Statements EFTA00195963

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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 , Your Portfolio Holdings Transaction Detail ........s0sseesesssesseeseesseee Your Portfolio at a Glance Bear. Stearns & Co- inc. 3 FINANCIAL TRUST CO INC 3 C/O JEFFREY EPSTEIN 4 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Market Value of Your Portfolio $137,909 NET CREDIT BALANCE NET EQUITY THIS PERIOD $137,909 HM Current market value Annnne sss) anenenNenennenenennee sss) SenennNennnnenennene sss) Gunenenennenenennanen sss; anenee AER: Last statement's market value NET EQUITY LAST STATEMENT 137,131 CHANGE SINCE LAST STATEMENT 778 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 en) i FINANCIAL TRUST CO INC STATEMENT PERIOG December 1,2005 December 30, 2005 account Nuecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT November 30, 2005 if any information regarding 2005interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099will be mailed to you by January 31,2006o0r a 1042S by March 15,2006. ‘This statemem should be retained for your records. See reverse side for important information o27 12/31/0509:00 001 vasa EFTA00195964

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2 of4 STATEMENT BACKER IS PRINTED ON THIS PAGE 12/31/05;08:00 001 CLEARED THAC WHOLLY OWNED ms SUBSIDIARY Boar, Steams Secuities Coy fe FINANCIAL TRUST CO INC vasa EFTA00195965

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of4 Cash Flow Analysis THIS PERIOD OpeningBalance $137,131.41 Dividends/Interest 778.08 Amount Credited $778.08 778.08 Net Cash Activity Closing Balance $137,909.49 Cash Balance Summary OPENING CLOSING Margin 137,131.41 137,909.49 Net Cash Balance $137,131.41 $137,909.49 Your Portfolio Holdings CASH & CASH EQUIVALENTS Income Summary THS PERIOD YEAR TO DATE U.S. Govt. Bond Int. 0.00 4,718,243.44 Govt. Agency Int. 0.00 6,167,659.06 Corp. Bond Int. 0.00 1,.279.184.80 Credit Balance Int. 778.08 12,704.04 Reverse Repurchase Int. 0.00 1,636,307.17 $13,814,098.51 Bond Purchase Int. 0.00 —--6,596,679.06 Repurchase Int. Exp. 0.00 -1,761,173.79 Portfolio Composition Cash/Cash Equivalent 137,909 MAARKET ESTIMATED — CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [%¢} CASH BALANCE 137,909 TOTAL CASH & CASH EQUIVALENTS $137,909 o27 12/31/05;09:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD December 1, 2005 December 30, 2005 account numccr (S TAXPAYER NUMBER On File November 30,2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent 100% Unehaded portions denote debt balance andlor short market values. The allocation percentage is dorved from the absokte market value of your portiailo. vasa EFTA00195966

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 4 ofa STATEMENT PERIOO December 1, 2005 THROUGH December 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT November 30,2005 Your Portfolio Holdings (continued) YOUR PRICED PORTFOLIOHOLDINGS $137,909 Transaction Detail INTEREST RUPTION SYMBOUGUSIP QUANTITY RAT CAEDIT AMOUNT AVGBAL 137,131RT 3.288 375.77 021 OFFICE INTEREST 1105 AVGBAL 137,507RT 3.397 402.31 021 OFFICE INTEREST 1205 TOTAL $778.08 {stop] _****** Endof Statement****** 027 12/31/05;08:00 001 vasa EFTA00195967

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR sro ses a jas = | __ FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE + GNMA GOVT BOND STATEMENT PERIOD November 1, 2005 VISIT OUR WEBSITE wew.bearstearns.com THROUGH November 30, 2005 ACCOUNT NUMBER ; What’s In This Statement Wasldaselelllaelsll TAXPAYER NUMBER On File LAST STATEMENT October 31, 2005 Financial Summary . 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 3 C/O JEFFREY EPSTEIN Transaction Detail .....ieeeeeeree 4 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio , $137,131 NET CREDIT BALANCE 137,131 Cash & Equivalent $132,001 NET EQUITY THIS PERIOD $137,131 HH Current market value sss possess eves ves ous sss wos send vovsees eser ess s upecorees sued seereos:bes ps saers=ses=es {EBB Lest statements market value NET EQUITY LAST STATEMENT 132,001 CHANGE SINCE LAST STATEMENT 5,130 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 ‘Ths statemem shoud be retamed for your records. See reverse side for important information o27 12/01/08;07:25 001 vase EFTA00195968

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of4 STATEMENT BACKER IS PRINTED ON THIS PAGE 12/01/05;07:35 001 vasa EFTA00195969

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 ofa Cash Flow Analysis THIS PERIOD $132,001.23 OpeningBalance Dividends/ Interest Amount Credit Net Cash Activity §.130.18 Closing Balance $137,131.41 Cash Balance Summary OPENING CLOSING 132,001.23 Margin 137,131.41 $132,001.23 Net Cash Balance $137,131.41 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIFTION SYMBOUCUSIP QUANTITY CASH BALANCE TOTAL CASH & CASH EQUIVALENTS Income Summary THiS PERIOD YEAR TO DATE U.S. Govt. Bond Int. 0.00 4,718,243.44 Govt. Agency Int. 0.00 6.167,659.06 Corp. Bond Int. 0.00 1,.279.184.80 Credit Balance Int. 5,130.18 11,925.96 Reverse Repurchase Int. 0.00 1,636,307.17 ae $5,130.18 $13,813,320.43 Bond Purchase Int. 0.00 -6,.596,679.06 Repurchase Int. Exp. 0.00 -1,761,173.79 Portfolio Composition Cash/Cash Equivalent 137,131 MARKET ESTIMATED §— CURRENT PRICE VALUE ANNUAL INCOME YIELD (['¢} 137.131 $137,131 12/01/08,07:35 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD Novernber 1, 2005 November 30, 2005 account numccr (S TAXPAYER NUMBER On File October 31, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent- 100% Unshaded portions denote debt balance andicr short market values. The alocation percentage is derived from the absohte market value of your portioiio. vasa EFTA00195970

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 4 ofa Ste STATEMENT PERIOO THROUGH ACCOUNT NUMBER TAXPAYER NUMBER Your Portfolio Holdings (continued) YOUR PRICED PORTFOLIOHOLDINGS $137,131 Transaction Detail INTEREST DATE DESCRIPTION SYMBOUGUSIP QUANTITY RATE DEBIT AMOUNT CAEDIT AMOUNT 11/01/05 AVGBAL 1984.653AT 3.002 5,130.18 021 OFFICE INTEREST 1005 TOTAL $5,130.18 [stop] ****** End of Statement™***** o27 12/01/08;07:35 001 LAST STATEMENT vasa SUBSIDIARY FINANCIAL TRUST CO INC November 1, 2005 November 30, 2005 On File October 31, 2005 EFTA00195971

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR soos ses a jas = | __ FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE — GNMA GOVT BOND STATEMENT PERIO October 1.2006 VISIT OUR WEBSITE — www.bearstearns.com THROUGH October 31, 2005 ACCOUNT NUMBER ; What's In This Statement Whalledildltill TAXPAYER NUMBER On File LAST STATEMENT September 30, 2005 Financial Summary , 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail vitesse 4 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio ’ $132,001 NET CREDIT BALANCE 132,001 %@8h & Equivalent $114,805 aeereneeseneie aaeeeeeeenaea ry 77 fmm concn numer vas S04 auenensaensusensesensessaunnuaenensusenseaunessss suansusessenenansenen sess aeneusenensenes {BB Last statement's market value NET EQUITY LAST STATEMENT 114,805 CHANGE SINCE LAST STATEMENT 17,196 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 Ths statemem should be retamed for your records See reverse side for important formation o27 11/01/08;06:34 001 vas? EFTA00195972

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of6 STATEMENT BACKER IS PRINTED ON THIS PAGE 11/01/05;06:24 001 vas? EFTA00195973

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT " vities Con BEAR Bear, Stearns & Co. Inc. Bear Steams Securities ol STEARNS FINANCIAL TRUST CO INC 3 of6 STATEMENT PERIOD October 1, 2005 THROUGH October 31,2005 account numccr (S Cash Flow Analysis Income Summary TAXPAYER NUMBER On File THis PERIOD THiS PERIOD YEAR TO DATE LAST STATEMENT September 30, 2005 U.S. Govt. Bond Int. 0.00 4,718,243.44 Balance $114,805.20 ™ Govt. Agency Int. 0.00 6.167,659.06 Securities Sold 119,604,887.50 Corp. Bond int. 0.00 —-1,279,184.80 reiaameiineahens 521.39 Credit Balance Int. 521.39 6,795.78 Miscellaneous 182,754.39 Reverse Repurchase Int. 32,231.25 1,636,307.17 Amount Credited $119,758,163.28 $32,752.64 $13,808.190.25 Securities Bought -100,472,656.25 Bond Purchase Int. 0.00 -6,596,679.06 Funds Withdrawn 63,185.00 Repurchase Int. Exp. 0.00 -1,761,173.79 Miscellaneous -19,205,126.00 Amount Debited $-119,740,967.25 | vee Portfolio Composition Cash/Cash Equivalent 132,001 Net Cash Activity 17,196.03 Your Portfolio Allocation Cash Balance Summary OPENING CLOSING Margin 114,805.20 132,001.23 Net Cash Balance $114,805.20 $132,001.23 Cash & Equivalent- 100% Unshaded portions denote debt balance andicr short market values. The alocation percentage is derived from the absohte market value of your portioiio. 027 11/01/08,06:34 001 vas? EFTA00195974

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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 4 of6 STATEMENT PERIOD October 1, 2005 THROUGH October 31, 2005 Your Portfolio Holdings ow —— CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT September 30, 2005 NAABKET ESTIMATED — CURRENT DESCRETION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD (* CASH BALANCE 132.001 TOTAL CASH & CASH EQUIVALENTS $132,001 YOUR PRICED PORTFOLIOHOLDINGS $132,001 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE Dart Oat DEBIT AMOUNT 50,000,000 100.32031 50,160,156.25 SYMBOLICUSIP CREDIT AMOUNT TRANSACTION 09/16/05 BOUGHT 57250000 BS “50,000,000 “100.62500 50.312,500.00 FNMA-3OVA(ENMA)GID SETT, 10/05 57170000 BS AS OF 09/07/05 TO CXL PREVIOUS SELL 027 11/01/05;06:24 001 vas? EFTA00195975

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 5 of 6 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION 10/13/05 09/16/05 CANCEL BUY FNMA-30YA(FNMA)GTD CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2005 THROUGH October 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT September 30, 2005 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT -50,000,000 100.32031 50,160,156.25 SETT.10/05 f 05, 500% 57250000 BS AS OF 09/16/05 TO CXL PREVIOUS BUY 400.62500. FNMA-3OVA(FNMA)GTD 50,312,500.00 SETT, 10/05 pass 05, 500% 57170000 BS TOTAL $-100,472,656.25 _ $100,472,656.25 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION CREDIT AMOUNT 10/12/05 END WIRED MDA FNDS WIRED TO Sea INTERNET TOTAL INTEREST DATE CESCRIPTION SYMBOUCUSIP RATE (%) CERT AMOUNT CAEDIT AMOUNT 10/03/05 AVGBAL 224,631RT 2.785 521.39 021 OFFICE INTEREST 0905 TOTAL $521.39 o2? 11/01/05,06:34 001 vas? EFTA00195976

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 6 of 6 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT JOURNAL ADP CD FITM-PR F263321901D /31/49 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l FINANCIAL TRUST CO INC STATEMENT PERIOD October 1, 2005 THROUGH October 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT September 30, 2005 CREDIT AMOUNT 19,100,001 ‘ INTEREST ‘ADP CD ‘ _ lO 32,231.25 DUE 12/31/2049 = 8,625 : 321901D TOTAL $19,132,231.25 MISCELLANEOUS TRANSACTION DESCRIPTION DEBIT AMOUNT AMOUNT JOURNAL FR CMDY 410.64 - ( ) SETT.10/05 §,500 DUE 10/01/35 MBS NET 10/13/05 sr errr mmr seperate venmnnnntnnn tn SME a TOTAL $-19,205.126.00 $152,754.39 [stop] ****** End of Statement™***** o27 11/01/05,06:34 001 vas? EFTA00195977

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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 , . 38 Your Portfolio Holdings . 4 Transaction Detail .....sscssseeeeeseens 4 Trades Not Yet Settled wuss 36 Your Portfolio at a Glance NET CREDIT BALANCE 114,805 Cash & Equivalent sueceuscsceccuccnsess susceccceccuccscccsunss ss susceseccscccseccscens#ss sucssuensenseeessoannss) Fined NET EQUITY THIS PERIOD $114,805 Income NET EQUITY LAST STATEMENT 3,443,744 3,328,938 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 Steams Securities vl De FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 September 30, 2005 account numccr TAXPAYER NUMBER On File August 31, 2005 THROUGH Whaaelscdablbasalll 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 $114,805 $221,488 $3,188,141 [see] Current market value GB Last statements market value This summary Is for informational purposes only. It Is not intended as a tax document Ths statemem should be retamed for your records. See reverse side for important mformation 027 10/01/08;11:80 001 Vass EFTA00195978

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 96 STATEMENT BACKER IS PRINTED ON THIS PAGE 10/01/05;11:80 001 vas EFTA00195979

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 96 Cash Flow Analysis THIS PERIOD Balance $221 487.52 Securities Sold 1,385,266,708.58 Dividends/Interest 1,182,572.79 Miscellaneous 745,735.38 $1,387,195.016.75 Amount Credited Securities Bought Dividends/Interest Charged -1,385,814,343.72 -275,121.67 Miscellaneous -1,212,233.68 $-1,387.301.699.07 Amount Debited Net Cash Activity -106,682.32 Cash Balance Summary OPENING CLOSING Margin 221,487.52 114,805.20 Net Cash Balance $221 487.52 $114,805.20 Income Summary ToS PERIOD YEAR TO DATE U.S. Govt. Bond Int. 198,148.87 4,718,243.44 Govt. Agency Int. 775,394.53 6,167,659.06 Corp. Bond Int. 136,678.49 1,.279.184.80 Credit Balance Int. 951.82 6,274.39 Reverse Repurchase Int. 80,288.31 1,604,075.92 $1,191,462.02 | $13.775.437.61 Bond Purchase Int. -203,722.59 -6,596,679.06 Repurchase Int. Exp. -260,593.74 -1,761,173.79 Portfolio Composition Cash/Cash Equivalent 114,805 027 10/01/08;11:80 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vt Le FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 September 30, 2005 account numccr (S TAXPAYER NUMBER On File August 31, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent- 100% Unshaded portions denote debt balance andicr short market values. The alocation percentage is derived from the absohte market value of your portioiio. vas EFTA00195980

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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 4 of 6 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Your Portfolio Holdings aw CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (% CASH BALANCE 114,805 TOTAL CASH & CASH EQUIVALENTS $114,805 YOUR PRICED PORTFOLIOHOLDINGS $114,805 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/01/05 08/31/05 BOUGHT UNITED STATES TREASURY NOTE | 18,000,000 100,11719 18,021,093 75 04,000% FA 28 ACCA, INT, 1,988 95 x URITY GVER REF # Al 09/02/05 05 BOUGHT UNITED STATES TREASURY NOTE | 5,000,000 101,70313 5,085,156 25 15015 04 250% FA 15 ACCA, INT, 10,394.02 2040, % TO MATURITY GVER REF # G2442669 At 09/01/05 BOUGHT UNITED STATES TREASURY NOTE | 10,000,000 100,49219 10,049,218 75 O07 04,000% FA 28 ACCA, INT, 2.20994 le % TO MATURITY GVER REF # G2443875 Al 027 10/01/05;11:80 001 vas EFTA00195981

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = Steams Sec “l STEARNS Se FINANCIAL TRUST CO INC 5 of 36 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE ov TRANSACTION SCRIPTION SYMBOLIC! QUANTITY PRICE DEBIT AMOUNT NT AMOUNT UNITED STATES TREASURY NOTE 10,000,000 100,55469 10,055,468 .75 04,000% FA 28 ACCA, INT, 2,209.94 ‘0 MATURITY GVER REF # 62443878 Al "10,000,000 100,35156 10.035.156.25 09/06/05 UNITED STATES TREASURY NOTE 04,000% FA 28 % TO MATURITY GVER REF # G2494731 Al UNITED | STATES TREASURY NOTE "_————e S000;000"°""" “To o6280~ — '5,053.125,00 04,250% FA 15 ACCR, INT. 13,858.70 ‘0 MATURITY GVER REF # 62503140 Al ACCR, INT. 7,734.81 399 PRINCIPAL DL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 3,000 DUE 12/01/34 PRINCIPAL REDUCTN 09-15-05 SOLD UNITED STATES TREASURY NOTE ez -20,000,000 "100,17188 20,034,375 ,00 : 04,000% FA 28 ACCR, INT, 28,729.28 % TO MATURITY GVER REF # G2552394 Al SETT.O9/05 05,0005 57150000 BS AS OF 08/03/05 TO CXL PREVIOUS SELL 10,000,000 99,09375 9909,375.00 IMA-OYR(ENMA)GTD SETT,09/05 05,0005 57020000 BS 027 10/01/05;11:80 001 vas EFTA00195982

