EFTA00197149



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>3</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>79,271,875.00</td></tr><tr><td>Amount Credited</td><td>$79,271,875.00</td></tr><tr><td>Securities Bought</td><td>-79,271,875.00</td></tr><tr><td>Amount Debited</td><td>$-79,271,875.00</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



| LAST STATEMENT | April 29, 2005 |

| :--- | :--- |

TAXPAYER NUMBER Not Available

FINANCIAL TRUST CO INC

THROUGH May 31, 2005



ACCOUNT NUMBER



STATEMENT PERIOD April 30, 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.

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V878

EFTA00197150



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 4

FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD April 30, 2005

## INVESTMENT ACTIVITY

THROUGH May 31, 2005

TAXPAYER NUMBER Not Available

| LAST STATEMENT | April 29, 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>05/12/05</td><td>04/07/05</td><td>CANCEL SELL</td><td>FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035 .05.000% REF # AS OF 04/07/05 TO CXL PREVIOUS SELL</td><td></td><td>40,000,000</td><td>97.92188</td><td>39,168,750.00</td><td></td></tr><tr><td>05/12/05</td><td>04/07/05</td><td>SOLD</td><td>FNMA-30YR(FNMA)GTD SETT,05/04 DUE 05/01/2034 .05.000% REF # AS OF 04/07/05</td><td></td><td>-40,000,000</td><td>97.92188</td><td></td><td>39,168,750.00</td></tr><tr><td>05/12/05</td><td>04/07/05</td><td>CANCEL SELL</td><td>FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035 .05.500% REF # AS OF 04/07/05 TO CXL PREVIOUS SELL</td><td></td><td>40,000,000</td><td>100.25781</td><td>40,103,125.00</td><td></td></tr><tr><td>05/12/05</td><td>04/07/05</td><td>SOLD</td><td>FNMA-30YR(FNMA)GTD SETT,05/05 DUE 05/01/2035 .05.500% REF # AS OF 04/07/05</td><td></td><td>-40,000,000</td><td>100.25781</td><td></td><td>40,103,125.00</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>-79,271,875.00</td><td>$79,271,875.00</td></tr></tbody></table>

027



06/01/05;09:42 001


EFTA00197151



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



3 of 4

FINANCIAL TRUST CO INC

## Trades Executed Pending Settlement

STATEMENT PERIOD April 30, 2005

THROUGH May 31, 2005

TAXPAYER NUMBER Not Available

| LAST STATEMENT | April 29, 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>05/06/05</td><td>SOLD</td><td>FNMA 30YR TBA GTD<br>SETT, 07/05<br>DUE 07/01/2035 05.000%<br>REF #</td><td></td><td>-30,000,000.00</td><td>98.5195</td><td></td><td>29,555,859.38</td></tr><tr><td colspan="8">TOTAL</td><td>$0.00</td><td>$29,555,859.38</td></tr></tbody></table>

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





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


027



06/01/05;09:42 001


EFTA00197152



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


4 of 4

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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