EFTA00195772.pdf

Statements EFTA00195772 CLEARED 'THROUGH ITS WHOLLY GIVNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE verm.bearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 13 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 11,218,594 LONG ACCRUED INTEREST 112,288 NET CREDIT BALANCE 732,186 11111111111111111 II FINANCIAL TRUST CO INC 0/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash 8 Eqtivalent 40 5732.186 kt $244.955 NET EQUITY THIS PERIOD $12,063,068 NET EOUITY LAST STATEMENT 11,991,065 CHANGE SINCE LAST STATEMENT 72,003 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Axed Income 11,218.594 $11.635.695 Current market value MI Last statements market Sue FINANCIAL TRUST CO INC STATEMENT PERM° December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER IIJUSI3ER On File LAST STATEMENT NOvernter 30.2004 SIM TN, TWETITTT R hor nforomberml primps only It Is ra reanded as downed lees staternsrC should be Maned for your records Soo moms fa Iv rEcrlort ricAnatcd 027 Oi GI TIS;09:78 001 Important Message II any information regarding 2004 interest. dividends. miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31.2005or a 1042Sby March 15.2005. Y867 EFTA00195773 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 PI 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0606056608 001 V867 EFTA00195774 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 4/ '4 Cash Flow Analysis Income Summary THIS PEFICO DC PEW° YEAR TO DATE Opening Balance $244,955.43 U.S. Govt. Bond Int. 45.415.52 457,036.03 Govt. Agency Int. 621.692.32 9.868.014.97 Securities Sold 236.379,521.16 Corp. Bond Int. 138,644.11 2,156,335.84 Dividends Interest 806.740.09 Credit Balance Int. 988.14 2.010.60 Amount Credited $237.186,261.25 Reverse Repurchase Int. 69,020.66 393,635.39 Total $875,760.75 $12 877 032.83 Securities Bought -236,520.917.46 Dividends Interest Charged -177.712.91 Bond Purchase Int. -177.712.91 -1.555,564.82 Miscellaneous -400.00 Margin Int. Paid 0.00 -2,023.40 Repurchase Int. Exp. -6.104.96 -223,899.19 Amount Debited $-236,699,030.37 Net Cash Activity 487,230.88 Closing Balance $732,186.31 Portfolio Composition Cashtash Equivalent 732.186 Fixed Income 11.218.594 Cash Balance Summary Total 911.950.780 OPEnhG CLOSING Margo 244.955.43 732,186.31 Net Cash Balance $244.955.43 $732,186.31 027 01,01,05:09:IS 001 FINANCIAL TRUST CO INC STATEMENT Puce December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Ale LAST STATEMENT N0veMbet 30. 2004 Your Portfolio Allocation Cash 8 Equivalent 6% — Axed Income 94% Un•Jvaed crown canoe Oat bane, *note fl,o•I male wive, The Dioml✓r el.-cents-0 to dewed kern Va obsoixe market rat), 01 >T,•r Mk , * 1867 EFTA00195775 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 4I '4 Your Portfolio Holdings CASH & CASH EQUIVALENTS otscaFmou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $732.186 S,MSCL 0./SIP FAAPXET ESTIMATED CUAPENT QUANTITY macs VALUE NWJAL IIILCI. E VEtO 1%) 732,186 FIXED INCOME Government & Agency Obligations DESCRIPTION tc. swect.cusn PRICE MOAT VALLE ACCRUED INTEFEST ESTMAIW ANIstIAL NCOME EASFENT YEN nN FEDERAL HOME LOAN MTG CORP MRGN 15.528.072 9.7376 1.512.056 34.488 775.938 51.3168 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 4.997% FACTOR — .25880121 FEDERAL HOME LOAN MTG CORP MRGN 6.660.811 8.8299 588.144 13.610 306.197 52.0616 SERIES 2528 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15,2032 4.597% FACTOR — .25880120 FEDERAL NATIONAL MTG ASSN MRGN 3.787.124 83.3594 3.156.923 3 38 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03'01,02 BOOK ENTRY ONLY DUE 03/01,2032 .001% FACTOR - 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 13,405,702 8.4119 1.127.669 27,389 616.260 54.6490 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 4.597% FACTOR - .23239523 FINANCIAL TRUST CO INC STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER NADER On He LAST STATEMENT NOvellibBI 30. 2004 027 01.01,CS:CS:18 001 EFTA00195776 CLEARED THROUGH ITS MIDST OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 4/ '4 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRPTION sweets:um) MX' n PE OUOISTY PRICE IAARKET VALUE /LEAVED INTEREST ESTEEMED ANNUAL INCOME CURRENT YELD I%/ FEDERAL NATIONAL MTG ASSN MRGN 14.098,699 9.1979 1.296.788 10,768 646.002 49.8155 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4 582% FACTOR — .58003204 Total Government& Agency Obligations $7,681.580 $86,258 $2,344.435 Corporate Bonds ACCT AECFIDED ESTEEMED MEW' DESCRPTION StheOLOJSP TYPE QUANTITY PRICE MARKET VALLE MEREST ANNUAL INCOME YEW lEt FANNIE MAE CMO/SERIES 2003-13 MRGN 27,982.611 12.6400 3.537.014 26,030 1.561,989 44.1612 S RCR-I/O FLTR DATED DATE 0'2/25103 BOOK ENTRY ONLY DUE 03125/2033 5.582% FACTOR — .55965223 Total CorporateBonds $3,537,014 $26,030 $1,561,989 TOTAL FIXED INCOME $11,218,594 $112,288 $3,906,424 FINANCIAL TRUST CO INC STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER NUO3ER 01Plle LAST STATEMENT November 30.2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $112.288 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $3.906.424 YOUR PRICED PORTFOLIOHOLDINGS $11.950.780 02/ OI.01,0S,C9:18 00, 7867 EFTA00195777 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PLIACHISS REPI./FINARF START DATE DATE PRICING PATE PURCHASE PRICE; ACCRUED REPO PRINCPAL MEREST' OUPARITY (FACE AMOUR) CUSP DESCRIPTION FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 5.5975 03/15+32 CLEARED 1RR0t.GH ITS wisCwi OME0 SOMMER, Beer &ter FINANCIAL TRUST CO INC STATEMENT PERK* December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER AVUSER On PIM LAST STATEMENT November 30. 2004 YOU PROVIDED (MARGIN) 09/1904 OPEN 0.000 -50,000,000 YOU SOLD (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -49.385 -50,000,000 FHLMC- STRIP PRINCIPAL ONLY YOU SOLD (REPO) 10/14/04 OPEN 0.010 -1 -44.389.962 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 4.7931 01/16/34 YOU SOLD (REPO) 12/22/04 01/13/05 2.610 -2.500.000 -2.175 -22.100.000 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 4.5400 02/20(33 YOU PROVIDED (MARGIN) 12/22/04 OPEN 0.000 -21.900.000 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 4.5400 02/20(33 YOU BOUGHT (REVERSE) 12/31/04 OPEN TOTAL REVERSE REPURCHASETRANSACTIONS 1.420 75.000.000 8.875 75.000.000 875.000,000 $8.875 USTR 3.0000 12/31/06 TOTAL REPURCHASETRANSACTIONS $-11,978,001 8-51.560 'As al slintanol dee 027 01,01,05:09:18 001 Y867 EFTA00195778 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY CLEARED THROuGH ITS wisR.LY OHT•RO SUBSIDIARY Beer Rea•rH Se •it' • FINANCIAL TRUST CO INC STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Fite LAST STATEMENT Neamter 30.2004 SETTLEMENT DATE MADE DATE TRANSACTiON DESORPTION SiM80.CHSP A:WNW( PRCE DEBIT AMOUNT MD/ A/IOLNT 12/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN .123,651 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL REDUCTN 12-25-04 12/15.04 PRINCIPAL FEDL HOME LOAN MTG CORP#502684 MI= 368.807.00 SERIES 218 CL PO DUE 02101132 PRIN RID 11.04 PM 12-15-04 REPO P 8I 0.0000 12/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP NMI -374.568 SERIES 2483 CL SL 4,910 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-04 12/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .481.479 SERIES 2530 CLASS SE 5.310 DUE 02115/32 PRINCIPAL REDUCTN 12-15-04 12/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -206,532 SERIES 2526 CLASS SI 4.910 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-04 12/23/04 12/22/04 SOLD UNITED STATES TREASURY NOTE -25.000,000 99.75000 24.937.500.00 DUE 1130/2006 02,875% MN 31 SPECIAL INSTRUCTIONS ACCR. INT. 45.415.52 YIELD 3,008 % TO MATURITY OVER REF it 63575085 A3 WVIEB 12 27 04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 123.651.00 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 12-25-04 122704 PRINCIPAL FANNIE MAE CMOJSERIES 2003.13 -603.803 S RCR-F0 FLTR 5,820 DUE 03/25/33 PRINCIPAL REDUCTN 12-25-04 02/ 01.01 00i V86/ EFTA00195779 CLEARED THROUGH ITS WHOLLY omen SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 4/ '4 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 12/27/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 4,820 DUE 01/2933 PRINCIPAL REDUCTN 12-25-04 12/30/04 12/29/04 BOUGHT UNITED STATES TREASURY NOTE WE 11/30/2006 02,875% MN 31 SPECIAL INSTRUCTIONS YIELD 3,094 % TO MATURITY OVER REF # 63844702 al WANES 12/30/04 12/29/04 BOUGHT UNITED STATES TREASURY NOTE DUE 11/3012006 02,875% MN 31 SPECIAL INSTRUCTIONS YIELD 3,094 % TO MATURITY OVER REF # 63844702 A3 WV/EB 12/31/04 12/29/04 SOLD UNITED STATES TREASURY NOTE WE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % M MATURITY OVER REF # 63644700 B3 WWEa 12/31/04 12/29/04 SOLD UNITED STATES TREASURY NOTE WE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % TO MATURITY OVER REF # 63844700 AS WWEB SYMBOL:COW CIUMITRY -304.219 PRCE FINANCIAL TRUST CO INC STATEMENT PERO) December 1.2004 THROUGH December 31.2004 ACCCUNT NUMBER TAXPAYER AILIMER OR File LAST STATEMENT NOveMbN 30.2004 DEIST AMOUNT CREW' mimic 25.000.000 ACCR. INT. 99.59375 24.898.437.50 59.237.64 50.000.000 99.59375 ACCR. INT. -25.000.000 99.76139 49.796.875.00 118,475.27 24,940,347.50 -50.000.000 99.76139 49.880.695.00 TOTAL $74.873.025.41 $100.296.416.02 INTEREST DATE CESCRIPTION 12/01/04 AVG BAL 405.430RT 1.260 021 OFFICE INTEREST 1104 STAIDOLCUSIP OUNNTITT RATE ON DEW AVOW,' CAECIT /MOW 425.84 027 01.014S:0S:18 001 T867 EFTA00195780 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 Transaction Detail (continued) INTEREST (continued) DATE OESORPTKIN 12/15/04 FEDERAL HOME LOAN MTG CORP 4.9100 SERFS 2483 CL SL DUE 03/15/2032 4810 INTEREST PAYMENT 12-15.04 SYMBOJEUSIP EXINGUY RATE IN/ 12/15/04 FEDERAL HOME LOAN MTG CORP SERFS 2488 CLASS SO DUE 03/1512032 5.910 INT RID 11.04 PA 12-15-04 REPO P I 58100 12/15/04 FEDERAL HOME LOAN MTG CORP SEEMS 2530 CLASS SE DUE 02/1512032 5810 INTEREST PAYMENT 12-15-04 12/15/04 FEDERAL HOME LOAN MTG CORP SERFS 2526 CLASS SI DUE 02/1512032 4810 INTEREST PAYMENT 12-15.04 12/16/04 GOVERNMENT NATIONAL MTG ASSN SERFS 2004-2 CLASS SB DUE 01/16/2034 5898 INT RID 12-04 PM 12-16-04 REPO P S I 5,0987 12/21/04 GOVERNMENT NATIONAL MTG ASSN SERFS 2004-5 CLASS PS DUE 02/20/2033 4840 INT R/D 11.04 PAD 12-20-04 REPO P S I 48100 12/27/04 FANNIE MAE CMG/SERIES 2003-13 S RTR DUE 03/25/2033 5820 INTEREST PAYMENT 12-25.04 12/27/04 FEDERAL NATIONAL MTG ASSN SERFS 2003-49 CLASS SW DUE 01/25/2033 4820 INTEREST PAYMENT 12-25.04 DEBIT AMOUNT CLEARED IIIROuGH ITS y/H0.1.1, ODYKO SUBSIOally Beer Siewn FINANCIAL TRUST CO INC STATEMENT PERKO December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT NOyenlber 30. 2004 CREPT AMOUNT 56,384.27 5.9100 58.82832 5.3100 70842.27 4.9100 28.098.88 5.0980 173.322.19 4.5400 176.366.67 5.8200 138.644.11 4.8200 57.851/2 02? 0n CH 0!):9:18 001 EFTA00195781 CLEARED THRouGH ITS YAIOU.Y OmED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 CI 4 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 12/31/04 AVG BAL 475,286RT 1.374 021 OFFICE INTEREST 1204 SAIEICIAUSIP PAMIR( RATE I%) CENT Al.00ipr FINANCIAL TRUST CO INC STATEMENT PEffloo December 1.2004 THROUGH December 31.2004 AccouNT NUMBER TAXPAYER MAKER On Pile LAST sTATELIENT November 30. 2004 CREDIT AMOUNT 562.30 TOTAL $761,324.57 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION 12/13/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS 4,810 FITM A~ 3A3 REPO 12/13'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS 4.810 FITM 311.2 TERM MENT 121304 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS 4.810 11.33 FITM A REPO A 1213;04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,81011033 FITM A2 REPO A 1213/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS DUE 02/101 4.810 FITM A2 REPO I SYMBOL CuSte QUANTITY DEBIT AMOUNT CREDIT AMOUNT -44,000.000 3.186.000.00 MEI 44,000.000 3,260,000.00 MIN -44,000.000 5,186,000.00 44.000.000 5.186.000.00 4.026.10 027 01.01,0S:09:18 001 .86? EFTA00195782 CLEARED THROUGH ITS WHOU.Y omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TMDE DATE DATE TRANSACTION DESCRPTICN 1222:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS FILM AI REPO A 12722104 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CLASS PS 4.640 .01.33 FITM Al REPO A 12/22/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4FITIM .540311.A4 TERM ENT 12/22/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 011101 4.540 ATM A4 REPO I 12+23434 DELIVERED UNITED STATES TREASURY NOTE DUE 11+3012006 2.876 2.875 RIM TERM ENT 1223104 RECEIVED UNITED STATES TREASURY NOTE DUE 11/30,2006 2.875 2,875 l er FITM Al RERAN F T 12+23,04 INTEREST UNITED STATES TREASURY NOTE DUE ill 2.875 ATM A2 RESALE FINANCIAL TRUST CO INC STATEMENT Amon December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT Novernter 30.2004 SYMBMCUSIP OMIT AMOUNT CREDIT AMOUNT -21,90°S.7010re -22,100.000 2.500.000.00 44,000.000 3.186.000.00 2.078.86 -50,000.000 50,000,000.00 VIM 75.000.000 75.187.500.00 MEI 49.597.22 027 DIVIDS:0S:18 001 V867 EFTA00195783 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 1 4 Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICH SYME/MCUSIP OUANTITY DEBIT AMOUNT CREDIT AMOUNT 12/30,04 12/30/04 1031104 DELIVERED INTEREST RECEIVED UNITED STATES TREASURY NOTE DUE 11/30/2006 2.875 28753.K06 ATM A2 TERM EMENT UNITED STATES TREASURY NOTE DUE IV 2875 FIRE A2 RESALE UNITED STATES TREASURY NOTE DUE 1213/72006 3800 3800 FIRM WI RESALE T -75,000,000 75.000.000 75.000.000.00 75.187.500.00 19.423.44 TOTAL 5.161.825.604.96 $136.128.520.66 MISCELLANEOUS FINANCIAL TRUST CO INC STATEMENT Puce December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT November 30.2004 DATE MOAT TRANSACTON 12(15/04 JOURNAL DESCRIPTION NOVO4 SPEC CLEARING FEES DEBIT AMOUNT 400.00 CREDIT A/A0cNi TOTAL $.400.00 027 001 V867 EFTA00195784 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Trades Executed Pending Settlement SETTLEMENT DATE TRADE DATE -RANSACTION 01/20/05 12/15:04 B H 01/20/05 12/07/04 SOLD 01/20/05 12/07/04 BOUGHT 01/20/05 12/15/04 SOLD 02/10/05 12/16/04 BOUGHT 02/10/05 12/30/04 SOW 02/15/05 12/30/04 BOUGHT GNMA-30YR(GNMAJGTD SETT,01/105 06,000% DESCRIPTION NMA-30 MA SETT,01/05 06,600% GNMA-30YR(GNMAJGTD SETT 01/0S 06,600% GNMA-30YR(GNMAJGTO SETT,01/t05 06,000% FNMA 30YR GTD SETT, 02/05 06,000% FNMA 30YR GTD SETT, 02/05 06,000% FNMA-15YR(FNMA-15)GTO SETT,02/06 05,500% CLEARED IHRouGH ITS /MOLLY OUTS0 SUOSIOAAT Beer Sown FINANCIAL TRUST CO INC STATEMENT PERGO December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER MAGER On FIM LAST STATEMENT N0yernter 30.2004 SYMOCVCOSP WANTON PRICE DEBIT AMOUNT MECO AMOUNT BS 7.000.000.00 102.3515 7,164,609.38 -7.000.000.00 101S687 7.137.812.50 BS 10.000.000.00 103.5468 10.354.687.50 BS -10.000.000.00 103.5937 10.359.375.00 BS 10.000.000.00 103.0312 10.303.125.00 BS -10.000.000.00 102.9843 10,298,437.50 BS 11,000,000.00 102.9765 11,327,421.88 BS 027 OIGIGS:09:18 001 Y867 EFTA00195785 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. Trades Executed Pending Settlement (continued) CLEARED THRouGH ITS mow? OmY*0 SUEISIOany Beer Siehe11. SO •it' • FINANCIAL TRUST CO INC STATEMENT PERK* December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER WEISER On File LAST STATEMENT November 30.2004 SET1tEMENT TRADE DATE DATE TRANSACTON DESC.FtPTION OJANNTY PRCE DEMI AMOUNT CREPT MOUNT 02/15/05 12/16/04 SOLD FNMA-15YR(FNMA-15)GTD SETT.02/05 06.500% -11.000.000.00 103.1093 11,342,031.25 TOTAL $39.149.843.76 $39.137.656.25 The atC01 "1.1 Wel m a, / 011,' le r,n of this 11 End of Statement 01 UT '8 001 EFTA00195786 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE worw.bearsteams.cOm What's In This Statement 1111,111111111111 I I Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 11,635,695 Cash a Eqwralent 4 $244.955 Ift $334.039 LONG ACCRUED INTEREST 110,415 Fixed _I NET CREDIT BALANCE 244,955 Income NET EQUITY THIS PERIOD $11,991,065 NET EQUITY LAST STATEMENT 12,027,839 CHANGE SINCE LAST STATEMENT -36,774 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Current market value NE Last statements market value $11 .635.695 $11.588.059 FINANCIAL TRUST CO INC STATEMENT PERIOO OCIODef O. 2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER MADER On File LAST STATEMENT WOW 29.2004 Slit Tres summx/ for mMInannel presses only In s r.:4 Needed as a Um downed stater nn should be retaliator your mores Soo worse S. fa merlon ricemalme 027 1201.0414:42 001 Y865A EFTA00195787 GEARED 110.100044 ITS WHOLLY OMAE0 SUBSIDIARY FINANCIAL TRUST CO INC 2 oi Is STATEMENT BACKER IS PRINTED ON THIS PAGE 021 1201.1341:14:02 001 LIMA EFTA00195788 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 O ,s Cash Flow Analysis THIS PERIOD Income Summary DC PERIOD YEAR TO DATE Opening Balance $334.039.38 U.S. Govt. Bond Int. 36,256.91 411,620.51 Govt. Agency Int. 677,473.11 9.246.322.65 Securities Sold 238.130.859.91 Corp. Bond Int. 147,441.74 2.017.69133 Dividends Interest 881,569.99 Credit Balance Int. 0.00 1.022.46 Amount Credited $239,012,429.90 Reverse Repurchase Int. 72.266.51 324.614.73 Total $933,438.27 $12.001272.08 Securities Bought -238,871.224.78 Dividends Interest Charged -230.189.07 Bond Purchase Int. -209.538.14 -1.377,851.91 Miscellaneous -100.00 Margin Int. Paid -252.70 -2,023.40 Repurchase Int. Exp. -8.708.90 -217,794.23 Amount Debited $-239.101,513.85 Net Cash Activity -89.083.95 Closing Balance 5244.955.43 Portfolio Composition Cashtash Equivalent 244.955 Fixed Income 11.635.695 Cash Balance Summary Total $11,880,650 OPENING CLOSING Margo 334.039.38 244.955.43 Net Cash Balance $334.039.38 $244,955.43 027 12,01O4:14:42 001 FINANCIAL TRUST CO INC STATEMENT PERIOO October 30.2004 THROUGH November 30.2004 ACCCUNT NUMBER TAXPAYER MAGER On PIM LAST STATEMENT October 29.2004 Your Portfolio Allocation Cash & Equivalent 2% UnsPa0aLl potions deo* debt beano, *not, shot market vacs. he alocabon percenmoe is clewed Korn to absolute marital value %CM EFTA00195789 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5244.955 SYMBOLtuSIP MAPRET ESTIMAIED CURPED QUANTITY PRICE veLuE NOXIAL INCOME YIELD I141 244.955 FIXED INCOME CLEARED THROUGH ITS WHOLLY ODS*0 SUOSICany Beer Der FINANCIAL TRUST CO INC STATEMENT PER100 October 30.2004 THROUGH NOTernller 30.2004 ACCOUNT NUMBER TAXPAYER ISMER OR File LAST STATEMENT October 29.2004 Government & Agency Obligations DESCRIPTION ccT DIXIBOUOJSP TE OLIANTITY PRICE MOW VALLE ACCRUED INTEREST ESTPAATED ANAILL INCOME CARIFENr YEW Ist FEDERAL HOME LOAN MTG CORP MRGN 16,009.551 9.8266 1.573.192 35,424 850,107 54.0371 SERIES 2530 CLASS SE DATED DATE 10/11/02 5001E ENTRY ONLY DUE 02/15/2032 5.310% FACTOR — .26682586 FEDERAL HOME LOAN MTG CORP MRGN 6.867.343 8.8980 611.058 14.050 337,187 55.1809 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/192032 4.910% FACTOR - .26682585 FEDERAL NATIONAL MTG ASSN MRGN 3,910,775 81.9844 3.206.224 3 39 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 039192 5001E ENTRY ONLY DUE 03/01,2032 .0011. FACTOR - 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 13.780,270 8.4914 1.170.134 28,191 676.611 57.8234 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY Ot&Y DUE 03/15/2032 4.910% FACTOR - .23888857 07/ 120104:14:42 001 sifICSA EFTA00195790 CLEARED THROUGH ITS YOICALY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 ci Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTION swewsusn N7G. TYPE OUANTITY PRICE IAARXET VALLE ACCRUE0 MEREST ESTEAMED ANNUAL INCOME CURRENT YELD I%4 FEDERAL NATIONAL MTG ASSN MRGN 14,402.918 9.8728 1.421.966 9,642 694.221 48.8212 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4820% FACTOR — .59254784 Total Government& Agency Obligations $7,982,574 $87,310 $2.558.165 Corporate Bonds ACC ACCF1UED ESTEIME0 CURRAN RESUMPTION StTS3OLOASP TYPE OLVAITITT PRICE MARKET VALLE MEREST ANNUAL INCOME YELD I%* FANNIE MAE CMO/SERIES 2003-13 MRGN 28,586.414 12.7792 3.653.121 23,105 1.663,729 45.5427 S RCR-IlO FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03t2&2033 5.820% FACTOR — .57172828 Total Corporate8onds $3,653,121 $23.105 $1.663.729 TOTAL FIXED INCOME $11,635,695 $110,415 $4.221.894 FINANCIAL TRUST CO INC STATEMENT PERIOD °MON 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER NUM3ER On PIM LAST STATEMENT October 29.2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $110.415 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $4,221.894 YOUR PRICED PORTFOLIOHOLDINGS $11.880,650 027 12.0104:14:42 001 MESA EFTA00195791 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PISICTUSS REFt/FINAAt PRONG START DATE DATE DATE PURCHASE PAIGE/ PRINCPAL ACCRUED REPO MEREST' DUMMY (FACE AMOUR) CUSP DESCRIPTOR YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 5.9100 03/15/32 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -29,750 -50,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 -1 -44.389.962 SERIES 2004-2 CLASS S 5.0987 01/16/34 YOU SOLD GOVERNMENT NATIONAL MID ASSOC (REPO) 11/24/04 12/13/04 2.340 -3.260.000 -1.483 -44.000.000 SERIES 2004-5 CLASS P 4.8100 02/20/33 YOU BOUGHT USTR 2.8750 11/30/06 (REVERSE) 11/30/04 OPEN 1.650 50,000,000 2291 50.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $50,000,000 $2.291 TOTAL REPURCHASETRANSACTIONS 5-12,738,001 $.31.233 As cl skykmool clam CLEARED THROuGH ITS YiliCtLY CA1T,E0 SUBSIDIARY Beer &Ter FINANCIAL TRUST CO INC STATEMENT PERIOD October 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER MASER On PIM LAST STATEMENT October 29.2004 027 12/0MM:14:42 001 IISSSA EFTA00195792 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT DATE TRADE DATE TRANSACT/3N 11/03/04 11/02/04 SOLD 11/03/04 11/02/04 BOUGHT 11/05/04 PRINCIPAL 11/10/04 JOURNAL 11/12/04 11/08/04 SOLD 11/12104 11/08/04 SOLD 11/12104 10/15104 BOUGHT DESORPTION UNITED STATES TREASURY NOTE 10.110 32,500% AO 30 MATURITY GVER REF # 03071010 Al UNITED STATES TREASURY NOTE 02,500% MS 31 4 ¶10 MATURITY OVER REF # 63071014 Al FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 O. PO 0.001 DUE 03401/32 PRINCIPAL REDUCTN 11-25-04 FANNIE MAE CMG/SERIES 2003-13 S RC124/O FLTR 6.067 DUE 03/25/33 FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 01.000% AS OF BS FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 01.000% AS OF BS UNITED STATES TREASURY NOTE 02,750% FA 15 MATURITY OVER REP # 63171013 Al ORIGINAL SD 10118104 AS OF 10/16404 CLEARED THROuGH ITS 74ICI.LY OMED SUBSIDIARY Beer &ter FINANCIAL TRUST CO INC STATEMENT PERIOO OCIDOSI 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER MASER On PIM LAST STATEMENT October 29.2004 SYMOOL/OUSP OVANTITY PPoCE DEBIT AMOUNT OREM AMOUNT -25,000,000 99.79688 24,949,218.75 ACCR. INT. 5,179.56 25,000,000 99.84375 24,960,937.50 ACCR. 58.379.12 MEM •130,707 Miff 1 -12,238,935 2.68750 328.921.38 ACCR. INT. 9.179.20 -12,238,935 2.68750 328.921.38 ACCR. INT. 9.179.20 15,000,000 99.97656 14.996.484.38 ACCR. INT. 71.739.13 027 12.0104:14:42 001 114SSA EFTA00195793 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTION DESCRIPTION STIABOLICUSIP OVAMITI Pula DENT AMOUNT CREPT AMOUNT 11/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#502684 337,316.00 SERIES 218 CL PO DUE 02/01/32 PRIN RID 10-04 PA3 11-15-04 REPO P 8I 0.0000 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP INS -434,132 SERIES 2483 CL SL 4,910 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-04 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -440,368 SERIES 2530 CLASS SE 5.310 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -188.897 SERIES 2526 CLASS SI 4.910 DUE 0'2/15/32 PRINCIPAL REDUCTN 11-15-04 11/18/04 11/17/04 SCLD UNITED STATES TREASURY NOTE MIS -25.000.000 99.33984 24,834,960.94 02.500% AO 30 ACCR. INT. 31,077.35 RIP/ GVER REF # Al 11/22/04 11/22/04 SOLD ii.08 02.875% -50.000.11 99.79760 ED RIP/ OVER Rd it Al 11/23/04 11/22/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.17969 49.589.844.00 02.500% AO 30 ACCR. INT. 79.419.89 CLEARED THROuGH ITS /MOLLY CAM,E0 SUEISIOally Beer Stea•n FINANCIAL TRUST CO INC STATEMENT PERK* WOW 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER MASER OR FIN LAST STATEMENT October 29.2004 RIP/ GVER Al 021 1201AM:14:42 001 EFTA00195794 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE DATE 11/23/04 11/22/04 TRANSACTION CESCRPTION WI r 006 02.875% IIMMINDED MATURITY TO CM. PREVIOUS SELL 11/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 11-25-04 11/26roe PRINCIPAL FANNIE MAE CMOISERIES 2003.13 S RCR-Lt FUR 6,881 DUE 03/25/33 PRINCIPAL REDUCTN 11-25.04 11/26roe PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5.881 DUE 01/25/33 PRINCIPAL REDUCTN 11-25-04 11/30/04 11/22/04 SOLD UNITED STATES TREASURY NOTE GVER REF it AS OF 11:22 02.875% MN 31 RITY AS TOTAL INTEREST DATE CESCIAPTION STIADECUSIP 11/01/04 AVG BAL 684.530RT 0.428 021 OFFICE INTEREST 1004 50180. CUSP CLEARED 114ROuem ITS yasELLY ODTLE0 SUEISIOally Beer Ster FINANCIAL TRUST CO INC STATEMENT PER100 &TOON 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER WIDMER On File LAST STATEMENT October 29.2004 amain pma DEW AMOUNT MOE WSW 50,000M 99.79760 130.707.45 -673,881 -289.143 50.000.000 99.79760 49.898.797.50 S-89.756.804.02 $100.863,458.71 OUANTITT RATE IV CEBU AMOuT CREDIT AMOUNT 252.70 02/ 1201434:14:42 001 YS654 EFTA00195795 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 Transaction Detail (continued) INTEREST (continued) CLEARED THROuGH ITS wisCtLY OM ED SUBSIDIARY Beer &ter FINANCIAL TRUST CO INC STATEMENT PERK* OCIDOSI 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER MASSER On PIM LAST STATEMENT October 29.2004 ELATE OESCFOPTION SYMBELCUSIP aMAiTuy RATE %l DEBIT AMOUNT MEM AMOUNT 11/15/04 FEDERAL HOME LOAN MIS CORP 1.0000 20,398.23 SERES 2471 CLASS YT DUE 03/15/2032 1.000 INT RID 10-04 PA) 1145414 REPO P d I 10000 11/15/04 FEDERAL HOME LOAN MTG CORP 4.9100 60,766.57 SERIES 2483 CL SL DUE 03/15/2032 4010 INTEREST PAYMENT 11-15-04 11/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 62.938.37 SERES 2488 CLASS SO DUE 03/15/2032 5010 INT RID 10-04 PAD 11-15-04 REPO P SI 6.1300 11/15/04 FEDERAL HOME LOAN MTG CORP 5.3100 75.806.71 SERIES 2530 CLASS SE DUE 02/15/2032 5.310 INTEREST PAYMENT 11-15-04 11/15/04 FEDERAL HOME LOAN MIS CORP 4.9100 30,165.42 SERES 2526 CLASS SI DUE 02/15/2032 4010 INTEREST PAYMENT 11-15.04 11/16/04 GOVERNMENT NATIONAL MTG ASSN 5.3110 182.594.29 SERIES 2004-2 CLASS SB DUE 01/16/2034 5.311 INT RID 11-04 PEI 11-16-04 REPO P I 5.3112 11/17/04 FEDERAL HOME LOAN MTG CORP 1.0000 20.398.23 SEBES 2471 CLASS VT DUE 03/15/2032 1000 REV ENTRY NO 11/15 11/22/04 GOVERNMENT NATIONAL MTG ASSN VIM 5.0400 184.800.