EFTA00196379

OFFICE SERVICING YOUR ACCOUNT

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

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| :--- | :--- |

| ACCOUNT EXECUTIVE | FIRM |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 1

Transaction Detail ... 2

Your Messages ... 2





<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>

## Cash Flow Analysis

<table border="1"><tr><td></td><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>-0.50</td></tr><tr><td>Miscellaneous</td><td>0.50</td></tr><tr><td>Amount Credited</td><td>$0.50</td></tr><tr><td>Net Cash Activity</td><td>0.50</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>

## Cash Balance Summary



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



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>-0.50</td><td>0.00</td></tr><tr><td>Net Cash Balance</td><td>-0.50</td><td>$0.00</td></tr></table>

FINANCIAL TRUST CO INC

| LAST STATEMENT | February 27, 2004 |

| :--- | :--- |

STATEMENT PERIOD February 28, 2004

ACCOUNT NUMBER

THROUGH March 31,2004

TAXPAYER NUMBER Not Available

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
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD February 28, 2004

## INVESTMENT ACTIVITY

THROUGH March 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | February 27, 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>03/24/04</td><td></td><td>EXPIRED</td><td>PUT TSY 1 7/8 1/06<br>EUROPUT STRK 99 24/32<br>EXP 03/17/2004</td><td></td><td>-25,000,000</td><td></td><td></td><td></td></tr></tbody></table>

## MISCELLANEOUS

<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>03/25/04</td><td>JOURNAL</td><td>MISC ADJ TO CASH BAL</td><td></td><td>0.50</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td>$0.50</td></tr></tbody></table>

## Your messages



Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.



The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments. Additionally, you may review this information online at the following NASD web site:

http://www.nasdr.com/breakpoints_statement.asp



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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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