EFTA00196473



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | GNMA GOVT BOND |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Messages 2

What’s In This Statement

FINANCIAL TRUST CO INC

STATEMENT PERIOD January 1, 2004



FINANCIAL TRUST CO INC

ATT F.I. CLEARING SERVICES

1 METROTECH CENTER N

C/O OFFICE



THROUGH January 30, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 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>31393FAF3</td><td>FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.3000 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*

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 01/31/04:09:20 001

V824