CLEARED THROUGH ITS vooTtre ONT2J1SUOMPARY -n C in z r 0T805£00- O19- ANGS 8 b.) IJ TO 0 IJ BEAR STEARNS OFFICE SEAMING MR ACCOUNT Bear. Stearns & Co. Inc. 383 Madson Avenue New York. New York 10179 Bas Transaction Detail (continued) INVESTMENT ACTIVITY (cor4inued) SATIUSENT TRADE art OATE TRANSOMS, oescapncei 06/01/04 05/26/04 SOLD SW113110.6, OUNM, 912828084 .50000.000 UNITED STATES TREASURY NOTE DUE 05r31/2006 02.500% NW 31 0988016192099 O VELD 2.565 % TO MATuRITY VER REF 01471007 85 AS OF 05/26104 06/04/04 06/03/04 SOLD UNITED STATES TREASURY NOTE DUE 05/15/2E07 03.125% MN 1$ 0988018192099 VELD 3.158% TO maTuRRY OVER REF r 01551008 Al 06/04/04 06/03/04 SOLD UNITED STATES TREASURY NOTE CUE 05/31/2006 02.500% MN 31 C468000592099 YEW 2.618 14 TO PMTURITY GYER sr 01551009 Al 912828CG3 -25.000.030 9128280(.4 -25.000.000 06/09/04 05873/04 BOUGHT PUT TSY 31/8 05107 9258526 50000.000 EUROPUT STRIC 99-20 ExP 08/13/2034 ORIGINAL 5/0 06/04.04 AS 0 06103/04 FEDI. HOME LOAN MTG CORP4S03602 3128HVA85 .2.636.265 SERIES 223 CUSS PO DUE 12/01/2032 0987027414332 REF A' 2004081067690000 85 06/1004 06/10/04 SOLD MR Son Storbe, en Ow tieritSech Caner Not SnolAn, Mr Yak 1120141711 FINANCIAL TRUST CO INC STATIVIOrt PIPtICO May 29. 2004 THROUGH AO* 30.2004 400/0407 MASTER ?MATRA MAW, On Fie LAST swayer ?Jay 2% 2004 MCC CM MOUNT CROW AMOUNT 99 67200 49.936.03000 ACCR. INT. 3.415.30 99.90625 24.976.562.50 ACCR. MT. 42.459.24 99.77344 24.943.359.38 AOCR. INT. 6.830.60 0.71094 355.468.75 72.06250 1.899.758.47 06/15614 PRINCIPAL FEDERAL HOME LOAN MEG CORP 3139216E2 -815.870 SERIES 2463 CL SL 5 900 DUE 03/15/32 PkroCPAL REDUCTN 0%15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -707.179 SERIES 2488 CUSS SO 6.900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -938.179 SERIES 2530 CL4SS SE 6.300 DUE 02/15/32 FRMCPAL REDUCTN 04-1544 06/15/04 06115/04 027 07/01/04:1231 001 11032 EFTA01320997

E05EZZOO- VL43 0 m cim r TT80S£00 IND ANDS BEAR STEARNS OFFICE SERICSG YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New Yolk New York 10179 9 Transaction Detail (continued) INVESTMENT ACTIVITY (contirwed) MUNN, Mai. OAR OAR TitUR4C110.0 Ofsenor M a cy. 06115/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F686 SERIES 2526 CUSS SI 5,9C0 DUE 02/15/32 PRINCPAL REDUCER 05-15-04 08/15/04 PRINCIPAL FEDI. HOME LOAN MEG CORP/403602 3128INA8.5 SERIES 223 CLASS P0 CUE 12/01132 PRIN R/D C6-04 EY0 06-15-04 REPO P 6I 0.0000 06;18/04 PRSICIPAL GOVERNMENT NATIONAL MEG ASSN SOWS 2004-2 CLASS SG 12.200 DUE 01/16/34 pRIN RA) 06-04 P/D 06-1604 REPO P 61 12.2000 08/25/04 05/24/04 BOUGHT 38374FCN2 UNITED STATES TREASURY NOTE 912828CK4 098 DuE 05/31/2006 9 02.500% IA1 31 801619209 YIELD 2.658 %TO MATURITY GVER REF 0 61761027 A3 06/25/04 0/0(4Rµ BOUGHT UNITED STATES TREASURY NOTE 912828CK4 DUE 05/31/200602.500% MN 31 0988016192099 GVE YEW 2,658 % TO imTURTN R REF 4 61761027 83 CISME° !Moroi MI w4OLN One. SveynNY Beer Sun Stsviun Cap. n Wenn toner Pin Intri Nw at 20 .3ttS0 FINANCIAL TRUST CO INC sunup." PelbCO May 29.2004 114.008.4 lime 30.2004 0.wilw ACCCowl MAWR TAxpAret inn MT STArcuper DIST aid On He wry 28. 2OO4 CROW WON'T -402.434 97.95070 86.358.20 . . . 50.000.000 99.70313 49,851,582.50 ACCR. INT. 85.382.51 50,000000 99.70313 49.851.562.50 ACCR. INT. 85.382.51 06/25/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31381101.01 227.462.55 STRIP WC SUES 322 CL PO 0.001 DUE 03/01/32 ERIN ND 05-04 RD 06-25404 REPO P &I 0.00:0 06/25Aµ PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 31392J0K2 -951.594 S RCR-b13 FUR 6 900 DUE 03/25/33 FitSCIPAL REDUCIII06-25-04 08/25/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31393C2C8 479,449 SERIES 2003-49 CLASS SW 5.900 DUE 01/25/33 PRINCIPAL REDUCER 06-25-04 021 07/31/04:11-31 001 4832 EFTA01320998

CLAMED THROWN ITS vAtar Omen SLILS10Mer En 8 D.) IJ -n C in z J r ZISOSEOCIN9- ANGS BEAR STEARNS OFFICE SERVICING YU" ACCOUNT BOK Stearns & Co. Inc. 383 Madison Avenue New York. New Yak 10179 10 art Transaction Detail (continued) INVESTMENT ACTIVITY (coreinuore surtnert OM 3610E DAR 1VONSECON COCRIOOM 5196040.199 MAMMY PRICE 06/30104 06/24/04 SOLD UNITED STATES TREASURY NOTE 912828010 -50,000.000 100.06250 DUE 06130/2006 02.750% ID 30 0988016192099 YIELD 2,718 11 TO MMIIRRY GVER REF 4 61761023 At 06/3004 0624/04 SOLD UNITED STATES TREASURY NOTE 9128280.00 40.000.000 100.06250 DUE 05/30/2006 02.750% ND 30 0988016192099 VELD 2.718% TO MATURITY OVER DU EP G1761023 Bt TOTAL i • • 00.229.358.77 INTEREST DATE CESCOPTIDN MIABOUCLISIP RATE (9i 01111 AMCOR CADDO MUM 06/01/04 AVG 8AL 325.401RT 0.270 75.62 021 OFFICE MEREST 0504 06115/04 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 24.081.17 MRCS 2471 CUSS VT DUE 03/152032 1.000 MT Re 05-04 ND 06-1504 REPO P I 1.0000 06/15/04 FEDERAL HOME LOAN MTG CORP 3139276E2 5.9000 82.505.83 SERIES 2463 CL SL WE 03/15/2032 5.900 MEREST PAYMENT 0645-04 06/1 S/04 FEDERAL HOME LOAN MTG CORP 313927/32 6.9000 83.635.26 SERIES 2488 CLASS SO DUE 03/15/2032 6.900 INTEREST PAYMENT 064544 06/15/04 FEDERAL HOME LOAN MTG CORP 31393FA3 6.3000 101.207.82 SERFS 2530 CUSS SE DUE 02/15/2032 6.300 INTEREST PAYMENT 06-15-04 Mar. Steins Septa Cap. One /AAVOAAA On Moth ervotho Mew Von 11201.3859 FINANCIAL TRUST CO INC seATCAMer MOOD May 29.2004 Tweecean lune 30. 2004 ACCOueT .0~ TAxe.weR Apnoea On The LAST STATZEtem may 28 2004 DEM AMMO MIMI MADAM 50.031.250.00 D27 50.031.250.00 5227.252.364.59 07/0104:1 :31 OM VOX/ EFTA01320999

ril 8 LA IJ BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beer. Stearns b Co. Inc. 383 Madson A444 Now Yort. NEW Yak 10179 11 o •s CLEARED THROuGN ITS MACAO 0V041) SUSSOIMY Dm Siena 54/Arlim COCIL 14:444 CANN MT is raw Tat i1201-3r9 FINANCIAL TRUST CO INC STATES/01T PEMCO may 29.2004 mecum Arse 30.2004 Transaction Detail (Continued) INTEREST (continued) ACCOUNT MASS TASKS µNgU 00 Ft LAST STATEMENT ay 28.2004 OM DESCO09141 SYSSOLCUSP CitIMMTV WE (41 KW Sr Mop Amen 06/15704 FEDERAL ROME LOAN MTG CORP 31393FG88 5.9000 40.69114 SERIES 2526 CLASS SI DUE 02/15/2032 5.900 INTEREST PAYMENT 06.15.04 06/16/04 GOVERNMENT NATIONAL MTG ASSN 38374FCM4 6.1000 219.760.82 SERFS 2C04-2 CUSS 58 DUE 01/16/2034 6.100 NI RA) 06-04 PID 06-16-04 -n 06/16/04 REPO P A I 6.1000 GOVERNMENT NATIONAL MTG ASSN SORES 2004-2 CLASS SG 38374FCN2 12.20:00 99.926.90 WE 01/16/2034 12.200 C Ea RD 06-04 RID C6-16.04 in 06/21/04 REPO P 6I 12,2000 GOVERNMENT NATIONAL MEG ASSN SERIES 2004.5 CUSS PS 38374F087 5.8500 214400.00 WE 02120,2033 5.850 MT MD 054E P/0 06-20-04 REPO P & I 5.8500 08/25/04 FANNIE MAE 0.105ERIES 2033-13 S RCR-P0 FUR 31392J0K2 6.9000 186,097.96 DUE 03/25/2033 8.900 MEREST PAYMENT 06.2544 r 06/25/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS Sw 31393C2C6 5.9000 80.174.33 DUE 01/252033 5.900 MEREST PAYMENT 06-25-04 TOTAL 51.131.747.84 ET805£00- O19- ANGS 021 WADI ra• 1) )1 001 '432 EFTA01321000

En IS b.) Ia La BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. New York 10179 12 a .6 Transaction Detail (continued) CLEARED INROUGN 118 wets, °MED SU8S010tY Mit Dom Manion Cop. Cr* wawa. yaw NOM Net at HO FINANCIAL TRUST CO INC STATEMENT PERO) may 29.2004 mon.. Ana 30. 2004 AO:Ctaa NoweER TWA! IE NumleR Q\iIIC REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS we STATEMENT May 28. 2004 with Bear,Steams& Co. Inc. 0 -n SMOAK MCC DATE DATE 06/01/14 06101104 08/01/04 C rn 06/01104 0610104 r 06101/4 0601104 VT 805£00- O19- A NOS T%U6ACtVI DESCRIPTION SYMEIOVOZIP CONON ten maw CREDO MOUNT JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 4344.651 3,241,030.03 SW AIM SERIES 322 CL PO 0001 . DUE 03.01132 MIA F1313223 AZ TERM REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN STRP MTG SERIES 322 CL PO 0.001 DUE 03/01, 32 FITI.4 F1533204 Al REPO AGREEMENT 3136FALCI1 -4.744.651 3,297.03000 JOURNAL FEDERAL NATIONAL MEG ASSN STRV MEG SERIES 322 CL PO 0,001 DUE 03J01/32 RIM F1533204 AT REM AGREEMENT 3136FAL01 4.744.651 3,297,000.00 JOURNAL FEDERAL NATIONAL MTG ASSN STRPIATG SERIES 322 CL P0 0.001 DUE 03411132 FITM 11533204 A.3 REPO AGREEMENT 3136FALQ1 -4.744.651 3,297.00003 JOURNAL GOVERNMENT NATIONAL NM ASSN 38374F067 44,000,000 4.300.000.00 SERIES 200E-S CUSS PS 5.850 ME 02220/33 MIA F1463235 AZ TERM REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MID ASSN 38374FDB7 -44.000000 4,345,000.00 SERIES 2004 5 GLASS PS §,850 DUE02/20/33 MIA 11533207 Al REPO AGREEMENT RECEIVED UNITED STATES TREASURY NOTE 9128280(4 75.000.000 75.187.500.00 DUE cdoidoeili 2.500 2.500 DUE 05/31,06 RDA F1530545 Al RESALE AGREEMENT OS, 07/01.34:13:31 EFTA01321001

rn IS IJ IJ -n C in r STSOSEOCIN9- ANGS BEAR STEARNS orra SETNICNG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madoon Avenue New York, New York 10179 13 one Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (centium0 SETTIDAENT TRUE CAN DATE flONSACOON [ocean:v.4 SOSIOUCIAIP OVNITIN CEBII NASUM CRIXO AMOUNT 06/01/04 INTEREST FEDERAL NATIONAL MTG ASSN 3138FAL01 2.574.79 SIR' MTG SERFS 322 CL PO DUE 03/01/2032 0.001 FM F1313223 AZ REPO INTEREST 06/01/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374087 1,088.94 SERIES 2004.5 CUSS PS DUE 02/20'2033 5.850 FITM F1463238 AZ REPO INTEREST 06.004/04 RECEIVED UNITED STATES TREASURY NOTE 912828003 25,000,000 25062.500.03 DUE 05/15/2007 3.125 1,125 DUE 05/15/07 EOM Fl 560700 Al RESALE AGREEMENT 13810404 OEUVERED UNITED STATES TREASURY NOTE milack4 .75.CCO000 v 75,187,500.00 DUE 05/31/20:8 2.500 2.500 DUE 0931/06 RDA F1530545 AZ TERM RESALE AGREEMENT 0810404 RECEIVED UNITED STATES TREASURY NOTE 912828CK4 100.000.000 1C00:0.CC0.00 DUE 05/31/2006 2.500 500 DUE 05/31/08 2, FIIM F1560720 Al RESALE AGREEMENT 069404 INTEREST UNITED STATES TREASURY NOTE 912828CX4 4.323.28 DUE 05/3112006 2800 FONT F1530545 AZ RESALE INTEREST 06/10/04 JOURNAL FEDI. NOME LOAN MTG CORPOS03602 3128HVA85 2.838.265 SUES 223 CLASS PO DUE 12/01/32 FIN F1453171 A2 TERM REPO AGREEMENT WARES mAcucel ITS ww0J. WALD SuINClutY Ow Stuns $7,72024 Cap. Ort Osintea Oros math Se km lvt 112014(459 FINANCIAL TRUST CO INC s1Atilliper 'MOD May 29. 2004 7749CNON lure 30,2C04 ACCOuNT Nada Marta Nue On Flit LAST STANDAR/7 Nay 28.2004 027 07/01.1t13:3I 001 VIII EFTA01321002

0 -n rn r 91805£00- IA19- ÅNGS BEAR STUkRNS OFFICE SERVICING YOUR ACCOUIT Bear. Stearns /4 Co. Inc. 383 Madison Arena New Yoik. New Yak 10179 14 s Transaction Detail (Continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (corxwle0) SEITLOACTIT tua art art TINNSACT1DN DISCR0TON 06/10/04 JOURNAL FEDL HOME LOAN MTG CORPAS03602 SERIES 223 CLASS PO DUE 12/01/32 FTI34 F1623220 Al REPO AGREEMENT 08/14/04 JOURNAL FEDI. HOME LOAN MEG CORP4S03602 SNAFS 223 CUSS PO DUE 12/01/32 INA F1623220 A2 TERM REPO AGREDAENT 06t14/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN SERFS 2C04.2 CLASS 5B 6.100 DUE 01/16/34 FIN F1663239 Al REPO AGREEMENT 06/14/04 JOURNAL GOVERNMENT NADONAL MTG ASSN SERFS 2004.2 CLASS 58 6.100 DUE 01/1644 FILM F0993100 A2 TEl REPO AGREEMENT 06/14/04 MEREST FEDL HOME LOAN MTG CORPPS03602 SERIES 223 CUSS PO DUE 12/0112032 0.000 FILM F1623220 42 REPO INTEREST 06/14/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2034.2 CUSS SB DUE 01/16/2034 6.100 Rim F0993100 A2 REPO MEREST CLEARS/ TIMIAN ITS VMOLLY teneD SuliSIDVAY Dar. Sate SiaMin Cap. On' Ilireeta Corte Wen Drtotin New eon 1120148SP FINANCIAL TRUST CO NC STAnueNT M9OO May P9.2004 namuCol Are 30.2004 ArCONT MAIMS TAMmTER /MAWR On nle LAST STATtursi mes 28.2004 SW/PUPS OT/XIITT DONT M.0.00 CatOrl MAW, 3128HVABS -2.638.265 250.000.00 3128134085 2.636285 250.030.00 38374FCM4 -43.231436 2072.003.00 38374FCM4 43.231.636 3,712,000.00 3128HVA85 39.20 38374FCM4 e257.32 0625/04 DELJVMED UNTIED STATES TREASURY NOTE 912828CK4 -100.000.000 100.000.000.00 WE 06/31/2005 2.500 2.500 OuE0541.03 MA F1560720 A2 TERM RESALE AGREEMENT 0/1 07,01/04:1301 001 1•32 EFTA01321003

Fn IJ Lel 0 -n C in r LI80SE00- O19- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beal. Steams & Co. Inc. 383 Madison Menus New York. New York 10179 15 n'1 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) 4411lllatin TRADE DAR DATE ITIAIGACTON CESObIliON 06/2=4 SYWOUCUS. =Ann TnnOtiOn ni v0404 D.Vni.0 9.11110war Sum Seats 00 Ltecrointh Cant. 4.3* aC . uric 112014438 FINANCIAL UST CO INC STATImenir PlitC0 May 29.2004 THRoinn nine 30.2004 ACCCusT NUNS TAxPAYEA 'Wheat On FY LAST sTArroper May 28.2004 Dam mama moo &MOM" INTEREST UNITED STATES TREASURY NOTE 912828CK4 38,027.78 DUE 05/11/2008 2.500 FITM F1560720 A2 RESALE POEM! 06/29/04 JOURNAL ADP CD 8888888 1.740.000.00 FMA-PR F1813241011 8.625 DUE 12/31/49 2074420692 08129/04 JOURNAL ADP CD 8888888 1,740,000.00 FITM-PR F1813241012 8.625 DUE 12/31/49 2074420692 06/30/04 JOURNAL FEDERAL NATIONAL MEG ASSN STRP ISO SERIES 322 CL PO 0.001 DuE0301/32 EOM F1823319 Al REPO AGREEMENT JOURNAL FEDERAL NATIONAL Lac ASSN STRIP TATO SERIES 322 CL PO 0031 DUE 0101/32 ATM F1533204 A4 TERM REPO AGREEMENT 3136FAI01 4.517.189 1,744,350.00 06/30/04 06/30/04 RECENED UNITED STATES TREASURY NOTE DUE 06/30/2006 2.750 2,_750 DUE 06/30/06 arm F1821036 Al RESALE AGREDAENT 3136FAI.01 4.517.189 3.297.000.00 912828003 100.000,000 100.12=03.00 06/30/04 INTEREST FEDERAL NATIONAL MTG ASSN 3136FALI)1 3,519.09 STRP MK SERIES 322 CL PO DUE 0101/2032 0.001 FIN F1533206 Al REPO MEREST TOTAL S-320.228.477.34 5191.975201.06 017 070144 1.3 31 col Y832 EFTA01321004

DIEEEED AROMA In NICELY OWNED SUBlimaY rri 8 IJ IJ LA 0 -n C in r 8T 805£00- O19- A NOS BEAR STEARNS OPTICS SERVICSVG YOUR ACCOUNT Bear. Steams & Co. he. 383 Madden Avenue New York. Nee York 10179 16 a is Transaction Detail (continued) MISCELLANEOUS DAN ADDAX TRANS/EDON OEJ14/04 JOURNAL TOTAL ascended MAY 04SPEC CLEARING FEES Mart MOM 450.00 ar m MOM 5-450.00 Your messages We' Notice Regarding a Chang, in The Statement of Interest Charges Pursuant to the TTruth-in4Anding" 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 well 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 banter 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 (0 up to 105% of the settled short market value of such short sales (across all curencies). which shall be calculated daily, and (II) the proceeds of such short sales. End of Statement 9.6%51S Sseelka Cap One Ihnousn Cent NW. isiseg 112014359 FINANCIAL TRUST CO INC STAITACE7 DENOD WE 29.2004 TWICUCIM lune 30.2004 ACCOUNT POWER TWNAVER NAMER On fie LAST STATIVAIDC May ze. 2004 Any short positions in your account will be kept 'marked-to-the market. This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the Sh011 sea:lees. 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 yak*. The appreciation or depreciation of securities sold short will be determined by Bear Steams Securities based upon daily Closing prices a 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 Truthinanding" disclosure previously provided to you remain unchanged. 027 ODOVO4.13 31 COI W.32 EFTA01321005

I ISE-ZOO-Vida BEAR STD‘RNS OFFICE SERVICING YOUR ACCOUNT Beat. Stearns 4, Co. Inc. 383 MASCO Avenue New Y New York 10179 CALAREO naitclwm fR MOLLY COSMO S&. ASV Dm Swans Satin Cos. ISactach Cams Koss Pacer. Pa York 1120148.59 FINANCIAL TRUST CO INC STATEreaer PERIOD Wry 1, 2004 nappy May 28.2004 ACCOUNT E.VECUINE GNMA GOVT BOND VISIT OUR WEBSITE evw4bearsteamscom What's In This Statement If It I I I II II ILI ACCelte XLMIER TAXPAYER IS.NOCR Out file LAST sTAMIEST Agri 30.2004 Financial Stant:my 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE B3 0 ST THOMAS VI 00802 -n C rn r 6T80S£00 INS ANDS Your Portfolio at a Glance cash Equineerc Market Value of Your Portfolio " 2" 3 TOTAL WHIM OF SECURITIES THIS PERIOD 12.394,691 S-12.163 LONG ACCRUED ritEREST 160.153 NET CREW BALANCE 228.003 Move S13.163.012 Current market tube NET EQUITY Mae PERIOD 512.782.847 Last statements market value Q Snort market value NET EQUITY LAST STATEMENT 13.363.739 CHANGE MOE LAST STATEMENT .580.892 There are no 'Stop Loss" orders or other pending buy or sell open orders on rile your account. grc ne tuns try R ftt Irfterrwlccl OtrpOS44 OW It It aft telefIS ISI tax ticonlent. 'IN niteman Soda be MASS t yew nubs* Sep mars SSW troorWt Strysattes 027 03¢904.1212 CO1 \VW EFTA01321006

CLEARED nexuroi ITS WHOLLY Crate 11ASDARY Dub SURDS SeatiliS a DERoisch Car MDT Msh 112014/69 FINANCIAL TRUST CO INC -n z C in z -H r 0Z805£00- O19- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE OIE O$QW6.:120i 001 nn EFTA01321007

