EFTA00196587



OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179




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>Fund Activity</td><td>6</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 August 31, 2002

THROUGH September 27, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>10,249,770</td></tr><tr><td>NET CREDIT BALANCE</td><td>200,510</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>3,809,790</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$14,260,070</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>14,987,083</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-727,013</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

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

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.

## Important Message

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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EFTA00196588

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

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EFTA00196589



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



3 of 9


Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$52,403.73</td></tr><tr><td>Money Fund</td><td>206,821.27</td></tr><tr><td>Dividends/Interest</td><td>150,105.79</td></tr><tr><td>Amount Credited</td><td>$356,927.06</td></tr><tr><td>Money Fund</td><td>-6,821.27</td></tr><tr><td>Funds Withdrawn</td><td>-202,000.00</td></tr><tr><td>Amount Debited</td><td>$-208,821.27</td></tr><tr><td>Net Cash Activity</td><td>148,105.79</td></tr><tr><td>Closing Balance</td><td>$200,509.52</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>52,403.73</td><td>200,509.52</td></tr><tr><td>Net Cash Balance</td><td>$52,403.73</td><td>$200,509.52</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>156,538.87</td><td>932,289.61</td></tr><tr><td>Credit Balance Int.</td><td>388.19</td><td>16,764.96</td></tr><tr><td>Total</td><td>$156,927.06</td><td>$949,054.57</td></tr><tr><td>Foreign Tax Withheld</td><td>0.00</td><td>-4,500.00</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>4,010,300</td></tr><tr><td>Equities</td><td>10,249,770</td></tr><tr><td>Total</td><td>$14,260,070</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

| STATEMENT PERIOD | August 31, 2002 |
| :--- | :--- |
| THROUGH | September 27, 2002 |

Your Portfolio Allocation



ACCOUNT NUMBER



| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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

EFTA00196590



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## 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>200,510</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,7000%</td><td>DICXX</td><td>3,809,790.29</td><td>1.0000</td><td>3,809,790</td><td>64,766</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$4,010,300</td><td>$64,766</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>FLEXTRONICS INTERNATIONAL LTD</td><td>FLEX</td><td>CASH</td><td>100,000</td><td>7.2000</td><td>720,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>CASH</td><td>150,000</td><td>10.0500</td><td>1,507,500</td><td></td><td></td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>100,000</td><td>14.4300</td><td>1,443,000</td><td>5,000</td><td>0.3465</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>393,008</td><td>12.5000</td><td>4,912,600</td><td>628,813</td><td>12.8000</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.0000</td><td>1,666,670</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$10,249,770</td><td>$633,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$10,249,770</td><td>$633,813</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$698,579</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$14,260,070</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD August 31, 2002

| THROUGH | September 27, 2002 |

| :--- | :--- |

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

027



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EFTA00196591



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



5 of 9

FINANCIAL TRUST COMPANY INC



Transaction Detail


<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 AMOUN</th></tr></thead><tbody><tr><td>09/27/02</td><td>09/20/02</td><td>BOUGHT</td><td>VECTOR GROUP LTD<br>SEE NOTE "S" ON BACK<br>STK DIV ON 374294 SHS<br>REC 09/20/02 PAY 09/27/02<br>AS OF 09/20/02</td><td>VGR</td><td>18,714</td><td></td><td></td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



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EFTA00196592



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



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

6 of 9

FINANCIAL TRUST COMPANY INC

## Transaction Detail (continued)

STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

## MONEY FUND ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

<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>08/31/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>4,002,969.02</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>09/03/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>6,821.27</td></tr><tr><td>09/03/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>6,821.27</td><td></td><td>6,821.27</td><td></td></tr><tr><td>09/10/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-100,000</td><td>1.0000</td><td></td><td>100,000.00</td></tr><tr><td>09/24/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-100,000</td><td>1.0000</td><td></td><td>100,000.00</td></tr><tr><td>09/27/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>3,809,790.29</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-6,821.27</td><td>$206,821.27</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>09/27/02</td><td>VECTOR GROUP LTD<br>REC 09/20/02 PAY 09/27/02</td><td>VGR</td><td>374,294</td><td>0.4000</td><td></td><td>149,717.60</td></tr><tr><td colspan="6">TOTAL</td><td>$149,717.60</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>09/23/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 08/21 THRU 09/20</td><td></td><td></td><td>1.2500</td><td></td><td>388.19</td></tr><tr><td colspan="7">TOTAL</td><td>$388.19</td></tr></tbody></table>

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EFTA00196593



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



7 of 9



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



At May 31, 2002 and July 31, 2002, the Company's net capital of approximately $2.5 billion and $2.0 billion was approximately 7% and 6% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $679.9 million and $644.8 million by approximately $1.8 billion and $1.3 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

## Your messages

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



STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File



| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

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 deposit 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 its "house" maintenance margin 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 call.

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EFTA00196594



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



8 of 9



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD August 31, 2002

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

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.

| THROUGH | September 27, 2002 |

| :--- | :--- |

AGCOUNT NUMBER

TAXPAYER NUMBER On File



| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

## Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear, Stearns & Co., Inc. will post its quarterly routing statistics at the following web link:



http://www.bearstearns.com/bearstearns/individualinvestor/equititesord

erroutingpractices.htm



Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

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EFTA00196595



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





9 of 9





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



The following account service fees will be charged to applicable accounts as of November 1, 2002:

The service charge per transaction will be $5.00. Accounts transferred from Bear Stearns will be charged a $75.00 account transfer fee. There will be a $50.00 fee for each stock certificate that is sent out in registered form at the customer's request. We strongly recommend against holding stock certificates in physical form due to the possibility of theft, loss or damage.

FINANCIAL TRUST COMPANY INC



STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |



## NOTICE OF CHANGE PURSUANT TO THE TRUTH IN LENDING SEC RULE 10b-16

Effective as of November 15, 2002, the annual rate of interest charged on any credit extended to you by Bear Stearns Securities for the purpose of purchasing, carrying or trading in any security or other property shall be based on either the Bear Stearns Margin Basis Rate, the Bear Stearns Securities Fed Funds Rate or the London Interbank Offering Rate ("LIBOR"). The Bear Stearns Margin Basis Rate will be quoted daily by Bear Stearns at our main office in New York. Factors affecting the determination of the Bear Stearns Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that Bear Stearns is charged for borrowing money. The Bear Stearns Securities Fed Funds Rate is the rate for U,S, dollar funds, as quoted by an independent broker of such funds selected by Bear Stearns Securities for the last transaction completed prior to 9:30 a.m. (Eastern Time) on the business day on which such rate is determined. The annual rate of interest will be no more than 3% above the Bear Stearns Margin Basis Rate or 4% above either the Bear Stearns Securities Fed Funds Rate or LIBOR and will appear on your monthly statements. Since the rate of interest charged is related to the Bear Stearns Margin Basis Rate, the Bear Stearns Securities Fed Funds Rate or LIBOR, any changes in these rates will cause corresponding changes in the rate charged to your account, which changes will be made without prior notice to you. If for any other reason Bear Stearns Securities changes the rate of interest it charges you, we will give you at least 30 days prior notice.

The "Statement of Interest Charges Pursuant to the "Truth-in-Lending" SEC Rule 10b-16" previously provided to you remains in effect except to the extent specifically amended by this notice.

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