EFTA00196669

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></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



Your Portfolio at a Glance

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 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>38,234,784</td></tr><tr><td>NET CREDIT BALANCE</td><td>898,233</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$39,133,017</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>35,796,789</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>3,336,229</td></tr></table>



ACCOUNT NUMBER



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD October 1, 2003

THROUGH October 31, 2003

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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EFTA00196671



BEAR
STEARNS


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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$820,760.61</td></tr><tr><td>Funds Deposited</td><td>21,500.00</td></tr><tr><td>Dividends/Interest</td><td>100,216.45</td></tr><tr><td>Miscellaneous</td><td>6.07</td></tr><tr><td>Amount Credited</td><td>$121,722.52</td></tr><tr><td>Funds Withdrawn</td><td>-43,000.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-1,250.00</td></tr><tr><td>Amount Debited</td><td>$-44,250.00</td></tr><tr><td>Net Cash Activity</td><td>77,472.52</td></tr><tr><td>Closing Balance</td><td>$898,233.13</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>69,091.83</td><td>47,808.28</td></tr><tr><td>Margin</td><td>447,668.52</td><td>547,924.59</td></tr><tr><td>Short</td><td>304,000.26</td><td>302,500.26</td></tr><tr><td>Net Cash Balance</td><td>$820,760.61</td><td>$898,233.13</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>100,000.00</td><td>542,636.91</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>194,747.20</td></tr><tr><td>Credit Balance Int.</td><td>216.45</td><td>1,250.17</td></tr><tr><td>Total</td><td>$100,216.45</td><td>$738,634.28</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></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td></td><td>898,233</td></tr><tr><td>Equities</td><td>335,750</td><td>38,570,534</td></tr><tr><td>Total</td><td>$335,750</td><td>$39,468,767</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

<table><tr><td>STATEMENT PERIOD</td><td>October 1, 2003</td></tr><tr><td>THROUGH</td><td>October 31, 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>September 30, 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.

V818

EFTA00196672



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## 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>898,233</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$898,233</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>14.0000</td><td>1,400,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>13.1100</td><td>1,966,500</td><td></td><td></td></tr><tr><td>HOLLINGER INTERNATIONAL INC CL A</td><td>HLR</td><td>SHRT</td><td>-25,000</td><td>13.4300</td><td>-335,750</td><td>-5,000</td><td>1.4892</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>24.7500</td><td>24,750,000</td><td>400,000</td><td>1.6162</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>20.8800</td><td>2,088,000</td><td>5,000</td><td>0.2395</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>412,658</td><td>15.7500</td><td>6,499,364</td><td>660,253</td><td>10.1587</td></tr><tr><td>SENTIGEN HOLDING CP RSTD Total Equities&amp; Options</td><td></td><td>CASH</td><td>333,334</td><td>5.6000</td><td>1,866,670<br>$38,234,784</td><td>$1,060,253</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$38,234,784</td><td>$1,060,253</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,060,253</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$39,133,017</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD October 1, 2003

FINANCIAL TRUST COMPANY INC

THROUGH October 31, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

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EFTA00196673



BEAR
STEARNS


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

**5 of 6**



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Transaction Detail


## DEPOSITS AND WITHDRAWALS

<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>10/09/03</td><td>CHECK</td><td>CK FINANCIAL TRUST COMPANY</td><td>21,500.00</td><td></td></tr><tr><td>10/10/03</td><td>CHECK</td><td>CK GEORGE V DELSON</td><td>21,500.00</td><td></td></tr><tr><td>10/10/03</td><td>DEPOSIT</td><td>CHECK REDEPOSIT FIN TRUST COMPANY</td><td></td><td>21,500.00</td></tr><tr><td colspan="3">TOTAL</td><td>-43,000.00</td><td>$21,500.00</td></tr></tbody></table>



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>10/01/03</td><td>MBNA CORP<br>REC 09/15/03 PAY 10/01/03</td><td>KRB</td><td>1,000,000</td><td>0.1000</td><td></td><td>100,000.00</td></tr><tr><td>10/02/03</td><td>HOLLINGER INTERNATIONAL INC<br>CL A<br>DIV CHG 25000 SHS SHORT<br>REC 10/01/03 PAY 10/15/03</td><td>HLR</td><td></td><td></td><td>1,250.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-1,250.00</td><td>$100,000.00</td></tr></tbody></table>



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

STATEMENT PERIOD October 1, 2003

THROUGH October 31, 2003

FINANCIAL TRUST COMPANY INC



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>10/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 09/21 THRU 10/20</td><td></td><td></td><td>0.5000</td><td></td><td>216.45</td></tr><tr><td colspan="7">TOTAL</td><td>$216.45</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

<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>10/01/03</td><td>CASH-LIEU</td><td>VECTOR GROUP LTD<br>CASH IN LIEU OF,40000<br>REC 09/19/03 PAY 09/29/03</td><td></td><td>6.07</td></tr><tr><td>10/06/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>8,249.00</td><td></td></tr><tr><td>10/06/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>8,249.00</td></tr><tr><td>10/13/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>1,500.00</td><td></td></tr><tr><td>10/13/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>1,500.00</td></tr><tr><td>10/20/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>3,249.00</td></tr><tr><td>10/20/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>3,249.00</td><td></td></tr><tr><td>10/27/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>6,750.00</td></tr><tr><td>10/27/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>6,750.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-19,748.00</td><td>$19,754.07</td></tr></tbody></table>



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 October 1, 2003

THROUGH October 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |



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


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