BEAR STEARNS VINCE SERYICNG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madeon Avenue New York New York 10179 3 e. • e Cash Flow Analysis OlS PERM Income Summary MOO= WAR TO Oat Opening Balance 5-12,162.87 U.S. Govt. Bond Im 61.388.53 228430.62 Gan. Agency Int. 978.422.27 4,354,833.13 Securtdes Sold 314,135191.84 Corp. Bond Int. 195,447.99 1,027,568.56 ONIdendsnmerest 1,235,353.40 Credit Balance Inc 86.61 158.30 Metedlancet:, 32.031.25 Reverse Repurchase M. 17,701.39 21.00691 Amount Credited 5315.402.576.49 Total 11.253.054.79 SS 831 997.52 ii Securities Sought Ohidendsanterest Charged 414,951,505.27 -209.405.71 Bond Purchase Inc. Macon Inc.Pad 409.405.71 0.00 -428,599.18 -1,770.70 C in kaseelaneouS Amount Debited 4.50600 5-315.182.410.98 Repurchase Int. Exp. -11.508.39 -58125.88 Net Cash Activity 240,165.51 Portfolio Composition ClosingBalance 5228S:02.64 CasIVCash Equivalent 228.003 Mad Income 12494.691 r Cash Balance Summary Total 512,622.694 COOVIG CLOWC Margin -12.162.87 228.002.64 Net C.ISh Salente 5.12.162.87 5228.002.64 TZ8OSEOCIN9- ANGS 023 auto, TARCMAN ITS MCA:, 0A1E0 SIANDWIT tor. Sur* Nowt; Cap. Coo Mot n CourNew% Po ow two, r N 11201.3559 FINANCIAL TRUST CO INC STATEMENT Popp May 1.2004 TSM0UGH May 29.2004 ACCOwer SOWER TAxPAYDI µaKR On lie LAST STATONNT Apnl SO. 2004 Your Portfolio PJlocation Cash & EQutibletit 1% — Fowl OCCMO 99% to•h•OW acetala Ora* am, tuba* want vat swam ae.tat Trio •15.54.• ••rtalY.P • . 4,44 bp, In iamb", HM ate tf ••• •C•0•0 0521034.12 32 0C1 7811 EFTA01321008

=ARID THROWN ITS wHOLLY OnTED SulHOMY rn 8 b.) IJ Lel 0 -n C rn r MOSEOCIN9- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOuVr Bear. Steams 8 Co. Inc. 383 Masson Avenue New Yolk. New Yak 10179 4 '7 Your Portfolio Holdings CASH 8 CASH EQUIVALENTS DISCRIF110.4 CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5228.003 SwiloutirAP Wadi ESTIMATED CURRENT CUANDIV Mut mimat INCOME DELO {.4 228.003 FIXED INCOME Government & Agency Obligations DESCRIES:a SHISOL/CUSIP ACCT COMM PRIZE Meal YAWL =atm MUM ESTIMATED AMU& Dan CURRD/I YIELD CV FEDERAL NOME LOAN MTG CORP 31393FAF3 MRGN 19.294.823 10.1223 1.953.080 43.896 1.215.574 62.2388 SERIES 2530 CUSS SE DATED DATE 10/11/02 8001E ENTRY ONLY OLE 02/1 3 6.300% FACTOR -.3.321580388 FEDERAL HOME LOAN MTG CORP 313931086 MRGN 8.276.570 9.0531 749.287 17,635 488.318 65.1710 SERES 2526 C1ASS SI DATED DATE 10001/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .32158037 FEDERAL HOME LOAN MTG CORP 313921/32 MRGN 14.545.258 11.4010 1.658.299 36.240 1.003.623 60.5212 SERIES 2488 CUSS SO DATED DATE 07/08/02 BOCK ENTRY ONLY DUE 03/15/2032 5.9C0% FACTCR —.29090621 FEDERAL HOME LOAN MEG CORP 3139216E2 MRGN 16,780646 0.7571 1.469.512 35.753 990.070 67.3741 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY CUE FACTOR 01/1512032 5.91900% . .290905 027 0142194:1832 001 41131 Cr* MrovUxn Pew Math Rye Tort 11201.380 FINA NCIAL TRUST CO INC STATImera PRI•00 May 1. Ma THROWN May 28.2004 AMOUNT siaea TAXPAYER KAMER On Ale LAST arrunicia April 30.2004 EFTA01321009

0 m cim H r EZ805£00- 019- ANGS BEAR STERNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. kic. 383 Madison Avenue Nest York. New York 10179 Your Portfolio Holdings (continued) Government & Agency Obligations (writnuer) 015CRSOD11 SYLISOLKIJSIP ACC ow OUMMTI Mat frnbcY1 YAWL AOCMJED MEREST /311VATED MINUAL MOW CURRENT Y100 FEDERAL NATIONAL MTG ASSN 3139302C6 MRGN 16.308.643 11.0890 1.808.245 8.019 962.092 53 SERIES 2003-49 CUSS $w .2058 DATED DATE 04/30.03 BOOK ENTRY ONLY DUE 01/292033 5.900% FACTOR - .67086868 Total Government& Agency Obligations 57.638 423 5141.543 54 659.677 Corporate Bonds OtSCRP/Kad SOASOUCLeUP ACC? TYPE Cuomo tAICS MARKEY YAM( rano" INTEREST LITIMATCO Mina MOW CURRINt WILD MI FANNIE MAE CASYSERWS 2033-13 313921/K2 MRGN 32.364,861 14.6958 4.756.268 18.610 2.233.175 48.9523 $ RCIT-VO FUR DATED DATE 02125/03 BOOK ENTRY ONLY DUE 03/25/2013 6.900% FACTOR a .64729726 Total Corporateeonds $4.7%288 $18.610 $2.233.135 TOTAL FIXED INCOME 512.394,691 $160.153 56.892,852 “f-mta0 InsIty)f )4 MI amOLL WNW SUBSCARY Oar Sinn Scottie; Cop. Ow Manaan Goo North Skaadr. Sew Yen 11201-3859 FINANCIAL TRUST CO INC VaTEmEHT aira0a May 1, 2004 TN 04.3m May 28. 2004 AGO0tta MAMER Taxman SOMA On File Liar Stan:MDR Aml 30. 2004 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $160,153 YOUR RORITOUOHOLDINGSESTImATED ANNUAL INCOME $6,892.852 yOuR PRICEDPORTFC Lie DI Ncs $12.622,694 001Staa.1 a 32 cot '41331 EFTA01321010

CLEAC'ED netouom rrs WHOLLY ONtO 111A31931.12f 9 I SI:ZZOO- V1d3 BEAR STMRNS OFFICE SERVICING TC/J12 ACCOUNT Beat. Steams b Co. Inc. 383 Madison Avenue Now Tort New York 10119 6 al? W. Sion Sean*. CC M. Coe /Aeltatar Espy Norm S Iettlrert 11201,31139 FINANCIAL TRUST CO INC Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstan ding as of date of statement PlifiCHASEJ INPURNASE WPC PORIRIASE AIXAUE0 REPO WE DAN Get MTE MKT% INEIRIESP *NM flu IMOWOT oar STATElie:r REMO May 1.2004 ThIROUGN May 28.2004 ACC'"? 34V10011 ?Ax mpt MAtER 011 ne nr 2vrur AGRI 30.2004 OISCRINICN YOU SOLO (REPO) 04/08/04 07/08/04 1.340 -3.712.000 -7.461 -44.389.962 38374F044 GOVERNMENT NATIONAL LUG ASSOC SERIES 2004-2 CLASS S 6.1000 01/16/34 0 YOU SOLD (REPO) 04/08/04 07/08/04 1.340 4.258.000 -16.598 .10,000.000 38374FCN2 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004.2 CLASS S 12.200001/16/34 -n YOU SOLD (REPO) 05/10/04 06/01/04 1.300 -3.241.000 -2.574 .15.000.030 3136FAL01 FNMA-SMBS PRINCPAL MAY SERIES 322 CLASS PO 03/01/32 C in z J YOU SOLD (REPO) 05/24/04 OPEN 0.000 YOU SOLO (REPO) 05/25104 06/01/04 1.300 -1 .4,300.000 .1.086 4.000,000 .44000.000 3128HVABS 38374F087 FHLMC- STPJP PRINCIPAL ONLY GOVERNMENT MTIONAL MTG ASSOC SERIES 2004-S CLASS P 5.85000220/33 TOTAL REVERSE REPURCHASE TRANSACTIONS SO SO TOTAL REPURCHASE TRANSACTIONS 5.19.511.001 5-27.719 r PZ8OS£00 IND ANDS N et allarov. 05,29334 12 32 MI 2831 EFTA01321011

rE1 8 IJ IJ -n C in r SZ805£00- O19- ANGS BEAR STEARNS OFFICE SERVICING ICOR ACCOLAVT Beat. Steams & Co. Inc. 383 Madison Menue New Yak. New York 10179 Transaction Detail INVESTMENT ACTIVITY SETTD4D0 MOE OAR nmsAcnoli oesciamom 05/06404 05405/04 SOLD UNITED STATES TREASURY NOTE DUE 04/3042036 02.250% AO 30 0988726998099 YIELD 2.307 % TO MATURITY OVER REF 0 01261010 Al 05/07/04 05/06/04 SOW O46utilO TMOUOI rta ?mow* OwCO VAISCaRY Salt Simms Yost RS Cep ON 0048309 Rimer Mat 8/oat" 3340 van 11201.3869 FINANCIAL TRUST CO INC srn3/467 PEMOO May 1.2004 3309904 may 26.2004 ACCOLCIT 194:04VER NORM On Fr LAST 89ATE4490 /pi 30, 2004 SIIMOUCUSP 01.0/1179 P1 t OUR AMCOR MITE SMOUICT 912828CF5 -25.000.000 99 89063 24.972.656.25 ACCR. INT. 9171.20 U S TREASURY NOTE 912828CE8 -25.000.000 97.46875 24.387.187.50 DUE 04/15/2009 03.125% AO 15 0989016192099 ACCR. MI 46.960.38 YEW 3690% TO MATLflY OVER REF 0 61271002 Al 05/13/04 GUINN CANCEL SELL FNMA-30YR(FIRAMGED 5478487 10.000,000 100.75000 10,075,000.03 SETT.05404 DUE 05401/2034 05.500% 0987280211332 REF 0 2004041857470020 BS AS OF 04/15404 TO CO. PREVIOUS SW. 05/ 3/04 04/07104 CANCEL SELL INFAA-30YRIFNMA/GTO 5417.05/04 DUE 05/01/2034 05.500% 0987000510332 REF • 2004040757540000 BS AS Or 04407/04 TO 03 PREVIOUS SELL SA78467 15.000403 101.56250 15,234,375.00 05/13/04 04/06/04 BOUGHT FNMA-30YRIFNMWTO SER.06/04 DUE 05101/2034 05.500% 0987280211332 REF 0 2004040557900300 BS 05/13434 04116/04 SOW FNMA-30YRIENIANGTO SETT.05.04 DUE 05401/2034 06.500% 0987280211332 REF w 2004041657470000 BS 05/13404 04107/04 SOLD SA78487 25.000,000 101.10938 25.277.343.75 5/4078487 -10.003.000 100.75000 10.075.000,00 FNMA.30YRIFNMA)GTO 5478467 -15.000,000 101.56250 15.234.375.00 SETT.0504 DUE 05401/2034 05.500% 0987000610332 REF 0 2004040757540000 BS 027 08/2104:1212 081 '181 EFTA01321012

CLEARED naL0vCoi TI wila.LY GLAND) SLAISIDARY -n C in r 9Z8OSEOCIN9- ANGS 8 IJ BEAR STURNS OFFICE SEFMCING YOUR ACCOUNT Sew. Steam b Co. Inc. 383 Madson Avenue New Yolk. New York 10179 $ el 17 Transaction Detail (continued) INVESTMENT ACTIVITY (=Sued) SETTLEMENE 'MX DATE DAR TIVXMCDOM OESCRPTKAI SY1i8CLitUTP 05/13/04 04/06/04 CANCEL BUY FNMA-30YFEFNMATGTD 5178467 SETT.0904 WE 05/11/2034 05.500% 0987280211332 REF r 2004040657900000 85 AS OF 04106104 TO al PREVIOUS BUY innate+ 05713/04 SOUGHT U 5 TREASURY NOTE 912828CE8 WE 0415/2009 03.125% N3 15 09849190294332 OV YEW REF 3.9 0 66 % 41012 Al TO MATURITY ER G13 05/17/04 05/13/04 SOLD UNITED STATES TREASURY NOTE DUE 05/192009 03.875% MN 15 0988190294332 YIELD 3.993% TO MATURITY OVER REF • G1341013 A3 05/17114 PRINCIPAL FEDERAL NOME LOAN MEG CORP 31392T6E2 -1,341,000 SERIES 2483 CL ST 5.900 CUE 03/15/32 PRICRTAL REDUCTN 05-15-04 912828CH1 Seer. Ste nu Monies Cop. One Lawns, Weer Moll arcaOr. Nat York 11201.38S9 FINANCIAL TRUST CO INC STATTANNI PeROD May 1.2204 04404.E0I May 28.2004 ACCOUNT PANDER LAYPAYEA WIRIER Del File VET STAMM., APE 30. 2004 CUALairy ME OEM MOW CRON MOM .2S.000.000 101.10938 25.277.343.76 25.000.000 96.27030 24,067,575.00 ACCR. INT. 61502.32 99.46875 24,861,187.50 ACCR. INT. 5.264.95 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31392T6E2 -531 SERFS 2483 CL 54. 5 KO DUE 03915/32 PRINCIPAL REDUCTN 0545-04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 313927/32 .1,162.000 sums 2488 CIASS SO 6.900 OUE 03/15/32 PRINCIPAL REOUCIN 05-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -809 SERIES 2488 CIASS SO 6.900 DUE 0915132 PRINCIPAL REDUCTN 054544 05/17/04 05/17434 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG COW 31393FAF3 -1.515.000 SERIES 2530 cuss SE 6.3co WE 02/15/32 PRINCIPAL REDUCTN 05-1504 027 06/2104.1232 ON EFTA01321013

rn I8 C)0 -n C in z r MOSEOCIN9- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 MediSon Avenue New 19:(0. New 7Ork 10179 9 or 17 Transaction Detail (continued) INVESTMENT ACTIVITY Imotinuce) SI71110.1747 13.2E Tataf Ca( IsasSACTIOW OtSCRP7Oid 811.102.0.810 Ciwinn PRO OONT IMCONI TAM MOM 05/17/04 05/17/04 06/17/04 05/17/04 05/24/04 05/25/04 05/25/04 05125/04 05/21/04 PRINCWAL PRINCIPAL PRINCIPAL PRINCIPAL BOUGHT PRINCIPAL PRINCIPAL PRINCUAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.300 DUE 02/15/32 PRINCIPAL REOUCTIT 05-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2525 CUSS SI 5.900 DIE 02/15132 PluNcrAL REOuCIN 05-15-04 FEOL HOME LOAN MTG CORPOS03602 SERIES 223 CLASS PO DUE 12/05/32 PRIN RID 04-04 WD OS-15-04 REPO P 8I 0.0000 GOVERMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12.200 DUE 01/16/34 PRIM RM 05.04 PM 06-16-04 REPO P 81 12.2000 UNITED STATES TREASURY NOTE DA 05/15/2009 03.875x mN IS 0988016192099 YELL 3.821% TO MATURITY GvER REF • G1421003 A3 AS OF 05/21/04 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL P0 0.001 DUE 03/01/32 PRIM No 04-04 1813064544 REPO P &I 0.0= FANNIE MAE CMO/SERIES 2003.13 904/0 FUR 6.900 OLE 03/25033 PRIJCPAL REDUCIN 0545-04 FANNIE MAE CM/SERIES 2003.13 S ROM/0 RIR 6.903 DUE 03/25/33 PRINCPAL REDUCTN 06-2644 31393FAF3 31393F686 312811085 38374FCN2 912828011 31360401 313922110 313921082 466 450,235 25,000,000 ACM NT. -1.626,000 -92 10024219 25.060.546.88 23.692.25 196400.50 78.886.80 309.453.15 CLEARED THROUGH ITS MMOLLY OWN= 54,33>ARN Ow keens Sort: t Cup. One PANntech Cerro MOT SNOMpt Ms Tort 112014859 FINANCIAL TRUST CO INC STATFAMMT PIRO() May 1. 2004 TMSOLON 44My 28.200.1 ACCWST MASS TANPAYER %writ On fN LAST STAIEWENT Apt 30.2004 027 06/21101:1932 001 14131 EFTA01321014

CLEARED 1111/00:41 WKLY OAt SUBS40Ofer 0 -n C rn r 8Z805£00- O19- ANGS IJ IJ In IJ O BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madden Avenue rk 10179 10 c• Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SEITLELIDO MOE WI out neuiscnow cocceenoe SIMOUCLISIP OUO4111Y PreCE 05/25/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31393C2C6 -819.287 SERIES 2003.49 CLASS 9N 5.900 DUE 01125/33 PRINCIPAL REDUCIN 05.2544 05/27/04 05/26/04 BOUGHT UNITED STATES TREASURY NOTE 912828015 25.000,000 99.54686 04/30r2008 192099 02.250% AO 30 ACCR. INT. 0988016 YEW 2.49211 TO PAATUROY GYM REF • G1471003 Al 05/27034 05126/04 BOUGHT UNITED STATES TREASURY NOTE 912828CF5 50,000.000 99.54688 ntat Swan. Swans Caen Oe Webtent, Cane Nnen . New Rat 11201.3149 FINANCIAL TRUST CO INC STATEVEnT P0000 Miry 1.2004 ThnOuGm May 29.2034 CCOUIC scivinint "ammo, inneell On Ole oST STATinaNn AM 30.2004 DM Mein MO NAOMI 24,886,718.75 41,270.38 49,773,437.50 DUE 04/30420M 02.250% AO 30 0988016192099 ACCR M. 82.540.78 YIELD 2,492 % TO ItATURDY GVER REF • G1471003 81 TOTAL $-174.584.402.59 2125.439.886.98 INTEREST OAR OESCA141104 SOAICUCUSP OtivailY ROE CO 0(8114u0000 MON MOW 05/03/04 AVG SAL 526.661RT 0.197 86.61 021 OFFICE MEREST 0404 osn 7/04 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 26,006.32 SIRES 2471 CLASS YT DUE 091512032 1,000 INT P./0 04-04 ND 05-15-04 REPO Pi I 1.0000 05117/04 FEDERAL HOME LOAN I'MCORP SERIES 2483 Cl SL DUE 03/192032 5.900 MEREST PAYMENT 05-15-04 05/17/04 FEDERAL HOME LOAN MTG CORP 313927/32 61000 90,321.40 SEWS 2486 CLASS SO DUE 0341512032 8.900 MEREST PAYMENT 06-15-04 31392T6E2 5.9020 89.101.69 027 014104:18.12 401 Y431 EFTA01321015

rn 8 IJ IJ 1./1 IJ O TZ I I m r MOSEOCIA19- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. New York 10179 11 a •? Transaction Detail (continued) INTEREST (continued) DUE DESCRIPTIDN 05117/04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 0 0 2/15/2032 6.300 INTEREST PAYMENT 11104 SYTIOCRICUSIT 31393FAF3 ()Ammo ninOuGm ITS WHOLLY OAKS SUBSCOLRy Bow Start SKIM*, CUP. One MAWS, C4WC. Row em et. ra., rev 11201.38” FINANCIAL TRUST CO INC EMMETT(' nreco May 1,200E Tnaccon May 26,2004 ACCOLAYT vuwITER TTAPATER Ruu•LA On Fb LAST STEEPEN/ AETI TICI. 2004 OLLNIRIT RATE DTI Cal *CAC CREDIT MOM 8.3000 109.256.12 05/17/04 FEDERAL HOME LOAN MTG CORP 31393FG86 5.9003 43,89012 sums 2526 CLASS SI CUE 02/192032 5.900 MEREST PAYMENT 05-15-04 05117/14 GOVERNMENT mT13NAL MTGASSN 38374FCM4 6.1000 221,416.22 SERIES 20042 CLASS 95 DUE 01,16/2034 6.100 NT WO 05-04 PM 054604 REPO P & I 6.1000 05/17/04 GOVERNMENT NATIONAL MTG ASSN SERFS 2004-2 CLASS 56 I/I DUE 01/16/2034 12.200 WD 06-04 RD 0116-04 REPO P 4I 12.2000 05/2004 GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 PASS PS CUE 0120/2033 5.950 RN RC 04-04 PA) 05-20-04 REPO PA I 5.9500 05/25/04 FANNIE PAM PAO/SEPSES 2033-13 31392.1DIC2 esooF S RCR4/0 FLTR DUE 03/25/2033 6.903 INTEREST PAYMENT 0125-04 05/25/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.9000 84.202.49 SIRES 200149 CUSS SW DUE 01/25/2033 5.900 INTEREST PAYMENT 05-2E-04 TOTAL 38374FCN2 12.2000 99,727.91 38374F087 5.8500 214.500.00 195.447.99 51.173.95617 027 0579.04.12 31 Oti YO31 EFTA01321016

WAXED 04110004 ITS 7‘71:41Y OvewilD SuMoan rn 8 b.) IJ IJ Is) 0 m C in r 0£80SEOCIND- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 6 Co. Inc. 383 MadImo AYellUCt New Yak New Tot 10179 12 el Transaction Detail (continued) Ow. Urn Semmes Co,. Ore - env Nam Now RAF 11201.3359 FINANCIAL TRUST CO INC STARDOM 114.00 May 1. 2004 noce.IGH Tay 28.2004 AECCUPC NOMA TAXPAYER MARICR CO nit REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS UST STA,VENT Apni 30.2004 with Bear,Steams& Co.Inc. SITT1D.0/11 TRW/ DATE DATE 12M1S1C1/311 DESOIIPRON 0904/04 JOURNAL FEDL NOME LOAN MTG CORP#503602 SERIES 223 CLASS P0 CUE 12/01/32 FMA F1173164 Al TERM REPO AGREEMENT 0510004 JOURNAL FEDL HOME LOAN MEG CORPOS03602 SERFS 223 CLASS PO DUE 12/01/32 NM F1253259 Al REPO AGREEMENT 05104104 JOURNAL FEDI. HOME LOAN WIG CORPAIS03602 SERIES 223 CLASS PO CUE 12/01/32 FILM F1253259 At REPO AGREEMENT 05/04/04 JOURNAL FEDI. HOME LOAN ILIT6 CORPOS03602 SIRES 223 CLASS P0 DUE 12(01132 Elnd FT 253259 A3 REPO AGREEMENT OSO4104 INTEREST FEOL HOME LOAN MTG CORPLIS03602 SUES 223 0LASS PO DLLE 12/01/2032 0.000 Firm F11731 REST 54 Al REPO ME 05/06/04 DELIVERED UNITED STATES TREASURY NOTE DUE 04/30/2006 2250 2,250 CUE 04/30= FMA E1210865 A2 TERM RESALE AGREEMENT 05/06/04 RECEIVED UNITED STATES TREASURY tax DUE 04/30/2006 2.250 2.250 DUE 04/30106 FILM P1270169 Al RESALE AGREEMENT SYMIC4/0.13.7 0.1114011T CM NA0u1n CREDIT MettO 31213HVAB5 2.930.516 200,000.00 3128HVA85 .2.930.616 225.000.00 3123311VM35 2030,515 226.000.00 3128141/A85 .2,930,615 225,000.00 3128HVASS 57.78 91282.75 SO.000.000 50.000.000.00 912828CF5 75.000,000 75.003.000.03 027 0Y2961.12:32 001 VIII EFTA01321017

