EFTA00195487

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 SUBSDIARY



<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>

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

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>48,708</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$48,708</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>220,616</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-171,908</td></tr></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2003 |

| :--- | :--- |

STATEMENT PERIOD February 1, 2003

ACCOUNT NUMBER

THROUGH February 28, 2003

Market Value of Your Portfolio

SIPC

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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EFTA00195488



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 5

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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EFTA00195489



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$220,616.16</td></tr><tr><td>Securities Sold</td><td>29,936,718.75</td></tr><tr><td>Dividends/Interest</td><td>5,508.45</td></tr><tr><td>Amount Credited</td><td>$29,942,227.20</td></tr><tr><td>Miscellaneous</td><td>-30,114,135.00</td></tr><tr><td>Amount Debited</td><td>$-30,114,135.00</td></tr><tr><td>Net Cash Activity</td><td>-171,907.80</td></tr><tr><td>ClosingBalance</td><td>$48,708.36</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>220,616.16</td><td>48,708.36</td></tr><tr><td>Net Cash Balance</td><td>$220,616.16</td><td>$48,708.36</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>U.S.Govt.Bond Int.</td><td>5,386.74</td><td>737,801.77</td></tr><tr><td>Credit Balance Int.</td><td>121.71</td><td>121.71</td></tr><tr><td>Total</td><td>$5,508.45</td><td>$737,923.48</td></tr><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-238,674.03</td></tr><tr><td>Repurchase Int. Exp.</td><td>0.00</td><td>-69,268.00</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>48,708</td></tr><tr><td>Total</td><td>$48,708</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT PERIOD February 1, 2003

THROUGH February 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2003 |

| :--- | :--- |



03/01/03;13:10 001


Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00195490



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 5



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>48,708</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$48,708</td><td></td><td></td></tr></tbody></table>

FINANCIAL TRUST CO INC

<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><td>$48,708</td></tr></thead></table>

STATEMENT PERIOD February 1, 2003

## Repurchase and Reverse Repurchase Transactions

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

THROUGH February 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 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>01/23/03</td><td>OPEN</td><td>0.700</td><td>-35,350,000</td><td>-16,005</td><td>-35,000,000</td><td></td><td>USTR</td><td>4.0000 11/15/12</td></tr><tr><td>YOU BOUGHT (REVERSE)</td><td>02/04/03</td><td>OPEN</td><td>1.150</td><td>30,000,000</td><td>23,700</td><td>30,000,000</td><td></td><td>USTR</td><td>1.6250 01/31/05</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$30,000,000</td><td>$23,700</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-35,350,000</td><td>$-16,005</td><td></td><td></td><td></td><td></td></tr></tbody></table>

*As of statement date*

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EFTA00195491



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

**5 of 5**

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>02/04/03</td><td>02/03/03</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/31/2005 01,625% JJ 31<br>SPECIAL INSTRUCTIONS<br>YIELD 1,733 % TO MATURITY<br>GVER REF #</td><td></td><td>-30,000,000</td><td>99.78906</td><td></td><td>29,936,718.75</td></tr><tr><td>02/04/03</td><td></td><td>RECEIVED</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/31/2005 1,625<br>1,625 DUE 01/31/05<br>FITG<br>RS OPEN<br>RESALE AGREEMENT</td><td></td><td>30,000,000</td><td></td><td>30,000,000.00</td><td></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">02/03/03</td><td>AVG BAL</td><td>0.561</td><td></td><td></td><td></td><td>121.71</td></tr><tr><td>021 OFFICE INTEREST</td><td>0103</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$121.71</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>02/21/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>114,135.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-114,135.00</td><td></td></tr></tbody></table>

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