by EFTA← EFTA00196656·EFTA00196824 →

EFTA00196734

Dataset 9

Undated90 pages17,527 words

https://www.justice.gov/epstein/files/DataSet%209/EFTA00196734.pdf

Extracted Text

Statements EFTA00196734 CLEARED THROUGH ITS stitekly 0s1h.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szewns Sec,riett Core Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ce4 Meal:tech Corder North Beccohn. Hew Yak 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC ACCOUNT EXECUTIVE LICHERMAN.IRA STATEMENT PERICO December 1.2004 TELEPHONE THROUGH December 31.2004 VISIT OUR WEBSITE 67AV uearstearns.com ACCOUNT NUMBER What's In This Statement IIII Ill I I 1111111111111111111111111111111111111 TAXPAYER 141.4113ER On File LAST STATEMENT November 30.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/O AMERICAN YACHT HARBOR Transaction Detail 5 6100 RED HOOK SUTE 6-3 Fund Activity 10 OUAETERS #2 ST THOMAS VI 00802-1348 Trades Not Yet Settled 13 Your Messages 13 Your Portfolio at a Glance Market Value of Your Portfolio Important Message II any information Cash 8 Equvalent $65.990.490 TOTAL VAWE OF SECURITIES THIS PERIOD 53,738,664 regarding 2004interesl. I $.28.399.636 dividends. miscellaneous MONEY MARKET FUND BALANCE 65,990,490 Equities $53.738,664 income, gross proceeds or $81.737.756 original issue discount is NET EQUITY THIS PERIOD $119,729,154 required to be reported to Current market vaue the IRS for this account, a NET EQUITY LAST STATEMENT 53,338,121 WE Last statements market value Consolidated Form 1099 Short market value will be mailed to you by CHANGE SINCE LAST STATEMENT 66,391,034 January 31.2005or a 1042Sby March 15.2005. There are no 'Stop Lose orders or other pending buy or sell open orders on file for your account. Roza ropan any Manse a nonracial of tucks or stocks. cattalo! as &Wow to sou. N Ow Swan at 50061.114211: a vat to Clam Somas. a BOW. Steam &cum.& Cad. One lAttrolach Carta North. Broollsn, NY. I12014054 Sipc TNE IstothuY Is dialdatalal Sands*. aly era teen Molar dor:wort TN% stalwart should be Maned Su your records Sea mend see let npalart arom:as 027 01,01005:09:IS 001 YS47 EFTA00196735 CLEARED 1HROUGH RS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 00,8. Ceol.levalech Cantet Noah Broeklln• New Volt 11201.3859 FINANCIAL TRUST COMPANY INC 2 oi la STATEMENT BACKER IS PRINTED ON THIS PAGE 027 Db01,05:09:18 001 YSS7 EFTA00196736 CLEARED 1HRWGH ?AIM? OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Stearns SOC‘robel Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevolech Conte Noah eeCCidon. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT occo00 December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER Cash Flow Analysis Cash Balance Summary TAXPAYER WESER On File THIS PERIOD CeENN3 CLOSCIO LAST STATEMENT Novernter 30.2004 Opening Balance $-28.399.635.50 Margin -28.399.635.50 0.00 Securities Sold 76,155,563.42 Net Cash Balance $-28,399.635.50 $0.00 Money Fund 305.229.36 Funds Deposited 28,974,025.30 Dividendsllnterest 240.796.00 Miscellaneous 35,500,000.00 Income Summary ThaS PERM YEM TO DATE Amount Credited $141.175.614.08 Dividends 240.796.00 1.373.296.60 Substilule Payment 0.00 85.222.00 Securities Bought -46,416,875.96 Credit Balance Int. 0.00 398.34 Money Fund -66,295,719.71 Funds Withdrawn -12.500.00 Total $240,796.00 $1.458.916.94 Dividendsllnterest Charged -50.882.91 Foreign Tax Withheld 0.00 -2,033.91 Margin Int. Paid -50.882.91 -549,945.53 Your Portfolio Amount Debited 6-112,775.978.58 Allocation Net Cash Activity 28,399,635.50 Closing Balance $0.00 Portfolio Composition Sam* di/ irantfOot a oath bemoan accost twos MC not inclubd in Ms smnon such tranfies. as well as Meals la as one traosachros Hs Rood. Cash/Cash Equivalent 65.990.490 oftMer on Tr...a-bon Doml Equities 53.738.664 Equities Total $119.729.154 44% Cash & Equivale 56% Unnnled croons oenme Oat 014, O, 'nett Or, male vela, The ol000m ;event'', is dewed Icon Va ettal.te motet rat), (11 >CV POrtkol. 027 D01.0503:18 001 1867 EFTA00196737 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BOP. SZeirns SON, b81 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Metsolech Contof Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER MASSER On FIk LAST STATEMENT November 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARIS ESTIMATED CURRBVT DESORPTION STAIBCCPCUSIP QUANTITY PRICE VALUE AAPOJAL INCOME VELD i41 DREYFUS CASH MANAGEMENT-CL A DICXX 65.990.490.35 1.0000 65.990.490 1.121 838 1.7000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD &MOO& TOTAL CASH & CASH EQUIVALENTS 565.990.490 $1.121.838 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 ?WWI ESTIAME0 CURRENT DESCRPTION STAIBWCIASIP 111.£ QUANTITY PRCE VAL-E ANIMA-INCOME YELD ICU BEAR STEARNS COMPANIES INC BSC CASH 300.000 102.3100 30.693.000 300,000 0.9774 DEERFIELD TRIARC CAP CORP 244572202 CASH 1.000.000 15.0000 15.000.000 ACCREDITED INVESTORS IFIL(IST FIN ITAL) IFPSF CASH 100,000 4.5140 451.400 8,400 1.8609 EURI INVST CL KERZNER INTERNATIONAL LTD KZL CASH 4.400 60.0500 264.220 027 Olitle05:09:18 001 '.86/ EFTA00196738 CLEARED THROUGH nS vAgNly 095E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 8038r.Szvavn SOC7H*1 GOP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue CeoLlevoiech Canny Noah Becdoon. New Ye* 11201.3859 STEARNS New VOTE Non York 10179 FINANCIAL TRUST COMPANY INC 5 ri STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT November 30. 2004 Equities & Options (continued) ACCT MONET ESTIMATED LERITSVT DESCRIPTION SYMBOGLESIP TYPE MANGY MICE VALUE ANNUAL MOW YELL/ rA) TOO INC TOO CASH 50,000 24.4600 1.223.000 BSC RATING: STOCK P!SECTOR MW GARP RESEARCH RATING: B VECTOR GROUP LTD VGR CASH 326,990 16.6300 5.437.844 523.184 9.6212 WYNN RESORTS LTD WYNN CASH 10,000 66.9200 669.200 Total Equities& Options $53.738.664 $831,584 TOTAL EQUITIES $53.738.664 $831,584 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.953.422 YOUR PRICED PORTFOLIOHOLDINGS $119.729.154 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION SITABOLCUSP CUNNTiT7 PRCE DEGT AMCW4T GREG T NA0-5T 12'01/04 JOURNAL WALT DISNEY CO HOLDING CO DIS 250.000 JOURNAL FROM TYPE 1 TO 2 12/01/04 JOURNAL FLEXTRONICS INTERNATIONAL FLEX 100.000 LTD JOURNAL FROM TYPE 1 T02 027 DIVI,EISC9:18 001 .86? EFTA00196739 CLEARED THROUGH ITS 0%M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, bel Dap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Dec Metselech Cella Noah Beo:idon. New VC* I1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 6 ri STATEMENT PER100 December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) *scow! NUMBER TAXPAYER K1. ER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT November 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYMEKVCUSP ovomin. perCE DEBIT AMOUNT CgE0T PAW:, 12/01/04 JOURNAL WALT DISNEY CO HOLDING CO DIS 250,000 JOURNAL FROM TYPE 1 TO 2 12/01/04 JOURNAL FLEXTRONICS INTERNATIONAL FLEX 100.000 LTD JOURNAL FROM TYPE 1 TO 2 12/03/04 11/30/04 BOUGHT BEAR STEARNS COMPANIES INC BSC 300,000 97.15000 29.163.005.00 UNSOLICITED BEAR. STEARNS & CO. INC. IS A SUBSIDIARY OF THE ISSUER, 12/06/04 12101/04 BOUGHT BEAR STEARNS COMPANIES INC BSC 100 100.00000 10.080.00 UNSOLICITED BEAR. STEARNS & CO. INC. IS A SUBSIDIARY OF THE ISSUER. 12/09/04 JOURNAL BANK OF AMERICA CORP BAC 100.000 JOURNAL FROM TYPE 2 TO I 12/09/04 JOURNAL VECTOR GROUP LTD VGR 6.300 JOURNAL FROM TYPE 2 TO I 12/09/04 JOURNAL BANK OF AMERICA CORP BAC -100.000 JOURNAL FROM TYPE 2 TO I 12/09/04 JOURNAL VECTOR GROUP LTD YGR -6.300 JOURNAL FROM TYPE 2 TO I 12/10/04 12/07/04 SOLD BANK OF AMERICA CORP BAC -100.000 46.52070 4,645,956.14 UNSOUCDED 12/10/04 12/07/04 SOLD WALT DISNEY CO HOLDING CO DIS -192.100 27.30910 5,234,424.35 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE UNSOLICITED 12/10/04 12/07/04 SOLD MEINA CORP KRB -322.800 26.23850 8.450.216.60 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOUCITED 027 01.01,DS:CB:18 001 V867 EFTA00196740 CLEARED THROUGH ITS wilekLY CAMPO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. szeirns socv,hei GOP Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Q-4 Mem:tech CarrIN Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WIPER On Foe INVESTMENT ACTIVITY (continued) LAST STATEMENT NOverntoN 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SITABOLCUSP QUANTITY PPoCE Eat AMOUNT MOT AMOUNT 12/10/04 12/07/04 SOLD TYCO INTERNATIONAL LTD TYC -100,000 34.16670 3.410.585.04 UNSOLICITED 1010/04 12/07/04 BOUGHT TOO INC TOO 50.000 25.94890 1.300.450.00 UNSOLICITED 12/10/04 12/07/04 SOLD VECTOR GROUP LTD VGA -50.000 16.10810 802381.15 UNSOLICITED SEE NOTE ON BACK 12/13/04 12/08/04 SOLD BANK OF AMERICA CORP BAC -100.000 46.00870 4.594.757.33 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 12/13/04 12/08/04 SOLD VECTOR GROUP LTD VGR -6.300 16.14900 101353.31 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED SEE NOTE'S ON BACK 1013/04 12/08/04 SOLD MBNA CORP KRB -99.900 26.00240 3591.579.97 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 12/14/04 12/09/04 SOLD WALT DISNEY CO HOLDING CO DIS -557.900 27.29470 15.193.877.80 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE UNSOLICITED 12/14/04 12/09/04 SOLD MBNA CORP KRB -527.300 26.07600 13.717.910.05 AVG PACE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 12/15/04 TRANSFER BEAR STEARNS COMPANIES INC BSC -100 12/16/04 JOURNAL BEAR STEARNS COMPANIES INC BSC 100 JOURNAL FROM TYPE 2 TO I 12/16/04 JOURNAL BEAR STEARNS COMPANIES INC BSC 300.000 JOURNAL FROM TYPE 2 TO I 027 DIPIQS:09:18 001 YBS7 EFTA00196741 CLEARED THRWGH ITS ?RIMY 0%M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r4M1 Gap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-41km:tech Cella Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERKO December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER WESER ON Foe INVESTMENT ACTIVITY (continued) LAST STATEMENT NOverTiteN 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTOR CESCRIPITON STIOWCUSP GVANTITY PRICE DEBIT AMOUNT CREPT AMDUNT 1016/00 JOURNAL TOO INC TOO 50,000 JOURNAL FROM TYPE 2 TO 1 12/16/04 JOURNAL VECTOR GROUP LTD VGA 376,990 JOURNAL FROM TYPE 2 TO I 12/16/04 JOURNAL BEAR STEARNS COMPANIES INC BSC -100 JOURNAL FROM TYPE 2 TO I 12/16/04 JOURNAL BEAR STEARNS COMPANIES INC BSC -300.000 JOURNAL FROM TYPE 2 TO I 12/16/04 JOURNAL TOO INC TOO -50,000 JOURNAL FROM TYPE 2 TO I 12/16/04 JOURNAL VECTOR GROUP LTD VGA -376.990 JOURNAL FROM TYPE 2 TO I 12/20/04 12/15/04 SOLD WALT DISNEY CO HOLDING CO DIS -500.000 27 65060 13,794,971.48 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT 12/21/04 12/16/04 SOLD FLEXTRONICS INTERNATIONAL FLEX -100.000 14.39250 1,439,211.32 LTD UNSOLICITED WE MAKE A MKT IN THIS SECURITY AVG PRICE: DETAILS ON REQUEST UNIT PRICE 14.462500 OfFEREtCE - 0.060000 12/21/04 12/16/04 SOLD MBNA CORP KRB -50.000 27.68800 1,381,362.60 AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 12/23/04 12/17/04 BOUGHT DEERFIELD TRIARC CAP CORP 244572202 1.000.000 15.00000 15.000.000.00 ACCREDITED INVESTORS PROSPECTUS UNDER SEPARATE MAIL 027 DIJOIDSt9:18 001 '.86/ EFTA00196742 CLEARED THROUGH ITS »Cu.? 0"ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrn5 SOC,r,I*1 001111 Bear. Stearns & Co. Inc. BffiR 383 Madison Avenue New York, New York 10179 Cr.