EFTA00196747

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 6





Trades Not Yet Settled ... 6



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td>FINANCIAL TRUST COMPANY INC</td></tr><tr><td>C/O AMERICAN YACHT HARBOR *</td></tr><tr><td>6100 RED HOOK SUITE B-3</td></tr><tr><td>QUARTERS #2</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

## Your Portfolio at a Glance

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>81,737,756</td></tr><tr><td>NET DEBIT BALANCE</td><td>-28,399,636</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$53,338,121</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>49,152,082</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>4,186,039</td></tr></table>

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

ACCOUNT NUMBER

Market Value of Your Portfolio

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

FINANCIAL TRUST COMPANY INC

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

This summary is for informational purposes only. It is not intended as a tax document.

This statement should be retained for your records. See reverse side for important information.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

STATEMENT BACKER IS PRINTED ON THIS PAGE

FINANCIAL TRUST COMPANY INC

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EFTA00196749



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>Opening Balance</td><td>-28,336,981.49</td></tr><tr><td>Dividends/Interest</td><td>1,250.00</td></tr><tr><td>Amount Credited</td><td>$1,250.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-63,904.01</td></tr><tr><td>Amount Debited</td><td>-63,904.01</td></tr><tr><td>Net Cash Activity</td><td>-62,654.01</td></tr><tr><td>Closing Balance</td><td>-28,399,635.50</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td colspan="2">OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-28,336,981.49</td><td>-28,399,635.50</td><td></td></tr><tr><td>Net Cash Balance</td><td>-28,336,981.49</td><td>-28,399,635.50</td><td></td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>1,250.00</td><td>1,132,500.60</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>85,222.00</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>398.34</td></tr><tr><td>Total</td><td>$1,250.00</td><td>$1,218,120.94</td></tr><tr><td>Foreign Tax Withheld</td><td>0.00</td><td>-2,033.91</td></tr><tr><td>Margin Int. Paid</td><td>-63,904.01</td><td>-499,062.62</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>28,399,636</td><td></td></tr><tr><td>Equities</td><td></td><td>81,737,756</td></tr><tr><td>Total</td><td>$28,399,636</td><td>$81,737,756</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><thead><tr><th>STATEMENT PERIOD</th><td>October 30, 2004</td></tr></thead><tbody><tr><td>THROUGH</td><td>November 30, 2004</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>October 29, 2004</td></tr></tbody></table>

Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00196750



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



4 of 6



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>-28,399,636</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-28,399,636</td><td></td><td></td></tr></tbody></table>

CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

## Equities & Options

## EQUITIES

STATEMENT PERIOD October 30, 2004

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm’s Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons.

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

THROUGH November 30, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>BANK OF AMERICA CORP BSC RATING:STOCK O/SECTOR MW N,A,B,RESEARCH,L,L,C. RATING:B</td><td>BAC</td><td>MRGN</td><td>200,000</td><td>46.2700</td><td>9,254,000</td><td>360,000</td><td>3.8902</td></tr><tr><td>WALT DISNEY CO HOLDING CO BSC RATING:STOCK P/SECTOR MO BOYAR&#x27;S ALTERNATIVE VIEWPOINT RATING:B</td><td>DIS</td><td>CASH</td><td>250,000</td><td>26.8800</td><td>6,720,000</td><td>52,500</td><td>0.7813</td></tr></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859


**5 of 6**

## Your Portfolio Holdings (continued)

FINANCIAL TRUST COMPANY INC

Equities & Options (continued)

STATEMENT PERIOD October 30, 2004

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>WALT DISNEY CO HOLDING CO BSC RATING: STOCK P/SECTOR MO BOYAR S ALTERNATIVE VIEWPOINT RATING: B</td><td>DIS</td><td>MRGN</td><td>1,000,000</td><td>26.8800</td><td>26,880,000</td><td>210,000</td><td>0.7813</td></tr><tr><td>FLEXTRONICS INTERNATIONAL LTD<br>BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: H</td><td>FLEX</td><td>CASH</td><td>100,000</td><td>14.3500</td><td>1,435,000</td><td></td><td></td></tr><tr><td>IFIL(IST FIN ITAL) EUR1 INVST CL</td><td>IFPSF</td><td>CASH</td><td>100,000</td><td>3.8580</td><td>385,800</td><td>8,200</td><td>2.1255</td></tr><tr><td>MBNA CORP<br>BSC RATING: STOCK O/SECTOR MW BOYAR S ALTERNATIVE VIEWPOINT RATING: B</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>26.5600</td><td>26,560,000</td><td>480,000</td><td>1.8072</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>33.9700</td><td>3,397,000</td><td>5,000</td><td>0.1472</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>433,290</td><td>16.4000</td><td>7,105,956</td><td>693,264</td><td>9.7561</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$81,737,756</td><td>$1,808,964</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$81,737,756</td><td>$1,808,964</td><td></td></tr></tbody></table>

THROUGH November 30, 2004

ACCOUNT NUMBER

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,808,964</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$53,338,120</td></tr></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

6 of 6

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

## DIVIDENDS

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td rowspan="2">11/01/04</td><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>100,000</td><td>0.0125</td><td></td><td>1,250.00</td></tr><tr><td>REC 10/01/04 PAY 11/01/04</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$1,250.00</td></tr></tbody></table>



INTEREST


<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td rowspan="3">11/22/04</td><td>INT DB</td><td></td><td></td><td></td><td>63,904.01</td><td></td></tr><tr><td>10/21 - 11/20 @02 61895%</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>BAL</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-63,904.01</td></tr></tbody></table>

## Trades Executed Pending Settlement

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/03/04</td><td>11/30/04</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC<br>UNSOLICITED<br>BEAR, STEARNS &amp; CO., INC. IS A<br>SUBSIDIARY OF THE ISSUER.</td><td>BSC</td><td>300,000.00</td><td>97.1500</td><td>29,163,005.00</td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td></td><td>$29,163,005.00</td><td>$0.00</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.

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