EFTA00196702

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 April 26, 2003

TAXPAYER NUMBER On File



ACCOUNT NUMBER



| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

THROUGH May 30, 2003

Your Portfolio at a Glance

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>32,917,889</td></tr><tr><td>NET DEBIT BALANCE</td><td>-2,837,738</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$30,080,151</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>25,915,117</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>4,165,034</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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EFTA00196704



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>-2,849,227.89</td></tr><tr><td>Funds Deposited</td><td>16,929.13</td></tr><tr><td>Dividends/Interest</td><td>1,250.00</td></tr><tr><td>Amount Credited</td><td>$18,179.13</td></tr><tr><td>Dividends/Interest Charged</td><td>-6,689.62</td></tr><tr><td>Amount Debited</td><td>-6,689.62</td></tr><tr><td>Net Cash Activity</td><td>11,489.51</td></tr><tr><td>ClosingBalance</td><td>-2,837,738.38</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>2,039,983.92</td><td>2,056,913.05</td></tr><tr><td>Margin</td><td>-5,107,211.07</td><td>-5,167,150.69</td></tr><tr><td>Short</td><td>217,999.26</td><td>272,499.26</td></tr><tr><td>Net Cash Balance</td><td>$-2,849,227.89</td><td>$-2,837,738.38</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>84,524.51</td></tr><tr><td>Substitute Payment</td><td>0.00</td><td>157,203.20</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>674.89</td></tr><tr><td>Total</td><td>$1,250.00</td><td>$242,402.60</td></tr><tr><td>Margin Int. Paid</td><td>-6,689.62</td><td>-36,988.89</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>2,837,738</td><td></td></tr><tr><td>Equities</td><td>276,750</td><td>33,194,639</td></tr><tr><td>Total</td><td>$3,114,488</td><td>$33,194,639</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>April 26,2003</td></tr><tr><td>THROUGH</td><td>May 30,2003</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>April 25,2003</td></tr></table>

Your Portfolio Allocation

EFTA00196705



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>-2,837,738</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-2,837,738</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>10.6000</td><td>1,060,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>13.6900</td><td>2,053,500</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>11.0700</td><td>-276,750</td><td>-5,000</td><td>1.8067</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>20.0500</td><td>20,050,000</td><td>320,000</td><td>1.5960</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>17.7000</td><td>1,770,000</td><td>5,000</td><td>0.2825</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>17.0000</td><td>6,681,136</td><td>628,813</td><td>9.4118</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>4.7400</td><td>1,580,003</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$32,917,889</td><td>$948,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$32,917,889</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>$30,080,151</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD April 26, 2003

THROUGH May 30, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

LAST STATEMENT April 25, 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 6



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>05/09/03</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM GOLDMAN SACHS . CO</td><td></td><td>16,929.13</td></tr><tr><td colspan="4">TOTAL</td><td>$16,929.13</td></tr></tbody></table>



Transaction Detail


## DEPOSITS AND WITHDRAWALS

## 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>05/01/03</td><td>TYCO INTERNATIONAL LTD<br>REC 04/01/03 PAY 05/01/03</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>

STATEMENT PERIOD April 26, 2003

ACCOUNT NUMBER

FINANCIAL TRUST COMPANY INC



INTEREST


THROUGH May 30, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | April 25, 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>05/21/03</td><td>FROM 04/21 THRU 05/20 @21/2%<br>BAL 5154,711 AVBAL 3211,017</td><td></td><td></td><td>2.5000</td><td>6,689.62</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-6,689.62</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>04/28/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>13,250.00</td><td></td></tr><tr><td>04/28/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>13,250.00</td></tr><tr><td>05/05/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>2,749.00</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>05/05/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>2,749.00</td><td></td></tr><tr><td>05/12/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>18,249.00</td><td></td></tr><tr><td>05/12/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>18,249.00</td></tr><tr><td>05/19/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>20,000.00</td><td></td></tr><tr><td>05/19/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>20,000.00</td></tr><tr><td>05/27/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>5,750.00</td><td></td></tr><tr><td>05/27/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>5,750.00</td></tr><tr><td colspan="3">TOTAL</td><td>-59,998.00</td><td>$59,998.00</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 April 26, 2003

THROUGH May 30, 2003

ACCOUNT NUMBER

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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