Statements EFTA00195772

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS GNMA GOVT BOND www.bearstearns.com ACCOUNT EXECUTIVE VISIT OUR WEBSITE What’s In This Statement Financial Summary , . 38 Your Portfolio Holdings . 4 Transaction Detail .....sscsssesseseseens 7 Trades Not Yet Settled Jase 13 Your Portfolio at a Glance Bear. Stearns & Co- inc. FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $732,186 TOTAL VALUE OF SECURITIES THIS PERIOD § 11,218,594 Sash & Equvalent “Fae LONG ACCAUED INTEREST 112,288 Fixed $11,218,594 \ 11,635,695 NET CREDIT BALANCE 732,186 neome * NET EQUITY THIS PERIOD $1 2,063,068 NET EQUITY LAST STATEMENT 11,991,065 CHANGE SINCE LAST STATEMENT 72,003 There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. HE current market value GB Last statements market value This summary is for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY xn) i o FINANCIAL TRUST CO INC STATEMENT PERIOO December 1, 2004 December 31, 2004 accoumt nuvecr TAXPAYER NUMBER On File Novernber 30, 2004 THROUGH LAST STATEMENT Important Message if any information regarding 2004 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31,2005o0r a 1042Sby March 15,2005. ‘This statemem should be retained for your records. See reverse side for important information o27 01/01/05,09:18 001 vas? EFTA00195773

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/01/08;09:18 001 vas? EFTA00195774

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS FINANCIAL TRUST CO INC 3 of ta STATEMENT PERIOG December 1, 2004 THROUGH December 31,2004 : account numccr = Cash Flow Analysis Income Summary SaxpaveR NUMBER On File THIS PERIOD THIS PERIOD YEAR TO DATE —_—_—_—_—_—_—————____———————— LAST STATEMENT November 30, 2004 OpeningBalance $244,955.43 U.S. Govt. Bond Int. 45,415.52 457,036.03 =e Govt. Agency Int. 621,692.32 9.868.014.97 Securities Sold 236,379,521.16 Corp. Bond Int. 138,644.11 2,156,.335.84 i TT t 740.0! Dlvidends/interes 806,740.08 Credit Balance Int. 988.14 2,010.60 ‘Amount Credited $23718626125 Reverse Repurchase Int. 69,020.66 393,635.39 Securities Bought -236,520,917.46 Dividends/Interest Charged 477,712.91 Bond Purchase Int. -177,712.91 -1,555,564.82 Miscellaneous -400.00 Margin Int. Paid 0.00 -2,023.40 sean Repurchase Int. Exp. -6.104.96 -223,899.19 Amount Debited $-236,699,030.37 Net Cash Activity 487,230.88 C Portfolio Composition Cash/Cash Equivalent 732,186 Your Portfolio Allocation Fixed Income 11,218,594 $11,950,780 Cash Balance Summary OPENING Cash & Equivalent 6% Margin 244,955.43 _ Fixed Income 94% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absokte market value of your portico. 027 01/01/08;09:18 001 vas? EFTA00195775

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 of te Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD December 1, 2004 December 31, 2004 account numccr (S TAXPAYER NUMBER On File THROUGH LAST STATEMENT November 30, 2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 732,186 TOTAL CASH & CASH EQUIVALENTS $732,186 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFRENT DESCRIPTION SYMBOLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP rc 15,528,072 9.7376 1,512,056 34,488 775,938 51.3168 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 4.997% FACTOR = .25880121 FEDERAL HOME LOAN MTG CORP 6,660,811 8.8299 588,144 13,610 306,197 52.0616 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 4,597% FACTOR = .25880120 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00000000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 4.597% FACTOR = 23239523 3,787,124 13,405,702 83.3594 8.4119 027 3,156,923 3 1,127,669 27,389 01/01/05;09:18 001 616,260 38 0.0012 54.6490 vas? EFTA00195776

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. Bear Steams Securities "l ST RNS FINANCIAL TRUST CO INC 5 of 4 STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Your Portfolio Holdings (continued) account numccr = TAXPAYER NUMBER On File . . LAST STATEMENT November 30, 2004 Government & Agency Obligations (continued) ACCT ACCRIED ESTIMATED uA DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD FEDERAL NATIONAL MTG ASSN MRGN 14,098,699 9.1979 1,296,788 10,768 646,002 49. SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4,582% FACTOR = ,58003204 Total Government& Agency Obligations $7,681,580 $86,258 $2,344,435 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FANNIE MAE CMO/SERIES 2003-13 rc 27,982,611 12.6400 3,537,014 26,030 1,561,989 44.1612 $ RCR-II0 FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 5.582% FACTOR = ,55965223 Total CorporateBonds $3,537,014 $26,030 $1,561,989 TOTAL FIXED INCOME $11,218,594 $112,288 $3,906,424 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $112,288 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $3,906,424 YOUR PRICED PORTFOLIOHOLDINGS $11,950,780 o27 01/01/08;09:18 001 vas? EFTA00195777

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl STEARNS FINANCIAL TRUST CO INC 6 of 14 STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Repurchase and Reverse Repurchase Transactions nmin shat TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT — Novernber 30, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 [MMMM series 2488 class so 5.5975 03/15/32 YOU SOLD FHLMC - STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -49,385 -50,000,000 [x YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 A 44,389,962 [RM series 2004-2 class s 4.7931 01/16/34 GOVERNMENT NATIONAL MTG ASSOC (REPO) 12/22/04 01/13/05 2.610 -2,500,000 2175 -22,100,000 [EMM series 2004-5 class p 4.5400 02/20/33 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 12/22/04 OPEN 0.000 -21,900,000 [RRM series 2004-5 class P 4.5400 02/20/33 YOU BOUGHT USTR 3.0000 12/31/06 (REVERSE) 12/31/04 OPEN 1.420 75,000,000 8.875 75,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $75,000,000 $8,875 TOTAL REPURCHASE TRANSACTIONS $-11,978,001 $-51,560 *As of statement date 027 01/01/05;09:18 001 vas? EFTA00195778

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co. Inc. «ou, sta sues STEARNS a. FINANCIAL TRUST CO INC 7 of STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Transaction Detail ACCOUNT NUMBER TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT — Novernber 30, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL NATIONAL MTG ASSN -123,651 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 12-25-04 12/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S02684 368,807.00 SERIES 218 CL PO a DUE 02/01/32 PRIN A/D 11-04 P/D 12-15-04 REPOP&! 0.0000 SERIES 2483 Ci SL 4,910 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-04 PAINCIPAL FEDERAL HOME LOAN MTG CORP —— = sere) SERIES 2530 CLASS SE §,310 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-04 {215104 PAINCIPAL FEDERAL HOME LOAN MiG CORP SERIES 2526 CLASS SI 4,910 DUE 02/15/32 -206,532 PRINCIPAL REDUCTN 12-15-04 DUE 11/30/2006 02,875% MN 31 SPECIAL INSTRUCTIONS ACCA. INT. 45,415.52 YIELD 3,008 % TO MATURITY GVER REF # G3575085 A3. WWEB PRINCIPAL FEDERAL NATIONAL MTG ASSN ee 123,651.00 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 12-25-04 12/27/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 S$ ACR-VO FLTR 5,820 DUE 03/25/33 PRINCIPAL REDUCTN 12-25-04 — ae : eonseesessaneeesenee 027 01/01/05;09:18 001 vas? EFTA00195779

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. oss apsanin on STEARNS | FINANCIAL TRUST CO INC 8 of t4 STATEMENT PERIOG December 1, 2004 THROUGH December 31, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — Novernber 30, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT PRINCIPAL FEDERAL NATIONAL MTG ASSN “304,219 SERIES 2003-49 CLASS SW 4,820 DUE 01/25/33 PRINCIPAL REDUCTN 12-25-04 42/30/04 12/29/04. BOUGHT UNITED STATES TREASURY NOTE 25,000,000 9959375 24,898,437 50 ‘ DUE 11/30/2006 02,875% MN 31 SPECIAL INSTRUCTIONS ACCR. INT. 59,237.64 YIELD 3,094 % TO MATURITY GVER REF # G3644702 B1 WWEB DUE 11/30/2006 02,875% MN 31 “1G : "118.475. DUE 11/90/2006 02.87 ACCR. INT. 118,475.27 YIELD _ 3,094 % TO MATURITY GVER REF # G3644702 AB WWEB {2/31/04 12/23/04" SOLD UNITED STATES TREASURY NOTE "25,000,000 "9976739 7" "34940,347.50 QUE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % TO MATURITY GVER REF # G3644700 BS WWEB Y2iatioa "42/29/04 SOLD" UNITED STATES TREASURY NOTE "50,000,000 99.7639 “"49,880,695.00 DUE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % TO MATURITY GVER REF # G3644700 AS WWEB TOTAL $-74,873,025.41 $100,296,416.02 INTEREST DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CAEDIT AMOUNT 12/01/04 AVGBAL 405,430RT 1.260 425.84 021 OFFICE INTEREST 1104 027 01/01/08,09:18 001 vas? EFTA00195780

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 9 ot STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File account numccr (S INTEREST (continued) LAST STATEMENT —- Novernber 30, 2004 DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CREDIT AMOUNT FEDERAL HOME LOAN MTG CORP 4.9100 SERIES 2483 CL SL QUE 03/15/2032 4,910 INTEREST PAYMENT 12-15-04 12/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 58,826.32 SERIES 2488 CLASS SQ QUE 03/15/2032 5,910 INT A/D 11-04 P/D 12-15-04 REPOP&! 5.9100 SERIES 2530 CLASS SE QUE 02/15/2032. 5,310 INTEREST PAYMENT 12-15-04 FEDERAL HOME LOAN MTG CORP 49100 28,098.88 SERIES 2526 CLASS SI QUE 02/15/2032. 4,910 INTEREST PAYMENT 12-15-04 4 B376i04” GOVERNMENT NATIONAL MiG ASSN — 5.0980 173,322.18 SERIES 2004-2 CLASS SB DUE 01/16/2034 5,098 INT A/D 12-04 P/D 12-16-04 REPOP&| 5.0987 SERIES 2004-5 CLASS PS DUE 02/20/2033 4,540 INT A/D 11-04 P/D 12-20-04 REPOP&l 4,8100 a SERIES 2003-13 ; tis 5.8200 138,644.17 a FANNIE MAE CMO/ S$ RCA-VO FLIR QUE 03/25/2033 _ 5,820 INTEREST PAYMENT 12-25-04 12/27/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 _ 4,820 INTEREST PAYMENT 12-25-04 4.8200 57,851.72 027 01/01/05;09:18 001 vas? EFTA00195781

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS seen FINANCIAL TRUST CO INC 10 of STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT November 30, 2004 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 12/31/04 AVGBAL 475,286RT 1.374 562.30 021 OFFICE INTEREST 1204 TOTAL $761,324.57 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TAANSACTION DESCRPTION QUANTITY OERIT AMOUNT CREDIT AMOUNT 12/13/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000,000 3,186,000.00 SERIES 2004-5 CLASS PS 4,810 am SERIES 2004-5 CLASS PS 4,810 bait AZ TERM Re (GREEMENT Be SE VERNER NATIONAL MATS SSI AA RBBB BSS a rT 2004-5 CLASS PS 81 bil GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,810 . FITM A2 0 AGI | 0s ennecncseesees: Wy 000 7 ne Se 000 00 0040 s esvecseceuscescensuonsss: aesssecsuesuececsecseces: sesseeseeccecssecese SERIES 2004-5 CLASS PS DUE ‘—_— 4,810 FITM AZ REPO I 027 01/01/08;09:18 001 vas? EFTA00195782

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 11 of STATEMENT PERIOO December 1, 2004 THROUGH December 31, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — Novernber 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT 12) JOURNAL GOVERNMENT NATIONAL MTG ASSN -21,900,000 IES 2004-5 CLASS PS Al 12/22104 JOURNAL GOVERNMENT NATIONAL MTG ASSN a “22,100,000 2,500,000.00 SERIES 2004-5 CLASS PS 4,540 rain FiTM A REPO Ay INTEREST GOVERNMENT NATIONAL MTG ASSN te CLASS PS DUE 4,540 FITM Aa DELIVERED UNITED STATES TREASURY NOTE , “50,000,000 50,000,000.00 DUE 11/30/2006 2,875 DUE 11/30/2001 2.875 2,875 ben FITM Al RESALE AG! IT INTEREST UNITED STATES TREASURY NOTE , 49.597 22 DUE 11/365 2,875 FITM A2 ESALE 027 01/01/08;09:18 001 vas? EFTA00195783

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = Steams Securities i STEARNS ee FINANCIAL TRUST CO INC 12 of 4 STATEMENT PERIOD December 1, 2004 THROUGH December 31, 2004 Transaction Detail (continued) a TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — Novernber 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 12/30/04 DELIVERED UNITED STATES TREASURY NOTE -75,000,000 75,187,501 DUE 11/30/2001 2,875 2,875 a FITM 2 TERM RESALE MENT B80 eee DUE 11/30s 2.875 RESALE 12/31/04 RECEIVED UNITED STATES TREASURY NOTE | 75,000,000 75,000.000.00 DUE 12/31/2006 3.000 3,000 N iin Al RESALE RO rT TOTAL $-161,825,604.96 _$136,128,520.66 MISCELLANEOUS DATE MouDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 12/15/04 JOURNAL NOV04 SPEC CLEARING FEES 400.00 TOTAL $-400.00 027 01/01/08;09:18 001 vas? EFTA00195784

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST COINC 13 of 4 STATEMENT PERIOO December 1, 2004 THROUGH December 31,2004 + account numccr = Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT November 30, 2004 ome TRANSACTION CESCRIPTION QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT T215104 BOUGHT GNMA-GOVRIGNMAJGTD 7,000,000.00 102.3515 7,164,609.38 SETT.01/05 a 05.500% BS 101.9687 7,137,812.50 BOUGHT GNMA-30VR(GNMA}GTD . 5 teeta {03.5468 10.354,687.50 SETT,01//05 06.00% BS uanaeneeeany annenaen a 12/15/04 SOLD GNMA-30YR(GNMA)GTD if -10,000,000.00 103.5937 10,359,375.00 SETT,01//05 06 .000% SETT, 02/05 06,000% BS FNMA 30YR GTD SETT, 02/05 “10,000,000.00 102.9843 "0,298,437.50 11,000,000.00 102.9765 11,327,421.88 BOUGHT FNMA-15YA(FNMA-15)GTD 027 01/01/08;09:18 001 vas? EFTA00195785

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CLEARED THR! WHOLLY OWNE OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 14 of 4 FINANCIAL TRUST CO INC STATEMENT PERIOO December 1, 2004 THROUGH December 31, 2004 TAXPAYER NUMBER On File Trades Executed Pending Settlement (continued) LAST STATEMENT November 30, 2004 SETTLEMENT TRADE 0 OATE TRANSACTION DESCRIPTION SOLD FNMA-1SYA(FNMA-15)GTD QUANTITY DEBIT AMOUNT CREDIT AMOUNT 11,342,031.25 BS TOTAL $39,149,843.76 $39.137,656.25 The above trades do not appear in any other section of this stalsment (stor) * ** End of Statement™* 027 01/01/08;09:18 001 vas? EFTA00195786

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , . 3 Your Portfolio Holdings . 4 Transaction Detail .....sscsssesseseseens 7 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 11,635,695 LONG ACCRUED INTEREST 110,415 NET CREDIT BALANCE 244.955 NET EQUITY THIS PERIOD $11,991,065 NET EQUITY LAST STATEMENT 12,027,839 CHANGE SINCE LAST STATEMENT 36,774 There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. Cash & Equivalent Fixed Income FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS Vi 00802 Market Value of Your Portfolio $244,955 $334,039 HE current market value GB Last statements market value This summary is for informational purposes only. It Is not intended as a tax document $11,635,695 $11,588,059 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 1 Stage vities Cow FINANCIAL TRUST CO INC STATEMENT PERIOD October 30,2004 THROUGH November 30, 2004 account numccr TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 ‘This statemem should be retained for your records. See reverse side for important information 027 12/01/04;14:42 001 Va65A EFTA00195787

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STATEMENT BACKER IS PRINTED ON THIS PAGE 12/0104;14:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC VABSA EFTA00195788

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BEAR STEARNS 3 of 15 Cash Flow Analysis OpeningBalance Securities Sold Dividends/Interest Amount Credited OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. THIS PERIOD $334,039.38 238,130,859.91 881,569.99 $239,012,429.90 Securities Bought Dividends/Interest Charged Miscellaneous Amount Debited Net Cash Activity Cash Balance Summary OPENING Margin 334,039.38 -238,871 224.78 -230,189.07 -100.00 $-239,101,513.85 -89,083.95 Income Summary THS PERIOD U.S. Govt. Bond Int. 36,256.91 Govt. Agency Int. 677,473.11 Corp. Bond Int. 147,441.74 Credit Balance Int. 0.00 Reverse Repurchase Int. 72,266.51 Bond Purchase Int. -209.538.14 Margin Int. Paid -252.70 Repurchase Int. Exp. -8,708.90 Portfolio Composition Cash/Cash Equivalent Fixed Income YEAR TO DATE 411,620.51 9,246,322.65 2,017,691.73 1,022.46 324,614.73 -1,377,851.91 -2,023.40 -217,794.23 244,955 11,635,695 $11,880,650 12/0104;14:42 001 FINANCIAL TRUST CO INC STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 Your Portfolio Allocation Cash & Equivalent 2% — Fixed income 98% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absokte market value of your portico. VABSA EFTA00195789

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 of 15 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD October 30,2004 THROUGH November 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 244.955 TOTAL CASH & CASH EQUIVALENTS $244,955 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFRENT DESCRIPTION SYMBOLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP rc 16,009,551 9.8266 1,573,192 35,424 850,107 54.0371 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 §,310% FACTOR = .26682586 FEDERAL HOME LOAN MTG CORP 6,867,343 8.8980 611,058 14,050 337,187 55.1809 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 4.910% FACTOR = .26682585 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00000000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 4.910% FACTOR = .23888857 3,910,775 13,780,270 81.9844 8.4914 027 3,206,224 3 1,170,134 28,191 12/01/04;14:42 001 676,611 39 0.0012 57.8234 Va65A EFTA00195790

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 5 of 15 STATEMENT PERIOD October 30,2004 THROUGH November 30, 2004 Your Portfolio Holdings (continued) account numccr = TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 Government & Agency Obligations (continued) ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YIELD (%) FEDERAL NATIONAL MTG ASSN 9.8728 1,421,966 9,642 694,221 48.8212 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4,820% FACTOR = ,59254784 Total Government& Agency Obligations $7,982,574 $87,310 $2,558,165 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FANNIE MAE CMO/SERIES 2003-13 rc 28,586,414 12.7792 3,653,121 23,105 1,663,729 45.5427 $ RCR-IIO FLIR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 5.820% FACTOR = ,57172628 Total CorporateBonds $3,653,121 $23,105 $1,663,729 TOTAL FIXED INCOME $11,635,695 $110,415 $4,221,894 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $110,415 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $4,221,894 YOUR PRICED PORTFOLIOHOLDINGS $11,880,650 o27 12101/04;14:42 001 Va6SA EFTA00195791

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bear Steams Secuities vl STEARNS ee FINANCIAL TRUST CO INC 6 of 15 STATEMENT PERIOD October 30,2004 THROUGH November 30, 2004 i Pe Repurchase and Reverse Repurchase Transactions soso NMESE TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT October 29, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 [MMM series 2488 class sa 5.9100 03/15/32 YOU SOLD FHLMC - STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -29,750 50,000,000 [x YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 A -44,389,962 [MM series 2004-2 class s 5.0987 01/16/34 GOVERNMENT NATIONAL MTG ASSOC (REPO) 11/24/04 12/13/04 2.340 -3,260,000 1.483 -44,000,000 [RJ series 2004-5 classp 4.8100 02/20/33 YOU BOUGHT USTR 2.8750 11/30/06 (REVERSE) 11/30/04 OPEN 1.650 50,000,000 2,291 50,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $50,000,000 $2,291 TOTAL REPURCHASE TRANSACTIONS $-12,738,001 $-31,233 "As of statement date 027 12/0104;14:42 001 VABSA EFTA00195792

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Ste STEARNS FINANCIAL TRUST CO INC 7 of 15 STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 Transaction Detail account numecrh TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT October 29, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION i DEBIT AMOUNT -25,000,000 99.79688 a, °° AO 30 ACCR. INT. 5,179.56 % TO MATURITY GVER Ri G3071010 Al FSS nn GES SRS nn ASBESTOS SEE TSS TSS “ eeseeessssaeenenens ——— MS 31 ACCR. INT. 58,379.12 2 TO MATURITY REF # G3071014 Al STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 11-25-04 SERIES 2003-13 FANNIE MAE G S$ ACR-VO FLTR 6,067 DUE 03/25/33 wn nnn esvaueeseeee See re onc> St 000% ACCR. INT. 9,179.20 BS a a aaa i e3ssas" "S680" . me" 928 921 38 ae AS OF ™ 2.68750 "921.38 SERIES 2471 CLASS Y att 01,000% ACCR. INT. 9,179.20 BS UNITED STATES TREASURY NOTE “75,000,000 99.97656 14.996.484.38 comma. FA 15 ACCR. INT. 71,739.13 f TO MATURITY GVER REF # G3171013 Al ORIGINAL SD 10/18/04 AS OF 10/15/04 027 12/0104;14:42 001 VA65A EFTA00195793

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 8 of 15 STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 account numccr (S TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT October 29, 2004 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION JS: QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 1 PRINCIPAL FEDL HOME LOAN MTG CORP#S02684 337,316. SERIES 218 CL PO DUE 02/01/32 PRIN A/D 10-04 P/D 11-15-04 REPOP&!l 0,0000 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -434,132 SERIES 2483 CL SL 4,910 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-04 u SERIES 2530 CLASS SE 5,310 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04 a P| PRINCIPAL FEDEAAL HOME LOAN MiG CORP —— = Ey aw a SERIES 2526 CLASS SI 4,910 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04 725,000,000 9933984 234,834 960.54 ACCR. INT. 31,077.35 {A708 SOB UNITED STATES TREASURY NOTE 1 02,500% AO 30 URITY GVER REF # A ah. 02,875% ED URITY Al UNITED STATES TREASURY NOTE "50,000,000 99.17969 "49°589.844.00 — 02,500% AO 30 ACCR. INT. 79,419.89 4 URITY GVER REF # Al 027 12/0104;14:42 001 VA65A EFTA00195794

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT B FAR Bear, Steams & Co. Inc. a. STEARNS ee FINANCIAL TRUST CO INC 9 of 15 STATEMENT PERIOD October 30,2004 THROUGH November 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT October 29, 2004 SETTLEMENT TRADE OATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 1 11/22/04 50,000. 99.79760 006 02,875% BS BESCINDED . % TO MATURITY TO CXL PREVIOUS STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 11-25-04 S$ ACA-VO FLTR 6,881 DUE 03/25/33 PRINCIPAL REDUCTN 11-25-04 PRINCIPAL FEDERAL NATIONAL MTG ASSN | sere) SERIES 2003-49 CLASS SW 5,881 DUE 01/25/33 PRINCIPAL REDUCIN 11-25-04 TREASURY NOTE ye Sc.00;c00 99.79760 02,875% MN. 31 "49,898,797.50 URITY AS TOTAL $-89,756,804.02 $100,863,458.71 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE DEBIT AMOUNT CAEDIT AMOUNT 11/01/04 AVGBAL 684,530RT 0.428 252.70 021 OFFICE INTEREST 1004 027 12/0104;14:42 001 VA65A EFTA00195795

