EFTA01554469.pdf

11 2004 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 35 J.P. Morgan Portfolios November 1 - November 30, 2004 Table of Contents Page Account Summary Asset Account Portfolio Mar in Account Portfolio JPMCB JPMSI 2 3 33 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 EFTA01554469 11 2004 Portfolio Summary FINANCIAL TRUST COMPANY INC November 01, 2004 - November 30, 2004 Page 2 of 35 Portfolio Summary Net Worth Summary Asset Portfolio USD Q 30171-00-5 Assets(Long) Cash S Short Term Equities Other Options Liabilities (Short) Other Options Total FX Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total 98,935,681.32 75,877,238.67 19,448,221.20 3,251,530.68 358,690.77 - 1,778,271.03 - 116,840.00 - 1,661,431.03 97,157,410.29 967,186.38 111,869.87 98,236,466.54 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 98,935,681.32 75,877,238.67 19,448,221.20 3,251,530.68 358,690.77 - 1,778,271.03 - 116,840.00 - 1,661,431.03 97,157,410.29 967,186.38 111,869.87 98,236,466.54 This Period 104,017.26 104,017.26 Year to Date 572,623.59 572,623.59 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 EFTA01554470 on ("SIPC") insurance. Total USD EFTA01554471 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 3 of 35 Asset Account Portfolio November 1 - November 30, 2004 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 15 17 20 EFTA01554472 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 4 of 35 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 77% Cash and Short Term 20% Equities 3% Other Cash S Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value Market Value USD Nov 30 75,877,238.67 19,448,221.20 3,134,690.68 - 1,302,740.26 97,157,410.29 967,186.38 111,869.67 98,236,466.54 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Total Prior Period Market Value USD Oct 31 77,602,623.25 16,660,229.56 736,980.44 - 3,852,455.96 91,347,377.29 104,828.18 104,017.26 91,556,222.73 Tax Cost USD 75,877,238.65 - 639,911.75 75,237,326.90 Estimated Annual Income USD 1,419,663.13 Yield 1.9 0.0 0.0 1,419,663.13 N/A N/A 1.5 This Period USD 104,017.26 104,017.26 EFTA01554473 Year to Date USD* 572,623.59 572,623.59 Realized This Period USD Realized Year to Date USD* 380,605.19 380,605.19 *Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of November 30, 2004 Market value of Options is not included in pie chart. Currency AUD EUR GBP Exchange Rate 0.7759 1.3291 1.9115 10,224,525.75 10,224,525.75 Unrealized USD - 662,828.49 - 662,828.49 EFTA01554474 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 5 of 35 Exchange Rates Spot Rates as of November 30, 2004 Currency JPY MXN NOK NZD THB TWD Exchange Rate 102.7950 11.2268 6.1208 0.7164 39.4100 32.2250 EFTA01554475 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 6 of 35 Cash and Short Term Summary by Maturity Current Market Value USD Cash Total 75,877,238.67 75,877,238.67 Estimated Annual Income USD 1,419,663.13 1,419,663.13 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: 1.88% POUND STERLING Total Cash USD 75,877,238.40 1.00 1.00 75,877,238.40 75,877,238.40 111,869.87 GBP 0.14 1.785714 0.25 75,877,238.65 0.27 75,877,238.67 111,869.87 0.02 1,419,663.13 1.87 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 t Current N/A 0.02 1,419,663.13 1.87 EFTA01554476 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 7 of 35 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 indicates Equity covered by JPMSI. 