EFTA00196790

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

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr></table>





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Your Portfolio at a Glance

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>76,308,062</td></tr><tr><td>NET DEBIT BALANCE</td><td>-31,716,148</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$44,591,914</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>42,504,571</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>2,087,343</td></tr></table>

TAXPAYER NUMBER On File

Market Value of Your Portfolio

ACCOUNT NUMBER

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

STATEMENT PERIOD May 1, 2004

FINANCIAL TRUST COMPANY INC

THROUGH May 28, 2004

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

2 of 5

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

FINANCIAL TRUST COMPANY INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00196792



BEAR
STEARNS


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

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>-31,670,992.28</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>-46,405.67</td></tr><tr><td>Amount Debited</td><td>-46,405.67</td></tr><tr><td>Net Cash Activity</td><td>-45,155.67</td></tr><tr><td>ClosingBalance</td><td>-31,716,147.95</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-31,670,992.28</td><td>-31,716,147.95</td></tr><tr><td>Net Cash Balance</td><td>$-31,670,992.28</td><td>$-31,716,147.95</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>382,341.20</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>$467,961.54</td></tr><tr><td>Margin Int. Paid</td><td>-46,405.67</td><td>-176,144.74</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>31,716,148</td><td></td></tr><tr><td>Equities</td><td></td><td>76,308,062</td></tr><tr><td>Total</td><td>$31,716,148</td><td>$76,308,062</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><tr><td>STATEMENT PERIOD</td><td>May 1, 2004</td></tr><tr><td>THROUGH</td><td>May 28, 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>April 30, 2004</td></tr></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.

EFTA00196793



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 5

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<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>-31,716,148</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-31,716,148</td><td></td><td></td></tr></tbody></table>

## EQUITIES

Equities & Options

<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>BANK OF AMERICA CORP</td><td>BAC</td><td>MRGN</td><td>100,000</td><td>83.1300</td><td>8,313,000</td><td>320,000</td><td>3.8494</td></tr><tr><td>WALT DISNEY CO HOLDING CO</td><td>DIS</td><td>CASH</td><td>250,000</td><td>23.4700</td><td>5,867,500</td><td>52,500</td><td>0.8948</td></tr><tr><td>WALT DISNEY CO HOLDING CO</td><td>DIS</td><td>MRGN</td><td>1,000,000</td><td>23.4700</td><td>23,470,000</td><td>210,000</td><td>0.8948</td></tr><tr><td>FLEXTRONICS INTERNATIONAL LTD</td><td>FLEX</td><td>CASH</td><td>100,000</td><td>17.5600</td><td>1,756,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>CASH</td><td>150,000</td><td>10.0500</td><td>1,507,500</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>3.5380</td><td>353,800</td><td>9,161</td><td>2.5893</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>25.4000</td><td>25,400,000</td><td>480,000</td><td>1.8898</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>30.7900</td><td>3,079,000</td><td>5,000</td><td>0.1624</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>412,658</td><td>15.9000</td><td>6,561,262</td><td>660,253</td><td>10.0629</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$76,308,062</td><td>$1,736,914</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$76,308,062</td><td>$1,736,914</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD May 1, 2004

THROUGH May 28, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |

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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



5 of 5



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,736,914</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$44,591,914</td></tr></table>



Transaction Detail


## DIVIDENDS

STATEMENT PERIOD May 1, 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>05/03/04</td><td>TYCO INTERNATIONAL LTD<br>REC 04/01/04 PAY 05/03/04</td><td>TYC</td><td>100,000</td><td>0.0125</td><td></td><td>1,250.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,250.00</td></tr></tbody></table>

FINANCIAL TRUST COMPANY INC

THROUGH May 28, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2004 |

| :--- | :--- |



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 AMOUN</th></tr></thead><tbody><tr><td rowspan="3">05/21/04</td><td>INT DB</td><td></td><td></td><td></td><td>46,405.67</td><td></td></tr><tr><td>04/21 - 05/20 @01.75833%</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>-46,405.67</td></tr></tbody></table>

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