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5040 INT ND 10-04 P/D 11-20-04 REPO P S I 50400 07/ 1201.04:14:42 001 MESA EFTA00195796 B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Transaction Detail (continued) INTEREST (continued) DATE CESCRIPTION 11/28/04 FANNIE MAE CMOISERIES 2003-13 S RCR-MD RTR DUE 03+25/2033 6,881 INTEREST PAYMENT 11-25-04 SYSABC1JCVSIP QUANTITY RATE I%1 DEBIT AMOUNT CLEARED THRouGH wisCy17, OHTLE0 SUEISTOTAny BON &Ter FINANCIAL TRUST CO INC STATEMENT PER100 WOW 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER OR File LAST STATEMENT October 29.2004 CREDIT AMOUNT 11/28/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01+25/2033 5,881 INTEREST PAYMENT 11-25-04 6.8810 147,441.74 5S810 62,043.35 $-20,650.93 $826,954.68 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TILDE DATE DATE TRANSA.C100 DESCRPTION SYMBOLCLIST1 QUANTITY MINT AMOUNT 11/03/04 RECEIVED UNITED STATES TREASURY NOTE 25,000,000 25.031.250.00 DUE 10131/2006 2,500 2,500 Fine ClairAI RESALE 11/03/04 DELIVERED UNITED STATES TREASURY NOTE DUE 09+30/2006 2,500 2,500 Fine Rillitge TERM m ENT 11M3/04 INTEREST UNITED STATES TREASURY NOTE DUE 09010 2,500 FITM 42 RESALE 11/12/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 0UpAll FITMARGN A2 TERM RE NT CREDIT AMOUNT -25.000.000 25.000.000.00 28.392.36 24,477,870 07/ 120104:14:42 001 YnesA EFTA00195797 CLEARED THROUGH ITS wiliStLY OmE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 In Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRACE DATE DATE TRANSACTION DESORPTION 1111204 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5.040 FIT11.4 TERM ENT 11/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CLASS PS 5,040 1010.3 FITM AI REPO A 11/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS FSITFAX" 10.33A2 REPO A 11:12:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CLASS PS RIM 5.040 WAS REPO A 11112:04 DELIVERED UNITED STATES TREASURY NOTE DUE 08/192007 2,750 2.750a 7 FITM A2 TERM EMENT 11112:04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02:1101 5,040 ATM AZ REPO I 11:12:04 INTEREST UNITED STATES TREASURY NOTE DUE 081 2,750 ATM A2 RESALE SYLIEICIJCUSIP OVANilly DEBIT AMOUR" 44,000.000 5,363,000.00 FINANCIAL TRUST CO INC STATEMENT PER000 October 30.2004 THROUGH November 30.2004 AccouNT NUMBER TAXPAYER NUMBER On Pile LAST STATEMENT October 29.2004 CREDIT AMOUNT -44,000.000 5.623.000.00 44.000.000 5,623,000.00 -44,000.000 5.623.000.00 -15,000.000 15.037.500.00 5,242.33 28,496.06 027 i20104:14:42 001 VI:163A EFTA00195798 CLEARED THROUGH ITS yniCu.Y OmE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 13 In Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRACE DATE DATE TRANSACTION DESORPTION SYLIBMCLOSIP OVAATTITT OEINT AMOUNT CREDIT AMOUNT 11!16+04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000,000 3.675.000.00 SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3213185 Al REPO AGREEMENT 11/16/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000,000 5.623.000.00 SERIES 2004.5 CLASS PS 5,040 FITM A4 TERM MENT 11/16/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.436.99 SERIES 2004-5 CLASS PS DUE 02.01. 5.040 FITM A4 REPO I 11/18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 3.675,000.00 SERIES 2004-5 CLASS PS 5,040 DUE 02/20133 FITM F32I3I85 A2 TERM REPO AGREEMENT 11/18,04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 4.000.000 00 SERIES 2004-5 CLASS PS 5.040 DUE 02/20/33 FITM F3233174 Al REPO AGREEMENT 11;1804 DELIVERED UNITED STATES TREASURY NOTE Miff -25,000.000 25.031,250.00 DUE 10/31/2006 2.500 F2.500 ITM 01 6A2 TERM e EMENT 11.18 04 RECEIVED UNITED STATES TREASURY NOTE 50,000.000 50.000.000.00 FINANCIAL TRUST CO INC STATEMENT PERIOD October 30.2004 THROUGH November 30.2004 AccouNT NUMBER TAXPAYER NUMBER OR File LAST STATEMENT October 29.2004 DUE 10131,2006 2.500 2,500 DUE 10/31/06 FITM F3230504 Al RESALE AGREEMENT 021 i20104:14:42 001 VI:163A EFTA00195799 CLEARED THROUGH ITS yniCu.Y OmE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 14 In Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETREMENT TRACE DATE DATE TRAMSCRON DESCRPNON SYMBOUGUSIP OVAPPITT ce3n AMOUNT CREDIT AMOUNT 11/18+04 INTEREST GOVERNMENT NATIONAL MTG ASSN 469.58 SERIES 2004-5 CLASS PS DUE 02/20/2033 5.040 FITM F3213185 A2 REPO INTEREST 11/18/04 INTEREST UNITED STATES TREASURY NOTE 13.600.31 DUE 10/ 2,500 FITM A2 RESALE 11/23/04 DELIVERED UNITED STATES TREASURY NOTE -50,000.000 50.000.000.00 DUE 10/31/2006 2,500 2.500 DUE 10131/06 FITM F3230504 A2 TERM RESALE AGREEMENT 11/23/04 INTEREST UNITED STATES TREASURY NOTE 1,777.78 DUE 10131/2006 2.500 FITM F3230504 A2 RESALE INTEREST 11/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 3.260.000.00 SERIES 2004.5 CLASS PS Al FRM 4,810 lif3 REPO A 11/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 4,000,000.00 SERIES 2004-5 CLASS PS 4.810 DUE 02/20/33 FITM F3233174 A2 TERM REPO AGREEMENT 11/24434 INTEREST GOVERNMENT NATIONAL MTG ASSN EMI 1.560.00 SERIES 2004-5 CLASS PS DUE 02/20/2033 4.810 FITM F3233174 A2 REPO INTEREST 027 i20104:14:42 001 V863A FINANCIAL TRUST CO INC STATEMENT PER000 October 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On FIk LAST STATEMENT October 29.2004 EFTA00195800 CLEARED 111ROuGH ITS MIPS? EMBED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 15 I I!. Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) FINANCIAL TRUST CO INC STATEMENT PERK* October 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On FOS LAST STATEMENT WOW! 29.2004 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPTICN SYMEMICUSIP GUMMY DEBIT AMOUNT CREDIT AMOUNT 11/30/04 RECEIVED UNITED STATES TREASURY NOTE 50,000.000 50,000,000.00 DUE 11+302006 2,875 2,87S FITIA IMICIII RESALE TOTAL $.149.323G58G0 $137.322.016.51 MISCELLANEOUS DATE 1039AT TRANSACTOR DESCRIPTOR DEBT CTECIT APICA,M 11/16104 JOURNAL OCT 04 SPEC CLEARING FEES 100.00 TOTAL 5.100.00 End of Statement 027 1201.04:14:42 001 Vita EFTA00195801 CLEARED THROUGH ITS WHOU.Y 01VNED SUBSIDIARY B STUR URNS OFFICE SERVICING YOUR ACCOUNT S m ear. Stearns Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE myw.bearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 IIIIIII1111111111 II FINANCIAL TRUST CO INC 0/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VAWE OF SECURITIES THIS PERIOD 11,588,059 LONG ACCRUED INTEREST 105,741 NET CREDIT BALANCE 334,039 Cash & Equivalent —I $33" 39 $349A31 NET EQUITY THIS PERIOD $12,027,839 NET EQUITY LAST STATEMENT 12,556,360 CHANGE SINCE LAST STATEMENT -528,520 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Fixed Income 11.588.059 $12.082.817 Current markel vane NE Last statements market value FINANCIAL TRUST CO INC STATEMENT PER100 WNW 1.2004 THROUGH October 29.2004 ACCOUNT NUMBER TAXPAYER WINER On File LAST STATEMENT September 30.2004 4~y TM “nnIPPOOr otrmao°411:tndsts °ANOKA:4 slerthrd scalar &won Tres usternorc should Ds retailed for your retards Sou mem Ws toe mporlort nfaTnatusr 027 M3004:11:50 001 Y864 EFTA00195802 CLEARED 'THROUGH In WHOLLY DRAW SUBSIDIARY FINANCIAL TRUST CO INC 2 PI 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,30,0411:so 001 StE4 EFTA00195803 CLEARED THROUGH ITS WHOLLY owneo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 3 4/ '4 Cash Flow Analysis HIS PERICO Income Summary JS PERIOD YEAR TO DATE Opening Balance Secudties Sold Dividends Interest Amount Credited Secudties Bought $349.430.55 150.542.411.97 861,588.48 $151.404.000.45 -151,238.763.30 U.S. Govt. Bond Int. 6,868.13 Govt. Agency Int. 702,222.04 Corp. Bond Int. 152,338.86 Credit Balance Int. 159.45 Reverse Repurchase Int. 11.581.79 Total $873,170.27 375,363.60 8.568.849.54 1.870.249.99 1,022.46 252,348.22 $11 067 833.81 Funds Withdrawn -71.518.00 Bond Purchase Int. -55.766.57 -1.168,313.77 Dividends/Interest Charged -55.766.57 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -47.341.42 -209,085.33 Miscellaneous -53.343.75 Amount Debited $1 51,419,391.62 Net Cash Activity -15.391.17 Portfolio Composition ClosingBatance $334,039.38 Cashtash Equivalent 334,039 Fixed Income 11.588,059 Total $11,922.098 Cash Balance Summary OPENING CLOSING Margin 349,430.55 334,039.38 Net Cash Balance $349,430.55 $334,039.38 027 10,3004:11:50 001 FINANCIAL TRUST CO INC STATEMENT PERO) October 1.2004 THROUGH October 29.2004 ACCOUNT NUMBER TAXPAYER RIMER OOHS LAST STATEMENT Seplefiltel 30.2004 Your Portfolio Allocation Cash & Equivalent 2% Untoded preens deo* debt bebro, anot, shot rn,rket wags lfe alocaban percenmo, Is clewed /Min th, titiglka market value al palIoe EFTA00195804 CLEARED THROUGH ITS WHOM.? OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 0 •4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DEscnn-iou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5334.039 S•MECL 0./SIP FAAPi<ET ESIIMAIED OJAPENT QUANTITY PACE VALUE NWJAL InxNIE VEI.01%) 334,039 FIXED INCOME Government & Agency Obligations DESCRPRON ACCT SYM3CLOJSIP TYPE OUAMITY PFICE MARKET VALUE ACCRUED NTEPESI ESTIAMEO ANNUM. INCOME CURFEW' MID IV FEDERAL HOME LOAN MTG CORP MRGN 16.449.919 9.4102 1.547.969 35.376 909,681 58.7661 SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY ONLY DUE 0'2/15/2032 5.530% FACTOR .27416532 FEDERAL HOME LOAN MTG CORP MRGN 7.056.240 8.5794 605.386 14.078 361,985 59.7941 SERIES 2526 CLASS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5.130% FACTOR .27416531 FEDERAL NATIONAL MTG ASSN MRGN 4.041.482 84.9063 3.431.471 3 40 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 0301/02 B001( ENTRY CNLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 14.214.402 8.1195 1.154.131 28.358 729.199 63.1816 SERIES 2483 CL SL DATED DATE 07102/02 BOOK ENTRY ONLY DUE 03/15/2032 5.130% FACTOR .24641448 FINANCIAL TRUST CO INC STATEMENT PERIOD October 1.2004 THROUGH OctoCer 29.2004 ACCOUNT NUMBER TAXPAYER PANSER On PIM LAST STATEMENT Seplemter 30.2004 027 103004:11:S0 001 EFTA00195805 CLEARED THROuGH ITS YAIOU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 4/ '4 Your Portfolio Holdings (continued) Government & Agency Obligations (COMMIS) DESCRIPTION swewsusn N:C. TYPE OUAMITY PRICE IAARKET VALUE ACCRUED MEREST ESTIMATED ANNUAL NCOAIE CURRENT VELD V:1 FEDERAL NATIONAL MTG ASSN MRGN 14.692.061 9.1386 1.342.655 8,271 744.447 55.4459 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 5067% FACTOR — .60444343 Total Government& Agency Obligations $8.081.612 $86.086 $2.745.352 Corporate Bonds ACCT ACCRUED ESTRIME0 EURFOR DESCRPTION StTe3OLCUSP TYPE OUANTITY PRICE MARKET VALUE MEREST ANNUAL INCOME YEW FANNIE MAE CMO/SERIES 2003-13 MRGN 29,160,294 12.0247 3.506.447 19,655 1.769,155 50.4543 S FICR-I/0 RJR DATED DATE 0'2/25103 BOOK ENTRY ONLY DUE 03/2512033 6.067% FACTOR — .58320590 Total CorporateBonds $3.506.447 $19,655 $1.769.155 TOTAL FIXED INCOME $11.588.059 $105.741 94.514.507 FINANCIAL TRUST CO INC STATEMENT PERKO WOW 1.2004 THROUGH Octoter 29.2004 ACCOUNT NUMBER TAXPAYER NI/03ER On File LAST STATEMENT Septenter 30.2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $105.741 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $4.514.507 YOUR PRICED PORTFOLIOHOLDINGS $11.922.098 027 10,3004:11:S0 001 Y8E4 EFTA00195806 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PLFICHISS/ START DATE REPURNA4F DATE PRONG PATE PURCHASE PRICE; PRINCPAL ACCRUED REPO MEREST' OUPARITY (FACE AMOUNT) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/1904 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 6.1300 03/1932 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -11,900 -50,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 -1 -44.389.962 SERIES 2004-2 CLASS S 5.3113 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/26/04 11/12/04 2.070 -5.363.000 -1.850 -44.000.000 SERIES 2004-5 CLASS P 5.0400 02/20/33 YOU BOUGHT USTR 2.7500 08/15/07 (REVERSE) 09/27/04 OPEN 1.600 15.037,500 21.950 15.000.000 YOU BOUGHT USTR 2.5000 09/30/06 (REVERSE) 10/05/04 OPEN 1.250 25.000.000 26.309 25000.000 TOTAL REVERSE REPURCHASETRANSACTI0NS $40,037,500 $48,259 TOTAL REPURCHASETRANSACTIONS $--14,841001 3-13,750 'As crl MakenToi dye CLEARED TITROuGH ITS 20.001 00T•E0 SUBSIOTAlly Beer &Ter FINANCIAL TRUST CO INC STATEMENT PERKO OCTOON 1.2004 THROUGH Octoter 29.2004 ACCOUNT NUMBER TAXPAYER PAISSER OR PIM LAST STATEMENT SApleffeet 30.2004 027 T0,3000:11:50 001 V8E4 EFTA00195807 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION 10/04/04 10/01/04 BOUGHT OESCRIPTION UNITED STATES TREASURY NOTE 02.375% FA 28 MATURITY OVER REF # 02751004 Al 10/04/04 10/01/04 SOLD UNITED STATES TREASURY NOTE 02.500% MS 31 2. MATURITY OVER REt # 02751011 Al CLEARED THRouem ITS %%cm:, OunED SUEISIOany Beer Styr FINANCIAL TRUST CO INC STATEMENT PERK* October 1.2004 THROUGH October 29.2004 Accouyi NUMBER TAXPAYER NUIA3ER On File LAST STATEMENT Set:Amite( 30.2004 STMOOLCUS, OUANTITY PACE DENT AMOUNT 9128280U2 25.000.000 99.57031 24,892,578.13 ACCR. INT. 55.766.57 10/05/04 JOURNAL UNITED STATES TREASURY NOTE ADJ REPO NO 10-4 2,500 DUE 09/30/06 10/07/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CI PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 10-25-04 1111111•1 CHEM AMOUNT -25.000.000 99.72656 ACM. INT. 24,931,640.63 6,868.13 -25.000.000 25,000,000.00 -113.439 10/13/04 EXPIRED CALL TSY 43/4 08/14 9Z72250 -25.000.000 EUROCALL STRK 101.8 EXP 10108,2004 10/14/04 09/08/04 CANCEL SELL FNMA-30YRIFNMAIGTD 5A80009 10.000.000 101 31250 10.131,250 00 SEMI004 05500% 7720000 BS AS OF 09/0804 TO CM. PREVIOUS SELL 10/14/04 09/22/04 BOUGHT FNMA-30YRIFNMAIGTD 5A80009 10.000.000 101.83594 10.183.593.75 SE /.10104 DUE 10/01/2034 05,500% 0987021011332 REF # 2004092257810000 BS 10114/04 09/08/04 SOLD FNMA-30YRIFNMAIGTD 5A80009 -10000000 101.31250 10.131.250.00 SE /.10/04 05500% 7720000 BS 02/ 10,30,04:1 I:50 001 EFTA00195808 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 4I '4 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 10114/04 TRADE DATE TRANSACTION 09/22/04 CANCEL BUY CESCFCETION FNMA-30YR(FNMA)GID SETT.10+04 DUE 10/01/2034 05.500% 0987021011332 REF # 2004092257810000 BS AS OF 09/22/04 TO CM. PREVIOUS BUY 10/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 PRIN RID 09-04 ND 10-15-04 REPO P 8I 0.0000 10/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SI. 5.130 DUE 03/15/32 PRINCIPAL REDUCTN 10-15-04 10/150'04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 5.530 DUE 02/15/32 PRINCIPAL REDUCTN 10-15-04 10/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5.130 DUE 02/15/32 PRINCIPAL REDUCTN 10-15-04 10120/04 JOURNAL FANNIE MAE CMOSERIES 2003.13 S FLTR 6.160 DUE 03/25/33 ADJUST POS 10125)04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0401 DUE 03)01/32 PRINCIPAL PAYMENT 10-25-04 10/25104 PRINCIPAL FANNIE MAE CMOSERIES 2003-13 S FLTR 6.160 DUE 03/25/33 PRINCIPAL REDUCTN 10-25-04 STROOLCUSC 5A80009 OVANTITe PRCE -10,000.000 101.83594 FINANCIAL TRUST CO INC STATEMENT PERKO WOW 1.2004 THROUGH Octoter 29.2004 ACCOUNT NUMBER TAXPAYER NUEOER On File LAST STATEMENT SEpteMbet 30, 2004 DEBIT AMOUNT CMOS AMOUNT 10,183,593/5 285.406.50 -390.730 -372.599 -159.828 2 113.439.30 -516.106 027 103004:11:S0 001 EFTA00195809 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE PATE -RANSACDON OESCRIPTION 10/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SEFuES 2003-49 CLASS SW 5,160 DUE 01/25/33 PRINCIPAL REDUCTN 10-25-04 tin.ecticusr OWARITY -260.033 CLEARED umbrae,' ITS yalbri CA‘xED SUOSICIany Beer Stew!, FINANCIAL TRUST CO INC STATEMENT PERK* October 1.2004 THROUGH October 29.2004 Accouvr NUMBER TAXPAYER AMMER On File LAST STATEMENT September 30,2004 DENT AMOUNT CREDO AMOUNT TOTAL $45,263,188.45 $70,652,198.31 DEPOSITS AND WITHDRAWALS DATE TRANSACTO. DESCRPTICH DEBIT AmotArr CREDIT AMOUNT 10/07/04 FND WIRED MDA#GV146208FNDS WIRED TO 71.518.00 ISMBANKC#246378 TOTAL $-71318.00 INTEREST DATE OESCRPTION 10/01/04 AVG BAL 213.777RT 0.895 021 OFFICE INTEREST 0904 1(V15/04 FEDERAL HOME LOAN MTG CORP SEBES 2471 CLASS VT DUE 03(15/2032 1,000 INT RID 09-04 PA) 10-15-04 REPO P 8I 1,0000 10/15/04 FEDERAL HOME LOAN MTG CORP SERES 2483 CL SL DUE 0311512032 5.130 INTEREST PAYMENT 10-15-04 OUN4MT RATE IX4 DEBT AMOUNT CREDIT AMOUNT 159.45 1.0000 20.958.94 5.1300 63.775.74 027 10,3004:11:50 001 EFTA00195810 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 Transaction Detail (continued) INTEREST (continued) CLEARED THRouGH ITS imply OGeS0 SUBSIOally Beer Stearn FINANCIAL TRUST CO INC STATEMENT PER000 October 1.2004 THROUGH Cotter 29.2004 ACCOUNT NUMBER TAXPAYER MASSER On File LAST STATEMENT Secaleirter 30.2004 DATE DESCRIPTION SYMEICLICUSIP QUANTITY RATE ISN DEBIT AMOUNT CREPT AMOUNT 10/15/04 FEDERAL HOME LOAN MTG CORP 6.1300 65,828.89 SERES 2488 CLASS SO DUE 03/1512032 6.130 INT RID 09-04 KI 10-15-04 REPO P 8I 6.2400 10115/04 FEDERAL HOME LOAN MTG CORP 5.5300 79.065.84 SERIES 2530 CLASS SE DUE 02/15/2032 5,530 INTEREST PAYMENT 10-15-04 10/15/04 FEDERAL HOME LOAN WIG CORP 5.1300 31.510.16 SERES 2526 CLASS SI DUE 02/1S/2032 5.130 INTEREST PAYMENT 10-15-04 10/19/04 GOVERNMENT NATIONAL MTG ASSN 5.3110 188.367.64 SERES 2004-2 CLASS SB DUE 01/16/2034 5.311 INT RID 10-04 ND 10-16-04 REPO P 8I 5.4212 10120/04 GOVERNMENT NATIONAL MTG ASSN 5.1380 188.420.83 SERES 2004-5 CLASS PS DUE 02/2012033 5.138 INT RID 09-04 P/D 10-20-04 REPO P 8I 5.1387 10/25/04 FANNIE MAE CMCVSERIES 2003-13 6.1600 152.338.86 S RTR DUE 03/25/2033 6.160 INTEREST PAYMENT 10-25-04 10/25/04 FEDERAL NATIONAL MTG ASSN 5.1600 64.294.00 SERES 2003.49 CLASS SW DUE 01/25/2033 5.160 INTEREST PAYMENT 10-25-04 TOTAL $854.720.35 027 103004:11:S0 001 EFTA00195811 CLEARED THRouGH ITS YAICU.Y OmE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 11 CI 4 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TPACE DATE CATE TRANSACTION DESCRPTICH SYMOCUCtISIP CAMARITif DEBIT AMOUNT CREDIT AMOUNT 10/04/04 DELIVERED UNITED STATES TREASURY NOTE 9128280U2 -25,000,000 25.062.500.00 DUE 08/31/2006 2.375 2,375 DUE 08131/06 FILM F2670490 A2 TERM RESALE AGREEMENT FINANCIAL TRUST CO INC STATEMENT PERIOD October 1.2004 THROUGH October 29.2004 AccouNT NUMBER TAXPAyER KAISER On File LAST STATEMENT &Venter 30.2004 10/04/04 INTEREST UNITED STATES TREASURY NOTE DUE 08131/2006 2.375 FILM F2670490 A2 RESALE INTEREST 1W05/04 RECEIVED UNITED STATES TREASURY NOTE DUE 09/30/2006 2,500 2.500 FiTM AI RESALE T 1W06/04 JOURNAL UNITED STATES TREASURY NOTE ADJ REPO NO 10.4 2.500 DUE 09/30/06 10/06/04 JOURNAL UNITED STATES TREASURY NOTE ADJ REPO AJ0 10.4 2.500 WE 09/30/06 10/06104 INTEREST UNITED STATES TREASURY NOTE DUE 09/30/2006 2.500 REV REPO HT, A/O DM 10/07/04 JOURNAL UNITED STATES TREASURY NOTE *Cu REPO NO 10.4 2.500 DUE 09/30/06 10/12104 JOURNAL FEDL HOME LOAN MTG CORP#502684 SERIES 218 Cl. PO DUE 02/01/32 ATM F2583256 AZ TERM REPO AGREEMENT 10 1204 JOURNAL FEDL HOME LOAN MTG CORP#502684 SERIES 218 a. PO DUE 02/01/32 FILM F2863213 Al REPO AGREEMENT 912828CU2 10.519.29 25.000.000 25.000.000.00 25.000.000 25.000.000.00 25.000.000 25.000.000.00 1.062.50 -25.000.000 25,000,000.00 12.600,430 7,320,000.00 -12.600A30 9.478.000.00 027 100004:1i:50 001 EFTA00195812 CLEARED INROuGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 cl 4 Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SEMEMENT TRACE DATE DATE TRANSACTION DESORPTION STMECUCUSIP WORRY DEBIT AMOUNT CREDIT AMOUNT 10/12+04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 41,695.395 2,816,000.00 SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FITM F2653155 AZ TERM REPO AGREEMENT 10/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41.695,395 3.683.000.00 SERIES 2004-2 CLASS SB 5,421 DUE OW 6/34 FITM F2863215 Al REPO AGREEMENT 10/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEI 44,000.000 5.866.000.00 SERIES 2004-5 CLASS PS FSITM .138R Z TERM ENT 10./1204 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 6.299.000.00 SERIES 2034-5 CLASS PS 5,138 DUE 02/20+33 FITM F2863217 Al REPO AGREEMENT 10 1204 INTEREST FEDL HOME LOAN MTG CORP#502684 11,272.80 SERIES 218 CI. PO DUE 02101/2032 0,000 FITM F2583256 AZ REPO INTEREST 101204 INTEREST GOVERNMENT NATIONAL MTG ASSN NEM 2.940.37 SERIES 2004-2 CLASS SB DUE 01/16/2034 5,421 FITM F2653155 AZ REPO INTEREST 1011204 INTEREST GOVERNMENT NATIONAL MTG ASSN 27.708.70 SERIES 2034-5 CLASS PS FINANCIAL TRUST CO INC STATEMENT PERIOD WOW 1.2004 THROUGH October 29.2004 ACCOUNT NUMBER TAXPAYER NUMSER On PIM LAST STATEMENT Septeoter 30.2004 DUE 02/ 5,138 FITM AZ REPO I 027 10,30,04:11:50 001 EFTA00195813 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 13 0 N Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRACE (WE DATE TWISACTION DESCRPRON 10114+04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,421 DUE OI/I6/34 FITM F2883267 Al REPO AGREEMENT 1014/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,421 DUE01/16+34 FITM F2863215 A2 TERM REPO AGREEMENT 10.114/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01116/2034 5,421 FITM F2863215 A2 REPO INTEREST 10+25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 ATM F2993307 Al REPO AGREEMENT 10 25 04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 ATM F2863217 A2 TERM REPO AGREEMENT 10,25,04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 ATM F2863217 A2 REPO INTEREST 1012684 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5040 DUE 02/20/33 FRIA F2993307 A2 TERM REPO AGREEMENT STMea.Cvsti, FINANCIAL TRUST CO INC STATEMENT PERK* October 1.2004 THROUGH October 29.2004 ACCOUNT NUMBER TAXPAYER NUIABER On File LAST STATEMENT Seplernter 30.2004 °UMW, Cali AMOUNT CREDIT AMOUNT -41.695,395 41,695,395 3.683.000.00 423.55 -44,000.000 5,000,000.00 44,000.000 6,299,000.00 4.708.50 44,000.000 5,000,000.00 027 100004:11:50 001 EFTA00195814 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 14 cl 4 Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TWC3ACTION DESORPTION 10/26/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS 5.040 FITM AI REPO A 10/26/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS DUE 02/20/2033 6,040 FITM F2993307 42 REPO INTEREST SYME/CIAUSIP FINANCIAL TRUST CO INC STATEMENT PERIOD WOOS! 1.2004 THROUGH Octoter 29.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT SEDIETtet 30.2004 OVA RITZ DEBIT AMOUNT CREDIT AMOUNT -44,000,000 5,363,000.00 287.50 TOTAL $-106,031.341.42 579.897.081.79 MISCELLANEOUS DATE LOO:DAT TRANSACTION DESCRIPTION DEM AMOUNT CREDIT AMOUNT 10113/04 JOURNAL FNMA-30YR(FNMA)GTD 52.343.75 SETT.10/04 5.500 DUE 10/01/34 MSS NET 10/13/04 10/19/04 JOURNAL SEP 04SPEC CLEARING FEES 1.000.00 TOTAL 5-53.343.75 End of Statement 027 10,3004:1 I:SO 001 Y8E4 EFTA00195815 CLEARED 'THROUGH ITS WHOLLY OWNED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT S m ear. Stearns 8 CO. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wvny.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 17 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* LONG ACCRUED INTEREST NET CREDIT BALANCE 12,082,817 124,112 349,431 IIIIIII1111111111 I I FINANCIAL TRUST CO INC CIO JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE 63 ST THOMAS VI 00802 Market Value of Your Portfolio Cash a Equviarent $349.431 $48.513 NET EQUITY THIS PERIOD $12,556,360 NET EQUITY LAST STATEMENT 12,890,765 CHANGE SINCE LAST STATEMENT -334,406 -on cafe* 'dudes one or more 'synced mashes hat are not reacted r. he Total Wan of Stood's and he Het &Nee TN; Pertel There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Feed ....... 12.082.817 ......... $12.698.148 Es Current market ma'iae EA Last statements market value FINANCIAL TRUST CO INC STATEMENT PERIOD Sweater 1.2004 THROUGH Sweater 30.2004 ACCCCNT NUMBER TAXPAYER NuthrtIER On File LAST STATEMENT August 31.2004 t danumf is br HTOrnMbCnal pants oNy II Is ra Girded at &WWI Ths stateroom should be Maned for your words So mem a tot important namsnatun 027 100104:07:49 001 Y863 EFTA00195816 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi I7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,01,04:07A9 001 V863 EFTA00195817 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 Cash Flow Analysis THIS PERIOD Income Summary RAS PERIOD YEAR TO DATE Opening Balance $48,513.49 U.S. Govt. Bond Int. 74,442.82 368,495.47 Govt. Agency Int. 800,827.03 7.866.627.50 Securities Sold 283,252,102.46 Corp. Bond Int. 160,809.29 1.717.911.13 Dividends Interest 1,036,382.90 Credit Balance Int. 303.76 863.01 Amount Credited $284,288,485.36 Reverse Repurchase Int. 76,976.15 240,766.43 Total $1 113 359.05 $10 194 663.54 Securities Bought -283.616,704.04 Dividends Interest Charged -183.444.56 Bond Purchase Int. -183.444.56 -1.112547.20 Miscellaneous -187,419.70 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -33,024.35 -161,743.91 Amount Debited $-283.987,568.30 Net Cash Activity 300,917.06 Closing Balance $349,430.55 Portfolio Composition Cashtash Equivalent 349.431 Fixed Income 12,082.817 Cash Balance Summary Total $12.432.248 OPENING CLOSP10 Margin 48.513.49 349,43555 Net Cash Balance $48,513.49 $349,430.55 027 100104:07:49 001 FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER 141.4.93ER CR File LAST STATEMENT August 31.2004 Your Portfolio Allocation Cash S Equivalent 2% Undyclecl proms den* debt beam, *Nit, shy, ma•Ro v,Led Ted aloceban perconmo, is de•ued inyn tra 'biota marital value oil palioo YeS3 EFTA00195818 CLEARED THROWN ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 o Your Portfolio Holdings CASH & CASH EQUIVALENTS cescaPaou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $349.431 rAAPxEl ESTIMATED CUAPENT QUANTITY PACE VALUE NWJAL INLCIIIE VELD 349,431 EQUITIES Equities & Options DESCRIPTION ACCT SYMBOUCUS1P TYPE IMNCE1 ESTIMATED WARN,' OUMITITY PRICE VALVE ANMJAL 4.COME YETI/ 1,4 CALL TSY 4 3/4 08/14 9272250 MRGN 25.000.000 'Merited EUROCALL STRK 101-8 DP 10/08/2004 Total Equities& Options so $0 TOTAL EQUITIES so $0 FIXED INCOME Government & Agency Obligations ACC" DESCRPTION SWISCLCUSP TYPE FEDERAL HOME LOAN MTG CORP MRGN SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5.691% FACTOR — .28037531 GUMMY 16.822.518 FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2304 ACCOUNT NUMBER TAXPAYER AMBER CR File LAST STATEMENT August 31.2004 ACCRUED CURTIN,' PRICE MARKET VALUE &MST ANNUAL ESTEM1E0 INCOME YEW IV 9.4056 1.582.261 39.894 957.369 60.5064 027 100104:07:49 001 '.1163 EFTA00195819 CLEARED THROUGH ITS MOST omen SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 c/ Your Portfolio Holdings (continued) Government & Agency Obligations (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER KAMER On Fite LAST STATEMENT August 31.2004 DESCPPTION ACC' SWECLCUSP TOE OUAMITY PRICE MARKET VALUE ACCRED NTEPEST (STOWED ANNUAL INCOME CURFENT YEW DAN FEDERAL HOME LOAN MTG CORP MRGN 7.216.068 8.5764 618.880 15,908 381,802 61.6924 SERIES 2526 CLASS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5291% FACTOR - .28037530 FEDERAL NATIONAL MTG ASSN MRGN 4.154.921 82.8750 3,443.391 3 42 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR — 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 14.605.132 8.1146 1.185.155 32.200 772.758 65.2031 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 0345/2032 5.291% FACTOR — .25318800 FEDERAL NATIONAL MTG ASSN MRGN 14,952.094 9.6790 1.447.218 10.717 771.528 53.3111 SERIES 200349 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 5,180% FACTOR — .61514142 Total Government& Agency Obligations $8.276.905 598.722 52.883.499 027 100104:07:49 001 V863 EFTA00195820 CLEARED 1HROuGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 c, Your Portfolio Holdings (continued) Corporate Bonds ACE' DESORPTION SWA3CLOJSP TYPE OUANTITY FANNIE MAE CMO/SERIES 2003-13 MRGN 29.676.398 S RCR4/0 FLTR DATED DATE 02/25:03 BOOK ENTRY ONLY DUE 03/25:2033 6.160% FACTOR — .59352801 Total CorporateBonds 53,805.912 525,390 $1.828,066 FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER NUM3ER On Fite LAST STATEMENT August 31.2004 ACCRUED ESTEIMED CURRENT PRICE MARKET VALUE MEREST ANNUAL INCOIAE YELD NG 12.8247 3.805.912 25,390 1.828.066 48.0323 TOTAL FIXED INCOME $12.082.817 $124,112 $4.711.565 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $124.112 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $4.711.565 YOUR PRICED PORTFOLIOHOLDINGS $12.432.248 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PUROWE/ REPURCHASE PRIMO PURCHASE PRICE) ACCRUED REPO CIVAAMTT START DATE DATE RATE PRI/OPAL INTEREST' (CAM AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 0720904 10/1204 1.790 -5.866.000 -24.500 -44.000.000 SERIES 2004-5 CLASS P 5.1387 02/20/33 YOU SOLD (REPO) 09/14/04 10/12/04 1.980 -7.320.000 -6.844 -50.000.000 FHLMC- STRIP PRINCIPAL ONLY 027 ,04:07:49 001 '.1163 EFTA00195821 CLEARED THROUGH ITS Mal.? OME0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 C, Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) PURCHASE/ REPURCHASE PRO% START DATE DATE PATE PURCHASE PRIM PIIINCPAL ACCRUED REPO MEREST' CMANTITY (FACE AMOUR) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 6.2913 03/15/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 09/21/04 10/12/04 1.790 -2,816,000 -1.400 .44.389.962 SERIES 2004-2 CLASS S 5.4213 01/16/34 YOU BOUGHT USTR 2.3750 08/31/06 (REVERSE) 09/23/04 OPEN 1.400 25.062,500 7.532 25.000.000 912828CU2 YOU BOUGHT USTR 2.7500 08/15/07 (REVERSE) 09.27O4 OPEN 1.440 15.037.500 2.163 15.