* Metsoleeh Conte< Noah Beecidp. New Tc" 112014859 STffiRNS FINANCIAL TRUST COMPANY INC 9 ci STATEMENT PERIN) December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT Novemter 30.2004 =WIT TRADE DATE DATE TRANSACT/3N DESORPTION SYMBOLCUSA' OVANTITY PRICE DEBIT AMOUNT GREW ~UHT 12/31/04 12/28/04 BOUGHT KERZNER INTERNATIONAL LTD KZL 4,400 60.83340 267,935.96 AVG PACE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT AS OF 12/28/04 12/31/04 12/28/04 SOLD VECTOR GROUP LTD VGA -50.000 16.00000 796.976.28 UNSOUCITED SEE NOTE ON BACK 12/31/04 12/28/04 BOUGHT WYNN RESORTS LTD WYNN 10.000 67.48000 675.405.00 WE ARE ACTING AS PRINCIPAL & MARKET MAKER: COMMISSION FIELD IS A COMMISSCH EMINALENT - DETAILS ON REQUEST UNSOUCRED TOTAL $-46.416,875.96 $76.155.563.42 DEPOSITS AND WITHDRAWALS DATE TRAAISACTCN DESORPTION DEVI Amoutr CREDIT AMOUNT 12/01/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 1.000.000.00 BANK 12/10/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 10,021,975.30 12/13/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 65.662.00 12/16/04 CHECK CK N 1ACCT 12.500.00 12/23/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 2,886,388.00 027 DIVIDS:09:18 001 V867 EFTA00196743 CLEARED 1HRWGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r4M1 CND Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mem:tech Ow:1N Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 10 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WESER On Foe DEPOSITS AND WITHDRAWALS (continued) LAST STATEMENT November 30.2004 DATE IPANSACT Ct. DESORFrION DEBIT AlACKAR CREDIT AMOUNT 12/29/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 15.000000.00 _SS TOTAL $-12,500.00 $28,974,025.30 MONEY FUND ACTIVITY DATE ISOFDAT TRANSACTION DESORIPTCN SYLIDWOUSIP DUMMY PI CE CEBU AMOUNT CREDIT AMOUNT 12101/04 OPENINGBALANCE 0.00 1010/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A Da< 10.021.975.30 1.0000 10.021.975.30 INSTITUTIONAL SHARES 12/13/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC70C 7,523,745.39 1.0000 7.523.745.39 INSTITUTIONAL SHARES 12/14/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 28.911.787.85 1.0000 28.911.787.85 INSMUTIONAL SHARES 12/16/04 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -12.500 LOOOO 12.500.00 INSMUTIONAL SHARES 1021/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.564.662.49 LOOOO 1.564.662.49 INSMUTIONAL SHARES 12/23/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 2.976.388 1.0000 2.976.388.00 INSMUTIONAL SHARES 12/29/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 14.853.635.32 1.0000 14.853.635.32 INSTITUTIONAL SHARES 12/29/04 SOLD DREYFUS CASH MANAGEMENT-CL A DICXX -146.364S8 1.0000 146.364.68 INSMUTIONAL SHARES 12/30/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 443525.36 1.0000 443525.36 INSMUTIONAL SHARES 027 01,01,05D9:18 001 VS67 EFTA00196744 CLEARED THROUGH ITS VolCkLY CR1n.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeIrns SON, bel GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Montech CarrIN Noah Beccidon. New Yak 11201 3969 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERK* December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MAWR On PIM MONEY FUND ACTIVITY (continued) LAST STATEMENT November 30.2004 DATE MDFDAY TRANSACTION DESORIPTCN SYLIDWOUSIP oumany PRIDE DEBIT AMOUNT CREDIT AMOUNT 12/31/04 SOLD DREYFUS CASH MANAGEMENT-Cl. A DOC( -146,364.68 1.0000 146,364.68 INSTITUTIONAL SHARES 12/31/04 CLOSINGBALANCE 65.990.490.35 TOTAL 5-66,295,719.71 5305,229.36 DIVIDENDS DESORPTION SYMECuCvSIP OUN.RITY RAZE O) CENT AMOUNT CREDIT AMOUNT 12/2204 BANK OF AMERICA CORP BAC 200.000 0.4500 90.000.00 REC 12.03104 PAY 12/22/04 12/30/04 VECTOR GROUP LTD VGR 376.990 0.4000 150.796.00 REC 12/17104 PAY 1230/04 TOTAL 5240.796.00 INTEREST DATE DESCRIPTION SY1.18CIJOUSIP OUN4MT RATE I%/ DENT AMOUNT CREW AMOUNT 12/21/04 INT DB 50.882.91 11/21 - BAL TOTAL 50.882.91 02/ 01/01.05:09:18 001 Y867 EFTA00196745 CLEARED THROUGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, b81 Cory. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mon:tech CarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 12 • STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AVUSER On Foe MISCELLANEOUS LAST STATEMENT November 30.2004 DATE MOVAT TRANSACTCN DESCRIPTION DENT AMOUNT MAT AMOUNT 12/02/04 JOURNAL JOURNAL FROM TYPE 1T02 1.000.000.00 12/02/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 1,000,000.00 12/08/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 35.500.000.00 12/08/04 JOURNAL FROM 040-94084 35,500,000.00 12/08/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 35,500,000.00 12/13/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 2,761,972.75 12/13/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 2.761.972.75 12/15/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 28,911,787.85 12/15/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 28,911,787.85 12/21/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 50,882.91 12/21/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 16,615,545.40 12/21/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 16,615,545.40 12/21/04 JOURNAL JOURNAL FROM TYPE I TO 2 50,882.91 12/21_/04 JOURNAL JOURNAL FROM TYPE 2 TO 1 90,000.00 12/21J04 JOURNAL JOURNAL FROM TYPE 2 TO 1 90,000.00 TOTAL $-84,930.188.91 $120,430,188.91 027 01)01,05:09:18 001 Y887 EFTA00196746 CLEARED THRWGH TIE YiHWY Ch1T.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•r* SOC.r.t.f.1 GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YOrk New York 10179 0 -4 Met.°tech Cella Noah Beccidon. Nev. Peer 11201.3869 STEARNS FINANCIAL TRUST COMPANY INC 13 ci iS STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCCUNT NUMBER Trades Executed Pending Settlement TAXPAYER IMMER OR File LAST STATEMENT November 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SY1A3ONCUSIP CVANTITY viva DENT AMOUNT GRECO AMOUNT 01/03/05 12/29/04 L 5.600.00 60.6252 339,842.12 AVG PRICE S$DWN-DETAILS ON REO ACTUAL CaFIRM TO YOUR AGENT UNSOLICITED 01/03/05 12/29/04 SOLD VECTOR GROUP LTD VGR -50.000.00 16.2500 809.475.98 UNSOLICITED SEE NOTE 5 ON BACK TOTAL $339.842.12 $809,475.98 The aim* woos et nn appear in any Mho/ section of MU Raiment Your messages 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 internal address which is vAvvr,nasdr,com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request, End of Statement 021 01/0110600:14 001 Y647 EFTA00196747 CLEARED 1HRCOGH ITS amply 0"EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Socv, mr Corn. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York New York 10179 Ore Moroirsh Cantor Noah &Ward New Toe 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD October 30.2004 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH November 30.2004 VISIT OUR WEBSITE IT uearstearns.com ACCCUNT rummest What's In This Statement 11111111111111111 II TAXPAYER NUMBER On Ale LAST STATEMENT October 29.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 6 6100 RED HOOK SUITE B-3 Trades Not Yet Settled 6 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent 5.28.399.636 TOTAL VALUE OF SECURITIES THIS PERIOD 81,737,756 S-28.336.98I NET Calf BALANCE -28,399,636 Equities 881.737.756 $77.489,063 NET EQUITY THIS PERIOD $53,338,121 NO Current market value itg Last statements market value NET EQUITY LAST STATEMENT 49,152,082 C Short market value CHANGE SINCE LAST STATEMENT 4,186,039 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza roped as MICMAC* a rontomio of tears or stocks. emorcod as doltroroa to pfu. TTel SoWari a for errnmeveil gnosis care Alsace Mended as a tar downer 10 Clem Somon al 50063ei429: a veva to CNN SONICOS M BOW. Steam &comes ldos steternere shard be reamed for ever records Sea into rb for 'Nolan clonal Cad. Gm Meirolon Canto North. Broofbri, NY. 112014059 027 12,01,04:14:42 001 7865A EFTA00196748 CLEARED 1HROUGH ns 0%1N.E0 SUBSIDIARY Beer. Saea•ns SBN•IEeI GOO. Ceol.levelea Cantet Noah Beano. New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 el STATEMENT BACKER IS PRINTED ON THIS PAGE 027 120MM:14:42 001 VSGSA EFTA00196749 CLEARED THROUGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. SZeirns SOC.r.t.91 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevolech Conte Noah BecciOon. Nev. Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 c, STATEMENT PER100 October 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER 011FIle THIS PERM 16 PERIOD YEAR TO DATE LAST STATEMENT October 29.2004 OpeningBalance $-28.336.981A9 Dividends 1.250.00 1.132.500.60 Substitute Payment 0.00 85,222.00 Dividends/Interest 1.250.00 Credit Balance Int. 0.00 398.34 Amount Credited $1,250.00 Total $1.250.00 $1,218,120.94 Dividends/Interest Charged -63.904.01 Foreign Tax Withheld 0.00 -2,033.91 Margin Int Paid -63.904.01 -499,062.62 Amount Debited $-63.904.01 Nel Cash Activity -62.654.01 Closing Balance $-28 399 635.50 Portfolio Composition $!-CAT LONO CashiCash Equivalent 28.399.636 Equities 81.737.756 Cash Balance Summary Your Portfolio OPENNO CLOSING Total $28 399 636 $81,737.756 Allocation Margin -28.336.981.49 -28.399.635.50 Net Cash Balance $-28.336.981.49 $-28.399.635.50 Short Cash & Equivalent 25% - Equities 75% Untivoed croons eon,* oa0r Dionce *nee Ihol male wive, The ,loco, ;event'', ty Pe•aed from Va 00101.te market rat), 0I ITV p tkno 027 120104:14:43 001 18654 EFTA00196750 CLEARED THROUGH ITS niCkLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SON, bel G00. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 O-4 Meesetech CerrIN Noah Beccidon. Nev. VC* 11201.3869 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERIOD Octoter 30.2004 THROUGH No enter 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Ale LAST STATEMENT Octoter 29.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARRS ESTIMATED CURRENT DESCFDPTION SYMBOLCUSIP DUANTIPf PRICE YkUE MNUOL INCOME YELO CASH BALANCE -28,399,636 TOTAL CASH & CASH EQUIVALENTS $-28,399,636 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 Steams at no cost, Customers can access this research at whw.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT MARKET ESTIMATED CURRENT DESCRPRON SYMEIGIJCVSIP nn OUANMY PRCE VALUE ANNUAL 1.COME YEW ikl BANK OF AMERICA CORP BAC MRGN 200,000 46.2700 9.254.000 360.000 3.8902 BSC RATING: STOCK 0/SECTOR MW NAB, RESEARCH. L,L,C, RATING: B WALT DISNEY CO HOLDING CO DIS CASH 250.000 26.8800 6.720.000 52,500 0.7813 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOLIT RATING: B 027 120104:14:42 001 '.866A EFTA00196751 CLEARED THROUGH ITS vniCkLY 0Mh.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC‘nbel GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0 -4 Mem:tech Center Noah Bei:ciao. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* OCIOIMI 30.2004 THROUGH Noverncer 30.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER MASER On PIM LAST STATEMENT OCIOIMI 29.2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURFENT DESCRIPTION SYMBOUCUSIP TYPE OUANTITY MICE VALUE ANNUAL INCOME YELD 1%1 WALT DISNEY CO HOLDING CO DIS MRGN 1,000.000 26.8800 26.880.000 210.000 0.7813 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOINT RATING: FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 14.3500 1.435.000 LTD BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: H IFIL(IST FIN ITAL) IFPSF CASH 100.000 3.8580 385.800 8,200 2.1255 EUR1 INST CL MBNA CORP KRB MRGN 1.000,000 26.5600 26.560.000 480,000 1.8072 BSC RATING: STOCK 0/SECTOR MW BOYARS ALTERNATIVE VIEWPOINT RATING: NCO INTERNATIONAL LTD TYC MRGN 100,000 33.9700 3.397.000 5,000 0.1472 VECTOR GROUP LTD VGA MRGN 433.290 16.4000 7.105.956 693.264 9.7561 Total Equities& Options $81,737,756 81.808.964 TOTAL EQUITIES $81,737,756 $1.808.964 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $1,808.964 YOUR PRICEDPORTFOLIONOLDINGS 553.338.120 027 1201.134:14:43 001 Y8654 EFTA00196752 CLEARED THROUGH ITS 94.05LY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Saea•ns SOMinteol GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YOrk Non York 10179 Dec Mevoiech Cella Noah Beccioon. New Yak 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 c/ STATEMENT PERIOD Octoter 30.2004 THROUGH Noverncer 30.2004 Transaction Detail ACCCUNT NUMBER TAXPAYER AILAUSER On FOS DIVIDENDS LAST STATEMENT OCIOter 29.2004 DA'E DESORPTION SYMECLOUS9 CcANTiTe RATE (SI DEBIT AMOUN, CREW AMOUNT 11/01/04 TYCO INTERNATIONAL LTD TYC 100.000 0.0125 1,250.00 REG 6101/04 PAY I vouott TOTAL $1,250.00 INTEREST DATE CESCFOPTION STAIDOLCUSIP DUMMY RATE I% COAT AMOUNT CREDIT AMOUNT 11/22/04 INT DB 63,904.01 BAL TOTAL 5.63.904.01 Trades Executed Pending Settlement SET1.EMEN1 TRADE DATE DATE -PANSACTY):: DESORPTION STMEICLCUSIP OUANTITY PRa DEBIT AMOUNT CREDO HADUNT 12/03/04 11/30/04 BOUGHT BEAR STEARNS COMPANIES INC BSC 300,000.00 97.1500 29,163,005.00 UNSOLICITED BEAR. STEARNS & CO. INC. IS A SUBSIDIARY OF THE ISSUER. TOTAL $29.163.005.00 $0.00 The *ore MIAs bJ nol emew on cery Ow salvo of Inn stalemert 027 12/01104:14:42 001 WISSA EFTA00196753 CLEARED THROUGH nS yrriCLLY 0"EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sten. SOOrintl Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* MetroI cc h Conte Noah &Worn. New Toes 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD WOW 1.2004 ACCOUNT EXECUTIVE ZIC,HERMAN.IRA TELEPHONE THROUGH OCtOter 29.2004 VISIT OUR WEBSITE uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER WESER On File LAST STATEMENT September 30.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 6 6100 RED HOOK SUITE B-3 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent I $-28 336 981 TOTAL VAWE OF SECURITIES MS PERIOD 77,489,063 I 8.28.923.447 NET DEBIT BALANCE -28,336,981 Equates 577.489.063 873.312.149 NET EQUITY THIS PERIOD $49,152,082 NO Current market value §:811 Last statements market value NET EOUITY LAST STATEMENT 44,388,702 C Short market value CHANGE SINCE LAST STATEMENT 4,763,380 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza copal ant clIfororKK a fasiocelot of teaks or sKKks. calcalal as clottroral to p5u. lo Gent Sonic.: al 500634.1428: a vat to ChM Soak.. a 8020. Steam &canes Cap. One Metoincli Cooler Honk Brodb4 NY. 112014859 Sit /SS arrKKY for offload pry only e kea slarttled natal &on. Ilvs staternen should be mans for your words So mem a for 'Malan/ neconatim 027 103004:11:50 001 WIE4 EFTA00196754 CLEARED 1HROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, bel Cap. Ceol.levetech Cantet Noah acedCon. New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 el STATEMENT BACKER IS PRINTED ON THIS PAGE 027 M3004:11:50 001 Y8E4 EFTA00196755 CLEARED IHRWOH ITS veiCkLY One.