BEAR STEARNS OFFICE SERVICING TPA ACCOUNT Elm Steams & Co. Inc. 383 MadMai Avenue New Yak. New York 10179 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) -n umtmon num 0.41 NM 05106104 05107/04 05/101/04 C in 05/10/01 05/10101 r 05/10/01 05/10104 TE8OSEOCIA19- ANGS I8 IJ IJ IJ T98145.4.7138 otSCRImm INTEREST UNITED STATES TREASURY NOTE DUE 04/30/2006 2.250 FRM F1210865 A2 RESALE MEREST RECEIVED U S TREASURY NOTE CUE 01/1512C09 3.126 3.125 DUE 04/15/09 nut F1280880 Al RESALE AGREEMENT JOURNAL FEDERAL NATIONAL MEG ASSN STRIP IMO SERIES 322 U. PO 0001 DUE 03/01/32 FITM F1313223 Al REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN sum MK SERIES 322 Ci. PO 0,001 Out 03/01/32 MU F1203206 AZ TERM REPO AGREEMENT JOURNAL FOX HOME LOAN MTG CORPMS03602 SERIES 223 CLASS PO DUE 120102 Fnm F1253259 AZ NAM REPO AGREEMENT JOURNAL FEOL NOME LOAN MTG CORPOS03602 SERIES 221 CLASS P0 Out 12/01/32 NMI F1313227 Al REPO AGMMENT JOURNAL GOVERNMENT NA110104. MTG ASSN SERFS 2004-5 CLASS PS 5,850 DUE 02/2003 FRIA F1313225 Al REPO AGREEMENT CLEARED 778:05C4 fr3. %mow. 08.NED SU8S08.84 Sew Suns Owns On Ow Mor798.9 Canw 74811 1.494544 Key York 11201.3859 FINANCIAL TRUST CO INC Mira? PERD30 May 1. 2004 nmouam May 28. 2034 ACCOLPIT 418.1158 3420.8402 ?ANGER On Mb I110 STAMAINT Apri 30. 2004 smect/CLIMP OuFrTm OM NAMAll 0 ,80,1 macurt 912828CF5 4138.89 912828CE8 25.000.001 21.500.000.00 3138041 -4.744051 3,241,000.00 3136FALQ1 4,741,651 3,260,000.00 3128)41/A135 2,734.215 226000.00 312816/A85 -2.734.215 715.030.00 38374F087 44.000.000 5.533.000.00 027 06428/04:1832 001 nil EFTA01321018

CLEARED Ti4tOtrom ITS ware Oas,a) SUSSIOWSY Tn 8 b.) S.) 0 -n C in r ZE805£OO- O19- ANGS BEAR STEARNS OFFICE SERMCING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 MeOwn Avenue 10179 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (ccetinued) SEITESIDIT Den TRAM OATt IlaNSACTON DaPIPOCAI SIMIOUISIMP 01.81481Y DEVI &MUNI 0108 WOLIN! 05/10/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741007 44.000.000 5.907.000.00 SERB 2004.5 CUSS PS 5.850 DUE 02/20/33 MIA F0993096 AZ TERM REPO AGREEMENT 05110104 INTEREST FEDERAL NATIONAL IATG ASSN 3136FALC11 1,294.94 STRIP MTG SERIES 322 CL PO DUE 030112032 0.001 Rim 71203206 AZ REPO INTEREST 05/10104 INTEREST FEDL HOME LOAN MTG CORPA1S03502 3129HVABS 48.75 SUES 223 CUSS PO DUE 12/01/2032 0.000 FITM F1253259 AZ REPO INTEREST 05/10104 MEREST GOVERNMENT NATIONAL KM ASSN 38374FDB7 6.825.97 SERIES 2004 5 CUSS PS CUE 02/20/2033 5.850 FRI4 F099 96 AZ REPO MEREST 05(14404 DEUVERED USTREASURY NOTE 912928a8 45,000406. 24,500,000.00 DuE 04/IS/2009 3.125 3.125 CUE 04/15.43 FRIA P1280880 A2 TERM RESALE AGREEMENT 05r17/04 RECEIVED UNITED STATES TREASURY NOTE 912828011 25,000.000 25.000.00040 DUE 05/15/20:03 3.875 3,975 DUE 05/15/09 Wm 11380881 Al RESALE AGREEMENT 05121/04 JOURNAL FEDL HOME LOAN MTG CORPAS03602 3128HVABS 2.734.215 715,000.00 SOWS CUSS PO /223/32 DUE 1201 FITM 11313227 A.2 TERM REPO AGREEMDIT Bay. Stan Seartel Cap. Ow kitOttlith Lew kash r 111014810 FINANCIAL TRUST CO INC strimisT reap me, 1.2004 114.303.4 May 28, 2034 ACCOuNT WOE. IssaaVt. MASER On FM LAST STsitursT APB 30. 2004 027 alvel.04.0x32 001 vaai EFTA01321019

BEAR STMRNS OFFICE SERYIMG YOUR ACCOUNT Bear. Steams 8 Co. Inc 383 Marton Avenue New Yak, New Yu* 10179 15 of • r Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (conUnued) SE— 111.010 MCC DATE WE 05/21/04 0 05/24/04 -n 05/24/04 C in 05/24/04 05/25/04 r 05/25/04 05/25/04 E£805£00- O19- ANGS I8 b.) b.) b.) IWISACTION CCSIS0PTVIS INTEREST FEOL NM LOAN MTG CORN/503602 SERIES 223 CLASS PO DUE 12/0102032 0.000 Tom F1313227 A2 REPO MEREST JOURNAL FEOL NOME LOAN MTG CORP4S03802 SERIES 223 MSS PO ME 12/01/32 FILM F1453171 Al REPO AGREEMENT OELNERED UNITED STATES TREASURY NOTE DUE 05/151009 3.875 3,815 DUE 05/15/09 FTDA F13801181 A2 TERM RESALE AGREEMENT INTEREST UNITED STATES TREASURY NOTE DUE 05115/2009 3.875 FITM F1380881 At RESALE MEREST JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 20044 CUSS PS 5.850 DUE 02420/33 FILM F1483236 Al REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERFS 20044 CLASS PS 5.850 DUE 02/20/33 RDA F1313225 A2 TERM REPO AGREEMENT INTEREST GOVERNMENT NATIONAL FRG ASSN SERIES 2004.5 CLASS PS DUE 02/20/2033 5.850 FM F1313225 A2 REPO MEREST WAN= 7144OVOn ns wolCsa DATED Summar By Suers Secuila Sap One vereito Grua Win Ets0tp). Nw 001, 112014139 FINANCIAL TRUST CO INC StsTEurNT 00.00 May 1.2004 n.u.occl May 28.2004 ACC0LIST NORMA ISOM/A MYER Cr, Fk LAST sumac Aid 30.2004 ST10101/01411, °wenn Mal ,a, coma ATOM 3128SIVA85 284.01 312811VA85 -2,734,215 912828041 -25.000000 25,004000,00 912828011 2.979.17 38374F087 -44,000.000 4.300.000.00 38374F087 44.000.000 5.533.000.00 38374FO87 2,997.04 Oh asinotia32 001 VI31 EFTA01321020

CLEARED THROWN ITS W130-LY OA, SIAISICYARY 17 7 8 IJ U.) U.) 0 -n C rn z r PE805£00- 019- ANGS BEAR STEARNS can SERVICAG YOUR ACCOUNT Bear. Sten & Co. ix. 383 Madison Avenue New Yak. New Volt 10179 16 a •? Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) unlearn In out out mosmnon otsommer 05127104 DELIVERED METED STATES TREASURY NOTE 013E 04/30/2006 2.250 2.250 DUE 04/30/06 17114 F1270769 A4 TERM RESALE AGREEMENT 05/27/04 INTEREST UNITED STATES TREASURY NOTE 91282ECF5 10483.33 DUE 04/302006 2.250 FONT 11270769 IA RESALE INTEREST TOTAL 5-140.576.508.39 5188.756.701.39 SYSICILICUSIP 912828CF5 WORRY -75.0O3.000 02011 AVOW Our SWAM 300,254e/ COT One Como I U.. at 20 .343 FINANCIAL TRUST CO INC STATEMENT PEW.° WI 1.2004 MRCVS. ;Any 28.2004 ACCOoer 3.22.3KR TionvEll NNW On Flo LAST STAIIIMENT WI 30. 2004 CREDIT AMODIO 75.000.000.00 MISCELLANEOUS IHn IRIDAY IRMISACTION OtSCRP11011 DEBIT *MUNI 05/12/04 JOURNAL APR 04 SPEC CLEARING FEES 1.500.00 03W WOOst 05/13104 JOURNAL FNMA-30YR(FNMA)GTO SETT.0504 5.500 DUE 05/01/34 MBS NET 05/13/04 32,031.25 TOTAL S-1.500.00 532.031.25 027 052904 12 32 COI V931 EFTA01321021

0 z m cim z H r SESOSE00- 019- ANGS I8 IJ IJ IN) BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 Madison Avenue New Yak NOY York 1C179 Trades Executed Pending Settlement SE1110A(K1 TUX OUR tort TRANSACTION CESCISPON 06/01/04 05/2604 SOLD UNITED STATES TREASURY NOTE DUE05/31/2006 02.500% MN 31 0988016192099 YIELD 2.441 % TO MOURN`, GVER REV *G1471007 A3 SNIODUCUSI, 0110/arr eta .25,000.000.00 100.1140 0.1.1110 11.0004 ITS WHOLLY 0*.4= WS:SCARY Ow Sams 54cistes COP 014 Mentech ton* Kali .4eu Yon 112014/50 FINANCIAL TRUST CO INC Slatimper PflaCO May 1, 2004 "McKim May 28. 2004 ACCOUNT •0.440ER TAXIMNTSI KAMER On rile LAST STATDADC Apti 30. 2004 LfBO Audfin CREW AMOUI0 25,030,207.65 06701/04 05/26/04 SOW UNITED STATES TREASURY NOTE -50400.003.00 100.1140 50.060.415.30 DUE 05/31/2006 02.500% PM 31 0989016192099 VELD 2.441 % TO MATURITY GAR REF • G1471007 63 TOTAL 376.090.622.95 TS KA" Tidos 4* ROI ROOS 11 a7 OM MOM Ili Mb sisionien, STOP End of Statement EFTA01321022

CLOSED beietaieb re weer Ow19 SteSSeAfre m O m r 9£805£00- 019- ANGS 8 b.) IJ b.) 00 BEAR STEARNS CSTICE SFAvERIG YOUR ACCOUNT Bear, Steams & Co. Inc. 383 Madison Avenue New York. NOW YOrk 10179 ACCOUNT oxcart( GNMA GOVT BONO VISIT OUR LYCEUM winv.bearsteams can What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 18 1111111111 II IIIII FINANCIAL TRUST CO INC C/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE 83 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITES DES PERIOD 13.1 63.01 2 LONG ACCRUED *DIREST 212,890 NET DE8IT BAUNCE -12.163 xrr mum THIS PERIOD Si 3.363339 NET EMMY LAST STATEMENT 12,961.281 CHANGE SPICE UST STATEMENT 402.458 There are na 'Stop loss orders a other pending buy a sell open orders on file for your account. Clio Equran S-12.163 $20.136 incor allir sit:6371 .04 3.021E E l asmm market rite MI UM cants menet value C Short menet value bug burns Stesoes Cob Oro labotebh Coma Nov, . Yen 11201-3359 FINANCIAL TRUST CO INC STATSVENT Pfeb00 *11.2004 THROu0.4 Ape 30.2004 A000tH7 NUYINER ibsPAVER MAZER on hp LAST STATDIPC Werth 31. 2004 Tbs r4- bery lee be hlembiloree primes ettc.1:4 nb brad brae Oxubtric TS rabbet nt.10 to mannTor mw man sm re.n• 4. er rpnrt nemebebb 027 05101p4:13:17 001 V830 EFTA01321023

CLEARED 1L00001 NOSY C7AM.0 SASSI0LARY Bev. Stan Socu5Des CAA MYJMYA Cane North &RR" Nit Ret 11201.3449 FINANCIAL TRUST CO INC 2 z m cim z H r LESOSE00- 019- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 077 05.101/04.13 17 001 V830 EFTA01321024

rtca.o mixouGm ITS 0/04.0 STASSARY m 8 IJ BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. New York 10179 3 a •I Cash Flow Analysis nes Nalco Income Summary FESICO YGOI TO an Opening Ba lance 529.336.35 U.S. Govt. Bond Int. 167.034.09 167.034.09 Got Agency Ire. 1.006.614.64 3.376.410.66 Securities Sold 262,416,355.93 Corp. Bond Int 202,418.63 832.120.57 0 Ohldends/Interest 1.376.137.05 Credit Balance Inc 69.69 69.69 0 Amount Credited $283.792.492.98 Reverse Repurchase Total 1.534.74 51.377,671 79 1307.52 54 378 942.73 Securities Bought -263.737.814.70 TZ Funds Withdrawn -70.695.00 Bond Purchase Int. -16.393.44 .219.193.47 I I &broil Inc. Pald 0.00 .1.770.70 (*Mends/Interest Charged -16.393.44 C lacellancots -9.089.06 Repurchase Int. Eqa. -29.010.01 .47.617.49 in Amount Debited 5.263.833.992.20 Net CM Actlyey .41.499.22 Portfolio Composition ClosingBalance S-12.162.87 slam LCIE r 8£805£00- IND- ANGS Cash Balance Summary OPO4,4 Margie Net Cash Balance 29.336.35 .12.162.87 529.336.35 5.12.162.87 CashiCash Eqavalent Fixed Income 12.163 13.163.012 Total 512.163 513.163.012 027 CiSolt4.13:17 001 Bea, Sten SKulteS On. one NN-S01 C•ne Main Now YW 112014859 FINANCIAL TRUST CO INC stAreicEs7 PEA00 4r1 1.2004 TARETUCIT Avo 39 2004 4COCVNT WAND! TAXPAYER %want On Fit LAST STATOR/NT March 31, 2004 Your Portt011o Allocation snort Cash 8r EOMVale01—? c1% FaaG Income 99% LP...Wed xn-ors bK14 aei ben mitt AT.AI now vSaa. TN *Taw nfistrIKill lert,s1 Na Y.ARTYV "We wue aWY WU* Y830 EFTA01321025

-n in r 6£805£00- O19- ANCIS BEAR STEARNS OFFICE SERYCMG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Mattison Ayenue New Yak. New York 10179 4 one Your Portfolio Holdings CASH & CASH EQUIVALENTS Disc-I"., CASH BALANCE TOTAL CASH & CASH EOUIVALE NTS 513.13CUCUSP /WM 03110.MITO CURRENT COMM PaCE VALUE Mit0.1.4 iikta.l 01110 t% .12.163 5.12.163 FIXED INCOME MLitt° ThROV3H rtS mato , Owt.40 WesCao bar. Swan Scones Cat Ox uorrxech Censor lool, bay,. Kew Yon 11701.3859 FINANCIAL TRUST CO INC 3- mtwor Ft-ROO WI 1. 2004 Two - Apo! 30.2004 ACCOU.0 swain Toxionft wtwate On Fie Lost TroTtWorr Muth 31. 2004 Government & Agency Obligations DES07414101i SYNICVOUSP ACC! 014:411tt MA/OLIT YALIg ACOWED 'MEM 13110441113 AMU& 1110314 alittfair TOM 09 FEDERAL HOME LOAN KITS CORP WC 2530 CLASS SE 31393FAF3 MRON 20.810.689 9.9449 2.069.594 54.630 1.311.073 63.3493 DATED DATE 10/11/02 80011 ENTRY ONLY DUE 02115/2032 6.300% FACTOR - .34684482 FEDERAL HOME LOAN MTG CORP SERIES 2526 CUSS SI 31393F086 MON 8.926.805 8.9198 796.254 21.943 526,681 66.1448 DATED DATE 10.01/02 803IC ENTRY ONLY DUE 02/15122 5.9C0% FACTOR • .34 03684481 FEDERAL HOME LOAN MTG CORP CFO'S 2488 CLASS SO 313927J32 MRGN 15.708.067 11.3318 1.780.011 45.160 1.083.857 80.8905 DATED DATE 07108/02 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR - .31416139 • • • - FEDERAL NOME LOAN MT6 CORP SEWS 2483 CL SI. 3139216E2 MRGN 18.122977 8.8592 1.605,493 44,550 1.069.220 66.5976 DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.900% FACTOR . .31416137 027 05/01/04:13:17 001 YB30 EFTA01321026

ammo nnouol rrs %%ICUS 0-0 SUBSOwlv rn I S b.) IJ 10 1.0 O B I 5 m r 017805£00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beat Steams & Co. Inc. 383 Madison Annie New Tort New `Ark 10179 5 0.-r Your Portfolio Holdings (Continued) Government & Agency Obligations (continued) DESOUPTION ST10801AUSIP ACC! nn OttiearlY Ka MAN ACCPUD3 '1111(51 ES1WATI:0 P041 CURRENT VIFID N FEDERAL NATiONAL MTG ASSN 313930206 MRGN 17.125,930 10.8689 1,851.402 14,032 1,010,430 54.2833 SERIES 2003.49 CLASS SW DATED DATE 04/3003 800K ENTRY ONLY DUE 01/2512033 5.900% FACTOR - .70457480 Total Government& Agency Obligations 58.112.754 5180.315 55.001.261 Corporate Bonds ACC! ALOUD ISTINATED 01451011 OLSCIPTY4 Sy1.10000.61P nPE OUANNTY Pea Mani Vial EVRNESI MOPS INCONE VOID MN FANNIE 1AAE CMO/SERIES 2003-13 3139210K2 MRGN 33.990.953 14.8577 5.050.258 32.575 2,345,376 46.4407 SRCR-VO FUR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 8.900% FACTOR . .67981909 Total CaporateBOods 55.050,258 532.575 52.345.376 TOTAL FiXEDINCOME 513,163,012 5212.890 57.346.637 114e. Sion Smote, Cap One 1Amoloro Cocoa North AM 20 480 FINANCIAL TRUST CO INC STATIPST P01;00 Apf11 1, 2004 nob:41W Awl 30, 2004 ACCOUPer NuweER TASK* NINSER Co File WIT IITATEL/ENT Mte01 31. 2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 5212.890 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME 57.346.637 YOUR PRICED PORTFOLIOHOLDINGS 513.150,849 027 05/01/04:13:17 001 w330 EFTA01321027

BEAR STEARNS OFFICE SERVICING YOUR Ara, 'NT Bear. Steams & Co. Ix. 383 Madison Avenue ow 10179 6 •It CiEulED niRouGH viNOLve 00.41:0 SUISOLOW See. Sawn Swett. Cup. 0 Meinumn Croy Noll Omer. New Yen 11201.3859 FINANCIAL TRUST CO INC STAMENT ?Moo April 1.2004 notp."314 Aare 30.2004 Repurchase and Reverse Repurchase Transactions with Bear,Steams& Co.Inc. outstanding as of date of statement PURL 1.50 RP1.1104k54 PRIMO 11.110.11.51 Oftel/ ACOUD APO SUM DAR DATE RATE pRINCIPA1 nntnsi- Cuwn11 Ca N:COUNT MAMA Tonven ram111111 On Fla usl errAresancr sawn 31.2004 DESCRIPRON YOU SOLD (REPO) 0408/04 05/10.04 1.300 .5,907.000 -5.332 -44,000.000 38374FDB7 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 5.8500 02/20/33 0 YOU SOLD (REPO) 04/08/04 07/08/04 1.340 -1712.000 -3.454 -44,389.962 38374F044 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004.2 CRASS S 6.1000 01116/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC E I (REPO) 0408/04 07108/04 1.340 -8,258,000 -7.684 -10,000.000 38374FCN2 SERIES 2004-2 CLASS S 12.2000 01/16/34 C in z YOU SOLO (REPO) 04/26/04 YOU SOLD (REPO) 04/29/04 05/10104 05/1004 1.300 1.300 -200.000 4.260.000 -SO -470 -5.000.000 .15.ocaoao 3128HVABS 3136FAU)1 FHLMC• STRIP PRINCIPAL ONLY FNMA-SANS PRINCIPAL ONLY SERIES 322 CLASS PO 03/01/32 YOU BOUGHT (REVERSE) 04/30/04 OPEN 0A50 50.000.000 1.875 50.000.000 912828CF5 USER 2.25000030106 r TOTAL REVERSE REPURCHASE TRANSACTIONS 550.003.000 51475 TOTAL REPURCHASE TRANSACTIONS 1-21.337.000 5.16.990 T17805£00- O19- ANGS Ai of steren asap 027 05501.04.13 17 00I '.830 EFTA01321028

CLEARED THROUCAT EFS was TETANE0 SuISCAARY 0 z ii C rn z r MOSE00- 019- ANGS BEAR STMRNS OFFICE SEIWICANG YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 303 Mediu(' Avenue New YOlIk. New York 10179 7 ells Transaction Detail INVESTMENT ACTIVITY SETTUND/1 TRAM DATE DATE DUSSACTON OLICRIPTION 04/05/04 04/02/04 SOLO Dar Suns Sscultes C40. pat VOWS, taro tab NEAT Yet 112010419 FINANCIAL TRUST CO INC STATiteNT onto Apni 1.2004 THROWN API 30.2004 403DUNT SOBER TAXPAttlit MAMA On RI. LAST STATUISNI Match 31.2004 531AIOUCUPT COMM Pea OW MONT CREDIT MOM 912828891 -10.000GO° UNITED STATES TREASURY NOTE DUE 01/15/2039 03.250% Al 15 0988280293099 YIELD 3.113 %TOIMTURITY OVER REF • 60931017 Al UNITED STATES TREASURY NOTE 912828822 -20.000.000 DIE 02115/200903.000% FA 15 0988280293099 YEW 3.136 %TO ARA Y GVER REF a 40931099 AlA 04/05/04 04/02/04 SOLD 04/06404 04105.04 SOLD UNITED STATES TREASURY NOTE DUE 01/31/2005 01.500% MS 31 0988016192099 YIELD 1.887%10 MAMMY OVER REF or G0961031 Al UNITED STATES TREASURY NOTE 912828000 50.000.000 99.38281 49.691.406.25 DUE 03/31/200601.500% MS 31 ACCR. WT. 16.393.44 0988016192099 YIELD 1.819 % TO MATURITY OVER REF • 60981006 Al 912828000 .50.000,000 04/08/04 04/07/04 BOUGHT 100.60158 10.060.156.25 ACCR. INT. 72.321.43 99.39063 19.878.125.00 ACCR. WT. 82.417.58 99.25000 49.625.000.00 ACOL INT. 12295.08 04/08/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31392R6U0 1 SERIES 2471 CLASS YT 1,000 DUE 03/15/32 ADJUST POSITEN 04/08/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31392R600 1 SIRES 2471 CUSS Y1 1,000 DUE 03/15/32 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 31393C2C6 1 SERIES 2003.49 CLASS SW 5610 CUE 01/2543 ADJUST POWTON 04/08/04 JOURNAL FEDERAL NATIONAL AEG ASSN 31393C2C6 1 SIRES 2003-49 CLASS SW 5.910 DUE 0125/33 027 05/01,04:13:17 001 V830 EFTA01321029

0 -n in r £17805£00- IN9- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madson Avenue New Yak, Nee Yea 10179 CLEARED 72010e.n. rn %Monty 020202 SuBSIONNv Ow. Sion Secullan Cap. On Nented, Cony Nan lavOrter. New NN 20 INS FINANCIAL TRUST CO INC STAnbiENT mow %a 1.2004 .H4ouom Api 30.2004 ACCalra mama 8 's Transaction Detail (continued) TAXPAVM POSER On NO INVESTMENT ACTIVITY (cortinucce µ4T nuessmy Nam 31.2001 2111204170 WOE Can DAN MANSACI1ON DESCRPTIO2 st703.CuS• @WNW PRAT MM MOM etadi swum 04/1904 JOURNAL FEDERAL HOME LOAN MTG CORP 31392R6U0 SERIFS 2471 PASS Yr 1.000 DUE 03/18/32 04/15/04 04/06104 CANCEL SELL. FNMA-303994444)6TO SET104/03 51197224 25,000,000 101.44922 25,362,304.69 CUE 04/01/2033 05.500% 0997260211332 REF • 2C04040557890:00 85 PS OF 0608/04 TO 01 PREVIOUS SEAL 04/15/04 04/02/04 BOUGHT FNMA-3011(9•49GTO SETT.04/03 51197224 25.000,000 101.46438 25,371,093.75 DUE 04/01/2033 05.500% 0987280211332 REF # X04040258110030 8$ 04/1904 04/06/04 SOLD FNMA.30YR(FNMA)G11) SETT.04/03 5/197224 .25,000.000 101.44922 25,382,304.69 DUE 049112033 05.500% 0987280211332 REF 41 200404065788:000 B$ 04/15/04 04/0294 CANCEL BUY FNMA-30YR(FNMA)GTO 5511.0403 5N97224 .25,000.000 101.48438 25,371,093.75 OUE 04/01/2033 05,90% 0957280211332 RAS OF 000204 EF • 2004040258110000 BS TO 01 PREVIOUS BUY 04/15/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31392T6E2 -1.104.000 SEARS 2483 CI. 51. 5 910 UE RED03415432 So Du. UCTN 04.15-04 04/15)04 PRINCP/U. FEDERAL HOME LOAN MEG CORP 3139216E2 -120 SERIES 2483 CL SL 5.910 DUE 01/15/32 PRINCIPAL REDUCER 04.15.04 027 OG0104:13:17 001 V830 EFTA01321030