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS 840.100.000 89.695 TOTAL REPURCHASE TRANSACTIONS $.16.002.000 $.32.744 .A5 J ItIltrent die FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER KAMER On Fite LAST STATEMENT AupuSt 31.2004 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE -RANSK.D3N DESCRIPTION 09/02/04 08/3004 BOUGHT CALL TSY 43/4 08/14 9Z72250 25.000.000 0.67578 168,945.31 EUROCALL STRK 101.8 SIP 10/0812004 UNDERLYING SEC #7004993 CORR &D 08/31104 AS OF 08/30.04 SYMEIELCUMP GUAHRTY PRICE DEM AMOUNT CREDO MOUNT 027 MIDI D4:07:49 001 .863 EFTA00195822 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTION OESCRIPTION SYMEKVCUSP CIVAAMTY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/08/04 09/02104 SOLD GOVERNMENT NATIONAL MTG ASSN -9,449,493 95.25000 9,000,642.18 SERIES 2004-2 CLASS SG DUE 01/16/2034 11.200% ACCR. INT. 64,676.53 0987031317099 REF it 2004090257160000 BS 09/08/04 09/07/04 BOUGHT UNITED STATES TREASURY NOTE 11M 50.000.000 100.39063 50,195,312.50 02.750% n 31 ACCR. INT. 145,720.11 MATURITY EVER REF # 0251100/ Al 09/08/04 09/07/04 SOLD UNITED STATES TREASURY NOTE 912828CU2 -50.000.000 99.62500 49.812.500.00 02.375% FA 28 ACCR. INT. 26.243.09 MATURITY GVER REF # G2511008 Al 09/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN EMI -123.089 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 09-25-04 09/15/04 09/08/04 BOUGHT FNMA-30YR(FNMA)GTD 10.000.000 101.60547 10.160.546.88 SETT 09//04 05500% 7710000 BS 09/15/04 09/02/04 BOUGHT FNMA-30YR(FNMA)GTD ISIS 20.000.000 101.37500 20.275.000 00 SETT.09m34 WE 09/01/2034 05.500% 0987031317099 REF it 2004090257220000 BS 09/15/04 08/10/04 CANCEL SELL FNMA-30YR(FNMA)GTD Milli 30.000.000 100.82813 30.248.437.50 SETT.09//04 1.105 °S.500% 7320000 BS AS OF 08/10/04 TO CM. PREVIOUS SELL CLEARED THROUGH ITS YAIDALY OUS*0 SUBSIDIARY Beer Ster T FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT August 31.2004 027 100104:07:49 001 ESS3 EFTA00195823 CLEARED THROUGH ITS MOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 0 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTOR DESCRIPTION 10.100..00SP Oc.WTI1v PROF DEBIT AMOUNT mon Waite 09115/04 09/08/04 CANCEL BUY FNMA-30YR(FNMA)GTD .10,000.000 101.60547 10.160.546.88 SEITt/04 05.500,4 7710000 BS AS OF 09/08104 TO CA. PREVIOUS BUY 09/15/04 09/02/04 CANCEL BUY FNMA-30YRIFNMAIGTD -20,000.000 101.37500 20.275.000.00 SETT.09#04 DUE 09/01/2034 05.500% 0987031317099 REF # 2004090257220000 BS AS OF 09/02/04 TO CXL PREVIOUS BUY 09/15/04 08/10/04 SOLD FNMA-30YRIFNMAIGTD -30.000.000 100.82813 30,248,437.50 SETT.09,504 ' 05.500% 57320000 BS 09/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#502684 336.255.00 SERIES 218 CL PO WE 02/01/32 PRIN RID 08-04 PAI 09-15-04 REPO P S I 0.0000 09,15,04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SIM -395.047 SERIES 2483 CL SL 5.291 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-04 09/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP VIM -438,983 SERIES 2530 CLASS SE 5.691 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-04 09/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -188.303 SERIES 2526 CLASS SI 5.291 DUE 02/15132 PRINCIPAL REDUCTN 09-15-04 FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 AGLOW! NUMBER TAXPAYER AMMER Co FIIB LAST STATEMENT August 31.2004 027 10,01,04:07:49 001 '.1163 EFTA00195824 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION SYMOOLCUPP cvNwily Pma DEBIT AMOUNT CHEM MONO 09/23/04 09/22/04 BOUGHT UNITED STATES TREASURY NOTE 912828CU2 25.000.000 99.84375 24,960,937.50 02.375% FA 28 ACCR. INT. 37.724.45 MATURITY Rd it 02661011 Al 09/27/04 09/24/04 SOLD UNITED STATES TREASURY NOTE -15.000,000 99.73438 14,960,156.25 02.750$ FA 15 ACCR. INT. 48,199.73 MATURITY GyER REF # 02681022 Al 09/27/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN EMI 123,088.50 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 09-25-04 09127/04 PRINCIPAL FANNIE MAE CMOISERIES 2003-13 -546.176 S Refi-v0 FLTR 6.385 DUE 03/25/33 PRINCIPAL REDUCTN 09-25-04 09127/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -275.184 SERIES 2003-49 CLASS SW 5.385 DOE 01/25/33 PRINCIPAL REDUCTN 09-25-04 TOTAL $-136,192,624.25 $135.055.745.66 INTEREST CLEARED THROUGH ITS WHOLLY CALT*0 SUBSIDIARY Beer Ster tit FINANCIAL TRUST CO INC STATEMENT OE1000 September 1.2004 THROUGH September 30.2004 ACCOLNT NUMBER TAXPAYER WIPER OnFtle LAST STATEMENT August 31.2004 DATE CESCRSTKIN 09/01/04 AVG BAL 483.462RT 0.729 021 OFFICE INTEREST 0804 09/15/04 FEDERAL HOME LOAN MTG CORP SERES 2471 CLASS YT DUE 03/15/2032 1.000 INT RID 08-04 P/D 09-15-04 REPO P S i 1.0000 CUMIN), RATE IS` Men AMOUNT CREW AMOUNT 303.76 1.0000 21.525.85 021 TOOT 0007:49 001 TASS3 EFTA00195825 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 11 • Transaction Detail (continued) INTEREST (continued) CLEARED THROuGH ITS ?RIMY CMT,E0 SUBSIDIARY Beer Ster FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER KAMER On Fite LAST STATEMENT Au9451 31.2004 DATE DESORPTION SvIABOJCUSIP WAMITY RATE Bi4 DEBIT AMOUNT MEM AMOUNT 09/15/04 FEDERAL HOME LOAN MTG CORP 5.2910 67,500.81 SEBES 2483 CL SL DUE 03/15/2032 5,291 INTEREST PAYMENT 09-15.04 09/15/04 FEDERAL HOME LOAN MTG CORP 11111= 6.2910 69.34103 09/15/04 SEBES 2488 GLASS SO DUE 03/15/2032 6,291 INT RID 08.04 PAD 09-15-04 REPO P S I 6,4000 FEDERAL HOME LOAN MTG CORP 5.6910 83.43159 09/15/04 SEBES 2530 CLASS SE DUE 02/15/2032 5,691 INTEREST PAYMENT 09-15-04 FEDERAL HOME LOAN MTG CORP 5.2910 33.319.67 09/16/04 SERES 2526 CLASS SI DUE 02/15/2032 5,291 INTEREST PAYMENT 09-15.04 GOVERNMENT NATIONAL MTG ASSN 5.6000 196.531.47 09/20/04 SERES 2004-2 CLASS SB DUE 01/16/2034 5,600 INT RID 09.04 ND 09-16-04 REPO P S I 5,6000 GOVERNMENT NATIONAL MTG ASSN 5.3500 196.166.67 SERES 2004-5 CLASS PS DUE 02/20/2033 5,350 INT RID 08.04 PAD 09-20-04 REPO P S I 5,3500 09/27/04 FANNIE MAE CMO/SERIES 2003-13 MIK 6.3850 160.809.29 S RTR DUE 03/25/2033 6,385 INTEREST PAYMENT 09-25.04 027 TOOT •00:07:49 001 VSGS EFTA00195826 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 C! Transaction Detail (continued) INTEREST (continued) DATE CESCRIPTION 09/27/04 FEDERAL NATIONAL MTG ASSN SERES 2003-49 CLASS SW DUE 01/25/2033 5,385 INTEREST PAYMENT 09-25.04 SYMBOLEuStP FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER AILMA3ER On Fite LAST STATEMENT August 31.2004 QUANTITY RATE NJ CEEIT AMOUNT CREDIT AMOUNT 5.3850 68,332.41 TOTAL $897.263.55 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MACE DATE DATE TRANSACTION DESCRPTION STMSCL,CvSIP CANNTliv OMIT AMOUNT CREDIT AMOUNT 09/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9.449.493 6,200,000.00 SERIES 2004-2 CLASS SG 11,200 34 ATM A2 TERM ENT 09/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.449.493 6.250.000.00 SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 ATM F2463081 AS REPO AGREEMENT 0910204 JOURNAL GOVERNMENT NATIONAL MTG ASSN IMF -9.449.493 7.283.000.00 SERIES 2004-2 CLASS SG 11.200 DUE 01/16/34 FITM F2463081 Al REPO AGREEMENT 09102,04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 7,283,000.00 SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 .14.2 REPO AGREEMENT 09/02/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.767.00 SERIES 2004.2 CLASS SG DUE 01:40.1 11,200 ATM A2 REPO I 027 TOOT ,04:07:49 001 V863 EFTA00195827 CLEARED THROUGH ITS WTICtLY OHA.00 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 13 ui T/ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPT1ON SYMECLGUSIP OVANTITY OMIT AMOUNT CREDIT AMOUNT 09/03/04 JOURNAL FEDERAL HOME LOAN MTG CORP 13,001,818 SERIES 2488 CLASS SO 6,400 jilIK2 1 HIM A2 TERM ENT 09/03/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,400 DUE 03/1 5132 FITM F2473199 Al REPO AGREEMENT 09./08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11.200 DUE 01/16/34 FITM F2463081 A4 TERM REPO AGREEMENT 09/08/04 JOURNAL FEDL HOME LOAN MTG CORD#502684 SERIES 218 CL PO DUE 02101/32 FITM F2523196 Al REPO AGREEMENT 09!0804 JOURNAL FEDL HOME LOAN MTG CORD#502684 SERIES 218 Cl. PO DUE 02101/32 FILM F2253160 A2 TERM REPO AGREEMENT 09;0804 DELIVERED UNITED STATES TREASURY NOTE DUE 07/31/2006 2.750 2,750 DUE 07/31/06 FITM F2190710 A2 TERM RESALE AGREEMENT -13,001,818 72,000.00 9,449,493 6,250,000.00 -12.885,836 7.200.000.00 12,885.836 9,788,000.00 -50,000.000 50.375.000.00 09;0804 RECEIVED UNITED STATES TREASURY NOTE DUE 08/31/2006 2.375 2,375 DUE 08/31/06 FITM F2520885 Al RESALE AGREEMENT 912828CU2 50,000.000 50.062.500.00 027 100104:07:49 001 '.111;) EFTA00195828 CLEARED THROWN ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 14 0 T/ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRMC3ACRON DESCRPT1ON SYME/CLCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1,968.75 SERIES 2004-2 CLASS SG DUE 01116/2034 11,200 FRM F2463081 A4 REPO INTEREST 09/08/04 INTEREST FEDL HOME LOAN MTG CORP#502684 13.213.80 SERIES 218 CL PO DUE 02101/2032 0,000 FITM F2253160 A2 REPO INTEREST 09/08/04 INWREST UNITED STATES TREASURY NOTE 54,614.90 DUE 07/31/2006 2,750 FITM F2190710 A2 RESALE INTEREST 09/13/04 JOURNAL FEDL HOME LOAN MIG CORP#502684 12,885.836 7,200,000.00 SERIES 218 Cl. PO DUE 02/01/32 FITM F2523196 A2 TERM REPO AGREEMENT 09/13/04 JOURNAL FEDL HOME LOAN MTG CORP#502684 NMI -12,885,836 7.200.000.00 SERIES 218 CL PO DUE 02101/32 FITM F2573145 A3 REPO AGREEMENT 09.113:04 JOURNAL FEDL HOME LOAN MTG CORP#502684 -12,885,836 9,680,000.00 SERIES 218 CL PO DUE 02101/32 FITM F2573145 Al REPO AGREEMENT 09 13 04 JOURNAL FEDL HOME LOAN MIG CORP#502684 12.885.836 9.680.000 00 SERIES 218 CL PO DUE 02101/32 FITM F2573145 A2 REPO AGREEMENT FINANCIAL TRUST CO INC STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER WEISER On File LAST STATEMENT August 31.2004 027 100104:07:49 001 VI36:1 EFTA00195829 CLEARED THROUGH ITS MIPS? OME0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 15 CI T/ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SEMEMENT TRADE DATE DATE TRANSACRON DESCRPRON SYME/CLCUSIP OUANTIN OESIT AMOUNT 09/13/04 INTEREST FEDL HOME LOAN MTG CORP#502684 1.800.00 SERIES 218 CL PO DUE 02101/2032 0.000 ATM F2523196 AZ REPO INTEREST 09/14/04 JOURNAL FEDL HOME LOAN MTG COFIP#S026134 SERIES 218 CL PO DUE 02101/32 FITM F2573145 A4 TERM REPO AGREEMENT 09/14/04 JOURNAL FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02101/32 FITM F2583256 Al REPO AGREEMENT 09;1404 INTEREST FEDL HOME LOAN MTG CORP#502684 SERIES 218 CL PO DUE 02101/2032 0.000 ATM F2573145 A4 REPO INTEREST 09 15 04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6.291 DUE 03/15132 FITM F2593267 Al REPO AGREEMENT 09 15 04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6291 DUE 03/15/32 FITM F2473199 A2 TERM REPO AGREEMENT 09 15 04 INTEREST FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DUE 03/15/2032 6.291 FITM F2473199 A2 REPO INTEREST FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER WEISER On File LAST STATEMENT August 31.2004 CREDIT AMOUNT 12.885.836 7.200.000.00 -12.885.836 7,320,000.00 472.00 -12,659.401 12,659.401 72,000.00 45.36 027 100104:07:49 001 V81::1 EFTA00195830 CLEARED THROUGH ITS CtLY OMBED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 16 CI T/ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT August 31.2004 SEM.EmENt TRADE DATE DATE TRANSACTION DESCRPRON SYMBOLCVSP OVANIIN DEBIT AMOUNT CREDIT roA0Leir 09/21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41.695,395 2.816.000.00 SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FITM F2653155 Al REPO AGREEMENT 09/21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SB 5,421 FITM B2 TERM MENT 09/21/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 0131111 5,421 FITM B2 REPO I 41,695,395 3,739,000.00 13,757.44 09/23/04 RECEIVED UNITED STATES TREASURY NOTE 912828CU2 25.000.000 25,062,500.00 DUE 08/31/2006 2,375 2,375 DUE 0931/06 FITM F2670490 Al RESALE AGREEMENT 09/23/04 DELIVERED UNITED STATES TREASURY NOTE 9128280U2 -50,000.000 50,062,500.00 DUE 0931/2006 2,375 2,375 DUE 0931/06 ATM F2520885 A2 TERM RESALE AGREEMENT 09/23/04 INTEREST UNITED STATES TREASURY NOTE 9128280U2 22,361.25 DUE 0931/2006 2,375 ATM F2520885 A2 RESALE INTEREST 09i27/04 RECEIVED UNITED STATES TREASURY NOTE DUE 08/192007 2,750 2,750 lilt 7 ATM At RESALE T 15.000.000 15.037.500.00 TOTAL 9147,607,524.35 $148.335.476.15 027 M0104:07:49 001 '.111;) EFTA00195831 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. FINANCIAL TRUST CO INC 17 Al T/ Transaction Detail (continued) MISCELLANEOUS DATE MOAT TRANSACTION DESCRIPTICh DEBT AMC11141 CREDIT AMOUNT 09/02/04 JOURNAL FITO FITM 10.32 09/14/04 JOURNAL FNMA-30YR(FNMA)GTO 187,109.38 SETT:39801 5.500 DUE 09101/31 MBS NET 09/14/04 09/16J04 JOURNAL AUG 04 SPEC CLEARING FEES 300.00 TOTAL $-187.419.70 Trades Executed Pending Settlement SEMEUENT TRADE DATE DATE TRANSACTION DESORPTION 10/14/04 09/22/04 BOUGHT FNMA-30YR(FNMA)GTD SETT,10/04 DUE 10/01/2034 05.600% 0987021011332 REF # 2004092257810000 BS 10/14/04 09/08/04 SOLD FNMA-30YR(FNMA)GTD SETT.10/04 101.1105.500% 57720000 BS TOTAL Tho raaos et 007 W.OO4/ In a', otnv soaio, at tnc statwnwc STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT August 31.2004 SVMDCX,ICUSP WANT& PRICE DENT AMOUNT CREDIT AMOUNT 5A80009 5A80009 10.000.000.00 -10,000.000.00 101.8359 101.3125 10,183,593.75 10.131.250.00 $10.183.593.75 $10.131.250.00 027 10i01/0107:49 001 Y883 EFTA00195832 CLEARED THROLGH nS wHOLLY OGNE0 SOSOMny BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wom.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 14 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET CREDIT BALANCE 12,698,148 144,104 48,513 IIII II 111111111U II FINANCIAL TRUST CO INC 0/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash 8 Equvalent $48•513 $3.971 NET EQUITY THIS PERIOD $12,890,765 NET EQUITY LAST STATEMENT 11,475,709 CHANGE SINCE LAST STATEMENT 1,415,056 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Fixed Income $12.698.148 $11.296.902 Current market yaks HE Last statements market value FINANCIAL TRUST CO INC STATEMENT PEED00 JuN 31.2004 THROUGH August 31.2004 ALUMNI NUMBER TAXPAYER MASSER On File LAST STATEMENT July 30. 2004 *C TM' 617GnIN 11 M1 dOrm•MANAI pulmsts mly It ra sinded psalm &on. TM ststern•N shoal be retailed for your records See mom Ea No" mporlart milmnatim 027 09010406:21 001 V862 EFTA00195833 GEARED IHROUGH ITS WHOLLY OMAIED 81.1090MAv FINANCIAL TRUST CO INC 2 PI 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 09,01,04:06:21 001 7862 EFTA00195834 CLEARED THROUGH ITS WHOLLY OLMIJED SUIISOIARv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 c/ '4 Cash Flow Analysis THIS PEFICO Income Summary 7,4 PEP400 YEAS TO DATE Opening Balance $3,971.20 U.S. Govt. Bond Int. 11,209.24 294,052.65 Govt. Agency Int. 864,599.88 7.065.800.47 Securities Sold 269,156,483.49 Corp. Bond Int. 168,044.57 1.557.101.84 Dividends Interest 1,044,009.74 Credit Balance Int. 156.05 559.25 Amount Credited $270.200.493.23 Reverse Repurchase Int. 59,273.54 163.790.28 Total $1 103 283.28 $9 081 304.49 Securities Bought -269.959.006.50 Dividends Interest Charged -196.161.68 Bond Purchase Int. -196.161.68 -929,102.64 Miscellaneous -782.76 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -9.818.25 -128,719.56 Amount Debited $.270.155,950.94 Net Cash Activity 44.542.29 Closing Balance $48,513.49 Portfolio Composition Cashtash Equivalent 48.513 Fixed Income 12.698.148 Cash Balance Summary Total $12.746.661 OPENING CLOSING Margin 3.971.20 48.513.49 Net Cash Balance 63.971.20 $48.513.49 027 090104:01821 001 FINANCIAL TRUST CO INC STATEMENT PERK* July 31. 2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER WEISER (Nine LAST STATEMENT July 30.2004 Your Portfolio Allocation Cash & Equivalenti I% Fixed Income 99% Utt00,0 VOrmas Coate Oat 0loace onto cool male vela, Tho oloctran common, to dewed Mtn Va obtol.te markt rat), el patiOaa V862 EFTA00195835 CLEARED THROUGH ITS WHOLLY OwNED SUBSOIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 4/ '4 Your Portfolio Holdings CASH & CASH EQUIVALENTS otscaPaou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $48.513 S•AXICL °SIP MARKET ESTIMATED CuRPENT OuANTrry PACE VALUE AWOL MCCUE VEtO 48.513 FIXED INCOME FINANCIAL TRUST CO INC STATEMENT PERK* Ju/g 31. 2004 THROUGH August 31.2004 AccouNT NUMBER TAXPAYER IMNEER OII File LAST sTATELIENT JU 30.2004 Government & Agency Obligations DESCRIPTION ACC" SWECLCuSP n PE OLIANTITY PRICE IAARKET VALLE ACCRUED INTEREST ESTMATED ANNUAL INCOME CURFEW' yEiD nN FEDERAL HOME LOAN MTG CORP MRGN 17,261,501 9.6502 1.665.771 44,496 1.001,167 60.1023 SERIES 2530 CLASS SE DATED DATE 10/11/02 B001( ENTRY ONLY DUE 02+15/2032 5.800% FACTOR .28769169 FEDERAL HOME LOAN MTG CORP MRGN 7,404,371 8.7603 648.644 17.771 399.836 61.6418 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02+15/2032 5.400% FACTOR .28769168 FEDERAL NATIONAL MTG ASSN MRGN 4,278,010 83.7656 3.583.502 3 43 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 0381/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 15.000.179 8.3346 1.250.208 36.001 810.010 64.7900 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.400% FACTOR .26003635 027 00I V802 EFTA00195836 CLEARED THROUGH ITS WHOLLY OwNED SUESEMARv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 4/ '4 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTION SMAI2CLCLISP ACC' TYPE OUAMITY PRICE IAARKET VALUE ACCRUED MEREST ESTMATE0 ANNUM. iNCOIAE CURRENT YELD FEDERAL NATIONAL MTG ASSN MRGN 15.227.278 9.7794 1.489.130 13,668 819.989 55.0650 SERIES 2003.49 CLASS SW DATED DATE 04/30103 BOOK ENTRY ONLY DUE 01/25/2033 5385% FACTOR — .62646272 Total Government& Agency Obligations $8.637.255 $111.939 $3.031.045 Corporate Bonds ACCT ACCRUED ESTMATE0 MEOW DESCRIPTION SWECL•CuSP TYPE OUMERTY PRICE MARKO VALUE INTEREST ANNUAL INCOME YEW 09 FANNIE MAE GAO/SERIES 2003-13 MRGN 30,222,574 13.4366 4.060.893 32,165 1.929,711 47.5194 S FICR-I/0 FLTR DATED DATE 0'2/25103 BOOK ENTRY ONLY DUE 03/2512033 6.385% FACTOR — .60445153 Total CorporateEtonds $4.060.893 $32.165 $1.929.711 TOTAL FIXED INCOME $12,698,148 $144,104 $4.960.756 FINANCIAL TRUST CO INC STATEMENT PERK* JuN 31. 2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER MAMER On File LAST STATEMENT Ju 30.2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $144.104 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $4.960.756 YOUR PRICED PORTFOLIOHOLDINGS $12.746.661 027 09,01,04:06:31 001 •7862 EFTA00195837 CLEARED THROUGH ITS wisCELY OGTE0 SUOSIOART B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PLACMASE/ START DATE REPURCHAPF DATE RIDGING RATE PURCHASE RIM PRINCPAL ACCRUED REPO MEREST' GUMMY (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -3,739,000 -10.039 -44,389,962 SERIES 2004-2 CLASS S 5.6000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -5,866,000 -15,750 -44,000,000 SERIES 2004-5 CLASS P 5.3500 02/20/33 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 08/12/04 09/13/04 1.800 -9,788,000 -9.788 -50,000,000 YOU PROVIDED FEDERAL HOME LOAN KIM CORP (MARGIN) 08/19/04 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 6.4000 03/15.22 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 08/27/04 09/02/04 1.710 -6.200.000 -1.472 -10.000.000 SERIES 2004-2 CLASS S 11.2000 01/16/34 YOU BOUGHT USTR 2.7500 07/31/06 (REVERSE) 08/06/04 OPEN 1290 50.375.000 41.601 50.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $50,375,000 $41,601 TOTAL REPURCHASETRANSACTIONS $-25,593,000 $-37,049 'As slintanol dee Beer Ster !Jr FINANCIAL TRUST CO INC STATEMENT PERK* Ju/g 31. 2000 THROUGH August 31.2004 ACCCUIPT NUMBER TAXPAYER MAGER On File LAST STATEMENT 1.4 30.2004 027 09,01,04:015:21 001 '1862 EFTA00195838 CLEARED THROUGH ITS YAIDALY OUS*0 SUBSIDIARY B STUR NS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY Beer Sown !it' FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31. 2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER NUMER Ofl File LAST STATEMENT Jul/ ao. 2004 SETTLEMENT DATE TRADE DATE TRANSACTKIN DESORPTION SYMBEVCUSP cchwan PRIDE DEBIT AMOUNT CREPT AMDUNT 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.12891 25,032,226.56 JD 30 ACCR. INT. 61.650.82 0 02.750% MATURITY GVER REF # 62121013 Al 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 100.12891 50,064,453.13 02,750% JD 30 ACCR. INT. 123,301.63 PI~3.680 %T0 MATURITY GVER REF #132121013 BI 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE -25.000.000 100.06250 25,015,625.00 02,750% JJ 31 ACCR. INT. 3,736.41 MATURITY GVER REF # 62121008 Al 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE -50.000.000 100.06250 50,031,250.00 02,750% JJ 31 ACCR. INT. 7,472.83 MATURITY GVER REF # 62121008 BI cinema 08/05/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.24219 25.060.546.88 02,750% JJ 31 ACCR. NT. 11,209.23 MATURITY GVER REF # G2181004 Al 061244 08/10/04 BOUGHT FEDL HOME LOAN MTG CORP#502684 13.222.091 82.43750 10.899.961.68 SERIES 218 CL PO WE 02/01/2032 0987021011332 REF # 2004081057470000 BS ow so,' PRINCIPAL FEDERAL HOME LOAN MTG CORP MI= -363,943 SERIES 2483 Q. 5/ 5620 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-04 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP VIM -315.458 SERIES 2488 CLASS SO 6,620 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-04 027 09,01,04:06:31 001 1862 EFTA00195839 CLEARED THROUGH ITS WHOLLY OWED SUSSCHARy BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 ci •4 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SIME10:.CLISP OANVMY PRICE DEW AMOUNT CFEDI A/lOcter 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .434507 SERIES 2530 CUSS SE 6,020 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-04 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -186.383 SERIES 2526 CLASS SI 5,620 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-04 0816,04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 100.872.80 SERIES 2004-2 CLASS SG 11,620 DUE 01/16/34 PAIN RID 08-04 PA) 08-16-04 REPO P S I 11,6200 0818104 EXPIRED PUT TSY 3 1/8 05/07 -50,000.000 EUROPUT STRK 99-20 EXP 08/13,2004 08/20/04 JOURNAL FEDERAL HOME LOAN MTG CORP 3 SERIES 2488 CLASS SO 6,400 DUE 03/15/32 ADJUST POSITION 08/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN VIM 106862.15 STRIP MTG SERIES 322 CL PO 0001 DUE 03/01/32 PAIN RID 07-04 PA) 08-25-04 REPO P S I 0,0000 08/25/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003-13 -564.215 S RCR-VO FLTR 6,550 DUE 03/25/33 PRINCIPAL REDUCTN 08-25-04 08/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -Z84,273 SERIES 2003-49 CUSS SW 5,550 DUE 01/25/33 PRINCIPAL REDUCTN 08-25-04 TOTAL $.111.253,349.93 $75,265.919.19 FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31. 2000 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER RUNNER OR Re LAST STATEMENT Jul/ 30. 2004 027 09,01,04:06:21 001 V862 EFTA00195840 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 Transaction Detail (continued) INTEREST CLEARED THROUGH ITS 20.001 ()HEED SUBSUME', BOP Siewn FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31.2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER KAMER On Ede LAST STATEMENT 10/ 30. 2004 DATE DESORPTION SYMOCUMIP CVNYMY RATE 1%4 DEBIT AMOUNT CREPT AMOUNT 08/02/04 AVG BAL 311,731RT 0.581 156.05 021 OFFICE INTEREST 0704 08/16/04 FEDERAL HOME LOAN MTG CORP 1.0000 22,048.12 SERES 2471 CLASS VT DUE 03/15/2032 1,000 INT RID 07-04 PAD 08-15-04 REPO P S I 1,0000 0816/04 FEDERAL HOME LOAN MTG CORP 5.6200 71.955.30 SEBES 2483 CL SI. DUE 03/15/2032 5,620 INTEREST PAYMENT 08-15-04 0816/04 FEDERAL HOME LOAN MTG CORP 6.6200 73.466.97 SEBES 2488 CLASS SO DUE 03/15/2032 6,620 INTEREST PAYMENT 08-15.04 0816/04 FEDERAL HOME LOAN MTG CORP 6.0200 88.774.97 SERES 2530 CLASS SE DUE 02/15/2032 6,020 INTEREST PAYMENT 08-15.04 0816/04 FEDERAL HOME LOAN MTG CORP MSS 5.6200 35.550.03 SERES 2526 CLASS SI DUE 02/15/2032 5,620 INTEREST PAYMENT 08-15.04 08/16/04 GOVERNMENT NATIONAL MTG ASSN Miff 5.8100 205,81732 SERES 2004-2 CLASS SB DUE 01/16/2034 5,810 INT RID 08.04 Pit 08-16-04 REPO P E I 5,8100 08/16/04 GOVERNMENT NATIONAL MTG ASSN 11.6200 92,479.38 SERES 2004-2 CLASS SG DUE 01/16/2034 11,620 INT RID 08.04 PM 08-16-04 REPO P S I 11,6200 027 09,01,0406:31 001 Y8t EFTA00195841 CLEARED THROUGH ITS WHOLLY OWNED STAINDIAMT BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 CI 4 Transaction Detail (continued) INTEREST (continued) FINANCIAL TRUST CO INC STATEMENT PERK* Ju/t 31. 2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT kW 30. 