## Statements

EFTA00195499

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

Transaction Detail 4





Your Messages ... 8



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.

CHANGE SINCE LAST STATEMENT 33,514

| NET EQUITY THIS PERIOD | 0 |

| :--- | :--- |

| NET EQUITY LAST STATEMENT | -33,514 |

| :--- | :--- |

STATEMENT PERIOD February 28, 2004

ACCOUNT NUMBER

FINANCIAL TRUST CO INC

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

Market Value of Your Portfolio

TAXPAYER NUMBER On File

THROUGH March 31,2004

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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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 8


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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>-33,513.55</td></tr><tr><td>Securities Sold</td><td>181,187,137.82</td></tr><tr><td>Dividends/Interest</td><td>62,475.48</td></tr><tr><td>Miscellaneous</td><td>30,926,395.39</td></tr><tr><td>Amount Credited</td><td>176,008.69</td></tr><tr><td>Securities Bought</td><td>-151,473,254.55</td></tr><tr><td>Dividends/Interest Charged</td><td>-87,255.26</td></tr><tr><td>Miscellaneous</td><td>-60,581,985.33</td></tr><tr><td>Amount Debited</td><td>142,495.14</td></tr><tr><td>Net Cash Activity</td><td>33,513.55</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>-33,513.55</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>-33,513.55</td><td>$0.00</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>62,470.90</td><td>332,686.10</td></tr><tr><td>Credit Balance Int.</td><td>4.59</td><td>4.59</td></tr><tr><td>Reverse Repurchase Int.</td><td>16,825.29</td><td>62,385.28</td></tr><tr><td>Total</td><td>$79,300.78</td><td>$395,075.97</td></tr><tr><td>Bond Purchase Int.</td><td>-87,250.66</td><td>-327,100.48</td></tr><tr><td>Margin Int.Paid</td><td>-4.59</td><td>-4.59</td></tr><tr><td>Repurchase Int.Exp.</td><td>-26,379.55</td><td>-59,000.08</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

FINANCIAL TRUST CO INC

<table><tr><td>STATEMENT PERIOD</td><td>February 28, 2004</td></tr><tr><td>THROUGH</td><td>March 31, 2004</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>February 27, 2004</td></tr></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


4 of 8

Bear, Steams Securities Corp.

One Meterotech 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>03/01/04</td><td>02/26/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 02/28/2006 01,625% FA 28 YIELD 1,689 % TO MATUREMENT GVER REF # A1</td><td></td><td>-10,000,000</td><td>99.87500</td><td></td><td>9,987,500.00 441.58</td></tr><tr><td>03/01/04</td><td>02/26/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 02/28/2006 01,625% FA 28 Yield 1,689 % TO MATUREMENT GVER REF # B1</td><td></td><td>-50,000,000</td><td>99.87500</td><td></td><td>49,937,500.00 2,207.88</td></tr><tr><td>03/01/04</td><td></td><td>RECEIVED</td><td>UNITED STATES TREASURY NOTE DUE 02/28/2006 1,625 1,625 DUE 02/28/2006 FIOTO A1 RESALE AGREEMENT</td><td></td><td>60,000,000</td><td></td><td>60,150,000.00</td><td></td></tr><tr><td>03/10/04</td><td>03/09/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 02/15/2009 03,000% FA 15 Yield 2,856 % TO MATUREMENT GVER REF # A1</td><td></td><td>10,000,000 ACCR. INT.</td><td>101.57813</td><td>10,157,812.50 19,780.22</td><td></td></tr><tr><td>03/10/04</td><td>03/09/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 02/15/2009 03,000% FA 15 Yield 2,856 % TO MATUREMENT GVER REF # A3</td><td></td><td>10,000,000 ACCR. INT.</td><td>101.60938</td><td>10,160,937.50 19,780.22</td><td></td></tr><tr><td>03/18/04</td><td>03/17/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 02/28/2006 01,625% FA 28 Yield 1,470 % TO MATUREMENT GVER REF # A1</td><td></td><td>10,000,000 ACCR. INT.</td><td>100.29688</td><td>10,029,687.50 7,948.37</td><td></td></tr><tr><td>03/18/04</td><td>03/17/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 02/28/2006 01,625% FA 28 Yield 1,470 % TO MATUREMENT GVER REF # B1</td><td></td><td>50,000,000 ACCR. INT.</td><td>100.29688</td><td>50,148,437.50 39,741.85</td><td></td></tr></tbody></table>

