EFTA01554645.pdf

02 2005 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 30 J.P. Morgan Portfolios February 1 - February 28, 2005 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio Q 30171-00-5 JPMCB JPMSI 161121381 2 3 28 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 EFTA01554645 02 2005 Portfolio Summary FINANCIAL TRUST COMPANY INC February 01, 2005 - February 28, 2005 Page 2 of 30 Portfolio Summary Net Worth Summary Asset Portfolio USD Q 30171-00-5 Assets(Long) Liabilities (Short) Total Other FX Gain/Loss Accrued Income Total Net Worth Income Summary Dividends Total Cash S Short Term Equities 41,214,779.84 - 131,036.00 41,083,743.84 28,846,372.16 12,368,407.68 - 131,036.00 .00 61,556.40 41,145,300.24 Margin Portfolio USD 161121381 0.00 0.00 0.00 0.00 0.00 0.00 .00 0.00 0.00 41,214,779.84 - 131,036.00 41,083,743.84 28,846,372.16 12,368,407.68 - 131,036.00 .00 61,556.40 41,145,300.24 This Period 147,814.94 147,814.94 Year to Date 279,269.88 279,269.88 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 EFTA01554646 02 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 February 01, 2005 - February 28, 2005 Page 3 of 30 Asset Account Portfolio February 1 - February 28, 2005 Table of Contents Portfolio Summary Cash and Short Term Equities Equity Research Ratings Other Trade Activity Account Transactions Account Officers D'ORAZIO/HORNAK Page 4 5 6 7 8 9 12 EFTA01554647 02 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 February 01, 2005 - February 28, 2005 Page 4 of 30 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 69% Cash and Short Term 30% Equities 1% Other Cash S Short Term Equities Other Options Total Foreign Exchange Accrued Income Total Portfolio Value Market Value USD Feb 28 28,846,372.16 12,368,407.68 - 131,036.00 0.00 41,083,743.84 0.00 61,556.40 41,145,300.24 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Total Prior Period 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 Tax Cost USD 28,846,372.16 Estimated Annual Income USD 695,774.48 Yield 2.4 0.0 0.0 28,846,372.16 695,774.48 N/A N/A 1.7 This Period USD 147,814.94 147,814.94 Year to Date USD* EFTA01554648 279,269.88 279,269.88 Realized This Period USD Realized Year to Date USD• 361,547.69 361,547.69 •Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of February 28, 2005 Market value of Options is not included in pie chart. Currency GBP Exchange Rate 1.9257 Unrealized USD 1,091,521.14 1,091,521.14 EFTA01554649 02 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 February 01, 2005 - February 28, 2005 Page 5 of 30 Cash and Short Term Summary by Maturity Current Market Value USD Cash Total 28,846,372.16 28,846,372.16 Estimated Annual Income USD 695,774.48 695,774.48 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 INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 7-Day Annualized Yield: 2.42% POUND STERLING Total Cash USD 28,846,371.89 1.00 1.00 28,846,371.89 28,846,371.89 61,556.40 GBP 0.14 1.928571 0.27 28,846,372.16 0.27 28,846,372.16 61,556.40 695,774.48 2.41 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 N/A 695,774.48 2.41 EFTA01554650 02 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 February 01, 2005 - February 28, 2005 Page 6 of 30 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 465,678 are liened USD Total Equity 465,678 465,678 26.56 12,368,407.68 12,368,407.68 N/A 0.00 N/A 0.0 EFTA01554651 02 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 February 01, 2005 - February 28, 2005 Page 7 of 30 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 EFTA01554652 02 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 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. - 131,036.00 Trade Date Maturity Date Estimated Value USD - 131,036.00 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 February 01, 2005 - February 28, 2005 Page 8 of 30 EFTA01554653 02 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 February 01, 2005 - February 28, 2005 Page 9 of 30 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 Feb 4 Feb 8 Buy-Back Opt GBP PUT JPY CALL Feb 8 Feb 10 