EFTA01552370.pdf

05 2002 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 28 J.P. Morgan Portfolios May 1 - May 31, 2002 Table of Contents Page Account Summary Asset Account Portfolio iiimasit Portfolio JPMCB M I 3 25 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS 8B3 ST THOMAS 00802 US VIRGIN ISLDS EFTA01552370 05 2002 FINANCIAL TRUST COMPANY INC Portfolio Summary May 01, 2002 - May 31, 2002 Page 2 of 28 Portfolio Summary Net Worth Summary Asset Portfolio USD Assets(Long) Cash fi Short Term Equities Options Liabilities (Short) Total Options FX Gain/Loss Accrued Income Total Net Worth 46,542,378.23 20,119,520.00 24,482,386.80 1,940,471.43 - 629,012.15 - 629,012.15 45,913,366.08 12.40 10,393.88 45,923,772.36 Margin Portfolio USD 0.00 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 46,542,378.23 20,119,520.00 24,482,386.80 1,940,471.43 - 629,012.15 - 629,012.15 45,913,366.08 12.40 10,393.88 45,923,772.36 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 EFTA01552371 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 3 of 28 Asset Account Portfolio May 1 - May 31, 2002 Table of Contents Portfolio Summary Cash and Short Term Equities Options Outstanding Foreign Exchange Contracts Trade Activity Account Transactions Account Officers Service Specialist: MANNINO/DORAZIO Page 4 5 7 8 12 13 16 EFTA01552372 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 4 of 28 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 45% Cash and Short Term 55% Equities Net Gain/Loss Summary Net Short Term Gain/Loss Total Realized This Period USD Realized Year to Date USD* 745,025.00 745,025.00 •Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of May 31, 2002 Currency AUD Market value of Options is not included in pie chart. CHF EUR GBP NOK SEK Exchange Rate 0.5661 1.5668 0.9343 1.4632 8.0123 9.7389 745,025.00 745,025.00 Unrealized USD 1,201,054.51 1,201,054.51 Market Value USD May 31 Cash S Short Term Equities Options Total Foreign Exchange Accrued Income Total Portfolio Value 20,119,520.00 24,482,386.80 1,311,459.28 45,913,366.08 12.40 10,393.88 45,923,772.36 Tax Cost USD 20,119,520.00 110,405.00 20,229,925.00 Estimated Annual Income USD 361,821.48 361,821.48 Yield 1.8 EFTA01552373 0.0 N/A N/A 0.8 EFTA01552374 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 5 of 28 Cash and Short Term Summary by Maturity Current Market Value USD Adjusted Cash Balance Less Than 3 Months Total 119,520.00 20,000,000.00 20,119,520.00 Estimated Annual Income USD 1,821.48 360,000.00 361,821.48 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 PRIME MONEY MARKET PREMIER CLASS SWEEP FUND (350) SWEEP DEADLINE IS 4:30 PM EST 7-Day Annualized Yield: 1.51% PROCEEDS FROM PENDING SALES Adjusted Cash Balance USD 21,000 1.00 1.00 21,000.00 21,000.00 7,474.36 USD 98,520 1.00 1.00 98,520.00 119,520.00 98,520.00 119,520.00 7,474.36 320.04 1.52 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 1,501.44 1.52 1,821.48 1.52 EFTA01552375 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 6 of 28 Cash and Short Term by Type Description Cusip/S&P/Moody's Rating Short Term by Maturity J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) 7-Day Annualized Yield: 1.75% 62826N-77-0 Total Cash and Short Term 20,119,520.00 20,119,520.00 10,393.88 0.00 361,821.48 1.80 USD 20,000,000 1.00 1.00 20,000,000.00 20,000,000.00 2,919.52 360,000.00 1.80 continued CurrenCy/ Account Type Quantity Unit Cost Adjusted Original Market Price Tax Cost Adjusted Original Current Market Value USD Accrued Interest USD Unrealized Gain/Loss USD Estimated