EFTA00196725

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><tr><td>Fund Activity</td><td>6</td></tr><tr><td>Your Messages</td><td>8</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

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

STATEMENT PERIOD January 1, 2003

Your Portfolio at a Glance

THROUGH January 31, 2003

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>27,422,070</td></tr><tr><td>NET DEBIT BALANCE</td><td>-5,094,865</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$22,327,205</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>12,964,836</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>9,362,369</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



2 of 8


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

FINANCIAL TRUST COMPANY INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00196727



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$877,180.97</td></tr><tr><td>Money Fund</td><td>2,339,825.50</td></tr><tr><td>Funds Deposited</td><td>8,000,000.00</td></tr><tr><td>Dividends/Interest</td><td>368.24</td></tr><tr><td>Amount Credited</td><td>$10,340,193.74</td></tr><tr><td>Securities Bought</td><td>-16,307,705.00</td></tr><tr><td>Money Fund</td><td>-3,284.55</td></tr><tr><td>Dividends/Interest Charged</td><td>-1,250.00</td></tr><tr><td>Amount Debited</td><td>$-16,312,239.55</td></tr><tr><td>Net Cash Activity</td><td>-5,972,045.81</td></tr><tr><td>Closing Balance</td><td>$-5,094,864.84</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>448,954.71</td><td>0.90</td></tr><tr><td>Margin</td><td>166,977.00</td><td>-5,337,366.00</td></tr><tr><td>Short</td><td>261,249.26</td><td>242,500.26</td></tr><tr><td>Net Cash Balance</td><td>$877,180.97</td><td>$-5,094,864.84</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>2,024.51</td><td>2,024.51</td></tr><tr><td>Credit Balance Int.</td><td>368.24</td><td>368.24</td></tr><tr><td>Total</td><td>$2,392.75</td><td>$2,392.75</td></tr></table>

Portfolio Composition

<table><thead><tr><th></th><th>SHORT</th><th>LONG</th></tr></thead><tbody><tr><td>Cash/Cash Equivalent</td><td>5,094,865</td><td></td></tr><tr><td>Equities</td><td>243,000</td><td>27,665,070</td></tr><tr><td>Total</td><td>$5,337,865</td><td>$27,665,070</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |



02/01/03;15:36 001


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

EFTA00196728



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 8

## 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>-5,094,865</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-5,094,865</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>8.0600</td><td>806,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>MRGN</td><td>150,000</td><td>10.1400</td><td>1,521,000</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>9.7200</td><td>-243,000</td><td>-5,000</td><td>2.0576</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>16.8300</td><td>16,830,000</td><td>320,000</td><td>1.9014</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>16.0100</td><td>1,601,000</td><td>5,000</td><td>0.3123</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>393,008</td><td>12.9100</td><td>5,073,733</td><td>628,813</td><td>12.3935</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td></td><td>CASH</td><td>333,334</td><td>5.5000</td><td>1,833,337</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$27,422,070</td><td>$948,813</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$27,422,070</td><td>$948,813</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$948,813</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$22,327,205</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

FINANCIAL TRUST COMPANY INC

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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EFTA00196729



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 8**

FINANCIAL TRUST COMPANY INC



Transaction Detail


STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

## INVESTMENT ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>FLEXTRONICS INTERNATIONAL LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>FLEX</td><td>-100,000</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>GALYANS TRADING INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>GLYN</td><td>-150,000</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>TYC</td><td>-100,000</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>VGR</td><td>-393,008</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>FLEXTRONICS INTERNATIONAL LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>FLEX</td><td>100,000</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>GALYANS TRADING INC<br>JOURNAL FROM TYPE 1 TO 2</td><td>GLYN</td><td>150,000</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>TYC</td><td>100,000</td><td></td><td></td><td></td></tr><tr><td>01/27/03</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>VGR</td><td>393,008</td><td></td><td></td><td></td></tr><tr><td>01/28/03</td><td>01/23/03</td><td>BOUGHT</td><td>MBNA CORP<br>UNSOLICITED<br>AS OF 01/23/03</td><td>KRB</td><td>1,000,000</td><td>16,24770</td><td>16,307,705.00</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-16,307,705.00</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<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>01/27/03</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM JPMORGAN CHASE BANK</td><td></td><td>8,000,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$8,000,000.00</td></tr></tbody></table>

027



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EFTA00196730



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, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



6 of 8

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

## MONEY FUND ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>2,331,231.89</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>01/02/03</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>3,284.55</td><td></td><td>3,284.55</td><td></td></tr><tr><td>01/02/03</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES AMT INCLUDED IN 2002 - 1099</td><td>DICXX</td><td></td><td></td><td></td><td>3,284.55</td></tr><tr><td>01/27/03</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-2,334,516.44</td><td>1.0000</td><td></td><td>2,334,516.44</td></tr><tr><td>01/27/03</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVS</td><td>DICXX</td><td></td><td></td><td></td><td>2,024.51</td></tr></table>

<table border="1"><tr><td>01/31/03</td><td>CLOSINGBALANCE</td><td colspan="2">0.00</td></tr><tr><td>TOTAL</td><td></td><td>-3,284.55</td><td>$2,339,825.50</td></tr></table>

## 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>01/02/03</td><td>HOLLINGER INTERNATIONAL INC<br>CL A<br>DIV CHG 25000 SHS SHORT<br>REC 01/01/03 PAY 01/15/03</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></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





7 of 8





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD January 1, 2003

THROUGH January 31, 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>01/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 12/21 THRU 12/30</td><td></td><td></td><td>0.7500</td><td></td><td>100.20</td></tr><tr><td>01/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 12/31 THRU 01/20</td><td></td><td></td><td>0.7500</td><td></td><td>268.04</td></tr><tr><td colspan="6">TOTAL</td><td>$368.24</td></tr></tbody></table>



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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>01/06/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>5,250.00</td><td></td></tr><tr><td>01/06/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>5,250.00</td></tr><tr><td>01/13/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>1,249.00</td></tr><tr><td>01/13/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>1,249.00</td><td></td></tr><tr><td>01/21/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>12,500.00</td></tr><tr><td>01/21/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>12,500.00</td><td></td></tr><tr><td>01/27/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>449,322.00</td><td></td></tr><tr><td>01/27/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>2,336,541.00</td><td></td></tr><tr><td>01/27/03</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>9,000.00</td></tr><tr><td>01/27/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>449,322.00</td></tr><tr><td>01/27/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>2,336,541.00</td></tr><tr><td>01/27/03</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>9,000.00</td><td></td></tr><tr><td>01/28/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>8,000,000.00</td><td></td></tr><tr><td>01/28/03</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>8,000,000.00</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-10,813,862.00</td><td>$10,813,862.00</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


8 of 8

## Your messages



The interest, if any, charged to your account during December 2002 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2003 is computed from December 31, 2002.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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