FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR

6100 RED HOOK SUTE B-3

QUAETERS #2

ST THOMAS VI 00802-1348

TOTAL VALUE OF SECURITIES THIS PERIOD	53,792,272
MONEY MARKET FUND BALANCE	50,872,901
NET EQUITY THIS PERIOD	$104,665,173
NET EQUITY LAST STATEMENT	72,740,918
CHANGE SINCE LAST STATEMENT	31,924,255

STATEMENT PERIOD April 30, 2005 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. ACCOUNT NUMBER THROUGH May 31, 2005 Market Value of Your Portfolio 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. 027 06/01:05:09:03 001 EFTA00196888 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 10 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC STATEMENT BACKER IS PRINTED ON THIS PAGE 027 EFTA00196889 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 10 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$0.00
Securities Sold	1,766,991.00
Money Fund	16,582,154.21
Funds Deposited	47,654,387.59
Dividends/Interest	264,346.05
Amount Credited	$66,267,878.85
Securities Bought	-72,020.00
Money Fund	-48,943,551.88
Funds Withdrawn	-16,250,000.00
Miscellaneous	-1,002,306.97
Amount Debited	$-66,267,878.85
Closing Balance	$0.00

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	314,847.62	1,030,097.07
Credit Balance Int.	3.72	2,313.63
Total	$314,851.34	$1,032,410.70
Foreign Tax Withheld	-2,306.97	-2,306.97

Portfolio Composition

Cash/Cash Equivalent	50,872,901
Equities	53,792,272
Total	$104,665,173

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File Your Portfolio Allocation | LAST STATEMENT | April 29, 2005 | | :--- | :--- | EFTA00196890 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 of 10 ## 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 2,9000%	DICXX	50,872,901.01	1.0000	50,872,901	1,322,695	2.6000
TOTAL CASH & CASH EQUIVALENTS				$50,872,901	$1,322,695

CLEARED THROUGH ITS WHOWY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 ## Equities & Options ## EQUITIES 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 April 30, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- | THROUGH May 31, 2005 FINANCIAL TRUST COMPANY INC 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	200,000	99.0400	19,808,000	200,000	1.0097
CELGENE CORP	CELG	CASH	25,000	42.3400	1,058,500
BSC RATING: STOCK P/SECTOR MO ARGUS FUNDAMENTAL RESEARCH RATING: B

027 06/01/05;09:03 001 EFTA00196891 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 10** Bear, Steams Securities Corp. One Meterotech Center North Brooklyn, New York 11201-3859 Equities & Options (continued) ## Your Portfolio Holdings (continued) FINANCIAL TRUST COMPANY INC

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
COLGATE PALMOLIVE CO BSC RATING: STOCK O/SECTOR MW FULCRUM GLOBAL PARTNERS, LLC RATING: H	CL	CASH	106,200	49.9700	5,306,814	123,192	2.3214
DEERFIELD TRIARC CAP CORP ACCREDITED INVESTORS		CASH	1,000,000	15.0000	15,000,000
EQUITY OFFICE PROPERTIES TRUST SBI BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC. RATING: S	EOP	CASH	110,000	32.4900	3,573,900	220,000	6.1557
ENVIRONMENTAL SOLUTIONS WORLDWIDE INC	ESWW	CASH	100,000	0.6200	62,000
IFIL(IST FIN ITAL) EUR1 INVST CL	IFPSF	CASH	100,000	4.1380	413,800	8,400	2.0300
KERZNER INTERNATIONAL LTD BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B	KZL	CASH	10,000	61.5800	615,800
MACK-CALI REALTY CORP BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC. RATING: B	CLI	CASH	88,100	44.0900	3,884,329	222,012	5.7156
TOO INC BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B	TOO	CASH	50,000	19.8800	994,000
VECTOR GROUP LTD	VGR	CASH	151,990	17.1500	2,606,629	243,184	9.3294

STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ACCOUNT NUMBER | LAST STATEMENT | April 29, 2005 | | :--- | :--- | TAXPAYER NUMBER On File 027 06/01/05;09:03 001 EFTA00196892 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 6 of 10 ## Your Portfolio Holdings (continued) ## Equities & Options (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME
WYNN RESORTS LTD BSC RATING: STOCK O/SECTOR MW WALL STREET STRATEGIES RATING: H	WYNN	CASH	10,000	46.8500	468,500
Total Equities& Options					$53,792,272	$1,016,788
TOTAL EQUITIES					$53,792,272	$1,016,788
YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME					$2,339,483
YOUR PRICED PORTFOLIOHOLDINGS					$104,665,173