2004 co-s DESORPTION SYMEICUOLISIP CVAMITY RATE PO CENT AMOUNT CREDIT AMOUNT 08,20/04 GOVERNMENT NATIONAL MTG ASSN 5.5300 202,766.67 SERIES 2004-5 CLASS PS DUE 02/20/2033 5.530 INT R/D 07-04 P,D 08-20-04 REPO P & I 5,5300 08/25/04 FANNIE MAE CMOSERIES 2003-13 11111.11• 6.5500 168.04457 S RCR-1/0 RTR DUE 03/25/2033 6,550 INTEREST PAYMENT 08-25.04 08125/04 FEDERAL NATIONAL MTG ASSN 11111111 5.5500 71.74492 SERIES 2003-49 CLASS SW DUE 01/25/2033 5,550 INTEREST PAYMENT 08-25.04 TOTAL $1.032.800.50 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SEME1AENT TRACE DATE DATE 08/02/04 TRANSACTION DESCRIPTION JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11.620 /34 FITM TERM MENT 08/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,620jMilit 34 FITM Al REPO A 08/02/04 DELIVERED UNITED STATES TREASURY NOTE DUE 06402936 2.750 2Fah4 ,750R rA2 TERM EMENT SYMETCLOuSIP °IMMO DEBT AMOUNT CREDIT ANOINT 9,550,365 6,225,000.00 -9.550.365 7.080.000.00 -75,000.000 75.562.500.00 027 090T04:06:al 001 WIC2 EFTA00195842 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSAGMON DESCRPNON SYMEICL,CVSIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 080204 RECEIVED UNITED STATES TREASURY NOTE 75,000,000 75,375,000.00 DUE 07/31/2006 2.750 2.750 DUE 07/31/06 FILM F2151023 Al RESALE AGREEMENT 08,02/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1,348.75 SERIES 2004-2 CLASS SG DUE 01/ 11,620 FITM AZ REPO I 08/02/04 INTEREST UNITED STATES TREASURY NOTE EMS 50,416S8 DUE 06/0#0 2.750 FILM A2 RESALE 08,06,04 RECEIVED UNITED STATES TREASURY NOTE 50.000.000 50.375.000.00 DUE 07/31/2006 2.750 2750 DUE 07/31/06 FITM F2190710 Al RESALE AGREEMENT 08/06/04 DELIVERED UNITED STATES TREASURY NOTE 75.000.000 75.375.000.00 DUE 07/31/2006 2.750 2.750 DUE 07/31/06 FITM F2151023 A2 TERM RESALE AGREEMENT 08106/04 INTEREST UNITED STATES TREASURY NOTE 8.856.56 DUE 07131/2006 2.750 FITM F2151023 A2 RESALE INTEREST ow 2,04 JOURNAL FEDL HOME LOAN MTG CORP#502684 NMI -13 222.091 9.788.000 00 SERIES 218 CL PO DUE 02/01/32 FITM F2253160 Al REPO AGREEMENT 0S'1204 JOURNAL FEDERAL NATIONAL MTG ASSN 4,278,010 STRIP MTG SERIES 322 CL PO CLEARED THROUGH ITS viNOttY CMT,*0 SUBSIO4Ally Beer Siert. Se •it' • FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31.2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER Wm8ER On Fee LAST STATEMENT JUN 30. 2004 0,001 FITM 311.4 TERM ENT 027 09,01,04:06:al 001 V862 EFTA00195843 CLEARED THROUGH ITS WHOLLY OGINED SUIINDIARy BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 c! N Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SUMMERY TRACE DATE TWCACTION DESCRPRON oa 12 04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 FIlM low REPO A 08/i 6/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001R101132 FITM A2 TERM MENT 0816104 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03310 0.001 ATM A2 REPO I oa 19 04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,400 FITM Al REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11.200.1„34 ATM Al REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11.200 f3e1 ATM A2 REPO A 0827/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SG 11 200 134 ATM A3 REPO A SYMEIC1JCUSIP °WITT MINT AMOUNT -4,278,010 FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31. 2000 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT Jul, 30. 2004 CREDIT AMOUNT 310.000.00 4,278,010 310.000 00 62.00 -13.001.818 -9A49.493 6.145.000.00 9,449,493 6,145,000.00 .9A49A93 6.150.000.00 027 09,01,0406:51 001 VE162 EFTA00195844 CLEARED THROUGH ITS WHOLLY OMMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 13 C! 4 Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TWISACSON DESORPTION SYMEICL,GUSIP OVANTIN DEBIT AMOUNT CREDIT AMOUNT 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 6,150,000.00 SERIES 2004-2 CLASS SG 11,200 34 FITM A4 REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN .9A49A93 6.200.000.00 SERIES 2004.2 CLASS SG 1%200 FITM AS REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEI 9.449.493 7.080.000.00 SERIES 2004-2 CLASS SG 11,20311134 FITM A2 TERM MENT 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.449.493 7.232.000.00 SERIES 2004-2 CLASS SG 11,200 34 FITM Al REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 7,232,000.00 SERIES 2004-2 CLASS SG 11,200.11/34 FITM A2 REPO A 08/27/04 INTEREST GOVERNMENT NATIONAL MTG ASSN MI= 8.407.50 SERIES 2004-2 CLASS SG DUE 01:110 11,200 FITM A2 REPO I TOTAL $-158.901.818.25 $193.901.773.54 FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31.2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On FIM LAST STATEMENT Jul, ao. 2004 027 09,01,0406:21 001 7862 EFTA00195845 CLEARED THROUGH ITS WHOLLY OWED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. FINANCIAL TRUST CO INC 14 c! I4 Transaction Detail (continued) MISCELLANEOUS DATE MOAT TRANSACTITN DESCRIPTION DENT AMOUNT CEEDT MEGAN/ 08/02/04 RECEIVED FIRM 482.76 COUPON 2.7500 FINANCING NET PAIRCfF DIFF 08/16/04 JOURNAL JULY 04 SPEC CLEARING FEES 300.00 TOTAL $.782.76 Trades Executed Pending Settlement SETTIEMEN7 TRADE DATE DATE TRANSACT/3N DESCRPTION 09/15/04 08/10/04 SOLD SYMEPOIXUSP STATEMENT PER10D JuN 31. 2004 THROUGH August 31.2004 ACCOUNT NUMBER TAXPAYER AMMER OD File LAST STATEMENT JU 30.2004 OHNTITY psCE DEEM AMOUNT CRECTT MASUNT FNMA-30YRIFNMAIGTD -30.000.000.00 100.8281 30.248.437.50 SETT.001104 III*005.500% 57320000 BS TOTAL 50.00 $30,248.437.50 The Man, noes C1 nol appaai in any olhot smban al ihb stalarnon End of Statement 027 09,01,04:06:21 001 EFTA00195846 CLEARED THROUGH ITS wHOALY OnnE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wenv.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 17 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD' LONG ACCRUED INTEREST NET CREDIT BALANCE 11,296,902 174,836 3,971 I I FINANCIAL TRUST CO INC 0/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash 8 Equmalent $3.971 $129.030 Fixed Income NET EOUITY This PERIOD $11,475,709 NET EQUITY LAST STATEMENT 12,162,877 CHANGE SINCE LAST STATEMENT -687,168 -on mare acludes one or more rpm& urines p,* are or release 4 to Taal Vane of Strides and the NH Epee/ TN; Pearl There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. NI Current market vane Last statements market value 11.296.902 $11.848.752 FINANCIAL TRUST CO INC STATEMENT PERICIO 1.2004 THROUGH dull 30.2000 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT June 30.2004 t The WYMMY 11 Tr a:manna' rants Only It ISM earilled Meta. clocunert 1W. stationer should Et retard for your words See worts fa for mortar airman:4 027 07.31,0406:41 001 78.58 EFTA00195847 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 el is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0731040&41 001 V858 EFTA00195848 CLEARED TaIROuGH ITS WNW.? O0e*0 SUBSIO4MI2 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 Cash Flow Analysis THIS PERIOD Income Summary TIC PERIOD YEAS TO DATE Opening Balance $129,030.02 U.S. Govt. Bond Int. 0.00 282,843.41 Govt. Agency Int. 900.793.20 6.201.200.59 Securities Sold 180,245,896.38 Corp. Bond Int. 175,390.75 1.389.057.27 Dividends Interest 1,076,355.23 Credit Balance Int. 171.28 403.20 Miscellaneous 183.88 Reverse Repurchase Int. 41,156.77 104.516.74 Amount Credited $181,322.435.49 Total $1 117 512.00 $7 978 021.21 Securities Bought -181,242.338.23 Bond Purchase Int. -133.576.76 -732.940.96 Funds Withdrawn -70.539.00 Margin Int. Paid 0.00 -1.770.70 Repurchase Int. Exp. -43.298.09 -118.901.31 Dividends/Interest Charged -133.608.18 Miscellaneous -1.008.90 Amount Debited $-181.447,494.31 Portfolio Composition Net Cash Activity -125,058.82 Cash/Cash Equivalent 3,971 Closing Balance $3,911.20 Fixed Income 11.296.902 Total $11.300,873 Cash Balance Summary OPENTt0 CUMIN0 Margin 129,030.02 3,971 20 Net Cash Balance $129,030.02 $3,971.20 027 07)3104O6:41 001 Beer Team et' FINANCIAL TRUST CO INC STATEMENT PEF000 Jul/ 1.2004 THROUGH Jul/ 30. 2004 AccouNT NUMBER TAXPAYER AMBER On File LAST sTATEmENT June 30.2004 Your Portfolio Allocation Cash & Equivalent cl% Fixed Income 99% Ilatimeed romoas oeno* ooor Oleace onto* em el male veva, The eleaeran ;events-0 ta pewee keen le etnaLte melee rat), of >vv p tkno 1858 EFTA00195849 CLEARED THROUGH ITS WHOLLY OWNED $UBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 c. • t. Your Portfolio Holdings CASH & CASH EQUIVALENTS otscaPaou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS S•MeCt OSIP CUNITiar pact PMPAT VALUE 3.971 ESIIMAIEO CuAPENT AANJAL VE1.0 I%) $3.971 EQUITIES Equities & Options DESCRIPTION Aar S•Ale0-0,StP DPE OUANRTY PRICE /MRKE1 ESTMAIEO CURRBVI VALVE ANNUAL le.COME YEW IV PUT TSY 3 1/8 05/07 EUROPUT STRK 99-20 EXP 08/13/2004 Total Equities& Options MRGN 50.000.000 Unpriced $0 $0 TOTAL EQUITIES $0 $0 FIXED INCOME Government & Agency Obligations ACC' DESCRPRON S,IASCLCuSP TYPE FEDERAL HOME LOAN MTG CORP MRGN SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02115/2032 6.020% FACTOR — .29493347 OLIANIRY 17,696.008 PRICE 10.1846 ACCRUED MARKET VNAE INTER& 1.802.275 44.388 FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 1.2000 THROUGH Jul/ 30.2000 ACCOUNT NUMBER TAXPAYER ARIAEER On File LAST STATEMENT June 30.2004 MIMEO CURRAN ANMJAL INCOME YEW ive 1.065.300 59.1086 027 07)3104:06:41 001 YEW EFTA00195850 CLEARED THROUGH ITS WHOLLY OWNED SUBS/IMAM. BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) FINANCIAL TRUST CO INC STATEMENT PEF000 Jult 1.2004 THROUGH Jul, 30. 2004 ACCOUNT NUMBER TAXPAYER M.003ER On File LAST STATEMENT June 30.2004 DESCRPRON ACCT SRASOLCUSP TYPE OurAtriN PRICE MARKET VALLE ACCRUED MEREST ESTRUM ANNUAL NCOIAE CURFEW Yap I%l FEDERAL HOME LOAN MTG CORP MRGN 7,590,754 9.1200 692.280 17,774 426.600 61.6225 SERIES 2526 CLASS SI DATED DATE 10/01102 800K ENTRY ONLY DUE 02/15/20325 620% FACTOR — .29493346 FEDERAL HOME LOAN MTG CORP MRGN 13.317.273 11.4435 1.523.967 36.735 881.603 57.8492 SERIES 2488 CLASS SO DATED DATE 07108(02 BOOK ENTRY ONLY DUE 03/15/2032 6.620% FACTOR — .26634552 FEDERAL HOME LOAN MTG CORP MRGN 15.364.122 8.8240 1.355.734 35,978 863.464 63.6898 SERIES 2483 CL SL DATED DATE 07/02102 8001( ENTRY ONLY DUE 03/15/2032 5.620% FACTOR - .26634550 FEDERAL NATIONAL MTG ASSN MRGN 15511.551 10.4392 1.619.282 11.956 860.891 53.1650 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 800K ENTRY ONLY DUE 01/25/2033 5.550% FACTOR — .63815794 Total Government& Agency Obligations $6.993,538 $146.831 $4.097.858 027 07,3L04:08:41 001 V858 EFTA00195851 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 c. Your Portfolio Holdings (continued) Corporate Bonds DESCRIPTION FANNIE MAE C,MO/SERIES 2003-13 S RCR.Ir0 FLTR DATED DATE 02/2553 BOOK ENTRY ONLY DUE 03/252033 6550% FACTOR — .61673583 Total CorporateBonds ACCT SWECLCUSP TYPE MRGN DUMMY 30,786,789 13.9780 ACCRUED PRICE MARKET VALLE MEREST 4.303.364 28,005 $4.303.364 828.005 FINANCIAL TRUST CO INC STATEMENT PERIOD Jul/ 1.2004 THROUGH Jul/ 30.2004 ACCOUNT NUMBER TAXPAYER MASER On File LAST STATEMENT June 30.2004 ESTRIN'S) CURRENT ANNUAL INCOME YELD I%4 2.016.535 46.8595 $2.016.535 TOTAL FIXED INCOME $11,296,902 $174,836 $6.114.393 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $174.836 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6.114.393 YOUR PRICED PORTFOLIOHOLDINGS $11.300.873 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PURCKISE, REPURCHASE START DATE DATE PRICING PATE PURCHASE PRICE) ACCRUED REPO PAINOPAL INTEREST' GUMMY (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLD (REPO) 0720904 10/1254 1.790 .3.739.000 -4.461 .44.389.962 GOVERNMENT NATIONAL SERIES 2004-2 CLASS S MTG ASSOC 5.8100 01/16/34 YOU SOLD (REPO) 07/09/04 10/12/04 1.790 -5.866.000 -7.000 .44.000.000 GOVERNMENT NATIONAL SERIES 2004-5 CLASS P MTG ASSOC 5.5300 02/20(33 027 07.31.00:06:41 001 EFTA00195852 CLEARED THROUGH ITS WHOLLY OWNED $1.00SIDIAAv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 c, Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) PUICHASS REPURCHASE PRONG START DATE DATE PATE PURCHASE MICE; PRINCPAL ACCRUED REPO MEREST' OUANTITY (FACE AMOUNT) YOU PROVIDED (MARGIN) 07/09/04 OPEN 0.000 -15,000,000 YOU SOLD (REPO) 07/26/04 08/02/04 1.560 -6.225.000 -1.348 .10,000,000 YOU BOUGHT (REVERSE) 07/09/04 OPEN 1.150 75.562.500 49,934 75,000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $75.562.500 $49,934 TOTAL REPURCHASE TRANSACTIONS 8.15.830.000 $-12.809 'At. d ttlehavol deft Transaction Detail INVESTMENT ACTIVITY SETTLEMENT DATE TRADE DATE TRANSACTION DESCRIPTION SW1400..CLISP 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 03,125% MN IS MATURITY OVER REF # 61901000 Al 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 02.750% JD 30 MATURITY 61901002 A3 CUSP DESCRIPTOR FNMA-SMBS PRINCIPAL ONLY SERIES 322 CLASS PO 03/01/32 FINANCIAL TRUST CO INC STATEMENT PERIOD Jul/ 1.2000 THROUGH July 30.2000 ACCOUNT NUMBER TAXPAYER KANDER On FIk LAST STATEMENT June 30.2004 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 11.6200 01/16;34 US1F1 2.7500 06/30/06 QUANTITY APACE DEBIT AMOUNT CP1041 AMOUNT 25.000.000 100.58594 25,146,484.38 ACCR. INT. 116.762.90 25.000.000 100.43750 25.109.375.00 ACCR. INT. 16.813.86 027 07)3104:06:41 001 YEW EFTA00195853 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION ST/MEOWS, OJANTITV PRICE DEBIT AMOUNT CREDIT AMOUNT 07/1544 PRINCIPAL FEDERAL HOME LOAN MTG CORP -600.854 SERIES 2483 CL Si. 5.620 DUE 03/15132 PRINCIPAL REDUCTN 07-15-04 07/1504 PRINCIPAL FEDERAL HOME LOAN MTG CORP -520.806 SERIES 2488 CLASS SO 6.620 DUE 03.115/32 PRINCIPAL REDUCTN 07-15-04 07/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -660,636 SERIES 2530 CLASS SE 6.020 DOE 0'2115/32 PRINCIPAL REDUCTN 07-15-04 07/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -283.382 SERIES 2526 CLASS SI 5.620 DUE 02/15.32 PRINCIPAL REDUCTN 07-15-04 07/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 93,692.10 SERIES 2004-2 CLASS SO 11.895 DIE 01/16/34 PRIN ND 07-04 P,D 07-16-04 REPO P 8I 11,8950 07/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 132,216.75 STRIP MTO SERIES 322 Cl. PO 0.001 DUE 03/01/32 PRIN RID 0644 P,D 07-25-04 REPO P 8I 04000 07/26/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003-13 Mir -626,018 S FLTR 6.700 DUE 03/2933 PRINCIPAL REDUCTN 07-25-04 07/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -315,643 SERIES 2003-49 CLASS SW 5.700 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-04 TOTAL E-50.389A36.14 5225.908.85 CLEARED THROUGH ITS wHOtLY CAM,E0 SUBSIDIARY Beer Stea•nb SO •R' • FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 1.2004 THROUGH Jul/ 30 2000 ACCOUNT NUMBER TAXPAYER NLIMER Cfl Foe LAST STATEMENT June 30.2004 027 07,31GO:0B:01 001 EFTA00195854 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. CLEARED THROUGH ITS EMT,E0 SUEISIOMTve Beer &Ter !it FINANCIAL TRUST CO INC 9 Transaction Detail (continued) DEPOSITS AND WITHDRAWALS DATE TRANSACT Cf. DESCRPSCH 07/09/04 FND WIRED MDANGV136016FNDS WIRED TO STATEMENT PERK* July I . 2004 THROUGH July 30.2004 ACCOUNT NUMBER TAXPAYER AMMER OR File LAST STATEMENT June 30.2004 DEVI ANOINT 70.539.00 CREDIT AMOWIT BAN TOTAL INTEREST DATE DESCRPTION 07/01/04 AVG BAL 631,112RT 0.325 021 OFFICE INTEREST 0604 07/09/04 15990926 NATIONAL MTG ASSOC POOL 0004473 COUPON 5.9475 FINANCING NET PAIROFF DIFF 07/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2471 CLASS YT DUE 03/15/2032 1.000 INT RID 06-04 PA) 07-15-04 REPO P I I 1.0000 07/15/04 FEDERAL HOME LOAN LNG CORP SHIES 2483 CL SL DUE 03(15(2032 5 620 INTEREST PAYMENT 07-15-04 07/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2488 CLASS SO DUE 03(15(2032 6,620 INTEREST PAYMENT 07-15-04 07/15/04 FEDERAL HOME LOAN MTG CORP SHIES 2530 CLASS SE DUE 02(15(2032 6,020 INTEREST PAYMENT 07-15.04 G-70,539.00 CREDO AMOUNT SYMBOAUSIP aMAITITY RATE I%; DEBIT AMOUNT 31.42 171.28 EMI 1.0000 22.910.37 11011111111 5.6200 76.648.51 IMO 6.6200 77,968.94 6.0200 94,249.90 07/ 07.31.00:06:01 001 YESS EFTA00195855 B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 CI Tr, Transaction Detail (continued) INTEREST (continued) CLEARED THROUGH ITS CAM‘ED SUBSIDIARY Beer &Ter !it FINANCIAL TRUST CO INC STATEMENT PER100 Jul/ 1.2004 THROUGH July 30. 2004 ACCOUNT NUMBER TAXPAYER NUMBER OR File LAST STATEMENT June 30.2004 001E OESCRPTKIN SYMEKIAUSIP QUANTITY RATE IM DEBIT AMOUNT CREDIT AMOUNT 07/15/04 FEDERAL HOME LOAN MTG CORP 5.6200 37,804.05 SERES 2526 CLASS SI DUE 02/15/2032 5.620 INTEREST PAYMENT 07-15.04 07/16/04 GOVERNMENT NATIONAL MTG ASSN 5.9470 212.535.54 SERES 2004-2 CLASS SB DUE 01/16/2034 5.947 INT RID 07-04 PA) 07-16-04 REPO P S I 5.9475 07/16/04 GOVERNMENT NATIONAL MTG ASSN MIS 11.8950 95.596.72 SERES 2004-2 CLASS SG DUE 01/16/2034 11.895 INT FUD 07-04 PAD 07-16-04 REPO P d I 11.8950 07/21/04 GOVERNMENT NATIONAL MTG ASSN 5.5300 207.900.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5.530 INT R/D 06-04 PA) 07-20-04 REPO P S I 5.6700 07/26/04 FANNIE MAE CMOSERIES 2003-13 NMI 6.7000 175.390.75 S RCR-60 RTR DUE 03/25/2033 6,700 INTEREST PAYMENT 07-25.04 07/26/04 FEDERAL NATIONAL MTG ASSN NMI 5.7000 75,179.17 SERES 2003-49 CLASS SW DUE 01/25/2033 5.700 INTEREST PAYMENT 07-25-04 TOTAL 5.31.42 $1,076,355.23 027 07.31.00:06:01 001 YSIO EFTA00195856 CLEARED THROUGH ITS WHOLLY 01\NED $UBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 11 CI Tr, Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT DATE TAME CATE TRANSACTION DESCRVICH SYME/CLCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 07/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 4,517,189 1.744,350.00 STRIP MTG SERIES 322 CL PO 0,00131111r FITM A2 TERM MENT 07/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.517.189 3.145.000.00 STRIP MTG SERIES 322 CL PO 0,001 DUE 0201/32 FITM FI833483 Al REPO AGREEMENT 07/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MIS -44,000.000 2,820,000.00 SERIES 2004-5 CLASS PS 5,670 FITM AI REPO A 07/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MIN 44,000.000 4.345.000.00 SERIES 2004-5 CLASS PS 5,670 DUE 0220+33 FITM Fl 533207 AZ TERM REPO AGREEMENT 07/01+04 INTEREST FEDERAL NATIONAL MTG ASSN 64.20 STRIP MTG SERIES 322 CL PO DUE 033111. 0,001 FITM AZ REPO I 0701;04 INTEREST GOVERNMENT NATIONAL MTG ASSN 4.797.60 SERIES 2004-5 CLASS PS DUE 02+20/2033 5,670 FITM F1533207 AZ REPO INTEREST 07,0804 JOURNAL GOVERNMENT NATIONAL MTG ASSN -42,882,327 700,000.00 SERIES 2004-2 CLASS SB F 5,94 M 7 ai34 IT A3 REPO A FINANCIAL TRUST CO INC STATEMENT PERIOD Jul/ 1.2000 THROUGH July 3D. 2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT June 30.2004 027 07)3104:06:41 001 EFTA00195857 CLEARED THROUGH ITS WHOLLY OWNED SUBDOMAy BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 0 le Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT MOE DATE DATE TWC3ACRON DESCRPRON SYMEMCUSIP CCANTIIV DEBIT AMOUNT 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 42.882.327 700.000.00 SERIES 2004-2 CLASS SB 5,947 M FITM A r 4 REPO A 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SB 5,947 FITM A2 TERM MENT 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 1.1034 FITM AS REPO A 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 FITM AI REPO A 07/08:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB pg417 FEM A2 REPO A 07/08:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 1 I .895Allif34 ATM Al REPO A 07:0864 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11 895 r34 Fr& I A2 TERM MENT FINANCIAL TRUST CO INC STATEMENT PEF000 Jul/ I .2004 THROUGH Jul 30.2004 AccouNT NUMBER TAXPAYER NUMBER On Pile LAST STATEMENT June 30.2004 CREDIT AMOUNT 42,882,327 2.072.000 00 -42.88Z327 2.800.000.00 -42.882,327 3.736.000.00 42.882,327 3.736.000.00 -9.644.057 7.633.000.00 9,644,057 8.258,000.00 027 07)3104:06:41 001 EFTA00195858 CLEARED THROUGH ITS WHOLLY OMMED $UBS/DIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 13 0 Ie Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRMISACRON DESCRPTION SYMEMCUSIP OUNCITT Calf AMOUNT 07/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1,850.99 SERIES 2004-2 CLASS SB DUE 01:10 5,947 FRM AZ REPO I 07/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SG DUE 01i 11,895 ATM AZ REPO I 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 1032 FITM A3 REPO A 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 Sir ATM Al REPO A 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL Po 0,001 FITM REPO JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL Po e.00t FITM TERM 0709/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB F 5,94 M 7 ' IT AS TERM MENT FINANCIAL TRUST CO INC STATEMENT PER/00 July I . 2004 THROUGH July 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT June 30.2004 CREDIT AMOUNT 27,971.68 -4.384.972 -4.384.972 3,144,000.00 4,384,972 3,144,000.00 4,384,972 3,145,000.00 42,882.327 2,800,000.00 027 07,31t14:06:41 001 EFTA00195859 CLEARED THROUGH ITS WHOLLY ORME0 SUODOMAy BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 14 0 Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TMDE DATE DATE TWC3ACRON DESCRPRON 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 5,947 WOrt FITM BI REPO A 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SG 11,895 fail FITM A2 TERM MENT 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,8954 01134 FITM A3 TERM MENT 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,670 R11.33 FITM A2 TERM MENT 07/09.:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,670 F n3 ITM Al REPO DELIVERED UNITED STATES TREASURY NOTE DUE 05115/2007 3,125 3,12531.7 Em FITM A2 TERM e ENT 07:09:04 RECEIVED UNITED STATES TREASURY NOTE DUE 0930,2036 2,750 AT 2,750 lir M AI RESALE T SYMBOLOv3p FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ I .2004 THROUGH Jul/ 30.2004 AccouNT NUMBER TAXPAYER NUMBER On Pile LAST STATEMENT June 30.2004 OWARITT DEBIT AMOUNT CREDIT AMOUNT -42.882,327 3,739,000.00 9.644.057 7.633.000 00 -9,644,057 7,633,000.00 44.000,000 2,820,000.00 -44,000.000 5.866.000.00 -25,000.000 25,062,500.00 75.000.000 75.562.500.00 027 07)3104:06:41 001 VIVA EFTA00195860 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIATiv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 15 0 Tr, Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT MOE DATE DATE TIMISACRON DESORPTION 07/09/04 DELIVERED UNITED STATES TREASURY NOTE DUE 06G0/2006 2.750 2Fah4 .750 TERM t EMENT 07/09/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 001 ATM REPO I 07/09/04 INWREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 0131111 5.947 ATM A6 REPO I 07/09/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SG DUE OV 11.895 ATM A2 REPO I 07/09/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 11.895 ATM AS REPO I INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02.. 5.870 ATM A2 REPO I 07/09/04 INTEREST UNITED STATES TREASURY NOTE DUE 05/011 3.125 ATM A2 RESALE 07/09/04 INTEREST UNITED STATES TREASURY NOTE DUE 06i 2.750 FITM A2 RESALE SYMOCIAUSIP FINANCIAL TRUST CO INC STATEMENT PERIOD Jul/ 1.2004 THROUGH July 30.2004 ACCOUNT NUMBER TAXPAYER NUMEIER On PIM LAST STATEMENT June 30.2004 OVAMITY MEET AMOUNT CREDIT AMOUNT -100,000,000 100,125,000.00 1,090.27 89.91 330.76 330.76 977.60 17.710.83 23,445.94 027 07)3104:06:41 001 YEW EFTA00195861 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARv BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 16 0 T,‘ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TM& DATE DATE TRANSACTION DESORPTION SYMBOLCVSP OVANNIT DEBIT AMOUNT CREDIT AMOUNT 07/15/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.644,057 7.350.000.00 SERIES 2004-2 CLASS SG 11.895 it34 FITM Al REPO A 07/15/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN NMI 9,644,057 7,633,000.00 SERIES 2004.2 CLASS SG 11,895 f34 FITM A4 TERM MENT 07/15/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 2.315.34 SERIES 2004.2 CLASS SG DUE lib 11.895 FITM A4 REPO I 07/28'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.550.365 6225000.00 SERIES 2004.2 CLASS SG 11.6201.34 ATM Al REPO A 07/28034 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9.550.365 7.350,000.00 SERIES 2004-2 CLASS SG 11.620 34 FITM A2 TERM ENT 07/28034 INTEREST GOVERNMENT NATIONAL MTG ASSN MI= 4.140.50 SERIES 2004-2 CLASS SG DUE 01:110 11,620 FITM A2 REPO I TOTAL $.130.986,478.85 $180.019.987.53 FINANCIAL TRUST CO INC STATEMENT PERIOD Jul/ 1.2004 THROUGH Julj 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On FIk LAST STATEMENT June 30.2004 027 07,31.04:06:41 001 YEW EFTA00195862 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDMAy BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 17 c! le Transaction Detail (continued) MISCELLANEOUS DATE 1130AT TRANSACTCH 07/02104 JOURNAL DESCRIPT RIO TO FITM DEBI AMOUNT CAECA, LWOW 79.45 07/06/04 JOURNAL FITM FRO 07/09/04 DELIVERED 158.90 - COUPON 3.1250 FINANCING NET PAIROFF DIFF 104.43 07/16/04 JOURNAL JUNE 04 SPEC CLEARING FEES 850.00 TOTAL 5-1.008.90 $183.88 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION 08/02/04 07/30/04 BOUGHT CESCRPTIO% UNITED STATES TREASURY NOTE NW rlRnnOnnR 02,750% JD 30 STMOOLCUSP OUSAIIITY PPACE 0 MATURITY GVER REF # G2121013 Al 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 02,750% JD 30 0 MATURITY GVER REF # G2121013 81 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE 02,750%44 31 0 MATUFUTY GVER REF # G2121008 Al 25.000.000.00 100.1289 FINANCIAL TRUST CO INC STATEMENT PERO° July 1.2000 THROUGH July 30. 2004 ACCOUNT NUMBER TAXPAYER MAWER On FIM LAST STATEMENT June 30.2004 DEMT AMOUNT CREDIT AMOUNT 25,093,877.38 50.000.000.00 100.1289 50.187.754.76 -25.000.000.00 100.0625 25.019.361.41 027 07,310406:41 001 Y833 EFTA00195863 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARy BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 18 c, to Trades Executed Pending Settlement (continued) SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPi10•I 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE 02.750% JJ 31 . 0 MATUFUTY OVER REF it G1121008 B1 FINANCIAL TRUST CO INC STATEMENT PERIOD Jul/ 1.2004 THROUGH Jul/ 30.2004 ACCOUNT NUMBER TAXPAYER ALIMSER On He LAST STATEMENT June 30.2004 S0.180.CuSP OJANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT -50,000.000.00 100.0625 50,038,722.83 TOTAL $75.281.632.14 $75.058.084.24 The etc., race: N not 4toptoal ool sort 01looto n End of Statement 027 O7)3104O8:41 001 Y858 EFTA00195864 CLEARED IHROJOH ITS VIIleklY OW,*0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE weer.