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 Unrealized Gain/Loss USD Annual Dividend Income USD Yield % Estimated C TOO INC 890333-10-7 TOO 765,678 are liened USD Total Equity 765,678 765,678 25.40 19,448,221.20 19,448,221.20 N/A 0.00 N/A 0.0 EFTA01554477 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 8 of 35 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 EFTA01554478 11 Other Swaps in Alphabetical Order Description WALT DISNEY CO EQUITY SWAP 24,954,900 USD NOTIONAL JAN 19 2005 DEAL REF t 2353480 SWPBDA-FL-1 N/0 Client WALT DISNEY CO TOTAL RETURN SWAP 11,920,650 USD NOTIONAL FEB 14 2005 DEAL REF t 2361214 SWPBDA-FV-9 N/0 Client 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 3,134,690.68 - 116,840.00 1,490,056.62 Trade Date Maturity Date Estimated Value USD 1,761,474.06 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 9 of 35 EFTA01554479 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 10 of 35 Options Option Holdings in Alphabetical Order Other Description Cusip WTI SHORT CALL OPTION USD PUT OPTION STRIKE 50 EXPIRING 12/15/2004 Underlying Asset Price = $46.22 OTCBDC-PV-L WTI SHORT CALL OPTION USD PUT OPTION STRIKE 50 EXPIRING 1/14/2005 KNOCK OUT @ 43.00 OTCBDC-PW-G WTI SHORT CALL OPTION USD PUT OPTION STRIKE 51.00 EXPIRING 1/14/05 KNOCK OUT @ 43.00 OTCBDC-PW-H WTI LONG PUT OPTION USD CALL OPTION STRIKE 44 EXPIRING 12/15/2004 Underlying Asset Price = $46.22 OTCBDP-BB-U USD 250 218,000.00 152.90 545,000.00 38,225.00 - 506,775.00 USD - 100 180,000.00 1,926.584 - 180,000.00 - 192,658.40 - 12,658.40 Currency/ Account Type Quantity Unit Cost Current Market Price/Unit Premium USD Current Market Value USD Unrealized Gain/Loss USD USD - 100 192,000.00 1,200.8321 - 192,000.00 - 120,083.21 71,916.79 USD - 100 184,000.00 2,306.5488 - 184,000.00 - 230,654.88 - 46,654.88 EFTA01554480 11 Cusip Other continued WTI LONG PUT OPTION USD CALL OPTION STRIKE 44 EXPIRING 12/15/2004 Underlying Asset Price = $46.22 OTCBDP-BB-V WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 EXPIRING 1/14/2005 OTCBDP-BC-F Total Other 700 71,500.00 - 643,085.60 - 714,585.60 USD 100 180,000.00 151.2983 180,000.00 15,129.83 - 164,870.17 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 11 of 35 Option Holdings in Alphabetical Order Description continued Currency/ Account Type Quantity Unit Cost Current Market Price/Unit Premium USD Current Market Value USD Unrealized Gain/Loss USD USD - 50 195,000.00 3,060.8788 - 97,500.00 - 153,043.94 - 55,543.94 Description Cusip Counter Amount Currency Foreign Exchange EUR PUT USD CALL FX EUROPEAN STYLE OPTION DEC 06, 2004 @ 1.1 XEURPA-OP-2 AUD CALL USD PUT FX EUROPEAN STYLE OPTION DEC 23, 2004 @ .69 KNOCK IN TRIGGERED @ .7250 KNOCK OUT @ .65 XAUDCA-CD-2 AUD - 5,000,000 USD - 3,450,000.00 USD - 62,445.00 - 62,445.00 - 419,854.10 - 357,409.10 Counter Premium Amount Currency Premium Local EFTA01554481 Premium USD Current Market Value USD Unrealized Gain/Loss USD EUR 20,000,000 USD 22,000,000.00 USD 96,800.00 96,800.00 0.00 - 96,800.00 