EFTA00196368

OFFICE SERVICING YOUR ACCOUNT

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | FIRM |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail 4







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><tr><td>FINANCIAL TRUST CO INC</td></tr><tr><td>C/O JEFFREY EPSTEIN</td></tr><tr><td>6100 RED HOOK CENTER</td></tr><tr><td>SUITE 63</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER Not Available

| LAST STATEMENT | July 30, 2004 |

| :--- | :--- |

## Your Portfolio at a Glance

ACCOUNT NUMBER

| NET DEBIT BALANCE | -168,945 |

| :--- | :--- |

THROUGH August 31, 2004

STATEMENT PERIOD July 31, 2004

FINANCIAL TRUST CO INC

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><td>-168,945</td></tr></thead></table>

| NET EQUITY LAST STATEMENT | 0 |

| :--- | :--- |

*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

Last statement's market value

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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EFTA00196369



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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EFTA00196370



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>Opening Balance</td><td>$0.00</td></tr><tr><td>Securities Bought</td><td>-168,945.31</td></tr><tr><td>Amount Debited</td><td>$-168,945.31</td></tr><tr><td>Net Cash Activity</td><td>-168,945.31</td></tr><tr><td>Closing Balance</td><td>$-168,945.31</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-79.45</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td>168,945</td><td></td></tr><tr><td>Total</td><td>$168,945</td><td></td></tr></table>

Cash Balance Summary

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Margin</td><td>0.00</td><td>-168,945.31</td></tr><tr><td>Net Cash Balance</td><td>$0.00</td><td>$-168,945.31</td></tr></table>

<table border="1"><tr><td>STATEMENT PERIOD</td><td>July 31,2004</td></tr><tr><td>THROUGH</td><td>August 31,2004</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>Not Available</td></tr><tr><td>LAST STATEMENT</td><td>July 30,2004</td></tr></table>

FINANCIAL TRUST CO INC

CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>-168,945</td><td></td><td></td></tr><tr><td>TOTAL CASH&amp;CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$-168,945</td><td></td><td></td></tr></table>

027

Your Portfolio Allocation



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EFTA00196371



BEAR
STEARNS


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

4 of 4

## Your Portfolio Holdings (continued)

EQUITIES

Equities & Options

<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>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CALL TSY 4 3/4 08/14</td><td>9Z72250</td><td>MRGN</td><td>25,000,000</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>EUROCALL STRK 101-8 EXP 10/08/2004</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><th>$-168,945</th></tr></thead></table>

## INVESTMENT ACTIVITY



Transaction Detail


FINANCIAL TRUST CO INC

STATEMENT PERIOD July 31, 2004



ACCOUNT NUMBER



THROUGH August 31, 2004

TAXPAYER NUMBER Not Available

| LAST STATEMENT | July 30, 2004 |

| :--- | :--- |

<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>08/31/04</td><td>08/30/04</td><td>BOUGHT</td><td>CALL TSY 4 3/4 08/14<br>EUROCALL STRK 101-8<br>EXP 10/08/2004<br>AS OF 08/30/04</td><td>9Z72250</td><td>25,000,000</td><td>0.67578</td><td>168,945.31</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-168,945.31</td></tr></tbody></table>

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