Buy-Back Opt FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 GBP PUT JPY CALL Feb 9 Feb 11 FX Option Assi FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 EUR CALL CHF PUT FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 1.5395 KNOCK IN TRIGGERED @ 1.5525 KNOCK OUT @ 1.5045 Feb 9 Feb 11 FX Opt Asgn'D SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY CHF SELL EUR USD 35,408,500 1.539 - 29,078,180.18 29,078,180.18 USD 8,065,000 - 364,437.00 505,546.00 141,109.00 S Realized Type Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD Amount USD 361,547.69 0.00 USD 8,065,000 - 331,074.00 505,546.00 174,472.00 5 USD 23,000,000 0.00 169,326.00 169,326.00 5 EFTA01554654 02 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 February 01, 2005 - February 28, 2005 Page 10 of 30 Settlement Date Realized Type Settled continued Feb 9 Feb 11 FX Opt Asgn'D Feb 11 Feb 11 Expired Opt Feb 24 Feb 24 Expired Opt Feb 24 Feb 24 Expired Opt SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL EUR BUY CHF JPY PUT USD CALL FX EUROPEAN STYLE OPTION FEB 09, 2005 a 115. THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 a 38. THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 a 36. Trade Date Settlement Date Counter Currency Settled Foreign Exchange Contracts SPECULATIVE AUSTRALIA DOLLAR - U S DOLLAR Oct 8 04 Feb 25 05 Dec 22 04 Feb 25 05 SWISS FRANC Feb 9 05 Feb 11 05 SWISS FRANC Feb 9 05 AUD 10,000,000.00 USD - 7,187,338.35 AUD - 10,000,000.00 USD - EURO CURRENCY CHF - 35,831,700.00 EUR 23,000,000.00 Feb 11 05 Feb 25 05 Feb 25 05 - U S DOLLAR CHF POUND STERLING - U S DOLLAR Dec 8 04 Dec 9 04 Jan 28 05 Feb 25 05 MEXICAN NEW PESO - U S DOLLAR 1.557900 1.217686 0.781890 423,200.00 USD - 347,883.27 GBP 15,000,000.00 USD - 28,659,550.30 GBP - 12,500,000.00 USD 23,870,472.06 GBP - 2,500,000.00 USD 1.216500 4,712,411.03 1.910637 1.909638 1.884964 1.216500 1.915300 1.915300 EFTA01554655 1.915300 - 29,426,063.45 29,415,846.06 - 10,217.39 7,551,985.68 0.718734 0.755199 1.274291 1.274291 - 7,187,338.35 7,551,985.68 7,847,501.08 - 7,847,501.08 660,162.73 - 295,515.40 Amount Currency Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD USD - 23,000,000 USD -2,300,000,000 USD - 351,500,000 USD -2,700,000,000 1.539 29,078,180.18 - 29,415,846.06 0.00 0.00 0.00 - 190,000.00 - 108,225.00 - 405,000.00 - 337,665.88 S - 190,000.00 S - 108,225.00 5 - 405,000.00 S Description Currency Quantity Price/Unit Market Cost/Proceeds Tax Cost Gain/Loss USD - 347,883.27 - 28,659,550.30 347,883.27 28,729,495.51 23,870,472.06 - 23,941,246.26 4,712,411.03 - 4,788,249.25 69,945.21 - 70,774.20 - 75,838.22 EFTA01554656 02 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 February 01, 2005 - February 28, 2005 Page 11 of 30 Settled Foreign Exchange Contracts Trade Settlement Date Currency Oct 13 04 Feb 25 05 Oct 18 04 Feb 25 05 Nov 8 04 Dec 1 04 Dec 3 04 Feb 25 05 Feb 25 05 Feb 25 05 Feb 7 05 Feb 7 05 Counter Amount Currency continued MXN 58,200,000.00 USD - 4,980,695.91 MXN 59,141,000.00 USD - 4,980,695.91 MXN - 58,453,000.00 USD MXN - 57,200,000.00 USD MXN - 1,688,000.00 USD NORWEGIAN KRONE - U S DOLLAR Feb 3 05 Feb 3 05 N ZEALAND DOLLAR - U S DOLLAR Mar 11 04 Feb 25 05 Mar 23 04 Feb 25 05 Oct 8 04 Dec 7 04 NZD Feb 25 05 Feb 25 05 NOK 63,800,000.00 USD - 10,000,000.00 NOK - 63,800,000.00 USD 4,980,695.91 4,980,695.91 147,577.47 11.685114 11.874044 11.735910 11.484339 11.438060 9,985,913.29 NZD - 5,000,000.00 USD 5,000,000.00 USD - 3,098,112.44 3,166,016.28 NZD 10,000,000.00 USD - 6,650,330.00 NZD - 10,000,000.00 USD 7,088,704.23 6.380000 6.389000 0.619622 0.633203 0.665033 0.708870 11.106500 11.106500 11.106500 11.106500 11.106500 6.380000 6.380000 1.388504 1.388504 1.388504 1.388504 - 4,980,695.91 EFTA01554657 - 4,980,695.91 4,980,695.91 4,980,695.91 147,577.47 - 10,000,000.00 5,240,174.67 5,324,899.83 - 5,262,954.12 - 5,150,137.30 - 151,983.07 10,000,000.00 9,985,913.29 - 10,000,000.00 - 3,098,112.44 3,166,016.28 - 6,650,330.00 7,088,704.23 3,600,999.20 - 3,600,999.20 7,201,998.41 - 7,201,998.41 - 14,086.71 502,886.76 - 434,982.92 551,668.41 - 