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrin Slieritee GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore MeeeIece Cord Noah Becckhn. New TeX 1120i4559 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PER100 °CMOS! 1.2004 THROUGH October 29.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WINER On File PERICO YEAR TO DATE THIS PENCO LAST STATEMENT September 30.2004 Opening Balance $-28,923,447.42 Dividends 120,000.00 1.131,250.60 Substitute Payment 0.00 85,222.00 Dividends/Interest 120.000.00 Credit Balance Int. 0.00 398.34 Miscellaneous 526.380.00 Total 8120.000.00 $1,216,870.94 Amount Credited $646.380.00 Foreign Tax Withheld 0.00 -2,033.91 Dividends/Interest Charged -59.914.07 Margin Int. Paid -59,914.07 -435,158.61 Amount Debited $-59,914.07 Net Cash Activity 586,465.93 Portfolio Composition ClosingBalance $-28 336 981.49 SNYM LONG Cash,Cash Equivalent 26.336.981 Equities 77.489.063 Your Portfolio Cash Balance Summary Total $28.336,981 877,489.063 Allocation ontiwo CLOSING Margn -28.923.447.42 -28,336,981.49 Net Cash Balance $-28,923,447.42 8-28.336,981.49 Short Cash & Equmalent 26% - Equities 74% Umeooed crown emcee oa0r beano, any shy, mole wives The elorairn ;veneer is clewed ham ya ANSA* market robe 01 >ev MOON. 027 M3004:11:50 ODI Ve&S EFTA00196756 CLEARED THROUGH ITS niCkLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.r.t.41 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cr.* Mem:tech Car:1N Noah BecciOon. New VC* 11201.3889 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* OCTOON 1.2004 THROUGH (MOW 29.2004 ACCCUNT NUMBER TAXPAYER AILIMER OR File LAST STATEMENT September 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCFDPTION SYMBOLCUSIP QUANTITY PRICE VALUE AANUN. INCOME YELO CASH BALANCE -28,336,981 TOTAL CASH & CASH EQUIVALENTS $-28.336,981 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 Steams at no cost. Customers can access this research at whw.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT MARKET ESTIMATED CURFENT DESCRPRON SYMEICIAVSIP TYPE OUANITTY PRCE MIR ANNUAL fiCOME YEW I* BANK OF AMERICA CORP BAC MRGN 200,000 44.7900 8.958.000 360.000 4.0188 BSC RATING: STOCK 0/SECTOR MW NAB. RESEARCH. L,L,C, RATING: B WALT DISNEY CO HOLDING CO DIS CASH 250.000 25.2200 6.305.000 52,500 0.8327 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOLIT RATING: B 027 10,3004:11:50 001 EFTA00196757 CLEARED IHRWOH ITS vniCkLY OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.r.t.41 CO,P. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0 -4 Mem:tech CarrIN Noah Beccidon. New VC* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERKO OCTOOSI 1.2004 THROUGH WOW! 29.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER WAVER On File LAST STATEMENT September 30.2004 Equities & Options (continued/ ACCT MARKET ESTIMATED CURRENT DESCRIPTION SITS:VOA. ME Oumsini MICE VALUE ANNUAL INCOIAE YELD I% WALT DISNEY CO HOLDING CO DIS MRGN 1,000.000 25.2200 25.220.000 210.000 0.8327 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOINT RATING: B FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 12.0500 1.205.000 LTD BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: H 'FR(IST FIN ITAL) IFPSF CASH 100.000 3.5740 357.400 7,800 2.1824 EUR1 MST CL MBNA CORP KRB MRGN 1.000,000 25.6300 25.630.000 480,000 1.8728 BSC RATING: STOCK 0/SECTOR MW BOYARS ALTERNATIVE VIEWPOINT RATING: TYCO INTERNATIONAL LTD TYC MRGN 100,000 31.1500 3.115.000 5,000 0.1605 VECTOR GROUP LTD VGA MRGN 433.290 15.4600 6.698.663 693.264 10.3493 Total Equities& Options $77,489.063 $1.808.564 TOTAL EQUITIES $77,489.063 $1.808.564 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.808564 YOUR PRICEDPORTFOLIOHOLDINGS $49,152,082 027 1030.04:11:50 001 V8E4 EFTA00196758 CLEARED THROUGH ITS WIIOUY OHnE0 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 Ore Mevolech CarrIN Noah Betatron. New Ye* 11201.3559 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERK* October 1.2004 THROUGH WOOS! 29.2004 Transaction Detail ACCCUNT NUMBER TAXPAYER PARPER OR File DIVIDENDS LAST STATEMENT September 30.2004 DA'E DESORPTION STMEICIUOLISIP CAMAITITY RATE (SI DEBIT AMOUNT CREDO AMOUNT 10/01/04 MBNA CORP KAB 1.000.000 0.1200 120,000.00 REC 09/15/04 PAY 10/01/04 TOTAL $120,000.00 INTEREST DATE OESCRIPTION STAIDOLCUSIP OUPATITT RATE I% CERT AMOUNT CREDIT AMOUNT 10/21/04 INT 08 59.914.07 09/21 - BAL TOTAL $-59.914.07 MISCELLANEOUS DATE /430.AT TRANSACTCN DESCRIPTION DEBIT AMOUNT CREPT AMOUNT 10/01/04 JOURNAL FROM 178,068.00 10/01/04 JOURNAL FROM a 348,312.00 TOTAL $526,380.00 End of Statement 027 1030.04:11:50 001 1,8E4 EFTA00196759 CLEARED THROUGH ns WIlCUEY SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szerrus Sadist.* COO. Bear. Stearns & 00. Inc. BEAR 383 Madison Avenue New York New York 10179 Cectlevolech Contot North Becck//n. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD SepleMbef 1.2004 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH Septeinter 30.2004 VISIT OUR WESSITE 67AV uearstearns.com ACCOUNT NUMBER What's In This Statement II TAXPAYER NUMBER On File LAST STATEMENT August 31.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 6 6100 RED HOOK SUITE B-3 Your Messages 8 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash Si Equivalent S.28.923.447 TOTAL VAWE OF SECURITIES THIS PERIOD 73,312,149 $29.121.602 NET DEBIT BALANCE -28,923,447 Equates — $73.312.149 ... $72.801.095 NET EQUITY THIS PERIOD $44,388,702 Current market value NET EOUITY LAST STATEMENT 43,679,493 to Last statements market value Short market value CHANGE SINCE LAST STATEMENT 709,209 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza rood any Mame a rontoctiot of clods or socks. eldicolal as doltrorod lo Tin Penn , 11 ra ofOTAMACABI puTrosin Only a ISM fowled as downed lo Cleol Sone*. 01800634.1428: a wax to Clad SONINIS a Bow. Steam &canes Tin staternurC should be retuned for your r.cordc Ste rows We for nnoure amnion Cap. Co. Mekolek Coolly North. °Rahn, NY II201-31,59 027 r(101,04:07:49 001 7863 EFTA00196760 CLEARED 1HROUGH ITS viiseklY 0"E0 SUBSIDIARY Beer. Saee•ns SON, b81 GOO. CeolActsolech Cantet Noah Brocklln• New VC* 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 100104:07:49 001 V863 EFTA00196761 CLEARED 1HRWGH nS ?RIMY OBX.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bar. Screams S0PM*1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ore Maoloch Canto, Noah Beccidon. New To* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 O1 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER 141.1183ER On File NIS PERM TAS PERIOD YEAR TO DATE LAST STATEMENT August 31.2004 Opening Balance $-29.121.602.33 Dividends 255,063.20 1.011.250.60 Substitute Payment 0.00 85,222.00 Dividends/Interest 255.063.20 Credit Balance Int. 0.00 398.34 Miscellaneous 13.81 Total $255.063.20 $1,096,870.94 Amount Credited $255,077.01 Foreign Tax Withheld 0.00 -2,033.91 Dividends/Interest Charged -56.922.10 Margin Int. Paid -56.922.10 -375,24454 Amount Debited $-56,922.10 Net Cash Activity 198.154.91 Portfolio Composition ClosingBalance 8-28 923 447.42 SHJXT LONG Cash,Cash Equivalent 28.923.447 Equities 73,312,149 Your Portfolio Cash Balance Summary Total 928.923,447 $73,312,149 Allocation °FENNO CLOSING Margo -29,121,602.33 -28.923.447.42 Net Cash Balance $-29.121.602.33 8.28,923,447.42 Shod Cash & Equivalent 28% — Equities 72% UmPootx1 crown coma oar Nano, oat, shol male aye, Tho olotrahr Pe vernsa is awed from to otnol.ft market robe or Kv patio" 027 10011107:49 001 V883 EFTA00196762 CLEARED THROUGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r4.81 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-414cm:tech Contec Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCCUNT NUMBER TAXPAYER KAMER Co File LAST STATEMENT August 31.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRIPTION SYMBOLCUSIP COMET( PRICE VALUE MNUOL NOM YELO DU CASH BALANCE -28.923.447 TOTAL CASH & CASH EQUIVALENTS $-28.923.447 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 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 wiv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT MARKET ESTIMATED CURRENT DESCREDON SYMEICIAVSIP IYPE OUANI1TT PRICE VALUE ANNUAL f‘COME YEW IY4 BANK OF AMERICA CORP BAC MRGN 200,000 43.3300 8.666.000 360.000 4.1542 BSC RATING: STOCK 0/SECTOR MW NAB. RESEARCH. L.L.C. RATING: B WALT DISNEY CO HOLDING CO DIS CASH 250.000 22.5500 5.637.500 52,500 0.9313 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOSNT RATING: B 027 1001,04:07:49 001 V80 EFTA00196763 CLEARED IHRouGH ns ?mow, (mNIED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SOC,r.t.el CO,P. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cr.* Metselech Center Noah &Woo. Nev. Ye* MOI.38S9 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 Your Portfolio Holdings (continued) AccouNT NUMBER TAXPAVER MAWR Co Fite LAST sTATELIENT August 31.2004 Equities & Options (continued) ACCT IMPKE1 ESTIMATED CURRSYT DESCRIPTION SIMBOUCUSIP ME OUANTITY PRCE VALUE ANNUAL INCOME YEW IN4 WALT DISNEY CO HOLDING CO DIS MRGN 1,000.000 22.5500 22.550.000 210.000 0.9313 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOINT RATING: B FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 13.2500 1.325.000 LTD BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B IFIMIST FIN ITAL) IFPSF CASH 100.000 3.5530 355.300 7,700 2.1672 EUR1 It4VST CL MBNA CORP KRB MRGN 1.000,000 25.2000 25.200.000 480,000 1.9048 BSC RATING: STOCK 0/SECTOR MW BOYARS ALTERNATIVE VIEWPOINT RATING: B TYCO INTERNATIONAL LTD TYC MRGN 100,000 30.6600 3.066.000 5,000 0.1631 VECTOR GROUP LTD VGA MRGN 433.290 15.0300 6.512.349 693,264 10.6454 Total Equities& Options $73,312,149 $1,808,464 TOTAL EQUITIES $73,312,149 $1,808,464 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,808,464 YOUR PRICEDPORTFOLIOHOLDINGS $44,388,702 027 1001,04:07:49 001 V863 EFTA00196764 CLEARED THRWGH ITS niCkLY 0%M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,nbel Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-4 Mon:tech CoraN Noah Beccidon. New Yak 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER KAMER INVESTMENT ACTIVITY LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRANSACT/ON cescernou SYMBOLICUSIP GUMMY PRICE DERE AMOUNT CROW MONO 09/29/04 09/20/04 BOUGHT VECTOR GROUP LTD VGA 20,632 SEE NOTE'S' ON BACK STK ON ON 412658 SHS REC 09/20/04 PAY 0029/04 AS OF 09/20/04 TOTAL DIVIDENDS DATE OESCRPTION STMEICACUSIP OVANMY RATE (61 DEBT AMOUNT CREDIT AMOUNT 09/24/04 BANK OF AMERICA CORP BAC 200.000 0.4500 90,000.00 REC 09/03104 PAY 09/24/04 09/29/04 VECTOR GROUP LTD VGR 412.658 0.4000 165,063.20 REC 09120/04 PAY 09/29/04 TOTAL $255,063.20 INTEREST PATE °swarms+ STMEICUNISIP 0UMMTY RATE IY4 DEBT AMOUR CREDIT AMOUNT 09/21/04 INT DB 56,922.10 08/21 - 09(20 00227016% BAL 29121602 AVG29118197 TOTAL $-56,922.10 027 10,01,04:07:49 001 Y863 EFTA00196765 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Some& Sec.r.teo Gory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 0 -4 Mem:tech CarrIN Noah 0eock11n. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 vi STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NVUSER 011Plie DISTRIBUTION LAST STATEMENT AUGuSt 31.2004 DCE TRANSACTION DESCRIPTION SYMBOUCVSIP COMM, RATE (5) DEBIT AMONT CREW MCIUNT 09/02104 STOCK SPLIT BANK OF AMERICA CORP BAC 100,000 STK SPLIT ON 100000 SHS REC 08t06'04 PAY 08127:04 TOTAL MISCELLANEOUS DATE 1.13DAY TRANSACTION DESCRIFTON DEBIT AMOUNT CREPT APADVN1 09/30/04 CASH-LIEU VECTOR GROUP LTD 13.81 CASH IN LIEU OF .90000 REC 09,20104 PAY 09,29,04 TOTAL $13.81 027 100104:07:49 001 V863 EFTA00196766 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Slt8MS SOM.0081 COO Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ono Mavotech Confer HORN Stecklin. New York 1120/3859 STEARNS FINANCIAL TRUST COMPANY INC 8 c/ STATEMENT PERK* SeplecTiON 1.2004 THROUGH Septerrter 30.2004 ACCOUNT NUMBER TAXPAYER WEISER On File Your messages LAST STATEMENT August 31.2004 Bear. Stearns Securities Corp, Net Capital and Net Capital Requirements: Securities and other assets in your account are the firm's collateral for any Bar margin loan made to you. If the securities and other assets in your account At May 31, 2004 and July 31. 