EFTA00196720

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><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



STATEMENT PERIOD February 1, 2003

| LAST STATEMENT | January 31, 2003 |

| :--- | :--- |

THROUGH February 28, 2003

TAXPAYER NUMBER On File

## 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>24,869,311</td></tr><tr><td>NET DEBIT BALANCE</td><td>-5,102,196</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$19,767,115</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,327,205</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,560,090</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.

| SIPC | 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. |
| :--- | :--- |
| 027 | 03/01/03;13:32 001 |

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EFTA00196721

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY

2 of 5

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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EFTA00196722



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>-5,094,864.84</td></tr><tr><td>Dividends/Interest</td><td>1,556.65</td></tr><tr><td>Amount Credited</td><td>$1,556.65</td></tr><tr><td>Dividends/Interest Charged</td><td>-8,887.90</td></tr><tr><td>Amount Debited</td><td>-8,887.90</td></tr><tr><td>Net Cash Activity</td><td>-7,331.25</td></tr><tr><td>ClosingBalance</td><td>-5,102,196.09</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>0.90</td><td>1,557.55</td></tr><tr><td>Margin</td><td>-5,337,366.00</td><td>-5,320,253.90</td></tr><tr><td>Short</td><td>242,500.26</td><td>216,500.26</td></tr><tr><td>Net Cash Balance</td><td>-5,094,864.84</td><td>-5,102,196.09</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>1,250.00</td><td>3,274.51</td></tr><tr><td>Credit Balance Int.</td><td>306.65</td><td>674.89</td></tr><tr><td>Total</td><td>$1,556.65</td><td>$3,949.40</td></tr><tr><td>Margin Int. Paid</td><td>-8,887.90</td><td>-8,887.90</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>5,102,196</td><td></td></tr><tr><td>Equities</td><td>213,000</td><td>25,082,311</td></tr><tr><td>Total</td><td>$5,315,196</td><td>$25,082,311</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>February 1, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>February 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>January 31, 2003</td></tr></tbody></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.

EFTA00196723



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 5

## 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>-5,102,196</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-5,102,196</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>8.6800</td><td>868,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>10.5300</td><td>1,579,500</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>8.5200</td><td>-213,000</td><td>-5,000</td><td>2.3474</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>13.8500</td><td>13,850,000</td><td>320,000</td><td>2.3105</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>14.8000</td><td>1,480,000</td><td>5,000</td><td>0.3378</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>13.7100</td><td>5,388,140</td><td>628,813</td><td>11.6703</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.7500</td><td>1,916,671</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$24,869,311</td><td>$948,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$24,869,311</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>$19,767,115</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD February 1, 2003

THROUGH February 28, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2003 |

| :--- | :--- |

027



03/01/03;13:32 001


EFTA00196724



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 5

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD February 1, 2003

## DIVIDENDS

THROUGH February 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>02/03/03</td><td>TYCO INTERNATIONAL LTD<br>REC 01/02/03 PAY 02/03/03</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>

| LAST STATEMENT | January 31, 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>02/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 01/21 THRU 02/20</td><td></td><td></td><td>0.7500</td><td></td><td>306.65</td></tr><tr><td>02/21/03</td><td>FROM 01/21 THRU 02/20 @21/2%<br>BAL 5317,866 AVBAL 4128,572</td><td></td><td></td><td>2.5000</td><td>8,887.90</td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-8,887.90</td><td>$306.65</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>02/10/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>3,750.00</td></tr><tr><td>02/10/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>3,750.00</td><td></td></tr><tr><td>02/18/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>15,750.00</td></tr><tr><td>02/18/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>15,750.00</td><td></td></tr><tr><td>02/24/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>6,500.00</td></tr><tr><td>02/24/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>6,500.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-26,000.00</td><td>$26,000.00</td></tr></tbody></table>

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