EFTA00197144



BEAR
STEARNS


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

## What’s In This Statement

| ACCOUNT EXECUTIVE | GNMA GOVT BOND |

| :--- | :--- |

Financial Summary 1





Transaction Detail ... 2



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>95,987,109.38</td></tr><tr><td>Amount Credited</td><td>$95,987,109.38</td></tr><tr><td>Securities Bought</td><td>-95,987,109.38</td></tr><tr><td>Amount Debited</td><td>$-95,987,109.38</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| LAST STATEMENT | June 30, 2005 |

| :--- | :--- |



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



TAXPAYER NUMBER Not Available

FINANCIAL TRUST CO INC

THROUGH July 29, 2005

ACCOUNT NUMBER

STATEMENT PERIOD July 1, 2005

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 07/30/05:11:13 001

V895

EFTA00197145



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 3



FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD July 1, 2005

## INVESTMENT ACTIVITY

THROUGH July 29, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER Not Available

| LAST STATEMENT | June 30, 2005 |

| :--- | :--- |

<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>07/14/05</td><td>06/03/05</td><td>BOUGHT</td><td>FNMA 30YR TBA GTD SETT, 07/05 DUE 07/01/2035.05.000% REF #</td><td></td><td>15,000,000</td><td>100.21875</td><td>15,032,812.50</td><td></td></tr><tr><td>07/14/05</td><td>05/06/05</td><td>CANCEL SELL</td><td>FNMA 30YR TBA GTD SETT, 07/05 DUE 07/01/2035.05.000% REF # AS OF 05/06/05 TO CXL PREVIOUS SELL</td><td></td><td>30,000,000</td><td>98.51953</td><td>29,555,859.38</td><td></td></tr><tr><td>07/14/05</td><td>06/03/05</td><td>CANCEL BUY</td><td>FNMA 30YR TBA GTD SETT, 07/05 DUE 07/01/2035.05.000% REF # AS OF 06/03/05 TO CXL PREVIOUS BUY</td><td></td><td>-15,000,000</td><td>100.21875</td><td></td><td>15,032,812.50</td></tr><tr><td>07/14/05</td><td>05/06/05</td><td>SOLD</td><td>FNMA 30YR TBA GTD SETT, 07/05 DUE 07/01/2035.05.000% REF #</td><td></td><td>-30,000,000</td><td>98.51953</td><td></td><td>29,555,859.38</td></tr><tr><td>07/14/05</td><td>06/03/05</td><td>CANCEL SELL</td><td>FNMA 30YR GTD SETT, 07/05 DUE 07/01/2035.06.000% REF # AS OF 06/03/05 TO CXL PREVIOUS SELL</td><td></td><td>50,000,000</td><td>102.79688</td><td>51,398,437.50</td><td></td></tr><tr><td>07/14/05</td><td>06/03/05</td><td>SOLD</td><td>FNMA 30YR GTD SETT, 07/05 DUE 07/01/2035.06.000% REF #</td><td></td><td>-50,000,000</td><td>102.79688</td><td></td><td>51,398,437.50</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$-95,987,109.38</td><td>$95,987,109.38</td></tr></tbody></table>

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07/30/05;11:13 001


EFTA00197146



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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