Bear Stearns account statement for a trust company account, July 2005

EFTA00196870¶

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

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| :--- | :--- |¶

| 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

Fund Activity … 7¶

FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR

6100 RED HOOK SUTE B-3

QUAETERS #2

ST THOMAS VI 00802-1348

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSIDIARY¶

Your Portfolio at a Glance¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

TOTAL VALUE OF SECURITIES THIS PERIOD	80,238,825
MONEY MARKET FUND BALANCE	4,752,649
NET EQUITY THIS PERIOD	$84,991,474
NET EQUITY LAST STATEMENT	88,973,570
CHANGE SINCE LAST STATEMENT	-3,982,096

FINANCIAL TRUST COMPANY INC¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

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

TAXPAYER NUMBER On File¶

ACCOUNT NUMBER¶

Market Value of Your Portfolio¶

STATEMENT PERIOD July 1, 2005¶

THROUGH July 29, 2005¶

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, Stearns 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¶

FINANCIAL TRUST COMPANY INC¶

STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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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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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$0.00
Securities Sold	1,160,186.47
Money Fund	30,256,439.25
Funds Deposited	91,655.92
Dividends/Interest	581,335.41
Miscellaneous	512,591.00
Amount Credited	$32,602,208.05
Securities Bought	-26,565,005.00
Money Fund	-1,909,975.38
Funds Withdrawn	-4,125,000.00
Miscellaneous	-2,227.67
Amount Debited	-32,602,208.05
Closing Balance	$0.00

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	679,673.05	1,835,255.81
Credit Balance Int.	81.77	2,395.40
Total	$679,754.82	$1,837,651.21
Foreign Tax Withheld	-2,227.67	-2,227.67

Portfolio Composition¶

	SHORT	LONG
Cash/Cash Equivalent		4,752,649
Equities	24,000	80,262,825
Total	$24,000	$85,015,474

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

Bear, Steams Securities Corp.¶

One Metrotech Center North Brooklyn, New York 11201-3859¶

STATEMENT PERIOD July 1, 2005¶

FINANCIAL TRUST COMPANY INC¶

THROUGH July 29, 2005¶

ACCOUNT NUMBER¶

Your Portfolio Allocation¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

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

EFTA00196873¶

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¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 3,2000%	DICXX	4,752,649.21	1.0000	4,752,649	137,827	2.9000
TOTAL CASH & CASH EQUIVALENTS				$4,752,649	$137,827

CLEARED THROUGH ITS WHOWY OWNED SUBSIDIARY¶

Equities & Options¶

EQUITIES¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

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.¶

STATEMENT PERIOD July 1, 2005¶

ACCOUNT NUMBER¶

FINANCIAL TRUST COMPANY INC¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

THROUGH July 29, 2005¶

TAXPAYER NUMBER On File¶

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.¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
BEAR STEARNS COMPANIES INC	BSC	CASH	450,000	102.1100	45,949,500	450,000	0.9793
COLGATE PALMOLIVE CO BSC RATING: STOCK O/SECTOR MW FULCRUM GLOBAL PARTNERS, LLC RATING: H	CL	CASH	106,200	52.9400	5,622,228	123,192	2.1912
CALL COLGATE PALM NOV 055**** EXP 11/19/2005	CLK55	CASH	-200	1.2000	-24,000

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EFTA00196874¶

BEAR STEARNS¶

OFFICE SERVICING YOUR ACCOUNT¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

5 of 9¶

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

Your Portfolio Holdings (continued)¶

FINANCIAL TRUST COMPANY INC¶

Equities & Options (continued)¶

STATEMENT PERIOD July 1, 2005¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
DEERFIELD TRIARC CAP CORP ACCREDITED INVESTORS		CASH	1,000,000	14.6400	14,640,000
EQUITY OFFICE PROPERTIES TRUST SBI BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC. RATING: H	EOP	CASH	110,000	35.4500	3,899,500	220,000	5.6417
ENVIRONMENTAL SOLUTIONS WORLDWIDE INC	ESWW	CASH	100,000	0.8200	82,000
IFIL(IST FIN ITAL) EUR1 INVST CL	IFPSF	CASH	100,000	4.4860	448,600	8,200	1.8279
KERZNER INTERNATIONAL LTD BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B	KZL	CASH	10,000	59.7500	597,500
MACK-CALI REALTY CORP BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC. RATING: B	CLI	CASH	88,100	47.9100	4,220,871	222,012	5.2599
TOO INC BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B	TOO	CASH	50,000	25.7900	1,289,500
VECTOR GROUP LTD	VGR	CASH	151,990	19.4100	2,950,126	243,184	8.2432
WYNN RESORTS LTD BSC RATING: STOCK O/SECTOR MW WALL STREET STRATEGIES RATING: H	WYNN	CASH	10,000	56.3000	563,000
Total Equities& Options					$80,238,825	$1,266,588
TOTAL EQUITIES					$80,238,825	$1,266,588