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 10 of 15 STATEMENT PERIOD October 30,2004 THROUGH November 30, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File account numccr (S INTEREST (continued) LAST STATEMENT October 29, 2004 CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT FEDERAL HOME LOAN MTG CORP 1.0000 SERIES 2471 CLASS YT QUE 03/15/2032 1,000 INT A/D 10-04 P/D 11-15-04 REPOP&l 1,0000 4.9100 60,766.57 11/15/04 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 4,910 INTEREST PAYMENT 11-15-04 SERIES 2488 CLASS SO QUE 03/15/2032. 5,910 INT A/D 10-04 P/D 11-15-04 REPOP&l 6,1300 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE QUE 02/15/2032 5,310 INTEREST PAYMENT 11-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 4,910 INTEREST PAYMENT 11-15-04 5.3100 75,806.71 11/15i04 4.9100 30,165.42 SERIES 2004-2 CLASS SB QUE 01/16/2034 5,311 INT A/D 11-04 P/D 11-16-04 REPOP&l 5.3112 FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT QUE 03/15/2032 1,000 REV ENTRY A/O 11/15 1.0000 20,398.23 11/22/04 GOVERNMENT NATIONAL MTG ASSN 5.0400 184,800.00 SERIES 2004-5 CLASS PS QUE 02/20/2033 5,040 INT A/D 10-04 P/D 11-20-04 REPOP&l 5.0400 027 12/0104;14:42 001 VABSA EFTA00195796

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee FINANCIAL TRUST CO INC V1 of 15 STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT October 29, 2004 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT FANNIE MAE CMO/SERIES 2003-13 6.8810 S$ RCI FLIR QUE 03/25/2033 _ 6,881 INTEREST PAYMENT 11-25-04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 5,881 INTEREST PAYMENT 11-25-04 TOTAL $-20,650.93 $826,954.68 ; ‘ 58810 62,043.35 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE CRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 25,000,000 25,031 ,250.00 TRANSACTION 11/03/04 RECEIVED UNITED STATES TREASURY NOTE DUE 10/31/2006 2,500 2,500 el FITM Al ESALE AGI iT UNITED STATES TREASURY NOTE ; ss “25,000,000 25,000,000.00 DUE 09/30/2006 2,500 FITM TERM Re! DUE 09/36. 2,500 FITM A2 ALE DELIVERED SERIES 2471 CLASS YT 1,000 DUI ant FITMARGN A2 TERM RE ul NT 027 12/0104;14:42 001 VA65A EFTA00195797

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 12 of 15 STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT October 29, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT 1 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000,000 IES 2004-5 CLASS PS 5,040 FIM AZ TERM REPO ROREEMENT 2104 JOURNAL GOVERNMENT NATIONAL MTG ASSN a “44,000,000 5,623,000.00 SERIES 2004-5 CLASS PS 5040 am FiTM At REPO A 1 SERIES 2004-5 CLASS PS 5,040 oo. JOURNAL GOVERNMENT NATIONAL MTG ASSN ny 2004-5 CLASS PS FITM. AS DUE 08/15/2007 2,750 SERIES 2004-5 CLASS PS DUE ‘—_— 5,040 FITM AZ REPO I 11/12/04 INTEREST UNITED STATES TREASURY NOTE DUE O8/ 15s 2.750 FITM A2 ESALE 28,496.06 DELIVERED UNITED STATES TREASURY NOTE , 15,000,000 15,037,500.00 027 12/0104;14:42 001 VA65A EFTA00195798

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 13 of 15 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOUNT 11/16/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000,000 SERIES 2004-5 CLASS PS §,040 DUE 02/20/33 FITM F3213185 Al REPO AGREEMENT SaaS RNMMENT NATIONAL MTG ASSN” 7772300 BSE SERIES 2004-5 CLASS PS 5,040 h FiTM Ad TERM Re MENT §,623,000.00 SERIES 2004-5 CLASS PS DUE —_ 5.040 FITM Aa REPO I GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS §,040 DUE 02/20/33 FITM —F3213185 A2 TERM REPO AGREEMENT 44.000.0 “44,000,000 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM = F3233174 Al REPO AGREEMENT DUE 10/31/2006 FITM A2 TERM EMENT 2,500 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOD October 30,2004 November 30, 2004 TAXPAYER NUMBER On File October 29, 2004 THROUGH ACCOUNT NUMBER LAST STATEMENT CREDIT AMOUNT 4,000,000.00 11/18/04 RECEIVED UNITED STATES TREASURY NOTE 50,000,000 50.000,000.00 DUE 10/31/2006 2,500 2.500 DUE 10/31/06 FIM F3230504 At RESALE AGREEMENT o27 12101/04;14:42 001 Va6SA EFTA00195799

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bear Steams Secuities ol STEARNS seen FINANCIAL TRUST CO INC 14 of 15 STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT October 29, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY OESIT AMOUNT CREDIT AMOUNT 11/18/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 469.58 SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 FIM F3213185 A2 REPO INTEREST DUE 10/310 2.500 RESALE 23104 DELIVERED UNITED STATES TREASURY NOTE i “50,000,000 50,000.000.00 DUE 10/31/2006 2,500 2,500 DUE 10/31/06 Film 3230504 42 TERM RESALE AGREEMENT 23/04 INTEREST UNITED STATES TREASURY NOTE ; DUE 10/31/2006 2.500 FIIM _F3230504 A2 RESALE INTEREST 24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN iaaaar""""""""44"oc0 000 3.260.000.00 SERIES 2004-5 CLASS PS 4,810 20) FITM AY REPO Ai 24104 JOURNAL GOVERNMENT NATIONAL Micassn(giiaaar”"°""°°"""°"""'3" G00 Soa 4,000,000.00 SERIES 2004-5 CLASS PS 4.810 DUE 02/20/33 FIM 3233174 A2 TERM REPO AGREEMENT 1777-78 ay 1,560.00 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 4,810 FIM F3233174 A2 REPO INTEREST INTEREST 027 12/0104;14:42 001 VABSA EFTA00195800

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 15 of 15 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP RECEIVED UNITED STATES TREASURY NOTE DUE 11/30/2006 2.875 2,875 Bet FITM Al RESALE AGI IT DEBIT AMOUNT 50,000,000.00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 CREDIT AMOUNT TOTAL $-149.323,958.90 $137,322,016.51 MISCELLANEOUS DATE MOVDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 11/16/04 JOURNAL OCT 04SPEC CLEARING FEES TOTAL $-100.00 (stop) “***** End of Statement™***** 027 12/01/04;14:42 001 VO65A EFTA00195801

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , . 3 Your Portfolio Holdings . 4 Transaction Detail .....sscsssessesesees 7 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 11,588,059 —°#8h & Equivalent LONG ACCRUED INTEREST 105,741 Fued i! NET CREDIT BALANCE 334,039 neome NET EQUITY THIS PERIOD "$12,027,839 NET EQUITY LAST STATEMENT 12,556,360 CHANGE SINCE LAST STATEMENT ~528,520 There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $334,039 $349,431 [eset] Current market value GB Last statements market value This summary is for informational purposes only. It Is not intended as a tax document $11,588,059 $12,082,817 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 1 Stage vities Cov FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 account numccr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 ‘This statemem should be retained for your records. See reverse side for important information. 027 10/3004;11:80 001 vaes EFTA00195802

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 10/30904;11:80 001 vaes EFTA00195803

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 4 Cash Flow Analysis THIS PERIOD $349,430.55 OpeningBalance Securities Sold 150,542,411.97 Dividends/Interest 861,588.48 Amount Credited $151,404,000.45 Securities Bought -151,238,763.30 Funds Withdrawn -71,518.00 Dividends/Interest Charged -55,766.57 Miscellaneous -53,343.75 Amount Debited $-151,419,391.62 -15,391.17 Cash Balance Summary OPENING CLOSING Margin 349,430.55 334,039.38 Net Cash Balance $349,430.55 $334,039.38 FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2004 October 29, 2004 On File THROUGH ACCOUNT NUMBER Income Summary TAXPAYER NUMBER THiS PERIOD YEAR TO DATE LAST STATEMENT September 30, 2004 U.S. Govt. Bond Int. 6,868.13 375,363.60 Govt. Agency Int. 702,222.04 8,568,849.54 Corp. Bond Int. 152,338.86 1,870,249.99 Credit Balance Int. 159.45 1,022.46 Reverse Repurchase Int. 11,581.79 252,348.22 Bond Purchase Int. -85,766.57 -1,168,313.77 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -47,341.42 -209,085.33 Portfolio Composition Cash/Cash Equivalent 334,039 Your Portfolio Allocation Fixed Income 11,588,059 $11,922,098 Cash & Equivalent 2% — Fixed income 98% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absolte market value of your portioto 027 10/30904;11:80 001 vaes EFTA00195804

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co. inc. «ou, sta sues STEARNS | FINANCIAL TRUST CO INC 4 of STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 334.039 TOTAL CASH & CASH EQUIVALENTS $334,039 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFRENT DESCRIPTION SYMBOLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP rc 16,449,919 9.4102 1,547,969 35,376 909,681 58.7661 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5,530% FACTOR = 27416532 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.130% FACTOR = .27416531 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00000000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.130% FACTOR = .24641448 605.386 14,078 361,985 59.7941 7,056,240 8.5794 4,041,482 84.9063 3,431,471 3 40 0.0012 14,214,402 8.1195 1.154.131 28,358 729,199 63.1816 027 10/30904;11:80 001 vaes EFTA00195805

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 5 of 4 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) ACCT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE ANNUAL INCOME YIELD (%) FEDERAL NATIONAL MTG ASSN 9.1386 1,342,655 744,447 55.4459 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,067% FACTOR = ,60444343 Total Government& Agency Obligations $8,081,612 $2,745,352 Corporate Bonds - ESTIMATED QURFENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE ANNUAL INCOME YELD (%) FANNIE MAE CMO/SERIES 2003-13 rc 29,160,294 12.0247 3,506,447 1,769,155 50.4543 $ RCR-IIO FLIR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.067% FACTOR = ,58320590 Total CorporateBonds $3,506,447 $1,769,155 TOTAL FIXED INCOME $11,588,059 $4,514,507 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $105,741 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $4,514,507 YOUR PRICED PORTFOLIOHOLDINGS $11,922,098 027 10/3004;11:80 001 vaes EFTA00195806

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bear Steams Secuities vl STEARNS seen FINANCIAL TRUST CO INC 6 of STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT September 30, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 [MM series 2488 class so 6.1300 03/15/32 YOU SOLD FHLMC - STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -11,900 -50,000,000 [x YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 A -44,389,962 [BMJ series 2004-2 class s 5.3113 01/16/34 GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/26/04 11/12/04 2.070 -5,363,000 1,850 -44,000,000 [EMM series 2004-5 class p 5.0400 02/20/33 YOU BOUGHT usTR 2.7500 08/15/07 (REVERSE) 09/27/04 OPEN 1.600 15,037,500 21,950 15,000,000 [xy YOU BOUGHT usTR 2.5000 09/30/06 (REVERSE) 10/05/04 _ OPEN 1.250 __ 25,000,000 26,309 _ 25,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $40,037,500 $48,259 TOTAL REPURCHASE TRANSACTIONS $-14,841,001 $-13,750 *As of statement date 027 10/30904;11:80 001 vaes EFTA00195807

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities ol STEARNS FINANCIAL TRUST CO INC 7 of STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Transaction Detail ACCOUNT NUMBER TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT September 30, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 10/04/04 10/01/04 BOUGHT UNITED STATES TREASURY NOTE 912828CU2 25,000,000 99.57031 24,892,578.13 y 02,375% FA 28 ACCR. INT. 55,766.57 A (0 MATURITY GVER REF # G2751004 Al {0/04/04 10/01/04 SOLD UNITED STATES TREASURY NOTE | Rt 9.72656 24.931,640.63 pili 92.500% MS 31 ACCR. INT. 6,868.13 A 3 TO MATURITY GVER REF # G2751011 Al ADJ REPO AO 10-4 2.500 DUE 09/30/06 {oi67i04 PAINCIPAL FEDERAL NATIONAL MTG ASSN gmmnmmmgme Tag STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 10-25-04 10/13/04 EXPIRED CALL TSY 43/4 08/14 9272250 -25,000,000 EUROCALL STRK 101-8 EXP 10/08/2004 “o9/0g'04 CANCEL SELL FNMA-3OYR(FNMA)GTD 5A80009 40,000,000 401.31250 10.131.250.00 SETT, 10/04 12034. 05,500% 57720000 BS AS OF 09/08/04 TO CXL PREVIOUS SELL "TOT 83594 10.183,593.75 {0/14/04 09/22/04” BOUGHT FNMA-3OVAIENMA)GID 5480009 {6.000.000 SETT,10/04 DUE 10/01/2034 05,500% 0987021011332 REF # 2004092257810000 BS FNMA-3OYA(FNMA)GTD 5480009 -10,000,000 101.31250 10,131,250.00 SETT, 10/04 Du9034 05,500% 57720000 BS 027 10/30904;11:80 001 vaes EFTA00195808

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. : Steams Securities od STEARNS FINANCIAL TRUST CO ING 8 oft STATEMENT PERIOO October 1, 2004 THROUGH October 29, 2004 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — September 30, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 10/14/04 09/22/04 CANCEL BUY FNMA-30YA(FNMA)GTD 5480009 -10,000,000 101.83594 10,183,593.75 SETT.10/04 DUE 10/01/2034 05,500% 0987021011332 REF # 2004092257810000 BS AS OF 09/22/04 TO CXL PREVIOUS BUY PRINCIPAL FEDL HOME LOAN MTG CoRP#Sozesa Cll" 285,406.50. SERIES 218 CL PO DUE 02/01/32 PRIN A/D 09-04 P/D 10-15-04 REPOP&! 0.0000 SERIES 2483 CL SL 5.130 DUE 03/15/32 PRINCIPAL REDUCTN 10-15-04 PRINCIPAL “FEDERAL HOME LOAN MIG CORP ; SERIES 2530 CLASS SE 5.530 DUE 02/15/32 PRINCIPAL REDUCTN 10-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5.130 DUE 02/15/32 PRINCIPAL REDUCTN 10-15-04 JOURNAL FANNIE MAE CMOVSERIES 2003-13 S$ ACR-VO FLTR 6.160 DUE 03/25/33 ADJUST POS "T13/439'30" PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 10-25-04 ao ae “CANINE MIRE CMOWSCRICS BOOS. so ateaesasensenseass: ee core ane “Sie 08" S$ RCR-VO FLTR 6,160 DUE 03/25/33 PRINCIPAL REDUGIN 10-25-04 027 10/30904;11:80 001 vaes EFTA00195809

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steans & Co. Inc. «ou, sta sues STEARNS a. FINANCIAL TRUST CO INC 9 oft STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT September 30, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL NATIONAL MTG ASSN -260,033 SERIES 2003-49 CLASS SW 5.160 DUE 01/25/33 PRINCIPAL REDUCTN 10-25-04 TOTAL $-45,263,188.45 $70,652,198.31 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 10/07/04 FND WIRED MDA#GV146208FNDS WIRED TO 71,518.00 BANK C#246378 TOTAL $-71,518.00 INTEREST DATE DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 10/01/04 AVGBAL 213,777RT 0.895 159.45 021 OFFICE INTEREST 0904 ; 1.0000 20,958.94 EDERAL HOME LOAN MTG CORI SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT A/D 09-04 P/D 10-15-04 REPOP&! 1,0000 {0/75/04 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DUE 03/15/2032 5,130 INTEREST PAYMENT 16-15-04 le 51300 63,775.74 027 10/30904;11:80 001 vaes EFTA00195810

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steans & Co. Inc. «ou, sta sues STEARNS a. 10 of 4 FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File account numccr (S INTEREST (continued) LAST STATEMENT — September 30, 2004 CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT FEDERAL HOME LOAN MTG CORP 6.1300 SERIES 2488 CLASS SO QUE 03/15/2032. 6,130 INT A/D 09-04 P/D 10-15-04 REPOP&l 6,2400 10/15/04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE QUE 02/15/2032 —§,530 INTEREST PAYMENT 10-15-04 5.5300 79,065.84 SERIES 2526 CLASS SI QUE 02/15/2032. 5,130 INTEREST PAYMENT 10-15-04 GOVERNMENT NATIONAL MTG ASSN ” aw 5.3110 188,367.64 SERIES 2004-2 CLASS SB DUE 01/16/2034 §.311 INT A/D 10-04 P/D 10-16-04 REPOP Al 5.4212 10/20/04 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,138 INT RID 09-04 PD 10-20-04 REPOP&| 5.1387 5.1380 188,420.83 INI S$ RCAR-VO FLIR VSERI QUE 03/25/2033 _ 6,160 INTEREST PAYMENT 10-25-04 FEDERAL NATIONAL MTG ASSN 5.1600 64,294.00 SERIES 2003-49 CLASS SW QUE 01/25/2033 5,160 INTEREST PAYMENT 10-25-04 TOTAL $854,720.35 027 10/30904;11:80 001 vaes EFTA00195811

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities ol STEARNS FINANCIAL TRUST CO INC 11 of STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT September 30, 2004 with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLGUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 10/04/04 DELIVERED UNITED STATES TREASURY NOTE 912828CU2 -25,000,000 25,062,500.00 DUE 08/31/2006 = 2,375 2,375 DUE 08/31/06 FITM —F2670490 A2 TERM RESALE AGREEMENT 10/04/04 INTEREST UNITED STATES TREASURY NOTE 912828CU2 10,519.29 DUE 08/31/2006 = 2,375 FITM F2670490 A2 RESALE INTEREST DUE 09/30/2006 2,500 2,500 q FITM Al RESALE IT ADJ REPO A/O 10-4 2,500 DUE 09/30/06 {oi06I04 JOURNAL UNITED STATES TREASURY NOTE" gag" 25,000.000.60 ADJ REPO A/O 10-4 2,500 DUE 09/30/06 7062.50 UNITED STATES TREASURY NOTE DUE 09/30/2006 2.500 REV REPO INT, AO 10-5 INTEREST {0/07/04 JOURNAL UNITED STATES TREASURY Nore Ogllaiaar""""""""""""35"GoG‘oG0 25,000.000.00 ADJ REPO A/O 10-4 2,500 DUE 09/31 SERIES 218 CL PO DUE 02/01/32 FIM —F2583256 AZ TERM REPO AGREEMENT SERIES 218 CL PO DUE 02/01/32 FIM F2863213 Al REPO AGREEMENT 027 10/30904;11:80 001 vaes EFTA00195812

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 12 of 4 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOUNT GOVERNMENT NATIONAL MTG ASSN 41,695,395 2,.816,000.00 SERIES 2004-2 CLASS SB §,421 DUE 01/16/34 FITM —F2653155 AZ TERM REPO AGREEMENT 104 JOURNAL {o/12104 JOURNAL GOVERNMENT NATIONAL MTG ASSN a “41.695.395 SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FIM F2863215 At REPO AGREEMENT SERIES 2004-5 CLASS PS 5,138 oo. GOVERNMENT NATIONAL MiG ASSN ‘ernnnnee"44,000,0 SERIES 2004-5 CLASS PS 5.138 DUE 02/20/33 FITM F2863217 Al REPO AGREEMENT FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/2032 = 0,000 FIM F2583256 AZ REPO INTEREST INTEREST 11,272.80 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2004 October 29, 2004 account numccr (S TAXPAYER NUMBER On File THROUGH LAST STATEMENT September 30, 2004 CREDIT AMOUNT 3.683,000.00 SERIES 2004-2 CLASS SB DUE O116/2034 5,421 FIM F2653155 AZ REPO INTEREST SERIES 2004-5 CLASS PS DUE 02/20) 5,138 FITM AZ REPO I 27,708.70 027 10/30904;11:80 001 vaes EFTA00195813

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 13 of 4 STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — September 30, 2004 SETTLEMENT —- TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLIGUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 104 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41,695,395 SERIES 2004-2 CLASS SB §,421 DUE 01/16/34 FITM F2883267 Al REPO AGREEMENT SERIES 2004-2 CLASS SB §,421 DUE 01/16/34 FITM —F2863215 A2 TERM REPO AGREEMENT SERIES 2004-2 CLASS SB DUE 01/16/2034 5,421 FITM F2863215 A2 REPO INTEREST “44,000,0 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM — F2993307 Al REPO AGREEMENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM —F2863217 A2 TERM REPO AGREEMENT 44,000,000 6.299,000.00 SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 FIIM F2863217 A2 REPO INTEREST SERIES 2004-5 CLASS PS §,040 DUE 02/20/33 FITM F2993307 A2 TERM REPO AGREEMENT 027 10/30904;11:80 001 vaes EFTA00195814

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Z Steams Securities " STEARNS Ee FINANCIAL TRUST CO INC 14 of14 STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT September 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIP QUANTITY OESIT AMOUNT CREDIT AMOUNT 10/26/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN “44,000,000 5,363,000.00 SERIES 2004-5 CLASS PS 5,040 bail REPO AG 10/26/04 INTEREST GOVERNMENT NATIONAL MTG ASSN a 287.50 SERIES 2004-5 CLASS PS. DUE 02/20/2033 5,040 FIM F2999307 A2 REPO INTEREST TOTAL $-106,031,341.42 $79,897,081.79 MISCELLANEOUS DATE MO/DAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 10/13/04 JOURNAL FNMA-3OYR(FNMA)GTD 52,343.75 SETT,1 0/04 5.500 DUE 10/01/34 MBS NET 10/13/04 TOTAL $-53,343.75 [STOP] ****** End of Statement****** o2? 10/°3004;11:80 001 vaes EFTA00195815

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Hava deseloclsleaeselil Financial Summary , » 3 FINANCIAL TRUST CO INC Your Portfolio Holdings . 4 C/O JEFFREY EPSTEIN Transaction Detail ......ceesesseeeeees 7 6100 RED HOOK QUARTER Trades Not Yet Settled sassssssssssssvssessenees 17 STE B3 ST THOMAS Vi 00802 Your Portfolio at a Glance Market Value of Your Portfolio $349,431 Cash & Equivalent $48,513 TOTAL VALUE OF SECURITIES THIS PERIOD* 12,082,817 LONG ACCRUED INTEREST 124,112 Fixed Income NET CREDIT BALANCE 349,431 NET EQUITY THIS PERIOD $12,556,360 [EER Last statement's market value NET EQUITY LAST STATEMENT 12,890,765 CHANGE SINCE LAST STATEMENT -334,406 “This portfolio indudes one or more unpriced securties that are not refected in the Total Value of Securties and the Net Equity This Period There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. This summary is for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 0 n) vities Coy FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 account numccr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 ‘This statemem should be retained for your records. See reverse side for important information 10/01/04,07:49 001 vae3 EFTA00195816

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STATEMENT BACKER IS PRINTED ON THIS PAGE 10/01104;07:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC EFTA00195817

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 oft? Cash Flow Analysis THIS PERIOD $48,513.49 OpeningBalance 283,252,102.46 1,036,382.90 Securities Sold Dividends/Interest Amount Credited $284,288.485.36 Securities Bought -283,616,704.04 Dividends/Interest Charged -183,444.56 Miscellaneous -187,419.70 $-283.987,568.30 Amount Debited Net Cash Activity 300,917.06 Cash Balance Summary OPENING Margin 48,513.49 Income Summary THS PERIOD U.S. Govt. Bond Int. 74,442.82 Govt. Agency Int. 800,827.03 Corp. Bond Int. 160,809.29 Credit Balance Int. 303.76 Reverse Repurchase Int. 76,976.15 Bond Purchase Int. -183,.444.56 Margin Int. Paid 0.00 Repurchase Int. Exp. -33,024.35 Portfolio Composition Cash/Cash Equivalent Fixed Income YEAR TO DATE 368,495.47 7,866,627.50 1,717,911.13 863.01 240,766.43 -1,112,547.20 -1,770.70 -161,743.91 349,431 12,082,817 $12,432,248 10/01104;07:49 001 FINANCIAL TRUST CO INC STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 TAXPAYER NUMBER On File LAST STATEMENT August 31, 2004 Your Portfolio Allocation Cash & Equivalent 2% — Fixed income 98% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absokte market value of your portico. vasa EFTA00195818

