## Statements EFTA00196295 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

Financial Summary 3 Your Portfolio Holdings ... 4 ## What’s In This Statement Transaction Detail ... 5 Trades Not Yet Settled ... 11

FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

ST B3

ST THOMAS VI 00802

Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC STATEMENT PERIOD November 30, 2002 THROUGH December 31, 2002 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- | ## Your Portfolio at a Glance There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

TOTAL VALUE OF SECURITIES THIS PERIOD*	13,715,716
LONG ACCRUED INTEREST	509,313
NET CREDIT BALANCE	24,520
NET EQUITY THIS PERIOD	$14,249,549
NET EQUITY LAST STATEMENT	7,885,525
CHANGE SINCE LAST STATEMENT	6,364,025

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period. Market Value of Your Portfolio ## Important Message If any information regarding 2002 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 January 31, 2003 or a 1042Sby March 17, 2003. 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 01/01/03;08:59 001 v639 EFTA00196296 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 EFTA00196297 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	$13,775.71
Securities Sold	71,498,828.13
Dividends/Interest	964,882.99
Miscellaneous	7,182,198.39
Amount Credited	$79,645,909.51
Securities Bought	-71,498,828.13
Miscellaneous	-8,136,336.62
Amount Debited	$-79,635,164.75
Net Cash Activity	10,744.76
Closing Balance	$24,520.47

Cash Balance Summary

	OPENING	CLOSING
Margin	13,775.71	24,520.47
Net Cash Balance	$13,775.71	$24,520.47

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	964,540.47	2,802,875.24
Credit Balance Int.	342.52	1,035.54
Total	$964,882.99	$2,803,910.78
Bond Purchase Int.		-497,459.47

Portfolio Composition

Cash/Cash Equivalent	24,520
Fixed Income	13,715,716
Total	$13,740,236

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 ## FINANCIAL TRUST CO INC | STATEMENT PERIOD | November 30, 2002 | | :--- | :--- | | THROUGH | December 31, 2002 | ACCOUNT NUMBER Your Portfolio Allocation TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- | Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio. EFTA00196298 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY 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 November 30, 2002 THROUGH December 31, 2002 AGCOUNT NUMBER

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				24,520
TOTAL CASH & CASH EQUIVALENTS				$24,520

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 5.980% FACTOR =	MRGN	58,082,010	8.6987	5,052,380	154,367	3,473,304	68.7459
FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.580% FACTOR =	MRGN	24,914,447	8.3566	2,082,008	61,787	1,390,226	66.7733
FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR =	MRGN	63,667,128	2.9911	1,904,354	28,294	636,671	33.4324
FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.580% FACTOR =	MRGN	45,780,425	Unpriced		133,880	3,012,352

027 01/01/03;08:59 001 EFTA00196299 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 11** FINANCIAL TRUST CO INC STATEMENT PERIOD November 30, 2002 ## Your Portfolio Holdings (continued)

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP	MRGN	52,816,814	8.8551	4,676,974	130,985	2,947,178	63.0146
SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.580% FACTOR = .
Total Government& Agency Obligations				$13,715,716	$509,313	$11,459,731
TOTAL FIXED INCOME				$13,715,716	$509,313	$11,459,731

YOUR TOTAL ACCRUED INTEREST	$509,313
YOUR TOTAL ESTIMATED ANNUAL INCOME	$11,459,731
YOUR PRICED PORTFOLIOHOLDINGS	$13,740,236

Transaction Detail ## INVESTMENT ACTIVITY

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
12/09/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 REV INC PRN 11/15/02		2,639,915

027 01/01/03;08:59 001 EFTA00196300 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 6 of 11 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD November 30, 2002 THROUGH December 31, 2002 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
12/09/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PAY COR PRN 11/15/02	-1,915,857
12/12/02	11/07/02	BOUGHT	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2031 06,000% REF # BS	25,000,000	102.62500	25,656,250.00
12/12/02	11/14/02	CANCEL SELL	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2031 06,000% REF # AS OF 11/14/02 TO CXL PREVIOUS SELL	25,000,000	102.79688	25,699,218.75
12/12/02	11/07/02	CANCEL BUY	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2031 06,000% REF # AS OF 11/07/02 TO CXL PREVIOUS BUY	-25,000,000	102.62500		25,656,250.00
12/12/02	11/14/02	SOLD	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2031 06,000% REF # BS	-25,000,000	102.79688		25,699,218.75
12/12/02	12/04/02	CANCEL SELL	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2032 05,500% REF # AS OF 12/04/02 TO CXL PREVIOUS SELL	10,000,000	100.52734	10,052,734.38

