EFTA00196648

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><tr><td>Your Messages</td><td>7</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



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

## Your Portfolio at a Glance



ACCOUNT NUMBER



FINANCIAL TRUST COMPANY INC

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>19,983,003</td></tr><tr><td>NET CREDIT BALANCE</td><td>36,436</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>45,382,330</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$65,401,769</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>66,940,688</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,538,919</td></tr></table>

STATEMENT PERIOD January 1, 2002

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

THROUGH January 25, 2002

TAXPAYER NUMBER On File

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 | 01/26/02;08:54 001 |

V520

EFTA00196649



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

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EFTA00196650



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>$11,290.18</td></tr><tr><td>Securities Sold</td><td>8,333,079.49</td></tr><tr><td>Money Fund</td><td>59,327.00</td></tr><tr><td>Dividends/Interest</td><td>5,807.09</td></tr><tr><td>Miscellaneous</td><td>1,357,453.45</td></tr><tr><td></td><td></td></tr><tr><td>Amount Credited</td><td>$9,755,667.03</td></tr><tr><td></td><td></td></tr><tr><td>Money Fund</td><td>-7,859,327.00</td></tr><tr><td>Miscellaneous</td><td>-1,871,194.17</td></tr><tr><td></td><td></td></tr><tr><td>Amount Debited</td><td>$-9,730,521.17</td></tr><tr><td></td><td></td></tr><tr><td>Net Cash Activity</td><td>25,145.86</td></tr><tr><td></td><td></td></tr><tr><td>Closing Balance</td><td>$36,436.04</td></tr><tr><td></td><td></td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>11,290.18</td><td>36,436.04</td></tr><tr><td>Net Cash Balance</td><td>$11,290.18</td><td>$36,436.04</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>5,000.00</td><td>5,000.00</td></tr><tr><td>Credit Balance Int.</td><td>807.09</td><td>807.09</td></tr><tr><td>Total</td><td>$5,807.09</td><td>$5,807.09</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>45,418,766</td></tr><tr><td>Equities</td><td>147,500</td><td>20,130,503</td></tr><tr><td>Total</td><td>$147,500</td><td>$65,549,269</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

| STATEMENT PERIOD | January 1, 2002 |
| :--- | :--- |
| THROUGH | January 25, 2002 |

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>December 31, 2001</td></tr></tbody></table>

Your Portfolio Allocation



01/26/02;08:54 001


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

EFTA00196651



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>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>36,436</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,9500%</td><td>DICCX</td><td>45,382,330.02</td><td>1.0000</td><td>45,382,330</td><td>953,029</td><td>2.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$45,418,766</td><td>$953,029</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>5.9200</td><td>1,480,000</td><td>138,000</td><td>9.3243</td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>250,000</td><td>26.1500</td><td>6,537,500</td><td></td><td></td></tr><tr><td>CALL TOO INC FEB 025 CBOE EXP 02/16/2002</td><td>TOOBE</td><td>CASH</td><td>-500</td><td>1.7500</td><td>-87,500</td><td></td><td></td></tr><tr><td>CALL TOO INC FEB 030 CBOE EXP 02/16/2002</td><td>TOOBF</td><td>CASH</td><td>-2,000</td><td>0.3000</td><td>-60,000</td><td></td><td></td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>374,294</td><td>28.8000</td><td>10,779,667</td><td>598,870</td><td>5.5556</td></tr><tr><td>SENTIGEN HOLDING CP RSTD Total Equities&amp; Options</td><td></td><td>CASH</td><td>333,334</td><td>4.0000</td><td>1,333,336</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$19,983,003</td><td>$736,870</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,689,899</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$65,401,769</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD January 1, 2002