2004. the Company's net capital of decline in value, so does the value of the collateral supporting your loan, and, approximately $3,6 billion and $3,6 billion was approximately 6,8% and 6,5% as a result, the firm can take action, such as issue a margin call and/or sell of 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 $1.1 billion and $1,1 billion by approximately order to maintain the required equity in the account. it is important that you $2,5 billion and $2,5 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 mvw,bearstearns,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 1001.04:07:49 001 V863 EFTA00196767 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,M.81 GNP Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mon:tech CarrIN Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 9 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER At/USER 011Fde LAST STATEMENT August 31.2004 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 latit04:07:49 001 VIM EFTA00196768 CLEARED IHRCOGH ITS »ICU? 0"ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns Sec 'ilfil CND Bear. Stearns 8 CO. Inc. BffiR 383 Madison Avenue New York New York 10179 Cr.* Metsoleen Corr Noah Beeciam. New Te" 11201.3859 STffiRNS FINANCIAL TRUST COMPANY INC STATEMENT PERM Jut/ 31. 2004 ACCOUNT EXECUTIVE LICHERMAN,IRA TELEPHONE THROUGH August 31.2004 VISIT OUR WESSITE uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER AtaER On File LAST STATEMENT Jut, 30.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 CIO AMERICAN YACHT HARBOR Transaction Detail 6 6100 RED HOOK SUITE 6.3 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Eqavalent $.29.121.602 TOTAL VAWE OF SECURITIES NIS PERIOD 72,801,095 $29.070.063 NET DEBIT BALANCE -29,121,602 Equities — $72.801.095 ... $73.256.770 NET EQUITY THIS PERIOD $43,679,493 Current market vaue NET EOUITY LAST STATEMENT 44,186,707 tie Last statements market value Short market value CHANGE SINCE LAST STATEMENT -507,214 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza copal any 011*011C0 Or nonroefle ol ~Os or ~Its. «Peak.] as &Wont lo yaa. if br dOITTMNYNI pawnonlyn H nat«nerd natal daunt« lo GINN Sonic.» al B00(344428: or vit lo ChM SONIC.» MSG./. Stamm Sceuellos Cr,.. Co, Mflolecli COMO, North. Brodbw, NY I1201-3959. Sr 'Des Pennant Ts ~tern« amid tm retuned for your records See rant fa far rnpodart ~Om 027 0901,04:06:31 001 Y862 EFTA00196769 CLEARED IHROUGH ITS viiseklY 0"E0 SUBSIDIARY 808r. Saee•ns S0N, b81 GOO. CeolActioloch Cantot Noah Brocklln• New VC* 11201.3859 FINANCIAL TRUST COMPANY INC 2 ol STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0901,0405:31 001 •7862 EFTA00196770 CLEARED iiiscuGH wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. SZwans S0C,nbel GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore 14cm:tech Cantet Noah Beccidon. New Val, 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 c, STATEMENT PERK* Jul/ 31. 2004 THROUGH August 31.2004 AccouNT NUMBER Cash Flow Analysis Income Summary TAXPAYER ARMER On File DC PEN00 YEAR TO DATE THIS PERICO LAST s TATELIENT Jut/ 30.2004 OpeningBalance $-29.070,063.39 Dividends 1,250.00 756.187.40 Substitute Payment 0.00 85,222.00 Dividends/Interest 1.250.00 Credit Balance Int. 0.00 398.34 Amount Credited $1,250.00 Total $1.250.00 $841,807.74 Dividends/Interest Charged -52.788.94 Foreign Tax Withheld 0.00 -2,033.91 Margin Int. Paid -52.788.94 -318,322.44 Amount Debited $52,788.94 Net Cash Activity -51.538.94 Closing Balance $-29 121 602.33 Portfolio Composition SKR! LON0 CashrCash Equivalent 29.121.602 Equities 72.801,095 Cash Balance Summary Your Portfolio 0FEr. CLOSING Total $29,121,602 $72,801,095 Allocation Margin -29.070.063.39 -29.121,602.33 Net Cash Balance 529.070.063.39 $-29.121.602.33 Shod Cash 8 Equivalent 28% - Equities 72% Untivoed pororis °ono* oar Nano, omit, shrl male vela, Re elorahr cevemsr is do•ved Inn to etwol.te market rat), 01 >vv palloo 027 09,01,04:08:31 001 1862 EFTA00196771 CLEARED THROUGH ITS niCkLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,nbel Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mon:tech Contm Noah BecciOon. New Ye* 11201.3659 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERIOD July 31.2004 THROUGH August 31.2004 ACCCUNT NUMBER TAXPAYER WEBER On File LAST STATEMENT Jul/ 30. 2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCFDPTION SYMBOLCUSIP QUANTITY PRICE VALUE MNUN. NOM YELO CASH BALANCE -29,121,602 TOTAL CASH & CASH EQUIVALENTS $-29,121.602 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 Steams at no cost, Customers can access this research at wiv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT MARKET ESTIMATED CURFEW DESCRPRON SYMEICIJCVSIP TTPE pµNTITY PRCE YN.UE ANNUAL INCOME YE101%./ BANK OF AMERICA CORP BAC MRGN 100,000 44.9800 4,496,000 180.000 4.0018 BSC RATING: STOCK 0/SECTOR MW NAB. RESEARCH. L.L.C. RATING: B WALT DISNEY CO HOLDING CO INS CASH 250.000 22.4500 5,612,500 52,500 0.9354 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPONT RATING: B 027 09,01,04:06:3I ODI 1862 EFTA00196772 CLEARED THROUGH NS ?mow, °MEC SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steirns SON, bel CO,P. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 OtoLletsolech CarrIN Noah BecciOon. New Ye* I1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* July 31. 2004 THROUGH August 31.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER WESER On File LAST STATEMENT Jul/ 30.2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURPIST DESCRPTION SIMBOUCUSIP ME OUANTITY PACE VALUE ANNUAL NCOIAE YEW I% WALT DISNEY CO HOLDING CO DIS MRGN 1,000.000 22.4500 22.450.000 210.000 0.9354 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOINT RATING: B FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 12.4100 1.241.000 LTD BSC RATING: STOCK WSECTOR MO ATLANTIS RESEARCH RATING: B 'FR(IST FIN ITAL) IFPSF CASH 100.000 3.2170 321.700 9,128 2.8374 EUR1 MST CL MBNA CORP KRB MRGN 1.000,000 24.1400 24.140.000 480,000 1.9884 BSC RATING: STOCK OSECTOR BOYARS ALTERNATIVE VIEWPOINT RATING: TYCO INTERNATIONAL LTD TYC MRGN 100.000 31.3200 3.132.000 5,000 0.1596 VECTOR GROUP LTD VGA MRGN 412.658 16.7400 6.907.895 660,253 9.5579 Total Equities& Options $68,303,095 $1.596.881 TOTAL EQUITIES $68,303,095 $1.596.881 027 09,01,04:06:21 001 Y862 EFTA00196773 CLEARED THRWGH ITS vniCkLY OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steams SOC.r.t.el GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Met:MeV+ CoMm Noah BecciOon. Nev. Ye* I1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERK* Jul/ 31. 2004 THROUGH August 31.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER OTHER HOLDINGS TAXPAYER AMBER On File LAST STATEMENT Jul/ 30. 2004 Pending Stock Distributions ACCT MARKET ESTIMATED CUMIENT DESORPTION soreeLcus> ron OUANTITY PACE VALUE ANNUAL MOUE VELD CM BANK OF AMERICA CORP BAC MRGN 100,000 44.9800 4,498,000 180.000 4.0018 STK SPUT ON 100000 SH5 REC 08/06+04 PAY 08/27434 Total PendingStockDistribution $4,498,000 $180,000 TOTAL OTHER HOLDINGS $4,498,000 $180.000 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1.776.881 YOUR PRICED PORTFOLIOHOLDINGS $43.679.493 Transaction Detail DIVIDENDS DATE DESORPTION SYMKL CUSP DUMMY RATE MT DEBT AMOUNT CREDIT AMOUNT 08102/04 TYCO INTERNATIONAL LTD TYC 100,000 0.0125 1.250.00 REC 07,01:04 PAY 080204 TOTAL $1.250.00 027 09,01,04:06:31 001 'e862 EFTA00196774 CLEARED THROUGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Neon Seonber GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 CeoLlevalech Coma Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 v/ STATEMENT PER100 Jul/ 31. 2000 THROUGH August 31.2000 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER NUMBER On File INTEREST LAST STATEMENT Jul/ ao. 2000 DATE DESCRIPTION SYMEICLOCUSIP MAMMY RATE IN) Can AMOUNT GREW AMOUNT 08/23/04 INT DB - 52,788.94 07/21 BAL TOTAL 5-52.788.94 End o1 Statement 027 0901D4:0831 001 VS62 EFTA00196775 CLEARED THRCOGH ITS ?RIMY 0%M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. SZeirnt. SOC‘rititt Cap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York. New York 10179 Cc* Metrolech Conte( North Beak/on. New Yak 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PER100 Jule 1.2004 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE THROUGH Jut/ 30.2004 VISIT OUR WEBSITE IVIA1 uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER WhrtiER On He LAST STATEMENT June 30.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/0 AMERICAN YACHT HARBOR • Transaction Detail 6 6100 RED HOOK SUITE B-3 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash a Equvalent I 5-29.070.063 TOTAL VAWE OF SECURITIES THIS PERIOD 73,256,770 I S-28.772.876 NET DEBIT BALANCE -29,070,063 Equines _$73.256.770 usssuussaunnws.....mmn........ ........ 577.886.364 NET EQUITY THIS PERIOD $44,186,707 Current market vaue NET EQUITY LAST STATEMENT 49,113,488 mg Last statements market value Short market value CHANGE SINCE LAST STATEMENT -4,926,781 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza ropNi any Mame a crontioONt ol tern or Mocks. eidXotal as doltroral lo you. lo OWN Son1coo 01 880611.1128: a tot to Choi Santos a Soot. &parr@ SecuMos Caw.. One lActotodi Cala North. BrooN)w, NY. II201.9859 St INS Martin/ fa daniibael pamases Gay is ea iltrided as a tag downers Tin simmers should be Maned for your records See reverses.* Ice rimless recnnaton 027 0741,00:08:01 001 Y8.58 EFTA00196776 CLEARED 1HROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 Cap. Ceol.letioloch Cantot Noah Brocklln• New VC* 11201.3859 FINANCIAL TRUST COMPANY INC 2 ol STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07)3L04:08:41 001 V858 EFTA00196777 CLEARED 1HRO00H nS WNW? Ch1O.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Stalros SOCuotatt GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mettolech Cella Noah Becck//n. New Tuft 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERIOD Jul/ 1.2004 THROUGH Jul/ 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File THIS PERIOD DC PERIOD YEAS TO DATE LAST STATEMENT June 30.2004 Opening Balance $-28.772,875.93 Dividends 127,533.00 754.937.40 Substitute Payment 0.00 85.222.00 Dividends Interest 127.533.00 Credit Balance Int. 0.00 398.34 Miscellaneous 24,618,788.69 Total $127,533.00 $840,557.74 Amount Credited 824.746.321.69 Foreign Tax Withheld -2.033.91 -2,033.91 Funds Withdrawn -25.000.000.00 Margin Int. Paid -41,475.24 -265,533.50 Dividends Interest Charged -41.475.24 Miscellaneous -2.033.91 Amount Debited 8-25,043,509.15 Portfolio Composition SNORT WHO Net Cash Activity -297.187.46 CashiCash Equivalent 29.070.063 Closing Balance 8.29,070,063.39 Equities 73.256,770 Same Ow tandem ca cash balsam scowl Imes ate not included in ihis Your Portfolio salian: such Iranefera as well as details lot as ofer Iransachcea !is pesio0. Total Allocation *paw in Transaction Dotal. $29,070,063 $73,256,770 Cash Balance Summary Short Cash & Equivalent QUI. NG OLOGIN0 28% Cash 1,658,956.03 0.00 Margin -30.431,831.96 -29.070,063.39 Net Cash Balance $-28,772,875.93 8.29,070,063.39 — Equities 72% Umhttled rotor,' Oen,* oat beano, 'mitt Owl male yaws Tea elocahr cetemar is clewed ham to ebsol.te market rat), 01 KV polloaa 027 07)3104O6:41 001 1858 EFTA00196778 CLEARED THROUGH ITS OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,nt.el Gap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Metselech Cant“ Noah Beccidon. New Ye* 112013650 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* Jul/ 1.2004 THROUGH Jul/ 30.2004 ACCOUNT NUMBER TAXPAYER AMBER On File LAST STATEMENT June 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCFDPTION SYMBOLCUSIP DUANTRY PRICE VALUE MNUN. NOM YELO CASH BALANCE -29,070,063 TOTAL CASH & CASH EQUIVALENTS $-29,070,063 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 Steams at no cost, Customers can access this research at wthy.