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO ING 6 of 36 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT DATE OATE TRANSACTION DESCRIPTION CANCEL SELL IMA-30YR(FNMA)GTD 50,000,000 49,078.12! SET, 1S i 05,0005 57170000 BS AS OF 08/11/05 TO CXL PREVIOUS 05 BOUGHT MASOVRENMAIGID. SSS Kk °° sc000000°°"""" 9817 188 "49 ,085:937 50 SETT.09105 15035 05,000% 57230000 BS 0S f 05.000% 1757260000 BS AS OF 08/17/05 TO CXL PREVIOUS 50,000,000 98,38281 49,191,406 .25 MA 3OYR(ENMA)GTD nn _—ennS0.000;000°"""" 8.49219 49,246,093 ,75 SETT,09/05 7060000 BS MA-3OYR(FNMA)GTD | 50,000,000 98,55078 49,275,390 63 SETT,09/05 og/14/05 08/19/05 CANCEL SELL 05,000% 7090000 BS AS OF 08/19/05 TO CXL PREVIOUS 027 10/01/05;11:80 001 vas EFTA00195983

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 7 of 36 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 account numccr (S TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31, 2005 Transaction Detail (continued) SETTLEMENT = TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT FNMA-3O0YR(FNMA)GTD - A 98,20313 SETT.O9/05 —,.. 57150000 BS IMA-SOVR(NMIA)GTO. SETT.O9/05 ie 05.0005 57020000 BS AS OF 08/31/05 og/14/05 08/31/05 CANCEL BUY "10,000,000 99,09375 ” 9,909,375 .00 TO CXL PREVIOUS BUY 09/05 1157170000 BS aneenenaeenses a seve TTD + eneeae: a7 ee seeees aeeneeneess ‘WS USs os "50 CANCEL BUY 05,000% 57230000 BS AS OF 08/11/05 TO CXL PREVIOUS BUY "49.150.390 63 IMA-3OYR(FNMA)GTD SETT,09/05 57260000 BS IMA-30YR(FNMA)GTD SETT,O9/05 49,191,406 ,25 05,000% 57170000 BS AS OF 08/17/05 TO CXL PREVIOUS BUY 027 10/01/05;11:80 001 vas EFTA00195984

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 8 of 36 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 49,246,093 ,75 -50,000,000 98,49219 FNMA-3OYR(FNMA)GTD SETT.O9/05 Ot 05.000% 7060000 BS AS OF 08/19/05 TO CXL PREVIOUS BUY og/14/05 08/19/05 CANCEL BUY hMA-SOYR(ENMA)GTD. “50,000,000 "98,5078 _ "499.275.3890 63 SETT.09105 Dion3s 05,000% 7090000 BS /0S f 05.500% 57170000 BS AS OF 08/03/05 TO CXL PREVIOUS 50,000,000 100,75781 50,378,906 .25 IMA-3O0YR(FNMA)GTD 50,000,000 101,17188 50,585,937 .50 SETT,09//05 57020000 BS 0914105 08/03/05 CANCEL SELL A 30VR(ENMA)GTD _ ss.000;000 100.26563 99,262,968 .75 SETT.09/0! 05,500% 57190000 BS AS OF 08/03/05 TO CXL PREVIOUS 027 10/01/05;11:80 001 vas EFTA00195985

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 9 of 36 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT og/14/05 8/03/05 SOLD FNMA-3OYR(FNMA)GTD -1,000,000 100,28516 1,002,851 .56 SETT.O9//05 uae 05, 500% 57170000 BS sprees weeeemmnnnnneee cee eeeunnnee ee — Sy b00 008 erat " ee ee SETT.O9/05 uae 05, 500% 57140000 BS AS OF 09/07/05 TO CXL PREVIOUS BUY - ) SETT. 05.500% 57020000 BS AS OF 09/01/05 TO CXL PREVIOUS BUY — -99,000,000 100,26563 99,262,968 75 MA-3OYR(FNMA)GTD — 50,000,000 101,96094 50,980,468 75 SETT,09/05 57120000 BS 0914105 08/23/05 BOUGHT A 3OVR(ENMA)GTD _ 'S0.000;000 102,04688 51,023,437 .50 SETT_09105 12035 06,000% 57020000 BS 027 10/01/05;11:80 001 vas EFTA00195986

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 10 of %6 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION CANCEL SELL DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT OT AMOUNT FNMA-3O0YR(FNMA)GTD 50,000,000 102,08594 51,042.96: SETT. 0S f 06.0005 57090000 BS AS OF 08/16/05 TO CXL PREVIOUS SELL “oa/23/05 CANCEL SELL MA-SOYRIFNMA)GTD "50,000,000 102,09375-~§1,046,875.00 SETT.09/05 15035 06,000% 57140000 BS AS OF 08/23/05 TO CXL PREVIOUS SELL ( MA)I 5 035 06 ,000% 57120000 BS AS OF 08/15/05 TO CXL PREVIOUS BUY 09/14/05 08/23/05 CANCEL BUY ENMA-SOYR(ENMAJGTD | -50,000,000 102,04688 51,023,437 50 SETT.09/05 SETT,0910 06.000% 57020000 BS AS OF 08/23/05 TO CXL PREVIOUS BUY "S1.042.968,75 SETT.O9/05 06,0005 57090000 BS " SOTA AANOTD seeeeveneenss ss enceser a ee oe a a0 renee ee eee itnnn SETT.O9/0S 06,0005 57140000 BS 027 10/01/05;11:80 001 vas EFTA00195987

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = Steams Sec “l STEARNS Se FINANCIAL TRUST CO INC 11 of 96 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE -20,000,000 100,60938 20,121,875 ,00 04,.250% FA 15 ACCR, INT, 73,913 04 % TO MATURITY GVER REF # G2583645 Al oOg/16/05 09/15/05 0915105 UNITED STATES TREASURY NOTE tt, —°—"20.000;500""""Toors0838" . 20.121.875.00 : 04,250% FA 15 ACOR, INT, 73,913.04 FTO MATURITY GVER REF # G2583646 Al oe UNITED | STATES TREASURY Nore S~w G30 O09" 8026S 10,026.562.50 04,000% FA 28 ACCA, INT, 17,679.56 % TO MATURITY GVER REF # G2583659 B1 UNITED STATES TREASURY NOTE es $0,000,000 100,26563 §0,132.812.50 , 04,000% FA 28 ACCA, INT, 88,397.79 ETO MATURITY GVER REF # G2583659 Al DL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 5.000 DUE 12/01/34 GOVERNMENT NATIONAL MTG ASSOC | -14,505,776 5.34375 775,152.43. SERIES 2004-041 CLASS SE ACCR, INT. 41,956.91 57200000 BS oa719105 BOUGHT UNITED STATES TREASURY NOTE |; 20,000,000 99,8906 19,978,125 00 ‘ 04,250% FA 15 ACCA, INT. 80,842.39 0 MATURITY GVER REF # G2594476 Al 027 10/01/05;11:80 001 vas EFTA00195988

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO ING 12 of 96 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31, 2005 SETTLEMENT = TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT FEDERAL NATIONAL MIG ASSN SERIES 329 CLASS PO STRIP og20/05 oO 16/05 -18,252,042 79,89063 14,581,670 ,75 57320000 BS peewee omeeeouamnnmnscatnanennanennany | oveeseee see sararesese . Seyso0 wonseesess secs — Se s AERO FLTR ACCR, INT, 71,262.10 04,358% 57240000 BS SERIES 2003-49 CLASS SW —_ "ACR, INT. 27,667.10 57230000 BS FANNIE MAE CMOSERIES 2003-52 "16,565,865 6.96875 “Wisaaaa75 0" KSIO ATR 8 ses COR, INT, 39,789.14 57280000 BS nnn en re rae SaRaIE TIT Eom SERIES 346 CLASS 1 57390000 BS serene snntnennennnnan one ee eee erence _—" 000008 aise " iy" \ vial SERIES 2004-5 CLASS PS wails 03,.340% 57250000 BS SERIES 2004-30 CLASS SU wails 03,5905 57260000 BS TO ADJ PREVIOUS MONTHS FACTOR AS OF 09/15/05 027 10/01/05;11:80 001 vas EFTA00195989

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 13 of 6 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT GOVERNMENT NATIONAL MTG ASSN -14,296,550 4,53125 647,812.46 SERIES 2004-035 CLASS SP wails 03, 590% og20/05 om 15/05 57270000 BS TO ADJ PREVIOUS MONTH'S FACTOR AS OF 09/15/05 ETT TISTTTIToaec7T i SERIES 352 CLASS 1 Aves 00,001 % 57380000 BS "25,900,765 79,29688 "20,538,497 86 SERIES 953 CLASS 2 —_ ACCR, INT, "23.111 32 100% 1657350000 BS ACCRUES ON 1ST, PAYS ON 25TH 09/16/05 SOLD FEDL HOME LOAN MTG CORP#S10109 ; -27,588,703 23,04688 6,358,334 08 SERIES 227 nae 85 000% COR, INT, 72,803 52 57360000 BS EDDIE MAC CMOVS! 074,610 7,28125 587,932.5! SC-VO FLTR ACCR, INT, 3,960,82 57290000 BS SOLD ALTERNATIVE LOAN TRUST zz -35,363,806 1.45313 513,880,3 SERIES 2004-30CB CLASS 1-4-8 ACCR, INT 35,823.05 Ft 01,4585 INT, 823 | 57300000 BS SERIES 228 Cae ACCR, INT, 51,526 ,01 57370000 BS ACCRUES ON 1ST, PAYS ON 25TH 027 10/01/05;11:80 001 vas EFTA00195990

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Ee FINANCIAL TRUST CO INC 14 of % STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 account numccr (S TAXPAYER NUMBER On File Transaction Detail (continued) INVESTMENT ACTIVITY (continued) LAST STATEMENT — August 31, 2005 SETTLEMENT — TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT DIT AMOUNT PRINCIPAL GOVERNMENT NATIONAL MTG ASSN -172,307 SERIES 2004-035 CLASS SP 3,590 DUE 12/20:20 PRINCIPAL REDUCTN 09-20-05 05. CANCEL SELL GOVERNMENT NATIONAL MTG ASSN ; ‘44,000,000 11.15625 4,908,750 .00 SERIES 2004-5 CLASS PS 57250000 BS AS OF TD 09/15/05 SD 09/20/05 TO CXL PREVIOUS SELL SERIES 2004-5 CLASS PS ol 03, 160% 57250000 BS AS OF TD 09/15/05 SD 09/20/05 AS OF 09/15/05 09/15/05 CANCEL SELL GOVERNMENT NATIONAL MTG ASSN ; 23,561,075 6.03125 1,421,027,35 SERIES 2004-20 CLASS SU 02039 03.410% 57260000 BS AS OF 1D. 09/15/05 SD 09/20/05 TO CXL PREVIOUS SELL 05 SOLD GOVERNMENT NATIONAL MTG ASSN ; -23,561,075 6.03125 1,421,027 35 SERIES 2004-30 CLASS SU IM 03.410% 0921/05 Om 57260000 BS 05 CANCEL SELL GOVERNMENT NATIONAL MTG ASSN ez 14,296,550 4,53125 647,812.46 SERIES 2004-095 CLASS SP parMt 410% 57270000 BS AS OF TD 09/15/05 SD 09/20/05 TO CXL PREVIOUS SELL 027 10/01/05;11:80 001 vas EFTA00195991

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO INC 15 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = August 31, 2006 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/21/05 O9/15/05 SOLD GOVERNMENT NATIONAL MTG ASSN -14,296,550 647,812.46 SERIES 2004-035 CLASS SP wails 03,410% 4,53125 57270000 BS AS OF TD 09/15/05 SD 09/20/05 AS OF 09/15/05 DERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 3,358 DUE 01/25/33 KS-U10 FLIR 3.458 DUE 07/25/17 JOURNAL FEDERAL NATIONAL MTG ASSN | 1 SERIES 352 CLASS 1 0,001 DUE 07/01/34 JOURNAL FEDL HOME LOAN MTG CORP#S10109 az 1 SERIES 227 CLASS 10 5.000 DUE 12/01/34 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP 3,410 DUE 12/20/29 ADJUST POSITION SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 08-05 P/D 09-25-05 REPOP&! 0.0000 09/26/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN a 582,254 ,70 SERIES 346 CLASS 1 DUE 11/01/33 PRIN A/D 08-05 P/D 09-25-05 REPOP&! 0.0000 027 10/01/05;11:80 001 vas EFTA00195992

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS rina. TAS CONC 16 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/26/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 209,767.60 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 08-05 P/D 09-25-05 REPOP&! 0,0000 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 08-05 P/D 09-25-05 REPOP&! 0.0000 SERIES 2004-30 CLASS SU wells 03,403% 57260000 BS AS OF TD 09/15/05 SD 09/20/05 TO CXL PREVIOUS SELL SERIES 2004-30 poping 57260000 BS AS OF TD 09/15/05 SD 09/20/05 TO ADJ PREVIOUS MONTHS FACTOR TOTAL $-852,032,222.57 $881.454,219.11 INTEREST DATE DESCRIPTION SYMBOUOUSIF QUANTITY RATE ("et DEBIT AMOUNT CREDIT AMOUNT O$01/05 AVGBAL 424.880 AT 2.601 951.82 021 OFFICE INTEREST 0805 09 DL HOME LOAN MTG CORP#S10109 | 5,0000 1,942,55 SERIES 227 CLASS 10 DUE 12/01/2034 ___ §, INTEREST PAYMENT 0! 000 15-05 027 10/01/05;11:80 001 vas EFTA00195993

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 17 of % Transaction Detail (continued) INTEREST (continued) DESCRIPTION SYMBOUCUSIP QUANTITY RATE [Sp FEDL HOME LOAN MTG CORP#S10109 5.0000 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 08-05 P/D 09-15-05 REPOP&l 5,0000 09/15105 FEDL HOME LOAN MIG CORP#S10109 SERIES 227 CLASS IO QUE 12/01/2034 5,000 INT A/D 08-05 P/D 09-15-05 REPOP&l 5,0000 DEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol Le FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 CAEDIT AMOUNT 36,908.38 77,701.85 $C-VO FLTR QUE O7/15/2019 3,531 INT A/D 08-05 P/D 09-15-05 REPOP&l 3,7287 FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO QUE 02/01/2035 6,000 INT A/D 08-05 P/D 09-15-05 REPOP&! 6,0000 0920/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,340 INT A/D 08-05 P/D 09-20-05 REPOP&l 3,3406 09/20/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,340 INT A/D 08-05 P/D 09-20-05 REPOP&l 3,3406 6.0000 3.3400 — — 84,306.97 48,995.76 73,493 64 SERIES 2004-30 CLASS SU QUE 02/20/2032 3,590 INT A/D 08-05 P/D 09-20-05 REPOP&l 3,5906 027 10/01/05;11:80 001 vas EFTA00195994

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steans & Co. Inc. «ou, sta sues STEARNS a. 18 of 6 FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — August 31, 2005 CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT GOVERNMENT NATIONAL MTG ASSN 3.5900 71,399.08 SERIES 2004-30 CLASS SU QUE 02/20/2032 3,590 INT A/D 08-05 P/D 09-20-05 REPOP&l 3,5906 09/20/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP DUE 12/20/2029 ~ 3,590 INTEREST PAYMENT 09-20-05 3.5900 43,293 48 SERIES 2004-30 CLASS SU QUE 02/20/2032 3,403 REV INT FOR 9/20/2005 PD BAD POSITION FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 QUE 07/01/2034 5,000 INT A/D 08-05 P/D 09-25-05 REPOP&l 5.0000 = — ey §,0000 37,094.87 — GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DUE 05/20/2030 0,000 FM CR INT FOR 9/20/2005 P 43,403 ,95 TOTAL $-71,399.08 $616,523.95 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.iInc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY CEBIT AMOUNT CREDIT AMOUNT 09/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN [ 8,058,484 5,923,000 .00 SERIES 352 CLASS 1 0,001 DUE 07/01/34 FiIM —F2133186 AZ TERM REPO AGREEMENT 027 10/01/05;11:80 001 vas EFTA00195995

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee must COINS 19 of 96 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN -8.058,484 IES 352 CLASS 1 Al 09/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 nek FITM A2 8,058,484 5,958,000 .00 -8.902,768 500,000.00 ‘080 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 mh FiTM B3 EPO AGI -8,902,768 1,677,000 ,00 ‘9107105 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 FITM B1 0 AG SERIES 353 CLASS 2 5,000 nate TOE Porth cea eo ae rT LT Toe SERIES 353 CLASS 2 §,000 DUE 07/01/34 FIM —F2133186 BZ TERM REPO AGREEMENT 027 10/01/05;11:80 001 vas EFTA00195996

