EFTA00195458

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>3</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Trades Not Yet Settled</td><td>5</td></tr></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><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>

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

## Your Portfolio at a Glance

FINANCIAL TRUST CO INC

<table border="1"><tr><td>NET CREDIT 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>2,221</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,220</td></tr></table>

STATEMENT PERIOD June 28, 2003

ACCOUNT NUMBER

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

THROUGH July 25, 2003

TAXPAYER NUMBER On File

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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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

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>Opening Balance</td><td>$2,221.20</td></tr><tr><td>Dividends/Interest</td><td>11.60</td></tr><tr><td>Amount Credited</td><td>$11.60</td></tr><tr><td>Miscellaneous</td><td>-2,232.00</td></tr><tr><td>Amount Debited</td><td>$-2,232.00</td></tr><tr><td>Net Cash Activity</td><td>-2,220.40</td></tr><tr><td>Closing Balance</td><td>$0.80</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>2,221.20</td><td>0.80</td></tr><tr><td>Net Cash Balance</td><td>$2,221.20</td><td>$0.80</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>1,680,619.45</td></tr><tr><td>Credit Balance Int.</td><td>11.60</td><td>225.60</td></tr><tr><td>Reverse Repurchase Int.</td><td>0.00</td><td>32,666.67</td></tr><tr><td>Total</td><td>$11.60</td><td>$1,713,511.72</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>0.00</td><td>-171,210.48</td></tr></table>

## 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>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></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD June 28, 2003

FINANCIAL TRUST CO INC

THROUGH July 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

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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


4 of 5



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

STATEMENT PERIOD June 28, 2003

## Your Portfolio Holdings (continued)

THROUGH July 25, 2003

ACCOUNT NUMBER

YOUR PRICED PORTFOLIOHOLDINGS

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

## Repurchase and Reverse Repurchase Transactions

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

<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>05/28/03</td><td>OPEN</td><td>0.200</td><td>-45,450,000</td><td>-32,105</td><td>-45,000,000</td><td></td><td>USTR</td><td>3.6250 05/15/13</td></tr><tr><td>YOU SOLD (REPO)</td><td>06/20/03</td><td>OPEN</td><td>0.750</td><td>-10,150,000</td><td>-8,066</td><td>-10,000,000</td><td></td><td>USTR</td><td>2.6250 05/15/08</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-55,600,000</td><td>$-40,171</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

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003



INTEREST


TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

<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">06/30/03</td><td>AVG BAL 30,056RT 0.496</td><td></td><td></td><td></td><td></td><td>11.60</td></tr><tr><td>021 OFFICE INTEREST 0603</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="7">TOTAL</td><td>$11.60</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>07/21/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>2,232.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-2,232.00</td><td></td></tr></tbody></table>

## Trades Executed Pending Settlement

<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>07/28/03</td><td>07/25/03</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013, 03,625% MN 15<br>YIELD 4,127 % TO MATURITY<br>GVER REF #</td><td></td><td>-10,000,000.00</td><td>95.9843</td><td></td><td>9,671,331.52</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$0.00</td><td>$9,671,331.52</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.

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