EFTA00197153



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>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>24,611,718.75</td></tr><tr><td>Amount Credited</td><td>$24,611,718.75</td></tr><tr><td>Securities Bought</td><td>-24,611,718.75</td></tr><tr><td>Amount Debited</td><td>$-24,611,718.75</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| LAST STATEMENT | March 31, 2005 |

| :--- | :--- |



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



TAXPAYER NUMBER Not Available

FINANCIAL TRUST CO INC

THROUGH April 29, 2005

STATEMENT PERIOD April 1, 2005



ACCOUNT NUMBER



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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V877

EFTA00197154



BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


2 of 4



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC



Transaction Detail


<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>04/13/05</td><td>03/09/05</td><td>CANCEL SELL</td><td>FNMA 30YR GTD<br>SETT, 04/05<br>DUE 04/01/2035.05.000%<br>REF #<br>AS OF 03/09/05<br>TO CXL PREVIOUS SELL</td><td></td><td></td><td>20,000,000</td><td>97.99219</td><td>19,598,437.50</td><td></td></tr><tr><td>04/13/05</td><td>03/09/05</td><td>SOLD</td><td>FNMA 30YR GTD<br>SETT, 04/05<br>DUE 04/01/2035.05.000%<br>REF #<br>AS OF 03/09/05</td><td></td><td>-20,000,000</td><td>97.99219</td><td></td><td>19,598,437.50</td><td></td></tr><tr><td>04/13/05</td><td>03/16/05</td><td>BOUGHT</td><td>FNMA 30YR GTD<br>SETT, 04/05<br>DUE 04/01/2035.05.500%<br>REF #</td><td></td><td>5,000,000</td><td>100.26563</td><td>5,013,281.25</td><td></td><td></td></tr><tr><td>04/13/05</td><td>03/16/05</td><td>CANCEL BUY</td><td>FNMA 30YR GTD<br>SETT, 04/05<br>DUE 04/01/2035.05.500%<br>REF #<br>AS OF 03/16/05<br>TO CXL PREVIOUS BUY</td><td></td><td>-5,000,000</td><td>100.26563</td><td></td><td>5,013,281.25</td><td></td></tr><tr><td colspan="8">TOTAL</td><td>-$24,611,718.75</td><td>$24,611,718.75</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>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>SOLD</td><td>FNMA-30YR(FNMA)GTD<br>SETT,05/04<br>DUE 05/01/2034 05.000%<br>REF #<br>AS OF 04/07/05</td><td></td><td>-40,000,000.00</td><td>97.9218</td><td></td><td>39,168,750.00</td></tr></tbody></table>

027

EFTA00197155



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



3 of 4



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



FINANCIAL TRUST CO INC

STATEMENT PERIOD  April 1, 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>SOLD</td><td>FNMA-30YR(FNMA)GTD<br>SETT,05/05<br>DUE 05/01/2035 05.500%<br>REF #<br>AS OF 04/07/05</td><td></td><td>-40,000,000.00</td><td>100.2578</td><td></td><td>40,103,125.00</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$0.00</td><td>$79,271,875.00</td></tr></tbody></table>

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





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


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EFTA00197156



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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