EFTA00196544

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

<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>Your Messages</td><td>7</td></tr></table>

## What’s In This Statement





<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 February 24, 2001

THROUGH March 30, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER 660-56-7418

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>34,537,441</td></tr><tr><td>NET DEBIT BALANCE</td><td>-3,283,402</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$31,254,039</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>31,778,424</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-524,385</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

Decimal Trading is Here for Nasdaq!

Decimal Trading is the shift from fractional pricing (e.g. 21 1/2) to decimal pricing (e.g.$21.50) for equities and options.

Nasdaq securities have been phased in during March and the remaining securities are scheduled to be trading in decimals in April.

## Important Notice

For details, visit our website at www.bearstearns.com.

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.

027 03/31/01;17:01 001 V466

EFTA00196545

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 7


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 | 03/31/01;17:01 001 | V466 |
| :--- | :--- | :--- |

EFTA00196546



BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>-4,270,779.33</td></tr><tr><td>Securities Sold</td><td>800,593.16</td></tr><tr><td>Dividends/Interest</td><td>201,109.60</td></tr><tr><td>Miscellaneous</td><td>1,069,158.80</td></tr><tr><td>Amount Credited</td><td>$2,070,861.56</td></tr><tr><td>Securities Bought</td><td>-63,002.50</td></tr><tr><td>Dividends/Interest Charged</td><td>-20,481.56</td></tr><tr><td>Miscellaneous</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,083,484.06</td></tr><tr><td>Net Cash Activity</td><td>987,377.50</td></tr><tr><td>Closing Balance</td><td>$-3,283,401.83</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-4,270,779.33</td><td>-3,283,401.83</td></tr><tr><td>Net Cash Balance</td><td>-4,270,779.33</td><td>-3,283,401.83</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>201,109.60</td><td>201,109.60</td></tr><tr><td>Substitute Payment</td><td>69,158.80</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>$270,268.40</td><td>$292,338.16</td></tr><tr><td>Margin Int. Paid</td><td>-20,481.56</td><td>-20,481.56</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>3,283,402</td><td></td></tr><tr><td>Equities</td><td>352,290</td><td>34,889,731</td></tr><tr><td>Total</td><td>$3,635,692</td><td>$34,889,731</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>February 24, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>March 30, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>660-56-7418</td></tr><tr><td>LAST STATEMENT</td><td>February 23, 2001</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00196547



BEAR
STEARNS


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

4 of 7

## 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>-3,283,402</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-3,283,402</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>CASH</td><td>500,000</td><td>38.4500</td><td>19,225,000</td><td>1,060,000</td><td>5.5137</td></tr><tr><td>CHILDRENS PLACE RETAIL STORES INC</td><td>PLCE</td><td>CASH</td><td>60,000</td><td>24.0000</td><td>1,440,000</td><td></td><td></td></tr><tr><td>TELIGENT INC-CL A</td><td>TGNT</td><td>CASH</td><td>60,000</td><td>0.5940</td><td>35,640</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>675,671</td><td>21.0000</td><td>14,189,091</td><td>1,081,074</td><td>7.6191</td></tr><tr><td>CALL VECTOR GROUP APR 020 AMEX EXP 04/21/2001</td><td>VGRD20</td><td>MRGN</td><td>-1,000</td><td>1.4500</td><td>-145,000</td><td></td><td></td></tr><tr><td>CALL VECTOR GROUP MAY 020 AMEX EXP 05/19/2001</td><td>VGRE20</td><td>MRGN</td><td>-1,091</td><td>1.9000</td><td>-207,290</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$34,537,441</td><td>$2,141,074</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$34,537,441</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>$31,254,039</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 February 24, 2001

THROUGH March 30, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER 660-56-7418

