EFTA00196641

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 January 26, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

THROUGH February 22, 2002

ACCOUNT NUMBER

## Your Portfolio at a Glance

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>43,205,788</td></tr><tr><td>NET CREDIT BALANCE</td><td>650,397</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>44,196,658</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$88,052,843</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>65,401,769</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>22,651,074</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.

027 02/23/02;10:07 001

EFTA00196642

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

EFTA00196643



BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$36,436.04</td></tr><tr><td>Securities Sold</td><td>1,248,728.75</td></tr><tr><td>Money Fund</td><td>11,314,328.04</td></tr><tr><td>Dividends/Interest</td><td>666.12</td></tr><tr><td>Miscellaneous</td><td>10,064,565.98</td></tr><tr><td>Amount Credited</td><td>$22,628,288.89</td></tr><tr><td>Money Fund</td><td>-10,064,328.04</td></tr><tr><td>Funds Withdrawn</td><td>-10,500,000.00</td></tr><tr><td>Miscellaneous</td><td>-1,450,000.00</td></tr><tr><td>Amount Debited</td><td>$-22,014,328.04</td></tr><tr><td>Net Cash Activity</td><td>613,960.85</td></tr><tr><td>Closing Balance</td><td>$650,396.89</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>36,436.04</td><td>650,396.89</td></tr><tr><td>Net Cash Balance</td><td>$36,436.04</td><td>$650,396.89</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>64,328.04</td><td>69,328.04</td></tr><tr><td>Credit Balance Int.</td><td>666.12</td><td>1,473.21</td></tr><tr><td>Total</td><td>$64,994.16</td><td>$70,801.25</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>44,847,055</td></tr><tr><td>Equities</td><td>43,205,788</td></tr><tr><td>Total</td><td>$88,052,843</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 26, 2002

THROUGH February 22, 2002

<table><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>January 25, 2002</td></tr></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.

EFTA00196644



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>650,397</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,9000%</td><td>DICCX</td><td>44,196,658.06</td><td>1.0000</td><td>44,196,658</td><td>883,933</td><td>2.0000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$44,847,055</td><td>$883,933</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>4.5900</td><td>1,147,500</td><td>21,250</td><td>1.8519</td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>1,050,000</td><td>27.9000</td><td>29,295,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>374,294</td><td>28.4000</td><td>10,629,950</td><td>598,870</td><td>5.6338</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>6.4000</td><td>2,133,338</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$43,205,788</td><td>$620,120</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$43,205,788</td><td>$620,120</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,504,053</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$88,052,842</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 26, 2002

THROUGH February 22, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

027



02/23/02;10:07 001


EFTA00196645



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 7**

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD January 26, 2002

## INVESTMENT ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th colspan="2">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>02/13/02</td><td></td><td>JOURNAL</td><td colspan="2">TOO INC<br>JNL FM</td><td>TOO</td><td>850,000</td><td></td><td></td><td></td></tr><tr><td>02/19/02</td><td></td><td>JOURNAL</td><td colspan="2">CALL TOO INC FEB 025 CBOE<br>EXP 02/16/2002<br>A/E QTOOBE ASSIGNED 00560</td><td>8903339B5</td><td>500</td><td></td><td></td><td></td></tr><tr><td>02/20/02</td><td></td><td>EXPIRED</td><td colspan="2">CALL TOO INC FEB 030 CBOE<br>EXP 02/16/2002</td><td>8903339B5</td><td>2,000</td><td></td><td></td><td></td></tr><tr><td>02/21/02</td><td>02/19/02</td><td>SOLD</td><td colspan="2">TOO INC<br>A/E QTOOBE 500 ASSIGNED</td><td>TOO</td><td>-50,000</td><td>25.00000</td><td></td><td>1,248,728.75</td></tr><tr><td colspan="10">TOTAL</td><td>$1,248,728.75</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



## 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>01/26/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>45,382,330.02</td><td></td><td></td><td></td></tr></tbody></table>

027

EFTA00196646



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 January 26, 2002

THROUGH February 22, 2002

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

<table><thead><tr><th>DATE MOIDAY</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>01/31/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>-10,000,000</td><td>1.0000</td><td></td><td>10,000,000.00</td></tr><tr><td>02/01/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>10,000,000</td><td>1.0000</td><td>10,000,000.00</td><td></td></tr><tr><td>02/01/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>MONTHLY DIVIDEND</td><td>DICCX</td><td></td><td></td><td></td><td>64,328.04</td></tr><tr><td>02/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIVIDEND REINVESTED</td><td>DICCX</td><td>64,328.04</td><td></td><td>64,328.04</td><td></td></tr><tr><td>02/06/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>-750,000</td><td>1.0000</td><td></td><td>750,000.00</td></tr><tr><td>02/08/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>-500,000</td><td>1.0000</td><td></td><td>500,000.00</td></tr><tr><td>02/22/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>44,196,658.06</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-10,064,328.04</td><td>$11,314,328.04</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>02/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 01/21 THRU 02/20</td><td></td><td></td><td>1.2500</td><td></td><td>666.12</td></tr><tr><td colspan="7">TOTAL</td><td>$666.12</td></tr></tbody></table>

027



02/23/02;10:07 001


EFTA00196647



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>01/31/02</td><td>JOURNAL</td><td>FROM: XBI PER LOA * JRL *</td><td></td><td>10,000,000.00</td></tr><tr><td>02/06/02</td><td>JOURNAL</td><td>TO PER LOA</td><td>750,000.00</td><td></td></tr><tr><td>02/13/02</td><td>JOURNAL</td><td>JRL FM</td><td></td><td>64,565.98</td></tr><tr><td>02/19/02</td><td>JOURNAL</td><td>TO</td><td>330,000.00</td><td></td></tr><tr><td>02/20/02</td><td>JOURNAL</td><td>TO</td><td>370,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-1,450,000.00</td><td>$10,064,565.98</td></tr></tbody></table>





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




CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 26, 2002

THROUGH February 22, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

027



02/23/02;10:07 001