CLF.ARE0 1119000m ITS WsOLLY OwNED SVILSOLNW rEl 8 b.) IJ ii C rn r tr17805£00- 019- ANGS BEAR STERNS OFFICE SERVICING YOUR ACCOUNT Beat. Stearns 6 Co. Inc. 383 Madison Arne Now York. New Yak 10179 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) ETTL EMENT DM S E TRAM IIMPWCTO1 INSCR.11CM SILIOCt/CLIS, OMIT ow AMOUNT CAW AMOUNT 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -957.025 SERFS 2488 CUSS Se 6.910 DUE 03/1932 PRINCIPAL REDUCTN 04.15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN NTS CORP 31393FAF3 -1.214.000 SERES 2530 CUSS SE 6.310 DIE 02/15/32 PRINCPAL REDUCTN 04-15-04 0415104 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -164 SERIES 2530 CLASS SE 6.310 DUE 02/1932 PRINCPAL REDUCTN 04-15-04 04/15)04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F036 -620.819 SERIES 2526 CLASS SI 5.910 DUE 02/15(32 PRINCIPAL MUM 04-1544 0415/04 PRINCIPAL FEDL HOME LOAN NTS CORPOS03602 3128141/AB5 126.480.85 SERFS 223 CLASS PO DUE 12/01132 PRN R/D 03-04 P/0 04-16-04 REPO P o I 0.0000 04/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 71.29390 SERIES 2004-2 CLASS SG 12.220 DUE 011 6134 PRP/ PM 04-04 IM) 04-16-04 REPO P I 12.2200 Oisizeiee PRINCIPAL FEDERAL NATIONAL MTG ASSN 3136FAL01 286.865.75 STRIP MTG SERIES 322 CL PO 0001 DUE 03/01/32 PAN RE/ 03-04 P/D 04-25-04 REPO P 6I 0.0000 04/2604 PRINCIPAL FANME MAE CMO)SERIES 2003-13 31392101(2 .1.161.000 S RCR-PO FUR 6.910 DUE 0325/33 PRINCIPAL REDUCTN 04-25-04 Br. Sawn Sewires Carp. pR Mettiecii Cow Wen Irtot1r. New York 112014859 FINANCIAL TRUST CO INC VAINEST PER00 AO 1.2004 n49O-.H AO 30.2004 An* NT KLAIBER TAXPAYER wet On Fie LOT EITATOMWE Myth 31.2004 027 05/01/0413:17 001 9830 EFTA01321031

LEM:ZOO-Via 0 m ci H r S17805£00 LAID ANDS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beet Steams & CO. Inc. 383 Mattson Avenue Nee YOrk. New Yak 10179 10 ;, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SEMAIENT DUDE DATE DMt 04/26/04 muscnou PRINOPAL COMPTON FANNIE MAE 04/SERIES 2003.13 S R044/0 FLTR 1910 DUE 03/25/33 PRINCIPAL REDUCTN 04.25.04 FEDERAL NATIONAL MT6 ASSN SERIES 2003-49 CLASS Sw 5.910 DUE 01/25133 PRMCPAL REOUCIN 04-25-04 04/26/04 PRINCIPAL 04/30/04 04/28/04 SOLD UNITED STATES TREASURY NOTE DUE040012005 02.250%4 30 0988016192099 VIEW 2.267 TOmmultrY GvER NET r G1191005 A3 701/.1 DEPOSITS AND WITHDRAWALS DATE 04/02/04 IND WIRED mos/troy MS /sync* 0.LOMO TW10.01 wriCt.tY DATED P-11310LARY BAP. Sinn, SePellst Carp On. APP5PCP COW North 9. v /1201.1619 FINANCIAL TRUST CO INC STATEVENT PIRCO AEA 1.2004 THRCYJP.1 VI 30.2004 ACCOUNT MAIIRR TAXPAYER MAW On He LAST grArEuEin MVO 31.2004 STIAK40.60 FAJANmv PR= MKT AVOLIP(1 PACUP(1 31392J0K2 -340 31393C2C6 -585,127 912828CF5 -50.000.000 99.96700 49.983.500.00 E.-100,441.198.13 5180,931,855.28 oEm 41/C010 70695.00 c pan MOAT MDMEGV129522FNOSWIFIED TO FLEET NATIONAL BANK AC2387644020 042544. 4 TOTAL 5.70.695.00 INTEREST PATE OESCRIP3.4 04401/04 AVGBAL 245.10CRT 0.341 021 OFFICE WTEREST 0304 STIFOOLCAPP WHEW RATE DP DIr IMOUNI CREDO ANOXIC 69.69 027 0901/04:13:17 001 11630 EFTA01321032

CLEARED TAMAN In TROLLY ONNE0 SUMO0Urr 231 1 8 b.) IJ LA 1.0 0 O -n C rn - 1 r 917805£00- O19- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Dear. Steams & Co Inc. 383 Madison Avenue New York. New Yak 10179 11 Not Transaction Detail (continued) INTEREST (commtect) DATE DESCRENON SYMMUOJEIP 0.122411n pall OM DM MOUNT MDR mom 04/15/04 FEDERAL HOME LOAN NOG CORP 3139216E2 5.9100 94,69030 SERIES 2403 CL SL CM 03/15/2032 5.910 MEREST PAYMENT 04-15-04 04/15104 FEDERAL HOME LOAN MEG COPP 313921332 6.9100 95,963.17 SERIES 2488 CLASS SO DUE Gm 5/2032 6.910 MEREST PAYMENT 04-15-04 04/15/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.3100 115,814.02 SERFS 2530 CLASS SE DUE 02/15/2032 6.310 MEREST PAYmENT 0445-04 04/15/04 FEDERAL HOME LOAN MEG CORP 313931'G86 5.9100 46,529.55 SERIES 2526 CUSS SI DUE 02/15/2032 5.910 INTEREST PAYMENT 04-15-04 04f16/04 FEDERAL HOME LOAN MEG CORD 313920643 1.0000 27.590.79 SERIES 2471 CLASS Yr DUE 03/1512032 1.000 4/15 Pfr TOW 04/16/04 GOVERNMENT NAMNAL MEG ASSN 39374FCM4 6.1100 221315.59 SERIES 2004-2 CLASS SR COE 0116/2034 6.110 NT R/004-04 RD 04-16-04 REPO P &I 6.1100 04/16/04 GOVERNMENT NATIONAL MEG ASSN 38374FCM2 12.22@ 100.617.41 SERIES 2004-2 CLASS SG DUE 01H6/2034 12.220 M RA) 04-04 PO 04-16-04 REPO P 6I 12.2200 04/20/04 GOVERNMENT NATIONAL WIG ASSN 38374FD97 5.8600 214366.67 SERIES 2004-5 CUSS PS CUE 0200/2033 5.660 M. Siam Senna Cart On Moen" woe nn Nat Yolt 11201.3859 FINANCIAL TRUST CO INC STATEMENT MSC° Apt 92001 TIMOUDI API 30. 2004 ACCOUNT MANS MAMMA MAMA Co in LAST STATEMENT MOTO 31.2008 R/D 03-04 M) 04-2044 REPO P 4I 5.8600 021 05/01/04:13:17 001 V830 EFTA01321033

ET1 8 IJ IJ m cim H r L17805£00- O1D- ANGS BU\IR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams a Co. Inc. 383 Madson Averwe New Yo& New York 10179 Transaction Detail (continued) INTEREST (03etAluee) GUAM TNIOUOn Rs v4.0 we GAM/ SUletture Par. SUM* Semliki Cap. One 1044.06r- Cater Net mouses. FINANCIAL TRUST CO INC amps!! P41400 April 1. 2004 TPROvOs Apr. 30.2004 ACCOuNT NUMMI TAXPAYEll Klee on Cie VAT STATEMENT With 31.2004 OM OLSOPPROP. SIIRM.C.L6I0 Oaten" 411E ‘14.1 Can MOW OWN AMOUNT 04/28404 FANNIE MAE CMOISERJES 2003-13 31392.6382 S RCR.vo FLTR DUE 03/250033 6.910 iNTEREST PAYMENT 0425434 04/26404 FEDERAL NATIONAL MTG ASSN 31393=6 SERIES 200349 CUSS SW DUE 01/25/1033 5.910 INTEREST PAYMENT 04-25-04 6.9100 5.9100 202.418.63 87.226.95 TOTAL 51,209,102.96 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. suarmian (DAM Ulf OM 1100ACTICI4 OESCIMICe. 04/05/04 JOURNAL FEDERAL HOME LOAN MEG CORP SERIES 2471 CUSS YE 1 000 DUE 03/15/32 4TIMARGN F09531 REPO AGRED.0 42 Al 04/0544 JOURNAL UNITED STATES TREASURY NOTE EOM 70040567 At 3250 DUE 01/1549 TERM REPO AGREEMENT 04/05404 JOURNAL UNITED STATES TREASURY NOTE rnm FC8601370 A2 3003 EME 02/1/09 Meal REPO AGREEMENT 04/05/04 INTEREST UNITED STATES TREASURY NOTE DUE 01/15/2009 FIRA F0860657 A23.250 REDO INTEREST STI40/0.80 MURRY DON PAO3u4T C R c ' AWL I 31392R6U0 -33.108.931 .) . 912828891 10.000.000 10.275.000.03 912828822 20.000.000 20.250.03040 912828891 2.902.89 027 0541/04:13:17 001 1/930 EFTA01321034

atatED /MOAN ITS Waal 0111117 SLYISOW1Y OtSiZZOO- V1.43 0 z ii C rn z r _ 817805£00 IN9 ANGS BEAR STERNS arra SERVED/0 YOUR ACCOUNT Mw. Sara Santa Cap. Boar. Steams & Co. Inc. or. mosso caws Nom 383 MadIson Avenue ends" New wa 11201.3/“.9 New Yak. New Yak 10179 a FINANCIAL TRUST CO INC 13 an Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (crewed) 30310/041 DM1 TUN MANISACION mammon smactrcusw Mann+ DCW1 MGM 0111111 ALUM 04/05/04 INTEREST UNITED STATES TREASURY NOTE 912828822 4.055.63 DUE 02/15/2009 3.000 FinA 10860670 A2 REPO EGOTIST 04/06104 RECEIVED UNITED STATES TREASURY NOTE 912828000 50.000.000 49,875,000.00 1. DU5E 03/31120063/31/05 1.500 00 COE 0 NW P0971111 Al RESALE AGREEMENT 04/07/04 JOURNAL FEDERAL NATIONAL MEG ASSN 31393C2C6 -17.711.056 1.492.000.00 SERFS 2003-49 CLASS SW 5910 DUE O1/25/33 NW 10983225 Al REPO AGREEMENT 04/08/04 JOURNAL FEDERAL NATIONAL MEG ASSN 3136FALO7 -5.054.105 3.906.000.00 ARP MEG SERIES 322 CL PO 0.001 DUE 0301132 PIRA 10993098 81 REPO AGREEMENT 04/06104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 5.054.105 4.340.000.00 STRP MTG SERIES 322 CL PO 0.001 DUE 0301132 FM 10843132 AZ TERM REPO AGREEMENT 04/06/04 JOURNAL EEC( NOME LOAN MEG 00/011503602 crews 223 CLASS PO 3128HVABS -2.930.616 2.157.000.00 DuE 12/01132 ITIM 10993098 Al REPO AGREWENT 04/08/04 JOURNAL FEDL HOME LOAN MTG CORNIS03602 3128HVA85 2.930616 2.376.000.00 <MCC 223 CLASS PO CAR 12/0102 arm 10683174 Al TERM REPO AGREEMENT STArEUEV, PinX) Apr 1.2004 max*, Ata 30.2034 ACCOaa saes 7.4/0aFR NUMMI On Fie 1/..51 Statata Mum 31.2004 027 C6/01/04:13:17 001 Y830 EFTA01321035

I tSEZOO- V.Li3 0 m z m z H r 6780S£00 IND ANDS BUR STEARNS orra sERViCAG YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madson Meru, Nes York. New Yolk 10179 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) Sf 1 Iltatra TIA31 DATE DATE IRMSECI101. DESCRPTION 04108/04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5. 0 DUE01125/33 I F0983225 Al TERM REPO AGREEMENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CUSS SB 6.110 DUE 01/16/34 FILM F0853301 AZ TERM REPO AGREEMENT 04108/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SOWS 2004-2 CLASS SB 6,710 DUE 01/16134 MIA F0993100 Al REPO AGREEMENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MFG ASSN SERIES 2C04-2 LASS 12.220 DUE 0111C 434 SG FITIA F0993102 Al REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERFS 2004.2 CUSS SG 12.220 DUE 01/1644 1171A F0843050 AZ TERM REPO AGREEMENT ovoercur 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERFS 2034-5 CUSS PS 5.860 DUE 02/20133 FRIA F0993098 Al REPO AGREEMENT 04/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5.860 DUE 02RO33 TIM F0683172 Al TERM REPOAGREEMENT snmoLoar DAM 31393C2C6 17.711,056 38374FCM4 43.859,035 38374FCM4 -43.859.035 38374FCN2 .9.880.598 38374FCN2 9.880.596 39374067 -44.000.000 38374F0$7 44000000 01ST MC141 1,492,000.00 O.F.AR1D ilaasstri ITS wiguy MECO DAMMAM Seas Suers SADastats Cap. On Verpan Carat NAAS WadOr. 14e. Yoh 11201.1M iMENNEN. FINANCIAL TRUST CO WC SEATTaahe PEROD API 1.2004 me:4.nm WI 30.2034 ACOPEAST Nownst YDCPAyER Na.,, On Fee LAST STATFutor Mach 31.200E CREPT NA01r1 100.000.00 3.712.000.00 Y 8.523.000.00 8.258.000.00 5.907.000.00 7.107.000.00 027 05.131/04:13:17 001 V930 EFTA01321036

-n C in r OSSOSEOCIA19- ANCIS I8 b.) 10 IJ IJ BEAR STEARNS ocnCE SERVICII4 YOUR ACCOUNT Bear, Steams & Co. lac. 383 Madison Avenue New Yeek, New York 10179 15 NH Transaction Detail (continued) CLEARED THROUGH Re winILY Owe $4MSOMRY Bun Sorra "nem ORR One Vane* G— Norin Row Tat 11201-3430 FINA NCIAL TRUST C0 INC STATE:Lea intROO Apal 1.2004 rmn0u0H WI 30 2004 Accouvi mm602 Tonannen taUweER On fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (swarmed) LAST STATEUENT Wert. 31.2034 STITUUMNI OM RUDE Del IIWISAG11011 OSSoremor; STVIOUCUS• OuvinTW OM /MOW CREDO WOW 04106/04 0008A34 04106104 04/08/04 0408/04 04108104 04/08/04 DELIVERED INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST UNITED STATES TREASURY NOTE CUE oit3u2006 1.500 1.500 DUE 03/31/06 FITM F0971111 A2 MINA RESALE AGREEMENT FEDERAL NATIONAL MTG ASSN MTG SERIES Ct CU STRIP E 03/01/20 322 32 0.001PO FIIFA F0843132 AZ MEN priltREST FEOL HOME LOAN MTG CORP#503602 SERIES 223 CUSS Po DUE 1mi/2032 0. 000 mu F0683174 /2 REPO MEREST FEDERAL NATIONAL MTG ASSN SEREs 20035/2033 5 .49 CUSS SW DUE 01/2 .910 R1111.1 EPO ME F098322 T 5 AZ RES GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CUSS 58 DUE 01/16/2034 6.110 FITM 10853301 AZ REPO INTEREST GOVERNMENT NATIONAL MID ASSN SEREs 2004.2 CLASS SG DUE (nut/2034050 A2 12.220 FM 104343 REPO INTEREST GOVERNMENT NATIONAL MTG ASSN SERFS 2004-5 CUSS PS DUE 02/2W2033 5.860 FRIA 10683172 AZ REPO INTEREST 912828CD0 3136FAL01 3128HVAB5 31393C2C6 36374ECIA4 38374FCN2 38374F0B7 -50.000,000 2.350.83 2659.80 53.68 5058 4.618.63 7.955.89 49.875.000.03 027 OW01/04;13:17 001 V830 EFTA01321037

£PSEZZOO-Vin 0 m cim H r TS8OS£00 IND ANDS BEAR STURNS OFFICE SETNICNG YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 Madsen AvenLe New York, New York 0179 16 , • r Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) 0.CARED MOICarGar ITS WPM _1880 StAISCIARY Be., Stara Sacularn Carp. one Verarerarn Caner WV, paw nit 11201.1140 FINANCIAL TRUST CO VC STAIIPAINT ratiraDD Apra 1.2031 nerov09 499 30.2004 ALCOIMT %Met TAXPAYCP Newt On He LAST JITAIIPCNT March 31.2004 SETTLIMOIT :RACE DATE DATE IRINSACTKIN orscftwects SYPAPPLO.CPP CANTU DM APIXHI CREW MACAW? 04/08104 INTEREST UNITED STATES TREASURY NOTE 912828C00 1.177 60 CUE 00/3112006 1.500 FITm RESALE MEREST F0971111 A2 04/16104 JOURNAL ADP CD 8888888 1.300.030.00 8 FIDA-PR T1073248011 .625 DuE 12/31/49 2074420692 04/26/04 JOURNAL FEDI. HOME LOAN MEG CORP4103602 3128111/ABS -2.930.616 200,000.00 SERFS 223 CUSS PO DUE 12/01/32 mM F1173164 AS REPO AGREEMENT 04/26/04 JOURNµ FEOL HOME LOAN MEG CORP*S03602 3128HVABS -2,930,616 1,583,000.00 SERIES 223 CLASS PO DUE 12/01/32 RIM Mt73164 Al REPO AGREEMENT 04/2604 JOURNAL FEDL HOME LOAN MTG CORPOS03602 3128IIVA8S 2,930,616 1.583.000.00 SERIES 223 CLASS PO DUE 12/01132 Frtm F1173164 A2 REPO AGREEMENT 04/28104 JOURNAL FEOL HOME LOAN MEG CORPOS03802 3128HVA85 2.930.616 2,157,000.00 SERIES 223 CLASS PO DUE 1201/32 HIM F0993098 A2 TERM REPO AGREEMENT 04/26/04 JOURNAL ADP CO 8888888 1.300.000.00 MaPIP F1073248013 8.625 WEI V31/49 2074420692 04/26/04 INTEREST FEDI. HOME LOAN MTG CCRP.S03602 3128HVABS 1,402.05 SERES 223 CLASS PO DUE 7201/2032 0.000 FITM Fo993098 A2 REPO MEREST 027 05/01/04:13:17 001 V830 EFTA01321038

MIMEO TIMM RI PPM CMYLD SAMMAMPY ITS 8 b.) 1,) IO U BEAR STEARNS OFFICE SEFMCING YOUR ACCOUNT Bete. Steams & Co. Inc. 383 Madison Avenue New YCO New York 10179 17 a al Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS icon! nuece Ohm Stem S400428. Cup. OM lieutonn 0.44e Wei Wdof 112014259 FINANCIAL TRUST CO INC STATEMENT PEItC0 *1 1.2004 THROWN Apo 30.2004 ACCOM N% 1R TAXPAYER MOM On He LAST STATOMP March 31. 2004 sonAmext Tux arc *Alt MAYS/41M OESCRIAMY4 SMPOLCUSIP owner air MOM CREC41 /MOURN 04/28004 INTEREST ADP CO 8888888 357.14 DUE 12/31/2049 8.625 FIT/A-PR F1073248113 2074420692 04/29/04 JOURNAL FEDERAL NATIONAL PEG ASSN 3136FAU31 -5.054.105 3280.000.00 STIP FAG SERIES 322 a. PO 0001 DM 03/01/32 MA F1203206 Al m 04/29/04 ADURNAL REPO AGREEMENT FEDERAL NATIONAL MG ASSN 3136FALI11 5.054.105 3.906.000.00 STRIP TAM SERIES 122 CL PO C in 0029104 MEREST 0.001 DUE 03/01/32 FRM F0993098 82 TERM REPO AGREEMENT FEDERAL NATIONAL MTG ASSN 3136FAUH 2,962.05 STRP M1G SERIES 322 CL PO DUE 03/01/2032 0.001 MIA F0993098 62 REPO INTEREST MOAN RECEIVED UNITED STATES TREASURY NOTE 912828CF5 50.000.000 50.000.000.00 DUE 04/30/2008 2.250 2.250 WE 04/30006 r FIDA F1210865 Al RESALE AGREEMENT TOTAL 1-163.313.010 01 191 651 534.74 MISCELLANEOUS ZSBOSE00- 019- ANGS art MOM TRANsAcoM 0411404 JOURNAL OESCRPTON FNMA-30YR(FNMA)GTEI SETT.04/03 5.500 DUE 04401/33 M8S NET 04/14/04 00111 MOM 9,789.06 Cal MOM 027 05(01(04:13:17 001 v830 EFTA01321039

T4iNaGUNO0 MOSEOCMANCIS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Boar. Steams & Co. Inc. 383 Madison Avenue York, New York 10179 18 • •• Transaction Detail (continued) ACC05242 MASA TAXPA9ER Wail On Fte MISCELLANEOUS (continued) LOT swain" WACO 31. 2001 OLEAREo TAROV014 ITS 1-0t&v °ANDO 1.10NCEUre Am Stun, Sentra.. Co% One MAIEUton Coen Math lb NE. •On 11201-3659 FINA NCIAL TRUST CO INC 8TATE242.7 PERICO AEril 1, 2004 En1100Cai AvIl 30. 2004 OAR 59IDAY IROMEAC11010 015011/10/ OM MOUNT CREW AVIOuirl 04/21/04 JOURNAL MAR 04 SPEC CLEARING FEES 300.00 TOTAL 5-9.089.06 Trades Executed Pending Settlement sErnDAISI MADE DATE OAR TWASA0112111 0450011110N 05/13/04 04/7604 BOUGHT FNMA-30YR(FNMA)GTO SETT.05/04 DUE 05/01/2034 05.500% 0987280211332 REF • 2034040657900020 BS 05/13/04 0407/04 SOLD FNMA-30YR(FNMAIGTEI SETT-0504 DUE 05/01/2034 05.500% 0987000510332 REF 0 2004040757540000 8$ 051130E 04/16/04 SOLD FNMA-JOTIqPNMA)GED SETT.05/04 OUEDSM1/2034 05.500% 0987280211332 REF • 2004041857470000 BS TOTAL rt. eta. noes to -a 0:M• M ary Ow soda, 41 em soectscuso OLOMIEI PIECE DEW WW1 MIT Hoerr 5/78487 25.000.000.00 101.1093 25.277.343.75 5/78467 -15.000.000.00 101.5825 15.234.375.00 5/78467 -10.000.000.00 100.7500 µ 10.075.000.00 25,277,343.75 325,309,375.00 027 05/01/04:13:17 001 V830 EFTA01321040