EFTA01554482 11 Cusip JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 12 of 35 Foreign Exchange Description EUR CALL CHF PUT FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 1.5395 KNOCK IN TRIGGERED @ 1.5525 KNOCK OUT @ 1.5045 XEURCA-XL-Z JPY PUT USD CALL FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 115. XJPYPA-KB-Z AUD PUT USD CALL FX EUROPEAN STYLE OPTION APR 01, 2005 @ .715 KNOCK IN TRIGGERED @ .7193 BARRIER EXP 10/7/2004 XAUDPA-DX-Z NZD PUT USD CALL FX EUROPEAN STYLE OPTION MAR 31, 2005 @ .665 KNOCK IN TRIGGERED @ .67 BARRIER EXP 10/7/2004 XNZDPA-EH-Z MXN PUT USD CALL FX EUROPEAN STYLE OPTION JUL 06, 2005 @ 11.4 KNOCK OUT @ 11.15 XMXNPA-BG-Z MXN PUT USD CALL FX EUROPEAN STYLE OPTION JUL 06, 2005 @ 11.45 KNOCK OUT @ 11.185 XMXNPA-BH-Z MXN - 57,250,000 USD - 5,000,000.00 USD - 82,500.00 - 82,500.00 0.00 82,500.00 MXN - 171,000,000 USD - 15,000,000.00 USD - 292,500.00 - 292,500.00 - 187,983.72 104,516.28 NZD - 10,000,000 USD - 6,650,000.00 USD - 99,750.00 - 99,750.00 - 63,830.30 35,919.70 AUD - 20,000,000 USD - 14,300,000.00 USD - 215,930.00 - 215,930.00 - 90,315.40 125,614.60 JPY 2,300,000,000 USD 20,000,000.00 USD 190,000.00 190,000.00 598.00 - 189,402.00 Counter Amount Currency continued EUR - 23,000,000 CHF - 35,408,500.00 USD - 169,326.00 - 169,326.00 - 119,282.60 50,043.40 Counter Premium EFTA01554483 Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01554484 11 Cusip JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 13 of 35 Foreign Exchange Description EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 20, 2005 @ 1.255 XEURPA-P0-2 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION AUG 24, 2005 @ 193 KNOCK IN @ 192 KNOCK OUT @ 197 XGBPPA-HR-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 TWD CALL USD PUT FX EUROPEAN STYLE OPTION MAR 01, 2005 @ 32.75 XTWDCA-AB-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. - 711,411.75 - 659,654.66 51,757.09 TWD 327,500,000 USD 10,000,000.00 USD 196,000.00 196,000.00 248,005.93 52,005.93 THB 351,500,000 USD 9,250,000.00 USD 108,225.00 108,225.00 33,512.01 - 74,712.99 THB 2,700,000,000 USD 75,000,000.00 USD 405,000.00 405,000.00 23,220.00 - 381,780.00 GBP - 10,000,000 JPY- 1,930,000,000.00 USD - 462,137.00 - 462,137.00 0.00 462,137.00 Counter Amount Currency continued EUR - 10,500,000 USD - 13,177,500.00 USD - 322,848.75 - 322,848.75 - 83,724.48 239,124.27 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD EFTA01554485 Unrealized Gain/Loss USD EFTA01554486 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 14 of 35 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 vial 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. EFTA01554487 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 15 of 35 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary Euro Currency Pound Sterling Mexican New Peso Norwegian Krone N Zealand Dollar U S Dollar Value in Currency 10,000,000.00 10,000,000.00 58,888,000.00 - 82,065,000.00 10,000,000.00 - 30,129,367.04 Gain/Loss Summary Total Unrealized Closed Value in USD Total Unrealized Open Total Unrealized Gain/Loss 255,644.91 711,541.47 967,186.38 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Oct. 27 04 Dec. 9 04 AUD Oct. 8 04 Apr. 12 