Current Annual Yield/ Income USD YTM % EFTA01552376 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 7 of 28 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 USD Total Equity 800,078 800,078 30.60 24,482,386.80 24,482,386.80 N/A 0.00 N/A 0.0 EFTA01552377 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 8 of 28 Options Foreign Exchange Description Cusip GBP PUT USD CALL FX EUROPEAN STYLE OPTION OCT 31, 2002 @ 1.4625 KNOCK OUT @ 1.4758 XGBPPA-FI-2 CHF PUT USD CALL FX EUROPEAN STYLE OPTION NOV 08, 2002 @ 1.63 XCHFPA-BP-2 CHF PUT USD CALL FX EUROPEAN STYLE OPTION AUG 08, 2002 @ 1.6275 XCHFPA-BQ-2 SEK CALL USD PUT FX EUROPEAN STYLE OPTION AUG 12, 2002 @ 10.05 XSEKCA-AO-2 NOK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 14, 2002 @ 8.6 XNOKPA-AT-2 SEK PUT USD CALL FX EUROPEAN STYLE OPTION JUN 19, 2002 @ 10.08 XSEKPA-BD-2 SEK - 50,400,000 USD - 5,000,000.00 USD - 45,500.00 - 45,500.00 - 4,584.89 40,915.11 NOK - 189,200,000 USD - 22,000,000.00 USD - 482,000.00 - 482,000.00 - 207,913.77 274,086.23 SEK 65,325,000 USD 6,500,000.00 USD 82,000.00 82,000.00 228,894.23 146,894.23 CHF - 8,137,500 USD - 5,000,000.00 USD - 53,750.00 - 53,750.00 - 22,701.75 31,048.25 CHF - 8,150,000 USD - 5,000,000.00 USD - 85,350.00 - 85,350.00 - 56,016.99 29,333.01 GBP Counter Amount Currency Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized EFTA01552378 Gain/Loss USD - 5,000,000 USD - 7,312,500.00 USD - 68,325.00 - 68,325.00 - 80,234.85 - 11,909.85 EFTA01552379 05 Cusip JPMorgan Chase Bank 2002 Account Nutuber:m FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 9 of 28 Foreign Exchange Description CHF CALL USD PUT FX EUROPEAN STYLE OPTION FEB 20, 2003 8 1.5 XCHFCA-BG-2 SEK PUT USD CALL FX EUROPEAN STYLE OPTION JUN 19, 2002 8 10.08 XSEKPA-BC-2 NOK CALL USD PUT FX AMERICAN STYLE OPTION NOV 20, 2002 8 8. XNOKCA-AJ-2 CHF PUT USD CALL FX EUROPEAN STYLE OPTION NOV 20, 2002 8 1.585 XCHFPA-BS-2 CHF CALL USD PUT FX AMERICAN STYLE OPTION NOV 20, 2002 8 1.5 XCHFCA-BH-2 AUD CALL USD PUT FX AMERICAN STYLE OPTION NOV 21, 2002 8 .575 XAUDCA-AP-2 SEK PUT USD CALL FX EUROPEAN STYLE OPTION AUG 26, 2002 8 10.2 XSEKPA-BE-2 SEK - 102,000,000 USD - 10,000,000.00 USD - 88,000.00 - 88,000.00 - 66,405.06 21,594.94 AUD 20,000,000 USD 11,500,000.00 USD 149,000.00 149,000.00 177,174.00 28,174.00 CHF 37,500,000 USD 25,000,000.00 USD 341,750.00 341,750.00 340,602.00 - 1,148.00 CHF - 39,625,000 USD - 25,000,000.00 USD - 235,000.00 - 235,000.00 - 186,569.95 48,430.05 NOK 280,000,000 USD 35,000,000.00 USD 469,000.00 469,000.00 661,136.00 192,136.00 SEK - 50,400,000 USD - 5,000,000.00 USD - 46,500.00 - 46,500.00 - 4,584.89 41,915.11 Counter Amount Currency continued CHF 11,250,000 USD 7,500,000.00 USD 130,000.00 EFTA01552380 130,000.00 150,272.89 20,272.89 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD Unrealized Gain/Loss USD EFTA01552381 05 Cusip JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 10 of 28 Foreign Exchange Description SEK CALL USD PUT FX AMERICAN STYLE OPTION NOV 26, 2002 @ 9.25 XSEKCA-AP-2 SEK CALL USD PUT FX AMERICAN STYLE OPTION NOV 27, 2002 @ 9.25 XSEKCA-AM-2 AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 27, 2002 @ .56 KNOCK OUT @ .574 XAUDPA-AR-2 AUD CALL USD PUT FX AMERICAN STYLE OPTION NOV 27, 2002 @ .574 XAUDCA-AN-2 P CHF PUT USD CALL FX EUROPEAN STYLE OPTION JUN 13, 2002 @ 1.57 XCHFPA-BV-Z 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. 