113,294.18 259,478.76 344,203.92 - 282,258.21 - 169,441.39 - 4,405.60 Counter Amount Contract Rate Revaluation Rate Contracted/ Base Amount USD Revalued Amount USD Realized Gain/Loss USD EFTA01554658 02 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 February 01, 2005 - February 28, 2005 Page 12 of 30 Account Transactions by Currency Australia Dollar Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Australia Dollar Activity by Date Settlement Date Type Feb 25 Fwd FX Ctrct Quantity Description - 7,187,338.35 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.718733800 TRADE 10/08/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 7,551,985.68 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.755198500 TRADE 12/22/04 VALUE 2/25/05 .00 10,000,000.00 - 10,000,000.00 .00 10,000,000.00 - 10,000,000.00 Amount to Date Realized Amount Gain/Loss USD 10,000,000.00 7,847,501.08 Amount USD - 10,000,000.00 - 7,847,501.08 EFTA01554659 02 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 February 01, 2005 - February 28, 2005 Page 13 of 30 Account Transactions by Currency Euro Currency Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Euro Currency Activity by Date Settlement Date Type Feb 11 Spot FX Quantity Description - 35,831,700 SPOT CURRENCY TRANSACTION - BUY BUY EUR SELL CHF SPOT RATE : 0.781891500 TRADE 2/09/05 VALUE 2/11/05 EURO PRINCIPAL CURRENCY SWISS FRANC Feb 11 FX Opt Asgn'D 35,408,500 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION SELL EUR BUY CHF TRADE 2/09/05 VALUE 2/11/05 .00 23,000,000.00 - 23,000,000.00 .00 23,000,000.00 - 23,000,000.00 Amount to Date Realized Amount Gain/Loss USD 23,000,000.00 29,415,846.06 Amount USD - 23,000,000.00 - 29,615,951.92 EFTA01554660 02 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 February 01, 2005 - February 28, 2005 Page 14 of 30 Account Transactions by Currency Mexican New Peso Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Foreign Exchange Gain Loss USD Mexican New Peso Activity by Date Settlement Date Type Feb 25 Fwd FX Ctrct Quantity Description - 4,980,695.91 SETTLE FORWARD CURRENCY CONTRACT BUY MXN SELL USD CONTRACT RATE : 11.685114000 TRADE 10/13/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 4,980,695.91 SETTLE FORWARD CURRENCY CONTRACT BUY MXN SELL USD CONTRACT RATE : 11.874043500 TRADE 10/18/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 4,980,695.91 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.735910200 TRADE 11/08/04 VALUE 2/25/05 .00 117,341,000.00 - 117,341,000.00 -00 - .01 174,466,000.00 - 174,466,000.00 Amount to Date Realized Amount Gain/Loss USD 58,200,000.00 5,240,174.67 Amount USD 59,141,000.00 5,324,899.83 - 58,453,000.00 - 5,262,954.12 EFTA01554661 02 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 February 01, 2005 - February 28, 2005 Page 15 of 30 Mexican New Peso Activity by Date Settlement Type Feb 25 Fwd FX Ctrct continued Realized Quantity Description 147,577.47 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.438060000 TRADE 12/03/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 4,980,695.91 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.484338900 TRADE 12/01/04 VALUE 2/25/05 - 0.01 Gain/Loss USD - 1,688,000.00 - 151,983.07 Amount Amount USD - 57,200,000.00 - 5,150,137.30 EFTA01554662 02 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 February 01, 2005 - February 28, 2005 Page 16 of 30 Account Transactions by Currency N Zealand Dollar Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance N Zealand Dollar Activity by Date Settlement Date Type Feb 25 Fwd FX Ctrct Quantity Description - 3,098,112.44 SETTLE FORWARD CURRENCY CONTRACT BUY NZD SELL USD CONTRACT RATE : 0.619622400 TRADE 3/11/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 6,650,330 SETTLE FORWARD CURRENCY CONTRACT BUY NZD SELL USD CONTRACT RATE : 0.665033000 TRADE 10/08/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 7,088,704.23 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.708870400 TRADE 12/07/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 3,166,016.28 