05 AUD Total Open - 10,000,000.00 USD 10,000,000.00 USD 0.00 EURO CURRENCY - NORWEGIAN KRONE Nov. 8 04 Dec. 10 04 EUR Nov. 8 04 Dec. 10 04 EUR Total Open 5,000,000.00 NOK 5,000,000.00 NOK 10,000,000.00 7,421,000.00 - 7,214,000.00 207,000.00 - 41,170,000.00 - 40,895,000.00 - 82,065,000.00 0.7421 0.7214 0.775255 0.76799 7,421,000.00 7,679,902.70 15,100,902.70 8.234 8.179 8.134172 8.134172 6,645,484.12 6,645,484.12 13,290,968.24 7,752,549.33 7,214,000.00 14,966,549.33 6,727,041.72 6,682,107.63 13,409,149.35 - 331,549.33 465,902.70 EFTA01554488 134,353.37 - 81,557.60 - 36,623.51 - 118,181.11 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01554489 11 Trade Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 16 of 35 Foreign Exchange Contracts Settlement Date Currency POUND STERLING - JAPANESE YEN Total Closed Oct. 19 04 Dec. 9 04 GBP Nov. 10 04 Dec. 9 04 GBP POUND STERLING - U S DOLLAR JAPANESE YEN Nov. 29 04 Dec. 9 04 GBP Nov. 10 04 Dec. 9 04 JPY - U S DOLLAR - 7,771,000.00 USD 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 Total Open 58,200,000.00 USD 59,141,000.00 USD - 58,453,000.00 USD 58,888,000.00 N ZEALAND DOLLAR - U S DOLLAR Oct. 25 04 Dec. 9 04 NZD Nov. 3 04 Dec. 9 04 NZD Mar. 11 04 Mar. 15 05 NZD Mar. 23 04 Mar. 15 05 NZD Total Closed Oct. 8 04 Apr. 12 05 NZD Total Total Foreign Exchange Contracts - 10,000,000.00 USD 10,000,000.00 USD 5,000,000.00 USD - 5,000,000.00 USD 0.00 10,000,000.00 USD 10,000,000.00 72,632.96 - 5,000,000.00 - 5,000,000.00 5,000,000.00 - 5,000,000.00 6,973,000.00 - 6,861,000.00 - 3,102,500.00 3,170,500.00 180,000.00 - 6,675,000.00 - 6,495,000.00 106.99 11.64 11.8282 11.6906 102.729977 11.491799 11.491799 11.491799 72,632.96 5,064,481.12 5,146,365.60 5,000,000.00 15,210,846.72 0.6973 0.6861 0.6205 0.6341 0.6675 EFTA01554490 0.7156 0.7156 0.708087 0.708087 0.706083 6,973,000.00 7,156,009.01 3,540,432.74 3,170,500.00 20,839,941.75 7,060,829.91 27,900,771.66 128,875,243.51 75,644.91 5,000,000.00 5,000,000.00 5,086,496.82 15,086,496.82 7,156,009.01 6,861,000.00 3,102,500.00 3,540,432.74 20,659,941.75 6,675,000.00 27,334,941.75 127,908,057.13 - 3,011.95 64,481.12 146,365.60 - 86,496.82 124,349.90 - 183,009.01 295,009.01 437,932.74 - 369,932.74 180,000.00 385,829.91 565,829.91 967,186.38 continued Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD 10,000,000.00 JPY - 10,000,000.00 JPY 0.00 10,000,000.00 USD - 1,953,829,000.00 1,961,600,000.00 7,771,000.00 - 18,914,000.00 195.3829 196.16 196.23687 196.23687 19,102,201.35 19,094,718.53 38,196,919.88 1.8914 1.91022 19,102,201.35 19,019,073.62 19,102,201.35 38,121,274.97 18,914,000.00 83,127.73 - 7,482.82 75,644.91 EFTA01554491 188,201.35 EFTA01554492 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 17 of 35 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 Nov 3 Nov 3 Expired Opt EUR CALL USD PUT FX EUROPEAN STYLE OPTION NOV 01, 2004 @ 1.3 KNOCK OUT @ 1.1375 Nov 9 Nov 12 Write Option KNOCK OUT @ 1.21 BARRIER EXP 12/1/03 WTI SHORT CALL OPTION USD PUT OPTION STRIKE 50 Nov 9 Nov 12 Buy-Back Opt EXPIRING 1/14/2005 KNOCK OUT @ 43.00 WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 EXPIRING 1/14/2005 USD 100 - 478,000.00 195,000.00 - 283,000.00 S USD - 100 184,000.00 USD - 10,000,000 0.00 - 56,447.00 - 56,447.