EFTA00195760 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179

ACCOUNT EXECUTIVE	GNMA GOVT BOND
VISIT OUR WEBSITE	www.bearstearns.com

## What’s In This Statement

Financial Summary	3
Your Portfolio Holdings	4
Transaction Detail
Trades Not Yet Settled	11

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

ST B3

ST THOMAS VI 00802

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. ACCOUNT NUMBER FINANCIAL TRUST CO INC | LAST STATEMENT | December 31, 2002 | | :--- | :--- | TAXPAYER NUMBER On File STATEMENT PERIOD January 1, 2003

TOTAL VALUE OF SECURITIES THIS PERIOD	22,463,638
LONG ACCRUED INTEREST	521,898
NET CREDIT BALANCE	517
NET EQUITY THIS PERIOD	$22,986,053

NET EQUITY LAST STATEMENT	14,249,549
CHANGE SINCE LAST STATEMENT	8,736,503

THROUGH January 31, 2003 Market Value of Your Portfolio 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 V640 EFTA00195761 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 11 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 EFTA00195762 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 11 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$24,520.47
Securities Sold	25,988,373.53
Dividends/Interest	954,977.65
Miscellaneous	14,376,739.01
Amount Credited	$41,320,090.19
Securities Bought	-25,965,207.77
Funds Withdrawn	-366,738.00
Dividends/Interest Charged	-22,648.15
Miscellaneous	-14,989,500.00
Amount Debited	$-41,344,093.92
Net Cash Activity	-24,003.73
Closing Balance	$516.74

Cash Balance Summary

	OPENING	CLOSING
Margin	24,520.47	516.74
Net Cash Balance	$24,520.47	$516.74

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	954,977.65	954,977.65
Reverse Repurchase Int.	1,326.65	1,326.65
Total	$956,304.30	$956,304.30
Bond Purchase Int.	-22,648.15	-22,648.15

Portfolio Composition

Cash/Cash Equivalent	517
Fixed Income	22,463,638
Total	$22,464,155

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 ## FINANCIAL TRUST CO INC | STATEMENT PERIOD | January 1, 2003 | | :--- | :--- | | THROUGH | January 31, 2003 | | ACCOUNT NUMBER | | | :--- | :---| | TAXPAYER NUMBER | On File | | LAST STATEMENT | December 31, 2002 | Your Portfolio Allocation EFTA00195763 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 11 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 January 1, 2003

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD(%)
CASH BALANCE				517
TOTAL CASH&CASH EQUIVALENTS				$517

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 1.030% FACTOR = .93356610	MRGN	56,013,966	10.0663	5,638,552	150,120	3,377,642	59.9026
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.630% FACTOR = .93356610	MRGN	24,027,354	9.1396	2,196,011	60,122	1,352,740	61.5999
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR = .87603800	MRGN	61,322,660	2.7360	1,677,757	27,251	613,227	36.5504
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 1.630% FACTOR = .88189230	MRGN	44,094,615	11.6523	5,138,016	129,935	2,923,473	56.8989

027 02/01/03;15:12 001 EFTA00195764 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, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 **5 of 11** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued)

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP	MRGN	50,871,897	9.1370	4,648,141	127,293	2,864,088	61.6179
SERIES 2483 CL SL
DATED DATE 07/02/02
BOOK ENTRY ONLY
DUE 03/15/2032 5,630%
FACTOR = .88189230
Total Government& Agency Obligations				$19,298,477	$494,721	$11,131,170

Corporate Bonds

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FANNIE MAE CMO/SERIES 2002-82	MRGN	24,347,391	13.0000	3,165,161	27,177	1,630,545	51.5154
SK-I/O FLTR DATED DATE 10/02/02 BOOK ENTRY ONLY DUE 10/25/2031 FACTOR = .97389566
Total CorporateBonds				$3,165,161	$27,177	$1,630,545
TOTAL FIXED INCOME				$22,463,638	$521,898	$12,761,715

YOUR TOTAL ACCRUED INTEREST	$521,898
YOUR TOTAL ESTIMATED ANNUAL INCOME	$12,761,715
YOUR PRICED PORTFOLIOHOLDINGS	$22,464,155

027 02/01/03;15:12 001 EFTA00195765 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, Stearns Securities Corp. One Metratech Center North Brooklyn, New York 11201-3859 of 11 FINANCIAL TRUST CO INC Transaction Detail ## INVESTMENT ACTIVITY