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2004 September 30, 2004 account numccr (S TAXPAYER NUMBER On File THROUGH LAST STATEMENT August 31,2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 349.431 TOTAL CASH & CASH EQUIVALENTS $349,431 EQUITIES Equities & Options AQCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CALL TSY 43/4 08/14 9272250 MRGN 25,000,000 Unpriced EUROCALL STRK 101-8 EXP 10/08/2004 Total Equities& Options $0 $o TOTAL EQUITIES $0 $0 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP rc 16,822,518 9.4056 1,582,261 39,894 957,369 60.5064 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5.691% FACTOR = .28037531 027 10/01104;07:49 001 vasa EFTA00195819

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 5 of 1? Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTION SYMBOLCUSP FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,291% FACTOR = ,28037530 QUANTITY 7,216,068 8.5764 618.880 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 ACCRUED ESTIMATED un PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD 08 381,802 61. FEDERAL NATIONAL MTG ASSN rc 4,154,921 STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00000000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.291% FACTOR = ,25318800 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5.160% FACTOR = .61514142 Total Government& Agency Obligations 14,605,132 14,952,094 9.67390 82.8750 3,443,391 3 42 0.0012 8.1146 1,185,155 32,200 772,758 65.2031 1,447,218 10,717 771,528 53.3111 $8,276,905 $98,722 $2.883.499 027 10/01104;07:49 001 vasa EFTA00195820

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl STEARNS FINANCIAL TRUST CO ING 6 oft? STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 Your Portfolio Holdings (continued) ——— TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRETION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%} FANNIE MAE CMO/SERIES 2003-13 12.8247 3,805,912 25,390 1,828,066 48.0323 S$ RCR-IO FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6,160% FACTOR = ,59352801 Total CorporateBonds $3,805,912 $25,390 $1,828,066 TOTAL FIXED INCOME $12,082,817 $124,112 $4,711,565 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $124,112 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $4,711,565 YOUR PRICED PORTFOLIOHOLDINGS $12,432,248 Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc. outstanding as of date of statement PURCHASE REPURCHASE PRICING PURCHASE PRICE: AQCAUED REPO QUANTITY START DATE OaTE RATE PRINCIPAL INTEREST* FACE AMOUNT) cus DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -5,866,000 -24,500 -44,000,000 [RMMJ series 2004-5 class p 5.1387 02/20/33 YOU SOLD FHLMC - STRIP PRINCIPAL ONLY 1.980 -7,320,000 6,844 50,000,000 [x 027 10/01104;07:49 001 vasa EFTA00195821

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 7 ot? CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 account numccr (S Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT August 31, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 50,000,000 [MM series 2488 class so 6.2913 03/15/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) (12/04 1.790 -2,816,000 1,400 44,389,962 [RJ series 2004-2 class s 5.4213 01/16/34 YOU BOUGHT USTR 2.3750 08/31/06 (REVERSE) 09/23/04 OPEN 1.400 25,062,500 7,532 25,000,000 = 912828CU2 YOU BOUGHT USTA 2.7500 08/15/07 (REVERSE) 09/27/04 _ OPEN 1.440 15,037,500 2.163 _ 15,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $40,100,000 $9,695 TOTAL REPURCHASE TRANSACTIONS $-16,002,000 $-32,744 *As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE TE all TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/02/04 08/30/04 BOUGHT CALL TSY 43/4 08/14 9272250 25,000,000 0.67578 168,945.31 EUROCALL STRK 101-8 EXP 10/08/2004 UNDERLYING SEC #7004993 CORR S/D 08/31/04 AS OF 08/30/04 027 10/01104;07:49 001 vasa EFTA00195822

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BEAR STEARNS Boot? OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION GOVERNMENT NATIONAL MTG ASSN QUANTITY -9,449,493 PRICE 95.25000 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOO September 1, 2004 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT DEBIT AMOUNT August 31, 2004 September 30, 2004 CREDIT AMOUNT 9,000,642.18 09/08/04 09/07/04 BOUGHT SERIES 2004-2 CLASS SG QUE 01/16/2034 11,200% 0987031317099 REF # 2004090257160000 BS UNITED STATES TREASURY NOTE a1: 02,750% JJ 31 = 6 TO MATURITY GVER REF # G2511004 Al 50,000,000 ACCR. INT. 100.39063 ACCR. INT. 50,195,312.50 145,720.11 64,676.53 PRINCIPAL BOUGHT BOUGHT Os/i5i04”“Os/oloa CANCEL SE ENMA-SOVAIENMA)GIO f 02,375% FA 28 2 (0 MATURITY GVER REF # G2511008 Al FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 09-25-04 FNMA-30VR(FNMA)GTD SETT,09//04 a = si 05,500% 57710000 BS FNMA-SOYA(ENMA)GTD SETT.09/04 DUE 09/01/2034 05,500% 0987031317099 REF # 2004090257220000 BS SETT.O9V/04 7320000 BS AS OF 08/10/04 TO CXL PREVIOUS SELL “0,000,000 20,000,000 “30,000,000 ACCR. INT. “101.60547 401.37500 {00/82873 10/01104;07:49 001 10.160,546.88 20,275,000.00 30.248.437/50 vasa 26,243.09 EFTA00195823

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS PR. WaT com 9 of 17 STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = August 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT (04 09/08/04 CANCEL BUY FNMA-30YA(FNMA)GTD -10,000,000 101.60547 SI ‘04 05, 500% 57710000 BS AS OF 09/08/04 TO CXL PREVIOUS BUY 104 09/02/04 CANCEL BUY FNMA-3OYA(FNMA)GTD i -20,000,000 101.37500 20,275,000.00 SETT.O9//04 DUE 09/01/2034 05,500% 0987031317099 REF # 2004090257220000 BS AS OF 09/02/04 TO CXL PREVIOUS BUY i ny 7320000 BS PRINCIPAL FEDL HOME LOAN MTG CORP#S02684 ..).l ae SERIES 218 CL PO DUE 02/01/32 PRIN A/D 08-04 P/D 09-15-04 REPOP&!l 0.0000 "336,255.00. PRINCIPAL FEDERAL HOME LOAN MTG CORP yew "sss" SERIES 2483 CL SL 5,291 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-04 SERIES 2530 CLASS SE $,691 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,291 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-04 027 10/01104;07:49 001 vasa EFTA00195824

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC War STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — August 31, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/23/04 09/22/04 BOUGHT UNITED STATES TREASURY NOTE 912828CU2 25,000,000 99.84375 24,960,937.50 man 02,375% FA 28 ACCR. INT. 37,724.45 x (0 MATURITY GVER REF # G2661011 Al 0927104 09/24/04 SOLD UNITED STATES TREASURY NOTE | Eo 9.73438 14.960,156.25 plaiiatiiidg 2.750% FA 1S ACCA. INT. 48,199.73 x % TO MATURITY GVER REF # G2681022 Al 09/27/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 123,088.50 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 09-25-04 SSS BNR ERNE MRE CH SERES BOOT S$ ACR-VO FLTR 6,385 DUE 03/25/33 PRINCIPAL REDUCTN 09-25-04 "546,176. 09/27/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN ; SERIES 2003-49 CLASS SW §,385 DUE 01/25/33 PRINCIPAL REDUCTN 09-25-04 TOTAL $-136, 192,624.25 $135.055.745.66 "275.184 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RAT! DEBIT AMOUNT CREDIT AMOUNT 09/01/04 AVGBAL 483,462RT 0.729 303.76 021 OFFICE INTEREST 0804 09/15/04” FEDERAL HOME LOAN MTG CORP 70000 27753585 SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT A/D 08-04 P/D 09-15-04 REPOP&! 1,000 027 10/01104;07:49 001 vasa EFTA00195825

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC Woof? STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — August 31, 2004 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CREDIT AMOUNT 09/15/04 FEDERAL HOME LOAN MTG CORP 5.2910 SERIES 2483 CL SL QUE 03/15/2032 5,291 INTEREST PAYMENT 09-15-04 09/15/04 FEDERAL HOME LOAN MTG CORP 6.2910 69,343.03 SERIES 2488 CLASS SQ QUE 03/15/2032 6,291 INT A/D 08-04 P/D 09-15-04 REPOP&! 6.4000 SERIES 2530 CLASS SE QUE 02/15/2032 5,691 INTEREST PAYMENT 09-15-04 FEDERAL HOME LOAN MTG CORP 5.2910 33,319.67 SERIES 2526 CLASS SI QUE 02/15/2032 5,291 INTEREST PAYMENT 09-15-04 O9/16i04 GOVERNMENT NATIONAL MiG ASSN — 5.6000 196,531.47 SERIES 2004-2 CLASS SB DUE 01/16/2034 5.600 INT A/D 09-04 P/D 09-16-04 REPOP&! 56000 SERIES 2004-5 CLASS PS QUE 02/20/2033 5,350 INT A/D 08-04 P/D 09-20-04 REPOP&l 5,3500 FANNIE MAE CMO/ S$ RCA-VO FLIR QUE 03/25/2033 _ 6,385 INTEREST PAYMENT 09-25-04 6.3850 160,809.29 SERIES 2003-13 027 10/01104;07:49 001 vasa account numccr (S EFTA00195826

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS FINANCIAL TRUST CO INC 12 of 1? STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT = August 31, 2004 DATE DESCRIPTION SYMBOUCUSIF RATE [%) DEBIT AMOUNT CAEDIT AMOUNT (04 FEDERAL NATIONAL MTG ASSN 5.3850 SERIES 2003-49 CLASS SW QUE 01/25/2033 5,385 INTEREST PAYMENT 09-25-04 TOTAL $897,263.55 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 6,200,000.00 SERIES 2004-2 CLASS SG 11,200 Bs'34 FITM TERM VGHEEMENT SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 AS REPO AGREEMENT -9,449,493 7,283,000.00 2/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FIM 2463081 At REPO AGREEMENT 2104 JOURNAL GOVERNMENT NATIONAL MTG ASSN ; 9.449.493 7,283.000.00 ‘ ‘ SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 A2 REPO AGREEMENT SERIES 2004-2 CLASS SG DUE 01/165 11,200 REPO I 027 10/01104;07:49 001 vasa EFTA00195827

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. : Steams Securities od STEARNS FINANCIAL TRUST CO INC 13 oft? STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31, 2004 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL HOME LOAN senes 2488 C1Ase 80 A2 TERM IENT osi03/04 JOURNAL FEDERAL HOME LOAN MTG CORP ; "13.001.818 72000.00 SERIES 2488 CLASS SO 6,400 DUE 03/15/32 FiIM 2473199 Al REPO AGREEMENT SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 Ad TERM REPO AGREEMENT FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 FIM F2523196 At REPO AGREEMENT ee 23885'836 7:200,000:60 JOURNAL FEDL HOME LOAN MTG CORP#So2zea4 iii 12,885,836 9,788,000.00 SERIES 218 CL PO DUE 02/01/32 FIM. F2283160 A2 TERM REPO AGREEMENT DUEO7/31/2006 2,750 2,750 DUE 07/31/06 FITM _F2190710 A2 TERM RESALE AGREEMENT 09/08/04 RECEIVED UNITED STATES TREASURY NOTE 912828CU2 50,000,000 50,062,500.00 DUE 08/31/2006 2,375 2.375 DUE 08/31/06 FIM F2520885 At RESALE AGREEMENT 027 10/01104;07:49 001 vasa EFTA00195828

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BEAR STEARNS 14 of 1? Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS SETTLEMENT TRADE DATE DATE TRANSACTION INTEREST COUR ERS nnn ee ET OME LOAN WITS CORBASODE RE SERIES 218 CL PO DUE 02/01/2032 09/08/04 INTEREST OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 DUE 07/31/2006 RESALE INTEREST Fer ee eT OAN MTG GORPHSODERS SERIES 218 CL PO TERM REPO AGREEMENT ““FEDL HOME LOAN MTG CORPHSO2684 SERIES 218 CL PO JOURNAL REPO AGREEMENT FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO JOURNAL REPO AGREEMENT "FEDL HOME LOAN MTG CORPHSO2684 SERIES 218 CL PO REPO AGREEMENT QUANTITY 12'885 836 -1 2,885,836 -12,885,836 12,885,836 DEBIT AMOUNT 1,968.75 13,213.80 7'300,000.00 "$,680.000.00" 027 10/01104;07:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 CREDIT AMOUNT "7'200,000.00 9,680,000.00 vasa EFTA00195829

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl STEARNS FINANCIAL TRUST CO INC 15 oft? STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLIGUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/13/04 INTEREST FEDL HOME LOAN MTG CORP#S02684 1,800.00 SERIES 218 CL PO DUE 02/01/2032 0,000 FIM F2523196 AZ REPO INTEREST 14/04 JOURNAL FEDL HOME LOAN MTG CORP#Sozea4 iii 12:885.836 7,200.000.00 SERIES 218 CL PO DUE 02/01/32 FIM _ F2573145 Ad TERM REPO AGREEMENT "12'885,836 SERIES 218 CL PO DUE 02/01/32 FIM F2583256 At REPO AGREEMENT o9/i4i04 INTEREST FEDL HOME LOAN MiG CORPHSO26a4” "lila 472.00 SERIES 218 CL PO DUE 02/01/2032 0,000 FIM F2573145 Ad REPO INTEREST JOURNAL FEDERAL HOME LOAN MTG CORP , SERIES 2488 CLASS SO 6,291 DUE 03/15/32 FITM F2593267 Al REPO AGREEMENT SERIES 2488 CLASS SO 6,291 DUE 03/15/32 FITM _F2473199 A2 TERM REPO AGREEMENT SERIES 2488 CLASS SO DUE 03/15/2032 6,291 FIM F2473199 A2 REPO INTEREST "12,659,401 027 10/01104;07:49 001 vasa EFTA00195830

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl STEARNS FINANCIAL TRUST CO INC 16 of? STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLIGUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41,695,395 2,816,000.00 SERIES 2004-2 CLASS SB §,421 DUE 01/16/34 FITM F2653155 At REPO AGREEMENT 21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN a 41,695,395 3,739,000.00 SERIES 2004-2 CLASS SB 5.421 nT FAM B2 TERM IMENT SERIES 2004-2 CLASS SB DUE 01/160 5.421 FITM B2 REPO I 09/23/04 RECEIVED UNITED STATES TREASURY NOTE 912828CU2 25,000,000 25,062,500.00 DUE 08/31/2006 = 2,375 2,375 DUE 08/31/06 FITM — F2670490 At RESALE AGREEMENT seneusnaeenssss sesusenseaun i ST STS TSSOP aS CATS CPT =o an G00 Sones Boone DUE 08/31/2006 2,375 2,375 DUE 08/31/06 FITM —F2520885 A2 TERM RESALE AGREEMENT DUE 08/31/2006 = 2,375 FITM — F2520885 A2 RESALE INTEREST RECEWED "UNITED STATES TREASURY NOTE "ganna S00 [000 "}5,037,500.00 DUE 08/15/2007. 2.750 FITM Al RESALE iT TOTAL $-147,607,524.35 $148.335.476.15 o2? 10/01104;07:49 001 vaea EFTA00195831

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co. Inc. «ou, sta sues STEARNS a. FINANCIAL TRUST CO INC 17 ot? STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File MISCELLANEOUS LAST STATEMENT August 31, 2004 DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 09/02/04 JOURNAL FITO FITM 10.32 SETT.O9//04 5,500 DUE 09/01/34 MBS NET 09/14/04 TOTAL $-187,419.70 Trades Executed Pending Settlement SETTLEMENT TRADE DATE TE TRANSACTION CESCRIPTION SYMBOLICUSIP (QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 14/04 09/22/04 BOUGHT FNMA-30YA(FNMA)GTD 5480009 10,000,000.00 101.8359 10,183,593.75 SETT, 10/04 DUE 10/01/2034 05,500% 0987021011332 REF # 2004092257810000 BS 05.500% 57720000 BS TOTAL $10,183,593.75 $10,131,250.00 The above trades co not appear in any other section of this statement. 027 10/01/04;07:49 001 vees EFTA00195832

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BEAR STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Wesallssclselalbsssslsl Financial Summary , : 3 FINANCIAL TRUST CO INC Your Portfolio Holdings . 4 C/O JEFFREY EPSTEIN Transaction Detail .......scsesseseeeree 7 6100 RED HOOK QUARTER Trades Not Yet Settled wuss 14 STE B3 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD ST THOMAS Vi 00802 $48,513 12,698,148 Cash & Equivalent “Fe oy CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 1 Stage vities Cov FINANCIAL TRUST CO INC STATEMENT PERIOO July 31, 2004 THROUGH August 31,2004 account numccr TAXPAYER NUMBER On File LAST STATEMENT duly 30, 2004 Market Value of Your Portfolio $12,698,148 1,296,902 LONG ACCRUED INTEREST 144,104 Fixed I NET CREDIT BALANCE 48,513 neome soos aeneeneanennennennensssssanteneanenneneeneenensess aeons asses aneenennennenes HE current market value NET EQUITY THIS PERIOD $12,890,765 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 11,475,709 1,415,056 There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. GB Last statements market value This summary is for informational purposes only. It Is not intended as a tax document This statement should be retained for your records. See reverse side for important information 027 09/01/04,06:31 001 vaé2 EFTA00195833

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 08/01/04;08:31 001 vae2 EFTA00195834

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 4 Cash Flow Analysis THIS PERIOD $3,971.20 OpeningBalance Securities Sold 269,156,483.49 Dividends/Interest 1,044,009.74 Amount Credited $270,200,493.23 Securities Bought -269,959,006.50 Dividends/Interest Charged -196,161.68 Miscellaneous -782.76 Amount Debited Net Cash Activity $-270,155,950.94 44,542.29 Cash Balance Summary OPENING 3,971.20 Income Summary THiS PERIOD U.S. Govt. Bond Int. 11,209.24 Govt. Agency Int. 864,599.88 Corp. Bond Int. 168,044.57 Credit Balance Int. 156.05 Reverse Repurchase Int. §9.273.54 Bond Purchase Int. -196.161.68 Margin Int. Paid 0.00 Repurchase Int. Exp. -9,818.25 Portfolio Composition Cash/Cash Equivalent Fixed Income YEAR TO DATE 294,052.65 7,065,800.47 1,557.101.84 559.25 163,790.28 -929,102.64 -1,770.70 -128,719.56 48,513 12,698,148 $12,746.661 08/01/04;08:31 001 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST CO INC STATEMENT PERIOD July 31, 2004 THROUGH August 31, 2004 TAXPAYER NUMBER On File LAST STATEMENT duly 30, 2004 Your Portfolio Allocation Cash & Equivalent “ Fixed Income 99% Unshaded portions denote debt balance andicr short market values, The alocation percentage is derived from the absolte market value of your portioto vae2 EFTA00195835

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co. inc. «ou, sta sues STEARNS | FINANCIAL TRUST CO INC 4 of STATEMENT PERIOD July 31, 2004 THROUGH August 31, 2004 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT duly 30, 2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 48.513 TOTAL CASH & CASH EQUIVALENTS $48,513 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFRENT DESCRIPTION SYMBOLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP rc 17,261,501 9.6502 1,665,771 44,496 1,001,167 60.1023 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5.800% FACTOR = .28769169 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.400% FACTOR = .28769168 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00000000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.400% FACTOR = .26003635 648.644 17,771 399,836 61.6418 7,404,371 8.7603 4,278,010 83.7656 3,583,502 3 43 0.0012 15,000,179 8.3346 1,250,208 36,001 810,010 64.7900 027 08/01/04;06:31 001 vae2 EFTA00195836

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. Bear Steams Securities "l ST RNS FINANCIAL TRUST CO ING 5 of 4 STATEMENT PERIOO July 31, 2004 THROUGH August 31,2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File . . LAST STATEMENT duly 30, 2004 Government & Agency Obligations (continued) ACCT ACCRIED ESTIMATED uA DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD FEDERAL NATIONAL MTG ASSN MRGN 15,227,278 9.7794 1,489,130 13,668 819,989 55.0650 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,385% FACTOR = ,62646272 Total Government& Agency Obligations $8,637,255 $111,939 $3,031,045 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FANNIE MAE CMO/SERIES 2003-13 rc 30,222,574 13.4366 4,060,893 32,165 1,929,711 47.5194 $ RCR-II0 FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.385% FACTOR = ,60445153 Total CorporateBonds $4,060,893 $32,165 $1,929,711 TOTAL FIXED INCOME $12,698,148 $144,104 $4,960,756 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $144,104 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $4,960,756 YOUR PRICED PORTFOLIOHOLDINGS $12,746,661 o27 09/01/04;06:31 001 vaé2 EFTA00195837

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl STEARNS FINANCIAL TRUST CO INC 6 of 14 STATEMENT PERIOD July 31, 2004 THROUGH August 31, 2004 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT July 30, 2004 PURCHASE: REPURCHASE PRICING PURCHASE PRICE) ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -3,739,000 -10,039 -44,389.962 [MJ series 2004-2 class s 5.6000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -5,866,000 -15,750 -44,000,000 [MJ Series 2004-5 class P 5.3500 02/2 (33 YOU SOLD F HLMC- STRIP PRINCIPAL ONLY YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 08/19/04 OPEN 0.000 50,000,000 [RRM Series 2488 CLAss so 6.4000 03/15/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 08/27/04 09/02/04 1.710 -6,200,000 1,472 -10,000,000 [MM series 2004-2 class s 11.2000 01/16/34 YOU BOUGHT USTR (REVERSE) 08/06/04 OPEN 1.290 50,375,000 41,601 50,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $50,375,000 $41,601 TOTAL REPURCHASE TRANSACTIONS $-25,593,000 $-37,049 *As of statement date 027 08/01/04;06:31 001 vae2 EFTA00195838

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS _ FINANCIAL TRUST CO ING 7 of 4 STATEMENT PERIOO July 31, 2004 THROUGH August 31, 2004 Transaction Detail ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT July 30, 2004 SETTLEMENT rae TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT BOUGHT UNITED STATES TREASURY NOTE 25,000,000 700.12891 25,032,226.56 ’ 02,750% JO 30 ACCR. INT. 61,650.82 TO MATURITY GVER REF # G2121013 At 08102104 07/30/04 BOUGHT UNITED STATES TREASURY NOTE ; 50,000,000 {00.1289% 50,064,453.13 02.750% JD 30 ACCR. INT. 123,301.63 fe tO MATURITY GVER REF # G2121013 BI 02.750% JJ 31 ACCR. INT. 3,736.41 % TO MATURITY GVER REF # G2121008 Al UNITED STATES TREASURY NOTE iw so.sa0°%000""""Foa'6250"°"" aonnnnne ee "50,031,250.00 Sh aededieds ACCA. INT. 7,472.83 % TO MATURITY GVER REF # G2121008 BI ie 2s c00;500°° To042749 "25 060.546:88 BOUGHT UNITED STATES TREASURY NOTE 02.750% JJ 31 ACCR. INT. 11,209.23 %2 TO MATURITY GVER REF # G2181004 Al SERIES 218 CL PO DUE 02/01/2032 0987021011332 REF # 2004081057470000 BS PRINCIPAL FEDERAL HOME LOAN MTG CORP , SERIES 2483 CL SL 5,620 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP | SERIES 2488 CLASS SO 6.620 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-04 027 08/01/04;08:31 001 vae2 EFTA00195839

