EFTA00196914

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 ... 7





<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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |



ACCOUNT NUMBER



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>54,229,457</td></tr><tr><td>NET CREDIT BALANCE</td><td>382</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>24,485,650</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$78,715,489</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>63,466,004</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>15,249,485</td></tr></table>

TAXPAYER NUMBER On File

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

STATEMENT PERIOD February 1, 2005

FINANCIAL TRUST COMPANY INC

THROUGH February 28, 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 Matteroch 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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EFTA00196915

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 8


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

STATEMENT BACKER IS PRINTED ON THIS PAGE

FINANCIAL TRUST COMPANY INC

027

EFTA00196916



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>$76,887.97</td></tr><tr><td>Securities Sold</td><td>16,615,671.20</td></tr><tr><td>Money Fund</td><td>12,618,780.35</td></tr><tr><td>Dividends/Interest</td><td>381.73</td></tr><tr><td>Amount Credited</td><td>$29,234,833.28</td></tr><tr><td>Securities Bought</td><td>-17,754,032.78</td></tr><tr><td>Money Fund</td><td>-11,557,306.74</td></tr><tr><td>Amount Debited</td><td>$-29,311,339.52</td></tr><tr><td>Net Cash Activity</td><td>-76,506.24</td></tr><tr><td>Closing Balance</td><td>$381.73</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>76,887.97</td><td>381.73</td></tr><tr><td>Net Cash Balance</td><td>$76,887.97</td><td>$381.73</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>49,425.72</td><td>384,321.72</td></tr><tr><td>Credit Balance Int.</td><td>381.73</td><td>2,269.70</td></tr><tr><td>Total</td><td>$49,807.45</td><td>$386,591.42</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>24,486,032</td></tr><tr><td>Equities</td><td>54,229,457</td></tr><tr><td>Total</td><td>$78,715,489</td></tr></table>



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 February 1, 2005

THROUGH February 28, 2005

<table><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>January 31, 2005</td></tr></table>

Your Portfolio Allocation

EFTA00196917



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



4 of 8

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

STATEMENT PERIOD February 1, 2005

FINANCIAL TRUST COMPANY INC

THROUGH February 28, 2005



ACCOUNT NUMBER



<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>382</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,3400%</td><td>DICXX</td><td>24,485,649.78</td><td>1.0000</td><td>24,485,650</td><td>514,199</td><td>2.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$24,486,032</td><td>$514,199</td><td></td></tr></tbody></table>

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

## EQUITIES

## Equities & Options

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.

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><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>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>CASH</td><td>200,000</td><td>99.5000</td><td>19,900,000</td><td>200,000</td><td>1.0050</td></tr><tr><td>COLGATE PALMOLIVE CO</td><td>CL</td><td>CASH</td><td>106,200</td><td>52.9200</td><td>5,620,104</td><td>123,192</td><td>2.1920</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></tbody></table>

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EFTA00196918



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)

FINANCIAL TRUST COMPANY INC

<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<br>SBI<br>BSC RATING: STOCK P/SECTOR MW<br>GREEN STREET ADVISORS, INC.<br>RATING: S</td><td>EOP</td><td>CASH</td><td>110,000</td><td>30.1700</td><td>3,318,700</td><td>171,050</td><td>5.1541</td></tr><tr><td>IFIL(IST FIN ITAL)<br>EUR1 INVST CL</td><td>IFPSF</td><td>CASH</td><td>100,000</td><td>4.4030</td><td>440,300</td><td>8,200</td><td>1.8624</td></tr><tr><td>KERZNER INTERNATIONAL LTD<br>BSC RATING: STOCK P/SECTOR MW<br>NED DAVIS RESEARCH RATING: B</td><td>KZL</td><td>CASH</td><td>10,000</td><td>63.9400</td><td>639,400</td><td></td><td></td></tr><tr><td>MACK-CALI REALTY CORP<br>BSC RATING: STOCK P/SECTOR MW<br>GREEN STREET ADVISORS, INC.<br>RATING: B</td><td>CLI</td><td>CASH</td><td>88,100</td><td>44.2000</td><td>3,894,020</td><td>222,012</td><td>5.7014</td></tr><tr><td>TOO INC<br>BSC RATING: STOCK P/SECTOR MW<br>GARP RESEARCH RATING: B</td><td>TOO</td><td>CASH</td><td>50,000</td><td>26.5600</td><td>1,328,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>201,990</td><td>16.7000</td><td>3,373,233</td><td>323,184</td><td>9.5808</td></tr><tr><td>WYNN RESORTS LTD<br>BSC RATING: STOCK O/SECTOR MW<br>WALL STREET STRATEGIES<br>RATING: B</td><td>WYNN</td><td>CASH</td><td>10,000</td><td>71.5700</td><td>715,700</td><td></td><td></td></tr><tr><td colspan="4">Total Equities&amp; Options</td><td></td><td>$54,229,457</td><td>$1,047,638</td><td></td></tr><tr><td colspan="4">TOTAL EQUITIES</td><td></td><td>$54,229,457</td><td>$1,047,638</td><td></td></tr></tbody></table>

