EFTA00197272

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 ... 5





<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

TAXPAYER NUMBER Not Available

| LAST STATEMENT | February 25, 2000 |

| :--- | :--- |

## Your Portfolio at a Glance

STATEMENT PERIOD May 26, 2001



ACCOUNT NUMBER



THROUGH June 29, 2001

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>16,360,000</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,142,877</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$17,502,877</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>0</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>17,502,877</td></tr></table>

Market Value of Your Portfolio

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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EFTA00197274



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>$0.00</td></tr><tr><td>Dividends/Interest</td><td>2,877.44</td></tr><tr><td>Miscellaneous</td><td>4,660,000.00</td></tr><tr><td>Amount Credited</td><td>$4,662,877.44</td></tr><tr><td>Miscellaneous</td><td>-3,520,000.00</td></tr><tr><td>Amount Debited</td><td>$-3,520,000.00</td></tr><tr><td>Net Cash Activity</td><td>1,142,877.44</td></tr><tr><td>Closing Balance</td><td>$1,142,877.44</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>0.00</td><td>1,142,877.44</td></tr><tr><td>Net Cash Balance</td><td>$0.00</td><td>$1,142,877.44</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Credit Balance Int.</td><td>2,877.44</td><td>2,877.44</td></tr><tr><td>Total</td><td>$2,877.44</td><td>$2,877.44</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,142,877</td></tr><tr><td>Equities</td><td>16,360,000</td></tr><tr><td>Total</td><td>$17,502,877</td></tr></table>

FINANCIAL TRUST COMPANY



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<table><thead><tr><th>STATEMENT PERIOD</th><th>May 26, 2001</th></tr></thead><tbody><tr><td>THROUGH</td><td>June 29, 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>February 25, 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.

EFTA00197275



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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## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,142,877</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,142,877</td><td></td></tr></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>BOSTON PROPERTIES INC</td><td>BXP</td><td>MRGN</td><td>400,000</td><td>40.9000</td><td>16,360,000</td><td>928,000</td><td>5.6724</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$16,360,000</td><td>$928,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$16,360,000</td><td>$928,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$928,000</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$17,502,877</td></tr></table>

FINANCIAL TRUST COMPANY

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | February 25, 2000 |

| :--- | :--- |

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07/01/01;03:09 001


EFTA00197276



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

STATEMENT PERIOD May 26, 2001



Transaction Detail


THROUGH June 29, 2001

## INVESTMENT ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | February 25, 2000 |

| :--- | :--- |

<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>06/11/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC FROM</td><td>BXP</td><td>200,000</td><td></td><td></td><td></td></tr><tr><td>06/12/01</td><td></td><td>JOURNAL</td><td>BOSTON PROPERTIES INC FROM SAME</td><td>BXP</td><td>200,000</td><td></td><td></td><td></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>06/20/01</td><td>INTEREST ON CREDIT BALANCE FIN TRUST .CASH COLLAT IN 2001-05-21 TO 2001-06-19</td><td></td><td></td><td></td><td></td><td>2,877.44</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$2,877.44</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>06/11/01</td><td>JOURNAL</td><td>CALL SUN MICROSYSTEMS INC<br>AMER OPTN - NY13764<br>FINANCIAL TRUST CO., INC<br>EXP 01/18/2002<br>PAYMENT PREMIUM</td><td></td><td>2,900,000.00</td></tr><tr><td>06/22/01</td><td>JOURNAL</td><td>CALL SUN MICROSYSTEMS INC<br>AMER OPTN - NY13764<br>FINANCIAL TRUST CO., INC<br>EXP 01/18/2002<br>TO BSIL FOR NY13764 TERM.</td><td>1,760,000.00</td><td></td></tr></tbody></table>

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EFTA00197277



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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## **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>06/22/01</td><td>JOURNAL</td><td>CALL SUN MICROSYSTEMS INC<br>AMER OPTN - NY13764<br>FINANCIAL TRUST CO., INC<br>EXP 01/18/2002<br>RECEIVE PREMIUM</td><td>1,760,000.00</td><td></td></tr><tr><td>06/25/01</td><td>JOURNAL</td><td>CALL SUN MICROSYSTEMS INC<br>AMER OPTN - NY13764<br>FINANCIAL TRUST CO., INC<br>EXP 01/18/2002<br>REVERSE 6/22 DUPE ENTRY</td><td></td><td>1,760,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-3,520,000.00</td><td>$4,660,000.00</td></tr></tbody></table>





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



FINANCIAL TRUST COMPANY

STATEMENT PERIOD May 26, 2001

| THROUGH | June 29, 2001 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | February 25, 2000 |

| :--- | :--- |

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