EFTA00196501

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 5

Your Messages 8





<table border="1"><tr><td>FINANCIAL TRUST COMPANY INC</td></tr><tr><td>C/O AMERICAN YACHT HARBOR *</td></tr><tr><td>6100 RED HOOK SUITE B-3</td></tr><tr><td>QUARTERS #2</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD September 1, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

THROUGH September 28, 2001

Your Portfolio at a Glance

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>30,644,563</td></tr><tr><td>NET CREDIT BALANCE</td><td>409,532</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>27,333,571</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$58,387,666</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>62,284,004</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-3,896,339</td></tr></table>

Market Value of Your Portfolio

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

SIPC

This summary is for informational purposes only. It is not intended as a tax document.

This statement should be retained for your records. See reverse side for important information.

027 09/29/01;10:55 001

V500



EFTA00196502




CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 9


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00196503



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



3 of 9


Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$322,764.35</td></tr><tr><td>Money Fund</td><td>1,533,571.34</td></tr><tr><td>Dividends/Interest</td><td>184,760.90</td></tr><tr><td>Miscellaneous</td><td>2,006.40</td></tr><tr><td>Amount Credited</td><td>$1,720,338.64</td></tr><tr><td>Money Fund</td><td>-33,571.34</td></tr><tr><td>Miscellaneous</td><td>-1,600,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,633,571.34</td></tr><tr><td>Net Cash Activity</td><td>86,767.30</td></tr><tr><td>Closing Balance</td><td>$409,531.65</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>0.00</td><td>204,178.90</td></tr><tr><td>Margin</td><td>322,764.35</td><td>205,352.75</td></tr><tr><td>Net Cash Balance</td><td>$322,764.35</td><td>$409,531.65</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>214,153.34</td><td>947,330.88</td></tr><tr><td>Substitute Payment</td><td>2,006.40</td><td>76,725.66</td></tr><tr><td>Credit Balance Int.</td><td>4,178.90</td><td>34,567.62</td></tr><tr><td>Total</td><td>$220,338.64</td><td>$1,058,624.16</td></tr><tr><td>Foreign Tax Withheld</td><td>0.00</td><td>-150.00</td></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-48,493.06</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td></td><td>27,743,103</td></tr><tr><td>Equities</td><td>1,522,500</td><td>32,167,063</td></tr><tr><td>Total</td><td>$1,522,500</td><td>$59,910,166</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><thead><tr><th>STATEMENT PERIOD</th><td>September 1, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>September 28, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>August 31, 2001</td></tr></tbody></table>

Your Portfolio Allocation

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

EFTA00196504



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

4 of 9

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>409,532</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>27,333,571.34</td><td>1.0000</td><td>27,333,571</td><td>1,011,342</td><td>3.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$27,743,103</td><td>$1,011,342</td><td></td></tr></tbody></table>

## EQUITIES

Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CNH GLOBAL</td><td>CNH</td><td>MRGN</td><td>250,000</td><td>5.7700</td><td>1,442,500</td><td>138,000</td><td>9.5667</td></tr><tr><td>TELIGENT INC-CL A</td><td>TGNTQ</td><td>CASH</td><td>60,000</td><td>0.1700</td><td>10,200</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>400,000</td><td>20.9900</td><td>8,396,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>479,294</td><td>42.7400</td><td>20,485,026</td><td>766,870</td><td>3.7436</td></tr><tr><td>CALL VECTOR GRP NOV 28.625**** ADJ 5% STOCK DIVIDEND EXP 11/17/2001</td><td>XGQK28</td><td>MRGN</td><td>-1,000</td><td>14.5000</td><td>-1,522,500</td><td></td><td></td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.5000</td><td>1,833,337</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$30,644,563</td><td>$904,870</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$30,644,563</td><td>$904,870</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,916.</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$58,387,665</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD September 1, 2001