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT MARKET ESTIMATED CURRENT DESORPTION SYMEIWOUSIP TYPE QUANTITY PRCE VALVE ANNUAL fiCOME YBD IY4 BANK OF AMERICA CORP BAC MRGN 100,000 85.0100 8.501.000 360.000 4.2348 BSC RATING: STOCK 0/SECTOR MW NAB. RESEARCH. L.L.C. RATING: B WALT DISNEY CO HOLDING CO DIS CASH 250.000 23.0900 5.772.500 52,500 0.9095 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOLIT RATING: B 027 0741.04SM:41 001 BbS EFTA00196779 CLEARED THRWGH ITS WIIOUY 0Mt,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 Ore Mem:tech Car:tog Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 5 STATEMENT PERK* Jul/ 1.2004 THROUGH Jul/ 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER AMBER On File LAST STATEMENT June 30.2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURPSYT DESORPTION SIMBOUCUSIP TYPE °OA/CITY PRCE VALUE ANNUAL INCOIAE YELD WALT DISNEY CO HOLDING CO DIS MRGN 1,000.000 23.0900 23.090.000 210.000 0.9095 BSC RATING: STOCK P/SECTOR MO BOYARS ALTERNATIVE VIEWPOINT RATING: FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 12.5700 1.257.000 LTD BSC RATING: STOCK 0/SECTOR MO ATLANTIS RESEARCH RATING: B IFIL(IST FIN ITAL) IFPSF CASH 100.000 3.3040 330.400 8,891 2.6910 EUR1 INVST CL MBNA CORP KRB MRGN 1.000,000 24.6900 24.690.000 480,000 1.9441 BSC RATING: STOCK 0/SECTOR MW BOYARS ALTERNATIVE VIEWPOINT RATING: TYCO INTERNATIONAL LTD TYC MRGN 100.000 31.0000 3.100.000 5,000 0.1613 VECTOR GROUP LTD VGA MRGN 412.658 15.7900 6.515.870 660,253 10.1330 Total Equities& Options $73,256.770 $1,776,64.4 TOTAL EQUITIES $73,256.770 $1,776,644 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $1,776,644 YOUR PRICEDPORTFOLIOHOLDINGS $44,186,707 027 07,314a:0B:41 001 Y8S9 EFTA00196780 CLEARED THRWGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, b81 OPP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 Ore Mem:tech Cone og Noah Beccidon. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 vi STATEMENT PERK* Jul/ I 2004 THROUGH Jul/ 30.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER AMBER Cfl File DEPOSITS AND WITHDRAWALS LAST STATEMENT June 30.2004 DATE TIMNSACTO6 DESCRrION DEBIT AMOIANT CREDIT AMOUNT 07/06/04 WIRED WIRED TO 12,500,000.00 N NW BOOK 07/06/04 END WIRED MOM/ NDS WIRED TO 12.500.000.00 BOOK TOTAL $-25.000.000.00 DIVIDENDS DATE DESORPTION VorBOL.CvSiP ciumnyv RATE (S) DENT AMOUNT CREDIT AMOUNT 07/01/04 IFILOST FIN ITAL) IFFISF 100,000 0.0620 7.533.00 EURI INVST CL WH 2,033.91 REC OW30104 PAY 07/01434 FOREIGN TM WITHHELD 07101/04 MBNA CORP KRB 1,000,000 0.1200 120.000.00 REC 06/14104 PAY 07;01.04 TOTAL S.2.033.91 $127.533.00 INTEREST cEsos PION STMEKIJOUNP OUMMYY RATE I%4 DENT AMOUNT CREDIT AMOUNT 07/21/04 INT 08 41.475.24 BAL 1.1.11.1.10 06 TOTAL $-41,475.24 027 0731A34:08:41 001 YSE4 EFTA00196781 CLEARED THROUGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. SZeirns S0N, b81 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 OtoLlevelech Cella Noah 0eock11n. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 vi STATEMENT PERK* Jul/ 1.2004 THROUGH Jul/ 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER Cel Flk MISCELLANEOUS LAST STATEMENT June 30.2004 DATE M3VAT TRANSACTCN oFscnimon DES I 41.1CUM CREPT AT1:00UT 07/01/04 JOURNAL FROM 178,069.00 07/01/04 JOURNAL FROMM.. 348,313.00 07/01/04 JOURNAL FROM: XBI,SUSD 23,000,000.00 • JRL • 07/02/04 JOURNAL JOURNAL FROM TYPE 1TO 2 2.190.837.12 07/02/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 2,190,837.12 07/14/04 JOURNAL FROM: 1.092.406.69 PER WA • JRL • TOTAL $-2,190.837.12 $26.809.625.81 End of Statement 027 0731D4:08:41 001 Y858 EFTA00196782 CLEARED THROUGH ITS 0‘15.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. Sten•n. SOC‘rititt Cap. Bear. Stearns 8 Co. Inc. BUR 383 Madison Avenue New York New York 10179 Cato Metrolech Confer North Beano. Hew VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERKO May 29.2004 ACCOUNT EXECUTIVE ZICHERMAKIRA TELEPHONE THROUGH June 30.2004 VISIT OUR WEBSITE nvia t earsUMMS.COM ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER MAWR Ofine LAST STATEMENT May 28.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 5 6100 RED HOOK SUITE B-3 Your Messages 7 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Important Message Confirmation: Unless we Cash S Equvalent I 6.28 772 876 TOTAL VAWE OF SECURITIES THIS PERIOD 77,886,364 hear from you to the I 6-31.716.148 contrary. it is out NET DEBIT BALANCE -28,772,876 I $77.886.364 understanding that any free Equities — $76.308,062 credit balances in your account are being NET EQUITY THIS PERIOD $49,113,488 maintained to facilitate Current market yak* your intention to invest NET EOUITY LAST STATEMENT 44,591,914 ME Last statements market value such amounts through us. Short market value CHANGE SINCE LAST STATEMENT 4,521,574 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza moat ant drforona a nontoceire of tooks or stocks. macaw! as altrogoa to p5u. TMEPOrmuriN br mR08. 5008I PaPOSOS caly. It Is ra wended as dawn to Clem Somas of 800614.142O: a yea to Clom SONICOS a Bow. Steam Saumos Ilvs statsenorS should Do Maned fa' your records. Soo worn ode fa" ricotta nfainatim Cap.. Co. lAtOrokKli Coolly North. Brodbri. NY 1201-3859 027 01,01.04:13:31 001 V832 EFTA00196783 CLEARED 1HROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, b81 00,0 Ceol.levalech Cantet Noah Beoeklln• New Yuk 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07)01,04:13:31 001 Y832 EFTA00196784 CLEARED THROUGH VIIIOLLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Best. SZeirn5 S0CV, t.el GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ce4 Mevelech Bentz Noah BeCCidon. New Vent 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 al a STATEMENT PERK* May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File hISPERICO YEAR TO DATE THIS PERIOD LAST STATEMENT May 28.2004 Opening Balance 6-31.716,147.95 Dividends 245,063.20 627,404A0 Substitute Payment 0.00 85.222.00 Securities Sold 2,746,122.34 Credit Balance Int. 0.00 398.34 Dividends/Interest 245,063.20 Total 8245.063.20 $713.024.74 Amount Credited $2,991,185.54 Margin Int. Paid -47,913.52 -224,05826 Dividends/Interest Charged -47.913.52 Amount Debited $-47.913.52 Net Cash Activity 2,943,272.02 Portfolio Composition soca! LONG Closing Balance 6-28 772 875.93 CashiCash Equivalent 28.772.876 Same duj vannan N cata batman acinAl Wee cow net included in Sin scan: such tfinCtan. ac w it z clouts lot al oror bWISiaCHCCES HL pow'. Equities 77.886.364 .1(404f In rearcan.:n DE41 Total $28,772.876 $77.886.364 Your Portfolio Allocation Cash Balance Summary OPETANG CL PIG Cash 0.00 1,658,956.03 Short Cash 8 Equnmlent Margin -31.716,147.95 -30,431,831.96 26'<, Net Cash Balance $-31,716,147.95 6-28,772,875.93 — Equities 74% Untivaed croons canoe oar Deanne anon: snol male *vets Tb elocatm reventar is de•ued Iran Va etwol.te market rat), el yni palloaa 027 07:01,04:13:31 001 Y832 EFTA00196785 CLEARED THRWGH ITS wilekLY OHNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.r.bel GNP. Bear. Stearns & Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Cc* Mem:tech Contec Noah Beo:kron. New VC* 11201.3869 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* May 29.2004 THROUGH June 30.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER WESER On File LAST STATEMENT May 28.2004 MARKET ESTIMAIED CURPENT DESORPTION SYMBOLtuSIP DUMMY PRICE VALUE !ANS INCOME YIELD i!4/ CASH BALANCE -28.772.876 TOTAL CASH & CASH EQUIVALENTS $-28,772.876 EQUITIES Equities & Options ACC! MANCE1 ESTIM1E0 CURFEW' DESORPTION SYMBOUOISIP ME °VANITY PRICE VALUE ANNUAL INCOME YEW BANK OF AMERICA CORP BAC MRGN 100.000 84.6200 8.462.000 360.000 4.2543 WALT DISNEY CO HOLDING CO DIS CASH 250.000 25.4900 6.372.500 52.500 0.8239 WALT DISNEY CO HOLDING CO DIS MRGN 1.000.000 25.4900 25.490.000 210.000 0.8239 FLF_XTRONICS INTERNATIONAL FLEX CASH 100.000 15.9500 1.595.000 LTD IFIMIST FIN ITAL) IFPSF CASH 100.000 3.6350 363.500 9.146 2.5161 EURI MST Q. MBNA CORP KRB MRGN 1.000.000 25.7900 25.790.000 480.000 1.8612 TYCO INTERNATIONAL LTD TYC MRGN 100,000 33.1400 3.314.000 5.000 0.1509 VECTOR GROUP LTD VGR MRGN 412,658 15.7500 6.499.364 660.253 10.1587 Total Equities& Options $77.886.364 $1,776499 TOTAL EQUITIES $77.886.364 $1,776499 027 07.01,04:12:31 001 1.932 EFTA00196786 CLEARED IHRWOH ITS niCALY ORTAEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SOCA, Nel GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -41km:tech Cella Noah Becekron. New TA* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 5 vi STATEMENT PERK* May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER AMBER On File LAST STATEMENT May 28.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 51.776.899 YOUR PRICED PORTFOLIOHOLDINGS 549.113.488 Transaction Detail INVESTMENT ACTIVITY SETTLE-MEM TRADE DATE DATE TRANSACTION DESCRIPTION SAMBOLCUSIA CLARIND PROF DEBIT AMOUNT CREDIT MA3UNT 06/15/04 RECEIVED TOO INC TOO 34.400 0901 06/17/04 06/14/04 SOLD GALYANS TRADING INC GLYN -50000 10.79590 536.777.36 UNSOLICITED AVG PRICE: DETAILS ON REQUEST 06/17/04 06/14/04 SOLD TOO INC TOO -34.400 16.06020 550.388.95 UNSOUCITED 06/29/04 06/24/04 SOLD GALYANS TRADING INC GLYN -100.000 16.65000 1.658.956.03 WE ARE ACTING AS PRINCIPAL 8 MARKET MAKER: COMMISSION FIELD IS A COMMISSCH EQUIVALENT - DETAILS ON REQUEST TOTAL $2.746.122.34 027 07)01,04:13:31 001 Y832 EFTA00196787 CLEARED THROUGH ITS witekLY 0%P.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Noon Soorther GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 0-4 Mem:tech Contec Noah &temp. New VC* 11201.3869 STEARNS FINANCIAL TRUST COMPANY INC 6 ri STATEMENT PER100 May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASSER On File DIVIDENDS LAST STATEMENT May 28.2004 DATE DESORPTION STMOCtiOUSIP OUANTITY RATE (5) DEBIT AMOUNT OREM AMOUNT 06/25/04 BANK OF AMERICA CORP BAC 100,000 0.8000 80,000.00 REC 06.04104 PAY 06/25.04 06/30.'04 VECTOR GROUP LTD VGR 412.658 0.4000 165,063.20 REC 06/22/04 PAY 06/30/04 TOTAL 5245,063.20 INTEREST Ort DESCRIPTION SYM90LCUSIP CUANTITT RATE I* DEBIT AMOUNT CREEK AMOUNT 06,21/04 INT DB 47,913.52 05121 - BAL TOTAL $-47.913.52 MISCELLANEOUS DATE MOST TRANSACTO1 DESCRIPTION DEW AMOUNT CP£Co ArriCkkr 06/17/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 1,087,166.31 06/17/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 1.087.166.31 TOTAL 5.1.087.166.31 51.087.166.31 027 07.01,04:12:31 001 YS32 EFTA00196788 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeiree Secvehei GNP Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Montech Coma Noah Beccidon. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER remER On File Your messages LAST STATEMENT May 28.2004 Any short positions in your account will be kept "marked-to-the market, This Notice Regarding a Change in The Statement of Interest Charges ir&? Pursuant to the "Truth-in-Lending" Rule 10 (b)-16 Regarding Short Sales ra" means that periodically the balance maintained in the short account will be And Marking-To-The-Market adjusted to equal the market value of the short securities, Securities that are priced below five dollars per share may be valued at five dollars per share for Effective no earlier than thirty (30) days from your receipt of this statement, we short marking-to-the market purposes. If a security has been sold short (or will compute interest regarding your short sales and marking-to-the market as sold short against the box) and has appreciated in market price over the follows: selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the fi e credit that appears on your statement due to short sales (including short drop in value, The appreciation or depreciation of securities sold short will be sales against the box) is offset by a debit of like amount because Bear Steams determined by Bear Steams Securities based upon daily dosing prices or Securities has to borrow the same security in order to deliver it to the buying quotations provided by pricing services, as applicable, or upon such factors as broker and has to provide its lender additional collateral of up to 105% of the Bear Stearns Securities in its sole judgement deems pertinent, settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the Please note that the other sections of the "Truth-in-Lending" disclosure difference between (i) up to 105% of the settled short market value of such previously provided to you remain unchanged, short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales, 027 07)01,04:13:31 001 11812 EFTA00196789 CLEARED THROUGH ITS WitCkLY 0%M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, b91 Gap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CeoLlevalech Cantet Noah Beccidon. New Yak 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 STATEMENT PERK* May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER nva3ER Nem LAST STATEMENT May 28.2004 Pursuant to the terms of the equity research settlement that was entered into Please be advised of the following changes regarding account service fees: by Bear Stearns and other major investment banks, we will soon make available to our customers, independent third-party research ('Independent Beginning September 1, 2004, accounts will be subject to a $20.00 Research'), at no cost, on the common stock of certain companies covered by processing fee for each outgoing wire transfer and for each check issued by the Firm's Equity Research Department ('Covered Company). Customers will Bear Stearns