EFTA00196407 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 | | | | :--- | :--- | | ACCOUNT EXECUTIVE | GNMA GOVT BOND | | VISIT OUR WEBSITE | www.bearstearns.com | FINANCIAL TRUST CO INC Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us. STATEMENT PERIOD June 1, 2005 FINANCIAL TRUST CO INC ATT F.I. CLEARING SERVICES 1 METROTECH CENTER N C/O OFFICE THROUGH June 30, 2005 AGCOUNT NUMBER TAXPAYER NUMBER On File | LAST STATEMENT | May 31, 2005 | | :--- | :--- | ## Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc.outstanding as of date of statement
PURCHASE/ START DATEREPURCHASE DATEPRICING RATEPURCHASE PRICE/ PRINCIPALACCRUED REPO INTEREST*QUANTITY (FACE AMOUNT)CUSIPDESCRIPTION
YOU SOLD (REPO)02/04/05OPEN0.000-1-17,600,00038374FDB7GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 3.6900 02/20/33
TOTAL REVERSE REPURCHASE TRANSACTIONS$0$0
TOTAL REPURCHASE TRANSACTIONS$-1$0
*As of statement date* | 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. | | :--- | :--- | | 027 | 07/01/05:10:42 001 | V893IP EFTA00196408 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 2 of 3 CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 Bear Stearns receives payments or other remuneration from the advisers, distributors or other affiliates of certain of the mutual funds available through Bear Stearns. Such payments or remuneration are for administrative, technological or other services provided in connection with fund accounts and are generally calculated based on the amount of assets held in the accounts. Such payments or other remuneration are in addition to shareholder servicing and distribution fees that Bear Stearns may receive. Funds whose affiliates do not make payments to Bear Stearns, including funds that may pay a higher or lower return, may be available to you. ## Your messages If Bear Stearns makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days' prior written notice. The annual rate of interest you are charged is tied to the Bear Stearns Margin Basis Rate, the Bear Stearns Fed Funds Rate or LIBOR and may fluctuate with those rates. The changes in rates resulting from this fluctuation will be made without prior notice to you (as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above). FINANCIAL TRUST CO INC Except as described above, the Truth in Lending disclosure previously provided to you remains in effect. STATEMENT PERIOD June 1, 2005 THROUGH June 30, 2005 TAXPAYER NUMBER On File | LAST STATEMENT | May 31, 2005 | | :--- | :--- | NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 10b-16 Effective no earlier than thirty (30) days from your receipt of this statement, the annual rate of interest charged on any credit extended to you by Bear Stearns for the purpose of purchasing, carrying or trading in any security or other property shall be based on either the Bear Stearns Margin Basis Rate, the Bear Stearns Fed Funds Rate or the London Interbank Offering Rate ("LIBOR"), as notified to you upon request. The Bear Stearns Margin Basis Rate will be quoted daily by Bear Stearns at our main office in New York. Factors affecting the determination of the Bear Stearns Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that Bear Stearns is charged for borrowing money. The Bear Stearns Fed Funds Rate is the rate for U.S. dollar funds, as quoted by an independent broker of such funds selected by Bear Stearns for the last transaction completed prior to 9:30 a.m. (Eastern Time) on the business day on which such rate is determined. The annual rate of interest will be no more than 3% above the Bear Stearns Margin Basis Rate or 4% above either the Bear Stearns Fed Funds Rate or LIBOR and will appear on your monthly statements. 027 07/01/05;10:42 001 V893IP EFTA00196409 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 3 of 3 Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 FINANCIAL TRUST CO INC STATEMENT BACKER IS PRINTED ON THIS PAGE 027