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

027



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V466

EFTA00196548



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 7**

FINANCIAL TRUST COMPANY INC



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>03/14/01</td><td>03/13/01</td><td>SOLD</td><td>CALL VECTOR GROUP APR 020 AMEX<br>EXP 04/21/2001<br>UNSOLICITED<br>OPEN CONTRACT</td><td></td><td>-1,000</td><td>1.05000</td><td></td><td>101,494.00</td></tr><tr><td>03/14/01</td><td>03/13/01</td><td>BOUGHT</td><td>CALL VECTOR GROUP MAR 020 AMEX<br>EXP 03/17/2001<br>UNSOLICITED<br>CLOSING CONTRACT</td><td></td><td>1,000</td><td>0.60000</td><td>63,002.50</td><td></td></tr><tr><td>03/19/01</td><td></td><td>JOURNAL</td><td>CALL VECTOR GROUP MAR 020 AMEX<br>EXP 03/17/2001<br>A/E ASSIGNED 00274</td><td></td><td>350</td><td></td><td></td><td></td></tr><tr><td>03/21/01</td><td>03/19/01</td><td>SOLD</td><td>VECTOR GROUP LTD<br>A/E 350 ASSIGNED</td><td>VGR</td><td>-35,000</td><td>20.00000</td><td></td><td>699,099.16</td></tr><tr><td colspan="8">TOTAL</td><td>-63,002.50</td><td>$800,593.16</td></tr></tbody></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>03/28/01</td><td>VECTOR GROUP LTD<br>REC 03/21/01 PAY 03/28/01</td><td>VGR</td><td>502,774</td><td>0.4000</td><td></td><td>201,109.60</td></tr><tr><td colspan="7">TOTAL</td><td>$201,109.60</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>03/28/01</td><td>VECTOR GROUP LTD<br>SUBST PAY ON 172897 SHS<br REC 03/21/01 PAY 03/28/01</td><td>VGR</td><td></td><td></td><td></td><td>69,158.80</td></tr><tr><td colspan="7">TOTAL</td><td>$69,158.80</td></tr></tbody></table>

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EFTA00196549



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 7

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD February 24, 2001

THROUGH March 30, 2001



ACCOUNT NUMBER



<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>03/21/01</td><td>FROM 03/20 THRU 03/20 @5 3/4%<br>BAL 4232,287 AVBAL 4232,287</td><td></td><td></td><td>5.7500</td><td>675.99</td><td></td></tr><tr><td>03/21/01</td><td>FROM 02/21 THRU 03/19 @6 1/4%<br>BAL 4232,287 AVBAL 4225,188</td><td></td><td></td><td>6.2500</td><td>19,805.57</td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-$20,481.56</td><td></td></tr></tbody></table>

TAXPAYER NUMBER 660-56-7418

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

## 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>03/12/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>1,000,000.00</td><td></td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>FROM</td><td></td><td>1,000,000.00</td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>1,000,000.00</td></tr><tr><td>03/13/01</td><td>JOURNAL</td><td>TO PER LOA</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-$2,000,000.00</td><td>$2,000,000.00</td></tr></tbody></table>

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EFTA00196550



BEAR
STEARNS


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

7 of 7

## Your messages



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

At November 30, 2000 and January 26, 2001, the Company's net capital of $2,620,960,000 and $2,761,817,000 was approximately 9% and 10% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $572,456,000 and $559,381,000 by $2,048,504,000 and $2,202,436,000, 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.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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



FINANCIAL TRUST COMPANY INC

| STATEMENT PERIOD | February 24, 2001 |

| :--- | :--- |

| THROUGH | March 30, 2001 |

| | |

| :--- | :--- |

| ACCOUNT NUMBER | |

| TAXPAYER NUMBER | 660-56-7418 |

| LAST STATEMENT | February 23, 2001 |

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03/31/01;17:01 001




V466


EFTA00196551

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



<table><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>Your Messages</td><td>8</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



ACCOUNT NUMBER



TAXPAYER NUMBER 660-56-7418

FINANCIAL TRUST COMPANY INC

| LAST STATEMENT | January 26, 2001 |

| :--- | :--- |

STATEMENT PERIOD January 27, 2001

## Your Portfolio at a Glance

THROUGH February 23, 2001

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>36,049,203</td></tr><tr><td>NET DEBIT BALANCE</td><td>-4,270,779</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$31,778,424</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>15,059,764</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>16,718,660</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.

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