EFTA00196428

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

<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>

## What’s In This Statement

Financial Summary 1

Transaction Detail ... 2



FINANCIAL TRUST CO INC

ATTN LIZ LYNETT

1 METROTECH CTR NR 7TH FL

C/O OFFICE



## Cash Flow Analysis



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Securities Sold</td><td>380,596.70</td></tr><tr><td>Dividends/Interest</td><td>7,309.46</td></tr><tr><td>Miscellaneous</td><td>14,618.92</td></tr><tr><td>Amount Credited</td><td>$402,525.08</td></tr><tr><td>Dividends/Interest Charged</td><td>-7,309.46</td></tr><tr><td>Miscellaneous</td><td>-395,215.62</td></tr><tr><td>Amount Debited</td><td>$-402,525.08</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>

Bear, Steams Securities Corp.

One Meterotech Center North

Brooklyn, New York 11201-3859

## Income Summary

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

FINANCIAL TRUST CO INC

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><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></table>

## Important Message

Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month.

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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EFTA00196429



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


2 of 4

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

## Repurchase and Reverse Repurchase Transactions

STATEMENT PERIOD July 26, 2003

THROUGH August 29, 2003

## with Bear, Stearnsand Co. Inc. outstanding as of date of statement

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

<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 colspan="9">YOU PROVIDED<br>(MARGIN) 07/24/03 OPEN 0.000 -5,000,000 FNMA-SMBS PRINCIPAL ONLY</td></tr><tr><td colspan="9">YOU PROVIDED<br>(MARGIN) 08/04/03 OPEN 0.000 -60,000,000 FEDERAL HOME LOAN MTG CORP</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></td><td></td><td>SERIES 2530 CLASS SE 6.2900 02/15/32</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*



Transaction Detail


## INVESTMENT ACTIVITY

<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>08/25/03</td><td></td><td>PRINCIPAL</td><td>FEDERAL NATIONAL MTG ASSN<br>STRIP MTG SERIES 322 CL PO<br>0,001 DUE 03/01/32<br>PRIN R/D 07-03 P/D 08-25-03<br>REPO P &amp; I 0,0000</td><td></td><td></td><td></td><td></td><td>380,596.70</td></tr><tr><td colspan="8">TOTAL</td><td>$380,596.70</td></tr></tbody></table>

027



08/30/03;13:15 001


V812

EFTA00196430



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



3 of 4



FINANCIAL TRUST CO INC

## Transaction Detail (continued)

STATEMENT PERIOD July 26, 2003



INTEREST



THROUGH August 29, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 25, 2003 |

| :--- | :--- |

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032 1,000<br>INT R/D 07-03 P/D 08-15-03<br>REPO P &amp; I 1,0000</td><td></td><td></td><td>1.0000</td><td></td><td>7,309.46</td></tr><tr><td>08/18/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032 1,000<br>REV 8-15 INT PD 021-52128</td><td></td><td></td><td>1.0000</td><td>7,309.46</td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-7,309.46</td><td>$7,309.46</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>08/18/03</td><td>JOURNAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>P&amp;I TRNFR</td><td>7,309.46</td><td></td></tr><tr><td>08/19/03</td><td>JOURNAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>P&amp;I TRNFR</td><td>7,309.46</td><td></td></tr><tr><td>08/21/03</td><td>JOURNAL</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>1,000 DUE 03/15/32<br>P&amp;I TRNFR<br>ADJ, DUPE</td><td></td><td>14,618.92</td></tr><tr><td>08/27/03</td><td>JOURNAL</td><td>FEDERAL NATIONAL MTG ASSN<br>STRIP MTG SERIES 322 CL PO<br>0,001 DUE 03/01/32<br>P&amp;I TRNFR</td><td>380,596.70</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-395,215.62</td><td>$14,618.92</td></tr></tbody></table>

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EFTA00196431



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


4 of 4

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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