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD 380,605.19 0.00 EFTA01554493 11 Trade Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 18 of 35 Settlement Date Realized Type Settled continued Nov 10 Nov 10 Expired Opt WTI SHORT CALL OPTION USD PUT OPTION Nov 10 Nov 15 Write Option STRIKE 59.00 EXPIRING 1/14/2005 KNOCK OUT LEVEL @ 50 WTI SHORT CALL OPTION USD PUT OPTION STRIKE 51.00 Nov 10 Nov 15 Buy-Back Opt EXPIRING 1/14/05 KNOCK OUT @ 43.00 WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 Nov 12 Nov 16 Buy-Back Opt EXPIRING 1/14/2005 EUR PUT USD CALL Nov 12 Nov 16 Buy-Back Opt Nov 22 Nov 22 Expired Opt FX EUROPEAN STYLE OPTION FEB 10, 2005 @ 1.22 KNOCK IN @ 1.195 EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 20, 2005 @ 1.255 AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .77 Nov 23 Nov 26 Write Option KNOCK IN TRIGGERED @ .755 KNOCK OUT @ .7965 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION AUG 24, 2005 @ 193 KNOCK IN @ 192 KNOCK OUT @ 197 USD - 10,000,000 2.47 462,137.00 USD 22,000,000 - 99,308.00 665,632.00 566,324.00 S USD 100 - 445,000.00 195,000.00 - 250,000.00 S USD - 100 180,000.00 USD 250 0.00 162,500.00 162,500.00 S Description Currency EFTA01554494 Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD USD USD 9,500,000 - 178,838.00 1,500,000 0.00 292,101.25 23,561.94 113,263.25 S 23,561.94 S EFTA01554495 11 Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 19 of 35 Settled Foreign Exchange Contracts Trade Settlement Date Currency SPECULATIVE EURO CURRENCY - U S DOLLAR Nov 8 04 Nov 8 04 Nov 10 04 Nov 10 04 Nov 2 04 Nov 3 04 Nov 5 04 Nov 5 04 JAPANESE YEN Nov 3 04 EUR EUR - 5,000,000.00 USD POUND STERLING - JAPANESE YEN GBP 5,000,000.00 USD - 6,461,000.00 6,490,000.00 7,000,000.00 JPY- 1,364,300,000.00 GBP - 7,000,000.00 JPY 1,372,000,000.00 - U S DOLLAR Nov 5 04 Nov 10 04 Nov 10 04 JPY - 7,700,000.00 USD N ZEALAND DOLLAR - U S DOLLAR Nov 5 04 Nov 8 04 NZD - 10,000,000.00 USD 72,402.44 6,928,000.00 NZD 10,000,000.00 USD - 6,925,000.00 106.350000 0.692800 0.692500 107.764000 0.692500 0.692500 72,402.44 6,928,000.00 - 6,925,000.00 - 71,452.28 - 6,925,000.00 6,925,000.00 950.16 3,000.00 1.292200 1.298000 194.900000 196.000000 1.292200 1.292200 1.837700 0.009420 1.837700 0.009420 - 6,461,000.00 6,490,000.00 6,461,000.00 - 6,461,000.00 12,863,899.03 - 12,855,479.85 - 12,863,899.02 12,926,932.68 Counter EFTA01554496 Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD 29,000.00 8,419.18 63,033.66 EFTA01554497 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 20 of 35 Account Transactions by Currency Euro Currency Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Purchases of Securities Foreign Exchange Ending Balance Euro Currency Activity by Date Settlement Date Type Nov 10 Spot FX Quantity Description - 6,461,000 SPOT CURRENCY TRANSACTION - BUY BUY EUR SELL USD SPOT RATE : 1.292200000 TRADE 11/08/04 VALUE 11/10/04 EURO PRINCIPAL CURRENCY U S DOLLAR Nov 10 Spot FX 6,490,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.298000000 TRADE 11/08/04 VALUE 11/10/04 U S DOLLAR EURO PRINCIPAL CURRENCY - 5,000,000.00 .00 - 30,000,000.00 - 523,599,332.92 5,000,000.00 29,941,124.64 523,658,208.28 .00 Amount