110,405.00 1,311,459.28 1,201,054.51 CHF - 26,690,000 USD - 17,000,000.00 USD - 98,520.00 - 98,520.00 0.00 98,520.00 AUD 20,000,000 USD 11,480,000.00 USD 176,000.00 176,000.00 186,836.20 10,836.20 AUD - 20,000,000 USD - 11,200,000.00 USD - 197,000.00 - 197,000.00 0.00 197,000.00 SEK 92,500,000 USD 10,000,000.00 USD 83,900.00 83,900.00 98,076.83 14,176.83 Counter Amount Currency continued SEK 92,500,000 USD 10,000,000.00 USD 78,700.00 78,700.00 97,479.28 18,779.28 Counter Premium Amount Currency Premium Local Premium USD Current Market Value USD EFTA01552382 Unrealized Gain/Loss USD EFTA01552383 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 11 of 28 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. EFTA01552384 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 12 of 28 Outstanding Foreign Exchange Contracts Net Currency Exposure Summary Value in Currency Euro Currency Pound Sterling Swedish Krona U S Dollar - 20,000,000.00 12,782,000.00 68,194,000.00 - 7,000,000.00 Gain/Loss Summary Total Unrealized Open Total Unrealized Gain/Loss Value in USD 12.40 12.40 Foreign Exchange Contracts Settlement Date Trade Date SPECULATIVE EURO CURRENCY - POUND STERLING SWEDISH KRONA - U S DOLLAR May. 31 02 Jun. 21 02 EUR May. 30 02 Jun. 24 02 SEK Total Foreign Exchange Contracts - 20,000,000.00 GBP 68,194,000.00 USD 12,782,000.00 - 7,000,000.00 0.6391 9.742 1.565525 9.755687 18,677,333.20 6,990,179.18 25,667,512.38 18,667,499.98 7,000,000.00 25,667,499.98 9,833.22 - 9,820.82 12.40 Currency Amount Counter Currency Counter Amount Contract Rate Current Market Forward Rate Market Value Receivables USD Market Value Payables USD Unrealized Gain/Loss USD EFTA01552385 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 13 of 28 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 Activity by Type Settlement Date Trade Date Settled May 17May 17 Expired Opt NOK PUT USD CALL FX EUROPEAN STYLE OPTION OCT 31, 2002 @ 8.41 KNOCK OUT @ 8.25 Issued in USD May 28May 30 Purchase Opt AUD CALL USD PUT May 28May 30 Write Option FX AMERICAN STYLE OPTION NOV 27, 2002 @ .574 AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 27, 2002 @ .56 KNOCK OUT @ .574 USD USD 20,000,000 - 20,000,000 1.533 1.759 - 176,000.00 197,000.00 NOK 84,100,000 0.00 122,125.00 122,125.00 S Type Amount USD 745,025.00 0.00 Realized Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD EFTA01552386 05 Trade Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 14 of 28 Trade Activity by Type Settlement Date Type Settled continued May 28May 28 Expired Opt NOK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 20, 2002 @ 8.25 KNOCK OUT @ 8.05 Issued in USD May 28May 30 Purchase Opt SEK CALL USD PUT May 28May 30 Write Option FX AMERICAN STYLE OPTION NOV 27, 2002 @ 9.25 SEK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 27, 2002 @ 10. KNOCK OUT @ 9.75 May 29May 29 Purchase May 30May 30 Expired Opt J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 21, 2002 @ .5475 KNOCK OUT @ .569 Issued in USD May 30May 30 Expired Opt CHF PUT USD CALL FX EUROPEAN STYLE OPTION NOV 20, 2002 @ 1.6 KNOCK OUT @ 1.5615 Issued in USD May 30May 30 Expired Opt SEK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 27, 2002 @ 10 KNOCK OUT Q 9.75 Issued in USD SEK 100,000,000 0.00 83,900.00 83,900.00 S CHF 12,000,000 0.00 70,000.00 70,000.00 S USD AUD 20,000,000 20,000,000 1.00 - 20,000,000.00 0.00 141,000.00 141,000.00 S USD USD 92,500,000 - 100,000,000 0.839 0.839 - 83,900.00 83,900.00 NOK EFTA01552387 165,000,000 0.00 328,000.00 328,000.00 S continued Realized Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD EFTA01552388 05 Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 15 of 28 Trade Activity by Type Trade