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<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 ... 3

Transaction Detail 4





<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

ACCOUNT NUMBER

FINANCIAL TRUST CO INC

TAXPAYER NUMBER On File

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>137,131</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$137,131</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>132,001</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>5,130</td></tr></table>

| LAST STATEMENT | October 31, 2005 |

| :--- | :--- |

STATEMENT PERIOD November 1, 2005

THROUGH November 30, 2005

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

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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STATEMENT BACKER IS PRINTED ON THIS PAGE

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>Opening Balance</td><td>$132,001.23</td></tr><tr><td>Dividends/Interest</td><td>5,130.18</td></tr><tr><td>Amount Credited</td><td>$5,130.18</td></tr><tr><td>Net Cash Activity</td><td>5,130.18</td></tr><tr><td>Closing Balance</td><td>$137,131.41</td></tr></table>

Income Summary

Cash Balance 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>0.00</td><td>4,718,243.44</td></tr><tr><td>Govt.Agency Int.</td><td>0.00</td><td>6,167,659.06</td></tr><tr><td>Corp.Bond Int.</td><td>0.00</td><td>1,279,184.80</td></tr><tr><td>Credit Balance Int.</td><td>5,130.18</td><td>11,925.96</td></tr><tr><td>Reverse Repurchase Int.</td><td>0.00</td><td>1,636,307.17</td></tr><tr><td>Total</td><td>$5,130.18</td><td>$13,813,320.43</td></tr><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-6,596,679.06</td></tr><tr><td>Repurchase Int. Exp.</td><td>0.00</td><td>-1,761,173.79</td></tr></table>

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>132,001.23</td><td>137,131.41</td></tr><tr><td>Net Cash Balance</td><td>$132,001.23</td><td>$137,131.41</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>137,131</td></tr><tr><td>Total</td><td>$137,131</td></tr></table>

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<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>137,131</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$137,131</td><td></td><td></td></tr></tbody></table>



FINANCIAL TRUST CO INC



STATEMENT PERIOD November 1, 2005



THROUGH November 30, 2005



ACCOUNT NUMBER



| LAST STATEMENT | October 31, 2005 |

| :--- | :--- |

Your Portfolio Allocation

TAXPAYER NUMBER On File

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

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BEAR
STEARNS


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

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## Your Portfolio Holdings (continued)



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><th>$137,131</th></tr></thead></table>





Transaction Detail




INTEREST


FINANCIAL TRUST CO INC

<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>11/01/05</td><td>AVG BAL 1984,653RT 3.002<br>021 OFFICE INTEREST 1005</td><td></td><td></td><td></td><td></td><td>5,130.18</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$5,130.18</td></tr></tbody></table>

STATEMENT PERIOD November 1, 2005

THROUGH November 30, 2005

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2005 |

| :--- | :--- |





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


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