EFTA00196824

Statements EFTA00196824 CLEARED THROUGH ITS WHOLLY 01W.IED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Eleel.508016 SOOWEN, CND. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Ono Mevotech Corder Noah 8recklin. New York 1120/3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER ,,,,,lilm111.11111.1111.111 TAXPAYER NUMBER On File LAST STATEMENT November 30.2005 FINANCIAL TRUST COMPANY INC CIO AMERICAN YACHT HARBOR 6100 RED HOOK SUTE B-3 OUAETERS #2 ST THOMAS VI 00802-1348 Pursuant to your previously issued instructions. Bear Stearns Securities Corp, provides duplicate monthly statements anctior transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party J EPSTEIN 8 CO 457 MADISON AVE 4TH FLOOR NEW YORK NY 10022 027 12,31.88:09:00 001 Y899 EFTA00196825 CLEARED THROUGH ITS WHOLLY 0~0 SUEISIDIAAv OFFICE SERVICING YOUR ACCOUNT 804 Mama SearrI081 GO% Bear. Stearns & Co. Inc. BffiR 383 Madison Avenue New York New York 10179 Ors, Menorah UM< North 9rccelin. New York 112014859 STffiRNS FINANCTAL TRUST COMPANY INC STATEMENT PERIOD December 1.2005 ACCOUNT EXECUTIVE GCHERMAN.IRA TELEPHONE THROUGH December 30.2005 VISIT OUR WESSITE uear steams.corn ACCOUNT NUMBER What's In This Statement lllllllllllllllllllllll111111111111111111111111 TAXPAYER WHIM On File LAST &AMISH, Novernter 30. 2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 CIO AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 6 OUAETERS #2 ST THOMAS VI 00802-1348 Your Messages 8 Your Portfolio at a Glance Market Value of Your Portfolio II any information regarding 2005interest. dividends. Cash & Equivalent aiiie 24 miscellaneous income, gross TOTAL VALUE OF SECURITIES THIS PERIOD 37,445,002 515,334.419 proceeds or original issue MONEY MARKET FUND BALANCE 9,438,024 $37.445.002 discount is required to be Equities H $37.353.781 reported to the IRS for this account, a Consolidated Form NET EQUITY THIS PERIOD $46,883,026 Current market value 1099will be mailed to you by en Last statement's market value January 31.20D6or a 1042S NET EQUITY LAST STATEMENT 52,688,200 by March 15,2006. CHANGE SINCE LAST STATEMENT -5,805,174 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Plow° capon oaf dINCOrICO a nanrocorst el crocks or Mocks. fir:Wolof as &aroma la pwa. THE ~rani a fer murmatimal peaces Hey A Is not «Wed at GX,Xntrt lo Clioni SoMcw.: ol 800(34.142B: or veto lo ChM SONIC« al Bow. Room Sworn.» staternere should pa refined for your records See ress• tnle for meclare rternarcn Ø.. One Meiroken Cooler North. erootlyn. NY. 112014859 027 124145:09:00 001 V899 EFTA00196826 CLEARED THROUGH ITS WHOLLY ORNED SUBSIDIARY Seal. Reams Searllbf Goo Cm Mewled, Conk. North Oro*lin. Nov York 1120/3859 FINANCIAL TRUST COMPANY INC 2 ol e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 1231,05:IS:00 001 V899 EFTA00196827 CLEARED THROUGH ITS 190ICUY (AWED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 13081. warns secwieet core Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 One Motored, Conk. North 9roStlin. Nov York 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 ci STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER ON PIM THIS PERIOD THT3 PERM YEAR TO DATE LAST STATEMENT NM...NW 30. 2005 Opening Balance $0.00 Dividends 103.605.54 2.657.200.46 Credit Balance Int. 0.00 2,395.40 Money Fund 12,039,769.94 Total $103.605.54 $2.659.595.86 Funds Deposited 6,000,000.00 Dividends/Interest 63,835.60 Foreign Tax Withheld 0.00 -2,227.67 Margin Int. Paid 0.00 -40,999.17 Amount Credited 518.103.605.54 Money Fund -6.103,605.54 Funds Withdrawn -12.000.000.00 Portfolio Composition Amount Debited 5.18,103,605.54 Casttreash Equivalent 9.438.024 Equities 37.445.002 Closing Balance $0.00 Total 546.883.026 Your Portfolio Allocation Cash & Equivalent 21% Equities 79% Unteeeti Preen, donor* 000! 0ttenCe omit, shod rn ,to vas. Tho alocoma pcnomxp is crowed from to amok*, Amnon maluo or pxe octilmo. 021 1231,05:09:00 001 Y899 EFTA00196828 CLEARED THROUGH ITS VOICUY ORMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Stearns Secwien Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Cne Metaled, Conk. North 9toStlin. Nov York 11201.3859 STEARNS New YY New York 10179 FINANCIAL TRUST COMPANY INC 4 STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCCUNT NUMBER TAXPAYER MAWR OR PIM LAST STATEMENT Noyernter 30. 2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURREAS DESCRPRON SYMEICIJCVSIP Owurnw PRICE VALUE MIRAN. INCOME VELD I%) DREYFUS CASH MANAGEMENT -CL A DIM 9,438,024.33 1.0000 9438024 358.645 3.8000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.1100% TOTAL CASH & CASH EQUIVALENTS $9.438.024 $358,645 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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: 0 = 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 Steams at no cost. Customers can access this research at wvv.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. ACCT MARKET ESTIMATED CURRENT DESCRPTION VAIEWCUSIP IYPE GUMMY PRICE VALVE ANNUAL INCOME YEW I%) APPLE COMPUTER INC AAPL CASH 20.000 71.8900 1.437.800 BSC RATING: STOCK P/SECTOR MW BOYARS ALTERNATIVE VIEWPOINT RATING: S BEAR STEARNS COMPANIES INC BSC CASH 130,000 115.5300 15.018.900 145.600 0.9694 027 1231,05:09:00 001 V899 EFTA00196829 CLEARED THROUGH ITS WHaLY ODNED SUBSIDIARY OFRCE SERVICING YOUR ACCOUNT 8881. RUMS SeWen Cat. Bear. Stearns & Co. Inc. BMR 383 Madison Avenue New VOrk New York 10179 One Metrotach Conk. HMI 8toetkn. Nov Ycdc 11201.3859 STMRNS FINANCIAL TRUST COMPANY INC 5 ci STATEMENT PER100 December 1.2005 THROUGH December 30.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER AMMER 011Elk LAST STATEMENT Never tet 30.2005 Equities & Options (continued) ACCT MARKET ESTEEMED CURFIGMT DESCRPtION SYMBCNCUSIP TYPE OUAINITy PRICE VALLE ANNUAL INCOME YEW 1‘11 COLGATE PALMOLIVE CO CL CASH 56,200 54.8500 3.082.570 65,192 2.1149 BSC RATING: STOCK 0/SECTOR MW ARGUS FUNDAMENTAL RESEARCH RATING: B DEERFIELD TFIIARC CAP CORP CASH 1,000.000 13.7000 13.700.000 ACCREDITED INVESTORS ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.7000 70.000 WORLDWIDE INC KERZNER INTERNATIONAL LTD KZL CASH 10.000 68.7500 687.500 BSC RATING: STOCK 0/SECTOR MW NED DAVIS RESEARCH RATING: 8 VECTOR GROUP LTD VGR CASH 159.589 18.1700 2.899.732 255.342 8.8057 WYNN RESORTS LTD WYNN CASH 10.000 54.8500 548.500 BSC RATING: STOCK P/SECTOR MW WALL STREET STRATEGES RATING: 8 Total Equities& Options $37.445.002 $466.134 TOTAL EQUITIES $37.445.002 $466.134 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $824.779 YOUR PRICED PORTFOLIOHOLDINGS $46.883.026 02? 1231,00O003 001 EFTA00196830 CLEARED THROUGH ITS MOUT 01MVED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 8081. sown secwien core Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Cne Metaled, Cerra North 9tccItlin. Nov York 11201.3859 STEARNS New YY New York 10179 FINANCIAL TRUST COMPANY INC 6 STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 Transaction Detail ACCOUNT NUMBER TAXPAYER KAMER On Foe DEPOSITS AND WITHDRAWALS LAST STATEMENT NOveintet 30.2005 0.4-E 'PAa - Qt. DESCRPTICN DENT AMOUNT MDR AMOUNT 12/05/05 FND WIRED MD FNDS WIRED TO 1.000.000.00 BANK N6 12/05/05 FND WIRED MOM FNDS WIRED TO 10.000.000.00 12/14/05 FND WIRED MD' DS WIRED TO 1.000.000.00 12/15/05 FUNDS REC FNDS WIRED TO CITIBANK FROM 6.000.000.00 CO TOTAL $-12 000 000.00 $6 000 000.00 MONEY FUND ACTIVITY DATE MOOAT TRMJSACTKAI DESCRIPTON STAID:VCADIP Oar'"? PACE DEBIT AMOUNT CREDIT AMOUNT 12/01/05 OPENINGBALANCE 15,334,418.79 12/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICTCC 39.769.94 INSTITUTIONAL SHARES MONTHLY DIVIDEND 12/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICTC( 39.769.94 39.769.94 INSTITUTIONAL SHARES DIVIDEND REINVEST 12/05/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICTCC -1.000.000 1.0000 1,000,000.00 INSTITUTIONAL SHARES 12/05/05 SOLD DREYFUS CASH MANAGEMENT-CL A =XX -10.000.000 1.0000 10 000.000 00 INSTITUTIONAL SHARES 027 12310:r:39A:0 001 '.899 EFTA00196831 CLEARED THROUGH ITS 1MICUY OMMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 13.P.meams seetvieet Cat. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 One Motrotoch Calm North bcdtlin. Nov York 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 Cl STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER M.M13ER OTT File MONEY FUND ACTIVITY (continued) LAST STATEMENT No:NMI:SI 30. 2005 DATE AKIOAT TRANSACTION DESCRIPTION SYMO:liCOSIP DUANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 12114/05 SOLD DREYFUS CASH MANAGEMENT-CL A DIC)0( -1.000.000 1.0000 1.000.000.00 INSDTUTIONAL SHARES 12/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 6.000.000 1.0000 6.000.000.00 INSDTUTIONAL SHARES 12/29/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 63.835.60 1.0000 63.835.60 INSTITUTIONAL SHARES 12/30/05 CLOSINGBALANCE 9,438,024.33 TOTAL $-6,103.605.54 $12.039.769.94 DIVIDENDS DATE DESCRIPTION STMEICIMISIP OUPARITT RATE (ST DENT AMOUNT CREDIT AMOUNT 12/29/05 VECTOR GROUP LTD VGR 159.589 0.4000 63,835.60 REC 12/2(005 PAY 12(29/0S TOTAL $63,835.60 027 12,31.1350M00 001 Y899 EFTA00196832 CLEARED THROUGH ITS 1MICUY ODIVED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT SRN. Reams Seceder* Cat. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue CceMetrotech Conk. North 9tcc4tDn. Nov York 11201.3859 STEARNS New York Nee York 10179 FINANCLAL TRUST COMPANY INC 8 c, STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCCUNT NUMBER TAXPAYER MAWR 011F8e Your messages LAST STATEMENT NOYeMbN 30. 2005 As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289.9999 or via the intemet address which is www,nasdr,com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request, End of Statement 027 12.31,05:09:00 001 Y899 EFTA00196833 CLEARED IHRCOGH 11S meekly 0"EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeteun SOCwelM1 Ø. Bear. Stearns 8 Co. Inc. BffiR 383 Madison Avenue New York• New York 10179 Cc* Mete:Icon Cent« North Becce5n. Hex To" 11201.3859 STffiRNS FINANCIAL TRUST COMPANY INC ACCOUNT EXECUTIVE LICHERMAN.IRA STATEMENT PERK* NOVerrter I . 2005 TELEPHONE THROUGH November 30.2005 VISIT OUR WEESITE kWAV near st earns.com ACCOUNT NUMBER What's In This Statement Illllllllllllllllllllllllllllllllllllllllllllll TAXPAYER NL/Le3ER On Pik LAST STATEMENT October 31.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/O AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 6 OUAETERS #2 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent $15,334.419 TOTAL VAWE OF SECURITIES THIS PERIOD 37,353,781 $12.085.339 MONEY MARKET FUND BALANCE 15,334,419 Equities $37.353.781 $37.790.848 : $-5.000 NET Eourry THIS PERIOD $52.688,200 Current market vakte tie Last statements market value NET EOUITY LAST STATEMENT 49.871.187 Short market value CHANGE SINCE LAST STATEMENT 2.817.013 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please WPM Off clu~e a nuwecece ol checks or axes. udicekd as delicoNtl lo you. SIK Th8 ~ 8115 for fifOrmaURBI ranee only IN not «ended as a Lao dalmal to Gem Swum el 8»894.1428: a yea to Chun Smi:.» *Boa ~re Secure« stateenere should be retuned for your record; Su warn sefe for wooden reconetcm Cap.. Ono Noumea+ Coma Hone. Breathy,. N.Y. n201-3859 027 12,01.05:07:35 001 EFTA00196834 CLEARED 1HROUGH ns wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Ilkl 00,0 Ceol.levalech Cantet Noah Brocklln• New VC* 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 1201.05:07:35 001 Y898 EFTA00196835 CLEARED 1HRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SONael Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mevoleoh Conte Noah Beccidon. New To* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERKI0 Novernter 1.2005 THROUGH November 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On PIM THIS PERICO 116 PERICO YEAS TO DATE LAST STATEMENT October 31.2005 Opening Balance $4,531.74 Dividends 336,901.61 2.553.594.92 Credit Balance Int. 0.00 2,395.40 Securities Sold 2,682,277.75 Total $336,901.61 $2.555,990.32 Money Fund 6,103.61 Funds Deposited 234,432.12 Foreign Tax Withheld 0.00 -2,227.67 Dividends/Interest 330/98.00 Margin Int. Paid -4.531.74 -40,999.17 Amount Credited $3,253,611.48 Money Fund -3,253.611.48 Portfolio Composition Dividends/Interest Charged 4.531.74 CashiCash Equivalent 15.334.419 Amount Debited $-3,258,143.22 Equities 37.353.781 Net Cash Activity -4,531.74 Total $52.688.200 ClosingBatance $0.00 Your Portfolio Allocation Some der task.; ci cosh beacon scone 1)p, n:Nded in this Gabon. such Irons/en, es wen as details Si Ions Pis period. Voter on Troroscle, Debt Cash & Equivalenl Cash Balance Summary 30% °FENNO CLOSING Cash 4.531.74 0.00 Net Cash Balance $4.531.74 $0.00 UnWooed persons cone* oar 0lonce onto* Or, male aves ha Mowry. ;event"$- Is awed hem to obsol.te market rat), 01 yes patio" 027 12,01A35:07:35 001 vase EFTA00196836 CLEARED THROUGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, b81 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Mon:tech CarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 ci STATEMENT PERK* Novernter 1.2005 THROUGH November 30.2005 ACCCUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT October 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MAr(EI ESTIVATE° CURR&I! DESCRPRON SIMBOJCUSIP OUANTITT FREE ),,J.UE ANV,AL PIXI/E YIELD IV DREYFUS CASH MANAGEMENT-CL A DICXX 15,334,418.79 1.0000 15.334.419 567,373 3.7000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,9000% TOTAL CASH & CASH EQUIVALENTS $15,334,419 $567,373 EQUITIES Equities & Options The research ratings for Bear Steams (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: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARCE1 &smarm CURRENT DESCRPRON STARCUCUSIE TTPE DUMMY FRCS VALUE ANNUAL INCOME VELD 14) APPLE COMPUTER INC AAPL CASH 20,000 67.8200 1.356.400 BSC RATING: STOCK 0/SECTOR MW BOYARS ALTERNATIVE VIEWPOINT RATING: S BEAR STEARNS COMPANIES INC BSC CASH 130.000 110.9900 14.428.700 130,000 0.9010 027 120145:07:35 001 V898 EFTA00196837 CLEARED THROUGH ITS ?RIMY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, bel Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Nontech Contec Noah BecciCon. New Year 11201 3959 STEARNS FINANCIAL TRUST COMPANY INC 5 ci STATEMENT PERK* November 1.2005 THROUGH November 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER ■ TAXPAYER AMBER On Elk LAST STATEMENT CMOS! 31.