EFTA00195492

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>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<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 Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

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

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

FINANCIAL TRUST CO INC

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>220,616</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$220,616</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>0</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>220,616</td></tr></table>

ACCOUNT NUMBER

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

| 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. |
| :--- | :--- |
| | 027 | 02/01/03:15:12 001 |

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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>$0.15</td></tr><tr><td>Securities Sold</td><td>121,617,968.75</td></tr><tr><td>Dividends/Interest</td><td>732,415.03</td></tr><tr><td>Miscellaneous</td><td>4,463.41</td></tr><tr><td>Amount Credited</td><td>$122,354,847.19</td></tr><tr><td>Securities Bought</td><td>-121,481,768.00</td></tr><tr><td>Dividends/Interest Charged</td><td>-238,674.03</td></tr><tr><td>Miscellaneous</td><td>-413,789.15</td></tr><tr><td>Amount Debited</td><td>$-122,134,231.18</td></tr><tr><td>Net Cash Activity</td><td>220,616.01</td></tr><tr><td>Closing Balance</td><td>$220,616.16</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>0.15</td><td>220,616.16</td></tr><tr><td>Net Cash Balance</td><td>$0.15</td><td>$220,616.16</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>732,415.03</td><td>732,415.03</td></tr><tr><td>Total</td><td>$732,415.03</td><td>$732,415.03</td></tr><tr><td>Bond Purchase Int.</td><td>-238,674.03</td><td>-238,674.03</td></tr><tr><td>Repurchase Int. Exp.</td><td>-69,268.00</td><td>-69,268.00</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>220,616</td></tr><tr><td>Total</td><td>$220,616</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

STATEMENT PERIOD January 1, 2003

FINANCIAL TRUST CO INC

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |



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

EFTA00195495



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



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>220,616</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$220,616</td><td></td><td></td></tr></tbody></table>

FINANCIAL TRUST CO INC

STATEMENT PERIOD January 1, 2003

<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><td>$220,616</td></tr></thead></table>

## Repurchase and Reverse Repurchase Transactions

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

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

<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<br>(REPO)</td><td>01/23/03</td><td>OPEN</td><td>0.850</td><td>-35,350,000</td><td>-5,106</td><td>-35,000,000</td><td></td><td>USTR</td><td>4.0000 11/15/12</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>-35,350,000</td><td>-5,106</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


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="3">01/08/03</td><td rowspan="3">01/07/03</td><td rowspan="3">SOLD</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>-40,000,000</td><td>102.59375</td><td></td><td>41,037,500.00</td></tr><tr><td>DUE 08/15/2012 04,375% FA 15</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>694,293.48</td></tr><tr><td>YIELD 4,046 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="3">01/08/03</td><td rowspan="3">01/07/03</td><td rowspan="3">BOUGHT</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>40,000,000</td><td>99.53125</td><td>39,812,500.00</td><td></td></tr><tr><td>DUE 11/15/2012 04,000% MN 15</td><td></td><td>ACCR. INT.</td><td></td><td>238,674.03</td><td></td></tr><tr><td>YIELD 4,058 % TO MATURITY<br>GVER REF #</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td rowspan="4">01/23/03</td><td rowspan="4">01/22/03</td><td rowspan="4">SOLD</td><td>UNITED STATES TREASURY NOTE</td><td></td><td>-5,000,000</td><td>100.60938</td><td></td><td>5,030,468.75</td></tr><tr><td>DUE 11/15/2012 04,000% MN 15</td><td></td><td></td><td>ACCR. INT.</td><td></td><td>38,121.55</td></tr><tr><td>SPECIAL INSTRUCTIONS</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>YIELD 3,924 % TO MATURITY<br>GVER REF # G0225466 A3<br>AS OF 01/22/03</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-40.051.174.03</td><td>$46.800.383.78</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>01/08/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>4,375 DUE 08/15/12<br>RP TERM<br>TERM REPO AGREEMENT</td><td></td><td>40,000,000</td><td>41,400,000.00</td><td></td></tr><tr><td>01/08/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>4,000 DUE 11/15/12<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-40,000,000</td><td></td><td>40,200,000.00</td></tr></tbody></table>

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02/01/03;15:12 001


EFTA00195497



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 January 1, 2003

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH January 31, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

<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>01/08/03</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 08/15/2012 4,375<br>FITG<br>RP TERM<br>REPO INTEREST</td><td></td><td></td><td>65,918.00</td><td></td></tr><tr><td>01/23/03</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>4,000 DUE 11/15/12<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-35,000.00</td><td></td><td>35,350,000.00</td></tr><tr><td>01/23/03</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>40,000.00</td><td>40,200,000.00</td><td></td></tr><tr><td>01/23/03</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>3,350.00</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-81,669,268.00</td><td>$75,550,000.00</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>01/06/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>0.15</td><td></td></tr><tr><td>01/08/03</td><td>DELIVERED</td><td>FITG<br>POOL COUPON 4,3750<br>FINANCING NET PAIROFF DIFF</td><td></td><td>517.50</td></tr><tr><td>01/22/03</td><td>JOURNAL</td><td>FITG TO FITM</td><td>413,789.00</td><td></td></tr><tr><td>01/28/03</td><td>JOURNAL</td><td>FITG REBATE 2002</td><td></td><td>3,945.91</td></tr><tr><td colspan="3">TOTAL</td><td>-413,789.15</td><td>$4,463.41</td></tr></tbody></table>

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