EFTA00196663

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| 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></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>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

TAXPAYER NUMBER On File

ACCOUNT NUMBER

## Your Portfolio at a Glance

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003

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>39,219,023</td></tr><tr><td>NET CREDIT BALANCE</td><td>506,975</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$39,725,998</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>39,133,017</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>592,981</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.

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



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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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EFTA00196665



BEAR
STEARNS


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

3 of 6

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$898,233.13</td></tr><tr><td>Dividends/Interest</td><td>1,496.53</td></tr><tr><td>Amount Credited</td><td>$1,496.53</td></tr><tr><td>Securities Bought</td><td>-392,755.00</td></tr><tr><td>Amount Debited</td><td>$-392,755.00</td></tr><tr><td>Net Cash Activity</td><td>-391,258.47</td></tr><tr><td>ClosingBalance</td><td>$506,974.66</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>47,808.28</td><td>246.53</td></tr><tr><td>Margin</td><td>547,924.59</td><td>506,728.13</td></tr><tr><td>Short</td><td>302,500.26</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>$898,233.13</td><td>$506,974.66</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>1,250.00</td><td>543,886.91</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>194,747.20</td></tr><tr><td>Credit Balance Int.</td><td>246.53</td><td>1,496.70</td></tr><tr><td>Total</td><td>$1,496.53</td><td>$740,130.81</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>506,975</td></tr><tr><td>Equities</td><td>39,219,023</td></tr><tr><td>Total</td><td>$39,725,998</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><tr><td>STATEMENT PERIOD</td><td>November 1, 2003</td></tr><tr><td>THROUGH</td><td>November 28, 2003</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>October 31, 2003</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.

EFTA00196666



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 6

## 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>506,975</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$506,975</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>MRGN</td><td>100,000</td><td>16.0300</td><td>1,603,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>13.3500</td><td>2,002,500</td><td></td><td></td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>24.5200</td><td>24,520,000</td><td>400,000</td><td>1.6313</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>22.9500</td><td>2,295,000</td><td>5,000</td><td>0.2179</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>412,658</td><td>17.0000</td><td>7,015,186</td><td>660,253</td><td>9.4118</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.3500</td><td>1,783,337</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$39,219,023</td><td>$1,065,253</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$39,219,023</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>$39,725,998</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





STATEMENT PERIOD November 1, 2003



THROUGH November 28, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

027



11/29/03;08:43 001


EFTA00196667



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 6

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>11/20/03</td><td>11/17/03</td><td>BOUGHT</td><td>HOLLINGER INTERNATIONAL INC<br>CL A<br>COVER SHORT.</td><td>HLR</td><td>25,000</td><td>15.65000</td><td>392,755.00</td><td></td></tr></tbody></table>

<table><thead><tr><th>TOTAL</th><td>-392,755.00</td></tr></thead></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>11/03/03</td><td>TYCO INTERNATIONAL LTD<br>REC 10/01/03 PAY 11/01/03</td><td>TYC</td><td>100,000</td><td>0.0125</td><td></td><td>1,250.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,250.00</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>11/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 10/21 THRU 11/20</td><td></td><td></td><td>0.5000</td><td></td><td>246.53</td></tr><tr><td colspan="7">TOTAL</td><td>$246.53</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>11/03/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>33,249.00</td><td></td></tr><tr><td>11/03/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>33,249.00</td></tr><tr><td>11/10/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>10,250.00</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

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## **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>11/10/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>10,250.00</td></tr><tr><td>11/17/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>8,499.00</td></tr><tr><td>11/17/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>8,499.00</td><td></td></tr><tr><td>11/19/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>47,808.28</td><td></td></tr><tr><td>11/19/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>47,808.28</td></tr><tr><td>11/20/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 5</td><td>22,254.74</td><td></td></tr><tr><td>11/20/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 5</td><td></td><td>22,254.74</td></tr><tr><td>11/24/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>33,000.00</td><td></td></tr><tr><td>11/24/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>33,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-155,061.02</td><td>$155,061.02</td></tr></tbody></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859





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


FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

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