EFTA00195480

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 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 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>48,708</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-48,708</td></tr></table>

FINANCIAL TRUST CO INC

STATEMENT PERIOD March 1, 2003

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

ACCOUNT NUMBER

Market Value of Your Portfolio

TAXPAYER NUMBER On File

THROUGH March 28, 2003



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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EFTA00195482



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>$48,708.36</td></tr><tr><td>Securities Sold</td><td>110,277,979.17</td></tr><tr><td>Dividends/Interest</td><td>479,612.15</td></tr><tr><td>Miscellaneous</td><td>132,879.00</td></tr><tr><td>Amount Credited</td><td>$110,890,470.32</td></tr><tr><td>Securities Bought</td><td>-110,578,841.60</td></tr><tr><td>Dividends/Interest Charged</td><td>-197,479.28</td></tr><tr><td>Miscellaneous</td><td>-162,857.00</td></tr><tr><td>Amount Debited</td><td>$-110,939,177.88</td></tr><tr><td>Net Cash Activity</td><td>-48,707.56</td></tr><tr><td>ClosingBalance</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>48,708.36</td><td>0.80</td></tr><tr><td>Net Cash Balance</td><td>$48,708.36</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>479,558.01</td><td>1,217,359.78</td></tr><tr><td>Credit Balance Int.</td><td>54.14</td><td>175.85</td></tr><tr><td>Reverse Repurchase Int.</td><td>32,666.67</td><td>32,666.67</td></tr><tr><td>Total</td><td>$512,278.82</td><td>$1,250,202.30</td></tr><tr><td>Bond Purchase Int.</td><td>-197,479.28</td><td>-436,153.31</td></tr><tr><td>Repurchase Int. Exp.</td><td>-32,747.85</td><td>-102,015.85</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>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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

027



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EFTA00195483



BEAR
STEARNS


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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

STATEMENT PERIOD March 1, 2003

YOUR PRICED PORTFOLIOHOLDINGS

THROUGH March 28, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 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>03/14/03</td><td>OPEN</td><td>0.950</td><td>-10,125,000</td><td>-3,974</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>0.900</td><td>-34,825,000</td><td>-6,287</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>$-10,261</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 7**



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC



Transaction Detail


## 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>03/13/03</td><td>03/12/03</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 01/31/2005 01,625% JJ 31 SPECIAL INSTRUCTIONS YIELD 1,376 % TO MATURITY GVER REF #</td><td></td><td>30,000,000 ACCR. INT.</td><td>100.46094</td><td>30,138,281.25 55,214.09</td><td></td></tr><tr><td>03/13/03</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE DUE 01/31/2005 1,625 1,625 DUE 01/31/05 FITG RS TERM TERM RESALE AGREEMENT</td><td></td><td>-30,000,000</td><td></td><td></td><td>30,000,000.00</td></tr><tr><td>03/14/03</td><td>03/13/03</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 02/15/2008 03,000% FA 15 YIELD 2,730 % TO MATURITY GVER REF #</td><td></td><td>10,000,000 ACCR. INT.</td><td>101.23438</td><td>10,123,437.50 22,375.69</td><td></td></tr><tr><td>03/19/03</td><td>03/18/03</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 11/15/2012 04,000% MN 15 Yield 3,894 % TO MATURITY GVER REF #</td><td></td><td>-35,000,000</td><td>100.84375 ACCR. INT.</td><td></td><td>35,295,312.50 479,558.01</td></tr><tr><td>03/19/03</td><td>03/18/03</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 02/15/2013 03,875% FA 15 Yield 3,898 % TO MATURITY GVER REF #</td><td></td><td>35,000,000 ACCR. INT.</td><td>99.81250</td><td>34,934,375.00 119,889.50</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="2">-75,393,573.03</td><td>$65,774,870.51</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
WHOLLY OWNED SUBSDIARY




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 March 1, 2003

THROUGH March 28, 2003



INTEREST


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>03/03/03</td><td>AVG BAL 120,072RT 0.580<br>021 OFFICE INTEREST 0203</td><td></td><td></td><td></td><td></td><td>54.14</td></tr><tr><td colspan="6">TOTAL</td><td>$54.14</td></tr></tbody></table>

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

## 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>03/13/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/31/2005 1,625<br>FITG<br>RS TERM<br>RESALE INTEREST</td><td></td><td></td><td></td><td>32,666.67</td></tr><tr><td>03/14/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,000 DUE 02/15/08<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-10,000,000</td><td></td><td>10,125,000.00</td></tr><tr><td>03/19/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>4,000 DUE 11/15/12<br>RP TERM<br>TERM REPO AGREEMENT</td><td></td><td>35,000,000</td><td>35,350,000.00</td><td></td></tr><tr><td>03/19/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>3,875 DUE 02/15/13<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-35,000,000</td><td></td><td>34,825,000.00</td></tr><tr><td>03/19/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 11/15/2012 4,000<br>FITG<br>RP TERM<br>REPO INTEREST</td><td></td><td></td><td>32,747.85</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-35,382,747.85</td><td>$44,982,666.67</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

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## **Transaction Detail** (continued)

## 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>03/14/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>112,066.00</td></tr><tr><td>03/17/03</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>20,813.00</td></tr><tr><td>03/20/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>162,857.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-162,857.00</td><td>$132,879.00</td></tr></tbody></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 March 1, 2003

THROUGH March 28, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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