at the request of a customer. You may wish to speak to your be able to access this research at wwgv,bearsteams,com or can call (800) Account Executive to inquire about the availability of check writing privileges for 517-2327 to request that a copy of this research be sent to them. your brokerage account. Further, Bear Steams will notify certain of our customers, at the time of each solicited order to buy or sell the common stock of a Covered Company, of the Beginning January 1, 2005, accounts will be subject to an annual account availability of Independent Research, and will provide, on the confirmations charge of $75.00 applicable for households that maintain less than $100,000 and statements that are generated for these customers, the rating(s) on such in net equity in related accounts or that generated less than $500 in Covered Company(s) by the Firm's Equity Research Department, as well as the brokerage commissions and/or fees paid to Bear Stearns in those accounts in corresponding rating(s) by the applicable Independent Research provider(s), the prior calendar year. where available. These notice provisions become effective in the near future and, to the extent applicable, will be included in your next monthly statement. Please note, Bear Stearns is not responsible or liable for (i) decisions relating to the procurement of Independent Research, (ii) Independent Research or its content, (iii) customer transactions, to the extent based on Independent Research, or (iv) claims arising from or in connection with access provided by the Firm and/or the inclusion of Independent Research ratings in trade confirmations, periodic account statements or vfimv,bearsteams.com. Bear Stearns is not required to supervise the production of Independent Research and has no responsibility to comment on the content of such Research. End of Statement 027 07.01,04:13:31 001 2832 EFTA00196790 CLEARED 'MAGOON ITS witCkly 0%1N.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 8Nir. SZeinn SONnt*I COO. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue Ore Metsolech Corder HMO en:Ck/01. New Volt 11201.3859 STEARNS New York Nen York 10179 FINANCIAL TRUST COMPANY INC STATEMENT PERK* May 1.2004 ACCOUNT EXECUTIVE ZIC,H,aRtvIAN.IRA TELEPHONE THROUGH May 28.2004 VISIT OUR WEBSITE ‘..Y w.uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER AMBER On File LAST STATEMENT *II 30.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 C/0 AMERICAN YACHT HARBOR • Transaction Detail 5 6100 RED HOOK SUITE B-3 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $.31.716.148 Cash 8 Equvalent TOTAL VAWE OF SECURITIES THIS PERIOD 76,308,062 $.31.670.992 NET DEBIT BALANCE -31,716,148 Equities I $76.308.062 kaTuumsur------=A $74.175.563 NET EQUITY THIS PERIOD $44,591,914 Current market vaue NET EQUITY LAST STATEMENT 42,504,571 no Last statements market value Short market value CHANGE SINCE LAST STATEMENT 2,087,343 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza rood ant clibronoo a nontocese of shacks or mocks, coscomd as dolicoroa 10 p5u. 10 Clem Sonic*. al 8006114428: a wwto 10 Clem SONICOS M Bow. SWIM Sccumos Cap.. Co. MaYolocli Coolly North. BrooIbw, NY. 112014959 St ImmNMY fa miOrma0IMI atmaasts oily Nista candid natal dcarner1 Ilvs statnrC should be retailed for your words So mom a for madam oilmnaom 027 052800:12:32 001 Y831 EFTA00196791 CLEARED IHROUGH NS 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 s STATEMENT BACKER IS PRINTED ON THIS PAGE 027 052804:12:32 001 •real EFTA00196792 CLEARED 1HRWGH ITS niCkLY OHT.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams S0C.r.t.el GOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 0-4 Mevotech Conte Noah Betatron. New Toot 11201 3959 STEARNS FINANCIAL TRUST COMPANY INC 3 ti STATEMENT PERK* May 1.2.204 THROUGH May 28.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AILICER On File THIS PERIOD PERIOD YEAR TO DATE LAST STATEMENT *11 30.2004 Opening Balance $-31,670,992.28 Dividends 1,250.00 382,34120 Substitute Payment 0.00 85,222.00 Dividends/Interest 1,250.00 Credit Balance Int. 0.00 398.34 Amount Credited $1.250.00 Total $1.250.00 $467.961.54 Dividendsqnterest Charged -46.405.67 Margin Int. Paid -46.405.67 -176.144.74 Amount Debited $-46.405.67 Net Cash Activity -45.155.67 Portfolio Composition Closing Balance 5-31 716 147.95 SHORT LOW Cash/Cash Equivalent 31.716,148 Equities 76.308.062 Cash Balance Summary Total $31,716.148 576.308.062 Your Portfolio oratorio cuzeitea Allocation Margin -31.670.992.28 -31.716,147.95 Net Cash Balance $-31.670.992.28 $21.716.147.95 Short Cash & Equivalent 29% Equities 71% UTWootTI prow,' °ono* oar 014ToT oat. lhol male ave. The Mom on INNentro Nowtm from Va 00101.te market rat), oi ITV POrtkalk 027 OS29,04:12:32 001 1851 EFTA00196793 CLEARED IHRWOH ITS niCkLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, bel CO,P. Bear. Stearns & Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Cc* Mem:tech Contec Noah Beano. New VC* 11201 3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* May 1.2004 THROUGH May 28.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MASSER On File LAST STATEMENT April 30.2004 NAPREI ESTIMAIED CURPENT DESORPTION SYMBOLCUSIP DUMMY PRICE VALUE !ANS INCOME YELD i!4) CASH BALANCE -31.716.148 TOTAL CASH & CASH EQUIVALENTS 6-31,716,148 EQUITIES Equities & Options ADC! MARKET ESTIMATED CURN30 DESORPTION SYMBOUCUSIP ME °VANITY PRICE VALUE ANNUAL INCOME YEW I* BANK OF AMERICA CORP BAC MRGN 100.000 83.1300 8.313.000 320.000 3.8494 WALT DISNEY CO HOLDING CO DIS CASH 250.000 23.4700 5.867.500 52.500 0.8948 WALT DISNEY CO HOLDING CO DIS MRGN 1.000.000 23.4700 23.470.000 210.000 0.8948 FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 17.5600 1.756.000 LTD GALYANS TRADING INC GLYN CASH 150,000 10.0500 1.507.500 IFIMIST FIN ITAL) IFPSF CASH 100,000 3.5380 353.800 9,161 2.5893 EUR1 MST IX MBNA CORP KRB MRGN 1.000.000 25.4000 25.400.000 480.000 1.8898 TYCO INTERNATIONAL LTD TYC MRGN 100,000 30.7900 3.079.000 5.000 0.1624 VECTOR GROUP LTD VGR MRGN 412,658 15.9000 6.561.262 660,253 10.0629 Total Equities& Options 676.308,062 $1.736.914 TOTAL EQUITIES $76,308,062 $1.736.914 027 052900402:32 001 Y831 EFTA00196794 CLEARED THROUGH DS mgkay OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Szea•ns S0C,M*I GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cato Mon:tech Contec Noah Beccidon, New Year I I2DI.3SS9 STEARNS FINANCIAL TRUST COMPANY INC 5 vi STATEMENT PERK* May 1.2.704 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER WESER OR File LAST STATEMENT *11 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,736.914 YOUR PRICED PORTFOLIOHOLDINGS $44.591.914 Transaction Detail DIVIDENDS EWE DEscs pliON STMEICl/CUSIP CVANNTe RATE (S) men AMOUNT CREDIT AMOUNT 0503/04 TYCO INTERNATIONAL LTD TYC 100.000 0.0125 1,250.00 REC 04101.'04 PAY °swot: TOTAL $1.250.00 INTEREST DATE CESCAPTION STAIDOUCUSIP OUNJTITT RATE I%4 COD AMOUNT CREDIT AMOUNT 05121104 INT DB 46,405.67 04121 - BAL TOTAL $46,405.67 027 edr29,04:12:32 001 2431 EFTA00196795 CLEARED THROUGH ITS YilIC(1.Y (A1T,*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sten. SOewititi Cap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York Nee( York 10179 Cc* kletsdech Conte( North &Wort New VC* t201.3859 STEARNS FINANCIAL TRUST COMPANY INC ACCOUNT EXECUTNE ZICHEHNIAN,IRA STATEMENT PERIOD APO' 1, 2004 TELEPHONE THROUGH *11 30.2004 VISIT OUR WESSITE ITIA1 uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER MMER On File LAST STATEMENT March 31.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 5 6100 RED HOOK SUITE 6-3 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent 331.670.992 TOTAL VAWE OF SECURITIES THIS PERIOD 74,175,563 331.742.917 NET DEBIT BALANCE -31,670,992 Equities $74.175.563 $79.766.029 NET EQUITY THIS PERIOD 642,504,571 Current market vaue En Last statements market value NET EOUITY LAST STATEMENT 48,023,112 Short market value CHANGE SINCE LAST STATEMENT -5,518,541 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza room ant drroroneo a contoctire ol &Ss or stocks, eldicotod as &firma to p5u. TNT mann/ a .Namabenal pants only a rat nettled as a Hu dcoonsn b Gent Sone*. al 800614.1428: a veto to Choi SONIC.. a Boot Steam Scones Cap.. Co. I.letok•-li Coolly North. BrooN>w, NY 112014059 Sit llvs stationed should be retails for your words Set wend fa for Hmorlort nfanatin 027 OS01.404:13:17 001 V830 EFTA00196796 CLEARED 1HRCO3H nS WHOLLY OWNED SUBSIDIARY BOB,. SOMAS SeWo11Rf CO(.. Ono Llevotech Confer North Steck'tn. New York 11201.38S9 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05:01.100:13:17 001 V830 EFTA00196797 CLEARED 1HRWGH niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams SOC.r.t.81 Cap. BEAR Bear. Stearns & Co. Inc. 0 -4 Metselech Cella Noah 383 Madison Avenue Beccidon. Nev. Tuft 11201.3859 STEARNS New York, Nave York 10179 FINANCIAL TRUST COMPANY INC 3 c/ STATEMENT PERIOD *II 1. 2004 THROUGH *11 30.2004 ACCCUNT humeri Cash Flow Analysis Income Summary TAXPAYER WEBER On Fee 714S PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT March 31.200a Dividends 120,000.00 381.091.20 Opening Balance $-31,742,917.44 Substitute Payment 0.00 85,222.00 Dividends/Interest 120,000.00 Credit Balance Int. 0.00 398.34 Amount Credited $120,000.00 Total $120,000.00 $466,711.54 Dividends/Interest Charged -48.074.84 Margin Int. Paid -48,074.84 -129,739.07 Amount Debited $48,074.84 Net Cash Activity 71,925.16 Portfolio Composition Closing Balance $-31 670 992.28 sNOR! LONO CashiCash Equivalent 31.670.992 Equities 74.175,563 Cash Balance Summary Total $31,670.992 $74,175.563 Your Portfolio ocean* CLOSINO Allocation Margin -31.742.917.44 -31.670.992.28 Net Cash Balance $-31.742,917.44 $-31.670.992.28 Short Cash & Equivalent 29% Equities 71% Untivoecl Frown oenole debt beano, onto* Or, rnalee vela, The elowInn percemso, io dr ied kern to Mnol.te markei mks, ci vc. palioo 027 OS6164:13:17 001 V830 EFTA00196798 CLEARED IHRWOH ITS OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, bel GOP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mon:tech Contet Noah BecdO/n. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PEF000 * 11 1. 2004 THROUGH April 30.2004 Your Portfolio Holdings ACEGURT NUMBER CASH & CASH EQUIVALENTS TAXPAYER NURSER On File LAST STATEMENT Much 31.2004 IAAFIXE1 ESTIMAIED CURPENT DESCEIPTION SYMBOLCUSIP DUMMY PRICE VALUE !ANN INCOME VELD 1,44 CASH BALANCE -31.670.992 TOTAL CASH & CASH EQUIVALENTS $31,670,992 EQUITIES Equities & Options ADC! IMRCE1 CHEWED DESCOPTION SYMBOUCOSIP 719E OUANTITY MICE VALUE ANNUAL INCOME YEW nt) BANK OF AMERICA CORP BAC MRGN 100.000 80.4900 8.049.000 320.000 3.9756 WALT DISNEY CO HOLDING CO DIS CASH 250.000 23.0300 5.757.500 52.500 0.9119 WALT DISNEY CO HOLDING CO DIS MRGN 1.000.000 23.0300 23.030.000 210000 0.9119 FLEXTRONICS INTERNATIONAL FLEX CASH 100,000 161000 1.610.000 LTD GALYANS TRADING INC GLYN CASH 150,000 9.4900 1.423.500 IFIL(IST FIN ITAL) IFPSF CASH 100,000 3.5520 355.200 8.869 2.4969 EUR1 INVST MBNA CORP KRB MRGN 1,000,000 24.3800 24.380.000 480.000 1.9688 TYCO INTERNATIONAL LTD TYC MRGN 100,000 27.4500 2.745.000 5,000 0.1821 VECTOR GROUP LTD VGR MRGN 412,658 16.5400 6.825.363 660,253 9.6735 Total Equities& Options $74,175,563 $1,736,622 TOTAL EQUITIES $74,175,563 $1,736,622 027 05.01,04:13:17 001 V830 EFTA00196799 CLEARED THRWGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns S0CvAbel GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Dec Metscilech Contec Noah Becci0on. New Year 112013959 STEARNS FINANCIAL TRUST COMPANY INC 5 c/ STATEMENT PERK* April 1.2004 THROUGH *11 30.2004 ACCCUNT NUMBER TAXPAYER WESER Cfl File LAST STATEMENT Muth 31.2004 Your Portfolio Holdings (continued) YOUR PORIFOLIOHOLDINGSESTIMAIED ANNUAL INCOME $1.736.622 YOUR PRICED PORTFOLIOHOLDINGS $42.504.571 Transaction Detail INVESTMENT ACTIVITY SETTLETIEM TRADE DATE DA-5 TRANSACTION DESCRIPTION SVMEICLCUSP WHINY PRICE DEBIT AMOUNT CREDIT MAOUNT 04.20,04 JOURNAL WALT DI NEY HOLDING CO DIS 157000 JRL FM PER LOA 0421/04 DELIVERED SENTIGEN HOLDING CP RSTD 9380646 .333.334 TOTAL DIVIDENDS DATE OESCRPRON 0000000SW 0.:ANTITY RATE DEBIT AMOUN' CREDIT AMOUNT 04101/04 MBNA CORP KRB 1.000.000 0.1200 120.000.00 REC 03115'04 PAY 04101,04 TOTAL $120.000.00 027 0601,04:13:17 001 V830 EFTA00196800 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. SZeirns SOC.r.t.81 Gap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ce4Metselech Cella Noah 0eock11n. Nev. Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 o STATEMENT PER100 *II 1. 2004 THROUGH *11 30.