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURFENT DESCRIPTION SYMBWCUSIP TYPE OUANTITY PRCE VALLE ANNUAL INCOME YEW IN4 COLGATE PALMOLIVE CO CL CASH 56,200 54.5200 3.064.024 65,192 2.1277 BSC RATING: STOCK 0/SECTOR MW ARGUS FUNDAMENTAL RESEARCH RATING: B DEERFIELD TRIARC CAP CORP CASH 1.000.000 14.2100 14.210.000 ACCREDITED INVESTORS ENVIRONMENTAL SClUTIONS ESWW CASH 100.000 0.7960 79.600 WORLDWIDE INC KERZNER INTERNATIONAL LTD KZL CASH 10.000 65.0100 650.100 BSC RATING: STOCK 0/SECTOR MW NED DAVIS RESEARCH RATING: B VECTOR GROUP LTD VCR CASH 159.589 18.8400 3.006.657 255.342 8.4926 WYNN RESORTS LTD WYNN CASH 10.000 55.8300 558.300 BSC RATING: STOCK P/SECTOR MW WALL STREET STRATEGES RATING: B Total Equities& Options $37.353.781 $450.534 TOTAL EQUITIES $37.353.781 $450.534 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.017.907 YOUR PRICED PORTFOLIOHOLDINGS $52.688.200 027 12,014S:07:3S 001 VMS EFTA00196838 CLEARED IHRCOGH ITS wuCkLY ChM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szetrns Sec,r.t.es Gory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Coe MetscleTh Gent« North Beceidon. New Te" 11201.2859 STD;RNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERK* Novemter 1.2005 THROUGH November 30.2005 Transaction Detail ACCOUNT NUMBER ■ TAXPAYER MaCR On File INVESTMENT ACTIVITY LAST STATEMENT October 31,2005 SETTLEMENT TRADE DATE DATE TRANSACTKIN GUMPTION STMEICILCUSP OVANITY PRICE DENT AMOUNT CREC« "HT 11/21/05 JOURNAL CALL COLGATE PALM NOV055"" 1941629K1 200 EXP 11/19/2005 11/29/05 11/23/05 SOLO eall GATE PALMOLIVE CO CL -50,000 53.70780 2,682,277.75 UNSOUCIIED TOTAL $2,682,277.75 DEPOSITS AND WITHDRAWALS DMZ TRANSACTCN DESORPTION DERR AMOUNT CREDIT AMOUR 11/07/05 FUNDS REC ENDS WIRED TOCITIBANK FROM 91,131.25 11/08/05 FUNDS REC ENDSWIRED TOCITIBANK FROM 143.300.87 TOTAL $234.432.12 MONEY FUND ACTIVITY DATE &COAT TIW438,CTKO OCSCRIPTCel SYMBOUGUSIP DUANTRY PRCE DEBIT AMOUNT CREDIT AMOUNT 11/01/05 OPENINGBALANCE 12,080,807.31 11/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 4.531.74 1.0000 4.531.74 INSTITUTIONAL SHARES 11/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 6.10161 INSTITUTIONAL SHARES MONTHLY DIVIDEND 027 1201D5:07:35 001 V898 EFTA00196839 CLEARED THROUGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. SZeirns S0N, b81 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mem:tech CarrIN Noah Beccidon. New Teat 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 Cle STATEMENT PERK* Nosenter 1.2005 THROUGH November 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On PIM MONEY FUND ACTIVITY (continued) LAST STATEMENT October 31.2005 DATE MODAT TPANSACTICOI DESCRIPTON STMEAUCVSIP WANTRY PRICE DEBIT AMOUNT CREDIT MAXIM 11/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 6,103.61 6,103.61 INSTITUTIONAL SHARES DIVIDEND REINVEST 11/07/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 91.131.25 1.0000 91.131.25 INS11TUTIONAL SHARES 11/09/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 143.300.87 1.0000 143,300.87 INSTITUTIONAL SHARES 11/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 30.798 1.0000 30.798.00 INS1TRITIONAL SHARES 11122/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 295.468.26 1.0000 295.468.26 INS1TRITIONAL SHARES 11/29/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 2.682.277.75 1.0000 2.682.277.75 INSMUTIONAL SHARES 11130105 CLOSINGBALANCE 15.334.418.79 TOTAL $-3.253.611.48 $6.103.61 DIVIDENDS DATE DESORPTION STAMM/MVP DUMMY FUME (8) DEBT AMOUNT CAEDIT AMOUNT 11/15/05 COLGATE PALMOLIVE CO CL 106,200 0.2900 30.798.00 REC 10/26/05 PAY 11/15/06 11/21/05 DEERFIELD TRIARC CAP CORP MEI 300.000.00 ACCREDITED INVESTORS RD 11107 PO 11/21 RT .30000 CSH DIV ON 1000000 SHS CASH DIV TOTAL $330.798.00 027 120145:07:35 001 Y898 EFTA00196840 CLEARED IHRGOGH ITS ~GUY 0"ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Reef. SZeIrns SOC, ,I*1 GNP Bear. Stearns & Co. Inc. BffiR 383 Madison Avenue New York, New York 10179 Cr.* Metsoleeh Conte< North Beecidp. New Tc" 112014859 STffiRNS FINANCIAL TRUST COMPANY INC 8 vi STATEMENT PERM Novemter 1.2005 THROUGH November 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER 011File INTEREST LAST STATEMENT ()CMOS! 31.2005 DATE DESCRPTION SYMBDIAUSIP ~ITT RATE I•4 DEBIT AMOUNT CREDIT AMOUNT 11/21/05 TNTOB 4,531.74 10/21 - 1/ 4.50000% BAL 0 AVG 1169481 TOTAL $-4.531.74 MISCELLANEOUS DATE Mon TRAMSACTCN DESCRIPTION DEBIT AMOUNT CREPT MAJUNT 11/22/05 JOURNAL JOURNAL FROM TYPE 1 TO 2 4,531.74 11/22/05 JOURNAL JOURNAL FROM TYPE 1 TO 2 4.531.74 TOTAL $4.531.74 $4.531.74 End of Statement 02T i2DION07:35 001 V1198 EFTA00196841 CLEARED THRCOGH nS WHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BM. Stearns SOWS.) Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cow Mettotech Center Noah Breeklin. New Yea 1120/3859 STEARNS FINANCIAL TRUST COMPANY INC ZI3HEHMAN.IRA STATEMENT PERIOD Ovate 1.2005 ACCOUNT EXECUTIVE TELEPEONE THROUGH October 31.2005 VISIT OUR WEBSITE IWAV uentearrs.com AGLOW! NUMBER What's In This Statement 11111111111111111111111 111111111111111111111111 TAXPAYER NUMBER On PIM LAST STATEMENT SECtellibet 30.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 CIO AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 7 OUAETERS #2 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Cash S Equvalent $12' 085:339 TOTAL VALUE OF SECURITIES THIS PERIOD 37.785.848 ;: 8155.790 NET CREDIT BALANCE 4.532 Equities 37.790.848 : $.5.000 882.488.888 : 5-8.000 MONEY MARKET FUND BALANCE 12,080.807 Current market vane NET EQUITY THIS PERIOD $49.871,187 EN Last statements market value Short market value NET EOLIITY LAST STATEMENT 82.636.678 CHANGE SINCE LAST STATEMENT -32,765.491 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Plano gnat any Oneterce a narecoOt of *ea, or OxIc, mdiatled as *them, lo you. t SaToTatY lot /181878888 II primes **yak ea Mended an al &cavort lo Clent Sonweo el 0)0434.1428: a y. to Giant Savcos at Bow. Sborre &voiles cateawri ORM be Waned for your recant Set mom S. kf irrocelart rdantaton Cap,. Ono Mnolech Gear North. Bioahrt. N.Y. II201.3EISS 027 11001.08:08:34 001 V897 EFTA00196842 CLEARED 1HROUGH RS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 00,8. Ceol.levalech Cantet Noah Broeklln• New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 al lo STATEMENT BACKER IS PRINTED ON THIS PAGE 027 11'01,05:08:34 001 Y897 EFTA00196843 CLEARED 1HRWGH ITS witekLY CAM‘.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Metmlech Cella Noah eeccidon. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERK* October 1.2005 THROUGH October 31.2005 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WEBER Ord FIk THIS PERICO 116 PERICO YEAR TO DATE LAST STATEMENT September 30.2005 Opening Balance Dividends 224.387.50 2.216.693.31 $0.00 Credit Balance Int. 0.00 2.395.40 Securities Sold 18,015,157.21 Total $224.387.50 $2219.086.71 Money Fund 670.921.28 Dividendsllnterest 223.003.00 Foreign Tax Withheld 0.00 -2.227.67 Miscellaneous 19,716,376.76 Margin Int. Paid -36.467.43 -36.467.43 Amount Credited $38,625.458.25 Securities Bought -989.905.00 Portfolio Composition Money Fund -12,594,554.06 SHORT LONG Dividendsllnterest Charged -36.467.43 Cash/Cash Equivalent 12.085.339 Miscellaneous -25,000,000.00 Equities 5.000 37.790.848 Amount Debited $-38.620,926.51 Total $5.000 $49$76.187 Your Portfolio Net Cash Activity 4.531.74 Allocation ClosingBatance $4,531.74 Same Oaf trams or cash Oatmeal acccuri Rpm am Mt included in Ms section: such trans/al. as wan as emaa la al Mbar iransxtbas Hs paned. appeal in Uwe-action coal. Cash Balance Summary CLOSING Cash 0.00 4,531.74 Net Cash Balance $0.00 $4.531.74 Untodecl porno, Oen,* Oat bloom *NW !NH male vela, Tho Moms", resentr', is dewed Iron Va oblal.te mark"! rat), oi >vv palkno 027 11.01.05:08:34 001 1897 EFTA00196844 CLEARED THROUGH ITS 9/1935LY 005E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szea•ns SONN*1 GOO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Dec Mem:tech Cora Noah Beccioon. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* October 1.2005 THROUGH October 31.2005 ACCOUNT NUMBER TAXPAYER PAINSER OR File LAST STATEMENT September 30.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRY:Mt, S•51204. 0,SIP QUANTITY PRICE VALUE AMU& INCOME YELD I% CASH BALANCE 4.532 DREYFUS CASH MANAGEMENT-CL A DICXX 12.080.807.31 1.0000 12.080.807 410.747 3.4000 INSTITUTIONAL SHARES EST, 30 DAY AVG YELD 3.7500% TOTAL CASH & CASH EQUIVALENTS $12,085,339 $410.747 EQUITIES Equities & Options The research ratings for Bear Steams (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: 0 = 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 Steams 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 wvv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACC! MARKET ESTSWIED WIFENT DESCRo•nON SYMECLUSIP TYPE QUANTITY PRCE VALUE ANAVAL INCO1AE VELD IN/ APPLE COMPUTER INC AAPL CASH 20,000 57.5900 1,151.800 BSC RATING: STOCK 0/SECT0R MW BOYARS ALTERNATIVE VIEWPOINT RATING: S BEAR STEARNS COMPANIES INC BSC CASH 130,000 105.8000 13.754.000 130,000 0.9452 02/ 11)01/00:00:11 001 '.619/ EFTA00196845 CLEARED THRWGH ITS vniCkLY CAMEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Secv, hei GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mem:tech CarrIN Noah Beccidon. New Ye* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* October 1.2005 THROUGH October 31.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER WESER On File LAST STATEMENT September 30.2005 Equities & Options !continued) ACCT MARKET ESTIMATED CURPSIT DESCR:,, Qu SYMBWCUSIP TYPE OLIANTITT PACE VALUE ANNUAL INCOME YELDIS4 COLGATE PALMOLIVE CO CL CASH 106,200 52.9600 5.624.352 123,192 2.1903 BSC RATING: STOCK 0/SECTOR MW FULCRUM GLC6AL PARTNERS. LLC RATING: CALL COLGATE PALM NOV055*"• CLK55 CASH -200 0.2500 -5.000 EIS 11/19/2005 DEERFIELD TRIAFIC CAP CORP CASH 1.000.000 12.9700 12.970.000 ACCREDITED INVESTORS ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.5500 55.000 WORLDWIDE INC KERZNER INTERNATIONAL LTD KZL CASH 10.000 58.3500 583.500 BSC RATING: STOCK 0/SECTOR MW NED DAVIS RESEARCH RATING: H VECTOR GROUP LTD VGR CASH 159.589 19.9600 3.185.396 255.342 8.0160 WYNN RESORTS LTD WYNN CASH 10.000 46.6800 466.800 BSC RATING: STOCK P/SECTOR MW WALL STREET STRATEGES RATING: H Total Equities& Options $37,785,848 $508.534 TOTAL EQUITIES $37,785,848 $508.534 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $919,281 YOUR PRICEDPORTFOLIOHOLDINGS $49.871.187 021 11,01,05:06:34 001 YS97 EFTA00196846 CLEARED IHRWOH ITS wittily CAMEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC‘rPel COP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York. New York 10179 0-4 Metsolech Contec Noah Becdoon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 vi STATEMENT PERK* OCTOter 1.2005 THROUGH °MON 31.2005 Transaction Detail ACCCUNT NUMBER TAXPAYER WIPER OR File INVESTMENT ACTIVITY LAST STATEMENT SepleTtet 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTKIN SYMBOLCUSP OUNNITY NICE DEBIT AMOUNT MCP AAIDUNT 10/06/05 JOURNAL BEAR STEARNS COMPANIES INC BSC -450.000 JOURNAL FROM TYPE 1 TO 2 10/06/05 JOURNAL EQUITY OFFICE PROPERTIES TRUST EOP -110.000 Sal JOURNAL FROM TYPE 1 TO 2 10/06/05 JOURNAL BEAR STEARNS COMPANIES INC BSC 450.000 JOURNAL FROM TYPE 1 TO 2 10/06/05 JOURNAL EQUITY OFFICE PROPERTIES TRUST EOP 110.000 Sal JOURNAL FROM TYPE 1 TO 2 10/17/05 10/12/05 BOUGHT APPLE COMPUTER INC AAPL 20.000 49.49500 989,905.00 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE 49.435000 10/24/05 JOURNAL BEA. R TURNS COMPANIES INC BSC .100.000 VS 7-14.06 10/27/05 10/24/05 SOLD MACK-CALI REALTY CORP CU 88.100 41.90500 3.686.385.18 UNSOLICITED 1=7/05 10/24/05 SOLD TOO INC TOO .4.100 27.20240 111,274.17 UNSOLICITED 10P27/05 10/24/05 SOLD BEAR STEARNS COMPANIES INC BSC .100.000 104.54700 10,448,257.99 UNSOLICITED BEAR. STEARNS & CO, INC, IS A SUBSIDIARY OF THE ISSUER, VSP 7114/05(0106.26 10127/05 10/24/05 SOLD EQUITY OFFICE PROPERTIES TRUST EOP -110.000 30.69360 3.369.549.87 SBI UNSOUCITED 027 11.01,0S:0834 001 V897 EFTA00196847 CLEARED THRWGH ITS CAM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.A.I*1 Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Dec Meenlech Car:Ng Noah 8ecdoon. New re* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 STATEMENT PERO) October 1.2005 THROUGH October 31.2005 Transaction Detail (continued) ACCCUNT NUMBER ■ TAXPAYER TOMER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT Septemter 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION STIA3OUCUSIP QUANTITY PRICE DEBIT AMOUNT MOTT AMOUNT 10/27/05 JOURNAL APPLE COMPUTER INC AAPL 20,000 JOURNAL FROM TYPE 2 TO 1 10/27/05 JOURNAL BEAR STEARNS COMPANIES INC BSC 250,000 JOURNAL FROM TYPE 2 TO 1 10/27/05 DELIVERED TOO INC TOO -45.900 DEL TO 00005 10/27/05 JOURNAL APPLE COMPUTER INC Mn. -20,000 JOURNAL FROM TYPE 2 TO I 10/27/05 JOURNAL BEAR STEARNS COMPANIES INC BSC -250.000 JOURNAL FROM TYPE 2 TO I 10/28/05 10/25/05 SOLD IFIL(IST FIN ITAL) IFPSF -100.000 3.99690 399.690.00 EUR1 INVST CL I B 051025 REPORTED PRICE 4,056900 DIFFERENCE -0.060000 10/31/05 DELIVERED BEAR STEARNS COMPANIES INC BSC -120.000 DEL TO 05198 TOTAL 5-989.905.00 518.015.157.21 MONEY FUND ACTIVITY DATE Loon TRANSACTION DESCRIPTION SYMOWCUSIP OUNNTITY PROF COOT AMOUNT CREDIT AMOUNT 10/01/05 OPENINGBALANCE 155,790.01 10/03/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)0 512,591 1.0000 512591.00 INSTITUTIONAL SHARES 027 11,01A35:08:34 001 Y897 EFTA00196848 CLEARED 1HRWGH ITS niCkLY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SONH*1 Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 1O179 OcoMettotech CarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERK* October 1.2005 THROUGH October 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MILKER CO File MONEY FUND ACTIVITY (continued) LAST STATEMENT &VETCH! 30.2005 DATE MOVAT TIVINSACTIDY DESCRIPT03N SYMEWCTRIP WANTITY PLACE DEBIT AMMAR CREDIT AMOUNT 10/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DOD( 1,155.77 INSRTUTIONAL SHARES MONTHLY DIVIDEND 10/03/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 1.155.77 1.155.77 INSRTUTIONAL SHARES DIVIDEND REINVEST 1O/O6/O5 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -669.536.78 1.OOOO 669.536.78 INSRTUTIONAL SHARES 1O/O6/O5 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 228.73 INSRTUTIONAL SHARES RESIDUAL DIVIDEND 10/27/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 11.573.149.O5 1.OOOO 11.573.149.O5 INSMUTIONAL SHARES 10128/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 5O7.658.26 1.OOOO 5O7.658.26 INSMUTIONAL SHARES 10/3105 CLOSINGBALANCE 12,O8O,8O7.31 TOTAL $-12.594.554.O8 $670,921.28 DIVIDENDS DATE DESCRVTIoN SYMEWCWIP OUM/my RATE ($1 CENT AMOUNT CREDIT AMOUNT 10/17/05 EQUITY OFFICE PROPERTIES TRUST EOP 11O,OOO O.5OOO 55,000.00 S8I REC 09130105 PAY 10117/05 10117/05 MACK-CALI REALTY CORP CU 88.1OO O.63OO 55.5O3.OO REC 10005X05 PAY 1O/17/OS 027 ILI:01,05:06:34 001 789/ EFTA00196849 CLEARED THRWGH ITS wispri CI"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SORM*1 GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Dec Montech Contec Noah Betatron. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 9 STATEMENT PERIOD October 1.2005 THROUGH October 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER CR File DIVIDENDS (continued) LAST STATEMENT September 30.2005 DVE DESORPTION STME/WOUSIP °NNW RATE (1.1 DEBIT AMOUNT CREW AMOUNT 10/28/05 BEAR STEARNS COMPANIES INC BSC 450,000 0.2500 112,500.00 REC 10118/05 PAY 10/2805 TOTAL $223,003.00 INTEREST DATE CESCRIPTION STAIDOUCUSIP OWNTITT RATE I% CERT AMOUNT CREDIT AMOUNT 10/21/05 INT DB 36.467.43 09/21 9420.004.50128% BAL AVG 9721862 TOTAL $-36.467.43 MISCELLANEOUS DATE MOAT TRANSACTCN DESCRIPTION DEPT AMOUNT CREPT AMUNT 10/03/05 JOURNAL FROM 151,250.00 10/03/05 JOURNAL FROM 361,341.00 10/04/05 CASH-LIEU VECTOR GROUP LID 936 CASH IN LIEU OF .50000 REC 09i20105 PAY 09,29,05 10/06/05 JOURNAL JOURNAL FROM TYPE 1TO 2 669546.54 10/06/05 JOURNAL TO MB 25,000,000.00 PER WA 10/06/05 JOURNAL JOURNAL FROM TYPE 1T02 669,546.54 10/07/05 JOURNAL JOURNAL FROM TYPE 1 TO 2 228.73 10/07/05 JOURNAL JOURNAL FROM TYPE 1 TO 2 228.73 027 MIMS:04:3i 001 ve97 EFTA00196850 CLEARED THRWGH ITS ?RIMY CAM•E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeiros SOC,M*1 Gap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevelech Contec Noah Becck/on. New VC* 1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 10 STATEMENT PERIOD October 1.2005 THROUGH October 31.