THROUGH July 29, 2005¶

ACCOUNT NUMBER¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

TAXPAYER NUMBER On File¶

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V895¶

EFTA00196875¶

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 9¶

Bear, Steams Securities Corp.¶

One Metrotech Center North Brooklyn, New York 11201-3859¶

FINANCIAL TRUST COMPANY INC¶

Your Portfolio Holdings (continued)¶

STATEMENT PERIOD July 1, 2005¶

THROUGH July 29, 2005¶

ACCOUNT NUMBER¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$1,404,415
YOUR PRICED PORTFOLIOHOLDINGS	$84,991,474

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

INVESTMENT ACTIVITY¶

Transaction Detail¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/19/05	07/14/05	BOUGHT	BEAR STEARNS COMPANIES INC BEAR, STEARNS & CO., INC. IS A SUBSIDIARY OF THE ISSUER.	BSC	250,000	106.20000	26,565,005.00
07/19/05	07/18/05	SOLD	CALL COLGATE PALM NOV 055 **** EXP 11/19/2005 UNSOLICITED ORDER EXECUTED BY ISE OPEN CONTRACT	QCLK55	-200	1.00000		19,394.16
07/21/05	07/18/05	SOLD	CELGENE CORP UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE: 45,693800 DIFFERENCE - 0,060000	CELG	-25,000	45.63380		1,140,792.31
TOTAL							-26,565,005.00	$1,160,186.47

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EFTA00196876¶

BEAR STEARNS¶

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

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

7 of 9¶

Bear, Steams Securities Corp.¶

One Metrotech Center North¶

Brooklyn, New York 11201-3859¶

Transaction Detail (continued)¶

FINANCIAL TRUST COMPANY INC¶

DEPOSITS AND WITHDRAWALS¶

STATEMENT PERIOD July 1, 2005¶

THROUGH July 29, 2005¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

MONEY FUND ACTIVITY¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/01/05		OPENINGBALANCE		33,000,693.67

07/01/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-2,612,409	1.0000		2,612,409.00
07/01/05	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				98,419.41
07/01/05	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	98,419.41		98,419.41
07/08/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	91,655.92	1.0000	91,655.92
07/15/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	61,022.97	1.0000	61,022.97

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EFTA00196877¶

BEAR STEARNS¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY¶

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

8 of 9¶

FINANCIAL TRUST COMPANY INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD July 1, 2005¶

THROUGH July 29, 2005¶

MONEY FUND ACTIVITY (continued)¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

DATE MOID/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/18/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	405,503	1.0000	405,503.00
07/19/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-26,545,610.84	1.0000		26,545,610.84
07/21/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	1,140,792.30	1.0000	1,140,792.30
07/25/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	81.78	1.0000	81.78
07/28/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-1,000,000	1.0000		1,000,000.00
07/29/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	112,500	1.0000	112,500.00

07/29/05	CLOSINGBALANCE	4,752,649.21
TOTAL		-1,909,975.38	$30,256,439.25

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
07/14/05	IFIL(IST FIN ITAL)	IFPSF	100,000	0.0683		8,250.64
	EUR1 INVST CL		WH		2,227.67
	REC 07/13/05 PAY 07/14/05
	EM CONV. RATE: 01,20800
	FOREIGN TAX WITHHELD
07/15/05	DEERFIELD TRIARC CAP CORP					350,000.00
	ACCREDITED INVESTORS
	RD 06/22 PD 07/15 RT .35000
	CSH DIV ON 1000000 SHS
	CR 7-15-05 DIV R-D 6-22-05

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EFTA00196878¶

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 Metratech Center North¶

Brooklyn, New York 11201-3859¶

9 of 9¶

FINANCIAL TRUST COMPANY INC¶

Transaction Detail (continued)¶

STATEMENT PERIOD July 1, 2005¶

THROUGH July 29, 2005¶

DIVIDENDS (continued)¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | June 30, 2005 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
07/15/05	EQUITY OFFICE PROPERTIES TRUST SBI REC 06/30/05 PAY 07/15/05	EOP	110,000	0.5000		55,000.00
07/18/05	MACK-CALI REALTY CORP REC 07/06/05 PAY 07/18/05	CLI	88,100	0.6300		55,503.00
07/29/05	BEAR STEARNS COMPANIES INC REC 07/19/05 PAY 07/29/05	BSC	450,000	0.2500		112,500.00
TOTAL					-$2,227.67	$581,253.64

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
07/21/05	INTEREST ON CREDIT BALANCE ACCT AT 02,37500% 06/21 - 07/20					81.77
TOTAL							$81.77

MISCELLANEOUS¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
07/01/05	JOURNAL	FROM		151,250.00
07/01/05	JOURNAL	FROM		361,341.00
TOTAL				$512,591.00

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