STATEMENT PERIOD February 1, 2005

THROUGH February 28, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,561,837</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$78,715,489</td></tr></table>

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EFTA00196919



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

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>02/01/05</td><td>01/27/05</td><td>BOUGHT</td><td>COLGATE PALMOLIVE CO UNSOLICITED</td><td>CL</td><td>200,000</td><td>52.41970</td><td>10,495,945.00</td><td></td></tr><tr><td>02/09/05</td><td>02/04/05</td><td>SOLD</td><td>VECTOR GROUP LTD UNSOLICITED SEE NOTE "S" ON BACK</td><td>VGR</td><td>-75,000</td><td>16.25000</td><td></td><td>1,214,204.90</td></tr><tr><td>02/11/05</td><td>02/08/05</td><td>SOLD</td><td>BEAR STEARNS COMPANIES INC AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED BEAR STEARNS &amp; CO, INC, IS A SUBSIDIARY OF THE ISSUER</td><td>BSC</td><td>-100,000</td><td>103.00020</td><td></td><td>10,293,676.12</td></tr><tr><td>02/15/05</td><td>02/10/05</td><td>BOUGHT</td><td>EQUITY OFFICE PROPERTIES TRUST SBI UNSOLICITED</td><td>EOP</td><td>10,000</td><td>29.92640</td><td>299,869.00</td><td></td></tr><tr><td>02/15/05</td><td>02/10/05</td><td>BOUGHT</td><td>MACK-CALI REALTY CORP AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>CIJ</td><td>10,000</td><td>43.65020</td><td>437,107.00</td><td></td></tr><tr><td>02/17/05</td><td>02/14/05</td><td>SOLD</td><td>COLGATE PALMOLIVE CO UNSOLICITED</td><td>CL</td><td>-93,800</td><td>54.51590</td><td></td><td>5,107,790.18</td></tr><tr><td>02/18/05</td><td>02/15/05</td><td>BOUGHT</td><td>EQUITY OFFICE PROPERTIES TRUST SBI UNSOLICITED</td><td>EOP</td><td>100,000</td><td>30.15610</td><td>3,021,615.00</td><td></td></tr><tr><td>02/18/05</td><td>02/15/05</td><td>BOUGHT</td><td>MACK-CALI REALTY CORP UNSOLICITED</td><td>CIJ</td><td>28,100</td><td>44.74380</td><td>1,258,991.78</td><td></td></tr><tr><td>02/22/05</td><td>02/16/05</td><td>BOUGHT</td><td>MACK-CALI REALTY CORP UNSOLICITED</td><td>CIJ</td><td>50,000</td><td>44.75000</td><td>2,240,505.00</td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-17,754,032.78</td><td>$16,615,671.20</td></tr></tbody></table>

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EFTA00196920



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 8



FINANCIAL TRUST COMPANY INC

## Transaction Detail (continued)

<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>02/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>25,497,697.67</td><td></td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr></thead><tbody><tr><td>02/01/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-10,419,057.03</td><td>1.0000</td><td>10,419,057.03</td></tr><tr><td>02/01/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td>49,425.72</td></tr><tr><td>02/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>49,425.72</td><td></td><td>49,425.72</td></tr><tr><td>02/09/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,214,204.90</td><td>1.0000</td><td>1,214,204.90</td></tr><tr><td>02/11/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>10,293,676.12</td><td>1.0000</td><td>10,293,676.12</td></tr><tr><td>02/14/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-736,976</td><td>1.0000</td><td>736,976.00</td></tr><tr><td>02/22/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,413,321.60</td><td>1.0000</td><td>1,413,321.60</td></tr><tr><td>02/28/05</td><td></td><td>CLOSINGBALANCE</td><td></td><td>24,485,649.78</td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>$-11,557,306.74 $12,618,780.35</td></tr></tbody></table>

027



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EFTA00196921



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



8 of 8

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD February 1, 2005

THROUGH February 28, 2005



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>02/22/05</td><td>INTEREST ON CREDIT BALANCE<br>ACCT AT 01,74026% 01/21 - 02/20</td><td></td><td></td><td></td><td></td><td>381.73</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$381.73</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2005 |

| :--- | :--- |





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



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