EFTA00197227

OFFICE SERVICING YOUR ACCOUNT
Bear Stearns International Ltd
1 Canada Square
London E14 5AD
Regulated by the Financial Services Authority
+ 44 20 7516 6000

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail 4





<table border="1"><tr><td>FINANCIAL TRUST COMPANY</td></tr><tr><td>C/O AMERICAN YACHT HARBOR</td></tr><tr><td>6100 RED HOOK QUARTER</td></tr><tr><td>SUITE B-3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

## FINANCIAL TRUST COMPANY

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |



ACCOUNT NUMBER



## Your Portfolio at a Glance

THROUGH February 27, 2004

STATEMENT PERIOD January 31, 2004

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>4,165,210</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,165,210</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>0</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>4,165,210</td></tr></table>

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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FINANCIAL TRUST COMPANY

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STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197229



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear Stearns International Ltd
1 Canada Square
London E14 5AD
Regulated by the Financial Services Authority
+ 44 20 7516 6000

3 of 4

## Portfolio Composition

| Equities | 4,165,210 |

| :--- | :--- |





<table><thead><tr><th>Total</th><td>$4,165,210</td></tr></thead></table>

## Your Portfolio Holdings

## EQUITIES

## Equities & Options

<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>WALT DISNEY CO HOLDING CO</td><td>DIS</td><td>CASH</td><td>157,000</td><td>26.5300</td><td>4,165,210</td><td>32,970</td><td>0.7916</td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$4,165,210</td><td>$32,970</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,165,210</td><td>$32,970</td><td></td></tr></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$32,970</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,165,210</td></tr></table>

FINANCIAL TRUST COMPANY

STATEMENT PERIOD January 31, 2004

THROUGH February 27, 2004

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ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

Your Portfolio Allocation





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

EFTA00197230



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear Stearns International Ltd
1 Canada Square
London E14 5AD
Regulated by the Financial Services Authority
+ 44 20 7516 6000

4 of 4

FINANCIAL TRUST COMPANY



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>02/18/04</td><td></td><td>JOURNAL</td><td>WALT DISNEY CO HOLDING CO FROM</td><td>DIS</td><td>157,000</td><td></td><td></td><td></td></tr></tbody></table>





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



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