EFTA00195441

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

<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></table>





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Your Portfolio at a Glance

<table border="1"><tr><td>NET DEBIT BALANCE</td><td>-1</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$-1</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>657</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-658</td></tr></table>

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

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT PERIOD October 1, 2003

Market Value of Your Portfolio

ACCOUNT NUMBER

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

THROUGH October 31, 2003

TAXPAYER NUMBER On File

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




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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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BEAR
STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$657.05</td></tr><tr><td>Securities Sold</td><td>59,450,000.00</td></tr><tr><td>Miscellaneous</td><td>235,658.00</td></tr><tr><td>Amount Credited</td><td>$59,685,658.00</td></tr><tr><td>Securities Bought</td><td>-59,581,250.00</td></tr><tr><td>Funds Withdrawn</td><td>-71,459.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-33,606.56</td></tr><tr><td>Amount Debited</td><td>$-59,686,315.56</td></tr><tr><td>Net Cash Activity</td><td>-657.56</td></tr><tr><td>Closing Balance</td><td>$-0.51</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>657.05</td><td>-0.51</td></tr><tr><td>Net Cash Balance</td><td>$657.05</td><td>$-0.51</td></tr></table>

Income Summary

<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>0.00</td><td>2,069,036.57</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>$0.00</td><td>$2,101,929.04</td></tr><tr><td>Bond Purchase Int.</td><td>-33,606.56</td><td>-532,378.76</td></tr><tr><td>Margin Int.Paid</td><td>0.00</td><td>-94.30</td></tr><tr><td>Repurchase Int.Exp.</td><td>0.00</td><td>-211,768.62</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>1</td><td></td></tr><tr><td>Total</td><td>$1</td><td></td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

FINANCIAL TRUST CO INC

<table><tr><td>STATEMENT PERIOD</td><td>October 1, 2003</td></tr><tr><td>THROUGH</td><td>October 31, 2003</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>September 30, 2003</td></tr></table>

EFTA00195444



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 6



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## Your Portfolio Holdings

CASH & CASH EQUIVALENTS



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



<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>-1</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-1</td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th>YOUR PRICED PORTFOLIO HOLDINGS</th><td>$-1</td></tr></thead></table>

FINANCIAL TRUST CO INC

## Repurchase and Reverse Repurchase Transactions

STATEMENT PERIOD October 1, 2003

with Bear, Stearnsand Co. Inc. outstanding as of date of statement

| THROUGH | October 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 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>0.650</td><td>-39,700,000</td><td>-7,862</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>10/17/03</td><td>OPEN</td><td>0.200</td><td>-19,750,000</td><td>-5,535</td><td>-20,000,000</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>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-59,450,000</td><td>$-13,397</td><td></td><td></td><td></td><td></td></tr></tbody></table>

*As of statement date*

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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
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



5 of 6

FINANCIAL TRUST CO INC



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 rowspan="3">10/17/03</td><td rowspan="3">10/16/03</td><td rowspan="3">BOUGHT</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>20,000,000</td><td>98.87500</td><td>19,775,000.00</td><td></td></tr><tr><td>DUE 10/15/2008 03,125% AO 15</td><td></td><td>ACCR. INT.</td><td></td><td>3,415.30</td><td></td></tr><tr><td>YIELD 3,372 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="3">10/17/03</td><td rowspan="3">10/16/03</td><td rowspan="3">BOUGHT</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>40,000,000</td><td>99.51563</td><td>39,806,250.00</td><td></td></tr><tr><td>DUE 09/30/2005 01,625% MS 31</td><td></td><td>ACCR. INT.</td><td></td><td>30,191.26</td><td></td></tr><tr><td>YIELD 1,879 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-59,614,856.56</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>10/03/03</td><td>FND WIRED</td><td>MDA# FNDSWIRED TO<br>FLEET NATIONAL BANK</td><td>71,459.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-71,459.00</td><td></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>10/17/03</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>-20,000,000</td><td></td><td>19,750,000.00</td></tr></tbody></table>

027

EFTA00195446



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

6 of 6

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 1, 2003





THROUGH October 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 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>10/17/03</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>-40,000,000</td><td></td><td>39,700,000.00</td></tr><tr><td colspan="8">TOTAL</td><td>$59,450,000.00</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>10/06/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td></td><td>1,338.00</td></tr><tr><td>10/10/03</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>69,463.00</td></tr><tr><td>10/20/03</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>38,459.00</td></tr><tr><td>10/21/03</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>126,398.00</td></tr><tr><td colspan="4">TOTAL</td><td>$235,658.00</td></tr></tbody></table>



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


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