## Statements

EFTA00195431

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

## What’s In This Statement

<table><tr><td>ACCOUNT EXECUTIVE</td><td>GNMA GOVT BOND</td></tr><tr><td>VISIT OUR WEBSITE</td><td>www.bearstearns.com</td></tr></table>

Your Portfolio Holdings ... 2

Transaction Detail ... 3

Your Messages 4





<table border="1"><tr><td>FINANCIAL TRUST CO INC</td></tr><tr><td>C/O JEFFREY EPSTEIN</td></tr><tr><td>6100 RED HOOK QUARTER</td></tr><tr><td>ST B3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Cash Flow Analysis



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.18</td></tr><tr><td>Securities Sold</td><td>39,793,750.00</td></tr><tr><td>Dividends/Interest</td><td>58,606.56</td></tr><tr><td>Amount Credited</td><td>$39,852,356.56</td></tr><tr><td>Securities Bought</td><td>-39,736,535.03</td></tr><tr><td>Miscellaneous</td><td>-115,821.22</td></tr><tr><td>Amount Debited</td><td>$-39,852,356.25</td></tr><tr><td>Net Cash Activity</td><td>0.31</td></tr><tr><td>Closing Balance</td><td>$0.49</td></tr></table>

## Cash Balance Summary



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>0.18</td><td>0.49</td></tr><tr><td>Net Cash Balance</td><td>$0.18</td><td>$0.49</td></tr></table>

FINANCIAL TRUST CO INC

Income Summary

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

ACCOUNT NUMBER

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>U.S.Govt.Bond Int.</td><td>58,606.56</td><td>2,153,257.88</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>225.80</td></tr><tr><td>Reverse Repurchase Int.</td><td>0.00</td><td>32,666.67</td></tr><tr><td>Total</td><td>$58,606.56</td><td>$2,186,150.35</td></tr><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-532,378.76</td></tr><tr><td>Margin Int.Paid</td><td>0.00</td><td>-111.71</td></tr><tr><td>Repurchase Int.Exp.</td><td>-36,535.03</td><td>-255,320.39</td></tr></table>

TAXPAYER NUMBER On File

## Important Message

If any information regarding 2003 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by February 2, 2004 or a 1042S by March 15, 2004.

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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EFTA00195432



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



2 of 5



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



## 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 colspan="7">CASH BALANCE</td></tr><tr><td colspan="7">TOTAL CASH &amp; CASH EQUIVALENTS</td></tr></tbody></table>

FINANCIAL TRUST CO INC

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003



ACCOUNT NUMBER



## Repurchase and Reverse Repurchase Transactions

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<table><thead><tr><th></th><th>PURCHASE/ START DATE</th><th>REPURCHASE DATE</th><th>PRICING RATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>ACCRUED REPO INTEREST*</th><th>QUANTITY (FACE AMOUNT)</th><th>CUSIP</th><th>DESCRIPTION</th><th></th></tr></thead><tbody><tr><td>YOU SOLD (REPO)</td><td>11/14/03</td><td>OPEN</td><td>0.750</td><td>-9,987,500</td><td>-6,441</td><td>-10,000,000</td><td></td><td>USTR</td><td>3.1250 10/15/08</td></tr><tr><td>YOU SOLD (REPO)</td><td>12/05/03</td><td>OPEN</td><td>0.800</td><td>-19,900,000</td><td>-14,250</td><td>-20,000,000</td><td></td><td>USTR</td><td>1.6250 09/30/05</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-29,887,500</td><td>$-20,691</td><td></td><td></td><td></td><td></td></tr></tbody></table>

*As of statement date*

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01/01/04;12:17 001


EFTA00195433



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

3 of 5

FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD November 29, 2003

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>12/05/03</td><td>12/04/03</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 09/30/2005 01,625% MS 31<br>YIELD 1,923 % TO MATURITY<br>GVER REF #</td><td></td><td>-20,000,000</td><td>99.46875</td><td></td><td>19,893,750.00</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>ACCR. INT.</td><td></td><td>58,606.56</td></tr></tbody></table>

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc.

<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>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/05/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>1,625 DUE 09/30/05<br>REPO AGREEMENT</td><td></td><td>-20,000,000</td><td></td><td>19,900,000.00</td></tr><tr><td>12/05/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>1,625 DUE 09/30/05<br>TERM REPO AGREEMENT</td><td></td><td>40,000,000</td><td>39,700,000.00</td><td></td></tr><tr><td>12/05/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 09/30/2005 1,625<br>FITG<br>REPO INTEREST</td><td></td><td></td><td>36,535.03</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-39,736,535.03</td><td>$19,900,000.00</td></tr></tbody></table>

## MISCELLANEOUS

| DATE MO/DAY | TRANSACTION | DESCRIPTION | DEBIT AMOUNT | CREDIT AMOUNT |
| :--- | :--- | :--- | :--- | :--- |
| 12/05/03 | RECEIVED | FITG | 882.22 | |

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01/01/04;12:17 001


EFTA00195434



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 5

# **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>12/08/03</td><td>JOURNAL</td><td>FITG FITM</td><td>114,939.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-$115,821.22</td><td></td></tr></tbody></table>

## Your messages



Excess SIPC Account Protection Update

Bear, Stearns Securities Corp. ("BSSC"), a member of the Securities Investor Protection Corporation ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash ("SIPC Coverage"). Visit www.sipc.org for more information about SIPC Coverage. BSSC provides the additional protection ("Excess SIPC") through a commercial insurer. Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company ("CAPCO"), a licensed New York insurance company. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

STOP



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


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01/01/04;12:17 001


EFTA00195435



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


**5 of 5**

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

FINANCIAL TRUST CO INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

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