EFTA00197120



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>Trades Not Yet Settled</td><td>4</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>68,981,858.67</td></tr><tr><td>Dividends/Interest</td><td>2,500.01</td></tr><tr><td>Amount Credited</td><td>$68,984,358.68</td></tr><tr><td>Securities Bought</td><td>-67,940,238.78</td></tr><tr><td>Dividends/Interest Charged</td><td>-20,194.00</td></tr><tr><td>Miscellaneous</td><td>-1,023,925.90</td></tr><tr><td>Amount Debited</td><td>$-68,984,358.68</td></tr><tr><td>Closing Balance</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>Govt. Agency Int.</td><td>2,500.01</td><td>8,281.71</td></tr><tr><td>Total</td><td>$2,500.01</td><td>$8,281.71</td></tr><tr><td>Bond Purchase Int.</td><td>-20,194.00</td><td>-168,505.18</td></tr></tbody></table>

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |



ACCOUNT NUMBER



STATEMENT PERIOD August 31, 2002

FINANCIAL TRUST CO INC

THROUGH September 27, 2002

TAXPAYER NUMBER Not Available



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 09/28/02:13:56 001


V636

EFTA00197121



BEAR
STEARNS




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




CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



2 of 6



FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD August 31, 2002

## INVESTMENT ACTIVITY

THROUGH September 27, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

<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>09/16/02</td><td>09/04/02</td><td>SOLD</td><td>FNMA GTD PASS THRU<br>FNMA<br>DUE 12/01/2031 06,000%<br>REF #<br>TBA EXTENDED<br>0 AS OF 09/04/02</td><td></td><td>-500,000</td><td>102.34766<br>ACCR. INT.</td><td></td><td>511,738.360<br>1,250.000</td></tr><tr><td>09/16/02</td><td>09/11/02</td><td>SOLD</td><td>FNMA GTD PASS THRU<br>DUE 09/01/2032 06,000%<br>REF #<br>TBA EXTENDED<br>1,00000000<br>AS OF 09/11/02</td><td></td><td>-500,000</td><td>101.93750<br>ACCR. INT.</td><td></td><td>509,687.500<br>1,250.000</td></tr><tr><td>09/16/02</td><td>09/11/02</td><td>CANCEL SELL</td><td>FNMA-30YR(FNMA)GTD SETT,09/02<br>DUE 09/01/2032 06,000%<br>REF #<br>TBA EXTENDED<br>1,00000000<br>TO CXL PREVIOUS SELL</td><td></td><td>500,000</td><td>101.93750</td><td>509,687.50</td><td></td></tr><tr><td>09/16/02</td><td>09/04/02</td><td>CANCEL SELL</td><td>FNMA-30YR(FNMA)GTD SETT,09/02<br>DUE 09/01/2032 06,000%<br>REF #<br>TBA EXTENDED<br>1,00000000<br>TO CXL PREVIOUS SELL</td><td></td><td>500,000</td><td>102.34766</td><td>511,738.28</td><td></td></tr><tr><td>09/16/02</td><td>09/04/02</td><td>CANCEL SELL</td><td>FNMA-30YR(FNMA)GTD SETT,09/02<br>DUE 09/01/2032 06,000%<br>REF #<br>TBA EXTENDED<br>1,00000000<br>TO CXL PREVIOUS SELL</td><td></td><td>25,000,000</td><td>102.34766</td><td>25,586,914.07</td><td></td></tr></tbody></table>

