us the dollaramount of the suspected error. Ifyou contact us orally, you must send us your complaint or question in wri ting within 10 business days in order to preserveyour rights. We will investigateyourcomplaint and will correct any errorpromptly. Ifwe take more than 10 business days to do this (20 days for purchases using yourdebit card or for internationaltransactions),we will credi t youraccount for the amount you think is in error, so that you will have the use ofmoneyduring the time it takes us to complete our investigation. In case of errors or questions about your statement, including your line of credit. If you think that your statement is incorrect or if you need more information about a transaction on your statement including a line of credit transaction, you must write to us on a separate sheet des cribing the error and send it to: JPMorgan, Private Bank, 500 Stanton Christiana Road, 1/OPS3, Newark, DE 19713-2107. We must hear from you no 1 ater than 60 days after the statement on which the error or problem appeared is sent. You can contac t your client service specialist but doing so will not preserve your rights. In your letter, please provide the following information: (1) your name and account number; (2) the dollar amount of the suspected error; and (3) a description of the error and explanation, if you can , why you believe there is an error. If you need more information, you must describe the item you are unsure about. EFTA01554640 01 JPMorgan Chase Bank, N.A. 2005 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio January 01, 2005 - January 31, 2005 Page 26 of 29 The JPMorgan Funds or The JPMorgan Institutional Funds or The American Century Funds Shares of the funds are not bank deposits and are not guaranteedby any bank, governmententity, or th e FDIC. Return and share price will fluctuate and redemption valuemay be more or less than original cost. While the money marketfunds seekto maintain a stable net asset valueof$1.00 pershare, there is no assurancethat they will continue to do so. The estimatedann ualincome and dividendyieldfigures for mutual funds representthe funds' most recentincome dividendan nualized. J.P. Morgan Funds Distributor, Inc. is the distributor of the JPMorgan Funds and American Centurylnv estmentServices, Inc. is the distributor of the American CenturyFunds. J.P. Morgan InvestmentManagem entlnc. and American CenturylnvestmentManagement Inc. serveas investment advisors to theirrespectivefund familiesand receivecompensation from theirrespect ivefund families for providing investment advisoryand other services. If you have chosen one of the sweep mutual funds, you are notified that positions in the Prime Money Market Sweep Fund represent holdings in the JPMorgan Prime Money Market Fund; positions in the Fede ralMoney Market Sweep Fund represent holdings in the JPMorgan FederalMoneyMarketFund; and positions in the TaxExemptMoneyMarketSweep Fund representholdin gs in the JPMorgan TaxExemptMoneyMarketFund. JPMSI is the custodian of listed options and most mutual funds, including third partymutual funds, p urchasedthrough JPMSI. JPMSI is a memberof the Securities InvestorProtection Corporation ("SIPC"),a not-for-profit membersh ip corporation funded by broker-dealersregisteredwith the Securitiesand ExchangeCommission. Securiti esand cash held for a customer account at JPMSI are protected up to the total net equity ofeach account.. The first $500,000 of protection, which includes up to $ 100,000 of protection for cash, is providedby SIPC. As ofMarch 2004, the balanceof the protection is providedby a separateExcessSlPC SuretyBond issued by Customer Asset Protection Company. SIPCand excessSlPCprotection do not protect against losses from fluctuatio ns in the valueof the securities. Assets held in custody by JPMorgan Chase Bank, N.A. (the "Bank")ar e not subject to SIPCor excess SIPCprotection. J.P. Morgan Securities Inc., JPMorgan Chase Bank, N.A. or their affiliates(the "Morgan Companies")ma yprovide administrative,custodial, sales, distribution or shareholderservicesto JPMorgan Funds, Amer icanCenturyFunds, or funds established, sponsored, advised, or managedby third parties, and the Morgan Companiesmaybe compensatedfor such services. Explanation of JPMSI Ratings: Overweight: Neutral: JPMorgan uses the following rating system: Underweight: Independent Research Ratings: Over the next six to twelve months, we expect this stock will outperform the average total return of the stocks in the analyst's (or the analyst's team's) coverage universe. Over the next six to twelve months, we expect this stock will perform in line with the average total return of the stocks in the analyst's (or the analyst's team's) coverage universe. Over the next six to twelve months, we expect this stock will under-perform the average total return of the stocks in the analyst's (or the analyst's team's) coverage universe. JPMSI does not endorse or otherwise adopt the IndependentResearchProviderresearchand/or ratings. Dif ferentfirms use a varietyof ratings terms as well as differentratings systems to describe their reco mmendations. JPMSI uses a "relative"ratings system as describedabove. IRPsmayuse a differentratings system, such as as an "abs olute"ratings system and use such terms as "buy", "hold", or "sell". Since "relative"and "absolutear stings systems are fundamentallydifferent, you should read carefully the definitions of all ratings used in the JPMSI and IRP research that is included in the research i tself. For this reason and since the research contains the basis for the ratings as well as complete information concerning the analyst's views, you should read carefully the researchand not inferits contents from the rating alone. JPMorgan Private Bank is the marketing name for the private banking business conducted by J.P.Morgan Chase & Co. through its subsidiaries worldwide, including JPMorgan Chase Bank, N.A., J.P. Morgan Tr ust Company, N.A. and J.P. Morgan Securities Inc. EFTA01554641 01 J.P. Morgan Securities Inc. 2005 