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 8 of t4 STATEMENT PERIOD July 31, 2004 THROUGH August 31, 2004 account numccr (S TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST statement July 30, 2004 Transaction Detail (continued) SETTLEMENT = TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL HOME LOAN MTG CORP -434,507 SERIES 2530 CLASS SE 6,020 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-04 SERIES 2526 CLASS SI 5,620 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-04 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP —— 8 6—leeer ec SERIES 2004-2 CLASS SG 11,620 DUE 01/16/34 PRIN A/D 08-04 P/D 08-16-04 REPOP&! 11,6200 EUROPUT STRK 99-20 EXP 08/13/2004 SERIES 2488 CLASS SO 6,400 DUE 03/15/32 ADJUST POSITION STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 07-04 P/D 08-25-04 REPOP&! 0.0000 PRINCIPAL FANNIE MAE CMOVSERIES 2003-13 =a" SB" 5" S$ ACR-VO FLTR 6.550 DUE 03/25/33 PRINCIPAL REDUCTN 08-25-04 SERIES 2003-49 CLASS SW 5,550 DUE 01/25/33 PRINCIPAL REDUCTN 08-25-04 "284,273 TOTAL $-111,253,349.93 $75,265,919.19 027 04/01/04;08:21 001 vae2 EFTA00195840

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 9 ot Transaction Detail (continued) INTEREST DATE DESCRIPTION SYMBOUCUSIP 08/02/04 AVGBAL 311,731RT 0.581 021 OFFICE INTEREST 0704 FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT QUE 03/15/2032 1,000 INT A/D 07-04 P/D 08-15-04 REPOP&! 1,0000 SERIES 2483 CL SL DUE 03/15/2032 5,620 INTEREST PAYMENT 08-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO QUE 03/15/2032 6.620 INTEREST PAYMENT 08-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE QUE 02/15/2032 6.020 INTEREST PAYMENT 08-15-04 QUANTITY CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOO July 31, 2004 THROUGH August 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT duly 30, 2004 RATE (St DEBIT AMOUNT CREDIT AMOUNT 156.05 1.0000 22,048.12 6.6200 73,466.97 6.0200 88,774.97 SERIES 2526 CLASS SI QUE 02/15/2032 5.620 INTEREST PAYMENT 08-15-04 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB QUE 01/16/2034 5,810 INT A/D 08-04 P/D 08-16-04 REPOP&!l 5,8100 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG QUE 01/16/2034 11,620 INT A/D 08-04 P/D 08-16-04 REPOP&! 11,6200 5.8100 205,817.52 11.6200 92,479.38 027 08/01/04;06:31 001 vae2 EFTA00195841

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 10 of 4 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION SYMBOUCUSIP 08/20/04 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5.530 INT A/D 07-04 P/D 08-20-04 REPOP A! 5.5300 08/25/04 FANNIE MAE CMO/SERIES 2003-13 ; S$ RCR-VO FLIR DUE 03/25/2033 6,550 INTEREST PAYMENT 08-25-04 08/25/04 FEDERAL NATIONAL MTG ASSN ; SERIES 2003-49 CLASS SW DUE 01/25/2033 5.550 INTEREST PAYMENT 08-35-04 168,044.57 71,740.92 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOO July 31, 2004 THROUGH August 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT duly 30, 2004 CREDIT AMOUNT 202,766.67 TOTAL REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION 08/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,620 gs '34 FITM AZ TERM MENT $1,032,800.50 CREDIT AMOUNT SERIES 2004-2 case SG Al DUE 06/30/2006 2,750 2,750 FITM A2 TERM EMENT 08/01/04;06:31 001 vae2 EFTA00195842

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS FINANCIAL TRUST CO INC 11 of 4 STATEMENT PERIOO July 31, 2004 THROUGH August 31,2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 30, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT RECEIVED UNITED STATES TREASURY NOTE 75,000,000 75,375,000.00 DUE 07/31/2006 2.750 2,750 DUE 07/31/06 FITM — 2151023 Al RESALE AGREEMENT BREESE 7 GOVERINAAENT NATIONAL MTG ASSN AAT Sas Te SERIES 2004-2 CLASS SG DUE 01/ 16% 11,620 FITM AZ REPO I DUE O06, 2,750 FIM A2 RESALE en STR ES TRERSURY NOTE aaa 77777 BETS SIT 7 SE SFE TITS DUE 07/31/2006 2,750 2,750 DUE 07/31/06 FITM —F2190710 Atl RESALE AGREEMENT f DELIVERED UNITED STATES TREASURY NOTE ; "75,000,000 75,375,000.00 DUE 07/31/2006 2,750 2.750 DUE 07/31/06 FIM _F2151023 2 TERM ALE AGREEMENT DUE 07/31/2006 2,750 FIM —F2151023 A2 RESALE INTEREST eT JOURNAL FEDL HOME LOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02/01/32 FITM — F2253160 Al REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN ts 278o%0 STRIP MTG SERIES 322 CL PO 0,001 tke] FiTM Ad TERM REPO AGREEMENT 027 08/01/04;08:31 001 vae2 EFTA00195843

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 12 of 4 STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = July 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN -4,278,010 STRIP MTG SERIES 322 CL PO 132 ‘0 AGI 08/16/04 JOURNAL FEDERAL NATIONAL MIG ASSN i 4.278.010 310,000.00 STRIP MTG SERIES 322 CL PO 0,001 O32 Fitht TERM Re A2 MENT FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6.400 any FITM. Al GOVERNMENT NATIONAL MTG ASSN -9,449,493 6,145,000.00 SERIES 2004-2 CLASS SG 11.200 Bs 34 FITM Al 0 AG -9,449,493 6,150,000.00 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,200 (34 0 AGI 027 08/01/04;08:31 001 vae2 EFTA00195844

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 13 of 14 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP JOURNAL GOVERNMENT NATIONAL MTG ASSN IES 2004-2 GLASS SG 3. Ad JOURNAL GOVERNMENT NATIONAL MTG ASSN iii SERIES 2004-2 CLASS SG 11,200 (34 Fit AS REPO Ay CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT July 30, 2004 CREDIT AMOUNT 6,.200,000.00 JOURNAL GOVERNMENT NATIONAL MTG ASSN | SERIES 2004-2 CLASS SG 1 SERIES 2004-2 CLASS SG 11.200 Bhs 34 FITM A2 0 AG GOVERNMENT NATIONAL MIGASSN a 7,232,000.00 SERIES 2004-2 CLASS SG DUE 01) 11,200 FITM A2 REPO I TOTAL $-158,901.818.25 08/01/04;08:31 001 $193,901,773.54 vae2 EFTA00195845

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 14 of 4 Ste STATEMENT PERIOO THROUGH Transaction Detail (continued) ACCOUNT NUMBER FINANCIAL TRUST SUBSIDIARY co INC July 31, 2004 August 31, 2004 TAXPAYER NUMBER On File MISCELLANEOUS LAST STATEMENT July 30, 2004 DATE MO'DAY TRANSACTION DEBIT AMOUNT CREDIT AMOUNT 08! RECEIVED 482.76 UPON FINANCING NET PAIROFF DIFF JOUANAL ‘JULY04 SPEC CLEARING FEES 300.00 $-782.76 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/15/04 08/10/04 SOLD FNMA-SOYA(FNMA)GID || -30,000,000.00 100.8281 30,248,437.50 SET, ae... 57320000 _ BS TOTAL $0.00 $30,248,437.50 The above trades do not appear in any other section of this statement [stop] ****** End of Statement™***** 027 08/01/04;08:31 001 vae2 EFTA00195846

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 0 nN) i FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE © GNMA GOVT BOND STATEMENT PERIOD July 1, 2004 VISIT OUR WEBSITE www.bearstearns.com THROUGH July 30, 2004 What’s In This Statement UFR | eevee once nessa a LAST STATEMENT dune 30, 2004 Financial Summary . 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail ...utuseseenenens 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $3.971 Cash & Equivalent $129,030 TOTAL VALUE OF SECURITIES THIS PERIOD* 11,296,902 LONG ACCRUED INTEREST 174,836 Fixed $11,296,902 \ 11,848,752 NET CREDIT BALANCE 3,971 neome # NET EQUITY THIS PERIOD $11,475,709 GEGY Last statement’s market value NET EQUITY LAST STATEMENT 12,162,877 CHANGE SINCE LAST STATEMENT ~687,168 “This portfolio indudes one or more unpriced securties that are not refected in the Total Value of Securties and the Net Equity This Period There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. This summary is for informational purposes only. It Is not intended as a tax document This stateenemt should be retained for your records. See reverse side for important information o27 07/31/0406:41 001 vasa EFTA00195847

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 07/31/04;08:41 001 vasa EFTA00195848

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 16 Cash Flow Analysis THIS PERIOD $129,030.02 OpeningBalance Securities Sold 180,245,896.38 Dividends/Interest 1,076,355.23 Miscellaneous 183.88 Amount Credited $181.322.435.49 Securities Bought -181 242,338.23 Funds Withdrawn -70,539.00 Dividends/Interest Charged -133,608.18 Miscellaneous -1,008.90 Amount Debited $-181,447,494.31 Net Cash Activity -125,.058.82 Closing Balance $3,971.20 Cash Balance Summary OPENING CLOSING Margin 129,030.02 3,971.20 $129,030.02 $3,971.20 Net Cash Balance Income Summary THS PERIOD YEAR TO DATE U.S. Govt. Bond Int. 0.00 282,843.41 Govt. Agency Int. 900,793.20 6,201,200.59 Corp. Bond Int. 175,390.75 1,389,057.27 Credit Balance Int. 171.28 403.20 Reverse Repurchase Int. 41,156.77 104,516.74 Bond Purchase Int. -133,576.76 -732,940.96 Margin Int. Paid 0.00 -1,770.70 Repurchase Int. Exp. -43,298.09 -118,901.31 Portfolio Composition Cash/Cash Equivalent 3,971 Fixed Income 11,296,902 $11,300,873 o2? 07/31/04;08:41 001 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST CO INC STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 TAXPAYER NUMBER On File LAST STATEMENT dune 30, 2004 Your Portfolio Allocation Cash & Equivalent “ Fixed Income 99% Unshaded portions denote debt balance andicor short market values. The alocation percentage is derived from the absokte market value of your portico. vasa EFTA00195849

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | ST RNS FINANCIAL TRUST CO INC 4 of 8 STATEMENT PERIOO July 1,2004 THROUGH duly 30, 2004 Your Portfolio Holdings a CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT June 30, 2004 NAARKET ESTIMATED URRY DESCRIPTION SYMBOL/CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD (%) CASH BALANCE 3,971 TOTAL CASH & CASH EQUIVALENTS $3,971 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) PUT TSY 3 1/8 05/07 | MRGN 50,000,000 Unpriced EUROPUT STRK 99-20 EXP 08/13/2004 Total Equities& Options $0 $o TOTAL EQUITIES $0 $0 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%} FEDERAL HOME LOAN MTG CORP rc 17,696,008 10.1846 1,802,275 44,388 1,065,300 59.1086 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.020% FACTOR = .29493347 027 07/31/04;06:41 001 vasa EFTA00195850

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 5 of 16 STATEMENT PERIOD July 1,2004 THROUGH July 30, 2004 Your Portfolio Holdings (continued) account numccr = TAXPAYER NUMBER On File . . LAST STATEMENT dune 30, 2004 Government & Agency Obligations (continued) ACCRUED ESTIMATED CURRENT QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YIELD (%) 9.1200 692.280 17,774 426,600 61.6225 DESCRIPTION SYMBOLCUSP FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,620% FACTOR = ,29493346 FEDERAL HOME LOAN MTG CORP rc 13,317,273 11.4435 1,523,967 36,735 881,603 57.8492 SERIES 2488 CLASS SQ DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.620% FACTOR = .26634952 FEDERAL HOME LOAN MTG CORP Hs trcn 15,364,122 8.8240 1,355,734 35,978 863,464 63.6898 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.620% FACTOR = ,26634550 FEDERAL NATIONAL MTG ASSN rc 15,511,551 10.4392 1,619,282 11,956 860,891 53.1650 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5.550% FACTOR = .63815794 Total Government& Agency Obligations $6,993.538 $146,831 $4,097,858 027 07/31/04;06:41 001 vasa EFTA00195851

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl ST RNS FINANCIAL TRUST CO ING 6 of 8 STATEMENT PERIOO July 1,2004 THROUGH July 30, 2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File LAST STATEMENT June 30, 2004 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRETION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%} FANNIE MAE CMO/SERIES 2003-13 13.9780 4,303,364 28,005 2,016,535 46.8595 S$ RCR-IO FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6,550% FACTOR = .61573983 Total CorporateBonds $4,303,364 $28,005 $2,016,535 TOTAL FIXED INCOME $11,296,902 $174,836 $6,114,393 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $174,836 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6,114,393 YOUR PRICED PORTFOLIOHOLDINGS $11,300,873 Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc. outstanding as of date of statement PURCHASE REPURCHASE PRICING PURCHASE PRICE: AQCAUED REPO QUANTITY START DATE OaTE RATE PRINCIPAL INTEREST* FACE AMOUNT) cus DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -3,739,000 4.461 -44,389.962 [QJ series 2004-2 class s 5.8100 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC 1.790 -5,866,000 -7,000 -44,000,000 [RRM series 2004-5 class p 5.5300 02/2 027 07/31/04;06:41 001 vasa EFTA00195852

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 7 of 18 STATEMENT PERIOO July 1, 2004 THROUGH July 30, 2004 i Le Repurchase and Reverse Repurchase Transactions (continued) AECOUNT NUMESE TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT June 30, 2004 PURCHASE: REPURCHASE PRICING PURCHASE PRICE) ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" (FACE AMOUNT) cus DESCRIPTION YOU PROVIDED FNMA-SMBS PRINCIPAL ONLY (MARGIN) 07/09/04 OPEN 0.000 -15,000,000 [J series 322 class po 03/01/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/28/04 08/02/04 1.560 -6,225,000 1,348 -10,000,000 [J series 2004-2 class s 11.6200 01/16/34 YOU BOUGHT USTR 2.7500 06/30/06 (REVERSE) 07/09/04 OPEN 1.150 75,562,500 49,934 75,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $75,562,500 $49,934 TOTAL REPURCHASE TRANSACTIONS $-15,830,000 $-12,809 “As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE Tr TRANSACTION CESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 25,000,000 100.58594 25,146,484.38 . 03,125% MN 15 ACCR. INT. 116,762.90 0 MATURITY GVER REF # G1901000 At SaSSCE OTST BUT UES SES RT OSS BETTS RIES Sas TT pills 2.750% JO 30 ACCR. INT. 16,813.86 A 0 MATURITY GVER REF # G1901002 A3 o2? 07/31/0406:41 001 vasa EFTA00195853

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STE \RNS FINANCIAL TRUST CO ING 8 of 8 STATEMENT PERIOO July 1,2004 THROUGH July 30, 2004 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = June 30, 2004 SETTLEMENT TRADE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL HOME LOAN MTG CORP "600,854 SERIES 2483 CL SL 5,620 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-04 PRINCIPAL FEDERAL HOME LOAN MIG CORP ; "520,806 SERIES 2488 CLASS SQ 6.620 DUE 03/15/32 PRINCIPAL REDUCTN 07-15-04 u SERIES 2530 CLASS SE 6,020 DUE 02/15/32 PRINCIPAL REDUCTN 07-15-04 SERIES 2526 CLASS SI a 5.620 DUE 02/15/32 a PRINCIPAL REDUCTN 07-15-04 BAINGIPAL "GOVERNMENT NATIONAL MTG ASSN” SERIES 2004-2 CLASS SG 11,895 DUE 01/16/34 PRIN RID 07-04 P/D 07-16-04 REPO P&I 11,8950 "93,692.10 PRINCIPAL FEDERAL HOME LOAN MTG CORP : "283,382 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN A/D 06-04 P/D 07-25-04 REPO P & | 0,0000 SERIES 2003-13 ez "626.478 S$ ACR-VO FLTR 6,700 DUE 03/25/33 PRINCIPAL REDUCTN 07-25-04 a) PEDERAL NATIONAL ase sanneen SERIES 2003-49 CLASS SW 5,700 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-04 TOTAL $-50,389,436.14 $225,908.85 027 07/31/04;08:41 001 vasa EFTA00195854

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS seen FINANCIAL TRUST CO INC 9 of 16 STATEMENT PERIOO July 1,2004 THROUGH duly 30, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT June 30, 2004 DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT FND WIRED MDA#GV136016FNDS WIRED TO 70,539.00 lll mg TOTAL $-70,539.00 INTEREST DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 07/01/04 AVGBAL 631,112AT 0.325 171.28 021 OFFICE INTEREST 0604 NATIONAL MTG ASSOC POOL 0004473 COUPON 5.9475 FINANCING NET PAIROFF DIFF FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT QUE 03/15/2032 1,000 INT A/D 06-04 P/D 07-15-04 REPOP&l 1,000 - 6=—lCi 16000 22,910.37 07/15/04 FEDERAL HOME LOAN MTG CORP 5.6200 76,648.51 SERIES 2483 CL SL DUE 03/15/2032 — 5.620 INTEREST PAYMENT 07-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO QUE 03/15/2032 6.620 INTEREST PAYMENT 07-15-04 EDERAL HOME LOAN MTG CORP — — lS 6.6200 77,968.94 — 6.0200 94,249.90 SERIES 2530 CLASS SE QUE 02/15/2032 6,020 INTEREST PAYMENT 07-15-04 027 07/31/04;08:41 001 vasa account numccr (S EFTA00195855

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS FINANCIAL TRUST CO INC 10 of 18 STATEMENT PERIOO July 1,2004 THROUGH duly 30, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT —_ June 30, 2004 DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CAEDIT AMOUNT FEDERAL HOME LOAN MTG CORP 5.6200 SERIES 2526 CLASS SI QUE 02/15/2032. 5,620 INTEREST PAYMENT 07-15-04 , ts 5.9470 212,535.54 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB QUE 01/16/2034 5,947 INT A/D 07-04 P/D 07-16-04 REPOP&l 5,9475 SERIES 2004-2 CLASS SG QUE 01/16/2034 11,895 INT A/D 07-04 P/D 07-16-04 REPOP&l 11,8950 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 5,530 INT A/D 06-04 P/D 07-20-04 REPOP&l 5.6700 07/26/04 FANNIE MAE CMO/SERIES 2003-13 -6—ltCi 6.7000 175,390.75 5.5300 207,900.00 S$ RCA-VO FLIR QUE 03/25/2033 6,700 INTEREST PAYMENT 07-25-04 ER, M SERIES 2003-49 CLASS SW QUE 01/25/2033 _ 5,700 INTEREST PAYMENT 07-25-04 TOTAL $-31.42 $1,076,355.23 027 07/31/04;06:41 001 vasa account numccr (S EFTA00195856

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 11 of 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION 07. JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES S22 CL PO 0,001 ti TERM Re GHEEMENT 07/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 pM F1833483 Al AG SYMBOUCUSIP -4,517,189 QUANTITY 4,517,189 DEBIT AMOUNT 1,744,350.00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, St OC “l FINANCIAL TRUST CO INC STATEMENT PERIOO July 1,2004 THROUGH duly 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT dune 30, 2004 CREDIT AMOUNT 3.145,000.00 SERIES 2004-5 CLASS PS 5,670 oo. SERIES 2004-5 CLASS PS §,670 DUE 02/20/33 FITM —F1533207 AZ TERM AGREEMENT FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/048 0,001 FITM AZ t INTEREST SERIES 2004-5 CLASS PS DUE 02/20/2033 5,670 FIM F1533207 AZ REPO INTEREST SERIES 2004-2 CLASS SB 5.947 at FIM AS REPO AGI JOURNAL GOVERNMENT NATIONAL MTG ASSN 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN "44.000,0 42,882,327 07/31/04;08:41 001 700,000.00 EFTA00195857

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS FINANCIAL TRUST CO INC 12 of 18 STATEMENT PERIOO July 1,2004 THROUGH July 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = June 30, 2004 SETTLEMENT = TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLIGUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 07. JOURNAL GOVERNMENT NATIONAL MTG ASSN 42,882,327 700,000.00 IES 2004-2 CLASS SB Ad 07/08/04 JOURNAL GOVERNMENT NATIONAL MiG ASSN iiiilaauag""""""""""32 "S82 "37°" 3°072'000.00 ny 2004-2 CLASS SB FiTM ony 2004-2 CLASS SB AS GOVERNMENT NATIONAL MTG ASSN ny 2004-2 CLASS SB GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 9,644,057 8,258,000.00 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 11,895 Bs /34 Fill AZ TERM Re (GHEEMENT 027 07/31/04;08:41 001 vasa EFTA00195858

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 13 of 18 STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT June 30, 2004 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16) 5,947 FM AZ H OnoBIO tenes GOVERNMENT NATIONAL MAG ASSN AAAs a7 s SERIES 2004-2 CLASS SG DUE 01/16) 11,895 FITM AZ REPO I STRIP MTG SERIES _ CL PO A3 FEDERAL NATIONAL MIGASSN , “4,384,972 3.144,000.00 STRIP MIG SERIES $22 CL PO FEDERAL NATIONAL MTGASSN | 4,384,972 3,144,000.00 STRIP MTG SERIES 322 CL PO 0,001 {32 FITM A2 0 AG STRIP MTG SERIES 322 CL PO 0,001 ot FITM TERM Re ic) IT SERIES 2004-2 CLASS SB 5.947 6) TERM Re! GHEEMENT 027 07/31/04;08:41 001 vasa EFTA00195859

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS FINANCIAL TRUST CO INC 14 of 18 STATEMENT PERIOO July 1,2004 THROUGH July 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = June 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 07. JOURNAL GOVERNMENT NATIONAL MTG ASSN 42,882,327 IES 2004-2 CLASS SB B1 07/09/04 JOURNAL GOVERNMENT NATIONAL MiG ASSN iiiiiaar"""""""""S"G 4's" 7'633-000.00 SERIES 2004-2 rtrd SG SERIES 2004-2 Aes SG JOURNAL GOVERNMENT NATIONAL MTG ASSN iy 2004-5 CLASS PS JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS -44,000,000 5,866,000.00 DUE 05/15/200) FITM TERM RESALE iS o7108/04 RECEWED UNITED STATES TREASURY Nove ———iiliiiagr"""""""""75 "oo o00"""""""75°562'500.00 DUE 06/30/2006 2.750 2.750 ; FIT Al te) T 027 07/31/04;08:41 001 vasa EFTA00195860

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 15 of 18 Ste STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = June 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION QUANTITY DEBIT AMOUNT CREDIT AMOUNT ‘CUS! DELIVERED UNITED TES TREASURY NOTE -100,000,000 100,125,000.00 DUE 06/30/2006 2.750 2,750 % FITM A2 TERM AENT ; a aaa Try Matin TiO ey TS STRIP MIG SERIES 322 CL PO DUE tall GOVERNMENT NATIONAL MiG ASSN SE i 2004: 2 CLASS SG DUE O a 895 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01) fy ! 895 FM INTEREST SERIES 2004-5 CLASS PS a DUE ‘ne 3.670 | 17,710.83 UNITED STATES TREASURY NOTE ? 3.125 A2 DUE 06¥ ab 750 FM INTEREST 07/09/04 INTEREST 027 07/31/04;08:41 001 vasa EFTA00195861

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 16 of 18 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION JOURNAL GOVERNMENT NATIONAL MTG ASSN IES 2004-2 GLASS SG 3. Al JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 ass SG 7,633,000.00 DEBIT AMOL CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT dune 30, 2004 CREDIT AMOUNT SERIES 2004-2 CLASS SG DUE —_ 11,895 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 Sry SG Al GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 7,350,000.00 SERIES 2004-2 CLASS SG DUE 01) 11,620 FITM A2 REPO I TOTAL $-130,986,478.85 07/31/04;08:41 001 $180,019,987.53 vasa EFTA00195862

