EFTA00196560

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

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EFTA00196561



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>$402,989.85</td></tr><tr><td>Securities Sold</td><td>87,653.22</td></tr><tr><td>Funds Deposited</td><td>44,707,021.63</td></tr><tr><td>Dividends/Interest</td><td>7,277.46</td></tr><tr><td>Amount Credited</td><td>$44,801,952.31</td></tr><tr><td>Miscellaneous</td><td>-45,044,521.00</td></tr><tr><td>Amount Debited</td><td>$-45,044,521.00</td></tr><tr><td>Net Cash Activity</td><td>-242,568.69</td></tr><tr><td>Closing Balance</td><td>$160,421.16</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>402,989.85</td><td>160,421.16</td></tr><tr><td>Net Cash Balance</td><td>$402,989.85</td><td>$160,421.16</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Credit Balance Int.</td><td>7,277.46</td><td>7,277.46</td></tr><tr><td>Total</td><td>$7,277.46</td><td>$7,277.46</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>160,421</td></tr><tr><td>Equities</td><td>117,240</td><td>15,016,583</td></tr><tr><td>Total</td><td>$117,240</td><td>$15,177,004</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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>December 30, 2000</td></tr></thead><tbody><tr><td>THROUGH</td><td>January 26, 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>December 29, 2000</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.



01/27/01;13:44 001


EFTA00196562



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 border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>160,421</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$160,421</td><td></td></tr></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>CHILDRENS PLACE RETAIL STORES INC</td><td>PLCE</td><td>CASH</td><td>60,000</td><td>20.7500</td><td>1,245,000</td><td></td><td></td></tr><tr><td>TELIGENT INC-CL A</td><td>TGNT</td><td>CASH</td><td>60,000</td><td>3.0000</td><td>180,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>710,671</td><td>19.1250</td><td>13,591,583</td><td>1,137,074</td><td>8.3660</td></tr><tr><td>CALL VECTOR GROUP FEB 019 AMEX ADJ 5% STOCK DIVIDEND EXP 02/17/2001</td><td>GVXB19</td><td>CASH</td><td>-1,020</td><td>1.0620</td><td>-113,740</td><td></td><td></td></tr><tr><td>CALL VECTOR GROUP MAY 020 AMEX EXP 05/19/2001</td><td>VGRE20</td><td>CASH</td><td>-20</td><td>1.7500</td><td>-3,500</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$14,899,343</td><td>$1,137,074</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$14,899,343</td><td>$1,137,074</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,137,074</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$15,059,764</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD December 30, 2000

FINANCIAL TRUST COMPANY INC

THROUGH January 26, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER 660-56-7418

| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |

027



01/27/01;13:44 001


EFTA00196563



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, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



**5 of 7**

FINANCIAL TRUST COMPANY INC



Transaction Detail




STATEMENT PERIOD December 30, 2000



INVESTMENT ACTIVITY

THROUGH January 26, 2001

| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |

<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>01/16/01</td><td>01/12/01</td><td>SOLD</td><td>CALL VECTOR GROUP MAY 020 AMEX<br>EXP 05/19/2001<br>UNSOLICITED<br>CUSIP NUMBER TO FOLLOW.<br>OPEN CONTRACT</td><td></td><td>-20</td><td>1.37500</td><td></td><td>2,677.40</td></tr><tr><td>01/19/01</td><td>01/18/01</td><td>SOLD</td><td>CALL VECTOR GROUP FEB 019 AMEX<br>ADJ 5% STOCK DIVIDEND<br>EXP 02/17/2001<br>UNSOLICITED<br>OPEN CONTRACT</td><td>QGVXB19</td><td>-20</td><td>0.93750</td><td></td><td>1,906.18</td></tr><tr><td>01/23/01</td><td>01/22/01</td><td>SOLD</td><td>CALL VECTOR GROUP FEB 019 AMEX<br>ADJ 5% STOCK DIVIDEND<br>EXP 02/17/2001<br>UNSOLICITED<br>OPEN CONTRACT</td><td>QGVXB19</td><td>-1,000</td><td>0.81500</td><td></td><td>83,069.64</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/11/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>25,000,000.00</td></tr><tr><td>01/18/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM GOLDMAN SACHS , CO</td><td></td><td>3,527,760.91</td></tr><tr><td>01/23/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>16,179,260.72</td></tr><tr><td colspan="4">TOTAL</td><td>$44,707,021.63</td></tr></tbody></table>

027



01/27/01;13:44 001


EFTA00196564



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


6 of 7



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

## Transaction Detail (continued)

STATEMENT PERIOD December 30, 2000



INTEREST


THROUGH January 26, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER 660-56-7418

<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>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6,000% 12/29 THRU 01/02</td><td></td><td></td><td>6.0000</td><td></td><td>335.82</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6,000% 12/21 THRU 12/28</td><td></td><td></td><td>6.0000</td><td></td><td>455.67</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 5 1/2% 01/03 THRU 01/20</td><td></td><td></td><td>5.5000</td><td></td><td>6,485.97</td></tr><tr><td colspan="6">TOTAL</td><td>$7,277.46</td></tr></tbody></table>

| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |

## 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>01/12/01</td><td>JOURNAL</td><td>TO</td><td>25,044,521.00</td><td></td></tr><tr><td>01/23/01</td><td>JOURNAL</td><td>TO</td><td>20,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-45,044,521.00</td><td></td></tr></tbody></table>

## Trades Executed Pending Settlement

<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>01/29/01</td><td>01/26/01</td><td>SOLD</td><td>CALL VECTOR GROUP MAR 020AMEX</td><td></td><td>-350.00</td><td>1 0179</td><td></td><td>34,397.81</td></tr><tr><td>01/30/01</td><td>01/25/01</td><td>SOLD</td><td>ASIA GLOBAL CROSSING LTD<br>CL A</td><td>AGCX</td><td>-15,000.00</td><td>8 2858</td><td></td><td>124,280.35</td></tr></tbody></table>

027



01/27/01;13:44 001


EFTA00196565



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

FINANCIAL TRUST COMPANY INC

<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>01/31/01</td><td>01/26/01</td><td>SOLD</td><td>ASIA GLOBAL CROSSING LTD CL A</td><td>AGCX</td><td>-25,000.00</td><td>9 0525</td><td></td><td>226,302.45</td></tr><tr><td colspan="7">TOTAL</td><td>$0.00</td><td>$384,980.61</td></tr></tbody></table>

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





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


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EFTA00196566