EFTA00196336

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>

Financial Summary 3

## What’s In This Statement

Your Portfolio Holdings ... 4



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



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>

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.

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,122,857</td></tr><tr><td>LONG ACCRUED INTEREST</td><td>292,307</td></tr><tr><td>NET CREDIT BALANCE</td><td>116,153</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,531,317</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>241,409</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>3,289,908</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.

FINANCIAL TRUST CO INC

ACCOUNT NUMBER

STATEMENT PERIOD July 27, 2002

THROUGH August 30, 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.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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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EFTA00196338



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>$241,409.36</td></tr><tr><td>Dividends/Interest</td><td>80,427.35</td></tr><tr><td>Miscellaneous</td><td>110,150,262.74</td></tr><tr><td>Amount Credited</td><td>$110,230,690.09</td></tr><tr><td>Securities Bought</td><td>-15,313,595.08</td></tr><tr><td>Dividends/Interest Charged</td><td>-294,051.45</td></tr><tr><td>Miscellaneous</td><td>-94,748,300.00</td></tr><tr><td>Amount Debited</td><td>$-110,355,946.53</td></tr><tr><td>Net Cash Activity</td><td>-125,256.44</td></tr><tr><td>Closing Balance</td><td>$116,152.92</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>241,409.36</td><td>116,152.92</td></tr><tr><td>Net Cash Balance</td><td>$241,409.36</td><td>$116,152.92</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>80,379.17</td><td>80,379.17</td></tr><tr><td>Credit Balance Int.</td><td>48.18</td><td>48.18</td></tr><tr><td>Total</td><td>$80,427.35</td><td>$80,427.35</td></tr><tr><td>Bond Purchase Int.</td><td>-294,051.45</td><td>-294,051.45</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>116,153</td></tr><tr><td>Fixed Income</td><td>3,122,857</td></tr><tr><td>Total</td><td>$3,239,010</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Stearns Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

| STATEMENT PERIOD | July 27, 2002 |
| :--- | :--- |
| THROUGH | August 30, 2002 |



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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

EFTA00196339



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 July 27, 2002

THROUGH August 30, 2002

<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>116,153</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$116,153</td><td></td><td></td></tr></tbody></table>

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

## 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 2471 CLASS YT<br>DATED DATE 06/07/02<br>BOOK ENTRY ONLY<br>DUE 03/15/2032 1,000%<br>FACTOR = 1,00000000</td><td>MRGN</td><td>95,814,693</td><td>3.2593</td><td>3,122,857</td><td>39,926</td><td>958,147</td><td>30.6817</td><td></td></tr><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>INTEREST FROM DATE 08/15/02<br>DATED DATE 07/02/02<br>FIRST COUPON 09/15/2002<br>BOOK ENTRY ONLY<br>DUE 03/15/2032 5,161%<br>FACTOR = 1,00000000</td><td>MRGN</td><td>57,684,932</td><td>Unpriced</td><td></td><td>124,046</td><td>2,977,119</td><td></td><td></td></tr><tr><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>INTEREST FROM DATE 08/15/02<br>DATED DATE 07/08/02<br>FIRST COUPON 09/15/2002<br>BOOK ENTRY ONLY<br>DUE 08/15/2032 6,160%<br>FACTOR = 1,00000000</td><td>MRGN</td><td>50,000,000</td><td>Unpriced</td><td></td><td>128,335</td><td>3,080,000</td><td></td><td></td></tr><tr><td colspan="4">Total Government&amp; Agency Obligations</td><td>$3,122,857</td><td>$292,307</td><td>$7,015,266</td><td></td><td></td></tr><tr><td colspan="4">TOTAL FIXED INCOME</td><td>$3,122,857</td><td>$292,307</td><td>$7,015,266</td><td></td><td></td></tr></tbody></table>

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EFTA00196340



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

STATEMENT PERIOD July 27, 2002

## Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR TOTAL ACCRUED INTEREST</td><td>$292,307</td></tr><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$7,015,266</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$3,239,009</td></tr></table>

THROUGH August 30, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |



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>07/30/02</td><td>07/19/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032 00,001%<br>REF # AS OF 07/19/02</td><td></td><td>100,000,000<br>ACCR. INT.</td><td>3.46875</td><td>3,468,750.00<br>41,666.67</td><td></td></tr><tr><td>07/31/02</td><td></td><td>JOURNAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,001 DUE 03/15/32<br>FITMARGN A1<br>REPO AGREEMENT</td><td></td><td>-20,000,000</td><td></td><td></td><td></td></tr><tr><td>08/12/02</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>TERM REPO AGREEMENT</td><td></td><td>20,000,000</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 July 27, 2002

THROUGH August 30, 2002

## INVESTMENT ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 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 AMOUN</th></tr></thead><tbody><tr><td>08/12/02</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>REPO AGREEMENT</td><td></td><td>-3,545,000</td><td></td><td></td><td></td></tr><tr><td>08/15/02</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 08-29-02</td><td></td><td>-640,307</td><td></td><td></td><td></td></tr><tr><td>08/30/02</td><td>08/07/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>DUE 03/15/2032 05,161%</td><td></td><td>57,684,932<br>ACCR. INT.</td><td>9.53125</td><td>5,498,095.08<br>124,051.45</td><td></td></tr><tr><td>08/30/02</td><td>08/02/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2488 CLASS SQ<br>DUE 08/15/2032 06,160%</td><td></td><td>50,000,000<br>ACCR. INT.</td><td>12.69350</td><td>6,346,750.00<br>128,333.33</td><td></td></tr><tr><td colspan="8">TOTAL</td><td>-15,607,646.53</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>07/29/02</td><td>AVG BAL 235,581RT 1.052<br>021 OFFICE INTEREST 0702</td><td></td><td></td><td></td><td></td><td>48.18</td></tr><tr><td>08/29/02</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032 1.000<br>INTEREST PAYMENT 08-29-02</td><td></td><td></td><td>1.0000</td><td></td><td>80,379.17</td></tr><tr><td colspan="6">TOTAL</td><td>$80,427.35</td></tr></tbody></table>

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EFTA00196342



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



7 of 9



## **Transaction Detail** (continued)

## MISCELLANEOUS





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 July 27, 2002

| THROUGH | August 30, 2002 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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EFTA00196343



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)





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 July 27, 2002

THROUGH August 30, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

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V566

EFTA00196344



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




9 of 9





Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

MISCELLANEOUS (continued)

STATEMENT PERIOD July 27, 2002

THROUGH August 30, 2002

ACCOUNT NUMBER

<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>08/30/02</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>21,506,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-94,748,300.00</td><td>$110,150,262.74</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

Trades Executed Pending Settlement

<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 AMOUN</th></tr></thead><tbody><tr><td>09/13/02</td><td>07/19/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06,000%<br>REF # BS</td><td></td><td>25,000,000.00</td><td>100.2968</td><td>25,074,218.75</td><td></td></tr><tr><td>09/13/02</td><td>07/19/02</td><td>CANCEL BUY</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06,000%<br>REF # BS<br>AS OF 07/19/02</td><td></td><td>25,000,000.00</td><td>100.2968</td><td></td><td>25,074,218.75</td></tr><tr><td>09/16/02</td><td>07/19/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06,000%<br>REF # BS<br>AS OF 07/19/02</td><td></td><td>25,000,000.00</td><td>100.2968</td><td>25,074,218.75</td><td></td></tr><tr><td colspan="8">TOTAL</td><td>$50,148,437.50</td><td>$25,074,218.75</td></tr></tbody></table>

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

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