EFTA00196518

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 |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## What’s In This Statement

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr></table>





<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 June 30, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

THROUGH July 27, 2001

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>47,180,507</td></tr><tr><td>NET CREDIT BALANCE</td><td>497,904</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$47,678,411</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>51,051,668</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-3,373,258</td></tr></table>

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

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.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 6


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

FINANCIAL TRUST COMPANY INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00196520



BEAR
STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$280,529.40</td></tr><tr><td>Securities Sold</td><td>216,490.16</td></tr><tr><td>Dividends/Interest</td><td>953.56</td></tr><tr><td>Amount Credited</td><td>$217,443.72</td></tr><tr><td>Dividends/Interest Charged</td><td>-69.46</td></tr><tr><td>Amount Debited</td><td>$-69.46</td></tr><tr><td>Net Cash Activity</td><td>217,374.26</td></tr><tr><td>Closing Balance</td><td>$497,903.66</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>216,490.16</td></tr><tr><td>Margin</td><td>280,529.40</td><td>281,413.50</td></tr><tr><td>Net Cash Balance</td><td>$280,529.40</td><td>$497,903.66</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>0.00</td><td>680,738.00</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>69,158.80</td></tr><tr><td>Credit Balance Int.</td><td>953.56</td><td>23,336.14</td></tr><tr><td>Total</td><td>$953.56</td><td>$773,232.94</td></tr><tr><td>Foreign Tax Withheld</td><td>0.00</td><td>-150.00</td></tr><tr><td>Margin Int. Paid</td><td>-69.46</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>497,904</td></tr><tr><td>Equities</td><td>1,205,440</td><td>48,385,947</td></tr><tr><td>Total</td><td>$1,205,440</td><td>$48,883,851</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



07/28/01;09:42 001


<table border="1"><tr><td>STATEMENT PERIOD</td><td>June 30,2001</td></tr><tr><td>THROUGH</td><td>July 27,2001</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>June 29,2001</td></tr></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.

EFTA00196521



BEAR
STEARNS


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

4 of 6

## 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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>497,904</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$497,904</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>BOSTON PROPERTIES INC</td><td>BXP</td><td>MRGN</td><td>100,000</td><td>39.2800</td><td>3,928,000</td><td>232,000</td><td>5.9063</td></tr><tr><td>CNH GLOBAL</td><td>CNH</td><td>MRGN</td><td>250,000</td><td>7.1500</td><td>1,787,500</td><td>138,000</td><td>7.7203</td></tr><tr><td>TELIGENT INC-CL A</td><td>TGNTQ</td><td>CASH</td><td>60,000</td><td>0.2800</td><td>16,800</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>1,000,000</td><td>23.6200</td><td>23,620,000</td><td></td><td></td></tr><tr><td>CALL TOO INC AUG 025 CBOE EXP 08/18/2001</td><td>TOOHE</td><td>CASH</td><td>-1,000</td><td>0.4500</td><td>-45,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>534,071</td><td>32.0500</td><td>17,116,976</td><td>854,514</td><td>4.9922</td></tr><tr><td>CALL VECTOR GROUP AUG22.50AMEX EXP 08/18/2001</td><td>VGRH22</td><td>MRGN</td><td>-736</td><td>9.9000</td><td>-728,640</td><td></td><td></td></tr><tr><td>CALL VECTOR GROUP AUG 030 AMEX EXP 08/18/2001</td><td>VGRH30</td><td>MRGN</td><td>-40</td><td>2.9500</td><td>-11,800</td><td></td><td></td></tr><tr><td>CALL VECTOR GROUP NOV 030 AMEX EXP 11/17/2001</td><td>VGRK30</td><td>MRGN</td><td>-1,000</td><td>4.2000</td><td>-420,000</td><td></td><td></td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.7500</td><td>1,916,671</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$47,180,507</td><td>$1,224,514</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$47,180,507</td><td>$1,224,514</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

027



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EFTA00196522



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



5 of 6



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD June 30, 2001

## Your Portfolio Holdings (continued)

THROUGH July 27, 2001



ACCOUNT NUMBER



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,224,514</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$47,678,410</td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/03/01</td><td>07/02/01</td><td>SOLD</td><td>CALL TOO INC AUG 025 CBOE<br>EXP 08/18/2001<br>UNSOLICITED<br>OPEN CONTRACT</td><td>QTOOHE</td><td>-1,000</td><td>2.20000</td><td></td><td>216,490.16</td></tr><tr><td>07/13/01</td><td></td><td>JOURNAL</td><td>CNH GLOBAL .<br>JOURNAL FROM TYPE 1 TO 2</td><td>CNH</td><td>-102,000</td><td></td><td></td><td></td></tr><tr><td>07/13/01</td><td></td><td>JOURNAL</td><td>CNH GLOBAL .<br>JOURNAL FROM TYPE 1 TO 2</td><td>CNH</td><td>102,000</td><td></td><td></td><td></td></tr><tr><td colspan="9">TOTAL</td><td>$216,490.16</td></tr></tbody></table>

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EFTA00196523



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

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FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 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>07/23/01</td><td>FROM 06/21 THRU 06/26 @4 3/4% BAL 66,901- AVBAL 87,736</td><td></td><td></td><td>4.7500</td><td>69.46</td><td></td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 06/21 THRU 06/26</td><td></td><td></td><td>3.5000</td><td></td><td>32.52</td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/4% 06/27 THRU 07/20</td><td></td><td></td><td>3.2500</td><td></td><td>921.04</td></tr><tr><td colspan="5">TOTAL</td><td>-69.46</td><td>$953.56</td></tr></tbody></table>





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



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