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 20 of 6 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) SETTLEMENT TRADE Ou DATE TRANSACTION SYMBOLCUSIP QUANTITY OESIT AMOUNT (05 JOURNAL LOAN MTG CORP#S10109 8,858,010 500,000.00 IES 227 CLASS 10 5,000 mth FITM AZ TERM REPO AGREEMENT OAN MTG CORPHS10109 SERIES 227 CLASS 10 5,000 mie FITM Al REPO AGI "3.858.010 JOURNAL "20,000,000 JOURNAL janeaani JOURNAL -20,000,000 TATES TREASURY Ni Al y15 PO AGREEMENT STATES TREASURY NO’ 50,000,000 DUE 08/31/2007 4,000 LO7 68,000,000 DELIVERED UNITED STATES TREASURY NOTE DUE 08/31/2007 4,000 4,000 07 09/01/05 FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 DUE 07/01/2034 0,001 FIIM F2133186 AZ INTEREST "30,228,000 .00 50,312,500 .00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar Stag OC “l Le FINANCIAL TRUST CO INC STATEMENT PERIOO September 1, 2005 September 30, 2005 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT August 31,2005 CREDIT AMOUNT 68,255,000 .00 SERIES 353 CLASS 2 DUE 07/01/2034 5,000 FIM F2133186 BZ ‘0 INTEREST 027 10/01/05;11:80 001 vas EFTA00195997

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 21 of %6 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) SETTLEMENT TRADE ov DATE TRANSACTION SYMBOL QUANTITY DEBIT AMOUNT ‘05 INTEREST LOAN MTG CORP#S10109 1,605.97 IES 227 CLASS 10 DUE 12/4 5,000 mT AZ INTEREST INTEREST 09/01/05 4,000 AZ 5 JOURNAL 20,000,000 -25,000,000 STATES TREASURY NOTE DUE 08/31/2007 4,000 LO7 Al E AG iT STATES TREASURY Nt DUE 08/31/2007 4,000 INTEREST UNITED STATES TREASURY NOTE DUE 08/15) 4,250 m A2 027 10/01/05;11:80 001 20,350,000 .00 30,225,000 .00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar Stag Le FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 September 30, 2005 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT August 31, 2005 CREDIT AMOUNT 79778. 6,294.63 25,468,750 .00 vase EFTA00195998

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CLEARED THR! WHOLLY OWNE iH ITS SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 22 of % STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 TRADE CREDIT AMOUNT 4,500.17 QUANTITY or in 19,911,211 14,274,000 .00 niet aenani “ OS/06/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 (GHEEMENT 09/06/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 1 1/Q4e ‘0 AG -19,911,211 14,856,000 .00 09/06/05 INTEREST FEDERAL NATIONAL MTG ASSN om 37,370,12 STATES TREASURY DUE 08/31/2007 4,000 4,000 07 FITM -30,000,000 30,225,000 00 09/07/05 DELIVE! o 13,500,50 INTEREST UNITED STATES TREASU! 027 10/01/05;11:80 001 vas EFTA00195999

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS rue UST Come 23 of 6 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOL U 25,000,000 25,468,750 FITM 4,250 TERM CREDIT AMOUNT ane 09/08/05 INTEREST UNITED STATES TREASURY NO’ DUE 08), Pe 250 FM M SERIES 329 CLASS PO DUE 01/01/33 12,076,43 FEDERAL NATIONAL MTG ASSN ee 18,252,042 13,401,000 .00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM TERM Rt ENT NOURNAL 23,543,127 JOURNAL FANNIE MAE CMOISERIES 2003-13 s se vO FLTR TERM Re ‘05 JOURNAL FANNIE MAE CMOYSERIES 2003- 3 > — sone "23, 543,127 1,775,000 ,00 SRi CR-O FLT 027 10/01/05;11:80 001 vas EFTA00196000

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 24 of 96 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT ‘05 JOURNAL FEDERAL NATIONAL MTG ASSN 19,328,957 14,856,000 SERIES 346 CLASS 1 DUE 11/Q4e FITM AZ TERM Re: (GHEEMENT Gpgreertttttteessetnenneanennen ss anetneaneeneene CAAT CORDS LAA TR agg gg aa ae SERIES 227 CLASS 10 5,000 nek FITM Al 0 AGI SERIES 227 CLASS 10 5,000 OS FITM BZ TERM Rei ul IENT ‘09/ OAN MIG CORPWSIOTIO. te" ée27372 2,777,000 ,00 SERIES 228 CLASS 10 6,000 O35 FITM BI 16,271,372 3,124,000 .00 JOAN MTG CORP#S10110 SERIES 228 CLASS e FITM AZ TERM Re ul ENT 09/12/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO STRIP DUE 01/05 0,000 I 43,504 ,86 027 10/01/05;11:80 001 vas EFTA00196001

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 25 of 96 Ste FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION SYMBOUCUSIP QUANTITY DEBIT AMOL ‘05 INTEREST FEDL HO JOAN MTG CORP#S10109 12,784 ,28 SERIES 227 CLASS 10 DUE 12) 5,000 BZ CREDIT AMOUNT pyrene seennenneewaenns cs ueeanenn PITS SEED) SERIES 228 CLASS 10 DUE 02/04 6,000 FITM 10,141,72 $C-VO FLTR 3,728 sig FITM A2 TERM Rei (GHEEMENT 8,249,152 444,000.00 DELIVERED UNITED STATES TREASURY NO DUE 08/31/2007 4,000 4,000 UOT FITM TERM Re i s,s... 5; al D STATES TREASURY NO DUE 08/31/2007 4,000 4,000 3407 FIT Al eensennennesess . hl oe seseenannna i erremmnenenenes on SON OGN GS +s ansneensensesscencenesssaeeneensencusecssesnessss sensesseeneensencens DUE O8/ayy a” - on? 027 10/01/05;11:80 001 vas EFTA00196002

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PRN. WaT com 26 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT FANNIE MAE CMOYSERIES 2003-52 9.276.884 KS-I/0 FLTR 3,458 oT AZ TERM Re (GHEEMENT 05 JOURNAL FANNIE MAE CMOVSERIES 2003-52 "9.276,884 478.000,00 7,288,980 384,000.00 1,249,92 KS-I/0 FLTR DUE 07/28) 3.458 FM i AZ Porth SaaS ee TS KS-I/0 FLTR FLTR KS-I/0 3.458 a7 FITM Al REPO AG: 027 10/01/05;11:80 001 vas EFTA00196003

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar 27 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE ov DATE QUANTITY 9.276.884 CREDIT AMOUNT 478,000.00 "B.074610 09/16/05 _ JOURNAL 3,531 sig FITM. Al REPO AG: JOURNAL FREDOIE MAG G44.000,00 $C-WO FLTR 3.531 sig FITM A2 TERM Rei (GHEEMENT UNITED STATES TREASURY N "30,175,000 .00 DUE O8/15/2015 4,250 4,250 voi S Al ie] iT 20,000,000 JOURNAL "30,000,000 '20,175,000,00 DUE 08/31/200' 4,000 07 FITM TERM Re jeonnen ssc aneannnennany “= 09/16/05 INTEREST FANNIE MAE CMOySERIES KS-I/0 FLTR DUE 07/25) 3.458 FM A2 I ma 2003-52 105,43 027 10/01/05;11:80 001 vas EFTA00196004

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 28 of 6 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) SETTLEMENT TRADE ov DATE TRANSACTION SYMBOL QUANTITY DEBIT AM (05 INTEREST 146,89 INTEREST JOURNAL GO’ T NATIONAL MTG ASSN -23,861,866 JOURNAL T NATIONAL MTG ASSN 23,861,866 SERIES 2004-30 CLASS SU 3,590 032 FITM AZ TERM Re (GHEEMENT FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 OS 4 1 JOURNAL -18,052,048 FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 FITM nll TERM REPO AGREEMENT JOURNAL 18,052,048 3155.15 1,216,000 .00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 September 30, 2005 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT August 31, 2005 CREDIT AMOUNT 15,563,33 1,079,000 .00 12,922,000 .00 027 10/01/05;11:80 001 vase EFTA00196005

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS FINANCIAL TRUST CO INC Boar 29 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31, 2005 SETTLEMENT TRADE ov DATE TRANSACTION 05 INTEREST SYMBOL QUANTITY OEBIT AM 4,118.19 CREDIT AMOUNT 09/19/05 : INTEREST FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 DUE 07/2 45,005.41 0,001 INTEREST STATES TREASURY NO DUE 08/155 iain a8 09/20/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 aaaale IENT m8 janeaani 18,252,042 13,360,000 .00 ‘920105 JOURNAL "FANNIE MAE CMOISERIES 2003- § RCR-VO FLTR FITM A2 TERM Re ie] ENT “775,000.00 KS-V/0 FLTR 3.458 5.17 FIT ho TERM REPO AGREEMENT 09/20/05 ‘ JOURNAL "FANNIE MAE CMOVSERIES 2003-52 “373,000.00 KS-VO FLTR 3.458 FIT TERM Re 027 10/01/05;11:80 001 vas EFTA00196006

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 30 of 96 STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/20/05 JOURNAL FEDERAL NATIONAL MTG ASSN 19,328,957 14,132,000 SERIES 346 CLASS 1 DUE 11/Q4e FITM A2 TERM Re (GHEEMENT T NATIONAL MTG ASSN 09/20/05 JOURNAL GOVERN! 26,400,000 SERIES 2004-5 CLASS PS 3,340 bil FITM A2 TERM Re (GHEEMENT SERIES 2004-5 CLASS PS 3,340 DU bal FITMARGN A2 TERM REPO AGI NT 23,561,075 1,079,000 .00 NATIONAL MTG ASSN SERIES 2004-30 CLASS SU 3,590 ep 32 FiTM AQ TERM REPO AGREEMENT 7.848.716 5,958,000 00 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 FITM Ad TERM Re ul IENT GMa eyes eenenennenn en Te TT TTT 13922 600 0 SERIES 352 CLASS 1 0,001 nate FITM A2 TERM Re (GREEMENT SERIES 353 CLASS 2 5,000 h FITM Ba TERM Re (GHEEMENT 027 10/01/05;11:80 001 vas EFTA00196007

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar 31 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE ov DATE CREDIT AMOUNT QUANTITY 8,736,422 LOAN MIG CORP#S10109 1,706,000 .00 IES 227 CLASS 10 5,000 mn FITM A2 TERM REPO AGREEMENT OAN MTG CORPHS10109 SERIES 227 CLASS 10 5,000 rn FITM A2 TERM REPO AGREEMENT 18,392,469 se cee so" JOURNAL JOURNAL FREDOIE MAG $C-WO FLTR 3.531 sig FITM A2 TERM Rei (GHEEMENT 16,271,372 '"'3'777,000 00 GAN MTG GORPWS10110 SERIES 228 CLASS 10 6,000 135 FITM B2 TERM CREEMENT JOURNAL ‘920105 JOURNAL "76,500,000 i” M SERIES 329 CLASS PO STRIP DUE 01/0 0,000 c2 FANNIE MAE CMOISERIES 2 § RCA-VO FLTR 0920/05 ‘ INTEREST DUE 03% 43 4,358 REPO I 027 10/01/05;11:80 001 vas EFTA00196008

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 32 of %6 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIF QUANTITY OEBIT AMOUNT CREDIT AMOUNT 09/20/05 INTEREST FANNIE MAE CMOISERIES 2003-52 KS-I/0 FLTR DUE 07/25) 3,458 FM A2 H 09/20/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/04 0,000 A2 12,404 ,76 SE DUE 3.590 A2 INTEREST SERIES 352 CLASS 1 DUE ori 0,001 A2 12,326,44 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 DUE O74 0.001 Aa SERIES 353 CLASS 2 DUE 074 FITM 1,034.44 i | me ea eg ggg | | DUE 12 027 10/01/05;11:80 001 vas EFTA00196009

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CLEARED THR! WHOLLY OWNE iH ITS SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 33 of 96 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE o DATE SYMBOL QUANTITY CESIT AM CREDIT AMOUNT 3,529.52 09/20/05 09/20/05 ™ INTEREST —_ reer SERIES 228 CLASS 10 REPO IN ‘0923; JOURNAL ™ 16,500,000 .00 FITM-PR F2633219012 — 16,500, 000. 09/23/05 JOURNAL FITM-PR F2633219013 a, _ —_ JOURNAL ADP CD x= ” - = 16,500,000 ,00 mz | = FITM-PR F2633219014 ae“ JOURNAL ADP CD FITM-PR F2633219015 | INTEREST ADP CD DUE 12/31/2049 8,625 | 5,127.60 oa264 JOURNAL ADP CD FITM-PR F2633219016 fl 17,400,000 .00 027 10/01/05;11:80 001 vas EFTA00196010

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 34 of 6 FINANCIAL TRUST CO INC STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = August 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT 09 REDIT AMOUNT ‘05 JOURNA! ADP CD FITM-PR F2633219017 /31/49 17,400,000 .00 JOURNAL ADP CD FITM-PR F2633219018 /31/49 FITM-PR Meret ain INTEREST ADP CD | §,437,50 DUE 124 31 il ie 101 JOURNAL ADP cb FITM-PR F263321901B 31/49 19,100,000 J 19,200,000 .00 JOURNAL ADP CD — = EMMPR £269921901A DUE 12/31/2049 8,625 $-533,985,843.74 $504,378,538.31 027 10/01/05;11:80 001 vase EFTA00196011

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 35 of 96 Transaction Detail (continued) MISCELLANEOUS OATE MarDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 09/01/05 JOURNAL TO CMDY 09/02/05 JOURNAL Tocmpy vc 114,810.00 09/06/05 JOURNAL Tow _€€ """ . 164,532.50 og/07/05 JOURNAL FR CMDY A‘ Jou JOURNAL FR CMDY AC 116,022.50 JOURNAL FNMA-3OYR(FNMA}GTO 108,593.74 SETT,O9/05 §,000 DUE 09/01/35 MBS NET 09/13/05 choy Ac FNMA-3OYR(FNMA)GTD SETT.O9//0S 5,500 DUE 09/01/35 MBS NET 09/13/05 JOURNAL FNMA-3OYR(FNMA)GTD 85,937.50 SETT.O9/05 6,000 DUE 09/01/35 Ni (0S 396,328.50 PART 2 CLR FEES 5,351 TOTAL $-1,212,233.68 $745,735.38 027 10/01/05;11:80 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l Le FINANCIAL TRUST CO INC STATEMENT PERIOO September 1, 2005 THROUGH September 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 vas EFTA00196012

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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 36 of 6 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 account numccr (S Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT August 31, 2005 TRADE OATE TRANSACTION PRICE DEBIT AMOUNT GREDIT AMOUNT YR(FNMA)GTD A 1003203 ‘0S 57250000 BS - i SETT, 10/05 05.500% 57170000 _BS TOTAL $50,160,156.25 $50,312,500.00 The above trades do not appear in any other section of this statement [stop] ****** End of Statement™***** 027 10/01/05;11:80 001 vas EFTA00196013

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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 ......sssssseseeseens 7 Trades Not Yet Settled wuss 33 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD «= 3,188,141 Cash & Equivalent LONG ACCAUED INTEREST 34,115 Fixed Income NET CREDIT BALANCE 221,488 NET EQUITY THIS PERIOD $3,443,744 NET EQUITY LAST STATEMENT 3,241,555 202,189 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 0 xn) i be FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 August 31,2005 On File July 29, 2005 THROUGH ACCOUNT NUMBER Whadledldletill TAXPAYER NUMBER 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 $221,488 $11,712 $3,188,141 $3,204,048 HE current market value GB Last statements market value This summary is for informational purposes only. It Is not intended as a tax document This statement should be retamed for your records. See reverse side for important information o27 09/01/08;13:28 001 vases EFTA00196014

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 35 STATEMENT BACKER IS PRINTED ON THIS PAGE 0801/08;13:28 001 EFTA00196015

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 35 Cash Flow Analysis THIS PERIOD $11,711.77 OpeningBalance Securities Sold 1,146,377,233.41 Dividends/Interest 1,258,464.71 Miscellaneous 1,174,993.98 Amount Credited $1,148,810,692.10 Securities Bought -1,147,503,302.86 -752,302.99 -345,310.50 Dividends/Interest Charged Miscellaneous Amount Debited $-1,148,600,916.35 209,775.75 Cash Balance Summary OPENING CLOSING Margin 11,711.77 221,487.52 Net Cash Balance $11,711.77 $221 487.52 Income Summary U.S. Govt. Bond Int. Govt. Agency Int. Corp. Bond Int. Credit Balance Int. Reverse Repurchase Int. THIS PERIOD 461,711.95 627,049.58 168,705.12 998.06 150,243.08 FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 August 31, 2005 TAXPAYER NUMBER On File THROUGH ACCOUNT NUMBER YEAR TO DATE 4,520,094.57 5,392,264.53 1,142.506.31 5,322.57 1,523.787.61 LAST STATEMENT — July 29, 2005 Bond Purchase Int. Repurchase Int. Exp. -752,302.99 -208,934.41 Portfolio Composition Cash/Cash Equivalent Fixed Income -6,392,956.47 -1,500,580.05 221,488 Your Portfolio 3,188,141 . Allocation $3,409,629 Cash & Equivalent 6% _ 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. 0801/08;13:28 001 vases EFTA00196016

