EFTA Document EFTA01558086

05 2005 Confidential FINANCIAL TRUST COMPANY INC Page 1 of 13 J.P. Morgan Portfolios May 1 - May 31, 2005 Table of Contents Page Account Summary Asset Account Portfolio Margin Account Portfolio 0 JPMCB JPMSI 2 3 11 000000.0000.00.0000.000.000000000.000000 FINANCIAL TRUST COMPANY INC ATTN: JEFFREY E EPSTEIN C/O AMERICAN YACHT HARBOR 6100 RED HOOK, QUARTERS IBS ST THOMAS 00802 US VIRGIN ISLDS EFTA01558086 05 2005 FINANCIAL TRUST COMPANY INC Portfolio Summary May 01, 2005 - May 31, 2005 Page 2 of 13 Portfolio Summary Net Worth Summary Asset Portfolio USD Assets(Long) Total Cash S Short Term Accrued Income Total Net Worth Income Summary Dividends Total 1,644,224.46 1,644,224.46 1,644,224.46 384.76 1,644,609.22 Margin Portfolio USD 0.00 0.00 0.00 0.00 0.00 1,644,224.46 1,644,224.46 1,644,224.46 384.76 1,644,609.22 This Period 508.18 508.18 Year to Date 1,511.98 1,511.98 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 EFTA01558087 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 3 of 13 Asset Account Portfolio May 1 - May 31, 2005 Table of Contents Portfolio Summary Cash and Short Term Account Transactions Account Officers HORNAK/VILLACIS/ Page 4 5 6 EFTA01558088 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 4 of 13 Overview Current Market Value USD 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 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 100% Cash and Short Term May 31 Cash S Short Term Total Accrued Income Total Portfolio Value Private Investments * 1,644,224.46 1,644,224.46 384.76 1,644,609.22 0.00 Income Summary Dividends Total Net Gain/Loss Summary Net Short Term Gain/Loss Total Prior Period Market Value USD Apr 30 194,238.05 194,238.05 508.18 194,746.23 2,028,811.69 Tax Cost USD 1,673,105.62 1,673,105.62 Estimated Annual Income USD 3,689.58 3,689.58 Yield 0.2 0.2 This Period USD 508.18 508.18 Year to Date USD* 1,511.98 1,511.98 Realized This Period USD Realized Year to Date USD* - 3,105.73 - 3,105.73 *Year to date information is calculated on a calendar year basis. Exchange Rates Spot Rates as of May 31, 2005 *Value is an estimated figure given the illiquid nature of Private Investments (see Private Investment information at end of section summary). Currency EUR GBP Exchange Rate EFTA01558089 1.2348 1.8225 Unrealized USD - 28,881.16 - 28,881.16 EFTA01558090 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 5 of 13 Cash and Short Term Summary by Maturity Current Market Value USD Cash Total 1,644,224.46 1,644,224.46 Estimated Annual Income USD 3,689.58 3,689.58 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 EURO PRINCIPAL CURRENCY JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) 7-Day Annualized Yield: 2.94% Total Cash 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. EUR USD 1,228,976.09 126,746.23 1.25825 1.00 1.23475 1.00 1,546,359.39 126,746.23 1,517,478.23 126,746.23 384.76 1,673,105.62 1,644,224.46 384.76 - 28,881.16 3,689.58 0.22 - 28,881.16 3,689.58 N/A 2.91 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 EFTA01558091 EFTA01558092 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 6 of 13 Account Transactions by Currency Euro Currency Activity Summary Amount this Period Beginning Balance Credits Miscellaneous Receipts Foreign Exchange Debits Miscellaneous Disbursements Ending Balance Euro Currency Activity by Date Settlement Date Type May 25 Misc. Receipt May 25 Misc. Disbursement Quantity Description NESTOR - CAD - 05.25.2005 EURO PRINCIPAL CURRENCY NESTOR - OGC - 05.25.2005 EURO PRINCIPAL CURRENCY - 4,613.03 1,228,976.09 - 517,969.71 1,233,589.12 1,233,589.12 513,356.68 .00 Amount to Date Realized Amount Gain/Loss USD 1,233,589.12 - 4,613.03 1,552,163.74 - 5,804.35 Amount USD EFTA01558093 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 7 of 13 Account Transactions by Currency U S Dollar Activity Summary Amount this Period USD Beginning Balance Credits Dividends Sweep Account Sales Miscellaneous Receipts Debits Sweep Account Purchases Miscellaneous Disbursements Foreign Exchange Ending Balance .00 *Year to date information is calculated on a calendar year basis. - 508.18 - 68,000.00 - 339,130.18 - 371,000.00 - 689,951.38 508.18 68,000.00 1,511.98 398,569.58 1,000,000.00 .00 Amount Year to Date USD* U S Dollar Activity by Date Type Settlement Date May 2 May 2 May 9 Dividend Purchase Sale 508.18 - 35,000 Quantity Description JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) Amount USD 508.18 - 508.18 35,000.00 EFTA01558094 05 Settlement Date May 9 JPMorgan Chase Bank, N.A. 2005 Account Number: O FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 8 of 13 U S Dollar Activity by Date Type continued Quantity Description