EFTA00196619

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

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 6







CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<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

## Your Portfolio at a Glance

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

LAST STATEMENT April 26, 2002

TAXPAYER NUMBER On File

STATEMENT PERIOD April 27, 2002

FINANCIAL TRUST COMPANY INC

ACCOUNT NUMBER

THROUGH May 31, 2002

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>11,737,949</td></tr><tr><td>NET CREDIT BALANCE</td><td>110,868</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>45,946,286</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$57,795,103</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>100,364,395</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-42,569,291</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 8


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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EFTA00196621



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$515,219.52</td></tr><tr><td>Securities Sold</td><td>18,637,433.33</td></tr><tr><td>Money Fund</td><td>29,287,770.03</td></tr><tr><td>Funds Deposited</td><td>10,000,000.00</td></tr><tr><td>Dividends/Interest</td><td>908.01</td></tr><tr><td>Amount Credited</td><td>$57,926,111.37</td></tr><tr><td>Securities Bought</td><td>-1,142,692.50</td></tr><tr><td>Money Fund</td><td>-17,487,770.03</td></tr><tr><td>Funds Withdrawn</td><td>-39,000,000.00</td></tr><tr><td>Miscellaneous</td><td>-700,000.00</td></tr><tr><td>Amount Debited</td><td>$-58,330,462.53</td></tr><tr><td>Net Cash Activity</td><td>-404,351.16</td></tr><tr><td>Closing Balance</td><td>$110,868.36</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>515,219.52</td><td>110,868.36</td></tr><tr><td>Net Cash Balance</td><td>$515,219.52</td><td>$110,868.36</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>87,770.03</td><td>468,673.53</td></tr><tr><td>Credit Balance Int.</td><td>908.01</td><td>4,256.68</td></tr><tr><td>Total</td><td>$88,678.04</td><td>$472,930.21</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>46,057,154</td></tr><tr><td>Equities</td><td>320,000</td><td>12,057,949</td></tr><tr><td>Total</td><td>$320,000</td><td>$58,115,103</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 border="1"><tr><td>STATEMENT PERIOD</td><td>April 27,2002</td></tr><tr><td>THROUGH</td><td>May 31,2002</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>April 26,2002</td></tr></table>

Your Portfolio Allocation

EFTA00196622



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 8

## 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>110,868</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,7800%</td><td>DICXX</td><td>45,946,285.95</td><td>1.0000</td><td>45,946,286</td><td>827,033</td><td>1.8000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$46,057,154</td><td>$827,033</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>CNH GLOBAL</td><td>CNH</td><td>CASH</td><td>250,000</td><td>5.5500</td><td>1,387,500</td><td>18,750</td><td>1.3514</td></tr><tr><td>CHARLES SCHWAB CORP NEW</td><td>SCH</td><td>CASH</td><td>100,000</td><td>12.0900</td><td>1,209,000</td><td>4,400</td><td>0.3639</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>1.6000</td><td>-320,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>374,294</td><td>20.3800</td><td>7,628,112</td><td>598,870</td><td>7.8508</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.5000</td><td>1,833,337</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$11,737,949</td><td>$622,020</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$11,737,949</td><td>$622,020</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,449,053</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$57,795,103</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

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EFTA00196623



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

**5 of 8**

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD April 27, 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>05/16/02</td><td>05/13/02</td><td>BOUGHT</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>11.36690</td><td>1,142,692.50</td><td></td></tr><tr><td>05/20/02</td><td></td><td>RECEIVED</td><td>TOO INC DK</td><td>TOO</td><td>725,000</td><td></td><td></td><td></td></tr><tr><td>05/20/02</td><td></td><td>DELIVERED</td><td>TOO INC DEL TO 00901</td><td>TOO</td><td>-725,000</td><td></td><td></td><td></td></tr><tr><td>05/20/02</td><td></td><td>JOURNAL</td><td>CALL TOO INC MAY 030 CBOE EXP 05/18/2002 A/E QTOOEF ASSIGNED 00648</td><td>8903339E9</td><td>6,000</td><td></td><td></td><td></td></tr><tr><td>05/21/02</td><td></td><td>DELIVERED</td><td>TOO INC DEL TO 00901</td><td>TOO</td><td>-450,000</td><td></td><td></td><td></td></tr><tr><td>05/22/02</td><td>05/20/02</td><td>SOLD</td><td>TOO INC A/E QTOOEF 6000 ASSIGNED</td><td>TOO</td><td>-600,000</td><td>30.00000</td><td></td><td>17,984,455.70</td></tr><tr><td>05/22/02</td><td>05/21/02</td><td>SOLD</td><td>CALL TOO INC JUL 030 **** EXP 07/20/2002 UNSOLICITED OPEN CONTRACT</td><td>QTOOGF</td><td>-2,000</td><td>3.30000</td><td></td><td>652,977.63</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$-1,142,692.50</td><td>$18,637,433.33</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 8



