EFTA00196422



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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| :--- | :--- |

| ACCOUNT EXECUTIVE | GNMA GOVT BOND |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 1

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

## FINANCIAL TRUST CO INC

ATT F.I. CLEARING SERVICES

1 METROTECH CENTER N

C/O OFFICE

FINANCIAL TRUST CO INC

## Income Summary



STATEMENT PERIOD November 1, 2003



THROUGH November 28, 2003



ACCOUNT NUMBER



<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Govt. Agency Int.</td><td>0.00</td><td>102,332.50</td></tr><tr><td>Total</td><td>$0.00</td><td>$102,332.50</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

## Repurchase and Reverse Repurchase Transactions

with Bear, Stearnsand 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 PROVIDED (MARGIN)</td><td>10/23/03</td><td>OPEN</td><td>0.000</td><td></td><td></td><td>-8,345,000</td><td></td><td>FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.2800 02/15/32</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>$0</td><td>$0</td><td></td><td></td><td></td></tr></tbody></table>

*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. |
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| 027 | 11/29/03;08:43 001 |

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EFTA00196423



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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