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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 4 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT duly 29, 2005 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 221,488 TOTAL CASH & CASH EQUIVALENTS $221,488 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) GOVERNMENT NATIONAL MTG ASSN | MRGN 14,468,859 5.9466 860,404 15.870 519,432 60,3707 SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 3,590% FACTOR = .88845284 GOVERNMENT NATIONAL MTG ASSOC 14,505,776 6.1364 890,134 SERIES 2004-041 CLASS SE DATED DATE 06/23/04 BOOK ENTRY ONLY DUE 05/20/2030 FACTOR = ,90308336 FEDERAL NATIONAL MTG ASSN | MRGN 11,861,919 6.8431 811,726 6.638 398,323 49,0711 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3.358% FACTOR = .48800907 027 08/01/08;13:28 001 vases EFTA00196017

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 5 of 35 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol Le FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT duly 29, 2005 ACCT ACCRUED ESTIMATED DESCRIPTION SYMBOLCUSP TYPE PRICE MARKET VALUE INTEREST ANNUAL INCOME FEDL HOME LOAN MTG CORP#S10109 MRGN 21,4063 99,798 1,943 23,311 SERIES 227 CLASS 10 DATED DATE 11/01/04 BOOK ENTRY ONLY DUE 12/01/2034 5.000% FACTOR = .93242216 Total Government& Agency Obligations $2,662,062 $24,451 $941,066 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION vi PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) ALTERNATIVE LOAN TRUST | MRGN 1,4876 526,079 9.664 $79,966 110.2431 SERIES 2004-30CB CLASS 1-A-8 DATED DATE 12/27/04 BOOK ENTRY ONLY DUE 02/25/2035 1.640% FACTOR = .88409516 RATING: MOODY AAA S&P AAA Total CorporateBonds $526,079 $9,664 $579,966 TOTAL FIXED INCOME $3,188,141 $34,115 $1,521,032 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $34,115 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,521,032 YOUR PRICED PORTFOLIOHOLDINGS $3,409,629 o27 09/01/08;13:28 001 vaos EFTA00196018

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. z Steams Securities od STEARNS ee FINANCIAL TRUST CO INC 6 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31,2005 * account numccr = Repurchase and Reverse Repurchase Transactions TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT July 29, 2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 07/29/05 OPEN 0,000 -50,000,000 SERIES 2003-13 CLASS 4.3587 03/25/33 YoU SOLD FANNIE MAE STRIPS (REPO) O8/01/05 Og01/05 3.730 -5,923,000 -19,024 -10,000,000 SERIES 352 CLASS PO O7/01/34 YOU SOLD FANNIE MAE STRIP (REPO} 08/0105 09/01/05 5,942 -10,000,000 SERIES 353 CLASS 10 5,0000 07/01/34 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 08/0105 09/01/05 FANNIEMAE STRIP SERIES 329 CLASS PO 12/01/32 (REPO} 081205 O9/12/05 Le Te | HA). SERIES 227 CLASS 10 5,0000 12/01/34 | — You SOLD FANNIEMAE STRIP (REPO) 081205 09/12/05 3.770 -14,274,000 -29,896 -30,000,000 SERIES 346 CLASS PO 11/01/33 You SOLD FEDERAL HOME LOAN STRIP (REPO} 08/1205 09/12/05 3.770 -3,938,000 8.247 -20,000,000 (RM) = senics 227 class 05,0000 12/01/34 You SOLD FREDDIEMAC STRIP (REPO) 08/1205 oat 3.770 -3,124,000 6.543 -20,000,000 (RM) = senies 228 class 0 6.0000 02/01 You SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 08/1505 Om 3.780 -458,000 817 -14,000,000 (RJ = senies 2003-52 class 34587 07/2: You SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 08/1505 091 3.780 -384,000 -685 -11,000,000 (RJ series 2003-52 class 3.4587 07/2 FANNIE MAE STRIPS (REPO} 08/180S 09/1 3,810 -13,289,000 -19,689 -23,000,000 [MJ = series 352 class po 07/01/34 027 08/01/08;13:28 001 vases EFTA00196019

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a STEARNS Se FINANCIAL TRUST CO INC 7 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT July 29, 2005 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) os/180S 091 3.810 -1,216,000 -1,801 27,112,874 [ERB senics 2004-30 class 3,5906 02/20/32 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 08/2605 OPEN 0,000 -26,400,000 (RR) senics 2004-5 ciass P 3.3406 02 You SOLD FEDERAL HOME LOAN MTG CORP (REPO) 08/2905 OPEN A 9,724,538 [RJ = sens 286 class sc 3,7287 07, You SOLD USTA 4.2500 08/15/15 (REPO) 08/31/05 09/01/05 -1,797 | YOU BOUGHT USTA 4,0000 08/31/07 (REVERSE) 08/31/05 _ OWOT/05 3,320 68,255,000 6.294 68,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $68,255,000 $6,294 TOTAL REPURCHASE TRANSACTIONS $-78,582,001 $-124,113 "As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE Dart OaTE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 0801/05 07/29/05 BOUGHT UNITED STATES TREASURY NOTE [| 10,000,000 98,78125 9,878,125 ,00 2015 04,125% MN 15 ACCA, INT, 87,432.07 0 MATURITY GVER REF # G2105081 At 027 08/01/08;13:28 001 vases EFTA00196020

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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 8 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT July 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT UNITED STATES TREASURY NOTE 469 : 03,875% JJ 31 ACCR, INT, 2,421.87 078% TO MATURITY GVER REF # G2093006 B1 TC a a Tc a ToT a ree miu : 03,875% JJ 31 ACCR, INT, 5,264.95 Ne 3 TO MATURITY ER REF # G2093006 Al SETT.O8/04 uke 05, 500% 57160000 BS 30,000,000" ””"Yo0,82031 """""'90,246.093 .75 PNMA-SOYRIFNMAGTD. SETT.08/04 05, 500% 57180000 BS AS OF 07/15/05 TO CXL PREVIOUS 7/05 CANCEL SELL IMA-30YR(FNMA)GTD | 30,000,000 100,96875 30,290,625 00 SETT.08/04 uke 05, 500% 57310000 BS AS OF 07/07/05 TO CXL PREVIOUS 0811105 07/29/05 CANCEL SELL A 3OVR(ENMAYGTD _ s0.000;000 100.50781 40,203,125 .00 SETT.08/04 12034 05,500% 7090000 BS AS OF 07/29105 TO CXL PREVIOUS 027 0801/08;13:28 001 vaes EFTA00196021

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 9 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE OATE SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 50,000,000 50,441.406 DESCRIPTION IMA-30YR(FNMA)GTD SETT. 04 57110000 BS TRANSACTION serene canenreceannaneae ee a ae soooe oo woogeoRN Soa es TS seennenessss snsues: SETT.08/04 uke 05, 500% 57250000 BS AS OF 07/08/05 TO CXL PREVIOUS 08/04 57250000 BS AS OF 07/08/05 TO CXL PREVIOUS — 99,000,000 100,43750 081 08/03/05 BOUGHT 99,433,125 00 CANCEL BUY MA-3OYR(FNMA)GTD 100,45313 1,004,531 .25 SETT,08/04 054, 05,500% 57160000 BS AS OF 08/03/05 TO CXL PREVIOUS BUY 05 SOLD IMA-30YR(FNMA)GTD | -30,000,000 100,82031 30,246,093 ,75 SETT,08/04 034 05,500% 57180000 BS 027 0801/08;13:28 001 vaes EFTA00196022

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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 10 of 95 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT MA-3OYR(FNMA)GTD SETT,0B/04 57310000 BS rms senmrnemnon snr aa “ eee renin SETT.O8/04 iil 05,500% 57090000 BS SETT.08/04 iil 05,500% 57110000 BS AS OF 07/11/05 TO CXL PREVIOUS BUY an eRaReRR Te ag . ar SETT.08/04 iil 05,500% 57250000 BS | -50,000,000 100,96094 50,480,470 ,00 57250000 BS CANCEL BUY IMA-3OYR(FNMA)GTD = -99,000,000 100,43750 99,433,125 ,00 SETT.08/04 ; 05,500% 57180000 BS AS OF 08/03/05 TO CXL PREVIOUS BUY 027 0801/08;13:28 001 vaes EFTA00196023

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 11 oof 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 account numccr (S TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT July 29, 2005 Transaction Detail (continued) SETTLEMENT TRADE DIT AMOUNT DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT FNMA 30*R GTD 10,000,000 98.34766 9,834 ,76! SETT, 08/05 Di 05,0005 57990000 BS saree amen ecemenenunnen aaeremeeneenescennennenenneann sane a ae wooo 00 sone ean 0 eenenessssaneenenens SETT. 08) 0S 05,0005 57190000 BS AS OF 07/21/05 TO CXL PREVIOUS SELL SETT, 08/05 05.000% 57990000 BS AS OF 08/03/05 TO CXL PREVIOUS BUY 9,859,375 .00 SOLD FNMA 30¥R GTD — -10,000,000 SETT, 08105 05,000% 57190000 BS 05 BOUGHT UNITED STATES TREASURY NOTE a 5,000,000 98,06250 4,903,125 .00 04,125% MN 15 ACCA, INT, 49,320.65 TO MATURITY GVER REF # 62222986 A1 05 BOUGHT ‘UNITED STATES TREASURY NOTE 30,000,000 98,25000 29,475,000 .00 04,125% MN 15 ACCA, INT, 299.286 68 5% TO MATURITY G2234235 Al 15 ACCR, INT, 299,286 68 % TO MATURITY GVER REF # 62294830 Al 027 0801/08;13:28 001 vases EFTA00196024

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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 12 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 account numccr (S TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT July 29, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT UNITED STATES TREASURY NOTE 15,000,000 99,56250 14,934,377: DUE 07/31/2007 03,875% JJ 31 ACCA, INT, 18,953.80 SPECIAL INSTRUCTIONS YIELD 4,108 % TO MATURITY GVER REF # G2233644 Al WWEB 0815105 08/12/05 BOUGHT UNITED STATES TREASURY NOTE —— MR er) 99,70313 9/970,312.50 2n07 03,875% JJ 31 ACCA, INT, 15,794.84 . % TO MATURITY GVER REF # G2245038 Al 1 03,875% JJ 31 ACCR, INT. 31,589.67 | % TO MATURITY GVER REF # G2245035 A3 AS OF 08/12/05 UNITED STATES TREASURY NOTE —— — TT) 98,72266 “4,936.132.81 _ 04,125% MN 15 CCR, INT, $2,122.96 R % TO MATURITY GVER REF # G2273023 Al 5,000,000 9.90625 4995,312.50 ACCA, INT. 577,45 Os/16/05 08/15/05 BOUGHT UNITED STATES TREASURY NOTE “ 04,250% FA 15 R % TO MATURITY GVER REF # G2273026 Al ACCR, INT. 1,154.89 % TO MATURITY GVER Ri G2273919 Al oai16i05 0815105 SOLD UNITED STATES TREASURY NOTE ee _—El “10,000,000 99,68750 . 9,968,750 ,00 2,309.78 04,250% FA 15 % TO MATURITY GVER REF # G2285068 Ai 027 0801/08;13:28 001 vases EFTA00196025

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO ING 13 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE - 99,73438 9,973,437 50 Y 03.875% JJ 31 ACCR, INT. 17,900 82 A % TO MATURITY GVER REF # G2284269 Al BOT Ean URN SINIES aoe siete — seooe O08 Soraseon RT a sneenessssaunsensees 0 04,250% FA 15 ACCA, INT, 8,661.68 . (0 MATURITY GVER REF # G2294678 Al ant 04,250% FA 15 ACCR, INT, 8,661.68 z (0 MATURITY GVER REF # G2292609 Al 0 05 BOUGHT UNITED STATES TREASURY NOTE tt "To.000;c00"°""""To026563°"™ 10,026.562.50 = “ —_ 04,250% FA 15 ACCA, INT. 4,619.57 ETO MATURITY GVER REF # G2303843 Al vy teaneneneanenn ee srremmntnses anne — een Ea OUTS nn oe 04,250% FA 15 ACCR, INT, 4,619.57 . % TO MATURITY GVER REF # G2303360 Al Seo aT TTT Tt aT TS ee sremmetnnes anne — ae wooo ee a ‘aT Seb “oo seennenasess sncees: aeenneesssauneeneees DUE 08/15/2015 04,250% FA 15 SPECIAL INSTRUCTIONS ACCA, INT, 8,084.24 YIELD 4,211 % TO MATURITY GVER REF # G2313898 Al WWEB DUE 08/15/2015 04,250% FA 15 SPECIAL INSTRUCTIONS ACCA, INT. 20,210.60 YIELD 4,207 % TO MATURITY GVER REF # G2348702 BI AS OF 08/19/05 027 08/01/08;13:28 001 vases EFTA00196026

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = Steams Secu “l STEARNS Se FINANCIAL TRUST CO INC 14 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 08/22/05 08/19/05 UNITED STATES TREASURY NOTE -25,000,000 100,26563 25,066,406 ,25 04,250% FA 1S ACCR, INT, 20,210.60 % TO MATURITY GVER REF # G2313522 Al 08/3105 UNITED STATES TREASURY NOTE er" To.080;500"""s9°75000™ 9/975,000.00 03.875% JJ 31 ACCA, INT. 23,165.76 % TO MATURITY GVER REF # G2313868 Al 082205 PRINCIPAL ve GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP 3,770 DUE 12/20/29 PRINCIPAL REDUCTN 08-20-05 166,188 08/22/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSOC -150,917 SERIES 2004-041 CLASS SE DUE 05/20/30 PRINCIPAL REDUCTN 08-20-05 08/24/05 08/23/05 BOUGHT UNITED STATES TREASURY NOTE |; 10,000,000 100,87813 10,057,812 50 04,250% FA 15 ACCA, INT. 10,394 ,02 f TO MATURITY GVER REF # G2554985 Al -10,000,000 100, 40625 10,040,625 ,00 ACCR, INT, 10,394 ,02 UNITED STATES TREASURY NOTE ant 04,250% FA 15 % TO MATURITY GVER REF # 2362709 Al oa2s05 PRINCIPAL DERAL NATIONAL MTG ASSN SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 07-05 P/D 08-25-05 REPOP&! 0,0000 027 0801/08;13:28 001 vases EFTA00196027

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS remiss 0 we 15 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT July 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 08) PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO QUE 01/01/33 STRIP PAIN RID 07-05 P/D 08-25-05 REPOP&! 0.0000 DERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 3,358 DUE 01/25/33 PRINCIPAL REDUCTN 08-25-05 PRINCIPAL sonseesenneessy hs esennesssisene SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 07-05 P/D 08-25-05 REPOP&! 0.0000 336,598.40 PRINCIPAL FEDERAL NATIONAL MTG ASSN lL SERIES 346 CLASS 1 DUE 11/01/33 PRIN RID 07-05 PiD 08-25-05 REPOP&! 0.0000 08/25/05 PRINCIPAL FEDERAL NATIONAL MIG ASSN 241,100.60 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 07-05 P/D 08-25-05 REPOP&! 0,0000 08/25/05 PRINCIPAL SEDERAL perrerl ain isan — 354,531.38 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 07-05 P/D 08-25-05 REPOP&! 0.0000 SERIES 2004-30CB CLASS 1-A-8 1,640 DUE 02/25/35 PRINCIPAL REDUCTN 08-25-05 027 08/01/08;13:28 001 vases EFTA00196028

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 1 5 6 of & STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT July 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE 18,000,000 17,959.21 y 03,875% JJ 31 ACCA, INT. 49,279.89 a % TO MATURITY GVER REF # G2373905 B1 a a a Ca Pa To aa eT a CRETE : 03,875% JJ 31 ACCA, INT. 136,888 59 Ne 3 TO MATURITY ER REF # G2373905 Al 8,084 24 04,250% FA 15 5 % TO MATURITY ER REF # G2382619 Al SOLD UNITED STATES TREASURY NOT! “'"51092,812.50 DUE 08/15/2015 04,250% FA 15 CCR, INT, 8,084.24 100,65625 SPECIAL INSTRUCTIONS YIELD 4,169 % TO MATURITY GVER REF # G2412240 Al WWEB AS OF 08/26/05 JOURNAL FREODIE MAC CMOQVSE 7 $C-VO FLIR 3,728 DUE 07/15/19 05 BOUGHT UNITED STATES TREASURY NOTE i 5,000,000 100,67188 5,033,593 .75 —_ 04,250% FA 15 ACCA, INT, 9,239.13 . % TO MATURITY GVER REF # G2422297 Al f 04,000% FA 28 A % TO MATURITY GVER REF # G2423132 Al 027 0801/08;13:28 001 vaes EFTA00196029

