EFTA00196708

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



ACCOUNT NUMBER



TAXPAYER NUMBER On File

STATEMENT PERIOD March 29, 2003

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

Your Portfolio at a Glance

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

THROUGH April 25, 2003

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>28,764,345</td></tr><tr><td>NET DEBIT BALANCE</td><td>-2,849,228</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$25,915,117</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>20,721,640</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>5,193,477</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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EFTA00196710



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>-4,955,323.15</td></tr><tr><td>Funds Deposited</td><td>2,038,426.37</td></tr><tr><td>Dividends/Interest</td><td>80,000.00</td></tr><tr><td>Amount Credited</td><td>$2,118,426.37</td></tr><tr><td>Dividends/Interest Charged</td><td>-12,331.11</td></tr><tr><td>Amount Debited</td><td>-12,331.11</td></tr><tr><td>Net Cash Activity</td><td>2,106,095.26</td></tr><tr><td>ClosingBalance</td><td>-2,849,227.89</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>1,557.55</td><td>2,039,983.92</td></tr><tr><td>Margin</td><td>-5,173,129.96</td><td>-5,107,211.07</td></tr><tr><td>Short</td><td>216,249.26</td><td>217,999.26</td></tr><tr><td>Net Cash Balance</td><td>-4,955,323.15</td><td>-2,849,227.89</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>83,274.51</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>$80,000.00</td><td>$241,152.60</td></tr><tr><td>Margin Int. Paid</td><td>-11,081.11</td><td>-30,299.27</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>2,849,228</td><td></td></tr><tr><td>Equities</td><td>231,250</td><td>28,995,595</td></tr><tr><td>Total</td><td>$3,080,478</td><td>$28,995,595</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><thead><tr><th>STATEMENT PERIOD</th><td>March 29, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 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>March 28, 2003</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00196711



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>-2,849,228</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-2,849,228</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>8.3500</td><td>835,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>14.2000</td><td>2,130,000</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>9.2500</td><td>-231,250</td><td>-5,000</td><td>2.1622</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>18.5500</td><td>18,550,000</td><td>320,000</td><td>1.7251</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>14.6100</td><td>1,461,000</td><td>5,000</td><td>0.3422</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>11.5000</td><td>4,519,592</td><td>628,813</td><td>13.9130</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>4.5000</td><td>1,500,003</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$28,764,345</td><td>$948,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$28,764,345</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>$25,915,117</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD March 29, 2003

FINANCIAL TRUST COMPANY INC

THROUGH April 25, 2003

AGCOUNT NUMBER

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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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



Transaction Detail


<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>04/23/03</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM GOLDMAN SACHS . CO</td><td></td><td>2,038,426.37</td></tr><tr><td colspan="4">TOTAL</td><td>$2,038,426.37</td></tr></tbody></table>

## 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 AMOUN</th></tr></thead><tbody><tr><td>04/01/03</td><td>MBNA CORP<br>REC 03/15/03 PAY 04/01/03</td><td>KRB</td><td>1,000,000</td><td>0.0800</td><td></td><td>80,000.00</td></tr><tr><td>04/02/03</td><td>HOLLINGER INTERNATIONAL INC<br>CL A<br>DIV CHG 25000 SHS SHORT<br>REC 04/01/03 PAY 04/15/03</td><td>HLR</td><td></td><td></td><td>1,250.00</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-1,250.00</td><td>$80,000.00</td></tr></tbody></table>



ACCOUNT NUMBER



STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 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>04/21/03</td><td>FROM 03/21 THRU 04/20 @21/2%<br>BAL 5086,879 AVBAL 5147,352</td><td></td><td></td><td>2.5000</td><td>11,081.11</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-11,081.11</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>03/31/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>10,999.00</td></tr></tbody></table>

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EFTA00196713



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>03/31/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>10,999.00</td><td></td></tr><tr><td>04/07/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>1,999.00</td><td></td></tr><tr><td>04/07/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>1,999.00</td></tr><tr><td>04/14/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>2,750.00</td><td></td></tr><tr><td>04/14/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>2,750.00</td></tr><tr><td>04/21/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>9,250.00</td><td></td></tr><tr><td>04/21/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>9,250.00</td></tr><tr><td colspan="3">TOTAL</td><td>-24,998.00</td><td>$24,998.00</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 March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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