CLtAltfil 110tOLCA ITS WSW, 04040 sus:UMW.. En IS IJ IJ O TZ T I m r VSSOSEOCIND- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Wason Avenue *v. Yak. New York 10179 ACCOUNT EXECUTIVE GINA GOUT BOND VISIT CUR WEBSITE wom.boarAteams.com What's In This Statement Financial Summary 3 Your Portfolio Holcangs 4 Transaction Oetaa 7 Your Messages 16 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET CREDIT SAUK( 12.671.042 260.903 29.336 NET EQUITY DeS PERIOD S12,961.281 NET EQUITY LAST STATEMENT DIANGE SINCE LAST STATEMENT 14,891.267 .1.929.986 There are no Stop Loss orders OF other pending buy or sell open orders on file for your account. I I FINANCIAL TRUST CO INC CAQ JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS V1 00802 Market Value of Your Portfolio ,„„sa,„.„ .1 S29.336 7237.245 ram 2 671,042 Curren 01800 V3IJe Via Last steam:Ars market vale 514,05.660 Ow. Sheens Stosoes cm Cne 14400)Kh Callow Win Ns. 03 20 3159 FINANCIAL TRUST CO INC STATEMENT PERIM rebury 26. 2034 THROWN March 31. 2004 ACCOVPIT laJtatil 70101•AVIlt Waal On Fee uST STAR-UM ASA., 27.2074 gm TM unitary for literalnall00900tt c00.11. 5« 0411440 III Mx Occ•nont Uattets103)00 es manta iv ygit Ma. 500 ream a I/100tWS ininascs 027 040104.12 31 031 v929 EFTA01321041

OSARED ♦rtllhnn tIS ViMpux Oneato Stani0ORY Sc.. Steers ann., 8913 1)3t Ilcreuch C8ner .49Th PM. itt4 1+201.3819 FINANCIAL TRUST CO INC 2. 0 -n z z r SS805£00- 019- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE C27 04,11O1 12 31 CO1 8828 EFTA01321042

BEAR STEARNS OFFICE SERVICING TPA ACCOUNT Bum Stearns & Co. Inc. 383 Madison Avenue New Tort New Yak 10179 WARE° 11410U0/1111 CRPRD SUBSCPRY Sew. Steams Swann Cap. Ow Maraca) Corte Math linnahn Mn Tom 11201.3859 FINANCIAL TRUST CO ANC swearer PERIM Feteuary 28.2004 naown March 31.2004 3 st ACCOura WRIER Cash Flow Analysis nes P0000 Income Summary no. YEAR TOQUE TAXPAYER Waal On FIt Opening Eta lance 5237,245.02 Goat. Agency ht. 925.34142 2.369.796.22 LAST sr mesa Fatter, 27.2004 Corp. Bond Int. 207.331.92 629,701.94 Securities Sold 79.344.186.00 Reverse Repurchase It. 0.00 1,772.78 DMdends/kterest 1.132.673.44 C)0 Miscellaneous Amount Credited 431344.36 580.908.703.80 Total 51.132.673.44 Bond Puchase Ire -26.831.32 Margin Int. Paid 436.94 53.001.270.94 -202.800.03 .1370.70 -n Semitic., Bought Olvdendsanterest Charged -50.162.398.32 -27.368.26 Repurchase Inc. Em. -13.749.27 -18.607.48 C in Miscellaneous Amount Debited 40.926.845.89 541.116.612.47 Portfolio Composition Ca:AI/Cash Egtivalent 29.336 Net Cash Actinty -207.90367 Fixed Income 12.671.042 ClosingBalance $23336.35 Your Portfolio Total 512.700.378 Allocation StSiZZOO- Vid3 r _ 9S8OS£00 IN9 ANGS Cash Balance Summary Ma,,' 237.24542 29.336.35 NetCashBalarce 5237.245.02 529.336.35 0401/04:1231 COI Cosh & fault/Ant <1% Flood MCOm0 99% UnINCOS %Rea dexce. ORA Para mow eon now "Apes 1 acskr. oa Canoe Poe Pt *Plan nand at of not melba 1129 EFTA01321043

C) 0 m rn r LS805£00-O19-ANGS BEAR STEARNS OFFICE SERVICING MR ArnCOVI Bear, Steams & Co. Inc. 383 Madison Avenue New York, New York 10179 4 n•1 Your Portfolio Holdings CASH & CASH EQUIVALENTS /WM IS111MTED CURRENT OISCIVICIN snazoruso CUAN117, PRICE VALUE Mt4ML *CO& PM 00 CASH BALANCE 29.336 TOTAL CASH & CASH EQUIVALENTS 529.336 FIXED INCOME Government & Agency Obligations owns SVIABOLOJCIP att no CLIAPIIITY MCI Ian VALUE ACCAUCO MAW ESTWAIE0 MINN. 'WINE CURRUIT VOID Oa FEDERAL HOME LOAN MTG CORP SERFS 2530 CUSS SE 31393FAF3 MRGN 22.024.853 8.5574 1.884.745 61.764 1.389.768 73.7377 DATED DATE 10111/02 BOOK ENTRY ONLY DUE 02/15/2032 6.310% FACTOR - .36708039 FEDERAL. HOME LOAN NOG CORP SERIES 2526 CLASS SI 31393FG86 MRGN 9.447.624 7.8198 738.786 24.816 558355 76.5774 DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5.910% FACTOR - .36708088 FEDERAL HOME LOAN MTG CORP SERIES 2471 CUSS YI 31392RBUO MRGN 33.108.930 1.8536 613.709 14.710 331,089 53.9489 DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR . .33108931 FEDERAL HOME LOAN MTG CORP SERFS 2488 CLASS SO 313927132 MRGN 16.665,093 9.2678 1,544.495 51,180 1.151.558 74.5589 DATED DATE 07/08/02 BCPC ENTRY ONLY DUE 03/15/2032 6.910% FACTOR - .33330190 Cantl.11 nalOuG/4 ITS mare (AWED SUPSOar bur Slums Stoats Cot. Cre Utett.teh Cote hoer Broaljn, kw York 11291.385.0 FINANCIAL TRUST CO INC STATILHAT PTR*0 February 28.2004 THROJCAT Match 31. 2004 ACCOUNT WARM TAXPAYER MAW On Fie LAST STATEMENT Fetruary 27. 2004 0•01/041231 COI V129 EFTA01321044

0.69009 *ROUGH ITS 4140L1S Ova60 SUISSOvar 171 8 IJ Ln O IJ o z o in z r 85805£00- IND- ANGS BEAR STBIRNS OrriCE SEEMING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison An New Yak Rea. Yak 10179 $ Your Portfolio Holdings (continued) Government & Agency Obligations (ccntswed) ACCT CCSOVIRON snmoucuser mt FEDERAL HOME LOW MEG CORP 31392T6E2 MRGN SERIES 2453 CL SI. DATED DATE 07/02/02 800K ENTRY ONLY MO36192032 5.910% FACTOR - .33330189 19,226,497 ACCRUCO MCI MARKET VIII 110011777 7.5582 1.455.093 50.503 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 0112562033 5.910% FACTOR - .72864740 Total Government& Agency Obligations 31393C2C6 MRGN Bat Sidra Sault:a C . One Memel On Nent. Nat 112014459 FINANCIAL TRUST CO INC STATEkEk7 PEPOCO reenter) 28.2004 am0v0. Myth 31.2004 ACOCAPFT . 0.1ER TAxPiol, .1.4001 On Fie LAST STATMENT F1094.9 27. 2004 trP41710 MAW WOVE 1,136.286 CURRENT (%) 76.0903 17.711.055 10.1397 1.795.843 17,445 1,046.723 58.2859 $8.032.671 5220,418 $5.613.779 Corporate Bonds DESOWIX.1 FANNIE MAE CMO/SEINES 2C034 3 S RCR-VO FLTR DATED DATE 02625103 800K ENTRY ONLY CAR 03/2 3 0% FACTOR -.7.70304589 Total ComorateBonds TOTAL FIXEDINCOME sat SIMOLCIAP "Of 313921042 IARGN 35,152.293 13.1951 AONVED NC( Phalan "AWE entrasi 4.638.371 40.485 131141110 MOM NCOME 2.429.023 $4.638.371 $40.485 52.429.023 CURROIT MD ea 52.3680 $12.671.042 5250.903 58.042.802 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST 5260 903 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $8.042.802 YOUR PRICEOPORTFOLIOHOLOINGS 512.700.378 02/ 0401/04:1231 CO1 EFTA01321045

I SSEZZOCIL.43 BEAR STEARNS OFFICE SERVICING YOUR ACCouNr Bete. Stearns & Co. Inc. 383 Madison Avenue Nes TA. New Ycsk 10'.79 6 • c Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co.Inc. outstanding as of date of statement MOM TAROUCEN rts %HOLLY OWNED EDMOND' F... Sietms SO:utei Cana 0-e PiefrotEch Caw Wm 1201.3859 FINANCIAL TRUST CO INC STATENENT KRICO TeDlyery 25.7004 THRODCA AWED 31. 2004 ADOCANT AtAISER ?AVATAR NINU9 on me LAST ETATIDETTE Fetnagy 27.2004 PURCIUDV START DATE SIRAICITESt MD PAIDE4 RATE TURCIALSE P I PITTOPAL ACCAVED APO INRREST• ounarry DACE MOND OS, DESCRITOD‘ YOU SOLD GOVERNMENT NAT ONAL MIT ASSOC (REPO) 03418/04 04108/04 1.300 4.107000 4.159 44.0:0.000 38374F087 SERIES 2004-5 CLASS P 5.8600 02/20/33 0 YOU SOLD (REPO) 03/08/04 0008/04 1.300 -2.376,000 -2.059 4.000.000 3128111085 F H L M C • STRIP PRINCIPAL ONLY m YOU SOLD (REPO) 03/24/04 04/08/04 1.300 8.523,000 -2.462 -10.000.000 38.374FCN2 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004.2 CLASS S 12.2200 01/16/34 C m YOU SOLD (REPO) 03/24/04 04/08/04 1.300 4.340.000 -1.253 -15.000.000 3136FAL01 FNMA-SM8S PRNCIPAL ONLY SERIES 122 CLASS PO 03/01/32 YOU SOLD GOVERNMENT NATIONAL 1470 ASSOC H (R010) 03/25/04 04/08104 1.300 -100.000 -25 44.389.962 383741044 SERIES 2004-2 CLASS S 6.1100 01/16/34 YOU SOLD USTR 3.2500 01115.09 r (REPO) YOU SOLD 03/26/04 OPEN 1.000 .10.275.000 -1,751 -10.000.000 912828891 USER 3.000002115/09 (REPO) 03/26/04 OPEN 0.940 -20.250.000 -2.947 -20.000.000 912828822 TOTAL REVERSE REPURCHASE TRANSACTIONS so SO TOTAL REPURCHASETRANSACTIONS S-52071.000 545.666 65805£00 IND ANOS I1W alsiari EFTA01321046

CLEARER TICLON ITS verCIA9 GAD SuILSODWIr ii C in r 0980SEOCIN9- ANGS 8 b.) IJ LA IJ In BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Boot. Steams & Co. Inc. 383 MadImo Avarua New Yak. New York 10179 7 errt Transaction Detail INVESTMENT ACTIVITY Be c Scams s it cap. One Afrivace. On NOT liate 11201.309 FINANCIAL TRUST CO INC ALAMEIN' PIRKO IRtnIlly 28.2004 TORLottl. Minh 31.2004 scow, NviterN 'NORMA Nulieen On Ft LAM BTATOIENT Fans, 27.2004 StRIDAINT It.0 OAR omit mmeacroi DESCRPTIYI 01•XLCUSIP OW= Ma Mil AXIOM Char Nan! 03/05/04 PRINCIPAL FEDL HOME LOAN MFG CORPOS03602 3128HVAS5 -26.911 SERIES 223 CIASS PO CUE 1801/32 PRINCPAL REDUCTN 03-15-04 03)15/04 PRINCIPAL FEDERAL HOME LOAN MFG CORP 31392R6U0 -1.439.000 SERIES 2471 CLASS YT 1.030 DUE 03/15132 PRINCPAL REDUCTN 03-15-04 03415/04 PRINCIPAL FEDERAL HOME LOAN IATG CORP 31392R6U0 -543 SERIES 2471 CUSS Tr 1.000 DUE 03115/32 PRINCIPAL MUM/03.15-04 03/15/04 PRMCWAL FEDERAL HOME LOAN MTG CORP 31392T6E2 -835,948 SERIES 2483 CL SL 5.910 DUE 0385/32 PRINCPAL SIMMER 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MFG CORP 313927/32 -724.581 SERIES 2488 CUSS SO 6.910 DUE 03/15/32 PRINCIPAL REDUCTN 03-1544 03/15/04 PRINCIPAL FEDERAL HOW LOAN MTG CORP 31393FAF3 -900.106 SERIES 2530 CUSS SE 6.310 DUE 02/15/32 PRMICIPAL REOUCTI403-75-04 03115/04 PRINCIPAL FEDERAL HOME LOAN FRG CORP 31393F086 -386.103 SERIES 2526 CLASS SI 5.910 DUE 0V15132 PRLYCSIAL REDUCTN 03-1644 03/15/04 PRINCIPAL FEDL HOME LOAN Pac CORPOS03602 3128HVAB5 26.911.30 SERIES 223 CLASS P0 DOE 1201132 PRINCPAL PAYMENT 03-15.04 On ommotizal cm YNP EFTA01321047

rn 8 IJ lA IJ BEAR STERNS OFFICE SERVICING TOM Afnry Wr Bear. Stearns 6 Co. Inc. 383 Madison Avenue New York. New York 10179 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) 90111MINT IRAK per DAR TIOAIICHY4 OESCRODOW SYMIOUCIOrn OuvalY MCI 03/15/04 PRINCIPAL FEDL HOME LOAN MEG CORP/503802 3128HVA85 SERIES 223 CLASS PO WE 12/01/32 PRIN R/0 02-04 PM 03-15-04 REPO P 6I 0.0000 03/2404 03/19/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.880596 100.37500 SEWS 2004-2 CLASS SG DUE 01/1612034 12.220% ACCR. INT. m 032504 PRINCIPAL REF • 2004 0987022111332 031957100000 BS FEDERAL NATIONAL MEG ASSN 31360101 STRP MTG SERES 322 CL PO ci 0.001 DUE 03/01/32 PM 800244 P/003-25-04 m 03/25/04 PRINCIPAL REPO P 6I 0.0000 FANNIE RUE CMCVSERES 2003-13 313924)82 453.249 S R0140 RV 6.910 DUE 03/25/33 PRINCIPAL REDUC1N 03-25-04 H 032504 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 -429.899 SERIES 2CO3-49 CUSS SW 5.910 DUE 01/25/33 PRNCPAL REDuCni 03-25-04 r 0328104 03/2904 BOUGHT UNITED STATES TREASURY NOTE 9128288V1 utmost' CUE Dins/moo 03.250% 11 15 SPECIAL r4STRUCTIONS ACCR INT. GVER REF • GO/351009 A3 AS OF 03/25104 03/26/04 03/25/04 BOUGHT UMTED STATES TREASURY NOTE 912826922 20.000.000 T980SEOCIND- ANGS DUE 02/15/2009 03.000% FA 15 SPECIAL INSTRUCTIONS OVER REF • 608.51011 A' owner IHROLvor Os WHOLLY Overela SAAGOARY By Mom Season COM 014 lAterrach Lerner ONO ereerto. Nor York 1120/.3859 FINANCIAL TRUST CO INC 87ATEVEL1 IVACO FebnOly 28. 2D3I THROWN March 31. 2004 .Lemon ILLAVER TOONOTA MASER al Fle LAST STAreirorr February 27.2004 Oac Aµ:LNT MOH AUG VT 55.386.25 9.917.849.04 26431.31 210881145 0.01 0.01 5.9 944.480.37 5293.186.00 EFTA01321048

CLEARED 114NOUGH ITS NHJµV °AWED SJOSIYARY O -n C in r Z980SEOCIN9- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New Yak 10179 9 a .6 Transaction Detail (continued) INTEREST Seer SW. SeCureSel CoS Ore Merobech Oven MEM SIS et 20 .use FINANCIAL TRUST CO INC STATEMENT PteLl00 February 28. 2004 SEROWE Minh 31.2004 ACOCAert NOME TAXPAWA SWAM On Flo tint STATOMMT Ettaurry 27. 2004 0121 OLSCRODOS SYMIOUCUSI. WAMITI MR 09 01ST SWUM MET AMOUNT 03:0104 AVG BAL 161.125RT 4.137 536.94 021 OFFICE INTEREST 0204 03/15/04 FEDERAL HOME LOAN MTGCCRP 31392R6U0 1.0000 28,790.40 SERIES 2471 CUSS YT CUE 03n5/2032 1.000 INTEREST PAYMENT 03-1504 03/15/04 FEDERAL HOME LOAN AEG CORP 31392T6E2 5.9100 98.73431 SERIES 2483 CL St DUE 03/152032 5.910 a4TEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP 313927/32 6.9100 100072.08 SUES 2488 CUSS SO DuE 03/15/2032 6,910 INTEREST PAYMENT 03.1544 03/15/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.3100 120,46340 SERIES 2530 CLASS SE DUE 02/15/2032 6.310 INTEREST PAYMENT 03.15-04 03/15/04 FEDERAL HOME LOAN AEG CORP 31393FG86 5.9100 48.395.21 SERIES 2526 CLASS SI DUE 02/15/2032 5.910 *MEW PAYMENT 03-15-04 03/16/04 GOVERNMENT NATIONAL AITG ASSN 38374FCM4 6.1050 224.721.09 SERIES 2004.2 CUSS S8 DUE 01/16/2034 6.105 INT RA> 03-04 PO 03-16-04 REPO P 6I 6.1056 03/22/04 GOVERNMENT NATIONAL PATG ASSN 38374FD87 5.8580 214.620.63 SERIES 2004-5 CLASS PS CUE OV20/2033 5.858 NT RD 02-04 ND 03-20-04 REPO P 6I 5.6567 03/25/04 FANNIE MAE CMO/SERIES 2CO3-13 313921062 6.9100 207.331.92 S RCR4'O FOR DUE 03/25/2033 6.910 INTEREST PAYMENT 03.2544 OTC 04.01/04:1231 001 VS29 EFTA01321049

0 0 L I C in r £9805£00- IN9- ANGS BEAR STEARNS MICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Mattison Avenue Now York. New Yak 10179 10 re •t Transaction Detail (continued) INTEREST (=timed) OAR 03/25/04 FEDERAL NATIONAL MTG ASSAI SERFS 2003-49 CLASS SW DUE 01125/2033 5.910 INTEREST PATIADTT 03-25-04 TOTAL ocsanenae STIOMUtuSP 31393C2C6 parry RAT[ 5.9100 CCM ALCM 0.244E2 TW00Lmi rtF ',wage MOM, Sulam...iv Mat Sten Swinton Cup 0e Weraedi Min Mann Romp New you 112014Ma FINANCIAL TRUST CO INC mAmamT PEMO Fotruity 28.2004 m30004 Myth 31.2004 AMORY? AMMER TAAAMt MAMA On Fik LAST enamor Feiner/ 27.2004 MEM MONT 89.344.20 5.536.94 51.132.673.44 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Steams 8, Co. Inc. SETROAMT qR 03/01/04 TARE fltuiSACTIN JOURNAL CMCRIMON FEDERAL NATIONAL MTG ASSN STRIP AEG SERIES 322 CI PO 0,C01 DUE OW01/32 PAM F0583100 82 TERM REPO AGREEMENT MAJOUCUSI 3135FALCI1 OUONTITT 5.551.880 ow MOUNT 4.362.000.00 CAECA 1410.na 03/01104 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03001132 FITM F0613264 81 REPO AGREEMENT 3136FAU:ll .5.551.860 4.382.000.00 03/01/04 JOURNAL FEDI HOME LOAN MTG CORPArS03602 3128HVA84 USES 223 CLASS PO DUE 12/01/32 RDA F0563100 AZ TERM REPO AGREEMENT FEDL HOME LOAN MTG CORPOS03602 3128115%85 SERIFS 223 CIASS PO WE 12/011 FM F0613 32 264 Al REPO AGREEMENT 2.112.812 1480.000.00 03/01/04 JOURNAL -2.112.812 1.591.030.W 03/01/04 INTEREST FEDERAL NATIONAL MI6 ASSN STRIP TAM SERIES 322 CL PO DUE 03/01/2032 0,001 FMA F0583100 BZ REPO WTEREST 3136FALQ1 472.55 027 0410144.12-3I VIM EFTA01321050

In 8 IJ IJ LEI a'T BEAR STEARNS OFFICE SEFMCING YOUR ACCOUNT Be.:. Stearns A Co. Inc. 383 Madison Mena New York. New Ycek 10179 11 cc Transaction Detail (continued) r. AssAn TEOTOLOTE ETS yAIDLEY OwneD SueS0vav Bet. Swans SAATATTE Cap. Ono IATA-Asch Cant /dam &cone% kat rat 11201.3.969 FINANCIAL TRUST CO INC STATEWSY PERETO reteutry 28.2004 TE•tou3a March 31.2004 AcccuAT Aram EmpAren NAST On FM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAS7 STATDeT rebury 27.2004 9.011.003if TRADE DUE DATE 03/01/04 0 03108/04 -n 03/08.04 C in 03/08/04 r 03/0804 03/08/04 03,09/04 P9805£OO- O19- ANGS litEASACTON DESOWITOTE INTEREST FEOL HOME LOAN IATG CORP, S03802 SERIES 223 CLASS PO DUE 12/01/2032 ELCOO FIIIA F0583100 AZ REPO INTEREST JOURNAL FEDERAL NATIONAL MTG ASSN SNP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 WM F0683174 83 REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN SNIP MFG SERIES 322 a PO 0001 DUE 03/01/32 FinA 10583174 B1 REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN SNIP MTG SETtIES 322 a PO 0.001 DUE 03/01/32 am F0683174 82 REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MIG SERIES 322 CL PO 0.001 DUE 0301/32 FRU F0613264 82 TERM REPO AGREEMENT JOURNAL FEDL HOME LOAN MTG CORPeS03602 SERIES 223 CLASS PO DUE 12,01/32 HIM F0413254 AZ TERM REPO AGREEMENT JOURNAL FEDL HOME LOAN MTG CORPeS03602 SERIES 223 CUSS PO DUE 12431/32 MN F0683174 Al REPO AGREEMENT SIUOUCUSAT EPAVITIEY DEBIT AMOUNT CREDIT AMUR 3128IIVA85 171.17 3136FAL01 -5.340.971 307.000.00 313601.01 -5.340.971 0 4.37.030.00 3136FAL01 5.340.971 4,307,000.00 3136FAL01 5.340.971 4,382,000.00 3128HVA85 2.057.426 1.591.000.00 3128NVA85 4.057,097 2,378,000.00 027 04/01134:1Z31 C01 VU) EFTA01321051

rn I8 1,4 IJ 1-91 BEAR STEARNS OFFICE &ERVEN& YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madtson Avenue New York. New York 10179 12 t• Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COMMAS) C) SETTLEMX1 TRAM DATE art 03/08/04 0 m 03/08/04 03/08/04 C m 03/00504 03/08/04 r 03638/04 0303/04 S980SEOCIN9- ANGS IRAX94110.4 OESOIMMON JOURNAL FEN HOME LOAN MTG CORPES03602 SERFS 223 CIASS PO DUE 1801132 nim F0683174 A2 REPO AGREEMENT JOURNAL FEDL NOME LOAN MTG CORPeS03802 SERIES 223 CUSS PO DUE 12/01/32 MEM F063174 A3 REPO AGREE8 MENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS ST3 6.105 DuE 01 el 8/34 FILM F0423194 AZ TERM REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CUSS 58 6.105 Du( 01/3634 FITM F0683173 81 REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SEEKS 2004-5 CUSS PS 5.658 DUE 02/20/33 RIM P0373123 62 TEAM REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SUES 2004-S CLASS PS 5.858 DUE 02/20/33 FPM F0683172 Al REPO AGREEMENT INTEREST FEDERAL NATIONAL MTG ASSN STIPP MPG SERFS 122 CE PO DUE 03/01/2032 0.001 FILM F0613264 BZ REPO INTEREST STNIEUCUSIP °WRIT 3128KVABS 3.067.097 3128INAB5 4,057.097 38374FCm4 44,168,735 38374FCM4 -44166,735 38374F087 44/200.CW 38374F067 44,000,000 3136FAL01 0-Lunio TraCcOM VINOLLY OmPLO SUPS/PAW Ilear. Sperm Si.o.nneS Co. ON 1APULOXII Una Rath &W WI Mee York 11201.3859 FINANCIAL TRUST CO INC STAMM."' PERM Feetvacy 28.7004 11111C00.1 March 31.7004 ACCOUNT PVARIR TAXPAYER WARRR On Fie LAST STA:Melt Fotrue9 77,2004 IMO PACJIT CAM/ MOM 2.376.000.00 2.000.000.00 2,376,000.03 4,544,000.00 6.209.000.00 1,107.87 7,107,000.00 072 04.01/04:1831 001 V829 EFTA01321052

