EFTA01506916.pdf

04 IMO,' JPMorgan Chase Bank 345 Park Avenue. New York. NY 10154-1002 JPMorgan Private Bank Account Number Asset Account Portfolio Page 18 of 82 FINANCIAL TRUST COMPANY INC April 01, 2004 - April 30, 2004 Description Counter Cowles Premium Premium Premium Current Market Unrealized Cu. Amount Currency Amount Currency Local USD Value USD Oaln/LOss USD Foreign Exchange continued GBP PUT USD CALL GBP - 5,000,000 USD - 8,900,000.00 USD - 167,320.00 - 167,320.00 - 170,942.55 - 3,622.55 FX EUROPEAN STYLE OPTION JUN 15, 2004 (12 1.78 KNOCK IN TRIGGERED @ 1.76 XGBPPA-GT-Z GBP CALL USD PUT GBP - 5,000,000 USD - 9,150,000.00 USD - 91,500.00 - 91,500.00 - 34,692.35 56.807 65 FX EUROPEAN STYLE OPTION JUN 15. 2004 @ 1.83 KNOCK IN TRIGGERED © 1.86 XGBPCA-11W2 Total Foreign Exchange - 2,912,269.13 - 5,110,038.82 - 2,197,779.89 Eschangenksted options are viand Meg market mean Si to dead business fd latternent date OvenTtie-COunter (OTC) cptons We rained el IMIAlarket unless Miterwise weed Sec Important IntommtlOn about Pricing and Valuations. Modest Infonnateon *bout Pacing and Valuations Pnces some of what as ,'skated by prang ..as cr other sources witch we deem reek* we not aurorae' fir mammy."' as meted* Mum Valuetions olcver.themountee derwatere transactions, include, cadet thewatieesmiebel depose products. hive been prepared on a ma-mete basks These yebelsons are irdicetrve moues as al Ste tbst el business of bb date of Me stelement end. except as otherwise agreed an witting. Mese wantons do not represent the actual one al Wadi frensectons or seconbes cook) be bought cc see ce new benumb:no curia be en...en into se Meactual kerns an Much existing fransaeb:ns mattes muff be tqudaled as dew date chills statement We do not wemsnt thee completeness m accuracy These veluatons we derived from propnetery modes based upon was teeognced /mance( prindpbs and we ham. when necessary b calculate the present sakes of future man lbws. male reasonable estamtes about relevant future market conitions Valuthons based ter other models et different essumptans may )tip dement react Akegen expressly Oedema any respcnstietly ke (e) the eccuracy of the models et *stint used n denwng the yeluations. (2) any area or omissions in compute, c disseenneang the valuations and (3) any uses to wag* the valuations eft put Valuations we pawned kr inisemetion purposes only ad tee intended sobly /p )w own use. Please rob to the trade eattlirmebon b , deters of eadtIanseMon Confidential Treatment Requested by JPMorgan JPM-SDNY-00031905 Chase CONFIDENTIAL SDNY_GM_00301103 EFTA01506916