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 17 of 8 STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File MISCELLANEOUS LAST STATEMENT June 30, 2004 DATE MO'DAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 07, JOURNAL FITO TO FITM 79.45 07 06/04 JOURNAL 158.90 04 DELIVERED 104.43 TOTAL $-1,008.90 $183.88 SETTLEMENT DATE CTION DESCRIPTION SYMBOLICUSIP Q PRICE DEBIT AMOUNT CRED BOUGHT UNITED STATES TREASURY NOTE 25,000,000.00 100.1289 25,093,877.38 02,750% JD 30 > 1 MATURITY GVER REF # G2121013 Al 07/30/04 BOUGHT UNITED STATES TREASURY NOTE ee So o00.c00%00"""Foo"F289 50.187.754.76 ‘ 02,750% JD 30 BTO MATURITY GVER REF # G2121013 BI 07/30/04 SOLD UNITED STATES TREASURY NOTE i 25 c00.s00%G0 100.0625 25,019,361.41 02,750% WI 31 > 1 MATURITY GVER REF # G2121008 At 027 07/31/04;08:41 001 vasa EFTA00195863

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS FINANCIAL TRUST CO INC 18 of 18 STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT June 30, 2004 SETTLEMENT — TRADE OATE TRANSACTION DESCRIPTION QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 08) -50,000,000.00 100.0625 02.750% 31 34 2 » 1 MATURITY GVER REF # G2121008 Bt TOTAL $75,281 ,632.14 $75,058,084.24 The above trades do not appear in amy other section of this statement [stop] “***** End of Statement** 027 07/31104,08:41 001 vasa EFTA00195864

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS CCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary ,. » 3 Your Portfolio Holdings . . 4 Transaction Detail .....sscssseseeseens 7 Your M@SSAQES aissanseessemies 16 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 11,848,752 LONG ACCRUED INTEREST 185,095 NET CREDIT BALANCE 129,030 _ RT OY NET EQUITY LAST STATEMENT 12,782,847 CHANGE SINCE LAST STATEMENT -619,970 “This portfolio indudes one or more unpriced securties that are not refected in the Total Value of Securties and the Net Equity This Period There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY xn i FINANCIAL TRUST CO INC STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 account numccr | PP | ery en eee TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $129,030 Cash & Equivalent $228,003 $11,848,752 $12,394.691 Fixed Income HH current market value GB Last statements market value This summary is for informational purposes only. It Is not intended as a tax document This stateremt should be retained for your records. See reverse side for important information o27 07/01/04;13:31 001 vaa2 EFTA00195865

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE O7/01/04;13:31 001 vaa2 EFTA00195866

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CLEARED THR! WHOLLY OWNE OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS FINANCIAL TRUST CO INC 3 of 16 STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 . account numccr = Cash Flow Analysis Income Summary SaxpaveR NUMBER On File THIS PERIOD THIS PERIOD YEAR TO DATE _ LAST STATEMENT May 28, 2004 OpeningBalance $228,002.64 U.S. Govt. Bond Int. 54,412.79 282,843.41 sutvassnenuenssessanenneaneonsonensenessssaunnenuaneensensanenn sess ansen aeeneeees Govt. Agency Int. 945,574.26 5,300.407.39 Securities Sold 419,173,152.86 Corp. Bond Int. 186,097.96 1,213,666.52 i nds li t 1,186,160. Dlvidends/interes 96,160.63 Credit Balance Int. 75.62 231.92 Sorcerer oe IS SG Reverse Repurchase Int. 42.9518 62.989.97 Securities Bought -420,287,071.09 tee ne Dividends/Interest Charged 170,765.02 Bond Purchase Int. “170,765.02 “599,364.20 Miscellaneous -450.00 Margin Int. Paid 0.00 -1,770.70 vennuensave Repurchase Int. Exp. -16,477.34 -75,603.22 Amount Debited $-420,458,286.11 Net Cash Activity -98,972.62 c Portfolio Composition Cash/Cash Equivalent 129,030 Your Portfolio Allocation Fixed Income 11,848,752 $11,977,782 Cash Balance Summary OPENING Cash & Equivalent 1% Margin 228,002.64 129,030.02 Net Cash Bal: $228,002.64 $129,030.02 “ Fixed Income 99% Unshaded portions denote debt balance andicr short market values, The alocation percentage is derived from the absolte market value of your portioto 027 O7/01/04;13:31 001 vaa2 EFTA00195867

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 of 6 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOG May 29, 2004 THROUGH June 30, 2004 Your Portfolio Holdings ACCOUNT NUMBER ; CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 MARKET ESTIMATED CURRY DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (% CASH BALANCE 129,030 TOTAL CASH & CASH EQUIVALENTS $129,030 EQUITIES Equities & Options AGCT MARKET ESTIMATED QURRENT DESCRIPTION SYMBOU'CUSIP TYRE QUANTITY PRICE VALUE ANNUAL INCOME : PUT TSY 3 1/8 05/07 | MRGN 50,000,000 Unpriced EUROPUT STRK 99-20 EXP 08/13/2004 Total Equities& Options $0 $0 TOTAL EQUITIES $0 $0 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED OURPRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD [%) FEDERAL HOME LOAN MTG CORP Ha trcn 18,356,644 10.0831 1,850,914 47,124 1,130,953 61.1024 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.161% FACTOR = 30594407 07/01/04;13:31 001 vas2 EFTA00195868

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 5 of 6 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) aC DESCRIPTION SYMBOLCUSP TYPE FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,761% FACTOR = ,30594406 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.761% FACTOR = .27676164 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.761% FACTOR = ,27676163 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,700% FACTOR = .65114376 Total Government& Agency Obligations 7,874,136 13,838,079 15,964,976 15,827,194 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD May 29, 2004 THROUGH dune 30, 2004 account numccr = TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 ACCRUED ESTIMATED curt QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%} 8.9978 708,499 01 453,629 64.0268 11.4123 1,579,242 38,985 935,593 59.2432 8.7232 1,392,652 38,320 919,742 66.0425 10.9989 1,740,814 12,530 902,150 51.8235 $7,272,121 $155,860 $4,342,067 027 07/01/04;13:31 001 vas2 EFTA00195869

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 6 of 6 STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 Your Portfolio Holdings (continued) account numccr = TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YIELD (%) FANNIE MAE CMO/SERIES 2003-13 14.5691 4,576,631 29,235 2.104.689 45.9877 § ROR-I/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6,700% FACTOR = ,62826939 Total CorporateBonds $4,576,631 $29,235 $2,104,689 TOTAL FIXED INCOME $11,848,752 $185,095 $6,446,756 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $185,095 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6.446.756 YOUR PRICED PORTFOLIOHOLDINGS $11,977,782 Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc. outstanding as of date of statement PURCHASE REPURCHASE PRICING PURCHASE PRICE: AQCAUED REPO QUANTITY START DATE OaTE RATE PRINCIPAL INTEREST* FACE AMOUNT) cus DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -8,258,000 -25,820 -10,000,000 [MMMM series 2004-2 class s 11.8950 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC REPO) 06/01/04 1.325 -4,345,000 4.797 -44,000,000 [RRM series 2004-5 class p 5.6700 02/20/33 027 07/01/04;13:31 001 vas2 EFTA00195870

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Z Steams Securities " STEARNS ee FINANCIAL TRUST CO INC 7 of 16 STATEMENT PERIOG May 29, 2004 THROUGH June 30, 2004 i a Repurchase and Reverse Repurchase Transactions (continued) soso NMESE TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT May 28, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/14/04 07/08/04 1.340 -2,072,000 1,311 -44,389.962 [RJ series 2004-2 class s 5.9475 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 06/30/04 07/01/04 1.325 -1,744,350 -64 -15,000,000 [J series 322 cLass po 03/01/32 YOU BOUGHT USTR 3.1250 05/15/07 (REVERSE) 06/04/04 OPEN 0.900 25,062,500 13,178 25,000,000 YOU BOUGHT USTR 2.7500 06/30/06 (REVERSE) 06/30/04 _ OPEN 1.100 100,125,000 3,059 __ 100,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $125,187,500 $16,237 TOTAL REPURCHASE TRANSACTIONS $-16,419,350 $-31,992 *As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE OATE DESCRIPTION QUANTITY DEBIT AMOUNT UNITED STATES TREASURY NOTE -25,000,000 99.87200 02,500% MN 31 ACCR. INT. % TO MATURITY GVER REF # G1471007 AS AS OF 05/26/04 SYMBOLICUSIP TRANSACTION 027 O7/01/04;13:31 001 vas2 EFTA00195871

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS FINANCIAL TRUST CO INC 8 of 6 STATEMENT PERIOG May 29, 2004 THROUGH dune 30, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 28, 2004 SETTLEMENT TRADE CREDIT AMOUNT OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT UNITED STATES TREASURY NOTE 50,000,000 99.87200 2006,02.500% MN 31 ACCR. INT. 3,415.30 pees 10 MATURITY GVER REF # G1471007 BS AS OF 05/26/04 UNITED STATES TREASURY NOTE i 25.000;c00 99.90625 24.976,562.50 eat 9.125% MN 15 ACCR. INT. 42,459.24 . % TO MATURITY GVER REF # G1551006 Al Kee 02,500% MN 31 , : ; ACCR. INT. A % TO MATURITY GVER REF # G1551009 Al er 50,000,000 0.71094 355,468.75 PUT TSY3 1/8 O5/07 EUROPUT STRK 99-20 EXP 08/13/2004 ORIGINAL SD 06/04/04 AS OF 06/03/04 06/14/04 04 SOLD FEDL HOME LOAN MTG CORP#SO3602 a 2 36365 7206250 4/899,758.47 SERIES 223 CLASS PO BOUGHT 7690000 BS SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP | is "307-479 06/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -938,179 SERIES 2530 CLASS SE 6,300 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 027 O7/01/04;13:31 001 vas2 EFTA00195872

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STE \RNS FINANCIAL TRUST CO ING 9 of 16 STATEMENT PERIOG May 29, 2004 THROUGH June 30, 2004 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = May 28, 2004 SETTLEMENT TRADE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL HOME LOAN MTG CORP -402,434 SERIES 2526 CLASS SI 5,900 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO QUE 12/01/32 PRIN A/D 05-04 P/D 06-15-04 REPOP&! 0.0000 97,950.70 PRINCIPAL SERIES 2004-2 CLASS SG 12,200 DUE 01/16/34 PRIN A/D 06-04 P/D 06-16-04 REPOP&l 12,2000 BOUGHT UNITED STATES TREASURY NOTE 50,000,000 99.70313 49,851,562.50 —_ 02,500% MN 31 ACCR. INT. 85,382.51 0 MATURITY GVER REF # G1761027 A3 BOUGHT UNITED STATES TREASURY NOTE 50,000,000 99.70313 49,851,562.50 ieiiaillie 2.500% MN 31 ACCR. INT. 85,382.51 . 3% TO MATURITY GVER REF # G1761027 BS 227,462.55 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PAIN RID 05-04 PiD 06-25-04 REPOP&! 0.0000 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 $ ACR-VO FLTR 6.900 DUE 03/25/33 PRINCIPAL REDUCTN 06-25-04 -951,594 06/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-04 -479,449 Pt PRINCIPAL FEDERAL NATIONAL MTG ASSN “—_ ne Pt 027 07/01/04;13:31 001 vas2 EFTA00195873

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . B FAR Bear, Steams & Co. Inc. a. STEARNS ee FINANCIAL TRUST CO INC 10 of 6 STATEMENT PERIOG May 29, 2004 THROUGH dune 30, 2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 28, 2004 SETTLEMENT TRADE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE -50,000,000 100.06250 50,031,250.00 “ 02.750% JD 30 pe te TO MATURITY GVER REF # G1761023 At 06/30/04 06/24/04 SOLD UNITED STATES TREASURY NOTE ae S6.500%500 400.06250 50,031,250.00 metil 02,750% JD 30 eye te TO MATURITY GVER REF # G1761023 BI TOTAL $-100,229,358.77 _ $227,252,364.59 INTEREST DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE CEBIT AMOUNT CAEDIT AMOUNT 06/01/04 AVGBAL 325,407AT 0.270 75.62 021 OFFICE INTEREST 0504 FEDERAL HOME LOAN MTG CORP” SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT RID 05-04 PD 06-15-04 REPOP Al 1,000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL QUE 03/15/2032 INTEREST PAYMENT 01 24,081.17 82,505.83 SERIES 2488 CLASS SQ QUE 03/15/2032. 6,900 INTEREST PAYMENT 06-15-04 SERIES 2530 CLASS SE QUE 02/15/2032. 6,300 INTEREST PAYMENT 06-15-04 027 O7/01/04;13:31 001 vas2 EFTA00195874

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 11 of 16 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION SYMBOUCUSIP 06/15/04 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI QUE 02/15/2032 5,900 INTEREST PAYMENT 06-15-04 (04 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB QUE 01/16/2034 6,100 INT A/D 06-04 P/D 06-16-04 REPOP&l 6,1000 SERIES 2004-2 CLASS SG QUE 01/16/2034 12,200 INT A/D 06-04 P/D 06-16-04 REPOP&l 12,2000 04” GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,850 INT AID 05-04 P/D 06-20-04 REPOP&! 5.8500 06/25/04 FANNIE MAE CMO/SERIES 2003-13 S RCR-VO FLIR QUE 03/25/2033 6,900 INTEREST PAYMENT 06-25-04 AL SERIES 2003-49 CLASS SW QUE 01/25/2033 5,900 INTEREST PAYMENT 06-25-04 QUANTITY RATE (Se) 5.9000 6.1000 DEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Sec: Co 1 | FINANCIAL TRUST CO INC STATEMENT PERIOG May 29, 2004 THROUGH dune 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 CREDIT AMOUNT 219,760.82 214,500.00 186,097.96 TOTAL $1,131,747.84 O7/01/04;13:31 001 vas2 EFTA00195875

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 12 of 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE 06) DESCRIPTION FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES S22 CL PO 0,001 ti TERM Re GHEEMENT TRANSACTION JOURNAL JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 O32 FiTM AI REPO Ay SYMBOUCUSIP QUANTITY 4,744,651 -4,744,651 DEBIT AMOUNT 3,241,000.00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOG May 29, 2004 THROUGH dune 30, 2004 TAXPAYER NUMBER On File ACCOUNT NUMBER LAST STATEMENT May 28, 2004 CREDIT AMOUNT 3,297,000.00 STRIP MTG SERIES 322 CL PO 0,001 yO 32 FEDERAL NATIONAL MTG ASSN it MIG SERIES see CL PO JOURNAL” JOURNAL 06101104 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,850 ‘ FITM AZ TERM Re (GHEEMENT -4,744,651 44,000,000 4,300,000.00 3.297,000.00 SERIES 2004-5 CLASS PS §,850 DUE 02/20/33 FITM F1533207 Al REPO AGREEMENT RECEIVED DUE 05/31/2006 2,500 UNITED STATES TREASURY NOTE 75,000,000 75,187 ,500.00 O7/01/04;13:31 001 vaa2 EFTA00195876

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 13 of 16 FINANCIAL TRUST CO INC STATEMENT PERIOD May 29, 2004 THROUGH dune 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT May 28, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06) INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/0 0,001 F aM AZ H O6101/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20) 5,850 FITM AZ REPO I 1,086.94 DUE 05/15/2007 3,125 2. 07 Al ic) IT DELIVERED” UNITED STATES TREASURY NOTE "75,000,000 78,187,500.00 DUE 05/31/2006 2,500 2,500 Kan o6i04i04 RECEIVED“ UNITED STATES TREASURY NOTE a 400,000,000 400,000,000.00 DUE 05/31/2006 2.500 JOURNAL" FEBL HOME LOAN MTG CORP#SO3602 gall 2,636,265 SERIES 223 CLASS PO FITM A2 TERM Re ie] ENT 027 O7/01/04;13:31 001 vaa2 EFTA00195877

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 14 of 16 STATEMENT PERIOD May 29, 2004 THROUGH dune 30, 2004 account numccr (S TAXPAYER NUMBER On File Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT May 28, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06) JOURNAL FEDL HOME LOAN MTG CORP#S03602 -2,636,265 250,000.00 SERIES 223 CLASS PO DUE 12/045 FITM Al ‘0 AG 06/14/04 JOURNAL FEDL HOME LOAN MiG CORP#Soaeo2 (ial 2,636,265 250,000.00 SERIES 223 CLASS PO DUE 120g FTN TERM Re SERIES 2004-2 CLASS SB 6,100 ar JOURNAL "GOVERNMENT NATIONAL MTG ASSN ee 43,231 636 3,712,000.00 SERIES 20042 CLASS $8 A2 TERM Rei ic] IENT INTEREST“ FEDL HOMELOAN MTG CORPH#Soseo2 ail 39.20 SERIES 223 CLASS PO DUE 12/045 0,000 FITM A2 oll SERIES 2004-2 CLASS SB DUE 01/ 6.100 FITM A2 REPO I DELIVERED UNITED STATES TREASURY NOTE -100,000,000 100,000,000.00 DUE 05/31/2006 2,500 2,500 FITM TERM 027 O7/01/04;13:31 001 vaa2 EFTA00195878

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS 15 of 16 FINANCIAL TRUST CO INC STATEMENT PERIOD May 29, 2004 THROUGH dune 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT May 28, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOL CREDIT AMOUNT INTEREST UNITED TES TREASURY NOTE 38,027.78 DUE O5/34) 2,500 FITM A2 ALI JOURNAL ‘ADP CD Re 1,740,000.00 -4,517,189 1,744,350.00 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES = CL PO Al STRIP MTG SERIES 322 CL PO 0,001 WOU 32 FITM Ad TERM Re: (GREEMENT DUE 06/30/2006 2,750 | a a JOURNAL FEDERAL NATIONAL MTG ASSN s.lCOS 4,517,189 3:387:600.60 ies a INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 3,519.09 DUE 03 0,001 FITM Ad REPO II TOTAL $-320.228,477.34 $191,975,201.06 027 O7/01/04;13:31 001 vaa2 EFTA00195879

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 16 of 6 Transaction Detail (continued) MISCELLANEOUS DATE MODAY TRANSACTION DESCRIPTION 06/14/04 JOURNAL MAY 04 SPEC CLEARING FEES TOTAL Your messages LZ 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, STOP **ee** End of Statement****** VY DEBIT AMOUNT 450.00 $-450.00 Le CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY xn) i i FINANCIAL TRUST CO INC STATEMENT PERIOD May 29, 2004 June 30, 2004 accout Nuecr TAXPAYER NUMBER On File May 28, 2004 THROUGH LAST STATEMENT CREDIT AMOUNT Any short positions in your account will be kept "marked-to-the market’. This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the 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 closing 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 Vva32 EFTA00195880

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary ,. » 3 Your Portfolio Holdings . . 4 Transaction Detail .....sscssseeseseeeens 7 Trades Not Yet Settled wuss 17 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 12,394,691 LONG ACCRUED INTEREST 160,153 NET CREDIT BALANCE 228,003 YT NET EQUITY 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. 0 nN i FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH ACCOUNT NUMBER May 28, 2004 Wesallsselselall asst TAXPAYER NUMBER On File LAST STATEMENT FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $228,003 Cash & Equivalent $-12,163 Fixed Income 12,394,691 $13,163,012 [see] Current market value (BY Last statements market value () Short market value This summary is for informational purposes only. It Is not intended as a tax document This statement should be retained for your records. See reverse side for important information 027 (06/2904;12:32 001 vast April 30, 2004 EFTA00195881

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STATEMENT BACKER IS PRINTED ON THIS PAGE 06/29104;12:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC EFTA00195882

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BEAR STEARNS Cash Flow Analysis OpeningBalance Securities Sold Dividends/Interest Miscellaneous Amount Credited Securities Bought Dividends/Interest Charged Miscellaneous Amount Debited OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. THIS PERIOD $-12,162.87 314,135,191.84 1,235,353.40 32,031.25 $315,402.576.49 -314,951,505.27 -209.405.71 -1,500.00 Cash Balance Summary Margin 12,162.87 Net Cash Balance $-12.162.87 CLOSING 228,002.64 $228,002.64 Income Summary THS PERIOD U.S. Govt. Bond Int. 61,396.53 Govt. Agency Int. 978,422.27 Corp. Bond Int. 195,447.99 Credit Balance Int. 86.61 Reverse Repurchase Int. 17,701.39 3 oft? YEAR TO DATE 228,430.62 4,354,833.13 1,027.568.56 156.30 21,008.91 Bond Purchase Int. -209.405.71 Margin Int. Paid 0.00 Repurchase Int. Exp. -11,508.39 Portfolio Composition Cash/Cash Equivalent Fixed Income -1,770.70 -59,125.88 228,003 12,394,691 $12,622,694 06/29104;12:32 001 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 Your Portfolio Allocation Cash & Equivalent 1% “ Fixed Income 99% Unshaded portions denote debt balance andicr short market values, The alocation percentage is derived from the absolte market value of your portioto vast EFTA00195883

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 228.003 TOTAL CASH & CASH EQUIVALENTS $228,003 FIXED INCOME Government & Agency Obligations 7 ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP Hl trcn 19,294,823 10.1223 1,953,080 43,896 1,215,574 62.2388 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.300% FACTOR = .32158038 FEDERAL HOME LOAN MTG CORP 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 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR = .29090521 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.900% FACTOR = .29090519 MRGN 8,276,570 14,545,258 16,780,846 11.4010 8.7571 488,318 65.1710 749,287 17,635 1,658,299 36,240 1,003,623 60.5212 990,070 67.3741 1,469,512 35,753 027 (06/2904;12:32 001 vast EFTA00195884

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 5 of 1? Your Portfolio Holdings (continued) Government & Agency Obligations (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL NATIONAL MTG ASSN GN 11.0890 1,808,245 8,019 962,092 53.2058 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,900% FACTOR = ,67086868 Total Government& Agency Obligations $7,638,423 $141,543 $4,659,677 Corporate Bonds ACCT ACCRUED ESTIMATED OQURRENT DESCRIPTION TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FANNIE MAE CMO/SERIES 2003-13 rc 32,364,861 14.6958 4,756,268 18,610 2,233,175 46.9523 § ROR-IIO FLTR DATED DATE 02/25/03 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 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $160,153 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6,892,852 YOUR PRICED PORTFOLIOHOLDINGS $12,622,694 o27 06/2904;12:22 001 vas) EFTA00195885

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 6 oft? STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 . account numccr = Repurchase and Reverse Repurchase Transactions _ TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT — April 30, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 7.461 -44,389.962 [RJ series 2004-2 class s 6.1000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -8,258,000 -16,598 -10,000,000 [MJ series 2004-2 class s 12.2000 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 05/10/04 06/01/04 1.300 -3,241,000 -2,574 -15,000,000 [RM series 322 class po 03/01/32 FHLMC - STRIP PRINCIPAL ONLY (REPO) 05/24/04 OPEN 0.000 A 5,000,000 [x YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 05/25/04 06/01/04 1.300 -4,300,000 -1,086 -44,000,000 SERIES 2004-5 CLASS P_ 5.8500 02/20/33 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS $-19,511,001 $-27,719 "As of statement date 027 (06/2904;12:32 001 vast EFTA00195886

