EFTA00196610

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>6</td></tr><tr><td>Trades Not Yet Settled</td><td>9</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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

Your Portfolio at a Glance

ACCOUNT NUMBER

FINANCIAL TRUST COMPANY INC

TAXPAYER NUMBER On File

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

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>8,587,244</td></tr><tr><td>NET CREDIT BALANCE</td><td>2,361,128</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>3,911,952</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$14,860,324</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>57,795,103</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-42,934,779</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




2 of 9


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

STATEMENT BACKER IS PRINTED ON THIS PAGE

FINANCIAL TRUST COMPANY INC

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EFTA00196612



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>$110,868.36</td></tr><tr><td>Securities Sold</td><td>2,085,531.65</td></tr><tr><td>Money Fund</td><td>42,165,666.11</td></tr><tr><td>Dividends/Interest</td><td>199,730.44</td></tr><tr><td>Miscellaneous</td><td>4,687.50</td></tr><tr><td>Amount Credited</td><td>$44,455,615.70</td></tr><tr><td>Securities Bought</td><td>-1,110,002.50</td></tr><tr><td>Money Fund</td><td>-65,666.11</td></tr><tr><td>Funds Withdrawn</td><td>-41,000,000.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-18,750.00</td></tr><tr><td>Miscellaneous</td><td>-10,937.50</td></tr><tr><td>Amount Debited</td><td>$-42,205,356.11</td></tr><tr><td>Net Cash Activity</td><td>2,250,259.59</td></tr><tr><td>Closing Balance</td><td>$2,361,127.95</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>110,868.36</td><td>329,127.95</td></tr><tr><td>Margin</td><td>0.00</td><td>2,032,000.00</td></tr><tr><td>Net Cash Balance</td><td>$110,868.36</td><td>$2,361,127.95</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>240,383.71</td><td>709,057.24</td></tr><tr><td>Credit Balance Int.</td><td>6,262.84</td><td>10,519.52</td></tr><tr><td>Total</td><td>$246,646.55</td><td>$719,576.76</td></tr><tr><td>Foreign Tax Withheld</td><td>-6,250.00</td><td>-6,250.00</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>6,273,080</td></tr><tr><td>Equities</td><td>310,000</td><td>8,897,244</td></tr><tr><td>Total</td><td>$310,000</td><td>$15,170,324</td></tr></table>

027

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 1, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>June 28, 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>May 31, 2002</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.



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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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## 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>2,361,128</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,8000%</td><td>DICXX</td><td>3,911,952.06</td><td>1.0000</td><td>3,911,952</td><td>70,415</td><td>1.8000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$6,273,080</td><td>$70,415</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>7.1300</td><td>713,000</td><td></td><td></td></tr><tr><td>CALL TOO INC JUL 030 **** EXP 07/20/2002</td><td>TOOGF</td><td>MRGN</td><td>-2,000</td><td>1.5500</td><td>-310,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>374,294</td><td>17.6000</td><td>6,587,574</td><td>598,870</td><td>9.0909</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>4.7900</td><td>1,596,670</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$8,587,244</td><td>$598,870</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$8,587,244</td><td>$598,870</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$669,285</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$14,860,323</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 1, 2002

FINANCIAL TRUST COMPANY INC

THROUGH June 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 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
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





5 of 9



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>06/10/02</td><td>06/05/02</td><td>BOUGHT</td><td>FLEXTRONICS INTERNATIONAL LTD UNSOLICITED WE MAKE A MKT IN THIS SECURITY REPORTED PRICE 11,040000 DIFFERENCE + 0,060000</td><td>FLEX</td><td>100,000</td><td>11.10000</td><td>1,110,002.50</td><td></td></tr><tr><td>06/17/02</td><td>06/12/02</td><td>SOLD</td><td>CNH GLOBAL AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>CNH</td><td>-250,000</td><td>4.00280</td><td></td><td>988,167.37</td></tr><tr><td>06/19/02</td><td>06/14/02</td><td>SOLD</td><td>CHARLES SCHWAB CORP NEW AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>SCH</td><td>-100,000</td><td>11.03400</td><td></td><td>1,097,364.28</td></tr><tr><td colspan="6">TOTAL</td><td>-1,110,002.50</td><td>$2,085,531.65</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



