## Statements

EFTA00195618

OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<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>

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ...

## What’s In This Statement

Your Messages ... 13





<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

FINANCIAL TRUST CO INC

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

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>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>18,601,283</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>215,777</td></tr><tr><td>NET CREDIT BALANCE</td><td>380,860</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$19,197,920</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>15,882,704</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>3,315,216</td></tr></table>

Market Value of Your Portfolio

## Important Message

If any information regarding 2003 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by February 2, 2004 or a 1042S by March 15, 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.

027 01/01/04:12:17 001

EFTA00195619



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 13

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

FINANCIAL TRUST CO INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00195620



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



3 of 13


Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$280,444.12</td></tr><tr><td>Securities Sold</td><td>34,476,423.63</td></tr><tr><td>Dividends/Interest</td><td>769,840.35</td></tr><tr><td>Miscellaneous</td><td>114,939.00</td></tr><tr><td>Amount Credited</td><td>$35,361,202.98</td></tr><tr><td>Securities Bought</td><td>-35,167,056.55</td></tr><tr><td>Dividends/Interest Charged</td><td>-93,680.63</td></tr><tr><td>Miscellaneous</td><td>-50.00</td></tr><tr><td>Amount Debited</td><td>$-35,260,787.18</td></tr><tr><td>Net Cash Activity</td><td>100,415.80</td></tr><tr><td>Closing Balance</td><td>$380,859.92</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>280,444.12</td><td>380,859.92</td></tr><tr><td>Net Cash Balance</td><td>$280,444.12</td><td>$380,859.92</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Govt. Agency Int.</td><td>529,120.88</td><td>9,461,836.30</td></tr><tr><td>Corp. Bond Int.</td><td>240,687.70</td><td>1,403,354.75</td></tr><tr><td>Credit Balance Int.</td><td>31.77</td><td>1,111.16</td></tr><tr><td>Reverse Repurchase Int.</td><td>4,127.88</td><td>26,483.48</td></tr><tr><td>Total</td><td>$773,968.23</td><td>$10,892,785.69</td></tr><tr><td>Bond Purchase Int.</td><td>-93,603.74</td><td>-143,760.56</td></tr><tr><td>Margin Int. Paid</td><td>-76.89</td><td>-76.89</td></tr><tr><td>Repurchase Int. Exp.</td><td></td><td>-24,344.52</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>380,860</td></tr><tr><td>Fixed Income</td><td>18,601,283</td></tr><tr><td>Total</td><td>$18,982,143</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

<table><tr><td>STATEMENT PERIOD</td><td>November 29, 2003</td></tr><tr><td>THROUGH</td><td>December 31, 2003</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>November 28, 2003</td></tr></table>

Your Portfolio Allocation

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

EFTA00195621



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 13



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

STATEMENT PERIOD November 29, 2003

<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>380,860</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$380,860</td><td></td><td></td></tr></tbody></table>

THROUGH December 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

## FIXED INCOME

Government & Agency Obligations

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ACCRUED INTEREST</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2526 CLASS SI<br>DATED DATE 10/01/02<br>BOOK ENTRY ONLY<br>DUE 02/15/2032 .5.837%<br>FACTOR =</td><td></td><td>MRGN</td><td>10,456,946</td><td>10.4905</td><td>1,096,983</td><td>27,127</td><td>610,372</td><td>55.6410</td></tr><tr><td>FEDERAL NATIONAL MTG ASSN<br>STRIP MTG SERIES 322 CL PO<br>DATED DATE 03/01/02<br>BOOK ENTRY ONLY<br>DUE 03/01/2032 .001%<br>FACTOR =</td><td></td><td>MRGN</td><td>1,971,241</td><td>85.1406</td><td>1,678,327</td><td>2</td><td>20</td><td></td></tr><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DATED DATE 06/07/02<br>BOOK ENTRY ONLY<br>DUE 03/15/2032 .1.000%<br>FACTOR =</td><td></td><td>MRGN</td><td>36,766,242</td><td>3.6400</td><td>1,338,278</td><td>16,340</td><td>367,662</td><td>27.4728</td></tr><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>DATED DATE 07/08/02<br>BOOK ENTRY ONLY<br>DUE 03/15/2032 .1.837%<br>FACTOR =</td><td></td><td>MRGN</td><td>18,505,970</td><td>11.2865</td><td>2,088,679</td><td>56,235</td><td>1,265,253</td><td>60.5767</td></tr></tbody></table>

