EFTA00195786

<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

<table><tr><td>Transaction Detail</td><td>7</td></tr></table>





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio at a Glance



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>11,635,695</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>110,415</td></tr><tr><td>NET CREDIT BALANCE</td><td>244,955</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$11,991,065</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>12,027,839</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-36,774</td></tr></table>

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

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

FINANCIAL TRUST CO INC

STATEMENT PERIOD October 30, 2004

ACCOUNT NUMBER

THROUGH November 30, 2004

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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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$334,039.38</td></tr><tr><td>Securities Sold</td><td>238,130,859.91</td></tr><tr><td>Dividends/Interest</td><td>881,569.99</td></tr><tr><td>Amount Credited</td><td>$239,012,429.90</td></tr><tr><td>Securities Bought</td><td>-238,871,224.78</td></tr><tr><td>Dividends/Interest Charged</td><td>-230,189.07</td></tr><tr><td>Miscellaneous</td><td>-100.00</td></tr><tr><td>Amount Debited</td><td>$-239,101,513.85</td></tr><tr><td>Net Cash Activity</td><td>-89,083.95</td></tr><tr><td>Closing Balance</td><td>$244,955.43</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>334,039.38</td><td>244,955.43</td></tr><tr><td>Net Cash Balance</td><td>$334,039.38</td><td>$244,955.43</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>36,256.91</td><td>411,620.51</td></tr><tr><td>Govt.Agency Int.</td><td>677,473.11</td><td>9,246,322.65</td></tr><tr><td>Corp.Bond Int.</td><td>147,441.74</td><td>2,017,691.73</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>1,022.46</td></tr><tr><td>Reverse Repurchase Int.</td><td>72,266.51</td><td>324,614.73</td></tr><tr><td>Total</td><td>$933,438.27</td><td>$12,001,272.08</td></tr><tr><td>Bond Purchase Int.</td><td>-209,538.14</td><td>-1,377,851.91</td></tr><tr><td>Margin Int.Paid</td><td>-252.70</td><td>-2,023.40</td></tr><tr><td>Repurchase Int.Exp.</td><td>-8,708.90</td><td>-217,794.23</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>244,955</td></tr><tr><td>Fixed Income</td><td>11,635,695</td></tr><tr><td>Total</td><td>$11,880,650</td></tr></table>



STATEMENT PERIOD October 30, 2004

FINANCIAL TRUST CO INC

THROUGH November 30, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

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.

EFTA00195789



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

AGCOUNT NUMBER

<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>244,955</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$244,955</td><td></td><td></td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

## 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 2530 CLASS SE<br>DATED DATE 10/11/02<br>BOOK ENTRY ONLY<br>DUE 02/15/2032, 5,310%<br>FACTOR = ,26682586</td><td></td><td>MRGN</td><td>16,009,551</td><td>9.8266</td><td>1,573,192</td><td>35,424</td><td>850,107</td><td>54.0371</td></tr><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, 4,910%<br>FACTOR = ,26682585</td><td></td><td>MRGN</td><td>6,867,343</td><td>8.8980</td><td>611,058</td><td>14,050</td><td>337,187</td><td>55.1809</td></tr><tr><td>FEDERAL NATIONAL MTG ASSN<br>STRUP MTG SERIES 322 CL PO<br>DATED DATE 03/01/02<br>BOOK ENTRY ONLY<br>DUE 03/01/2032, .001%<br>FACTOR = 1,00000000</td><td></td><td>MRGN</td><td>3,910,775</td><td>81.9844</td><td>3,206,224</td><td>3</td><td>39</td><td>0.0012</td></tr><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>DATED DATE 07/02/02<br>BOOK ENTRY ONLY<br>DUE 03/15/2032, 4,910%<br>FACTOR = ,23888857</td><td></td><td>MRGN</td><td>13,780,270</td><td>8.4914</td><td>1,170,134</td><td>28,191</td><td>676,611</td><td>57.8234</td></tr></tbody></table>

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## Your Portfolio Holdings (continued)

STATEMENT PERIOD October 30, 2004

Government & Agency Obligations (continued)