to Date Realized Amount Gain/Loss USD 5,000,000.00 6,461,000.00 Amount USD - 5,000,000.00 - 6,490,000.00 EFTA01554498 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 21 of 35 Account Transactions by Currency Japanese Yen Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Japanese Yen Activity by Date Settlement Date Nov 5 Type Spot FX Quantity Description 7,000,000 SPOT CURRENCY TRANSACTION - SALE BUY GBP SELL JPY SPOT RATE : 106.056491645 TRADE 11/02/04 VALUE 11/05/04 POUND STERLING JAPANESE YEN Nov 5 Spot FX 72,402.44 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL JPY SPOT RATE : 106.350000000 TRADE 11/03/04 VALUE 11/05/04 U S DOLLAR JAPANESE YEN .00 1,372,000,000.00 - 1,372,000,000.0 .00 18,044,517,520.00 - 18,044,517,520. Amount to Date Realized Amount Gain/Loss USD - 1,364,300,000.00 - 12,863,899.03 Amount USD - 7,700,000.00 - 72,402.44 EFTA01554499 11 Date Nov 5 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 22 of 35 Japanese Yen Activity by Date Settlement continued Realized Type Spot FX Quantity Description - 7,000,000 SPOT CURRENCY TRANSACTION - BUY BUY JPY SELL GBP SPOT RATE : 106.135000000 TRADE 11/03/04 VALUE 11/05/04 JAPANESE YEN POUND STERLING Gain/Loss USD 1,372,000,000.00 12,926,932.68 Amount Amount USD EFTA01554500 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 23 of 35 Account Transactions by Currency N Zealand Dollar Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Purchases of Securities Miscellaneous Disbursements Foreign Exchange Ending Balance N Zealand Dollar Activity by Date Settlement Date Type Nov 10 Spot FX Quantity Description - 6,925,000 SPOT CURRENCY TRANSACTION - BUY BUY NZD SELL USD SPOT RATE : 0.692500000 TRADE 11/08/04 VALUE 11/10/04 N ZEALAND DOLLAR U S DOLLAR Nov 10 Spot FX 6,928,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NZD SPOT RATE : 0.692800000 TRADE 11/05/04 VALUE 11/10/04 U S DOLLAR N ZEALAND DOLLAR - 10,000,000.00 .00 - 20,000,000.00 - 280,284.94 - 583,964,616.52 10,000,000.00 29,964,616.52 574,280,284.94 -00 Amount to Date Realized Amount Gain/Loss USD 10,000,000.00 6,925,000.00 Amount USD - 10,000,000.00 - 6,928,000.00 EFTA01554501 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 24 of 35 Account Transactions by Currency Pound Sterling Activity Summary Amount this Period Beginning Balance Credits Sales, Maturities, Redemptions Foreign Exchange Debits Foreign Exchange Ending Balance Pound Sterling Activity by Date Settlement Date Nov 5 Type Spot FX Quantity Description - 1,364,300,000 SPOT CURRENCY TRANSACTION - BUY BUY GBP SELL JPY SPOT RATE : 0.544158500 TRADE 11/02/04 VALUE 11/05/04 POUND STERLING JAPANESE YEN Nov 5 Spot FX 1,372,000,000 SPOT CURRENCY TRANSACTION - SALE BUY JPY SELL GBP SPOT RATE : 0.541505102 TRADE 11/03/04 VALUE 11/05/04 JAPANESE YEN POUND STERLING - 7,000,000.00 .14 - 314,699,999.86 7,000,000.00 13,000,000.00 301,700,000.00 .14 Amount to Date Realized Amount Gain/Loss USD 7,000,000.00 12,863,899.03 Amount USD - 7,000,000.00 - 12,926,932.68 EFTA01554502 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 25 of 35 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 - 742,959.14 - 1,201,146.00 - 1,558,795.29 - 13,386,000.00 .00 *Year to date information is calculated