EFTA00196922

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

Trades Not Yet Settled ... 9





<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



ACCOUNT NUMBER



*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>37,891,418</td></tr><tr><td>NET CREDIT BALANCE</td><td>76,888</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>25,497,698</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$63,466,004</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>119,729,154</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-56,263,150</td></tr></table>

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

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

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 1, 2005

THROUGH January 31, 2005

TAXPAYER NUMBER On File

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, Steams 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 02/01/05:07:55 001

EFTA00196923

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 9


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

EFTA00196924



BEAR
STEARNS


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

3 of 9

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Securities Sold</td><td>809,475.98</td></tr><tr><td>Money Fund</td><td>41,327,043.60</td></tr><tr><td>Dividends/Interest</td><td>336,783.97</td></tr><tr><td>Miscellaneous</td><td>475,000.00</td></tr><tr><td>Amount Credited</td><td>$42,948,303.55</td></tr><tr><td>Securities Bought</td><td>-339,842.12</td></tr><tr><td>Money Fund</td><td>-781,573.46</td></tr><tr><td>Funds Withdrawn</td><td>-41,750,000.00</td></tr><tr><td>Amount Debited</td><td>$-42,871,415.58</td></tr><tr><td>Net Cash Activity</td><td>76,887.97</td></tr><tr><td>Closing Balance</td><td>$76,887.97</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>0.00</td><td>76,887.97</td></tr><tr><td>Net Cash Balance</td><td>$0.00</td><td>$76,887.97</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>334,896.00</td><td>334,896.00</td></tr><tr><td>Credit Balance Int.</td><td>1,887.97</td><td>1,887.97</td></tr><tr><td>Total</td><td>$336,783.97</td><td>$336,783.97</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>25,574,586</td></tr><tr><td>Equities</td><td>37,891,418</td></tr><tr><td>Total</td><td>$63,466,004</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 January 1, 2005

THROUGH January 31, 2005



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

EFTA00196925



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 9

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

STATEMENT PERIOD January 1, 2005

<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>76,888</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 2,1700%</td><td>DICXX</td><td>25,497,697.67</td><td>1.0000</td><td>25,497,698</td><td>509,954</td><td>2.0000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$25,574,586</td><td>$509,954</td><td></td></tr></tbody></table>

FINANCIAL TRUST COMPANY INC

THROUGH January 31, 2005



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

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>300,000</td><td>101.0600</td><td>30,318,000</td><td>300,000</td><td>0.9895</td></tr><tr><td>DEERFIELD TRIARC CAP CORP ACCREDITED INVESTORS</td><td></td><td>CASH</td><td>1,000,000</td><td>Unpriced</td><td></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>4.5820</td><td>458,200</td><td>8,000</td><td>1.7460</td></tr></tbody></table>

027



02/01/05;07:55 001


EFTA00196926



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

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>KERZNER INTERNATIONAL LTD<br>BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B</td><td>KZL</td><td>CASH</td><td>10,000</td><td>60.3300</td><td>603,300</td><td></td><td></td></tr><tr><td>TOO INC<br>BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B</td><td>TOO</td><td>CASH</td><td>50,000</td><td>27.1600</td><td>1,358,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>276,990</td><td>16.2400</td><td>4,498,318</td><td>443,184</td><td>9.8522</td></tr><tr><td>WYNN RESORTS LTD<br>BSC RATING: STOCK O/SECTOR MW WALL STREET STRATEGIES RATING: B</td><td>WYNN</td><td>CASH</td><td>10,000</td><td>65.5600</td><td>655,600</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$37,891,418</td><td>$751,184</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$37,891,418</td><td>$751,184</td><td></td></tr></tbody></table>

STATEMENT PERIOD January 1, 2005

THROUGH January 31, 2005



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,261,138</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$63,466,004</td></tr></table>

