EFTA00196795

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



## Your Portfolio at a Glance



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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>74,175,563</td></tr><tr><td>NET DEBIT BALANCE</td><td>-31,670,992</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$42,504,571</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>48,023,112</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-5,518,541</td></tr></table>

Market Value of Your Portfolio

TAXPAYER NUMBER On File

| LAST STATEMENT | March 31, 2004 |

| :--- | :--- |

FINANCIAL TRUST COMPANY INC



ACCOUNT NUMBER



STATEMENT PERIOD April 1, 2004

THROUGH April 30, 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.



SIPC 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

FINANCIAL TRUST COMPANY INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00196797



BEAR
STEARNS


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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>-31,742,917.44</td></tr><tr><td>Dividends/Interest</td><td>120,000.00</td></tr><tr><td>Amount Credited</td><td>$120,000.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-48,074.84</td></tr><tr><td>Amount Debited</td><td>-48,074.84</td></tr><tr><td>Net Cash Activity</td><td>71,925.16</td></tr><tr><td>ClosingBalance</td><td>-31,670,992.28</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>-31,742,917.44</td><td>-31,670,992.28</td><td></td></tr><tr><td>Net Cash Balance</td><td>$-31,742,917.44</td><td>$-31,670,992.28</td><td></td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>120,000.00</td><td>381,091.20</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>$120,000.00</td><td>$466,711.54</td></tr><tr><td>Margin Int. Paid</td><td>-48,074.84</td><td>-129,739.07</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>31,670,992</td><td></td></tr><tr><td>Equities</td><td></td><td>74,175,563</td></tr><tr><td>Total</td><td>$31,670,992</td><td>$74,175,563</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

FINANCIAL TRUST COMPANY INC

<table><tr><td>STATEMENT PERIOD</td><td>April 1, 2004</td></tr><tr><td>THROUGH</td><td>April 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>March 31, 2004</td></tr></table>

Your Portfolio Allocation



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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## 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>-31,670,992</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-31,670,992</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>80.4900</td><td>8,049,000</td><td>320,000</td><td>3.9756</td></tr><tr><td>WALT DISNEY CO HOLDING CO</td><td>DIS</td><td>CASH</td><td>250,000</td><td>23.0300</td><td>5,757,500</td><td>52,500</td><td>0.9119</td></tr><tr><td>WALT DISNEY CO HOLDING CO</td><td>DIS</td><td>MRGN</td><td>1,000,000</td><td>23.0300</td><td>23,030,000</td><td>210,000</td><td>0.9119</td></tr><tr><td>FLEXTRONICS INTERNATIONAL LTD</td><td>FLEX</td><td>CASH</td><td>100,000</td><td>16.1000</td><td>1,610,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>CASH</td><td>150,000</td><td>9.4900</td><td>1,423,500</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>3.5520</td><td>355,200</td><td>8,869</td><td>2.4969</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>24.3800</td><td>24,380,000</td><td>480,000</td><td>1.9688</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>27.4500</td><td>2,745,000</td><td>5,000</td><td>0.1821</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>412,658</td><td>16.5400</td><td>6,825,363</td><td>660,253</td><td>9.6735</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$74,175,563</td><td>$1,736,622</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$74,175,563</td><td>$1,736,622</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 April 1, 2004

THROUGH April 30, 2004

AGCOUNT NUMBER

| LAST STATEMENT | March 31, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

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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 6



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,736,622</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$42,504,571</td></tr></table>

## Your Portfolio Holdings (continued)

STATEMENT PERIOD April 1, 2004

THROUGH April 30, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 31, 2004 |

| :--- | :--- |

## INVESTMENT ACTIVITY



Transaction Detail


<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>04/20/04</td><td></td><td>JOURNAL</td><td>WALT DISNEY CO HOLDING CO JRL FM PER LOA</td><td>DIS</td><td>157,000</td><td></td><td></td><td></td></tr><tr><td>04/21/04</td><td></td><td>DELIVERED</td><td>SENTIGEN HOLDING CP RSTD</td><td>9380646</td><td>-333,334</td><td></td><td></td><td></td></tr><tr><td colspan="9">TOTAL</td></tr></tbody></table>

## DIVIDENDS

<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>04/01/04</td><td>MBNA CORP<br>REC 03/15/04 PAY 04/01/04</td><td>KRB</td><td>1,000,000</td><td>0.1200</td><td></td><td>120,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$120,000.00</td></tr></tbody></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



6 of 6

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST



STATEMENT PERIOD April 1, 2004

THROUGH April 30, 2004



ACCOUNT NUMBER



<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">04/21/04</td><td>INT DB</td><td></td><td></td><td></td><td>48,074.84</td><td></td></tr><tr><td>03/21 - 04/20 @01.76007%</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="5">TOTAL</td><td>-48,074.84</td><td></td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | March 31, 2004 |

| :--- | :--- |





******* End of Statement*******



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