THROUGH September 28, 2001

FINANCIAL TRUST COMPANY INC

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

027



09/29/01;10:55 001


EFTA00196505



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





5 of 9



FINANCIAL TRUST COMPANY INC



Transaction Detail



STATEMENT PERIOD September 1, 2001

THROUGH September 28, 2001

INVESTMENT ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/19/01</td><td></td><td>JOURNAL</td><td>CALL VECTOR GROUP NOV 030 AMEX<br>EXP 11/17/2001<br>ADJ 5% STOCK DIV<br>TO SEC NUM</td><td>92240M9K6</td><td>1,000</td><td></td><td></td><td></td></tr><tr><td>09/19/01</td><td></td><td>JOURNAL</td><td>CALL VECTOR GRP NOV 28.625****<br>ADJ 5% STOCK DIVIDEND<br>EXP 11/17/2001<br>ADJ 5% STOCK DIV<br>FROM SEC NUM</td><td></td><td>-1,000</td><td></td><td></td><td></td></tr><tr><td>09/26/01</td><td></td><td>EXPIRED</td><td>CALL TOO INC SEP 025 CBOE<br>EXP 09/22/2001</td><td>8903339I0</td><td>3,050</td><td></td><td></td><td></td></tr><tr><td>09/28/01</td><td>09/21/01</td><td>BOUGHT</td><td>VECTOR GROUP LTD<br>SEE NOTE "S" ON BACK<br>STK DIV ON SHS<br>REC 09/21/01 PAY 09/28/01<br>AS OF 09/21/01</td><td>VGR</td><td>22,823</td><td></td><td></td><td></td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/01/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>28,800,000</td><td></td><td></td><td></td></tr><tr><td>09/04/01</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICCX</td><td></td><td></td><td></td><td>33,571.34</td></tr><tr><td>09/04/01</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICCX</td><td>33,571.34</td><td></td><td>33,571.34</td><td></td></tr><tr><td>09/17/01</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr></tbody></table>

027



09/29/01;10:55 001


EFTA00196506



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.
One Metratech Center North
Brooklyn, New York 11201-3859


6 of 9

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD September 1, 2001

## **Transaction Detail** (continued)

## MONEY FUND ACTIVITY (continued)

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/18/01</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>-500,000</td><td>1.0000</td><td></td><td>500,000.00</td></tr></tbody></table>

<table border="1"><tr><td>09/28/01</td><td>CLOSINGBALANCE</td><td>27,333,571.34</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-33,571.34</td><td>$1,533,571.34</td></tr></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/28/01</td><td>VECTOR GROUP LTD<br>REC 09/21/01 PAY 09/28/01</td><td>VGR</td><td>451,455</td><td>0.4000</td><td></td><td>180,582.00</td></tr><tr><td colspan="6">TOTAL</td><td>$180,582.00</td></tr></tbody></table>

## SUBSTITUTEPAYMENTS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/28/01</td><td>VECTOR GROUP LTD<br>SUBST PAY ON 5016 SHS<br>REC 09/21/01 PAY 09/28/01</td><td>VGR</td><td></td><td></td><td></td><td>2,006.40</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$2,006.40</td></tr></tbody></table>

027



09/29/01;10:55 001


EFTA00196507



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





7 of 9



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD September 1, 2001

THROUGH September 28, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/21/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 1/2% 09/19 THRU 09/19</td><td></td><td></td><td>0.5000</td><td></td><td>14.21</td></tr><tr><td>09/21/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 1 1/2% 09/20 THRU 09/20</td><td></td><td></td><td>1.5000</td><td></td><td>42.62</td></tr><tr><td>09/21/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 2 1/2% 09/17 THRU 09/18</td><td></td><td></td><td>2.5000</td><td></td><td>190.66</td></tr><tr><td>09/21/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 3,000% 08/21 THRU 09/16</td><td></td><td></td><td>3.0000</td><td></td><td>3,931.41</td></tr><tr><td colspan="6">TOTAL</td><td>$4,178.90</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/18/01</td><td>JOURNAL</td><td>TO SAME NAME</td><td>400,000.00</td><td></td></tr><tr><td>09/19/01</td><td>JOURNAL</td><td>TO</td><td>400,000.00</td><td></td></tr><tr><td>09/21/01</td><td>JOURNAL</td><td>TO</td><td>500,000.00</td><td></td></tr><tr><td>09/24/01</td><td>JOURNAL</td><td>TO SAME</td><td>300,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-1,600,000.00</td><td></td></tr></tbody></table>

027



09/29/01;10:55 001


EFTA00196508



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

8 of 9



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



This statement is provided to explain Bear, Stearns & Co., Inc.'s ("BSC") payment for order flow practices.



## Your messages



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



BSC routes a majority of orders for customer securities transactions to the primary market for such securities. Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO). BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge.



FINANCIAL TRUST COMPANY INC

Beginning October 31, 2001, you may request the identity of the venue to which any of your orders were routed for execution (if the order was within the six months prior to the request or July 2, 2001, whichever is a later date), whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

STATEMENT PERIOD September 1, 2001

THROUGH September 28, 2001

AGCOUNT NUMBER

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

027



09/29/01;10:55 001


V500

EFTA00196509



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





9 of 9





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At May 25, 2001 and July 27, 2001, the Company's net capital of $2.7 billion and $2.7 billion was approximately 8.9% and 9.2% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $605.5 million and $585.5 million by $2.1 billion and $2.1 billion, all respectively,

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call -toll free 1-866-299-9331



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD September 1, 2001

| LAST STATEMENT | August 31, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

THROUGH September 28, 2001



Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

You can lose more funds than you deposited in the margin account.

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 it's "house" maintenance 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 c



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


027



09/29/01;10:55 001