B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSIC110/1 06/01/04 05/26104 SOLD 06,04/04 06,0104 SOLD 06/04/04 06/03/04 SOLD 06/09/04 06/03/04 BOUGHT 0614/04 06/10/04 SOLD 06,15,04 PRINCIPAL 06/15/04 PRINCIPAL 06/15/04 PRINCIPAL OESCRPTION UNITED STATES TREASURY NOTE 02,500% MN 31 . MATURITY OVER REF # 01471007 BS AS OF 0526:04 UNITED STATES TREASURY NOTE 0312646 MN IS . MATURITY OVER REF # 01551006 Al UNITED STATES TREASURY NOTE 02,500% MN 31 GTO MATURITY OVER REF # 01551009 Al PUT TSY 3118 05/07 EUROPUT STRK 99-20 EXP 08/13(2004 ORIGINAL SO 06/04104 AS OF 06/03104 FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO iiiiiii#157690000 BS FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.300 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 CLEARED IHROuGH ITS yEHMLY ODY*0 SUOSIOTAny Beer Ster Tir T FINANCIAL TRUST CO INC STATEMENT PERM May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER MASER On File LAST STATEMENT May 28.2004 STIA8M.ECOSP OVANTITY PRICE DENT AMADEI CREME AMOUNT -50.000,000 99.87200 ACCR. INT. 49,936,000.00 3,415.30 NM -25.000.000 99.90625 24,976,562.50 ACCR. INT. 42,459.24 -25,000,000 99.77344 24.943.359.38 ACCR. INT. 6.830.60 50,000,000 0.71094 355,468.75 MIK -2.636.265 72.06250 1.899.758.47 615.870 -707,179 -938,179 027 0201,04:12:31 001 EFTA00195872

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 06/15/04 TRADE DATE TRANSACTION PRINCIPAL OESCRPTION FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,900 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 06/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01132 PRIN RID 05-04 ND 06-15-04 REPO P 8I 0,0000 06/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12.200 DUE 01/16/34 PRIN RID 06-04 ND 06-16-04 REPO P 81 12,2000 06/25/04 06/24/04 BOUGHT UNITED STATES TREASURY NOTE 02.500% MN 31 MATURITY AVER REF G1761027 A3 06/25/04 06/24/04 BOUGHT UNITED STATES TREASURY NOTE 02 500% MN 31 MATURITY GVER REF #01761027 B3 0625/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 05-04 ND 06-25-04 REPO P 81 0,0000 062564 PRINCIPAL FANNIE MAE CMOISERIES 2003-13 S RCR-v0 FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 06-25-04 062504 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-04 STITI3OLICOSP GUMMY -402,434 PRICE CLEARED THROuGH ITS TAHCLLIT OHTTED SUONOTARY Beer Stywn T FINANCIAL TRUST CO INC STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT May 28.2004 DEBIT AMOUNT CHEM MONO 97.950.70 86.358.20 50.000.000 ACCR. INT. 99.70313 49.851,562.50 85,382.51 50.000,000 99.70313 49.851.562.50 ACCR. INT. 85.382.51 227,462.55 -951.594 -479.449 027 DMILI34:13:31 001 Y832 EFTA00195873

CLEARED THROUGH ITS YAIOU.Y ComED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 r! Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACT/Col DESORPTiON S11.400LCUS, OVANTITY PR9CE DEW AMOUNT OREM AMOUNT 06/30/04 06/24/04 SOLD UNITED STATES TREASURY NOTE -50.000,000 100.06250 50,031,250.00 02.750% JO 30 . MATURITY GVER REF It G1761023 Al 06,20/04 06124/04 SOLD UNITED STATES TREASURY NOTE -50.000,000 100.06250 50,031,250.00 02.750% JD 30 0 MATURITY GVER REF PG1761023 at TOTAL $.100.229.358.77 $227.252,364.59 INTEREST DATE DESCRITIION SYMEICIAU9P OUMRITY RATE iy.9 MINT AMOUNT CAECM A/ACUUT 06/01/04 AVG BAL 325,401RT 0.270 75.62 021 OFFICE INTEREST 0504 06/15/04 FEDERAL HOME LOAN MTG CORP El= 1.0000 24.081.17 SEBES 2471 CLASS Yr DUE 03/15/2032 1.000 INT RFD 05-04 PA) 06-15-04 REPO P 8I 1,0000 06/15/04 FEDERAL HOME LOAN MTG CORP 5.9000 82.505.83 SEBES 2483 CL SL DUE 03/15/2032 5,900 INTEREST PAYMENT 06-15.04 06/15/04 FEDERAL HOME LOAN MTG CORP IBM 6.9000 83,635.25 SEBES 2488 CLASS SO DUE 03/15/2032 6,900 INTEREST PAYMENT 06-15.04 06/15/04 FEDERAL HOME LOAN MTG CORP 6.3000 101,297.82 SEBES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 06-15.04 027 07,01.04:13:31 001 Y812 FINANCIAL TRUST CO INC STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 /awn NUMBER TAXPAYER /AMER OR File LAST STATEMENT May 28.2004 EFTA00195874

B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. Transaction Detail (continued) INTEREST (continued) CLEARED THROuGH ITS wisCtLY CAM,E0 SURSIOally Beer Stern FINANCIAL TRUST CO INC STATEMENT PERK* May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER AMMER OR File LAST STATEMENT May 28.2004 DATE DESCRIPTION so/ecuctise CWMITY RATE lid DEBIT AMOUNT DREW AMOUNT 06/15/04 FEDERAL HOME LOAN MTG CORP 5.9000 40,693.14 SERIES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 06-15.04 06/16/04 GOVERNMENT NATIONAL MTG ASSN 6.1000 219.760.82 SERES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT RID 06-04 PA 06-16-04 REPO P 8I 6,1000 06/16/04 GOVERNMENT NATIONAL MTG ASSN 12.2000 98.925.90 SERES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT RID 06-04 PAD 06-16-04 REPO P 8I 12,2000 06/21/04 GOVERNMENT NATIONAL MTG ASSN MIS 5.8500 214.500.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5,850 INT RID 05-04 ND 06-20-04 REPO P 8I 5,8500 06/25/04 FANNIE MAE CIAO/SERIES 2003-13 NMI 6.9000 186.097.96 S RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 06-25.04 06/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 80.174.33 SERES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 06-25.04 TOTAL 61.131.747.84 027 07)01,04:12:31 001 YS32 EFTA00195875

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 • Transaction Detail (continued) REPURCHASE AND REVERSE REPU with Bear,Stearns& Co. Inc. SEGLEMENT DATE 06/01/04 TRADE DATE TRANSACTION JOURNAL RCHASE TRANSACTIONS DETCAP-ICH FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 RIM RW2 TERM ENT 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM At REPO A 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM W2 REPO A 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 1032 FITM A3 REPO A 06/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS 5,850 FITM RW2 TERM ENT 06/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS 5,850 DUE 02/20+33 FITM FI 933207 At REPO AGREEMENT 06/01/04 RECEIVED UNITED STATES TREASURY NOTE DUE 05131/2006 2.500 2,500 FITM RESALE IT CLEARED TimouGH ITS yalMLY OUTS0 9.1890any Beer Steen FINANCIAL TRUST CO INC STATEMENT PER100 May 29.2004 THROUGH June 30.2004 ACCOUNT NUMBER TAXPAYER Whi8ER On File LAST STATEMENT May 28.2004 STAIDECCUSIP CXJANNIT DEBIT AMOUNT CREDIT AMOUNT 4.744.651 3,241,000.00 MI= .4.744.651 3.297.000.00 Mlle 4.744.651 3,297,000.00 -4.744.651 3.297.000.00 44.000.000 4.300.000.00 MM. -44.000.000 4.345.000.00 75.000.000 75.187.500.00 027 07.01,04:13:31 001 2932 EFTA00195876

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CLEARED 'moue,/ ITS mixt,/ OmMO SUOMany Beer Sim, FINANCIAL TRUST CO INC STATEMENT PER/00 May 29.2004 THROUGH June 30.2004 AccouNT NUMBER TAXPAYER /AMER OR File LAT/ STATEMENT May 28.2004 SETTLEMENT TRIOS DATE DATE TR/MACRON DESCRPRON STMOCCCUSIP OVAMITY 003IT AMOUNT CREDIT AMOUNT 06/01/04 INTEREST FEDERAL NATIONAL MTG ASSN 2,574.79 STRIP MTG SERIES 322 CL PO DUE 033 . 0,001 FITM AZ REPO I 06/01/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02, 5,8.50 FITM AZ REPO I 06/04/04 RECEIVED UNITED STATES TREASURY NOTE DUE 05115/2007 3,125 3,1251.0K FITM Al RESALE 06/04/04 DELIVERED UNITED STATES TREASURY NOTE DUE 05131/2006 2,500 2,500 FITM TERM EMENT 06/04/04 RECEIVED UNITED STATES TREASURY NOTE DUE 05(31/2006 2,500 2,500 FITM DWI RESALE 06/04/04 INTEREST UNITED STATES TREASURY NOTE DUE 051 2,500 FITM A2 RESALE 06/10/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE FITM TERM ENT 1.086.94 25.000.000 25.062.500.00 .75.000.000 75.187.500.00 100.000.000 100.000.000.00 4,323.28 2.636.265 027 07)01,00:13:31 001 Y832 EFTA00195877

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CLEARED THRouGH ITS molly OmnE0 SU8P0any Beer PeaH FINANCIAL TRUST CO INC STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 AccouNT NUMBER TAXPAYER AWmER OR File LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON STMOCCCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06/10/04 JOURNAL FEDL HOME LOAN MM CORP#503602 -2,636265 250.000.00 SERIES 223 CLASS PO DUE I RIM Jiro Al REPO 06/14/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 1 Fn4 A2 TERM ENT 06/14/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,100 FITM AI REPO A 0614/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB PilM MRS. 41A2 TERM ENT 0614/04 INTEREST FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE IMO. 0,000 RIM A2 REPO I 0614/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE Oil. 6,100 FITM A2 REPO I 06/25/04 DELIVERED UNITED STATES TREASURY NOTE DUE 0S:31/2006 2,600 2,500 FITM TERM ENT 2.636.265 250,000.00 -43.231,636 2,072,000.00 43231,636 3'12,000.00 39.20 9.257.32 -100.000.000 100.000.000.00 027 07)01,04:13:31 001 V832 EFTA00195878

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 15 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT DATE 06/25/04 TRADE DATE TRANSACTION INTEREST DESORPTION UNITED STATES TREASURY NOTE DUE Oil. 2.500 FONT A2 RESALE 06/29/04 06(291 JOURNAL ADP CD FITM.PR JOURNAL ADP CD FITMPR 06/30/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.0011032 FITM Al REPO 06/30/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PG 0.001 FITM A4 TERM ENT 06/30/04 RECEIVED UNITED STATES TREASURY NOTE DUE 0640/2006 2,750 2.760 FONT Al RESALE 0&30;04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE la. 0,001 FITM A4 REPO I TOTAL CLEARED TuRouom ITS mow, OmYSO SUOSOany Beer Steam FINANCIAL TRUST CO INC STATEMENT PERK* May 29.2004 THROUGH June 30.2004 AccouNT NUMBER TAXPAYER WEISER OTIFile LAST STATEMENT May 28.2004 STMOCCCUSIP CcANNTY OMIT AMOUNT CREDR AMOUNT 38,027.78 1,740,000.00 1.740.000.00 -4,517,189 1,744,350k0 4,517,189 3,297,000.00 MIN 100.000.000 100,125,000.00 NMI 3,519.09 $-320,228,477.34 $191,975,201.06 027 07)01,00:12:31 001 11032 EFTA00195879

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 16 Transaction Detail (continued) MISCELLANEOUS DATE 1.130AT TRANSACTOR 06/14/04 JOURNAL DESCRIPTOR MAY 04 SPEC CLEARING FEES DEBIT AMOUNT 450.00 CREPT MOUNT TOTAL $450.00 Your messages Notice Regarding a Change in The Statement of Interest Charges Pursuant to the "Truth-in-Lending- Rule 10 (b)-16 Regarding Short Sales And Marking-To-The-Market Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows: The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amount because Bear Steams Securities has to borrow the same security in order to deliver it to the buying broker and has to provide its lender additional collateral of up to 105% of the settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the difference between (i) up to 105% of the settled short market value of such short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales. End of Statement CLEARED THROuGH ITS wilDtLY EAM,E0 SUBSIDIARY Beer &ter FINANCIAL TRUST CO INC STATEMENT PERKO May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER TAXPAYER AMMER On hie LAST STATEMENT May 28.2004 Any short positions in your account will be kept "marked-to-the marker. This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the short securities. Securities that are priced below five dollars per share may be valued at five dollars per share for short marking-to-the market purposes. If a security has been sold short (or sold short against the box) and has appreciated in market price over the selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the drop in value, The appreciation or depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily dosing prices or quotations provided by pricing services, as applicable, or upon such factors as Bear Stearns Securities in its sole judgement deems pertinent, Please note that the other sections of the "Truth-in-Lending" disclosure previously provided to you remain unchanged, 027 07)01,04:13:31 001 Y832 EFTA00195880

CLEARED THRCo3F1 11S ?MOO.? OW,*0 SUBSXMARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wenv.bearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 17 Your Portfolio at a Glance TOTAL VAWE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET CREDIT BALANCE 12,394,691 160,153 228,003 NET EQUITY THIS PERIOD $12,782,847 NET EOUITY LAST STATEMENT 13,363,739 CHANGE SINCE LAST STATEMENT -580,892 There are no 'Stop loss' orders or other pending buy or sell open orders on file for your account. II FINANCIAL TRUST CO INC CAD JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash 8 Equviatent $228.003 $-12.163 Filed_ Income 12.394.691 NI Current market value gel Last statements market value Short market value $13.163012 FINANCtAL TRUST CO INC STATEMENT PERKO May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Fee LAST STAMEN,' April 30.2004 SIM 71k TIATRuTY n fa MAMARAI palms pay a icro MAORI as a M. clocurneR TNs statienoN should be Maned TN your words See mom se for rcalart Mona, 027 05220402:32 001 7831 EFTA00195881

CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi I7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OS29,0402:22 001 •real EFTA00195882