027



09/28/02;13:56 001


EFTA00197122



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



of 6


FINANCIAL TRUST CO INC

## **Transaction Detail** (continued)

STATEMENT PERIOD August 31, 2002

## INVESTMENT ACTIVITY (continued)

THROUGH September 27, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CURSOR</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>09/16/02</td><td>09/04/02</td><td>CANCEL SELL</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06.000%<br>REF #<br>AS OF 09/04/02<br>TO CIL PREVIOUS SELL</td><td></td><td>40,000,000</td><td>102.34766</td><td>40,939,062.52</td><td></td></tr><tr><td>09/16/02</td><td>09/11/02</td><td>SOLD</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06.000%<br>REF #<br>AS OF 09/11/02</td><td></td><td>-500,000</td><td>101.93750</td><td></td><td>509,687.51</td></tr><tr><td>09/16/02</td><td>09/04/02</td><td>SOLD</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06.000%<br>REF #<br>AS OF 09/04/02</td><td></td><td>-500,000</td><td>102.34766</td><td></td><td>511,738.28</td></tr><tr><td>09/16/02</td><td>09/04/02</td><td>SOLD</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06.000%<br>REF #<br>AS OF 09/04/02</td><td></td><td>-25,000,000</td><td>102.34766</td><td></td><td>25,586,914.07</td></tr><tr><td>09/16/02</td><td>09/04/02</td><td>SOLD</td><td>FNMA-30YR(FNMA) GTD<br>SETT,09/02<br>DUE 09/01/2032 06.000%<br>REF #<br>AS OF 09/04/02</td><td></td><td>-40,000,000</td><td>102.34766</td><td></td><td>40,939,062.52</td></tr><tr><td>09/16/02</td><td></td><td>RECEIVED</td><td>FNMA GTD PASS THRU<br>DUE 09/01/2032<br>6,000<br>6,000 DUE 09/01/32</td><td></td><td>500,000</td><td></td><td>510,937.50</td><td></td></tr><tr><td>09/19/02</td><td></td><td>RECEIVED</td><td>FNMA GTD PASS THRU<br>FNMA<br>6,000 DUE 12/01/31<br>DUE 12/01/2031</td><td></td><td>500,000</td><td></td><td>512,988.40</td><td></td></tr></tbody></table>

027



09/28/02;13:56 001


EFTA00197123



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

4 of 6

FINANCIAL TRUST CO INC

## Transaction Detail (continued)

STATEMENT PERIOD August 31, 2002

INVESTMENT ACTIVITY (continued)

<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 AMOUN</th></tr></thead><tbody><tr><td>09/25/02</td><td>09/20/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2466 CLASS EI<br>DUE 05/15/2017 06,000%<br>REF # BS<br>AS OF 09/20/02<br>ACCRUES ON 1ST, PAYS ON 15TH</td><td></td><td>5,048,500<br>ACCR. INT.</td><td>7.78125</td><td>392,836.41<br>20,194.00</td><td></td></tr><tr><td>09/25/02</td><td></td><td>DELIVERED</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2466 CLASS EI<br>6,000 DUE 05/15/17<br>DUE 05/15/2017 6,000</td><td></td><td>-5,048,500</td><td></td><td></td><td>413,030.41</td></tr></tbody></table>

## Trades Executed Pending Settlement

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th></th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>10/15/02</td><td>09/04/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD<br>SETT,10/02<br>DUE 10/01/2032 06,000%<br>REF # AS OF 09/04/02</td><td></td><td></td><td>500,000.00</td><td>101.9375</td><td>509,687.50</td><td></td></tr><tr><td>10/15/02</td><td>09/04/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD<br>SETT,10/02<br>DUE 10/01/2032 06,000%<br>REF # AS OF 09/04/02</td><td></td><td></td><td>25,000,000.00</td><td>101.9375</td><td>25,484,375.00</td><td></td></tr></tbody></table>

027



09/28/02;13:56 001


V636

EFTA00197124



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

FINANCIAL TRUST CO INC

<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>10/15/02</td><td>09/04/02</td><td>BOUGHT</td><td>FNMA-30YR(FNMA) GTD<br>SETT,10/02<br>DUE 10/01/2032 06,000%<br>REF # BS<br>AS OF 09/04/02</td><td></td><td>40,000,000.00</td><td>101.9375</td><td>40,775,000.00</td><td></td></tr></tbody><tfoot><tr><td colspan="8">TOTAL</td><td>$66,769,062.50</td><td>$0.00</td></tr></tfoot></table>

The above trades do not appear in any other section of this statement.





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


027



09/28/02;13:56 001


EFTA00197125



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


6 of 6

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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