EFTA00195436

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

<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>

## What’s In This Statement

Financial Summary 1

Your Portfolio Holdings ... 2

Transaction Detail ... 3





<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

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>-0.51</td></tr><tr><td>Securities Sold</td><td>19,935,937.50</td></tr><tr><td>Dividends/Interest</td><td>25,614.75</td></tr><tr><td>Miscellaneous</td><td>181.59</td></tr><tr><td>Amount Credited</td><td>$19,961,733.84</td></tr><tr><td>Securities Bought</td><td>-19,757,016.74</td></tr><tr><td>Dividends/Interest Charged</td><td>-17.41</td></tr><tr><td>Miscellaneous</td><td>-204,699.00</td></tr><tr><td>Amount Debited</td><td>$-19,961,733.15</td></tr><tr><td>Net Cash Activity</td><td>0.69</td></tr><tr><td>Closing Balance</td><td>$0.18</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-0.51</td><td>0.18</td></tr><tr><td>Net Cash Balance</td><td>$-0.51</td><td>$0.18</td></tr></table>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD November 1, 2003

Income Summary

THROUGH November 28, 2003

FINANCIAL TRUST CO INC



ACCOUNT NUMBER



<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>25,614.75</td><td>2,094,651.32</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>$25,614.75</td><td>$2,127,543.79</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>-17.41</td><td>-111.71</td></tr><tr><td>Repurchase Int.Exp.</td><td>-7,016.74</td><td>-218,785.36</td></tr></table>

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File



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.

027 11/29/03:08:43 001


EFTA00195437



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 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><td>CURRENT YIELD(%)</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH&amp;CASH EQUIVALENTS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

FINANCIAL TRUST CO INC

STATEMENT PERIOD November 1, 2003

## Repurchase and Reverse Repurchase Transactions

THROUGH November 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 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>10/17/03</td><td>OPEN</td><td>0.930</td><td>-39,700,000</td><td>-33,943</td><td>-40,000,000</td><td></td><td>USTR</td><td>1.6250 09/30/05</td></tr><tr><td>YOU SOLD (REPO)</td><td>11/14/03</td><td>OPEN</td><td>1.030</td><td>-9,987,500</td><td>-1,925</td><td>-10,000,000</td><td></td><td>USTR</td><td>3.1250 10/15/08</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-49,687,500</td><td>$-35,868</td><td></td><td></td><td></td><td></td></tr></tbody></table>

*As of statement date*

027



11/29/03;08:43 001


EFTA00195438



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



3 of 5

FINANCIAL TRUST CO INC



Transaction Detail




STATEMENT PERIOD November 1, 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>11/14/03</td><td>11/13/03</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 10/15/2008 03,125% AO 15</td><td></td><td>-10,000,000</td><td>99.48438</td><td></td><td>9,948,437.50</td></tr><tr><td></td><td></td><td></td><td>YIELD 3,239 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>25,614.75</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 rowspan="2">11/03/03</td><td>AVG BAL 5,422RT 3.852</td><td></td><td></td><td></td><td>17.41</td><td></td></tr><tr><td>021 OFFICE INTEREST 1003</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-17.41</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>11/14/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,125 DUE 10/15/08<br>REPO AGREEMENT</td><td></td><td>-10,000,000</td><td></td><td>9,987,500.00</td></tr><tr><td>11/14/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,125 DUE 10/15/08<br>TERM REPO AGREEMENT</td><td></td><td>20,000,000</td><td>19,750,000.00</td><td></td></tr></tbody></table>

027



11/29/03;08:43 001


EFTA00195439



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

4 of 5

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD November 1, 2003





THROUGH November 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 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>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/14/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 10/15/2008 3,125<br>FITG<br>REPO INTEREST</td><td></td><td></td><td>7,016.74</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-19,757,016.74</td><td>$9,987,500.00</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>11/05/03</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>17.00</td></tr><tr><td>11/14/03</td><td>DELIVERED</td><td>FITG<br>POOL COUPON 3,1250<br>FINANCING NET PAIROFF DIFF</td><td></td><td>164.59</td></tr><tr><td>11/17/03</td><td>JOURNAL</td><td>FITG FITM</td><td>204,699.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-204,699.00</td><td>$181.59</td></tr></tbody></table>



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


027



11/29/03;08:43 001


EFTA00195440



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

027