EFTA00196538

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

<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><tr><td>Trades Not Yet Settled</td><td>6</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY









FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR  *

6100 RED HOOK SUITE B-3

QUARTERS #2

ST THOMAS VI 00802





Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC



ACCOUNT NUMBER



STATEMENT PERIOD March 31, 2001

TAXPAYER NUMBER On File

THROUGH April 27, 2001

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>41,709,265</td></tr><tr><td>NET DEBIT BALANCE</td><td>-3,396,898</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$38,312,367</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>31,254,039</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>7,058,328</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.

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



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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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EFTA00196540



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>-3,283,401.83</td></tr><tr><td>Securities Sold</td><td>316,486.83</td></tr><tr><td>Amount Credited</td><td>$316,486.83</td></tr><tr><td>Securities Bought</td><td>-413,502.50</td></tr><tr><td>Dividends/Interest Charged</td><td>-16,480.70</td></tr><tr><td>Amount Debited</td><td>-429,983.20</td></tr><tr><td>Net Cash Activity</td><td>-113,496.37</td></tr><tr><td>ClosingBalance</td><td>-3,396,898.20</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-3,283,401.83</td><td>-3,396,898.20</td></tr><tr><td>Net Cash Balance</td><td>-3,283,401.83</td><td>-3,396,898.20</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>201,109.60</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>69,158.80</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>22,069.76</td></tr><tr><td>Total</td><td>$0.00</td><td>$292,338.16</td></tr><tr><td>Margin Int. Paid</td><td>-16,480.70</td><td>-36,962.26</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>3,396,898</td><td></td></tr><tr><td>Equities</td><td>2,946,420</td><td>44,655,685</td></tr><tr><td>Total</td><td>$6,343,318</td><td>$44,655,685</td></tr></table>

Bear, Stearns Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><thead><tr><th>STATEMENT PERIOD</th><td>March 31, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 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>March 30, 2001</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00196541



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>-3,396,898</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-3,396,898</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>500,000</td><td>39.1800</td><td>19,590,000</td><td>1,060,000</td><td>5.4109</td></tr><tr><td>CHILDRENS PLACE RETAIL STORES INC</td><td>PLCE</td><td>MRGN</td><td>60,000</td><td>23.1500</td><td>1,389,000</td><td></td><td></td></tr><tr><td>TELIGENT INC-CL A</td><td>TGNT</td><td>CASH</td><td>60,000</td><td>0.4700</td><td>28,200</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>675,671</td><td>35.0000</td><td>23,648,485</td><td>1,081,074</td><td>4.5714</td></tr><tr><td>CALL VECTOR GROUP MAY 020 AMEX EXP 05/19/2001</td><td>VGRE20</td><td>MRGN</td><td>-1,086</td><td>14.7000</td><td>-1,596,420</td><td></td><td></td></tr><tr><td>CALL VECTOR GROUP AUG22.50AMEX EXP 08/18/2001</td><td>VGRH22</td><td>MRGN</td><td>-1,000</td><td>13.5000</td><td>-1,350,000</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$41,709,265</td><td>$2,141,074</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$41,709,265</td><td>$2,141,074</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$2,141,074</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$38,312,366</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

STATEMENT PERIOD March 31, 2001

THROUGH April 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

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EFTA00196542



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

**5 of 6**

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD March 31, 2001

THROUGH April 27, 2001

## INVESTMENT ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 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>04/11/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>BXP</td><td>-500,000</td><td></td><td></td><td></td></tr><tr><td>04/11/01</td><td></td><td>JOURNAL</td><td>CHILDREN&#39;S PLACE RETAIL STORES<br>INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>PLCE</td><td>-60,000</td><td></td><td></td><td></td></tr><tr><td>04/11/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>BXP</td><td>500,000</td><td></td><td></td><td></td></tr><tr><td>04/11/01</td><td></td><td>JOURNAL</td><td>CHILDREN&#39;S PLACE RETAIL STORES<br>INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>PLCE</td><td>60,000</td><td></td><td></td><td></td></tr><tr><td>04/17/01</td><td>04/16/01</td><td>SOLD</td><td>CALL VECTOR GROUP AUG22.50AMEX<br>EXP 08/18/2001<br>UNSOLICITED<br>OPEN CONTRACT</td><td></td><td>-1,000</td><td>3.20000</td><td></td><td>316,486.83</td></tr><tr><td>04/17/01</td><td>04/16/01</td><td>BOUGHT</td><td>CALL VECTOR GROUP APR 020 AMEX<br>EXP 04/21/2001<br>UNSOLICITED<br>CLOSING CONTRACT</td><td></td><td>1,000</td><td>4.10000</td><td>413,502.50</td><td></td></tr><tr><td>04/27/01</td><td></td><td>JOURNAL</td><td>CALL VECTOR GROUP MAY 020 AMEX<br>EXP 05/19/2001<br>A/E ASSIGNED 00002</td><td></td><td>5</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-$413,502.50</td><td>$316,486.83</td></tr></tbody></table>



INTEREST


<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>04/23/01</td><td>FROM 04/18 THRU 04/20 @5 1/4%<br>BAL 3380,417 AVBAL 3380,417</td><td></td><td></td><td>5.2500</td><td>1,478.93</td><td></td></tr><tr><td>04/23/01</td><td>FROM 03/21 THRU 04/17 @5 3/4%<br>BAL 3380,417 AVBAL 3354,433</td><td></td><td></td><td>5.7500</td><td>15,001.77</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-$16,480.70</td></tr></tbody></table>

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EFTA00196543



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



6 of 6

FINANCIAL TRUST COMPANY INC

## Trades Executed Pending Settlement

STATEMENT PERIOD March 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>04/30/01</td><td>04/25/01</td><td>SOLD</td><td>CHILDRENS PLACE RETAIL STORES INC</td><td>PLCE</td><td>-10,000.00</td><td>22.6800</td><td></td><td>226,189.94</td></tr><tr><td>04/30/01</td><td>04/25/01</td><td>SOLD</td><td>CHILDRENS PLACE RETAIL STORES INC</td><td>PLCE</td><td>-22,700.00</td><td>22.6112</td><td></td><td>511,895.13</td></tr><tr><td>05/01/01</td><td>04/26/01</td><td>SOLD</td><td>CHILDRENS PLACE RETAIL STORES INC</td><td>PLCE</td><td>-27,300.00</td><td>22.6573</td><td></td><td>616,883.17</td></tr><tr><td>05/01/01</td><td>04/27/01</td><td>SOLD</td><td>VECTOR GROUP LTD</td><td>VGR</td><td>-500.00</td><td>20</td><td></td><td>9,947.16</td></tr><tr><td colspan="8">TOTAL</td><td>$0.00 $1,364,915.40</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.





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



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