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Your Messages 16 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 11,848,752 LONG ACCRUED INTEREST 185,O95 NET CREDIT BALANCE 129,O3O NET EQUITY THIS PERIOD 11111111111111111 II FINANCIAL TRUST CO INC CIO JEFFREY EPSTEIN 61OO RED HOOK QUARTER STE 63 ST THOMAS VI OO8O2 Market Value of Your Portfolio Cash & Equnalent 1 $129.030 $228.0O3 Fited A11.848.752 4. la -IL :ff-tt:ffif $12.394.691 Income r.......alethanava- ... MO Current market value $12,162,877 E83E2 Last statements market value NET EOIATY LAST STATEMENT 12,782,847 CHANGE SINCE LAST STATEMENT -619,97O -on made ,dudes arc or mow mimed mambos east are not retinal n to Taal Yale of Sectabos and the Net Equity TN; Next There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. FINANCIAL TRUST CO INC STATEMENT PERM May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER NUMEIER OR File LAST STATEMENT May 28.2004 SEC TWE anniTY a br nTOTnlannal imposes only Ikea @loaded natal clennu stationere should be marmots, your records Soo mem toe to moonset necnnatom 027 07/01,04:13:31 001 V832 EFTA00195865 GEARED 'THROUGH RS YAIOLLY GRATED $UBSOMAY FINANCIAL TRUST CO INC 2 01 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,0600:13:11 001 Y832 EFTA00195866 CLEARED THROUGH ITS WNW.? O'CD SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 3 O Cash Flow Analysis THIS PERIOD Income Summary 116 PERIOD YEAR TO DATE Opening Balance $228,002.64 U.S. Govt. Bond Int. 54.412.79 282,843.41 Govt. Agency Int 945.574.26 5.300.407.39 Securities Sold 419,173,152.86 Corp. Bond Int. 186.097.96 1.213.666.52 Dividends/Interest 1,186,160.63 Credit Balance Int. 75.62 231.92 Amount Credited 5420,359,313.49 Reverse Repurchase Int. 42.351.06 63,359.97 Total $1 228 511.69 $6 860 509.21 Securities Bought -420.287.071.09 Dividends Interest Charged -170.765.02 Bond Purchase Int. -170.765.02 -599,364.20 Miscellaneous -450.00 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -16,477.34 -75,603.22 Amount Debited $-420.458.286.11 Net Cash Activity -98.972.62 Closing Balance $129,030.02 Portfolio Composition Cashtash Equivalent 129,030 Fixed Income 11.848.752 Cash Balance Summary Total $11,977.782 OPE?. AG CLOSING Margin 228.002.64 129.030.02 Net Cash Balance $228.002.64 $129.030.02 027 0801,04:12:31 001 FINANCIAL TRUST CO INC STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER AM MER On File LAST STATEMENT May 28.2004 Your Portfolio Allocation Cash 8 Equivalent • I% Fixed Income 99% Untivoecl crown nano* oat 014, o, *NW Or, male vela, The MeNws. ;event'', H de•aed Mtn to '0191A* motel itbe Oi ycv Mtn" 1832 EFTA00195867 CLEARED THRouGH ITS yniCu.Y OmED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 r, Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPIO)I CASH BALANCE TOTAL CASH & CASH EQUIVALENTS Sm1ECL CLStP Olean' FACE MAPKET ESTIMATED CLAPENT vALLIE MNJAL 1E1.0 129,030 5129.030 EQUITIES Equities & Options DESCRIPTION PUT TSY 3 1/8 05/07 EUROPUT STRK 99-20 ET 08/13/2004 Total Equities& Options Accr S•meCt (+St? T•FE MRGN OuPriTy 50.000.000 PRCE Unpriced TALPHET ESTIMATED Q. IT yALuE ANNUAL INCOLIE yap IT4 so so TOTAL EQUITIES so so FIXED INCOME Government & Agency Obligations ACCT DESCRPSON SThWICUSP TYPE FEDERAL HOME LOAN MTG CORP MRGN SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 0271S2032 6,161% FACTOR — .30594407 OuAN'lr• 18,356,644 10.0831 ACCFNED PRICE MARKET vALIE POEMS; 1.850.914 47.124 FINANCIAL TRUST CO INC STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 AcccurAT NUMBER TAXPAYER KAMER en File LAST sTATELIENT May 28.2004 ESTMAPEO CURFENT ANNUAL MOUE YEW NI 1.130,953 61.1024 027 DL0L04:11:31 001 Y.952 EFTA00195868 CLEARED THROuGH ITS EMMY (MECO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 y. Your Portfolio Holdings (continued) Government & Agency Obligations (continued) FINANCIAL TRUST CO INC STATEMENT PERM. May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER WEEER OR File LAST STATEMENT May 28.2004 DES:CM:CON ACC" SeMCLE:uSP rot OUAMITY PRICE MARKET VALUE ACCRUED MEREST ESTEEMED ANNUAL WAVE CURRE' YELD PEE FEDERAL HOME LOAN MTG CORP MRGN 7.874.136 8.9978 708.499 18,901 453,629 64.0268 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.761% FACTOR — .30594406 FEDERAL HOME LOAN MTG CORP MRGN 13.838.079 11.4123 1.579.242 38.985 935,593 59.2432 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.761% FACTOR - .27676164 FEDERAL HOME LOAN MTG CORP MRGN 15.964.976 8.7232 1.392.652 38.320 919.742 66.0425 SERIES 2483 CL SL DATED DATE 07/02/02 800K ENTRY ONLY DUE 03+15/2032 5.761% FACTOR - .27676163 FEDERAL NATIONAL MTG ASSN MRGN 15.827.194 10.9989 1.740.814 12.530 902,150 51.8235 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 5,700% FACTOR — .65114376 Total Government& Agency Obligations $7.272.121 $155.860 $4.342.067 027 07.0194:13:31 001 Y832 EFTA00195869 CLEARED THROuGH ITS WIICUY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 c, Your Portfolio Holdings (continued) Corporate Bonds DESCRIPTION FANNIE MAE CMO/SERIES 2003-13 S RCR-I/0 FLTR DATED DATE 02/25:03 BOOK ENTRY ONLY DUE 03/25:2033 6 700% FACTOR — ,62826539 Total CorporateBonds ACC' SYLSOLCUSP TYPE MRGN OUAMITY 31.413,267 ACCRUED PRICE IAARxET VALLE MEREST 14.5691 4.576.631 29,235 FINANCIAL TRUST CO INC STATEMENT PERK* May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER NUMER On File LAST STATEMENT May 28.2004 ESTRUM ° ANNUAL INCOME 2.104.689 $4.576.631 $29,235 $2.104.689 CURFENIT YELD 45.9877 TOTAL FIXED INCOME $11.848.752 $185.095 $6.446.756 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $185.095 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6.446.756 YOUR PRICED PORTFOLIOHOLDINGS $11$77.782 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PURCKISE, REPURCHASE START DATE DATE PRICING RATE PURCHASE PRICE) ACCRUED REPO PARICSAL INTEREST' GOMM (FACE AMOUNT) CUSP DESCRIPTION YOU SOW (REPO) 04/08,04 07:08:04 1.340 8.258.000 -25.820 .10.000.000 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-2 CLASS S 11.8950 01/16,34 YOU SOLD (REPO) 06/01104 07/01/04 1.325 -4,345.000 -4.797 .44.000.000 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 5.6700 02/20,33 027 07)01,04:12:31 001 EFTA00195870 CLEARED THROUGH ITS WHOM.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co. Inc. outstanding as of date of statement (continued) MICHAS& REPURCHASE PRICING START DATE DATE RATE PURCHASE PAC, PIIINCPAL ACCRUED REPO MEREST' OUM1111Y (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/14/04 07/08/04 1.340 -2,072,000 -1.311 -44,389,962 SERIES 2004-2 CLASS S 5.9475 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 06/30/04 07/01/04 1.325 -1,744,350 -64 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU BOUGHT (REVERSE) 06/04/04 OPEN 0.900 25.062.500 13.178 25.000.000 USTR 3.1250 05/15/07 YOU BOUGHT (REVERSE) 0&3004 OPEN 1.100 100.125.000 3.059 100,000.000 USTR 2.7500 06/30/06 TOTAL REVERSE REPURCHASE TRANSACTIONS $125.187.500 $16.237 TOTAL REPURCHASE TRANSACTIONS $-16.419.350 5.31.992 'As of slekceirl dee FINANCIAL TRUST CO INC STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER MAUER On File LAST STATEMENT May 28.2004 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION 06/01/04 05/26/04 SOLD S0J00..CuSP OJANDTY MCC DEBIT AMOUNT CREPT AMOUNT UNITED STATES TREASURY NOTE 02.500% MN 31 0 MATURITY AVER REP # 61471007 AS AS OF OS.2644 -25,000.000 99.87200 ACCR. INT. 24,968,000.00 1,707.65 021 n01.04:13:31 001 "832 EFTA00195871 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSIC110/1 06/01/04 05/26104 SOLD 06,04/04 06,0104 SOLD 06/04/04 06/03/04 SOLD 06/09/04 06/03/04 BOUGHT 0614/04 06/10/04 SOLD 06,15,04 PRINCIPAL 06/15/04 PRINCIPAL 06/15/04 PRINCIPAL OESCRPTION UNITED STATES TREASURY NOTE 02,500% MN 31 . MATURITY OVER REF # 01471007 BS AS OF 0526:04 UNITED STATES TREASURY NOTE 0312646 MN IS . MATURITY OVER REF # 01551006 Al UNITED STATES TREASURY NOTE 02,500% MN 31 GTO MATURITY OVER REF # 01551009 Al PUT TSY 3118 05/07 EUROPUT STRK 99-20 EXP 08/13(2004 ORIGINAL SO 06/04104 AS OF 06/03104 FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO iiiiiii#157690000 BS FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.300 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 CLEARED IHROuGH ITS yEHMLY ODY*0 SUOSIOTAny Beer Ster Tir T FINANCIAL TRUST CO INC STATEMENT PERM May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER MASER On File LAST STATEMENT May 28.2004 STIA8M.ECOSP OVANTITY PRICE DENT AMADEI CREME AMOUNT -50.000,000 99.87200 ACCR. INT. 49,936,000.00 3,415.30 NM -25.000.000 99.90625 24,976,562.50 ACCR. INT. 42,459.24 -25,000,000 99.77344 24.943.359.38 ACCR. INT. 6.830.60 50,000,000 0.71094 355,468.75 MIK -2.636.265 72.06250 1.899.758.47 615.870 -707,179 -938,179 027 0201,04:12:31 001 EFTA00195872 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 06/15/04 TRADE DATE TRANSACTION PRINCIPAL OESCRPTION FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,900 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 06/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01132 PRIN RID 05-04 ND 06-15-04 REPO P 8I 0,0000 06/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12.200 DUE 01/16/34 PRIN RID 06-04 ND 06-16-04 REPO P 81 12,2000 06/25/04 06/24/04 BOUGHT UNITED STATES TREASURY NOTE 02.500% MN 31 MATURITY AVER REF G1761027 A3 06/25/04 06/24/04 BOUGHT UNITED STATES TREASURY NOTE 02 500% MN 31 MATURITY GVER REF #01761027 B3 0625/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 05-04 ND 06-25-04 REPO P 81 0,0000 062564 PRINCIPAL FANNIE MAE CMOISERIES 2003-13 S RCR-v0 FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 06-25-04 062504 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-04 STITI3OLICOSP GUMMY -402,434 PRICE CLEARED THROuGH ITS TAHCLLIT OHTTED SUONOTARY Beer Stywn T FINANCIAL TRUST CO INC STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT May 28.2004 DEBIT AMOUNT CHEM MONO 97.950.70 86.358.20 50.000.000 ACCR. INT. 99.70313 49.851,562.50 85,382.51 50.000,000 99.70313 49.851.562.50 ACCR. INT. 85.382.51 227,462.55 -951.594 -479.449 027 DMILI34:13:31 001 Y832 EFTA00195873 CLEARED THROUGH ITS YAIOU.Y ComED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 r! Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACT/Col DESORPTiON S11.400LCUS, OVANTITY PR9CE DEW AMOUNT OREM AMOUNT 06/30/04 06/24/04 SOLD UNITED STATES TREASURY NOTE -50.000,000 100.06250 50,031,250.00 02.750% JO 30 . MATURITY GVER REF It G1761023 Al 06,20/04 06124/04 SOLD UNITED STATES TREASURY NOTE -50.000,000 100.06250 50,031,250.00 02.750% JD 30 0 MATURITY GVER REF PG1761023 at TOTAL $.100.229.358.77 $227.252,364.59 INTEREST DATE DESCRITIION SYMEICIAU9P OUMRITY RATE iy.9 MINT AMOUNT CAECM A/ACUUT 06/01/04 AVG BAL 325,401RT 0.270 75.62 021 OFFICE INTEREST 0504 06/15/04 FEDERAL HOME LOAN MTG CORP El= 1.0000 24.081.17 SEBES 2471 CLASS Yr DUE 03/15/2032 1.000 INT RFD 05-04 PA) 06-15-04 REPO P 8I 1,0000 06/15/04 FEDERAL HOME LOAN MTG CORP 5.9000 82.505.83 SEBES 2483 CL SL DUE 03/15/2032 5,900 INTEREST PAYMENT 06-15.04 06/15/04 FEDERAL HOME LOAN MTG CORP IBM 6.9000 83,635.25 SEBES 2488 CLASS SO DUE 03/15/2032 6,900 INTEREST PAYMENT 06-15.04 06/15/04 FEDERAL HOME LOAN MTG CORP 6.3000 101,297.82 SEBES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 06-15.04 027 07,01.04:13:31 001 Y812 FINANCIAL TRUST CO INC STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 /awn NUMBER TAXPAYER /AMER OR File LAST STATEMENT May 28.2004 EFTA00195874 B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. Transaction Detail (continued) INTEREST (continued) CLEARED THROuGH ITS wisCtLY CAM,E0 SURSIOally Beer Stern FINANCIAL TRUST CO INC STATEMENT PERK* May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER AMMER OR File LAST STATEMENT May 28.2004 DATE DESCRIPTION so/ecuctise CWMITY RATE lid DEBIT AMOUNT DREW AMOUNT 06/15/04 FEDERAL HOME LOAN MTG CORP 5.9000 40,693.14 SERIES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 06-15.04 06/16/04 GOVERNMENT NATIONAL MTG ASSN 6.1000 219.760.82 SERES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT RID 06-04 PA 06-16-04 REPO P 8I 6,1000 06/16/04 GOVERNMENT NATIONAL MTG ASSN 12.2000 98.925.90 SERES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT RID 06-04 PAD 06-16-04 REPO P 8I 12,2000 06/21/04 GOVERNMENT NATIONAL MTG ASSN MIS 5.8500 214.500.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5,850 INT RID 05-04 ND 06-20-04 REPO P 8I 5,8500 06/25/04 FANNIE MAE CIAO/SERIES 2003-13 NMI 6.9000 186.097.96 S RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 06-25.04 06/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 80.174.33 SERES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 06-25.04 TOTAL 61.131.747.84 027 07)01,04:12:31 001 YS32 EFTA00195875 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 • Transaction Detail (continued) REPURCHASE AND REVERSE REPU with Bear,Stearns& Co. Inc. SEGLEMENT DATE 06/01/04 TRADE DATE TRANSACTION JOURNAL RCHASE TRANSACTIONS DETCAP-ICH FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 RIM RW2 TERM ENT 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM At REPO A 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM W2 REPO A 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 1032 FITM A3 REPO A 06/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS 5,850 FITM RW2 TERM ENT 06/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS 5,850 DUE 02/20+33 FITM FI 933207 At REPO AGREEMENT 06/01/04 RECEIVED UNITED STATES TREASURY NOTE DUE 05131/2006 2.500 2,500 FITM RESALE IT CLEARED TimouGH ITS yalMLY OUTS0 9.1890any Beer Steen FINANCIAL TRUST CO INC STATEMENT PER100 May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER Whi8ER On File LAST STATEMENT May 28.2004 STAIDECCUSIP CXJANNIT DEBIT AMOUNT CREDIT AMOUNT 4.744.651 3,241,000.00 MI= .4.744.651 3.297.000.00 Mlle 4.744.651 3,297,000.00 -4.744.651 3.297.000.00 44.000.000 4.300.000.00 MM. -44.000.000 4.345.000.00 75.000.000 75.187.500.00 027 07.01,04:13:31 001 2932 EFTA00195876 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CLEARED 'moue,/ ITS mixt,/ OmMO SUOMany Beer Sim, FINANCIAL TRUST CO INC STATEMENT PER/00 May 29.2004 THROUGH June 30.2004 AccouNT NUMBER TAXPAYER /AMER OR File LAT/ STATEMENT May 28.2004 SETTLEMENT TRIOS DATE DATE TR/MACRON DESCRPRON STMOCCCUSIP OVAMITY 003IT AMOUNT CREDIT AMOUNT 06/01/04 INTEREST FEDERAL NATIONAL MTG ASSN 2,574.79 STRIP MTG SERIES 322 CL PO DUE 033 . 0,001 FITM AZ REPO I 06/01/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02, 5,8.50 FITM AZ REPO I 06/04/04 RECEIVED UNITED STATES TREASURY NOTE DUE 05115/2007 3,125 3,1251.0K FITM Al RESALE 06/04/04 DELIVERED UNITED STATES TREASURY NOTE DUE 05131/2006 2,500 2,500 FITM TERM EMENT 06/04/04 RECEIVED UNITED STATES TREASURY NOTE DUE 05(31/2006 2,500 2,500 FITM DWI RESALE 06/04/04 INTEREST UNITED STATES TREASURY NOTE DUE 051 2,500 FITM A2 RESALE 06/10/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE FITM TERM ENT 1.086.94 25.000.000 25.062.500.00 .75.000.000 75.187.500.00 100.000.000 100.000.000.00 4,323.28 2.636.265 027 07)01,00:13:31 001 Y832 EFTA00195877 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CLEARED THRouGH ITS molly OmnE0 SU8P0any Beer PeaH FINANCIAL TRUST CO INC STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 AccouNT NUMBER TAXPAYER AWmER OR File LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON STMOCCCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06/10/04 JOURNAL FEDL HOME LOAN MM CORP#503602 -2,636265 250.000.00 SERIES 223 CLASS PO DUE I RIM Jiro Al REPO 06/14/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 1 Fn4 A2 TERM ENT 06/14/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,100 FITM AI REPO A 0614/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB PilM MRS. 41A2 TERM ENT 0614/04 INTEREST FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE IMO. 0,000 RIM A2 REPO I 0614/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE Oil. 6,100 FITM A2 REPO I 06/25/04 DELIVERED UNITED STATES TREASURY NOTE DUE 0S:31/2006 2,600 2,500 FITM TERM ENT 2.636.265 250,000.00 -43.231,636 2,072,000.00 43231,636 3'12,000.00 39.20 9.257.32 -100.000.000 100.000.000.00 027 07)01,04:13:31 001 V832 EFTA00195878 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 15 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT DATE 06/25/04 TRADE DATE TRANSACTION INTEREST DESORPTION UNITED STATES TREASURY NOTE DUE Oil. 2.500 FONT A2 RESALE 06/29/04 06(291 JOURNAL ADP CD FITM.PR JOURNAL ADP CD FITMPR 06/30/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.0011032 FITM Al REPO 06/30/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PG 0.001 FITM A4 TERM ENT 06/30/04 RECEIVED UNITED STATES TREASURY NOTE DUE 0640/2006 2,750 2.760 FONT Al RESALE 0&30;04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE la. 0,001 FITM A4 REPO I TOTAL CLEARED TuRouom ITS mow, OmYSO SUOSOany Beer Steam FINANCIAL TRUST CO INC STATEMENT PERK* May 29.2004 THROUGH June 30.2004 AccouNT NUMBER TAXPAYER WEISER OTIFile LAST STATEMENT May 28.2004 STMOCCCUSIP CcANNTY OMIT AMOUNT CREDR AMOUNT 38,027.78 1,740,000.00 1.740.000.00 -4,517,189 1,744,350k0 4,517,189 3,297,000.00 MIN 100.000.000 100,125,000.00 NMI 3,519.09 $-320,228,477.34 $191,975,201.06 027 07)01,00:12:31 001 11032 EFTA00195879 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 16 Transaction Detail (continued) MISCELLANEOUS DATE 1.130AT TRANSACTOR 06/14/04 JOURNAL DESCRIPTOR MAY 04 SPEC CLEARING FEES DEBIT AMOUNT 450.00 CREPT MOUNT TOTAL $450.00 Your messages Notice Regarding a Change in The Statement of Interest Charges Pursuant to the "Truth-in-Lending- Rule 10 (b)-16 Regarding Short Sales And Marking-To-The-Market Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows: The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amount because Bear Steams Securities has to borrow the same security in order to deliver it to the buying broker and has to provide its lender additional collateral of up to 105% of the settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the difference between (i) up to 105% of the settled short market value of such short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales. End of Statement CLEARED THROuGH ITS wilDtLY EAM,E0 SUBSIDIARY Beer &ter FINANCIAL TRUST CO INC STATEMENT PERKO May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER AMMER On hie LAST STATEMENT May 28.2004 Any short positions in your account will be kept "marked-to-the marker. This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the short securities. Securities that are priced below five dollars per share may be valued at five dollars per share for short marking-to-the market purposes. If a security has been sold short (or sold short against the box) and has appreciated in market price over the selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the drop in value, The appreciation or depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily dosing prices or quotations provided by pricing services, as applicable, or upon such factors as Bear Stearns Securities in its sole judgement deems pertinent, Please note that the other sections of the "Truth-in-Lending" disclosure previously provided to you remain unchanged, 027 07)01,04:13:31 001 Y832 EFTA00195880 CLEARED THRCo3F1 11S ?MOO.? OW,*0 SUBSXMARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wenv.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 17 Your Portfolio at a Glance TOTAL VAWE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET CREDIT BALANCE 12,394,691 160,153 228,003 NET EQUITY THIS PERIOD $12,782,847 NET EOUITY LAST STATEMENT 13,363,739 CHANGE SINCE LAST STATEMENT -580,892 There are no 'Stop loss' orders or other pending buy or sell open orders on file for your account. II FINANCIAL TRUST CO INC CAD JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash 8 Equviatent $228.003 $-12.163 Filed_ Income 12.394.691 NI Current market value gel Last statements market value Short market value $13.163012 FINANCtAL TRUST CO INC STATEMENT PERKO May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Fee LAST STAMEN,' April 30.2004 SIM 71k TIATRuTY n fa MAMARAI palms pay a icro MAORI as a M. clocurneR TNs statienoN should be Maned TN your words See mom se for rcalart Mona, 027 05220402:32 001 7831 EFTA00195881 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi I7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OS29,0402:22 001 •real EFTA00195882 CLEARED THROUGH ITS YAICU.Y 044.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 c/ Cash Flow Analysis THIS PEDIGO Income Summary MS PERICO YEAS TO DATE Opening Balance $A2,162.87 U.S. Govt. Bond Int. 61,396.53 228,430.62 Govt. Agency Int. 978.422.27 4.354.833.13 Securities Sold 314,135,191.84 Corp. Bond Int. 195.447.99 1.027.568.56 Dividends Interest 1,235,353.40 Credit Balance Int. 86.61 156.30 Miscellaneous 32,031.25 Reverse Repurchase Int. 17.701.39 21.008.91 Amount Credited $315.402.576.49 Total $1 253 054.79 $5 631 997.52 Securities Bought -314$51.505.27 Bond Purchase Int. -209.405.71 -428,599.18 Dividends Interest Charged -209.405.71 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -11,508.39 -59,125.88 Miscellaneous -1.500.00 Amount Debited $-315,162,410.98 Net Cash Activity 240.165.51 Portfolio Composition ClosingBalance $228.002.64 Cashtash Equivalent 228.003 Fixed Income 12.394,691 Total $12,622,694 Cash Balance Summary OPEhkG CLOSING Margin -12.162.87 228,002.64 Net Cash Balance $-12.162.87 $228,002.64 027 0529434:12:32 001 FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT *11 30.2004 Your Portfolio Allocation Cash & Equntenl I% I— Fixed Income 99% Unteled 'Vero emote aver "nonce onto toe male vela, Tea eloml✓r ;event'', tepee." "en Vo eblet.te motel rat), el Kv Palbxi 1831 EFTA00195883 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPTION CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $228.003 SIMBOL,CuSIP MA PET ESTIMAIE0 EuRPENT DUMMY PRICE muF ANNUAL INCOME YIELD MI 228.003 FIXED INCOME Government & Agency Obligations DESCRPRON SWBOUCUSP !CET TYPE PRICE MARKET VALLE ACCRUED INTEREST ESTEEMED ANNUAL INCOME CURFI5Vr YEW 04 FEDERAL HOME LOAN MTG CORP MRGN 19.294.823 10.1223 1.953.080 43,896 1.215,574 62.2388 SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY ONLY DUE 0'2/15/2032 6.300% FACTOR - .32158038 FEDERAL HOME LOAN MTG CORP MRGN 8.276.570 9.0531 749.287 17,635 488,318 65.1710 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .32158037 FEDERAL HOME LOAN MTG CORP MRGN 14.545.258 11.4010 1.658.299 36,240 1.003,623 60.5212 SERIES 2488 CLASS SO DATED DATE 07/08102 BOOK ENTRY ONLY DUE 03/152032 6.900% FACTOR - .29090521 FEDERAL HOME LOAN MTG CORP MRGN 16,780.846 8.7571 1.469.512 35.753 990.070 67.3741 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/152032 5.900% FACTOR - .29090519 021 0529.04:12:32 001 Y831 CLEARED TNRouom ITS mow, ORY.E0 SUBROany Beer Ster FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER KAMER On File LAST sTATEmENT April 30.2004 EFTA00195884 CLEARED THROUGH ITS omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 ' • Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRPDON SYMECLCuSP ACC" TYPE OUANTITY PRICE MARKET VALLE ACCRUED tiTEREST ESTROUS:. ANNUAL INCOME CURRE' VELD NG FEDERAL NATIONAL MTG ASSN MRGN 16.306.643 11.0890 1.808.245 8.019 962,092 53.2058 SERIES 2003.49 CLASS SW DATED DATE 04/30103 BOOK ENTRY ONLY DUE 01/2512033 5.900% FACTOR .67086868 Total Government& Agency Obligations $7.63&423 $141.543 $4.659.677 Corporate Bonds ACCT ACCRUED ESTMATW CURRENT DESCWPTION SWABOUCUSP TYPE OLIAMITY PRICE MARKET VALLE ItiTEPEST ANNUAL INCOME yELD INi FANNIE MAE CM0/SERIES 2003-13 MRGN 32,364,861 14.6958 4.756.268 18.610 2.233,175 46.9523 S RCR-I/0 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.900% FACTOR .64729726 Total CorporateBonds $4.756.268 $18,610 $2.233.175 TOTAL FIXED INCOME $12.394.691 $160.153 $6.892.852 FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 AcccuNT NUMBER TAXPAYER NU03ER On File LAST STATEMENT Nycll 30.2004 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $160.153 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 56.892.852 YOUR PRICED PORTFOLIOHOLDINGS $12,622.694 02? 0629004:12:32 001 •Ya31 EFTA00195885 CLEARED THROUGH ITS IMICtLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 c. Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PIARCHASEi REPURCHASE PRICING START DATE DATE RAM PURCHASE RIM PRINCPAL ACCRUED REPO MEREST* OUNNTRY (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 -7,461 -44,389,962 SERIES 2004-2 CLASS S 6.1000 01/16134 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08104 1.340 -8,258,000 -16.598 -10.000.000 SERIES 2004-2 CLASS S 12.200001/16134 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 05/10/04 06/01/04 1.300 -3.241.000 -2.574 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU SOW FHLMC- STRIP PRINCIPAL ONLY (REPO) 05/24/04 OPEN 0.000 -1 -5.000.000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 05:25:04 06/01/04 1.300 -4300.000 -1.086 -44.000.000 SERIES 2004-5 CLASS P 5.8500 02/20133 TOTAL REVERSE REPURCHASETRANSACTIONS $0 $0 TOTAL REPURCHASETRANSACTIONS 5-19.511,001 $-27.719 FINANCIAL TRUST CO INC STATEMENT PERK* May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT *II 30.2004 Cl 21.2107401 <V0 027 0529,0402:32 001 Y831 EFTA00195886 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY SETTLELIEN1 DATE MADE DATE TRANSMTKIN 05/06/04 05/05/04 SOLD 05/07/04 05/06/04 SOLD 05/13/04 04/16/04 CANCEL SELL 05/13/04 04/07/04 CANCEL SELL 05/13/04 04/06/04 BOUGHT 05/13/04 04/16104 SOLD 05/13/04 04/07/04 SOLD DESORPTION UNITED STATES TREASURY NOTE .000:2,250% AO 30 ST/A3OLICUSP OHMIC/ MATURITY GVER REF tt 61261010 Al US TREASURY NOTE 03,12S% AO IS MATURITY GVER REF it 61271002 Al FNMA-30YR(FNMA)G1D imais SEITAS/04 05.500% 7470000 BS AS OF 04/16+04 TO C1P1. PREVIOUS SELL FNMA-30YR(FMAAJGTD SETT,0&04 OS,S00% 57540000 BS AS OF 04/07104 TO C)3. PREVIOUS SELL FNMA-30YR(FNMPOGTD 000 591,01.4 (6.500% 7900000 BS FNMA-30YR(FNMPOGTD SETT,0904 05,500% 7470000 BS FNMA-30YR(FNMAJGTD SEMOS/04 05.500% 57540000 BS -25,000,000 PRICE 99.89063 ACCR. INT. CLEARED THRouem ITS yasEtvi OMnED SURSIOany Beer Styr FINANCIAL TRUST CO INC STATEMENT PERM° May 1.2004 THROUGH May 28.2004 =EOM! NUMBER TAXPAYER NLIMER On File LAST STATEMENT *11 30.2004 OMIT AMOUNT MDR AMOUNT 24,972,656.25 9,171.20 -25.000.000 97.46875 ACCR. INT. 24,367,187.50 46,960.38 10 000.000 100.75000 10,075,000.00 15.000.000 101.56250 15.234.375.00 25.000.000 101.10938 25.277.343.75 -10.000.000 100.75000 10,075,000.00 -15,000.000 101.56250 15,234,375.00 07/ 0629004:12:32 001 Y831 EFTA00195887 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 I • • Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTOR DESCRIPTION STMEOLCUS, OVANTITY PRICE DEIST AMOUNT CROW AMOUNT 05/13/04 04/06/04 CANCEL BUY FNMA-30YR(FNMA)G1D imits 591.05104 05.500% 7900000 BS -25,000,000 101.10938 25,277,343.75 AS OF 04/06104 TO C/3. PREVIOUS BUY 0314104 031304 BOUGHT U S TREASURY NOTE 25,000.000 96.27030 24.067.575.00 • ' 03,125% AO 15 ACCR. INT. 61.902.32 0 MATURITY OVER REF # 01341012 Al 05,17104 05,13:04 sow UNITED STATES TREASURY NOTE -25,000.000 99.46875 24.867.187.50 03,875% MN IS ACCR. INT. 5.264.95 MATURITY OVER REF tY 01341013 A3 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP IMO •1.341.000 SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP -531 SERIES 2483 CL SI. 