EFTA00196318

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

<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

Transaction Detail ... 5

Trades Not Yet Settled ... 9





<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



Bear, Steams Securities Corp.

One Metrotech 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.

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>7,803,210</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>183,979</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$7,987,189</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>8,248,273</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-261,084</td></tr></table>

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

TAXPAYER NUMBER On File

| LAST STATEMENT | September 27, 2002 |

| :--- | :--- |

STATEMENT PERIOD September 28, 2002

FINANCIAL TRUST CO INC

ACCOUNT NUMBER

THROUGH October 25, 2002

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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EFTA00196319



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 9


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00196320



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



3 of 9


Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$15,467.44</td></tr><tr><td>Securities Sold</td><td>25,484,375.00</td></tr><tr><td>Dividends/Interest</td><td>580,262.32</td></tr><tr><td>Miscellaneous</td><td>1,475,379.20</td></tr><tr><td>Amount Credited</td><td>$27,540,016.52</td></tr><tr><td>Securities Bought</td><td>-25,484,375.00</td></tr><tr><td>Funds Withdrawn</td><td>-71,010.00</td></tr><tr><td>Miscellaneous</td><td>-2,000,099.00</td></tr><tr><td>Amount Debited</td><td>$-27,555,484.00</td></tr><tr><td>Net Cash Activity</td><td>-15,467.48</td></tr><tr><td>ClosingBalance</td><td>$-</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>15,467.44</td><td>-</td></tr><tr><td>Net Cash Balance</td><td>$15,467.44</td><td>$-</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Govt. Agency Int.</td><td>579,850.46</td><td>1,265,041.18</td></tr><tr><td>Credit Balance Int.</td><td>411.86</td><td>579.38</td></tr><tr><td>Total</td><td>$580,262.32</td><td>$1,265,620.56</td></tr><tr><td>Bond Purchase Int.</td><td></td><td>-314,245.45</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Fixed Income</td><td></td><td>7,803,210</td></tr><tr><td>Total</td><td></td><td>$7,803,210</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

<table><thead><tr><th>STATEMENT PERIOD</th><td>September 28, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>October 25, 2002</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>September 27, 2002</td></tr></tbody></table>

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.

EFTA00196321



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 9



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 September 28, 2002

| THROUGH | October 25, 2002 |

| :--- | :--- |



ACCOUNT 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></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | September 27, 2002 |

| :--- | :--- |

## FIXED INCOME

Government & Agency Obligations

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSP</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 2471 CLASS YT<br DATED DATE 06/07/02<br BOOK ENTRY ONLY<br DUE 03/15/2032 1,000%<br FACTOR = .96827480</td><td></td><td>MRGN</td><td>67,779,235</td><td>3.3578</td><td>2,275,887</td><td>18,830</td><td>677,792</td><td>29.7814</td></tr><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br DATED DATE 07/08/02<br BOOK ENTRY ONLY<br DUE 03/15/2032 6,200%<br FACTOR = .97474550</td><td></td><td>MRGN</td><td>48,737,275</td><td>Unpriced</td><td></td><td>83,935</td><td>3,021,711</td><td></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 5,200%<br FACTOR = .97474550</td><td></td><td>MRGN</td><td>56,228,128</td><td>9.8302</td><td>5,527,323</td><td>81,214</td><td>2,923,863</td><td>52.8984</td></tr><tr><td colspan="4">Total Government&amp; Agency Obligations</td><td></td><td>$7,803,210</td><td>$183,979</td><td>$6,623,366</td><td></td></tr><tr><td colspan="4">TOTAL FIXED INCOME</td><td></td><td>$7,803,210</td><td>$183,979</td><td>$6,623,366</td><td></td></tr></tbody></table>

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EFTA00196322



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





5 of 9



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$183,979</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$6,623,366</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$7,803,210</td></tr></table>

## Your Portfolio Holdings (continued)

STATEMENT PERIOD September 28, 2002

| THROUGH | October 25, 2002 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 27, 2002 |

| :--- | :--- |

## INVESTMENT ACTIVITY



Transaction Detail


<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>10/15/02</td><td>09/04/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD<br>SETT,10/02<br>DUE 10/01/2032 06,000%<br>REF # BS</td><td></td><td>25,000,000</td><td>101.93750</td><td>25,484,375.00</td><td></td></tr><tr><td>10/15/02</td><td>09/04/02</td><td>CANCEL BUY</td><td>FNMA-30YR(FNMA) GTD<br>SETT,10/02<br>DUE 10/01/2032 06,000%<br>REF # BS<br>AS OF 09/04/02<br>TO CXL PREVIOUS BUY</td><td></td><td>-25,000,000</td><td>101.93750</td><td></td><td>25,484,375.00</td></tr><tr><td>10/15/02</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>PRINCIPAL REDUCTN 10-15-02</td><td></td><td>-1,402,000</td><td></td><td></td><td></td></tr></tbody></table>