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER WEBER OR File INTEREST LAST STATEMENT Muth 31.2004 DATE DESORPTION SYMEICLOCUSIP WANillY RATE I%) DEBIT AMOUNT CREDIT AMOUNT 04/21/04 INT DB 48.074.84 0321 - BAL TOTAL $.48.074.84 Endof Statement 027 0501104:13:17 001 V830 EFTA00196801 CLEARED THRCOGH RS WitCkLY OHnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steams SedritAl Corp. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York. Nen York 10179 Coo McommA Comer HMO en:Ck/01. New sem I r201.3r3S9 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD February 28.2004 ACCOUNT EXECUTIVE ZI3HERMAN.IRA TELEPHONE THROUGH March 31.2004 VISIT OUR WEBSITE ‘...inv.uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER MANNA On File us" STATEMENT February 27.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 5 6100 RED HOOK SUITE B-3 Your Messages 7 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent $31.742.917 TOTAL VAWE OF SECURITIES MIS PERIOD 79,766,029 $.3I .865 41I NET DEBIT BALANCE -31,742,917 Equates — $79.766.029 $81.307.906 NET EQUITY THIS PERIOD $48,023,112 Current market vaue OE Last statements market value NET EOUITY LAST STATEMENT 49,442,495 Short market value CHANGE SINCE LAST STATEMENT -1,419,384 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza repro any MICMAC* a rontoorig of chaDts or stocks. °Moogd as dawns to p5u. lo Gent Sonic.: at 800614.1428: a yet to Clam SONIC.. at 8020. Steam &canes Ca,. 0Hol.letotali Coma Noel. Brodbm NY. 112014059 Sit INN BulmOTY a for ofOrmaaml Otani. cold It Is 'd :land IS a Um (100.niert Ratal.rg should be retailed for your records See revers* safe for immure riconatan 027 01,01,00:12:65 001 Y829 EFTA00196802 CLEARED 1HROUGH RS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SOC,r4.91 00,8. Ceol.levalech Cantet Noah Broeklln• New Ye* 11201.3859 FINANCIAL TRUST COMPANY INC 2 ale STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0401,04:12:55 001 V829 EFTA00196803 CLEARED 1HRWGH ITS niCkLY 0‘1e.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Stews, SOC.r.hel Cap. Bear. Stearns 8 Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Ore Mevolech Cella Noah ettd001. New VC* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERKIO February 28.2004 THROUGH March 31.2004 ACCCUNT NUMBER Cash Flow Analysis Cash Balance Summary TAXPAYER WESER On File THIS PERICO OPENING aosne LAST STATEMENT February 27.2004 OpeningBalance $-31,865,410.90 Cash 261,556.06 0.00 Funds Deposited 2,809,355.19 Margin -32.126.966.96 -31,742,917.44 Diwclendsknterest 159.841.20 Net Cash Balance $-31.865.410.90 $-31.742.917.44 Miscellaneous 85,222.00 Amount Credited $3.054.418.39 Funds Withdrawn -2,887.500.00 Income Summary IMPEND° YEAR TO DATE Dividends Interest Charged -44.424.93 Dividends 159.841.20 261,091.20 Amount Debited $-2.931.924.93 Substitute Payment 85,222.00 85,222.00 Net Cash Activity 122,493.46 Credit Balance Int. 0.00 398.34 Closing Balance $-31,742,917.44 Total $245,063.20 $346,711.54 Same Oaf tensions ol cash balsam accost byes ate not included in RN Margin Int. Paid -44,424.93 -81.664.23 Your Portfolio seclian: sud".1canefers. as %ell as details Icy as on. fransaelcra IN, sided. Allocation appoot In TtaRIMISOrt Dotal. Portfolio Composition SHOAT LONG Short Cash 8 Equivalent CashCash Equivatent 31.742.917 26% Equities 79.766,029 Total $31 742 917 $79 766 029 — Equities 72% UnWOCIed Penn, , 00nOle eeoc beano, anclti, 001 male vavea The elotahr certentro is clewed ham Vo absolso market rat), 01 Kv palloo 027 0.0144:12:M 001 Y829 EFTA00196804 CLEARED THROUGH ITS vniekLY ORnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.r.bel GNP. Bear. Stearns & Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Dec Metsolech Contec Noah Beccnon. New Year 11201.3869 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* FebruNy 28.2004 THROUGH March 31.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MASER On File LAST STATEMENT February 27.2004 MARKET ESTIMAIED CURPENT DESORPTION SYMBOLtuSIP OUMMTY PRICE VALUE !ANS INCOME YELD i!4/ CASH BALANCE -31.742.917 TOTAL CASH & CASH EQUIVALENTS $-31,742,917 EQUITIES Equities & Options ADC! WWI ESTIMATED CVIITBJT DESORPTION SYMBOUCUSIP TYPE OLIMRITY PACE VALLE ANNUAL INCOME YEW DU BANK OF AMERICA CORP BAC MRGN 100.000 80.9800 8.098.000 320.000 3.9516 WALT DISNEY CO HOLDING CO DIS CASH 93.000 24.9900 2.324.070 19.530 0.8403 WALT DISNEY CO HOLDING CO DIS MRGN 1.000.000 24.9900 24.990.000 210.000 0.8403 FLEXTRONICS INTERNATIONAL FLEX CASH 100.000 17.2200 1.722.000 LTD GALYANS TRADING INC GLYN CASH 150,000 10.0600 1.509.000 IFIL(IST FIN ITAL) IFPSF CASH 100,000 3.4610 346.100 9,352 2/021 EURI MST MBNA CORP KRB MRGN 1,000,000 27.6300 27.630.000 480.000 1.7372 TYCO INTERNATIONAL LTD TYC MRGN 100,000 28.6500 2.865.000 5.000 0.1745 VECTOR GROUP LTD VGR MRGN 412,658 17.0000 7.015.186 660.253 9.4118 SENTIGEN HOLDING CP RSTD 9380646 CASH 333,334 9.8000 3.266.673 Total Equities& Options 579,766,029 51.704.135 TOTAL EQUITIES 579,766,029 $1.704.135 027 0401,04:12:66 001 VS29 EFTA00196805 CLEARED 1HRCOGH NS ~PAY ORY.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer.SZetrx5 SOCPX.P1 RORY Bear. Stearns & Co. Inc. BOIR 383 Madison Avenue New York, New York 10179 0 -.01Am:cuss Come Noah Beccid,n. New Tx" 11201.3859 STffiRNS FINANCIAL TRUST COMPANY INC 5 v, STATEMENT OEF000 February 28.2004 THROUGH Marsh 31.2004 ACCCLINT NUMBER TAXPAYER IstWeER On File LAST STATEMENT February 27.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1.704.135 YOUR PRICED PORTFOLIOHOLDINGS $48.023.112 Transaction Detail DEPOSITS AND WITHDRAWALS DATE TRINSACT?Ct. DESCRIFIXel DENT Amour« CREDIT .1.1PUYT 03/02/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 2.809,355.19 GOLDMAN SACHS . CO LCT40621310800 03/08/04 FND WIRED MDA#MB731597FNDSWIRED TO 2.887.500.00 JPMORGAN CHASE BANK AC040181513 FD/F04928 TOTAL $.2.887.500.00 $2,809,355.19 DIVIDENDS DASE GESCXPRZP, STMEICUCUSIP %SNOT, RATE MI DEBIT AMOUNT CRECIT AXIQINT 03 26 04 BANK OF AMERICA CORP SAC 100.000 0.8000 80.000.00 REC oansi.o4 PAY 03126104 02? 0401e4:12S5 00' EFTA00196806 CLEARED THROUGH ITS wile5LY 095.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZea•ns SOPM*I GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cato Mebelech Cant“ Noah Broodon. New Year 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERK* Februaly 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AVUSER On File DIVIDENDS (continued) LAST STATEMENT PeOruane 27.2004 DESORPTION SYMBWOUSIP °PARITY RATE IS) DEBIT AMOUNT CREDIT AMOUNT 03/29/04 VECTOR GROUP LTD VGR 199,603 0.4000 79,841.20 REC 01/19/04 PAY 03/29iO4 TOTAL $159,841.20 SUBSTITUTE PAYMENTS DESCRIPTION STMEICIJCUSIP WANTITT RATE (S) DEBIT AMOUNT CREDIT AMOUNT 0129;04 VECTOR GROUP LTD VGA 213.055 0.4000 85,222.00 SUBST PAY ON 213055 SHS REC 03/19/04 PAY 03t29/04 TOTAL $85.222.00 INTEREST DATE OESCFNNION STAMM/GIMP CUNITITY RATE II51 DEBIT AMOUNT CREDIT AMOUNT 03/22/04 INT DB 44.424.93 1:BAL BAL 212)1111 TOTAL $-44A24.93 MISCELLANEOUS DATE 1.100.4r TRANSACTO. DESCRIPTCN DENT AMOUNT CREW ((Muni 03/18/04 JOURNAL JOURNAL FROM TYPE 1702 3,070,911.25 027 0401GO:12:55 001 9829 EFTA00196807 CLEARED THROUGH ITS wilD5LY OnnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SOC,M*1 GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metsciech Cant“ Noah 8ro:kron. New Ye* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 7 cln STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUUSER On File MISCELLANEOUS (continued) LAST STATEMENT February 27.2004 DATE MOM' TPANSACTCN DESCRIPTION DEB? AMCDUT GRECO AMOUNT 01,18104 JOURNAL JOURNAL FROM TYPE 1 TO 2 3.070.911.25 TOTAL $3.070.911.25 $3.070.911.25 Your messages Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, fige Bear. Stearns Securities Corp. Net Capital and Net Capital Requirements: Steams Securities Corp. obtains excess SIPC protection changed to Customer At November 30, 2003 and January 31, 2004, the Company's net capital of Asset Protection Company MAPCO", a New York licensed insurance approximately $3.3 billion and $3,2 billion was approximately 7% and 7% of company. CAPCO has an A-i- financial strength rating from Standard and aggregate debit items and exceeded the minimum regulatory net capital Pools. requirement of approximately $930,3 million and $967,8 million by approximately $2.4 billion and $2,2 billion, all respectively. A complete copy of the Bear, Steams Securities Corp. Statement of Financial Condition is available on the web site www,bearsteams,com. Alternatively, to request a free printed copy please call • toll free 1.866.299.9331, 027 01,01,04:12:55 001 V829 EFTA00196808 CLEARED THROUGH ITS 2/1935LY 005.EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef. 51e9•n5 Seceebel Gap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 Cam Metsciech Cant“ Noah 8=100% New Yak 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 vi STATEMENT PERK* February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER 88.883ER On Fee LAST STATEMENT February 27.2004 The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments, Recently, a pint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues, We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions, You are encouraged to contact your financial professional with any questions you have regarding your investments, Additionally, you may review this information online at the following NASD web site: http://vvw,nasdr,com/breakpoints_statement,asp End of Statement 027 0401,04:12:15 001 Y823 EFTA00196809 CLEARED THROUGH ITS witC5LY 085E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steirrt. SON881 GOO. Bear. Stearns 8 CO. Inc. BEAR 383 Madison Avenue New York. New York 10179 Cr.* Metrolech Corder Noah et0:1001. New Toot 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC STATEMENT PERIOD January 31.2004 ACCOUNT EXECUTIVE ZI.7,HERMAN,IRA TELEPHONE THROUGH February 27.2004 VISIT OUR WEBSITE www.uearstearns.com ACCCUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER ALWSER On File LAST STATEMENT January 30.2004 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 5 6100 RED HOOK SUITE B-3 Your Messages 6 QUARTERS #2 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VAWE OF SECURITIES THIS PERIOD 81,307,906 Cash a Equvalent H 3-7.479.796 $-31.865.411 NET DEBIT BALANCE -31,865,411 Equines 581.307.906 $67.179.974 NET EQUITY THIS PERIOD $49,442,495 Current market value WE Last statements market value NET EOUITY LAST STATEMENT 49,700,178 Short market value CHANGE SINCE LAST STATEMENT -257,682 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza morn any dribronoo a tworoctire of creeks or stocks. nelicolod as doltrorod lo pou. TT0115•YmBrY fa dOrm180111Isuix.sts oriy a k ra otorttled as ato. docarnOrr 10 Clem Senior; of 800611-1128: a yet to Clem SONIC.. a Boor. Room Socumos nos statornorr should Do Maned for your words Soo rovorst Wa for nocrlart ric0natc0 Cap.. One lAotrokKli Coolly Honk BrooNyn. NY II201-3859. 027 022804:11:57 001 •,828 EFTA00196810 CLEARED 1HROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, bel Cap. Ceol.levetech Cantet Noah BetaCon. New Ye* I1201.313S9 FINANCIAL TRUST COMPANY INC 2 el STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0228,04:1ES7 001 Y828 EFTA00196811 CLEARED IHRWOH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams SON, b81 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 OtoLlevolech Car:tog Noah Beccioon. New To* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 c/ STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AMMER On File PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT January 30.2004 Opening Balance $-7.479,796.44 Dividends 1,250.00 101,250.00 Credit Balance Int. 0.00 398.34 Dividends Interest 1,250.00 Total $1,250.00 $101,648.34 Miscellaneous 260.306.00 Margin Int. Paid -32,865.46 -37,239.30 Amount Credited $261,556.00 Securities Bought -24.614.305.00 Dividends/Interest Charged -32.865.46 Portfolio Composition Amount Debited $-24 647 170.46 sl10RT LONG Cash/Cash Equivalent 31.865.411 Net Cash Activity -24,385.614.46 Equities 81,307.906 ClosingBatance $-31 865 410.90 Total $31,865,411 $81,307,906 Your Portfolio Allocation Cash Balance Summary OPENNG CLOSING Cash 0.06 261.556.06 Margin -7.479.796.50 -32.126.966.96 9A Shen Cash & Equivalent 28% Net Cash Balance $-7.479.796.44 $-31.865.410.90 — Equities 72% UnWooecl crown coma oar Nano, oat, shol male aye, Tho elorahr revemsa is awed inn to obsol.te market rat), 01 >vv palloo 027 0228.04:1i:57 001 1828 EFTA00196812 CLEARED THRWGH ITS NNW', OH1G0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BHP Szeirns SOVy•thel GNP. Bear. Stearns & Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Cc* Metniech Cantec Noah 8.89008. New TT* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* January 31.2004 THROUGH Februant 27.