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EFTA00195503



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 8**

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

## INVESTMENT ACTIVITY (continued)

<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>03/18/04</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/28/2006 1,625<br>1,625 DUE 02/28/06<br>FITG A2<br>TERM RESALE AGREEMENT</td><td></td><td>-60,000,000</td><td></td><td></td><td>60,150,000.00</td></tr><tr><td>03/22/04</td><td>03/19/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/15/2009 03.250% JJ 15<br>WIELD 2,703% TO MATURITY<br>GVER REF #</td><td></td><td>-10,000,000</td><td>102.45313<br>ACCR. INT.</td><td></td><td>10,245,312.50<br>59,821.43</td></tr><tr><td>03/26/04</td><td>03/25/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/15/2009 03.250% JJ 15<br>SPECIAL INSTRUCTIONS<br>GVER REF #<br>AS OF 03/25/04</td><td></td><td>-10,000,000</td><td></td><td>ACCR. INT.</td><td>0.02<br>0.01</td></tr><tr><td>03/26/04</td><td>03/25/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/15/2009 03,000% FA 15<br>SPECIAL INSTRUCTIONS<br>GVER REF #</td><td></td><td>-20,000,000</td><td></td><td></td><td>0.01</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-140,734,125.66</td><td>$130,382,783.41</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>03/01/04</td><td>AVG BAL 3,590RT 1.644<br>021 OFFICE INTEREST 0204</td><td></td><td></td><td></td><td>4.59</td><td></td></tr><tr><td>03/02/04</td><td>ADJ MONTHLY A/C INT FEB '03</td><td></td><td></td><td></td><td></td><td>4.59</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-4.59</td><td>$4.59</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
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 8

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD February 28, 2004

THROUGH March 31, 2004

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc.



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/GUSIP</th><th>QUANTITY</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/10/04</td><td>JOURNAL</td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE FITG F0700679 A1 3,000 DUE 02/15/09 REPO AGREEMENT</td><td></td><td>-20,000,000</td><td></td><td>20,300,000.00</td></tr><tr><td>03/11/04</td><td>JOURNAL</td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE FITG F0700679 A2 3,000 DUE 02/15/09 TERM REPO AGREEMENT</td><td></td><td>20,000,000</td><td>20,300,000.00</td><td></td></tr><tr><td>03/11/04</td><td>JOURNAL</td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE FITG A1 3,000 DUE 02/15/09 REPO AGREEMENT</td><td></td><td>-20,000,000</td><td></td><td>20,300,000.00</td></tr><tr><td>03/11/04</td><td>INTEREST</td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE DUE 02/15/2009 3,000 FITG F0700679 A2 REPO INTEREST</td><td></td><td></td><td>112.78</td><td></td></tr><tr><td>03/18/04</td><td>INTEREST</td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE DUE 02/28/2006 1,625 FITG A2 RESALE INTEREST</td><td></td><td></td><td></td><td>16,825.29</td></tr><tr><td>03/22/04</td><td>JOURNAL</td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE FITG A1 3,250 DUE 01/15/09 REPO AGREEMENT</td><td></td><td>-10,000,000</td><td></td><td>10,250,000.00</td></tr><tr><td>03/22/04</td><td>JOURNAL</td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE FITG A2 3,250 DUE 01/15/09 TERM REPO AGREEMENT</td><td></td><td>20,000,000</td><td>20,100,000.00</td><td></td></tr><tr><td>03/22/04</td><td>INTEREST</td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE DUE 01/15/2009 3,250 FITG A2 REPO INTEREST</td><td></td><td></td><td>23,405.33</td><td></td></tr><tr><td>03/26/04</td><td>JOURNAL</td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE FITG A2 3,250 DUE 01/15/09 TERM REPO AGREEMENT</td><td></td><td>10,000,000</td><td>10,250,000.00</td><td></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
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 8

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD February 28, 2004

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH March 31, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

<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>03/26/04</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG A2<br>3,000 DUE 02/15/09<br>TERM REPO AGREEMENT</td><td></td><td>20,000,000</td><td>20,300,000.00</td><td></td></tr><tr><td>03/26/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/15/2009 3,250<br>FITG A2<br>REPO INTEREST</td><td></td><td></td><td>837.08</td><td></td></tr><tr><td>03/26/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/15/2009 3,000<br>FITG A2<br>REPO INTEREST</td><td></td><td></td><td>2,024.36</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-70,976,379.55</td><td>$50,866,825.29</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>03/01/04</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>33,513.00</td></tr><tr><td>03/02/04</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>222,355.00</td></tr><tr><td>03/04/04</td><td>JOURNAL</td><td>FITG FITM</td><td>3.00</td><td></td></tr><tr><td>03/11/04</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>58,309.00</td></tr><tr><td>03/12/04</td><td>JOURNAL</td><td>FITG FITM</td><td>113.00</td><td></td></tr><tr><td>03/15/04</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>226.00</td></tr><tr><td>03/19/04</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>58,990.00</td></tr><tr><td>03/23/04</td><td>JOURNAL</td><td>FITG TO FITM</td><td>431,728.00</td><td></td></tr><tr><td>03/25/04</td><td>JOURNAL</td><td>MISC ADJ TO CASH BAL</td><td>0.36</td><td></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

8 of 8

## **Transaction Detail** (continued)

MISCELLANEOUS (continued)



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



<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 rowspan="2">03/26/04</td><td rowspan="2">RECEIVED</td><td>FITG</td><td>140.97</td><td></td></tr><tr><td>POOL COUPON 3,0000 FINANCING NET PAIROFF DIFF</td><td></td><td></td></tr><tr><td>03/30/04</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>30,553,002.39</td></tr><tr><td colspan="3">TOTAL</td><td>-431,985.33</td><td>$30,926,395.39</td></tr></tbody></table>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Excess SIPC Account Protection Update

## Your messages



Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.

FINANCIAL TRUST CO INC

STATEMENT PERIOD February 28, 2004





ACCOUNT NUMBER



THROUGH March 31, 2004

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments. Additionally, you may review this information online at the following NASD web site:

http://www.nasdr.com/breakpoints_statement.asp





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


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