171 8 IJ LJ LA 00 00 0 -n C in r 9980SEOCIND- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT B&&. Stearns & CO. Inc. 3B3 Maclean Avenue New York. New York 1017' 13 ow Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLDADR MICE DATE DATE EP/AMAMI OLSCRIPPON Symeoueuse WWIEY DEM AMOUNT CREW AI/Olta 03/08/04 INTEREST FED(. HOME LOAN MTG CORP*S03502 312810/A85 402.17 SERE% 223 CUSS PO DUE 1V01(2032 0.001 FRA1 10613254 AT REPO INTEREST 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374FCM4 1.87738 SERIES 2004-2 CLASS 58 DUE matzos 6.106 film 10423194 AZ REPO INTEREST 03/C6/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 383741097 6.950.63 SERFS 20044 CLASS PS DUE 02/20/2033 5.858 RDA F0373123 B2 REPO NTEREST 03/19/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 5.340.971 307.000.00 SNP MTG SERIES 322 CI. PO 0.001 DUE 03/01/32 FILM 10683174 B4 TERM REPO AGREEMENT 03/19/04 NTEREST FEDERAL NATIONAL MTG ASSN 3136FALQ1 121.95 STMP MFG SERIES 322 Cl. PO CUE 03431/2032 0.001 F1TM F0583174 64 REPO INTEREST 03/24/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 -5,340,971 4.340.000.00 SIRP MG SERIES 322 CL PO 0001 DUE 03/01/32 FRM F0843132 Al REPO AGREEMENT 03/2404 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374R:144 .43.859.035 552.000.00 SERIES 2024-2 CLASS SO 6.110 DUE 0116/34 F111.1 /0643136 Al REPO AGREEMENT 014840 11010tra 7$ VEMCUM OPTIE0 SUISOARY M. Saes SEAMS Cap. 0* Ustalch C— Pt treat!. Nw Tort 112014139 FINANCIAL TRUST CO INC STArniam PERO° Febnary 28.2004 Papua, March 31. 2001 ACCOLN- .ELVIMR taaALTR mann/ LAST SIAM Pea 01 Pb retina, 27.2034 027 04/0034.12:31 Dal via EFTA01321053

rn I8 b.) to IJ BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams b Ca Inc. 383 Madison Avenue Nevi Yak. New York 10179 14 one Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) -n smarm Ina DATE OAR 03424/04 03/24/04 0324/04 C in 03/24/04 0324/04 r 03/25/04 032504 L980SEOCIA19- ANGS ntrasMnai DE5CF4PnON JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2C04-2 CLASS SO 6.110 DUE 01/18/34 nu' F0683172 82 TERM REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CUSS SG 12.220 DUE 01/16/34 FITIA F0843060 REPO P4RUPADET Al JOURNAL GOVERMIAENT NATIONAL MTG ASSN SERIES 2004-2 CUSS SG 12.220 DUE01/16/34 F014 F0843050 42 REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERFS 2034- DUE 02/C16/34 SG USS 12.220 1 FIlM F0843050 A3 REPO AGREEMENT DETEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CUSS 58 DUE 0166/2034 6.110 FMA F0683172 82 REPO /MEREST JOURNAL GOVERNMENT NATIONAL MEG ASSN SERIES 2004-2 CLASS 58 6.11000E 01/16/34 FITIA F0853301 Al REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL NM ASSN SERIES 2004-2 CLASS 58 6110 DUE 01/16/34 FM F0843136 A2 TERM REPO AGREEMENT =ARCO THROUGH ITS WHOLLY Gate SUMMARY NW. germ Sabin CO,. ale *MUCK CRIB Math 11201.38 FINANCIAL TRUST CO INC STATEUFHT PER= Pattaly 28.2004 THROUGH Wirth 31.2004 /Otani, TAXPAYER hum w0 On Ne vat STATDIENT Fetquery 27. 2004 804824=50 0010007 DWI AVOW MCC evOoro 38374FCM4 43.859.035 4.544.030170 38374FC62 4.880,596 9.021.000.00 38371/7/02 9.880196 6.021.00.6.00 38374FCN2 -9.1.3.596 8.523.000.00 38374P,A4 2.625.42 38374FCM4 43,859.035 700,000,00 38374R:114 43.859.035 S52.000.00 027 04101.04.121I 001 NM EFTA01321054

LEO= Tnectra. Is W.I0.17 OARED SUBSIDIARY BEAR STURNS OFFICE SERVICING MAI ACCOUNT Sem. Steams 8 Co. Inc. 383 Madsen Avenue New Yock. New Ycik 10179 15 or in Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) Similar MSC 040 DATE DIPASACTON DESCRIPTOR SYMBOUOAIP ouNalre or MOM OMIT wane 03425/04 INTEREST GOVERNMENT NATIONAL MEG ASSN 38374FCM4 19.93 SERIES 20048 CLASS 56 MX 0111642034 6.110 F1TM F0943136 A2 REPO MEREST 03/26404 JOURNAL UNITED STATES TREASURY NOTE 9128288V1 .10.CC0803 10.275.000.00 F1TM F0860667 Al 3.250 DUE EMI VW -n 03/26/04 JOURNAL REPO AGREEMENT UNITED STATES TREASURY NOTE 912828822 -20.000.000 20.250.000.00 RIM F0860670 Al C 3000 DUE 02415/39 REPO AGREEMENT TOTAL 3.48244.749.27 179.051.000.00 in z J MISCELLANEOUS km. Sten WWI* Cop. Or 1Aelnach Dols Nat Ise WO 1120, 0350 FINANCIAL TRUST CO INC armee, Poem Fetruwy 2&2004 DIADUCI4 march 31, 2304 ACCOuPrt Wan TAXPAYER MASER CO Fro LAST STATOWINT Febnary 27.2004 r 8980SEOCIN9- ANGS IJ IJ ,) O aU DAR Know DIANSACTION 0/33001011 DEW MOM CREW MOM 03/01/04 JOURNAL FITG RIM 38513.00 03102/04 JOURNAL FRG FIRM 222.355.00 036464 JOURNAL RTG FiTm 380 03/1164 JOURNAL MG FRM 58.30980 03/12404 JOURNAL MG Fine 113.00 0341564 JOURNAL FITG FRM 22800 03415404 JOURNAL FEB 04 SPEC CLEARING FEES 450.00 03419/04 JOURNAL FITG ATM 58.990.00 03/23/04 JOURNAL FRG TO ATM 431.728.00 03/2564 JOURNAL MISC ADJ TO CASH BAL 0.50 027 004044:12:31001 VSL EFTA01321055

I9Sai:00V1.43 0 9 1 C in r _ 69805£00 INS ANGS BEAR STEARNS orncc SERVICING YOUR ACCOUNT Bear. Steams a co. Inc 383 Madison Avenue Now Not New York 10179 16 one Transaction Detail (continued) MISCELLANEOUS (continued) DATE MO AY nursAcTori murmur Can mann CREW SWUM 03/25104 JOURNAL MISC ADJ TO CASH 8AL 0.38 03/3004 JOURNAL Firm TO FITG 30,353,002.38 TOTAL S-30,926.845.88 $431,844.36 Your messages IOW Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear. Steams Secwities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company ("CARCO% a New York licensed instance company. CAPCO has an A+ financial strength rating from Standard and Poor's. End of Statement CUOMO 11010u0n ITS SOOLLo INME0 SUSSICUJIY W. Munn Stone. Cop. Cr* Mee eon Comet 11011 Illy Yon 112010859 FINANCIAL 'must CO INC STATEUCC nro00 rebury 28.2004 wawa. Medi 31.2004 ACCOvic1 MAO - ASSAYER µA.91 On ON LAST STATO/C/iT Feeva-y 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 colaborated to create a Disclosure Statement to address these issues, We are providing this Disclostre 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: hughtwriv.nasdr.com/breakpoints_statement.asp 027 0411,4:12.31 001 1529 EFTA01321056

OZ CD notetno ITS v.O.TT anew wavelet.* rn IS b.) IJ to 10 1.0 0 TZ r l 0 m r OROSEOCIN9- ANGS BEAR STEARNS cfnCE SOlyCeM YOUR ACCOUNT Beer. Stearns & Co. 383 Madrson Avenue IS A 10179 ACCOUNT D1CUTNE GNMA GOVT BONO DSO OUR YeteSTTE venebeatsteams.corn What's In This Statement Ilirillirrittllll I I Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio HolrengS 4 OD JEFFREY EPSTEIN Trantanban Detail 7 6100 RED HOOK QUARTER Your Messages 18 STE 83 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash Eq.netent 24 5 a I 5231 ) 5.13 933 518 TOTAL VALUE OF SECURII%S THIS MOO 14.475.669 LONG ACCRUED INTEREST 178.353 rzed $14,475,669 Itorra S32.720.098 NET CREDIT BALANCE 237.245 Cumit meat Ss IC EQUITY mei memo 514.891,267 in Mtwara meat Cj Sew wee Sue NET EQUITY IAST STATEMENT 19,401,851 CHANGE UNCE LAST STATEMENT -4.510.584 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. e.g Swann Scones Cn Abet 0-• Liscrecon nete ave, &nee . Now Y Ce en 112014659 FINANCIAL TRUST CO INC STATEuecT PE,00 lenity 31.2004 MIROUOI Febtvary 27.2004 ACCO-147 VIA/St R TAxeRerst vwrn Cn Tile LAST STATieveve Ana ry 30. 2004 SIN Ilk sumo" 1$1:(Orfarlebnel en..., MY.Tara Medea nolo iltonsat nis Varner. Vold be Mimeo for >cur recolls See reverse V& for rue rt.:nine-A 027 02,21INTI I 12 001 1925 EFTA01321057

0-20120 11.1140C. rts 04040 SV0801.20 Bow Sure SeCulDp1 Cap. Crolareetec, Cam ikelh Mow up ino1.111.1.9 FINANCIAL TRUST CO INC 0 0 z m C in z -H r IL805£00- O19- ANGS 8 IJ V.2 In CT W STATEMENT BACKER IS PRINTED ON THIS PAGE 027 11240104.11:32 aol Pen EFTA01321058

P1 IJ BEAR STEARNS orricE sERVIcyc YOUR ACCOUNT Bear, Steams & Co. Inc. 383 Madison Avenue New Matt. New York 10179 0.8.1981.= 3 a • I Cash Flow Analysis DOS POIOD Income Summary nu 042100 WARM OAR Opening Balance 5.13.933.517.82 Goa. Agency Im. 935.62164 1,444,454.70 Corp. Bore Int 210,215.02 422.37102 Securities Sold 47.957.263.09 Reverse Reptrchese Int. 353.90 1,772.78 0 DIA.:lends/Inteest lAscelleneous 1.163.014.99 12,615.00 Total 51,146,189.56 51.888.597.50 0 Amount Credited 549.132.893.08 Bird Purchase Int. Margin ke. Paid 0.00 -1,233.76 -175.968.71 -1.233.76 Securities Bought -34.888.580.15 Repurchase Ire- Exp. -4.858.21 -•158.21 e l Diddends/Interest Charged -18.413.09 C Miscefamous -55,137.W in Amount OWited 5-34.982.130.24 Portfolio Composition Cash/Cash Equivalent 237.245 Net Cash Activity 14.170.762.84 Filed Income 14,475.669 Closimy Balance 5237.245.02 Total 514.712.914 r ZL805£00-O19-ANGS Cash Balance Summary COMM as wen -13.933.517.82 237.246.02 Net Cash Balance 5-13.931517.82 5237.245.02 027 02,2604.11.32 001 0..EARED Deal AI Amax OV&CO 101000ARY 040 SNOTS Saes c_ a.. lateue, Crow Nes eet ~i tot 112014469 FINANCIAL. TRUST CO INC SWMunn stm00 Jaruary 31, 2004 1S110u0s creme, 27.2034 ACOOLIST SLUMS Tssiseern htsant On NO LAST /STATtvisT .larAuty 10. 2004 Your Portfolio Allocation - ram hC011e 99% 11.01000 row• Oenalt 0.01 001•%1 it VIA inns: .44n TTe Monson taasouse denTO VSZS EFTA01321059

-n C in r EL805£00- O19- ANGS BEAR STEARNS OFFICE SERVICS5 YOUR ACCOUNT Bear, Steams & Co. Inc. 383 5.43chson Avenue New York, New York 10179 4 0, 0. Your Portfolio Holdings CASH & CASH EQUIVALENTS etsozonck CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5237.245 SnASOLCvSIP ISTIVATED O. OutVens PRCE watt 0244 SCOW 11110 lw 237.245 FIXED INCOME Government & Agency Obligations OESOISPTION STIMOUCUSI ACV mit 0(2111Tt VARSE7 VMLE MCBAD 12702211 [SWAM AMYL DIMAS Waluer 00.0 rW FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 31393FAF3 MRGN 22.924.959 8.8816 2.036.100 48.180 1.445.419 70.9896 DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.305% FACTOR .19206265 FEDERAL HOME LOAN MEG CORP 31393FG86 MRGN 9.833.727 8.0878 795.328 19.357 590.682 73.0116 SERIFS 2526 CUSS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5.905% FACTOR .38208264 FEDERAL HOME LOAN MTG CORP SUES 2471 CIASS YF 31392R6U0 MRGN 34,548.473 2.0083 693.849 11.520 345.485 49.7925 DATED DATE 06/07/02 BOOK ENTRY ONLY COE TOR 0115/2032 1.000% FAC . .3454%474 FEDERAL HONE LOAN MTG CORP SERIES 2488 CUSS SO 313927/32 1ARGN 17.389.674 9.7269 1.691,474 40,025 1,200.757 70.9888 DATED DATE 07/08102 BOOK (WRY ONLY DUE 03/15/2032 6.905% FACTCR .• .34779352 027 02,2004.11:32 081 =AR LO intarai as w,asv 02020 $4.1190030 Bs. tors Serucust 022 Corte North atwo‘ Plat vas 1123218S9 FINANCIAL TRUST CO INC smo.r.ww• PereCO January 31. 2004 ThROLOn Ftttu 27.2004 AceCtliT LAMP TAIPAYER MEMBER On File LAST STATVWMT lectors 30.2054 EFTA01321060

CLEARED nOTOLGIT ITS WITO.LY ONO) SURSOARY Tn 8 b.) LA IJ -n C in r VLSOSEOCIN9- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bette. Steams & Co. Inc. 383 Madison Avenue No. York New York 10179 5 a .4 Mee Remo sotto Coo OR IleTnOch Wier Tat boar. Nor Tot 11201.3$39 FINANCIAL TRUST CO INC STATOTOTT PORT00 lovely 31.2004 oiRoubi Feenag 27.2004 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTOR rivecmcus• /cc Tin PRICE MARKET YALU( ACCRUED MEREST ACCotrir TRATTINR moovirit NumER On no lAST sTATELTENT /anon 30 2004 ESTOOTED CURRENT NIRO TICOME YIELD 09 FEDERAL HOME LOAN MTG CORP SERIES 2483 Cl. Si. DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03115/2012 5.905% FACTOR . .34779351 FEOL HOME WAN MTG CORPOS03602 SERIFS 221 CLASS PO DATED DATE 12/01/02 BOOK ENTRYONL DUE 12/01/2032 Y FACTOR . 62787892 FEDERAL NATIONAL MTG ASSN SERFS 2003-49 CLASS SW DATED DATE 04/30/03 ENTRY ONLY 3139276E2 3128HVA85 31393C206 PARGN MRGN IARGN 20,062,445 1,026.582 18.140.954 7.8695 83.1875 10.8000 1.578.811 853.988 1.959.214 59.608.764 39.491 5.955 5164,528 1.184.687 1.072.130 55.829.160 75.0367 54.7225 BOOK DUE 01/25/2013 5.910% FACTOR . .74633379 Total Government& Agency Obligations Corporate Bonds °MOMS SOMDLCUSIT ACC! no( COVOITT MEE LOOS OWE ACCRUED INTEREST (SITUATED AXIOAL 'RECCE CURRENT VELD OR FANNIE MAE CMOISERIES 2003.13 S RCR.V0 FUR DATED DATE 02125/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR - .72011086 Total Cmporate8onds 31392113K? MRGN 36,005.542 13.5171 4.868905 $4,888,905 13.825 513.825 2.487.983 52.487.983 51.1204 TOTAL FIXEDINCOME $14,475,669 5178,353 58.317,143 027 DnitO4.11 32 col OOP EFTA01321061

m C m H r SLSOSE00- 019- ANGS I IJ IJ BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New Yon'. New York 10179 Your Portfolio Holdings (continued) YOUR PORTFO.IOHOLDINGSACCRUED INTEREST 5178.353 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 58.317143 YOUR PRICEDPORTFOUOHOLDINGS $14,712.914 Repurchase and Reverse Repurchase Transactions with Bear.Stearnsand Co.Inc. outstanding asof date of statement POKMASE, Inn.PC.0.‘f START DATE CATE MGM RAR latIrAASE nnel: PRICOA.N. ;COILED ;CPO POIRLST* GUMMY IHa mown caw DESCRIPTION YOU SOLO GOVERNMENT NATIONAL WC ASSOC (REPO) 02/06/04 03/08/04 1.300 -6,209.000 -5.381 44.000.000 383741067 SERIES 2004.5 CLASS P 5.8587 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/11/04 03/08/04 1.300 -2.030t00 -1.372 44.389.962 38374F044 SERIES 2004.2 CUSS S 6.1056 oine/34 YOU SOLD FNMA-SA(8S PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 4.362,000 -472 -15.000.000 3136FALQ1 SERIES 322 CUSS PO 03/01/32 YOU SOLD (REPO) 02/27/04 03/01/04 1.300 -1.580.000 -171 -3.365.000 3121391:ABS F HLMC• STMT PRINCIPAL ONLY TOTAL REVERSE REPURCHASE TRANSACTIONS SO SO TOTAL REPURCHASE TRANSACTIONS S-14,151.000 5-7.396 nanlneWnnet ono 0-EARED 11.0tOlCal rs VrtOcin, 040 SIAISIVARy Row. SWAM Stara/ UM. One Mentucs Ono NaM Be New Vnt. 11201.3839 FINANCIAL TRUST CO INC ScA11:40ENT PE/COD January 31. 2004 11•COUGH FeOyary 27.2004 If rat, NT /MAIER MJCPAYOt MAIER cm nk IASI smarmy, Jewry 30.2004 EFTA01321062

rn 8 IJ IJ to 00 00 0 -n C in r 9L805£00- 019- ANGS BEAR STMRNS OFFICE SERVICING YOUR ACCOUNT Boar. Steams & Co. Inc. 383 313.disec Avenue New Volk ,;(.../ York 10179 Transaction Detail INVESTMENT ACTIVITY MOM TPROLG“ ITS MOLLY DMCD BuSSOVAY Beet Sierra SeculleS DN ustotern Colo Nann Sisia. Ytet 11201.3450 FINANCIAL 1RUST CO INC STAIWEra PEF0C0 laruzry 31.2004 *SOWN Carla, 27. 2004 ACCOUIO TAXPAYPI Nana On ne VST STA10/017 January 30.2004 SET1M104T 18.10E DM DAM lit4MACTON DISCIMMON SnAlCIALISP OLMMTTI pkaF OM /MOUNT CREW MOW 02/06/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 3138FAL01 -51.286 STRP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRMICPAL REDUCTN 02-25.04 02/06/04 PRINCIPAL FEDL HOME LOAN MTG CORPOIS03602 3128HVAB5 48,368 SERFS 223 CUSS PO DUE 1201/32 PRINCIPAL REDUCTN 02-15-04 02/0904 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 51.288 STRIP MTG SEEKS 322 CI. PO 0.001 DUE 03/01/32 ADJ POS NO 21204 02/09/04 JOURNAL FEDL HOME LOAN MTGCCRPRS03602 31281/0485 48,366 SERIES 223 CLASS PO CUE 12/01132 ADJ POS MO 2/2/04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31392R6U0 -995.748 SERIES 2471 CLASS IT 1.000 DUE 03/15/32 PRINCPAL REDUCTN 02.15.04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 3139276E2 -578.234 SERFS 2483 Cl. St 5,935 DUE 03115/32 PRINCIPAL REDUCTN 02-1544 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -501.201 SERIES 2489 CLASS 93 6.95 UE 0215/32 PRINCIPAL REDUCTN 02-15.04 02117/04 PRINCIPAL FEDERAL HOME LOAN MFG CORP 31393FAF3 -60L327 SERIES 2530 CLASS SE 6.305 ME 02/15/32 PRINCIPAL REDUCTN 02.15.04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F088 -258.370 SERIES 2526 CLASS SI 5.905 OLIE 02/1932 PROICPAL REDUCTN 02.1904 027 02/2•04:11-32 401 Sate EFTA01321063

En I8 IJ 1, ) fn C• ,1) O I I m r LL805£00- IN9- ANGS BBNIZ STBNIZNS OFFICE SERVICING YOUR ACCCVNI Bear. Steams & Co. Inc. 383 Madison Avenue New Ted. New York 10179 8 a •• Transaction Detail (continued) INVESTMENT ACTIVITY (untrue summon rum 001E DATE TRAWSACTION DESCRIPTOR 02117/04 PR. /OPAL FOX HOME LOAN MTG CORNIS03602 SERIES 223 CLASS PO DUE 12/01/32 PRINCPAL PAYMENT 02-15-04 02125/04 PRINCIPAL FEDERAL NATIONAL MTGASSN STRP MTG SERIES 322 CL PO 0.001 DUE 03/01112 PRNCPAL PAYMENT 02-25-04 02/25/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003.13 S RCR-DO FLOR 6.900 DUE 03/25)33 PRINCPM. REDUC1110245-04 022504 PRINCIPAL FEDERAL NATIONAL MEG ASSN SERIES 20949 CUSS SW 5.900 /25.433 Pita:PAL DuE01 RE131101H 02.25-04 02/27/04 02/25/04 BOUGHT FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO CUE 01/01/2032 00.001% 0987000510 2 REF 0 200401223546210000 BS TOTAL INTEREST OATE OLSCRIPIICA 02102/04 AVG BAL 828.258RT 1.730 1.233.76 021 OFFICE 441~70104 SnAllOUCUIP C0-04, 040004 ITS ~0.0 044443 Sunemiry Su "am 244,405 0" Ov 9440040 Cent hat Bro20n. Nun Y40 1120,4059 FINANCIAL TRUST CO INC STATTY0.7 P00) kris/ 31.2004 01.004.4 February 21. 2004 STIAKIJCUSIP QUA.VIRY PRICE AØ ~01 TAX1041.12 NuU00 03T STAITNENT Mir 43040 01244 January 30. 2004 MCC 4MOUKT 3128111/A85 48.366.15 31360101 51.285.95 31392982 -553.592 31393C2C6 -278.921 3136FALQ1 3.701.240 87.87500 3.252.464.83 5.3.252.464.83 599,652.10 WARM RAX (10 NW AMOUNT CREW! Paw 02417/04 FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 02-15-04 31392R6U0 1.0000 29.620.18 021 01/20,01:1140 001 EFTA01321064