CLEARED THROUGH ITS YAICU.Y 044.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 c/ Cash Flow Analysis THIS PEDIGO Income Summary MS PERICO YEAS TO DATE Opening Balance $A2,162.87 U.S. Govt. Bond Int. 61,396.53 228,430.62 Govt. Agency Int. 978.422.27 4.354.833.13 Securities Sold 314,135,191.84 Corp. Bond Int. 195.447.99 1.027.568.56 Dividends Interest 1,235,353.40 Credit Balance Int. 86.61 156.30 Miscellaneous 32,031.25 Reverse Repurchase Int. 17.701.39 21.008.91 Amount Credited $315.402.576.49 Total $1 253 054.79 $5 631 997.52 Securities Bought -314$51.505.27 Bond Purchase Int. -209.405.71 -428,599.18 Dividends Interest Charged -209.405.71 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -11,508.39 -59,125.88 Miscellaneous -1.500.00 Amount Debited $-315,162,410.98 Net Cash Activity 240.165.51 Portfolio Composition ClosingBalance $228.002.64 Cashtash Equivalent 228.003 Fixed Income 12.394,691 Total $12,622,694 Cash Balance Summary OPEhkG CLOSING Margin -12.162.87 228,002.64 Net Cash Balance $-12.162.87 $228,002.64 027 0529434:12:32 001 FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT *11 30.2004 Your Portfolio Allocation Cash & Equntenl I% I— Fixed Income 99% Unteled 'Vero emote aver "nonce onto toe male vela, Tea eloml✓r ;event'', tepee." "en Vo eblet.te motel rat), el Kv Palbxi 1831 EFTA00195883

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPTION CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $228.003 SIMBOL,CuSIP MA PET ESTIMAIE0 EuRPENT DUMMY PRICE muF ANNUAL INCOME YIELD MI 228.003 FIXED INCOME Government & Agency Obligations DESCRPRON SWBOUCUSP !CET TYPE PRICE MARKET VALLE ACCRUED INTEREST ESTEEMED ANNUAL INCOME CURFI5Vr YEW 04 FEDERAL HOME LOAN MTG CORP MRGN 19.294.823 10.1223 1.953.080 43,896 1.215,574 62.2388 SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY ONLY DUE 0'2/15/2032 6.300% FACTOR - .32158038 FEDERAL HOME LOAN MTG CORP MRGN 8.276.570 9.0531 749.287 17,635 488,318 65.1710 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .32158037 FEDERAL HOME LOAN MTG CORP MRGN 14.545.258 11.4010 1.658.299 36,240 1.003,623 60.5212 SERIES 2488 CLASS SO DATED DATE 07/08102 BOOK ENTRY ONLY DUE 03/152032 6.900% FACTOR - .29090521 FEDERAL HOME LOAN MTG CORP MRGN 16,780.846 8.7571 1.469.512 35.753 990.070 67.3741 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/152032 5.900% FACTOR - .29090519 021 0529.04:12:32 001 Y831 CLEARED TNRouom ITS mow, ORY.E0 SUBROany Beer Ster FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER KAMER On File LAST sTATEmENT April 30.2004 EFTA00195884

CLEARED THROUGH ITS omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 ' • Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRPDON SYMECLCuSP ACC" TYPE OUANTITY PRICE MARKET VALLE ACCRUED tiTEREST ESTROUS:. ANNUAL INCOME CURRE' VELD NG FEDERAL NATIONAL MTG ASSN MRGN 16.306.643 11.0890 1.808.245 8.019 962,092 53.2058 SERIES 2003.49 CLASS SW DATED DATE 04/30103 BOOK ENTRY ONLY DUE 01/2512033 5.900% FACTOR .67086868 Total Government& Agency Obligations $7.63&423 $141.543 $4.659.677 Corporate Bonds ACCT ACCRUED ESTMATW CURRENT DESCWPTION SWABOUCUSP TYPE OLIAMITY PRICE MARKET VALLE ItiTEPEST ANNUAL INCOME yELD INi FANNIE MAE CM0/SERIES 2003-13 MRGN 32,364,861 14.6958 4.756.268 18.610 2.233,175 46.9523 S RCR-I/0 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.900% FACTOR .64729726 Total CorporateBonds $4.756.268 $18,610 $2.233.175 TOTAL FIXED INCOME $12.394.691 $160.153 $6.892.852 FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 AcccuNT NUMBER TAXPAYER NU03ER On File LAST STATEMENT Nycll 30.2004 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $160.153 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 56.892.852 YOUR PRICED PORTFOLIOHOLDINGS $12,622.694 02? 0629004:12:32 001 •Ya31 EFTA00195885

CLEARED THROUGH ITS IMICtLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 c. Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PIARCHASEi REPURCHASE PRICING START DATE DATE RAM PURCHASE RIM PRINCPAL ACCRUED REPO MEREST* OUNNTRY (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 -7,461 -44,389,962 SERIES 2004-2 CLASS S 6.1000 01/16134 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08104 1.340 -8,258,000 -16.598 -10.000.000 SERIES 2004-2 CLASS S 12.200001/16134 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 05/10/04 06/01/04 1.300 -3.241.000 -2.574 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU SOW FHLMC- STRIP PRINCIPAL ONLY (REPO) 05/24/04 OPEN 0.000 -1 -5.000.000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 05:25:04 06/01/04 1.300 -4300.000 -1.086 -44.000.000 SERIES 2004-5 CLASS P 5.8500 02/20133 TOTAL REVERSE REPURCHASETRANSACTIONS $0 $0 TOTAL REPURCHASETRANSACTIONS 5-19.511,001 $-27.719 FINANCIAL TRUST CO INC STATEMENT PERK* May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT *II 30.2004 Cl 21.2107401 <V0 027 0529,0402:32 001 Y831 EFTA00195886

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY SETTLELIEN1 DATE MADE DATE TRANSMTKIN 05/06/04 05/05/04 SOLD 05/07/04 05/06/04 SOLD 05/13/04 04/16/04 CANCEL SELL 05/13/04 04/07/04 CANCEL SELL 05/13/04 04/06/04 BOUGHT 05/13/04 04/16104 SOLD 05/13/04 04/07/04 SOLD DESORPTION UNITED STATES TREASURY NOTE .000:2,250% AO 30 ST/A3OLICUSP OHMIC/ MATURITY GVER REF tt 61261010 Al US TREASURY NOTE 03,12S% AO IS MATURITY GVER REF it 61271002 Al FNMA-30YR(FNMA)G1D imais SEITAS/04 05.500% 7470000 BS AS OF 04/16+04 TO C1P1. PREVIOUS SELL FNMA-30YR(FMAAJGTD SETT,0&04 OS,S00% 57540000 BS AS OF 04/07104 TO C)3. PREVIOUS SELL FNMA-30YR(FNMPOGTD 000 591,01.4 (6.500% 7900000 BS FNMA-30YR(FNMPOGTD SETT,0904 05,500% 7470000 BS FNMA-30YR(FNMAJGTD SEMOS/04 05.500% 57540000 BS -25,000,000 PRICE 99.89063 ACCR. INT. CLEARED THRouem ITS yasEtvi OMnED SURSIOany Beer Styr FINANCIAL TRUST CO INC STATEMENT PERM° May 1.2004 THROUGH May 28.2004 =EOM! NUMBER TAXPAYER NLIMER On File LAST STATEMENT *11 30.2004 OMIT AMOUNT MDR AMOUNT 24,972,656.25 9,171.20 -25.000.000 97.46875 ACCR. INT. 24,367,187.50 46,960.38 10 000.000 100.75000 10,075,000.00 15.000.000 101.56250 15.234.375.00 25.000.000 101.10938 25.277.343.75 -10.000.000 100.75000 10,075,000.00 -15,000.000 101.56250 15,234,375.00 07/ 0629004:12:32 001 Y831 EFTA00195887

CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 I • • Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTOR DESCRIPTION STMEOLCUS, OVANTITY PRICE DEIST AMOUNT CROW AMOUNT 05/13/04 04/06/04 CANCEL BUY FNMA-30YR(FNMA)G1D imits 591.05104 05.500% 7900000 BS -25,000,000 101.10938 25,277,343.75 AS OF 04/06104 TO C/3. PREVIOUS BUY 0314104 031304 BOUGHT U S TREASURY NOTE 25,000.000 96.27030 24.067.575.00 • ' 03,125% AO 15 ACCR. INT. 61.902.32 0 MATURITY OVER REF # 01341012 Al 05,17104 05,13:04 sow UNITED STATES TREASURY NOTE -25,000.000 99.46875 24.867.187.50 03,875% MN IS ACCR. INT. 5.264.95 MATURITY OVER REF tY 01341013 A3 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP IMO •1.341.000 SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP -531 SERIES 2483 CL SI. 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP •1.162.000 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP 809 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP .1.515.000 SERIES 2530 CLASS SE 6,300 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04 FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER HUNTER On File LAST STATEMENT *11 30.2004 027 05200402:32 001 Y831 EFTA00195888

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 05/17/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 DUE 02115132 PRINCIPAL REDUCTN 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,900 DUE 02115/32 PRINCIPAL REDUCTN 05-15-04 05./17/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01/32 PRIN RID 04-04 PAD 05-15-04 REPO P 8I 0,0000 05./17/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,200 DUE 01/16/34 PRIN RID 05-04 PAD 05-16-04 REPO P 81 12,2000 05/24/04 05/21/04 BOUGHT UNITED STATES TREASURY NOTE 03,875% MN is MATURITY OVER REF # 01421003 A3 AS OF 05/21/04 052504 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 04.04 PAD 05-25-04 REPO P 81 0,0000 052504 PRINCIPAL FANNIE MAE CMG/SERIES 2003-13 S RCA-It FLTR 6,900 DUE 03/25133 PRINCIPAL REDUCTN 05-25-04 052504 PRINCIPAL FANNIE MAE CMOISERIES 2003.13 S RCA-t/0 FLTR 6)00 DOE 03/2933 PRINCIPAL REDUCTN 05-25-04 SYNOD:CUSP CUANTITY 4366 PRCE CLEARED THROuGH ITS YosiDLY CADET> SUBSIDAIW Beal Dea•ny Se •it' • FINANCIAL TRUST CO INC STATEMENT PERK* May 1.2(204 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NLIMER On File LAST STATEMENT April 30.2004 DEBIT AMOUNT MDR AMOUNT -650.235 196,400.50 78,886.80 25.000.000 100.24219 ACCR. INT. 25.060.546.88 23.692.25 309.453.15 .1.626.000 -92 02/ 05,230412:32 001 EFTA00195889

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTION CESCRETION SYMOWCUSP WINTRY PRICE DUE Atom MDT mourn 05/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -819,287 SERIES 2003-49 CRASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-04 05/27/04 05/26/04 BOUGHT UNITED STATES TREASURY NOTE EMI 25,000,000 99.54688 24.886.718.75 1111.2.250% AO 30 MATuRiTy ACCR. INT. 41.270.38 GYER REF 8 81471003 AI 05/27/04 05/26104 BOUGHT UNITED STATES TREASURY NOTE 50,000.000 99.54688 49,773,437.50 AO 30 ACCR. INT. 82.540.76 MATURITY GYER REF it 61471003 BI TOTAL 8-174.584.402.59 $125,439,886.98 INTEREST CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally Beer Stea,n T FINANCIAL TRUST CO INC STATEMENT PERK* May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER Cfl File LAST STATEMENT &Ail 30.2004 DATE OESCRIPTION STAIDELiCUSIP OUANTITT RATE I%3 CEBIT AMOUNT CREDIT AMOUNT 05/03/04 AVG BAL 526,661RT 0.197 86.61 021 OFFICE INTEREST 0404 05/17/04 FEDERAL HOME LOAN ma CORP 1.0000 26,006.32 SERES 2471 CLASS YT DUE 03/15/2032 1,000 INT RID 04.04 PA) 05-15-04 REPO P 8I 1,0000 05/17/04 FEDERAL HOME LOAN MTG CORP 5.9000 89.101.69 SERIES 2483 CL Si. DUE 03/15/2032 5,900 INTEREST PAYMENT 05-15.04 05.(17/04 FEDERAL HOME LOAN MTG CORP 6.9000 90.321.40 SERES 2488 CLASS SO DUE 03/15/2032 6,900 INTEREST PAYMENT 05-15.04 027 OS230402:32 001 Vel3I EFTA00195890

CLEARED THROUGH ITS 1011CtLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 11 CI T/ Transaction Detail (continued) INTEREST (continued) FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUNMER OTT File LAST STATEMENT April 30.2004 DATE DESCRIPTION STTABOLCvSiP OVANTITI NNE IN: DEBIT AA/DUN- MEM AMOUNT 05/17,04 FEDERAL HOME LOAN MTG CORP 6.3000 109,256.12 SERES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 05-15.04 05/17/04 FEDERAL HOME LOAN MTG CORP 5.9000 43.890.12 SERES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 05-15.04 05/17/04 GOVERNMENT NATIONAL MTG ASSN 6.1000 221.41122 SERES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT RID 0104 PM 05-16-04 REPO P 8I 6,1000 05/17/04 GOVERNMENT NATIONAL MTG ASSN 12.2000 99.72711 SERES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT RID 05-04 PM 05-16-04 REPO P 8I 12,2000 05/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8500 214.500.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5,E150 INT RID 04.04 PM 05-20-04 REPO P 8I 51500 05/25/04 FANNIE MAE CMOMERIES 2003.13 6.9000 195.447/9 S RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 05-25.04 05/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 84.202.49 SERES 2003.49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 05 25 04 TOTAL $1,173.956.87 027 OS2004:I 2:32 001 .831 EFTA00195891

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. scnumeir TRADE DATE DATE TRANSACTION YES:RP-ICH SYMOCCCUSIP °WAIST CON AMOUNT CREDIT AMOUNT 05/04/04 JOURNAL FEDL HOME LOAN MM CORP#S03602 2.930.616 200.000.00 SERIES 223 CLASS PO DUE I RIM 30.44 TERM ENT 05/04/04 JOURNAL FEDL HOME LOAN MTG CORNOS03602 -2.930.616 225,000.00 SERIES 223 CLASS PO DUE I RIM At REPO 05/04/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.930.616 225.000.00 SERIES 223 CLASS PO DUE I 210" RIM A2 REPO A 05/04/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -2.930.616 225.000.00 SERIES 223 CLASS PO DUE I RIM A3 REPO A 05+04/04 INTEREST FEDL HOME LOAN MTG CORP#503602 57.78 SERIES 223 CLASS PO DUE I 0,000 RIM A4 71.0. REPO I 05/06/04 DELIVERED UNITED STATES TREASURY NOTE IN= -50.000.000 50.000.000.00 DUE 04+3012006 2.250 2.250 FIN Sillirr m TERM ENT 05106/04 RECEIVED UNITED STATES TREASURY NOTE 75.000.000 75.000.000.00 CLEARED THROuGH ITS Yi0C(LY OBB*0 SUBSIDIARY Beer STea•n FINANCIAL TRUST CO INC STATEMENT PERO) May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUAISER On PIN LAST STATEMENT ApIX 30.2004 DUE 04+30/2006 2.250 F 2,250 111.06 IN Al RESALE T 027 0529,04:12:32 001 YLIST EFTA00195892

