EFTA00196683

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 |

<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>

## 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

STATEMENT PERIOD July 26, 2003

ACCOUNT NUMBER

THROUGH August 29, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>35,229,258</td></tr><tr><td>NET CREDIT BALANCE</td><td>594,703</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$35,823,961</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>36,480,877</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-656,915</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

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month.

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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EFTA00196684

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 6


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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EFTA00196685



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>$593,317.54</td></tr><tr><td>Dividends/Interest</td><td>1,385.68</td></tr><tr><td>Amount Credited</td><td>$1,385.68</td></tr><tr><td>Net Cash Activity</td><td>1,385.68</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>101.96</td><td>237.64</td></tr><tr><td>Margin</td><td>317,465.32</td><td>291,966.32</td></tr><tr><td>Short</td><td>275,750.26</td><td>302,499.26</td></tr><tr><td>Net Cash Balance</td><td>$593,317.54</td><td>$594,703.22</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>285,433.71</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>194,747.20</td></tr><tr><td>Credit Balance Int.</td><td>135.68</td><td>912.53</td></tr><tr><td>Total</td><td>$1,385.68</td><td>$481,093.44</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>594,703</td></tr><tr><td>Equities</td><td>313,500</td><td>35,542,758</td></tr><tr><td>Total</td><td>$313,500</td><td>$36,137,461</td></tr></table>

027



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table border="1"><tr><td>STATEMENT PERIOD</td><td>July 26,2003</td></tr><tr><td>THROUGH</td><td>August 29,2003</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>July 25,2003</td></tr></table>

Your Portfolio Allocation



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

EFTA00196686



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>594,703</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$594,703</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>13.4900</td><td>1,349,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>10.8310</td><td>1,624,650</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>12.5400</td><td>-313,500</td><td>-5,000</td><td>1.5949</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>23.3400</td><td>23,340,000</td><td>400,000</td><td>1.7138</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>20.5800</td><td>2,058,000</td><td>5,000</td><td>0.2430</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>14.4300</td><td>5,671,105</td><td>628,813</td><td>11.0880</td></tr><tr><td>SENTIGEN HOLDING CP RSTD Total Equities&amp; Options</td><td></td><td>CASH</td><td>333,334</td><td>4.5000</td><td>1,500,003 $35,229,258</td><td>$1,028,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$35,229,258</td><td>$1,028,813</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$1,028,813</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$35,823,961</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

027



08/30/03;13:45 001


EFTA00196687



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


STATEMENT PERIOD July 26, 2003

## DIVIDENDS

THROUGH August 29, 2003

ACCOUNT NUMBER

<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>08/01/03</td><td>TYCO INTERNATIONAL LTD<br>REC 07/01/03 PAY 08/01/03</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>

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |



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>08/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 07/21 THRU 08/20</td><td></td><td></td><td>0.5000</td><td></td><td>135.68</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$135.68</td></tr></tbody></table>

## MISCELLANEOUS

<table border="1"><tr><td>MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>07/28/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>2,250.00</td></tr><tr><td>07/28/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>2,250.00</td><td></td></tr><tr><td>08/04/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>7,499.00</td><td></td></tr><tr><td>08/04/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>7,499.00</td></tr><tr><td>08/11/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>2,999.00</td></tr><tr><td>08/11/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>2,999.00</td><td></td></tr><tr><td>08/18/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>18,999.00</td><td></td></tr><tr><td>08/18/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>18,999.00</td></tr><tr><td>08/25/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>5,500.00</td><td></td></tr></table>

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EFTA00196688



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>08/25/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>5,500.00</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-37,247.00</td><td>$37,247.00</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 July 26, 2003

THROUGH August 29, 2003

ACCOUNT NUMBER

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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