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.633203200 TRADE 3/23/04 VALUE 2/25/05 .00 15,000,000.00 - 15,000,000.00 -00 15,000,000.00 - 15,000,000.00 Amount to Date Realized Amount Gain/Loss USD 5,000,000.00 3,600,999.20 Amount USD 10,000,000.00 7,201,998.41 - 10,000,000.00 - 7,201,998.41 - 5,000,000.00 - 3,600,999.20 EFTA01554663 02 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 February 01, 2005 - February 28, 2005 Page 17 of 30 Account Transactions by Currency Norwegian Krone Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Norwegian Krone Activity by Date Settlement Date Feb 7 Type Spot FX Quantity Description - 10,000,000 SPOT CURRENCY TRANSACTION - BUY BUY NOK SELL USD SPOT RATE : 6.380000000 TRADE 2/03/05 VALUE 2/07/05 NORWEGIAN KRONE U S DOLLAR Feb 7 Spot FX 9,985,913.29 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.389000000 TRADE 2/03/05 VALUE 2/07/05 U S DOLLAR NORWEGIAN KRONE .00 63,800,000.00 - 63,800,000.00 .00 63,800,000.00 - 63,800,000.00 Amount to Date Realized Amount Gain/Loss USD 63,800,000.00 10,000,000.00 Amount USD - 63,800,000.00 - 9,985,913.29 EFTA01554664 02 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 February 01, 2005 - February 28, 2005 Page 18 of 30 Account Transactions by Currency Pound Sterling Activity Summary Amount this Period Beginning Balance Credits Debits Foreign Exchange Foreign Exchange Ending Balance Foreign Exchange Gain Loss USD Pound Sterling Activity by Date Settlement Date Type Feb 25 Fwd FX Ctrct Quantity Description 23,870,472.06 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL GBP CONTRACT RATE : 1.909637700 TRADE 12/09/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 4,712,411.03 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL GBP CONTRACT RATE : 1.884964400 TRADE 1/28/05 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 28,659,550.30 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL USD CONTRACT RATE : 1.910636700 TRADE 12/08/04 VALUE 2/25/05 .14 15,000,000.00 - 15,000,000.00 .14 .01 25,000,000.00 - 25,000,000.00 Amount to Date Realized Amount Gain/Loss USD 0.01 - 12,500,000.00 - 23,941,246.26 Amount USD - 2,500,000.00 - 4,788,249.25 15,000,000.00 28,729,495.51 EFTA01554665 02 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 February 01, 2005 - February 28, 2005 Page 19 of 30 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 Feb 11 Spot FX Quantity Description 23,000,000 SPOT CURRENCY TRANSACTION - SALE BUY EUR SELL CHF SPOT RATE : 1.218108767 TRADE 2/09/05 VALUE 2/11/05 EURO PRINCIPAL CURRENCY SWISS FRANC Feb 11 Spot FX - 347,883.27 SPOT CURRENCY TRANSACTION - BUY BUY CHF SELL USD SPOT RATE : 1.216500000 TRADE 2/09/05 VALUE 2/11/05 SWISS FRANC U S DOLLAR Feb 11 FX Opt Asgn'D - 23,000,000 SPOT CURRENCY TRANSACTION SETTLEMENT OF ASSIGNED FX OPTION BUY CHF SELL EUR TRADE 2/09/05 VALUE 2/11/05 .00 35,831,700.00 - 35,831,700.00 .00 47,756,700.00 - 47,756,700.00 Amount to Date Realized Amount Gain/Loss USD - 35,831,700.00 - 29,415,846.06 Amount USD 423,200.00 347,883.27 35,408,500.00 29,316,525.91 EFTA01554666 02 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 February 01, 2005 - February 28, 2005 Page 20 of 30 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 - 24,401,063.56 - 24,223,511.00 - 52,000,000.00 - 65,904,606.18 .00 *Year to date information is calculated on a calendar year basis. - 26,269,632.37 - 24,480,004.00 - 52,000,000.00 - 80,904,606.18 147,814.94 76,437,666.04 23,459,227.90 66,484,471.86 279,269.88 76,555,531.10 24,790,319.90 349,440.00 81,679,681.67 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date Feb 1 Dividend Quantity Description JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) Amount USD 147,814.94 EFTA01554667 02 Settlement Date Feb 1 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 February 01, 2005 - February 28, 2005 Page 21 of 30 U S Dollar Activity by Date Type continued Quantity Description Purchase 200,000 SPDR TRUST SERIES 1 @ 117.60 BROKERAGE Amount USD - 23,528,000.00 23,520,000.00 8,000.00 J P MORGAN SECURITIES (EQUITIES) TRADE DATE 01/27/05 Feb 1 Feb 2 Sale Sale - 