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MAWR DR File MISCELLANEOUS (continued) LAST STATEMENT September 30.2005 DATE UMW TRANSACTOI DESCRIPTION DEIST AMOUNT MAT MADUNT 10/17/05 JOURNAL JOURNAL FROM TYPE 1 TO 2 110,503 00 10/17/05 JOURNAL JOURNAL FROM TYPE 1702 110,503.00 10/17/05 JOURNAL FINAL REDEMPTION 19,203,776.00 10/27/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 7,775,489.70 10/27/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 7.775.489.70 10/28/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 112,500.00 10/28/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 112,500.00 TOTAL 3-33,668,267.97 $28,384,644.73 End of Statement 027 11,01,0S:0B:34 001 Y897 EFTA00196851 CLEARED THROUGH ITS wilekLY OW,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sown& Seorthei Orb Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -4 Mon:tech CarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 ACCOUNT NUMBER Illml Im VIII I I IIIIIIIIIIIIIIIIIIIIIIIIIII TAXPAYER AILMA3ER Co File LAST STATEMENT August 31.2005 FINANCIAL TRUST COMPANY INC C/0 AMERICAN YACHT HARBOR 6100 RED HOOK SUTE 6.3 OUAETERS #2 ST THOMAS VI 004302-1348 Fa' Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party J EPSTEIN & CO 457 MADISON AVE 4TH FLOOR NEW YORK NY 10022 027 10101105:11:80 001 YSOB EFTA00196852 CLEAREO BIRMOM ITS wałewlY OWNE0 SUBSIDIAAv OFFICE SERVICING YOUR ACCOUNT 803f. 51.1rm. DYIN Beer. Stearns & Co. Inc. BffiR 383 Madison Avenue New York. New York 10179 OC* Metsolech Center North Betchron. New Volt 11201.3859 STURNS FINANCIAL TRUST COMPANY INC ACCOUNT EXECUTIVE ZICHERMAN.IRA STATEMENT PERIOD &osnui. 1.2005 TELEPHONE THROUGH Septernter 30.2005 VISIT OUR WESSITE uearstearns.conl POLOWI NUMER What's In This Statement IIIIIIIIIIIIIIillilllllllllllllllllllllllllllll TAXPAYER NUMMER On File LAST STATEMENT August 31.2005 Financial Summan( 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/0 AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 7 OUAETERS #2 ST THOMAS VI 00802-1348 Your Massages 9 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent idär .790 TOTAL VAWE OF SECUFUTIES THIS PERIOD 82,480,888 $10.836.205 MOWY MARKET FUND BAIANCE 155,790 Equides I $82.488.888 : 5-8.000 $78.392.706 : 5-14.000 NET EOUITY THIS PERIOD $82,636,678 ffi Current market value NET ED:ITY LAST STATEMENT 89,214,910 te Last statement s market value Short market Sue CHANGE SINCE LAST STATEMENT -6,578.232 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Nem ieowl ony Clet~ ✓ ncewecock ol *eds o, okwkw «WAMd es delinwo0 lo mi. b Gem Sowim ol 800614.1428: ✓ wwfw to Chwil Serki» al Sm Steorre Stwwilos Cap.. Ono Movoloch Genuo Honh. Broolbn. N.Y. I1201-3859 SIK flis Vannt kW ITeolewi ~Mi ody R Is na ~Md nalali Gocuwert ROS StatenrRohatel be rotund for your mado Sn ~n Sr fce n1Wart armata, 027 1001.05:11:50 001 ;896 EFTA00196853 CLEARED 1NROUON NS viiseklY 0"E0 SUBSIDIARY 808r. Saee•ns SON, b81 G0,8 CeolActsolech Cantet Noah Brocklln• New VC* 11201.0858 FINANCIAL TRUST COMPANY INC 2 ei lo STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,0105:11:50 001 V896 EFTA00196854 CLEARED 1HRWGH nS niCkLY OW,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams SOC,r,b81 Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 1O179 Cc* Nebotech Coda Noah 8eccidon. New To* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PEROO September 1,2005 THROUGH September 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MAUMER On File DC REMO° YEAR TO DATE THIS PERICO LAST STATEMENT August 31.2005 Opening Balance Dividends 73.541.8O 1.992.3O5.81 $O.OO Credit Balance Int. O.OO 2.395.40 Money Fund 11.O12.745.8O Total $73.541.8O $1.994.7O1.21 Funds Deposited 246,O43.O9 Dividends Interest 60,796.00 Foreign Tax Withheld O.OO -2,227.67 Amount Credited $11.319,584.89 Money Fund -319.584.89 Portfolio Composition Funds Withdrawn -1.OOO.OOO.OO LONG Miscellaneous -1O.OOO.OOO.OO Cash/Cash Equivalent 155.79O Amount Debited $-11.319.584.89 Equities 8.OOO 82.488.888 ClosingBalance $0.00 Total $6.000 382.644.678 Your Portfolio Allocation Cash &Equivalent. cl% 1 — Equities 99% Untodecl Demons den* debt Wane" andt• nitke< vendee, 11. Omar, percenmo, dosed Icon Va obsoLte market Vale ci )We ptIkno 027 100105:11:S0 001 Y896 EFTA00196855 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, M,1 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Momtech GarrIN Noah ReedCon. New VC* I1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 4 vi STATEMENT PERIOD SEDIE6Mbet 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER TAXPAYER MAWR Co File LAST STATEMENT August 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS ESTIMATED CURRENT DESCRPRON SYMBUPCUSIP °WHEW PRfr.".E MNUIL INCOME YELD DREYFUS CASH MANAGEMENT-CL A DICXX 155,790.01 1.0000 155.790 5,297 3.4001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,6200% TOTAL CASH & CASH EQUIVALENTS $155.790 35,297 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT IMRICE1 ESTIAME0 CURRENT DESCRPRON STAIIMCVSIP TYPE DUMMY PRCE VALLE ANATOL INCOME YEW PH BEAR $TEARNS COMPANIES INC BSC CASH 450,000 109.7500 49.387.500 450,000 0.9112 COLGATE PALMOLIVE CO CL CASH 106,200 52.7900 5.606.298 123,192 2.1974 BSC RATING: STOCK OISECTOR MW FULCRUM GLCEML PARTNERS, LLC RATING: CALL COLGATE PALM NOV055 -• CLK55 CASH '200 0.4000 -8.000 EIS 11/1912005 027 10,01,0501:S0 001 V8SC EFTA00196856 CLEARED THROUGH ns ?mow, ()Me> SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Saea•ns SOC,r,A1 Oat. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Meentech Cella Noah Beccidon. New VC* I1201.31359 STEARNS FINANCIAL TRUST COMPANY INC 5 vi STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYERMAWR Onfile LAST STATEMENT August 31.2005 Equities & Options (continued) ACCT MARKET ESTIMATED 0.1FIREVT DESCRPNON SIMIAN-CUSP TWE OLUOCITY PRCE VALUE ANNUAL INCOME TELL/ IS) DEERFIELD TRIAFIC CAP CORP CASH 1,000.000 13.8500 13,850.000 ACCREDITED INVESTORS EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 32.7100 3.598.100 220,000 6.1143 S81 BSC RATING: STOCK ITIMCTOR MW GREEN STREET ADVISORS. INC. RATING: S ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.6700 67.000 WORLDWIDE INC IFIL(IST FIN ITAL) IFPSF CASH 100.000 4.4890 448.900 8.200 1.8267 EUR11NVST CL KERZNER INTERNATIONAL LID KZL CASH 10.000 55.5500 555,500 BSC RATING: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 44.9400 3.959.214 222,012 5.6075 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: H TOO INC TOO CASH 50.000 27.4300 1,371.500 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 159.589 20.0100 3.193.376 255,342 7.9960 WYNN RESORTS LTD WYNN CASH 10.000 45.1500 451,500 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: H Total Equities& Options $82.480.888 $1.278.746 TOTAL EQUITIES $82.480,888 $1,278,746 027 100105:11:5.3 001 EFTA00196857 CLEARED THROUGH ITS mom," OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,r,b81 GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mem:tech Cella Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 vi STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 ACCOUNT NUMBER TAXPAYER MASSER Co File LAST STATEMENT August 31.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.284.043 YOUR PRICED PORTFOLIOHOLDINGS $82.636.678 Transaction Detail INVESTMENT ACTIVITY SETTLE/1FM TRADE DATE DATE TRANSACTION DESORPTION SYME10..CusP PRCE DEBIT AMOUNT CREDO MA3UNT 09129105 09120/05 BOUGHT VECTOR GROUP LTD VGR 7.599 SEE NOTE'S ON BACK SIMON ON 151990 SHS REC 09/20/05 PAY 09/29+05 AS OF 09/20+05 TOTAL DEPOSITS AND WITHDRAWALS DATE 711AAISACTIM DESORPTION DEBIT AMOUNT CREDIT MADAN, 09/06/05 FUNDS REC ENDS WIRED TO CITIBANK FROM 246.043.09 027 100105:11:50 001 7896 EFTA00196858 CLEARED IHRWOH ITS ?RIMY OW,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Some& Seorten Orb Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Ore Mem:4W+ Center Noah Beccidon. New Ye* 11201.3859 STEARNS New York, New York 1O179 FINANCIAL TRUST COMPANY INC 7 vi STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AILM3ER Co File DEPOSITS AND WITHDRAWALS (Continued) LAST STATEMENT August 31.2005 DATE TRANSACT-4N DESORPTION DEBIT AMOUNT CREDIT AMOUNT 09/12/05 END WIRED MDAN ENDS WIRED TO 1,OOO.OOO.OO E TOTAL $1.OOO,OOO.OO $246.O43.O9 MONEY FUND ACTIVITY DATE AKRDAT TRANSACTION DESCRIPTION STMEPOUGUSIP OVANMY PP CE DEBIT AMOUNT CREDIT AMOUNT 09/01/05 OPENINGBALANCE 1O,836,2O5.12 09/01/05 SOLD DREYFUS CASH MANAGEMENT-CL A DIC10C -1O.OOO.OOO 1.OOOO 10,000,000.00 INSTITUTIONAL SHARES 09/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC10C 12,745.8O INSTITUTIONAL SHARES MONTHLY DIVIDEND 09/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DIC)C( 12,745.80 12,745.8O INSTITUTIONAL SHARES DIVIDEND REINVEST 09/07/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A O1C10C 246,O43.O9 1.0000 246.O43.O9 INSTITUTIONAL SHARES 09/12105 SOLD DREYFUS CASH MANAGEMENT-CL A DIC10C -1.000.000 1.0000 1 000 000 OO INSTITUTIONAL SHARES 09/29/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 6O.796 1.0000 6O,796.O0 INSTITUTIONAL SHARES 09/30/05 CLOSINGBALANCE 155.79O.O1 TOTAL $319.584.89 $11.O12,745.8O 027 100105:11:50 001 YS96 EFTA00196859 CLEARED THROUGH ns vniptiv OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Secw.t.el Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Metscilech CarrIN Noah BecciOon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEBER Cn File DIVIDENDS LAST STATEMENT August 31.2005 DVE DESCM'TION symeoucusw °PARITY RATE (S) DEBIT AMOUNT cisEIN1 AMOUNT 09/29/05 VECTOR GROUP LTD VGR 151,990 0.4000 60,796.00 REC 09/20105 PAY 09129105 TOTAL $60.796.00 MISCELLANEOUS DATE OWDAY TRANSACTOR DESCRIPTION DEBIT AMOUNT CREW ;Muni 09/01/05 JOURNAL TO 10.000.000.00 TOTAL $-10.000.000.00 027 WV 05:11:50 001 v8945 EFTA00196860 CLEARED THROUGH ITS wilekLY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,M*1 GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momtech CarrIN Noah Beccidon. New Ye* 1201.3SS9 STEARNS FINANCIAL TRUST COMPANY INC 9 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER U TAXPAYER AVUSER On File Your messages LAST STATEMENT August 31.2005 Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account At May 31, 2005 and July 31, 2005, the Company's net capital of decline in value, so does the value of the collateral supporting your loan, and, approximately $4,1 billion and $3,9 billion was approximately 6% and 7% of as a result, the firm can take action, such as issue a margin call and/or sell aggregate debit items and exceeded the minimum regulatory net capital securities or other assets in any of your accounts held with the member, in requirement of approximately $1.3 billion and $1.1 billion by approximately order to maintain the required equity in the account. it is important that you $2,8 billion and $2,8 billion, all respectively, fully understand the risks involved in trading securities on margin, These risks include the following: A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site wtvw,bearsteams,com, Alternatively, to - You can lose more funds than you deposit in the margin account, request a free printed copy please call • toll free 1.866.299.9331. - The firm can force the sale of securities or other assets in your account(s). • The firm can sell your securities or other assets without contacting you. • You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call. • The firm can increase its 'house" maintenance margin requirements at any time and is not required to provide you advance written notice. • You are not entitled to an extension of time on a margin call, 027 IGOI 05:11:50 001 VS96 EFTA00196861 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, b81 GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mon:tech CarrIN Noah Beccidon. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 10 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER U TAXPAYER At/USER On Foe LAST STATEMENT August 31.2005 This statement is provided to explain Bear, Stearns & Co. Inc.'s ("BSC) Bar payment for order flow practices. Ear Pursuant to SEC Rule 11Ac1.6, please note the following: BSC routes a majority of orders for customer securities transactions to the Bear, Steams & Co. Inc. will post its quarterly routing statistics at the following primary market for such securities. Orders may also be routed to other market web link: http://www.bearsteams.com/. Click on Individual Investor, Click on service vendors that assure executions pursuant to complex mathematical Equities, Click on Order Routing Practices. formulas at better than the national best bid or best offer (NBB0), BSC receives no cash payment or other consideration for such order routing other Customers of Bear, Steams & Co. Inc. may request information on any order than favorable executions or executions of limit orders at no additional charge. executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders. End of Statement 027 100105:11:50 001 V896 EFTA00196862 CLEARED THROUGH as metier 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Best. GOO. Bear. Stearns & Co. Inc. BMR 383 Madison Avenue New York, New York 10179 Gto Meal:loch Corder North Brodoon. Hew Yak 11201.3859 STBNRNS FINANCIAL TRUST COMPANY INC STATEMENT PERKO July 30.2005 ACCOUNT EXECUTIVE /1.7,HERMAN.IRA TELEPHONE THROUGH August 31.2005 VISIT OUR WEBSITE wen% uearstearns.com Accourn NUMBER What's In This Statement lllll llllllllllllllllllllllll TAXPAYER natIER On File LAST STATEMENT Jul/ 29. 2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/O AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE 6-3 Fund Activity 6 OUAETERS #2 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Cash & EqSvalent $10.836.205 TOTAL VAWE OF SECURITIES THIS PERIOD 78,378,705 c 54.752.649 MONEY MARKET FUND BALANCE 10,836,205 Equines $78.392.705 : 5-14.000 $80.262.825 : 5-24.000 NET EQUITY THIS PERIOD $89,214,910 Current market value NET EQUITY LAST STATEMENT 84,991,474 tes Last statements market value I= Short market value CHANGE SINCE LAST STATEMENT 4,223,436 There are no Stop Loss' orders or other pending buy or sell open orders on file for your account. for nfOrnsIOCodl rams orly Nis ra more a; a lam cloarnorr Neon mod off, docrerce a menace( of cboas or skicka edicakd as delivered lo you. lo Gent Swore el 89)-634.142$: a P.0/ N ChM Serrires al Boa. &are &Kuril« Cap.. Ono Moyoloch Conga Honk Broolhn. N.Y. I1201-3BSA ate nits~nun,is Tin asteman should be retailed Iv' your records See renew ado for moatan et:mural 027 1:901.06:13:27 001 V895 EFTA00196863 CLEARED 1HROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. SZeirns SON, b81 00,0 Ceol.levalech Cantet Noah Beccidon. New Yuk 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0201MS:13:27 001 Y895 EFTA00196864 CLEARED THRO00H ITS ?RIMY CI"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.r.t.91 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Maelech Cord Noah BecciOon. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERIOD Jul/ 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MASSER On File THIS PERIOD TIeS PERIOD YEAR TO DATE LAST STATEMENT Jul/ 29.2005 Opening Balance Dividends 83.508.20 1.918.764.01 $0.00 Credit Balance Int. 0.00 2.395.40 Money Fund 1.052.710.20 Total $83,508.20 $1.921.159.41 Funds Deposited 47.71 Divideodelnterest 30,798.00 Foreign Tax Withheld 0.00 -2,227.67 Miscellaneous 7,000,000.00 Amount Credited $8,083,555.91 Portfolio Composition Money Fund -7,083.555.91 ',CRT Lone Funds Withdrawn -1,000.000.00 CashiCash Equivalent 10.836.205 Amount Debited $-8.083,555.91 Equities 14.000 78.392.705 Closing Balance $0.00 Total $14.000 889.228.910 Your Portfolio Allocation Cash & Eque.alent 12% Shol EGuttiOS Equities 87% UnWOCled POMO, ' coma oa0r tnio, o, ono.c. feoi male aye, The elorahr. ;evenly, is awed iron to 00ooIJF market rat), 01 ,v.ft patio" 027 09.01.135:13:27 001 1895 EFTA00196865 CLEARED THRWGH ITS OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON,M,1 CO,P. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 Ore Mem:tech CarrIN Noah Deaf Con. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* Jug 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER TAXPAYER WESER On File LAST STATEMENT Jug 29.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS ESTIMATED CURRENT DESCRPTION SIMBCNOJSIP OUANTITT FREE !MS INCOME '(SD I%) DREYFUS CASH MANAGEMENT-CL A DICXX 10,836,205.12 1.0000 10.836.205 346.759 3.2000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,3400% TOTAL CASH & CASH EQUIVALENTS $10.836.205 $346.759 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, PACT MARKET ESTIAME0 CURRINT DESCRPRON STAIBWCUSIP TYPE OVANTITY PRCE VALLE ANNA- INCOME YEW I% BEAR STEARNS COMPANIES INC BSC CASH 450,000 100.5000 45.225.000 450,000 0.9950 COLGATE PALMOLIVE CO CL CASH 106,200 52.5000 5.575.500 123,192 2.2095 BSC RATING: STOCK OISECTOR MW FULCRUM GLCEML PARTNERS, LLC RATING: B CALL COLGATE PALM NOV055"" CLK55 CASH '200 0.7000 -14.000 EIS 11/19/2005 027 OSOMOS:13:27 001 '.1193 EFTA00196866 CLEARED THRWGH ITS ?AIM`, 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeom Seonber Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Montech Coma Noah BecciCon. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* Jug 30.2006 THROUGH August 31.2006 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER KINSER On File LAST STATEMENT Jure 29.2006 Equities & Options (continued) ACCT MARKET ESTIMATED CURFEW DESCAPSON STAISOLCUSIP TYPE °VANITY PACE VALUE ANNUAL INCOME VELD I%) DEERFIELD TRIARC CAP CORP CASH 1,000.000 14.1100 14.110.000 ACCREDITED INVESTORS EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 33.3000 3.663.000 220.000 6.0060 Sal BSC RATING: STOCK PIMCTOR MW GREEN STREET ADVISORS. INC. RATING: S ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.6700 67.000 WORLDWIDE INC IFIL(IST FIN ITAL) IFPSF CASH 100.000 4.5090 450.900 8.400 1.8629 EuRI iNvST CL KERZNER INTERNATIONAL LID KZL CASH 10.000 57.0500 570.500 BSC RATING: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 44.0500 3.880.805 222,012 5.7208 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: H TOO INC TOO CASH 50.000 26.6600 1.333.000 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 151.990 20.0000 3.039.800 243,184 8.0000 WYNN RESORTS LTD WYNN CASH 10.000 47.7200 477.200 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: H Total Equities& Options 578.378.705 $1.266.788 TOTAL EQUITIES 578.378.705 $1,266,788 027 0901A35:13:27 001 V895 EFTA00196867 CLEARED THRWGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns S0N, bel GNU Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metselech Cella Noah Beccidon. New Year 1120/3859 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERIOD Jul/ 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER TAXPAYER KINSER On Flk LAST STATEMENT Jure 29.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,613.547 YOUR PRICED PORTFOLIOHOLDINGS $89.214,910 Transaction Detail DEPOSITS AND WITHDRAWALS DA-E TPANSACDCN DESCRPiCti SEEN AVOLN- CREDIT AIJCVIIT 08/02/05 FUNDS REC ENDS WIRED TO CITIBANK FROM 47.71 .co 08/17/0S FND WIRED MDA FNDS WIRED TO 1,000,000.00 FNK TOTAL $-1.000.000.00 $47.71 MONEY FUND ACTIVITY DATE MODAY TRANSACTION DESCRIPTION STMECLICuSIP oummry pace DEBIT AMOUNT CREDIT AMOUNT 07/30/05 OPENINGBALANCE 4.752.649.21 08/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICU 52.710.20 INSTITUTIONAL SHARES MONTHLY DIVIDEND 027 0001MS:13:27 001 V893 EFTA00196868 CLEARED THROUGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. SZeirns SOC,M.F1 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Momtech Coda Noah Beccidon. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 cln STATEMENT PERt00 Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Foe MONEY FUND ACTIVITY (continued) LAST STATEMENT Juu 29.2005 DATE 1.100AY TPANSACTIC01 MSC:918TM STMEAUCVSIP GUMMY PRICE DEBIT AMOUNT CREDIT AMOUNT 08/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DIC)0( 52,710.20 52,710.20 INSTITUTIONAL SHARES DIVIDEND REINVEST 08/02/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 47.71 1.0000 47.71 INS11TUTIONAL SHARES 08/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 30.798 1.0000 30,798.00 INS11TUTIONAL SHARES 08/17/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1.000.000 1.0000 1,000,000.00 INS11TUTIONAL SHARES 08/31/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 7.000.000 1.0000 7.000.000.00 INSTITUTIONAL SHARES 08131/05 CLOSINGBMANCE 10.836.205.12 TOTAL 8-7,083.555.91 $1.052.710.20 DIVIDENDS DATE DESORPTION SYMEOCIAUSIP OUNgTiTy RATE ISI DEES! AMOUNT CREDIT AMOUNT 08/15/05 COLGATE PALMOLIVE CO CL 106,200 0.2900 30,798.00 REC 07126105 PAY 08/15105 TOTAL $30,798.00 MISCELLANEOUS DATE ma Dm TP/NSICLCN DESCAtPT Ct. DEBT AVOW CP£Cc AmCce“ 0831/05 JOURNAL FROM 2.000.000.00 027 Cratu0So 3:27 001 2895 EFTA00196869 CLEARED THROUGH RS ?mow, OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns S0N•thel GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York Non York 10179 CeoLletsolech Cella Noah Becci0on. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 cln STATEMENT PERIOD Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NvuMER On File MISCELLANEOUS (continued) LAST STATEMENT Jug 29.2005 DATE LIODAT TIUNSACTCN CESCAMT Cf. DENT AMCVNT CREPT WOMT 08/31/05 JOURNAL FROM 5.000.000.00 TOTAL 57.000.000.00 End of Statement 027 0001MS:13:27 001 Y895 EFTA00196870 CLEARED THRWGH nS vnlpov 00nE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Stamm SeersIsr Corp. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue Nem York Nevi York 10179 Ore Motsoloch Coact NOM 8(td001. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC ACCOUNT EXECUTIVE LICHERMANARA STATEMENT PEROT Jut/ 1.2005 TELEPHONE THROUGH Job. 29.2005 VISIT OUR WEBSITE 67A1 uearstearrts.com ACCCIPET NUMBER What's In This Statement 1111111111,1111,11lllll IIIIIIIIIIIIIIIIIIIIIIII TAXPAYER MAKER On File LAST STATEMENT June 30.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/0 AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE 6-3 Fund Activity 7 OUAETERS #2 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VAWE OF SECURITIES THIS PERIOD 80,238,825 Cash S Egli alert 4t „ $4 752.649 33iZ23, Z23 S33030.694 MONEY MARKET FUND BALANCE 4,752,649 Equities 880.262.825 : 5-24.000 Is•iss,,, SSEasssr.................. $55.972.876 NET EQUITY THIS PERIOD $84,991,474 Current market vaue nit Last statements market value NET EQUITY LAST STATEMENT 88,973,570 Short market value CHANGE SINCE LAST STATEMENT -3,982,096 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. vesanatenal pawls rowed as a u. dcoata Please , sped en/ Offererce a mem:cast of dada o Make. eidicokd as Mowed IS vas. I, Clem Somas el 800040428. a wee to Mal Savias el Boa. Ewan Sawa,' Cap.. Ono lAovoloch Comer Hone. BrooUrt N.Y. I1201-385. St Has TME asysYWY staterners shard 63, atticfa be reared for yaw records See reverse Seta" matte ricanatim 027 07,3005:10:09 001 V895 EFTA00196871 CLEARED 1HROUGH RS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 00,0 0 -41.1evalech Cantet Noah Broeklln• New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 a19 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,3005:10:09 001 Y895 EFTA00196872 CLEARED 1HRWGH ITS vniCkLY OHS.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steams SOCiritiel Cat. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CcoMetiolech Centec Noah Becci0on. New To* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul/ 29.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MASSER On File RAS PERIOD YEAR TO DATE THIS PERICO LAST STATEMENT June 30.2005 Opening Balance Dividends 679.673.05 1.835.255.81 $0.00 Credit Balance Int. 81.77 2.395.40 Securities Sold 1,160,186.47 Total $679,754.82 $1.837.651.21 Money Fund 30,256,439.25 Funds Deposited 91,655.92 Foreign Tax Withheld -2.227.67 -2,227.67 Dividends Interest 581,335.41 Miscellaneous 512,591.00 Amount Credited 532,602,208.05 Portfolio Composition S•4:-.L4T LONG Securities Bought -26,565,005.00 Cash/Cash Equivalent 4.752,649 Money Fund -1,909.975.38 Equities 24.000 80.262,825 Funds Withdrawn -4,125.000.00 Miscellaneous -2,227.67 Total $24.000 $85.015,474 Your Portfolio Amount Debited $-32.60Z208.05 Allocation ClosingBatance $0.00 Cash 8 Equivalent- 5% I Shen Equites cl% Equities 94% Ustivoticl crown canoe debit bobnce anSw Nod male wives TSe elocution percents-is is Prised from to 001,01.te mrk01 'Sue el •V" palioss 027 07,30•05:10:09 001 V895 EFTA00196873 CLEARED THROUGH ITS LTHOLLY CAMLE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns GOIP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevelech Center Noah Becciart New Ye* 112D1 3959 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* J011 1.2005 THROUGH kit 29.2005 ACCCUNT NUMBER TAXPAYER MAKER On File LAST STATEMENT June 30.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS imercEt ESTIMATED CURRENT DESORPTION SYMBCC/CUSIP OUANTRT PRI:E v,V.t/E ?Wit INCOME YELO IY4 DREYFUS CASH MANAGEMENT-CL A DICXX 4,752,649.21 1.0000 4.752.649 137,827 2.9000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,2000% TOTAL CASH & CASH EQUIVALENTS 54.752.649 $137,827 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT IMRICE1 ESTIAME0 CURRINT DESORPTION STAIIMCVSIP TYPE OVANTITY PRCE VALLE ANNA. INCOME YELD BEAR $TEARNS COMPANIES INC 8S0 CASH 450,000 102.1100 45.949.500 450,000 0.9793 COLGATE PALMOLIVE CO CL CASH 106,200 52.9400 5.622.228 123,192 2.1912 BSC RATING: STOCK OISECTOR MW FULCRUM GLC6AL PARTNERS, LLC RATING: H CALL COLGATE PALM NOV055 -• CLK55 CASH '200 1.2000 -24.000 EIS 11/1912005 027 07.300S:10:09 001 .895 EFTA00196874 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Saee•ns SON, b81 Cory. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mon:tech CarrIN Noah 0eock11n. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERM J011 1.2005 THROUGH Jul/ 29. 2006 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER AMBER On File LAST STATEMENT June 30.2005 Equities & Options (continued) ACCT MARKET ESTIMATED O.IRREVT DESCRPNOH STAISOLCUSIP TYPE OUANITY PRICE VALUE ANNUAL INCOME YELL/ I%) DEERFIELD TRIAF1C CAP CORP CASH 1,000.000 14.6400 14.640.000 ACCREDITED INVESTORS EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 35.4500 3.899.500 220.000 5.6417 S81 BSC RATING: STOCK ITIMCTOR MW GREEN STREET ADVISORS. INC. RATING: H ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.8200 82,000 WORLDWIDE INC IFIL(IST FIN ITAL) IFPSF CASH 100.000 4.4860 448,600 8,200 1.8279 EuRI iNvST Ct. KERZNER INTERNATIONAL LID KZL CASH 10.000 59.7500 597.500 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 47.9100 4.220.871 222,012 5.2599 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: B TOO INC TOO CASH 50,000 25.7900 1.289.500 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 151,990 19.4100 2.950.126 243,184 8.2432 WYNN RESORTS LTD WYNN CASH 10,000 56.3000 563.000 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: H Total Equities& Options $80.238.825 $1.266.588 TOTAL EQUITIES $80.238.825 $1,266,588 02? 07300S:10:09 001 EFTA00196875 CLEARED THROUGH NS vngkly OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Saee•ns SOC,M.F1 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Momtech Contet Noah 0eock11n. New Yak 11201 3959 STEARNS FINANCIAL TRUST COMPANY INC 6 r. STATEMENT PERK* Jul/ 1.2005 THROUGH J01/29.2005 ACCOUNT NUMBER TAXPAYER KAMER On FM LAST STATEMENT June 30.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.404.415 YOUR PRICED PORTFOLIOHOLDINGS $84.991.474 Transaction Detail INVESTMENT ACTIVITY SET'LEUEM TRADE DATE 0.4"5 TRANSACTION DESCRIPTION SIMOOLCUM OJAMM PUCE DEBIT AMOUNT CREDIT A/CUNT 07/19;05 07/14:05 BOUGHT BEAR STEARNS COMPANIES INC BSC 250,000 106.20000 26.565.005.00 BEAR. STEARNS & CO, INC, IS A SUBSIDIARY OF THE ISSUER, 07/19/05 07/18105 SOLD CALL COLGATE PALM NOV055"- OCLK55 -200 1.00000 19.394.16 EXP 11/19/2005 UNSOLICITED ORDER EXECUTED BY ISE OPEN CONTRACT 07/21/05 07/18105 SOLD CELGENE CORP CELG -25.000 45.63380 1,140,792.31 UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REOUEST UNIT PRICE 45,693800 DfFERENCE - 0,060000 TOTAL 526.565.005.00 51.160.186.47 027 07,3005:10:09 001 V893 EFTA00196876 CLEARED THRWGH ITS WIIOUv 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Saee•ns Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ce.*Metsalech Cantec Noah Beccidon. New Ye* I 1201.3869 STEARNS FINANCIAL TRUST COMPANY INC 7 vi STATEMENT PERK* AA/ 1.2005 THROUGH JuD 29. 2005 Transaction Detail (continued) ACCOUNT NUMBER ■ TAXPAYER MAUMER On Flk DEPOSITS AND WITHDRAWALS LAST STATEMENT June 30.2005 DATE TIMNSACTCN DESCArICH DEEM AMOUNT CREDIT AMOUNT 07/01/05 Ft.ID WIRED MD ENIDS WIRED TO 3.125.000.00 07/06/05 FUNDS AEC FNDS WIRED TO CITIBANK FROM 91.655.92 CO 07/28/05 FND WIRED MDAA1 NDS WIRED TO 1.000.000.00 TOTAL 5.4.125.000.00 $91,655.92 MONEY FUND ACTIVITY DATE MDDAT TRANSACTODNI DESCRIPTCN STMEASCLISIP OVANIRY PRICE DEBIT AMOUNT CREDIT AMOUNT 07/01/05 OPENINGBALANCE 33.000.693.67 07/01/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -2,612,409 1.0000 2,612,409.00 INSTITUTIONAL SHARES 07/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A MCXX 98.419.41 INSTITUTIONAL SHARES MONTHLY DIVIDEND 07/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 98,419.41 98,419.41 INSTITUTIONAL SHARES DIVIDEND REINVEST 07/08/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 91.655.92 1.0000 91.655.92 INSTITUTIONAL SHARES 07/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 61,022.97 1.0000 61.022.97 INSTITUTIONAL SHARES 027 07,300510:09 001 V893 EFTA00196877 CLEARED THROUGH ITS wilekLY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Szeirns Soc.r.t.ei GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mem:tech CerrIN Noah Beccioon. New Ye* 112013859 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul/ 29. 