on a calendar year basis. - 151,467,894.45 - 27,786,185.70 - 10,927,117.53 - 1,921,262,163.6 104,017.26 2,468,343.73 826,137.00 13,490,402.44 572,623.59 103,145,770.08 36,068,694.00 963,054.02 1,970,693,219.64 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date Nov 1 Dividend Quantity Description JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) Amount USD 104,017.26 EFTA01554503 11 Settlement Date Nov 1 Nov 3 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 26 of 35 U S Dollar Activity by Date Type continued Quantity Description Purchase Expired Opt 104,017.26 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 10,000,000 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 EXPIRATION OF PURCHASED FX OPTION Nov 5 Nov 5 Purchase Spot FX 72,402.44 - 7,700,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPOT CURRENCY TRANSACTION - SALE BUY USD SELL JPY SPOT RATE : 106.350000000 TRADE 11/03/04 VALUE 11/05/04 U S DOLLAR JAPANESE YEN Nov 8 Sale Nov 10 Spot FX - 72,402.44 5,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPOT CURRENCY TRANSACTION - BUY BUY EUR SELL USD SPOT RATE : 1.292200000 TRADE 11/08/04 VALUE 11/10/04 EURO PRINCIPAL CURRENCY U S DOLLAR - 72,402.44 72,402.44 Amount USD - 104,017.26 72,402.44 - 6,461,000.00 EFTA01554504 11 Settlement Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 27 of 35 U S Dollar Activity by Date Type continued Quantity Description Nov 10 Spot FX - 5,000,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL EUR SPOT RATE : 1.298000000 TRADE 11/08/04 VALUE 11/10/04 U S DOLLAR EURO PRINCIPAL CURRENCY Nov 10 Spot FX 10,000,000 SPOT CURRENCY TRANSACTION - BUY BUY NZD SELL USD SPOT RATE : 0.692500000 TRADE 11/08/04 VALUE 11/10/04 N ZEALAND DOLLAR U S DOLLAR Nov 10 Spot FX - 10,000,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NZD SPOT RATE : 0.692800000 TRADE 11/05/04 VALUE 11/10/04 U 5 DOLLAR N ZEALAND DOLLAR Nov 10 Expired Opt 250 WTI SHORT CALL OPTION USD PUT OPTION STRIKE 59.00 EXPIRING 1/14/2005 KNOCK OUT LEVEL @ 50 EXPIRATION OF WRITTEN OTC CALL OPTION KNOCKED OUT Nov 10 Purchase 32,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 32,000.00 - 6,925,000.00 Amount USD 6,490,000.00 6,928,000.00 EFTA01554505 11 Settlement Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 28 of 35 U S Dollar Activity by Date Type continued Quantity Description Nov 12 Misc. Disbursement WALT DISNEY CO TOTAL RETURN SWAP 11,920,650 USD NOTIONAL FEB 14 2005 DEAL REF t 2361214 Nov 12 Buy-Back Opt 100 QUARTERLY INTEREST PAYMENT WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 EXPIRING 1/14/2005 BOUGHT TO CLOSE TRADE DATE 11/09/04 Nov 12 Write Option - 100 WTI SHORT CALL OPTION USD PUT OPTION STRIKE 50 EXPIRING 1/14/2005 KNOCK OUT @ 43.00 SALE OF CALL OPTION ON OIL TRADE DATE 11/09/04 Nov 12 Sale Nov 15 Buy-Back Opt - 352,795.29 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 100 WTI SHORT PUT OPTION USD CALL OPTION STRIKE 50.00 EXPIRING 1/14/2005 BOUGHT TO CLOSE TRADE DATE 11/10/04 352,795.29 - 445,000.00 184,000.00 - 478,000.00 Amount USD - 58,795.29 EFTA01554506 11 Settlement Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 29 of 35 U S Dollar Activity by Date Type continued Quantity Description Nov 15 