EFTA00196306 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 ... 6 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 Metrotech Center North Brooklyn, New York 11201-3859 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. ## Your Portfolio at a Glance FINANCIAL TRUST CO INC | LAST STATEMENT | October 25, 2002 | | :--- | :--- | TAXPAYER NUMBER On File STATEMENT PERIOD October 26, 2002

TOTAL VALUE OF SECURITIES THIS PERIOD*	7,421,941
LONG ACCRUED INTEREST	449,808
NET CREDIT BALANCE	13,776
NET EQUITY THIS PERIOD	$7,885,525
NET EQUITY LAST STATEMENT	7,987,189
CHANGE SINCE LAST STATEMENT	-101,664

ACCOUNT NUMBER THROUGH November 29, 2002 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 11/30/02:14:25 001 V638 EFTA00196307 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 2 of 12 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 EFTA00196308 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 of 12 Cash Flow Analysis

	THIS PERIOD
OpeningBalance	$-
Securities Sold	71,571,875.00
Dividends/Interest	573,407.23
Miscellaneous	32,826,889.93
Amount Credited	$104,972,172.16
Securities Bought	-79,641,806.39
Dividends/Interest Charged	-183,214.02
Miscellaneous	-25,133,376.00
Amount Debited	$-104,958,396.41
Net Cash Activity	13,775.75
Closing Balance	$13,775.71

Cash Balance Summary

	OPENING	CLOSING
Margin	-	13,775.71
Net Cash Balance	$-	$13,775.71

Income Summary

	THIS PERIOD	YEAR TO DATE
Govt. Agency Int.	573,293.59	1,838,334.77
Credit Balance Int.	113.64	693.02
Total	$573,407.23	$1,839,027.79
Bond Purchase Int.	-183,214.02	-497,459.47

Portfolio Composition

Cash/Cash Equivalent	13,776
Fixed Income	7,421,941
Total	$7,435,717

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrobate Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC

STATEMENT PERIOD	October 26, 2002
THROUGH	November 29, 2002
ACCOUNT NUMBER
TAXPAYER NUMBER	On File
LAST STATEMENT	October 25, 2002

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. EFTA00196309 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 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## Your Portfolio Holdings STATEMENT PERIOD October 26, 2002 ## CASH & CASH EQUIVALENTS THROUGH November 29, 2002 AGCOUNT NUMBER

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				13,776
TOTAL CASH & CASH EQUIVALENTS				$13,776

DESCRIPTION	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ACCrued INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP	MRGN	60,000,000	Unpriced		129,966	3,342,000
SERIES 2530 CLASS SE INTEREST FROM DATE 11/15/02 DATED DATE 10/11/02 FIRST COUPON 12/15/2002 BOOK ENTRY ONLY DUE 02/15/2032 5,570% FACTOR = 1,00000000
FEDERAL HOME LOAN MTG CORP	MRGN	25,737,174	Unpriced		53,248	1,369,218
SERIES 2526 CLASS SI INTEREST FROM DATE 11/15/02 DATED DATE 10/01/02 FIRST COUPON 12/15/2002 BOOK ENTRY ONLY DUE 02/15/2032 5,320% FACTOR = 1,00000000
FEDERAL HOME LOAN MTG CORP	MRGN	65,139,320	3.3013	2,150,428	25,331	651,393	30.2913
SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1,000% FACTOR = .94090540

027 11/30/02;14:25 001 EFTA00196310 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 12** FINANCIAL TRUST CO INC ## Your Portfolio Holdings (continued)

DESCRIPTION	MULTI TYPE	QUANTITY	PRICE	MARKET VALUE	ACCRUED INTEREST	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
FEDERAL HOME LOAN MTG CORP	MRGN	47,359,665	Unpriced		121,890	3,134,263
SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6,618% FACTOR = .94719330
FEDERAL HOME LOAN MTG CORP	MRGN	54,638,781	9.6479	5,271,513	119,373	3,069,607	58.2301
SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,618% FACTOR = .94719330
Total Government& Agency Obligations				$7,421,941	$449,808	$11,566,481
TOTAL FIXED INCOME				$7,421,941	$449,808	$11,566,481

YOUR TOTAL ACCRUED INTEREST	$449,808
YOUR TOTAL ESTIMATED ANNUAL INCOME	$11,566,481
YOUR PRICED PORTFOLIOHOLDINGS	$7,435,717

