Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail	5
Fund Activity	6

FINANCIAL TRUST COMPANY INC

C/O AMERICAN YACHT HARBOR *

6100 RED HOOK SUITE B-3

QUARTERS #2

ST THOMAS VI 00802

TOTAL VALUE OF SECURITIES THIS PERIOD	10,931,710
NET CREDIT BALANCE	52,404
MONEY MARKET FUND BALANCE	4,002,969
NET EQUITY THIS PERIOD	$14,987,083
NET EQUITY LAST STATEMENT	15,432,210
CHANGE SINCE LAST STATEMENT	-445,127

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. 027 08/31/02;13:23 001 V566 EFTA00196597 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 EFTA00196598 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 7 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$2,572,954.86
Money Fund	1,202,969.02
Dividends/Interest	1,707.62
Amount Credited	$1,204,676.64
Securities Bought	-2,160,258.75
Money Fund	-1,502,969.02
Funds Withdrawn	-62,000.00
Amount Debited	$-3,725,227.77
Net Cash Activity	-2,520,551.13
Closing Balance	$52,403.73

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

	OPENING	CLOSING
Cash	72,954.86	52,403.73
Margin	2,500,000.00	0.00
Net Cash Balance	$2,572,954.86	$52,403.73

Income Summary

	THIS PERIOD	YEAR TO DATE
Dividends	2,969.02	775,750.74
Credit Balance Int.	1,707.62	16,376.77
Total	$4,676.64	$792,127.51
Foreign Tax Withheld	0.00	-4,500.00

Portfolio Composition

Cash/Cash Equivalent	4,055,373
Equities	10,931,710
Total	$14,987,083

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC | STATEMENT PERIOD | July 27, 2002 | | :--- | :--- | | THROUGH | August 30, 2002 | Your Portfolio Allocation TAXPAYER NUMBER On File | LAST STATEMENT | July 26, 2002 | | :--- | :--- | Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio. 08/31/02;13:23 001 EFTA00196599 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 of 7 ## Your Portfolio Holdings ## CASH & CASH EQUIVALENTS

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				52,404
DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,7300%	DICXX	4,002,969.02	1.0000	4,002,969	68,050	1.7000
TOTAL CASH & CASH EQUIVALENTS				$4,055,373	$68,050

## EQUITIES ## Equities & Options

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FLEXTRONICS INTERNATIONAL LTD	FLEX	CASH	100,000	9.4700	947,000
GALYANS TRADING INC	GLYN	CASH	150,000	10.6400	1,596,000
TYCO INTERNATIONAL LTD	TYC	CASH	100,000	15.6900	1,569,000	5,000	0.3187
VECTOR GROUP LTD	VGR	CASH	374,294	13.9900	5,236,373	598,870	11.4367
SENTIGEN HOLDING CP RSTD		CASH	333,334	4.7500	1,583,337
Total Equities& Options					$10,931,710	$603,870
TOTAL EQUITIES					$10,931,710	$603,870

YOUR TOTAL ESTIMATED ANNUAL INCOME	$671,920
YOUR PRICED PORTFOLIO HOLDINGS	$14,987,082

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 STATEMENT PERIOD July 27, 2002 FINANCIAL TRUST COMPANY INC | THROUGH | August 30, 2002 | | :--- | :--- | AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 26, 2002 | | :--- | :--- | 027 08/31/02;13:23 001 V566 EFTA00196600 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 Metratech Center North Brooklyn, New York 11201-3859 **5 of 7** FINANCIAL TRUST COMPANY INC Transaction Detail STATEMENT PERIOD July 27, 2002 THROUGH August 30, 2002 ## INVESTMENT ACTIVITY ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 26, 2002 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT
08/21/02		EXPIRED	CALL TOO INC AUG 030 CBOE EXP 08/17/2002	8903339H2	2,000
08/26/02	08/21/02	BOUGHT	GALYANS TRADING INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST AS OF 08/21/02	GLYN	87,500	14.76490	1,297,181.25
08/27/02	08/22/02	BOUGHT	GALYANS TRADING INC UNSOLICITED AVG PRICE: DETAILS ON REQUEST	GLYN	62,500	13.74920	863,077.50
08/27/02		JOURNAL	GALYANS TRADING INC JOURNAL FROM TYPE 2 TO 1	GLYN	62,500
08/27/02		JOURNAL	GALYANS TRADING INC JOURNAL FROM TYPE 2 TO 1	GLYN	-62,500
TOTAL							$-2,160,258.75

## DEPOSITS AND WITHDRAWALS

DATE	TRANSACTION	DESCRIPTION	DEBIT AMOUNT
08/07/02	FND WIRED	MDA# CHASE MANHATTAN FD	32,000.00
08/20/02	FND WIRED	MDA# CHASE MANHATTAN FD#	30,000.00
TOTAL			-62,000.00

027 08/31/02;13:23 001 V566 EFTA00196601 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 7 FINANCIAL TRUST COMPANY INC ## Transaction Detail (continued) STATEMENT PERIOD July 27, 2002 THROUGH August 30, 2002 ## MONEY FUND ACTIVITY TAXPAYER NUMBER On File | LAST STATEMENT | July 26, 2002 | | :--- | :--- |

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
07/27/02		OPENINGBALANCE		3,700,000

07/29/02	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	1,500,000	1.0000	1,500,000.00
07/30/02	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-200,000	1.0000		200,000.00
08/01/02	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				2,969.02
08/01/02	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED	DICXX	2,969.02		2,969.02
08/23/02	SOLD	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	-1,000,000	1.0000		1,000,000.00

08/30/02	CLOSINGBALANCE	4,002,969.02
TOTAL		-1,502,969.02	$1,202,969.02

INTEREST

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
08/21/02	INTEREST ON CREDIT BALANCE AT 1 1/4% 07/21 THRU 08/20			1.2500		1,707.62
TOTAL						$1,707.62

## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
07/29/02	JOURNAL	JOURNAL FROM TYPE 2 TO 1		1,427,045.20

027 08/31/02;13:23 001 EFTA00196602 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 7 of 7 ## **Transaction Detail** (continued) ## MISCELLANEOUS (continued)

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
07/29/02	JOURNAL	JOURNAL FROM TYPE 2 TO 1	1,427,045.20
08/27/02	JOURNAL	JOURNAL FROM TYPE 2 TO 1		209,877.30
08/27/02	JOURNAL	JOURNAL FROM TYPE 2 TO 1	209,877.30
TOTAL			-1,636,922.50	$1,636,922.50

******* End of Statement******* CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY Bear, Steams Securities Corp. One Metratech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST COMPANY INC STATEMENT PERIOD July 27, 2002 THROUGH August 30, 2002 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | July 26, 2002 | | :--- | :--- | 027 08/31/02;13:23 001 V566