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) CLEARED THROUGH ITS WHOLLY CALY*0 SUBSIDIARY Beer SIENA FINANCIAL TRUST CO INC STATEMENT PERO) May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER KAISER On File LAST STATEMENT April 30.2004 SETTLEMENT TWEE DATE DATE TRANSACTION DESCRPRON STMDCMISIP OJANTIN OMIT ;wow CREDIT AMOUNT 05/06/04 INTEREST UNITED STATES TREASURY NOTE 4,138.89 DUE 04/11 2250 FITM A2 RESALE 05/07/04 RECEIVED U S TREASURY NOTE MEM 25.000.000 24.500.000.00 DUE 04/15/2009 3.125 3,125 FITM Al RESALE 0510/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.744.651 3.241.000.00 STRIP MTG SERIES 322 CL PO 0,0011032 FITM Al REPO 05110/04 JOURNAL FEDERAL NATIONAL MTG ASSN MIS 4.744.651 3.260.000.00 STRIP MIS SERIES 322 CL PO 0,001 2 FITM A.2 TERM ENT 051 0104 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.734.215 225.000.00 SERIES 223 CLASS PO DUE 1 RIM A2 TERM AAENT 0510/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 MOM -2,734,215 715.000.00 SERIES 223 CLASS PO DUE FITM lir Al REPO A 0510iO4 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEM -44.000.000 5.533.000.00 SERIES 2004-5 CLASS PS 5.850 FITM Al REPO A 027 0529004:12:32 001 7831 EFTA00195893

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRIOS DATE DATE TWC3ACRON DESORPTION 05/10/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5.850 FITM TERM ENT 05,10/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM AZ REPO I 05,10/04 INTEREST FEDL HOME LOAN MTG CORP4S03602 SERIES 223 CLASS PO DUE lea 0,000 FITM AZ REPO I 0910/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 0111 5.850 FITM AZ REPO I 05/14/04 DELIVERED US TREASURY NOTE DUE 04(192009 3.125 3.125 FITM TERM ENT 05.(17/04 RECEIVED UNITED STATES TREASURY NOTE DUE OS(192009 3.875 3.875 FIRM Al Ascsi F 05/21/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE t FITM A2 TERM mENT SYMEICCCUSIP CLEARED THROUGH ITS WHOLLY CALY*0 SUBSIDIARY Beer SIENA FINANCIAL TRUST CO INC STATEMENT PERM May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER KAISER On File LAST STATEMENT ADIB 30.2004 OUXAMTr DEBIT AMOUNT CREDIT AMOUNT 44,000,000 5,907,000.00 1,294.94 48.75 6,825.87 -25.000.000 24.500.000.00 25.000.000 25.000.000.00 2.734.215 715 000 00 027 052804:1282 001 Y831 EFTA00195894

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 15 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRCH STAIDECCUSIP OCANTITY OMIT AMOUNT 05/21/04 INTEREST FEDL HOME LOAN MTG CORP4S03602 284.01 SERIES 223 CLASS PO DUE l oin 0,000 FITM A2 REPO I 05/24/04 JOURNAL 05/24/04 DELIVERED 05/24/04 INTEREST 05/25/04 JOURNAL 05+25/04 JOURNAL 05/25/04 INTEREST CLEARED THROUGH ITS ?MOLLY ODS*0 SUBSIDIARY Beer STRAn FINANCIAL TRUST CO INC STATEMENT PERXIO May 1.21204 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT April 30.2004 CREDIT AMOUNT FEDL HOME LOAN MTG CORP#503602 -2.734.215 SERIES 223 CLASS PO DUE I FITM Al REPO UNITED STATES TREASURY NOTE -25,000000 25,000,000.00 DUE 05/192009 3,875 3,875 FITM TERM EMENT UNITED STATES TREASURY NOTE 2,979.17 DUE 05/01. 3,875 FITM A2 RESALE GOVERNMENT NATIONAL MTG ASSN 44.000.000 4.300.000.00 SERIES 2004-5 CLASS PS 5850 FITM AI REPO A GOVERNMENT NATIONAL MTG ASSN 44.000.000 5.533.000.00 SERIES 2004-5 CLASS PS 5,850 FITM F4)01.2 TERM MENT GOVERNMENT NATIONAL MTG ASSN 2.997.04 SERIES 2004-5 CLASS PS DUE ill 5,850 FITM A2 REPO I 027 0529,04:12:32 001 Y831 EFTA00195895

CLEARED IHRCUGH ITS MOIST omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 16 ui T/ Transaction Detail (continued) REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) SEMEMENT TRADE DATE DATE TRANSACTION DESCRPRCH 05/27/04 DELIVERED UNITED STATES TREASURY NOTE DUE 04+30/2006 2.250 2,250 FILM SOLIG A TERM ENT 05/27/04 INTEREST UNITED STATES TREASURY NOTE DUE 04(tifil 2.250 FILM A4 RESALE RIME/MCl/SIP FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.2.204 THROUGH May 28.2004 ACCCUNT NUMBER TAXPAYER WEISER On File LAST STATEMENT *11 30.2004 OuNany Oen AMOUNT CREDIT AMOUNT -75,000,000 75.000.000.00 10.583.33 TOTAL $.140.576.508.39 $188.756.701.39 MISCELLANEOUS DATE MCIOAT TRANSACTCN DESCRIPTION DENT AMOUNT CP£C1T AMOUNT 05/12104 05113/04 JOURNAL JOURNAL APR 04 SPEC CLEARING FEES FNMA-30YR(FNMA)GTD SETT,05/04 5,500 DUE 054i /34 MBS NET 05113;04 1.500.00 32.031.25 TOTAL $.1.500D0 $-32,031.25 027 OS29,04:12:32 001 Y831 EFTA00195896

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 17 • Trades Executed Pending Settlement CLEARED IHROuGH ITS viiiCti.v OMEO SUCISIOally Beer &ter FINANCIAL TRUST CO INC STATEMENT PERIOD May 1.21704 THROUGH May 28.2004 ACCOUNT NUMBER TAXPAYER NLIEGER On File LAST STATEMENT April 30.2004 SETTLEMENT TRADE DATE DATE 1R4NS1C11D/1 DESORPTION 80230DCUSIP CM1NMY uma DWG AMOUNT CREDO a/FOUNT 06/01/04 05/26/04 06/01/04 0526/04 SOLD 02,50094 MN 31 0 MATURITY GVER REF # G1471007 AS UNITED STATES TREASURY NOTE 02,500% MN 31 0 MATURITY GVER REF # G1471007 63 -25,000,000.00 -50.000.000.00 100.1140 100.1140 25,030,207.65 50.060.415.30 TOTAL $0.00 $75.090.622.95 The Sore Fades OD eel spew on any other wenn or Ihis slalomed End of Statement 027 OSP29214:12:32 001 V831 EFTA00195897

CLEARED THROLGH ITS ?THOU.,' OWNE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEEISITE wmr.bearsteams.cOm What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Trades Not Yet Settled 18 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET DEBIT BALANCE 13,163,012 ■,890 -12,163 NET EQUITY MS PERIOD $13,363,739 NET EQUITY LAST STATEMENT 12,961,281 CHANGE SINCE LAST STATEMENT 402,458 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. 11.1,111111111111 I I FINANCIAL TRUST CO INC 0/0 JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & Equmarent 51 2,163 lit 529.336 Filed income $13.163.012 $12.671,042 ▪ Current market value EA Last statements market value C Short market value FINANCIAL TRUST CO INC STATEMENT PERO° *II I. 2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT March 31.2004 TMS STAYmBrY a ko dOrmaddsl ptrposts pay Ikea nested as a laT cleaner. TN; Ratan should be retailed for your records Saa wend a for moody,/ ntomerce 027 OSID1,404:13:17 001 V830 EFTA00195898

CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05:01/04:13:17 001 V830 EFTA00195899

CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 c, Cash Flow Analysis THIS PERIOD Income Summary DC PEW° YEAR TO DATE Opening Balance Securities Sold $29,336.35 262,416,355.93 U.S. Govt. Bond Int. 167.034.09 Govt. Agency Int. 1,006,614.64 167,034.09 3.376.410.86 Corp. Bond Int. 202,418.63 832,120.57 Dividends/Interest 1,376,137.05 Credit Balance Int. 69.69 69.69 Amount Credited $263,792,492.98 Reverse Repurchase Int. 1.534.74 3,307.52 Total $1 377 671.79 $4 378 942.73 Securities Bought -263,737.814.70 Funds Withdrawn 70.695.00 Bond Purchase Int. -16,393.44 -219,193.47 Dividends/Interest Charged -16.393.44 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -29,010.01 -47,617.49 Miscellaneous -9.089.06 Amount Debited $-263,833,992.20 Net Cash Activity -41.499.22 Portfolio Composition ClosingBalance 3.12 162.87 SHOAT LONG Cash Balance Summary OPEt, NG CLOSING Margin 29.336.35 -12,162.87 Net Cash Balance $29,336.35 $-12.162.87 CashiCash Equivalent Fixed Income 12.163 13.163,012 Total $12.163 $13.163.012 027 05,01.'04:13:17 001 FINANCIAL TRUST CO INC STATEMENT PERKO 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER RIMER On File LAST STATEMENT March 31.2004 Your Portfolio Allocation Short Cash Si Equivalent • I% Untivoecl Frown demo* debt beano, onto Oo•I male vela, Tha olocaInn percemso, i, 0e•ued from Vo Mnol.te markei ran ci vc. palioo V830 EFTA00195900

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS PAAPXEE ESEIMATED D:AP£NT DESCRP"011 S•MOCLCLS* OUNITETT PACE VALUE PECCEEE ,ao I%) CASH BALANCE -12.163 TOTAL CASH & CASH EQUIVALENTS 5.12.163 FIXED INCOME Government & Agency Obligations ACC" DESCRY:EDON S•MECLLUSP PPE FEDERAL HOME LOAN MTG CORP MRGN SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY MY DUE 02/15/2032 6.300% FACTOR — .34684482 OUAMITY 20,810.689 CLEARED THRONG,. ITS WHOLLY OGXED SUTESICEMIX Beer Steam. Se •it' • FINANCIAL TRUST CO INC STATEMENT PERK* *II 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER MAGER OTI File LAST STATEMENT MVO 31.2004 ACCRUED MIMEO CURFOR PRICE LURKS VALUE INTEREST ANNUAL MOUE VELD N 9.9449 2.069.594 54.630 1.311,073 63.3493 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .34684481 MRGN 8.926.805 8.9198 796.254 21.943 526.681 66.1448 FEDERAL HOME LOAN MTG CORP MRGN 15.708.067 11.3318 1.780.011 45.160 1.083.857 60.8905 SERIES 2488 CLASS SO DATED DATE 07/08102 BOOK ENTRY ONLY DUE 03/15,2032 6.900% FACTOR - .31416139 FEDERAL HOME LOAN MTG CORP MRGN 18,122,377 8.8592 1.605.493 44.550 1.069.220 66.5976 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.900% FACTOR - .31416137 027 0301,04:13:17 001 V830 EFTA00195901

CLEARED THROUGH IRS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 ci Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTION SWECLCUSP ACC' T1PE DUMMY PRICE MARKET VALUE ACCRUED MEREST ESTIAMED ANNUAL INCOME CURFOR YELD NG FEDERAL NATIONAL MTG ASSN MRGN 17.125.930 10.8689 1.861.402 14,032 1.010,430 54.2833 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,900% FACTOR — ,7045742,0 Total Government& Agency Obligations $8.112.754 $180,315 $5.001.261 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION STTABOUCUSP TYPE DUMMY PRICE MARXET VALUE INTEREST ANNUAL ACOAIE 1E:0 FANNIE MAE CM0/SERIES 2003-13 MRGN 33,990,953 14.8577 5.050.258 32,575 2.345.376 46.4407 S RCR-I/0 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25,2033 6.900% FACTOR — .67981909 Total CorporateBonds S5.050.258 $32,575 $2.345.376 TOTAL FIXED INCOME $13.163.012 $212.890 $7.346.637 FINANCIAL TRUST CO INC STATEMENT PERIOD Apll 1.2004 THROUGH *11 30.2004 ACCCUNT NUMBER TAXPAYER MJUSER On File LAST STATEMENT Mardi 31.2004 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $212.890 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $7,346,637 YOUR PRICED PORTFOLIOHOLDINGS $13.150.849 027 050104:13:17 001 V830 EFTA00195902

CLEARED IHRCUGH ITS WHOLLY omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 T, Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co. Inc. outstanding as of date of statement PLITICHASE/ START DATE REPURCHASE DATE PRICING PATE PURCHASE PRICE PRINCPAL ACCRUED REPO MEREST' OUNTMTY (FACE AMOUR) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 05/10/04 1.300 -5,907,000 -5,332 -44,000.000 SERIES 2004-5 CLASS P 5.8500 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 -3.454 -44,389.962 SERIES 2004-2 CLASS S 6.1000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 044138/04 07/08434 1.340 -8.258.000 -7.684 10.000.000 SERIES 2004-2 CLASS S 12.2000 01/16/34 YOU SOW (REPO) 04,26/04 05/10/04 1.300 -200,000 -50 .5.000.000 FHLMC- STRIP PRINCIPAL ONLY YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 04/29/04 05/10/04 1.300 -3,260,000 -470 -15,000,000 SERIES 322 CLASS PO 03/01132 YOU BOUGHT (REVERSE) 04:30x04 OPEN 0.450 50.000.000 1.875 50.000.000 USTR 2.2500 04/30/06 TOTAL REVERSE REPURCHASE TRANSACTIONS $50.000.000 $1.875 TOTAL REPURCHASETRANSACTIONS $-21.337.000 6-16090 SAP al simeanoi Mee FINANCIAL TRUST CO INC STATEMENT PERK* Pull 1.2004 THROUGH AprIl 30.2004 ACCCUNT NUMBER TAXPAYER KAMER On FIk LAST STATEMENT March 31.2004 027 05.431104:13:17 001 V830 EFTA00195903

CLEARED THROuGH ITS wHO(LY CA1T,E0 SUBSIOally B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OMR PTIO” STMOCLCUSP clomp. PRICE STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER AMMER LAST STATEMENT DEBIT AMOUNT 1.2004 *11 30.2004 Cfl FIIB March 31.2004 CHEM MONO 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE -10,000,000 100.60156 10,060,156.25 03.250% JJ 15 ACCR. INT. 72,321.43 . 0 MATURITY GVER REF It G0931017 Al 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE NM -20,000,000 99.39063 19.878.125.00 03.000% FA 15 ACCR. INT. 82.417.58 0 MATURITY GYER REF it 60931099 Al 04/06/04 04/05/04 SOLD UNITED STATES TREASURY NOTE -50,000,000 99.25000 49.625.000.00 01.600% MS 31 ACCR. INT. 12.295.08 MATURITY GVER REF # G0961031 Al 04/08/04 04/07/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.38281 49.691.406.25 01.50% MS 31 ACCR. INT. 16.393.44 0 MATURITY GYER REF tt 60981006 Al JOURNAL EDERAL HOME LOAN MTG CORP 1 SERIES 2471 CLASS YT .000 DUE 03/15/32 ADJUST POSITION 04/08104 JOURNAL EDERAL HOME LOAN MTG CORP 1 SERIES 2471 CLASS YT 1.000 DUE 03/15/32 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 ADJUST POSITION 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 2003-49 CLASS SW Beer Szea•r4 Se it' • FINANCIAL TRUST CO INC 5.910 DUE 01/25/33 027 0304'04:134 7 001 V830 EFTA00195904