027



01/01/04;12:17 001


EFTA00195622



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 13**

Your Portfolio Holdings (continued)

Government & Agency Obligations (continued)

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ACCRUED INTEREST</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<brDATED DATE 07/02/02<brBOOK ENTRY ONLY<brDUE 03/15/2032 5.837%<brFACTOR = .</td><td></td><td>MRGN</td><td>21,350,313</td><td>10.6137</td><td>2,266,065</td><td>55,389</td><td>1,246,218</td><td>54.9948</td></tr><tr><td>FEDL HOME LOAN MTG<br>SERIES 223 CLASS PO<brDATED DATE 12/01/02<brBOOK ENTRY ONLY<brDUE 12/01/2032<brFACTOR = .</td><td></td><td>MRGN</td><td>3,249,317</td><td>79.9844</td><td>2,598,946</td><td></td><td></td><td></td></tr><tr><td>FEDERAL NATIONAL MTG ASSN<br>SERIES 2003-49 CLASS SW<brDATED DATE 04/30/03<brBOOK ENTRY ONLY<brDUE 01/25/2033 5.858%<brFACTOR = .</td><td></td><td>MRGN</td><td>18,701,667</td><td>11.2571</td><td>2,105,258</td><td>18,259</td><td>1,095,544</td><td>52.0385</td></tr><tr><td colspan="4">Total Government&amp; Agency Obligations</td><td></td><td>$13,172,536</td><td>$173,352</td><td>$4,585,069</td><td></td></tr></tbody></table>

Corporate Bonds

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ACCRUED INTEREST</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>FANNIE MAE CMO/SERIES 2003-13<br>S RCR-I/O FLTR<br>DATED DATE 02/25/03<br>BOOK ENTRY ONLY<br>DUE 03/25/2033 858%<br>FACTOR = .</td><td></td><td>MRGN</td><td>37,118,425</td><td>14.6255</td><td>5,428,747</td><td>42,425</td><td>2,545,582</td><td>46.8908</td></tr><tr><td>Total CorporateBonds</td><td></td><td></td><td></td><td></td><td>$5,428,747</td><td>$42,425</td><td>$2,545,582</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$18,601,283</td><td>$215,777</td><td>.130,651</td><td></td></tr></tbody></table>

027



01/01/04;12:17 001


EFTA00195623



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





of 13



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$215,777</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>130,651</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$18,982,143</td></tr></table>

## Your Portfolio Holdings (continued)

FINANCIAL TRUST CO INC

STATEMENT PERIOD November 29, 2003

## Repurchase and Reverse Repurchase Transactions

THROUGH December 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

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

| LAST STATEMENT | November 28, 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></tr></thead><tbody><tr><td colspan="9">YOU PROVIDED<br>(MARGIN) 10/23/03 OPEN</td></tr><tr><td colspan="4"></td><td></td><td></td><td>-51,655,000</td><td></td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2530 CLASS SE 02/15/32</td></tr><tr><td colspan="9">TOTAL REVERSE REPURCHASE TRANSACTIONS</td></tr><tr><td colspan="9">TOTAL REPURCHASE TRANSACTIONS</td></tr></tbody></table>

*As of statement date*

027



01/01/04;12:17 001


EFTA00195624



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





of 13


Bear, Steams Securities Corp.