-n rn r 8L805£00- O19- ANGS I8 b.) to IJ BEAR STEARNS aft( SERVICING YOUR ACCOUNT Bear. Steams S. Co. Inc. 383 Maclean Avenue New York. New York 10179 9 o CLEMED THACmiti In maw mac Ma./ Ye. Sion Siloam Cop. lagnioth Caw Mae New Vat I I ter13158 FINA NCIAL TRUST CO INC rAniumrr moo Newry 31.2004 yrecuevi fetnery 21.2004 Transaction Detail (continued) INTEREST (=Grunt) ACCOLNY MAIM Done Noma cri FM LAST EAltletwr Ana, 30. 2004 0All OLSCRIKIN STIMOJCL6. OLIMMIY tat ern OM As3LINT CREDIT /MUNI 02/17/04 FEDERAL NOME LOAN MTG CORP 31392T6E2 5.9050 101,483.34 SERIES 2483 CL SL CUE 03/15/2032 5.905 MEREST PA174ENT 02-15-04 02/17/04 FEDERAL HOME LOAN MTG CORP 313927132 6.9050 102.872.54 SERIES 2488 CUSS SO DUE 03/197032 005 INTEREST PAYMENT 02-15434 02/17/04 FEDERAL NOME LOAN MTG CORP 31393FAF3 6.3050 17,179.33 SERIES 2530 CLASS SE DUE 02/1512032 6.305 IM ND 01-04 P/D 02-15-04 REPO PA I 6.3000 02117/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.3050 123,518.25 SERIES 2530 CLASS SE CUE 02t15/2032 6.306 MEREST PAYMENT 02.15-04 02,17/04 FEDERAL NOME LOAN MEG CORP 313931688 5.9050 49,619.48 SERIES 2526 CUSS SI DUE 02/15/8032 5.905 INTEREST PAYMENT 024544 02/17/04 GOVERNMENT NATIONAL MTG ASSN 38374F044 6.0800 224,909.14 SERFS 2004-2 CLASS S8 DUE 01/16/2034 6.080 INT R/D 02-04 ND 024404 REPO a Al 6.0800 02/18/04 FEDERAL HOME LOAN MTGCORP 31393FAF3 6.3050 17,179.33 SERFS 2530 CLASS SE DUE 0211512032 6.305 REV ENTRY NO 217 02120/04 GOVERNMENT NATIONAL MTG ASSN 38374FD87 5.8100 213.033.33 SERIES 2004-5 CLASS PS DUE 02/20/2033 5.910 INT RID 01-04 PM024404 REPO P 4 I 5.8100 1:27 02/2004:1112 COI EFTA01321065

I LS1:1700-V.L.43 0 z ii C) m z r _ 6L805£00 IN 9 ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beer. Steams 6 Co. Inc. 383 Mattison Avenue New York. New Yak 10179 10 a 9 Transaction Detail (Continued) INTEREST (ccoUnued) DAR cesonercee 02125/04 FANNIE AM CMO/SERIES 2003-13 RCR-VO FUR DUE 03125/2033 6.900 INTEREST PAVVIDIT 02-25-04 STIMOUCDSO 31392/062 =MAD U410.01 TI ANA4.1.Y CM 14.1) SAMMY Om Sure. Sondem 0o 1420-- tamer NOM OcoOm. Now York 11201.3140 FINANCIAL TRUST CO INC TAT 4T Ma00 sway 31.2004 111101014 rebut" 27.2004 ACCOUNT 'Man TATONON MANOR On Tile LAST STATIMMT lanai 30.2004 Gowen RATE IN OEM AMOUNT OM MOM 6.9000 210.215.02 02/25/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.9000 90.564.38 SERIES 200349 CLASS SW DUE 012512033 5.900 INTEREST PAYMENT 02.25-04 TOTAL S-18.413.09 11,163,014.99 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Step mS8 CO. inc. UnUmever tma DAN DAM 1.4.14.141101 DISCRFSION 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5112P MTG SERIES 322 CL PO 0.001 DUE 03/01/32 NW F0333206 Al REPO AGREEMENT 5YealeaCuSO 3136FALQ1 -1.901.906 1.477.000.00 alawniv ono man en MOST 02102/01 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MEG SERFS 322 a PO 0001 WE 03/01/32 FITM F0333206 A2 REPO AGREEMENT 02/12/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 Ct. PO 0.001 DUE 03/01/32 NW F0333206 A3 REPO AGREEMENT 02/02/01 JOURNAL FEDERAL HOME LOAN MTG COPP 31393FAF3 20.255.032 SERFS 2530 CLASS SE 6.300 DUE 02/15/32 FTTM F2963142 A2 TWA REPO AGREEMENT 31360101 1.901.906 1,477,000.00 3136FALQ1 -1.001.906 1.477.000.00 037 02/2011:11732 001 Mm EFTA01321066

CLEARED THROUGH ITS M1QµY OWNW SUMMARY rn IS IJ IJ -J IJ -n C rn r 08805£00- O19- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beet. Steens b Co. he. 383 Mattson Avenue v Y rk 10179 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) St11111400 MADE 08* OM MAMAC113.1 OlSOMIM 02/02/04 JOURNAL FEDERAL HOME LOAN MEG CORP SERES 2530 CLASS SE 6.300 DUE 02/1532 FTIIMRGN 12963144 A2 TERM REPO AGREEMENT 020204 JOURNAL FEDERAL HOME LOAN MTG CORP SEWS 2530 CUSS SE 6.300 DUE 02/15/32 FTDA 10333204 A1 TT REPO AGREEMENT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERFS 2530 CUSS SE 6.300 DUE 02/15/32 RIM 10333204 *38 REPO AGREEMENT 02/02/04 JOURNAL FEDERAL NOME LOAN MFG CORP SERIES 2530 CLASS SE 6.300 CUE 02115/32 FIRM E0313210 AT REPO AGREEMENT =02/04 JOURNAL FEDERAL HOVE LOAN MTG CORP SERIES 2530 CLASS SE 6 300 DUE 02/15/32 FRIA F0333210 A2 REPO AGREEMENT 02102/04 JOURNAL FEDERAL HOME LOAN MTG CORP SEWS 7.130 ClASS SE 6.300 DUE ozn 5f32 nun F0333204 ATA REPO AGREEMENT 0202/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERFS 2530 CUSS SE 6.300 DUE 02/15132 !UM /0333204 A3A REPO AGREEMENT Sew SNOTS Swats Car0 ON. INOONO. Comer 1441, we Vert 117014839 FINANCIAL TRUST CO INC STATTNENT NEROC January 31. 2004 n•NOUN1 rebury 27. 2004 ACCOUNT TAMAR WINTER NUIAICA On SSA LAST STATCANNT )(Muggy 30,2004 $11.40311013, WSW! DOM ate Dem AMOUNT 31393FAF3 3.272.253 31393FAF3 -649.960 48.635.95 31393FAF3 -646.960 48,635.95 31393MF3 4.272.253 245,000.00 31393FAF3 3.272.253 245.0:0.00 31393FAF3 -19.606.071 1.469.364.04 31393013 -19.606.071 1,469,384.04 027 02.120904:112.2 CM 104 EFTA01321067

En IS IJ IJ —J 0 -n C in r THOSE00- 019- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUVr Seat Stearns 8 Co. Inc. 383 Madison Mance New 707 10179 12 a is Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SITTIM(7O roux art GM! TROMMON Mummy, 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP Sat 2530 CLASS SE 8300 DUE 02)15/32 Firm F0333204 0 Ripe AGREDAENT 02/02104 JOURNAL FEDL HOME LOAN MTG CORP•503602 SERIES 223 CLASS PO WE 12101/32 Fly F0333206 61 En AGREEMENT 02/0204 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12)01/32 Rim F0313206 B2 REPO AGREEMENT 02/02/04 JOURNAL FEDL HOME LOAN MTG CORPIPS03602 SERIES 223 MASS PO DUE 12/01/32 FILM F0333206 83 REPO AGREEMENT 02102)04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 6900 DUE 01/25,33 EOM F0333212 Al REPO AGREEMENT 02.02/04 JOURNAL FEDERAL NATIONAL M ASSN SEMIS 2c03-49 CLASS m 5.900 DU CE 01/25/33 WM F0133212 A2 REPO AGREEMENT 02/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CUSS PS 5.810 DIE 02/20133 FEW F0333265 Al REPO AGREEMENT Snasoticusar OLWOM 0180 WUXI 31393FAF3 20.255.032 1.518.000.00 3128111/A80 -3.187.760 3128HVA85 3,187.760 2.336.000.00 3128HVA85 .3.187.760 31393=6 -18.419,876 313930206 18419,876 1.551.000.00 38374F087 -44,000.000 0.1./M0 NeDuCa/ ITS WOW, OWNED SIJOSCSA/W Net Wenn Soosbn CaR. C7e Vevccech Cever 11201.3159 FINANCIAL TRUST CO INC STATWENT SERIE° Imary 31.2904 Ts ROUGH February 21.2034 ACCOUNT MAIM TAXPAYER musics On File LAST STRIEMNT WSSICE 30. 2004 CRWIT MOW 2.338.000.00 2.338.000.00 1.551.000.00 6.336.000.00 027 0300/001:0 001 3120 EFTA01321068

CLEAN] Mb:Wm ITS 11040µY am= SuBSOIMV C) -n C in r Z8805£00- O19- ANGS 8 IJ IJ .9- BEAR STERNS OFFICE SERVICING YOUR ACCOUNT Beer. Steams 8 Co. Inc. 383 Madison Avenue 10179 13 e ts Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COn181000) srmostxt 11140( DAR DATE 1110045.1410. OCSCRIPTC14 5/01101/ Cite 02/02/04 JOURNAL ADP CD 8888888 FITM-PR F2753181019 8.625 CUE 12131/49 2074420692 0119111112 We. ken Socultes CRP 691 Meint•ch tem Novi Mn yen 11201.3859 FINANCIAL TRUST CO INC STATIMINT PERKO Jamey 11.2004 moots' Fetni 27.2008 ACCOUNT MAW TAXPAYER MAN Oil RN mrt austmort January 30,2034 OEM MOJNI alert mown 02/D2104 2.075.000.00 INTEREST ADP CO 8888888 353.90 WE 1213112049 8.625 11114-PR 12753161010 2074420692 02//0104 JOUR/JAL GOVERNMENT NATIONAL MTG ASSN 38374R:1.44 -44.389.962 193.000.00 Welt 2004-2 CLASS SS 6.080 DUE 0016134 FDA F0353186 Al REPO AGREEMENT 02/06104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAU31 .1.850.620 1.424.000.00 STRIP MTG SERIES 322 Cl. PO 0,001 DUE 0101/32 TIM 10373120 Al REPO AGREEMENT 02/08/04 JOURNAL FEDERAL NATIONAL FRG ASSN STRIP MTG SERIES 322 CL PO 0.001 CUE 03/01132 FILM /0333206 Al TERM REPO AGREEMENT 3136FAL01 1.850.620 1,477,000.W 02/06/04 JOURNAL FEDERAL HOME LOAN MFG CORP 31393FAF3 648.960 48.635.96 SERIES 2530 CLASS SE 6.300 DUE 02/15/32 FITM 10333204 .428 TERM REDO AGREEMENT 02/06104 JOURNAL FEDERAL NOME LOAN MTG CORP 31393FAF3 1%606.071 1.46%364.04 SERFS 2530 CLASS SE 6.300 DUE 02/15/32 FlT/A 10333204 AlA TERM REPO ACRE/INERT 02/06/04 JOURNAL FEN. HOME LOAN MTG CORPMS03602 3128HVA85 -3.139.394 2.277.000.00 SERIES 223 CLASS PO DUE 1101/32 FILM F0373120 81 REPO AGREEMENT 027 02/3809m32 cm ven EFTA01321069

0 m C m H r £8805£00-O19-ANGS I8 b.) IJ to -J BUR STBIRNS orncE SEAMING YOUR ACCOUNT Rear, Stearns & Co. Inc. 383 Vadson AVM.. 14 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) St111.0/00 1MOE DAZE DATE 11/AIISACD0/1 DIESCRIP11CN 591480titat90 GUMMY OMIT MOUNT CREW /MOUNT 02/06/04 MOW FEDL HOME LOAN MTG CORP/403602 3128HVABS 3,139,394 2.336.00000 SERIES 223 CUSS PO DUE 12/01/32 RIM F0333206 82 TERM REPO AGREEMENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 44.389.962 193.000.00 SERIES 2004-2 CUSS SB 6.080 DUE 01116/34 FEW F0353186 Al TERM REPO AGREEMENT 02106434 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CUSS SB 38374FCM4 .44.389.962 1.952.000.00 6.060 DUE01116/34 MIA F0373123 Al REPO AGREEMENT 02/06/04 JOURNAL GOVERNMENT NATIONAL WC ASSN 39374FDB7 -44,000.000 6.200.000.00 SERIES 2004-S CUSS PS 5.810 DUE 02/20133 RIM F0373123 Bt REPO AGREEMENT 0206/04 JOURNAL GOVERNMENT NATIONAL MTO ASSN 38374F007 14,000,000 6.336.030.03 SERIES 2004-5 CLASS PS 5.810 DUE 02/20133 FTDA F0333266 AZ TERM REPO AGREEMENT 02/06/04 INTEREST FEDERAL NATIONAL WC ASSN 3136FAL01 213.34 STRP TAG SERIES 322 CL PO OM 03/01)2032 0.001 mki F0333206 AZ REPO MEREST 0206604 INTEREST FEDERAL HOME LOAN 1410 CORP 31393FAF3 7.03 SERIFS 2530 CLASS SE CUE 02/15/2032 6.300 RIM F0333204 A2B REPO INTEREST [WACO TRROVOM ITS VIRCRLY OWNED SLASADARY Ow. Surd Sec/0n Cap. Car Merman Cow Wm ab jes' t 11201.3859 FINANCIAL TRUST CO INC STATEMINT FIRICO January 31.2004 TARCUOR TtErlar/ 27.2004 ACCaNT mate TAXPAYER MAW On Fie MT STATtabrt luxury 30. 2004 027 02121164:11,2 001 1628 EFTA01321070

CLEARED OIRCUSH OS vrinose WILD SLOS/CaRY BEAR STEARNS OFFICE SERMCING YOUR ACCOUNT Beer. Stearns & Co. Inc. 383 Ma6son Avant* New Yoh, New Yak 10179 15 one Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) 0 m SETROJOI7 TRADE DADS 0203/04 07/06104 02/06104 C in 02/06704 r 02/11/04 02/11/04 02/11/04 V8805£00- IN9- ANGS TPJASACTON CESCCOMOn INTEREST FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE CUE 02/15/2032 6.300 FIlM F0333204 ASA REPO MEREST INTEREST FEDL HOME LOAN MTGCORPOS03602 kFoIFS 223 CLASS PO CUE 12/01/2032 0.000 Him F0 TERE S 333T 206 82 REPO M INTEREST GOVERNMENT NATIONAL MEG ASSN SERIES 2004-2 CLASS S8 DUE 01/16/2034 6.080 FTIM F0353186 AZ REPO INTEREST INTEREST GOVERNMENT NATIONAL MTG ASSN SIRES 2004.5 CLASS PS DUE 02/202033 5.810 FITM 10333266 AZ REPO INTEREST JOURNAL FEDERAL NATIONAL MTG ASSN STR 0.001 E IP DU PATO SE 03/0RVS1 322 CL PO /32 MIA F0373120 A2 TERM REPO AGREEMENT JOURNAL FEDERAL NATIONAL mTG ASSN STRIP LOG SERIES 322 CL PO 0.001 DUE 03/01/32 FITM F0373120 A3 TERM REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MEG ASSN SERIES 2C04-2 CLASS 68 LOBO DUE 01118134 FTIM F0373123 A2 TERM REPO AGREEMENT Bey. Start SeosOes Cain 011.10=0 Carew WI, Omar. Ma 'tort 11201.3859 FINANCIAL TRUST CO INC STAITWUT PER500 lan,Ory 31. 2004 4•01.13.1 retcutcy 27.2004 ACCOora run...ER TµPArER NAIRER LAST STATENee On Fie Lanny 30.2004 SOMOUCutir OLIANTAY OOIf /4•20NT MECO WOW 31393FAF3 212.24 3128HVAB5 337.42 38374FCM4 13.94 38374FDB7 915.20 3136FA1.01 1.850.620 1.424.00000 3136FAU21 -1.850.820 1,424,000.00 38374FCM4 44,389.982 1.952.000.00 017 OIL0004.1111 041 ma EFTA01321071

rn IS b.) Ia La --J -Al BEAR STEARNS OFFICE SERVICNGICUR ACCOLAIT Bear. Steams & Co. Inc. 383 Madison Avenue New Y N Yrrk 10179 16 a •ip Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SITTLDADIT OAK Lint 02n 1/04 0 02C11704 -n 02/11/04 C rn 02/11/04 r 02/27/04 02127/04 0227/04 SHOSEOCIN9- ANGS 111171SALMON OtS011•10. SYMECILIbill• 01111111Y JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 -44.399,982 URNS 2004-2 CLASS SG 6.080 DUE 01/1634 RDA F0423194 Al REPO AGREEMENT INTEREST FEDERAL NATIONAL MTG ASSN 3138FALCI1 µ 257.11 STRIP MIS MRCS 322 CI. PO CUE 03/01/2032 0.001 Firm F0373120 A2 REPO INTEREST OW SOW CLEARED TAROuts. as ?MOLLY PALED SUSSILLARY Bea. Sten. Swan Cas. Cse Idevollet Unto I . /1scatin. New 11st 112014120 FINANCIAL TRUST CO INC STATESENT KS= MSS; 31.2004 2111101/0.1 Fabowy 27. 2004 ACCCon MAW TPA:PAM POISES On Flo LAST STATOAP1T J.. 30.200E CAW MOM 2.000.000.00 iNTEREST FEDERAL NATIONAL MTG !SSA 3136FAL011 257.11 STRIP MTG SERIES 322 CL PO DUE 0101/2032 0.001 FM4 F0373120 A3 REPO INTEREST INTEREST GOVERNMENT NATIONAL MTG ASSN 383700.44 352.44 SEPSES 2004.2 CLASS 58 DUE 01/162034 8.080 HIM F0373123 A2 REPO MEREST ./OUFSNAL FEDERAL NATIONAL MTG ASSN 3136FALOI 1.850,620 1.424.000.00 STRP MTG SERIES 322 CL PO 0 CO1 DUE 03/01/32 FRU F0373120 Al TERM REPO AGREEMENT JOURNAL FEDERAL NATIONAL MFG ASSN 3136FALoi 4.551,860 4.382,000.W STRP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 REM F0583100 81 REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 5.551,860 4.362.000.00 STRP MEG SERIES 322 CL PO 0.001 OUE03/01/32 Rai F0583100 82 REPO AGREEMENT 027 0:1121104:1182 001 VMS EFTA01321072

0 0 C in r 98805£00-019-ANGS BEAR STEARNS OFFICE SERVCP4G YOUR ACCOUNT Bear. Steams & Co. Inc. 363 Machson Avenue New York. New York 10179 17 is le Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (tattooed) !Emmen 1RWC DAM 0A1E MANSICTION OESOSPTION SAIKNJOAIP QUANTITY 02/27.134 JOURNAL FEDERAL NMICNAL MEG ASSN 3136FAL(11 -5.551.860 S7RP DUE SERIES 322 CL PO 0.001 DUE D3101/32 MIA F0583100 B3 REPO AGREEMENT OOR /MINT MUSED IMPOufai rrS %bar( o.we 0.0Simay Dw. Sian Swabs Cep. ltatreerch sin . ries Yen I I201.3130 FINANCIAL TRUST CO INC STATEmert .e1000 January It X04 114110VOM February 21.2004 COMM MANES TAxPAYElt eiusraVi PIM LAST STATI,ST laruhri 30.2004 GAM Meal 4.382.000.00 02/27/04 JOURNAL FEDI. HOME LOAN MTG CORPAIS03602 312MTVABS .1,610,509 1.205.000.00 SUMS 223 CUSS P0 DUE 12/01/32 FILM FOS831C0 Al REPO AGREEMENT 02/27/04 JOURNAL FEDI. NOME LOAN MFG CORPIPS03602 3128HVA85 1.610.509 1,205,000.00 SERFS 223 CLASS PO DUE 12/01/32 EWA /0683100 A2 REPO AGREEMENT 02/27/04 JOURNAL FEDL HOME LOAN IMO CORPWS03602 3128HVABS -2.112.812 1.580.000.00 SERIFS 223 CUSS PO DUE 12/01/32 FiTM F0583100 A3 REPO AGREDAENT 02/27104 JOURNAL FEDL HOME LOAN MTG CORP•S03802 3128NVA85 3.139.394 2.277.000.00 SERIES 223 CUSS P0 WE 12101/32 RDA F0373120 82 TERM REPO AGREEMENT 02/27/04 INTEREST FEDERAL NATIONAL WIG ASSN 3138F/L01 1,079.87 SIRP LOG SERIES 322 CL PO OUE 03/01/2032 0.001 1111.4 F0373120 A4 REPO NTEREST 02/27/04 INTEREST FEDI. HOME LOAN MfG CORP4S031302 3128HVARS 1.728.73 SERFS 223 CLASS PO DUE 12/0112032 0.000 EOM F0373120 B2 REPO INTEREST TOTAL 5-31 636 115.32 547 857 610 99 ez,224. .11 32 CC1 NUB EFTA01321073

BEAR STMRNS OfFICE SERVICING YOUR ACCOUNT Beer. Steams & Co. Inc. 383 Mattson Avenue New York New York 10179 18 cr Transaction Detail (continued) MISCELLANEOUS w1 E TRONS4411011 CESCONTOPI Ot$14...umeir CREW AMOUNT MOMAT 02/05/04 JOURNAL RTG FITM 12.615.00 0 02/09/04 JOURNAL FITM FRO 54.687.00 0 02/12/04 JOURNAL JAN.04 SPEC CLEARING FEES 450.00 TOTAL 5-55.137.00 512.61540 r l C in z J r L8805£00- O19- ANGS IJ IJ J Your messages ER? Excess SIPC Account Protection Update Effective Fel:fluky 16. 2004. the commercial insurer through MINN Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO"), a New York licensed insuance company. CAPCO has an A+ financial strength rating from Standard & Pools. End of Statement 027 02i2304;11,32 001 cwato TWO: Wm 73 Wrraay OvniE0 SueSOMY Oar. Steen Secant Cap. Ore I/Oman CoMa Nara Paw not 11201-1139 FINANCIAL TRUST CO INC STATIPAPer PEFo00 lanury 31. 2004 THRCOPim Petra:ay 27. 2004 PAPC4V47 xvieep toaate4 %veep On Re it47 ITTATPWErr liras" 30.2004 EFTA01321074

bl_o TNIOUGn wa0U. OvaaD SuSSOLVEY rn 8 IJ IJ so 00 O -n z C in z r 88805£00- 019- ANGS BEAR STEARNS OFFICE SERVICING 'CUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Menus Now York, New Yea 10179 ACCCUNT EXECUTIVE GNMA GOVT BONO viSrr OUR Mesa w.m.bearstearns.com What's In This Statement I I al all a lull Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 13 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE Of SECURITIES THU PERIOD 32,720.098 LONG ACCRUED MEREST 615.271 NET DEBIT BALANCE -13,933.518 NET mum nes PEIDOO 619.401,851 NET MUDS UST STAID/Eta 19.197.920 (MANGE SINCE LAST STATEMENT 203.931 There are no 'Stop Lose orders or other pending buy or sell open orders on file for your account. Cash a Equident Had kiOara 343.931.618 $380.860 518.601.283 532.720.098 Current Nadu value Last statement's market value Stun market vat* 3fears Spann Cap. One user Cn Math BMW" Nes an 11201.3115. FINANCIAL TRUST CO INC STAID/ENT PERKO loran 1. 2004 THROUCni January 30.2004 ACCaarr asaNER TAxP&YER MAIM On Fee LAST anal:Kw 0•Camble 31.2003 t , as sunray is la rfrapnat pawns ovy mesa rt enseS n a In eccannt dental W0.10 PP reached lot ya.r ncoeiv see rant We $7, la:O1Pa .rf0rralan 027 obit W.0O2o DOI vki24 EFTA01321075