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT
01/14/03	12/04/02	BOUGHT	FNMA-30YR(FNMA) GTD SETT,01/03 DUE 01/01/2033 05,500%	10,000,000	100.09375	10,009,375.00
			REF # BS
01/14/03	01/08/03	CANCEL SELL	FNMA-30YR(FNMA) GTD SETT,01/03 DUE 01/01/2033 05,500%	10,000,000	101.88672	10,188,671.88
			REF # BS AS OF 01/08/03 TO CIL PREVIOUS SELL
01/14/03	12/04/02	CANCEL BUY	FNMA-30YR(FNMA) GTD SETT,01/03 DUE 01/01/2033 05,500%	-10,000,000	100.09375	10,009,375.00
			REF # BS AS OF 12/04/02 TO CIL PREVIOUS BUY
01/14/03	01/08/03	SOLD	FNMA-30YR(FNMA) GTD SETT,01/03 DUE 01/01/2033 05,500%	-10,000,000	101.88672	10,188,671.88
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-03	-2,344,000
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-03	-468
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,580 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-03	-1,944,000

027 02/01/03;15:12 001 EFTA00195766 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 of 11 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD January 1, 2003 ## INVESTMENT ACTIVITY (continued) THROUGH January 31, 2003 | LAST STATEMENT | December 31, 2002 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,580 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-03	-917
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 5,580 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-03	-1,685,000
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 5,580 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-03	-810
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,980 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-03	-2,068,000
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,980 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-03	-44
01/15/03		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,580 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-03	-887,093
01/30/03	01/27/03	BOUGHT	FANNIE MAE CMO/SERIES 2002-82 SK-I/O FLTR DUE 10/25/2031 06,697%	24,347,391 ACCR. INT.	13.00000	3,165,160.89 22,648.15
			REF # AS OF 01/27/03
TOTAL					$-23,385,855.92		$20,198,046.88

027 02/01/03;15:12 001 EFTA00195767 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 8 of 11 ## **Transaction Detail** (continued) DEPOSITS AND WITHDRAWALS CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
01/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 01-15-03	1.0000	53,055.94
01/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5.580 INTEREST PAYMENT 01-15-03	5.5800	245,598.18
01/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DUE 03/15/2032 5.580 INTEREST PAYMENT 01-15-03		251,029.33
01/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 5.980 INTEREST PAYMENT 01-15-03	5.9800	289,442.02
01/15/03	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5.580 INTEREST PAYMENT 01-15-03	5.5800	115,852.18
TOTAL			$954,977.65

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC STATEMENT PERIOD January 1, 2003 THROUGH January 31, 2003 | LAST STATEMENT | December 31, 2002 | | :--- | :--- | TAXPAYER NUMBER On File ACCOUNT NUMBER 027 02/01/03;15:12 001 EFTA00195768 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY 9 of 11 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD January 1, 2003 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. THROUGH January 31, 2003 ACCOUNT NUMBER | LAST STATEMENT | December 31, 2002 | | :--- | :--- | TAXPAYER NUMBER On File ## MISCELLANEOUS 027 02/01/03;15:12 001 EFTA00195769 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 10 of 11 ## **Transaction Detail** (continued) ## MISCELLANEOUS (continued) 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 January 1, 2003 THROUGH January 31, 2003 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | December 31, 2002 | | :--- | :--- | 027 02/01/03;15:12 001 EFTA00195770 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 11 of 11 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) MISCELLANEOUS (continued) STATEMENT PERIOD January 1, 2003 THROUGH January 31, 2003 ACCOUNT NUMBER

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
01/22/03	JOURNAL	FITG TO FITM		413,789.00
TOTAL			-$14,989,500.00	$14,376,739.01

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT
02/13/03	01/08/03	BOUGHT	FNMA-30YR(FNMA) GTD SETT,02/03 DUE 02/01/2033 05,500% REF #	10,000,000.00	101.4375	10,143,750.00
04/14/03	01/27/03	BOUGHT	FNMA-30YR(FNMA) GTD SETT,04/03 DUE 04/01/2033 05,500% REF #	10,000,000.00	100.6093	10,060,937.50
TOTAL

The above trades do not appear in any other section of this statement. ******* End of Statement******* 027 02/01/03;15:12 001 EFTA00195771