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



## **Transaction Detail** (continued)

## DEPOSITS AND WITHDRAWALS (continued)

<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>05/01/02</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM MORGAN STANLEY, CO., INC.</td><td></td><td>10,000,000.00</td></tr><tr><td>05/08/02</td><td>FND WIRED</td><td>MDA# PALM BEACH NATL FNDS WIRED TO BK &amp; TR CO</td><td>1,000,000.00</td><td></td></tr><tr><td>05/20/02</td><td>FND WIRED</td><td>MDA# CHASE MANHATTAN FNDS WIRED TO BANK N.A</td><td>7,000,000.00</td><td></td></tr><tr><td>05/30/02</td><td>FND WIRED</td><td>MDA# PALM BEACH NATL FNDS WIRED TO BK &amp; TR CO</td><td>1,000,000.00</td><td></td></tr><tr><td>05/30/02</td><td>FND WIRED</td><td>MDA CHASE MANHATTAN FNDS WIRED TO BANK N.A</td><td>10,000,000.00</td><td></td></tr><tr><td colspan="4">TOTAL</td><td>-$39,000,000.00 $10,000,000.00</td></tr></tbody></table>

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

## 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>04/27/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>57,658,515.92</td><td></td><td></td><td></td></tr><tr><td>04/29/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-20,000,000</td><td>1.0000</td><td></td><td>20,000,000.00</td></tr><tr><td>05/01/02</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>87,770.03</td></tr><tr><td>05/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIVIDEND REINVESTED</td><td>DICXX</td><td>87,770.03</td><td></td><td>87,770.03</td><td></td></tr><tr><td>05/03/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>9,800,000</td><td>1.0000</td><td>9,800,000.00</td><td></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
WHOLLY OWNED SUBSDIARY




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




7 of 8



FINANCIAL TRUST COMPANY INC

## Transaction Detail (continued)

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

LAST STATEMENT April 26, 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>05/08/02</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>05/16/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-1,200,000</td><td>1.0000</td><td></td><td>1,200,000.00</td></tr><tr><td>05/20/02</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>05/30/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>7,600,000</td><td>1.0000</td><td>7,600,000.00</td><td></td></tr><tr><td>05/31/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>45,946,285.95</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>05/31/02</td><td>CLOSINGBALANCE</td><td colspan="2">45,946,285.95</td></tr><tr><td>TOTAL</td><td></td><td>-17,487,770.03</td><td>$29,287,770.03</td></tr></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>05/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 04/21 THRU 05/20</td><td></td><td></td><td>1.2500</td><td></td><td>908.01</td></tr><tr><td colspan="7">TOTAL</td><td>$908.01</td></tr></tbody></table>

## 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>05/02/02</td><td>JOURNAL</td><td>TO PER LOA</td><td>400,000.00</td><td></td></tr><tr><td>05/03/02</td><td>JOURNAL</td><td>TO PER LOA</td><td>300,000.00</td><td></td></tr><tr><td>05/22/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>1,836,025.00</td><td></td></tr><tr><td>05/22/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>1,836,025.00</td></tr></tbody></table>

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EFTA00196626



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

8 of 8

## **Transaction Detail** (continued)

## MISCELLANEOUS (continued)

<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>05/31/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>2,489,002.63</td></tr><tr><td>05/31/02</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>2,489,002.63</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-5,025,027.63</td><td>$4,325,027.63</td></tr></tbody></table>





******* 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 April 27, 2002

THROUGH May 31, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

027



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