EFTA00197102



BEAR
STEARNS


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

| ACCOUNT EXECUTIVE | GNMA GOVT BOND |

| :--- | :--- |

## What’s In This Statement

<table border="1"><tr><td>Financial Summary</td><td>1</td></tr><tr><td>Transaction Detail</td><td>2</td></tr></table>





# FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN &

6100 RED HOOK QUARTER STE B3

ST THOMAS VI 00802

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>Securities Sold</td><td>10,899,961.68</td></tr><tr><td>Amount Credited</td><td>$10,899,961.68</td></tr><tr><td>Securities Bought</td><td>-10,899,961.68</td></tr><tr><td>Amount Debited</td><td>$-10,899,961.68</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 Metrotech Center North

Brooklyn, New York 11201-3859



<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Bond Purchase Int.</td><td>0.00</td><td>-104,957.59</td></tr></tbody></table>

| LAST STATEMENT | January 30, 2004 |

| :--- | :--- |

*Note: The table is not present in the image.*



ACCOUNT NUMBER



FINANCIAL TRUST CO INC

STATEMENT PERIOD July 31, 2004

TAXPAYER NUMBER Not Available

THROUGH August 31, 2004

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.

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V862

EFTA00197103



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





2 of 3



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD July 31, 2004

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>08/12/04</td><td>08/10/04</td><td>BOUGHT</td><td>FEDL HOME LOAN MTG SERIES 218 CL PO DUE 02/01/2032 REF # BS</td><td></td><td>13,222,091</td><td>82.43750</td><td>10,899,961.68</td><td></td></tr><tr><td>08/12/04</td><td></td><td>DELIVERED</td><td>FEDL HOME LOAN MTG SERIES 218 CL PO DUE 02/01/32 DUE 02/01/2032 0.000</td><td></td><td>-13,222,091</td><td></td><td></td><td>10,899,961.68</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-10,899,961.68</td><td>$10,899,961.68</td></tr></tbody></table>





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



027



09/01/04;09:08 001


EFTA00197104



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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