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>

What's In This Statement

Your Messages 2







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## FINANCIAL TRUST CO INC

C/O JEFFREY EPSTEIN

6100 RED HOOK QUARTER

SUITE B3

ST THOMAS VI 00802

## Premise or Third Party Repurchase Agreements

<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>01/27/04</td><td>OPEN</td><td>2,075,000</td><td>1.030</td><td>353</td><td>2,075,353.90</td></tr><tr><td colspan="4">TOTAL REPURCHASE TRANSACTIONS</td><td>$353</td><td>$2,075,353.90</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

*As of statement date*

TAXPAYER NUMBER Not Available

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

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

FINANCIAL TRUST CO INC

STATEMENT PERIOD January 1, 2004



ACCOUNT NUMBER



THROUGH January 30, 2004

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.

<table border="1"><tr><td colspan="3">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.</td></tr><tr><td>027</td><td>01/31/04:11:53</td><td>001</td></tr></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Excess SIPC Account Protection Update

FINANCIAL TRUST CO INC

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection will change to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.



## Your messages

| STATEMENT PERIOD | January 1, 2004 |

| :--- | :--- |

| THROUGH | January 30, 2004 |





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



TAXPAYER NUMBER Not Available



| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

The interest, if any, charged to your account during December 2003 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2004 is computed from December 31, 2003.

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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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