One Metrotech 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/CUSP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/04/03</td><td>12/01/03</td><td>SOLD</td><td>FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 06,931% REF # AS OF 12/01/03</td><td></td><td>-14,242,198</td><td>11.43750</td><td></td><td>1,628,951.45 24,679.06</td></tr><tr><td>12/05/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 001 DUE 03/01/32 PRINCIPAL REDUCTN 12-25-03</td><td></td><td>-69,948</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td></td><td>PRINCIPAL</td><td>FEDL HOME LOAN MTG SERIES 202 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 12-15-03</td><td></td><td>-59,396</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td></td><td>JOURNAL</td><td>FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 931 DUE 10/25/31 ADJUST POSITION</td><td></td><td>1</td><td></td><td></td><td></td></tr><tr><td>12/05/03</td><td></td><td>JOURNAL</td><td>FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 931 DUE 10/25/31</td><td></td><td>1</td><td></td><td></td><td></td></tr><tr><td>12/09/03</td><td></td><td>JOURNAL</td><td>FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR 931 DUE 10/25/31</td><td></td><td>-1</td><td></td><td></td><td></td></tr><tr><td>12/15/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03</td><td></td><td>-1,460,000</td><td></td><td></td><td></td></tr><tr><td>12/15/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03</td><td></td><td>-302</td><td></td><td></td><td></td></tr><tr><td>12/15/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5477 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-03</td><td></td><td>-848,004</td><td></td><td></td><td></td></tr></tbody></table>

| 01/01/04;12:17 | 001 | V818 |
| :--- | :--- | :--- |

EFTA00195625

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





8 of 13



FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

## INVESTMENT ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<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>12/15/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>837 DUE 03/15/32<br>PRINCIPAL REDUCTN 12-15-03</td><td></td><td>-735,030</td><td></td><td></td><td></td></tr><tr><td>12/15/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2526 CLASS SI<br>5,837 DUE 02/15/32<br>PRINCIPAL REDUCTN 12-15-03</td><td></td><td>-370,995</td><td></td><td></td><td></td></tr><tr><td>12/15/03</td><td></td><td>PRINCIPAL</td><td>FEDL HOME LOAN MTG<br>SERIES 223 CLASS PO<br>DUE 12/01/32<br>PRINCIPAL PAYMENT 12-15-03</td><td></td><td></td><td></td><td></td><td>59,396.20</td></tr><tr><td>12/18/03</td><td>12/18/03</td><td>BOUGHT</td><td>FANNIE MAE CMO/SERIES 2003-13<br>S RCR-I/O FLTR<br>DUE 03/25/2003, 06,881%<br>REF # BS<br>AS OF TD 12/18/03 SD 12/08/03<br>INTR COMPUTED TO 12/08/03</td><td></td><td>37,669,355<br>ACCR. INT.</td><td>14.50000</td><td>5,462,056.55</td><td></td></tr><tr><td>12/26/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN<br>STRIP MTG SERIES 322 CL PO<br>.001 DUE 03/01/32<br>PRINCIPAL PAYMENT 12-25-03</td><td></td><td></td><td></td><td></td><td>69,948.10</td></tr><tr><td>12/26/03</td><td></td><td>PRINCIPAL</td><td>FANNIE MAE CMO/SERIES 2003-13<br>S RCR-I/O FLTR<br>.881 DUE 03/25/32<br>PRINCIPAL REDUCTN 12-25-03</td><td></td><td>-550,930</td><td></td><td></td><td></td></tr><tr><td>12/26/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN<br>SERIES 2003-49 CLASS SW<br>5,881 DUE 01/25/32<br>PRINCIPAL REDUCTN 12-25-03</td><td></td><td>-277,580</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$-5,555,660.29</td><td>$1,782,974.81</td></tr></tbody></table>