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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 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT = TRADE o TRANSACTION SCRIPTION UNITED STATES TR SYMBOLICUSIP DEBIT AMOUNT NT AMOUNT 14,998,828 , EASURY NOTE 04,000% FA 28 A % TO MATURITY GVER REF # G2423964 Al 99.99219 08/25/05 UNITED STATES TREASURY NOTE "18,000,000 18.000.000.00 312007 04,000% FA 28 . % TO MATURITY GVER REF # G2373906 B1 100,00000 $0,000,000 ,00 "50,000,000 a 04,000% FA 28 a0 10 MATURITY GVER REF # G2373906 A1 TOTAL $-640,259,921.44 $679,689,952.28 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CERT AMOUNT CAEDIT AMOUNT 0801/05 AVGBAL 467,110 AT 2.481 998.06 021 OFFICE INTEREST 0705 DL HOME LOAN MTG CORPHS10109 —ere™™-{,(,(™ meen" ,0000 ™ 1,967.86 SERIES 227 CLASS IO QUE 12/01/2034 5,000 INT A/D 07-05 P/D 08-15-05 REPOP&l 5,0000 FEDL HOME LOAN MTG CORPWS10109 —eree™,(,(™ “eG ,0000 ™ 37.389 ,40 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT RID 07-05 P/D 08-15-05 REPO P&I 5,000 027 0801/08;13:28 001 vases EFTA00196030

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 18 of 95 Transaction Detail (continued) INTEREST (continued) DESCRIPTION SYMBOUCUSIP FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 07-05 P/D 08-15-05 REPOP&l 5,0000 08/15/05 FREDDIE MAC CMOVSERIES 2886 $C-VO FLIR QUE O7/15/2019 3,911 INT A/D 07-05 P/D 08-15-05 REPOP&l 3,9118 QUANTITY CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol Le FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT July 29, 2005 RATE [Sh DEBIT AMOUNT CREDIT AMOUNT 5.0000 78,714,853 3.9110 11,317.04 $C-VO FLTR INT A/D 07-05 P/D 08-15-05 REPOP&l 3,9118 — QUE O7/1 Sante 3.911 — FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO QUE 02/01/2035 6,000 INT A/D 07-05 P/D 08-15-05 REPOP&l 6,0000 0822/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,520 INT A/D 07-05 P/D 08-20-05 REPOP&l 3,5200 08/22/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,520 INT A/D 07-05 P/D 08-20-05 REPOP&l 3,5200 6.0000 87,142.06 3.5200 51,626.67 3.5200 77,440 00 SERIES 2004-30 CLASS SU QUE 02/20/2032. 3,770 INT A/D 07-05 P/D 08-20-05 REPOP&l 3,7700 027 08/01/08;13:28 001 vases EFTA00196031

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO INC 19 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT July 29, 2005 DESCRIPTION SYMBOUCUSIF QUANTITY RATE (5) DEBIT AMOUNT CAEDIT AMOUNT GOVERNMENT NATIONAL MTG ASSN 3.7700 45,978.44 SERIES 2004-035 CLASS SP QUE 12/20/2029 3,770 INTEREST PAYMENT 08-20-05 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE QUE 05/20/2030 _ 0,000 INTEREST PAYMENT 08-20-05 ; | 46,046.44 S$ RCAR-VO FLIR QUE 03/25/2033 4,358 INT A/D 07-05 P/D 08-25-05 REPOP&l 4,5400 | 35,952.40 SERIES 2003-49 CLASS SW QUE 01/25/2033 3,358 INTEREST PAYMENT 08-25-05 08/25/05 FANNIE MAE CMOVSERIES 2003-52 | 3.4580 22,557.38 KS-W/O_FLIR DUE O7/25/2017 3,458 INT AID 07-05 PID 08-25-05 REPOP&! —3,6400 08/25/05 FANNIE MAE CMO/SERIES 2003-52 ; 3.4580 28,709.39 KS-O_FLTR DUE 07/25/2017 3,458 INT RID 07-05 P/D 08-25-05 REPOP&! 3.6400 SERIES 353 CLASS 2 DUE 07/01/2034 5,000 INT A/D 07-05 P/D 08-25-05 REPOP&! 5.0000 027 08/01/08;13:28 001 vases EFTA00196032

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO INC 20 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT July 29, 2005 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [Sp DEBIT AMOUNT CREDIT AMOUNT 08/25/05 ALTERNATIVE LOAN TRUST 1,6400 49,677.40 SERIES 2004-30CB CLASS 1-A-8 DUE 02/25/2035 1,640 INTEREST PAYMENT 08-25-05 TOTAL $796,752.76 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 8,299,585 5,923,000 ,00 08/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 DUE 07/01/34 FITM F2133186 At REPO AGREEMENT SERIES 352 CLASS 1 1 Hebe BZ TERM IENT 9,035,569 1,737,000 .00 08/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 TERM MENT SERIES 353 CLASS 2 §,000 DUE 07/01/34 FIM F2133186 B1 -9,035,569 1,850,000 ,00 REPO AGREEMENT 08/01/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 7 8.973.456 SERIES 227 CLASS 10 5,000 nek FITM A2 TERM Re! MENT 027 08/01/08;13:28 001 vases EFTA00196033

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Ste STEARNS rue UST Come 21 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 500,000.00 FEDL HOME LOAN MTG CORP#S10109 -8.973,456 SERIES 227 CLASS 10 08/01/05 Al 0ai01105 DELIVERED UNITED STATES TREASURY Nove “10,000,000 10,025,000 ,00 DUEOS/15/2015 4,125 4,125 15 rr) INTEREST FEDERAL NATIONAL MTG ASSN ee 30.053,71 SERIES 352 CLASS 1 DUE 07/040 0.001 FITM BZ aes 353 CLASS 2 O74 5,000 AZ 08/01/05 INTEREST UNITED STATES TREASURY NO’ i oo “ea gage nnn nn 027 0801/08;13:28 001 vaes EFTA00196034

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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 22 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 29, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN 4,677,451 3,562,000 SERIES 329 CLASS PO DUE 01/01/33 STRIP TERM REPO AGREEMENT 0aii JOURNAL FEDERAL NATIONAL MTG ASSN 7 14,032,355 10,686,000 ,00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM AZ TERM we. 08) M SERIES 329 CLASS PO DUE 01/01/33 STRIP 01 JOURNAL FEDERAL NATIONAL MTG ASSN | 6.637,070 5,060,000 .00 SERIES 346 CLASS 1 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/04 FIM Az TERM REPO AGREEMENT 08/1 JOURNAL FEDERAL NATIONAL MTG ASSN — 19,911,211 14,274,000 ,00 SERIES 346 CLASS 1 DUE 11/04 FITM ct REPO AGI SERIES 227 CLASS 10 5,000 min FiTM AZ TERM GREEMENT 027 0801/08;13:28 001 vaes EFTA00196035

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 23 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT OAN MIG CORP#S10109 -18,648,443 3,938,000 .00 CLASS 10 B1 05 JOURNAL FREDOIE MAC CMOSERIES 2ee6 ——SS(galiii”™/™I3 39700 182,000.00 SC-VO FLTR $C-VO FLTR 3,911 sig FITM AZ TERM Rei ul IENT 16,861,393 2,818,000 .00 FITM BZ TERM Re ul IENT daN'MiTG ConPwSioiio ia" 865 1"38 3,124,000 00 Al D STATES TREASURY NO’ DUE 07/31/2007 rats 3.875 so Al E AG iT DUE 07/31/2007 3.875 iAH FITM TERM RESALE 0a/2/05 RESET i aT ay. ae 027 0801/08;13:28 001 vaes EFTA00196036

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 24 of 35 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIF 08 INTEREST FEDERAL NATIONAL MTG ASSN oes 329 CLASS PO DUE 014 aoe 000 FM FEDERAL NATIONAL MTG ASSN sae 329 CLASS PO DUE 014 al 000 F uM INTEREST M SERIES 548 CLASS 7 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 346 C CLASS 1 QAN MTG CORP#S10109 zz SERIES 227 CLASS 10 DUE 12 ao INTEREST oat INTEREST FREDOIE MAC CMOSERIES 2886 — sc-V0 FLTR DUE 07), aD 911 FM QUANTITY DEBIT AMOUNT 32,942 56 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT — July 29, 2005 CREDIT AMOUNT 31,197.71 11,677,56 F 6.000 BZ 0801/08;13:28 001 vaes EFTA00196037

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CLEARED THR! WHOLLY OWNE iH ITS SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 25 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE CREDIT AMOUNT 66,713,89 QUANTITY DEBIT AMOUNT SYMBOUCUSIP DATE 08/12/05 DATE TRANSACTION INTEREST UNITED STATES TREASURY NOTE on 7,436,499 FANNIE MAE CMO; KS-I/0 FLTR 384,000.00 -7,436,499 JOURNAL jeenii anna 08/15/05 JOURNAL -9.464,635 08/15/05 JOURNAL FANNIE MAE CMOySERIES 509,000.00 KS-I/0 FLTR ann nm 26,400,000 2,440,000 .00 rr ani 08/15/05 JOURNAL GOVERN! T NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 3,520 ii AZ (GREEMENT 027 0801/08;13:28 001 vaes EFTA00196038

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CLEARED THROUGH ITS SUBSIDIARY WHOLLY OWNE! OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS rue UST Come 26 of 95 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOL CREDIT AMOUNT DELIVERED Ul D STATES TREASUR' DUE 07/31/2007 3,875 3,875 07 A2 FITM TERM RE: AENT a a Ty. an ToT “30 0aii INTEREST NATIONAL MTG ASSN ee 8,007.27 SERIES 2004-5 CLASS PS DUE 024 3.520 FITM AZ EPO I i” ma re INTEREST UNITED STATES TREASURY NO’ DUE ae a 08/16/05 JOURNAL FREDOIE MAC CMO/SERIES 2886 i 4,856,023 SC-WO FLTR jeueeuengennnn ss engennensnngenneennes 111 ennennesnens: eanennane JOURNAL UNI STATES TREASURY NO FITM A2 4,125 TERM i 5,000,000 4,931,250 ,00 15 ‘0 AGREEMENT 027 0801/08;13:28 001 vaes EFTA00196039

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Boar, St BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC 27 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File LAST STATEMENT — July 29, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CREDIT AMOUNT QUANTITY SETTLEMENT TRADE Di 5,000,000 5,000,000 .00 DATE iON UNI STATES TREASURY Ni DUE OB/15/2015 4,250 4,250 a5 FITM At ESALE Me rT 08/16/05 ; INTEREST UNITED STATES TREASURY N ee ™ 510,93 DUE 0545) 4,125 FITM a2 Ol UNITED STATES TREASUR DUEOB/15'2015 4,250 4,250 515 FITM TERM RE -5,000,000 5,000,000 .00 08/17/05 " oo 5,000,000 .00 08/17/05 JOURNAL janeaani -5,000,000 FITM Al y15 PO AGREEMENT STATES TREASURY NO | -68,000,000 68,085,000 .00 DUE 07/31/200' 3.875 3,875 UOT UNITED STATES TREASURY NOTE | 78,000,000 78,195,000 .00 DUE 07/31/2007 _ 3,875 3.875 1407 Fit Al ESALE AG T 08/17/05 INTEREST UNITED STATES TREASURY N 027 0801/08;13:28 001 vaes EFTA00196040

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 28 of 35 STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION 08) JOURNAL SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 24,151,766 -24,151,766 1,216,000 00 05 JOURNAL GO’ T NATIONAL MTG ASSN SERIES 2004-30 CLASS SU 3.770 032 FITM Al 18,534,514 13,954,000 .00 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 hi FITM AZ TERM Re ul IENT ‘05 INTEREST FEDERAL NATIONAL MTG ASSN 3131 SERIES 352 CLASS 1 DUE O7 ‘ue 0.001 FM i AZ 08/22/05 JOURNAL UNITED STATES TREASURY NO’ co 43,617 ,88 eensennennesess . A oe seenrenennnann ns armmnenenene oe "S000 000 80 +s ansnaensensenscencenesssaeeneensencuseessesneesss sensenseeneensensens Ff 68,000,000 68,170,000 .00 08/22/05 STATES TREASURY N DUE 07/31/2007 _ 3,875 3.875 107 FIM AY ESALI 027 0801/08;13:28 001 vaes EFTA00196041

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Boar, St BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC 29 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31,2005 Transaction Detail (continued) accout nuvecr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | {continued) LAST STATEMENT == July 29, 2005 SETTLEMENT TRADE ov DATE QUANTITY CREDIT AMO! ‘8,000,000 78,195,000 iON UNI STATES TREASURY Ni DUE 07/31/2007 3,875 3,875 07 A FITM 2 TERM RE: EMENT DELIVE! 08/22/05 INTEREST UNITED STATES TREASURY Ni DUE O8/15) 4,250 FITM A2 0 Il 08/22/05 INTEREST UNITED STATES TREASUR’ DUE a ae 08/26/05 JOURNAL GOVERN! T NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 3,340 bal 2348.61 | | | Si aearae | -26,400,000 T NATIONAL MTG ASSN | 26,400,000 2,333,000 .00 08/26/05 JOURNAL SERIES 2004-5 CLASS PS 3,340 bil A2 TERM Re (GHEEMENT 68,170,000 .00 DELIVERE! UNITED STATES TREASURY NOTE | -68,000,0) DUE 07/31/2007 3,875 3,875 07 A2 MENT 08/26/05 INTEREST T NATIONAL MTG ASSN Fs 2,694.61 SERIES 2004-5 CLASS PS DUE 02/204 3.340 FITM A2 027 0801/08;13:28 001 vaes EFTA00196042

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 30 of 95 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = July 29, 2005 SETTLEMENT TRADE o DATE TRANSACTION SYMBOL QUANTITY DEBIT AMOUNT CREDIT AMOUNT URNAL 466,211 96,000 ,00 0829/05 JOURNAL “FREDDIE MAG CMONSERIES. 2 $C-VO FLIR FREDOIE MAC CMGISERIES 28 "182,000.00 $C-VO FLTR 3,728 sig FITM A2 TERM Rei ic] IENT FREDOIE MAC CMGISERIES 2886 SC-WO FLIR JOURNAL JOURNAL 4,856,023 "958,000,00 08/29/05 INTEREST 307.52 SERIES 227 CLASS 10 DUE 12 5,000 Fi uM AZ 08i2a105 INTEREST FREDOIE MAC CMGISERIES 2886 $C-VO FLTR DUE 07/48) 3.728 A2 027 0801/08;13:28 001 vaes EFTA00196043

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 310 of 35 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE SYMBOUCUSIF QUANTITY 15,000,000 4,000 7 Al 0a/3 INTEREST UNI STATES TREASURY NO DUE 08), 4,250 FITM A2 REPO II DEBIT AMOL 15,037,500 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT — July 29, 2005 CREDIT AMOUNT TOTAL MISCELLANEOUS $-507,995,684.41 DATE MOVDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 08/01/05 JOURNAL FA céMoy Ac 134,475.00 05 JOURNAL rr cmoy Ac 8,673.61 5 JOURNAL Facwoy Ac ill 128,764 50 05 = JOURNAL FR cMoy Ac 45,575.00 JOURNAL Fa Choy Ac iil 29,425 ,00 0801/08;13:28 001 $466,948,993.08 vaes | -20,000,000 20,225,000 .00 11,925,57 EFTA00196044

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 32 of 35 Transaction Detail (continued) MISCELLANEOUS (continued) DATE MarDAY DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 08/11/05 JOURNAL FNMA-3OYR(FNMA)GTD 341,250.00 SETT.O8/04 5,500 DUE 08/01/34 MBS NET 08/11/05 juaneee ttc aneeneaen tne jeanne src aneeneeaen FNMA 30YR GTD 24,609.37 SETT, 08/05 5,000 DUE 08/01/35 MBS NET 08/11/05 08/15/05 FR CMDY A‘ Tocupy Ac [a rociaov ac (lll 163,615.50 08/16/05 28,494 50 130,387.50 08/25/05 08/25/05 JOURNAL JOURNAL 2,450.00 7,250.00 JOURNAL 08/29/05 94,837,50 TOTAL $-345,310.50 $1,174,993.98 027 0801/08;13:28 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar Stag Le FINANCIAL TRUST CO INC STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT — July 29, 2005 vaes EFTA00196045

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PRN. WaT com 33 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31, 2005 account numccr (S Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT July 29, 2005 TRADE OATE TRANSACTION CESCRIPTION PRICE DEBIT AMOUNT CREDIT AMOUNT 08/31/05 BOUGHT UNITED STATES TREASURY NOTE A 100.1171 18,023.08: CEO TEAD 04,000% FA 28 a 5 URITY GVER REF # Al . f ) SETT.OW05 3 ‘ 05,.000% 57230000 BS 05 BOUGHT FNMA-GOYR(FNMA)GTD | 50,000,000 ,00 98,3828 49,191,406 ,25 SETT,09/05 05,.000% $7170000 BS 08/19/05 BOUGHT FNMA-GOYR(FNMA)GTD | 50,000,000 .00 98,4921 49,246,093 75 SETT,09/05 05,.000% 57060000 BS MA 3OYR(FNMA)GTD = 10000-00000 99,0937 9,909,375 .00 SETT,09/05 et . 57020000 BS IMA-30YR(FNMA)GTD | -10,000,000 ,00 SETT,O9/05 a 57150000 BS 09/14/05 08/31/05 BOUGHT 98,1562 IMA-3O0YR(FNMA)GTD SETT,OW05 05,000% 57170000 BS 027 0801/08;13:28 001 vaes EFTA00196046