CLLan.0 nelOvG14 WEED ~WAY 8... Summit Secuiret 000 SNOUT crw MOM Si n •ree 11201.1859 EINANCAL TRUST CO INC 2 0• C) z -n C in z -H r 68805£00 W9 IS IJ IJ STATEMENT BACKER IS PRINTED ON THIS PAGE 027 01.01.000020 011 ‘1120 EFTA01321076

rn 8 IJ IJ so IJ 00 BEAR STEARNS OFFICE sERviaVG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. Now York 10179 3 a.3 Cash Flow Analysis TIC 10100 Income Summary THIS KRCO YIAR TO AT( Opening Ba lance Securities Sold Dlyidendsnriterest Miscellaneous 5380.859.92 9.844.310.88 720989.06 219,564.00 Gait Agency Int. Corp. Bend Int. Reverse Repurchase Int. Total 508834.06 212.155.00 1,418.88 5722.407.94 508.834.06 212.155.00 1.418.88 5722.407.94 0 Amount Credited $10.784.863.94 Bond Purchase kit. .17896871 -175.968.71 -n Securities Bought Furels WOO-am -24.567.419.97 42,716.00 Portfolio Composition Dividenisenterest Charged -178968.71 C in Miscellaneous Amount Debited -293.137.00 5-25.099.241.68 Cash/Cash Eqtralent Fixed Income snom 13,933.518 32.720,098 Not Cash Perkily -14,314,377.74 Total 513.933.518 532.720.098 Closing Balance 5-13,933.517.82 r 06805£00- O19- ANGS Cash Balance Summary °KIANG CLOSING Margin 380,859.92 -13,933,517.82 Net Cash Balance $380.859.92 5.13,933,517.82 fLisee0 TIROUGH ITS vatStLY 0.sert0 WSW :oar ate. Sita Swam Cap Ore WeenNtal Ono tent away, Ma et 20 NIS FINANCIAL TRUST CO INC &TAMAN? Sts500 1 nuary 1.2004 wiecuon Jimmy 30. 2004 Accotag wain TwAvER weed On Fie LAst 3/Aina DOC0rnber 31. 2003 Short Cash a Ego/talent 29% Your Portfolio Allocation Filed Income 71% Ifien.O34 :otos. dew* 41I noira wen, no. noels ninon it* alooKa term} n Owned Yon ••• sboata ma.( a. a yo.• Xnbna 027 01110100 20 C01 N1124 EFTA01321077

CLWE0 TnR0u0n !Ts Mgr" OwNE0 SuSSOARY En IS IJ JO IJ m C in r T6805£00-O19-ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New YOrk. New Yak 10179 4 or la Your Portfolio Holdings CASH & CASH EQUIVALENTS Of StlePTIted CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5-13.933.51B SvvOOLCJSP IMRKET 131116010 CURROR 0-Ahlrff MCI VICUI Moira DiCONE YIELD (P.) .13.933.518 FIXED INCOME Government & Agency Obligations Caaa0104 VI...MUCUS() ICU NE oLviony PM(( MANZI YHA Cum MEC [SWARD MIWAL WOVE 0. MY MOS CAI FEDERAL HOME LOAN MEG CORP 31393FG86 FARCE 10.092.097 10.5957 1.089.327 24.811 595.434 55.8831 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY OVLY DUE 02/15/2032 5%00% FACTOR • .39212142 FEDERAL NATIONAL MTG ASSN 3136FAL01 SARGN 1.901,906 85.5000 1.628.130 2 19 0.0012 STRIP MTG SERFS 322 CL PO DATED DATE 03.0102 BOOK ENTRY ONLY DUE 0301/2032 .001% FACTOR • 1.00000000 FEDERAL HOME LOAN AUG CORP 3139286110 MRGN 36544.219 3.6201 1.288.725 14,810 355,442 27.6238 SERES 2471 CLASS DATED DATE 06.07/02 BOOK ENTRY ONLY DUE 03/112032 1.000% FACTOR - .35544220 FEDERAL NOME LOAN MTG CORP 313921/32 MRGN 17.890875 11.3612 2.032.628 51.435 1.234.470 60.7328 SERIES 2488 CLASS SO DATED DATE 0303/02 BOOK ENTRY ONLY FACTDUE 0O 3/15/2032 6.9 .35781753 00% R • 0/0 01431/04.0•20 COI teat. Men Seeman Cap 0,e uet Carat Wen Na Yot 11201-3.59 FINANCIAL TRUST CO INC STArniewr PEAS00 /wary 1.2004 retoLerm lorry 30, 2004 Acc0A1 kumafR TA>a•AYEA KAISER On rue UST aFATruorr Decanter 31.2003 EFTA01321078

rn IS ba Ia La 0 -n C in r Z680SEOCIND- ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison MCMIJO New TM. New York 10179 5 a.1 Your Portfolio Holdings (Continued) Government & Agency Obligations (continued) DESCRIF03311 511.00/0.6. ACC, rot MCC tea Mut rOIRI.31 ACCauE0 [SWA /ANAL WOMVE W10 CLO200 IL FEDERAL NOME LOAN MTG CORP 31392T6E2 MRGN 20.640.679 10.7112 2210,868 50.740 1.217.800 55.0824 SERIES 2483 CL SL DATED DATE 07102/02 BOOK ENTRY ONLY DUE 5.900% FACTOR -5/2.35781752 FEDL HOME LOAN MTG CORPOS03802 3126HVABS MRGN 3.187.760 80.2031 2.556.683 SERIES 223 CUSS PO DATED DATE 12/01/02 BCCe ENTRY ONLY OE 12 /01/2032 FACTOR . .63755215 FEDERAL NATIONAL MTG ASSN 31393C2C6 MRGN 18,419,875 11.4264 2.104.727 15.092 1.086,773 51.6349 SERFS 200349 CUSS SW DATED DATE 04/30/03 9008 ENTRY ONLY DUE 01/25120.33 9.5 964% FACTOR - .75780681 GOVERNMENT NATIONAL MTG ASSN 383742087 MRGN 44,000.000 18.0000 7.920,000 205,933 2.556.40D 32.2778 SERFS 2004.5 CLASS PS INTEREST FROM DA1t 01/20/04 DATED DATE 01/23/04 FIRST COUPON 02/20/2004 BOOK ENTRY ONLY DUE 02/201033 5.810% FACTOR . 1,00000000 GOVERNMENT NATIONAL MTG ASSN 383742044 IMIGN 44,389,962 14.5833 6,473,526 217,413 2.698.910 41.6915 SIRES 20042 CLASS 58 INTEREST FROM DATE 01/16/01 DATED DATE 01/23/04 FIRST COuPON 0216/2004 BOOK ENTRY ONLY DUE 01/16/2034 6.080% FACTOR - 1.00700030 Total Govemmem& Agency Obligations 527.280.612 8580.236 59.745.248 CLWIO DiftCtrag v.i.CtLY bielaD Su•SOKRY Bet Sawn Starnes Cap. Ono hieptich Oren NOM 0,301.1,n New nik 11201.3•30 FINANCIAL TRUST CO INC STATEIST Ppm, emery 1.7004 MA0u04 laruary 30.2004 ACCOUNT *MIMI 7.03,AKR nvkinct On Fie LaST STATE3400 Decerntr./ 31.2003 027 010, 04 0123 001 3124 EFTA01321079

CtEARED THRGJOH 118 0.' ED ELESCcAny BEAR STMRNS OFFICE SEFNICING YOUR Annnieg Beer. Reams 8. Co. Inc. 383 Madison Arent New Y Now Yak 10179 6 0-3 Your Portfolio Holdings (continued) Corporate Bonds 0 -n 0ESCEPTDrc Sna30..V.S0 ACC1 Ml MARTEN. " Ki w." ." saw( ACCRUED IRREIST CSMIATED P.n.'s& INCOME CURRENT reo FANNIE MAE CMO/SERIES 2003.13 31392J0K2 RCR4I0 FLTR DATED DATE 02125.'03 BOOK ENTRY ONLY CUE 03/25/2033 8.900% FACTOR - .73118269 TotalCOrporate:orOs IARGN 36.559.134 14.8786 5.439.486 55.439.486 35.035 535.035 2.522.580 52.522.580 46.3753 TOTAL FIXEDINCOME 532.720.098 5615.271 512,267.828 C in YOUR PORTFOLIOHOLDINGSACCRUEO INTEREST 5815.271 YOUR PORTFOLIOHOI.DINGSESTIMATED ANNUAL INCOME 512,267.828 YOUR PRICEOPORTFOLIOHOLDINGS 518.788.580 leo. Steams Swats Co,. 0-4 litmegetri Ct'w Wa ass.. 20 -3.59 FINANCIAL TRUST CO INC STATD.3,47 PEF0C0 UMW, 1 2004 net.:03.4 init." 30.2004 ACC0.Pil 'HAGER TAXPAYER PAAERCH OA Me lAST VATEREMI December 31.2003 r £6805£00 W9 8 IJ V.2 00 Repurchase and Reverse Repurchase Transactions with Bear,Steamsand Co.inc. outstanding as of date of statement PLIECHASEI REPURCHASE pescriC PURCHASE Mai ACCRUED 91PO OUANDIY SIAM DATE DATE WE FAIMCP/A. velour oAct MOW) CUS1P oucornew YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 10/23/03 OPEN 0.000 TOTAL REVERSE REPURCHASE TRANSACTIONS TOTAL REPURCHASE TRANSACTIONS As d sisiermst bet -51,655.000 31393FAF3 SERIES 2530 CLASS SE 6.3000 02/15132 s0 s0 SO s0 022 0',11.04A19 ?0 00, %1324 EFTA01321080

En I8 b.) IJ LP. 00 0 -n C in r V6805£00- O19- ANGS BEAR STEARNS OFFICE SERVICING W)UR ACCOUNT Beer. Stearns & Co. Inc. 383 Madison Avenue New Yea. New Yak 10179 7 a s Transaction Detail INVESTMENT ACTIVITY CLVACO T.41011314 rte MAXI, Ont.C.0 SLISSWAY Bear. Steam Se0.0021 Cap. DI PAntehxn Orme Nati W i lee Yet 11201.3851 FINANCIAL TRUST CO INC SUMMIT PERKO lanai 1.2004 nilmuccri unary 30.2004 0.0201A4T NUMBER TAPPM10% MAW On Me MST rrArcutur December 31.2003 9117LES4P7 MCC OAR TIONSACTIOP CCSCIIPTCN 20.610U0.04P 01.0,011Y Dui float CREDO AVOW 01/08/04 PRINCIPAL FEDERAL NATIONAL MFG ASSN 3136FALQ1 -69,335 STRIP MG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL REDUC1N 01-25-04 01/DEVO4 PRINCIPAL FEDL HOME LOAN MTG CORP/503602 3128HVABS -61.567 SERIES 223 CUSS PO DUE 12/01/32 PRINCIPAL REDUCIN 01.1504 01/15404 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31392R6U0 .1,222.000 SERIES 2471 CUSS YT 1.003 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-04 01115/04 PRINCIPAL FEDERAL HOME LOAN WO CORP 3139286110 -23 71 SE 2 C VT IES 1.0R03 DUE 03/1S/ LASS 32 PRINCIPAL REDUC1N 01.1644 01115/04 PRINCIPAL FEDERAL HOME LOAN WC CORP 31392T6E2 -708.634 SERIES 2483 CL SL 5.837 DUE 03./15132 PRINCIPAL REDUCTN01-15-04 01/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313921/32 -615.096 SERIES 2486 CLASS SQ 6.837 DUE 03/15/32 PRINCIPAL REDUCIN 01.1544 01/15/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31393F686 -364,849 SERIES 2526 CLASS SI 5.837 DUE 02115/32 PRINCIPAL REDUC1N 01.15-04 01/15104 PRINCIPAL FEDL HOME LOAN MTG CORP8S03602 3128HVASS 61.556.80 SERIES 223 CLASS PO WE 12/01/32 PRINCIPAL PAYMENT 01-15-04 01/26/04 PRINCIPAL FEDERAL NATIONAL TAG ASSN 3136FALQ1 69,335.20 STRIP MEG SERFS 322 C1. PO 0,001 DUE 03/01/32 PRITCPAL PAYMENT 01.25-04 027 eintleketie 001 vets EFTA01321081

m I8 IJ h.) to 00 --3 0 0 E I C in r 56805£00 W9 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Melia New Y New York 10179 8 a •1 Transaction Detail (continued) INVESTMENT ACTIVITY (corciruee) 0.LARCIS nwoucm rR VemOuy CNN= SUMEICANNY Sem. Merl ScONINA Co AINANANA Omer NOT E. Wm US 11301.3459 FINANCIAL TRUST CO INC stAntaw pro= burr 1.2004 imitOuGH MOAN" 30.2004 Arewmr LAMER TAXPAYER maostn On rile µ5T STATEMENT Detente 31. 2003 stionert Ma DAM OAA INAIISACACM DESCRPTOM Visatuon• OUMGTTY KMI OW n.wic CSICIS WWII 01/26/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 3139210K2 -559,291 5 RCR-VO FUR 6.858 OLE 03/25/33 PRIVatAL REOUCTN 01.2544 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 .281.792 SERIES 2003.49 CUSS SW 5.858 OLE 01/25113 PRP4CAPAL REDUCTS 01-25-04 01/30/04 01/16/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 38374FCM4 44,389.962 13.25000 5.881.669.97 SERIES 2004 2 CUSS SB ACCR. INT. 104.95739 OIN 01116/2034 06.080% 0987021011332 REF • 2034011646030000 SS AS OF 01/16/04 01/30/04 01/08/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 38374F067 22.000.000 17.81250 3.918.750.00 SERIES 2004-5 CUSS PS ACCR. M. 35.505.56 OuE 02/20/2033 05.810% 0987022118332 REF • 21704010846380800 8S AS OF 01008/04 ACCRUES ON 1ST. PAYS OM 20TH 01/30/04 0123/04 BOUGHT GOVERNMENT NATIONAL MFG ASSN 38374F067 22,030.000 18.00000 3,960403.03 SERIES 2004.5 CLASS PS ACCR. M. 35,505.56 DUE 07/20/2033 05.810% 0987022118332 REF • 2004012346390000 85 AS OF 01/23/04 ACCRUES ON 1ST. PAYS ON 20TH TOTAL $-13036.388.68 5130092.03 027 01'31840920 341 13)24 EFTA01321082

En IS b.) La 00 C)0 -n C in r 96805£00-019-ANGS BEAR SIMMS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Ire. 383 Madison Awmue New York. New Yak 10179 9wo Transaction Detail (continued) DEPOSITS AND WITHDRAWALS CLEO= , NOLGN RS voica WACO assay ear Berm StorlueS Cup. Ow MoraccP.c Mer0 11201.38C9 FINANCIAL TRUST CO INC STATEMENT PER500 Amoy 1.2004 Iletouco. meaty 30.2004 ACCOLNT 4umszy TAxPANIR mimes On Fle LAST STATZMINT Wen*. 31.7007 DATE MM4SACTION DISCRPTION 00Ir AMUR CROZ MOM 01102/04 END WIRED MDAOGV119949ENDS %WED TO FLEET NAMNAL BANK AC2387604020 C•171961 62.716.00 TOTAL 1-62,716.00 INTEREST Ont ocancil STRISKRISP OCAMMY RATE (Y) OM SWUM CREPT ale 01/15/04 FEDERAL NOME LOAN MIS CORP 31392R6U0 1.0000 30.638.54 SERIES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTGCORP 3139218.E2 5.8370 103.860.38 SERIES 2483 CL St 03/1 5/2032 5.837 INTEREST PAYMENT 01.15-04 011564 FEDERAL HOME LOAN MI6 CORP 313927/32 6.8370 105.445.48 SERIES 24888 CUSS SO DUE 03/1512032 6.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL NOME LOAN MI6 CORP 31393//1/3 6.2370 17,623 80 SERIES 2530 CLASS SE DUE OV15/2032 6.237 INT P.45 12-03 P/001 -15-04 REPO P IS I 6.2375 01/15/04 FEDERAL HOME LOAN IATGCORP 31393//1/3 6.2370 109.09019 SERIES 2530 CLASS SE DUE 02/15/2032 6.237 INT IVO 12-03 P/001.1544 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP 31393FG86 5.8370 50.868.68 SERIES 2526 CLASS SI INTO 021 5/2032 5.837 MEREST PADADIT 01-15-04 02T 01elaE#w ODT vim EFTA01321083

Cl.fARED 11.110.0. ITS W10.1 04103 SUMMARY rn I8 b.) La C) 0 m z r L6805£OO-O19-ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 Madison Avenue 10179 10 Transaction Detail (continued) INTEREST (continue/0 Sim SLIM &ONE. C.07. Ole 1.1•Inach Cote /loth BrO1t3i1. 110. York 1120148SP FINANCIAL TRUST CO INC STWISIDET MOOD Err 1.2004 nitOuaw Angry 3D. 2004 .102µM ISAM•11 MIMS MAIGER On Die UST STAlt1ODIT DOCArntet 31.2003 DATE OESCAVTITAI SYTAIOVONDP QUANTITY RATE MO OM IWACUM cam NAM 01/26/04 FANNIE MAE CM/3/SERIES 2003-13 313921062 6.6580 212.155.00 s RER1/0 FUR DUE 03/2512033 6.858 INTEREST PAYMENT 01.2544 01/26/04 FEDERAL NATIONAL MEG ASSN 313932226 5.8580 91.308.99 SERFS =03-49 CLASS SW DUE 01/25/2033 5.858 MEREST PAYMENT 01.25.04 TOTAL $720,989.06 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Steams& Co.Inc. sentoson nwx DATE TRATISACITON Dela:raw SDADOLATUSIP country DEW &TOME DOOR NAOMI 01/02/04 JOURNAL ADP CD FITM-PR F225318101I 8.625 DUE 12/31/49 2074420692 8888888 980.000.00 01/02104 JOURNAL ADP CD 8888888 980.000.03 FIDA.PR F275318101g 8.625 DUE 12131/49 2471420692 01/02.104 JOURNAL ADD CD FTDA-PR F2753181019 8.625 DUE 12/31/49 2074420692 8888888 980.000.00 01/02/04 JOURNAL ADP CD 8888888 1,297.CC0.00 Fins% F2753181011 8.625 DUE 12/31/49 207/420692 01/02/04 INTEREST ADP CD DUE 12/31/2049 6.625 Fume* F2753181011 2071420692 8888888 384.85 027 OVAI/Olart20 2/l YW EFTA01321084

Fn IJ IJ 0 -n C rn r 86805£00-019-ANGS BEAR STEARNS OFFICE SERVICLUG YOUR ACCOUNT Bear. Steams 6 Co. Inc. 383 MediSco AVON* New Yea. New Yak 10179 Transaction Detail (continued) CLFJI/L0 1141000•4 tr3 114.1:1s °web Suesoace Bar. Swarm Sonnet Cap. One Meow. Oats Ham r 11201-3459 FINANCIAL TRUST CO INC SIATIONNT PP= Thrum,' t. 2004 THROWN larwri 30. 2004 ACCOLNY m.weep TAIOAVtlt NUMMI Oft Flip REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (ccounued) LAST STATeliewr Often*. 31.2003 SETTIDIENI 011E OME otooacnou ctSCAPTIN STIAMUOJIO ONION a MOM Ca /YOUNT 01/1604 JOURNAL ADP CO 8888888 1.297.000.00 FITIAAR F275316101) 8.625 DUE 12/31/49 2074428692 01/16104 JOURNAL ADP CO 8888888 1,207,000.00 FRILPR F275318101k 8.625 DUE 1201/49 2074420692 01(16104 JOURNAL ADP CD 8888888 1.297.003.00 FITMPR F2753181011 8.625 DUE 1201149 2074420692 01/18/04 JOURNAL ADP CD 8888888 1.640.000.00 FDM.PR F275318101m 9.625 OM 12/31/49 2074420692 01/16/04 INTEREST ADP CD 8888888 501.15 DUE 1201/2049 8625 F1DA.PR F275318101) 2074420892 01/21/04 JOURNAL ADP CD 8888888 1.659.00000 FIIM.PR F2753181010 8.625 DUE 12/31/49 2074420692 0021/04 JOURNAL ADP CD 8898888 1.840.000.00 FITIAAR F2753161018 8.625 DUE 12/31/49 2074420692 01/21834 INTEREST ADP CD 8688888 256.58 DUE 12/3112049 8,625 F1114-PR F275318101/1 2074420692 01/27/04 JOURNAL ADP CD 8888888 1.659800.03 FIDA.Plt F2753181018 8.625 DUE 12131/49 2074420692 027 0141440k20 an 1124 EFTA01321085

loci:a-MO—V.83 0 -n C in r _ 66805£00 IN9 ANGS BEAR STBRNS °MCC SERvICIN6 YCIJR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison kerma New Yak. New York 10179 12 d Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTIDA0R MAN DM DAM 1WISAC11001 OtSCIU011011 SYM•01P0USMI CIJAM0 DM MOUNT CAW wawa 01/2704 JOURNAL ADP CO 8888888 1.859.030.03 FITM-PR F275318101q 8.625 DUE 12/31/49 2074420692 01/27/04 JOURNAL ADP CO F111.4-PR F275318101: 8888888 1.659.000.00 8.625 DUE 12/31/49 2074420692 01/27/04 JOURNAL ADP CO 8888888 2.075.000.00 F1114-PR F2753181019 8.625 ouE 12/31/49 2074420692 01/27/04 INTERF_ST ADP CD 8888888 276.50 Out 1201/2049 8.625 FITIA-PR F2753181019 2074420692 TOTAL 5.10.807,000.00 $9.713.418.88 MISCELLANEOUS DA1t 1100.11' 11014SACTO11 COOS*01 Cart MflW CAM MOM 01A)8/04 JOURNAL FRG FILM 155,420.00 01/17.04 JOURNAL FITG FITM 79.477.00 91/14004 JOURNAL FRG AIDA 19,611.00 01/16/04 JOURNAL DEC.03 SPEC CLEARING FEES Loom 01/15/04 JOURNAL FRG FILM 32.492.00 01/22/04 JOURNAL FTRA TO FRG 181.088.00 Cann nOVOR n4 noti.r One. SUBSOn Use Sun Sans Cap. 0-e In1401 Cni Pen . Mt 11201.3869 FINANCIAL TRUST CO INC sulb.,O47 of R100 Inn 1. 2004 TOTIIOLCH J.wy 30.2004 AM.,. NT .46.013eR TAnvER ;OMER On Fie LIST STATnni D0C0Mbef 31. 2003 092 01/1104.1141.20 C01 V824 EFTA01321086

0 0 -n C in r 0060SEOCIN9- ANGS BEAR STEARNS OFFICE SERvICING YOUR MU LM Sear. Stearns & Co. Inc. 383 Madison Arenue New York. New York 10179 13 a•3 Transaction Detail (continued) MISCELLANEOUS (Continued) 0Alt 0.40CAY MUSACIM COMP1131. 0:411 AuCtel MEM AMM 01/27/04 JOURNAL FRG F113.4 44.533.00 TOTAL 5.293.137.00 5219,564.00 Your messages ExCOSS 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 CCAPCO1, a New York licensed insurance company. CAPCO has an A. fnancial strength rating from Standard and Pools. End of Statement GLEAM) T14.3 03H wawa. CenED SAMOMY Sew. Sera Smiles CM M Meech Com Notin MM. New Yet 11201.3449 FINANOAL TRUST CO INC STATEMer IMO° Marl I. 2004 mROUM Meaty 30.2004 ACCONer TArPAYEA mare On FFe LAST !RAMAPO Mamba 31. 2003 027 0, 131.04 09 20 CO1 1824 EFTA01321087

CONFIDENTIAL SDNY,M,350901 EFIA_00.3593 EFTA01321088