EFTA00196714

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><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>6</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



TAXPAYER NUMBER On File

Your Portfolio at a Glance

ACCOUNT NUMBER

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD March 1, 2003

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>25,676,963</td></tr><tr><td>NET DEBIT BALANCE</td><td>-4,955,323</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,721,640</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>19,767,115</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>954,525</td></tr></table>

THROUGH March 28, 2003

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



2 of 6


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

STATEMENT BACKER IS PRINTED ON THIS PAGE

FINANCIAL TRUST COMPANY INC

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EFTA00196716



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>-5,102,196.09</td></tr><tr><td>Miscellaneous</td><td>157,203.20</td></tr><tr><td>Amount Credited</td><td>$157,203.20</td></tr><tr><td>Dividends/Interest Charged</td><td>-10,330.26</td></tr><tr><td>Amount Debited</td><td>-10,330.26</td></tr><tr><td>Net Cash Activity</td><td>146,872.94</td></tr><tr><td>ClosingBalance</td><td>-4,955,323.15</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>1,557.55</td></tr><tr><td>Margin</td><td>-5,320,253.90</td><td>-5,173,129.96</td></tr><tr><td>Short</td><td>216,500.26</td><td>216,249.26</td></tr><tr><td>Net Cash Balance</td><td>$-5,102,196.09</td><td>$-4,955,323.15</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>0.00</td><td>3,274.51</td></tr><tr><td>Substitute Payment</td><td>157,203.20</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>$157,203.20</td><td>$161,152.60</td></tr><tr><td>Margin Int. Paid</td><td>-10,330.26</td><td>-19,218.16</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>4,955,323</td><td></td></tr><tr><td>Equities</td><td>205,250</td><td>25,882,213</td></tr><tr><td>Total</td><td>$5,160,573</td><td>$25,882,213</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

<table><tr><td>STATEMENT PERIOD</td><td>March 1, 2003</td></tr><tr><td>THROUGH</td><td>March 28, 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>February 28, 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.

EFTA00196717



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>-4,955,323</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-4,955,323</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>9.1500</td><td>915,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>12.9000</td><td>1,935,000</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>8.2100</td><td>-205,250</td><td>-5,000</td><td>2.4361</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>15.4800</td><td>15,480,000</td><td>320,000</td><td>2.0672</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>13.0700</td><td>1,307,000</td><td>5,000</td><td>0.3826</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>11.6500</td><td>4,578,543</td><td>628,813</td><td>13.7339</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.0000</td><td>1,666,670</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$25,676,963</td><td>$948,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$25,676,963</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 PORTFOLIO HOLDINGS</td><td>$20,721,640</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 1, 2003

THROUGH March 28, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

**5 of 6**

FINANCIAL TRUST COMPANY INC



Transaction Detail


SUBSTITUTEPAYMENTS

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 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>03/28/03</td><td>VECTOR GROUP LTD<br>SUBST PAY ON SHS<br REC 03/21/03 PAY 03/28/03</td><td>VGR</td><td></td><td></td><td></td><td>157,203.20</td></tr><tr><td colspan="6">TOTAL</td><td>$157,203.20</td></tr></tbody></table>

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File



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>03/21/03</td><td>FROM 02/21 THRU 03/20 @21/2%<br>BAL 5297,503 AVBAL 5312,705</td><td></td><td></td><td>2.5000</td><td>10,330.26</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-10,330.26</td><td></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>03/03/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>3,500.00</td></tr><tr><td>03/03/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>3,500.00</td><td></td></tr><tr><td>03/10/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>6,750.00</td></tr><tr><td>03/10/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>6,750.00</td><td></td></tr><tr><td>03/17/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>12,500.00</td></tr><tr><td>03/17/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>12,500.00</td><td></td></tr><tr><td>03/24/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>22,499.00</td><td></td></tr><tr><td>03/24/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>22,499.00</td></tr><tr><td colspan="3">TOTAL</td><td>-45,249.00</td><td>$45,249.00</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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



6 of 6



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

At November 30, 2002 and January 31, 2003, the Company's net capital of approximately $2.4 billion and $2.4 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $716.3 million and $684.1 million by approximately $1.7 billion and $1.7 billion, all respectively.

## Your messages

Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com . Alternatively, to request a free printed copy please call - toll free - 1-866-299-9331.



| STATEMENT PERIOD | March 1, 2003 |

| :--- | :--- |

| THROUGH | March 28, 2003 |

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>February 28, 2003</td></tr></tbody></table>



Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.



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


Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear Stearns & Co, Inc. will post its quarterly routing statistics at the following web link: http://www.bearstearns.com/.

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