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT July 29, 2005 DEBIT AMOUNT CREDT AMOUNT 98,3007 49,150,390 ,63 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP IMA-3OYR(FNMA)GTD SETT,O905 $7260000 BS SETT,09/05 a ‘ 05.00% 57090000 BS 05 SOLD FNMA-GOYR(FNMA)GTD | 100,2851 1,002,851 ,56 SETT,09//05 a j 05,500% 57170000 BS 08/03/05 SOLD FNMA-GOYR(FNMA)GTD | -99,000,000 ,00 100.2656 99,262,968 75 SETT,09//05 Ee j 05.500% 57190000 BS MA 3OYR(FNMA)GTD = 50000-00000 101.9609 50,980,468 .75 SETT,09/05 —, 57120000 BS MA SOVRIENMA)GTD. ™ = 50,000,000 500 SETT,09/05 —, 57020000 BS og/14/05 08/1 0S BOUGHT 51,023,437 .50 102.0859 IMA-3O0YR(FNMA)GTD SETT,OW05 06 000% 57090000 BS 027 0801/08;13:28 001 vaes EFTA00196047

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CLEARED THR! WHOLLY OWNE GH ITS SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 35 of 35 STATEMENT PERIOD July 30, 2005 THROUGH August 31,2005 Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT duly 29, 2005 AMOUNT 51,046,875 ,00 QUANTITY 10,000,000 ,00 102,0937 08/23/05 SOLD 57140000 _BS TOTAL $277,459,801.45 $359,679,882.62 tion of this statement The above trades co not appear in any other [STOP] ****** Endof Statement****** 027 08/01/05;13:28 001 Vass EFTA00196048

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. “nN vities Coy ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERIOD July 1, 2005 VISIT OUR WEBSITE www.bearstearns.com THROUGH July 29, 2005 What’s In This Statement Wssslbassselellssslell once nessa a LAST STATEMENT dune 30, 2005 Financial Summary , » 3 FINANCIAL TRUST CO INC Your Portfolio Holdings . 4 C/O JEFFREY EPSTEIN Transaction Detail ....tuseseeenenens 7 6100 RED HOOK QUARTER Trades Not Yet Settled wasussseaeneses 31 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio 11,712 TOTAL VALUE OF SECURITIES THIS PERIOD 3,204,048 Cash & Equivalent gs $359,965 LONG ACCAUED INTEREST 25,795 Fixed 204,048 \ 3,442,681 NET CREDIT BALANCE 11,712 neome * does eocensensececsonssensces | cosseansecsecssenssecees acces! ances | sevccosssecceee foxee Current market value NET EQUITY THIS PERIOD $3,241,555 BEE Lest statement's market value NET EQUITY LAST STATEMENT 3,835,574 CHANGE SINCE LAST STATEMENT -594,020 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 ts not intended as a tax document ‘Ths statemem should be retamed for your records. See reverse side for important information 027 07/3008;10:09 001 va9s EFTA00196049

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of a2 STATEMENT BACKER IS PRINTED ON THIS PAGE O7/3008;10:09 001 EFTA00196050

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of a2 Cash Flow Analysis THIS PERIOD $359,965.49 OpeningBalance Securities Sold 854,425,255.21 Dividends/Interest 1,211,189.06 Miscellaneous 1,113,665.86 Amount Credited $856,750,110.13 Securities Bought -855,443,996.18 Funds Withdrawn -71,745.00 Dividends/Interest Charged -491,945.30 Miscellaneous -1,090,677.37 Amount Debited $-857.098,363.85 Net Cash Activity “348,253.72 Closing Balance $11,711.77 Cash Balance Summary OPENING CLOSING Margin 359,965.49 11,711.77 $359,965.49 $11,711.77 Net Cash Balance Income Summary THiS PERIOD YEAR TO DATE U.S. Govt. Bond Int. 554,343.02 4,236,006.89 Govt. Agency Int. 497,289.51 4,609.911.42 Corp. Bond Int. 175,881.40 968,584.32 Credit Balance Int. 779.00 4,324.51 Reverse Repurchase Int. 0.00 1.163,243.87 Bond Purchase Int. -491.945.30 -5,640,653.48 Repurchase Int. Exp. 0.00 -1,098,448.85 Portfolio Composition Cash/Cash Equivalent 11,712 Fixed Income 3,204,048 $3,215,760 027 O7/3008;10:09 001 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST CO INC STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 On File ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT dune 30, 2005 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. vaes EFTA00196051

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC 4 of 22 STATEMENT PERIOD July 1,2005 THROUGH July 29, 2005 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT dune 30, 2005 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 11,712 TOTAL CASH & CASH EQUIVALENTS $11,712 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFENT DESCRIPTION SYMBOLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) GOVERNMENT NATIONAL MTG ASSN rc 14,635,047 5.8146 850,969 13,794 551,741 64.8368 SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 3.770% FACTOR = .89865757 GOVERNMENT NATIONAL MTG ASSOC 14,656,693 892,616 SERIES 2004-041 CLASS SE DATED DATE 06/23/04 BOOK ENTRY ONLY DUE 05/20/2030 FACTOR = .91247898 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3.540% FACTOR = .50139372 Total Government& Agency Obligations 12,187,256 7.4140 903,557 4,793 431,429 47.7478 $2,647,142 $18,587 $983,170 027 07/30/08;10:09 001 vases EFTA00196052

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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 5 of a2 STATEMENT PERIOO July 1,2005 THROUGH duly 29, 2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File LAST STATEMENT dune 30, 2005 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YIELD (%) ALTERNATIVE LOAN TRUST 1.5321 556,906 7,208 648,842 116.5084 SERIES 2004-30CB CLASS 1-A-8 DATED DATE 12/27/04 BOOK ENTRY ONLY DUE 02/25/2035 1,785% FACTOR = ,90874168 RATING: MOODY AAA S&P AAA Total CorporateBonds $556,906 $7,208 $648,842 TOTAL FIXED INCOME $3,204,048 $25,795 $1,632,012 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $25,795 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,632,012 YOUR PRICED PORTFOLIOHOLDINGS $3,215,760 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 DATE RATE PRINCIPAL INTEREST* FACE AMOUNT) cusP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/27/05 OPEN 0.010 A -27,112,874 [BBB series 2004-30 class 3.7700 02/20/32 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 06/27/05 OPEN 0.010 A 5,724,538 (RRM) series 2896 class sc 3.9118 07/15/19 YOU SOLD FANNIE MAE STRIPS 134 (REPO) 06/30/05 08/01/05 3.540 -6,373,000 -20,053 -10,000,000 [J Series 352 class Po 07/0 027 07/30/08;10:09 001 vases EFTA00196053

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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 6 of 32 STATEMENT PERIOD July 1,2005 THROUGH July 29, 2005 Repurchase and Reverse Repurchase Transactions (continued) sccont ccs TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT June 30, 2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST* (FACE AMOUNT) CUSIP DESCRIPTION YOU SOLD FANNIE MAE STRIP (REPO) 06/30/05 08/0 -1,737,000 5.465 -10,000,000 [MMM sericsasaciassio 5.0000 07/01/34 YOU SOLD FANNIEMAE STRIP -10,686,000 -30,000,000 (RJ series 329 class po FANNIEMAE STRIP -20127 -20,000,000 [RJ series 346 cLass po YOU SOLD (REPO) -10,120,000 FANNIEMAE STRIP 2/05 08/12/05 3.580 -3,562,000 -7,.084 -10,000,000 [NM series 329 class po 12/01/32 (REPO) o7 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 12/05 08/12/05 3.580 -197,000 -391 -4,000,000 [MMM series 2886 class sc 3.9118 07/15/19 YOU SOLD FANNIEMAE STRIP (REPO) 12/05 08/12/05 3.580 -5,060,000 -10,063 -10,000,000 [MJ series 346 class po 11/01/33 YOU SOLD FEDERAL HOME LOAN STRIP -3,788,000 7,533 -20,000,000 [RM series 227 class io 5.0000 12/01/ FREDDIEMAC STRIP -2,818,000 5.604 -20,000,000 [RM series 22aciassio 6.0000 02/01/35 (REPO) YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/13/05 08/15/05 3.580 -2,440,000 4,610 -26,400,000 [RRMJ series 2004-5 class P 3.5200 02/20/33 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 07/14/05 08/15/05 3.610 -509,000 -918 -14,000,000 [MMMJ series 2003-52 class 3.6400 07/25/17 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN 07/14/05 OPEN 11,000,000 [RJ series 2003-52 class 3.6400 07/25/17 027 07/30/08;10:09 001 vases EFTA00196054

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC 7 of 22 STATEMENT PERIOO July 1,2005 THROUGH July 29, 2005 * account numccr = Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT June 30, 2005 PURCHASE: REPURCHASE PRICING PURCHASE PRICE) ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST” FACE AMOUNT) cus DESCRIPTION YOU SOLD FANNIE MAE STRIPS (REPO) -13,954,000 -19,698 -23,000,000 [MMM series a52 class po 07/01/34 YOU PROVIDED (MARGIN) YOU SOLD (REPO) YOU PROVIDED -50,000,000 FEDERAL NATIONAL MTG ASSOC WMC SeRIES 2003-13 CLASS 4.5400 03/25/33 FEDERAL HOME LOAN STRIP 500,000 (RRB) series 227 cass io 5.0000 12/01 FEDERAL HOME LOAN STRIP (MARGIN) 07/29/05 OPEN 0.000 -9500,000 [RMMJ series 227 class io 5.0000 12/01/34 YOU BOUGHT usTA 4.1250 05/15/15 (REVERSE) 07/22/05 _ OPEN 2.640 10,025,000 6,970 __ 10,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $10,025,000 $6,970 TOTAL REPURCHASE TRANSACTIONS $-61,340,002 $-122,828 "As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 07/01/05 06/30/05 SOLD UNITED STATES TREASURY NOTE [ -15,000,000 99.99770 14,999,655.00 =u 03,625% JD 30 ACCR. INT. 1,477.58 x 0 MATURITY GVER REF # G1813788 BI o27 07/3005;10:09 001 vaos EFTA00196055

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee FINANCIAL TRUST CO INC 8 of a2 STATEMENT PERIOD July 1, 2005 THROUGH duly 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — June 30, 2005 SETTLEMENT TRADE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP < G DEBIT AMOUNT UNITED STATES TREASURY NOTE -50,000,000 99.99770 03,625% JD 30 ACCR. INT. 4,925.27 ‘0 MATURITY GVER REF # 61813788 Al JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 DUE 07/01/34 ADJUST POSITION SERIES 353 CLASS 2 5,000 DUE 07/01/34 SERIES 353 cunes 2 5,000 DUE 0 aw Sc0c%000""“os"Fs280"---—— mn"45.019,921.87 | UNITED STATES TREASURY NOTE a 125% MN 15 ACCR. INT. 87,432.07 TO MATURITY Ri G1864824 At Se MN 31 INT. 20655.73 FTO MATURITY GVER REF # G1864858 Al 705 soup" UNITED STATES TREASURY NOTE "Eg" 9G "80'34375 10,034,375.00 —_ 04,125% MN 15 ACCR. INT. 59,408.97 (0 MATURITY GVER REF # G1872700 Al Cana rT ES Haves WE amen | COS SESS vonnessssanenennenn 04,125% MN 15 ACCR. INT. 95,839.00 f TO MATURITY GER REF # G1894318 Al 027 O7/3008;10:09 001 vases EFTA00196056

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = gms Sec; “l STEARNS ee FINANCIAL TRUST CO INC 9 of 32 STATEMENT PERIOO July 1,2005 THROUGH duly 29, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = June 30, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT 07/08/05 BOUGHT UNITED STATES TREASURY NOTE 28,000,000 99.52344 27,866,562.50 DUE 05/31/2007 03,500% MN 31 ACCR. INT. 109,781.42 SPECIAL INSTRUCTIONS YIELD 3,762 % TO MATURITY GVER REF # G1893571 A3 WWEB 07/11/05 07/08/05 SOLD UNITED STATES TREASURY NOTE ; “28,000,000 99.76172 27,933,281.25 DUE 06/30/2007 03,625% JD 30 SPECIAL INSTRUCTIONS ACCA. INT. 90,990.67 YIELD 3,751 % TO MATURITY GVER REF # G1893570 A3 WEB “ 04,125% MN 15 ACCR. INT. 97,520.38 5 % TO MATURITY GVER REF # G1923743 Al 74,939,062.50 99.59375 ac a FNMA 30YR TBA GTD SETT. 07/05 nvee 05,0005 57140000 BS AS OF 06/06/05 TO CXL PREVIOUS SELL 07/14/05 06/07/05 CANCEL SELL FNMA 30YA TBA GTO ee ——— FT S500;000""""""39'59375 14.939,062.50 SETT, 07/05 05,0005 57140000 BS AS OF 06/07/05 TO CXL PREVIOUS SELL SETT, 07/05 1035 05, 000% 57110000 BS 027 O7/3008;10:09 001 vases EFTA00196057

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 10 of x2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30, 2005 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 30,000,000 98.51953 29,555,859.38 SETTLEMENT TRADE DATE DAT TRANSACTION DESCRIPTION CANCEL SELL FNMA 30YR TBA GTD SETT. O7/0S neal 05,000% 57440000 BS AS OF OS/06/05 TO CXL PREVIOUS FNMA 30YR TBA GTD SETT, 07/05 5 O5/06/05 er "sc.c00,000 99.96094 29,988,281 25 05,0005 57210000 BS SETT, O7/0S uel 05, 000% 57140000 BS AS OF O6/06/05 -15,000,000 99.59375 14,939,062.50 07/14/05 06/07/05 SOLD FNMA 30YA TBA GTD SETT, 07/05 57140000 BS CANCEL BUY FNMA 30YA TBA GTD SETT, 07/05 pionss 05,0005 57110000 BS AS OF 06/03/05 TO CXL PREVIOUS BUY ann ani a0 a0 -15,000,000 100.21875 15,032,812.50 SETT, 07/05 05.000% 57440000 BS 027 O7/3008;10:09 001 vaes EFTA00196058

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 11 of 2 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE OATE DATE TRANSACTION DESCRIPTION 5 06/23/05 CANCEL BUY FNMA 30YR TBA GTD SETT. O7/0S neal 05,0005 57210000 BS AS OF 06/23/05 TO CXL PREVIOUS BUY FNMA-3OVA(ENMA)GID SETT.O7/05 05, 500% 57450000 BS AS OF OS/06/05 TO CXL PREVIOUS ‘ \ y SETT.O7/06 57080000 BS eneuseannessssensesencusencscsenensss CaN SORENTO SETT.O7/06 nvee 05, 500% 57100000 BS BOUGHT FNMA-SOVAIFNMA)GID SETT.O7/05 ‘57300000 BS SETT.O7/05 05,500% 57180000 BS AS OF 05/26/05 TO CXL PREVIOUS O7/3008;10:09 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOO July 1,2005 THROUGH July 29, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT June 30, 2005 DEBIT AMOUNT CREDIT AMOUNT 30,1 54,687.50 30,300,000.00 30.335,156.25 vaes EFTA00196059

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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 12 of x2 STATEMENT PERIOO July 1,2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT FNMA-30YA(FNMA)GTD -30,000,000 100.51563 SETT.O7/06 57450000 BS CANCEL BUY FNMA-30VAIFNMA)GTD ee _— eer sc'G00%500 400.86719 30,260,156.25 SETT.O7/05 05,500% 7050000 BS AS OF 05/19/05 TO CXL PREVIOUS BUY 05, 500% 57100000 BS AS OF 05/23/05 TO CXL PREVIOUS BUY 07 5 CANCEL BUY FNMA-SOVAIFNMA)GTD SETT,07105 Di onss 05,500% ‘57300000 BS AS OF 07/07/05 TO CXL PREVIOUS BUY SOLD FNMA-30VA(FNMA)GID ; "60,000,000 100.95313 60.571,875.00 SETT_07/06 heel 05,500% 30,335,156.25 | -30,000,000 101 ‘i719 57180000 BS SETT. O7/0S 06.0005 57180000 BS AS OF O6/06/05 027 O7/3008;10:09 001 vaes EFTA00196060

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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 13 of 32 STATEMENT PERIOO July 1,2005 THROUGH July 29, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT =—-June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 06/03/05 CANCEL SELL FNMA 30 YR GTD 50,000,000 102.79688 51,398,437.50 SETT. O7/0S Di 06,0005. 57070000 BS AS OF 06/03/05 TO CXL PREVIOUS FNMA 30 YR GTD SETT, 07/05 51,302,734.38 ie sc.000,000°°"T02'60547°°~ 06.0005 57180000 BS AS OF O6/06/05 TO CXL PREVIOUS BUY SETT, 07/05 12055 06,000% 57070000 BS TATES TREASURY NOTE 99.56250 2,986,875.00 015 04.125% MN 15 ACCR. INT. 20,512.91 5 % TO MATURITY ER REF # G1953286 Al JOURNAL FANNIE MAE CMO/SERIES 2003-52 KS-'0 FLTR 3,785 DUE 07/25/17 ADJUST POSITION UNITED S KS-V'0 FLTR 3.785 DUE 07/25/17 KS-V/O FLTR 3,785 DUE 07/25/17 027 O7/3008;10:09 001 vaes EFTA00196061