Write Option - 100 WTI SHORT CALL OPTION USD PUT OPTION STRIKE 51.00 EXPIRING 1/14/05 KNOCK OUT @ 43.00 SALE OF CALL OPTION ON OIL TRADE DATE 11/10/04 Nov 15 Sale Nov 15 Misc. Disbursement - 1,265,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) FUNDS TRANSFERRED FROM BRKRG ACt Q30171005 (PRN) TO DDA AC@ 000739110438 LETTER FROM CLIENT Nov 16 Sale Nov 16 Buy-Back Opt - 278,146 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 22,000,000 EUR PUT USD CALL FX EUROPEAN STYLE OPTION FEB 10, 2005 @ 1.22 KNOCK IN @ 1.195 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 11/12/04 Nov 16 Buy-Back Opt 9,500,000 EUR PUT USD CALL FX EUROPEAN STYLE OPTION APR 20, 2005 @ 1.255 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 11/12/04 - 178,838.00 1,265,000.00 - 1,000,000.00 Amount USD 180,000.00 278,146.00 - 99,308.00 EFTA01554507 11 Settlement Date JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 30 of 35 U S Dollar Activity by Date Type continued Quantity Description Nov 17 Purchase Nov 22 Expired Opt 72,402.44 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 1,500,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 22, 2004 @ .77 KNOCK IN TRIGGERED @ .755 KNOCK OUT @ .7965 EXPIRATION OF WRITTEN FX OPTION Nov 23 Sale Nov 23 Misc. Disbursement - 500,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) FUNDS TRANSFERRED FROM BRKRG ACA Q30171005 (PRN) TO DDA ACA 000739110438 LETTER FROM CLIENT Nov 26 Write Option - 10,000,000 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION AUG 24, 2005 @ 193 KNOCK IN @ 192 KNOCK OUT @ 197 WRITTEN FX OPTION PUT 10,000,000.00 GBP CALL 1,930,000,000.00 JPY TRADE DATE 11/23/04 Nov 26 Purchase 462,137 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) - 462,137.00 500,000.00 - 500,000.00 Amount USD - 72,402.44 462,137.00 EFTA01554508 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 31 of 35 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 5 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. 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. EFTA01554509 11 JPMorgan Chase Bank, N.A. 2004 Account Number: Q 30171-00-5 FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio November 01, 2004 - November 30, 2004 Page 32 of 35 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 "absolute"r atings 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. EFTA01554510 11 J.P. Morgan Securities Inc. 2004 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio November 01, 2004 - November 30, 2004 Page 33 of 35 Margin Account Portfolio November 1 - November 30, 2004 Table of Contents Portfolio Summary Account Officers D'ORAZIO/HORNAK Page 34 All positions in this Margin Account Portfolio are held in custody at J.P. Morgan Securities Inc. (mJPMSI"). Member SIPC. EFTA01554511 11 J.P. Morgan Securities Inc. 2004 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio November 01, 2004 - November 30, 2004 Page 34 of 35 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 Nov 30 0.00 Estimated Annual Income USD EFTA01554512 11 J.P. Morgan Securities Inc. 2004 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio November 01, 2004 - November 30, 2004 Page 35 of 35 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. P