027



01/01/04;12:17 001


EFTA00195626



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





9 of 13




Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

## Transaction Detail (continued)



INTEREST


STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003



ACCOUNT NUMBER



<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>12/01/03</td><td>AVG BAL 124.272RT<br>021 OFFICE INTEREST 1103</td><td></td><td></td><td></td><td></td><td>31.77</td></tr><tr><td>12/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/18/2032 1,000<br>INTEREST PAYMENT 12-15-03</td><td></td><td></td><td>1.0000</td><td></td><td>31,855.45</td></tr><tr><td>12/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>DUE 03/18/2032 5,837<br>INTEREST PAYMENT 12-15-03</td><td></td><td></td><td>5.8370</td><td></td><td>108,771.75</td></tr><tr><td>12/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>DUE 03/15/2032 837<br>INTEREST PAYMENT 12-15-03</td><td></td><td></td><td></td><td></td><td>110,315.08</td></tr><tr><td>12/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2530 CLASS SE<br>DUE 02/15/2032 237<br>INT RD 11-03/P/D 12-15-03<br>REPO P &amp; I<br>2800</td><td></td><td></td><td></td><td></td><td>18,373.41</td></tr><tr><td>12/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2530 CLASS SE<br>DUE 02/15/2032 237<br>INT RD 11-03/P/D 12-15-03<br>REPO P &amp; I<br>2800</td><td></td><td></td><td></td><td></td><td>113,730.20</td></tr><tr><td>12/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2526 CLASS SI<br>DUE 02/18/2032 5,837<br>INTEREST PAYMENT 12-15-03</td><td></td><td></td><td>5.8370</td><td></td><td>53,056.91</td></tr><tr><td>12/26/03</td><td>FANNIE MAE CMO/SERIES 2003-13<br>S RCR-I/O FLTR<br>DUE 03/28/2033 881<br>INTEREST PAYMENT 12-25-03</td><td></td><td></td><td></td><td></td><td>216,008.64</td></tr><tr><td>12/26/03</td><td>FEDERAL NATIONAL MTG ASSN<br>SERIES 2003-49 CLASS SW<br>DUE 01/28/2033 5,881<br>INTEREST PAYMENT 12-25-03</td><td></td><td></td><td>5.8810</td><td></td><td>93,018.08</td></tr></tbody></table>

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

| 027 | 01/01/04;12:17 | 001 | V818 |
| :--- | :--- | :--- | :--- |

EFTA00195627



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





10 of 13



FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003



INTEREST (continued)





ACCOUNT NUMBER



TAXPAYER NUMBER On File

<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">12/31/03</td><td>AVG BAL 23,718RT 3.765</td><td></td><td></td><td></td><td>76.89</td><td></td></tr><tr><td>021 OFFICE INTEREST 1203</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td>-76.89</td><td>$745,161.29</td></tr></tbody></table>

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

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



027



01/01/04;12:17 001


EFTA00195628



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





11 of 13



FINANCIAL TRUST CO INC

## Transaction Detail (continued)

STATEMENT PERIOD November 29, 2003

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH December 31, 2003



ACCOUNT NUMBER



| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

| 027 | 01/01/04;12:17 | 001 | V818 |
| :--- | :--- | :--- | :--- |

EFTA00195629



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



12 of 13



FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD November 29, 2003

REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH December 31, 2003



ACCOUNT NUMBER



| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

## 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>12/08/03</td><td>JOURNAL</td><td>FITG FITM</td><td></td><td>114,939.00</td></tr></tbody></table>

027



01/01/04;12:17 001


EFTA00195630



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



13 of 13



# **Transaction Detail** (continued)

MISCELLANEOUS (continued)

<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>12/11/03</td><td>JOURNAL</td><td>NOV.03 SPEC CLEARING FEES</td><td>50.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-50.00</td><td>$114,939.00</td></tr></tbody></table>

## Your messages



Excess SIPC Account Protection Update

Bear, Stearns Securities Corp. ("BSSC"), a member of the Securities Investor Protection Corporation ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash ("SIPC Coverage"). Visit www.sipc.org for more information about SIPC Coverage. BSSC provides the additional protection ("Excess SIPC") through a commercial insurer. Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company ("CAPCO"), a licensed New York insurance company. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

STOP



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


027



01/01/04;12:17 001