EFTA01592610.pdf

NAV Analysis Financial Trust Managed Account The following summarizes your investment activity during the period ended March 31, 2006 Gross NAV Ending NAV 5/20/05 Cash Contribution 10,000,000 D8+E8=10,000,000 5/31/05 Month-end close 10,000,000 257,091 D9+E9=10,257,091 6/30/05 Month-end close F9=10,257,091 81,753 D1O+El0=10,338,844 7/31/05 Month-end close F10=10,338,844 182,639 D11+E11=10,521,483 8/31/05 Month-end close F11=10,521,483 (99,367) D12+E12=10,422,116 9/30/05 Month-end close F12=10,422,116 217,528 D13+E13=10,639,644 10/31/05 Month-end close F13=10,639,644 406,604 014+E14=11,046,248 11/30/05 Month-end close F14=11,046,248 (126,963) D15+E15=10,919,285 12/31/05 Month-end close F15=10,919,285 161,948 D16+E16=11,081,233 1/31/06 Month-end close F16=11,081,233 382,729 D17+E17=11,463,962 2/28/06 Month-end close F17=11,463,962 6,337 D18+E18=11,470,299 3/31/06 Month-end close F18=11,470,299 190,888 D19+E19=11,661,187 NET NAV Contributions Net 10% NAV After Incentive (Withdrawals) Starting P&L Incentive Fee 5/20/05 Cash Contribution 10,000,000 D25+E25=10,000,000 R25=0 5/31/05 Month-end close 10,000,000 D26+E26=10,000,000 E9=257,091 -G26*$H$23=(25,709) F26+G26+H26=10,231,382 6/30/05 Month-end close I26=10,231,382 D27+E27=10,231,382 E10=81,753 -G27*$H$23=(8,175) F27+G27+H27=10,304,960 7/31/05 Month-end close I27=10,304,960 D28+E28=10,304,960 E11=182,639 -G28*$H$23=(18,264) F28+G28+H28=10,469,335 8/31/05 Month-end close I28=10,469,335 D29+E29=10,469,335 E12=(99,367) -G29*$H$23=9,937 F29+G29+H29=10,379,904 9/30/05 Month-end close I29=10,379,904 D30+E30=10,379,904 E13=217,528 -G30*$H$23=(21,753) F30+G30+H30=10,575,680 10/31/05 Month-end close I30=10,575,680 D31+E31=10,575,680 E14=406,604 -G31*$H$23=(40,660) F31+G31+H31=10,941,623 11/30/05 Month-end close I31=10,941,623 D32+E32=10,941,623 E15=(126,963) -G32*$H$23=12,696 F32+G32+H32=10,827,357 12/31/05 Month-end close I32=10,827,357 D33+E33=10,827,357 E16=161,948 -G33*$H$23=(16,195) F33+G33+H33=10,973,110 1/31/06 Month-end close I33=10,973,110 D34+E34=10,973,110 E17=382,729 -G34*$H$23=(38,273) F34+G34+H34=11,317,566 2/28/06 Month-end close I34=11,317,566 D35+E35=11,317,566 E18=6,337 -G35*$H$23=(634) F35+G35+H35=11,323,269 A19=3/31/06 Month-end close I35=11,323,269 D36+E36=11,323,269 E19=190,888 -G36*$H$23=(19,089) F36+G36+H36=11,495,068 EFTA01592610