EFTA00196689

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

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD June 28, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

THROUGH July 25, 2003

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>35,887,559</td></tr><tr><td>NET CREDIT BALANCE</td><td>593,318</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$36,480,877</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>34,608,693</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,872,183</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

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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EFTA00196691



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>Opening Balance</td><td>$515,765.21</td></tr><tr><td>Dividends/Interest</td><td>80,101.96</td></tr><tr><td>Amount Credited</td><td>$80,101.96</td></tr><tr><td>Dividends/Interest Charged</td><td>-2,549.63</td></tr><tr><td>Amount Debited</td><td>$-2,549.63</td></tr><tr><td>Net Cash Activity</td><td>77,552.33</td></tr><tr><td>Closing Balance</td><td>$593,317.54</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>5,259,913.05</td><td>101.96</td></tr><tr><td>Margin</td><td>-5,021,647.10</td><td>317,465.32</td></tr><tr><td>Short</td><td>277,499.26</td><td>275,750.26</td></tr><tr><td>Net Cash Balance</td><td>$515,765.21</td><td>$593,317.54</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>80,000.00</td><td>284,183.71</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>194,747.20</td></tr><tr><td>Credit Balance Int.</td><td>101.96</td><td>776.85</td></tr><tr><td>Total</td><td>$80,101.96</td><td>$479,707.76</td></tr><tr><td>Margin Int. Paid</td><td>-1,299.63</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>593,318</td></tr><tr><td>Equities</td><td>273,500</td><td>36,161,059</td></tr><tr><td>Total</td><td>$273,500</td><td>$36,754,377</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 border="1"><tr><td>STATEMENT PERIOD</td><td>June 28,2003</td></tr><tr><td>THROUGH</td><td>July 25,2003</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>June 27,2003</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.



EFTA00196692




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>593,318</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$593,318</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>11.1300</td><td>1,113,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>12.0700</td><td>1,810,500</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>10.9400</td><td>-273,500</td><td>-5,000</td><td>1.8282</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>23.0000</td><td>23,000,000</td><td>400,000</td><td>1.7391</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>19.7000</td><td>1,970,000</td><td>5,000</td><td>0.2538</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>16.9400</td><td>6,657,556</td><td>628,813</td><td>9.4451</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td rowspan="2"></td><td rowspan="2">CASH</td><td rowspan="2">333,334</td><td rowspan="2">4.8300</td><td>1,610,003</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td>$35,887,559</td><td>$1,028,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$35,887,559</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>$36,480,877</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD June 28, 2003

FINANCIAL TRUST COMPANY INC

THROUGH July 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

027



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EFTA00196693



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 June 28, 2003

## DIVIDENDS

THROUGH July 25, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<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>07/01/03</td><td>MBNA CORP<br>REC 06/13/03 PAY 07/01/03</td><td>KRB</td><td>1,000,000</td><td>0.0800</td><td></td><td>80,000.00</td></tr><tr><td>07/02/03</td><td>HOLLINGER INTERNATIONAL INC<br>CL A<br>DIV CHG 25000 SHS SHORT<br>REC 07/01/03 PAY 07/15/03</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>$80,000.00</td></tr></tbody></table>

| LAST STATEMENT | June 27, 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>07/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 06/25 THRU 07/20</td><td></td><td></td><td>0.5000</td><td></td><td>101.96</td></tr><tr><td>07/21/03</td><td>FROM 06/21 THRU 07/20 @2 1/2% BAL 318,264- AVBAL 623,824</td><td></td><td></td><td>2.5000</td><td>1,299.63</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-1,299.63</td><td>$101.96</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>06/30/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>3,999.00</td></tr><tr><td>06/30/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>3,999.00</td><td></td></tr><tr><td>07/07/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>5,259,913.05</td><td></td></tr><tr><td>07/07/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>4,749.00</td><td></td></tr><tr><td>07/07/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>5,259,913.05</td></tr><tr><td>07/07/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>4,749.00</td></tr></tbody></table>

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EFTA00196694



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>07/14/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>749.00</td></tr><tr><td>07/14/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>749.00</td><td></td></tr><tr><td>07/21/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>500.00</td></tr><tr><td>07/21/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>500.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-5,269,910.05</td><td>$5,269,910.05</td></tr></tbody></table>





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





CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

ACCOUNT NUMBER

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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