EFTA00196906

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

<table><tr><td>Transaction Detail</td><td>6</td></tr></table>

Fund Activity 6





Your Messages 8

<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 SUTE B-3</td></tr><tr><td>QUAETERS #2</td></tr><tr><td>ST THOMAS VI 00802-1348</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>53,671,859</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>24,605,015</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$78,276,874</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>78,715,489</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-438,615</td></tr></table>

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.

Market Value of Your Portfolio

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File



ACCOUNT NUMBER



STATEMENT PERIOD March 1, 2005

FINANCIAL TRUST COMPANY INC

THROUGH March 31, 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 Mattech 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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EFTA00196907


CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 8


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

EFTA00196908



BEAR
STEARNS


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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$381.73</td></tr><tr><td>Money Fund</td><td>38,096.33</td></tr><tr><td>Funds Deposited</td><td>51.02</td></tr><tr><td>Dividends/Interest</td><td>80,836.21</td></tr><tr><td>Amount Credited</td><td>$118,983.56</td></tr><tr><td>Money Fund</td><td>-119,365.29</td></tr><tr><td>Amount Debited</td><td>$-119,365.29</td></tr><tr><td>Net Cash Activity</td><td>-381.73</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>381.73</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$381.73</td><td>$0.00</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>118,892.33</td><td>503,214.05</td></tr><tr><td>Credit Balance Int.</td><td>40.21</td><td>2,309.91</td></tr><tr><td>Total</td><td>$118,932.54</td><td>$505,523.96</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>24,605,015</td></tr><tr><td>Equities</td><td>53,671,859</td></tr><tr><td>Total</td><td>$78,276,874</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD March 1, 2005

FINANCIAL TRUST COMPANY INC

Your Portfolio Allocation

THROUGH March 31, 2005

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

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

EFTA00196909



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 8

## 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>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 2,6700%</td><td>DICXX</td><td>24,605,015.07</td><td>1.0000</td><td>24,605,015</td><td>516,705</td><td>2.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$24,605,015</td><td>$516,705</td><td></td></tr></tbody></table>

CLEARED THROUGH ITS WHOWY OWNED SUBSIDIARY

## 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.



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD March 1, 2005



ACCOUNT NUMBER



| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH March 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.

<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>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>CASH</td><td>200,000</td><td>99.9000</td><td>19,980,000</td><td>200,000</td><td>1.0010</td></tr><tr><td>COLGATE PALMOLIVE CO</td><td>CL</td><td>CASH</td><td>106,200</td><td>52.1700</td><td>5,540,454</td><td>123,192</td><td>2.2235</td></tr><tr><td>DEERFIELD TRIARC CAP CORP ACCREDITED INVESTORS</td><td></td><td>CASH</td><td>1,000,000</td><td>15.0000</td><td>15,000,000</td><td></td><td></td></tr></table>

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EFTA00196910



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 8

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

Equities & Options (continued)

## Your Portfolio Holdings (continued)

<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>EQUITY OFFICE PROPERTIES TRUST SBI</td><td>EOP</td><td>CASH</td><td>110,000</td><td>30.1300</td><td>3,314,300</td><td>220,000</td><td>6.6379</td></tr><tr><td>BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>RATING: S</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>IFIL(IST FIN ITAL)</td><td>IFPSF</td><td>CASH</td><td>100,000</td><td>4.4330</td><td>443,300</td><td>8,800</td><td>1.9851</td></tr><tr><td>EUR1 INVST CL</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>KERZNER INTERNATIONAL LTD</td><td>KZL</td><td>CASH</td><td>10,000</td><td>61.2300</td><td>612,300</td><td></td><td></td></tr><tr><td>NED DAVIS RESEARCH RATING: B</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>LADENBURG THALMANN FINL SVCS</td><td>LTS</td><td>CASH</td><td>48,477</td><td>0.6800</td><td>32,964</td><td></td><td></td></tr><tr><td>MACK-CALI REALTY CORP</td><td>CLI</td><td>CASH</td><td>88,100</td><td>42.3500</td><td>3,731,035</td><td>222,012</td><td>5.9504</td></tr><tr><td>BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS, INC.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>RATING: H</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>50,000</td><td>24.6700</td><td>1,233,500</td><td></td><td></td></tr><tr><td>BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>201,990</td><td>15.3800</td><td>3,106,606</td><td>323,184</td><td>10.4031</td></tr><tr><td>WYNN RESORTS LTD</td><td>WYNN</td><td>CASH</td><td>10,000</td><td>67.7400</td><td>677,400</td><td></td><td></td></tr><tr><td>BSC RATING: STOCK O/SECTOR MW WALL STREET STRATEGIES RATING: B</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$53,671,859</td><td>$1,097,188</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$53,671,859</td><td>$1,097,188</td><td></td></tr></tbody></table>

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD March 1, 2005



ACCOUNT NUMBER



THROUGH March 31, 2005

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,613,893</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$78,276,874</td></tr></table>

027



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EFTA00196911



BEAR
STEARNS


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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

6 of 8

FINANCIAL TRUST COMPANY INC



Transaction Detail


INVESTMENT ACTIVITY

<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>03/30/05</td><td>03/22/05</td><td>BOUGHT</td><td>LADENBURG THALMANN FINL SVCS<br>SPINOFF ON SHS<br>VECTOR GROUP LTD<br>SPIN-OFF F/R V002114<br>REC 03/18/05 PAY 03/30/05<br>AS OF 03/22/05</td><td>LTS</td><td>48,477</td><td></td><td></td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/10/05</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM NORTHERN CHGO</td><td></td><td>51.02</td></tr><tr><td colspan="4">TOTAL</td><td>$51.02</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</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>03/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>24,485,649.78</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>03/01/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>381.73</td><td>1.0000</td><td>381.73</td><td></td></tr><tr><td>03/01/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>38,096.33</td></tr><tr><td>03/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>38,096.33</td><td></td><td>38,096.33</td><td></td></tr></table>

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04/01/05;09:49 001


EFTA00196912



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



7 of 8

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

STATEMENT PERIOD March 1, 2005

THROUGH March 31, 2005

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE MO/DAY</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>03/30/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>80,887.23</td><td>1.0000</td><td>80,887.23</td><td></td></tr></tbody></table>

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

<table border="1"><tr><td>03/31/05</td><td>CLOSINGBALANCE</td><td colspan="2">24,605,015.07</td></tr><tr><td>TOTAL</td><td></td><td>-119,365.29</td><td>$38,096.33</td></tr></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>03/30/05</td><td>VECTOR GROUP LTD<br>REC 03/18/05 PAY 03/30/05</td><td>VGR</td><td>201,990</td><td>0.4000</td><td></td><td>80,796.00</td></tr><tr><td colspan="6">TOTAL</td><td>$80,796.00</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>03/21/05</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 01.75000% 02/21 - 03/20</td><td></td><td></td><td></td><td></td><td>40.21</td></tr><tr><td colspan="6">TOTAL</td><td>$40.21</td></tr></tbody></table>

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EFTA00196913



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

8 of 8

## Your messages



Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements:

At November 30, 2004 and January 31, 2005, the Company's net capital of approximately $3.8 billion and $3.8 billion was approximately 6.4% and 6.3% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1.2 billion by approximately $2.6 billion and $2.6 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call - toll free 1-866-299-9331.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD March 1, 2005



ACCOUNT NUMBER



THROUGH March 31, 2005

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

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