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP •1.162.000 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP 809 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP .1.515.000 SERIES 2530 CLASS SE 6,300 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04 FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER HUNTER On File LAST STATEMENT *11 30.2004 027 05200402:32 001 Y831 EFTA00195888 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 05/17/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 DUE 02115132 PRINCIPAL REDUCTN 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,900 DUE 02115/32 PRINCIPAL REDUCTN 05-15-04 05./17/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01/32 PRIN RID 04-04 PAD 05-15-04 REPO P 8I 0,0000 05./17/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,200 DUE 01/16/34 PRIN RID 05-04 PAD 05-16-04 REPO P 81 12,2000 05/24/04 05/21/04 BOUGHT UNITED STATES TREASURY NOTE 03,875% MN is MATURITY OVER REF # 01421003 A3 AS OF 05/21/04 052504 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 04.04 PAD 05-25-04 REPO P 81 0,0000 052504 PRINCIPAL FANNIE MAE CMG/SERIES 2003-13 S RCA-It FLTR 6,900 DUE 03/25133 PRINCIPAL REDUCTN 05-25-04 052504 PRINCIPAL FANNIE MAE CMOISERIES 2003.13 S RCA-t/0 FLTR 6)00 DOE 03/2933 PRINCIPAL REDUCTN 05-25-04 SYNOD:CUSP CUANTITY 4366 PRCE CLEARED THROuGH ITS YosiDLY CADET> SUBSIDAIW Beal Dea•ny Se •it' • FINANCIAL TRUST CO INC STATEMENT PERK* May 1.2(204 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NLIMER On File LAST STATEMENT April 30.2004 DEBIT AMOUNT MDR AMOUNT -650.235 196,400.50 78,886.80 25.000.000 100.24219 ACCR. INT. 25.060.546.88 23.692.25 309.453.15 .1.626.000 -92 02/ 05,230412:32 001 EFTA00195889 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTION CESCRETION SYMOWCUSP WINTRY PRICE DUE Atom MDT mourn 05/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -819,287 SERIES 2003-49 CRASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-04 05/27/04 05/26/04 BOUGHT UNITED STATES TREASURY NOTE EMI 25,000,000 99.54688 24.886.718.75 1111.2.250% AO 30 MATuRiTy ACCR. INT. 41.270.38 GYER REF 8 81471003 AI 05/27/04 05/26104 BOUGHT UNITED STATES TREASURY NOTE 50,000.000 99.54688 49,773,437.50 AO 30 ACCR. INT. 82.540.76 MATURITY GYER REF it 61471003 BI TOTAL 8-174.584.402.59 $125,439,886.98 INTEREST CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally Beer Stea,n T FINANCIAL TRUST CO INC STATEMENT PERK* May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER Cfl File LAST STATEMENT &Ail 30.2004 DATE OESCRIPTION STAIDELiCUSIP OUANTITT RATE I%3 CEBIT AMOUNT CREDIT AMOUNT 05/03/04 AVG BAL 526,661RT 0.197 86.61 021 OFFICE INTEREST 0404 05/17/04 FEDERAL HOME LOAN ma CORP 1.0000 26,006.32 SERES 2471 CLASS YT DUE 03/15/2032 1,000 INT RID 04.04 PA) 05-15-04 REPO P 8I 1,0000 05/17/04 FEDERAL HOME LOAN MTG CORP 5.9000 89.101.69 SERIES 2483 CL Si. DUE 03/15/2032 5,900 INTEREST PAYMENT 05-15.04 05.(17/04 FEDERAL HOME LOAN MTG CORP 6.9000 90.321.40 SERES 2488 CLASS SO DUE 03/15/2032 6,900 INTEREST PAYMENT 05-15.04 027 OS230402:32 001 Vel3I EFTA00195890 CLEARED THROUGH ITS 1011CtLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 11 CI T/ Transaction Detail (continued) INTEREST (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUNMER OTT File LAST STATEMENT April 30.2004 DATE DESCRIPTION STTABOLCvSiP OVANTITI NNE IN: DEBIT AA/DUN- MEM AMOUNT 05/17,04 FEDERAL HOME LOAN MTG CORP 6.3000 109,256.12 SERES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 05-15.04 05/17/04 FEDERAL HOME LOAN MTG CORP 5.9000 43.890.12 SERES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 05-15.04 05/17/04 GOVERNMENT NATIONAL MTG ASSN 6.1000 221.41122 SERES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT RID 0104 PM 05-16-04 REPO P 8I 6,1000 05/17/04 GOVERNMENT NATIONAL MTG ASSN 12.2000 99.72711 SERES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT RID 05-04 PM 05-16-04 REPO P 8I 12,2000 05/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8500 214.500.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5,E150 INT RID 04.04 PM 05-20-04 REPO P 8I 51500 05/25/04 FANNIE MAE CMOMERIES 2003.13 6.9000 195.447/9 S RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 05-25.04 05/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 84.202.49 SERES 2003.49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 05 25 04 TOTAL $1,173.956.87 027 OS2004:I 2:32 001 .831 EFTA00195891 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. scnumeir TRADE DATE DATE TRANSACTION YES:RP-ICH SYMOCCCUSIP °WAIST CON AMOUNT CREDIT AMOUNT 05/04/04 JOURNAL FEDL HOME LOAN MM CORP#S03602 2.930.616 200.000.00 SERIES 223 CLASS PO DUE I RIM 30.44 TERM ENT 05/04/04 JOURNAL FEDL HOME LOAN MTG CORNOS03602 -2.930.616 225,000.00 SERIES 223 CLASS PO DUE I RIM At REPO 05/04/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.930.616 225.000.00 SERIES 223 CLASS PO DUE I 210" RIM A2 REPO A 05/04/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -2.930.616 225.000.00 SERIES 223 CLASS PO DUE I RIM A3 REPO A 05+04/04 INTEREST FEDL HOME LOAN MTG CORP#503602 57.78 SERIES 223 CLASS PO DUE I 0,000 RIM A4 71.0. REPO I 05/06/04 DELIVERED UNITED STATES TREASURY NOTE IN= -50.000.000 50.000.000.00 DUE 04+3012006 2.250 2.250 FIN Sillirr m TERM ENT 05106/04 RECEIVED UNITED STATES TREASURY NOTE 75.000.000 75.000.000.00 CLEARED THROuGH ITS Yi0C(LY OBB*0 SUBSIDIARY Beer STea•n FINANCIAL TRUST CO INC STATEMENT PERO) May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUAISER On PIN LAST STATEMENT ApIX 30.2004 DUE 04+30/2006 2.250 F 2,250 111.06 IN Al RESALE T 027 0529,04:12:32 001 YLIST EFTA00195892 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) CLEARED THROUGH ITS WHOLLY CALY*0 SUBSIDIARY Beer SIENA FINANCIAL TRUST CO INC STATEMENT PERO) May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER KAISER On File LAST STATEMENT April 30.2004 SETTLEMENT TWEE DATE DATE TRANSACTION DESCRPRON STMDCMISIP OJANTIN OMIT ;wow CREDIT AMOUNT 05/06/04 INTEREST UNITED STATES TREASURY NOTE 4,138.89 DUE 04/11 2250 FITM A2 RESALE 05/07/04 RECEIVED U S TREASURY NOTE MEM 25.000.000 24.500.000.00 DUE 04/15/2009 3.125 3,125 FITM Al RESALE 0510/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.744.651 3.241.000.00 STRIP MTG SERIES 322 CL PO 0,0011032 FITM Al REPO 05110/04 JOURNAL FEDERAL NATIONAL MTG ASSN MIS 4.744.651 3.260.000.00 STRIP MIS SERIES 322 CL PO 0,001 2 FITM A.2 TERM ENT 051 0104 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.734.215 225.000.00 SERIES 223 CLASS PO DUE 1 RIM A2 TERM AAENT 0510/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 MOM -2,734,215 715.000.00 SERIES 223 CLASS PO DUE FITM lir Al REPO A 0510iO4 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEM -44.000.000 5.533.000.00 SERIES 2004-5 CLASS PS 5.850 FITM Al REPO A 027 0529004:12:32 001 7831 EFTA00195893 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRIOS DATE DATE TWC3ACRON DESORPTION 05/10/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5.850 FITM TERM ENT 05,10/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM AZ REPO I 05,10/04 INTEREST FEDL HOME LOAN MTG CORP4S03602 SERIES 223 CLASS PO DUE lea 0,000 FITM AZ REPO I 0910/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 0111 5.850 FITM AZ REPO I 05/14/04 DELIVERED US TREASURY NOTE DUE 04(192009 3.125 3.125 FITM TERM ENT 05.(17/04 RECEIVED UNITED STATES TREASURY NOTE DUE OS(192009 3.875 3.875 FIRM Al Ascsi F 05/21/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE t FITM A2 TERM mENT SYMEICCCUSIP CLEARED THROUGH ITS WHOLLY CALY*0 SUBSIDIARY Beer SIENA FINANCIAL TRUST CO INC STATEMENT PERM May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER KAISER On File LAST STATEMENT ADIB 30.2004 OUXAMTr DEBIT AMOUNT CREDIT AMOUNT 44,000,000 5,907,000.00 1,294.94 48.75 6,825.87 -25.000.000 24.500.000.00 25.000.000 25.000.000.00 2.734.215 715 000 00 027 052804:1282 001 Y831 EFTA00195894 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 15 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRCH STAIDECCUSIP OCANTITY OMIT AMOUNT 05/21/04 INTEREST FEDL HOME LOAN MTG CORP4S03602 284.01 SERIES 223 CLASS PO DUE l oin 0,000 FITM A2 REPO I 05/24/04 JOURNAL 05/24/04 DELIVERED 05/24/04 INTEREST 05/25/04 JOURNAL 05+25/04 JOURNAL 05/25/04 INTEREST CLEARED THROUGH ITS ?MOLLY ODS*0 SUBSIDIARY Beer STRAn FINANCIAL TRUST CO INC STATEMENT PERXIO May 1.21204 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT April 30.2004 CREDIT AMOUNT FEDL HOME LOAN MTG CORP#503602 -2.734.215 SERIES 223 CLASS PO DUE I FITM Al REPO UNITED STATES TREASURY NOTE -25,000000 25,000,000.00 DUE 05/192009 3,875 3,875 FITM TERM EMENT UNITED STATES TREASURY NOTE 2,979.17 DUE 05/01. 3,875 FITM A2 RESALE GOVERNMENT NATIONAL MTG ASSN 44.000.000 4.300.000.00 SERIES 2004-5 CLASS PS 5850 FITM AI REPO A GOVERNMENT NATIONAL MTG ASSN 44.000.000 5.533.000.00 SERIES 2004-5 CLASS PS 5,850 FITM F4)01.2 TERM MENT GOVERNMENT NATIONAL MTG ASSN 2.997.04 SERIES 2004-5 CLASS PS DUE ill 5,850 FITM A2 REPO I 027 0529,04:12:32 001 Y831 EFTA00195895 CLEARED IHRCUGH ITS MOIST omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 16 ui T/ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SEMEMENT TRADE DATE DATE TRANSACTION DESCRPRCH 05/27/04 DELIVERED UNITED STATES TREASURY NOTE DUE 04+30/2006 2.250 2,250 FILM SOLIG A TERM ENT 05/27/04 INTEREST UNITED STATES TREASURY NOTE DUE 04(tifil 2.250 FILM A4 RESALE RIME/MCl/SIP FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2.204 THROUGH May 28.2004 ACCCUNT NUMBER TAXPAYER WEISER On File LAST STATEMENT *11 30.2004 OuNany Oen AMOUNT CREDIT AMOUNT -75,000,000 75.000.000.00 10.583.33 TOTAL $.140.576.508.39 $188.756.701.39 MISCELLANEOUS DATE MCIOAT TRANSACTCN DESCRIPTION DENT AMOUNT CP£C1T AMOUNT 05/12104 05113/04 JOURNAL JOURNAL APR 04 SPEC CLEARING FEES FNMA-30YR(FNMA)GTD SETT,05/04 5,500 DUE 054i /34 MBS NET 05113;04 1.500.00 32.031.25 TOTAL $.1.500D0 $-32,031.25 027 OS29,04:12:32 001 Y831 EFTA00195896 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 17 • Trades Executed Pending Settlement CLEARED IHROuGH ITS viiiCti.v OMEO SUCISIOally Beer &ter FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.21704 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NLIEGER On File LAST STATEMENT April 30.2004 SETTLEMENT TRADE DATE DATE 1R4NS1C11D/1 DESORPTION 80230DCUSIP CM1NMY uma DWG AMOUNT CREDO a/FOUNT 06/01/04 05/26/04 06/01/04 0526/04 SOLD 02,50094 MN 31 0 MATURITY GVER REF # G1471007 AS UNITED STATES TREASURY NOTE 02,500% MN 31 0 MATURITY GVER REF # G1471007 63 -25,000,000.00 -50.000.000.00 100.1140 100.1140 25,030,207.65 50.060.415.30 TOTAL $0.00 $75.090.622.95 The Sore Fades OD eel spew on any other wenn or Ihis slalomed End of Statement 027 OSP29214:12:32 001 V831 EFTA00195897 CLEARED THROLGH ITS ?THOU.,' OWNE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEEISITE wmr.bearsteams.cOm What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 18 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET DEBIT BALANCE 13,163,012 ■,890 -12,163 NET EQUITY MS PERIOD $13,363,739 NET EQUITY LAST STATEMENT 12,961,281 CHANGE SINCE LAST STATEMENT 402,458 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. 11.1,111111111111 I I FINANCIAL TRUST CO INC 0/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & Equmarent 51 2,163 lit 529.336 Filed income $13.163.012 $12.671,042 ▪ Current market value EA Last statements market value C Short market value FINANCIAL TRUST CO INC STATEMENT PERO° *II I. 2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT March 31.2004 TMS STAYmBrY a ko dOrmaddsl ptrposts pay Ikea nested as a laT cleaner. TN; Ratan should be retailed for your records Saa wend a for moody,/ ntomerce 027 OSID1,404:13:17 001 V830 EFTA00195898 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05:01/04:13:17 001 V830 EFTA00195899 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 c, Cash Flow Analysis THIS PERIOD Income Summary DC PEW° YEAR TO DATE Opening Balance Securities Sold $29,336.35 262,416,355.93 U.S. Govt. Bond Int. 167.034.09 Govt. Agency Int. 1,006,614.64 167,034.09 3.376.410.86 Corp. Bond Int. 202,418.63 832,120.57 Dividends/Interest 1,376,137.05 Credit Balance Int. 69.69 69.69 Amount Credited $263,792,492.98 Reverse Repurchase Int. 1.534.74 3,307.52 Total $1 377 671.79 $4 378 942.73 Securities Bought -263,737.814.70 Funds Withdrawn 70.695.00 Bond Purchase Int. -16,393.44 -219,193.47 Dividends/Interest Charged -16.393.44 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -29,010.01 -47,617.49 Miscellaneous -9.089.06 Amount Debited $-263,833,992.20 Net Cash Activity -41.499.22 Portfolio Composition ClosingBalance 3.12 162.87 SHOAT LONG Cash Balance Summary OPEt, NG CLOSING Margin 29.336.35 -12,162.87 Net Cash Balance $29,336.35 $-12.162.87 CashiCash Equivalent Fixed Income 12.163 13.163,012 Total $12.163 $13.163.012 027 05,01.'04:13:17 001 FINANCIAL TRUST CO INC STATEMENT PERKO 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER RIMER On File LAST STATEMENT March 31.2004 Your Portfolio Allocation Short Cash Si Equivalent • I% Untivoecl Frown demo* debt beano, onto Oo•I male vela, Tha olocaInn percemso, i, 0e•ued from Vo Mnol.te markei ran ci vc. palioo V830 EFTA00195900 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS PAAPXEE ESEIMATED D:AP£NT DESCRP"011 S•MOCLCLS* OUNITETT PACE VALUE PECCEEE ,ao I%) CASH BALANCE -12.163 TOTAL CASH & CASH EQUIVALENTS 5.12.163 FIXED INCOME Government & Agency Obligations ACC" DESCRY:EDON S•MECLLUSP PPE FEDERAL HOME LOAN MTG CORP MRGN SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY MY DUE 02/15/2032 6.300% FACTOR — .34684482 OUAMITY 20,810.689 CLEARED THRONG,. ITS WHOLLY OGXED SUTESICEMIX Beer Steam. Se •it' • FINANCIAL TRUST CO INC STATEMENT PERK* *II 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER MAGER OTI File LAST STATEMENT MVO 31.2004 ACCRUED MIMEO CURFOR PRICE LURKS VALUE INTEREST ANNUAL MOUE VELD N 9.9449 2.069.594 54.630 1.311,073 63.3493 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .34684481 MRGN 8.926.805 8.9198 796.254 21.943 526.681 66.1448 FEDERAL HOME LOAN MTG CORP MRGN 15.708.067 11.3318 1.780.011 45.160 1.083.857 60.8905 SERIES 2488 CLASS SO DATED DATE 07/08102 BOOK ENTRY ONLY DUE 03/15,2032 6.900% FACTOR - .31416139 FEDERAL HOME LOAN MTG CORP MRGN 18,122,377 8.8592 1.605.493 44.550 1.069.220 66.5976 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.900% FACTOR - .31416137 027 0301,04:13:17 001 V830 EFTA00195901 CLEARED THROUGH IRS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 ci Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTION SWECLCUSP ACC' T1PE DUMMY PRICE MARKET VALUE ACCRUED MEREST ESTIAMED ANNUAL INCOME CURFOR YELD NG FEDERAL NATIONAL MTG ASSN MRGN 17.125.930 10.8689 1.861.402 14,032 1.010,430 54.2833 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,900% FACTOR — ,7045742,0 Total Government& Agency Obligations $8.112.754 $180,315 $5.001.261 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION STTABOUCUSP TYPE DUMMY PRICE MARXET VALUE INTEREST ANNUAL ACOAIE 1E:0 FANNIE MAE CM0/SERIES 2003-13 MRGN 33,990,953 14.8577 5.050.258 32,575 2.345.376 46.4407 S RCR-I/0 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25,2033 6.900% FACTOR — .67981909 Total CorporateBonds S5.050.258 $32,575 $2.345.376 TOTAL FIXED INCOME $13.163.012 $212.890 $7.346.637 FINANCIAL TRUST CO INC STATEMENT PERIOD Apll 1.2004 THROUGH *11 30.2004 ACCCUNT NUMBER TAXPAYER MJUSER On File LAST STATEMENT Mardi 31.2004 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $212.890 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $7,346,637 YOUR PRICED PORTFOLIOHOLDINGS $13.150.849 027 050104:13:17 001 V830 EFTA00195902 CLEARED IHRCUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 T, Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PLITICHASE/ START DATE REPURCHASE DATE PRICING PATE PURCHASE PRICE PRINCPAL ACCRUED REPO MEREST' OUNTMTY (FACE AMOUR) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 05/10/04 1.300 -5,907,000 -5,332 -44,000.000 SERIES 2004-5 CLASS P 5.8500 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 -3.454 -44,389.962 SERIES 2004-2 CLASS S 6.1000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 044138/04 07/08434 1.340 -8.258.000 -7.684 10.000.000 SERIES 2004-2 CLASS S 12.2000 01/16/34 YOU SOW (REPO) 04,26/04 05/10/04 1.300 -200,000 -50 .5.000.000 FHLMC- STRIP PRINCIPAL ONLY YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 04/29/04 05/10/04 1.300 -3,260,000 -470 -15,000,000 SERIES 322 CLASS PO 03/01132 YOU BOUGHT (REVERSE) 04:30x04 OPEN 0.450 50.000.000 1.875 50.000.000 USTR 2.2500 04/30/06 TOTAL REVERSE REPURCHASE TRANSACTIONS $50.000.000 $1.875 TOTAL REPURCHASETRANSACTIONS $-21.337.000 6-16090 SAP al simeanoi Mee FINANCIAL TRUST CO INC STATEMENT PERK* Pull 1.2004 THROUGH AprIl 30.2004 ACCCUNT NUMBER TAXPAYER KAMER On FIk LAST STATEMENT March 31.2004 027 05.431104:13:17 001 V830 EFTA00195903 CLEARED THROuGH ITS wHO(LY CA1T,E0 SUBSIOally B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OMR PTIO” STMOCLCUSP clomp. PRICE STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER AMMER LAST STATEMENT DEBIT AMOUNT 1.2004 *11 30.2004 Cfl FIIB March 31.2004 CHEM MONO 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE -10,000,000 100.60156 10,060,156.25 03.250% JJ 15 ACCR. INT. 72,321.43 . 0 MATURITY GVER REF It G0931017 Al 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE NM -20,000,000 99.39063 19.878.125.00 03.000% FA 15 ACCR. INT. 82.417.58 0 MATURITY GYER REF it 60931099 Al 04/06/04 04/05/04 SOLD UNITED STATES TREASURY NOTE -50,000,000 99.25000 49.625.000.00 01.600% MS 31 ACCR. INT. 12.295.08 MATURITY GVER REF # G0961031 Al 04/08/04 04/07/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.38281 49.691.406.25 01.50% MS 31 ACCR. INT. 16.393.44 0 MATURITY GYER REF tt 60981006 Al JOURNAL EDERAL HOME LOAN MTG CORP 1 SERIES 2471 CLASS YT .000 DUE 03/15/32 ADJUST POSITION 04/08104 JOURNAL EDERAL HOME LOAN MTG CORP 1 SERIES 2471 CLASS YT 1.000 DUE 03/15/32 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 ADJUST POSITION 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 2003-49 CLASS SW Beer Szea•r4 Se it' • FINANCIAL TRUST CO INC 5.910 DUE 01/25/33 027 0304'04:134 7 001 V830 EFTA00195904 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACIlDN 04/12/04 JOURNAL 04/15/04 04/06/04 CANCEL SELL 04/15/04 04/02/04 BOUGHT 04/15/04 040004 SOW 04/15/04 04/02/04 CANCEL BUY DESORPTION FEDERAL HOME LOAN MTG CORP SEFuES 2471 CLASS YT 1,000 DUE 03/15/32 FNMA-30YR(FNMA)GTD t SEIT.04/03 (6.500% 7890000 BS AS OF 0406/04 TO CM. PREVIOUS SELL FNMA-30YR(FNMA)GTD immis SEIT,04103 05.500% 8110000 BS FNMA-30YRIFNMAIGTD SE T,O4r03 05.500% 7890000 BS FNMA-30YR(FNMA)GTD SETT,04/03 Mal5 C6.5" 8110000 BS AS OF 0402/04 TO CM. PREVIOUS BUY PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL Si. 5.910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CI. SL 5,910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 ClIANTITY -1 PRICE CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally Beer Stean FINANCIAL TRUST CO INC STATEMENT PERK* *II 1.2004 THROUGH 30.2004 ACCOUNT NUMBER TAXPAYER NLIMER DON/ LAST STATEMENT MVO 31.2004 DEWY AMOUNT CHEM MONO 25.000.000 101.44922 25,362,304.69 25,000,000 101A8438 25,371,093.75 -25.000.000 101.44922 25,362,304.69 -25.000.000 101.48438 25,371,093.75 -1.104.000 -120 027 050104:13:17 001 V830 EFTA00195905 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 c, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 04/15/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,910 DUE 03/15132 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,310 DUE 02(15/32 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,310 DUE 02(15/32 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,910 DUE 02/15132 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01(32 PRIN RID 03-04 PAD 04-15-04 REPO P 8I 0,0000 04/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 DUE 01/16134 PRIN RID 04-04 ND 04-16-04 REPO P 8I 12,2200 04/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 03-04 ND 04-25-04 REPO P 8I 0,0000 04/26/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003.13 S RCR-10 FLTR 6,910 DUE 03/25133 PRINCIPAL REDUCTN 04-25-04 STIAXIMOUSV OVANIIIY -957,026 PRICE FINANCIAL TRUST CO INC STATEMENT PERIOD 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER HUNTER Cfl File LAST STATEMENT Mardi 31.2004 DEBIT AMOUNT CHEM MONO -1,214.000 -164 -520.819 126.480.85 71.293.90 286.866.75 -1.161.000 027 0801.04.13:17 001 V830 EFTA00195906 CLEARED THROUGH ITS YAIOU.Y omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 CI Tr, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 04/25/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FANNIE MAE CMG/SERIES 2003.13 S RCR-RD FLTR 6.910 DUE 03/2553 PRINCIPAL REDUCTN 04-25-04 04125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 PRINCIPAL REDUCTN 04-25-04 04/30/04 04.28/04 SOW UNITED STATES TREASURY NOTE 02.25096AO 30 . • 0 MATURITY OVER REF is 01191006 A3 STIA3OUCUSIP OVANIIIY -340 PRICE FINANCIAL TRUST CO INC STATEMENT PERK* 1.2004 THROUGH *1 30.2004 ACCCUNT NUMBER TAXPAYER AMMER CFI File LAST STATEMENT March 31.2004 DEBIT AMOUNT GRECO' PACtitil -585.127 -50,000,000 99.96700 49.983.500.00 TOTAL 8.100.441.198.13 $180.931.855.28 DEPOSITS AND WITHDRAWALS DATE TRANSACTIM 04/02/04 FND WIRED WIRED TO Mai SANK C#264414 TOTAL DESCRP'ICN DWI AMOUNT 70.69500 CREDIT AMOUNT $-70,695.00 INTEREST DATE DESCRIPTION 04/01/04 AVG BAL 245.100RT 0.341 021 OFFICE INTEREST 0304 SYMEICUCUSIF OUPPNITT RATE PM DEBIT AMOUNT (PEW AUCuur 69.69 027 0501.04;13:17 001 V830 EFTA00195907 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 11 CI Tr, Transaction Detail (continued) INTEREST (continued) FINANCIAL TRUST CO INC STATEMENT PER100 *II 1. 2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER AMBER Ofl File LAST STATEMENT MatCh 31.2004 DATE DESORPTION STTABO-CVSIP OVANillY RATE 1%) DEBIT AMOUNT WENT AMOUNT 04/15/04 FEDERAL HOME LOAN ma CORP 5.9100 94,690.50 SERIES 2483 CL SI. DUE 03/15/2032 5,910 INTEREST PAYMENT 04-15.04 04/15/04 FEDERAL HOME LOAN MTG CORP 6.9100 95,963.17 SERIES 2488 CLASS SO DUE 03/15/2032 6,910 INTEREST PAYMENT 04-15.04 04/15/04 FEDERAL HOME LOAN MTG CORP 6.3100 115,814.02 SERIES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 04-15-04 04/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 46,529.55 SERES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 04-15.04 04/16/04 FEDERAL HOME LOAN MTG CORP 1.0000 27,590.78 SERES 2471 CLASS YT DUE 03/15/2032 1,000 4/15 INT PYMT 04/16/04 GOVERNMENT NATIONAL MTG ASSN 6.1100 223.315.59 SERES 2004-2 CLASS SB DUE 01/16/2034 6110 INT R/D 04-04 P,D 04-16-04 REPO P 8I 6,1100 04/16/04 GOVERNMENT NATIONAL MTG ASSN 12.2200 100.617.41 SERIES 2004-2 CLASS SG DUE 01/16/2034 12,220 INT RID 04.04 P,D 04-16-04 REPO P 8I 12,2200 04/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8600 214.866.67 SERIES 2004-5 CLASS PS DUE 02/20/2033 5,860 INT RID 03-04 P,D 04-20-04 REPO P 8I 5,8600 027 050104;13:17 001 V830 EFTA00195908 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 0 T,‘ Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 04/28/04 FANNIE MAE CMO/SERIES 2003.13 S RCR-00 RTR DUE 03/25/2033 6,910 INTEREST PAYMENT 04-25-04 04/26/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5.910 INTEREST PAYMENT 04-25-04 SYMBOCCvSIP FINANCIAL TRUST CO INC STATEMENT PERIOD 1.2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER MAWR Cfl Ale LAST STATEMENT March 3I. 2004 0VANTITY RATE IN) DEBIT AMOUNT CREDIT AMOUNT 6.9100 202,418.63 5.9100 87.226.95 TOTAL 51.209.102.96 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear, Stearns& Co. Inc. SETTLEMENT MOE DATE DATE TRANSACTION DESORPTION SYMBOL CUSiP MARTIN DEBIT AMOUNT CREDIT AMOUNT 04/05/04 JOURNAL FEDERAL HOME LOAN MTG CORP -33.108.931 SERIES 2471 CLASS YT 1,000 DU.. FITMARGN Al REPO AGR 04/05/04 JOURNAL UNITEDW EASURY NOTE ERN A2 3,250 TERM REPO AGREEMENT JOURNAL UNITED EASURY NOTE FILM A2 3,000 I "09 TERM REPO AGREEMENT INTEREST UNITED STAlES 1REASURY NOTE DUE 01 12.250 ATM REPO Ihr 10.000.000 10,275,000.00 20.000.000 20.250.000.00 2302.69 027 080104;13:17 001 V830 EFTA00195909 B STUR NS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS SETTLEMENT DATE 04/05/04 TRADE DATE TM/MACRON DESCRPRON INTEREST UNITED STATES TREASURY NOTE DUE lab 3,000 FITM A2 REPO I (continued) 04/06/04 RECEIVED UNITED STATES TREASURY NOTE DUE 03/31/2006 1.500 1,500 ATM AI RESALE T 04/07/04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 9910 FITM AI REPO A 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM 11.11 REPO A 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,00130.32 REI F AZ TERM MENT 04/08/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CUSS PO DUE I F rrm Al REPO 04;08,04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CUSS PO DUE MSS., A2 TERM RrtirrigAAENT CLEARED THROuGH ITS ?AIM', (AMC> SURSIDarn, Beer Siewn FINANCIAL TRUST CO INC STATEMENT PERKI0 Ap11 T. 2004 THROUGH &NS 30.2004 ACCOUNT NUMBER STMEICUMISIP CXMASIN DEBIT /MUM TAXPAYER WIPER OR LAST STATEMENT March CREDIT AMOUNT File 31.2004 4,055.63 50,000.000 49.875.000.00 -17.711.056 1.492.000.00 -5.054.105 3.906.000.00 5.054.105 4.340.000.00 -2,930,616 2.157.000.00 2.930.616 2.376.000.00 027 050104:1317 001 V830 EFTA00195910 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICH SYMEICCCUSIP °WARM OMIT AMOUNT CREDIT AMOUNT 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 17,711,056 1,492,000.00 SERIES 2003.49 CLASS SW 5.910 FITM 31.r2 TERM MENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 43,859,035 100,000.00 SERIES 2004-2 CLASS SB 6,110 RIM R1ONE2 TERM ENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEM -43.859,035 3.712.000.00 SERIES 2004-2 CLASS SB 6.110 FITM Al REPO A 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN EMI -9.880.596 8.258.000.00 SERIES 2004-2 CLASS SG rA FITM Al REPO 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEM 9.880.596 8,523,000.00 SERIES 2004-2 CLASS SG 12,220 34 FITM A2 TERM ENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 5.907.000.00 SERIES 2004-5 CLASS PS S.860 FITMA11, REPO 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 7.107.000.00 SERIES 2004-5 CLASS PS CLEARED THRoue,' ITS mow, OmnE0 SUEsSiOany Beer Sm.a•n FINANCIAL TRUST CO INC STATEMENT PERIOD Ap11 1.2004 THROUGH *11 30.2004 AccouNT NUMBER TAXPAYER WEISER On File LAST STATEMENT Math 31.2004 5,860 PIM AZ TERM MENT 027 OS01.'04:13:17 001 11830 EFTA00195911 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STAISCCCUSIP OUWTITY COST AMOUNT CREDIT AMOUNT 04/08/04 04/08/04 04/08/04 04/08/04 04108104 04/08/04 04/08/04 DELIVERED INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST UNITED STATES TREASURY NOTE DUE 03(31/2006 1.500 1.500 RIM Rille2 m TERM ENT FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM AZ REPO I FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE IMO/ 0,000 FITM AZ REPO I FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW DUE 01:101. 5.910 FITM 14.2 REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01! 6.110 FITM AZ REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE Mill 12.220 FITM AZ REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MI= -50,000,000 2,350.83 2,659.80 53.88 50.56 4.616.63 7.95589 49.875.000.00 CLEARED THROuGH ITS YalCyl.Y OUYSO SOSO/Any Beer Stern FINANCIAL TRUST CO INC STATEMENT PER100 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER ALSASER On PIM LAST STATEMENT MMCh 31.2004 DUE OD 5,860 ATM Az REPO I 027 05131:04:13:17 001 V830 EFTA00195912 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS SEGLEMENT DATE 04/08/04 TEAM DATE TRANSACSON DESCRPRON INTEREST UNITED STATES TREASURY NOTE DUE 0110 1,500 FITM A2 RESALE (continued) 04/16/04 JOURNAL ADP CD FfRe-PR 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I FITM lip A3 REPO A 04/26104 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I FITM AI REPO 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I RIM A2 REPO A 04/26/04 041261 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 2/ilc FITM A2 TERM RIginierMENT JOURNAL 04/26/04 INTEREST FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I 0800 FITM A2 REPO I CLEARED THROuGH ITS wisCyLY OMYED SUEIROally Beer Siewn FINANCIAL TRUST CO INC STATEMENT PERK* &3r11 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT Math 31.2004 STMEJECCUSIP CuANN1Y OMIT AMOUNT CREDIT AMOUNT 1,300,000.00 1,177.60 -2$30616 200.000.00 -2,930,616 1.583.000.00 2,930,616 1,583,000.00 2,930,616 2,157,000.00 1.300.000.00 1.402.05 027 0601:04:13:17 001 V830 EFTA00195913 CLEARED IHROuGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 17 CI le Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICTI 04/26, INTEREST ADP CD DUE 124 SYMEMCUSIP FINANCIAL TRUST CO INC STATEMENT PERK* ATATI1 T. 2004 THROUGH ApIll 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT Math 31.2004 OUNITTITY DEBIT AMOUNT CREDIT AMOUNT 25 04/29104 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,0011.32 FITM Al REPO JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001smir2 FITM 82 TERM MENT INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 0331. 