EFTA00197167



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>





<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

<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>2,708,110.55</td></tr><tr><td>Amount Credited</td><td>$2,708,110.55</td></tr><tr><td>Securities Bought</td><td>-2,688,935.21</td></tr><tr><td>Dividends/Interest Charged</td><td>-19,175.34</td></tr><tr><td>Amount Debited</td><td>$-2,708,110.55</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>Bond Purchase Int.</td><td>-19,175.34</td><td>-19,175.34</td></tr></tbody></table>

STATEMENT PERIOD April 26, 2003

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

TAXPAYER NUMBER Not Available



ACCOUNT NUMBER



FINANCIAL TRUST CO INC

THROUGH May 30, 2003

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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V644


EFTA00197168



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 Metratech Center North

Brooklyn, New York 11201-3859





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FINANCIAL TRUST CO INC



Transaction Detail


STATEMENT PERIOD April 26, 2003

THROUGH May 30, 2003

| LAST STATEMENT | December 31, 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>05/30/03</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 # BS AS OF 04/29/03</td><td></td><td>24,306,759 ACCR. INT.</td><td>11.06250</td><td>2,688,935.21 19,175.34</td><td></td></tr><tr><td>05/30/03</td><td></td><td>DELIVERED</td><td>FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,680 DUE 01/25/2033 5,680</td><td></td><td>-24,306,759</td><td></td><td></td><td>2,708,110.55</td></tr><tr><td colspan="6">TOTAL</td><td>-2,708,110.55</td><td colspan="2">$2,708,110.55</td></tr></tbody></table>





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



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05/31/03;16:24 001


EFTA00197169



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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EFTA00197170