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACIlDN 04/12/04 JOURNAL 04/15/04 04/06/04 CANCEL SELL 04/15/04 04/02/04 BOUGHT 04/15/04 040004 SOW 04/15/04 04/02/04 CANCEL BUY DESORPTION FEDERAL HOME LOAN MTG CORP SEFuES 2471 CLASS YT 1,000 DUE 03/15/32 FNMA-30YR(FNMA)GTD t SEIT.04/03 (6.500% 7890000 BS AS OF 0406/04 TO CM. PREVIOUS SELL FNMA-30YR(FNMA)GTD immis SEIT,04103 05.500% 8110000 BS FNMA-30YRIFNMAIGTD SE T,O4r03 05.500% 7890000 BS FNMA-30YR(FNMA)GTD SETT,04/03 Mal5 C6.5" 8110000 BS AS OF 0402/04 TO CM. PREVIOUS BUY PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL Si. 5.910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CI. SL 5,910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 ClIANTITY -1 PRICE CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally Beer Stean FINANCIAL TRUST CO INC STATEMENT PERK* *II 1.2004 THROUGH 30.2004 ACCOUNT NUMBER TAXPAYER NLIMER DON/ LAST STATEMENT MVO 31.2004 DEWY AMOUNT CHEM MONO 25.000.000 101.44922 25,362,304.69 25,000,000 101A8438 25,371,093.75 -25.000.000 101.44922 25,362,304.69 -25.000.000 101.48438 25,371,093.75 -1.104.000 -120 027 050104:13:17 001 V830 EFTA00195905

CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 c, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 04/15/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,910 DUE 03/15132 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,310 DUE 02(15/32 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,310 DUE 02(15/32 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,910 DUE 02/15132 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01(32 PRIN RID 03-04 PAD 04-15-04 REPO P 8I 0,0000 04/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 DUE 01/16134 PRIN RID 04-04 ND 04-16-04 REPO P 8I 12,2200 04/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 03-04 ND 04-25-04 REPO P 8I 0,0000 04/26/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003.13 S RCR-10 FLTR 6,910 DUE 03/25133 PRINCIPAL REDUCTN 04-25-04 STIAXIMOUSV OVANIIIY -957,026 PRICE FINANCIAL TRUST CO INC STATEMENT PERIOD 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER HUNTER Cfl File LAST STATEMENT Mardi 31.2004 DEBIT AMOUNT CHEM MONO -1,214.000 -164 -520.819 126.480.85 71.293.90 286.866.75 -1.161.000 027 0801.04.13:17 001 V830 EFTA00195906

CLEARED THROUGH ITS YAIOU.Y omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 CI Tr, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 04/25/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FANNIE MAE CMG/SERIES 2003.13 S RCR-RD FLTR 6.910 DUE 03/2553 PRINCIPAL REDUCTN 04-25-04 04125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 PRINCIPAL REDUCTN 04-25-04 04/30/04 04.28/04 SOW UNITED STATES TREASURY NOTE 02.25096AO 30 . • 0 MATURITY OVER REF is 01191006 A3 STIA3OUCUSIP OVANIIIY -340 PRICE FINANCIAL TRUST CO INC STATEMENT PERK* 1.2004 THROUGH *1 30.2004 ACCCUNT NUMBER TAXPAYER AMMER CFI File LAST STATEMENT March 31.2004 DEBIT AMOUNT GRECO' PACtitil -585.127 -50,000,000 99.96700 49.983.500.00 TOTAL 8.100.441.198.13 $180.931.855.28 DEPOSITS AND WITHDRAWALS DATE TRANSACTIM 04/02/04 FND WIRED WIRED TO Mai SANK C#264414 TOTAL DESCRP'ICN DWI AMOUNT 70.69500 CREDIT AMOUNT $-70,695.00 INTEREST DATE DESCRIPTION 04/01/04 AVG BAL 245.100RT 0.341 021 OFFICE INTEREST 0304 SYMEICUCUSIF OUPPNITT RATE PM DEBIT AMOUNT (PEW AUCuur 69.69 027 0501.04;13:17 001 V830 EFTA00195907

CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 11 CI Tr, Transaction Detail (continued) INTEREST (continued) FINANCIAL TRUST CO INC STATEMENT PER100 *II 1. 2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER AMBER Ofl File LAST STATEMENT MatCh 31.2004 DATE DESORPTION STTABO-CVSIP OVANillY RATE 1%) DEBIT AMOUNT WENT AMOUNT 04/15/04 FEDERAL HOME LOAN ma CORP 5.9100 94,690.50 SERIES 2483 CL SI. DUE 03/15/2032 5,910 INTEREST PAYMENT 04-15.04 04/15/04 FEDERAL HOME LOAN MTG CORP 6.9100 95,963.17 SERIES 2488 CLASS SO DUE 03/15/2032 6,910 INTEREST PAYMENT 04-15.04 04/15/04 FEDERAL HOME LOAN MTG CORP 6.3100 115,814.02 SERIES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 04-15-04 04/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 46,529.55 SERES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 04-15.04 04/16/04 FEDERAL HOME LOAN MTG CORP 1.0000 27,590.78 SERES 2471 CLASS YT DUE 03/15/2032 1,000 4/15 INT PYMT 04/16/04 GOVERNMENT NATIONAL MTG ASSN 6.1100 223.315.59 SERES 2004-2 CLASS SB DUE 01/16/2034 6110 INT R/D 04-04 P,D 04-16-04 REPO P 8I 6,1100 04/16/04 GOVERNMENT NATIONAL MTG ASSN 12.2200 100.617.41 SERIES 2004-2 CLASS SG DUE 01/16/2034 12,220 INT RID 04.04 P,D 04-16-04 REPO P 8I 12,2200 04/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8600 214.866.67 SERIES 2004-5 CLASS PS DUE 02/20/2033 5,860 INT RID 03-04 P,D 04-20-04 REPO P 8I 5,8600 027 050104;13:17 001 V830 EFTA00195908

CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 0 T,‘ Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 04/28/04 FANNIE MAE CMO/SERIES 2003.13 S RCR-00 RTR DUE 03/25/2033 6,910 INTEREST PAYMENT 04-25-04 04/26/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5.910 INTEREST PAYMENT 04-25-04 SYMBOCCvSIP FINANCIAL TRUST CO INC STATEMENT PERIOD 1.2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER MAWR Cfl Ale LAST STATEMENT March 3I. 2004 0VANTITY RATE IN) DEBIT AMOUNT CREDIT AMOUNT 6.9100 202,418.63 5.9100 87.226.95 TOTAL 51.209.102.96 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear, Stearns& Co. Inc. SETTLEMENT MOE DATE DATE TRANSACTION DESORPTION SYMBOL CUSiP MARTIN DEBIT AMOUNT CREDIT AMOUNT 04/05/04 JOURNAL FEDERAL HOME LOAN MTG CORP -33.108.931 SERIES 2471 CLASS YT 1,000 DU.. FITMARGN Al REPO AGR 04/05/04 JOURNAL UNITEDW EASURY NOTE ERN A2 3,250 TERM REPO AGREEMENT JOURNAL UNITED EASURY NOTE FILM A2 3,000 I "09 TERM REPO AGREEMENT INTEREST UNITED STAlES 1REASURY NOTE DUE 01 12.250 ATM REPO Ihr 10.000.000 10,275,000.00 20.000.000 20.250.000.00 2302.69 027 080104;13:17 001 V830 EFTA00195909

B STUR NS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS SETTLEMENT DATE 04/05/04 TRADE DATE TM/MACRON DESCRPRON INTEREST UNITED STATES TREASURY NOTE DUE lab 3,000 FITM A2 REPO I (continued) 04/06/04 RECEIVED UNITED STATES TREASURY NOTE DUE 03/31/2006 1.500 1,500 ATM AI RESALE T 04/07/04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 9910 FITM AI REPO A 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM 11.11 REPO A 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,00130.32 REI F AZ TERM MENT 04/08/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CUSS PO DUE I F rrm Al REPO 04;08,04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CUSS PO DUE MSS., A2 TERM RrtirrigAAENT CLEARED THROuGH ITS ?AIM', (AMC> SURSIDarn, Beer Siewn FINANCIAL TRUST CO INC STATEMENT PERKI0 Ap11 T. 2004 THROUGH &NS 30.2004 ACCOUNT NUMBER STMEICUMISIP CXMASIN DEBIT /MUM TAXPAYER WIPER OR LAST STATEMENT March CREDIT AMOUNT File 31.2004 4,055.63 50,000.000 49.875.000.00 -17.711.056 1.492.000.00 -5.054.105 3.906.000.00 5.054.105 4.340.000.00 -2,930,616 2.157.000.00 2.930.616 2.376.000.00 027 050104:1317 001 V830 EFTA00195910

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICH SYMEICCCUSIP °WARM OMIT AMOUNT CREDIT AMOUNT 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 17,711,056 1,492,000.00 SERIES 2003.49 CLASS SW 5.910 FITM 31.r2 TERM MENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 43,859,035 100,000.00 SERIES 2004-2 CLASS SB 6,110 RIM R1ONE2 TERM ENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEM -43.859,035 3.712.000.00 SERIES 2004-2 CLASS SB 6.110 FITM Al REPO A 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN EMI -9.880.596 8.258.000.00 SERIES 2004-2 CLASS SG rA FITM Al REPO 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN MEM 9.880.596 8,523,000.00 SERIES 2004-2 CLASS SG 12,220 34 FITM A2 TERM ENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 5.907.000.00 SERIES 2004-5 CLASS PS S.860 FITMA11, REPO 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 7.107.000.00 SERIES 2004-5 CLASS PS CLEARED THRoue,' ITS mow, OmnE0 SUEsSiOany Beer Sm.a•n FINANCIAL TRUST CO INC STATEMENT PERIOD Ap11 1.2004 THROUGH *11 30.2004 AccouNT NUMBER TAXPAYER WEISER On File LAST STATEMENT Math 31.2004 5,860 PIM AZ TERM MENT 027 OS01.'04:13:17 001 11830 EFTA00195911

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STAISCCCUSIP OUWTITY COST AMOUNT CREDIT AMOUNT 04/08/04 04/08/04 04/08/04 04/08/04 04108104 04/08/04 04/08/04 DELIVERED INTEREST INTEREST INTEREST INTEREST INTEREST INTEREST UNITED STATES TREASURY NOTE DUE 03(31/2006 1.500 1.500 RIM Rille2 m TERM ENT FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM AZ REPO I FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE IMO/ 0,000 FITM AZ REPO I FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW DUE 01:101. 5.910 FITM 14.2 REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01! 6.110 FITM AZ REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE Mill 12.220 FITM AZ REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MI= -50,000,000 2,350.83 2,659.80 53.88 50.56 4.616.63 7.95589 49.875.000.00 CLEARED THROuGH ITS YalCyl.Y OUYSO SOSO/Any Beer Stern FINANCIAL TRUST CO INC STATEMENT PER100 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER ALSASER On PIM LAST STATEMENT MMCh 31.2004 DUE OD 5,860 ATM Az REPO I 027 05131:04:13:17 001 V830 EFTA00195912

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS SEGLEMENT DATE 04/08/04 TEAM DATE TRANSACSON DESCRPRON INTEREST UNITED STATES TREASURY NOTE DUE 0110 1,500 FITM A2 RESALE (continued) 04/16/04 JOURNAL ADP CD FfRe-PR 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I FITM lip A3 REPO A 04/26104 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I FITM AI REPO 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I RIM A2 REPO A 04/26/04 041261 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 2/ilc FITM A2 TERM RIginierMENT JOURNAL 04/26/04 INTEREST FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE I 0800 FITM A2 REPO I CLEARED THROuGH ITS wisCyLY OMYED SUEIROally Beer Siewn FINANCIAL TRUST CO INC STATEMENT PERK* &3r11 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT Math 31.2004 STMEJECCUSIP CuANN1Y OMIT AMOUNT CREDIT AMOUNT 1,300,000.00 1,177.60 -2$30616 200.000.00 -2,930,616 1.583.000.00 2,930,616 1,583,000.00 2,930,616 2,157,000.00 1.300.000.00 1.402.05 027 0601:04:13:17 001 V830 EFTA00195913

CLEARED IHROuGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 17 CI le Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICTI 04/26, INTEREST ADP CD DUE 124 SYMEMCUSIP FINANCIAL TRUST CO INC STATEMENT PERK* ATATI1 T. 2004 THROUGH ApIll 30.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT Math 31.2004 OUNITTITY DEBIT AMOUNT CREDIT AMOUNT 25 04/29104 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,0011.32 FITM Al REPO JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001smir2 FITM 82 TERM MENT INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 0331. 0,001 FITM B2 REPO I 04/30/04 RECEIVED UNITED STATES TREASURY NOTE DUE 04+30/2006 2,250 2,250 FITM 11111KAI RESALE T 357.14 -5,054,105 3.260.000.00 5.054.105 3.906.000.00 2962.05 50.000.000 50.000.000.00 TOTAL 5,163,313,010.01 581,651534.74 MISCELLANEOUS DATE maw TRANSACTISN DESCRIPTION DEBIT AMOUNT CP£CYT ANO-NT 04114/04 JOURNAL FNMA-30YR(FNMA)GTD SETT,0403 5,500 DUE 04+01/33 MBS NET 04/1404 8,789.06 027 050184:13:17 001 V830 EFTA00195914

CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 18 ci Tr, Transaction Detail (continued) MISCELLANEOUS (continued) DATE MOAT TPANSACTCN 04/21/04 JOURNAL DESCFUPTCN MAR 04 SPEC CLEARING FEES DEBT AVM, 300.00 CREPT AMOUNT TOTAL $9.089.06 Trades Executed Pending Settlement FINANCIAL TRUST CO INC STATEMENT PERK* *II 1. 2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER KAMER Ofl FIN LAST STATEMENT Man 31.2004 SETTLEMENT DATE TRADE DATE TRANSACTION DESCP.PlION SYMBOLCUSIP CMANTITY PRICE DEBIT AMOUNT CREPT A/40UNI 05/13/04 04/06/04 BOUGHT FNMA-30YR(FNMA)GTD 25,000,000.00 101.1093 25,277,343.75 SETT,05/04 05,50096 57900000 BS 05/13/04 04/07/04 SOLD FNMA-30YR(FNMA)GTD BERMS/04 05.500% MIK -15.000.000.00 101.5625 15,234375.00 57540000 BS 05/13/04 04/16/04 SOLD FNMA-30YR(FNMP)GTD 10,000,000.00 100.7500 10,075,000.00 SETT,05, 04 m"05.500% 57470000 BS TOTAL $25.277.343.75 $25.309.375.00 Motto., Int bJ nol mom: in say elhc. eaban of Iho Malret 027 050104;13:17 001 V830 EFTA00195915