0,001 FITM B2 REPO I 04/30/04 RECEIVED UNITED STATES TREASURY NOTE DUE 04+30/2006 2,250 2,250 FITM 11111KAI RESALE T 357.14 -5,054,105 3.260.000.00 5.054.105 3.906.000.00 2962.05 50.000.000 50.000.000.00 TOTAL 5,163,313,010.01 581,651534.74 MISCELLANEOUS DATE maw TRANSACTISN DESCRIPTION DEBIT AMOUNT CP£CYT ANO-NT 04114/04 JOURNAL FNMA-30YR(FNMA)GTD SETT,0403 5,500 DUE 04+01/33 MBS NET 04/1404 8,789.06 027 050184:13:17 001 V830 EFTA00195914 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 18 ci Tr, Transaction Detail (continued) MISCELLANEOUS (continued) DATE MOAT TPANSACTCN 04/21/04 JOURNAL DESCFUPTCN MAR 04 SPEC CLEARING FEES DEBT AVM, 300.00 CREPT AMOUNT TOTAL $9.089.06 Trades Executed Pending Settlement FINANCIAL TRUST CO INC STATEMENT PERK* *II 1. 2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER KAMER Ofl FIN LAST STATEMENT Man 31.2004 SETTLEMENT DATE TRADE DATE TRANSACTION DESCP.PlION SYMBOLCUSIP CMANTITY PRICE DEBIT AMOUNT CREPT A/40UNI 05/13/04 04/06/04 BOUGHT FNMA-30YR(FNMA)GTD 25,000,000.00 101.1093 25,277,343.75 SETT,05/04 05,50096 57900000 BS 05/13/04 04/07/04 SOLD FNMA-30YR(FNMA)GTD BERMS/04 05.500% MIK -15.000.000.00 101.5625 15,234375.00 57540000 BS 05/13/04 04/16/04 SOLD FNMA-30YR(FNMP)GTD 10,000,000.00 100.7500 10,075,000.00 SETT,05, 04 m"05.500% 57470000 BS TOTAL $25.277.343.75 $25.309.375.00 Motto., Int bJ nol mom: in say elhc. eaban of Iho Malret 027 050104;13:17 001 V830 EFTA00195915 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wsvw.bearstearns.cOm What's In This Statement IIIII I 1111111111 I I Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 16 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 12,671,042 LONG ACCRUED INTEREST 260,903 NET CREDIT BALANCE 29,336 NET EQUITY THIS PERIOD Cash 8 Equviaieni $29.336 $237.245 fired income Al2,671042 $14.475.669 MI Current market vane $12,961,281 gjp Last statements market value NET EQUITY LAST STATEMENT 14,891,267 CHANGE SINCE LAST STATEMENT -1,929,986 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. FINANCIAL TRUST CO INC STATEMENT clam February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Ede LAST STATEMENT February 27.2004 Ate, TM, EmYRREX a PRoBBBRABI ptxpOSts only Ikea flooded sonar dcont The otatsenurc should be retailed for your words Soo worn ode for swan nrchnsce 027 0801.04:12:31 001 Y829 EFTA00195916 GEARED 'THROUGH RS YillOtlY GRATED $0891010RY FINANCIAL TRUST CO INC 2 01 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0.01,00:12:31 001 Y829 EFTA00195917 CLEARED THROUGH ITS PROSY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 Cash Flow Analysis THIS PERIOD Income Summary PERIOD YEAS TO DATE Opening Balance $237.245.02 Govt. Agency Int. 925.341.52 2.369.796.22 Corp. Bond Int. 207.331.92 629,701.94 Secudties Sold 79.344.186.00 Reverse Repurchase Int. 0.00 1,772.78 Dividends Interest 1.132.673.44 Total $1.132.673.44 $3,001,270.94 Miscellaneous 431,844.36 Bond Purchase Int. -26,831.32 -202,800.03 Amount Credited $80,908,703.80 Margin Int. Paid -536.94 -1,770.70 Secudties Bought -50,162,398.32 Repurchase Int. Exp. -13,749.27 -18,607.48 Dividends Interest Charged -27.368.26 Miscellaneous -30,926,845.89 Portfolio Composition Amount Debited $-81,116,612.47 CashICash Equivalent 29,336 Net Cash Activity -207.908.67 Fixed Income 12.671,042 ClosingBalance $29.336.35 Total $12,700,378 Cash Balance Summary CPUs NG CLOSP1G Margin 237,245.02 29.336.35 Net Cash Balance $237,245.02 $29,336.35 027 0101,04:12:31 001 FINANCIAL TRUST CO INC STATEMENT PERK* February 28.2004 THROUGH MUCH 31.2004 ACCOUNT NUMBER TAXPAYER NLAISER On File LAST STATEMENT February 27.2004 Your Portfolio Allocation Cash 8, Equivalent -- <1% — Fixed Income 99% UnWooed croons 0en,* 0etot beence onto* lope male vela, The elopers. ;event'', 6, pewee kern to etnel.te merlon rat), el )TV peekee V829 EFTA00195918 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPTION CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $29,336 SYMBOLtuSIP MARKET ESTIMAIED CURPENT QUANTITY PRICE VALUE !MS INCOME GILD I%4 29.336 FIXED INCOME Government & Agency Obligations DESCAMBON SWI3OUCUSP ACCT TYPE OLIAMITY PRICE MARIO VALUE ACCRUED MEREST ESTIAME0 ANNUAL INCOIEE CURFGVr YEW DE/ FEDERAL HOME LOAN MTG CORP MRGN 22,024,853 8.5574 1.884.745 61,764 1.389,768 73.7377 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY MY DUE 02/15/2032 6.310% FACTOR - .36708089 FEDERAL HOME LOAN MTG CORP MRGN 9.447,624 7.8198 738.786 24,816 558.355 75.5774 SERIES 2526 CLASS SI DATED DATE 10/01/02 6001E ENTRY ONLY DUE 02/15/2032 5.910% FACTOR - .36708088 FEDERAL HOME LOAN MTG CORP MRGN 33.108.930 1.8536 613.709 14,710 331.089 53.9489 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR - .33108931 FEDERAL HOME LOAN MTG CORP MRGN 16.665.093 9.2678 1.544.495 51.180 1.151.558 74.5589 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 0345/2032 6.910% FACTOR - .33330190 CLEARED 1.4Roue,' Its ypiCALY OGY.E0 SU8SIOany Beer Sown FINANCIAL TRUST CO INC STATEMENT PERGO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MANGER On File LAST STATEMENT PeOruEuy 27.2004 02/ 04,01.04:12:31 001 7829 EFTA00195919 CLEARED THROuGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 CI Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRPTION sweets:us') ACC' TYPE OUAMTITY PRICE IAARKET VALLE ACCRUED MEREST ESTEM1E0 ANNUAL INCOME CURRINT YEW IY4 FEDERAL HOME LOAN MTG CORP MRGN 19.226.497 7.5682 1.455.093 50,503 1.136.286 78.0903 SERIES 2483 CL SL DATED DATE 07/02402 BOOK ENTRY ONLY DUE 03/15/2032 5,910% FACTOR - .33330189 FEDERAL NATIONAL MTG ASSN MRGN 17.711.055 10.1397 1.795.843 17.445 1.046.723 58.2859 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/262033 5.910% FACTOR — .72864740 Total Government& Agency Obligations 58.032.671 $220.418 $5.613.779 Corporate Bonds ACV KCRUED ESTMATE0 CURREN DESORPTION S`1A9CLCLISP TYPE OUANMY PRICE MARKET VALLE 'DETEST ANNUAL INCOME Yew Mt FANNIE MAE CMO/SERIES 2003-13 MRGN 35,152,293 13.1951 4.638.371 40,485 2.429,023 52.3680 S RCR-00 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR - .70304589 Total CorporateBonds $4.638.371 $40,485 $2.429.023 TOTAL FIXED INCOME $12,671,042 $260,903 $8.042.802 FINANCIAL TRUST CO INC STATEMENT PEF000 February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT February 27.2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $260.903 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $8.042.802 YOUR PRICED PORTFOLIOHOLDINGS $12.700.378 027 0101,04:12:31 001 EFTA00195920 CLEARED THROUGH ITS INTIM? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 cl 't, Repurchase and Reverse Repurchase Transactions with Bear, Stearnsand Co. Inc. outstanding as of date of statement PLACKASS, START DATE REPURCHASE DATE PIECING PATE PURCHASE PRICE PRINOPAL ACCRUED REPO MEREST* OUNETITY (FACE AMOUR) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/08/04 04/08/04 1.300 -7,107,000 -6.159 -44,000,000 SERIES 2004-5 CLASS P 5.8600 02/20/33 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 03/08/04 04/08/04 1.300 -2,376,000 -2.059 -5,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/24/04 04/08/04 1.300 -8.523.000 -2.462 -10.000.000 SERIES 2004-2 CLASS S 12.2200 01/16/34 YOU SOW FNMA-SMBS PRINCIPAL ONLY (REPO) 03/24/04 04/08,04 1.300 -4,340,000 -1.253 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/25/04 04/08/04 1.300 -100,000 -25 -44.389.962 SERIES 2004-2 CLASS S 6.1100 01/16/34 YOU SOLO USIR 3.2500 01/15,09 (REPO) 03/26/04 OPEN 1.000 -10,275.000 -1.761 -10.000.000 YOU SOLD USIR 3.0000 02/15/09 (REPO) 03/26/04 OPEN 0.940 -20,250,000 -2.947 -20.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS 5-52.971.000 $-16,666 'AS Or :WO-NM CliC0 FINANCIAL TRUST CO INC STATEMENT PEW* February 28.2004 THROUGH March 31.2004 ACCCUNT NUMBER TAXPAYER PANDER On Edo LAST STATEMENT February 27.2004 027 DADIO4:12:31 001 V829 EFTA00195921 B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 c, Transaction Detail INVESTMENT ACTIVITY CLEARED THROuGH ITS wHOELY (MEC> SONOMA!, Beer Stern FINANCIAL TRUST CO INC STATEMENT PERKO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT February 27.2004 SErtEriful IRAN: DATE DA7E TRANSACTION DESORPTION SY1A3011COSIP GUMMY PRCE DONT AMOUNT MCP MIOUN! 03/05/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 -26,911 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1600 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5.910 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6.910 DUE 03/15132 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CUSS SE 6610 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CUSS SI 5.910 DUE LY2/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP4503602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 03-15-04 -1,439,000 -543 -835.948 .724.581 .900.106 .386.103 26.911.30 07/ 0401,04:12:31 001 11829 EFTA00195922 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 CI Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 03/15/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01/32 PRIN RID 02-04 P,D 03-15-04 REPO P 8I 0,0000 03/24/04 03/19/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 12,220% 0987022118332 REF # 2004031957100000 BS 03/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 02-04 P,D 03-25-04 REPO P 8I 0,0000 03/25/04 PRINCIPAL FANNIE MAE CMOSERIES 2003-13 S RCR-I0 FLTR 6,910 DUE 03/25/33 PRINCIPAL REDUCTN 03-2504 03125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,910 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-04 01/29/04 03/25104 BOUGHT UNITED STATES TREASURY NOTE DUE 01/15/2009 03,250% II IS SPECIAL INSTRUCTIONS EVER REF # G0851009 A3 AS OF 03/25/04 01/29/04 03/25104 BOUGHT UNITED STATES TREASURY NOTE WE 02/1512009 03,000% FA 15 SPECIAL INSTRUCTIONS EVER REF # G0851011 Al $9180..VISP OUPARRY PRCE FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MASER On FIIB LAST STATEMENT February 27.2004 DEIST AMOUNT CREDIT AMOUNT 55,386.25 9,880,596 100.37500 ACCR. INT. 9,91 7.649.04 26.831.31 210.888.45 -853.249 429.899 10,000.000 ACCR. INT. 0.01 20 000 000 0.01 TOTAL $.9.944.480.37 $293,186.00 027 OA 01,04:12:31 001 EFTA00195923 CLEARED THROWN ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 o Transaction Detail (continued) INTEREST FINANCAL TRUST CO INC STATEMENT PERK* February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER 0fl PIM LAST STATEMENT February 27.2004 DATE DESORPTION SYMBOL CU$1P OVANTITY RATE I%; DEBIT AMOUNT OTEDII AMOUNT 03/01/04 AVG BAL 161,125RT 4.137 536.94 021 OFFICE INTEREST 0204 03/15/04 FEDERAL HOME LOAN MTG CORP MIS 1.0000 28,790.40 SEBES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 03-15.04 03115/04 FEDERAL HOME LOAN MTG CORP 5.9100 98.734.31 SEBES 2483 CL SL DUE 03/15/2032 5,910 INTEREST PAYMENT 0.3-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP NMI 6.9100 100.072.08 SEBES 2488 CLASS SO DUE 03/15/2032 6,910 INTEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP NMI 6.3100 120.463.40 SERES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 48.395.21 SERES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 03-15.04 03/16/04 GOVERNMENT NATIONAL MTG ASSN NMI 6.1050 224.721.09 SERES 2004-2 CLASS SB DUE 01/1612034 6,105 INT RID 03-04 P,D 03-16-04 REPO P 8I 6,1056 03/22/04 GOVERNMENT NATIONAL MTG ASSN 5.8580 214.820.83 SERES 2004-5 CLASS PS DUE 02/20/2033 5,858 INT RID 02-04 P,D 03-20-04 REPO P 8I 5,8587 03/25/04 FANNIE MAE CMOISERIES 2003-13 6.9100 207,331 92 S RTR DUE 03125/2033 6,910 INTEREST PAYMENT 03-25.04 027 0401.04:12:31 001 EFTA00195924 CLEARED THROUGH ITS YOIGUY GREED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 0 0. Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 03/25/04 FEDERAL NATIONAL MTG ASSN SALES 2003-49 CLASS SW DUE 01/25/2033 5.910 INTEREST PAYMENT 03-25-04 STMBOLCVSIP FINANCIAL TRUST CO INC STATEMENT PERIOD Fthruant 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NNEER On PIM LAST STATEMENT PeBMW)! 27.2004 cvmrny RATE I%1 Oen AMOUNT CAW AMOUNT 5.9100 89,344.20 TOTAL $-536.94 $1.132.673.44 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co. Inc. SETREIASNT TRACE DATE DATE TRANSACI1ON DUCKPIN:11 SYMECECUSIP WNW, OBIT mow CREDIT AMOUNT 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5.551.860 4,362,000.00 STRIP MTG SERIES 322 CL PO 0,001 2 FITM BZ TERM ENT 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 102 FITM B1 REPO A 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE I FITM AZ TERM MENT 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CUSS PO DUE I ATM At REPO A 03/01/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03jar. 0,001 ATM BZ REPO I -5.551.860 4.382.000.00 2.112.812 1.580.000.00 .2.112.812 1.591.000.00 472.55 027 0401,04:12:31 001 Y829 EFTA00195925 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 11 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEmDir TRADE DATE DATE TRANSACTION DESORPTION 03/01/04 INTEREST FEDL HOME LOAN PM CORP#503602 SERIES 223 CLASS PO DUE lair. 0,000 FONT AZ REPO I 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM 11.33 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM la31 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 1032 FILM B2 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 FITM BZ TERM ENT 03108104 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 1 FITM M A RA TERM ENT 03/08104 JOURNAL FEDL HOME LOAN MTG CORPNS03602 SERIES 223 CLASS PO DUE 1 FITM At REPO CLEARED THROuGH ITS ypiCtLY Onx*0 SURSIOally Beer Stern FINANCIAL TRUST CO INC STATEMENT PERGO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT February 27.2004 STMOCCCUSIP OUPAMIY PST AMOUNT CREDRAMOUNI 171.17 MI= -5.340.971 307.000.00 MEM -5.340.971 4.307.000.00 5 340 971 4,307,000.00 MIMI" 5,340,971 4.382,000.00 2.057.426 1,591,000.00 -3,057,097 2.376.000.00 02/ 0401,04:12:31 001 YS29 EFTA00195926 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CLEARED 114sOuGH Its yalCy1.7 001,40 SUEISIOally Beer Stern FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT February 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPSON STAIBECCUSIP OUNGITY OMIT AMOUNT CREDIT AMOUNT 03/08/04 JOURNAL FEDL HOME LOAN MM CORD#503602 3,057,097 2,376,000.00 SERIES 223 CLASS PO DUE I FITM A2 REPO OT08/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE Frrm A3 REPO 03#18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,t05 RIM 311AZ TERM ENT 03/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,105 FITM 11.31 REPO A 0108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS 5,858 FITM Rn3Z TERM ENT 03108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS FITM SAIS8 JUMP REPO 03/08104 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0001 FITM BZ REPO I -3,057,097 2,376,000.00 44,166,735 2,000,000.00 -44,166,735 4.544.000.00 44.000.000 6.209.000.00 -44.000.000 7.107.000.00 1.107.67 07/ 0401/04:12:31 001 YS23 EFTA00195927 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STAID:UMW °WRIT', OMIT AMOUNT 03/08/04 INTEREST FEDL HOME LOAN MTG CORP#503602 402.17 SERIES 223 CLASS PO DUE l ob 0.000 FITM AZ REPO I 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/ 6.105 FITM AZ REPO I 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE lip 5,858 FITM BZ REPO I 03/19/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 FITM B4 TERM ENT 03/19/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP KM SERIES 322 CL PO DUE 03310 0.001 FITM B4 REPO I 01241:14 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 ..32 FITM Al REPO A Dat241:14 JOURNAL GOVERNMENT NATIONAL WS ASSN SERIES 2004-2 CLASS SB 6,110 ' FITM Al REPO CLEARED THRouGH ITS %snort Cnm,EO SUEsSiOany Beer Mown m FINANCIAL TRUST CO INC STATEMENT PERK* Femmes)/ 28.2004 THROUGH March 31.2004 AccouNT NUMBER TAXPAyER NUMBER On File LAST STATEMENT Femmes)/ 27.2004 CREDIT AMOUNT 1.877.78 6.950.63 5.340.971 307.000.00 121.95 -5.340.971 4,340,000.00 -43.859.035 552,000.00 027 040004:12:31 001 V829 EFTA00195928 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRFRION 03!24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 FITM RIII.32 TERM ENT 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 34 FITM Al REPO 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220.1134 FITM 012 REPO A 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12.220S34 FITM A3 REPO A 03/24/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01! 6.110 FITM B2 REPO I 03/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110Mt / FITM Al REPO 03/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,11 FITM0 WA2 TERM MENT CLEARED THRouGH ITS yinCyty OmY*0 SUOSIOany Beer Steam FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 AccouNT NUMBER TAXPAYER WIASER On File LAST STATEMENT Estrum)/ 27.2004 STAIDECCUSIP OVAAMTT DEBIT AMOUNT CREDIT AMOUNT 43,859,035 4.544,000.00 -9,880,596 8.021.000.00 9.880.596 8,021,000.00 -9.880.596 8.523.000.00 2.625.42 -43.859.035 100.000.00 43.859.035 552.000.00 027 0.01,00:12:31 001 429 EFTA00195929 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 15 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTIMI STAIDECCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 01,25 04 03/26/04 03/2844 INTEREST JOURNAL JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE Mill 6,110 FITM A2 REPO I UNITEDWEASURY NOTE FITM AI 3,250 REPO AGREEMENT UNITED EASURY NOTE FITM AI 3.000 09 REPO AGREEMENT MIS -10,000,000 -20,000,000 19.93 10.275.000.00 20.250.000.00 TOTAL 6-40,244.749.27 $79,051.000.00 MISCELLANEOUS CLEARED limouGH ITS miCLLY OMTLED SITEISIOTAlly Beer Stern FINANCIAL TRUST CO INC STATEMENT PERIOO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT February 27.2004 DATE 1.10MAT TRANSACTION DESCRIPTION DENT AMOUNT CREW AMOUNT 03/01/04 JOURNAL FITG FITM 33,513.00 03/02/04 JOURNAL FITG FITM 222,355.00 03/04/04 JOURNAL FITG FITM 3.00 03/11/04 JOURNAL FITG FITM 58,309.00 0312/04 JOURNAL FITG FITM 113.00 0315/04 JOURNAL RIG RIM 226.00 03/15/04 JOURNAL FEB 04 SPEC CLEARING FEES 450.00 03/19/04 JOURNAL FITG FITM 58,990.00 03/23/04 JOURNAL FITG TO FITM 431/28.00 03/25/04 JOURNAL MISC ADJ TO CASH BAL 0.50 027 EPL01,04:12:31 001 2829 EFTA00195930 CLEARED THROuGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 16 0 Tt. Transaction Detail (continued) MISCELLANEOUS (continued) DATE MaIDAT TRANSACTIM DESCRIPTION DENT AMOUNT CREPT AMOUNT 03/25/04 JOURNAL MISC ADJ TO CASH BAL 036 03/30/04 JOURNAL FITM TO FITG 30.553.002.39 TOTAL $-30.926.845.89 $431.844.36 Your messages LW' Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company. CAPCO has an A-i- financial strength rating from Standard and Pools, End of Statement FINANCIAL TRUST CO INC STATEMENT PERK* February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MASER On PIM LAST STATEMENT February 27.2004 The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments, Additionally, you may review this information online at the following NASD web site: http://vwr.nasdr,comibreakpoints_statement,asp 027 041:11,04:12:31 001 V829 EFTA00195931 CADAREO THROUGH ITS yonxty °ABED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE twat bearstearns.com What's In This Statement 11111111111111111 I I Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 18 STE B3 ST THOMAS VI 00802 Beef &aro Seorir . FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 AccouNT NUMBER TAXPAYER NUMBER On File LAST sTATEmENT January 30.2004 Your Portfolio at a Glance Cash 8 Eqtivalent Market Value of Your Portfolio $237245 I S-13.933.518 TOTAL VALUE OF SECURITIES THIS PERIOD 14,475,669 LONG ACCRUED INTEREST 178,353 Fixed $14 475.669 ............ c,„„, .............c,„„, ...... . Income 532.720.098 ItitaineEFFIEM- = ,, .. ,,,,,,,, .. .............. .. ............ NET CREDIT BALANCE 237,245 Current market vane NET EQUITY THIS PERIOD $14,891,267 MIMI Last statements market value Short market value NET EQUITY LAST STATEMENT 19,401,851 CHANGE SINCE LAST STATEMENT -4,510,584 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. SIK lb" wrouri 11 for drab:nal ptrposes only It is rot sanded sonar cloyenta Pas Mtwara should Da Maned for your records Soo rasa We for inponart neconaton 027 02/28,04:11:32 001 V828 EFTA00195932 GEARED IHROUGH 11S YAIOtlY OMAE0 $1.1890MAY FINANCIAL TRUST CO INC 2 el is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,2800:11:22 001 Y828 EFTA00195933 CLEARED THROUGH ITS YOICISY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 Cash Flow Analysis THIS PEWOO Income Summary PEFICO YEAS TO GATE Opening Balance 8-13,933,517.82 Govt. Agency Int. 935.620.64 1.444.454.70 Corp. Bond Int. 210.215.02 422,370.02 Securities Sold 47,957,263.09 Reverse Repurchase Int. 353.90 1,772.78 Dividends Interest 1,163,014.99 Total $1,146,189.56 $1,868,597.50 Miscellaneous 12,615.00 Bond Purchase Int. 0.00 -175,968.71 Amount Credited $49,132,893.08 Margin Int. Paid -1.233.76 -1,233.76 Securities Bought -34,888,580.15 Repurchase Int. Exp. -4.858.21 -4,858.21 Dividends/Interest Charged -18,413.09 Miscellaneous -55,137.00 Portfolio Composition Amount Debited $-34,962,130.24 CasttlCash Equivalent 237,245 Net Cash Activity 14,170,762.84 Fixed Income 14.475,669 ClosingBalance $237.245.02 Total $14,712,914 Cash Balance Summary OPENING CLOSING Margin -13.933.517.82 237,245.02 Net Cash Balance $-13,933.517.82 $237,245.02 027 02/24.04:11:12 001 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER MAGER On Ale LAST STATEMENT January 30.2004 Your Portfolio Allocation Cash & Equivalent • I% L Fixed Income 99% UmPocled pormas oeno* oaee Delace onto* 'MoI male wives The Mamma, I:events-0 ta PE•uea Irmn Vo ebTaLte male, rat), of Nat polloaa 1828 EFTA00195934 CLEARED THRouGH ITS infiCtLY OmED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 c, Your Portfolio Holdings CASH & CASH EQUIVALENTS oFsCRP-iou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5237.245 S•meCL 0./StP rAAPxET ESTIMATED CuAPENT OuANTITy PACE VALUE ANNUAL INCOME VEtO 237,245 FIXED INCOME Government & Agency Obligations DESCRIPTION Acc- S'•NECu.USP TYPE OuANTOY PRICE IAARKET VALLE /COVED MEREST ESTEM1E0 ANNUAL MOM CURFerr rep N FEDERAL HOME LOAN MTG CORP MRGN 22.924.959 8.8816 2.036.100 48,180 1.445,419 70.9896 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.305% FACTOR .38208265 FEDERAL HOME LOAN MTG CORP MRGN 9,833.727 8.0878 795.328 19.357 580,682 73.0116 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.905% FACTOR .38208264 FEDERAL HOME LOAN MTG CORP MRGN 34,548.473 2.0083 693.849 11.520 345.485 49.7925 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 031152032 1.000% FACTOR .34548474 FEDERAL HOME LOAN MTG CORP MRGN 17,389,674 9.7269 1.691.474 40.025 1.200,757 70.9888 SERIES 2488 CLASS SO DATED DATE 0710802 BOOK ENTRY ONLY DUE 031152032 6.905% FACTOR .34779352 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER AAJLA3ER On File LAST STATEMENT January 30.2004 027 022&00:11:32 001 Y829 EFTA00195935 CLEARED THROUGH ITS YAIOU.Y OH/E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 0 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCFSVION swect.cusP ACC' TyPE OUAMTITY PRICE IAARRET VALUE ACCRUED MEREST ACCOUNT NUMBER TAXPAYER NU03ER On File LAST STATEMENT January 30.2004 ESTMATE0 CURNSS1T ANNUAL /COME VELD IV FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/0202 BOOK ENTRY ONLY DUE 03/15/2032 5905% FACTOR — .34779351 FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DATED DATE 12/01102 BOOK ENTRY ONLY DUE 12/01/2032 FACTOR - .62787892 FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW DATED DATE 04/3003 BOOK ENTRY ONLY DUE 01/2512033 5.910% FACTOR — .74633379 Total Government& Agency Obligations MRGN MRGN MRGN 20.062.445 1.026.582 18.140.954 7.8695 83.1875 10.8000 1.578.811 853.988 1.959.214 $9.608/64 39,491 5.955 $164.528 1.184.687 1.072,130 $5,829,160 75.0367 54.7225 Corporate Bonds DESCRPRON SWASOLKAISP ACCT TYPE QUANTITY PRICE TAMIXET VALUE PRIEST KUM ANNUAL ESTIAME0 INCOME CURFEW YEW 1161 FANNIE MAE CMO/SERIES 2003-13 S FICR-1/0 FLTR DATED DATE 02/2503 BOOK ENTRY ONLY DUE 03125/2033 6.910% FACTOR — .72011086 Total CorporateBonds MRGN 36.005,542 13.5171 4.866.905 54.866.905 13,825 513.825 2.487,983 52.487.983 51.1204 TOTAL FIXED INCOME 514 475 669 $178.353 58 317 143 027 01:24.04:11:12 001 EFTA00195936 CLEARED THROUGH ITS MOW? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 o • t, Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $178.353 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $8.317.143 YOUR PRICEDPORTFOLIOHOLDINGS $14.712.914 Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co. Inc. outstanding as of date of statement PIAICHASEI REPURCHASE START DATE DATE PRCIN3 RATE PURCHASE PRICE FRINCWAL ACCnVED PEEP N'ERESP Comniri (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLO GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/06/04 03/08/04 1.300 -6,209,000 -5,381 -44.000.000 SERIES 2004-5 CLASS P 5.8587 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/11/04 03/08104 1.300 -2.000.000 -1.372 -44.389.962 SERIES 2004-2 CLASS S 6.1056 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 -4,362,000 -472 -15,000,000 SERIES 322 CLASS PO 03/01/32 YOU SOLD (REPO) 02/27/04 03/01/04 1.300 -1,580,000 -171 -3,365,000 FHLMC- STRIP PRINCIPAL ONLY TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS 5-14,151,000 $-7,396 'ASH sLnunoni clan FINANCIAL TRUST CO INC STATEMENT PERIOD January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER WEIMER On File LAST STATEMENT January 30.2004 027 02,2600:11:22 001 '28 EFTA00195937 B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 c, Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION STLJEKLEUS4' ACCOUNT! NUMBER TAXPAYER WINNER On Flle LAST STATEMENT January 30.2004 WASHY Pula DEIST AMOUNT CRUM AXIOM 02/06/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -51,286 02/06/04 PRINCIPAL STRIP MTG SERIES 322 CL PO 0.001 DUE 03/0I/32 PRINCIPAL REDUCTN 02-25-04 FEDL HOME LOAN MTG CORP#S03602 -48,366 SERIES 223 CLASS PO WE 12/01/32 PRINCIPAL REDUCTN 02-15-04 02/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN MIN 51,286 02/09/04 JOURNAL STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 ADJ POS MO 2/2/04 FEDL HOME LOAN MTG CORP#S03602 48,366 02/17/04 PRINCIPAL SERIES 223 CLASS PO WE 12/01/32 ADJ POS M3 2/2/04 FEDERAL HOME LOAN MTG CORP -995.746 02/17/04 PRINCIPAL SERIES 2471 CLASS YT 1.000 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 FEDERAL HOME LOAN MTG CORP -578,234 02/17/04 PRINCIPAL SERIES 2483 CL SI. 5905 DUE 03/15132 PRINCIPAL REDUCTN 02-15-04 FEDERAL HOME LOAN MTG CORP -501,201 02/17/04 PRINCIPAL SERIES 2488 CLASS SO 6.905 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 FEDERAL HOME LOAN MTG CORP -602,327 SERIES 2530 CLASS SE 6,305 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP Mir -258.370 SERIES 2526 CLASS SI 5.905 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 CLEARED ',Knot p," ITS OMTS0 SUBSO,Any Beer Stepp FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH Faxing 27.2004 027 02.2404:11:32 001 Y829 EFTA00195938 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 8 c. .t. Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE DATE TRANSACT/3N OESCRPTION St)180.CUSP OCAS/TIT( PRCE 02/17/04 02/25/04 02/25/04 02/25/04 02/27/04 02/25/04 PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL BOUGHT FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 02-I 5-04 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 02-25-04 FANNIE MAE CMO/SERIES 2003-13 S RCR-VO FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 02-25-04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 02-25-04 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO MIS MEI -553,592 -278,921 3,701,240 87.87500 1.0 4013,001% 6210000 BS FINANCIAL TRUST CO INC STATEMENT PERO° January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER Wiii3ER Cfl File LAST STATEMENT January 30.2004 DEBIT AMOUNT CREDIT MA3UNT 48,366.15 51.285.95 3,252,464.83 TOTAL $.3.252A64.83 $99.652.10 INTEREST DATE OESCRPTION SYMEICIJOUSIP OUONMY RATE 1%/ DENT mow CREDIT AMOUNT 02/02/04 AVG 8AL 828.258RT 1.730 1,233.76 021 OFFICE INTEREST 0104 02/17/04 FEDERAL HOME LOAN MTG CORP 1.0000 29.620.18 SERES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 02-15.04 027 02,2&04:11:22 001 .828 EFTA00195939 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) INTEREST (continued) ACCOUNT NUMBER TAXPAYER AMBER Ofl PIM LAST STATEMENT January 30.2004 DATE DESCRIPTION STIABOI-EVSIP °VANN'? RAM IN) DEBIT AMOUNT CREW AMOUNT 02/17/04 FEDERAL HOME LOAN MTG CORP 5.9050 101,48334 SERIES 2483 CL SI. DUE 03/15/2032 5,905 INTEREST PAYMENT 02-15-04 02/17/04 FEDERAL HOME LOAN MTG CORP 6.9050 102.872.54 SERES 2488 CLASS SO DUE 03/15/2032 6,905 INTEREST PAYMENT 02-15.04 02/17/04 FEDERAL HOME LOAN ma CORP MIS 6.3050 17,179.33 SERES 2530 CLASS SE DUE 02/15/2032 6,305 INT IUD 01-04 P,D 02-15-04 REPO P E I 6,3000 02/17/04 FEDERAL HOME LOAN ma CORP 6.3050 123,518.25 SERES 2530 CLASS SE DUE 02/15/2032 6,305 INTEREST PAYMENT 02-15.04 02/17/04 FEDERAL HOME LOAN ma CORP 5.9050 49,619.48 SERES 2526 CLASS SI DUE 02/15/2032 5,905 INTEREST PAYMENT 02-15.04 02/17/04 GOVERNMENT NATIONAL MTG ASSN 6.0800 224,909.14 SERES 2004-2 CLASS SB DUE 01/16/2034 6,080 INT RID 02-04 PM 02-16-04 REPO P d I 6,0800 02/18/04 FEDERAL HOME LOAN BOG CORP 6.3050 17,179.33 SERES 2530 CLASS SE DUE 02/15/2032 6,305 REV ENTRY NO 2/17 02/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8100 213,033.33 SERES 2004-5 CLASS PS DUE 02/20/2033 5,810 INT R/D 01.04 PM 02-20-04 REPO P S I 5,8100 027 CQ4604:11:32 001 •x828 EFTA00195940 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 02125/04 FANNIE MAE CMG/SERIES 2003-13 S RCR-6O RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 02-25.04 SYMBOLCvSiP CLEARED THRouom ITS mow, CAN,E0 SUONIXAny Beer Ster FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH Faxing 27.2004 AccouNT NUMBER TAXPAYER MNSER On He LAST STATEMENT January 30.2004 OcANnly RATE I% DEBIT AMOUNT CREDIT AMOUNT 02/25/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 02-25.04 6.9000 210,215.02 5.9000 90.564.38 $.18.413.09 $1.163.014.99 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MOE DATE DATE TRANSWION DESORPTION SYMBOLCVSN, MAMA, DENT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN -1.901.906 1.477.000.00 STRIP MTG SERIES 322 CL PO 0,001 102 FITM Al REPO A 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM r2 REPO 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP NM SERIES 322 CL PO 0,001 11032 FITM A3 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300w FITM A2 TERM ENT 1.901.906 1.477.000.00 -1.901.906 1.477.000.00 20.255.032 027 02,2800:11:22 001 Y828 EFTA00195941 CLEARED TNRoue,' ITS yruCyLv OmTEO SUOSIOally B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) Beer Steam FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER ARAISER On File LAST STATEMENT January 30.2004 SEMEmENT TRADE DATE DATE TRANSACTION DESORPTION STMOCCCUSIP OVANOTT CESIT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 3,272,253 SERIES 2530 CLASS SE 6,300R0Euparni FiTMARGN A2 TERM NT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FITM 111.18 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FiTM 1.1# 3138 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FiTM At REPO A 02(02;04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FiTtv1 11.2 REPO A 02O2104 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 W2 FiTI1/41 AlA REPO A 02O2104 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6 300 2 F A3A REPO A -648360 48.635.95 -648360 48.635.95 -3.272.253 245.000.00 3.272.253 245.000.00 -19.606.071 1.469.364.04 -19.606.071 1,469,364.04 027 02/2604:11:12 001 V828 EFTA00195942 CLEARED THROUGH ITS WHOLLY CALY80 SUBSIDIARY B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPT1CN STMOCCCUSIP OUJARITT DEBIT AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 20,255,032 1,518,000k0 SERIES 2530 CLASS SE 6,300pW2 FiTtA A2 REPO 02102/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE ATM 81 REPO 02/02/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE ATM lip B2 REPO A 02/02/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE ATM 211. 83 REPO A 02(02;04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW 5,900 FiTM AI REPO A 02'02'04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW 5,900 F WA2 REPO A 02'02'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS F 5,81 m0 it3 a Al REPO A Rem Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER KAISER OR He LAST STATEMENT January 30.2004 CREDIT AMOUNT -3,187,760 2,336,000.00 3,187,760 2,336,000.00 -3,187,760 2.336.000.00 -18.419.876 1.551.000.00 18.419.876 1.551,000.00 -44,000.000 6.336.000.00 027 02/24.04:11:12 001 V828 EFTA00195943 cLEARED RouGH ITS vniCyLv OGY*0 MAMIE/any B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COMMIS) SETTLEMENT TRADE DATE DATE TRMISACRON DESCRIPRON Bear Sown ir FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER NLAGER On File LAST STATEMENT January 30.2004 SYMEIECCUSIP MANDY, DEBIT AMOUNT CREDIT AMOUNT JOURNAL ADP CD FILM-PR INTEREST ADP CD DUE 1213 02/04/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 26 2.075.000.00 GOVERNMENT NATIONAL MTG ASSN -44.389.962 SERIES 2004-2 CLASS SB 6.080 FITM Mal REPO A FEDERAL NATIONAL MTG ASSN .1.850.620 STRIP MTG SERIES 322 CL PO 0.001 FITM Al REPO FEDERAL NATIONAL MTG ASSN NMI 1.850.620 1.477.000.00 STRIP MTG SERIES 322 CL PO F 0,00 M 1 A2 IT TERM ENT FEDERAL HOME LOAN MTG CORP NMI 648.960 48.635.96 SERIES 2530 CLASS SE 6.300 2 FILM AZB TERM ENT FEDERAL HOME LOAN MTG CORP 19.606.071 1.469.364.04 SERIES 2530 CLASS SE WM 0031. 2,AZA TERM ENT FEDL HOME LOAN MTG CORP#503602 VIM -3.139.394 SERIES 223 CLASS PO DUE I FILM 81 REPO A 353.90 193.000.00 1.424.000.00 2.277.000.00 027 02,2604:11:32 001 V828 EFTA00195944 CLEARED Tirnouorr ITS 'ARMY OunE0 SUSSIOally B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm Beer Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STMOCCCUSIP CVJAITITY LEGIT AMOUNT ACCOUNT NUMBER TAXPAYER NV's:1ER On File LAST STATEMENT January 30.2004 CREDIT AMOUNT 02/06/04 JOURNAL FEDL HOME LOAN MTG CORD#503602 3.139.394 2.336.000.00 SERIES 223 CLASS PO DUE i ATM mBZ TERM ENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.389.962 193.000.00 SERIES 2004-2 CLASS SB 6.080 FiTh1 Mt.? TERM ENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.389.962 1.952.000.00 SERIES 2004-2 CLASS SB #080 FiTM AI REPO A 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 6.209.000.00 SERIES 2004-5 CLASS PS 5.810 FITM 11.31 REPO A 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 6.336.000.00 SERIES 2004-5 CLASS PS 5.810 FiTh1 3.62 TERM ENT 02/06/04 INTEREST FEDERAL NATIONAL MTG ASSN ENE 213.34 STEW MTG SERIES 322 CL PO DUE 010 0.001 FM AZ REPO IN 02/06/04 INTEREST FEDERAL HOME LOAN MTG CORP 7.03 SERIES 2530 CLASS SE DuE 02/ 6 300 AZd REPO i 027 02,2604:11:22 001 YS2S EFTA00195945 CLEARED orsouom ITS yruCLLY OunE0 SUSSIOany B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm Beer Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE RINCRACOON DESORPTION STMOCCCUSIP OVANTITy OMIT AMOUNT ACCOUNT NUMBER TAXPAYER NV's:1ER On File LAST STATEMENT January 30.2004 CREDIT AMOUNT 02/06/04 02/06/04 02/06/04 02/06/04 0201;04 02/11;04 02/11;04 INTEREST INTEREST INEREST INTEREST JOURNAL JOURNAL JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02310. 6.300 ATM AM REPO i FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE i 0,000 ATM BZ REPO i GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 013111. 6.080 RIM A2 REPO i GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/111. 5.810 NM A2 REPO i FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 Fah( A2 TERM ENT FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 FiTM A3 TERM ENT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB ENE 1.850.620 -1.850.620 44 389.962 337.42 13.94 915.20 1.424.000.00 1.952.000.00 1.424.000.00 6.080 FITM 3.1 34A2 TERM MENT 027 02,2604:11:22 001 VS2S EFTA00195946 CLEARED THRouom ITS OuYED SUSSIDany B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEmENT TRADE DATE DATE TRANSACTION DESORPTION 02/11/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB REPO Al REPO 02/11/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM A2 REPO i 02111/04 INEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 0.001 FITM A3 REPO i 02H 1/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 011 6.080 FITM A2 REPO IN 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO COOT 2 FUN A4 TERM ENT 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO COOT FIT 11.31 REPO 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,00t RP M REPO Beer Sawn FINANCIAL TRUST CO INC STATEMENT PER•00 January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT January 30.2004 STAIDECCUSIP "M 9,962 11Y CESIT mAMOUNT CREDIT AMOUNT -44,38 2.000.000.00 1.850.620 257.1 352.44 1.424.000.00 257.11 -5.551.860 4.362.000.00 5.551.860 4.362.000.00 027 02/2604:11:12 001 YS2S EFTA00195947 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm CLEARED THRomem ITS yniCyLY OmY*0 SUOSIO,Any Beer Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRSMON STMOCCCUSIP OUANTITT OMIT AMOUNT =cosi! NUMBER TAXPAYER NLAISER On FIk LAST STATEMENT January 30.2004 CREDIT AMOUNT 02/27/04 JOURNAL FEDERAL NATIONAL MTG ASSN -5,551,860 4.362.000.00 STRIP MTG SERIES 322 CL PO 0,001 FiTM 11•3 REPO 02/27/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 .1.610.509 1.205.000.00 SERIES 223 CLASS PO DUE ATM Al REPO 02/27/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 1.610.509 1,205,000.00 SERIES 223 CLASS PO DUE ATM lir A2 REPO A D2(27(04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 -2.112.812 1.580.000.00 SERIES 223 CLASS PO DUE 1 211. FIN A3 REPO A D2(27(04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 3.139.394 2.277.000.00 SERIES 223 CLASS PO DUE ATM 3111.1 ,32 TERM ENT D2(27(04 INTEREST FEDERAL NATIONAL MTG ASSN ENE 1.079.87 STRIP MTG SERIES 322 CL PO DUE 0331. 0,001 NM A4 REPO i 02/27/04 INTEREST FEDL HOME LOAN MTG CORP#S03602 1.726.73 SERIES 223 CLASS PO DUE I 0000 ATM B2 REPO i TOTAL $-31.636.115.32 547.857.610.99 027 02,260411:32 001 EFTA00195948 CLEARED 1HR0UGH ITS YAIOU.Y omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 18 Ole Transaction Detail (continued) MISCELLANEOUS DATE MOAT TRANSACTION DESCRIPTON DEBT AKUNT GRECO AMOUNT 02/05/04 JOURNAL FITG ATM 12.615.00 02/09/04 JOURNAL FITM FRO 54.687.00 02/12/04 JOURNAL JAN.04 SPEC CLEARING FEES 450.00 TOTAL 5-55.137.00 $12.615.00 Your messages oar Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company, CAPCO has an A-I- financial strength rating from Standard & Pools. End of Statement FINANCIAL. TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCCUNT NUMBER TAXPAYER AVUSER On PIM LAST STATEMENT January 30.2004 027 02,2604:11:22 001 Y829 EFTA00195949 CLEARED THRCO3H ITS YiHOLLY OWNED SUBSIDING, B STUR URNS OFFICE SERVICING YOUR ACCOUNT S m ear. Stearns Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearsleams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Your Messages 13 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET DEBIT BALANCE 32,720,098 615,271 -13,933,518 NET EQUITY THIS PERIOD $19,401,851 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 19,197,920 203,931 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Cash a Equwalent 11111111111111111 II FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE 83 ST THOMAS VI 00802 Market Value of Your Portfolio I a-13.933.51B $380.860 Axed Income INIIIMMIME33MIN $18.601.283 $32/20.098 Current market value In Last statements market value C Short market value FINANCIAL TRUST CO INC STATEMENT PEF000 January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER WAGER On FIk LAST STATEMENT December 31.2003 Ths summary H lot nfonnahmil pwposes otitis riot iten4h1 n a us &mows TIN Maimed shoal be Mann:11w your marls See worse ado fa ',swum ricnnaten 027 0141.134:09:20 001 7824 EFTA00195950 GEARED 110.10004 ITS WHOLLY OMAE0 $1.1090MAv FINANCIAL TRUST CO INC 2 oi la STATEMENT BACKER IS PRINTED ON THIS PAGE 021 014140:09:20 001 YS2A EFTA00195951 CLEARED THROUGH ITS WHOU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 3 al Cash Flow Analysis THIS PERIOD Income Summary 714S MEMO YEAS TO DATE FINANCIAL TRUST CO INC STATEMENT PERK* January 1.2004 THROUGH January 30. 2004 ACCOUNT NUMBER TAXPAYER MAWR On File LAST STATEMENT December 31.2003 Opening Balance $380,859.92 Govt. Agency Int. 508,834.06 508,834.06 Corp. Bond Int. 212.155.00 212.155.00 Securities Sold 9.844.310.88 Reverse Repurchase Int. 1.418.88 1.418.88 Dividends/Interest 720,989.06 Total $722,407.94 $722,407.94 Miscellaneous 219.564.00 Bond Purchase Int. -175.968.71 -175.968.71 Amount Credited $10,784,863.94 Securities Bought -24,567,419.97 Funds Withdrawn -62.716.00 Portfolio Composition Dividends/Interest Charged -175.968.71 SHORr t0N0 Miscellaneous -293.137.00 Cash/Cash Equivalent 13.933.518 Amount Debited 5-25,099,241.68 Fixed Income 32.720,098 Net Cash Activity -14,314,377.74 Total $13,933,518 $32,720,098 Your Portfolio Allocation Closing Balance 5-13,933,517.82 Cash Balance Summary OPEN NG CLIZ61/10 Margin 380,859.92 -13.933,517.82 Net Cash Balance $380,859.92 $-13.933.517.82 Short Cash 8 Equivalent 29% Fixed Income 71% UmPooecl poroo” oeno* aa0t 014, p, ancro• male< vela, The Mowry. ;events,' ty Po•aed Icon Pe etnol.te mo*eT rat), of >vv p tkno 027 014144:09:20 001 V824 EFTA00195952 CLEARED THROUGH ITS INHOU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS oTsCRP-iou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $-13.933.518 S•AICLO.,StP MAPXEI ESTIMATED CuARENT Oumarry PACE vtLuE ABM& MCCUE 1'601%) -13,933,518 FIXED INCOME Government & Agency Obligations DESCRIPTION ACC' SweCt.CuSP BRE Olmorir* PRICE MARKET VALLE ACCRUED MEREST ESTMATE0 ANNUAL INCOME CURFGVr YEW 114 FEDERAL HOME LOAN MTG CORP MRGN 10,092.097 10.5957 1.069.327 24.811 595,434 55.6831 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 0'2/15/2032 5.900% FACTOR .39212142 FEDERAL NATIONAL MTG ASSN MRGN 1,901.906 85.5000 1.626.130 2 19 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03101/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 35,544,219 3.6201 1,286,725 14.810 355.442 27.6238 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR .35544220 FEDERAL HOME LOAN MTG CORP MRGN 17,890.875 11.3612 2.032.626 51,435 1.234,470 60.7328 SERIES 2488 CLASS SO DATED DATE 0710802 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR .35781753 FINANCIAL TRUST CO INC STATELIER, PERK* January 1.2004 THROUGH January 30.2034 ACCOUNT NUMBER TAXPAYER ARJAA3ER OD File LAST STATEMENT December 31.2003 027 DI/ U04:09:20 001 Y82/ EFTA00195953 BLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 ri Your Portfolio Holdings (continued) Government & Agency Obligations (continued) FINANCIAL TRUST CO INC STATELIER, PERK* January 1.2004 THROUGH January 30.2004 Acumen NUMBER TAXPAYER NU03ER On File LAST sTATELIENT December 31.2003 DESCRPtION ACC' SUMCLCuSP Brit OUANIITY PRICE IAARKET VALLE ACCRUED INTEREST ESTPAMED ANNJAL INCOME YELL CURFIENIT IG FEDERAL HOME LOAN MTG CORP MRGN 20.640.679 10.7112 2.210.868 50,740 1.217.800 55.0824 SERIES 2483 CL SL DATED DATE 07/02402 BOOK ENTRY ONLY DUE 03115/2032 5900% FACTOR - .35781752 FEDL HOME LOAN MTG CORP#S03602 MRGN 3.187.760 80.2031 2.556.683 SERIES 223 CLASS PO DATED DATE 12+01/02 BOOK ENTRY ONLY DUE 12+01/2032 FACTOR - .63755215 FEDERAL NATIONAL MTG ASSN MRGN 18.419.875 11.4264 2.104.727 15.092 1.086.773 51.6349 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5.900% FACTOR - .75780881 GOVERNMENT NATIONAL MTG ASSN MRGN 44.000.000 18.0000 7.920.000 205.933 2.556.400 32.2778 SERIES 2004-5 CLASS PS INTEREST FROM DATE 01/20/04 DATED DATE 01/23/04 RRST COUPON 02+20/2004 BOOK ENTRY ONLY DUE 02+20/2033 5.810% FACTOR - 1.00000000 GOVERNMENT NATIONAL MTG ASSN MRGN 44.389.962 14.5833 6.473.526 217.413 2.698.910 41.6915 SERIES 2004-2 CLASS SB INTEREST FROM DATE 01/16/04 DATED DATE 01/23104 FIRST COUPON 02+16,2004 BOOK ENTRY ONLY DUE 01/102034 6.080% FACTOR — 1.00000000 Total Government& Agency Obligations $27.280.612 $580.236 $9.745248 027 01/310409:20 001 Y/124 EFTA00195954 CLEARED THROUGH ITS YAICU.Y OGBED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 Your Portfolio Holdings (continued) Corporate Bonds DESCRY:TON FANNIE MAE CMO/SERIES 2003-13 S RCR-I/0 FLTR DATED DATE 0212503 BOOK ENTRY CNLY DUE 03/26,2033 6900% FACTOR — 23118269 Total CorporateBonds ACC" SYLSOMOJSP TYPE MRGN FINANCIAL TRUST CO INC STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On FIR LAST STATEMENT December 31.2003 ACCRUED ESTI:WED CURRE' OUANTITY PRICE IAARICT VALLE MEREST ANNUAL INCOME VELD NG 36.559,134 14.8786 5.439.486 35,035 2.522,580 46.3753 $5.439.486 $35.035 $2.522.580 TOTAL FIXED INCOME $32.720.098 $615.271 $12.267.828 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 6615.271 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $12.267.828 YOUR PRICED PORTFOLIOHOLDINGS $18.786.580 Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co. Inc. outstanding as of date of statement PURO4ASE: REPURCHASE PMCINO PURCHASE PRICE/ ACCRUED REPO °WRIT( START DATE DATE RATE FRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 10/23/03 OPEN TOTAL REVERSE REPURCHASE TRANSACTIONS 0.000 -51,655,000 SERIES 2530 CLASS SE 6.3000 02/15132 $0 $0 TOTAL REPURCHASE TRANSACTIONS $0 $0 'As <X sial<rnint dY4 027 014144:09:20 001 1424 EFTA00195955 B STUR URNS OFFICE SERVICING YOUR ACCOUNT S m ear. Steams 8 Co. Inc. 7 Ct Transaction Detail INVESTMENT ACTIVITY CLEARED THROUGH ITS yal0sty fm s80 SUBSIOany Beef Stea•nt. it' • FINANCIAL TRUST CO INC STATEMENT PEF000 January 1.2004 THROUGH January 30.2004 Accocm NUMBER TAAPAYER NUMBER On File LAST STATEMENT December 31,2003 SETTLEMENT TRADE DrE WE -44NS4CDON DESCSPTION SYME10,SUST, WNW( PRCE DEBIT AMOUNT CHEM MONO 01/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN -69.335 STRIP MTG SERIES 322 CL PO 0,001 DUE 0361/32 PRINCIPAL REDUCTN 01.25-04 01108104 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12,01/32 PRINCIPAL REDUCTN 01-16-04 01/15104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 0305:32 PRINCIPAL REDUCTN 01.16-04 01/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/5132 PRINCIPAL REDUCTN 01-16-04 01/15'04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CI. SL 5,837 DUE 0305:32 PRINCIPAL REDUCTN 01.16-04 01/15104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,837 DUE 03/1532 PRINCIPAL REDUCTN 01-16-04 01115104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,837 DUE 02115 32 PRINCIPAL REDUCTN 01.16-04 01/15104 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12,01/32 PRINCIPAL PAYMENT 01-16-04 01/26104 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CI. PO 0,001 DUE 03'01,32 PRINCIPAL PAYMENT 01.25-04 -61.557 -1.222.000 -23 -709.634 -615.095 -364.849 61.556.80 69,335.20 027 D1,3i.04:09:20 001 Y824 EFTA00195956 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 8 c, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTKIN DESCRIPTION SYMEICL0u9P °MINN PRICE DEBIT AMOUNT GRECO AAIDUTO 01/26/04 PRINCIPAL FANNIE MAE CMG/SERIES 2003.13 -559,291 S RCR-1/0 FLTR 6.858 DUE 03/25/33 PRINCIPAL REDUCTN 01-25-04 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -281.792 SERIES 2003-49 CLASS SW 5.858 DUE 01/25/33 PRINCIPAL REDUCTN 01-25-04 01/30/04 01/16104 BOUGHT GOVERNMENT NATIONAL MTG ASSN 44.389.962 13.25000 5,881,669.97 SERIES 2004-2 CLASS 58 WE 01/16/2034 06.080% ACCR. INT. 104,957.59 0987021011332 REF # 2004011646030000 BS AS OF 01/16/04 01130;04 0110&04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 22.000.000 17.81250 3.918.750.00 SERIES 2004-6 CLASS PS WE 02/20/2033 05.810% ACCR. NT. 35.505.56 0987022118332 REF # 2004010846380000 BS AS OF 01/08104 ACCRUES ON 1ST. PAYS ON 20TH 01130/04 01;23,04 BOUGHT GOVERNMENT NATIONAL MTG ASSN MIK 22.000.000 18.00000 3.960.000.00 SERIES 2004-6 CLASS PS WE 02/20/2033 05.810% ACCR. NT. 35.505.56 0987022118332 REF # 2004012346390000 BS AS OF 01/23104 ACCRUES ON 1ST. PAYS ON 20TH TOTAL $-13.936.388.68 $130.892.00 FINANCIAL TRUST CO INC STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAISER On File LAST STATEMENT December 31, 2003 027 010104:09:20 001 EFTA00195957 CLEARED THROUGH ITS YiliCtLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 c. Transaction Detail (continued) DEPOSITS AND WITHDRAWALS FINANCIAL TRUST CO INC STATEMENT PER100 January 1.2004 THROUGH January 30.2034 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT December 31.2003 DATE TIONSACTON DESCRPTICM DEEM AlACKAR CREDIT AMOUNT CREDO AMOUNT 01/02104 FND WIRED MDA#GV119949FNDS WIRED TO MS BANK C#17196I 62.716.00 TOTAL $-62.716.00 INTEREST Do-E CESCRPTION SYMECL,CoMP OUNOITY RATE PO DEBIT AMOUNT 01/15/04 FEDERAL HOME LOAN MTG CORP 1.0000 30,638.54 SEBES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 5.8370 103.860.38 SEBES 2483 CL SL DUE 03/15/2032 5.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 6.8370 105.445.48 SEBES 2488 CLASS SO DUE 03/15/2032 6.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 6.2370 17.62180 SERES 2530 CLASS SE DUE 02/15/2032 6,237 INT RID 12-03 PM 01-15-04 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP 6.2370 109,090.19 SERES 2530 CLASS SE DUE 02/15/2032 6.237 INT ND 12-03 PAD 01-15-04 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP ISM 5.8370 50.868.68 SERES 2526 CLASS SI DUE 02/1512032 5.837 INTEREST PAYMENT 01.15-04 027 01/31.04:09:20 001 EFTA00195958 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 01/26/04 FANNIE MAE CMG/SERIES 2003-13 6.8580 S RCR-VO RTR DUE 03/25/2033 6.858 INTEREST PAYMENT 01-25-04 soma/ruse DUANTITT RATE N4 01/26/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5.858 INTEREST PAYMENT 01-25-04 DENT AMOUNT CLEARED THRouem ITS OmY*0 SUEISIOany Beer &Ter FINANCIAL TRUST CO INC STATEMENT PER100 January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER AMMER On File LAST STATEMENT December 31.2003 WENT AMOUNT .1155.00 5.8580 91.306.99 "0"AL $720.989.06 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MEE DATE DATE TFINiSJ.C-1011 DE$111P'ICN SYMOCEtuNP DUANTITT DENT AMOUNT CREDIT AMOUNT DMZ. 01/02/04 D110211 01/02t04 01/02,1 JOURNAL JOURNAL JOURNAL JOURNAL INTEREST ADP CD ATM-PR F275318101( 1/49 ADP CD FILM-PR F2753181019 1/49 ADP CD FITM-PR F275318101h 1/49 ADP CD FITM-PR F275318101i 10)31(49 ADP CD DUE 12131/2049 8.625 318101f INK 02/ 980,000.00 1297.000.00 01/31.13404:20 001 980,000.00 980.000.00 384.65 Y1924 EFTA00195959 B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 11 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STAIOCCCUSIP GuANTITY OMIT ;wow CREDIT AMOUNT cruise JOURNAL ADP CD 1.297.000.00 FITA4-eR F275318101j 1/49 01/16/04 JOURNAL ADP CD 1,297,000.00 FITM-eR F275318101k 12/31(49 omell JOURNAL ADP CD 1.297.000.00 FITte-eR F2753181011 1/49 01/16/04 JOURNAL ADP CD MIN 1,840,000.00 FITM-eR F275318101m R ax Mc 10/31(49 ov161 INTEREST ADP CD 501.15 DUE 12/31/2049 8.625 alai 5318101I 01/21/04 JOURNAL ADP CD 1.659.000.00 FITte-eR F2753181010 R ax NC 1/49 01/211 JOURNAL ADP CD MIK 1.840.000.00 FITM-PR F275318101n 1/49 01/211 INTEREST ADP CD 256.58 DUE 12131/2049 8.625 110. 5318101n 01/271 JOURNAL ADP CD 1.659.000.00 FITte-eR F275318101p R ax MC 1/49 CLEARED THROuGH ITS VIOL.? GUYED SUEISIDMIne Beer Star FINANCIAL TRUST CO INC STATEMENT PERK* January 1.2004 THROUGH January 30.2034 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT December 31.2003 027 01,31.04:09:20 001 V824 EFTA00195960 CLEARED THROUGH ITS YiliCtLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 0 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (MINIMS) SEITLENDTT TRADE DATE DATE TRANSACRON DESCRP110N SYMECLCiAlP OVANTre DEBIT AMOUNT CREDIT AMOUNT 01/27/04 01/271 01/27/04 01/271 JOURNAL JOURNAL JOURNAL INTEREST ADP CD FITM-PR F275318101q 10)31/49 ADP CD FITM-PR F275318101r A Ax titer 1/49 ADP CD FITM-PR F275318101s 10131/49 ADP CD DUE 12131/2049 8.625 11.65318101p MIK MIK Milli 1.659.000.00 2,075,000.00 1.659.000.00 276.50 TOTAL 5-10.807.000.00 $9.713.418.88 MISCELLANEOUS FINANCAL TRUST CO INC STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER WAXIER On Pile LAST STATEMENT December 31.2003 DATE MOAT TRANSACT°, DESCRIPTION DEBIT AMOUNT CREPT ATANNT 01/08/04 JOURNAL FITG FITM 155.420.00 01/12/04 JOURNAL FITG FiTM 79.477.00 01/14/04 JOURNAL RTG FiTM 19.611.00 01/16/04 JOURNAL DEC. 03 SPEC CLEARING FEES 100.00 01/16/04 JOURNAL FRG RIM 32,492.00 01/22/04 JOURNAL FiTM TO FITG 181,068.00 027 DI,3IA34:O9:2O 001 YS2A EFTA00195961 CLEARED THROuGH ITS MIPS? OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 13 0 13 Transaction Detail (continued) MISCELLANEOUS (continued) DATE ITPDAY TPANSACTCTI DESCRIPTION 01/27;04 JOURNAL FITG FTIM DEBT ATIP1/41 CREPT AP/OVNT 44.533.00 TOTAL S.293,137.00 $219.564.00 Your messages Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp. obtains excess SIPC protection will change to Customer Asset Protection Company ('CAPCO'), a New York licensed insurance company. CAPCO has an financial strength rating from Standard and Pools. End of Statement 027 Ob3b04:09:20 001 FINANCIAL TRUST CO INC STATEMENT SEATO° January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On FIN LAST STATEMENT December 31.2003 EFTA00195962