Estimated Settlement Date Pending May 30Jun 3 Write Option CHF PUT USD CALL FE EUROPEAN STYLE OPTION JUN 13, 2002 a 1.57 USD - 26,690,000 0.58 98,520.00 Type continued Realized Gain/Loss Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost USD EFTA01552389 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 16 of 28 Account Transactions by Currency U S Dollar Activity Summary Amount this Period USD Beginning Balance Credits Sweep Account Sales Sales, Maturities, Redemptions Miscellaneous Receipts Debits Sweep Account Purchases Purchases of Securities Ending Balance - 20,021,000.00 - 20,259,900.00 .00 *Year to date information is calculated on a calendar year basis. - 20,021,000.00 - 20,259,900.00 20,000,000.00 280,900.00 20,000,000.00 20,000,000.00 280,900.00 20,000,000.00 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date May 20 Misc. Receipt May 20 Purchase 20,000,000 Quantity Description FED FUNDS RECD FROM MELLON BANK N.A. JP MORGAN PRIME MONEY MARKET PREMIER CLASS SWEEP FUND (350) SWEEP DEADLINE IS 4:30 PM EST Amount USD 7,000,000.00 - 20,000,000.00 EFTA01552390 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 17 of 28 U S Dollar Activity by Date Type continued Quantity Description May 20 Misc. Receipt FUNDS TRANSFERRED FROM PRN A/C* PRN A/C* May 21 Receipt of Assets May 21 Receipt of Assets May 29 Purchase 350,078 LETTER FROM CLIENT TOO INC DEAN WITTER REYNOLDS INC TRADE DATE 05/20/02 450,000 TOO INC BEAR STEARNS SECURITIES CORP TRADE DATE 05/20/02 20,000,000 J P MORGAN PRIME MONEY MARKET FUND INSTITUTIONAL SHARES CLASS (FUND 829) J.P.MORGAN SECURITIES INC AS AGENT @ 1.00 TRADE DATE 05/29/02 May 29 Sale May 30 Write Option - 20,000,000 JP MORGAN PRIME MONEY MARKET PREMIER CLASS SWEEP FUND (350) SWEEP DEADLINE IS 4:30 PM EST - 20,000,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 27, 2002 @ .56 KNOCK OUT @ .574 WRITTEN FX OPTION PUT 20,000,000.00 AUD CALL 11,200,000.00 USD TRADE DATE 05/28/02 20,000,000.00 197,000.00 - 20,000,000.00 Amount USD 13,000,000.00 Q78805001 TO Q30171005 EFTA01552391 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 18 of 28 U S Dollar Activity by Date Type continued Quantity Description May 30 Purchase Opt 20,000,000 AUD CALL USD PUT FX AMERICAN STYLE OPTION NOV 27, 2002 @ .574 PURCHASED FX OPTION CALL 20,000,000.00 AUD PUT 11,480,000.00 USD TRADE DATE 05/28/02 May 30 Write Option - 100,000,000 SEK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 27, 2002 @ 10. KNOCK OUT @ 9.75 WRITTEN FX OPTION PUT 100,000,000.00 SEK CALL 10,000,000.00 USD TRADE DATE 05/28/02 May 30 Purchase Opt 92,500,000 SEK CALL USD PUT FX AMERICAN STYLE OPTION NOV 27, 2002 @ 9.25 PURCHASED FX OPTION CALL 92,500,000.00 SEK PUT 10,000,000.00 USD TRADE DATE 05/28/02 May 30 Purchase 21,000 JP MORGAN PRIME MONEY MARKET PREMIER CLASS SWEEP FUND (350) SWEEP DEADLINE IS 4:30 PM EST - 21,000.00 - 83,900.00 83,900.00 Amount USD - 176,000.00 EFTA01552392 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 19 of 28 U S Dollar Activity by Date Type continued Quantity Description May 30 Free Receipt - 84,100,000 NOK PUT USD CALL FX EUROPEAN STYLE OPTION OCT 31, 2002 @ 8.41 KNOCK OUT @ 8.25 FREE RECEIPT OF WRITTEN FX OPTION PUT 84,100,000.00 NOK CALL 10,000,000.00 USD TRADE DATE 05/01/02 May 30 Free Receipt - 5,000,000 GBP PUT USD CALL FX EUROPEAN STYLE OPTION OCT 31, 2002 @ 1.4625 KNOCK OUT @ 1.4758 FREE RECEIPT OF WRITTEN FX OPTION PUT 5,000,000.00 GBP CALL 7,312,500.00 USD TRADE DATE 05/01/02 May 30 Free Receipt - 8,150,000 CHF PUT USD CALL FX EUROPEAN STYLE OPTION NOV 08, 2002 @ 1.63 FREE