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wsvw.bearstearns.cOm What's In This Statement IIIII I 1111111111 I I Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 16 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 12,671,042 LONG ACCRUED INTEREST 260,903 NET CREDIT BALANCE 29,336 NET EQUITY THIS PERIOD Cash 8 Equviaieni $29.336 $237.245 fired income Al2,671042 $14.475.669 MI Current market vane $12,961,281 gjp Last statements market value NET EQUITY LAST STATEMENT 14,891,267 CHANGE SINCE LAST STATEMENT -1,929,986 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. FINANCIAL TRUST CO INC STATEMENT clam February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On Ede LAST STATEMENT February 27.2004 Ate, TM, EmYRREX a PRoBBBRABI ptxpOSts only Ikea flooded sonar dcont The otatsenurc should be retailed for your words Soo worn ode for swan nrchnsce 027 0801.04:12:31 001 Y829 EFTA00195916

GEARED 'THROUGH RS YillOtlY GRATED $0891010RY FINANCIAL TRUST CO INC 2 01 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0.01,00:12:31 001 Y829 EFTA00195917

CLEARED THROUGH ITS PROSY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 Cash Flow Analysis THIS PERIOD Income Summary PERIOD YEAS TO DATE Opening Balance $237.245.02 Govt. Agency Int. 925.341.52 2.369.796.22 Corp. Bond Int. 207.331.92 629,701.94 Secudties Sold 79.344.186.00 Reverse Repurchase Int. 0.00 1,772.78 Dividends Interest 1.132.673.44 Total $1.132.673.44 $3,001,270.94 Miscellaneous 431,844.36 Bond Purchase Int. -26,831.32 -202,800.03 Amount Credited $80,908,703.80 Margin Int. Paid -536.94 -1,770.70 Secudties Bought -50,162,398.32 Repurchase Int. Exp. -13,749.27 -18,607.48 Dividends Interest Charged -27.368.26 Miscellaneous -30,926,845.89 Portfolio Composition Amount Debited $-81,116,612.47 CashICash Equivalent 29,336 Net Cash Activity -207.908.67 Fixed Income 12.671,042 ClosingBalance $29.336.35 Total $12,700,378 Cash Balance Summary CPUs NG CLOSP1G Margin 237,245.02 29.336.35 Net Cash Balance $237,245.02 $29,336.35 027 0101,04:12:31 001 FINANCIAL TRUST CO INC STATEMENT PERK* February 28.2004 THROUGH MUCH 31.2004 ACCOUNT NUMBER TAXPAYER NLAISER On File LAST STATEMENT February 27.2004 Your Portfolio Allocation Cash 8, Equivalent -- <1% — Fixed Income 99% UnWooed croons 0en,* 0etot beence onto* lope male vela, The elopers. ;event'', 6, pewee kern to etnel.te merlon rat), el )TV peekee V829 EFTA00195918

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPTION CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $29,336 SYMBOLtuSIP MARKET ESTIMAIED CURPENT QUANTITY PRICE VALUE !MS INCOME GILD I%4 29.336 FIXED INCOME Government & Agency Obligations DESCAMBON SWI3OUCUSP ACCT TYPE OLIAMITY PRICE MARIO VALUE ACCRUED MEREST ESTIAME0 ANNUAL INCOIEE CURFGVr YEW DE/ FEDERAL HOME LOAN MTG CORP MRGN 22,024,853 8.5574 1.884.745 61,764 1.389,768 73.7377 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY MY DUE 02/15/2032 6.310% FACTOR - .36708089 FEDERAL HOME LOAN MTG CORP MRGN 9.447,624 7.8198 738.786 24,816 558.355 75.5774 SERIES 2526 CLASS SI DATED DATE 10/01/02 6001E ENTRY ONLY DUE 02/15/2032 5.910% FACTOR - .36708088 FEDERAL HOME LOAN MTG CORP MRGN 33.108.930 1.8536 613.709 14,710 331.089 53.9489 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR - .33108931 FEDERAL HOME LOAN MTG CORP MRGN 16.665.093 9.2678 1.544.495 51.180 1.151.558 74.5589 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 0345/2032 6.910% FACTOR - .33330190 CLEARED 1.4Roue,' Its ypiCALY OGY.E0 SU8SIOany Beer Sown FINANCIAL TRUST CO INC STATEMENT PERGO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MANGER On File LAST STATEMENT PeOruEuy 27.2004 02/ 04,01.04:12:31 001 7829 EFTA00195919

CLEARED THROuGH ITS MIPS? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 CI Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRPTION sweets:us') ACC' TYPE OUAMTITY PRICE IAARKET VALLE ACCRUED MEREST ESTEM1E0 ANNUAL INCOME CURRINT YEW IY4 FEDERAL HOME LOAN MTG CORP MRGN 19.226.497 7.5682 1.455.093 50,503 1.136.286 78.0903 SERIES 2483 CL SL DATED DATE 07/02402 BOOK ENTRY ONLY DUE 03/15/2032 5,910% FACTOR - .33330189 FEDERAL NATIONAL MTG ASSN MRGN 17.711.055 10.1397 1.795.843 17.445 1.046.723 58.2859 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/262033 5.910% FACTOR — .72864740 Total Government& Agency Obligations 58.032.671 $220.418 $5.613.779 Corporate Bonds ACV KCRUED ESTMATE0 CURREN DESORPTION S`1A9CLCLISP TYPE OUANMY PRICE MARKET VALLE 'DETEST ANNUAL INCOME Yew Mt FANNIE MAE CMO/SERIES 2003-13 MRGN 35,152,293 13.1951 4.638.371 40,485 2.429,023 52.3680 S RCR-00 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR - .70304589 Total CorporateBonds $4.638.371 $40,485 $2.429.023 TOTAL FIXED INCOME $12,671,042 $260,903 $8.042.802 FINANCIAL TRUST CO INC STATEMENT PEF000 February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT February 27.2004 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $260.903 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $8.042.802 YOUR PRICED PORTFOLIOHOLDINGS $12.700.378 027 0101,04:12:31 001 EFTA00195920

CLEARED THROUGH ITS INTIM? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 cl 't, Repurchase and Reverse Repurchase Transactions with Bear, Stearnsand Co. Inc. outstanding as of date of statement PLACKASS, START DATE REPURCHASE DATE PIECING PATE PURCHASE PRICE PRINOPAL ACCRUED REPO MEREST* OUNETITY (FACE AMOUR) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/08/04 04/08/04 1.300 -7,107,000 -6.159 -44,000,000 SERIES 2004-5 CLASS P 5.8600 02/20/33 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 03/08/04 04/08/04 1.300 -2,376,000 -2.059 -5,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/24/04 04/08/04 1.300 -8.523.000 -2.462 -10.000.000 SERIES 2004-2 CLASS S 12.2200 01/16/34 YOU SOW FNMA-SMBS PRINCIPAL ONLY (REPO) 03/24/04 04/08,04 1.300 -4,340,000 -1.253 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/25/04 04/08/04 1.300 -100,000 -25 -44.389.962 SERIES 2004-2 CLASS S 6.1100 01/16/34 YOU SOLO USIR 3.2500 01/15,09 (REPO) 03/26/04 OPEN 1.000 -10,275.000 -1.761 -10.000.000 YOU SOLD USIR 3.0000 02/15/09 (REPO) 03/26/04 OPEN 0.940 -20,250,000 -2.947 -20.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS 5-52.971.000 $-16,666 'AS Or :WO-NM CliC0 FINANCIAL TRUST CO INC STATEMENT PEW* February 28.2004 THROUGH March 31.2004 ACCCUNT NUMBER TAXPAYER PANDER On Edo LAST STATEMENT February 27.2004 027 DADIO4:12:31 001 V829 EFTA00195921

B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 7 c, Transaction Detail INVESTMENT ACTIVITY CLEARED THROuGH ITS wHOELY (MEC> SONOMA!, Beer Stern FINANCIAL TRUST CO INC STATEMENT PERKO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT February 27.2004 SErtEriful IRAN: DATE DA7E TRANSACTION DESORPTION SY1A3011COSIP GUMMY PRCE DONT AMOUNT MCP MIOUN! 03/05/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 -26,911 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1600 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5.910 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6.910 DUE 03/15132 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CUSS SE 6610 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CUSS SI 5.910 DUE LY2/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP4503602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 03-15-04 -1,439,000 -543 -835.948 .724.581 .900.106 .386.103 26.911.30 07/ 0401,04:12:31 001 11829 EFTA00195922

CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 8 CI Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE 03/15/04 TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01/32 PRIN RID 02-04 P,D 03-15-04 REPO P 8I 0,0000 03/24/04 03/19/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 12,220% 0987022118332 REF # 2004031957100000 BS 03/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 02-04 P,D 03-25-04 REPO P 8I 0,0000 03/25/04 PRINCIPAL FANNIE MAE CMOSERIES 2003-13 S RCR-I0 FLTR 6,910 DUE 03/25/33 PRINCIPAL REDUCTN 03-2504 03125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,910 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-04 01/29/04 03/25104 BOUGHT UNITED STATES TREASURY NOTE DUE 01/15/2009 03,250% II IS SPECIAL INSTRUCTIONS EVER REF # G0851009 A3 AS OF 03/25/04 01/29/04 03/25104 BOUGHT UNITED STATES TREASURY NOTE WE 02/1512009 03,000% FA 15 SPECIAL INSTRUCTIONS EVER REF # G0851011 Al $9180..VISP OUPARRY PRCE FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MASER On FIIB LAST STATEMENT February 27.2004 DEIST AMOUNT CREDIT AMOUNT 55,386.25 9,880,596 100.37500 ACCR. INT. 9,91 7.649.04 26.831.31 210.888.45 -853.249 429.899 10,000.000 ACCR. INT. 0.01 20 000 000 0.01 TOTAL $.9.944.480.37 $293,186.00 027 OA 01,04:12:31 001 EFTA00195923

CLEARED THROWN ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 9 o Transaction Detail (continued) INTEREST FINANCAL TRUST CO INC STATEMENT PERK* February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER 0fl PIM LAST STATEMENT February 27.2004 DATE DESORPTION SYMBOL CU$1P OVANTITY RATE I%; DEBIT AMOUNT OTEDII AMOUNT 03/01/04 AVG BAL 161,125RT 4.137 536.94 021 OFFICE INTEREST 0204 03/15/04 FEDERAL HOME LOAN MTG CORP MIS 1.0000 28,790.40 SEBES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 03-15.04 03115/04 FEDERAL HOME LOAN MTG CORP 5.9100 98.734.31 SEBES 2483 CL SL DUE 03/15/2032 5,910 INTEREST PAYMENT 0.3-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP NMI 6.9100 100.072.08 SEBES 2488 CLASS SO DUE 03/15/2032 6,910 INTEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP NMI 6.3100 120.463.40 SERES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 48.395.21 SERES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 03-15.04 03/16/04 GOVERNMENT NATIONAL MTG ASSN NMI 6.1050 224.721.09 SERES 2004-2 CLASS SB DUE 01/1612034 6,105 INT RID 03-04 P,D 03-16-04 REPO P 8I 6,1056 03/22/04 GOVERNMENT NATIONAL MTG ASSN 5.8580 214.820.83 SERES 2004-5 CLASS PS DUE 02/20/2033 5,858 INT RID 02-04 P,D 03-20-04 REPO P 8I 5,8587 03/25/04 FANNIE MAE CMOISERIES 2003-13 6.9100 207,331 92 S RTR DUE 03125/2033 6,910 INTEREST PAYMENT 03-25.04 027 0401.04:12:31 001 EFTA00195924

CLEARED THROUGH ITS YOIGUY GREED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 10 0 0. Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 03/25/04 FEDERAL NATIONAL MTG ASSN SALES 2003-49 CLASS SW DUE 01/25/2033 5.910 INTEREST PAYMENT 03-25-04 STMBOLCVSIP FINANCIAL TRUST CO INC STATEMENT PERIOD Fthruant 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NNEER On PIM LAST STATEMENT PeBMW)! 27.2004 cvmrny RATE I%1 Oen AMOUNT CAW AMOUNT 5.9100 89,344.20 TOTAL $-536.94 $1.132.673.44 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co. Inc. SETREIASNT TRACE DATE DATE TRANSACI1ON DUCKPIN:11 SYMECECUSIP WNW, OBIT mow CREDIT AMOUNT 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5.551.860 4,362,000.00 STRIP MTG SERIES 322 CL PO 0,001 2 FITM BZ TERM ENT 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 102 FITM B1 REPO A 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE I FITM AZ TERM MENT 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CUSS PO DUE I ATM At REPO A 03/01/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03jar. 0,001 ATM BZ REPO I -5.551.860 4.382.000.00 2.112.812 1.580.000.00 .2.112.812 1.591.000.00 472.55 027 0401,04:12:31 001 Y829 EFTA00195925

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 11 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEmDir TRADE DATE DATE TRANSACTION DESORPTION 03/01/04 INTEREST FEDL HOME LOAN PM CORP#503602 SERIES 223 CLASS PO DUE lair. 0,000 FONT AZ REPO I 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM 11.33 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM la31 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 1032 FILM B2 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 FITM BZ TERM ENT 03108104 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 1 FITM M A RA TERM ENT 03/08104 JOURNAL FEDL HOME LOAN MTG CORPNS03602 SERIES 223 CLASS PO DUE 1 FITM At REPO CLEARED THROuGH ITS ypiCtLY Onx*0 SURSIOally Beer Stern FINANCIAL TRUST CO INC STATEMENT PERGO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT February 27.2004 STMOCCCUSIP OUPAMIY PST AMOUNT CREDRAMOUNI 171.17 MI= -5.340.971 307.000.00 MEM -5.340.971 4.307.000.00 5 340 971 4,307,000.00 MIMI" 5,340,971 4.382,000.00 2.057.426 1,591,000.00 -3,057,097 2.376.000.00 02/ 0401,04:12:31 001 YS29 EFTA00195926

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 12 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CLEARED 114sOuGH Its yalCy1.7 001,40 SUEISIOally Beer Stern FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT February 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPSON STAIBECCUSIP OUNGITY OMIT AMOUNT CREDIT AMOUNT 03/08/04 JOURNAL FEDL HOME LOAN MM CORD#503602 3,057,097 2,376,000.00 SERIES 223 CLASS PO DUE I FITM A2 REPO OT08/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE Frrm A3 REPO 03#18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,t05 RIM 311AZ TERM ENT 03/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,105 FITM 11.31 REPO A 0108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS 5,858 FITM Rn3Z TERM ENT 03108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-S CLASS PS FITM SAIS8 JUMP REPO 03/08104 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0001 FITM BZ REPO I -3,057,097 2,376,000.00 44,166,735 2,000,000.00 -44,166,735 4.544.000.00 44.000.000 6.209.000.00 -44.000.000 7.107.000.00 1.107.67 07/ 0401/04:12:31 001 YS23 EFTA00195927