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee FINANCIAL TRUST CO INC Tow STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Transaction Detail a TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT April 30, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE “25,000,000 99.89063 wile 02,250% AO 30 ACCR. INT. 9,171.20 moO? TO MATURITY GVER REF # G1261010 At Osi07i04 05/06/04 SOLD US TREASURY NOTE aw "25,000,000 9746875 24.367,187.50 phiteeitiets 3-1 25% AO 15 ACCR. INT. 46,960.38 eT MATURITY ER REF # G1271002 Al : \ y SETT.05/04 Dops4 05,5005 57470000 BS AS OF 04/16/04 TO CXL PREVIOUS FNMA-3O0YA(FNMA)GTD SETT.OS/04 15,000,000 101.56250 15,234.375.00 CANCEL SELL 05,500% 57540000 BS AS OF 04/07/04 TO CXL PREVIOUS BOUGHT FNMA-3OYA(FNMA)GTD SETT.O5/04 ue 05, 500% 57900000 BS SETT,0504 D12034 05, 500% 57470000 BS et — , 25,000,000 101.10938 25.277,343.75 — P| FNMA-3O0YA(FNMA)GTD -15,000,000 101.56250 15,234,375.00 SETT.OS/04 05, 500% 57540000 BS 027 06/29104;12:32 001 vast EFTA00195887

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS ee FINANCIAL TRUST CO INC 8B oft? STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 04/06/04 CANCEL BUY FNMA-30YA(FNMA)GTD -25,000,000 101.10938 25,277,343.75 ‘04 f 05, 500% 57900000 BS AS OF 04/06/04 TO CXL PREVIOUS BUY USTREASURY NOTE * 25,000,000 96.27030 24.067,575.00 — 03,125% AO 15 ACCR. INT. 61,902.32 BOUGHT A % TO MATURITY GVER REF # G1341012 Al 03,875% MN ACCR. INT. 5,264.95 A % TO MATURITY GVER REF # G1341013 A3 15 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 1,341,000 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6.900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 DUE 02/15/32 -1,515,000 PRINCIPAL REDUCTN 05-15-04 027 06/29104;12:32 001 vast EFTA00195888

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 9 of 17 STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 30, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6,300 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI 5,900 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04 -650,235 SERIES 223 CLASS PO DUE 12/01/32 PRIN A/D 04-04 P/D 05-15-04 REPOP&! 0,0000 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 78,886.80 SERIES 2004-2 CLASS SG 12,200 DUE 01/16/34 PRIN A/D 05-04 P/D 05-16-04 REPOP&l 12,2000 05/24/04 0: BOUGHT UNITED STATES TREASURY NOTE 25,000,000 100.24219 25,060,546.88 leiiaideis 93-8755 MN 1S ACCR. INT. 23,692.25 . 0 MATURITY GVER REF # G1421003 A3 AS OF 05/21/04 309,453.15 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN A/D 04-04 P/D 05-25-04 REPOP&! 0.0000 PAINCIPAL FANNIE MAE CMOISERIES 2003-13 ee 6255500 $ ACR-VO FLTR 6.900 DUE 03/25/33 PRINCIPAL REDUCTN 05-25-04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 $ ACR-VO FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 05-25-04 -92 027 (06/2904;12:32 001 vast EFTA00195889

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE OATE TRANSACTION DESCRIPTION PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-04 05/27/04 05/26/04 BOUGHT UNITED STATES TREASURY NOTE san an6 02.250% AD 30 paOe > TO MATURITY GVER REF # G1471003 At CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC 10 of 17 STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT — April 30, 2004 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT -819,287 25,000,000 99.54688 24,886,718.75 ACCR. INT. 41,270.38 ene 02.250% 40 30 ACCR. INT. page TO MATURITY GVER REF # G1471003 BI TOTAL $-174,584,402.59 _ $125,439,886.98 INTEREST DATE CESCRIPTION SYMBOUCUSIP RATE (%) CEBIT AMOUNT CAEDIT AMOUNT 05/03/04 AVGBAL 526,661RT 0.197 86.61 021 OFFICE INTEREST 0404 FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INT A/D 04-04 P/D 05-15-04 REPOP&!l 1,0000 10000 26,006.32 SERIES 2483 CL SL QUE 03/15/2032. 5,900 INTEREST PAYMENT 05-15-04 SERIES 2488 CLASS SO QUE 03/15/2032. 6,900 INTEREST PAYMENT 05-15-04 6.9000 027 06/29904;12:22 001 vast EFTA00195890

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS Woof? FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH Transaction Detail (continued) May 28, 2004 account numccr (S TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — April 30, 2004 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CREDIT AMOUNT 05/17/04 FEDERAL HOME LOAN MTG CORP 6.3000 SERIES 2530 CLASS SE QUE 02/15/2032. 6,300 INTEREST PAYMENT 05-15-04 43,890.12 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI QUE 02/15/2032 §,900 INTEREST PAYMENT 05-15-04 SERIES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT A/D 05-04 P/D 05-16-04 REPOP&l 6,1000 O5/17/04” GOVERNMENT NATIONAL MTG ASSN” SERIES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT A/D 05-04 P/D 05-16-04 REPOP&! 12,2000 12°3000 99,727.91 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 5,850 INT RID 04-04 P/D 05-20-04 REPOP&1 5.8500 VSE! 214,500.00 S$ RCAR-VO FLIR QUE 03/25/2033 _ 6,900 INTEREST PAYMENT 05-25-04 FEDERAL NATIONAL MTGASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 05-25-04 TOTAL $1,173,956.87 84,202.49 027 (06/2904;12:32 001 vast EFTA00195891

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 12 of 1? Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE 05/04/04 TRANSACTION JOURNAL DESCRPTION FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/045 FITM TERM Re osio4io4 JOURNAL FEDL HOME LOAN MTG CORPHSoaeo2 (gilli SERIES 223 CLASS PO DUE 12.0 FIM AY REPO AG? eveeeneucenenenrnenne a cetera EDL HOME LOAN WIIG CoRPSGaeo2 SERIES 223 CLASS PO SYMBOLCUSIP QUANTITY 2,930,616 DEBIT AMOUNT 200,000.00 Ad (GHEEMENT -2,930,616 225,000.00 2,930,616 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/08 INTEREST FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DELIVERED "UNITED STATES TREASURY NOTE “50,000,000 DUE 04/30/2006 2.250 2.250 0 FITM A2 TERM Re RECEIVED MENT UNITED STATES TREASURY NOTE DUE 04/30/2006 2.250 Al a T 75,000,000 75,000,000.00 027 06/29104;12:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Sec | FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT — April 30,2004 CREDIT AMOUNT 225,000.00 50.000,000.00 vast EFTA00195892

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BEAR STEARNS 13 oft? Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION INTEREST RECEIVED CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. FINANCIAL TRUST CO INC STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 DESCRPTION UNITED TES TREASURY NOTE DUE 04/30) 2,250 FITM A2 ALI SYMBOLCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 24,500,000.00 USTREASURY NOTE DUE 04/15/200! 3.125 3,125 att 25,000,000 JOURNAL JOURNAL” JOURNAL STRIP MTG SERIES 322 CL PO 0,001 132 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 132 3,260,000.00 4,744,651 0,001 fi FITM AZ TERM Re (GHEEMENT FEDL HOME LOAN MTG CORP#S03602 2,734,215 225,000.00 SERIES 223 CLASS PO DUE 12/015 FITM AZ TERM Re (GHEEMENT 745,000.00 FEDL HOME LOAN MTG CORP#S03602 2,734,215 SERIES 223 CLASS PO DUE 12/0: GOVERNMENT NATIONAL MiG ASSN “44,000,000 5,533,000.00 SERIES 2004-5 CLASS PS 5,850 bail FITM Al EPO AGI 027 06/29104;12:32 001 vast EFTA00195893

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 14 of 1? STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Transaction Detail (continued) TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT OS) JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000,000 IES 2004-5 CLASS PS 5,850 FiTM a: TERM Re MENT os/10/04 INTEREST FEDERAL NATIONAL MTG ASSN : 1,294.94 STRIP MTG SERIES 322 CL PO DUE 034 Ri SERIES 223 CLASS PO DUE 12 Ar 000 GOVERNMENT NATIONAL MTG ASSN SE a 2004- 5 CLASS PS DUE 02/ 5.850 INTEREST 6,825.87 DELIVERED U STREASURY NOTE “25,000,000 24,500,000.00 DUE O4/15'2009 3,125 3,875 DUE 05/15! 2009 3.875 FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 121 TERM MENT 2,734,215 715,000.00 027 06/29104;12:32 001 vast account numccr (S EFTA00195894

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Ste STEARNS PUN. TT COM 15 of 17 STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 30, 2004 SETTLEMENT = TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLIGUSIP QUANTITY DEBIT AMOL CREDIT AMOUNT INTEREST FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/04 0,000 F aM A2 H JOURNAL FEDL HOME LOAN MTG CORP#Soaeo2 (iliaiaaad“""” "2.734.215 SERIES 223 CLASS PO DUE 12/04 FITM Al REPO A DUE O5/15/2009 3,875 3,875 ant INTEREST” UNITED STATES TREASURY NOTE a 2,979.17 DUE 05/155 3.875 FITM A2 ALE osi25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN - “44,000,000 4,300,000.00 SERIES 2004-5 CLASS PS il Al JOURNAL GOVERNMENT NATIONAL MTG ASSN :_ 44,000,000 5,533,000.00 SERIES 2004-5 CLASS PS FiTM A2 TERM REPO AGREEMENT INTEREST "GOVERNMENT NATIONAL MTG ASSN a 2:397°04 SERIES 2004-5 CLASS PS DUE 02/ 5,850 m A2 027 06/29104;12:32 001 vast EFTA00195895

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Z Steams Securities " STEARNS seen FINANCIAL TRUST CO INC 16 of 17 STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLIGUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 05/27/04 DELIVERED UNITED STATES TREASURY NOTE -75,000,000 75,000,000.00 DUE 04/30/2001 2,250 2,250 ne FITM eae Ad TERM Re: EEMENT DUE 04/30) 2,250 FITM Aa RESALE 10,583.33 TOTAL $-140,576,508.39 $188,756,701.39 MISCELLANEOUS TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT JOURNAL APA 04 SPEC CLEARING FEES 1,500.00 SETT.OS/04 5,500 DUE 05/01/34 MBS NET 05/13/04 TOTAL $-1,500.00 $32,031.25 o27 08/29/04;12:22 001 vaa1 EFTA00195896

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS seen FINANCIAL TRUST CO INC V7 oi? STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 . ACCOUNT NUMBER Fe Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT — April 30, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT DAT AMOUNT UNITED STATES TREASURY NOTE -25,000,000.00 100.1140 25,030,207.65 ce f 02,500% MN 31 x ‘O MATURITY GVER REF # G1471007 A3 ED STATES TREASURY NOTE -50,000,000.00 100.1140 50,060,415.30 E O51 006 2.500% MN 31 =D 2.441 % TO MATURITY GVER REF #.G1471007 B3 TOTAL $0.00 $75,090,622.95 The above trades do not appear in any other section of this stalement [STOP] ***** End of Statement"***** 027 (06/2904;12:22 001 vast EFTA00195897

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary .. ‘ 3 Your Portfolio Holdings . . 4 Transaction Detail .....sscsssesseeseens 7 Trades Not Yet Settled essen 18 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THISPERIOD §=: 13, 163,012 LONG ACCRUED INTEREST H.s:0 NET DEBIT BALANCE -12,163 NET EQUITY THIS 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 file for your account. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 account numccr Wesallsselsclallsssslil TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio " $-12,163 Cash & envatent—| $29,336 Fixed Income $13,163,012 = $12,671,042 [ssc] Current market value GB Last statements market value (C) Short market value This summary is for informational purposes only. It Is not intended as a tax document ‘Tres statemem should be retamed for your records. See reverse side for important information 027 05/01/04;13:17 O01 830 EFTA00195898

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy fe FINANCIAL TRUST CO INC 2 of 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05/01/04;13:17 001 V830 EFTA00195899

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CLEARED THR! WHOLLY OWNE OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS FINANCIAL TRUST CO INC 3 of 6 STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 : account numccr = Cash Flow Analysis Income Summary SaxpaveR NUMBER On File THIS PERIOD —$ ss Pe YEAR TO DATE —_—_—_—_—_—_—————____———————— LAST STATEMENT March 31,2004 OpeningBalance $29,336.35 U.S. Govt. Bond Int. 167,034.09 167,034.09 eeseeeeesoeees ee. | nosteecnsesssoasecesoes +s sovecsesossecssesseensess secee eceeseeeess Govt. Agency Int. 1,008.614.64 3.376.410.86 Securities Sold 262,416,355.93 Corp. Bond Int. 202.418.63 832,120.57 ividerds\'lt t 1,376,137.0! Dividends!Interes 876,137.05 Credit Balance Int. 69.69 69.69 Ln Sa re Reverse Repurchase Int. 1,594.74 9.907 82 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 Portfolio Composition SHORT LONG Your Portfolio Allocation Cash/Cash Equivalent 12,163 Fixed Income 13,163,012 Cash Balance Summary Total $12,163 $13,163,012 Short Cash & Equivalent hia onnnen sis anann nani aan 7 <1% OPENING CLOSING Margin 29,336.35 -12,162.87 Net Cash Balance $29,336.35 $-12.162.87 “ Fixed Income 99% Unshaded portions denote debt balance andicr short market values, The alocation percentage is derived from the absolte market value of your portioto 027 05/01/04;13:17 O01 V830 EFTA00195900

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co. inc. «ou, sta sues STEARNS | FINANCIAL TRUST CO INC 4 of 6 STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE “12,163 TOTAL CASH & CASH EQUIVALENTS $-12,163 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP Hl trcn 20,810,689 9.9449 2,069,594 54,630 1,311,073 63.3493 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.300% FACTOR = ,34684482 FEDERAL HOME LOAN MTG CORP 8,926,805 8.9198 796,254 21,943 526,681 66.1448 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,900% FACTOR = .34684481 FEDERAL HOME LOAN MTG CORP rc 15,708,067 11.3318 1,780,011 45,160 1,083,857 60.8905 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6,900% FACTOR = .31416139 FEDERAL HOME LOAN MTG CORP Hl rcn 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 05/01/04;13:17 O01 Vv830 EFTA00195901

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities vl FINANCIAL TRUST CO INC OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 5 of 8 STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File Government & Agency Obligations (continued) LAST STATEMENT March 31,2004 ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL NATIONAL MTG ASSN GN 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 = ,70457480 Total Government& Agency Obligations $8,112,754 $180,315 $5,001,261 Corporate Bonds ACCT ACCRUED ESTIMATED OQURRENT DESCRIPTION ui TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FANNIE MAE CMO/SERIES 2003-13 wr 33,990,953 14.8577 5,050,258 32,575 2,345,376 46.4407 § ROR-I0 FLIR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.900% FACTOR = ,67981909 Total CorporateBonds $5,050,258 $32,575 $2,345,376 TOTAL FIXED INCOME $13,163,012 $212,890 $7,346,637 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $212,890 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $7,346,637 YOUR PRICED PORTFOLIOHOLDINGS $13,150,849 027 05/01/04;13:17 O01 v830 EFTA00195902

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bogs Steams Securities vl STEARNS FINANCIAL TRUST CO INC 6 of 6 STATEMENT PERIOD April t, 2004 THROUGH April 30, 2004 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT March 31, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 05/10/04 1.300 -5,907,000 5,332 -44,000,000 [MJ 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 [J series 2004-2 class s_ 6.1000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -8,258,000 -7,.684 -10,000,000 [MM series 2004-2 class s 12.2000 01/16/34 FHLMC - STRIP PRINCIPAL ONLY (REPO) 04/26/04 05/10/04 1.300 -200,000 50 -5,000,000 [xy YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 04/29/04 05/10/04 1.300 -3,260,000 -470 -15,000,000 [RJ series 322 class po 03/01/32 YOU BOUGHT usTR 2.2500 04/30/06 (REVERSE) 04/30/04 _ OPEN 0.450 __ 50,000,000 1,875 __ 50,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $50,000,000 $1,875 TOTAL REPURCHASE TRANSACTIONS $-21,337,000 $-16,990 *As of statement date 027 05/01/04;13:17 O01 Vv830 EFTA00195903

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS seen FINANCIAL TRUST CO INC 7 of 16 STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 Transaction Detail accout uumcce | TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT — March 31, 2004 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT UNITED STATES TREASURY NOTE -10,000,000 100.60156 03,250% JJ 15 ACCR. INT. 72,321.43 % TO MATURITY GVER REF # GO931017 Al -20,000,000 99.39063 19,878,125.00 ACCR. INT. 82,417.58 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE 03,000% FA 15 6 TO MATURITY GVER REF # GO931099 Al 01,500% MS 31 % TO MATURITY GVER REF # GO961031 Al ACCR. INT. 12,295.08 BOUGHT UNITED STATES TREASURY NOTE mae 01,500% MS 31 50,000,000 99.38281 49,691 ,406.25 ACCR. INT. 16,393.44 % TO MATURITY GVER REF # GO981006 Al SERIES 2471 CLASS YT 1,000 DUE 03/15/32 ADJUST POSITION JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,910 DUE 01/25/33 ADJUST POSITION 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5/33 Pe Pe ay o4i08i04 JOURNAL FEDERAL HOME LOAN MTG CORP i 1 P| Pt Pe 5.910 DUE 01 027 05/01/04;13:17 O01 V830 EFTA00195904

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS nae FINANCIAL TRUST CO INC 8 of 18 STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT DAT AMOUNT 04, JOURNAL FEDERAL HOME LOAN MTG CORP a SERIES 2471 CLASS YT 1,000 DUE 03/15/32 04/15/04 04/06/04 CANCEL SELL FNMA-3OYA(FNMA)GTD 25,000,000 101.44922 25,362,304.69 05, 500% 57890000 BS AS OF 04/06/04 TO CXL PREVIOUS SELL it ) SETT.04/03 f 05, 500% 58110000 BS FNMA-3OVA|FNMA)GID "25,000,000 401.44922 235,362,304.69 SETT,04/03 1203305, 500% 57890000 BS “25,000,000 101.48438 25,371,093.75 FNMA-3OYR(FNMA)GTD SETT,04/03 58110000 BS AS OF 04/02/04 TO CXL PREVIOUS BUY SERIES 2483 CL SL §,910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -120 SERIES 2483 CL SL 5,910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 027 05/01/04;13:17 O01 V830 EFTA00195905

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 9 of 8 STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) accout uumcce | TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2004 SETTLEMENT TRADE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6,910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 0415/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP ” 27000 SERIES 2530 CLASS SE 6,310 DUE 02/15/32 PRINCIPAL REDUCTN 04-15-04 u SERIES 2530 CLASS SE 6,310 DUE 02/15/32 PRINCIPAL REDUCTN 04-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP _l "520,819 SERIES 2526 CLASS SI 8,910 DUE 02115132 PRINCIPAL REDUCTN 04-15-04 Oa/15i04 PRINCIPAL FEOL HOME LOAN MiG CORP HSOSe02 SERIES 223 CLASS PO DUE 12/01/32 PRIN A/D 03-04 P/D 04-15-04 REPO P &! 0,000 126,480.85 SERIES 2004-2 CLASS SG 12,220 DUE 01/16/34 PRIN A/D 04-04 P/D 04-16-04 REPOP&l 12,2200 286,866.75 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN A/D 03-04 P/D 04-25-04 REPOP&! 0,0000 04/26/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 S$ ACR-VO FLTR 6,910 DUE 03/25/33 PRINCIPAL REDUCTN 04-25-04 -1,161,000 PRINCIPAL FEDERAL NATIONAL MTG ASSN i 027 05/01/04;13:17 O01 Vv830 EFTA00195906

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS seen FINANCIAL TRUST CO INC 10 of 18 STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) UAT STATEMENT = March 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP PRICE DEBIT AMOUNT DAT AMOUNT PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 S$ ACR-VO FLTR 6,910 DUE 03/25/33 PRINCIPAL REDUCTN 04-25-04 04/26i04 PRINCIPAL FEDERAL NATIONAL MTG ASSN a "585,127 SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 PRINCIPAL REDUCTN 04-25-04 02,250% AO 30 . %@ TO MATURITY GVER REF # G1191005 A3 TOTAL $-100.441,198.13 $180.931,855.28 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 04/02/04 FND WIRED WIRED TO 70,695.00 BANK CH264414 TOTAL $-70,695.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE DEBIT AMOUNT CAEDIT AMOUNT 04/01/04 AVGBAL 245,100RT 0.341 69.69 021 OFFICE INTEREST 0304 027 05/01/04;13:17 O01 V830 EFTA00195907

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. «ou, sta sues STEARNS a. FINANCIAL TRUST CO INC 11 of 18 STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT = March 31, 2004 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 04/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 SERIES 2483 CL SL QUE 03/15/2032 5,910 INTEREST PAYMENT 04-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO QUE 03/15/2032. 6,910 INTEREST PAYMENT 04-15-04 u SERIES 2530 CLASS SE DUE 02/15/2032. 6,310 INTEREST PAYMENT 04-15-04 04/15/04 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 04-15-04 FEDERAL HOME LOAN MiG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 15 INT PYMT oaiieioa 27,590.78 SERIES 2004-2 CLASS SB DUE 01/16/2034 6,110 INT A/D 04-04 P/D 04-16-04 REPOP&I 6.1100 04/16/04 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG DUE 01/16/2034 12.220 INT A/D 04-04 P/D 04-16-04 REPO P&I 12,2200 04/20/04” GOVERNMENT NATIONAL MTG ASSN” SERIES 2004-5 CLASS PS DUE 02/20/2033 5.860 INT A/D 03-04 P/D 04-20-04 REPOP&1 5,8600 12.2200 100,617.41 5.8600 314,866.67 027 05/01/04;13:17 O01 Vv830 EFTA00195908

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 12 of 16 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION SYMBOLICUSIP FANNIE MAE CMO/SERIES 2003-13 S RCI FLIR QUE 03/25/2033 _ 6,910 INTEREST PAYMENT 04-25-04 (04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 §,910 INTEREST PAYMENT 04-25-04 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 QUANTITY RATE [Sh DEBIT AMOUNT CREDIT AMOUNT 6.9100 5.9100 87,226.95 TOTAL REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION CRETION $1.209,102.96 SYMBOLCUSIF QUANTITY DESIT AMOUNT CREDIT AMOUNT 04/05/04 JOURNAL JOURNAL UNITED EASURY NOTE FITM A2 3,250 a: o4io5io4 JOURNAL INTEREST FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUI an | -33,108,931 sl 10,000,000 10,275,000.00 20,000,000 20,250,000.00 2,902.69 027 05/01/04;13:17 O01 V830 EFTA00195909

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PUN. TT COM 13 of 18 STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31,2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT INTEREST UNITED STATES TREASURY NOTE DUE 02/15 3.000 Fi uM i A2 RECEIVED UNITED STATES TREASURY NOTE 50,000,000 "49,875,000.00 DUE 09/3 1/200 sing, 12900 JOURNAL” FEDERAL NATIONAL MTG ASSN “5,054,105 3.906,000.00 STRIP MTG SERIES 322 CL PO 132 o4iogio4 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 aries] FiTM AZ TERM REPO AGREEMENT 5,054,105 4,340,000.00 Stig 223 CLASS PO JOURNAL FEDL HOME LOAN MTG CORP#Soaeo2 (ila 2,930,616 2,157,000.00 FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO FITM AZ TERM Re ie] ENT 2,930,616 2,376,000.00 027 05/01/04;13:17 O01 V830 EFTA00195910

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS 14 of 18 Transaction Detail (continued) Bear. Stearns & Co- inc. Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOO April 1, 2004 April 30, 2004 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31,2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN 17,711,056 1,492,000.00 JOURNAL GOVERNMENT NATIONAL MTG ASSN 100,000.00 43,859,035 SERIES 2004-2 CLASS SB 6,110 FiTM TERM RE AZ MENT SERIES 2004-2 CLASS SB 6,110 JOURNAL” JOURNAL 5,860 FITM GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG 12.220 Bs '34 FITM AZ TERM Re (GHEEMENT SERIES 2004-5 60 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS TERM Re! (GREEMENT 8,258,000.00 -9,880,596 CLASS SG 5/34 Al 9,880,596 8,523,000.00 CLASS PS 7,107,000.00 44,000,000 027 05/01/04;13:17 O01 V830 EFTA00195911

