EFTA00196345

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 3

Transaction Detail ... 4





Trades Not Yet Settled ... 5



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<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 Metratech 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.

TAXPAYER NUMBER On File

FINANCIAL TRUST CO INC

LAST STATEMENT

ACCOUNT NUMBER

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>241,409</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$241,409</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td></td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>241,409</td></tr></table>

STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

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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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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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td></td></tr><tr><td>Miscellaneous</td><td>74,792,101.18</td></tr><tr><td>Amount Credited</td><td>$74,792,101.18</td></tr><tr><td>Miscellaneous</td><td>-74,550,691.82</td></tr><tr><td>Amount Debited</td><td>$-74,550,691.82</td></tr><tr><td>Net Cash Activity</td><td>241,409.36</td></tr><tr><td>Closing Balance</td><td>$241,409.36</td></tr></table>

Cash Balance Summary

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>241,409</td></tr><tr><td>Total</td><td>$241,409</td></tr></table>

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<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>241,409</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$241,409</td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$241,409</td></tr></table>

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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 June 29, 2002

THROUGH July 26, 2002

TAXPAYER NUMBER On File

LAST STATEMENT

Your Portfolio Allocation



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Cash & Equivalent—100%

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

EFTA00196348



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 5



Transaction Detail


## 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 June 29, 2002

THROUGH July 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

LAST STATEMENT

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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 5**



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

## Trades Executed Pending Settlement

STATEMENT PERIOD June 29, 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>07/30/02</td><td>07/19/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2471CLASS YT</td><td></td><td>100,000,000.00</td><td>3.4687</td><td>3,510,416.67</td><td></td></tr><tr><td>09/13/02</td><td>07/19/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD SETT.09/02</td><td></td><td>25,000,000.00</td><td>100.2968</td><td>25,074,218.75</td><td></td></tr><tr><td>09/13/02</td><td>07/19/02</td><td>CANCEL BUY</td><td>FNMA-30YR(FNMA) GTD SETT.09/02</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 SETT.09/02</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>$53,658,854.17</td><td>$25,074,218.75</td></tr></tbody></table>

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





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





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