EFTA00196462



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 July 31, 2004



FINANCIAL TRUST CO INC

ATT F.I. CLEARING SERVICES

1 METROTECH CENTER N

C/O OFFICE



| THROUGH | August 31, 2004 |

| :--- | :--- |

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 30, 2004 |

| :--- | :--- |

## 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 PROVIDED (MARGIN)</td><td>04/05/04</td><td>OPEN</td><td>0.000</td><td></td><td></td><td>-100,000,000</td><td></td><td>FEDERAL HOME LOAN MTG CORP 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>

*As of statement date*





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



C 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 09/01/04:06:31 001

V862

EFTA00196463



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 2


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00196464



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLED OWNED 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 July 1, 2004



FINANCIAL TRUST CO INC

ATT F.I. CLEARING SERVICES

1 METROTECH CENTER N

C/O OFFICE



THROUGH July 30, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

## 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 PROVIDED (MARGIN)</td><td>04/05/04</td><td>OPEN</td><td>0.000</td><td></td><td></td><td>-100,000,000</td><td></td><td>FEDERAL HOME LOAN MTG CORP 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>

*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 | 07/31/04:08:41 | 001 |

V858

EFTA00196465



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 2


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

STATEMENT BACKER IS PRINTED ON THIS PAGE

027