2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER wheER On Fite MONEY FUND ACTIVITY (continued) LAST STATEMENT June 30.2005 DATE UMW TRANSACTICN DESGRIPTON SYMEAMSIP DUMMY MICE DEBIT AMOUNT CREDIT AMOUNT 07/18/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 405,503 1.0000 405,503.00 INS11TUTIONAL SHARES 07/19/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICM -26.545.610.84 1.0000 26,545,610.84 INS11TUTIONAL SHARES 07/21/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC/C( 1.140.792.30 1.0000 1.140.792.30 INS11TUTIONAL SHARES 07/25/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC/C( 81.78 1.0000 81.78 INS11TUTIONAL SHARES 07/28/05 SOLD DREYFUS CASH MANAGEMENT-CL A DIC/C( -1.000.000 1.0000 1.000.000.00 INS11TUTIONAL SHARES 07/29/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC/C( 112.500 1.0000 112.500.00 INSTITUTIONAL SHARES 07/29/05 CLOSINGBALANCE 4.752.649.21 TOTAL $-1,909.975.38 $30,256,439.25 DIVIDENDS DATE DESORPTION SYMOOIJOUSIP DIMITY RATE (Si DENT AMOUNT CREDIT AMOUNT 07/14/05 IFIL(IST FINITAL) IFPSF 100.000 0.0683 8,250.64 EURI1NVST CI. w,U 2.227.67 REC 07/13105 PAY 07/14/05 EM CONY, RATE: 01,20800 FOREIGN TM WITHHELD 07/15/05 DEERFIELD TR1ARC CAP CORP 350.000.00 ACCREDITED INVESTORS RD 06/22 PO 07/15 RT .35000 CSH DIV ON 1000000 SItS CR 7-16-06 DIV R-0 6-22-OS 027 07,3005:10:09 001 V895 EFTA00196878 CLEARED THROUGH ITS wispri OHnEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SON, bel GOO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Metsolech Cella Noah Beccmon. New Year 1120/3559 STEARNS FINANCIAL TRUST COMPANY INC 9 STATEMENT PERIOD Jul/ 1.2005 THROUGH Jul/ 29. 2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MAURER PT File DIVIDENDS (continued) LAST STATEMENT June 30.2005 DATE DESORPTION STIABOUCUSIP POMMY RATE DEBIT AMOUNT CREDIT AMOUNT 07/15/05 EQUITY OFFICE PROPERTIES TRUST EOP 110,000 0.5000 55,000.00 Sal REC 0630105 PAY 07/15106 07/18/05 MACK-CALI REALTY CORP CU 88.100 0.6300 55,503.00 REC 07/06105 PAY 07/18105 07/29/05 BEAR STEARNS COMPANIES INC 8SC 450.000 0.2500 112.500.00 REC 07/19105 PAY 07/29105 TOTAL $-2,227.67 $581.253.64 INTEREST DATE DESCRIPTION STMEICIAUSIP COMMIT RATE ICI CEBU AMOUNT THEM AMOUNT 07/21/05 INTER DIT BALANCE 81.77 ACCT AT 02. - 07120 $81.77 MISCELLANEOUS DATE LOW TRANSACTOR DESCRIPTION DENT AMOUNT CREPT ANOINT( 07/01/05 JOURNAL FROM 151,250.00 07/01/05 JOURNAL FROM 361,341.00 TOTAL $512,591.00 027 07,30,05:1009 001 V895 EFTA00196879 CLEARED THRCO3H ITS W1ICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BM. ROOMS SO•uflIR4 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Ono Alottotech Genie North Brock'tn. New Yea 112013859 STEARNS New York New York 10179 FINANCIAL TRUST COMPANY INC STATEMENT PERKI0 June 1.2005 ACCOUNT EXECUTIVE ZI3HEHMAN.IRA TELEPHONE THROUGH June 30.2005 VISIT OUR WEBSITE remvuearsteains.com ACCOLNT NUMBER U What's In This Statement lllll IIIIIIIII111111111111111 TAXPAYER NUMBER OR File LAST STATEMENT May 31.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 CIO AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 7 OUAETERS #2 ST THOMAS VI 00802-1348 Your Messages 8 Your Portfolio at a Glance Market Value of Your Portfolio Confirmation: Unless we hear from you to the contrary. it is Cash a fumelent $33 000 694 our understanding that any TOTAL VALUE OF SECURITIES THIS PERIOD 55.972.876 $60.872.901 free credit balances in your MONEY MARKET FUND BALANCE 33.000.694 555.972.876 account are being maintained Equities *""*. ll"" —Ilf=fff fffffffffffffffffff............ . SS3.792.272 to lacilitate your intention to invest such amounts through NET EQUITY THIS PERIOD $88.973.570 Current market raUe us. ME Last statements market value NET EQUITY LAST STATEMENT 104.665.173 CHANGE SINCE LAST STATEMENT -15.691.603 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Plow, 'opal any dfferenoe a marecent of duos or stake mingled re detirerto to nosstwwww b let Enramatonal popows cely. a Is not Mended as a lag normal to Clem Somas to 1100-01042e: a am to Clem Scams at Boa. SICO/r0 Swaim Res satornera Maid be Maud tom your records Sn morn S. for mortar ogormatoon Cap.. Ono Mottoloch Conior North. BinaU)n. N.Y '1201395S 027 07,01.05:10:02 001 VSB3IP EFTA00196880 CLEARED 1HROUGH ns wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Ilkl 00,0 Ceol.levalech Cantet Noah Broeklln• New Yuk 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07'01.135:10:42 001 Y89218 EFTA00196881 CLEARED 1HRWGH vniCkLY OU9e0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. Screams Seeritiel GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CeoLleucien Cede Noah Betatron. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERO) June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER M./483ER On File THIS PERIOD 116 PERIOD YEAS TO DATE LAST STATEMENT May 31.2005 Opening Balance Dividends 125.485.69 1.155.582.76 $0.00 Credit Balance Int. 0.00 2.313.63 Money Fund 18,079,471.38 Total $125.485.69 $1 157 896.39 Dividends/Interest 60,796.00 Miscellaneous 2.306.97 Foreign Tax Withheld 2.306.97 0.00 Amount Credited 518,142,574.35 Money Fund -134.030.02 Portfolio Composition Funds Withdrawn -18,000,000.00 Cashleash Equivalent 33.000.694 Dividendsnnterest Charged -8.544.33 Equities 55.972,876 Amount Debited 5.18,142,574.35 Total $88.973,570 ClosingBatance $0.00 Your Portfolio Allocation Cash & Equivalen 38's Equities 621/4 Unifrooel prove emcee oar 089, p, onto male wive The Mecum ;teems,' to pewee len Va etnal.te mantel rat), 01 >ye peen" 027 07i01.135:10:42 001 V893iP EFTA00196882 CLEARED THROUGH ITS tvisCLLY CA11tE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns Sec , Lel GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 Ore MeeseItch Contec Noah Beccidon. New Year I I201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 4 vi STATEMENT PERO) June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER TAXPAYER KINSER On File LAST STATEMENT May 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS IMMO ESTIMATED CIAIREND DESCRPOON SIMBOJCUSIP GUMMY PRICE YN.DE MNUIL INCOME aEL0 DG DREYFUS CASH MANAGEMENT-CL A DICXX 33,000,693.67 1.0000 33.000,694 957,020 2.9000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,0400% TOTAL CASH & CASH EQUIVALENTS $33,000,694 $957,020 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT /WHET N3TIAME0 CURRENT DESCRMON SIIIBWCUSIP Mkt QUANTITY PRCE YALtE ANMJN. INCOME YEW NI BEAR $TEARNS COMPANIES INC 8S0 CASH 200,000 103.9400 20.788.000 200,000 0.9621 CELGENE CORP CELG CASH 25.000 40.7700 1.019.250 BSC RATING: STOCK P1SECTOR MO ARGUS RJNDAMENTAL RESEARCH RATING: B 027 07i01.136:10:42 001 Y893IP EFTA00196883 CLEARED THROUGH ns vni0.0, °MED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns CO,P. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Momtech CarrIN Noah BecciCon. New Ye* 112014859 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUMBER oRFM LAST STATEMENT May 31.2005 Equities & Options !continued) ACCT (STEWED CUREENT DESCR:‘, 0/ SYMBOJCUSIP TIDE OUAMITY DRCE VALLE ANNUAL INCOME YEW IS4 COLGATE PALMOLIVE CO CL CASH 106.200 49.9100 5.300.442 123,192 2.3242 BSC RATING: STOCK 0/SECTOR MW FULCRUM GLCHAL PARTNERS. LLC RATING: H DEERFIELD TRIARC CAP CORP CASH 1.000.000 15.6900 15.690.000 ACCREDITED INVESTORS EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 33.1000 3.641.000 220.000 6.0423 SBI BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC, RATING: S ENVIRONMENTAL SOLUTIONS ESWW CASH 100.000 0.9000 90.000 WORLDWIDE INC IFIL(IST FIN ITAL) IFPSF CASH 100.000 4.2010 420.100 8,200 1.9519 EURI INVST CL KERZNER INTERNATIONAL LTD KZL CASH 10.000 56.9500 569.500 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 45.3000 3.990.930 222.012 5.5629 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: B TOO INC TOO CASH 50.000 23.3700 1.168.500 BSC RATING: STOCK P/SECTOR MW GARR RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 151.990 18.5700 2.822.454 243.184 8.6160 027 07i01.136:10:42 001 EFTA00196884 CLEARED THROUGH ITS niCkLY OMnED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saee•ns S0N, bel GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0-414cm:tech CarrIN Noah Beccidon. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 vi STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER WESER On File LAST STATEMENT May 31.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENIT DESCRIPTION SOMOUCUSIP TYPE OUANTITT PRCE VALUE ANNUAL iNCOIAE YELD IM WYNN RESORTS LTD WYNN CASH 10,000 47.2700 472,700 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: H Total Equities& Options $55.972.876 $1.016.588 TOTAL EQUITIES $55.972.876 $1.016.588 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1.973.608 YOUR PRICEDPORTFOLIOHOLDINGS $88.973.570 Transaction Detail DEPOSITS AND WITHDRAWALS TRANSACTCN D.SCRPTICH DE917 AIJOINT CREDIT ItIACUUT 06,14105 FND WIRED MOAB FNDSWIRED TO 18.000.000.00 JP re, TOTAL $-18.000.000.00 027 07i01.135:10:42 001 VS9SIP EFTA00196885 CLEARED THROUGH nS vngSly 09EE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Szea•as SOUrthel GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New TOTH New York 10179 Cato Metsaiech tenni Noah Becciaon. New Teta 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 vi STATEMENT PERMO June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MAWR On Rile MONEY FUND ACTIVITY LAST STATEMENT May 31,2005 DA-E MCI DAY TROISACTICSI DESCRIPTION SI MSOCCVSiP oumrrry PTCE 0030 AMOUNT CREDIT AMOUNT 06/01/05 OPENINGBALANCE 50.872.901.01 06/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 73.234.02 INS11TUTIONAL SHARES MONTHLY DIVIDEND 06/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 73.234.02 73,234.02 INSRTUTIONAL SHARES DIVIDEND REINVEST 06/14/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -18.000.000 1.0000 18,000,000.00 INSRTUTIONAL SHARES 06/27/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -6.237.36 1.0000 6.237.36 INSRTUTIONAL SHARES 06/29/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 60.796 1.0000 60.796.00 INSRTUTIONAL SHARES 06!30/05 CLOSINGBALANCE 33,000,693.67 TOTAL $-134.030.02 $18,079,471.38 DIVIDENDS DATE DESORPTION SYMEICEOLISIP 00MIRITY PAIE 4S) DEBIT AMOUNT CREDIT AMOUNT 06/24/05 IFIL(IST FIN ITAL) IFPSF 8,544.33 EUR1 INVS7 CL RD 05/25 PD 05126 RT ,06830 CSH DIV ON 100000 SHS REV REVERSE DIV CXL AS PER AGENT 27,00% TAX 027 070)M3510912 001 Y893IP EFTA00196886 CLEARED THROUGH ITS niCkLY CAM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. SZeirns SOC.M.91 GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metsolech Cantet Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 In STATEMENT PER100 June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WESER On File DIVIDENDS (continued) LAST STATEMENT May 31.2005 DATE DESORPTION SYMBOL CUSIP Cowin, RATE (1.1 DEBIT AMOUR' OMNI AMOUNT 06,29/05 VECTOR GROUP LTD VGR 1 51.990 0.4000 60,796.00 REC 06/20105 PAY 06,29,05 TOTAL $41.544.33 $60,796.00 MISCELLANEOUS DATE MORAY TRANSACTIM DESCRIPTOR DEBIT AMOUNT CREPT AMOUNT 06r24/05 JOURNAL IFIL(IST FIN ITAL) 2,306.97 EUR1 INVST CL RD 05125 PD 05126 FR 27000 DIWINT WNW REV REVERSE ON CXL AS PER AGENT 27,00%TM TOTAL $2,306.97 Your messages Bear Steams receives payments or other remuneration from the advisers, distributors or other affiliates of certain of the mutual funds available through Bear Steams. Such payments or remuneration are for administrative, technological or other services provided in connection with fund accounts and are generally calculated based on the amount of assets held in the accounts, Such payments or other remuneration are in addition to shareholder servicing and distribution fees that Bear Stearns may receive. Funds whose affiliates do not make payments to Bear Steams, including funds that may pay a higher or lower return, may be available to you, 027 07.01.135:10:42 001 Y89OIP EFTA00196887 CLEARED IHRCOGH 11S wisetlY OW•E0 SUBSIOIARY OFFICE SERVICING YOUR ACCOUNT Boer. Szea•to Seermet Coty. Bear. Stearns & Co. Inc. BMR 383 Madison Avenue New York, New York 10179 Co* Meerolech Cent« Noah Becadon. New te« 11201.3859 STMRNS FINANCIAL TRUST COMPANY INC STATEMENT PER100 *11 30.2005 ACCOUNT EXECUTIVE GCHERMAN.IRA TELEPHONE THROUGH May 31.2005 VISIT OUR WEBSITE uearstearns.cOM ACCOUNT NU/ABER What's ln This Statement lllll 1llult 1111111'11l'Ille TAXPAYER MANDER OR File LAST STATEMENT Aprd 29.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/0 AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 8 OUAETERS #2 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Cash 3. Equvalent $50.872.901 TOTAL VALUE OF SECUFUTIES THIS PERIOD 53,792,272 $18.460.998 MONEY MARKET FUND BALANCE 50,872,901 Equikes — $53.792.272 454.279.920 NET EOUITY THIS PERIOD $104,665,173 Current market vatue NET EOUITY LAST STATEMENT fe» Last statementa market value 72,740,918 CHANGE SINCE LAST STATEMENT 31,924,255 There are no Stop Loss' orders or other pending buy or sell open orders on file for your account. Nome 'open en' (lemme a ncenecect ol elbois or tecks, obte/cd es derme lo yal b Client Sen,ree el to»611.1428 a fflte lo Clora SeNces a Boer. Steerre Sicanes Cap.. Ono Molroloch Conga Noah. BrooNer. N.Y. 11201-385a Slif nos «atomer« Moule EIretaned te your records Sta morts Nemale nos anniTY for minbeRBI pat«, prdy 11 N reg MO«, crocuwers Icr mener rennarce 027 OS01,05:09:03 001 .878 EFTA00196888 CLEARED 1HROUGH ns wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Ilkl GOO. Ceol.levalech Cantet Noah Broeklln• New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 al lo STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06005:09:M 001 Y878 EFTA00196889 CLEARED iHRWGH ITS CM1E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams soc,m*, Ore Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CcoMettoiech Canto Noah Betatron. New Volt 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERIOD *1130.2005 THROUGH May 31.2005 ACCOUNT NAMES Cash Flow Analysis Income Summary TAXPAYER MASSER On Fee 1* PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT *11 29.2005 Opening Balance Dividends 314,847.62 1.030.097.07 $0.00 Credit Balance Int. 3.72 2.313.63 Securities Sold 1,766,991.00 Total $314.851.34 $1.032.410.70 Money Fund 16,582,154.21 Funds Deposited 47,654,387.59 Foreign Tax Withheld -2.306.97 -2.306.97 Dividends/Interest 264,346.05 Amount Credited $66.267,878.85 Portfolio Composition Smithies Bought -72.020.00 Cashreash Equivalent 50.872,901 Money Fund -48,943,551.88 Equities 53.792,272 Funds Withdrawn -16,250,000.00 Miscellaneous -1,002.306.97 Total $104.665.173 Amount Debited $-66,267,878.85 Your Portfolio ClosingBalance Allocation $0.00 Cash & Equivale Eq...1 es 49% 51% Witty:led crown °oho* oat 0loopo onto thy, male wive, Go eleven', ;event'', 6, owe" Mtn to 001,01.1t motel rat), 01 >CV Mtn" 027 DS01135:09:03 001 1879 EFTA00196890 CLEARED THROUGH DS ?mow, 09REO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeRns S08,4.81 C0,9 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ore Mevelech Cella Noah aro:kW% New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 vi STATEMENT PERO) *11 30.2005 Timmer May 31.2005 ACCOUNT NUMBER TAXPAYER MAKER ON File LAST STATEMENT April 29.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS ?MENET ESTIMATED CURRENT DESCRIPTION SYMBOJCUSIP QUANTITY FRCS IDSCIAA YIELD DREYFUS CASH MANAGEMENT-CL A DICXX 50,872,901.01 1.0000 50.872.901 1.322.695 2.6000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,90006 TOTAL CASH & CASH EQUIVALENTS $50.872.901 $1.322.695 EQUITIES Equities & Options The research ratings for Bear Steams (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: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTMATW MIRRBer DESCRFOON 5111BWCUSIP Met QUANTITY PRCE OWE ANNUM. MOUE Yee 0,) BEAR STEARNS COMPANIES INC BSC CASH 200,000 99.0400 19.808.000 200.000 1.0097 CELGENE CORP CELG CASH 25.000 42.3400 1.058.500 BSC RATING: STOCK P1SECTOR MO ARGUS RJNOAMENTAL RESEARCH RATING: 027 0601A35:09:03 001 v878 EFTA00196891 CLEARED THROUGH ITS ?RIMY Ch1h.