RECEIPT OF WRITTEN FX OPTION PUT 8,150,000.00 CHF CALL 5,000,000.00 USD TRADE DATE 05/07/02 May 30 Free Receipt - 8,137,500 CHF PUT USD CALL FX EUROPEAN STYLE OPTION AUG 08, 2002 @ 1.6275 FREE RECEIPT OF WRITTEN FX OPTION PUT 8,137,500.00 CHF CALL 5,000,000.00 USD TRADE DATE 05/07/02 Amount USD EFTA01552393 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 20 of 28 U S Dollar Activity by Date Type continued Quantity Description May 30 Receipt of Assets 65,325,000 SEK CALL USD PUT FX EUROPEAN STYLE OPTION AUG 12, 2002 @ 10.05 FREE RECEIPT OF PURCHASED OPTION CALL 65,325,000.00 SEK PUT 6,500,000.00 USD TRADE DATE 05/10/02 May 30 Free Receipt - 189,200,000 NOK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 14, 2002 @ 8.6 FREE RECEIPT OF WRITTEN FX OPTION PUT 189,200,000.00 NOK CALL 22,000,000.00 USD TRADE DATE 05/14/02 May 30 Receipt of Assets 11,250,000 CHF CALL USD PUT FX EUROPEAN STYLE OPTION FEB 20, 2003 @ 1.5 FREE RECEIPT OF PURCHASED OPTION CALL 11,250,000.00 CHF PUT 7,500,000.00 USD TRADE DATE 05/17/02 May 30 Free Receipt - 12,000,000 CHF PUT USD CALL FX EUROPEAN STYLE OPTION NOV 20, 2002 @ 1.6 KNOCK OUT @ 1.5615 FREE RECEIPT OF WRITTEN FX OPTION PUT 12,000,000.00 CHF CALL 7,500,000.00 USD TRADE DATE 05/17/02 Amount USD EFTA01552394 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 21 of 28 U S Dollar Activity by Date Type continued Quantity Description May 30 Free Receipt - 50,400,000 SEX PUT USD CALL FX EUROPEAN STYLE OPTION JUN 19, 2002 @ 10.08 FREE RECEIPT OF WRITTEN FX OPTION PUT 50,400,000.00 SEX CALL 5,000,000.00 USD TRADE DATE 05/17/02 May 30 Free Receipt - 50,400,000 SEX PUT USD CALL FX EUROPEAN STYLE OPTION JUN 19, 2002 @ 10.08 FREE RECEIPT OF WRITTEN FX OPTION PUT 50,400,000.00 SEX CALL 5,000,000.00 USD TRADE DATE 05/17/02 May 30 Free Receipt - 165,000,000 NOK PUT USD CALL FX EUROPEAN STYLE OPTION NOV 20, 2002 @ 8.25 KNOCK OUT @ 8.05 FREE RECEIPT OF WRITTEN FX OPTION PUT 165,000,000.00 NOK CALL 20,000,000.00 USD TRADE DATE 05/20/02 May 30 Receipt of Assets 280,000,000 NOK CALL USD PUT FX AMERICAN STYLE OPTION NOV 20, 2002 @ 8. FREE RECEIPT OF PURCHASED OPTION CALL 280,000,000.00 NOK PUT 35,000,000.00 USD TRADE DATE 05/20/02 Amount USD EFTA01552395 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 22 of 28 U S Dollar Activity by Date Type continued Quantity Description May 30 Free Receipt - 39,625,000 CHF PUT USD CALL FX EUROPEAN STYLE OPTION NOV 20, 2002 @ 1.585 FREE RECEIPT OF WRITTEN FX OPTION PUT 39,625,000.00 CHF CALL 25,000,000.00 USD TRADE DATE 05/20/02 May 30 Receipt of Assets 37,500,000 CHF CALL USD PUT FX AMERICAN STYLE OPTION NOV 20, 2002 @ 1.5 FREE RECEIPT OF PURCHASED OPTION CALL 37,500,000.00 CHF PUT 25,000,000.00 USD TRADE DATE 05/20/02 May 30 Free Receipt - 20,000,000 AUD PUT USD CALL FX EUROPEAN STYLE OPTION NOV 21, 2002 @ .5475 KNOCK OUT @ .569 FREE RECEIPT OF WRITTEN FX OPTION PUT 20,000,000.00 AUD CALL 10,950,000.00 USD TRADE DATE 05/22/02 May 30 Receipt of Assets 20,000,000 AUD CALL USD PUT FX AMERICAN STYLE OPTION NOV 21, 2002 @ .575 FREE RECEIPT OF PURCHASED OPTION CALL 20,000,000.00 AUD PUT 11,500,000.00 USD TRADE DATE 05/22/02 Amount USD EFTA01552396 05 Settlement Date JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 23 of 28 U S Dollar Activity by Date Type continued Quantity Description May 30 Free Receipt - 102,000,000 SEK PUT USD CALL FX EUROPEAN STYLE OPTION AUG 26, 2002 a 10.2 FREE RECEIPT OF WRITTEN FX OPTION PUT 102,000,000.00 SEK CALL 10,000,000.00 USD TRADE DATE 05/23/02 May 30 Receipt of Assets 92,500,000 SEK CALL USD PUT FX AMERICAN STYLE