EFTA00196414



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLED WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<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 TRUST CO INC

STATEMENT PERIOD March 1, 2005



FINANCIAL TRUST CO INC

ATT F.I. CLEARING SERVICES

1 METROTECH CENTER N

C/O OFFICE



THROUGH March 31, 2005

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

## Repurchase and Reverse Repurchase Transactions

with Bear,Stearns& Co.Inc.outstanding as of date of statement

<table><thead><tr><th></th><th>PURCHASE/ START DATE</th><th>REPURCHASE DATE</th><th>PRICING RATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>ACCRUED REPO INTEREST*</th><th>QUANTITY (FACE AMOUNT)</th><th>CUSIP</th><th>DESCRIPTION</th></tr></thead><tbody><tr><td>YOU SOLD (REPO)</td><td>02/04/05</td><td>OPEN</td><td>0.000</td><td>-1</td><td></td><td>-17,600,000</td><td>38374FDB7</td><td>GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 4.1000 02/20/33</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$-1</td><td>$0</td><td></td><td></td><td></td></tr></tbody></table>

*As of statement date*





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



| 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 | 04/01/05:09:49 001 |

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EFTA00196415



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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