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r4M1 CO,P. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0 -41km:tech Contec Noah Beccidon. New Ye* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PEAK* April 30.2005 THROUGH May 31.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER WESER en File LAST STATEMENT NMI 29.2005 Equities & Options !continued) ACCT MARKET ESTIMATED CURPSIT DESCR:,, Qu SYMBOJCUSIP TIDE OUAMITY PRCE VALLE ANNUAL INCOME YEW IS4 COLGATE PALMOLIVE CO CL CASH 106.200 49.9700 5.306.814 123,192 2.3214 BSC RATING: STOCK 0/SECTOR MW FULCRUM GLC6AL PARTNERS. LLC RATING: H DEERFIELD TRIAFIC CAP CORP CASH 1.000,000 15.0000 15.000.000 ACCREDITED INVESTORS EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 32.4900 3.573.900 220.000 6.1557 SEC BSC RATING: STOCK PSECTOR MW GREEN STREET ADVISORS. INC, RATING: S ENWIRONMENTAL SaUTIONS ESWW CASH 100.000 0.6200 62.000 WORLDWIDE INC IFIMIST FIN ITAL) IFPSF CASH 100.000 4.1380 413.800 8,400 2.0300 EURI INVST CL KERZNER INTERNATIONAL LTD KZL CASH 10.000 61.5800 615.800 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 44.0900 3.884.329 222,012 5.7156 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: TOO INC TOO CASH 50.000 19.8800 994.000 BSC RATING: STOCK Pi/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 151.990 17.1500 2.606.629 243,184 9.3294 027 06014S:09:C0 001 Y878 EFTA00196892 CLEARED IHRWOH ITS vniCkLY OMT,R0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seonber CND Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Nev York, New York 10179 CcoMetsolech Contof Noah Beano. New Ye* 1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 6 vi STATEMENT PERKO *1130.2005 THROUGH May 31.2005 Your Portfolio Holdings (continued) Accami NUMBER ■ TAXPAYER NURSER On File LAST STATEMENT *11 29.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURNSN1T DESCRIPTION SYMBOUCUSIP TOE OLIANTITY PRCE VALUE ANNUAL INCOME YELD 1/4 WYNN RESORTS LTD WYNN CASH 10,000 46.8500 468.500 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGIES RATING: H Total Equities& Options $53.792.272 $1,016.788 TOTAL EQUITIES $53,792.272 $1.016.788 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $2.339.483 YOUR PRICEDPORTFOLIOHOLDINGS $104.665.173 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION snmoucuse a:ARMY PRCE DEBITAMOUNT CREDO AMOUNT 05/02/05 04/27/05 SOLD CELGENE CORP CELL -25.000 39.30300 982,528.92 UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE 39,363000 DEFERENCE - 0,060000 0509/05 05/04/05 BOUGHT ENVIRONMENTAL SOLUTIONS ESVAV 56.400 0.70000 40.613.00 WORLDWIDE INC UNSOUCITED AVG PRICE: DETAILS ON REQUEST 027 C601.05:09:03 001 EFTA00196893 CLEARED THROUGH ITS wilekLY ORnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet SZPOn Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0-4 Momloch OarrIN Noah 0eock11n. New Toot 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 v, STATEMENT PERKO *1130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER ■ TAXPAYER NLIN3ER C11 Fite INVESTMENT ACTIVITY (continued) LAST STATEMENT 4a1 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUS, okomin. PRICE DEBIT AMOUNT CREW MAMA, 05/12/05 05/09/05 SOLD VECTOR GROUP LTD VGA -50,000 15.75000 784,462.08 UNSOUCITED SEE NOTE 8' ON BACK 05/16/05 05/11/05 BOUGHT ENVIRONMENTAL SOLUTIONS ESWW 12.500 0.70000 9,005.00 WORLDWIDE INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST 05/17/05 05/12/05 BOUGHT ENVIRONMENTAL SOLUTIONS ESWW 8,200 0.70000 5.909.00 WORLDWIDE INC UNSOUCITED AVG PRICE: DETAILS CN REQUEST 05/18/05 05/13/05 BOUGHT ENVIRONMENTAL SOLUTIONS ESWW 22.900 0.70000 16.493.00 WORLDWIDE INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST TOTAL $.72.020.00 51,766,991.00 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRIrICH CEBU AMOUVT CREDIT AMOUNT 05/04/05 FND WIRED MDAti■ NOS WIRED TO 6.250.000.00 FEU/05211 05/18/05 FUNDS REC ENDS WIRED TO CITIBANK FROM 47.654.387.59 CO 05/20/05 FND WIRED ENDS WIRED TO 10.000.000.00 A TOTAL $.16.250.000.00 $47.654.387.59 027 0601.05:09:03 001 Y878 EFTA00196894 CLEARED THROUGH ITS YosekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, bel Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momloch Cantof Noah Beccidon. New Year 112014559 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERIOD *1130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER ■ TAXPAYER KINSER Cfl FIk MONEY FUND ACTIVITY LAST STATEMENT NW 29.2005 DATE MODAY TRANSACT)3N DESCRIPTION SYMEISUCUSIP ousannv PRICE 003IT Amman CREDIT AMOUNT 04/30X15 OPENINGBALANCE 18,460,998.05 05/02/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 982528.92 1.0000 982,528.92 INSTITUTIONAL SHARES 05/02/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 50,505.29 INSTITUTIONAL SHARES MONTHLY DIVIDEND 05/02/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 50.505.29 50505.29 INSTITUTIONAL SHARES DIVIDEND REINVEST 05/03/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 225.000 1.0000 225.00000 INSTITUTIONAL SHARES 05/04/05 SOLD DREYFUS CASH MANAGEMENT-CL A DIG/3( -6.250.000 L0000 6250,000.00 INSTITUTIONAL SHARES 05/09/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -40.613 L0000 40,613.00 INSTITUTIONAL SHARES 05/12/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -224.542.92 t0000 224,542.92 INSTITUTIONAL SHARES 0913/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 24.889 L0000 24.889.00 INSTITUTIONAL SHARES 05/18/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -1C493 L0000 16,493.00 INSTITUTIONAL SHARES 05/19/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 47.654.387.59 L0000 47.654.387.59 INSTITUTIONAL SHARES 05/20/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -10.000.000 L0000 10.000.000.00 INSTITUTIONAL SHARES 05/27/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 6.24158 L0000 6.241.08 INSTITUTIONAL SHARES 027 0601.05:09:03 001 Y878 EFTA00196895 CLEARED THROUGH ITS witem.Y 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs S0C,r4M1 GNP Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue 0 -41km:tech Centec Noah Beccidon. New Ye* 11201.3559 STEARNS New YY New York 10179 FINANCIAL TRUST COMPANY INC 9 STATEMENT PERK* Aprii 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER Cfl File MONEY FUND ACTIVITY (continued) LAST STATEMENT Apra 29.2005 DATE 1139AT TRANSACTION DESCRIPTION STIAECUCUSIP mammy PRICE DEBIT AMOUNT CREDIT AMOUNT 05/31/05 CLOSINGBALANCE 50,872,901.01 TOTAL $-48,943,551.88 $16.582,154.21 DIVIDENDS DATE DESCRIPTION SYMEICLCUSIP OUANTITY RATE ttt DENT AMOUNT CATON AMOUNT 05/02/05 DEERFIELD TRIARC CAP CORP 1.000.000 0.2250 225.000.00 ACCREDITED INVESTORS REC 03/24105 PAY 04/29105 05/13/05 COLGATE PALMOLIVE CO CL 106.200 0.2900 30/98.00 REC 04/26105 PAY 05/13105 05/26/05 IFIL(IST FIN ITAL) IFPSF 100.000 0.0683 8.544.33 EUR1 INVST CL WH 2206.97 REC 05/25105 PAY 05/26(05 EM CONY. RATE: 01.25100 FOREIGN TM WITHHELD TOTAL 5-2.306.97 5264.342.33 INTEREST DATE DESCMPTION STAIDOUCLISIP OUNNTITY RATE N OEM AM0LLN' C.q1C11 AUCUNT 05/23/05 INTE INT BALANCE 3.72 ACCT AT 02, 1 - 05/20 TOTAL $3.72 027 060105:09:03 001 EFTA00196896 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, b81 GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 Ore Mon:tech CarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 10 cI T:r STATEMENT PERIOD *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER ■ TAXPAYER MAWR On File MISCELLANEOUS LAST STATEMENT April 29.2005 DATE LIODAY TIMNSACTCN CESCRIPT G• DEB? AMOUNT CREPT AMOUNT 05/12105 JOURNAL TO 1,000,000.00 PER LCA TOTAL $-1o0oo00.00 End of Statement 027 0201.05:09:011 001 Y878 EFTA00196897 CLEARED IHRCUOH ITS YINOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BON. SIABMS SOMAIORT CO( .> Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Ono Mottotech Cantor North Breeklin. New York 11201.3859 STEARNS New York New York 10179 FINANCIAL TRUST COMPANY INC STATEMENT PEF000 M 01 1. 2005 ACCOUNT EXECUTIVE CHERMAN.IRA TELEPHONE THROUGH April 29,2005 VISIT OUR WEBSITE IVIA1 uea•steams.com ACCOUNT NUMBER What's In This Statement 1111.111111111111lllll I I11I I Ill I II I I 1I11111111 TAXPAYER NUMBER On File LAST STATEMENT March 31.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 CIO AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Activity 7 OUAETERS #2 9 ST THOMAS VI 00802-1348 Open Orders Trades Not Yet Settled 9 Your Portfolio at a Glance Market Value of Your Portfolio Cash a Equvalent 118.460.998 TOTAL VALUE OF SECURITIES THIS PERIOD 54.279.920 ..... $24.605.015 MONEY MARKET FUND BALANCE 18.460.998 Equities H $54.279.920 $53.671.859 NET EQUITY THIS PERIOD $72.740.918 Current market value iffifil Last statement's market value NET EOUITY LAST STATEMENT 78.276.874 CHANGE SINCE LAST STATEMENT -5.535.956 Please wren any dfference on neweceel of *echo or axle, mdbakd as deleerett to you. Amy net SiOlwerY for achmeonsl prOpOses cely I Is not wended as dammed. b Clent Somas et BOB404.1428: a bee W Chen Semen at Bea. Stearn, &cubes Tin statement Maid be retained for your records Me reverses.* fct irrportert rdormason Cap.. Ono Monica Conior North. Brooebb N.Y. 1120139Se 027 043005:11:24 001 Y877 EFTA00196898 CLEARED 1HROUGH RS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 00,8. Ceol.levalech Cantet Noah Broeklln• New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 al 9 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 043005:11:24 001 1/877 EFTA00196899 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Secv, t.ei Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Meet oI cc h Comet Noah Becci0on. New To* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PER100 Apll 1. 2005 THROUGH *11 29.2005 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WEBER On File PERICO YEAR TO DATE THIS PERICO LAST STATEMENT MVO 31.2005 Opening Balance Dividends .1.035.40 715,249.45 $0.00 Credit Balance Int. 0.00 2,309.91 Securities Sold 25,352.21 Total .035.40 $717,559.36 Money Fund 6,907,937.03 Dividends/Interest 160.503.00 Miscellaneous 475,000.37 Amount Credited $7.568,792.61 Portfolio Composition CashiCash Equivalent 18.460,998 Securities Bought -1.856.405.00 Equities 54.279,920 Money Fund -71Z387.61 Funds Withdrawn -5.000.000.00 Total $72,740,918 Amount Debited $-7.568,792.61 Closing Balance $0.00 Your Portfolio Allocation Cash 8, Eqtivalent 28% — Equities 74% UnWooed crown eon,* oar Nano, *n5t, shy, male wive, fl'O olotahr I:events-0 is Ormed iron Va otwol.te market rat), 01 >vv 027 0430,050i:24 001 V877 EFTA00196900 CLEARED THROUGH ITS witekLY 0Mh.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seonber Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0-41km:tech Cantec Noah BredOon. New Ye* 112013959 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERIOD Apll 1. 2005 THROUGH *11 29.2005 ACCOUNT NUMBER TAXPAYER MASER On File LAST STATEMENT MESON 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRPRON SIAIBCArCUSIP QUANTITY PRICE VALUE MNUAL RIME YEW IY4 DREYFUS CASH MANAGEMENT-CL A DICXX 18.460.998.05 1.0000 18.460.998 461,525 2.5000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,6900% TOTAL CASH & CASH EQUIVALENTS $18,460,998 $461,525 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT IMNCE1 ESTIMATED CURRIBVT DESCRPRON STAIBCIAVSIP 111.£ QUANTITY PRCE VALUE ANNUAL NOME YEW 1%4 BEAR STEARNS COMPANIES INC BSC CASH 200,000 94.6600 18.932.000 200.000 1.0564 CELGENE CORP CELG CASH 50.000 37.9100 1.895.500 BSC RATING: STOCK PISECTOR MO ARGUS FUNDAMENTAL RESEARCH RATING: 027 0400,05:11:24 001 '.07/ EFTA00196901 CLEARED THROUGH ITS OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, bel CO,P. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mon:tech Contec Noah BecciCon. New Ye* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* 1. 2005 THROUGH *11 29.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER WESER On File LAST STATEMENT Much 31.2005 Equities & Options !continued) ACCT 1AARKE1 ESTIMATED CURFEW DESCR:,,Qu SYMBOJCUSIP TIDE OUAMITY PACE VALLE ANNUAL INCOME YELD COLGATE PALMOLIVE CO CL CASH 106.200 49.7900 5.287.698 123,192 2.3298 BSC RATING: STOCK 0/SECTOR MW FULCRUM GLC6AL PARTNERS. LLC RATING: H DEERFIELD TRIARC CAP CORP CASH 1.000.000 15.0000 15.000.000 ACCREDITED INVESTORS EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 31.4700 3.461.700 220.000 6.3553 S81 BSC RATING: STOCK PtSECTOR MW GREEN STREET ADVISORS. INC, RATING: S IFIMIST FIN ITAL) IFPSF CASH 100.000 4.1940 419.400 8.800 2.0982 EUR1 INVST CL KERZNER INTERNATIONAL LTD KZL CASH 10.000 55.0900 550.900 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 43.9900 3.875.519 222,012 5.7286 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC, RATING: TOO INC TOO CASH 50.000 23.0100 1.150.500 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 201.990 15.7300 3.177.303 323,184 10.1716 WYNN RESORTS LTD WYNN CASH 10.000 52.9400 529,400 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: B Total Equities& Options 854,279.920 $1.097.188 TOTAL EQUITIES 554.279.920 51.097.188 027 04/30.01:11:24 001 '.87/ EFTA00196902 CLEARED THRWGH ITS WIIOUY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns S0N, bel GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 OtolNesolech CarrIN Noah Becci0on. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 rl STATEMENT PERK* April 1.2005 THROUGH April 29.2005 ACCOUNT NUMBER TAXPAYER WEBER On Fee LAST STATEMENT Wirth 31.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1558.713 YOUR PRICED PORTFOLIOHOLDINGS $72.740.918 Transaction Detail INVESTMENT ACTIVITY SEMI/1FM TRADE EWE DA"E TRANSACTION CESCFOPTION SY/180. C VS P MANTire PRCE DEBIT AMOUNT CREPT ATAOUNT 04/14/05 04/11105 BOUGHT CELGENE CORP CELG 50.000 37.12800 1.856.405.00 UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE 37.068000 OfFERENCE + 0.060000 04/15/05 04/12/05 SOLD LADENBURG THALMANN FINL SVCS LTS .48.477 0.54110 25.352.21 AVG PACE SHOWN DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED TOTAL 51.856.405.00 $25.352.21 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DEBIT AMOUNT CREDIT AUCLIUT 04/21/05 FND WIRED NOSWIRED TO 2.000.000.00 ANK 027 0430,0S:11:24 001 7877 EFTA00196903 CLEARED THROUGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. SZeirns S0C,M.F1 GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Metsolech GarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 vi1 STATEMENT PERK* AlTO1 1.2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER ■ TAXPAYER WESER On FIk DEPOSITS AND WITHDRAWALS (Continued) LAST STATEMENT Mardi 31.2005 DATE TRANSACT-4N DESGRVIGN CEBIT AMOUNT CREDIT AMOUNT 04/26/05 END WIRED MDA ENDS WIRED TO 3.000.000.00 E TOTAL $-5.000.000.00 MONEY FUND ACTIVITY DATE 1.13.DAT TRMJSICTICN DESCRIPTION SYMECUCVSIP CCANN'Y PrcE DEBIT AMOUNT CREDIT :Nano 04/01/05 OPENINGBALANCE 24.605.015.07 04/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A Da< 475.000 1.0000 475.000.00 INSTITUTIONAL SHARES 04/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A MCC< 51,532.40 INSTITUTIONAL SHARES MONTHLY DIVIDEND 04/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DIC)0( 51,532.40 51.532.40 INSTITUTIONAL SHARES DIVIDEND REINVEST 04/14/05 SOLD DREYFUS CASH MANAGEMENT-CL A MOO( -1.856,404.63 1.0000 1,856,404.63 INSTITUTIONAL SHARES 04/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CA. A DION 80,352.21 1.0000 80352.21 INSTITUTIONAL SHARES 04/18/05 BOUGHT DREYFUS CASH MANAGEMENT-CA. A DIC)C( 55.503 1.0000 55503.00 INSTITUTIONAL SHARES 04/21/05 SOLD DREYFUS CASH MANAGEMENT-CA. A DIC)0( -2.000.000 1.0000 2.000.000.00 INSTITUTIONAL SHARES 04/26/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICK( -3,000,000 1.0000 3.000.000.00 INSTITUTIONAL SHARES 021 Oh 3:: tli:11:.24 001 EFTA00196904 CLEARED THROUGH ITS vNOUY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SOC,nbel GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ore Mon:tech CarrIN Noah Beccidon. New Ye* r I201.3SS9 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERK* April T. 2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER ■ TAXPAYER KINSER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT Menth 31.2005 DATE AKIVAT TRANSACTION DESCRIPTCBI SYMBOLICVSIP cvaivvny price DEBIT AMOUNT CREDIT AMOUNT 04/29/05 BOUGHT DREYFUS CASH MANAGEMENT-CI. A DOC< 50.000 1.0000 50,000.00 INSTITUTIONAL SHARES 04/29/05 CLOSINGBALANCE 18,460,998.05 TOTAL $-712.387.61 $6.907.937.03 DIVIDENDS DATE DESCRIPTION STUDDS/SIP °WHITT PATE 0) Meg AMOUNT CREDIT AMOUNT 04/15/05 EQUITY OFFICE PROPERTIES TRUST EOP 110,000 0.5000 55,000.00 sei REC 03/31105 PAY 04/15/05 04/18/05 MACK-CALI REALTY CORP CU 88,100 0.6300 55,503.00 REC 04105105 PAY aularos 04/29/05 BEAR STEARNS COMPANIES INC BSC 200,000 0.2500 50,000.00 REC 04/19105 PAY 04/29/05 TOTAL 8160.503.00 MISCELLANEOUS DATE 1.10.0AT TFMAISACTON DESCRIPTION DUST AMOUNT CREPT MOUNT 04/01/05 JOURNAL FROM 150,000.00 04/01/05 JOURNAL FROM 325,000.00 027 04/30:08:11:24 001 V877 EFTA00196905 CLEARED THROUGH ITS niCkLY CA1e.