OPTION NOV 26, 2002 a 9.25 FREE RECEIPT OF PURCHASED OPTION CALL 92,500,000.00 SEK PUT 10,000,000.00 USD TRADE DATE 05/23/02 Amount USD EFTA01552397 05 JPMorgan Chase Bank 2002 Account Number: I FINANCIAL TRUST COMPANY INC 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2002 - May 31, 2002 Page 24 of 28 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 J.P.Morgan Funds Distributor, Inc. is the distributor of the J.P.Morgan Funds and American Century I nvestment Services Inc. is the distributor of the American Century Funds. JPMorgan Investment Manage ment Inc. and American Century Investment Management serve as investment advisors to their respectivefund families. Shares of the funds are not bank deposits and are not guaranteedby any bank, government entity, or the FDIC. Return and share price will fluctuate and redemption value may be more or less than original cost. While the moneymarketfunds seekto maintain a stable net asset valueof$1.00 pershare, there is no assurancethat they will continue to do so. The estimatedannualincome and dividendyieldfigures for mutual funds re presentthe funds' most recentincome dividendannualized. 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 ral Money Market Sweep Fund represent holdings in the JPMorgan Federal Money Market Fund; and positions in the Tax Exempt Money Market Sweep Fund represent holdings in the JPMorgan Tax Exempt Money Market Fund. 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, J.P. Morgan Trust Co mpany, N.A. and J.P. Morgan Securities Inc. EFTA01552398 05 J.P. Morgan Securities Inc. 2002 Account Number: FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio May 01, 2002 - May 31, 2002 Page 25 of 28 Margin Account Portfolio May 1 - May 31, 2002 Table of Contents Portfolio Summary Account Officers Service Specialist: MANNINO/DORAZIO Page 26 All positions in this Margin Account Portfolio are held in custody at J.P. Morgan Securities Inc. (mJPMSI"). Member SIPC. EFTA01552399 05 J.P. Morgan Securities Inc. 2002 Account Number: FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio May 01, 2002 - May 31, 2002 Page 26 of 28 Overview Portfolio Summary Market Value USD Total May 31 0.00 Estimated Annual Income USD EFTA01552400 05 J.P. Morgan Securities Inc. 2002 Account Number: FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio May 01, 2002 - May 31, 2002 Page 27 of 28 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. 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 icated), 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. EFTA01552401 05 J.P. Morgan Securities Inc. 2002 Account Number: FINANCIAL TRUST COMPANY INC 270 Park Avenue New York, NY 10017 Margin Account Portfolio May 01, 2002 - May 31, 2002 Page 28 of 28 JPMSI is a member of the Securities Investor Protection Corporation (SIPC), a not-for-profit members hip corporation funded by broker-dealers registered with the Securities and Exchange Commission. Sec urities and cash held for a customer account at JPMSI are protected up to an amount of $50,000,000. The first $500,000 of protection, which includes up to $100,000 of protection for cash, is provided by SIPC. The balance of the protection, which in eludes up to an additional $900,000 of protection for cash, is provided by a separate Excess Securities Bond issued by Travelers Casualty and Surety C ompany of America. This SIPC and excess SIPC protection does not protect against losses from fluctua tions in the value of the securities. Assets held in custody by JPMCB are not subject to SIPC coverage. EFTA01552402