## Statements

EFTA00196656

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

<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>Trades Not Yet Settled</td><td>7</td></tr><tr><td>Your Messages</td><td>7</td></tr></table>

## What’s In This Statement





<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



ACCOUNT NUMBER



THROUGH December 31, 2003

STATEMENT PERIOD November 29, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>39,407,916</td></tr><tr><td>NET CREDIT BALANCE</td><td>672,183</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$40,080,099</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>39,725,998</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>354,101</td></tr></table>

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

Market Value of Your Portfolio

## Important Message

If any information regarding 2003 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by February 2, 2004 or a 1042S by March 15, 2004.

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.

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 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

EFTA00196658



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>$506,974.66</td></tr><tr><td>Dividends/Interest</td><td>165,274.40</td></tr><tr><td>Amount Credited</td><td>$165,274.40</td></tr><tr><td>Funds Withdrawn</td><td>-66.00</td></tr><tr><td>Amount Debited</td><td>$-66.00</td></tr><tr><td>Net Cash Activity</td><td>165,208.40</td></tr><tr><td>ClosingBalance</td><td>$672,183.06</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>246.53</td><td>672,183.06</td></tr><tr><td>Margin</td><td>506,728.13</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$506,974.66</td><td>$672,183.06</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>165,063.20</td><td>708,950.11</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>194,747.20</td></tr><tr><td>Credit Balance Int.</td><td>211.20</td><td>1,707.90</td></tr><tr><td>Total</td><td>$165,274.40</td><td>$905,405.21</td></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-44,988.13</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>672,183</td></tr><tr><td>Equities</td><td>39,407,916</td></tr><tr><td>Total</td><td>$40,080,099</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## FINANCIAL TRUST COMPANY INC

| STATEMENT PERIOD | November 29, 2003 |
| :--- | :--- |
| THROUGH | December 31, 2003 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

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.

EFTA00196659



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>672,183</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$672,183</td><td></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>14.8400</td><td>1,484,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>CASH</td><td>150,000</td><td>12.0400</td><td>1,806,000</td><td></td><td></td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>1,000,000</td><td>24.8500</td><td>24,850,000</td><td>400,000</td><td>1.6097</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>100,000</td><td>26.5000</td><td>2,650,000</td><td>5,000</td><td>0.1887</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>CASH</td><td>412,658</td><td>16.3200</td><td>6,734,579</td><td>660,253</td><td>9.8039</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.6500</td><td>1,883,337</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$39,407,916</td><td>$1,065,253</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$39,407,916</td><td>$1,065,253</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,065,253</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$40,080,099</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

027



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EFTA00196660



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 November 29, 2003

THROUGH December 31, 2003

## INVESTMENT ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<table><thead><tr><th>ELEMENT 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>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>FLEXTRONICS INTERNATIONAL LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>FLEX</td><td>100,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>GALYANS TRADING INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>GLYN</td><td>150,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>MBNA CORP<br>JOURNAL FROM TYPE 2 TO 1</td><td>KRB</td><td>1,000,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>TYC</td><td>100,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>VECTOR GROUP LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>VGR</td><td>412,658</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>FLEXTRONICS INTERNATIONAL LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>FLEX</td><td>-100,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>GALYANS TRADING INC<br>JOURNAL FROM TYPE 2 TO 1</td><td>GLYN</td><td>-150,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>MBNA CORP<br>JOURNAL FROM TYPE 2 TO 1</td><td>KRB</td><td>-1,000,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>TYC</td><td>-100,000</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL</td><td>VECTOR GROUP LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>VGR</td><td>-412,658</td><td></td><td></td><td></td></tr><tr><td colspan="10">TOTAL</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



6 of 7

## **Transaction Detail** (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>12/03/03</td><td>CHECK</td><td>CK HYPERION PARTNERS II L.P.</td><td>66.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-66.00</td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## 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 rowspan="2">12/30/03</td><td>VECTOR GROUP LTD</td><td rowspan="2">VGR</td><td rowspan="2">412,658</td><td rowspan="2">0.4000</td><td rowspan="2"></td><td rowspan="2">165,063.20</td></tr><tr><td>REC 12/19/03 PAY 12/30/03</td></tr><tr><td colspan="7">TOTAL</td><td>$165,063.20</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>12/22/03</td><td>INTEREST ON CREDIT BALANCE<br>ACCT 038-66056<br>AT 00,50000% 11/21 - 12/20</td><td></td><td></td><td></td><td></td><td>211.20</td></tr><tr><td colspan="7">TOTAL</td><td>$211.20</td></tr></tbody></table>

STATEMENT PERIOD November 29, 2003

ACCOUNT NUMBER

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

THROUGH December 31, 2003

TAXPAYER NUMBER On File

FINANCIAL TRUST COMPANY INC

## 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>12/05/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>506,728.13</td></tr><tr><td>12/05/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>506,728.13</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-506,728.13</td><td>$506,728.13</td></tr></tbody></table>

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EFTA00196662




BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



7 of 7

Bear, Steams Securities Corp.

One Mebrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

## Trades Executed Pending Settlement

<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>01/05/04</td><td>12/29/03</td><td>BOUGHT</td><td>IFIL(IST FIN ITAL)<br>EUR1 INVST CL<br>UNSOLICITED<br>UN- - -</td><td></td><td>100,000.00</td><td>3.2300</td><td>323,000.00</td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$323,000.00</td><td>$0.00</td></tr></tbody></table>

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

## Your messages



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.



## Excess SIPC Account Protection Update

Bear, Stearns Securities Corp. ("BSSC"), a member of the Securities Investor Protection Corporation ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash ("SIPC Coverage"). Visit www.sipc.org for more information about SIPC Coverage. BSSC provides the additional protection ("Excess SIPC") through a commercial insurer, Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company ("CAPCO"), a licensed New York insurance company. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities.

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