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 15 of 18 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT 04/08/04 DELIVERED UNITED STATES TREASURY NOTE -50,000,000 DUE O87 31 2006 1,500 oaoeios aiithesT FEDERAL NATIONAL Mite —— | snesnensensesnesnenensssssesausneesneasensenessssaunee S308 STRIP MIG SERIES see o PO DUE 03" FITM REPO I aaa hitaEST TEDL WOME LOAN Mite aa SEES 30 S& Et 223 CLASS PO oaioalo4 INTEREST FEDERAL NATIONAL MTG ASSN | 53.88 SERIES 2003-49 CLASS SW GOVERNMENT NAT TONAL MTG ASSN SERIES 2004-2 CLASS SB a! 10 04i08: INTEREST SERIES 2004-2 CLASS SG cae 4i?.220 FITM REPO I 04/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004. 5 CLASS f DUE 02); Pi 860 FITM REPO I 7,955.89 027 05/01/04:13:17 O01 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Sec | FINANCIAL TRUST CO INC STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 CREDIT AMOUNT V830 EFTA00195912

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. 16 of 18 STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS {continued} LAST STATEMENT = March 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOL CREDIT AMOUNT INTEREST UNITED ATES TREASURY NOTE 1,17 DUE 03%, ad 500 JOURNAL ADP CD 1,300,000.00 — SERIES 223 CLASS PO "2,930,616 17583600.00 FEDL HOME LOAN MTG CORP#S03602 SEI ait 223 CLASS PO JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO TERM Re MENT 2,930,616 2,157,000.00 — as a ae 2,930,616 1/583.000.00 aie aw {300,600.00 JOURNAL” INTEREST FEDL HOME LOAN MTG CORP#Soaeo2 lala 1,402.05 SERIES 223 CLASS 8 5 000 027 05/01/04;13:17 001 STEARNS FINANCIAL TRUST CO NG TAXPAYER NUMBER On File V830 EFTA00195913

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PUN. TT COM 17 of 18 STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31,2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT INTEREST Ae cb 14 JOURNAL FEDERAL NATIONAL MTG ASSN a "5,054,105 3,260,000.00 STRP MTG SERIES 322 CL PO 0,001 FIM re REPO A om MTG SERIES _ CL PO Fina TERM Ret ENT INTEREST" FEDERAL NATIONAL MTG ASSN :_ _ 2,962.05 STRIP MTG SERIES 322 CL PO 04/30/04 RECEIVED UNITED STATES TREASURY NOTE ee 50,000,000 50,000,000.00 DUE 94/30/2006, 2,250 Al a iT TOTAL $-163,313,010.01 $81,651,534.74 MISCELLANEOUS DATE MavDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 04/14/04 JOURNAL FNMA-30YR(FNMA)GTD 8,789.06 SETT,O4/03 5, 500 DUE 04/01/33 MBS NET 04/14/04 027 05/01/04;13:17 O01 V830 EFTA00195914

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT B FAR Bear, Steams & Co. Inc. a. STEARNS ee FINANCIAL TRUST CO INC 18 of 16 STATEMENT PERIOO April 1, 2004 THROUGH April 30, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File MISCELLANEOUS {continued) LAST STATEMENT = March 31, 2004 DATE MO'DAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 04/21/04 JOURNAL MAR 04 SPEC CLEARING FEES 300.00 TOTAL $-9,089.06 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 04/06/04 BOUGHT FNMA-3OYA(FNMA)GTD 25,000,000.00 101.1093 25,277,343.75 SETT,OS/04 3 : 05.500% 57900000 BS FNMA-SOVA(FNMA)GTD TS {c06°560'o0 101.5625 15,234,375.00 SETT.05/04 S504 5.500% 57540000 BS _ —e— i o.000°009 00 100.7500 10,075,000.00 FNMA-30YA(FNMA)GTD SETT,OS/04 (pax 57470000 _BS TOTAL $25 ,277,343.75 $25,309.375.00 The above trades do not appear in any other section of this statement 027 05/01/04;13:17 O01 V830 EFTA00195915

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , . 3 Your Portfolio Holdings . . 4 Transaction Detail .....sssssseseeeseens 7 Your M@SS89€5 Awan 16 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 12,671,042 LONG ACCRUED INTEREST 260,903 NET CREDIT BALANCE 29,336 TT 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 file for your account. FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $29,336 Cash & Equivalent $237,245 Fixed Income HE current market value GBR Last statements market value This summary is for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 1 Stage vities Cow FINANCIAL TRUST CO INC STATEMENT PERIOD February 28.2004 THROUGH March 31,2004 account numccr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 ‘This statemem should be retained for your records. See reverse side for important information. 0401/04;12:31 001 vaz3 EFTA00195916

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE O4/01/04;12:31 001 EFTA00195917

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 16 Cash Flow Analysis THIS PERIOD $237,245.02 OpeningBalance Securities Sold 79,344,186.00 Dividends/Interest 1,132,673.44 Miscellaneous 431,844.36 Amount Credited $80,908.703.80 -50,162,398.32 Securities Bought Dividends/Interest Charged -27,368.26 Miscellaneous -30,926,845.89 Amount Debited Cash Balance Summary OPENING CLOSING Margin 237,245.02 29,336.35 Net Cash Balance $29.336.35 $237,245.02 Income Summary THS PERIOD Govt. Agency Int. 925,341.52 Corp. Bond Int. 207,331.92 Reverse Repurchase Int. 0.00 Bond Purchase Int. -26,831.32 Margin Int. Paid -536.94 Repurchase Int. Exp. -13,749.27 Portfolio Composition Cash/Cash Equivalent Fixed Income YEAR TO DATE 2,369,796.22 629,701.94 1,772.78 -202.800.03 -1,770.70 -18,607.48 29,336 12,671,042 O4/01/04;12:31 001 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST CO INC STATEMENT PERIOD February 28, 2004 THROUGH March 31,2004 TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 Your Portfolio Allocation Cash & Equivalent <1% “ Fixed Income 99% Unshaded portions denote debt balance andicor short market values. The alocation percentage is derived from the absokte market value of your portico. vaza EFTA00195918

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 of 6 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD February 28,2004 March 31,2004 account numccr (S TAXPAYER NUMBER On File February 27,2004 THROUGH LAST STATEMENT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 29.336 TOTAL CASH & CASH EQUIVALENTS $29,336 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP Hl trcn 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 ONLY DUE 02/15/2032 6.310% FACTOR = .36708089 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.910% FACTOR = .36708088 FEDERAL HOME LOAN MTG CORP 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 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.910% FACTOR = 33330190 9,447,624 33,108,930 16,665,093 9.2678 558,355 75.5774 738,786 24,816 613,709 14,710 331,089 53.9489 1,544,495 51,180 1,151,558 74.5589 027 04/01/04;12:31 001 vaza EFTA00195919

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 5 of 6 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 ACCT ACCRIED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE PRICE MARKET VALUE INTEREST ANNUAL INCOME YIELD (%) FEDERAL HOME LOAN MTG CORP MRGN 7.5682 1,455,093 50,503 1,136,286 78.0903 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,910% FACTOR = ,33330189 FEDERAL NATIONAL MTG ASSN rc 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 01/25/2033 5.910% FACTOR = 72864740 Total Government& Agency Obligations $8,032,671 $220,418 $5,613,779 Corporate Bonds ACCT DESCRIPTION sYMa0 P TYPE FANNIE MAE CMO/SERIES 2003-13 | MRGN S$ RCR-I0 FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR = .70304589 Total CorporateBonds ACCRUED ESTIMATED CURRENT PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD [%e} 13.1951 4,638,371 40,485 2,429,023 52.3680 $4,638,371 $40,485 $2,429,023 TOTAL FIXED INCOME $12,671,042 $260,903 $8,042,802 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $260,903 $8,042,802 YOUR PRICED PORTFOLIOHOLDINGS $12,700,378 027 0401/04;12:31 001 vaz3 EFTA00195920

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 6 of 6 STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 Repurchase and Reverse Repurchase Transactions eran TAXPAYER NUMBER On File with Bear, Stearnsand Co. Inc. outstanding as of date of statement LAST STATEMENT February 27,2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/08/04 04/08/04 1.300 -7,107,000 6.159 -44,000,000 [MJ 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 [x YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/24/04 04/08/04 1.300 -8,523,000 2.462 -10,000,000 [MJ series 2004-2 class s 12.2200 01/16/34 FNMA-SMBS PRINCIPAL ONLY (REPO) 03/24/04 04/08/04 1.300 -4,340,000 1,253 -15,000,000 [RJ 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 [BMJ series 2004-2 class s 6.1100 01/16/34 YOU SOLD USTR 3.2500 01/15/09 (REPO) 03/26/04 OPEN 1.000 -10,275,000 1,761 -10,000,000 [x YOU SOLD USTR 3.0000 02/15/09 (REPO) 03/26/04 OPEN 0.940 -20,250,000 -2,947 -20,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS $-52,971,000 $-16,666 "As of statement date 027 04/01/04;12:31 001 vaza EFTA00195921

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | ST RNS FINANCIAL TRUST CO ING 7 of 16 STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 Transaction Detail account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT February 27,2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 SERIES 228 | SLASS PO DUE 12/01/3; PRINCIPAL REDUCTN 03-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 -1,439,000 u SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -835,948 SERIES 2483 Ct SL 5,910 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP ae "724,581 SERIES 2488 CLASS SO 6,910 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 SERIES 2530 CLASS SE 6,310 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -386,103 SERIES 2526 CLASS SI 5.910 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04 PRINCIPAL FEDL HOME LOAN MTG CORP#SO3602 ll 26,911.30 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 03-15-04 027 04/01/04;12:31 001 vaza EFTA00195922

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS FINANCIAL TRUST CO INC 8 of 6 STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 27, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 55,386.25 SERIES 223 CLASS PO QUE 12/01/32 PRIN A/D 02-04 P/D 03-15-04 REPOP&! 0,0000 03/24/04 03/19/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN _— Mere 400.37500 9.917,649.04 SERIES 2004-2 CLASS SG DUE 01/16/2034. 12.220% ACCR. INT. 26,831.31 0987022118332 REF # 2004031957100000 BS STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN A/D 02-04 P/D 03-25-04 REPOP&! 0.0000 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 S$ ACAR-VO FLTR 6.910 DUE 03/25/33 PRINCIPAL REDUCTN 03-25-04 Pt P| PRINCIPAL FEDERAL NATIONAL MTG ASSN —_ lO “429,899 Pt aw -853,249 SERIES 2003-49 CLASS SW 5,910 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-04 000,000 ACCR. INT. 0.01 DUE 01/15/2009 03,250% JJ 15 SPECIAL INSTRUCTIONS GVER REF # GO851009 A3 AS OF 03/25/04 03/25/04 BOUGHT UNITED STATES TREASURY NOTE DUE 02/15/2009 03,000% FA 15 SPECIAL INSTRUCTIONS GVER REF # GO851011 Al 20,000,000 0.01 TOTAL $-9,944,480.37 $293,186.00 027 04/01/04;12:31 001 vaza EFTA00195923

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. «ou, sta sues STEARNS a. FINANCIAL TRUST CO INC 9 of 16 STATEMENT PERIOD THROUGH Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER INTEREST LAST STATEMENT DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [Sp DEBIT AMOUNT CREDIT AMOUNT 03/01/04 AVGBAL 161,125RT 4.137 536.94 021 OFFICE INTEREST 0204 FEDERAL HOME LOAN MiG CORP SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 03-15-04 “28,790.40 u SERIES 2483 CL SL DUE 03/15/2032 5,910 INTEREST PAYMENT 04-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO QUE 03/15/2032. 6,910 INTEREST PAYMENT 03-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 0 100,072.08 SERIES 2526 CLASS SI QUE 02/15/2032. 5,910 INTEREST PAYMENT 03-15-04 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16/2034 6,105 INT A/D 03-04 P/D 03-16-04 REPOP&l 6,1056 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2083 5,858 INT RID 02-04 P/D 03-20-04 REPOP&! 5.8587 FANNIE MAE CMO/SERIES 2003-13 224,721.09 214,820.83 307,331.92 S$ RCA-VO FLIR QUE 03/25/2033 _ 6,910 INTEREST PAYMENT 03-25-04 027 04/01/04;12:31 001 vaza February 28,2004 March 31,2004 On File February 27,2004 EFTA00195924

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 10 of 6 Transaction Detail (continued) INTEREST (continued) DATE DESCRIPTION SYMBOLICUSIP 03/25/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 5,910 INTEREST PAYMENT 03-25-04 TOTAL REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 132 FITM BZ TERM Re! GHEEMENT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 RATE (%) CEBIT AMOUNT CREDIT AMOUNT 5.9100 89,344.20 $-536.94 $1,132,673.44 QUANTITY OESIT AMOUNT CREDIT AMOUNT 5,551,860 4,362,000.00 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/045 FITM AZ TERM Re (GHEEMENT 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/045 FITM Al REPO AGr STRIP MTG SERIES 322 CL PO 2,112,812 1,580,000.00 -2,112,812 1,591,000.00 027 O4/01/04;12:31 001 vaza EFTA00195925

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 11 of 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION INTEREST FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/04 0,000 F aM AZ H JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 FiTM REPO WO 132 B3 A CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD February 28, 2004 THROUGH March 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 307,000.00 5,340,971 STRIP MTG SER IES 322 CL PO 0,001 WO 32 FEDERAL NATIONAL MTG ASSN eine MIG SERIES S22 CL PO JOURNAL” FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 2 TERM Re GHEEMENT JOURNAL 03 4,307,000.00 5,340,971 4,382,000.00 5,340,971 SERIES 223 CLASS PO DUE 12/048 FITM TERM Re AZ (GREEMENT FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/04) FITM Al 0 AGI JOURNAL 2,376,000.00 -3,057,097 O4/01/04;12:31 001 EFTA00195926

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 12 of 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/045 FITM A2 0 AG 03/08/04 JOURNAL FEDL HOME LOAN MTG CORPHSOa602 SERIES 223 CLASS PO DUE 12/04 FITM AS REPO A CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD February 28, 2004 THROUGH March 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 CREDIT AMOUNT 2.376,000.00 SERIES 2004-2 CLASS SB 6,105 ar AZ TERM Re: (GREEMENT JOURNAL” GOVERNMENT NATIONAL MiG ASSN SERIES 20042 CLASS SB FITM B1 03108/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,858 ‘ FITM BZ TERM Re GHEEMENT 4.544,000.00 SERIES 2004-5 CLASS PS 5,858 oi INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE 03/0 0,001 FITM BZ 0 Il O4/01/04;12:31 001 EFTA00195927

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 13 of 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT = TRADE DATE DATE TRANSACTION DESCRIPTION INTEREST FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/04 0,000 F aM AZ H 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB DUE 01/16) 6,105 FITM AZ REPO I CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD February 28, 2004 THROUGH March 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 CREDIT AMOUNT SERIES 2004-5 CLASS PS DUE 02/208 5,858 FITM BZ EPO I JOURNAL” FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 ni32 Ba TERM Rei ic] IENT INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DUE O3/04e 0,001 FITM Ba oll STRIP MTG SERIES 322 CL PO 0,001 O32 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 at FITM Al OAG 552,000.00 O4/01/04;12:31 001 EFTA00195928

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 14 of 16 STATEMENT PERIOD February 28, 2004 THROUGH March 31,2004 Transaction Detail (continued) account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT February 27. 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL GOVERNMENT NATIONAL MTG ASSN 43,859,035 IES 2004-2 CLASS SB 6,110 hi FITM | eased B2 TERM Re (GHEEMENT 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN :_ 9,880,596 8,021,000.00 SERIES 2004-2 CLASS sG 12,220 (34 FITM Al REPO A SERIES 2004-2 CLASS SG 12.220 5/34 JOURNAL "GOVERNMENT NATIONAL MTG ASSN ee “9,880,596 8,523,000.00 SERIES 2004-2 CLASS SG 33 INTEREST GOVERNMENT NATIONAL MTG ASSN ee 2,625.42 SERIES 2004-2 CLASS SB DUE O1/,6e 6.110 FITM B2 oll SERIES 2004-2 CLASS SB 6,110 at GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,110 6) TERM Re! GHEEMENT 43,859,035 552,000.00 027 O4/01/04;12:31 001 vaza EFTA00195929

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 15 of 16 STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 Transaction Detail (continued) account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = February 27,2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 03/25/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 19.93 SERIES 2004-2 CLASS SB DUE 01/165 6.110 REPO I SaaS ONTO STATES TREASURY NOTE" seeeneeee: a Al {0,000,000 10.275,000.00 REPO AGREEMENT en TTT initeD Saas TREASURY NOTE FITM Al 3,000 15/09 REPO AGREEMENT TOTAL $-40,244.749.27 $79,051 000.00 "20,000,000 20,250,000.00 MISCELLANEOUS TRANSACTION DESCRIFTION DEBIT AMOUNT CREDIT AMOUNT JOURNAL FITG FITM 33,513.00 rm in senna mouaNAL AIG FIM 88,309.00 soins a vinnie res rn isn non ws i nnn Saar eT rennin a nn nnn . soe 027 04/01/04;12:31 001 vaza EFTA00195930

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. gans = 16 of 6 Transaction Detail (continued) MISCELLANEOUS (continued) OATE f TRANSACTION DESCRIPTION JOURNAL MISC ADJ TO CASH BAL CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 0 xn) ri o FINANCIAL TRUST CO INC STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 CREDIT AMOUNT 0.36 Your messages a 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 ("CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard and Poor's, f—™ (stop) ****** End of Statement****** \ A $-30,926,845.89 $431,844.36 TZ 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://www,nasdr,com/breakpoints_statement,asp 027 0401/04;12:31 001 vaz3 EFTA00195931

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS GNMA GOVT BOND www.bearstearns.com ACCOUNT EXECUTIVE VISIT OUR WEBSITE What’s In This Statement Financial Summary , . 3 Your Portfolio Holdings . . 4 Transaction Detail .....sscsssesseseseens 7 Your M@SS89€5 Aidt 18 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THISPERIOD = © 14,475,669 LONG ACCAUED INTEREST 178,353 Fixed I NET CREDIT BALANCE 237,245 neome $14,891,267 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT 19,401,851 4,510,584 CHANGE SINCE LAST STATEMENT There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities vt FINANCIAL TRUST CO INC STATEMENT PERIOO January 31,2004 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio i 37.245 can exes | SES $$ so goa $32,720,098 [esta] Current market value G8 Last statements market value (C) Short market value This summary is for informational purposes only. It Is not intended as a tax document ‘Tres statemem shoud be retamed for your records. See reverse side for important information o27 02/2804;11:32 001 February 27,2004 January 30, 2004 vaza EFTA00195932

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 16 STATEMENT BACKER IS PRINTED ON THIS PAGE o228/04;11:32 001 EFTA00195933

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS Cash Flow Analysis OpeningBalance $-13,933,517.82 Securities Sold 47,957,263.09 Dividends/Interest 1,163,014.99 Miscellaneous 12,615.00 Amount Credited $49,132,893.08 Securities Bought -34,888,580.15 Dividends/Interest Charged -18,413.09 Miscellaneous -55,137.00 Amount Debited $-34,962,130.24 14,170,762.84 Cash Balance Summary OPENING CLOSING Margin -13,933,517.82 237,245.02 Net Cash Balance $237,245.02 $-13,933,517.82 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST 3 of 16 STATEMENT PERIOD THROUGH ACCOUNT NUMBER Income Summary TAXPAYER NUMBER THiS PERIOD YEAR TO DATE LAST STATEMENT Govt. Agency Int. 935,620.64 1,444,454.70 Corp. Bond Int. 210,215.02 422,370.02 Reverse Repurchase Int. 353.90 1,772.78 $1.868,597.50 Bond Purchase Int. 0.00 -175,968.71 Margin Int. Paid “1,233.76 -1,233.76 Repurchase Int. Exp. -4,858.21 -4,858.21 Portfolio Composition Cash/Cash Equivalent 237,245 Fixed Income 14,475,669 $14,712,914 co INC January 31,2004 February 27,2004 On File January 30, 2004 Your Portfolio Allocation Cash & Equivalent 1% “ Fixed Income 99% Unshaded portions denole debt balance andicr short market values. The abocation perc from the absohte marke! value of 027 o228/04;11:32 001 vaza ge is derived ur partial EFTA00195934

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 of 8 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD January 31,2004 February 27,2004 account numccr (S TAXPAYER NUMBER On File January 30, 2004 THROUGH LAST STATEMENT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 237,245 TOTAL CASH & CASH EQUIVALENTS $237,245 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL HOME LOAN MTG CORP Hl trcn 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 sueeneeeeeeeegeng (01 eueeuenaesneenengens sienna FEDERAL HOME LOAN MTG CORP 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 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR = .34548474 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.905% FACTOR = 34779352 9,833,727 34,548,473 17,389,674 9.7269 580,682 73.0116 795,328 19,357 693.849 11,520 345,485 49.7925 1,691,474 40,025 1,200,757 70.9888 027 02/2804;11:32 001 vaza EFTA00195935

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 5 of 8 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) DESCRIPTION SYMBOLCUSP FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,905% FACTOR = ,34779351 FEDL HOME LOAN MTG CORP#S03602 rc SERIES 223 CLASS PO DATED DATE 12/01/02 BOOK ENTRY ONLY DUE 12/01/2032 FACTOR = 62787892 FEDERAL NATIONAL MTG ASSN rc SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5.910% FACTOR = ,74633379 Total Government& Agency Obligations Corporate Bonds ACCT DESCRIPTION SYMBOLCUSP TYPE FANNIE MAE CMO/SERIES 2003-13 | MAGN S$ RCR-I0 FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR = .72011086 Total CorporateBonds 7.8695 1,578,811 3 10.8000 1,959,214 5,955 1,072,130 54.7225 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD January 31,2004 THROUGH February 27,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 ACCRUED ESTIMATED un PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD 31 1,184,687 75.0367 83.1875 853,988 $9,608,764 $164,528 $5,829,160 ACCRUED ESTIMATED CURRENT PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD [%e} 13.5171 4,866,905 13,825 2,487,983 51.1204 $4,866,905 $13,825 $2.487.983 TOTAL FIXED INCOME $14,475,669 $178,353 $8,317,143 027 02/2804;11:32 001 vaza EFTA00195936

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. Bear Steams Secuities vl STEARNS seen FINANCIAL TRUST CO INC 6 of 6 STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $178,353 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $8,317,143 YOUR PRICED PORTFOLIOHOLDINGS $14,712,914 Repurchase and Reverse Repurchase Transactions with Bear, Stearnsand Co. Inc. outstanding as of date of statement PURCHASE) REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST* FACE AMOUNT) cus DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/06/04 03/08/04 1.300 -6,209,000 5,381 -44,000,000 (MM) Series 2004-5 class P 5.8587 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/11/04 03/08/04 1.300 -2,000,000 1,372 -44,389.962 [RJ 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 [J series 322 cLass po 03/01/32 YOU SOLD FHLMC - STRIP PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 -1,580,000 171 -3,365,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS $-14,151,000 $-7,396 "As of statement date 027 02/2804;11:22 001 vaza EFTA00195937

