EFTA00195451

OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<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>

Financial Summary 3

Your Portfolio Holdings ... 4

## What’s In This Statement

Transaction Detail 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>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

## Your Portfolio at a Glance

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

<table><thead><tr><th>NET CREDIT BALANCE</th><td>751</td></tr></thead><tbody><tr><td><strong>NET EQUITY THIS PERIOD</strong></td><td>$751</td></tr><tr><td colspan="2">-------------------------------------------</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>751</td></tr></tbody></table>

## Important Message

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month.

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




2 of 7


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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EFTA00195453



BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.80</td></tr><tr><td>Securities Sold</td><td>85,869,531.25</td></tr><tr><td>Dividends/Interest</td><td>388,417.32</td></tr><tr><td>Miscellaneous</td><td>2,942,938.00</td></tr><tr><td>Amount Credited</td><td>$89,200,886.57</td></tr><tr><td>Securities Bought</td><td>-89,065,558.14</td></tr><tr><td>Miscellaneous</td><td>-134,577.88</td></tr><tr><td>Amount Debited</td><td>$-89,200,136.02</td></tr><tr><td>Net Cash Activity</td><td>750.55</td></tr><tr><td>Closing Balance</td><td>$751.35</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>0.80</td><td>751.35</td></tr><tr><td>Net Cash Balance</td><td>$0.80</td><td>$751.35</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>388,417.12</td><td>2,069,036.57</td></tr><tr><td>Credit Balance Int.</td><td>0.20</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>$388,417.32</td><td>$2,101,929.04</td></tr><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-498,772.20</td></tr><tr><td>Repurchase Int. Exp.</td><td>-40,558.14</td><td>-211,768.62</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>751</td></tr><tr><td>Total</td><td>$751</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><thead><tr><th>STATEMENT PERIOD</th><td>July 26, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>August 29, 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>July 25, 2003</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.

EFTA00195454



BEAR
STEARNS


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

4 of 7

## Your Portfolio Holdings



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



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>751</td><td></td><td></td></tr><tr><td>TOTAL CASH&amp;CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$751</td><td></td><td></td></tr></table>



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><th>$751</th></tr></thead></table>

FINANCIAL TRUST CO INC

## INVESTMENT ACTIVITY

STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003



Transaction Detail


ACCOUNT NUMBER

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

<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">07/28/03</td><td rowspan="3">07/25/03</td><td rowspan="3">SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013, 03,625% MN 15</td><td></td><td>-10,000,000</td><td>95.98438</td><td></td><td>9,598,437.50</td></tr><tr><td>YIELD 4,127 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>72,894.02</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="2">07/29/03</td><td rowspan="2">07/28/03</td><td rowspan="2">SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2008, 02,625% MN 15</td><td></td><td>-10,000,000</td><td>97.98438</td><td></td><td>9,798,437.50</td></tr><tr><td>YIELD 3,080 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>53,498.64</td></tr></tbody></table>

027



08/30/03;13:15 001


EFTA00195455



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 Metrotech Center North

Brooklyn, New York 11201-3859

5 of 7

FINANCIAL TRUST CO INC

## Transaction Detail (continued)

STATEMENT PERIOD July 26, 2003

## INVESTMENT ACTIVITY (continued)

THROUGH August 29, 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>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>07/30/03</td><td>07/29/03</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013 03,625% MN 15<br>YIELD 4,329 % TO MATURITY<br>GVER REF #</td><td></td><td>-35,000,000</td><td>94.42188</td><td></td><td>33,047,656.25</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>ACCR. INT.</td><td></td><td>262,024.46</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">07/28/03</td><td>AVG BAL 1,522RT 0.215</td><td></td><td></td><td></td><td></td><td>0.20</td></tr><tr><td>021 OFFICE INTEREST 0703</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$0.20</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>07/28/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,625 DUE 05/15/13<br>REPO AGREEMENT</td><td></td><td>-35,000,000</td><td></td><td>33,425,000.00</td></tr><tr><td>07/28/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,625 DUE 05/15/13<br>TERM REPO AGREEMENT</td><td></td><td>45,000,000</td><td>45,450,000.00</td><td></td></tr><tr><td>07/28/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013<br>3,625<br>FITG<br>REPO INTEREST</td><td></td><td></td><td>32,105.38</td><td></td></tr></tbody></table>

027



08/30/03;13:15 001


EFTA00195456



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 7

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD July 26, 2003

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH August 29, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 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>07/29/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>2,625 DUE 05/15/08<br>TERM REPO AGREEMENT</td><td></td><td>10,000,000</td><td>10,150,000.00</td><td></td></tr><tr><td>07/29/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2008<br>2,625<br>FITG<br>REPO INTEREST</td><td></td><td></td><td>8,151.01</td><td></td></tr><tr><td>07/30/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,625 DUE 05/15/13<br>TERM REPO AGREEMENT</td><td></td><td>35,000,000</td><td>33,425,000.00</td><td></td></tr><tr><td>07/30/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013<br>3,625<br>FITG<br>REPO INTEREST</td><td></td><td></td><td>301.75</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-89,065,558.14</td><td>$33,425,000.00</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>07/29/03</td><td>RECEIVED</td><td>FITG<br>POOL COUPON 2,6250 FINANCING NET PAIROFF DIFF</td><td>126.88</td><td></td></tr><tr><td>07/29/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>531,596.00</td></tr><tr><td>07/30/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>1,856,257.00</td></tr><tr><td>07/31/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>305,085.00</td></tr><tr><td>08/01/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>250,000.00</td></tr></tbody></table>

027



08/30/03;13:15 001


EFTA00195457



BEAR
STEARNS


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

7 of 7

## **Transaction Detail** (continued)

MISCELLANEOUS (continued)

<table border="1"><tr><td>DATE MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>08/11/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>134,451.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-134,577.88</td><td>$2,942,938.00</td></tr></table>



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





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 July 26, 2003

THROUGH August 29, 2003

ACCOUNT NUMBER

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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