EFTA00195463

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 3

Your Portfolio Holdings ... 4

Transaction Detail ... 5







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>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

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

## Your Portfolio at a Glance

TAXPAYER NUMBER On File

FINANCIAL TRUST CO INC

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>2,221</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$2,221</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>-1</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>2,222</td></tr></table>

ACCOUNT NUMBER

STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

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>OpeningBalance</td><td>-0.91</td></tr><tr><td>Securities Sold</td><td>20,506,250.00</td></tr><tr><td>Dividends/Interest</td><td>103,619.09</td></tr><tr><td>Amount Credited</td><td>$20,609,869.09</td></tr><tr><td>Securities Bought</td><td>-20,309,005.63</td></tr><tr><td>Dividends/Interest Charged</td><td>-25,679.35</td></tr><tr><td>Miscellaneous</td><td>-272,962.00</td></tr><tr><td>Amount Debited</td><td>-20,607,646.98</td></tr><tr><td>Net Cash Activity</td><td>2,222.11</td></tr><tr><td>Closing Balance</td><td>$2,221.20</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-0.91</td><td>2,221.20</td></tr><tr><td>Net Cash Balance</td><td>-0.91</td><td>$2,221.20</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>103,591.16</td><td>1,680,619.45</td></tr><tr><td>Credit Balance Int.</td><td>27.93</td><td>214.00</td></tr><tr><td>Reverse Repurchase Int.</td><td>0.00</td><td>32,666.67</td></tr><tr><td>Total</td><td>$103,619.09</td><td>$1,713,500.12</td></tr><tr><td>Bond Purchase Int.</td><td>-25,679.35</td><td>-498,772.20</td></tr><tr><td>Repurchase Int. Exp.</td><td>-23,068.13</td><td>-171,210.48</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>2,221</td></tr><tr><td>Total</td><td>$2,221</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

FINANCIAL TRUST CO INC

| STATEMENT PERIOD | May 31, 2003 |
| :--- | :--- |
| THROUGH | June 27, 2003 |

<table><thead><tr><th>ACCOUNT NUMBER</th><th></th></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>May 30, 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.

EFTA00195466



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 SUBSIDIARY



## Your Portfolio Holdings

CASH & CASH EQUIVALENTS



Bear, Stearns Securities Corp.

One Metratech 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>2,221</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$2,221</td><td></td><td></td></tr></tbody></table>

FINANCIAL TRUST CO INC

<table border="1"><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$2,221</td></tr></table>

STATEMENT PERIOD May 31, 2003

## Repurchase and Reverse Repurchase Transactions

THROUGH June 27, 2003

AGCOUNT NUMBER

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

TAXPAYER NUMBER On File

| LAST STATEMENT | May 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>05/28/03</td><td>OPEN</td><td>0.200</td><td>-45,450,000</td><td>-25,035</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>0.940</td><td>-10,150,000</td><td>-3,030</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>$-28,065</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 SUBSIDIARY

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

5 of 6

FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD May 31, 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 rowspan="4">06/20/03</td><td rowspan="4">06/19/03</td><td rowspan="4">SOLD</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>-10,000,000</td><td>103.56250</td><td></td><td>10,356,250.00</td></tr><tr><td>DUE 02/15/2008 03,000% FA 15</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>103,591.16</td></tr><tr><td>YIELD 2,190 % TO MATURITY</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>GVER REF #</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="4">06/20/03</td><td rowspan="4">06/19/03</td><td rowspan="4">BOUGHT</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>10,000,000</td><td>101.60938</td><td>10,160,937.50</td><td></td></tr><tr><td>DUE 05/15/2008 02,625% MN 15</td><td></td><td>ACCR. INT.</td><td></td><td>25,679.35</td><td></td></tr><tr><td>YIELD 2,276 % TO MATURITY</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>GVER REF #</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-10,186,616.85</td><td>$10,459,841.16</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">06/02/03</td><td>AVG BAL 60,963RT 0.550</td><td></td><td></td><td></td><td></td><td>27.93</td></tr><tr><td>021 OFFICE INTEREST 0503</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$27.93</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>06/20/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,000 DUE 02/15/08<br>RP TERM<br>TERM REPO AGREEMENT</td><td></td><td>10,000,000</td><td>10,125,000.00</td><td></td></tr></tbody></table>

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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** (continued)

STATEMENT PERIOD May 31, 2003

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH June 27, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 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>06/20/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>2,625 DUE 05/15/08<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-10,000,000</td><td></td><td>10,150,000.00</td></tr><tr><td>06/20/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/15/2008 3,000<br>FITG<br>RP TERM<br>REPO INTEREST</td><td></td><td></td><td>23,068.13</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-$10,148,068.13</td><td>$10,150,000.00</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>06/24/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>272,962.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-272,962.00</td><td></td></tr></tbody></table>

STOP



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


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