EFTA00197261

OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail 4





<table border="1"><tr><td>FINANCIAL TRUST COMPANY</td></tr><tr><td>C/O AMERICAN YACHT HARBOR</td></tr><tr><td>6100 RED HOOK QUARTER</td></tr><tr><td>SUITE B-3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

## FINANCIAL TRUST COMPANY

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

TAXPAYER NUMBER Not Available



ACCOUNT NUMBER



| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>8,970,861</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$8,970,861</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>16,792,667</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-7,821,806</td></tr></table>

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

Market Value of Your Portfolio

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.

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FINANCIAL TRUST COMPANY



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STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197263



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,080,666.83</td></tr><tr><td>Dividends/Interest</td><td>235,736.13</td></tr><tr><td>Miscellaneous</td><td>7,900,000.00</td></tr><tr><td>Amount Credited</td><td>$8,135,736.13</td></tr><tr><td>Dividends/Interest Charged</td><td>-70,394.82</td></tr><tr><td>Miscellaneous</td><td>-175,147.43</td></tr><tr><td>Amount Debited</td><td>$-245,542.25</td></tr><tr><td>Net Cash Activity</td><td>7,890,193.88</td></tr><tr><td>ClosingBalance</td><td>$8,970,860.71</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,080,666.83</td><td>8,738,860.71</td></tr><tr><td>Margin</td><td>0.00</td><td>232,000.00</td></tr><tr><td>Net Cash Balance</td><td>$1,080,666.83</td><td>$8,970,860.71</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>232,000.00</td><td>232,000.00</td></tr><tr><td>Credit Balance Int.</td><td>3,736.13</td><td>9,987.30</td></tr><tr><td>Total</td><td>$235,736.13</td><td>$241,987.30</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>8,970,861</td></tr><tr><td>Total</td><td>$8,970,861</td></tr></table>

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<table><thead><tr><th>STATEMENT PERIOD</th><td>July 28, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>August 31, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>Not Available</td></tr><tr><td>LAST STATEMENT</td><td>July 27, 2001</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.

EFTA00197264



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

4 of 6

FINANCIAL TRUST COMPANY

## 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>8,970,861</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$8,970,861</td><td></td><td></td></tr></tbody></table>

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><td>$8,970,860</td></tr></thead></table>

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

## INVESTMENT ACTIVITY



Transaction Detail


<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>08/24/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC<br>JRL TO PER INTX'S</td><td>BXP</td><td>-400,000</td><td></td><td></td><td></td></tr><tr><td>08/27/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC<br>ADJ POSITION TO ZERO</td><td>BXP</td><td>400,000</td><td></td><td></td><td></td></tr><tr><td>08/27/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC<br>ADJ POSITION TO ZERO</td><td>BXP</td><td>-400,000</td><td></td><td></td><td></td></tr><tr><td colspan="9">TOTAL</td></tr></tbody></table>

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EFTA00197265



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

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FINANCIAL TRUST COMPANY

## **Transaction Detail** (continued)

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

## DIVIDENDS

TAXPAYER NUMBER Not Available

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

<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>07/30/01</td><td>BOSTON PROPERTIES INC<br>REC 06/29/01 PAY 07/30/01</td><td>BXP</td><td>400,000</td><td>0.5800</td><td></td><td>232,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$232,000.00</td></tr></tbody></table>



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>08/09/01</td><td>BSIL VS FINANCIAL TRUST CO.,I<br>NY13763 EQUITY SWAP<br>DUE 01/24/02<br>SUN MICROSTEMS INC<br>RECEIVE ON CASH FLOW C</td><td></td><td></td><td></td><td>70,085.80</td><td></td></tr><tr><td>08/10/01</td><td>BSIL VS FINANCIAL TRUST CO.,I<br>NY13763 EQUITY SWAP<br>DUE 01/24/02<br>SUN MICROSTEMS INC<br>RECEIVE ON CASH FLOW C</td><td></td><td></td><td></td><td>309.02</td><td></td></tr><tr><td>08/20/01</td><td>INTEREST ON CREDIT BALANCE<br>FIN TRUST ,CASH COLLAT IN<br>2001-07-20 TO 2001-08-19</td><td></td><td></td><td></td><td></td><td>3,736.13</td></tr><tr><td colspan="5">TOTAL</td><td>-70,394.82</td><td>$3,736.13</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>08/10/01</td><td>JOURNAL</td><td>BSIL VS FINANCIAL TRUST CO.,I<br>NY13763 EQUITY SWAP<br>DUE 01/24/02<br>SUN MICROSYSTEMS INC<br>RECEIVE ON CASH FLOW B</td><td>175,147.43</td><td></td></tr></tbody></table>

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EFTA00197266



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

6 of 6

## **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>08/24/01</td><td>JOURNAL</td><td>FROM SAME</td><td></td><td>1,900,000.00</td></tr><tr><td>08/24/01</td><td>JOURNAL</td><td>FROM SAME</td><td></td><td>4,000,000.00</td></tr><tr><td>08/31/01</td><td>JOURNAL</td><td>JNL FROM LOA</td><td></td><td>2,000,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-175,147.43</td><td>$7,900,000.00</td></tr></tbody></table>





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


FINANCIAL TRUST COMPANY

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

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