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 14 of 32 STATEMENT THROUGH Transaction Detail (continued) TAXPAYER INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE OATE 07/20/05 07/19/05 TRANSACTION SOLD DESCRIPTION UNITED STATES TREASURY NOTE 04,125% MN 15 . %3 TO MATURITY GVER REF # G2002321 Al 07/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP 3,940 DUE 12/20/29 PRINCIPAL REDUCTN 07-20-05 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE QUE 05/20/30 PRINCIPAL REDUCTN 07-20-05 anh 04,125% MN 15 . % TO MATURITY GVER REF # G2025180 Al SYMBOLICUSIP PRICE 99.14063 ACCR. INT. 07/20/05 PRINCIPAL "145,015 67/22/05 07/21/05 98.93750 ACCR. INT. 07/25/05 FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 06-05 P/D 07-25-05 REPOP&! 0,0000 FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 06-05 P/D 07-25-05 REPOP&! 0.0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 3,685 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-05 PRINCIPAL PRINCIPAL 07/30/08;10:09 001 ACCOUNT NUMBER LAST STATEMENT DEBIT AMOUNT Bear Steams Securities vl | FINANCIAL TRUST CO INC PeRioo July 1,2005 July 29, 2005 NUMBER On File dune 30, 2005 CREDIT AMOUNT 4,957,031.25 36,990.49 4346,875.00 38,111.41 118,834.50 356,503.50 vases EFTA00196062

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 15 of a2 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE TRANSACTION PRINCIPAL DESCRIPTION FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 06-05 P/D 07-25-05 REPOP&! 0,0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 06-05 ome 07-25-05 REPOP&! 0,00) SYMBOLICUSIP CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Sec: Co 1 | FINANCIAL TRUST CO INC STATEMENT PERIOO July 1,2005 July 29, 2005 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT dune 30, 2005 QUANTITY DEBIT AMOUNT CREDIT AMOUNT 318,637.80 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 06-05 P/D 07-25-05 REPOP&! 0,0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 06-05 P/D 07-25-05 REPO P &1 0,0000 "503,788.32 PRINCIPAL ALTERNATIVE. LOAN TRUST "704,874 SERIES 2004-3008 CLASS 1-A-8 1.785 DUE 02/25/35 PRINCIPAL REDUCTN 07-25-05 ™pougT "UNITED STATES TREASURY NOTE” “30,000,000 9.37220" 19'874.440.00 “eens ° 03,625% JO 30 ACCOR. INT. 57,133.15 m2 TO MATURITY GVER REF # G2094228 AS AS OF 07/28/05 07/29/05 07/28/05 BOUGHT UNITED STATES TREASURY NOTE aw es c00%000°" "sa '35756" 22,850,859 38 ‘ ACCR. INT. 65,703.12 ea 625% ID 30 mO7e 2 TO MATURITY GVER REF # G2092992 BI vases O7/3008;10:09 001 EFTA00196063

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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 16 of x2 STATEMENT PERIOO July 1,2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — June 30, 2005 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBT AMOUNT CREDIT AMOUNT BOUGHT UNITED STATES TREASURY NOTE 50,000,000 99.35156 49.675,781.25 03.625% JD 30 ACCR. INT. 142,832.88 a % TO MATURITY GVER REF # G2092992 Al TOTAL $-530,559,744.69 $536,710,173.30 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 07/13/05 FND WIRED MDA; NDS WIRED TO 71,745.00 TOTAL $-71,745.00 INTEREST DATE DESCRIPTION SYMBOUGUSIP QUANTITY RATE DEBIT AMOUNT CAEDIT AMOUNT 07/01/05 AVGBAL 425.265AT 2.198 779.00 021 OFFICE INTEREST 0605 _— 5.0000 39,/803.5 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 06-05 P/D 07-15-05 REPOP&l 5,0000 07/15/05 FEDL HOME LOAN MTG COAP#S10109 ; 5.0000 79,607.03 SERIES 227 CLASS 10 DUE 12/01/2034 5,000 INT RID 06-05 P/D 07-15-05 REPOP&! 5.0000 027 O7/3008;10:09 001 vases EFTA00196064

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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 17 of 32 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT —_ June 30, 2005 DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CREDIT AMOUNT (05 FREDDIE MAC CMO/SERIES 2886 4.0800 $c-/O FLIR QUE O7/15/2019 4,080 INT A/D 06-05 P/D 07-15-05 REPOP&l 4,0800 4.0800 17,174.86 07/15/05 FREDDIE MAC CMO/SERIES 2886 $C-VO FLIR DUE 07/15/2019 4,080 INT A/D 06-05 P/D 07-15-05 REPOP&l 4,0800 SERIES 228 CLASS IO DUE 02/01/2035 6,000 INT A/D 06-05 P/D 07-15-05 REPOP&! 6,0000 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,690 INT A/D 06-05 P/D 07-20-05 REPOP&! 3,6900 3.6900 54,120.00 3.6900 81,180.00 07/20/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20/2033 3,690 INT A/D 06-05 P/D 07-20-05 REPOP&! 3.6900 SERIES 2004-30 CLASS SU DUE 02/20/2032 3,940 INT A/D 06-05 P/D 07-20-05 REPOP&l 3,9400 GOVERNMENT NATIONAL MTG ASSN 3.9400 48,577.07 SERIES 2004-035 CLASS SP DUE 12/20/2029 3,940 INTEREST PAYMENT 07-20-05 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DUE 05/20/2030 0.000 INTEREST PAYMENT 07-20-05 ae SEE 027 07/30/08;10:09 001 vases EFTA00196065

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = gms Sec; “l STEARNS ee FINANCIAL TRUST CO INC 18 of a2 STATEMENT PERIOO July 1,2005 THROUGH July 29, 2005 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT June 30, 2005 DESCRIPTION SYMBOLICUSIP QUANTITY RATE [%} DEBIT AMOUNT CREDIT AMOUNT (05 FANNIE MAE CMO/SERIES 2003-13 4.6850 S$ RCI FLIR 03/25/2033 4,685 QUE INT A/D 06-05 P/D 07-25-05 REPOP&l 4,6856 4.6850 48,392.65 07/25/05 FANNIE MAE CMOYSERIES 2003-13 S RCR-VO FLIR QUE 03/25/2033 4,685 INT A/D 06-05 P/D 07-25-05 REPOP&l 4,6856 SERIES 2003-49 CLASS SW QUE 01/25/2033 3.685 INTEREST PAYMENT 07-25-05 3.7850 23,816.25 FANNIE MAE CMO/SERIES 2003-52 KS-/0 FLTIR QUE O7/25/2017_ 3,785 INT A/D 06-05 P/D 07-25-05 REPOP&l 3,7856 FANNIE MAE CMO/SERIES 2003-52 KS-VO_FLTR QUE O7/25/2017 = 3,785 INT A/D 06-05 P/D 07-25-05 REPOP&! 3,7856 5.0000 38,209.31 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 QUE 07/01/2034 5,000 INT A/D 06-05 P/D 07-25-05 REPOP&! 5.0000 ee a a -606lhlCUWe 3.7850 30,311.59 — a 1.7850 55,137.24 ALTERNATIVE LOAN TRUST SERIES 2004-30CB CLASS 1-A-8 DUE 02/25/2035 1,785 INTEREST PAYMENT 07-25-05 TOTAL $834 .470.31 027 O7/3008;10:09 001 vases EFTA00196066

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Boar, Steams Sec STEARNS FINANCIAL TRUST CO NG 19 of 32 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT — June 30, 2005 with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DESIT AMOUNT CREDIT AMOUNT 07/01/05 RECEIVED UNITED STATES TREASURY NOTE 65,000,000 65.162,500.00 DUE 06/30/2007 73-825 3,625 vat) FITM Al RESALE AGI IT FITM Al 4,125 Torts REPO AGREEMENT JOURNAL UNITED —_oll COO BE 28,210.000.00 FITM 4,125 TERM RE RECEIVED UNITED STATES TREASURY Note" Fn 28'500 500" ""28.035.000.00 DUE 05/31/2007 3.500 3,500 S07 RESALE AGI IT DELIVERED "UNITED STATES TREASURY Nore /""""""""""34"G00 000 34.127,500.00 DUE 05/31/2007 73000 3,500 ean Fim AQ TERM RESALE AENT a aT SUES TREASURY NOTE 330406 DUE a a JOURNAL UNITED STATES TREASURY Nove" gatas" 980'500 3,622'500.00 FITM Al 4,125 ToS REPO AGREEMENT 027 O7/3008;10:09 001 vaes EFTA00196067

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 20 of s2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION JOURNAL UNITE! FITM 4,125 TERM INTEREST UNITED STATES TREASURY NOTE DUE O5/15s 4.125 FM i A2 SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 13,000,000 1,055.08 FITM A2 4,125 15/15 TERM REPO AGREEMENT -18,000,000 18,090,000.00 JOURNAL UNITED STATES TREASURY NOTE -28,000,000 28,035,000.00 DELIVERED UNITED STATES TREASURY NOTE DUE 05/31/200' 3,500 3,500 S07 DUE 06/30/2007 3,625 3,625 3007 FITM 2 TERM Re MENT RECEWED UNITED STATES TREASURY Novela" "oa0 “ova """"""""93"77 6250-00 DUE 06/30/2007 73825 3,625 Ber FITM Al ESALE AG! iT DUE O5/15) 4.125 FM A2 I 027 O7/3008;10:09 001 vaes EFTA00196068

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT oy BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 21 of s2 STATEMENT PERIOD July 1, 2005 SUBSIDIARY THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOL CREDIT AMOUNT INTEREST UNITED TES TREASURY NOTE 8,09! INTEREST UNITED STATES TREASURY NOTE 47,749.63 SERIES 329 CLASS PO DUE 01/01/33 STRIP EPO AGI aun ne | ae FEDERAL NATIONAL WS REST EE BETTS BSS TTT SS SERIES 329 CLASS PO DUE 01/01/33 JOURNAL FEDERAL NATIONAL MTG ASSN , 14,417,221 10,686,000.00 SERIES 329 CLASS PO DUE 01/01/33 STRIP SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM AZ TERM Re (GREEMENT JOURNAL FANNIE MAE CMOVSERIES 2003-13 | “12,393,489 946,000.00 S RCR-UO FLTR 4,685 . FITM. Al 0 AG 027 O7/3008;10:09 001 vaes EFTA00196069

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 22 of 2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT 07, 5 JOURNAL FANNIE MAE CMO/SERIES 2003-13 12,393,489 S$ RCR-I/0 FLTR 4,685 wit TERM GHEEMENT nD TOURNaL CCD RaL a TC a — eS re LTT) SERIES 346 CLASS 1 DUE 1 1/0u FITM C1 REPO A 13,610,739 10,000,000.00 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/O1e SERIES 346 CLASS 1 DUE 11/0ue FITM Al 0 AG SERIES 227 CLASS 10 FITM AZ TERM Re (GREEMENT 07/12/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 -18,891,486 3,788,000.00 a a JOURNAL FEDERAL NATIONAL MTG ASSN | -13,610,739 10,120,000.00 | a Al 027 O7/3008;10:09 001 vaes EFTA00196070

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Ste ST RNS FINANCIAL TRUST CO INC 23 of 32 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY DEBIT AMOL JOURNAL ERIES 2886 -3,529,667 CREDIT AMOUNT FREDDIE sing Cha eT a Te ae TTT) $C-VO FLTR JOURNAL JOURNAL FEDL HOME LOAN MiG CORPHS 10770” [alll "17,428,411 2,818,000.00 SERIES 228 CLASS 10 JOURNAL UNITED S1 EASURY NOTE , “3,000,000 3,011,250.00 FITM Al 25 1515 ‘0 AGREEMENT UNITED STATES TREASURY NOTE (gl 18,000,000 18,090,000.00 EIT 42 41 TS15 TERM REPO AGREEMENT a PerET) FEDERAL NATIONAL MTG ASSN paid 329 CLASS PO r DUE 01/04 0,000 FIM AZ INTEREST 027 O7/3008;10:09 001 vaes EFTA00196071

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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 24 of s2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY INTEREST FEDERAL NATIONAL MTG ASSN IES 329 CLASS PO STRIP DUE 014 ar’ 000 CREDIT AMOUNT INTEREST FANNIE MAE CMOISERIES 2003-13 | 2,991.36 S RCR-l/O FLTR DUE 03; 4f.885 FIM, 0.000 cz ee INTEREST Seas —_——— 23,358.58 SERIES 346 CLASS 4 DUE 114 eM INTEREST FEDL HOME LOAN MTG ‘CORPHS10109 SERIES 227 CLASS 0, DUE 12, 11,418.24 $C-VO FLTR DUE —_ 000 8,396.48 07/12/05 INTEREST FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 DUE 021 ae 000 Fi aM 027 O7/3008;10:09 001 vaes EFTA00196072

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 25 of 32 STATEMENT PERIOD July 1, 2005 Ste THROUGH July 29, 2005 Transaction Detail (continued) accour wuccn ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION INTEREST UNITED STATES TREASURY NOTE 4,125 A2 SYMBOUCUSIP QUANTITY DEBIT AMOL CREDIT AMOUNT SERIES 2004-5 CLASS PS 3,690 h REPO Ay SERIES 2004-5 CLASS PS 3,690 n FITM AZ TERM Re: GHEEMENT TA oT aaa ETT SERIES 2004-5 CLASS PS DUE 02) 3,690 AZ JOURNAL FANNIE MAE CMOVSERIES 2003-52 a 17,157,930 KS-VO0 FLIR 3.785 517 FiTM Aa TERM REPO AGREEMENT JOURNAL FANNIE MAE CMO/SERIES 2003-52 iil 7,549,489 9,608,440 509,000.00 027 O7/3008;10:09 001 vaes EFTA00196073

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CLEARED THROUGH ITS SUBSIDIARY WHOLLY OWNE! OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 26 of s2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE CREDIT AMOUNT DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOL -9,608,440 509,000.00 JOURNAL FANNIE MAE CMO/SERIES 2003-52 KS-I/0 FLTR 3,785 oo17 FiTM Al REPO Ay KS-I/0 FLTR JOURNAL UNITED $7, EASURY NOTE 3,000,000 3,011,250.00 FITM A2 4,125 1515 M REPO AGREEMENT ieee aa Se nnn 1 sensusensesenensenenon sss snenensenensusensusen sss senensunen z aes 0444s ansneunensusensesenen sss aensusenseseneneusensssssensusensecunensuoess DUE O5/15) 4.125 REPO II FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 fehl JOURNAL FEDERAL NATIONAL MTG ASSN | 19,089,045 14,345,000.00 SERIES 352 CLASS 1 0,001 FITM BZ TERM GHEEMENT 027 O7/3008;10:09 001 vaes EFTA00196074

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT oy BEAR Bear. Stearns & Co- inc. ST RNS FINANCIAL TRUST CO INC 27 of 2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File LAST STATEMENT June 30, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY INTEREST FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 DUE 07/04 0,001 FM BZ H RECEIVED UNITED STATES TREASURY NOTE —Ciiaah™"""""""""S "oo “oa """""""'§ 925 000.00 DUE 05/15/201 4,125 4,125 HIS Al T DUE OS5/15/2015 4,125 4,125 tS CREDIT AMOUNT A2 EMENT JOURNAL FEDL HOME LOAN MTG CORP#Si0109 iii 9,445,743 SERES 227 CLASS 10 JOURNAL FEDL HOME LOAN MiG CORPHS10109” — —w--"""" $:445.743 0°" {7861 ,000.00 SERIES 227 CLASS 10 FITM c2 TERM Re ie] ENT 027 O7/3008;10:09 001 vaes EFTA00196075

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 28 of a2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT INTEREST FEDL HOME LOAN MTG CORP#S 10109 SERIES 227 CLASS 10 DUE 12) 5,000 c2 07/28/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 gama” 12,094,423 $ RCR-I/0 FLTR 4,540 van FiTM B2 TERM RE MENT JOURNAL FANNIE MAE CMO/SERIES 2003-13 S$ RCR-I/0 FLTR 9,445,743 JOURNAL FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 5,000 FITM A2 TERM Re GHEEMENT SERIES 227 CLASS 10 000 n Al -472,287 96,000.00 JOURNAL FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 Al 027 O7/3008;10:09 001 vaes EFTA00196076

