EFTA00195507 |
| :--- | :---

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





Trades Not Yet Settled ... 7

Your Messages 8



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

## Your Portfolio at a Glance

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

<table border="1"><tr><td>NET DEBIT BALANCE</td><td>-33,514</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$-33,514</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>0</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-33,514</td></tr></table>

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

FINANCIAL TRUST CO INC

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD January 31, 2004

THROUGH February 27, 2004

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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.28</td></tr><tr><td>Securities Sold</td><td>180,922,421.92</td></tr><tr><td>Dividends/Interest</td><td>12,362.64</td></tr><tr><td>Amount Credited</td><td>$180,934,784.56</td></tr><tr><td>Securities Bought</td><td>-120,464,062.50</td></tr><tr><td>Dividends/Interest Charged</td><td>-191,620.89</td></tr><tr><td>Miscellaneous</td><td>-60,312,615.00</td></tr><tr><td>Amount Debited</td><td>$-180,968,298.39</td></tr><tr><td>Net Cash Activity</td><td>-33,513.83</td></tr><tr><td>Closing Balance</td><td>$-33,513.55</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>0.28</td><td>-33,513.55</td></tr><tr><td>Net Cash Balance</td><td>$0.28</td><td>$-33,513.55</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>12,362.64</td><td>270,215.20</td></tr><tr><td>Reverse Repurchase Int.</td><td>36,484.42</td><td>45,559.99</td></tr><tr><td>Total</td><td>$48,847.06</td><td>$315,775.19</td></tr><tr><td>Bond Purchase Int.</td><td>-191,620.89</td><td>-239,849.82</td></tr><tr><td>Repurchase Int. Exp.</td><td>0.00</td><td>-32,620.53</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>33,514</td><td></td></tr><tr><td>Total</td><td>$33,514</td><td></td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Steams Securities Corp.
One Metratech Center North
Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

<table><tr><td>STATEMENT PERIOD</td><td>January 31, 2004</td></tr><tr><td>THROUGH</td><td>February 27, 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>January 30, 2004</td></tr></table>

Your Portfolio Allocation



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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



4 of 8

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

<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>-33,514</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-33,514</td><td></td><td></td></tr></tbody></table>

FINANCIAL TRUST CO INC

<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><th>$-33,514</th></tr></thead></table>

STATEMENT PERIOD January 31, 2004

## Repurchase and Reverse Repurchase Transactions

THROUGH February 27, 2004

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

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

<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>01/26/04</td><td>OPEN</td><td>1.050</td><td>-20,100,000</td><td>-12,702</td><td>-20,000,000</td><td></td><td>USTR</td><td>3.2500 01/15/09</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-20,100,000</td><td>$-12,702</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





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


**5 of 8**

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/CUSP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>02/04/04</td><td>02/03/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 01/31/2006 01,875% JJ 31 YIELD 1,759 TO MATURE GVER REF # A3 AS OF 02/03/04</td><td></td><td>-10,000,000</td><td>100.22656 ACCR. INT.</td><td></td><td>10,022,656.25 2,060.44</td></tr><tr><td>02/04/04</td><td>02/03/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 01/31/2006 01,875% JJ 31 Yield 1,759 TO MATURE GVER REF # B3 AS OF 02/03/04</td><td></td><td>-50,000,000</td><td>100.22656 ACCR. INT.</td><td></td><td>50,113,281.25 10,302.20</td></tr><tr><td>02/04/04</td><td>02/03/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 12/31/2006 01,875% JD 30 Yield 1,703 TO MATURE GVER REF # A3 AS OF 02/03/04</td><td></td><td>10,000,000 ACCR. INT.</td><td>100.32031</td><td>10,032,031.25 18,028.85</td><td></td></tr><tr><td>02/04/04</td><td>02/03/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 12/31/2006 01,875% JD 30 Yield 1,703 TO MATURE GVER REF # B3 AS OF 02/03/04</td><td></td><td>50,000,000 ACCR. INT.</td><td>100.32031</td><td>50,160,156.25 90,144.23</td><td></td></tr><tr><td>02/04/04</td><td></td><td>RECEIVED</td><td>UNITED STATES TREASURY NOTE DUE 01/31/2006 1,875 1,875 DUE 01/31/06 FITG RESALE AGREEMENT</td><td></td><td>60,000,000</td><td></td><td>60,300,000.00</td><td></td></tr><tr><td>02/04/04</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE DUE 12/31/2005 1,875 1,875 DUE 12/20/05 FITG TERM RESALE AGREEMENT</td><td></td><td>-60,000,000</td><td></td><td></td><td>60,450,000.00</td></tr><tr><td>02/27/04</td><td>02/26/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 01/31/2006 01,875% JJ 31 Yield 1,635 TO MATURE GVER REF # A1</td><td></td><td>10,000,000 ACCR. INT.</td><td>100.45313</td><td>10,045,312.50 13,907.97</td><td></td></tr></tbody></table>

027



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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 8

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD January 31, 2004

## INVESTMENT ACTIVITY (continued)

THROUGH 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>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUN</th></tr></thead><tbody><tr><td>02/27/04</td><td>02/26/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/31/2006 01,875% JJ 31<br>YIELD 1,635 % TO MATURITY<br>GVER REF # B1</td><td></td><td>50,000,000</td><td>100.45313</td><td>50,226,562.50</td><td></td></tr><tr><td>02/27/04</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/31/2006 1,875<br>1,875 DUE 01/31/06<br>FITG A2<br>TERM RESALE AGREEMENT</td><td></td><td>-60,000,000</td><td></td><td></td><td>60,300,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$-180,955,683.39</td><td>$180,898,300.14</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>02/04/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 12/31/2005 1,875<br>FITG A4<br>RESALE INTEREST</td><td></td><td></td><td></td><td>14,675.92</td></tr><tr><td>02/27/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 01/31/2006 1,875<br>FITG A2<br>RESALE INTEREST</td><td></td><td></td><td></td><td>21,808.50</td></tr><tr><td colspan="7">TOTAL</td><td>$36,484.42</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



7 of 8



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



<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>02/05/04</td><td>JOURNAL</td><td>FITG FITM</td><td>12,615.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-12,615.00</td><td></td></tr></tbody></table>

## **Transaction Detail** (continued)

MISCELLANEOUS

FINANCIAL TRUST CO INC

STATEMENT PERIOD January 31, 2004

THROUGH February 27, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

*Note: The table is not present in the image.*

Trades Executed Pending Settlement

<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<br>DUE 02/28/2006 01,625% FA 28<br>YIELD 1,689 % TO MATURITY<br>GVER REF # A1</td><td></td><td>-10,000,000.00</td><td>99.8750</td><td></td><td>9,987,941.58</td></tr><tr><td>03/01/04</td><td>02/26/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE<br>DUE 02/28/2006 01,625% FA 28<br>YIELD 1,689 % TO MATURITY<br>GVER REF # B1</td><td></td><td>-50,000,000.00</td><td>99.8750</td><td></td><td>49,939,707.88</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$0.00</td><td>$59,927,649.46</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.

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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

## Your messages



Excess SIPC Account Protection Update

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 & Poor's.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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







Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

STATEMENT PERIOD January 31,2004

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

THROUGH February 27, 2004

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