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | ST RNS FINANCIAL TRUST CO ING 7 of 8 STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 Transaction Detail ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT — January 30, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 02-25-04 PRICE DEBIT AMOUNT CREDIT AMOUNT 02/06/04 PRINCIPAL FEDL HOME LOAN MTG CORP#SOs602 a "48,366 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 02-15-04 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 ADJ POS AO 2/2/04 JOURNAL FEDL HOME LOAN MTG CORP#SO3602 lO 48,366 SERIES 223 CLASS PO DUE 12/01/32 ADJ POS A’O 2/2/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 -995,746 SERIES 2483 CL SL 5,905 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 6.905 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP _— 6h “602,327 SERIES 2530 CLASS SE 6,305 DUE 02/15/32 -501,201 PRINCIPAL REDUCTN 02-15-04 O2/17i04 PRINCIPAL FEDERAL HOME LOAN MiG CORP “258,370 SERIES 2526 CLASS SI 5,908 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 027 02/2804;11:22 001 vaza EFTA00195938

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS snc AUST CONG 8 of 8 STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 30, 2004 SETTLEMENT TRADE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 02-15-04 PRINCIPAL FEDERAL NATIONAL MTG ASSN a 51,285.95 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 02-25-04 S$ ACR-VO FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 02-25-04 SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 02-25-04 BOUGHT FEDERAL NATIONAL MTG ASSN STRIP MTG aya PO 3,701,240 87.87500 3,252,464.83 PRINCIPAL FEDERAL NATIONAL MTG ASSN —_ ss ae 6210000 BS TOTAL $-3,252,464.83 $99.652.10 INTEREST DATE CESCRIPTION SYMBOUCUSIF QUANTITY RATE (Sep DEBIT AMOUNT CREDIT AMOUNT 02/02/04 AVGBAL 828,258RT 1.730 1,233.76 021 OFFICE INTEREST 0104 . EDERAL HOME LOAN MTG CORP a {0000 29,620.18 SERIES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 02-15-04 027 02/2804;11:22 001 vaza EFTA00195939

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. «ou, sta sues STEARNS a. FINANCIAL TRUST CO INC 9 of 16 STATEMENT PERIOD January 31,2004 THROUGH Transaction Detail (continued) February 27,2004 account numccr (S TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT —_ January 30, 2004 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CREDIT AMOUNT 02/17/04 FEDERAL HOME LOAN MTG CORP 5.9050 SERIES 2483 CL SL QUE 03/15/2032 5,905 INTEREST PAYMENT 02-15-04 102,872.54 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO QUE 03/15/2032. 6,905 INTEREST PAYMENT 02-15-04 u SERIES 2530 CLASS SE DUE 02/15/2032 6,305 INT A/D 01-04 P/D 02-15-04 REPOP&l 6,3000 02/17/04” FEDERAL HOME LOAN MiG CORP SERIES 2530 CLASS SE DUE 02/15/2032 6,305 INTEREST PAYMENT 03-15-04 FEDERAL HOME LOAN MiG CORP SERIES 2526 CLASS SI DUE 02/15/2032 5.905 INTEREST PAYMENT 0 123,518.25 49,619.48 SERIES 2004-2 CLASS SB DUE 01/16/2034 6,080 INT A/D 02-04 P/D 02-16-04 REPOP&l 6,0800 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 6.305 REV ENTRY AO 2/17 02/20/04” GOVERNMENT NATIONAL MTG ASSN” SERIES 2004-5 CLASS PS DUE 02/20/2033 5.810 INT A/D 01-04 P/D 02-20-04 REPOP&! 5,810 6.3050 17:179.33 5.8100 373,033.33 027 02/2804;11:22 001 vaza EFTA00195940

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS seen FINANCIAL TRUST CO INC 10 of 18 STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT —_ January 30, 2004 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT FANNIE MAE CMO/SERIES 2003-13 6.9000 215.02 S$ RCI FLIR QUE 03/25/2033 _ 6,900 INTEREST PAYMENT 02-25-04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 §,900 INTEREST PAYMENT 02-25-04 TOTAL $-18.413.09 $1,163,014.99 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION CRETION SYMBOLCUSIF QUANTITY DESIT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN | 1,901,906 1,477,000.00 STRIP MTG SERIES 322 CL PO JOURNAL FEDERAL NATIONAL MTG ASSN a 1,901,906 1.477,000.00 STRIP MTG SERIES 322 CL PO A2 o2i02/04 JOURNAL” FEDERAL NATIONAL MTG ASSN :_ "901.906 1.477,000.00 STRIP MTG SERIES 322 CL PO 001 SERIES 2530 CLASS SE 6,300 S32 FITM A2 TERM Re ul ENT 027 o228/04;11:32 001 vaza EFTA00195941

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 11 of 16 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY JOURNAL FEDERAL HOME LOAN CORP 3,272,253 IES 2530 CLASS SE 6,300 DU ait TERM ic) NT 0202/04 JOURNAL FEDERAL HOME LOAN MTG CORP | -648,960 SERIES 2530 CLASS SE FITM AIB REPO Ay CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 CREDIT AMOUNT 48,635.95 SERIES 2530 CLASS SE 6,300 G32 JOURNAL” FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.300 nT FITM Al -3,272,253 SERIES 2530 CLASS SE 6,300 (32 FITM A2 0 AG 245,600.00 SERIES 2530 CLASS SE 6,300 32 FITM AIA P| P| JOURNAL FEDERAL HOME LOAN MTG CORP ee 3,272,253 a Pt JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 2 FITM ASA -19,606,071 1,469,364.04 o228/04;11:32 001 vaza EFTA00195942

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 12 of 16 STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 Transaction Detail (continued) TAXPAYER NUMBER On File account numccr (S REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL HOME LOAN CORP 20,255,032 oziozio4 JOURNAL FEDL HOME LOAN MTG CORP#Soaeo2 (iliaiaaad“""” 3,187,760 2,336,000.00 SERIES 223 CLASS PO DUE 12 FM Ri SERIES 223 CLASS PO DUE 124 2'336,000.00 FEDL HOME LOAN MTG CORP#S03602 BF anes. 223 CLASS PO -3,187,760 FEDERAL NATIONAL MTG ASSN 4551.00.00 SERIES 2003-49 CLASS sw 18,419,876 -44,000,000 6,336,000.00 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5.810 i FITM AI OAG 027 o228/04;11:32 001 vaza EFTA00195943

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CLEARED THROUGH ITS SUBSIDIARY WHOLLY OWNE! OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 13 of 18 STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 Transaction Detail (continued) accout nuvecr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | {continued) LAST STATEMENT = January 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY OEBIT AMOL CREDIT AMOUNT JOURNAL ADP CD FITM-PR INTEREST STRIP MTG SERIES 322 CL PO 00 132 1,850,620 1.477,000.00 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 O32 TERM Re: (GHEEMENT JOURNAL FEDERAL HOME LOAN SERIES 2530 CLASS SE 6,300 nity] FITM 648,960 48,635.96 Pe aes JOURNAL on NATIONAL Mig ASSN" naan” 1,850,620 ‘ 1'424,000.60 Pt ae AZB TERM Re GREEMENT 19,606,071 1,469,364.04 JOURNAL” FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE 6.300 nT FITM AZA TERM GREEMENT 02/06/04 JOURNAL FEDL HOME LOAN MTG CORP#So3eo2 ail “3,139,394 2.277,000.00 SERIES 223 CLASS PO 027 o228/04;11:32 001 vaza EFTA00195944

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 14 of 18 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION JOURNAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 121 FITM Lee BZ TERM (GHEEMENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB 6,080 att FITM AZ TERM Re MENT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 CREDIT AMOUNT SERIES 2004-2 CLASS SB 6,080 ar JOURNAL” GOVERNMENT NATIONAL MiG ASSN SERIES 2004-5 CLASS PS FITM B1 o2i06i04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 5,810 ‘ FITM AZ TERM Re (GHEEMENT 209,000.60 STRIP MTG SERIES 322 CL PO DUE O3/4 0.001 AZ INTEREST FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15) 6,300 FITM —_ AzB Ol o228/04;11:32 001 vaza EFTA00195945

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 15 of 18 FINANCIAL TRUST CO INC STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CESIT AMOUNT CREDIT AMOUNT INTEREST FEDERAL HOME LOAN CORP SERIES 2530 CLASS x DUE 02) FM o2i06i04 INTEREST FEDL HOME LOAN MTG CORP#Soaeo2 (iliaiaaad“""” 337.42 SERIES 223 CLASS r0 INTEREST "GOVERNMENT NATIONAL MTG ASSN ee 915.20 Bees | 2004. 5 CLASS Lm FEDERAL NATIONAL MTG ASSN ee 1,850,620 1,424.000.00 STRIP MTG SERIES 322 CL PO 0,001 {32 FITM A2 TERM Re GHEEMENT STRIP MTG SERIES 322 CL PO 0,001 O32 FITM A3 TERM Re (GHEEMENT JOURNAL GOVERNMENT NATIONAL MiG ASSN :_ = 44,389,962 1.952.000.00 SERIES 2004-2 CLASS SS TERM Re! GHEEMENT 027 o228/04;11:32 001 vaza EFTA00195946

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 16 of 18 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION 02) JOURNAL GOVERNMENT NATIONAL MTG ASSN IES 2004-2 CLASS SB ‘0 AGI 02/1 1/04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MIG SERIES 322 CL PO DUE 03/0 0,001 FITM A2 REPO I CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 CREDIT AMOUNT STRIP MIG SERIES 322 CL PO DUE O3/)ue 0,001 A3 INTEREST GOVERNMENT NATIONAL MiG ASSN SERIES 2004-2 CLASS SB DUE 01/ FITM 6.080 A2 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 {32 FITM Aa TERM Re GHEEMENT STRIP MTG SERIES 322 CL PO 0,001 O32 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO o228/04;11:32 001 vaza EFTA00195947

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 17 of 16 FINANCIAL TRUST CO INC SUBSIDIARY STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 Transaction Detail (continued) account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN -5,551,860 4,362,000.00 STRIP MTG SERIES 322 CL PO 132 ‘0 AGI 02/27/04 JOURNAL FEDL HOME LOAN MTG CORPHSoaeo2 (gilli {610,509 {205,000.00 SERIES 223 CLASS PO DUE 12.0 FIM AY REPO AK SERIES 223 CLASS PO DUE 12/048 JOURNAL” FEDL HOME LOAN MTG CORPHSOS602 {580,000.00 SERIES 223 CLASS PO DUE 12/08 FITM AS -2,112,812 JOURNAL FEDL HOME LOAN MiG CORP#S03602 SERIES 223 CLASS PO 3,139,394 2,277,000.00 B2 TERM Re GHEEMENT STRIP MIG SERIES 322 o PO f 1 INTEREST FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO DUE 12/04) 0,000 FITM B2 REPO II TOTAL $-31 636,115.32 $47,857,610.99 1,726.73 027 o228/04;11:32 001 vaza EFTA00195948

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 18 of 18 Transaction Detail (continued) MISCELLANEOUS DATE MOVDAY TRANSACTION DESCRIPTION DEBIT AMOUNT 02/05/04 JOURNAL FITG FITM 02/12/04 JOURNAL JAN. 04 SPEC CLEARING FEES 450.00 TOTAL $-55,137.00 Your messages ‘i 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 ("CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard & Poor's, [STOP] ****** Endof Statement****** CREDIT AMOUNT 12,615.00 $12,615.00 o228/04;11:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol | FINANCIAL TRUST CO INC STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 vaza EFTA00195949

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , » 3 Your Portfolio Holdings . . 4 Transaction Detail .....sscsssesesesees 7 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 32,720,098 LONG ACCRUED INTEREST 615,271 NET DEBIT BALANCE -13,933,518 NET EQUITY LAST STATEMENT 19,197,920 CHANGE SINCE LAST STATEMENT 203,931 There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. Bear. Stearns & Co- inc. Cash & Equivalent Fixed Income FINANCIAL TRUST CO INC C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $-13,933.518 $380,860 $32,720,098 $18,601,283 HE current market value GB Last statements market value ([) Short market value This summary is for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY 0 nN) vities Coy FINANCIAL TRUST CO INC STATEMENT PERIOD January 1, 2004 THROUGH January 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31, 2003 ‘This statemem should be retained for your records. See reverse side for important information o27 01/31/04,09:20 001 vaos EFTA00195950

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 13 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/31/04;09:20 001 EFTA00195951

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BEAR STEARNS 3 of 13 OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. Cash Flow Analysis OpeningBalance Securities Sold Dividends/Interest Miscellaneous Amount Credited Securities Bought Funds Withdrawn Dividends/Interest Charged Miscellaneous Amount Debited Net Cash Activity Closing Balance THIS PERIOD $380,859.92 9,844,310.88 720,989.06 219,564.00 $10,784,863.94 -24,567,419.97 -62.716.00 -175,968.71 -293,137.00 $-25,099.241.68 -14,314,377.74 $-13,933,517.82 Cash Balance Summary OPENING CLOSING Margin 380,859.92 -13,933,517.82 Net Cash Balance $380,859.92 $-13,933,517.82 Income Summary THiS PERIOD YEAR TO DATE Govt. Agency Int. 508,834.06 508,834.06 Corp. Bond Int. 212,155.00 212,155.00 Reverse Repurchase Int. 1,418.88 1,418.88 Bond Purchase Int. -175,968.71 -175,968.71 Portfolio Composition SHORT LONG Cash/Cash Equivalent 13,933,518 Fixed Income 32,720,098 $13,933,518 027 01/31/04;09:20 001 Short Cash & Equivalent CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD January 1, 2004 THROUGH January 30,2004 TAXPAYER NUMBER On File ACCOUNT NUMBER LAST STATEMENT December 31,2003 Your Portfolio Allocation Fixed Income 71% Unshaded portions denote debt balance andlor short market values. The alocation percentage is derived from the absohte market value of your portiotio. vaos EFTA00195952

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 4 of 3 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 13,933,518 TOTAL CASH & CASH EQUIVALENTS $-13,933,518 FIXED INCOME Government & Agency Obligations ACCT ACCRUED DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST FEDERAL HOME LOAN MTG CORP Hl trcn 10,092,097 10.5957 1,069,327 24,811 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5,900% FACTOR = 39212142 FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00000000 FEDERAL HOME LOAN MTG CORP Etec 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 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR = .35781753 1,901,906 35,544,219 17,890,875 85.5000 11.3612 027 1,626,130 2 1,286,725 14,810 2,032,626 51,435 01/31/04,09:20 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOO January 1, 2004 THROUGH January 30,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31,2003 ESTIMATED CURRENT ANNUAL INCOME YIELD (%) 595,434 55.6831 19 0.0012 355,442 27.6238 1,234,470 60.7328 vaos EFTA00195953

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 5 of 13 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOO January 1, 2004 THROUGH January 30, 2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31,2003 ACCT ACCRUED ESTIMATED CURRENT DESCRETION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%} FEDERAL HOME LOAN MTG CORP 10.7112 2,210,868 50,740 1,217,800 55.0824 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5,900% FACTOR = ,35781752 FEDL HOME LOAN MTG CORP#S03602 | MRGN SERIES 223 CLASS PO DATED DATE 12/01/02 BOOK ENTRY ONLY DUE 12/01/2032 FACTOR = .63755215 3,187,760 80.2031 2,556,683 FEDERAL NATIONAL MTG ASSN rc 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 SERIES 2004-5 CLASS PS INTEREST FROM DATE 01/20/04 DATED DATE 01/23/04 FIRST COUPON 02/20/2004 BOOK ENTRY ONLY DUE 02/20/2033 5.810% FACTOR = 1,00000000 GOVERNMENT NATIONAL MTG ASSN rc SERIES 2004-2 CLASS SB INTEREST FROM DATE 01/16/04 DATED DATE 01/23/04 FIRST COUPON 02/16/2004 BOOK ENTRY ONLY DUE 01/16/2034 6,080% FACTOR = 1,00000000 Total Government& Agency Obligations 44,000,000 18.0000 7,920,000 44,389,962 14.5833 6,473,526 217,413 2,698,910 41.6915 18,419,875 11.4264 2,104,727 15,092 1,086,773 51.6349 205,933 2,556,400 32.2778 $27,280,612 $580,236 $9,745,248 027 01/31/04,09:20 001 vaos EFTA00195954

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Bear Steams Securities Coy STEARNS — FINANCIAL TRUST CO INC 6 of 13 STATEMENT PERIOO January 1, 2004 THROUGH January 30, 2004 Your Portfolio Holdings (continued) account numccr = TAXPAYER NUMBER On File LAST STATEMENT December 31, 2003 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YIELD (%) FANNIE MAE CMO/SERIES 2003-13 14.8786 5,439,486 35,035 2,522,580 46.3753 § ROR-I/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6,900% FACTOR = ,73118269 Total CorporateBonds $5,439,486 $35,035 $2,522,580 TOTAL FIXED INCOME $32,720,098 $615,271 $12,267,828 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $615,271 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 PURCHASE: REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST* FACE AMOUNT) CUSIP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 10/23/03 OPEN 0.000 -51,655,000 SERIES 2530 CLASS SE 6.3000 02/15/32 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS $0 $0 "As of statement date 027 01/31/04;09:20 001 vaos EFTA00195955

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS FINANCIAL TRUST CO INC 7 of 13 STATEMENT PERIOO January 1, 2004 THROUGH January 30,2004 Transaction Detail account numecrh TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT December 31, 2003 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 01-25-04 PRICE DEBIT AMOUNT CREDIT AMOUNT 01/08/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 SERIES 223 CLASS PO QUE 12/01/32 PRINCIPAL REDUCTN 01-15-04 -61,557 u SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-04 SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL 5,837 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-04 -709,634 a | PRINCIPAL FEDERAL HOME LOAN MTG CORP ‘ | lca | | SERIES 2488 CLASS SQ 6,837 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI $837 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-04 -364,849 61,556.80 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 01-15-04 69,335.20 PRINCIPAL FEDL HOME LOAN MTG CORP#SO3602 ll 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 01-25-04 027 01/31/04;09:20 001 vaos EFTA00195956

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co. inc. «ou, sta sues STEARNS | FINANCIAL TRUST CO INC 8 of 13 STATEMENT PERIOO January 1, 2004 THROUGH January 30, 2004 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2003 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 -§59,291 S$ ACR-VO FLTR 6,858 DUE 03/25/33 PRINCIPAL REDUCTN 01-25-04 -281,792 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 5,858 DUE 01/25/33 PRINCIPAL REDUCTN 01-25-04 SERIES 2004-2 CLASS SB DUE 01/16/2034 06,080% 0987021011332 REF # 2004011646030000 BS AS OF 01/16/04 01/30/04 01/08/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 05,810% 0987022118332 REF # 2004010846380000 BS AS OF 01/08/04 ACCRUES ON 1ST, PAYS ON 20TH 01/30/04 01/23) BOUGHT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 05,810% ACCR. INT. 35,505.56 0987022118332 REF # 2004012346390000 BS AS OF 01/23/04 ACCRUES ON 1ST, PAYS ON 20TH TOTAL $-13,936.388.68 $130,892.00 ACCR. INT. 104,957.59 22.000,000 17'81250 '3.918,750.00 ACCR. INT. 35,505.56 22,000,000 18.00000 3,960,000.00 027 01/31/04;09:20 001 vaos EFTA00195957

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 9 of 13 Transaction Detail (continued) DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 01/02/04 FND WIRED MDA#GV119949FNDS WIRED TO 62,716.00 | BANK C#171961 TOTAL $-62,716.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT 01/15/04 FEDERAL HOME LOAN MTG CORP | 1.0000 SERIES 2471 CLASS YT QUE 03/15/2032 1,000 INTEREST PAYMENT 01-15-04 SERIES 2483 CL SL QUE 03/15/2032. 5,837 INTEREST PAYMENT 01-15-04 FEDERAL HOME LOAN MiG CORP” SERIES 2488 CLASS SQ DUE 03/15/2032 6,837 INTEREST PAYMENT 01-15-04 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE QUE 02/15/2032 6,237 INT A/D 12-03 P/D 01-15-04 REPOP&! 6.2375 FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE QUE 02/15/2032 6,237 INT A/D 12-03 P/D 01-15-04 REPOP&! 6.2375 SERIES 2526 CLASS SI QUE 02/15/2032. 5,837 INTEREST PAYMENT 01-15-04 027 01/31/04;09:20 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Sec: Co 1 | FINANCIAL TRUST CO INC STATEMENT PERIOO January 1, 2004 THROUGH January 30,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31,2003 CAEDIT AMOUNT 30,638.54 105,445.48 17,623.80 109,090.19 50,868.68 vaos EFTA00195958

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CLEARED THROUGH ITS SUBSIDIARY WHOLLY OWNE! OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 10 of 19 STATEMENT PERIOD January 1, 2004 THROUGH January 30,2004 Transaction Detail (continued) account numccr (S TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT December 31,2003 DATE CESCRIPTION SYMBOUCUSIP QUANTITY OEBIT AMOUNT CREDIT AMOUNT FANNIE MAE CMO/SERIES 2003-13 6.8580 S$ RCI FLIR QUE 03/25/2033 6,858 INTEREST PAYMENT 01-25-04 Ee "5 8580 91,306.99 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 §,858 INTEREST PAYMENT 01-25-04 TOTAL $720,989.06 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION TION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 980,000.00 o1v02 i JOURNAL ADP CD FITM-PR F275318101t en 980,000.00 JOURNAL ADP CD FITM-PR F2753181019 7 a i JOURNAL ‘ADP CD ie $80,000.00 P| a FITM-PR F275318101h ici“ FITM-PR F275318101i ae *'** nse vaane a vieennant yeaene sss anenayy INTEREST ADP CD DUE 12/31/2049 8,625 . 318101f 027 01/31/04;09:20 001 vaas EFTA00195959

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG V1 oof 13 STATEMENT PERIOD January 1, 2004 THROUGH January 30,2004 Transaction Detail (continued) TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — December 31, 2003 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL ADP CD FITM-PR F275318101j a JOURNAL ADP CD FITM-PR F275318101k i FITM-PR F2753181011 JOURNAL ‘ADP CD . FITM-PR F27531 eit m a 4 INTEREST ‘ADP CD DUE 12/91/2049 8-625 i FITM-PR Pea JOURNAL ADP. CD FITM-PR Pate INTEREST ADP CD DUE 12! 31 ae ae 625 JOURNAL” ADP CD ETMPR F275318101p 1,297,000.00 1,840,000.00 507-15 {840,000.00 256.58 {659,000.00 027 01/31/04;09:20 001 vaas EFTA00195960

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 12 of 13 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIP QUANTITY JOURNAL ADP CD FITM-PR F275318101q /31/49 JOURNAL ADP CD ——— FITM-PR F275318101r /31/49 DEBIT AMOUNT 1,659,000.00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOO January 1, 2004 THROUGH January 30,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31,2003 CREDIT AMOUNT 1,659,000.00 FITM-PR F275318101s INTEREST ADP CD DUE 12/31/2049 8,625 — 318101p TOTAL MISCELLANEOUS DATE MOIDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT JOURNAL FITG FITM 155,420.00 JOURNAL FITG FITM vases 04 JOURNAL wen FIM . Tr JOURNAL JOURNAL 32,492.00 181,068.00 FIM TOFIIG $-10,807,000.00 027 01/31/04;09:20 001 276.50 $9,713,418.88 vaos EFTA00195961

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 13 of 13 Transaction Detail (continued) MISCELLANEOUS {continued) DATE MO'DAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 01/27/04 JOURNAL FITG FITM 44,533.00 TOTAL $-293,137.00 $219,564.00 Your messages ie 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 A+ financial strength rating from Standard and Poor's, [stop] +++ Endof Statement™***** 027 01/31/04;08:20 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol | FINANCIAL TRUST CO INC STATEMENT PERIOO January 1, 2004 THROUGH January 30,2004 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31, 2003 va24 EFTA00195962