027



02/01/05;07:55 001


V870

EFTA00196927



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 9

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>01/03/05</td><td>12/29/04</td><td>BOUGHT</td><td>KERZNER INTERNATIONAL LTD<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED</td><td>KZL</td><td>5,600</td><td>60.62520</td><td>339,842.12</td><td></td></tr><tr><td>01/03/05</td><td>12/29/04</td><td>SOLD</td><td>VECTOR GROUP LTD<br>UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>VGR</td><td>-50,000</td><td>16.25000</td><td></td><td>809,475.98</td></tr><tr><td colspan="6">TOTAL</td><td colspan="2">$-339,842.12</td><td>$809,475.98</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>01/03/05</td><td>FND WIRED</td><td>MDA# CUSTODIAL_TRUST COMPANY FNDS WIRED TO</td><td>20,000,000.00</td><td></td></tr><tr><td>01/03/05</td><td>FND WIRED</td><td>CITRANK_NA BOOK</td><td>20,000,000.00</td><td></td></tr><tr><td>01/05/05</td><td>FND WIRED</td><td>MDA MELLON_BANK N A B00000</td><td>1,000,000.00</td><td></td></tr><tr><td>01/06/05</td><td>FND WIRED</td><td>MDA# MELLON_BANK N A B00000</td><td>750,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-41,750,000.00</td><td></td></tr></tbody></table>

027



02/01/05;07:55 001


EFTA00196928



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 9



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>01/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>65,990,490.35</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>01/03/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-40,000,000</td><td>1.0000</td><td></td><td>40,000,000.00</td></tr><tr><td>01/03/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>52,677.46</td><td></td><td>52,677.46</td><td></td></tr><tr><td>01/03/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES AMT INCLUDED IN 2004 - 1099</td><td>DICXX</td><td></td><td></td><td></td><td>52,677.46</td></tr><tr><td>01/05/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-524,366.14</td><td>1.0000</td><td></td><td>524,366.14</td></tr><tr><td>01/06/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>728,896</td><td>1.0000</td><td>728,896.00</td><td></td></tr><tr><td>01/06/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-750,000</td><td>1.0000</td><td></td><td>750,000.00</td></tr></table>

<table border="1"><tr><td>01/31/05</td><td>CLOSINGBALANCE</td><td colspan="2">25,497,697.67</td></tr><tr><td>TOTAL</td><td></td><td>-781,573.46</td><td>$41,327,043.60</td></tr></table>

## DIVIDENDS

<table border="1"><tr><td>DATE</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>RATE($)</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>01/03/05</td><td>MBNA CORPREC 12/15/04 PAY 01/01/05</td><td>KRB</td><td>50,000</td><td>0.1200</td><td></td><td>6,000.00</td></tr><tr><td>01/06/05</td><td>WALT DISNEY CO HOLDING COREC 12/10/04 PAY 01/06/05</td><td>DIS</td><td>1,057,900</td><td>0.2400</td><td></td><td>253,896.00</td></tr></table>

027



02/01/05;07:55 001


EFTA00196929



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 9

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



DIVIDENDS (continued)



<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>01/28/05</td><td>BEAR STEARNS COMPANIES INC<br>REC 01/14/05 PAY 01/28/05</td><td>BSC</td><td>300,000</td><td>0.2500</td><td></td><td>75,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$334,896.00</td></tr></tbody></table>

THROUGH January 31, 2005

STATEMENT PERIOD January 1, 2005



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File



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 rowspan="3">01/21/05</td><td>INTEREST ON CREDIT BALANCE</td><td></td><td></td><td></td><td></td><td>1,887.97</td></tr><tr><td>ACCT</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>AT 01,50000% T2/20 - 01/20</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$1,887.97</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/05/05</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>6,000.00</td></tr><tr><td>01/05/05</td><td>JOURNAL</td><td>FROM</td><td></td><td>150,000.00</td></tr><tr><td>01/05/05</td><td>JOURNAL</td><td>FROM</td><td></td><td>325,000.00</td></tr><tr><td>01/05/05</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>6,000.00</td><td></td></tr><tr><td>01/06/05</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>253,896.00</td></tr><tr><td>01/06/05</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>253,896.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-259,896.00</td><td>$734,896.00</td></tr></tbody></table>

027



02/01/05;07:55 001


EFTA00196930



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





9 of 9





Bear, Steams Securities Corp.

One Meterobite Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

## Trades Executed Pending Settlement

<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>200,000.00</td><td>52.4197</td><td>10,495,945.00</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="2">$10,495,945.00</td><td>$0.00</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.





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


027



02/01/05;07:55 001


EFTA00196931