EFTA00196979

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





<table><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>51,053,930</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>10,130,114</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$61,184,044</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>58,836,046</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>2,347,998</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | June 30, 2006 |

| :--- | :--- |

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



FINANCIAL TRUST COMPANY INC

Market Value of Your Portfolio

STATEMENT PERIOD July 1, 2006

THROUGH July 31, 2006

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.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 7


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

3 of 7

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>Money Fund</td><td>3,769,343.73</td></tr><tr><td>Dividends/Interest</td><td>36,400.00</td></tr><tr><td>Miscellaneous</td><td>53,497,485.00</td></tr><tr><td>Amount Credited</td><td>$57,303,228.73</td></tr><tr><td>Securities Bought</td><td>-3,709,430.00</td></tr><tr><td>Money Fund</td><td>-593,798.73</td></tr><tr><td>Miscellaneous</td><td>-53,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-57,303,228.73</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>96,313.73</td><td>1,390,469.14</td></tr><tr><td>Total</td><td>$96,313.73</td><td>$1,390,469.14</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>10,130,114</td></tr><tr><td>Equities</td><td>51,053,930</td></tr><tr><td>Total</td><td>$61,184,044</td></tr></table>

027



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD July 1, 2006

FINANCIAL TRUST COMPANY INC

THROUGH July 31, 2006

Your Portfolio Allocation

| ACCOUNT NUMBER | |
| :--- | :---|
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | June 30, 2006 |

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



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EFTA00196982



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 7

## 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 5,1900%</td><td>DICXX</td><td>10,130,113.78</td><td>1.0000</td><td>10,130,114</td><td>486,245</td><td>4.8000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,130,114</td><td>$486,245</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



## Equities & Options

## EQUITIES

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the BSC 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 the 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 use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). 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.



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD July 1, 2006



ACCOUNT NUMBER



| LAST STATEMENT | June 30, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File

FINANCIAL TRUST COMPANY INC

THROUGH July 31, 2006

<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>APPLE COMPUTER INC<br>BSC RATING: STOCK O/SECTOR MW<br>BOYAR&#39;S ALTERNATIVE VIEWPOINT<br>RATING: S</td><td>AAPL</td><td>CASH</td><td>120,000</td><td>67.9600</td><td>8,155,200</td><td></td><td></td></tr><tr><td>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>CASH</td><td>130,000</td><td>141.8700</td><td>18,443,100</td><td>145,600</td><td>0.7895</td></tr><tr><td>CHOICEPOINT INC</td><td>CPS</td><td>CASH</td><td>100,000</td><td>34.1600</td><td>3,416,000</td><td></td><td></td></tr></tbody></table>

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BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



5 of 7

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>COLGATE PALMOLIVE CO<br>BSC RATING: STOCK O/SECTOR MW<br>BUCKINGHAM RESEARCH RATING: H</td><td>CL</td><td>CASH</td><td>56,200</td><td>59.3200</td><td>3,333,784</td><td>71,936</td><td>2.1578</td></tr><tr><td>DEERFIELD TRIARC CAP CORP<br>ACCREDITED INVESTORS</td><td></td><td>CASH</td><td>1,000,000</td><td>13.6200</td><td>13,620,000</td><td></td><td></td></tr><tr><td>ENVIRONMENTAL SOLUTIONS<br>WORLDWIDE INC</td><td>ESWW</td><td>CASH</td><td>100,000</td><td>0.6200</td><td>62,000</td><td></td><td></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>80.0000</td><td>800,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>159,589</td><td>16.1900</td><td>2,583,746</td><td>255,342</td><td>9.8826</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>64.0100</td><td>640,100</td><td></td><td></td></tr><tr><td>Total Equities &amp; Options</td><td></td><td></td><td></td><td></td><td>$51,053,930</td><td>$472,878</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$51,053,930</td><td>$472,878</td><td></td></tr></tbody></table>

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD July 1, 2006



ACCOUNT NUMBER



THROUGH July 31, 2006

TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2006 |

| :--- | :--- |

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$959,123</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$61,184,044</td></tr></table>

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EFTA00196984



BEAR
STEARNS


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

6 of 7

FINANCIAL TRUST COMPANY INC



Transaction Detail


<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>07/14/06</td><td>07/11/06</td><td>BOUGHT</td><td>CHOICEPOINT INC UNSOLICITED</td><td>CPS</td><td>100,000</td><td>37.03430</td><td>3,709,430.00</td><td></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>07/01/06</td><td></td><td>OPENINGBALANCE</td><td></td><td>13,245,745.05</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>07/03/06</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>59,913.73</td></tr><tr><td>07/03/06</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>59,913.73</td><td></td><td>59,913.73</td><td></td></tr><tr><td>07/05/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>497,485</td><td>1.0000</td><td>497,485.00</td><td></td></tr><tr><td>07/14/06</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-3,709,430</td><td>1.0000</td><td></td><td>3,709,430.00</td></tr><tr><td>07/28/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>36,400</td><td>1.0000</td><td>36,400.00</td><td></td></tr><tr><td>07/31/06</td><td></td><td>CLOSINGBALANCE</td><td></td><td>10,130,113.78</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-593,798.73</td><td>$3,769,343.73</td></tr></table>

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EFTA00196985



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

7 of 7

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

## DIVIDENDS

STATEMENT PERIOD July 1, 2006

THROUGH July 31, 2006



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>07/28/06</td><td>BEAR STEARNS COMPANIES INC<br>REC 07/18/06 PAY 07/28/06</td><td>BSC</td><td>130,000</td><td>0.2800</td><td></td><td>36,400.00</td></tr><tr><td colspan="7">TOTAL</td><td>$36,400.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2006 |

| :--- | :--- |

## 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>07/03/06</td><td>JOURNAL</td><td>FROM</td><td></td><td>143,091.00</td></tr><tr><td>07/03/06</td><td>JOURNAL</td><td>FROM</td><td></td><td>354,394.00</td></tr><tr><td>07/05/06</td><td>JOURNAL</td><td>TO</td><td>53,000,000.00</td><td></td></tr><tr><td>07/05/06</td><td>JOURNAL</td><td>FROM</td><td></td><td>53,000,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-53,000,000.00</td><td>$53,497,485.00</td></tr></tbody></table>





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


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