•41 1:22 PM 03/29/05 Cash Basis Financial Trust Company, Inc. Balance Sheet As of December 31, 2004 26507 • JP Morgan • short options 26542 • Watchill UST Total 26500 • Short Sale Liability 27500 • Repo Dec 31, 04 97,500 74,821,043 75,726,397 27542 • Acct 1 11,978,013 Total 27600 • Repo 11,978