23,380,185.06 - 200,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SPDR TRUST SERIES 1 @ 117.34 BROKERAGE TAX S/OR SEC 23,468,000.00 8,000.00 772.10 J P MORGAN SECURITIES (EQUITIES) TRADE DATE 01/28/05 Feb 2 Feb 4 Feb 4 Purchase Sale Misc. Disbursement 23,459,227.90 - 50,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) TRANSFERRED BY WIRE TO GOLDMAN SACHS FAO FINANCIAL TRUST COMPANY LETTER FROM CLIENT Feb 7 Spot FX 63,800,000 SPOT CURRENCY TRANSACTION - BUY BUY NOK SELL USD SPOT RATE : 6.380000000 TRADE 2/03/05 VALUE 2/07/05 NORWEGIAN KRONE U S DOLLAR - 10,000,000.00 - 23,459,227.90 50,000,000.00 - 50,000,000.00 23,380,185.06 23,459,227.90 EFTA01554668 EFTA01554669 02 Settlement Date Feb 7 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 February 01, 2005 - February 28, 2005 Page 22 of 30 U S Dollar Activity by Date Type continued Quantity Description Spot FX - 63,800,000 SPOT CURRENCY TRANSACTION - SALE BUY USD SELL NOK SPOT RATE : 6.389000000 TRADE 2/03/05 VALUE 2/07/05 U S DOLLAR NORWEGIAN KRONE Feb 7 Feb 8 Sale Buy-Back Opt - 14,086.71 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 8,065,000 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 02/04/05 Feb 8 Sale Feb 10 Buy-Back Opt - 364,437 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 8,065,000 GBP PUT JPY CALL FX EUROPEAN STYLE OPTION JUL 14, 2005 @ 192. KNOCK IN @ 185 REPURCHASE OF WRITTEN FX OPTION TRADE DATE 02/08/05 Feb 10 Sale Feb 11 Expired Opt - 331,074 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) -2,300,000,000 JPY PUT USD CALL FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 115. EXPIRATION OF PURCHASED FX OPTION 331,074.00 364,437.00 - 331,074.00 14,086.71 - 364,437.00 Amount USD 9,985,913.29 EFTA01554670 02 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 February 01, 2005 - February 28, 2005 Page 23 of 30 U S Dollar Activity by Date Type continued Quantity Description Feb 11 Spot FX 423,200 SPOT CURRENCY TRANSACTION - BUY BUY CHF SELL USD SPOT RATE : 1.216500000 TRADE 2/09/05 VALUE 2/11/05 SWISS FRANC U S DOLLAR Feb 11 FX Option Assignment 23,000,000 EUR CALL CHF PUT FX EUROPEAN STYLE OPTION FEB 09, 2005 @ 1.5395 KNOCK IN TRIGGERED @ 1.5525 KNOCK OUT @ 1.5045 WRITTEN FX OPTION ASSIGNED CALL 35,408,500.00 CHF PUT 23,000,000.00 EUR TRADE DATE 02/09/05 Feb 11 Sale Feb 11 Misc. Disbursement - 1,347,883.27 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) FUNDS TRANSFERRED FROM BRKRG AC# Q30171005 (PRN) TO DDA AC# 000739110438 Feb 24 Expired Opt - 351,500,000 FOR ACCOUNT OF JEFFREY EPSTEIN THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 38. Feb 24 Expired Opt -2,700,000,000 EXPIRATION OF PURCHASED FX OPTION THB CALL USD PUT FX EUROPEAN STYLE OPTION FEB 23, 2005 @ 36. EXPIRATION OF PURCHASED FX OPTION 1,347,883.27 - 1,000,000.00 Amount USD - 347,883.27 EFTA01554671 02 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 February 01, 2005 - February 28, 2005 Page 24 of 30 U S Dollar Activity by Date Type continued Quantity Description Feb 25 Purchase Feb 25 Fwd FX Ctrct 941,835.66 5,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) SETTLE FORWARD CURRENCY CONTRACT BUY ?MD SELL USD CONTRACT RATE : 0.619622400 TRADE 3/11/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY AUD SELL USD CONTRACT RATE : 0.718733800 TRADE 10/08/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY ?MD SELL USD CONTRACT RATE : 0.665033000 TRADE 10/08/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 58,200,000 SETTLE FORWARD CURRENCY CONTRACT BUY MXN SELL USD CONTRACT RATE : 11.685114000 TRADE 10/13/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 59,141,000 SETTLE FORWARD CURRENCY CONTRACT BUY MXN SELL USD CONTRACT RATE : 11.874043500 TRADE 10/18/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 58,453,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.735910200 TRADE 11/08/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 1,688,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.438060000 TRADE 12/03/04 VALUE 2/25/05 Amount USD - 941,835.66 - 3,098,112.44 - 7,187,338.35 - 6,650,330.00 - 