EFTA00197185



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>





CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY

<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>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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

TAXPAYER NUMBER Not Available

<table><thead><tr><th>PURCHASE/ START DATE</th><th>REPURCHASE/ END DATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>PRICING RATE</th><th>REPO/ ACCRUED INTEREST*</th><th>NET AMOUNT</th></tr></thead><tbody><tr><td>07/18/03</td><td>OPEN</td><td>6,040,000</td><td>0.700</td><td>1,139</td><td>6,041,139.21</td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$1,139</td><td>$6,041,139.21</td></tr></tbody></table>

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

| STATEMENT PERIOD | June 28, 2003 |

| :--- | :--- |

| THROUGH | July 25, 2003 |

FINANCIAL TRUST CO INC

*As of statement date*

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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EFTA00197186



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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