EFTA00196815

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>Trades Not Yet Settled</td><td>8</td></tr><tr><td>Your Messages</td><td>8</td></tr></table>





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio at a Glance

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

Market Value of Your Portfolio

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>57,179,974</td></tr><tr><td>NET DEBIT BALANCE</td><td>-7,479,796</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$49,700,178</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>40,080,099</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>9,620,079</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 1, 2004

TAXPAYER NUMBER On File

THROUGH January 30, 2004

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

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EFTA00196817



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>$672,183.06</td></tr><tr><td>Funds Deposited</td><td>6,000,556.00</td></tr><tr><td>Dividends/Interest</td><td>102,254.30</td></tr><tr><td>Amount Credited</td><td>$6,102,810.30</td></tr><tr><td>Securities Bought</td><td>-14,248,560.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-6,229.80</td></tr><tr><td>Amount Debited</td><td>$-14,254,789.80</td></tr><tr><td>Net Cash Activity</td><td>-8,151,979.50</td></tr><tr><td>Closing Balance</td><td>$-7,479,796.44</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>672,183.06</td><td>0.06</td></tr><tr><td>Margin</td><td>0.00</td><td>-7,479,796.50</td></tr><tr><td>Net Cash Balance</td><td>$672,183.06</td><td>$-7,479,796.44</td></tr></table>

Income Summary

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Dividends</td><td>100,000.00</td><td>100,000.00</td></tr><tr><td>Credit Balance Int.</td><td>398.34</td><td>398.34</td></tr><tr><td>Total</td><td>$100,398.34</td><td>$100,398.34</td></tr><tr><td>Margin Int. Paid</td><td>-4,373.84</td><td>-4,373.84</td></tr></tbody></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>7,479,796</td><td></td></tr><tr><td>Equities</td><td></td><td>57,179,974</td></tr><tr><td>Total</td><td>$7,479,796</td><td>$57,179,974</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 112D1-3859

FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004

| ACCOUNT NUMBER | |
| :--- | :---|
| TAXPAYER NUMBER | On File |
| LAST STATEMENT | December 31, 2003 |

Your Portfolio Allocation



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

EFTA00196818



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>-7,479,796</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-7,479,796</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>BANK OF AMERICA CORP</td><td>BAC</td><td>MRGN</td><td>100,000</td><td>81.4600</td><td>8,146,000</td><td>320,000</td><td>3.9283</td></tr><tr><td>WALT DISNEY CO HOLDING CO</td><td>DIS</td><td>CASH</td><td>250,000</td><td>24.0000</td><td>6,000,000</td><td>52,500</td><td>0.8750</td></tr><tr><td>FLEXTRONICS INTERNATIONAL LTD</td><td>FLEX</td><td>CASH</td><td>100,000</td><td>19.0000</td><td>1,900,000</td><td></td><td></td></tr><tr><td>GALYANS TRADING INC</td><td>GLYN</td><td>CASH</td><td>150,000</td><td>8.8090</td><td>1,321,350</td><td></td><td></td></tr><tr><td>IFIL(IST FIN ITAL) EUR1 INVST CL</td><td>T44352291</td><td>CASH</td><td>100,000</td><td>3.0450</td><td>304,500</td><td></td><td></td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>MRGN</td><td>1,000,000</td><td>26.9600</td><td>26,960,000</td><td>480,000</td><td>1.7804</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>MRGN</td><td>100,000</td><td>26.7500</td><td>2,675,000</td><td>5,000</td><td>0.1869</td></tr><tr><td>VECTOR GROUP LTD</td><td>VGR</td><td>MRGN</td><td>412,658</td><td>17.1000</td><td>7,056,452</td><td>660,253</td><td>9.3567</td></tr><tr><td>SENTIGEN HOLDING CP RSTD</td><td>9380646</td><td>CASH</td><td>333,334</td><td>8.4500</td><td>2,816,672</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$57,179,974</td><td>$1,517,753</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$57,179,974</td><td>$1,517,753</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 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 8**



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

## Your Portfolio Holdings (continued)

STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004

ACCOUNT NUMBER

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$1,517,753</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$49,700,178</td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |



