EFTA00196603

OFFICE SERVICING YOUR ACCOUNT

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

| | |

| :--- | :--- |

| 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>Fund Activity</td><td>5</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY







<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 | June 29, 2002 |

| :--- | :--- |

| THROUGH | July 26, 2002 |

ACCOUNT NUMBER

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>9,159,255</td></tr><tr><td>NET CREDIT BALANCE</td><td>2,572,955</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>3,700,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$15,432,210</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>14,860,324</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>571,886</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.

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.

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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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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$2,361,127.95</td></tr><tr><td>Securities Sold</td><td>136,253.24</td></tr><tr><td>Money Fund</td><td>26,677,775.53</td></tr><tr><td>Funds Deposited</td><td>3,000,000.00</td></tr><tr><td>Dividends/Interest</td><td>4,149.63</td></tr><tr><td>Miscellaneous</td><td>23,201,750.00</td></tr><tr><td>Amount Credited</td><td>$53,019,928.40</td></tr><tr><td>Securities Bought</td><td>-1,406,002.50</td></tr><tr><td>Money Fund</td><td>-26,402,098.99</td></tr><tr><td>Miscellaneous</td><td>-25,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-52,808,101.49</td></tr><tr><td>Net Cash Activity</td><td>211,826.91</td></tr><tr><td>Closing Balance</td><td>$2,572,954.86</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>Cash</td><td>329,127.95</td><td>72,954.86</td></tr><tr><td>Margin</td><td>2,032,000.00</td><td>2,500,000.00</td></tr><tr><td>Net Cash Balance</td><td>$2,361,127.95</td><td>$2,572,954.86</td></tr></table>

Income Summary

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Dividends</td><td>63,724.48</td><td>772,781.72</td></tr><tr><td>Credit Balance Int.</td><td>4,149.63</td><td>14,669.15</td></tr><tr><td>Total</td><td>$67,874.11</td><td>$787,450.87</td></tr><tr><td>Foreign Tax Withheld</td><td>1,750.00</td><td>-4,500.00</td></tr></tbody></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>6,272,955</td></tr><tr><td>Equities</td><td>40,000</td><td>9,199,255</td></tr><tr><td>Total</td><td>$40,000</td><td>$15,472,210</td></tr></table>

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>June 29, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>July 26, 2002</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>June 28, 2002</td></tr></tbody></table>

Your Portfolio Allocation



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

EFTA00196606



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

<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>2,572,955</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>3,700,000</td><td>1.0000</td><td>3,700,000</td><td>62,900</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$6,272,955</td><td>$62,900</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>7.0300</td><td>703,000</td><td></td><td></td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>100,000</td><td>12.0300</td><td>1,203,000</td><td>5,000</td><td>0.4156</td></tr><tr><td>CALL TOO INC AUG 030 CBOE EXP 08/17/2002</td><td>TOOHF</td><td>MRGN</td><td>-2,000</td><td>0.2000</td><td>-40,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>374,294</td><td>15.4600</td><td>5,786,585</td><td>598,870</td><td>10.3493</td></tr><tr><td>SENTIGEN HOLDING CP RSTD Total Equities& Options</td><td></td><td>CASH</td><td>333,334</td><td>4.5200</td><td>1,506,670</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$9,159,255</td><td>$603,870</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$666,770</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$15,432,209</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD June 29, 2002

FINANCIAL TRUST COMPANY INC

THROUGH July 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

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BEAR
STEARNS


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

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

**5 of 7**

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD June 29, 2002

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>07/03/02</td><td>06/28/02</td><td>BOUGHT</td><td>TYCO INTERNATIONAL LTD<br>UNSOLICITED<br>AS OF 06/28/02</td><td>TYC</td><td>100,000</td><td>14.00000</td><td>1,406,002.50</td><td></td></tr><tr><td>07/10/02</td><td>07/09/02</td><td>SOLD</td><td>CALL TOO INC<br>EXP 08/17/2002<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>OPEN CONTRACT<br>UNSOLICITED<br>AS OF 07/09/02</td><td>QTOOHF</td><td>-2,000</td><td>0.70630</td><td></td><td>136,253.24</td></tr><tr><td>07/24/02</td><td></td><td>EXPIRED</td><td>CALL TOO INC<br>EXP 07/20/2002</td><td>JUL 030****</td><td>8903339G4</td><td>2,000</td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-1,406,002.50</td><td>$136,253.24</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>07/12/02</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM JPMORGAN CHASE BANK</td><td></td><td>3,000,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$3,000,000.00</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<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>06/29/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>3,911,952.06</td><td></td><td></td><td></td></tr><tr><td>07/01/02</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>52,098.99</td></tr></tbody></table>

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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


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FINANCIAL TRUST COMPANY INC

## Transaction Detail (continued)

STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

<table><thead><tr><th>DATE MONDAY</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>07/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIVIDEND REINVESTED</td><td>DICXX</td><td>52,098.99</td><td></td><td>52,098.99</td><td></td></tr><tr><td>07/02/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>22,650,000</td><td>1.0000</td><td>22,650,000.00</td><td></td></tr><tr><td>07/02/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-2,000,000</td><td>1.0000</td><td></td><td>2,000,000.00</td></tr><tr><td>07/10/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,395,000</td><td>1.0000</td><td></td><td>1,395,000.00</td></tr><tr><td>07/12/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-23,219,051.05</td><td>1.0000</td><td></td><td>23,219,051.05</td></tr><tr><td>07/15/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIV</td><td>DICXX</td><td></td><td></td><td></td><td>11,625.49</td></tr><tr><td>07/16/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>3,700,000</td><td>1.0000</td><td>3,700,000.00</td><td></td></tr><tr><td>07/26/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>3,700,000</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-26,402,098.99</td><td>$26,677,775.53</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>07/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 06/21 THRU 07/20</td><td></td><td></td><td>1.2500</td><td></td><td>4,149.63</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$4,149.63</td></tr></tbody></table>

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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

<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>07/01/02</td><td>JOURNAL</td><td>FROM: XBI PER LOA * JRL *</td><td></td><td>23,200,000.00</td></tr><tr><td>07/02/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>23,000,000.00</td></tr><tr><td>07/02/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>23,000,000.00</td><td></td></tr><tr><td>07/05/02</td><td>JOURNAL</td><td>CNH GLOBAL ADR RCLMS RT: 10,00000 250000 ADRS</td><td></td><td>1,750.00</td></tr><tr><td>07/12/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>131,746.76</td><td></td></tr><tr><td>07/12/02</td><td>JOURNAL</td><td>PER REQ FROM J,EPSTEIN</td><td>25,000,000.00</td><td></td></tr><tr><td>07/12/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>131,746.76</td></tr><tr><td colspan="3">TOTAL</td><td>-48,131,746.76</td><td>$46,333,496.76</td></tr></tbody></table>





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




CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Meterobite Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File

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