Misc. Disbursement TRANSFERRED BY WIRE TO FIRSTBANK PUERTO RICO FAO FINANCIAL TRUST COMPANY, INC LETTER FROM CLIENT May 23 Sale May 23 Misc. Disbursement - 33,000 JP MORGAN INSTITUTIONAL PRIME MONEY INSTITUTIONAL CLASS SWEEP FUND (829) (SWEEP DEADLINE IS 4:30 PM EST) TRANSFERRED BY WIRE TO FIRSTBANK PUERTO RICO FAO FINANCIAL TRUST COMPANY, INC. LETTER FROM CLIENT May 31 Free Delivery - 2,073,336.59 NESTOR 2000 SPECIAL LLC (COMMITMENT EXPRESSED IN EUROS) TRADE DATE 05/31/05 33,000.00 - 33,000.00 Amount USD - 35,000.00 EFTA01558095 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 9 of 13 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 errorand send it to: JPMorgan Private Bank, 500 Stanton ChristianaRoad, 1/OPS3, Newark,DE19713-2107. We must hearfrom you no laterthan 60 days afterthe stat ement on which the erroror problem appearedis sent. You can contact yourclient servicespecialistbut doing so will not preserveyour rights. In your letter, please provide the following information: (1) your name and account number; (2) the dollaramount of the suspected error; and (3) a description of the errorand explanation, if you can, why you believethere is an error. Ifyou need more information, you must describe the item you are unsure about. Important Information about Pricing and Valuations Market value information (including without limitation, prices, exchange rates, accrued income and b and ratings) furnished herein has been obtained from sources that the Bank believesto be reliableand is furnished for the exclusiveuse of the client. The Bank makes no representation, warrantyor guarantee,expressor implied, that anyquoted valuerepresentsthe actual term s at which transactions or securities could be bought or sold or new transactions could be enteredin to, or the actual terms on which existing transactions or securities could be liquidated. The current price is the valueofthe financialasset share, unit or contract as priced at the close of the marketon the last dayofthe statement periodor the last availableprice. All valuesprovidedfor structured yielddeposits (forexample,JPMorgan London Time Deposits) reflectthe originaldeposit amount only. The current valuefor RealEstate, Minerallnterestsand MiscellaneousAssets maynot reflectthe most curr ent valueof the asset. Valuations of over-the-counterderivativetransactions, including certain derivatives-relateddeposit p roducts, have been preparedon a mid-market basis. These valuations are indicative values as of the c lose of business of the date of this statement and, except as otherwise agreedin writing, these valuationsdo not representthe actual terms at which transactions or securiti es could be bought or sold or new transactions could be enteredinto, or the actual terms on which ex isting transactions or securities could be liquidatedas of the date of this statement. We do not warrant their completeness or accuracy. These valuationsare derivedfrom proprie tarymodels basedupon well-recognizedfinancialprinciples and we have, when necessaryto calculate the present valueof future cash flows, made reasonable estimates about relevantfuture market conditions. Valuations based on other models or different assumptions ma y yield different results. Morgan expresslydisclaims any responsibility for (1) the accuracyof the m odels or estimates used in deriving the valuations, (2) any errors or omissions in computing or disseminating the valuations, and (3)anyuses to which the valuationsare pu t. Valuationsare providedfor information purposes only and are intendedsolelyfor yourown use. Please referto the trade confirmation for details ofeach transaction. At yourrequest, assets maybe ref lectedhereineventhough they are held by a third partyunaffiliatedwit h JPMorgan. In such case, unless JPMorgan otherwise agrees,JPMorgan has no responsibilityfor the ver ification, valuation, safekeepingor managementofthose assets. Pleasereviewyourstatement promptly and report anydiscrepanciesimmediatelyto an account of ficerwhose name appearson the contact page of this statement. 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 EFTA01558096 nagementInc. servesas investment advisorto its respectivefund familyand receivescompensation from th at fund familyfor providing investment advisoryand other services. EFTA01558097 05 JPMorgan Chase Bank, N.A. 2005 Account Number: I FINANCIAL TRUST COMPANY, INC. 345 Park Avenue, New York, NY 10154-1002 Asset Account Portfolio May 01, 2005 - May 31, 2005 Page 10 of 13 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. You should have receivedseparateJPMSI confirmations for each securities transaction. All transaction s are subject to the terms and conditions stated on the reverseside of such confirmations and are su bject to the constitution, by-laws, customs and interpretationsof the marketplacewhere executedand governedby and construed in accordance with the laws of the State of Ne w Yorkand all applicablefederallaws and regulations. Furtherinformation with respect to commissions and other charges relatedto the execution of transactions, including options transactions, has been included in confirmations that were previouslyfurnishedto y ou. Upon written request, JPMSI will promptly supply you with the latest such information. 