EFTA00197126



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

Financial Summary ... 1

Transaction Detail ... 2





<table border="1"><tr><td>FINANCIAL TRUST CO INC</td></tr><tr><td>C/O JEFFREY EPSTEIN &amp;</td></tr><tr><td>6100 RED HOOK QUARTER STE B3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Cash Flow Analysis



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td></td><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Securities Sold</td><td>6,863,093.76</td></tr><tr><td>Amount Credited</td><td>$6,863,093.76</td></tr><tr><td>Securities Bought</td><td>-6,714,782.58</td></tr><tr><td>Dividends/Interest Charged</td><td>-148,311.18</td></tr><tr><td>Amount Debited</td><td>-6,863,093.76</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>

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>0.00</td><td>5,781.70</td></tr><tr><td>Total</td><td>$0.00</td><td>$5,781.70</td></tr><tr><td>Bond Purchase Int.</td><td>-148,311.18</td><td>-148,311.18</td></tr></tbody></table>

| LAST STATEMENT | July 26, 2002 |

| :--- | :--- |

TAXPAYER NUMBER Not Available



ACCOUNT NUMBER



STATEMENT PERIOD July 27, 2002

THROUGH August 30, 2002

FINANCIAL TRUST CO INC

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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EFTA00197127



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 |


FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD July 27, 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>07/30/02</td><td>07/17/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2475 CLASS S<br>DUE 02/15/2032 06,161%<br>REF # AS OF 07/17/02</td><td></td><td>9,450,000<br>ACCR. INT.</td><td>12.87500</td><td>1,216,687.50<br>24,259.73</td><td></td></tr><tr><td>07/30/02</td><td></td><td>DELIVERED</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2475 CLASS S<br>6,161 DUE 02/15/32<br>DUE 02/15/2032 6,161<br>M02071834020000</td><td></td><td>-9,450,000</td><td></td><td></td><td>1,240,947.23</td></tr><tr><td>08/30/02</td><td>08/07/02</td><td>BOUGHT</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>DUE 03/15/2032 05,161%<br>REF # AS OF 08/07/02</td><td></td><td>57,684,932<br>ACCR. INT.</td><td>9.53125</td><td>5,498,095.08<br>124,051.45</td><td></td></tr><tr><td>08/30/02</td><td></td><td>DELIVERED</td><td>FEDERAL HOME LOAN MTG CORP<br>SERIES 2483 CL SL<br>5,161 DUE 03/15/32<br>DUE 03/15/2032 5,161</td><td></td><td>-57,684,932</td><td></td><td></td><td>5,622,146.53</td></tr><tr><td colspan="8">TOTAL</td><td>-6,863,093.76</td><td>$6,863,093.76</td></tr></tbody></table>





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


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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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