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STAID:UMW °WRIT', OMIT AMOUNT 03/08/04 INTEREST FEDL HOME LOAN MTG CORP#503602 402.17 SERIES 223 CLASS PO DUE l ob 0.000 FITM AZ REPO I 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/ 6.105 FITM AZ REPO I 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE lip 5,858 FITM BZ REPO I 03/19/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 FITM B4 TERM ENT 03/19/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP KM SERIES 322 CL PO DUE 03310 0.001 FITM B4 REPO I 01241:14 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 ..32 FITM Al REPO A Dat241:14 JOURNAL GOVERNMENT NATIONAL WS ASSN SERIES 2004-2 CLASS SB 6,110 ' FITM Al REPO CLEARED THRouGH ITS %snort Cnm,EO SUEsSiOany Beer Mown m FINANCIAL TRUST CO INC STATEMENT PERK* Femmes)/ 28.2004 THROUGH March 31.2004 AccouNT NUMBER TAXPAyER NUMBER On File LAST STATEMENT Femmes)/ 27.2004 CREDIT AMOUNT 1.877.78 6.950.63 5.340.971 307.000.00 121.95 -5.340.971 4,340,000.00 -43.859.035 552,000.00 027 040004:12:31 001 V829 EFTA00195928

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 14 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRFRION 03!24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 FITM RIII.32 TERM ENT 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220 34 FITM Al REPO 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12,220.1134 FITM 012 REPO A 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12.220S34 FITM A3 REPO A 03/24/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01! 6.110 FITM B2 REPO I 03/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110Mt / FITM Al REPO 03/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,11 FITM0 WA2 TERM MENT CLEARED THRouGH ITS yinCyty OmY*0 SUOSIOany Beer Steam FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 AccouNT NUMBER TAXPAYER WIASER On File LAST STATEMENT Estrum)/ 27.2004 STAIDECCUSIP OVAAMTT DEBIT AMOUNT CREDIT AMOUNT 43,859,035 4.544,000.00 -9,880,596 8.021.000.00 9.880.596 8,021,000.00 -9.880.596 8.523.000.00 2.625.42 -43.859.035 100.000.00 43.859.035 552.000.00 027 0.01,00:12:31 001 429 EFTA00195929

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 15 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTIMI STAIDECCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 01,25 04 03/26/04 03/2844 INTEREST JOURNAL JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE Mill 6,110 FITM A2 REPO I UNITEDWEASURY NOTE FITM AI 3,250 REPO AGREEMENT UNITED EASURY NOTE FITM AI 3.000 09 REPO AGREEMENT MIS -10,000,000 -20,000,000 19.93 10.275.000.00 20.250.000.00 TOTAL 6-40,244.749.27 $79,051.000.00 MISCELLANEOUS CLEARED limouGH ITS miCLLY OMTLED SITEISIOTAlly Beer Stern FINANCIAL TRUST CO INC STATEMENT PERIOO February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MAGER On File LAST STATEMENT February 27.2004 DATE 1.10MAT TRANSACTION DESCRIPTION DENT AMOUNT CREW AMOUNT 03/01/04 JOURNAL FITG FITM 33,513.00 03/02/04 JOURNAL FITG FITM 222,355.00 03/04/04 JOURNAL FITG FITM 3.00 03/11/04 JOURNAL FITG FITM 58,309.00 0312/04 JOURNAL FITG FITM 113.00 0315/04 JOURNAL RIG RIM 226.00 03/15/04 JOURNAL FEB 04 SPEC CLEARING FEES 450.00 03/19/04 JOURNAL FITG FITM 58,990.00 03/23/04 JOURNAL FITG TO FITM 431/28.00 03/25/04 JOURNAL MISC ADJ TO CASH BAL 0.50 027 EPL01,04:12:31 001 2829 EFTA00195930

CLEARED THROuGH ITS WHOLLY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 16 0 Tt. Transaction Detail (continued) MISCELLANEOUS (continued) DATE MaIDAT TRANSACTIM DESCRIPTION DENT AMOUNT CREPT AMOUNT 03/25/04 JOURNAL MISC ADJ TO CASH BAL 036 03/30/04 JOURNAL FITM TO FITG 30.553.002.39 TOTAL $-30.926.845.89 $431.844.36 Your messages LW' Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company. CAPCO has an A-i- financial strength rating from Standard and Pools, End of Statement FINANCIAL TRUST CO INC STATEMENT PERK* February 28.2004 THROUGH March 31.2004 ACCOUNT NUMBER TAXPAYER MASER On PIM LAST STATEMENT February 27.2004 The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments. Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments, Additionally, you may review this information online at the following NASD web site: http://vwr.nasdr,comibreakpoints_statement,asp 027 041:11,04:12:31 001 V829 EFTA00195931

CADAREO THROUGH ITS yonxty °ABED SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE twat bearstearns.com What's In This Statement 11111111111111111 I I Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 18 STE B3 ST THOMAS VI 00802 Beef &aro Seorir . FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 AccouNT NUMBER TAXPAYER NUMBER On File LAST sTATEmENT January 30.2004 Your Portfolio at a Glance Cash 8 Eqtivalent Market Value of Your Portfolio $237245 I S-13.933.518 TOTAL VALUE OF SECURITIES THIS PERIOD 14,475,669 LONG ACCRUED INTEREST 178,353 Fixed $14 475.669 ............ c,„„, .............c,„„, ...... . Income 532.720.098 ItitaineEFFIEM- = ,, .. ,,,,,,,, .. .............. .. ............ NET CREDIT BALANCE 237,245 Current market vane NET EQUITY THIS PERIOD $14,891,267 MIMI Last statements market value Short market value NET EQUITY LAST STATEMENT 19,401,851 CHANGE SINCE LAST STATEMENT -4,510,584 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. SIK lb" wrouri 11 for drab:nal ptrposes only It is rot sanded sonar cloyenta Pas Mtwara should Da Maned for your records Soo rasa We for inponart neconaton 027 02/28,04:11:32 001 V828 EFTA00195932

GEARED IHROUGH 11S YAIOtlY OMAE0 $1.1890MAY FINANCIAL TRUST CO INC 2 el is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,2800:11:22 001 Y828 EFTA00195933

CLEARED THROUGH ITS YOICISY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 3 Cash Flow Analysis THIS PEWOO Income Summary PEFICO YEAS TO GATE Opening Balance 8-13,933,517.82 Govt. Agency Int. 935.620.64 1.444.454.70 Corp. Bond Int. 210.215.02 422,370.02 Securities Sold 47,957,263.09 Reverse Repurchase Int. 353.90 1,772.78 Dividends Interest 1,163,014.99 Total $1,146,189.56 $1,868,597.50 Miscellaneous 12,615.00 Bond Purchase Int. 0.00 -175,968.71 Amount Credited $49,132,893.08 Margin Int. Paid -1.233.76 -1,233.76 Securities Bought -34,888,580.15 Repurchase Int. Exp. -4.858.21 -4,858.21 Dividends/Interest Charged -18,413.09 Miscellaneous -55,137.00 Portfolio Composition Amount Debited $-34,962,130.24 CasttlCash Equivalent 237,245 Net Cash Activity 14,170,762.84 Fixed Income 14.475,669 ClosingBalance $237.245.02 Total $14,712,914 Cash Balance Summary OPENING CLOSING Margin -13.933.517.82 237,245.02 Net Cash Balance $-13,933.517.82 $237,245.02 027 02/24.04:11:12 001 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER MAGER On Ale LAST STATEMENT January 30.2004 Your Portfolio Allocation Cash & Equivalent • I% L Fixed Income 99% UmPocled pormas oeno* oaee Delace onto* 'MoI male wives The Mamma, I:events-0 ta PE•uea Irmn Vo ebTaLte male, rat), of Nat polloaa 1828 EFTA00195934

CLEARED THRouGH ITS infiCtLY OmED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 c, Your Portfolio Holdings CASH & CASH EQUIVALENTS oFsCRP-iou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS 5237.245 S•meCL 0./StP rAAPxET ESTIMATED CuAPENT OuANTITy PACE VALUE ANNUAL INCOME VEtO 237,245 FIXED INCOME Government & Agency Obligations DESCRIPTION Acc- S'•NECu.USP TYPE OuANTOY PRICE IAARKET VALLE /COVED MEREST ESTEM1E0 ANNUAL MOM CURFerr rep N FEDERAL HOME LOAN MTG CORP MRGN 22.924.959 8.8816 2.036.100 48,180 1.445,419 70.9896 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.305% FACTOR .38208265 FEDERAL HOME LOAN MTG CORP MRGN 9,833.727 8.0878 795.328 19.357 580,682 73.0116 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.905% FACTOR .38208264 FEDERAL HOME LOAN MTG CORP MRGN 34,548.473 2.0083 693.849 11.520 345.485 49.7925 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 031152032 1.000% FACTOR .34548474 FEDERAL HOME LOAN MTG CORP MRGN 17,389,674 9.7269 1.691.474 40.025 1.200,757 70.9888 SERIES 2488 CLASS SO DATED DATE 0710802 BOOK ENTRY ONLY DUE 031152032 6.905% FACTOR .34779352 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER AAJLA3ER On File LAST STATEMENT January 30.2004 027 022&00:11:32 001 Y829 EFTA00195935

CLEARED THROUGH ITS YAIOU.Y OH/E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 5 0 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCFSVION swect.cusP ACC' TyPE OUAMTITY PRICE IAARRET VALUE ACCRUED MEREST ACCOUNT NUMBER TAXPAYER NU03ER On File LAST STATEMENT January 30.2004 ESTMATE0 CURNSS1T ANNUAL /COME VELD IV FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/0202 BOOK ENTRY ONLY DUE 03/15/2032 5905% FACTOR — .34779351 FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DATED DATE 12/01102 BOOK ENTRY ONLY DUE 12/01/2032 FACTOR - .62787892 FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW DATED DATE 04/3003 BOOK ENTRY ONLY DUE 01/2512033 5.910% FACTOR — .74633379 Total Government& Agency Obligations MRGN MRGN MRGN 20.062.445 1.026.582 18.140.954 7.8695 83.1875 10.8000 1.578.811 853.988 1.959.214 $9.608/64 39,491 5.955 $164.528 1.184.687 1.072,130 $5,829,160 75.0367 54.7225 Corporate Bonds DESCRPRON SWASOLKAISP ACCT TYPE QUANTITY PRICE TAMIXET VALUE PRIEST KUM ANNUAL ESTIAME0 INCOME CURFEW YEW 1161 FANNIE MAE CMO/SERIES 2003-13 S FICR-1/0 FLTR DATED DATE 02/2503 BOOK ENTRY ONLY DUE 03125/2033 6.910% FACTOR — .72011086 Total CorporateBonds MRGN 36.005,542 13.5171 4.866.905 54.866.905 13,825 513.825 2.487,983 52.487.983 51.1204 TOTAL FIXED INCOME 514 475 669 $178.353 58 317 143 027 01:24.04:11:12 001 EFTA00195936

CLEARED THROUGH ITS MOW? OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 6 o • t, Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $178.353 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $8.317.143 YOUR PRICEDPORTFOLIOHOLDINGS $14.712.914 Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co. Inc. outstanding as of date of statement PIAICHASEI REPURCHASE START DATE DATE PRCIN3 RATE PURCHASE PRICE FRINCWAL ACCnVED PEEP N'ERESP Comniri (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLO GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/06/04 03/08/04 1.300 -6,209,000 -5,381 -44.000.000 SERIES 2004-5 CLASS P 5.8587 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/11/04 03/08104 1.300 -2.000.000 -1.372 -44.389.962 SERIES 2004-2 CLASS S 6.1056 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 -4,362,000 -472 -15,000,000 SERIES 322 CLASS PO 03/01/32 YOU SOLD (REPO) 02/27/04 03/01/04 1.300 -1,580,000 -171 -3,365,000 FHLMC- STRIP PRINCIPAL ONLY TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS 5-14,151,000 $-7,396 'ASH sLnunoni clan FINANCIAL TRUST CO INC STATEMENT PERIOD January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER WEIMER On File LAST STATEMENT January 30.2004 027 02,2600:11:22 001 '28 EFTA00195937

B STUR URNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 7 c, Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION STLJEKLEUS4' ACCOUNT! NUMBER TAXPAYER WINNER On Flle LAST STATEMENT January 30.2004 WASHY Pula DEIST AMOUNT CRUM AXIOM 02/06/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -51,286 02/06/04 PRINCIPAL STRIP MTG SERIES 322 CL PO 0.001 DUE 03/0I/32 PRINCIPAL REDUCTN 02-25-04 FEDL HOME LOAN MTG CORP#S03602 -48,366 SERIES 223 CLASS PO WE 12/01/32 PRINCIPAL REDUCTN 02-15-04 02/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN MIN 51,286 02/09/04 JOURNAL STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 ADJ POS MO 2/2/04 FEDL HOME LOAN MTG CORP#S03602 48,366 02/17/04 PRINCIPAL SERIES 223 CLASS PO WE 12/01/32 ADJ POS M3 2/2/04 FEDERAL HOME LOAN MTG CORP -995.746 02/17/04 PRINCIPAL SERIES 2471 CLASS YT 1.000 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 FEDERAL HOME LOAN MTG CORP -578,234 02/17/04 PRINCIPAL SERIES 2483 CL SI. 5905 DUE 03/15132 PRINCIPAL REDUCTN 02-15-04 FEDERAL HOME LOAN MTG CORP -501,201 02/17/04 PRINCIPAL SERIES 2488 CLASS SO 6.905 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 FEDERAL HOME LOAN MTG CORP -602,327 SERIES 2530 CLASS SE 6,305 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP Mir -258.370 SERIES 2526 CLASS SI 5.905 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 CLEARED ',Knot p," ITS OMTS0 SUBSO,Any Beer Stepp FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH Faxing 27.2004 027 02.2404:11:32 001 Y829 EFTA00195938

CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 8 c. .t. Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE DATE TRANSACT/3N OESCRPTION St)180.CUSP OCAS/TIT( PRCE 02/17/04 02/25/04 02/25/04 02/25/04 02/27/04 02/25/04 PRINCIPAL PRINCIPAL PRINCIPAL PRINCIPAL BOUGHT FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 02-I 5-04 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 02-25-04 FANNIE MAE CMO/SERIES 2003-13 S RCR-VO FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 02-25-04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 02-25-04 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO MIS MEI -553,592 -278,921 3,701,240 87.87500 1.0 4013,001% 6210000 BS FINANCIAL TRUST CO INC STATEMENT PERO° January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER Wiii3ER Cfl File LAST STATEMENT January 30.2004 DEBIT AMOUNT CREDIT MA3UNT 48,366.15 51.285.95 3,252,464.83 TOTAL $.3.252A64.83 $99.652.10 INTEREST DATE OESCRPTION SYMEICIJOUSIP OUONMY RATE 1%/ DENT mow CREDIT AMOUNT 02/02/04 AVG 8AL 828.258RT 1.730 1,233.76 021 OFFICE INTEREST 0104 02/17/04 FEDERAL HOME LOAN MTG CORP 1.0000 29.620.18 SERES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 02-15.04 027 02,2&04:11:22 001 .828 EFTA00195939

CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) INTEREST (continued) ACCOUNT NUMBER TAXPAYER AMBER Ofl PIM LAST STATEMENT January 30.2004 DATE DESCRIPTION STIABOI-EVSIP °VANN'? RAM IN) DEBIT AMOUNT CREW AMOUNT 02/17/04 FEDERAL HOME LOAN MTG CORP 5.9050 101,48334 SERIES 2483 CL SI. DUE 03/15/2032 5,905 INTEREST PAYMENT 02-15-04 02/17/04 FEDERAL HOME LOAN MTG CORP 6.9050 102.872.54 SERES 2488 CLASS SO DUE 03/15/2032 6,905 INTEREST PAYMENT 02-15.04 02/17/04 FEDERAL HOME LOAN ma CORP MIS 6.3050 17,179.33 SERES 2530 CLASS SE DUE 02/15/2032 6,305 INT IUD 01-04 P,D 02-15-04 REPO P E I 6,3000 02/17/04 FEDERAL HOME LOAN ma CORP 6.3050 123,518.25 SERES 2530 CLASS SE DUE 02/15/2032 6,305 INTEREST PAYMENT 02-15.04 02/17/04 FEDERAL HOME LOAN ma CORP 5.9050 49,619.48 SERES 2526 CLASS SI DUE 02/15/2032 5,905 INTEREST PAYMENT 02-15.04 02/17/04 GOVERNMENT NATIONAL MTG ASSN 6.0800 224,909.14 SERES 2004-2 CLASS SB DUE 01/16/2034 6,080 INT RID 02-04 PM 02-16-04 REPO P d I 6,0800 02/18/04 FEDERAL HOME LOAN BOG CORP 6.3050 17,179.33 SERES 2530 CLASS SE DUE 02/15/2032 6,305 REV ENTRY NO 2/17 02/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8100 213,033.33 SERES 2004-5 CLASS PS DUE 02/20/2033 5,810 INT R/D 01.04 PM 02-20-04 REPO P S I 5,8100 027 CQ4604:11:32 001 •x828 EFTA00195940

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 02125/04 FANNIE MAE CMG/SERIES 2003-13 S RCR-6O RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 02-25.04 SYMBOLCvSiP CLEARED THRouom ITS mow, CAN,E0 SUONIXAny Beer Ster FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH Faxing 27.2004 AccouNT NUMBER TAXPAYER MNSER On He LAST STATEMENT January 30.2004 OcANnly RATE I% DEBIT AMOUNT CREDIT AMOUNT 02/25/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 02-25.04 6.9000 210,215.02 5.9000 90.564.38 $.18.413.09 $1.163.014.99 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MOE DATE DATE TRANSWION DESORPTION SYMBOLCVSN, MAMA, DENT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN -1.901.906 1.477.000.00 STRIP MTG SERIES 322 CL PO 0,001 102 FITM Al REPO A 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FITM r2 REPO 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP NM SERIES 322 CL PO 0,001 11032 FITM A3 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300w FITM A2 TERM ENT 1.901.906 1.477.000.00 -1.901.906 1.477.000.00 20.255.032 027 02,2800:11:22 001 Y828 EFTA00195941

CLEARED TNRoue,' ITS yruCyLv OmTEO SUOSIOally B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) Beer Steam FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER ARAISER On File LAST STATEMENT January 30.2004 SEMEmENT TRADE DATE DATE TRANSACTION DESORPTION STMOCCCUSIP OVANOTT CESIT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 3,272,253 SERIES 2530 CLASS SE 6,300R0Euparni FiTMARGN A2 TERM NT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FITM 111.18 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FiTM 1.1# 3138 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FiTM At REPO A 02(02;04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 FiTtv1 11.2 REPO A 02O2104 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 W2 FiTI1/41 AlA REPO A 02O2104 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6 300 2 F A3A REPO A -648360 48.635.95 -648360 48.635.95 -3.272.253 245.000.00 3.272.253 245.000.00 -19.606.071 1.469.364.04 -19.606.071 1,469,364.04 027 02/2604:11:12 001 V828 EFTA00195942

CLEARED THROUGH ITS WHOLLY CALY80 SUBSIDIARY B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPT1CN STMOCCCUSIP OUJARITT DEBIT AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 20,255,032 1,518,000k0 SERIES 2530 CLASS SE 6,300pW2 FiTtA A2 REPO 02102/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE ATM 81 REPO 02/02/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE ATM lip B2 REPO A 02/02/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE ATM 211. 83 REPO A 02(02;04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW 5,900 FiTM AI REPO A 02'02'04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003.49 CLASS SW 5,900 F WA2 REPO A 02'02'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS F 5,81 m0 it3 a Al REPO A Rem Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER KAISER OR He LAST STATEMENT January 30.2004 CREDIT AMOUNT -3,187,760 2,336,000.00 3,187,760 2,336,000.00 -3,187,760 2.336.000.00 -18.419.876 1.551.000.00 18.419.876 1.551,000.00 -44,000.000 6.336.000.00 027 02/24.04:11:12 001 V828 EFTA00195943

cLEARED RouGH ITS vniCyLv OGY*0 MAMIE/any B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COMMIS) SETTLEMENT TRADE DATE DATE TRMISACRON DESCRIPRON Bear Sown ir FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER NLAGER On File LAST STATEMENT January 30.2004 SYMEIECCUSIP MANDY, DEBIT AMOUNT CREDIT AMOUNT JOURNAL ADP CD FILM-PR INTEREST ADP CD DUE 1213 02/04/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 02/06/04 JOURNAL 26 2.075.000.00 GOVERNMENT NATIONAL MTG ASSN -44.389.962 SERIES 2004-2 CLASS SB 6.080 FITM Mal REPO A FEDERAL NATIONAL MTG ASSN .1.850.620 STRIP MTG SERIES 322 CL PO 0.001 FITM Al REPO FEDERAL NATIONAL MTG ASSN NMI 1.850.620 1.477.000.00 STRIP MTG SERIES 322 CL PO F 0,00 M 1 A2 IT TERM ENT FEDERAL HOME LOAN MTG CORP NMI 648.960 48.635.96 SERIES 2530 CLASS SE 6.300 2 FILM AZB TERM ENT FEDERAL HOME LOAN MTG CORP 19.606.071 1.469.364.04 SERIES 2530 CLASS SE WM 0031. 2,AZA TERM ENT FEDL HOME LOAN MTG CORP#503602 VIM -3.139.394 SERIES 223 CLASS PO DUE I FILM 81 REPO A 353.90 193.000.00 1.424.000.00 2.277.000.00 027 02,2604:11:32 001 V828 EFTA00195944

CLEARED Tirnouorr ITS 'ARMY OunE0 SUSSIOally B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm Beer Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STMOCCCUSIP CVJAITITY LEGIT AMOUNT ACCOUNT NUMBER TAXPAYER NV's:1ER On File LAST STATEMENT January 30.2004 CREDIT AMOUNT 02/06/04 JOURNAL FEDL HOME LOAN MTG CORD#503602 3.139.394 2.336.000.00 SERIES 223 CLASS PO DUE i ATM mBZ TERM ENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.389.962 193.000.00 SERIES 2004-2 CLASS SB 6.080 FiTh1 Mt.? TERM ENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.389.962 1.952.000.00 SERIES 2004-2 CLASS SB #080 FiTM AI REPO A 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 6.209.000.00 SERIES 2004-5 CLASS PS 5.810 FITM 11.31 REPO A 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 6.336.000.00 SERIES 2004-5 CLASS PS 5.810 FiTh1 3.62 TERM ENT 02/06/04 INTEREST FEDERAL NATIONAL MTG ASSN ENE 213.34 STEW MTG SERIES 322 CL PO DUE 010 0.001 FM AZ REPO IN 02/06/04 INTEREST FEDERAL HOME LOAN MTG CORP 7.03 SERIES 2530 CLASS SE DuE 02/ 6 300 AZd REPO i 027 02,2604:11:22 001 YS2S EFTA00195945

CLEARED orsouom ITS yruCLLY OunE0 SUSSIOany B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm Beer Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE RINCRACOON DESORPTION STMOCCCUSIP OVANTITy OMIT AMOUNT ACCOUNT NUMBER TAXPAYER NV's:1ER On File LAST STATEMENT January 30.2004 CREDIT AMOUNT 02/06/04 02/06/04 02/06/04 02/06/04 0201;04 02/11;04 02/11;04 INTEREST INTEREST INEREST INTEREST JOURNAL JOURNAL JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02310. 6.300 ATM AM REPO i FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE i 0,000 ATM BZ REPO i GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 013111. 6.080 RIM A2 REPO i GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/111. 5.810 NM A2 REPO i FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 Fah( A2 TERM ENT FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 2 FiTM A3 TERM ENT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB ENE 1.850.620 -1.850.620 44 389.962 337.42 13.94 915.20 1.424.000.00 1.952.000.00 1.424.000.00 6.080 FITM 3.1 34A2 TERM MENT 027 02,2604:11:22 001 VS2S EFTA00195946

CLEARED THRouom ITS OuYED SUSSIDany B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEmENT TRADE DATE DATE TRANSACTION DESORPTION 02/11/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB REPO Al REPO 02/11/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM A2 REPO i 02111/04 INEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 0.001 FITM A3 REPO i 02H 1/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 011 6.080 FITM A2 REPO IN 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO COOT 2 FUN A4 TERM ENT 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO COOT FIT 11.31 REPO 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,00t RP M REPO Beer Sawn FINANCIAL TRUST CO INC STATEMENT PER•00 January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT January 30.2004 STAIDECCUSIP "M 9,962 11Y CESIT mAMOUNT CREDIT AMOUNT -44,38 2.000.000.00 1.850.620 257.1 352.44 1.424.000.00 257.11 -5.551.860 4.362.000.00 5.551.860 4.362.000.00 027 02/2604:11:12 001 YS2S EFTA00195947

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. =Pm CLEARED THRomem ITS yniCyLY OmY*0 SUOSIO,Any Beer Sown FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRSMON STMOCCCUSIP OUANTITT OMIT AMOUNT =cosi! NUMBER TAXPAYER NLAISER On FIk LAST STATEMENT January 30.2004 CREDIT AMOUNT 02/27/04 JOURNAL FEDERAL NATIONAL MTG ASSN -5,551,860 4.362.000.00 STRIP MTG SERIES 322 CL PO 0,001 FiTM 11•3 REPO 02/27/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 .1.610.509 1.205.000.00 SERIES 223 CLASS PO DUE ATM Al REPO 02/27/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 1.610.509 1,205,000.00 SERIES 223 CLASS PO DUE ATM lir A2 REPO A D2(27(04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 -2.112.812 1.580.000.00 SERIES 223 CLASS PO DUE 1 211. FIN A3 REPO A D2(27(04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 3.139.394 2.277.000.00 SERIES 223 CLASS PO DUE ATM 3111.1 ,32 TERM ENT D2(27(04 INTEREST FEDERAL NATIONAL MTG ASSN ENE 1.079.87 STRIP MTG SERIES 322 CL PO DUE 0331. 0,001 NM A4 REPO i 02/27/04 INTEREST FEDL HOME LOAN MTG CORP#S03602 1.726.73 SERIES 223 CLASS PO DUE I 0000 ATM B2 REPO i TOTAL $-31.636.115.32 547.857.610.99 027 02,260411:32 001 EFTA00195948

CLEARED 1HR0UGH ITS YAIOU.Y omeo SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 18 Ole Transaction Detail (continued) MISCELLANEOUS DATE MOAT TRANSACTION DESCRIPTON DEBT AKUNT GRECO AMOUNT 02/05/04 JOURNAL FITG ATM 12.615.00 02/09/04 JOURNAL FITM FRO 54.687.00 02/12/04 JOURNAL JAN.04 SPEC CLEARING FEES 450.00 TOTAL 5-55.137.00 $12.615.00 Your messages oar Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company, CAPCO has an A-I- financial strength rating from Standard & Pools. End of Statement FINANCIAL. TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCCUNT NUMBER TAXPAYER AVUSER On PIM LAST STATEMENT January 30.2004 027 02,2604:11:22 001 Y829 EFTA00195949

CLEARED THRCO3H ITS YiHOLLY OWNED SUBSIDING, B STUR URNS OFFICE SERVICING YOUR ACCOUNT S m ear. Stearns Co. Inc. ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearsleams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 7 Your Messages 13 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET DEBIT BALANCE 32,720,098 615,271 -13,933,518 NET EQUITY THIS PERIOD $19,401,851 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 19,197,920 203,931 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Cash a Equwalent 11111111111111111 II FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE 83 ST THOMAS VI 00802 Market Value of Your Portfolio I a-13.933.51B $380.860 Axed Income INIIIMMIME33MIN $18.601.283 $32/20.098 Current market value In Last statements market value C Short market value FINANCIAL TRUST CO INC STATEMENT PEF000 January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER WAGER On FIk LAST STATEMENT December 31.2003 Ths summary H lot nfonnahmil pwposes otitis riot iten4h1 n a us &mows TIN Maimed shoal be Mann:11w your marls See worse ado fa ',swum ricnnaten 027 0141.134:09:20 001 7824 EFTA00195950

GEARED 110.10004 ITS WHOLLY OMAE0 $1.1090MAv FINANCIAL TRUST CO INC 2 oi la STATEMENT BACKER IS PRINTED ON THIS PAGE 021 014140:09:20 001 YS2A EFTA00195951

CLEARED THROUGH ITS WHOU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 3 al Cash Flow Analysis THIS PERIOD Income Summary 714S MEMO YEAS TO DATE FINANCIAL TRUST CO INC STATEMENT PERK* January 1.2004 THROUGH January 30. 2004 ACCOUNT NUMBER TAXPAYER MAWR On File LAST STATEMENT December 31.2003 Opening Balance $380,859.92 Govt. Agency Int. 508,834.06 508,834.06 Corp. Bond Int. 212.155.00 212.155.00 Securities Sold 9.844.310.88 Reverse Repurchase Int. 1.418.88 1.418.88 Dividends/Interest 720,989.06 Total $722,407.94 $722,407.94 Miscellaneous 219.564.00 Bond Purchase Int. -175.968.71 -175.968.71 Amount Credited $10,784,863.94 Securities Bought -24,567,419.97 Funds Withdrawn -62.716.00 Portfolio Composition Dividends/Interest Charged -175.968.71 SHORr t0N0 Miscellaneous -293.137.00 Cash/Cash Equivalent 13.933.518 Amount Debited 5-25,099,241.68 Fixed Income 32.720,098 Net Cash Activity -14,314,377.74 Total $13,933,518 $32,720,098 Your Portfolio Allocation Closing Balance 5-13,933,517.82 Cash Balance Summary OPEN NG CLIZ61/10 Margin 380,859.92 -13.933,517.82 Net Cash Balance $380,859.92 $-13.933.517.82 Short Cash 8 Equivalent 29% Fixed Income 71% UmPooecl poroo” oeno* aa0t 014, p, ancro• male< vela, The Mowry. ;events,' ty Po•aed Icon Pe etnol.te mo*eT rat), of >vv p tkno 027 014144:09:20 001 V824 EFTA00195952