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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



6 of 9



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

DEPOSITS AND WITHDRAWALS (continued)

STATEMENT PERIOD June 1, 2002

<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>06/28/02</td><td>FND WIRED</td><td>MDA# PALM BEACH NATE SOLD DREYFUS</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-41,000,000.00</td><td></td></tr></tbody></table>

THROUGH June 28, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<table><thead><tr><th>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>06/01/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>45,946,285.95</td><td></td><td></td><td></td></tr><tr><td>06/03/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>65,666.11</td></tr><tr><td>06/03/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIVIDEND REINVESTED</td><td>DICXX</td><td>65,666.11</td><td></td><td>65,666.11</td><td></td></tr><tr><td>06/04/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</td></tr><tr><td>06/05/02</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>06/12/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,100,000</td><td>1.0000</td><td></td><td>1,100,000.00</td></tr><tr><td>06/24/02</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>06/26/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-25,000,000</td><td>1.0000</td><td></td><td>25,000,000.00</td></tr><tr><td>06/27/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-3,000,000</td><td>1.0000</td><td></td><td>3,000,000.00</td></tr><tr><td>06/27/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-7,000,000</td><td>1.0000</td><td></td><td>7,000,000.00</td></tr><tr><td>06/28/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,000,000</td><td>1.0000</td><td></td><td>1,000,000.00</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 Metratech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

<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>06/28/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>3,911,952.06</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-$65,666.11</td><td>$42,165,666.11</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>06/03/02</td><td>CNH GLOBAL<br>REC 05/20/02 PAY 06/03/02<br>FOREIGN TAX WITHHELD</td><td>CNH</td><td>250,000<br>WH</td><td>0.0750</td><td></td><td>18,750.00</td></tr><tr><td>06/04/02</td><td>CNH GLOBAL<br>RD 05/20 PD 06/03 RT ,07500<br>CSH DIV ON 250000 SHS<br>REVERSE 5/20 DIV FOR RATE<br>ADJ TO ,100</td><td>CNH</td><td></td><td></td><td>18,750.00</td><td></td></tr><tr><td>06/04/02</td><td>CNH GLOBAL<br>RD 05/20 PD 06/03 RT ,10000<br>CSH DIV ON 250000 SHS<br>6/3/02 DIV PMT RATE ADJ<br>TO ,10</td><td>CNH</td><td></td><td></td><td></td><td>25,000.00</td></tr><tr><td>06/28/02</td><td>VECTOR GROUP LTD<br>REC 06/24/02 PAY 06/28/02</td><td>VGR</td><td>374,294</td><td>0.4000</td><td></td><td>149,717.60</td></tr><tr><td colspan="5">TOTAL</td><td>-23,437.50</td><td>$193,467.60</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



8 of 9

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002

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>06/26/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 05/21 THRU 06/20</td><td></td><td></td><td>1.2500</td><td></td><td>6,262.84</td></tr><tr><td colspan="7">TOTAL</td><td>$6,262.84</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

## 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>06/04/02</td><td>JOURNAL</td><td>CNH GLOBAL<br>RD 05/20 PD 06/03 RT ,25000<br>DIV/INT WHLD<br>6/3/02 DIV PMT RATE ADJ<br>TO ,10</td><td>6,250.00</td><td></td></tr><tr><td>06/04/02</td><td>JOURNAL</td><td>CNH GLOBAL<br>RD 05/20 PD 06/03 RT ,25000<br>DIV/INT WHLD<br>REVERSE 5/20 DIV FOR RATE<br>ADJ TO ,100</td><td></td><td>4,687.50</td></tr><tr><td>06/04/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>2,032,000.00</td><td></td></tr><tr><td>06/04/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>2,032,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-2,038,250.00</td><td>$2,036,687.50</td></tr></tbody></table>

027



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BEAR
STEARNS


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



9 of 9





Bear, Steams Securities Corp.

One Meterotech 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>07/03/02</td><td>06/28/02</td><td>BOUGHT</td><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>100,000.00</td><td>14</td><td>1,406,002.50</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="2">$1,406,002.50</td><td>$0.00</td></tr></tbody></table>

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





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


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