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, hel C0,0 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevelech Cella Noah Beccidon. New VC* I 1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 9 STATEMENT PEROO Apll 1. 2005 THROUGH *II 29.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MAWR On File MISCELLANEOUS (continued) LAST STATEMENT MATO 3I . 2005 DATE MOAT TRANSACTION DESCRIPTION DEBT AMCIAT CREPT MOUNT 04/01/05 CASH-UEU LADENBUAG THALMANN FINL SVCS 0.37 CASH IN UEU OF .60000 VECTOR GROUP LTD REC 03/18/05 PAY 03/30/05 SP1N-OFF FAR V002114 TOTAL 5475.000.37 Open Orders ENTRY DATE DESCRIPTION SIMTSCLPCUSIP TRANSACTOR OUATITY mAINET PRCE 04/18/05 VECTOR GROUP LTD VGR SELL -50.000 15.7300 ORDER PRICE 15.75 GOO TILL CANCELLED Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOL:CUSP CIUMMY viva DEBIT AMOUNT CREDIT AMOUNT 05/02/05 04/27/05 SOLD CELGENE CORP CELG -25,000.00 39.3030 982,528.92 UNSOUCffED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REOUEST UNIT PRICE 39.363000 DIFFERENCE - 0 060000 TOTAL 50.00 5982.528.92 The thowy Cedes Eo eel apple: in eery NM, sedge of No swarm* 027 04/30t0S;11:24 001 VETT EFTA00196906 CLEARED THRCOGH nS CkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Sown& Seoriost Gore Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York• New York 10179 Coe Metselech Card NOM BCCCi001. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERO° March 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH March 31.2005 VISIT OUR WESSITE 61A1 uearstearns.com ACCOUNT NUMBER What's In This Statement IIIIIIIIIIIIIIIII lllll IIIIIIIIIIIIIIIIIIIIIII TAXPAYER NUMBER On File LAST STATEMENT PeOrtauy 28.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/0 AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE 6-3 Fund Activity 6 OUAETERS #2 ST THOMAS VI 00802-1348 Your Messages 8 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent S24.605.015 TOTAL VAWE OF SECURITIES THIS PERIOD 53,671,859 ce. S24.486.032 MONEY MARKET FUND BALANCE 24,605,015 Equities — $53.671.859 154.229.457 NET EQUITY THIS PERIOD $78,276,874 Current market vatic, Me Last statements market value NET EQUITY LAST STATEMENT 78,715,489 CHANGE SINCE LAST STATEMENT -438,615 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Pippin WPM en/ Offererce a pia newt of *was or ;Wks. onlicakd ae clefrowed IS pm. St IBM MowneTY a nIcanabenal gapescoly I Is not 'vended &Sala. doc.n,n I' Gent Sewn*, 51 800.04.1428. a wwte to Mal Savces r Bea. Senn &curries staternoro shosed IM retorted for your records Soo revers* sole for mortars neconeton Cap.. Ono lAoYoloth Conte Nona. Repair% N.Y. I1201-3859 027 PathOS:09:09 001 7876 EFTA00196907 CLEARED 1HROUGH ns wilekLY 0"E0 SUBSIDIARY Beer. SZeirns SON, b81 GOO. Ceol.levalech Cantet Noah Beccidon. New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0.101.05:09:49 001 11878 EFTA00196908 CLEARED 1HRWGH na Y/HC5LY OHP.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bee Steams S0N, 581 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CreLlevoien Conte Noah Beano. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER Cash Flow Analysis Cash Balance Summary TAXPAYER MAWR On File THIS PERIGO OPENING GLOSWG LAST STATEMENT February 28.2005 Opening Balance $381.73 Cash 381.73 0.00 Money Fund 38,096.33 Net Cash Balance $381.73 $0.00 Funds Deposited 51.02 Dividends/Interest 80,836.21 Amount Credited $118,983.56 Income Summary TIC PERIOD YEAR TO DATE Money Fund -119.365.29 Cireidenus 118.892.33 503,214.05 Amount Debited 3-119.365.29 Credit Balance Int. 40.21 2,309.91 Net Cash Activity -381.73 Total $118,932.54 9505,523.96 Closing Balance $0.00 Your Portfolio Portfolio Composition Allocation CashiCash Equivalent 24.605,015 Equities 53.671,859 Total 378 276 874 Cash & Equivalent 32% - Equities 68% Uneeled rotor's own,* oat 089, p, *NW Hem male wives The O068m ceventn, is 0.880 Iron He etnal.te re4M1et ratoe of portkno 027 0•01.05:1)9819 001 V876 EFTA00196909 CLEARED THROUGH ITS v/HCLLY OH8E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seeneer Gat. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 0-4 Metcolech Canto Noah Oecioon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 v., a STATEMENT PERK* March 1.2005 THROUGH March 31.2005 ACCCUNT NUMBER TAXPAYER N.483ER On File LAST STATEMENT February 28.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRIPTION SA1BCL/CUSIP OUANTRY PRICE VALUE ?Wit INCOME YELO 80 DREYFUS CASH MANAGEMENT-CL A DICXX 24,605,015.07 1.0000 24.605,015 516,705 2.1000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2.6700Yr TOTAL CASH & CASH EQUIVALENTS $24.605.015 $516,705 EQUITIES Equities & Options The research ratings for Bear Steams (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: 0 = 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 Steams 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MATEET MIMEO CURROVI DESCRPTION STAIBC4./CUSIP IIPE OVA/CITY PRCE VALUE AWOL INCOME YEW I% BEAR STEARNS COMPANIES INC BSC CASH 200,000 99.9000 19.980.000 200,000 1.0010 COLGATE PALMOLIVE CO CL CASH 106.200 52.1700 5.540.454 123.192 2.2235 DEERFIELD TRIARC CAP CORP CASH 1.000.000 15.0000 15.000.000 ACCREDITED INVESTORS 027 0801.05:09:89 001 '.876 EFTA00196910 CLEARED THRCOGH DS OYYNEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SOC,M*1 CO,P. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevolech CarrIN Noah Beano, New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 5 th/ STATEMENT PERIOD Mean 1.2005 THROUGH March 31.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER ■ TAXPAYER MASSER On File LAST STATEMENT February 28.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURRDIT DESCRPTION SYMBOUCUSIP TIDE OUAMITY PACE VALUE ANNUAL INCOME YELL/ NT EQUITY OFFICE PROPERTIES TRUST EOP CASH 110.000 30.1300 3.314.300 220.000 6.6379 S81 BSC RATING: STOCK PISECTOR MW GREEN STREET ADVISORS. INC. RATING: S IFIMIST FIN ITAL) IFPSF CASH 100.000 4.4330 443.300 8.800 1.9851 EUR11NVST CL KERZNER INTERNATIONAL LTD KZL CASH 10.000 61.2300 612.300 BSC RATING: STOCK Pi/SECTOR MW NED DAVIS RESEARCH RATING: B LADENBURG THALMANN FINL SVCS LTS CASH 48.477 0.6800 32.964 MACK-CALI REALTY CORP CLI CASH 88.100 42.3500 3.731.035 222.012 5.9504 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: H TOO INC TOO CASH 50.000 24.6700 1.233.500 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 201.990 15.3800 3.106.606 323.184 10.4031 WYNN RESORTS LTD WYNN CASH 10.000 67.7400 677.400 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: B Total Equ!ties& Options $53,671.859 $1.097.188 TOTAL EQUITIES 553.671.859 51.097.188 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1,613,893 YOUR PRICED PORTFOLIOHOLDINGS $78.276.874 027 OADIOSOAS 001 WOE EFTA00196911 CLEARED THRCOGH ns vniCkLY OM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT B00. Erea•As Se0MA0 Co,P. Bear. Stearns & Co. Inc. BOIR 383 Madison Avenue New York, New York 10179 Ce* OACCOICCh Dente< HOM Beccidon. New Tuk 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 c/ x STATEMENT PERK* March 1.2005 THROUGH Match 31.2005 Transaction Detail ACCCUNT NIMMER ■ TAXPAYER WIJOER OR File INVESTMENT ACTIVITY LAST STATEMENT FMmuary 28.2005 scrtawo MADE DATE DATE TRANSACTIDN MEGAFOON SYTMOUCUSP MAYATIT PACE DEBVT MADUNT GrEDI 03/30/05 onvos BOLIGHT LADENBURG THALMANN FINI SVCS LTS 48,477 SPINCfF ON SHS VECTOR GROV SPIN-CfF BR V002114 REC 03/18/05 PAY 03/30.105 AS OF 03/22,05 TOTAL DEPOSITS AND WITHDRAWALS DATE TPANSACTION DESCRMION MOR MAM CREDIT AlACIPli 03.110/05 FUNDS REC FNDSWIRED TOCITIBANK FROM 51.02 TOTAL $51.02 MONEY FUND ACT1VITY DATE WOW TFUNSACMCN DESCMIPTON STMECIJCUSIP ouman PACE OOIT WOONT CREDIT WOUW 03/01/05 OPENINGBALANCE 24,485,649.78 03/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 381.73 1.0000 381.73 INS1HUTIONAL SHARES 03/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 38.096.33 INSMUTIONAL SHARES MONTHLY DIVIDEND 05,01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 38.096.33 38.096.33 INSTITUTIONAL SHARES DIVIDEND REINVEST 027 040m3509:49 001 V876 EFTA00196912 CLEARED THROUGH ITS niCkLY CAM•E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Semen Seerftel Gee Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cecklevalech Contec Noah Beccidon. New Ye* I I201.3SS9 STEARNS FINANCIAL TRUST COMPANY INC 7 cln STATEMENT Puce March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT February 26.2005 DATE MODAT TRANSACTICN DESCRIPTCN SYMBOUCUSIP cvmlry prilcE DEBIT AMOUNT CREDIT AMOUNT 03/30/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DOC< 80,887 23 1.0000 80,887.23 INSTITUTIONAL SHARES 01131;05 CLOSINGBALANCE 24,605,015.07 TOTAL $119.365.29 $38.096.33 DIVIDENDS DATE DESCRIPTION STIABOSUSIP OUANTITY RATE (S) CENT AMOUNT CREW AMOUNT 01130/05 VECTOR GROUP LTD VGR 201.990 0.4000 80.796.00 REC 03118105 PAY 03/3LVOS TOTAL $80.796.00 INTEREST PATE cesaunnou STMECtittlAw CeANTie RATE INT DENT AMOUNT CREPT AMOUNT 03,2vos INTE DIT BALANCE 40.21 ACCT AT Of, 1 -03120 TOTAL $40.21 027 0.01.05:09:49 001 2870 EFTA00196913 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, b81 GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 Ore Momloch Contof Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 vi STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER TAXPAYER MAWR OR File Your messages LAST STATEMENT February 28.2005 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 wtvw,bearsteams,com, Alternatively, to request a free printed copy please call - toll free 1.866.299.9331. End of Statement 027 0801.05:09:49 001 11870 EFTA00196914 CUMINS IIIRCOGII 11S vrisetly 00S.E0 SW9SIDIARY OFFICE SERVICING YOUR ACCOUNT (lest. Szerim. Seeeen CaP. Bear. Stearns & Co. Inc. BMR 383 Madison Avenue New York New York 10179 Oro Metrolech Carat( Ii0M1 Brandt New Tee 11201.3859 STMRNS FINANCIAL TRUST COMPANY INC STATEMENT PERIO0 February 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IFIA TELEPHONE THROOGII Petites:y 28.2005 VISIT OUR WESSITE atmeearstearrts.cOM ACCOell NUMBER What's ln This Statement lllll 11111111111111111111111 TAXPAYER isa.ieert On File LAST STATEMENT January 31.2005 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C,10 AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE B-3 Fund Actiyity 7 OUAETERS .#2 ST THOMAS VI 00802-1348 Your Portfolio at a Glance Market Value of Your Portfolio Cash &juraient S24.486.032 TOTAL VALUE OF SECURITIES THIS PERIOD 54,229.457 NET CREDIT BALANCE 382 Equmes S54.229.457 837.891.418 MONEY MARKET FUND BALANCE 24.485,650 Curent market value NET EOUITY THIS PERIOD $78,715,489 f Last statements market value NET EOU(ÎY LAST STATEMENT 63,466,004 CHANGE SINCE LAST STATEMENT 15,249,485 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Hem brai ror9 Odoacre a narrant ol olsetsts or ;bas. nactOod as *siffle lo yar. Slif nos arenarYn fer rfOrrobadIal papses ore/ is olerttled as a le eloamert b Gent Sonbas el e».si.o.142e: eva lo Clore Serridos et Sow. Steerre Saunas Tas =tan« should W retaned for your records See reste cale fa alcalose rata/tan Cap.. Con LInroubh Cama Nora Brute. N.Y. I1201-3858. 027 03O1,05:11:09 001 EFTA00196915 CLEARED IHROUGH ITS viiseklY 0"E0 SUBSIDIARY Beer. Saee•ns SON, b81 G0,8 CeolActsolech Cantet Noah Brocklln• New VC* 11201.3859 FINANCIAL TRUST COMPANY INC 2 oi e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 010L05:11:09 001 van EFTA00196916 CLEARED 1HRWGH na niCkLY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams Secwiiiet Gap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Me mloch Conte Noah Beccioon. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AMBER On Ale TIC PUCCI YHA TO DATE THIS COMO LAST STATEMENT January 31.2005 Opening Balance $76,887.97 Dividends 4%425.72 384,321.72 Credit Balance Int. 381.73 2.269.70 Securities Sold 16,615,671.20 Total $49,807.45 $381591.42 Money Fund 12,618,780.35 Dividends Interest 381.73 Amount Credited $29,234.833.28 Portfolio Composition Securities Bought -17,754,032.78 Cashtash Equivalent 24.486,032 Money Fund -11,557,306.74 Equities 54.229,457 Amount Debited $-29.311,339.52 Total $78,715,489 Net Cash Activity 76.506.24 Closing Balance $381.73 Your Portfolio Allocation Cash Balance Summary OPENING CLOSING Cash 76,88717 381.73 Cash & Equivalent 32% Net Cash Balance $76.887.97 1381.13 - Equities 68% Untakled crown oonme oat Dio, p, *NW Or, male wives The elocah", ;event'', t clewed Icen Va 001,01.te market rat), al ycv palkno 027 MOLDS:11:09 001 V872 EFTA00196917 CLEARED THROUGH ITS VosekLY OOT,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns S0C,MMT GOP Bear. Stearns 8 CO. Inc. BEAR 383 Madison Avenue Ore Metsalmi+ Calla Noah Becdoon. New Tott 1120143869 STEARNS New YY New York 10179 FINANCIAL TRUST COMPANY INC 4 STATEMENT PERKIO Primary 1.2005 THROUGH Primary 28.2005 ACCCUNT NUMBER TAXPAYER MASSER On PIM LAST STATEMENT January 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRPROTT S•ATECL O-SIP QUANTITY PRICE VALUE !AMA/ INCOME '(SD O.4 CASH BALANCE 382 DREYFUS CASH MANAGEMENT-CL A DICXX 24.485.649.78 1.0000 24.485.650 514.199 2.1000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,3400% TOTAL CASH & CASH EQUIVALENTS $24,486,032 $514199 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms Equity Research Department. fi e 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: 0 = 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 Steams 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,bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACC! MARKET (STEWED OURITENT DESCRPTION STMECISUSIP TYPE QUANTITY PRCE VALLE ARKIN. INCOME YEW OTT BEAR STEARNS COMPANIES INC BSC CASH 200,000 99.5000 19.900.000 200,000 1.0050 COLGATE PALMOLIVE CO CL CASH 106,200 52.9200 5.620.104 123,192 2.1920 DEERFIELD TRIARC CAP CORP CASH 1.000,000 15.0000 15.000.000 ACCREDITED INVESTORS 07/ 03D1O5:11:O9 ODI "872 EFTA00196918 CLEARED THRWGH ITS niCkLY OHnEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,M*1 GOP. Bear. Stearns 8 CO. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Llevoiech Canto Noah Beccicon. New Ye* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERO) February 1.2005 THROUGH Primary 28.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER WESER On He LAST STATEMENT January 31.2005 Equities & Options (continued) ACCT MARKET ESTMATED CURRD1T DESCRPTION S1MBOUCUSIP TYPE OUANTITT MICE VALLE ANNUAL INCOIAE YEID NG EQUITY OFFICE PROPERTIES TRUST EOP CASH 110,000 30.1700 3.318.700 171,050 5.1541 BSC RATING: STOCK P1SECTOR MW GREEN STREET ADVISORS. INC. RATING: S IFILDST FIN ITAL) IFPSF CASH 100.000 4.4030 440.300 8.200 1.8624 Eulit wYST CI KERZNER INTERNATIONAL LTD KZL CASH 10.000 63.9400 639.400 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B MACK-CALI REALTY CORP CLI CASH 88.100 44.2000 3.894.020 222,012 5.7014 BSC RATING: STOCK P/SECTOR MW GREEN STREET ADVISORS. INC. RATING: TOO INC TOO CASH 50,000 26.5600 1.328.000 BSC RATING: STOCK P1SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 201,990 16.7000 3.373.233 323,184 9.5608 WYNN RESORTS LTD WYNN CASH 10,000 71.5700 715,700 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: 8 Total Equities& Options $54,229,457 $1,047,638 TOTAL EQUITIES $54,229,457 $1.047.638 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,561.837 YOUR PRICEDPORTFOLIOHOLDINGS 578.715.489 027 03,01G5:11:09 001 van EFTA00196919 CLEARED THRWGH ITS wilekLY 098.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. 51e9•n5 SON.9981 GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metsciech Canto Noah Becckron. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 vi STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail ACCCUNT NUMBER TAXPAYER 'MAWR On PIM INVESTMENT ACTIVITY LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRETION STEIBOLCUSA' GUMMY PRICE DEBIT AMOUNT MEM AMOUNT 02/01/05 01/27/05 BOUGHT COLGATE PALMOLIVE CO CL 200,000 52.41970 10.495,945.00 UNSOLICITED 02/09/05 02/04/05 SOLD VECTOR GROUP LTD VGA -75,000 16.25000 1.214.204.90 UNSOLICRED SEE NOTE ON BACK 02/11/05 02/08/05 SOLD BEAR STEARNS COMPANIES INC BSC .100,000 103.00020 10,293,676.12 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED BEAR. STEARNS & CO. INC. IS A SUBSIDIARY OF THE ISSUER. 02/15/05 02/10/05 BOUGHT EQUITY OFFICE PROPERTIES TRUST EOP 10.000 29.92640 299.869.00 Sal UNSOLICITED 02/15/05 02110/05 BOUGHT MACK-CALI REALTY CORP CU 10.000 43.65020 437.107.00 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 02/17/05 02/14/05 SOLD COLGATE PALMOLIVE CO CL -93.800 54.51590 5,107,790.18 UNSOLICITED 02/18/05 02/15/05 BOUGHT EQUITY OFFICE PROPERTIES TRUST EOP 100.000 30.15610 3,021,615.00 Sal UNSOUCRED 02/18/05 02/15/05 BOUGHT MACK-CALI REALTY CORP CU 28.100 44.74380 1,258,991.78 UNSOLICITED 02/22/05 02/16/05 BOUGHT MACK-CALI REALTY CORP CU 50.000 44.75000 2.240.505.00 UNSOUCIIED TOTAL $-17.754.032.78 $16.615.671.20 027 0101.05:11:09 001 '.872 EFTA00196920 CLEARED THROUGH ns vngx.0, OHNE° SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Saea•ns SOC.M.81 GOP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Nev York, New York 10179 Cc* MomIon Canto Noah Beeckron. New Teak 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 vi STATEMENT PEF000 February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER KAMER NHS MONEY FUND ACTIVITY LAST STATEMENT January 31.2005 DATE Harm TRANSACTION/ OESOISHIDN S, MBCCCVS.P PANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/01/05 OPENINGBALANCE 25,497,697.67 02/01/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -10.419.057.03 1.0000 10,419,057.03 INSTITUTIONAL SHARES 02/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 49,425.72 INSTITUTIONAL SHARES MONTHLY DIVIDEND 02/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 49,425.72 49,425.72 INSTITUTIONAL SHARES DIVIDEND REINVEST 02/09/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1,214,204.90 1.0000 1.214.204.90 INSTITUTIONAL SHARES 02/11/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 10.293.676.12 1.0000 10.293.676.12 INSTITUTIONAL SHARES 02/14/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICA -736.976 1.0000 736,976.00 INSTITUTIONAL SHARES 02/22/05 SOLD DREYFUS CASH MANAGEMENT-CL A Dieter -1.413.321.60 1.0000 1.413.321.60 INSTITUTIONAL SHARES 02-2805 CLOSINGBALANCE 24,485,649.78 TOTAL S-11.557.306.74 $12.618.780.35 027 0101.05:11:09 001 •/BIT EFTA00196921 CLEARED THROUGH nS vngXly 095E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet SzeON S08,491 SNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New TOTH Non York 10179 Ore Metniech Cora i Noah 0eock11n. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 vi STATEMENT PERM° Penman/ 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NURSER On File INTEREST LAST STATEMENT January 31.2005 DATE DESORPTION SYMECUOVSIP CVANIIIT RATE 24) CENT AMOUNT CREPT AMOUNT 02/22/05 INTEREST ON CREDIT BALANCE 381.73 ACCTA 12I -0220 TOTAL $381.73 Ended Statement 027 0101.05:11:09 001 van EFTA00196922 CLEARED THRCOGH ITS vritecre 0He.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Steirns S0Nctiel GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York. New York 10179 Ce4 Mem:Inn Conte/ Noah 0eock11n. New Toot 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERK* January 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH January 31.2005 VISIT OUR WEBSITE O IA1 uearstearns.com ACCOUNT NUMBER What's In This Statement Illllllei lllll TAXPAYER NUMBER On File LAST STATEMENT December 31.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/O AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUTE 6-3 Fund Activity 7 OUAETERS #2 ST THOMAS VI 00802-1348 Trades Not Yet Settled 9 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent $25 574 586 TOTAL VALUE OF SECURITIES THIS PERIOD* 37,891,418 .............. ..... .... $65.990.490 NET CREDIT BALANCE 76,888 Equities $37.891.418 $53.738.664 MONEY MARKET FUND BALANCE 25,497,698 Current market yak* NET MUM THIS PERIOD $63,466,004 ME Last statements market value NET EOLOTY LAST STATEMENT 119,729,154 CHANGE SINCE LAST STATEMENT -56,263,150 -on men* melons one cm rnom winced tecuMes eat we not /elected Hne Taal VINO of Season and Ste Net Ent/ The Pcmxt There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. None rend oa Olf‘fOrt0 a rswocst of re d's or Mai. St aded as dolicorod to pdu. Ada. Tlel Venni fc• mfOnnnoel strposts only Rasta eland natal doc.n,n lo Clem Semen or 8006341428: or Hem to Clam SONIC.. a Som. Steam Secures Tin state/we should be Maned for your records See reverse Weft, modem mfanco Cap. One 1.1tem1ecli Conic. North. 13/oo1HH, NY 11201-3859 027 02,01.05:07:55 001 2870 EFTA00196923 CLEARED 1HROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 Cap. Ceol.levalech Cantet Noah Broeklln• New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 al 9 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,01,05:07:55 001 Y870 EFTA00196924 CLEARED THROUGH ?RIMY 1h.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, hel Corp. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cr4 Maclech Conte Noah Becck/on. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT ounce January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File DC PERIOD YEAS TO DATE THIS PERICO LAST STATEMENT December 31.2004 Opening Balance Dividends 334,896.00 334.896.00 $0.00 Credit Balance Int. 1,887.97 1.887.97 Securities Sold 809,475.98 Total $336,783.97 $336,783.97 Money Fund 41,327,043.60 Dividends/Interest 336.783.97 Miscellaneous 475.000.00 Amount Credited $42,948,303.55 Portfolio Composition CashtCash Equivalent 25.574.586 Securities Bought -339.842.12 Equities 37.891.418 Money Fund -781.573.46 Funds Withdrawn -41,750,000.00 Total 563.466.004 Amount Debited $-42.871,415.58 Net Cash Activity 76,887.97 Your Portfolio Allocation Closing Balance $76.887.97 Sam* Oaf yawners of cash bemoan zoom twos are na inclocka In Ma section: such !masters as yell as auk la a over transactions ens Rao& appear on Tram:oar Dotal. / Cash & Equivater( Cash Balance Summary 41% OFF?. r.4 CU0SINO Equities Cash 0.00 76,887.97 59% Net Cash Balance $0.00 $76.887.97 UnWooecl croons oonme oar beano, onto* Orr male wive, 'rho olocohm ;event'', ts awed hen to obsol.te market rat), or >es patio" 027 020105:07:55 001 1870 EFTA00196925 CLEARED THROUGH ITS netiCALY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Seerthet COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Meet eI ccn Conte/ Noah Becciotn. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PEF000 January 1.2006 THROUGH January 31.2005 ACCCUAT NUMBER TAXPAYER IA.A.SER On File LAST STATEMENT December 31.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRPTIOtt SWECL 0,SIP QUANTITY PRICE VALUE kNJAL INCOME 03.0 Ill CASH BALANCE 76.888 DREYFUS CASH MANAGEMENT-CL A DICXX 25.497.697.67 1.0000 25.497.698 509.954 aocop INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 2.1700% TOTAL CASH & CASH EQUIVALENTS $25.574,586 $509.954 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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: 0 = 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 Steams 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MAKS ESTRUM) CURFENT DESCRPTION SYMECIJCUSIP TYPE QUANTITY MICE VALLE ANNUAL INCOME YEW IN4 BEAR STEARNS COMPANIES INC BSC CASH 300.000 101.0600 30.318.000 300.000 0.9895 DEERFIELD TRIARC CAP CORP CASH 1.000.000 Unposed ACCREDITED INVESTORS IFIL(IST FIN ITAL) IFPSF CASH 100.000 4.5820 458.200 8.000 1.7460 EURI INVST CL 027 0201,05:07:55 001 s.870 EFTA00196926 CLEARED THROUGH ns 'rankly OHNE° SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szea•ns SOOMMI COP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevoiech Cant“ Noah Becckron, New Year 112014859 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERM January 1.2005 THROUGH January 31.2035 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FM LAST STATEMENT December 31.2004 Equities & Options (continued) ACCT MARKET ESTIMATED DIRRSVT DESCRPTION SIMBOUDISIP TOE OUANTITY PACE VALUE ANNUAL INCOME YELL/ IN..) KERZNER INTERNATIONAL LTD KA CASH 10,000 60.3300 603.300 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: B TCO INC TOO CASH 50.000 27.1600 1.358.000 BSC RATING: STOCK P/SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VCR CASH 276.990 16.2400 4.498.318 443,184 9.8522 WYNN RESORTS LTD WYNN CASH 10.000 65.5600 655.600 BSC RATING: STOCK 0/SECTOR MW WALL STREET STRATEGES RATING: 8 Total Equities& Options $37.891,418 $751.184 TOTAL EQUITIES $37.891,418 $751,184 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1,261,138 YOUR PRICED PORTFOLIOHOLDINGS $63.466.004 027 020105:07:55 001 Y870 EFTA00196927 CLEARED THROWN ITS totsCLLY CAMLE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sztta•os SOOrrher GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Methriech Cardoc Noah Becciorn. New vox 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERK* January 1.2005 THROUGH January 31.2035 Transaction Detail ACCOUNT NUMBER ■ TAXPAYER wurnER On File INVESTMENT ACTIVITY LAST STATEMENT December 31.2004 SETTLEMENT TRADE DATE DATE SIANSACTKIN OESCRIPTION smock:cuss. CVAIGIlY PRICE DEBIT AMOUNT CREDIT ANVUNT 01/03/05 12/29/04 BOUGHT KERZNER INTERNATIONAL LTD KZL 5.600 60.62520 339,842.12 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 01/03/05 12/29/04 SOLD VECTOR GROUP LTD VGR -50,000 16.25000 809,475.98 UNSOLICITED SEE NOTE'S ON BACK TOTAL $339.842.12 $809,475.98 DEPOSITS AND WITHDRAWALS DerE TRANSACT Ct4 IDESCRPhCrI DEBIT AMOUNT CREDIT AMOUNT 010305 FND WIRED MOM ENDS WIRED TO 20.000.000.00 01/03/05 FND WIRED NDS WIRED TO 20.000.000.00 BOOK 01/05/05 FND WIRED MD NDSWIRED TO 1.000.000.00 01/06/05 FND WIRED MDA# DSWIRED TO 750.000.00 800000 TOTAL $-41,750,000.00 027 020105:07:55 001 Y870 EFTA00196928 CLEARED THROUGH nS ?mow, GH5E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Szea•ns S0NUMIGNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Montech Cantm Noah 8.0900. New Yu* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 /iv STATEMENT PERK* January 1.2006 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On File MONEY FUND ACTIVITY LAST STATEMENT December 31.2004 DATE moon TRENSACTICN DESOIIMEN 5") MEG( CVSi P owmny PRtE 003IT AMOUNT CREDIT AMOUNT 01/01/05 OPENINGBALANCE 65.990.490.35 01/03/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -40.000.000 1.0000 40.000.000.00 INSTITUTIONAL SHARES 01/03/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 52,677.46 52,677.46 INSTITUTIONAL SHARES DIVIDEND REINVEST 01/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C< 52,677.46 INSTITUTIONAL SHARES AMT INCLUDED IN 2004 - 1099 01/05/05 SOLD DREYFUS CASH MANAGEMENT-CL A Dien( -524.366.14 1.0000 524,366.14 INS11TUTIONAL SHARES 01/06/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 728.896 1.0000 728,896.00 INS11TUTIONAL SHARES 01/06/05 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -750.000 1.0000 750.000.00 INS11TUTIONAL SHARES 01/31/05 CLOSINGBALANCE 25.497.697.67 TOTAL $-781.573.46 $41.327.043.60 DIVIDENDS DATE DESCRIPTION SnATOUCUMP OUANTin RATE 'Et CENT AMOUNT CREDIT AMOUNT 01/03/05 MBNA CORP KRB 50.000 0.1200 6,000.00 REC 12/15/04 PAY 01/01/05 01/06/05 WALT DISNEY CO HOLDING CO DIS 1,057,900 0.2400 253.896.00 REC 12/10104 PAY 01/06.05 027 O2O1,O5:O7:55 001 v87O EFTA00196929 CLEARED THRWGH ITS vniKLY 091.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. NANA& SODA& GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Metniech CANN Noah Becdoon. New TAD 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WINER On FIk DIVIDENDS (continued) LAST STAMM& December 31.2004 DYE DESORPTION STMEIWCUSIP °AMITY RATE IN CENT AMOUNT CREW AMOUNT 01/28/05 BEAR STEARNS COMPANIES INC BSC 300,000 0.2500 75,000.00 REC 01/14/05 PAY 01/28.05 TOTAL $334,896.00 INTEREST DATE DESORPTION SYMEIOLCUSIP OUPATITY RATE Iv.) DEBIT AMOUNT CREDIT AMOUNT 01/21/05 INTER SIT BALANCE 1,887.97 ACCT AT 01 0-01120 TOTAL $1.887.97 MISCELLANEOUS DATE LCD& !RANSACKS.' DESCRIPTION DEBIT AMOUNT CREW AMOUNT 01/05/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 6,000.00 01/05/05 JOURNAL FROM 150,000.00 01/05/05 JOURNAL FROM 325,000.00 01/05/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 6,000.00 01/06/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 253,896.00 01/06/05 JOURNAL JOURNAL FROM TYPE 2 TO 1 253,896.00 TOTAL $-259.896.00 $734,896.00 027 02.01,05:07:55 001 Y870 EFTA00196930 CLEARED THRano Ns nor? OunE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns SON, b91 00,0 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Note York 10179 Dec Momtech eardet Noah Beccidon. New Tux 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 9 STATELIER, PER000 January 1.2005 THROUGH January 31.2005 AccouNT NUMBER Trades Executed Pending Settlement TAXPAYER ATJUSER On File LAST STATEMENT December 31,2004 SEMEIAENT TRADE DATE DATE 1:O4S4;,i13`l prION SY1A3011CLISV CAPARITY PRICE DEBIT AMOUNT CHEM AMOUNT 02/01/05 01/27/05 BOUGHT COLGATE PALMOLIVE CO CL 200,000.00 52.4197 10,495,945.00 UNSOLICITED TOTAL $10,495,945.00 $0.00 Tno ao . roans cin 001 agent In any olh scabn al ma mammon. End of Statement 027 1:0/01108,07:85 001 V870 EFTA00196931