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio January 01, 2005 - January 31, 2005 Page 27 of 29 Margin Account Portfolio January 1 - January 31, 2005 Table of Contents Portfolio Summary Account Officers D'ORAZIO/HORNAK Page 28 All positions in this Margin Account Portfolio are held in custody at J.P. Morgan Securities Inc. (mJPMSI"). Member SIPC. EFTA01554642 01 J.P. Morgan Securities Inc. 2005 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio January 01, 2005 - January 31, 2005 Page 28 of 29 Overview Portfolio Summary IMPORTANT INFORMATION ABOUT YOUR STATEMENT Contact your client service specialist if you think your statement is incorrect or you require addit ional information about a transaction on your statement. JPMSI is a memberof the Securities InvestorProtection Corporation ("SIPC"),a not-for-profit membersh ip corporation funded by broker-dealersregisteredwith the Securitiesand ExchangeCommission. Securiti esand cash held for a customer account at JPMSI are protected up to the total net equity ofeach account.. The first $500,000 of protection, which includes up to $ 100,000 of protection for cash, is providedby SIPC. As ofMarch 2004, the balanceof the protection is providedby a separateExcessSlPC SuretyBond issued by Customer Asset Protection Company. SIPCand excessSlPCprotection do not protect against losses from fluctuatio ns in the valueof the securities. Assets held in custody by JPMorgan Chase Bank, N.A. (the "Bank")ar e not subject to SIPCor excess SIPCprotection. J.P. Morgan Securities Inc., JPMorgan Chase Bank, N.A. or their affiliates(the "Morgan Companies")ma yprovide administrative,custodial, sales, distribution or shareholderservicesto JPMorgan Funds, Amer icanCenturyFunds, or funds established, sponsored, advised, or managedby third parties, and the Morgan Companiesmaybe compensatedfor such services. Market Value USD Total Jan 31 0.00 Estimated Annual Income USD EFTA01554643 01 J.P. Morgan Securities Inc. 2005 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio January 01, 2005 - January 31, 2005 Page 29 of 29 IMPORTANT INFORMATION ABOUT YOUR JPMSI MARGIN ACCOUNT If there are any errors or omissions on this statement, or if you have any questions about it, pleas e contact your JPMSI Account Representative or JPMSI Compliance Department at (212) 483-2323. Please keep the following in mind when using this statement to track your JPMSI brokerage activity: This statement combines your general margin account with the special memorandum account required by Section 220.6 Regulation T. As required by Regulation T, a permanent record of your separate account is available upon your requ est. 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 Free credit balances in your account are not segregated and may be used in the operation of JPMSIs b usiness, subject to the limitations of SEC Rule 15c3-3. Unless otherwise instructed, JPMSI or its ag ents and depositories will hold your securities. Upon your demand, JPMSI will pay to you the amount of your free credit balance, and will deliver to you f ully-paid securities held on your behalf. Interest will be charged on any debit balance; the method of calculating interest is described in a letter sent to all margin customers. Upon written request, JPMSI will supply you with our most recen t statement required to be furnished to customers under SEC Rule 17a-5(c). If a partial call is made with respect to an issue of securities included in your Margin Account we will allocate the call by a method we deem fair and equitable. You should have received separate JPMSI trade confirmations for each securities transaction. All tra nsactions are subject to the terms and conditions stated on the reverse side of such confirmations a nd are subject to the constitution, by-laws, customs and interpretations of the marketplace where executed and governed by and construed in accordance wi th the laws of the state of New York and all applicable federal laws and regulations. You must promptly advise JPMSI of material changes in your investment objectives or financial situat ion. Unless you inform JPMSI otherwise, JPMSI will consider the information currently in its files t o be complete and accurate. JPMSI is required by law to report to the Internal Revenue Service all dividends and/or interest inc ome on bonds credited to your account during calendar year. Please retain all your statements to ass ist you in preparing your income tax returns. A financial statement of JPMSI is available for your personal inspection at its offices, or a copy o f it will be mailed upon your written request. JPMSI is not a bank and is a separate legal entity from its bank or thrift affiliates, including JPM CB. The securities sold, offered or recommended by JPMSI: (1) Are not insured by the Federal Deposit Insurance Corporation, or any other governmental agency; (2) Are not deposits or other obligations of JPMSI's bank or thrift affiliates (unless otherwise ind Jested), and are not guaranteed by or the responsibility of any such affiliates(unless explicitly st ated otherwise); and (3) Involve investment risks, including possible loss of the principal invested. JPMSI's banking affiliates may be lenders to issuers of securities that JPMSI underwrites, in which case proceeds of offerings underwritten by JPMSI may be used for the repayment of such loans, and yo u should refer to the disclosure documents relating to particular securities for discussion of any such lending relationships. The Federal Reserve requires that JPMSI obtain your consent before it can obtain certain information from its bank or thrift affiliates, including their credit evaluation of you. We will assume that y our continuing to transact business with JPMSI will constitute your consent to the sharing of such information by JPMSI and its bank or thrift affiliate s, to the extent permitted by law. JPMorgan Private Bank is the marketing name for the private banking business conducted by J.P. Morga n Chase a Co. through its subsidiaries worldwide, including JPMCB and JPMSI. EFTA01554644