EFTA00197105



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><tr><td>Your Messages</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>5,986,627.56</td></tr><tr><td>Amount Credited</td><td>$5,986,627.56</td></tr><tr><td>Securities Bought</td><td>-5,881,669.97</td></tr><tr><td>Dividends/Interest Charged</td><td>-104,957.59</td></tr><tr><td>Amount Debited</td><td>$-5,986,627.56</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>

## Income Summary



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





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>-104,957.59</td><td>-104,957.59</td></tr></tbody></table>

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |



ACCOUNT NUMBER



STATEMENT PERIOD January 1, 2004

FINANCIAL TRUST CO INC

TAXPAYER NUMBER Not Available

THROUGH January 30, 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. |
| :--- | :--- |
| 027 | 01/31/04;10:09 001 |

V824

EFTA00197106



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 January 1, 2004

## INVESTMENT ACTIVITY

THROUGH January 30, 2004



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER Not Available

<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>01/30/04</td><td>01/15/04</td><td>BOUGHT</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 05.080% REF # BS AS OF 01/15/04</td><td></td><td>44,389,962 ACCR. INT.</td><td>13.25000</td><td>5,881,669.97</td><td></td></tr><tr><td>01/30/04</td><td></td><td>DELIVERED</td><td>GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,080 DUE 01/16/34 DUE 01/16/2034 6.080</td><td></td><td>-44,389,962</td><td></td><td></td><td>5,986,627.56</td></tr><tr><td colspan="6">TOTAL</td><td>$-5,986,627.56</td><td>$5,986,627.56</td></tr></tbody></table>

## Your messages



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*******



027



01/31/04;10:09 001


EFTA00197107



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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EFTA00197108