EFTA00196440



BEAR
STEARNS


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>9,543.16</td></tr><tr><td>Amount Credited</td><td>$9,543.16</td></tr><tr><td>Miscellaneous</td><td>-9,543.16</td></tr><tr><td>Amount Debited</td><td>$-9,543.16</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Income Summary

Bear, Steams Securities Corp.

One Meterobite 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>9,543.16</td><td>85,489.78</td></tr><tr><td>Total</td><td>$9,543.16</td><td>$85,489.78</td></tr></table>

STATEMENT PERIOD April 26, 2003

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

THROUGH May 30, 2003

FINANCIAL TRUST CO INC



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| 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 | 05/31/03:15:30 001 |



V644


EFTA00196441



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 3


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

## Repurchase and Reverse Repurchase Transactions

STATEMENT PERIOD April 26, 2003

THROUGH May 30, 2003

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

AGCOUNT NUMBER

LAST STATEMENT April 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</td></tr><tr><td>(MARGIN)</td><td>03/28/03</td><td>OPEN</td><td>0.000</td><td></td><td></td><td>-15,000,000</td><td></td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT 1.0000 03/15/32</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>

TAXPAYER NUMBER On File

*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>05/15/03</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2471 CLASS YT<br>DUE 03/15/2032 1,000<br>INT R/D 04-03 P/D 05-15-03<br>REPO P &amp; I 1,0000</td><td></td><td></td><td>1.0000</td><td></td><td>9,543.16</td></tr><tr><td colspan="6">TOTAL</td><td>$9,543.16</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>05/16/03</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>9,543.16</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-9,543.16</td><td></td></tr></tbody></table>

027



05/31/03;15:30 001


EFTA00196442



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

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