EFTA00195469

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



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

## Your Portfolio at a Glance

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<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>11</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-12</td></tr></table>

FINANCIAL TRUST CO INC

TAXPAYER NUMBER On File

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

STATEMENT PERIOD April 26, 2003

ACCOUNT NUMBER

THROUGH May 30, 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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EFTA00195471



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>$11.02</td></tr><tr><td>Securities Sold</td><td>117,550,000.00</td></tr><tr><td>Dividends/Interest</td><td>359,668.51</td></tr><tr><td>Miscellaneous</td><td>362,114.00</td></tr><tr><td>Amount Credited</td><td>$118,271,782.51</td></tr><tr><td>Securities Bought</td><td>-116,406,221.90</td></tr><tr><td>Dividends/Interest Charged</td><td>-36,939.54</td></tr><tr><td>Miscellaneous</td><td>-1,828,633.00</td></tr><tr><td>Amount Debited</td><td>$-118,271,794.44</td></tr><tr><td>Net Cash Activity</td><td>-11.93</td></tr><tr><td>Closing Balance</td><td>$-0.91</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>11.02</td><td>-0.91</td></tr><tr><td>Net Cash Balance</td><td>$11.02</td><td>$-0.91</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>359,668.51</td><td>1,577,028.29</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>186.07</td></tr><tr><td>Reverse Repurchase Int.</td><td>0.00</td><td>32,666.67</td></tr><tr><td>Total</td><td>$359,668.51</td><td>$1,609,881.03</td></tr><tr><td>Bond Purchase Int.</td><td>-36,939.54</td><td>-473,092.85</td></tr><tr><td>Repurchase Int. Exp.</td><td>-46,126.50</td><td>-148,142.35</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><thead><tr><th>STATEMENT PERIOD</th><td>April 26, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>May 30, 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>April 25, 2003</td></tr></tbody></table>

EFTA00195472



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 6

## Your Portfolio Holdings

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

## CASH & CASH EQUIVALENTS

<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>

FINANCIAL TRUST CO INC

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

STATEMENT PERIOD April 26, 2003

## Repurchase and Reverse Repurchase Transactions

THROUGH May 30, 2003

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

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 25, 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>03/14/03</td><td>OPEN</td><td>0.950</td><td>-10,125,000</td><td>-17,502</td><td>-10,000,000</td><td></td><td>USTR</td><td>3.0000 02/15/08</td></tr><tr><td>YOU SOLD (REPO)</td><td>05/28/03</td><td>OPEN</td><td>1.200</td><td>-45,450,000</td><td>-7,448</td><td>-45,000,000</td><td></td><td>USTR</td><td>3.6250 05/15/13</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-55,575,000</td><td>$-24,950</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, Stearns Securities Corp.
One Metrotech Center North Brooklyn, New York 11201-3859

**5 of 6**

FINANCIAL TRUST CO INC



Transaction Detail


<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">05/22/03</td><td rowspan="3">05/21/03</td><td rowspan="3">SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/15/2013 03,875% FA 15</td><td></td><td>-35,000,000</td><td>104.25000</td><td></td><td>36,487,500.00</td></tr><tr><td>YIELD 3,359 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>359,668.51</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="3">05/22/03</td><td rowspan="3">05/21/03</td><td rowspan="3">BOUGHT</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013 03,625% MN 15</td><td></td><td>35,000,000</td><td>102.12259</td><td>35,742,907.90</td><td></td></tr><tr><td>YIELD 3,373 % TO MATURITY<br>GVER REF #</td><td></td><td>ACCR. INT.</td><td></td><td>24,133.83</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="3">05/28/03</td><td rowspan="3">05/13/03</td><td rowspan="3">BOUGHT</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013 03,625% MN 15</td><td></td><td>10,000,000</td><td>101.79688</td><td>10,179,687.50</td><td></td></tr><tr><td>YIELD 3,411 % TO MATURITY<br>GVER REF #</td><td></td><td>ACCR. INT.</td><td></td><td>12,805.71</td><td></td></tr><tr><td>AS OF 05/13/03</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-45,959,534.94</td><td>$36,847,168.51</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>05/22/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,875 DUE 02/15/13<br>RP TERM<br>TERM REPO AGREEMENT</td><td></td><td>35,000,000</td><td>34,825,000.00</td><td></td></tr><tr><td>05/22/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,625 DUE 05/15/13<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-35,000,000</td><td></td><td>35,612,500.00</td></tr></tbody></table>

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EFTA00195474



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 April 26, 2003

THROUGH May 30, 2003

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 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>05/22/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/15/2013 3,875<br>FITG<br>RP TERM<br>REPO INTEREST</td><td></td><td></td><td>39,004.00</td><td></td></tr><tr><td>05/28/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,625 DUE 05/15/13<br>RP TERM<br>TERM REPO AGREEMENT</td><td></td><td>35,000,000</td><td>35,612,500.00</td><td></td></tr><tr><td>05/28/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,625 DUE 05/15/13<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-45,000,000</td><td></td><td>45,450,000.00</td></tr><tr><td>05/28/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 05/15/2013 3,625<br>FITG<br>RP TERM<br>REPO INTEREST</td><td></td><td></td><td>7,122.50</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-70,483,626.50</td><td>$81,062,500.00</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>05/27/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>1,828,633.00</td><td></td></tr><tr><td>05/29/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>362,114.00</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-1,828,633.00</td><td>$362,114.00</td></tr></tbody></table>

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