027 11/30/02;14:25 001 V638 EFTA00196311 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 6 of 12 FINANCIAL TRUST CO INC Transaction Detail ## INVESTMENT ACTIVITY 027 11/30/02;14:25 001 V638 EFTA00196312 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 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) ## INVESTMENT ACTIVITY (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	CREDIT AMOUNT
11/14/02	11/05/02	CANCEL BUY	FNMA-30YR(FNMA)GTD SETT,11/02 DUE 11/01/2032 05,500% REF # BS AS OF 11/05/02 TO CXL PREVIOUS BUY	-10,000,000	100.40625	10,040,625.00
11/14/02	11/07/02	SOLD	FNMA-30YR(FNMA)GTD SSETT,11/02 DUE 11/01/2032 05,500% REF # BS	-10,000,000	101.25000	10,125,000.00
11/15/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-02	-2,639,000
11/15/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-02	-915
11/15/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,618 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-02	-1,589,000
11/15/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2480 DL SL 5,618 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-02	-347
11/15/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,618 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-02	-1,377,000
11/15/02		PRINCIPAL	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,618 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-02	-610

11/30/02;14:25 001 V638 EFTA00196313 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 Metratech Center North Brooklyn, New York 11201-3859 8 of 12 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued)

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
11/29/02	11/13/02	BOUGHT	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 05,570%		10,000,000 ACCR. INT.	9.56250	956,250.00 21,661.11
			REF # AS OF 11/13/02	BS
11/29/02	11/13/02	BOUGHT	FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 05,570%		50,000,000 ACCR. INT.	9.56250	4,781,250.00 108,305.56
			REF # AS OF 11/13/02	BS
11/29/02	11/05/02	BOUGHT	FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 05,320%		25,737,174 ACCR. INT.	9.06250	2,332,431.39 53,247.35
			REF # AS OF 11/05/02	BS
TOTAL							-79,825,020.41	$71,571,875.00

INTEREST

DATE	DESCRIPTION	RATE (%)	CREDIT AMOUNT
10/28/02	AVG BAL 157,735RT 1.080 021 OFFICE INTEREST 1002		113.64
11/15/02	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 11-15-02	1.0000	77,829.12
11/15/02	FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,618 INTEREST PAYMENT 11-15-02	5.6180	243,655.22

027 11/30/02;14:25 001 EFTA00196314 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 12 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC ## **Transaction Detail** (continued) INTEREST (continued) STATEMENT PERIOD October 26, 2002 THROUGH November 29, 2002 ACCOUNT NUMBER

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
11/15/02	FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SQ DUE 03/15/2032 INTEREST PAYMENT 11-15-02			6.6180		251,809.25
TOTAL							$573,407.23

TAXPAYER NUMBER On File | LAST STATEMENT | October 25, 2002 | | :--- | :--- | ## MISCELLANEOUS 027 11/30/02;14:25 001 V638 EFTA00196315 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 10 of 12 ## **Transaction Detail** (continued) ## MISCELLANEOUS (continued)

DATE MOIDAY	TRANSACTION	DESCRIPTION	DEBIT AMOUNT	CREDIT AMOUNT
10/29/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		1,000,000.00
10/29/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		1,000,000.00
10/29/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		9,400,000.00
10/29/02	DELIVERED	ADP CD DUE 12/31/2049 8,625 8,625 DUE 12/31/49 FITM-PR		9,400,000.00
11/12/02	JOURNAL	OCT 2002 CLEAR FEES	250.00
11/14/02	JOURNAL	FNMA-30YR(FNMA)GTD SETT,11/02 6,000 DUE 11/01/32 MBS NET 11/14/02		78,125.00
11/14/02	JOURNAL	FNMA-30YR(FNMA)GTD SETT,11/02 5,500 DUE 11/01/32 MBS NET 11/14/02		84,375.00
11/18/02	JOURNAL	FTM TO FITG	332,126.00
11/18/02	JOURNAL	FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 P&I TRNFR		2,860.45
11/19/02	JOURNAL	PREM,PRN. ADJ.	427,000.00

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 October 26, 2002 THROUGH November 29, 2002 ACCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | October 25, 2002 | | :--- | :--- | 027 11/30/02;14:25 001 EFTA00196316 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 11 of 12 ## **Transaction Detail** (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY ## MISCELLANEOUS (continued) Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC THROUGH November 29, 2002 STATEMENT PERIOD October 26, 2002 TAXPAYER NUMBER On File | LAST STATEMENT | October 25, 2002 | | :--- | :--- | ## Trades Executed Pending Settlement

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
12/12/02	11/07/02	BOUGHT	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2031 06,000%		25,000,000.00	102.6250	25,656,250.00
			REF #	BS

027 11/30/02;14:25 001 EFTA00196317 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 12 of 12

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
12/12/02	11/14/02	SOLD	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2031 06,000% REF #	-25,000,000.00	102.7968		25,699,218.75
12/12/02	11/07/02	BOUGHT	FNMA-30YR(FNMA) GTD SETT,12/02 DUE 12/01/2032 05,500% REF #	10,000,000.00	100.9062	10,090,625.00
TOTAL							$35,746,875.00	$25,699,218.75

The above trades do not appear in any other section of this statement. ******* End of Statement******* 11/30/02;14:25 001 027