EFTA00195563

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 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

<table border="1"><tr><td>NET DEBIT 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>11,458</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-11,459</td></tr></table>

FINANCIAL TRUST CO INC

STATEMENT PERIOD October 26, 2002

| LAST STATEMENT | October 25, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

THROUGH November 29, 2002

Market Value of Your Portfolio

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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$11,457.75</td></tr><tr><td>Securities Sold</td><td>41,400,000.00</td></tr><tr><td>Dividends/Interest</td><td>4.68</td></tr><tr><td>Miscellaneous</td><td>332,126.00</td></tr><tr><td>Amount Credited</td><td>$41,732,130.68</td></tr><tr><td>Securities Bought</td><td>-41,470,101.92</td></tr><tr><td>Dividends/Interest Charged</td><td>-273,437.50</td></tr><tr><td>Miscellaneous</td><td>-50.00</td></tr><tr><td>Amount Debited</td><td>$-41,743,589.42</td></tr><tr><td>Net Cash Activity</td><td>-11,458.74</td></tr><tr><td>ClosingBalance</td><td>$-0.99</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>11,457.75</td><td>-0.99</td></tr><tr><td>Net Cash Balance</td><td>$11,457.75</td><td>$-0.99</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Credit Balance Int.</td><td>4.68</td><td>4.68</td></tr><tr><td>Total</td><td>$4.68</td><td>$4.68</td></tr><tr><td>Bond Purchase Int.</td><td>-273,437.50</td><td>-339,419.16</td></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-0.75</td></tr><tr><td>Repurchase Int. Exp.</td><td>-6,820.67</td><td>-6,820.67</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>1</td><td></td></tr><tr><td>Total</td><td>$1</td><td></td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

FINANCIAL TRUST CO INC

<table><thead><tr><th>STATEMENT PERIOD</th><td>October 26, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>November 29, 2002</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>October 25, 2002</td></tr></tbody></table>

Your Portfolio Allocation

EFTA00195566



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 6



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



## 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>

FINANCIAL TRUST CO INC

<table><thead><tr><th>YOUR PRICED PORTFOLIO HOLDINGS</th><td>$-1</td></tr></thead></table>

STATEMENT PERIOD October 26, 2002

## Repurchase and Reverse Repurchase Transactions

THROUGH November 29, 2002

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

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 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 (REPO)</td><td>11/15/02</td><td>OPEN</td><td>1.350</td><td>-41,400,000</td><td>-20,056</td><td>-40,000,000</td><td></td><td>USTR</td><td>4.3750 08/15/12</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>-$41,400,000</td><td>-$20,056</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 SUBSDIARY




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>11/15/02</td><td>11/14/02</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE<br>DUE 08/15/2012 04,375% FA 15</td><td></td><td>25,000,000</td><td>103.45313</td><td>25,863,281.25</td><td></td></tr><tr><td></td><td></td><td></td><td>YIELD 3,944 % TO MATURITY<br>GVER REF #</td><td></td><td>ACCR. INT.</td><td></td><td>273,437.50</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>10/28/02</td><td>AVG BAL 6,105RT 1.061<br>021 OFFICE INTEREST 1002</td><td></td><td></td><td></td><td></td><td>4.68</td></tr><tr><td colspan="7">TOTAL</td><td>$4.68</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 AMOUN</th></tr></thead><tbody><tr><td>11/15/02</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>15,000,000</td><td>15,600,000.00</td><td></td></tr><tr><td>11/15/02</td><td></td><td>JOURNAL</td><td>UNITED STATES TREASURY NOTE<br>FITG<br>4,375 DUE 08/15/12<br>RP OPE<br>REPO AGREEMENT</td><td></td><td>-40,000,000</td><td></td><td>41,400,000.00</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

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FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 26, 2002

THROUGH November 29, 2002





ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 25, 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>11/15/02</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>6,820.67</td><td></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>11/12/02</td><td>JOURNAL</td><td>OCT 2002 CLEAR FEES</td><td>50.00</td><td></td></tr><tr><td>11/18/02</td><td>JOURNAL</td><td>FITM TO FITG</td><td></td><td>332,126.00</td></tr><tr><td>TOTAL</td><td></td><td></td><td>-50.00</td><td>$332,126.00</td></tr></tbody></table>





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


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