EFTA00197174



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

<table><tr><td>ACCOUNT EXECUTIVE</td><td>GNMA GOVT BOND</td></tr><tr><td>VISIT OUR WEBSITE</td><td>www.bearstearns.com</td></tr></table>





<table border="1"><tr><td>FINANCIAL TRUST CO INC</td></tr><tr><td>C/O JEFFREY EPSTEIN</td></tr><tr><td>6100 RED HOOK QUARTER</td></tr><tr><td>SUITE B3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



## Premise or Third Party Repurchase Agreements with Bear, Stearnsand Co. Inc. outstanding as of date of statement

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER Not Available

<table border="1"><tr><td>PURCHASE/START DATE</td><td>REPURCHASE/END DATE</td><td>PURCHASE PRICE/PRINCIPAL</td><td>PRICINGRATE</td><td>REPO/ACCRUEDINTEREST*</td><td>NET AMOUNT</td></tr><tr><td>11/20/03</td><td>OPEN</td><td>3,989,000</td><td>1.070</td><td>1,267</td><td>3,990,267.62</td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$1,267</td><td>$3,990,267.62</td></tr></table>

ACCOUNT NUMBER

*As of statement date*

THROUGH November 28, 2003

FINANCIAL TRUST CO INC

STATEMENT PERIOD November 1, 2003

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





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



Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

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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EFTA00197175



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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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