4,980,695.91 - 4,980,695.91 4,980,695.91 147,577.47 EFTA01554672 02 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 February 01, 2005 - February 28, 2005 Page 25 of 30 U S Dollar Activity by Date Type continued Quantity Description Feb 25 Fwd FX Ctrct - 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.708870400 TRADE 12/07/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 12,500,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL GBP CONTRACT RATE : 1.909637700 TRADE 12/09/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 10,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL AUD CONTRACT RATE : 0.755198500 TRADE 12/22/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 5,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL NZD CONTRACT RATE : 0.633203200 TRADE 3/23/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 2,500,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL GBP CONTRACT RATE : 1.884964400 TRADE 1/28/05 VALUE 2/25/05 Feb 25 Fwd FX Ctrct - 57,200,000 SETTLE FORWARD CURRENCY CONTRACT BUY USD SELL MXN CONTRACT RATE : 11.484338900 TRADE 12/01/04 VALUE 2/25/05 Feb 25 Fwd FX Ctrct 15,000,000 SETTLE FORWARD CURRENCY CONTRACT BUY GBP SELL USD CONTRACT RATE : 1.910636700 TRADE 12/08/04 VALUE 2/25/05 Feb 28 Sale - 1,000,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) Amount USD 7,088,704.23 23,870,472.06 7,551,985.68 3,166,016.28 4,712,411.03 4,980,695.91 - 28,659,550.30 1,000,000.00 EFTA01554673 02 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 February 01, 2005 - February 28, 2005 Page 26 of 30 U S Dollar Activity by Date Type continued Quantity Description Feb 28 Misc. Disbursement FUNDS TRANSFERRED FROM BRKRG ACt Q30171005 (PRN) TO DDA AC# 000739110438 Amount USD - 1,000,000.00 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 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. If you 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. The distributor of the JPMorgan Funds is JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. and its affiliates receive compensation from JPMorgan Funds for providing services. American Century InvestmentServices, Inc. is the distributor of the AmericanCenturyFunds. AmericanCenturylnvestmentMa nagementlnc. servesas investment advisorto its respectivefund familyand receivescompensation from th at fund familyfor 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. EFTA01554674 02 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 February 01, 2005 - February 28, 2005 Page 27 of 30 Shareholdersof certain JPM Funds are chargeda redemption fee equalto 2% of the proceeds if they exch angeor redeemshares ofsuch funds within 60 days of purchase, subject to certain exceptions set forth in the prospectus of the applicableFund. Pleaseconsult your JPMorgan representativefora list of the JPM Funds that impose redemption fees. 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, N.A. is the marketing name for the private banking business conducted by J.P. Morgan Chase a Co. through its subsidiaries worldwide, including JPMorgan Chase Bank, J.P. Morgan Tr ust Company, N.A. and J.P. Morgan Securities Inc. EFTA01554675 02 J.P. Morgan Securities Inc. 2005 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio February 01, 2005 - February 28, 2005 Page 28 of 30 Margin Account Portfolio February 1 - February 28, 2005 Table of Contents Portfolio Summary Account Officers D'ORAZIO/HORNAK Page 29 All positions in this Margin Account Portfolio are held in custody at J.P. Morgan Securities Inc. (mJPMSI"). Member SIPC. EFTA01554676 02 J.P. Morgan Securities Inc. 2005 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio February 01, 2005 - February 28, 2005 Page 29 of 30 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 Feb 28 0.00 Estimated Annual Income USD EFTA01554677 02 J.P. Morgan Securities Inc. 2005 Account Number: 161121381 FINANCIAL TRUST COMPANY INC 270 Park Avenue, New York, NY 10017 Margin Account Portfolio February 01, 2005 - February 28, 2005 Page 30 of 30 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. EFTA01554678