EFTA00195475

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><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></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 SUBSDIARY



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

FINANCIAL TRUST CO INC

| STATEMENT PERIOD | March 29, 2003 |

| :--- | :--- |

| THROUGH | April 25, 2003 |

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>11</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$11</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>10</td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

ACCOUNT NUMBER

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><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>$0.80</td></tr><tr><td>Dividends/Interest</td><td>10.22</td></tr><tr><td>Amount Credited</td><td>$10.22</td></tr><tr><td>Net Cash Activity</td><td>10.22</td></tr><tr><td>ClosingBalance</td><td>$11.02</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>11.02</td></tr><tr><td>Net Cash Balance</td><td>$0.80</td><td>$11.02</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>1,217,359.78</td></tr><tr><td>Credit Balance Int.</td><td>10.22</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>$10.22</td><td>$1,250.46</td></tr><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-436,153.31</td></tr><tr><td>Repurchase Int. Exp.</td><td>0.00</td><td>-102,015.85</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>11</td></tr><tr><td>Total</td><td>$11</td></tr></table>

## Your Portfolio Holdings

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>11</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$11</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

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FINANCIAL TRUST CO INC

STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003



04/26/03;11:48 001




ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

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.

EFTA00195478



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 March 29, 2003

THROUGH April 25, 2003

ACCOUNT NUMBER

<table border="1"><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$11</td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

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

## Repurchase and Reverse Repurchase Transactions

<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>0.700</td><td>-10,125,000</td><td>-11,266</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>03/19/03</td><td>OPEN</td><td>0.600</td><td>-34,825,000</td><td>-24,880</td><td>-35,000,000</td><td></td><td>USTR</td><td>3.8750 02/15/13</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-44,950,000</td><td>$-36,146</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



**5 of 5**

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD March 29, 2003



INTEREST


THROUGH April 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<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">03/31/03</td><td>AVG BAL 27,103RT 0.566</td><td></td><td></td><td></td><td></td><td>10.22</td></tr><tr><td>021 OFFICE INTEREST 0303</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$10.22</td></tr></tbody></table>

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |





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


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