Transaction Detail


## INVESTMENT ACTIVITY

<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>01/05/04</td><td>12/29/03</td><td>BOUGHT</td><td>IFIL(IST FIN ITAL)<br>EUR1 INVST CL<br>UNSOLICITED<br>UN- - -</td><td>T44352291</td><td>100,000</td><td>3.23000</td><td>323,000.00</td><td></td></tr><tr><td>01/07/04</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>01/07/04</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>VGR</td><td>-412,658</td><td></td><td></td><td></td></tr><tr><td>01/07/04</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>01/07/04</td><td></td><td>JOURNAL</td><td>VECTOR GROUP LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>VGR</td><td>412,658</td><td></td><td></td><td></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





Bear, Steams 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, 2004

## INVESTMENT ACTIVITY (continued)

THROUGH January 30, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

<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>01/08/04</td><td>01/05/04</td><td>BOUGHT</td><td>WALT DISNEY CO HOLDING CO WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED AS OF 01/05/04</td><td>DIS</td><td>250,000</td><td>23.99000</td><td>6,012,505.00</td><td></td></tr><tr><td>01/09/04</td><td>01/06/04</td><td>BOUGHT</td><td>BANK OF AMERICA CORP AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT SOLICITED</td><td>BAC</td><td>100,000</td><td>79.07050</td><td>7,913,055.00</td><td></td></tr><tr><td>01/30/04</td><td></td><td>JOURNAL</td><td>MBNA CORP JOURNAL FROM TYPE 1 TO 2</td><td>KRB</td><td>-1,000,000</td><td></td><td></td><td></td></tr><tr><td>01/30/04</td><td></td><td>JOURNAL</td><td>MBNA CORP JOURNAL FROM TYPE 1 TO 2</td><td>KRB</td><td>1,000,000</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$-14,248,560.00</td><td></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>01/05/04</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM IPMCHASE</td><td></td><td>6,000,000.00</td></tr><tr><td>01/06/04</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM GOLDMAN SACHS CO</td><td></td><td>556.00</td></tr><tr><td colspan="3">TOTAL</td><td></td><td>$6,000,556.00</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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 8

FINANCIAL TRUST COMPANY INC

## **Transaction Detail** (continued)

## DIVIDENDS

STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004

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 rowspan="2">01/02/04</td><td>MBNA CORP</td><td>KRB</td><td>1,000,000</td><td>0.1000</td><td></td><td>100,000.00</td></tr><tr><td>REC 12/15/03 PAY 01/01/04</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$100,000.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |



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>01/21/04</td><td>INT DB<br>12/31 - 01/20 @02,50000%<br>BAL 7475820 AVG 4271898</td><td></td><td></td><td></td><td>6,229.80</td><td></td></tr><tr><td>01/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 00,50000% 12/21 - 01/20</td><td></td><td></td><td></td><td></td><td>398.34</td></tr><tr><td>01/29/04</td><td>ADJ 1/21/04 INT CHRG TO FF+7</td><td></td><td></td><td></td><td></td><td>1,855.96</td></tr><tr><td colspan="5">TOTAL</td><td>-6,229.80</td><td>$2,254.30</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>01/07/04</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>437,234.00</td><td></td></tr><tr><td>01/07/04</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>437,234.00</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-437,234.00</td><td>$437,234.00</td></tr></tbody></table>

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EFTA00196822



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



8 of 8



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST COMPANY INC

## Trades Executed Pending Settlement

STATEMENT PERIOD January 1, 2004

<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>02/03/04</td><td>01/29/04</td><td>BOUGHT</td><td>WALT DISNEY CO HOLDING CO WITH RIGHTS TO PURCHASE COMMON STK UNDER CERTAIN CIRCUMSTANCE AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>DIS</td><td>1,000,000.00</td><td>24.5543</td><td>24,614,305.00</td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td></td><td>$24,614,305.00</td><td>$0.00</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.

## Your messages



Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection will change to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.



The interest, if any, charged to your account during December 2003 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2004 is computed from December 31, 2003.



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


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