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<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 NATIONAL MTG ASSN</td><td></td><td>MRGN</td><td>14,402,918</td><td>9.8728</td><td>1,421,966</td><td>9,642</td><td>694,221</td><td>48.8212</td></tr><tr><td>SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4,820% FACTOR = .59254784</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Government&amp; Agency Obligations</td><td></td><td></td><td></td><td></td><td>$7,982,574</td><td>$87,310</td><td>$2,558,165</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 5,820%<br>FACTOR = .57172828</td><td></td><td>MRGN</td><td>28,586,414</td><td>12.7792</td><td>3,653,121</td><td>23,105</td><td>1,663,729</td><td>45.5427</td></tr><tr><td>Total CorporateBonds</td><td></td><td></td><td></td><td></td><td>$3,653,121</td><td>$23,105</td><td>$1,663,729</td><td></td></tr><tr><td>TOTAL FIXED INCOME</td><td></td><td></td><td></td><td></td><td>$11,635,695</td><td>$110,415</td><td>$4,221,894</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSACCRUED INTEREST</td><td>$110,415</td></tr><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$4,221,894</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$11,880,650</td></tr></table>

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## Repurchase and Reverse Repurchase Transactions

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<table><thead><tr><th></th><th>PURCHASE/START DATE</th><th>REPURCHASEDATE</th><th>PRICINGRATE</th><th>PURCHASE PRICE/PRINCIPAL</th><th>ACCRUED REPOINTEREST*</th><th>QUANTITY(FACE AMOUNT)</th><th>CUSIP</th><th>DESCRIPTION</th></tr></thead><tbody><tr><td>YOU PROVIDED(MARGIN)</td><td>09/15/04</td><td>OPEN</td><td>0.000</td><td></td><td></td><td>-50,000,000</td><td></td><td>FEDERAL HOME LOAN MTG CORPSERIES 2488 CLASS SQ 5.9100 03/15/32</td></tr><tr><td>YOU SOLD(REPO)</td><td>10/12/04</td><td>01/10/05</td><td>2.260</td><td>-9,478,000</td><td>-29,750</td><td>-50,000,000</td><td></td><td>F H L M C - STRIP PRINCIPAL ONLY</td></tr><tr><td>YOU SOLD(REPO)</td><td>10/14/04</td><td>OPEN</td><td>0.010</td><td>-1</td><td></td><td>-44,389,962</td><td></td><td>GOVERNMENT NATIONAL MTG ASSOCSERIES 2004-2 CLASS S 5.0987 01/16/34</td></tr><tr><td>YOU SOLD(REPO)</td><td>11/24/04</td><td>12/13/04</td><td>2.340</td><td>-3,260,000</td><td>-1,483</td><td>-44,000,000</td><td></td><td>GOVERNMENT NATIONAL MTG ASSOCSERIES 2004-5 CLASS P 4.8100 02/20/33</td></tr><tr><td>YOU BOUGHT(REVERSE)</td><td>11/30/04</td><td>OPEN</td><td>1.650</td><td>50,000,000</td><td>2,291</td><td>50,000,000</td><td></td><td>USTR 2.8750 11/30/06</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$50,000,000</td><td>$2,291</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-12,738,001</td><td>$-31,233</td><td></td><td></td><td></td></tr></tbody></table>

*As of statement date*

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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>11/03/04</td><td>11/02/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 02,500% AO 30 YIELD 2,605 % 10 MATURITY GVER REF # G307/1010 A1</td><td></td><td>-25,000,000</td><td>99.79688</td><td></td><td>24,949,218.75 5,179.56</td></tr><tr><td>11/03/04</td><td>11/02/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 09/30/2006 02,500% MS 31 Yield 2,584 % 10 MATURITY GVER REF # G307/1014 A1</td><td></td><td>25,000,000 ACCR. INT.</td><td>99.84375</td><td>24,960,937.50 58,379.12</td><td></td></tr><tr><td>11/05/04</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/02 PRINCIPAL REDUCTN 11-25-04</td><td></td><td>-130,707</td><td></td><td></td><td></td></tr><tr><td>11/10/04</td><td></td><td>JOURNAL</td><td>FANNIE MAE CMO/SERIES 2003-13 S PCR-I/O FLTR 6,067 DUE 03/25/33</td><td></td><td>1</td><td></td><td></td><td></td></tr><tr><td>11/12/04</td><td>11/08/04</td><td>SOLD</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2002 01,000% REF # AS OF 11/08/04 BS</td><td></td><td>-12,238,935</td><td>2.68750 ACCR. INT.</td><td></td><td>328,921.38 9,179.20</td></tr><tr><td>11/12/04</td><td>11/08/04</td><td>SOLD</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2002 01,000% REF # AS OF 11/08/04 BS</td><td></td><td>-12,238,935</td><td>2.68750 ACCR. INT.</td><td></td><td>328,921.38 9,179.20</td></tr><tr><td>11/12/04</td><td>10/15/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 09/15/2007 02,750% FA 15 YIELD 2,758 % 10 MATURITY GVER REF # G317/1013 A1 ORIGINAL SD 10/18/04 AS OF 10/15/04</td><td></td><td>15,000,000 ACCR. INT.</td><td>99.97656</td><td>14,996,484.38 71,739.13</td><td></td></tr></tbody></table>