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MAGER On File LAST STATEMENT January 30.2004 PAAPTG1 ESTIMATED °CREW DESORPTION SYMBOL'OuSIP OUANDTT PRICE VALUE ANWOL INCOME YIELD I%4 CASH BALANCE -31.865.411 TOTAL CASH & CASH EQUIVALENTS S-31.865,411 EQUITIES Equities & Options AGGT IMAM ESTEEMED CUMIN( DESORPTION SYMBOUDISIP °VANITY PRICE VALUE ANNUAL *COME YEW (74 BANK OF AMERICA CORP BAC MRGN 100.000 81.9200 8.192.000 320.000 3.9063 WALT DISNEY CO HOLDING CO DIS CASH 93.000 26.5300 2.467.290 19.530 0.7916 WALT DISNEY CO HOLDING CO DIS MRGN 1.000.000 26.5300 26.530.000 210.000 0.7916 FLEXTRONICS INTERNATIONAL FLEX CASH 100,000 18.1000 1.810.000 LTD GALYANS TRADING INC GLYN CASH 150,000 8.5900 1.288.500 IFIMIST FIN ITAL) T44352291 CASH 100,000 3.3430 334.300 EURI INVST MBNA CORP KRB MRGN 1,000,000 27.3300 27.330.000 480.000 1.7563 TYCO INTERNATIONAL LTD TYC MRGN 100,000 28.5700 2.857.000 5.000 0.1750 VECTOR GROUP LTD VGR MRGN 412,658 18.0500 7.448.477 660.253 8.8643 SENTIGEN HOLDING CP RSTD 9380646 CASH 333,334 9.1510 3.050.339 Total Equities& Options $81,307,906 $1.694.783 TOTAL EQUITIES $81,307,906 $1.694.783 027 023904:11:57 001 V828 EFTA00196813 CLEARED THRWGH 11S VAICLLY OWLE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns SOPM*1 Cat. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cep Metroccn Center Noah BecdOon. New Ye* 112012859 STEARNS FINANCIAL TRUST COMPANY INC 5 c/ STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER MAGER On He LAST STATEMENT January 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,694.783 YOUR PRICEDPORTFOLIOHOLDINGS 349.442,495 Transaction Detail INVESTMENT ACTIVITY SET"LEVEM TRADE DATE DATE TRANSACTION OESCRIPTION SYMBOOCUSP CLMITIT, PRCE DEBT AMOPO CREW AMOUNT 02/03/04 01/29/04 BOUGHT WALT DISNEY CO HOLDING CO DIS 1.000.000 24.55430 24.614.305.00 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE AVG PRICE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED 02/18/04 JOURNAL WA CO HOLDING CO DIS •157,000 TO TOTAL $-24.614,305.00 DIVIDENDS DATE OESCRPTION STMOWCUSIP OUPARITY RATE <BP DEBT AMOUNT CREW AMOUNT 02/02/04 TYCO INTERNATIONAL LTD TYC 100.000 0.0125 1,250.00 REC 01/02,04 PAY 02,02,04 TOTAL $1,250.00 027 0228,04:11:57 001 Y828 EFTA00196814 CLEARED THROUGH ITS miserly OHY40 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Neon Seeneer Cot. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 Ore Metraimn Center Nona Bannon. New Yu* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 6 A. STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ABSCOND Nemesia TAXPAYER MASSER On File INTEREST LAST STATEMENT January 30.2004 DATE oEscreenon SYMBELACUSIP OUANTI1Y RATE IS) DEBIT AMOUNT CREDIT AMOUNT 02/23/04 INT DB 32,865.46 01/21.1.1.11. 8AL TOTAL 8.32.865.46 MISCELLANEOUS DATE 1.13MAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREW A/CUNT 02118/04 JOURNAL W282592/18 260,306.00 TOTAL $260.306.00 Your messages Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO'), a New York licensed insurance company, CAPCO has an A-I- financial strength rating from Standard & Pool's. End of Statement 027 0221404:i1:57 001 1929 EFTA00196815 CLEARED THROUGH its niCkLY OMER SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beim. Szowns Sehritei Can. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Cato Mevolech Center Noah 0eock11n. Hew Tait 11201.3859 STEARNS New York New York 10179 FINANCIAL TRUST COMPANY INC ACCOUNT EXECUTNE LICHERMAN.IRA STATEMENT PERK* January 1.2004 TELEPHONE THROUGH January 30.2004 VISIT OUR WEBSITE IA1 uearstearns.COM AGLOW! NUMBER What's In This Statement 1111111,111111111 II TAXPAYER HUMMER On He LAST STATEMENT December 31.2003 Financial Summary 3 FINANCIAL TRUST COMPANY INC Your Portfolio Holdings 4 0/0 AMERICAN YACHT HARBOR • Transaction Detail 5 6100 RED HOOK SUITE B-3 Trades Not Yet Settled 8 QUARTERS #2 Your Messages 8 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent $7 479 796 TOTAL VAWE OF SECURITIES MS PERIOD 57,179,974 $672.183 NET DEBIT BALANCE -7,479,796 Equities 567.179.974 gEggi•TraSM $39.407.916 NET EQUITY THIS PERIOD $49,700,178 Current market value ME Last statements market value NET EQUITY LAST STATEMENT 40,080,099 Short market value CHANGE SINCE LAST STATEMENT 9,620,079 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza rood ant clIforonoo a ronroctiot of duds or MOCKS. fidlcalal as doltraoa to p5u. Sit IRS EmYtMTY fa mTOTAMTHROI ',roosts only Insect sanded as a tat 00031Mit lo Clem Sweat 01 804614.1428: a wax to nom SONICOS a Boa. Steam &cum*. llvs statnrC should be retargets. your records See morn smIs fa monads ricemasse Cap.. Co. lAtaolocli Cools, Hot. °Hahn, NY I 120141,54 027 01,31.0003:43 001 Y824 EFTA00196816 CLEARED IHROUGH NS wilekLY 0"E0 SUBSIDIARY Beer. Saea•ns SOC,r4.81 00,0 Ceol4evetech Cerra Noah Broeklln• New Yuk 11201.3859 FINANCIAL TRUST COMPANY INC 2 el e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0141.04:09:42 001 11824 EFTA00196817 CLEARED THROUGH vniCkLY OHn.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Secv, bei GNP. Bear. Stearns 8 Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Cc* Mcnolech Cella Noah &comp. New To* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 3 STATEMENT PERK* January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER Cash Flow Analysis Cash Balance Summary TAXPAYER NUMBER On File THIS PERIOD OPENING OI.tol, LAST STATEMENT December 31.2003 Opening Balance $672,183.06 Cash 672,183.06 0.06 Funds Deposited 6,000,556.00 Margin 0.00 -7.479.796.50 Dividends/Interest 102,254.30 Net Cash Balance $672.183.06 $-7.479.796.44 Amount Credited $6,102,810.30 Securities Bought -14.248.560.00 Dividends/Interest Charged -6.229.80 Income Summary DC PERIOD YEAR TO DATE Amount Debited $-14 254 789.80 Dividends 100,000.00 100.000.00 Net Cash Activity -8,151.979.50 Credit Balance Int. 398.34 398.34 ClosingBalance 6-7 479 796.44 Total 6100,398.34 $100,398.34 Some dot Minim o cash between ocean Ines are not included in the Margin Int Paid 4.373.84 -4,373.84 sake: such nit as •IMI Of *Mb Icy a1 other Ireettsclicre Pis period. swear in Transodion Your Portfolio Allocation Portfolio Composition SOCHI W113 Short Cash 6 Equivaeni 11% Cash/Cash Equivalent 7,479.796 Equities 57.179,974 Total $7,479,796 $57,179,974 — Equities 89% Untnotied croons senate oat 0rionce onto* 'Mn, male vane, The olocen” recency, io owed from Vo 00101.te market rat), 01 >vv palkno 027 01414409:43 001 1824 EFTA00196818 CLEARED IHRWOH ITS ?RIMY 0"ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r4M1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-41km:tech Center Noah Beccidon. New Ye* 112014859 STEARNS FINANCIAL TRUST COMPANY INC 4 STATEMENT PERK* January 1.2004 THROUGH January 30.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER AMBER On File LAST STATEMENT December 31.2003 MARKET ESTIMAIED CURPENT DESCRPTION SIMBOLCUSIP QUANTITY PRICE VALUE !ANS INCOME VELD I%4 CASH BALANCE -7.479.796 TOTAL CASH & CASH EQUIVALENTS 5-7,479,796 EQUITIES Equities & Options ADC! IMFACE1 ESTIMATED CURRNI DESORPTION SIMBOUCUSIP TYPE °VANITY PRICE VALUE ANNUAL INCOME YEW ive BANK OF AMERICA CORP BAC MRGN 100.000 81.4600 8.146.000 320.000 3.9283 WALT DISNEY CO HOLDING CO DIS CASH 250.000 24.0000 6.000.000 52.500 0.8750 FLF_XTRONICS INTERNATIONAL FLEX CASH 100.000 19.0000 1.900.000 LTD GALYANS TRADING INC GLYN CASH 150.000 8.8090 1.321.350 IFIMIST FIN ITAL) T44352291 CASH 100.000 3.0450 304.500 EURI MST IX MBNA CORP KRB MRGN 1.000.000 26.9600 26.960.000 480.000 1.7804 TYCO INTERNATIONAL LTD TYC MRGN 100,000 26.7500 2.675.000 5,000 0.1869 VECTOR GROUP LTD VGR MRGN 412,658 17.1000 7.056.452 660,253 9.3567 SENTIGEN HOLDING CP RSTD 9380646 CASH 333.334 8.4500 2.816.672 Total Equities& Options $57.179,974 $1,517,753 TOTAL EQUITIES $57.179,974 $1,517,753 027 014144:09:43 001 Y824 EFTA00196819 CLEARED THROUGH ITS tottC5LY OHOGO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szerros SOOrrhel COG. BEAR Bear. Stearns & Co. Inc. Coo Metroiech Cardot Noah 383 Madison Avenue Becciorn. New Too 11201.3859 STEARNS New York, Nee York 10179 FINANCIAL TRUST COMPANY INC 5 0 STATEMENT PER100 January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On FIN LAST STATEMENT December 31.2003 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.517,753 YOUR PRICEDPORTFOLIOHOLDINGS $49,700,178 Transaction Detail INVESTMENT ACTIVITY SETWIEM TRADE DATE DATE 71241.19.CM/1 OESCRFITON 51)180. CUSP cLANnr, PRCE DEBIT AMOUNT CREPT MAWNT 01/05/04 12/29/03 BOUGHT IFILOST FIN ITAL) 144352291 100.000 3.23000 323.000.00 EURI INVST CL 01/07/04 JOURNAL TYCO INTERNATIONAL LTD TYC -100,000 JOURNAL FROM TYPE 1 TO 2 01/07/04 JOURNAL VECTOR GROUP LTD VGR -412,658 JOURNAL FROM TYPE 1 TO 2 01/07/04 JOURNAL TYCO INTERNATIONAL LTD TYC 100,000 JOURNAL FROM TYPE 1 TO 2 01/07/04 JOURNAL VECTOR GROUP LTD VGR 412,658 JOURNAL FROM TYPE 1 TO 2 027 0031.04:09:43 001 0824 EFTA00196820 CLEARED IHR000H ITS wisOLLIT OHYRO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szea•ns SOGythel GRID Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Geo Mevoiech Cantp Noah Becckron. New Ye* 112014859 STEARNS FINANCIAL TRUST COMPANY INC 6 STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 Transaction Detail (continued) ACCOUYT NUMBER TAXPAYER WAGER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31.2003 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION an.ecticusie CLAINTITY PRICE DEBIT AMOUNT CFEOIA/hOcter 01/08/04 01/05104 BOUGHT WALT DISNEY CO HOLDING CO DIS 250,000 23.99000 6.012,505.00 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE AVG PACE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED AS OF 01/05/04 01/09/04 01/06/04 BOUGHT BANK OF AMERICA CORP BAC 100.000 79.07050 7.913.055.00 AVG PACE SHOWN-DETAILS ON REO ACTUAL CONFIRM TO YOUR AGENT SOUCITED 01/30/04 JOURNAL MBNA CORP KAB -1.000.000 JOURNAL FROM TYPE 1 TO 2 01/30/04 JOURNAL MBNA CORP KAB 1,000,000 JOURNAL FROM TYPE 1 TO 2 TOTAL 8-14.248.560.00 DEPOSITS AND WITHDRAWALS DATE TRANSACTIEN DESORPTION DEBIT AMOUNT CREDIT ATIDUNT 01/05/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 6,000,000.00 01/06/04 FUNDS REC FNDS WIRED TO CITIBANK FROM 556.00 CO TOTAL $6.000.556.00 027 01414409:43 001 Y824 EFTA00196821 CLEARED THROUGH ITS OUPOO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sznans SO0r4e1 GNP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cue Metsciech Centec Noah &canon. New Tux I1201.38S9 STEARNS FINANCIAL TRUST COMPANY INC 7 STATEMENT PERIOD January 1.2004 THROUGH January 30.3004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAPPER On FIk DIVIDENDS LAST STATEMENT December 31.2003 DP-E DESUMPTION STMECLAXISIP CAMAITITY RATE (SG DEBIT AMOUNT CREDIT AMOUNT 01/02/04 MBNA CORP KAB 1.000.000 0.1000 100.000.00 REC 12/15/03 PAY 01/01/04 TOTAL 8100.000.00 INTEREST DATE OESCRIPTION STAIBOLCUSIP OUPATITT RATE 174 DEPT AMOUNT CREDIT AMOUNT 01/21/04 INT DB 6,229.80 12,31 - 01/20 002.50000% BAL 7475820 AVG 4271898 01/21/04 INTE DIT BALANCE 398.34 ACCT AT 00. 2/21 -01/20 01/29/04 ADJ1/21/04 INT CHAO TOFF-e7 1,855.96 TOTAL 6-6.229.80 $2,254.30 MISCELLANEOUS DATE MOST TRANSACTOR DESCRIPTON DEPT AMOUNT CREPT MOUNT 01/07/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 437,234.00 01/07/04 JOURNAL JOURNAL FROM TYPE 1 TO 2 437,234.00 TOTAL 6-437,234.00 $437,234.00 027 014144:09:43 001 Y824 EFTA00196822 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Saee•ns S0C,mbel GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Otto Mem:tech CarrIN Noah Beccidon. New TA* 11201.3859 STEARNS FINANCIAL TRUST COMPANY INC 8 ci STATEMENT PERK* January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER KUMMER On File LAST STATEMENT December 31.2003 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYTA3OL:CUSIP OVAARITY viva DEBIT AMOUNT OREM AMOUNT 02/03/04 01/29/04 BOUGHT WALT DISNEY CO HOLDING CO 0IS 1,000,000.00 24.5543 24.614.305.00 WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CalFIRM TO YOUR AGENT UNSOLICITED TOTAL $24.614.305.00 $0.00 The *ore MR, do nol :mew in pry chit. eabon of Ing $11110Mtet Your messages Excess SIPC Account Protection Update The interest, it any, charged to your account during December 2003 was Effective February 16, 2004, the commercial insurer through which Bear, computed on the net debit balance through December 30. The interest, if any, Steams Securities Corp. obtains excess SIPC protection will change to charged to your account during January 2004 is computed from December 31, Customer Asset Protection Company ('CAPCO'), a New York licensed insurance 2003, company. CAPCO has an financial strength rating from Standard and Pools. End of Statement 027 0141.04:09:43 001 Y82A EFTA00196823

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