EFTA00197164



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></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>8,785,798.50</td></tr><tr><td>Dividends/Interest</td><td>19,175.34</td></tr><tr><td>Amount Credited</td><td>$8,804,973.84</td></tr><tr><td>Securities Bought</td><td>-5,397,045.76</td></tr><tr><td>Dividends/Interest Charged</td><td>-19,175.33</td></tr><tr><td>Miscellaneous</td><td>-3,388,752.75</td></tr><tr><td>Amount Debited</td><td>$-8,804,973.84</td></tr><tr><td>Closing Balance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

Income Summary



ACCOUNT NUMBER



STATEMENT PERIOD May 31, 2003

THROUGH June 27, 2003

TAXPAYER NUMBER Not Available

| LAST STATEMENT | May 30, 2003 |

| :--- | :--- |

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Bond Purchase Int.</td><td>0.01</td><td>-19,175.33</td></tr></tbody></table>

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.

027 06/28/03:12:23 001




V808


EFTA00197165



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 May 31, 2003

INVESTMENT ACTIVITY

<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>06/03/03</td><td>04/29/03</td><td>BOUGHT</td><td>FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 05.680% REF # AS OF ID 04/29/03 SD 05/30/03 AS OF 04/29/03 INTR COMPUTED TO 05/30/03</td><td></td><td>24,306,759 ACCR. INT.</td><td>11.06250</td><td>2,688,935.21 19,175.33</td><td></td></tr><tr><td>06/03/03</td><td>04/29/03</td><td>CANCEL BUY</td><td>FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 05.680% REF # AS OF ID 04/29/03 SD 05/30/03 AS OF 04/29/03 TO CXL PREVIOUS BUY</td><td></td><td>-24,306,759</td><td>11.06250 ACCR. INT.</td><td>2,688,935.21 19,175.34</td><td></td></tr><tr><td>06/03/03</td><td></td><td>D/K</td><td>FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,680 DUE 01/25/33</td><td></td><td>24,306,759</td><td></td><td>2,708,110.55</td><td></td></tr><tr><td>06/03/03</td><td></td><td>DELIVERED</td><td>FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,680 DUE 01/25/33</td><td></td><td>-24,306,759</td><td></td><td>2,708,110.54</td><td></td></tr><tr><td>06/12/03</td><td>06/10/03</td><td>SOLD</td><td>FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO DUE 07/01/2032 00.001% REF # AS OF ID/03</td><td></td><td>-3,561,835</td><td>95.14063</td><td></td><td>3,388,752.75</td></tr><tr><td>06/12/03</td><td></td><td>RECEIVED</td><td>FEDERAL NATIONAL MTG ASSN STRIPS SERIES 326 CLASS 1 PO 0,001 DUE 07/01/32 DUE 07/01/2032</td><td></td><td>3,561,835</td><td></td><td>3,388,752.75</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$-8,804,973.84</td><td>$8,804,973.84</td><td></td></tr></tbody></table>

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06/28/03;12:23 001


EFTA00197166



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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