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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 9

FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD September 28, 2002

## INVESTMENT ACTIVITY (continued)

THROUGH October 25, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 27, 2002 |

| :--- | :--- |

<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>10/15/02</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>PRINCIPAL REDUCTN 10-15-02</td><td></td><td>-726</td><td></td><td></td><td></td></tr><tr><td>10/15/02</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>5,176 DUE 03/15/32<br>PRINCIPAL REDUCTN 10-15-02</td><td></td><td>-844,507</td><td></td><td></td><td></td></tr><tr><td>10/15/02</td><td></td><td>PRINCIPAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>6,176 DUE 03/15/32<br>PRINCIPAL REDUCTN 10-15-02</td><td></td><td>-732,000</td><td></td><td></td><td></td></tr><tr><td>10/16/02</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>RP TERM<br>TERM REPO AGREEMENT</td><td></td><td>3,432,534</td><td></td><td></td><td></td></tr><tr><td>10/16/02</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 A1<br>RP OPEN<br>REPO AGREEMENT</td><td></td><td>-29,048,244</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-25,484,375.00</td><td>$25,484,375.00</td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>10/03/02</td><td>FND WIRED</td><td>WIRED TO<br>FLEET NATIONAL BANK</td><td>71,010.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-71,010.00</td><td></td></tr></tbody></table>

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EFTA00196324



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




7 of 9





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

## Transaction Detail (continued)



INTEREST


STATEMENT PERIOD September 28, 2002

| THROUGH | October 25, 2002 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<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>09/30/02</td><td>AVG BAL 144,447RT 3.666<br>021 OFFICE INTEREST 0902</td><td></td><td></td><td></td><td></td><td>411.86</td></tr><tr><td>10/15/02</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032 1,000<br>INTEREST PAYMENT 10-15-02</td><td></td><td></td><td>1.0000</td><td></td><td>78,998.06</td></tr><tr><td>10/15/02</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>DUE 03/15/2032 5,176<br>INTEREST PAYMENT 10-15-02</td><td></td><td></td><td>5.1760</td><td></td><td>246,214.67</td></tr><tr><td>10/15/02</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>DUE 03/15/2032 6,176<br>INTEREST PAYMENT 10-15-02</td><td></td><td></td><td>6.1760</td><td></td><td>254,637.73</td></tr><tr><td colspan="6">TOTAL</td><td>$580,262.32</td></tr></tbody></table>

| LAST STATEMENT | September 27, 2002 |

| :--- | :--- |

## MISCELLANEOUS



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EFTA00196325



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

8 of 9

## **Transaction Detail** (continued)

## MISCELLANEOUS (continued)

<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>10/07/02</td><td>DELIVERED</td><td>ADP CD<br>DUE 12/31/2049 8,625<br>8,625 DUE 12/31/49<br>FITM-PR</td><td></td><td>1,190,000.00</td></tr><tr><td>10/09/02</td><td>JOURNAL</td><td>SEPT 02 CLEARING FEES</td><td>50.00</td><td></td></tr><tr><td>10/10/02</td><td>JOURNAL</td><td>FITM TO FITG</td><td>49.00</td><td></td></tr><tr><td>10/15/02</td><td>JOURNAL</td><td>FNMA-30YR(FNMA)GTD<br>SETT,10/02<br>6,000 DUE 10/01/32<br>MBS NET 10/15/02</td><td></td><td>278,320.31</td></tr><tr><td>10/16/02</td><td>JOURNAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>P&amp;I TRNFR</td><td></td><td>2,903.41</td></tr><tr><td>10/18/02</td><td>RECEIVED</td><td>ADP CD<br>DUE 12/31/2049 8,625<br>8,625 DUE 12/31/49<br>FITM-PR</td><td>1,000,000.00</td><td></td></tr><tr><td>10/21/02</td><td>JOURNAL</td><td>FITG TO FITM</td><td></td><td>1,734.00</td></tr><tr><td colspan="3">TOTAL</td><td>-2,000,099.00</td><td>$1,475,379.20</td></tr></tbody></table>



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 September 28, 2002

THROUGH October 25, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 27, 2002 |

| :--- | :--- |

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EFTA00196326



BEAR
STEARNS


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



9 of 9



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

## Trades Executed Pending Settlement

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th colspan="2">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>11/14/02</td><td>10/09/02</td><td>BOUGHT</td><td colspan="2">FNMA-30YR(FNMA) GTD<br>SETT,11/02<br>DUE 11/01/2032 06,000%</td><td>5N94582</td><td>25,000,000.00</td><td>102.6562</td><td>25,664,062.50</td><td></td></tr><tr><td></td><td></td><td></td><td>REF #</td><td>BS</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="7">TOTAL</td><td colspan="2">$25,664,062.50</td><td></td></tr></tbody></table>

The above trades do not appear in any other section of this statement.





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


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