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## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

## INVESTMENT ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<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>11/15/04</td><td></td><td>PRINCIPAL</td><td>FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 PRIN RD 10-04 P/D 11-15-04 REPO P &amp; I 0,0000</td><td></td><td></td><td></td><td></td><td>337,316.00</td></tr><tr><td>11/15/04</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SI 4,910 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04</td><td></td><td>-434,132</td><td></td><td></td><td></td></tr><tr><td>11/15/04</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,310 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04</td><td></td><td>-440,368</td><td></td><td></td><td></td></tr><tr><td>11/15/04</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 4,910 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04</td><td></td><td>-188,897</td><td></td><td></td><td></td></tr><tr><td>11/18/04</td><td>11/17/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 02,500% AO 30 YIELD 2,850 % TO MATURITY GVER REF # A1</td><td></td><td>-25,000,000</td><td>99.33984 ACCR. INT.</td><td></td><td>24,834,960.94 31,077.35</td></tr><tr><td>11/22/04</td><td>11/22/04</td><td>SOLD</td><td>WI USTR 21 DUE 11/30/2006 02,875% WHEN AS &amp; IE ISSUED YIELD 2,980 % TO MATURITY GVER REF # A1</td><td></td><td>-50,000</td><td>99.79760</td><td></td><td></td></tr><tr><td>11/23/04</td><td>11/22/04</td><td>BOUGHT</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 02,500% AO 30 YIELD 2,993 % TO MATURITY GVER REF # A1</td><td></td><td>50,000,000 ACCR. INT.</td><td>99.17969</td><td>49,589,844.00 79,419.89</td><td></td></tr></tbody></table>

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## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

## INVESTMENT ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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 AMOUNT</th></tr></thead><tbody><tr><td>11/23/04</td><td>11/22/04</td><td></td><td>WI USTR 2Y<br>DUE 11/30/2006 02,875% WHEN ISSUE RESCINDED<br>YIELD 2,980 % TO MATURITY TO CXL PREVIOUS SELL</td><td></td><td>50,000</td><td>99.79760</td><td></td><td></td></tr><tr><td>11/26/04</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 11-25-04</td><td></td><td></td><td></td><td></td><td>130,707.45</td></tr><tr><td>11/26/04</td><td></td><td>PRINCIPAL</td><td>FANNIE MAE CMO/SERIES 2003-13 S RCR-I/O FLTR 6,881 DUE 03/25/33 PRINCIPAL REDUCTN 11-25-04</td><td></td><td>-573,881</td><td></td><td></td><td></td></tr><tr><td>11/26/04</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,881 DUE 01/25/33 PRINCIPAL REDUCTN 11-25-04</td><td></td><td>-289,143</td><td></td><td></td><td></td></tr><tr><td>11/30/04</td><td>11/22/04</td><td>SOLD</td><td>UNITED STATES TREASURY NOTE DUE 11/30/2006 02,875% MN 31<br>YIELD 2,980 % TO MATURITY GVER REF # A5 AS OF 11/22/04</td><td></td><td>-50,000,000</td><td>99.79760</td><td></td><td>49,898,797.50</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-89,756,804.02</td><td>$100,863,458.71</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>11/01/04</td><td>AVG BAL 684,530RT 0.428<br>021 OFFICE INTEREST 1004</td><td></td><td></td><td></td><td>252.70</td><td></td></tr></tbody></table>

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BEAR
STEARNS




CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





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FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004



INTEREST (continued)



AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<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>11/15/04</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032<br>INT R/D 10-04 P/D 11-15-04<br>REPO P &amp; I</td><td></td><td></td><td>1.0000</td><td></td><td>20,398.23</td></tr><tr><td>11/15/04</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>DUE 03/15/2032<br>INTEREST PAYMENT 11-15-04</td><td></td><td></td><td>4.9100</td><td></td><td>60,766.57</td></tr><tr><td>11/15/04</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>DUE 03/15/2032<br>INT R/D 10-04 P/D 11-15-04<br>REPO P &amp; I</td><td></td><td></td><td>5.9100</td><td></td><td>62,938.37</td></tr><tr><td>11/15/04</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2530 CLASS SE<br>DUE 02/15/2032<br>INTEREST PAYMENT 11-15-04</td><td></td><td></td><td>5.3100</td><td></td><td>75,806.71</td></tr><tr><td>11/15/04</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2558 CLASS SI<br>DUE 02/15/2032<br>INTEREST PAYMENT 11-15-04</td><td></td><td></td><td>4.9100</td><td></td><td>30,165.42</td></tr><tr><td>11/16/04</td><td>GOVERNMENT NATIONAL MTG ASSN<br>SERIES 2004-2 CLASS SB<br>DUE R/D 16-2034<br>INT R/D 11-04 P/D 11-16-04<br>REPO P &amp; I</td><td></td><td></td><td>5.3110</td><td></td><td>182,594.29</td></tr><tr><td>11/17/04</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032<br>REV ENTRY A/O 11/15</td><td></td><td></td><td>1.0000</td><td>20,398.23</td><td></td></tr><tr><td>11/22/04</td><td>GOVERNMENT NATIONAL MTG ASSN<br>SERIES 2004-5 CLASS PS<br>DUE 02/20/2033<br>INT R/D 10-04 P/D 12-04<br>REPO P &amp; I</td><td></td><td></td><td>5.0400</td><td></td><td>184,800.00</td></tr></tbody></table>

027



12/01/04;14:42 001


EFTA00195796



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY






11 of 15



FINANCIAL TRUST CO INC

## Transaction Detail (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004



INTEREST (continued)





ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<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>11/26/04</td><td>FANNIE MAE CMO/SERIES 2003-13<br>S RCR-I/O FLTR<br>DUE 03/25/2033 6,881<br>INTEREST PAYMENT 11-25-04</td><td></td><td></td><td>6.8810</td><td></td><td>147,441.74</td></tr><tr><td>11/26/04</td><td>FEDERAL NATIONAL MTG ASSN<br>SERIES 2003-49 CLASS SW<br>DUE 01/25/2033 5,881<br>INTEREST PAYMENT 11-25-04</td><td></td><td></td><td>5.8810</td><td></td><td>62,043.35</td></tr><tr><td colspan="5">TOTAL</td><td>-20,650.93</td><td>$826,954.68</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 AMOUNT</th></tr></thead><tbody><tr><td>11/03/04</td><td></td><td>RECEIVED</td><td>UNITED STATES TREASURY NOTE<br>DUE 10/31/2006 2,500<br>2,500 DUE 10/31/06<br>FITM A1<br>RESALE AGREEMENT</td><td></td><td>25,000,000</td><td>25,031,250.00</td><td></td></tr><tr><td>11/03/04</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE<br>DUE 09/30/2006 2,500<br>2,500 DUE 09/30/06<br>FITM A2<br>TERM RESALE AGREEMENT</td><td></td><td>-25,000,000</td><td></td><td>25,000,000.00</td></tr><tr><td>11/03/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE<br>DUE 09/30/2006 2,500<br>FITM A2<br>RESALE INTEREST</td><td></td><td></td><td></td><td>28,392.36</td></tr><tr><td>11/12/04</td><td></td><td>JOURNAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>FITMARGN A2<br>TERM REPO AGREEMENT</td><td></td><td>24,477,870</td><td></td><td></td></tr></tbody></table>