CLEARED THROUGH ITS INHOU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS oTsCRP-iou CASH BALANCE TOTAL CASH & CASH EQUIVALENTS $-13.933.518 S•AICLO.,StP MAPXEI ESTIMATED CuARENT Oumarry PACE vtLuE ABM& MCCUE 1'601%) -13,933,518 FIXED INCOME Government & Agency Obligations DESCRIPTION ACC' SweCt.CuSP BRE Olmorir* PRICE MARKET VALLE ACCRUED MEREST ESTMATE0 ANNUAL INCOME CURFGVr YEW 114 FEDERAL HOME LOAN MTG CORP MRGN 10,092.097 10.5957 1.069.327 24.811 595,434 55.6831 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 0'2/15/2032 5.900% FACTOR .39212142 FEDERAL NATIONAL MTG ASSN MRGN 1,901.906 85.5000 1.626.130 2 19 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03101/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 35,544,219 3.6201 1,286,725 14.810 355.442 27.6238 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR .35544220 FEDERAL HOME LOAN MTG CORP MRGN 17,890.875 11.3612 2.032.626 51,435 1.234,470 60.7328 SERIES 2488 CLASS SO DATED DATE 0710802 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR .35781753 FINANCIAL TRUST CO INC STATELIER, PERK* January 1.2004 THROUGH January 30.2034 ACCOUNT NUMBER TAXPAYER ARJAA3ER OD File LAST STATEMENT December 31.2003 027 DI/ U04:09:20 001 Y82/ EFTA00195953

BLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 5 ri Your Portfolio Holdings (continued) Government & Agency Obligations (continued) FINANCIAL TRUST CO INC STATELIER, PERK* January 1.2004 THROUGH January 30.2004 Acumen NUMBER TAXPAYER NU03ER On File LAST sTATELIENT December 31.2003 DESCRPtION ACC' SUMCLCuSP Brit OUANIITY PRICE IAARKET VALLE ACCRUED INTEREST ESTPAMED ANNJAL INCOME YELL CURFIENIT IG FEDERAL HOME LOAN MTG CORP MRGN 20.640.679 10.7112 2.210.868 50,740 1.217.800 55.0824 SERIES 2483 CL SL DATED DATE 07/02402 BOOK ENTRY ONLY DUE 03115/2032 5900% FACTOR - .35781752 FEDL HOME LOAN MTG CORP#S03602 MRGN 3.187.760 80.2031 2.556.683 SERIES 223 CLASS PO DATED DATE 12+01/02 BOOK ENTRY ONLY DUE 12+01/2032 FACTOR - .63755215 FEDERAL NATIONAL MTG ASSN MRGN 18.419.875 11.4264 2.104.727 15.092 1.086.773 51.6349 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5.900% FACTOR - .75780881 GOVERNMENT NATIONAL MTG ASSN MRGN 44.000.000 18.0000 7.920.000 205.933 2.556.400 32.2778 SERIES 2004-5 CLASS PS INTEREST FROM DATE 01/20/04 DATED DATE 01/23/04 RRST COUPON 02+20/2004 BOOK ENTRY ONLY DUE 02+20/2033 5.810% FACTOR - 1.00000000 GOVERNMENT NATIONAL MTG ASSN MRGN 44.389.962 14.5833 6.473.526 217.413 2.698.910 41.6915 SERIES 2004-2 CLASS SB INTEREST FROM DATE 01/16/04 DATED DATE 01/23104 FIRST COUPON 02+16,2004 BOOK ENTRY ONLY DUE 01/102034 6.080% FACTOR — 1.00000000 Total Government& Agency Obligations $27.280.612 $580.236 $9.745248 027 01/310409:20 001 Y/124 EFTA00195954

CLEARED THROUGH ITS YAICU.Y OGBED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 6 Your Portfolio Holdings (continued) Corporate Bonds DESCRY:TON FANNIE MAE CMO/SERIES 2003-13 S RCR-I/0 FLTR DATED DATE 0212503 BOOK ENTRY CNLY DUE 03/26,2033 6900% FACTOR — 23118269 Total CorporateBonds ACC" SYLSOMOJSP TYPE MRGN FINANCIAL TRUST CO INC STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On FIR LAST STATEMENT December 31.2003 ACCRUED ESTI:WED CURRE' OUANTITY PRICE IAARICT VALLE MEREST ANNUAL INCOME VELD NG 36.559,134 14.8786 5.439.486 35,035 2.522,580 46.3753 $5.439.486 $35.035 $2.522.580 TOTAL FIXED INCOME $32.720.098 $615.271 $12.267.828 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 6615.271 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $12.267.828 YOUR PRICED PORTFOLIOHOLDINGS $18.786.580 Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co. Inc. outstanding as of date of statement PURO4ASE: REPURCHASE PMCINO PURCHASE PRICE/ ACCRUED REPO °WRIT( START DATE DATE RATE FRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 10/23/03 OPEN TOTAL REVERSE REPURCHASE TRANSACTIONS 0.000 -51,655,000 SERIES 2530 CLASS SE 6.3000 02/15132 $0 $0 TOTAL REPURCHASE TRANSACTIONS $0 $0 'As <X sial<rnint dY4 027 014144:09:20 001 1424 EFTA00195955

B STUR URNS OFFICE SERVICING YOUR ACCOUNT S m ear. Steams 8 Co. Inc. 7 Ct Transaction Detail INVESTMENT ACTIVITY CLEARED THROUGH ITS yal0sty fm s80 SUBSIOany Beef Stea•nt. it' • FINANCIAL TRUST CO INC STATEMENT PEF000 January 1.2004 THROUGH January 30.2004 Accocm NUMBER TAAPAYER NUMBER On File LAST STATEMENT December 31,2003 SETTLEMENT TRADE DrE WE -44NS4CDON DESCSPTION SYME10,SUST, WNW( PRCE DEBIT AMOUNT CHEM MONO 01/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN -69.335 STRIP MTG SERIES 322 CL PO 0,001 DUE 0361/32 PRINCIPAL REDUCTN 01.25-04 01108104 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12,01/32 PRINCIPAL REDUCTN 01-16-04 01/15104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 0305:32 PRINCIPAL REDUCTN 01.16-04 01/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/5132 PRINCIPAL REDUCTN 01-16-04 01/15'04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CI. SL 5,837 DUE 0305:32 PRINCIPAL REDUCTN 01.16-04 01/15104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,837 DUE 03/1532 PRINCIPAL REDUCTN 01-16-04 01115104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,837 DUE 02115 32 PRINCIPAL REDUCTN 01.16-04 01/15104 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO DUE 12,01/32 PRINCIPAL PAYMENT 01-16-04 01/26104 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CI. PO 0,001 DUE 03'01,32 PRINCIPAL PAYMENT 01.25-04 -61.557 -1.222.000 -23 -709.634 -615.095 -364.849 61.556.80 69,335.20 027 D1,3i.04:09:20 001 Y824 EFTA00195956

CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 8 c, Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE DATE TRANSACTKIN DESCRIPTION SYMEICL0u9P °MINN PRICE DEBIT AMOUNT GRECO AAIDUTO 01/26/04 PRINCIPAL FANNIE MAE CMG/SERIES 2003.13 -559,291 S RCR-1/0 FLTR 6.858 DUE 03/25/33 PRINCIPAL REDUCTN 01-25-04 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -281.792 SERIES 2003-49 CLASS SW 5.858 DUE 01/25/33 PRINCIPAL REDUCTN 01-25-04 01/30/04 01/16104 BOUGHT GOVERNMENT NATIONAL MTG ASSN 44.389.962 13.25000 5,881,669.97 SERIES 2004-2 CLASS 58 WE 01/16/2034 06.080% ACCR. INT. 104,957.59 0987021011332 REF # 2004011646030000 BS AS OF 01/16/04 01130;04 0110&04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 22.000.000 17.81250 3.918.750.00 SERIES 2004-6 CLASS PS WE 02/20/2033 05.810% ACCR. NT. 35.505.56 0987022118332 REF # 2004010846380000 BS AS OF 01/08104 ACCRUES ON 1ST. PAYS ON 20TH 01130/04 01;23,04 BOUGHT GOVERNMENT NATIONAL MTG ASSN MIK 22.000.000 18.00000 3.960.000.00 SERIES 2004-6 CLASS PS WE 02/20/2033 05.810% ACCR. NT. 35.505.56 0987022118332 REF # 2004012346390000 BS AS OF 01/23104 ACCRUES ON 1ST. PAYS ON 20TH TOTAL $-13.936.388.68 $130.892.00 FINANCIAL TRUST CO INC STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAISER On File LAST STATEMENT December 31, 2003 027 010104:09:20 001 EFTA00195957

CLEARED THROUGH ITS YiliCtLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 9 c. Transaction Detail (continued) DEPOSITS AND WITHDRAWALS FINANCIAL TRUST CO INC STATEMENT PER100 January 1.2004 THROUGH January 30.2034 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT December 31.2003 DATE TIONSACTON DESCRPTICM DEEM AlACKAR CREDIT AMOUNT CREDO AMOUNT 01/02104 FND WIRED MDA#GV119949FNDS WIRED TO MS BANK C#17196I 62.716.00 TOTAL $-62.716.00 INTEREST Do-E CESCRPTION SYMECL,CoMP OUNOITY RATE PO DEBIT AMOUNT 01/15/04 FEDERAL HOME LOAN MTG CORP 1.0000 30,638.54 SEBES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 5.8370 103.860.38 SEBES 2483 CL SL DUE 03/15/2032 5.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 6.8370 105.445.48 SEBES 2488 CLASS SO DUE 03/15/2032 6.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 6.2370 17.62180 SERES 2530 CLASS SE DUE 02/15/2032 6,237 INT RID 12-03 PM 01-15-04 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP 6.2370 109,090.19 SERES 2530 CLASS SE DUE 02/15/2032 6.237 INT ND 12-03 PAD 01-15-04 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP ISM 5.8370 50.868.68 SERES 2526 CLASS SI DUE 02/1512032 5.837 INTEREST PAYMENT 01.15-04 027 01/31.04:09:20 001 EFTA00195958

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 10 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION 01/26/04 FANNIE MAE CMG/SERIES 2003-13 6.8580 S RCR-VO RTR DUE 03/25/2033 6.858 INTEREST PAYMENT 01-25-04 soma/ruse DUANTITT RATE N4 01/26/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5.858 INTEREST PAYMENT 01-25-04 DENT AMOUNT CLEARED THRouem ITS OmY*0 SUEISIOany Beer &Ter FINANCIAL TRUST CO INC STATEMENT PER100 January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER AMMER On File LAST STATEMENT December 31.2003 WENT AMOUNT .1155.00 5.8580 91.306.99 "0"AL $720.989.06 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MEE DATE DATE TFINiSJ.C-1011 DE$111P'ICN SYMOCEtuNP DUANTITT DENT AMOUNT CREDIT AMOUNT DMZ. 01/02/04 D110211 01/02t04 01/02,1 JOURNAL JOURNAL JOURNAL JOURNAL INTEREST ADP CD ATM-PR F275318101( 1/49 ADP CD FILM-PR F2753181019 1/49 ADP CD FITM-PR F275318101h 1/49 ADP CD FITM-PR F275318101i 10)31(49 ADP CD DUE 12131/2049 8.625 318101f INK 02/ 980,000.00 1297.000.00 01/31.13404:20 001 980,000.00 980.000.00 384.65 Y1924 EFTA00195959

B STURNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. =Pm 11 • Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STAIOCCCUSIP GuANTITY OMIT ;wow CREDIT AMOUNT cruise JOURNAL ADP CD 1.297.000.00 FITA4-eR F275318101j 1/49 01/16/04 JOURNAL ADP CD 1,297,000.00 FITM-eR F275318101k 12/31(49 omell JOURNAL ADP CD 1.297.000.00 FITte-eR F2753181011 1/49 01/16/04 JOURNAL ADP CD MIN 1,840,000.00 FITM-eR F275318101m R ax Mc 10/31(49 ov161 INTEREST ADP CD 501.15 DUE 12/31/2049 8.625 alai 5318101I 01/21/04 JOURNAL ADP CD 1.659.000.00 FITte-eR F2753181010 R ax NC 1/49 01/211 JOURNAL ADP CD MIK 1.840.000.00 FITM-PR F275318101n 1/49 01/211 INTEREST ADP CD 256.58 DUE 12131/2049 8.625 110. 5318101n 01/271 JOURNAL ADP CD 1.659.000.00 FITte-eR F275318101p R ax MC 1/49 CLEARED THROuGH ITS VIOL.? GUYED SUEISIDMIne Beer Star FINANCIAL TRUST CO INC STATEMENT PERK* January 1.2004 THROUGH January 30.2034 ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT December 31.2003 027 01,31.04:09:20 001 V824 EFTA00195960

CLEARED THROUGH ITS YiliCtLY OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 12 0 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (MINIMS) SEITLENDTT TRADE DATE DATE TRANSACRON DESCRP110N SYMECLCiAlP OVANTre DEBIT AMOUNT CREDIT AMOUNT 01/27/04 01/271 01/27/04 01/271 JOURNAL JOURNAL JOURNAL INTEREST ADP CD FITM-PR F275318101q 10)31/49 ADP CD FITM-PR F275318101r A Ax titer 1/49 ADP CD FITM-PR F275318101s 10131/49 ADP CD DUE 12131/2049 8.625 11.65318101p MIK MIK Milli 1.659.000.00 2,075,000.00 1.659.000.00 276.50 TOTAL 5-10.807.000.00 $9.713.418.88 MISCELLANEOUS FINANCAL TRUST CO INC STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER WAXIER On Pile LAST STATEMENT December 31.2003 DATE MOAT TRANSACT°, DESCRIPTION DEBIT AMOUNT CREPT ATANNT 01/08/04 JOURNAL FITG FITM 155.420.00 01/12/04 JOURNAL FITG FiTM 79.477.00 01/14/04 JOURNAL RTG FiTM 19.611.00 01/16/04 JOURNAL DEC. 03 SPEC CLEARING FEES 100.00 01/16/04 JOURNAL FRG RIM 32,492.00 01/22/04 JOURNAL FiTM TO FITG 181,068.00 027 DI,3IA34:O9:2O 001 YS2A EFTA00195961

CLEARED THROuGH ITS MIPS? OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 13 0 13 Transaction Detail (continued) MISCELLANEOUS (continued) DATE ITPDAY TPANSACTCTI DESCRIPTION 01/27;04 JOURNAL FITG FTIM DEBT ATIP1/41 CREPT AP/OVNT 44.533.00 TOTAL S.293,137.00 $219.564.00 Your messages Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp. obtains excess SIPC protection will change to Customer Asset Protection Company ('CAPCO'), a New York licensed insurance company. CAPCO has an financial strength rating from Standard and Pools. End of Statement 027 Ob3b04:09:20 001 FINANCIAL TRUST CO INC STATEMENT SEATO° January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER TAXPAYER MAGER On FIN LAST STATEMENT December 31.2003 EFTA00195962