EFTA00196474



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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Excess SIPC Account Protection Update

Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear,

Stearns Securities Corp. obtains excess SIPC protection will change to

Customer Asset Protection Company ("CAPCO"), a New York licensed insurance

company. CAPCO has an A+ financial strength rating from Standard and

Poor's.





******* 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 January 1, 2004

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

ACCOUNT NUMBER

THROUGH January 30, 2004

TAXPAYER NUMBER On File

027



01/31/04;09:20 001


V824

EFTA00196475



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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

EFTA00196476