027



12/01/04;14:42 001


V865A

EFTA00195797



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





12 of 15



FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH November 30, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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>11/12/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A2 TERM REPO AGREEMENT</td><td></td><td>44,000,000</td><td>5,363,000.00</td><td></td></tr><tr><td>11/12/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A1 REPO AGREEMENT</td><td></td><td>-44,000,000</td><td></td><td>5,623,000.00</td></tr><tr><td>11/12/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A2 REPO AGREEMENT</td><td></td><td>44,000,000</td><td>5,623,000.00</td><td></td></tr><tr><td>11/12/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/23 FITM A3 REPO AGREEMENT</td><td></td><td>-44,000,000</td><td></td><td>5,623,000.00</td></tr><tr><td>11/12/04</td><td>DELIVERED</td><td></td><td>UNITED STATES TREASURY NOTE DUE 08/15/2007 2,750 2,750 DUE 08/15/07 FITM A2 TERM RESALE AGREEMENT</td><td></td><td>-15,000,000</td><td></td><td>15,037,500.00</td></tr><tr><td>11/12/04</td><td>INTEREST</td><td></td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2003 5,040 FITM A2 REPO INTEREST</td><td></td><td></td><td>5,242.33</td><td></td></tr><tr><td>11/12/04</td><td>INTEREST</td><td></td><td>UNITED STATES TREASURY NOTE DUE 08/15/2007 2,750 FITM A2 RESALE INTEREST</td><td></td><td></td><td></td><td>28,496.06</td></tr></tbody></table>

027



12/01/04;14:42 001


EFTA00195798



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY







13 of 15



FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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>11/16/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3213185 A1 REPO AGREEMENT</td><td></td><td>-44,000,000</td><td></td><td>3,675,000.00</td></tr><tr><td>11/16/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM A4 TERM REPO AGREEMENT</td><td></td><td>44,000,000</td><td>5,623,000.00</td><td></td></tr><tr><td>11/16/04</td><td></td><td>INTEREST</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 FITM A4 REPO INTEREST</td><td></td><td></td><td>1,436.99</td><td></td></tr><tr><td>11/18/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3213185 A2 TERM REPO AGREEMENT</td><td></td><td>44,000,000</td><td>3,675,000.00</td><td></td></tr><tr><td>11/18/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3233174 A1 REPO AGREEMENT</td><td></td><td>-44,000,000</td><td></td><td>4,000,000.00</td></tr><tr><td>11/18/04</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/06 FITM A2 TERM RESALE AGREEMENT</td><td></td><td>-25,000,000</td><td></td><td>25,031,250.00</td></tr><tr><td>11/18/04</td><td></td><td>RECEIVED</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/06 FITM F3230504 A1 RESALE AGREEMENT</td><td></td><td>50,000,000</td><td>50,000,000.00</td><td></td></tr></tbody></table>

027



12/01/04;14:42 001


EFTA00195799



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





14 of 15

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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>11/18/04</td><td></td><td>INTEREST</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 FITM F3213185 A2 REPO INTEREST</td><td></td><td></td><td>469.58</td><td></td></tr><tr><td>11/18/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 FITM A2 RESALE INTEREST</td><td></td><td></td><td></td><td>13,600.31</td></tr><tr><td>11/23/04</td><td></td><td>DELIVERED</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 DUE 10/31/2006 2,500 FITM F3230504 A2 TERM RESALE AGREEMENT</td><td></td><td>-50,000.00</td><td></td><td>50,000,000.00</td></tr><tr><td>11/23/04</td><td></td><td>INTEREST</td><td>UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 FITM F3230504 A2 RESALE INTEREST</td><td></td><td></td><td></td><td>1,777.78</td></tr><tr><td>11/24/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/2033 FITM A1 REPO AGREEMENT</td><td></td><td>-44,000.00</td><td></td><td>3,260,000.00</td></tr><tr><td>11/24/04</td><td></td><td>JOURNAL</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 DUE 02/20/2033 FITM F323174 A2 TERM REPO AGREEMENT</td><td></td><td>44,000.00</td><td>4,000,000.00</td><td></td></tr><tr><td>11/24/04</td><td></td><td>INTEREST</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 4,810 FITM F323174 A2 REPO INTEREST</td><td></td><td></td><td>1,560.00</td><td></td></tr></tbody></table>

027



12/01/04;14:42 001


EFTA00195800



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





15 of 15





FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

## REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued)

THROUGH November 30, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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>11/30/04</td><td></td><td>RECEIVED</td><td>UNITED STATES TREASURY NOTE<br>DUE 11/30/2006 2,875<br>2,875 DUE 11/30/06<br>FITM A1<br>RESALE AGREEMENT</td><td></td><td>50,000,000</td><td>50,000,000.00</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>11/16/04</td><td>JOURNAL</td><td>OCT 04 SPEC CLEARING FEES</td><td>100.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-100.00</td><td></td></tr></tbody></table>





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


027



12/01/04;14:42 001