FINANCIAL TRUST COMPANY INC

THROUGH January 25, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

027



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EFTA00196652



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 7**

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD January 1, 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>01/04/02</td><td>01/03/02</td><td>SOLD</td><td>CALL AT&amp;T CORP JAN17.50**** EXP 01/19/2002 UNSOLICITED OPEN CONTRACT AS OF 01/03/02</td><td>0019579A9</td><td>-7,540</td><td>1.15000</td><td></td><td>840,694.49</td></tr><tr><td>01/07/02</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD JOURNAL FROM TYPE 1 TO 2</td><td>VGR</td><td>-374,294</td><td></td><td></td><td></td></tr><tr><td>01/07/02</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD JOURNAL FROM TYPE 1 TO 2</td><td>VGR</td><td>374,294</td><td></td><td></td><td></td></tr><tr><td>01/08/02</td><td></td><td>JOURNAL</td><td>CALL AT&amp;T CORP JAN17.50**** EXP 01/19/2002 FROM</td><td>0019579A9</td><td>7,540</td><td></td><td></td><td></td></tr><tr><td>01/22/02</td><td></td><td>JOURNAL</td><td>CALL TOO INC JAN 025CBOE EXP 01/19/2002 A/E QTOOOAE ASSIGNED 01616</td><td>8903339A7</td><td>3,000</td><td></td><td></td><td></td></tr><tr><td>01/23/02</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD JOURNAL FROM TYPE 2 TO 1</td><td>VGR</td><td>374,294</td><td></td><td></td><td></td></tr><tr><td>01/23/02</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD JOURNAL FROM TYPE 2 TO 1</td><td>VGR</td><td>-374,294</td><td></td><td></td><td></td></tr><tr><td>01/24/02</td><td>01/22/02</td><td>SOLD</td><td>TOO INC A/E QTOOOAE 3000 ASSIGNED</td><td>TOO</td><td>-300,000</td><td>25.00000</td><td></td><td>7,492,385.00</td></tr><tr><td colspan="9">TOTAL</td><td>$8,333,079.49</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>01/01/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>37,523,003.02</td><td></td><td></td><td></td></tr><tr><td>01/02/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICCX</td><td>59,327</td><td></td><td>59,327.00</td><td></td></tr></tbody></table>

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EFTA00196653



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


6 of 7

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002

## MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

<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>01/02/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>AMT INCLUDED IN 2001 - 1099</td><td>DICCX</td><td></td><td></td><td></td><td>59,327.00</td></tr><tr><td>01/25/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>7,800,000</td><td>1.0000</td><td>7,800,000.00</td><td></td></tr><tr><td>01/25/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>45,382,330.02</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-7,859,327.00</td><td>$59,327.00</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>01/03/02</td><td>ESTEE LAUDER COMPANIES INC<br>CL A<br>REC 12/14/01 PAY 01/03/02</td><td>EL</td><td>100,000</td><td>0.0500</td><td></td><td>5,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$5,000.00</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>01/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 12/31 THRU 01/20</td><td></td><td></td><td>1.2500</td><td></td><td>133.18</td></tr><tr><td>01/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 12/21 THRU 12/30</td><td></td><td></td><td>1.2500</td><td></td><td>673.91</td></tr><tr><td colspan="6">TOTAL</td><td>$807.09</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>01/03/02</td><td>JOURNAL</td><td>JRL FM</td><td>INTX'S</td><td>8,102.63</td></tr><tr><td>01/08/02</td><td>JOURNAL</td><td>FROM</td><td>840,694.49</td><td></td></tr><tr><td>01/23/02</td><td>JOURNAL</td><td>TO</td><td>30,499.68</td><td></td></tr><tr><td>01/23/02</td><td>JOURNAL</td><td>TO</td><td>1,000,000.00</td><td></td></tr><tr><td>01/24/02</td><td>JOURNAL</td><td>BSIL-FINANCIAL TRUST CO., INC<br>NY16418 EQUITY SWAP<br>DUE 01/23/03<br>AT&amp;T CORP<br>DERIVATIVE SETTLEMENT</td><td></td><td>1,349,350.82</td></tr><tr><td colspan="3">TOTAL</td><td>-1,871,194.17</td><td>$1,357,453.45</td></tr></tbody></table>

## Your messages



The interest, if any, charged to your account during December 2001 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2002 is computed from December 31, 2001.



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |



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


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EFTA00196655