EFTA00196432

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

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Dividends/Interest</td><td>8,098.47</td></tr><tr><td>Amount Credited</td><td>$8,098.47</td></tr><tr><td>Miscellaneous</td><td>-8,098.47</td></tr><tr><td>Amount Debited</td><td>$-8,098.47</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Income Summary



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Govt. Agency Int.</td><td>8,098.47</td><td>102,332.50</td></tr><tr><td>Total</td><td>$8,098.47</td><td>$102,332.50</td></tr></table>

STATEMENT PERIOD June 28, 2003

ACCOUNT NUMBER

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

THROUGH July 25, 2003

FINANCIAL TRUST CO INC

TAXPAYER NUMBER On File

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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V811

EFTA00196433



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

2 of 4

FINANCIAL TRUST CO INC

## Repurchase and Reverse Repurchase Transactions

STATEMENT PERIOD June 28, 2003

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

THROUGH July 25, 2003

ACCOUNT NUMBER

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

<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 colspan="2">DESCRIPTION</th></tr></thead><tbody><tr><td rowspan="2">YOU PROVIDED (MARGIN)</td><td rowspan="2">07/24/03</td><td rowspan="2">OPEN</td><td rowspan="2">0.000</td><td rowspan="2"></td><td rowspan="2"></td><td rowspan="2">-5,000,000</td><td rowspan="2"></td><td colspan="2">FNMA-SMBS PRINCIPAL ONLY</td></tr><tr><td>SERIES 322 CLASS PO</td><td>03/01/32</td></tr><tr><td colspan="4">TOTAL REVERSE REPURCHASE TRANSACTIONS</td><td>$0</td><td>$0</td><td></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><td></td></tr></tbody></table>

*As of statement date*



Transaction Detail




INTEREST


<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 rowspan="5">07/15/03</td><td>FEDERAL HOME LOAN MTG CORP</td><td></td><td></td><td>1.0000</td><td></td><td>8,098.47</td></tr><tr><td>SERIES 2471 CLASS YT</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>DUE 03/15/2032</td><td>1,000</td><td></td><td></td><td></td><td></td></tr><tr><td>INT R/D 06-03 P/D</td><td>07-15-03</td><td></td><td></td><td></td><td></td></tr><tr><td>REPO P &amp; I</td><td>1,0000</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$8,098.47</td></tr></tbody></table>

027



07/26/03;10:09 001


EFTA00196434



BEAR
STEARNS


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

3 of 4

## **Transaction Detail** (continued)

## 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>07/16/03</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>8,098.47</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-8,098.47</td><td></td></tr></tbody></table>





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





CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

ACCOUNT NUMBER

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

027



07/26/03;10:09 001


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EFTA00196435



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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