Bear, Steams Securities Corp. One Metratech Center North Brooklyn, New York 112D1-3859 ## INVESTMENT ACTIVITY Transaction Detail FINANCIAL TRUST COMPANY INC STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | April 29, 2005 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	04/27/05	SOLD	CELGENE CORP UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE: 39,363000 DIFFERENCE - 0,060000	CELG	-25,000	39.30300		982,528.92
05/09/05	05/04/05	BOUGHT	ENVIRONMENTAL SOLUTIONS WORLDWIDE INC	ESWW	56,400	0.70000	40,613.00

027 06/01/05;09:03 001 EFTA00196893 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, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 7 of 10 FINANCIAL TRUST COMPANY INC ## **Transaction Detail** (continued) ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/12/05	05/09/05	SOLD	VECTOR GROUP LTD UNSOLICITED SEE NOTE 'S' ON BACK	VGR	-50,000	15.75000		784,462.08
05/16/05	05/11/05	BOUGHT	ENVIRONMENTAL SOLUTIONS WORLDWIDE INC	ESWW	12,500	0.70000	9,005.00
05/17/05	05/12/05	BOUGHT	ENVIRONMENTAL SOLUTIONS WORLDWIDE INC	ESWW	8,200	0.70000	5,909.00
05/18/05	05/13/05	BOUGHT	ENVIRONMENTAL SOLUTIONS WORLDWIDE INC	ESWW	22,900	0.70000	16,493.00
TOTAL						-72,020.00	$1,766,991.00

## DEPOSITS AND WITHDRAWALS 027 06/01/05;09:03 001 EFTA00196894 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 8 of 10 FINANCIAL TRUST COMPANY INC ## **Transaction Detail** (continued) STATEMENT PERIOD April 30,2005 ## MONEY FUND ACTIVITY THROUGH May 31, 2005

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/30/05		OPENINGBALANCE		18,460,998.05

05/02/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	982,528.92	1.0000	982,528.92
05/02/05	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				50,505.29
05/02/05	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	50,505.29		50,505.29
05/03/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	225,000	1.0000	225,000.00
05/04/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-6,250,000	1.0000		6,250,000.00
05/09/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-40,613	1.0000		40,613.00
05/12/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-224,542.92	1.0000		224,542.92
05/13/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	24,889	1.0000	24,889.00
05/18/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-16,493	1.0000		16,493.00
05/19/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	47,654,387.59	1.0000	47,654,387.59
05/20/05	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-10,000,000	1.0000		10,000,000.00
05/27/05	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	6,241.08	1.0000	6,241.08

027 06/01/05;09:03 001 EFTA00196895 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 FINANCIAL TRUST COMPANY INC

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/31/05		CLOSINGBALANCE		50,872,901.01
TOTAL						-48,943,551.88	$16,582,154.21

## DIVIDENDS

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
05/02/05	DEERFIELD TRIARC CAP CORP ACCREDITED INVESTORS REC 03/24/05 PAY 04/29/05		1,000,000	0.2250		225,000.00
05/13/05	COLGATE PALMOLIVE CO REC 04/26/05 PAY 05/13/05	CL	106,200	0.2900		30,798.00
05/26/05	IFIL(IST FIN ITAL) EUR1 INVST CL REC 05/25/05 PAY 05/26/05 EM CONV. RATE: 01,25100 FOREIGN TAX WITHHELD	IFPSF	100,000 WH	0.0683	2,306.97	8,544.33
TOTAL					-2,306.97	$264,342.33

INTEREST

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
05/23/05	INTEREST ON CREDIT BALANCE ACCT AT 02,25000% 04/21 - 05/20					3.72
TOTAL						$3.72

027 06/01/05;09:03 001 EFTA00196896 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 10 of 10 ## **Transaction Detail** (continued) ## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
05/12/05	JOURNAL	TO	1,000,000.00
05/12/05	JOURNAL	PER LOA
TOTAL			-1,000,000.00

******* End of Statement******* CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC STATEMENT PERIOD April 30, 2005 THROUGH May 31, 2005 | LAST STATEMENT | April 29, 2005 | | :--- | :--- | ACCOUNT NUMBER TAXPAYER NUMBER On File 027 06/01/05;09:03 001