027 01/01/03;08:59 001 EFTA00196301 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 7 of 11 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD November 30, 2002 ## INVESTMENT ACTIVITY (continued) THROUGH December 31, 2002 TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- |

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
12/12/02	11/07/02	BOUGHT	FNMA-30YR(FNMA) GTD SETT, 12/02 DUE 12/01/2032 05,500% REF # BS	10,000,000	100.90625	10,090,625.00
12/12/02	12/04/02	SOLD	FNMA-30YR(FNMA) GTD SETT, 12/02 DUE 12/01/2032 05,500% REF # BS	-10,000,000	100.52734		10,052,734.38
12/12/02	11/07/02	CANCEL BUY	FNMA-30YR(FNMA) GTD SETT, 12/02 DUE 12/01/2032 05,500% REF AS OF 11/07/02 TO CCL PREVIOUS BUY	-10,000,000	100.90625		10,090,625.00
12/16/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-02	-2,196,000
12/16/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-02	-250
12/16/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,580 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-02	-1,821,000
12/16/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,580 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-02	-967
12/16/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,580 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-02	-1,579,000

01/01/03;08:59 001 V639 EFTA00196302 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 8 of 11 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) STATEMENT PERIOD November 30, 2002 THROUGH December 31, 2002 ## INVESTMENT ACTIVITY (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- |

SETTLEMENT DATE	TRANSACTION	DESCRIPTION	QUANTITY	DEBIT AMOUNT	CREDIT AMOUNT
12/16/02	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ 6,580 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-02	-240
12/16/02	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,980 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-02	-1,917,000
12/16/02	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5,980 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-02	-990
12/16/02	PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,580 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-02	-822,727
TOTAL				-71,498,828.13	$71,498,828.13

INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
12/02/02	AVG BAL 58,609RT 5.658 021 OFFICE INTEREST 1102		313.20
12/16/02	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 12-15-02	1.0000	54,886.15
12/16/02	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,580 INTEREST PAYMENT 12-15-02	5.5800	255,834.70

027 01/01/03;08:59 001 EFTA00196303 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 9 of 11 FINANCIAL TRUST CO INC ## Transaction Detail (continued) STATEMENT PERIOD November 30, 2002 INTEREST (continued) THROUGH December 31, 2002 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- |

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
12/16/02	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 INTEREST PAYMENT 12-15-02	6.5800	261,218.15
12/16/02	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 INTEREST PAYMENT 12-15-02	5.9800	278,500.00
12/16/02	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 INTEREST PAYMENT 12-15-02	5.5800	114,101.47
12/31/02	AVG BAL 54,420RT 021 OFFICE INTEREST 1202		29.32
TOTAL				$964,882.99

## MISCELLANEOUS

DATE MO/DAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
12/10/02	JOURNAL	NOV 02 CLEARING FEES	1,400.00
12/11/02	JOURNAL	FITM TO FITG	46.00
12/11/02	JOURNAL	FNMA-30YR(FNMA) GTD SETT.12/02 5,500 DUE 12/01/32 MBS NET 12/11/02	37,890.62
12/12/02	JOURNAL	FNMA-30YR(FNMA) GTD SETT.12/02 6,000 DUE 12/01/31 MBS NET 12/12/02		42,968.75
12/13/02	JOURNAL	PREM INT.		1,233.03
12/13/02	JOURNAL	FITM PREM		34,000.00

027 01/01/03;08:59 001 v639 EFTA00196304 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)

DATE MOIDAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
12/17/02	RECEIVED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR	3,540,000.00
12/17/02	RECEIVED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR	4,557,000.00
12/17/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		473.97
12/17/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		3,540,000.00
12/17/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		3,540,000.00
12/18/02	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRFR		23,522.64
TOTAL			-$8,136,336.62	$7,182,198.39

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 30, 2002 THROUGH December 31, 2002 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | November 29, 2002 | | :--- | :--- | 027 01/01/03;08:59 001 EFTA00196305 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 11 of 11 FINANCIAL TRUST CO INC ## Trades Executed Pending Settlement

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%		10,000,000.00	100.0937	10,009,375.00
			REF #	BS
TOTAL							$10,009,375.00

The above trades do not appear in any other section of this statement. ******* End of Statement****** 027 01/01/03;08:59 001