EFTA00196695


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><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

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>34,092,928</td></tr><tr><td>NET CREDIT BALANCE</td><td>515,765</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$34,608,693</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>30,080,151</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>4,528,543</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

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

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.

## Important Message

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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EFTA00196697



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>-2,837,738.38</td></tr><tr><td>Funds Deposited</td><td>3,203,000.00</td></tr><tr><td>Dividends/Interest</td><td>119,659.20</td></tr><tr><td>Miscellaneous</td><td>37,544.00</td></tr><tr><td>Amount Credited</td><td>$3,360,203.20</td></tr><tr><td>Dividends/Interest Charged</td><td>-6,699.61</td></tr><tr><td>Amount Debited</td><td>-6,699.61</td></tr><tr><td>Net Cash Activity</td><td>3,353,503.59</td></tr><tr><td>ClosingBalance</td><td>$515,765.21</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>2,056,913.05</td><td>5,259,913.05</td></tr><tr><td>Margin</td><td>-5,167,150.69</td><td>-5,021,647.10</td></tr><tr><td>Short</td><td>272,499.26</td><td>277,499.26</td></tr><tr><td>Net Cash Balance</td><td>$-2,837,738.38</td><td>$515,765.21</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>119,659.20</td><td>204,183.71</td></tr><tr><td>Substitute Payment</td><td>37,544.00</td><td>194,747.20</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>674.89</td></tr><tr><td>Total</td><td>$157,203.20</td><td>$399,605.80</td></tr><tr><td>Margin Int. Paid</td><td>-6,699.61</td><td>-43,688.50</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>515,765</td></tr><tr><td>Equities</td><td>273,500</td><td>34,366,428</td></tr><tr><td>Total</td><td>$273,500</td><td>$34,882,193</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Steams Securities Corp.
One Metrotech Center North
Brocklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table border="1"><tr><td>STATEMENT PERIOD</td><td>May 31,2003</td></tr><tr><td>THROUGH</td><td>June 27,2003</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>May 30,2003</td></tr></table>

Your Portfolio Allocation



06/28/03;12:00 001


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

EFTA00196698



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>515,765</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$515,765</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>10.5600</td><td>1,056,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>14.0700</td><td>2,110,500</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>20.7500</td><td>20,750,000</td><td>320,000</td><td>1.5422</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>19.2000</td><td>1,920,000</td><td>5,000</td><td>0.2604</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>17.6500</td><td>6,936,591</td><td>628,813</td><td>9.0652</td></tr><tr><td>SENTIGEN HOLDING CP RSTD Total Equities&amp; Options</td><td></td><td>CASH</td><td>333,334</td><td>4.7800</td><td>1,593,337</td><td></td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$34,092,928</td><td>$948,813</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$948,813</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$34,608,693</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD May 31, 2003

FINANCIAL TRUST COMPANY INC

THROUGH June 27, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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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

CLEARLY WOUNDED SUBSIDIARY



5 of 7

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<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>06/27/03</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM MORGAN STANLEY . CO, INC.</td><td></td><td>3,203,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$3,203,000.00</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS



Transaction Detail


## 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>06/27/03</td><td>VECTOR GROUP LTD<br>REC 06/23/03 PAY 06/27/03</td><td>VGR</td><td>299,148</td><td>0.4000</td><td></td><td>119,659.20</td></tr><tr><td colspan="6">TOTAL</td><td>$119,659.20</td></tr></tbody></table>

## SUBSTITUTEPAYMENTS

STATEMENT PERIOD May 31, 2003

TAXPAYER NUMBER On File

ACCOUNT NUMBER

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

FINANCIAL TRUST COMPANY INC

THROUGH June 27, 2003

<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>06/27/03</td><td>VECTOR GROUP LTD<br>SUBST PAY ON 93860 SHS<br>REC 06/23/03 PAY 06/27/03</td><td>VGR</td><td></td><td></td><td></td><td>37,544.00</td></tr><tr><td colspan="7">TOTAL</td><td>$37,544.00</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>06/23/03</td><td>FROM 05/21 THRU 06/20 @21/2%<br>BAL 5170,401 AVBAL 3112,076</td><td></td><td></td><td>2.5000</td><td>6,699.61</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-6,699.61</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

<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>06/02/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>4,250.00</td><td></td></tr><tr><td>06/02/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>4,250.00</td></tr><tr><td>06/09/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>2,250.00</td><td></td></tr><tr><td>06/09/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>2,250.00</td></tr><tr><td>06/16/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>3,249.00</td></tr><tr><td>06/16/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>3,249.00</td><td></td></tr><tr><td>06/23/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>1,749.00</td><td></td></tr><tr><td>06/23/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>1,749.00</td></tr><tr><td colspan="3">TOTAL</td><td>-11,498.00</td><td>$11,498.00</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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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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## Your messages



With interest rates at their lowest in 45 years, income oriented clients are reminded of the risks inherent in attempting to maintain or increase the average yield on a fixed income portfolio. Generally, securities carrying a higher yield come with some combination of added credit risk, extended maturities, reduced liquidity, or special call features. Rising interest rates can cause a decline in the market value of your portfolio, which will impact your principal if securities are sold prior to maturity. Please consult your Bear Stearns account executive if you would like to discuss your fixed income portfolio. As a leader in Fixed Income, Bear Stearns can analyze any portfolio, held here or elsewhere and make recommendations such that your portfolio is aligned within your tolerance for risk.



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

ACCOUNT NUMBER

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

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