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 ("SIPCm),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 of each 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 "Bankm)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. 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. EFTA01558098 05 J.P. Morgan Securities Inc. 2005 Account Number: FINANCIAL TRUST COMPANY, INC. 270 Park Avenue, New York, NY 10017 Margin Account Portfolio May 01, 2005 - May 31, 2005 Page 11 of 13 Margin Account Portfolio May 1 - May 31, 2005 Table of Contents Portfolio Summary Account Officers HORNAK/VILLACIS/ Page 12 All positions in this Margin Account Portfolio are held in custody at J.P. Morgan Securities Inc. (mJPMSI"). Member SIPC. EFTA01558099 05 J.P. Morgan Securities Inc. 2005 Account Number: FINANCIAL TRUST COMPANY, INC. 270 Park Avenue, New York, NY 10017 Margin Account Portfolio May 01, 2005 - May 31, 2005 Page 12 of 13 Overview Market Value USD Portfolio Summary Total May 31 0.00 Estimated Annual Income USD EFTA01558100 05 J.P. Morgan Securities Inc. 2005 Account Number: FINANCIAL TRUST COMPANY, INC. 270 Park Avenue, New York, NY 10017 Margin Account Portfolio May 01, 2005 - May 31, 2005 Page 13 of 13 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 of each 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. 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 Please keep the following in mind when using this statement to track your JPMSI brokerageactivity: T his statement combines your generalmargin account with the special memorandum account requiredby Sec tion 220.6 Regulation T. As requiredby Regulation T, a permanentrecordofyourseparateaccount is availableupon yourrequest. 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 segregatedand may be used in the operation of JPMSIs bu siness, subject to the limitations of SECRule 15c3-3. Unless otherwise instructed, JPMSI or its agen is and depositories will hold your securities. Upon your demand, JPMSI will payto you the amount ofyourfree credit balance, and will deliverto you fully-paidsecuritie s held on yourbehalf. Interestwill be chargedon anydebit balance; the method ofcalculating interest is describedin a lette rsent to all margin customers. You should have receivedseparateJPMSI confirmations for each securities transaction. All transaction s are subject to the terms and conditions stated on the reverseside of such confirmations and are su bject to the constitution by-laws, customs and interpretationsof the marketplacewhere executedand governedby and construed in accordance with the laws of the State of Ne w Yorkand all applicablefederallaws and regulations. Furtherinformation with respect to commissions and other charges relatedto the execution of transactions, including options transactions, has been included in confirmations that were previouslyfurnishedto y ou. Upon written request, JPMSI will promptly supply you with the latest such information. Ifa partialcall is made with respect to an issue of securities included in yourMargin Account we wil 1 allocatethe call by a method we deem fairand equitable. You must promptly adviseJPMSI ofmaterialchanges in yourinvestment objectivesor financialsituation. U nless you inform JPMSI otherwise, JPMSI will considerthe information currentlyin its files to be com plete and accurate. 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 affiliatesmay be lenders to issuers of securities that JPMSI underwrites, in which c ase proceeds of offerings underwritten by JPMSI may be used for the repaymentof such loans, and you should referto the disclosure documents relating to particular securities for discussion of any such lending relationships. The FederalReserverequires that JPMSI o btain your consent before it can obtain certain information from its bank or thrift affiliates, incl uding their credit evaluationof you. We will assume that your continuing to transact business with JPMSI will constitute yourconsent to the sharing ofsuch information by JPMSI and its bankor thrift affiliates,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. EFTA01558101