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CLEARED THROUGH ITS SUBSIDIARY WHOLLY OWNE! OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 29 of 32 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT June 30, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 07/29/05 DELIVERED UNITED STATES TREASURY NOTE -93,000,000 93,116,250.00 DUE 06/30/2007 73-825 3,625 vat) FITM A2 TERM RE: AENT witeneSt Taniblie A COSEES 300008 qaon37 S RCR-I/0 FLTR DUE 03/25) 4,540 A2 iain 625 TOTAL $-325,376,196.79 $318,091 ,800.66 MISCELLANEOUS DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 07/01/05 JOURNAL TO CMDY A/C 159,218.50 07/05/05 SOURNAL FR CMDY —xxé a 07, Se Sunn ES chapy a see sveeeenenernevevernnrnenanncnesceaennnnnananen sass emer enanenetet JOURNAL FR CMDY A/C a 107,686.00 FNMA 30YR TBA GTD 526,171.87 SETT, 07/05 5,000 DUE 07/01/35 MBS NET 07/13/05 JOURNAL FR CMDY 027 O7/3008;10:09 001 vaes EFTA00196077

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 30 of s2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 Ste Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File MISCELLANEOUS {continued) LAST STATEMENT — June 30, 2005 DATE MOIDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 07/13/05 JOURNAL FNMA-30YR(FNMA)GTD 168,750.00 SETT.O7/05 5,500 DUE 07/01/35 MBS NET 07/13/05 SETT, 07/05 6.000 DUE 07/01/35 MBS NET 07/14/05 JOURNAL FR CMDY A/C 66,750.00 07/22/05 JOURNAL JUNE OS CLEAR FEES 1,500.00 os TENE wosccescecssensensess Fi Coy NC A oneeees euseeeceeseescscessensse : sunsuecuceesessecenses | eescensucnuecuccecseesss: et Sy Ooe oS 05 JOURNAL TO CMDY A/C 207,084.00 TOTAL $-1,090,677.37 $1,113.665.86 027 O7/3008;10:09 001 vaes EFTA00196078

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 31° of s2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 + account numccr = Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT June 30, 2005 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 10,000,000.00 98.7812 9,965,557.07 TRADE DATE TRANSACTION DESCRIPTION BOUGHT NED STATES TREASURY NOTE 04,125% MN 15 > TO MATURITY 07/29/05 GVER REF #G2105081 At ED s Al ES TREASURY NOTE 3 03,875% 31 > 1 MATURITY GVER REF # 2093006 Bt ads 03,875% 31 > 1 MATURITY GVER REF # G2093006 Al , -50,000,000.00 99.8046 49,907,608.70 a 23 600%500'50 99.8046 22,957,500.00 5 BOUGHT FNMA-3OYA(FNMA)GTD | 50,000,000.00 100.8828 50,441 406.25 SETT,08/04 BDO) 2024 05,500% 57110000 BS SETT,0B/04 — BDO 2044 05,500% 57310000 BS FNMA-SOVAIFNMA)GTD ~~" “s5.500;c00:50°"""”"ta0'sé08--—-—-— 480,470.00 SETT,08/04 Seo 504 05,500% 57250000 BS -50,000,000.00 100.9609 50,480,468.75 05,500% 57250000 BS AS OF 07/08/05 027 O7/3008;10:09 001 vaes EFTA00196079

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS Ste FINANCIAL TRUST CO INC 32 of 2 STATEMENT PERIOD July 1, 2005 THROUGH July 29, 2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT June 30, 2005 SETTLEMENT — TRADE DATE DATE TRANSACTION DESCRIPTION QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 5/05 SOLD 30,000,000.00 700.8203 30,246,093.75 “4 57180000 BS ( tt s0.000%500'50 {005078 40,203,125.00 Si ——, 07/08/05 CANCEL SELL FNMA-30VR(FNMAJGID . ~~ “Sc G50%500%00""""To0"sé03" 50,480,470.00 ™ SETT.08/04 Ea 34 05,500% 57250000 BS AS OF 07/08/05 SETT, 08/05 IR 57190000 _BS TOTAL $110,887,433.32 $284.425.266.20 The above trades do not appear in any other section of this statement (stor) - ** End of Statement™* 027 O7/3008;10:09 001 vaes EFTA00196080

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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 , 3 Your Portfolio Holdings . 4 Transaction Detail .....usssseeeenees 8 Trades Not Yet Settled , 31 Your Messages 33 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 3,442,681 LONG ACCRUED INTEREST 32,928 NET CREDIT BALANCE 359,965 NET EQUITY THIS PERIOD "$3,835,574 NET EQUITY LAST STATEMENT 3,201,652 CHANGE SINCE LAST STATEMENT 633,923 There are no “Stop Loss’ orders or other pending buy or sell open orders on file for your account. 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 $359,965 Cash & Equivalent See Fixed Income $3,442,681 $3,052,376 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 nN) i o FINANCIAL TRUST CO INC STATEMENT PERIOD June 1, 2005 June 30, 2005 accor nuvecr TAXPAYER NUMBER On File May 31, 2005 THROUGH LAST STATEMENT Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us. ‘This statemem should be retained for your records. See reverse side for important information 027 07/01/08;10:42 001 vasaiP EFTA00196081

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 94 STATEMENT BACKER IS PRINTED ON THIS PAGE O7/01/08;10:42 001 vasaip EFTA00196082

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 4 Cash Flow Analysis THIS PERIOD OpeningBalance $122,205.83 Securities Sold 717,693,800.08 Dividends/Interest 1,131,949.13 Miscellaneous 1,878,994.73 Amount Credited $720,704,743.94 Securities Bought -718,737 452.51 -208,273.77 -1,521,258.00 Dividends/Interest Charged Miscellaneous Amount Debited $-720,466,984.28 237,759.66 Net Cash Activity Cash Balance Summary OPENING CLOSING Margin 122,205.83 359,965.49 $122,205.83 $359,965.49 Net Cash Balance Income Summary THS PERIOD U.S. Govt. Bond Int. 219,620.41 Govt. Agency Int. 714,775.88 Corp. Bond Int. 197,231.04 Credit Balance Int. 321.80 Reverse Repurchase Int. 81,098.16 -208,273.77 -215,571.53 Bond Purchase Int. Repurchase Int. Exp. Portfolio Composition Cash/Cash Equivalent Fixed Income FINANCIAL TRUST CO INC STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 accout nuvecrh | TAXPAYER NUMBER On File YEAR TO DATE LAST STATEMENT May 31, 2005 3,681 ,663.87 4.112,621.91 792,702.92 3,545.51 1.163.243.87 -5,148,708.18 -1,098,448.85 359,965 Your Portfolio 3,442,681 . Allocation $3.802.646 Cash & Equivalent *% Fixed Income 91% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absolte market value of your portioto O7/01/08;10:42 001 vasaip EFTA00196083

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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 4 ofa STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 359.965 TOTAL CASH & CASH EQUIVALENTS $359,965 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFENT DESCRIPTION SYMBOLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) GOVERNMENT NATIONAL MTG ASSN rc 14,795,046 5.5884 826,803 16,191 582,925 70.5035 SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 3.940% FACTOR = 90848224 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DATED DATE 06/23/04 BOOK ENTRY ONLY DUE 05/20/2030 FACTOR = .92150716 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3.685% FACTOR = .51379199 14,801,708 6.7511 999,284 12,488,618 7.1598 894.164 6,393 460,206 51.4677 027 07/01/08;10:42 001 vasaiP EFTA00196084

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. Bear Steams Securities "l STEARNS FINANCIAL TRUST CO INC 5 of 4 STATEMENT PERIOD June 1,2005 THROUGH June 30, 2005 Your Portfolio Holdings (continued) account numecrh TAXPAYER NUMBER On File . . LAST STATEMENT May 31, 2005 Government & Agency Obligations (continued) ACCT ACCRUED ESTIMATED DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME FEDERAL NATIONAL MTG ASSN MRGN 1 20.6563 SERIES 353 CLASS 2 DATED DATE 07/01/04 BOOK ENTRY ONLY DUE 0701/2034 5,000% FACTOR = 97992876 Total Government& Agency Obligations $2,720,251 $22,584 $1,043,131 Corporate Bonds ACCT ACCRVED ESTIMATED QURFENT DESCRIETION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) ALTERNATIVE LOAN TRUST rc 37,054,541 1.9496 722,430 10,344 744,796 103.0959 SERIES 2004-30CB CLASS 1-A-8 DATED DATE 12/27/04 BOOK ENTRY ONLY DUE 02/25/2035 2.010% FACTOR = ,92636353 RATING: MOODY ASA S&P AAA Total CorporateBonds $722,430 $10,344 $744,796 TOTAL FIXED INCOME $3,442,681 $32,928 $1,787,927 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $32,928 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,787,927 YOUR PRICED PORTFOLIOHOLDINGS $3,802,646 027 07/01/08;10:42 001 vasaiP EFTA00196085

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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 6 of 4 STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Repurchase and Reverse Repurchase Transactions eran TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT — May 31, 2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" (FACE AMOUNT) cusIP DESCRIPTION YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 06/10/05 -984,000 1,963 -25,000,000 [MJ series 2003-13 class 4.6856 03/25/33 YOU SOLD FANNIEMAE STRIP -11,102,000 -30,000,000 (RJ series 329 class po FANNIEMAE STRIP 10.455 -10,000,000 [RJ series 346 ciass po FEDERAL HOME LOAN STRIP -20,000,000 [MJ series 227 class io 5.0000 12/01 YOU SOLD (REPO) -5,241,000 (REPO) O6/10/05 07/12/05 3.420 -3,756,000 YOU SOLD FREDDIEMAC STRIP (REPO) 06/10/05 3.420 -2,762,000 5,510 -20,000,000 [MMMM series 22s ciassio 6.0000 02/01/35 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 06/10/05 -4,000,000 [MMMM series 2886 class sc 4.0800 07/15/19 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 06/10/05 OPEN 0.000 -25,000,000 [MJ series 2003-52 class 3.7856 07/25/17 FANNIE MAE STRIPS -20,680 -23,000,000 [RJ series 352 class po 07/01/34 (REPO) 06/16/05 07/18/05 YOU SOLD FANNIEMAE STRIP (REPO) 06/17/05 07/12/05 3.360 -3,652,000 4771 -10,000,000 (RJ series 329 class po 12/01/32 3.460 YOU SOLD FANNIEMAE STRIP (REPO) 06/17/05 07/12/05 3.360 —_-10,000,000 -13,066 -20,000,000 [J series 346 class po 11/01/33 YOU SOLD usTR 4.1250 05/15/15 (REPO! 06/22/05 OPEN 28,000,000 [xy 027 07/01/08;10:42 001 vasaiP EFTA00196086

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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 4 STATEMENT PERIOD June 1,2005 THROUGH June 30, 2005 i Pe Repurchase and Reverse Repurchase Transactions (continued) BEGONT NUMESE TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT — May 31, 2005 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) 06/23/05 07/13/05 3.370 -2,515,000 1,883 -26,400,000 [MJ series 2004-5 class p 3.6900 02/20/33 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 06/27/05 OPEN 0.010 A -25,000,000 [RRM series 2003-13 class 4.6856 03/25/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/27/05 OPEN 0.010 -27,112,874 [RBM] series 2004-30 class 3.9400 02) FEDERAL HOME LOAN MTG CORP (REPO) 06/27/05 OPEN 0.010 A 5,724,598 [RBBJ series 2886 class sc 4.0800 07/15/19 YOU SOLD FANNIE MAE STRIPS (REPO) 06/30/05 08/0 3.540 -6 373,000 -626 -10,000,000 [MMM series a52 class po 07/01/34 YOU SOLD FANNIE MAE STRIP (REPO) 06/30/05 3.540 -1,737,000 170 -10,000,000 [MMMM series asa cLassio 5.0000 07/01/34 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 06/30/05 08/01/05 -1,861,000 -183 -10,000,000 [MMMM series 227 class io 5.0000 12/01/34 YOU BOUGHT USTR 3.5000 05/31 (REVERSE) 06/27/05 _ OPEN 2.310 __ 34,127,500 10,115 __ 34,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $34,127,500 $10,115 TOTAL REPURCHASE TRANSACTIONS $-92,744,003 $-105.492 “As of statement date 027 07/01/08;10:42 001 vasaiP EFTA00196087

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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 B ose STATEMENT PERIOO June 1,2005 THROUGH June 30, 2005 Transaction Detail accour wuccn ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT May 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN 4 SERIES 346 CLASS 1 DUE 11 a a a a) al roe _ easeennnnne SERIES 2004-30CB CLASS 1-A-8 ACCR. INT 14.734.97 Bo o036 02 080% » INT. 734: ‘57050000 BS 03.500% MN 31 ACCR. INT. 4,781.42 % TO MATURITY GVER REF # G1524054 At rn armmn eS SHARES VERSO WSE™ — a aC a seseeesuisanenenenee 04,125% MN 15 ACCR. INT. 85,190.22 ‘0 MATURITY GVER REF # G1535384 Al UNITED STATES TREASURY NOTE aw es c00%000""""s9F3438 24.933,593.75 a” 500% MN 31 ACCR. INT. 23,907.10 % TO MATURITY GVER REF # G1605088 At 063 "406. ACCR. INT. 55,261.55 f TO MATURITY GVER REF # G1642765 Al AS OF 06/1 0/05 UNITED STATES TREASURY NOTE es 00;600 400:34375 "4.013, 750.00 — 04,125% MN 15 ACCR. INT. 13,451.09 f TO MATURITY GVER REF # 61644185 AY 027 O7/01/08;10:42 001 vasaiP EFTA00196088

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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 a4 STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE -17,000,000 100.89844 04,125% MN 15 ACCR. INT. 55,261.54 A % TO MATURITY GVER REF # G1672882 Al ORIGINAL SD 06/13/05 AS OF 06/10/05 0.321.800 81.81250 “ "944452275 SERIES 329 CLASS PO STRIP 57200000 BS SERIES 346 CLASS 1 57130000 BS SERIES 329 CLASS PO QUE 01/01/33 STRIP 06/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP 4,110 DUE 12/20/29 PRINCIPAL REDUCTN 06-20-05 SERIES 2004-041 CLASS SE DUE 05/20/30 PRINCIPAL REDUCTN 06-20-05 SOLD UNITED STATES TREASURY NOTE “20,000,000 100.37500 20,075,000.00 pia 8 125% MN 1S ACCR. INT. 85,190.22 nOTe 2 TO MATURITY GVER REF # G1722863 At 027 O7/01/08;10:42 001 vasaiP EFTA00196089

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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 10 of % STATEMENT PERIOO June 1,2005 THROUGH June 30, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 5 BOUGHT UNITED STATES TREASURY NOTE 20,000,000 99.83594 19,967,187.50 03,500% MN 31 ACCR. INT. 51,639.34 he % TO MATURITY GVER REF # G1753133 Al 289,167.60 06/27/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 05-05 P/D 06-25-05 REPOP&! 0.0000 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 05-05 P/D 06-25-05 REPOP&! 0,0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 3,910 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-05 aw aw aw PRINCIPAL FEDERAL NATIONAL MTG ASSN —— §8§=«— 445,914.10 P| aw aw SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 05-05 P/D 06-25-05 REPOP&! 0.0000 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 05-05 P/D 06-25-05 REPOP&! 0.0000 06/27/05 PRINCIPAL ALTERNATIVE LOAN TRUST SERIES 2004-30CB CLASS 1-A-8 1,785 DUE 02/25/35 PRINCIPAL REDUCTN 06-25-05 -646,873 06/28/05 JOURNAL FANNIE MAE CMOYSERIES 2003-13 S$ ACR-VO FLTR 4,685 DUE 03/25/33 027 07/01/08;10:42 001 vasaiP EFTA00196090

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 11 of Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT TRADE DATE OATE TRANSACTION BOUGHT DESCRIPTION FEDERAL NATIONA! TG ASSN SERIES 352 CLASS 1 nies 00,0015 SYMBOLICUSIP QUANTITY PRICE 83.45313 8,518,623 57180000 BS 06/30/05 Ce ea EEBER RT NATIONAL MTS ASSN SERIES 353 Sone -9,170,234 20.59375 ACCR. INT. 57100000 BS ACCRUES ON 1ST, PAYS ON 25TH EEE Tee 00% ACCR. INT. 57140000 BS TOTAL INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [%) CeBIT AMOUNT 06101/05 AVGBAL 200,424RT 1.864 021 OFFICE INTEREST 0505 FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 DUE 12/01/2034 5,000 INT RID 05-05 P/D 06-15-05 REPO P &! 0000 FREDDIE MAC CMO/SERIES 2886 $c-WO FLTR QUE 07/15/2019 5.0000 4.0800 4,080 INT A/D 05-05 P/D 06-15-05 REPO P 4&1 4,2100 $-111,306,815.59 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, St OC “l | FINANCIAL TRUST CO INC STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT = May 31, 2005 DEBIT AMOUNT 7,109,057.52 DIT AMOUNT 1,888,495.25 36,935.67 38,476.73 $91,007,418.84 CAEDIT AMOUNT 321.80 80,303.34 12,618.14 O7/01/08;10:42 001 vasaiP EFTA00196091

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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 % STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File Transaction Detail (continued) INTEREST (continued) LAST STATEMENT = May 31, 2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 06/15/05 FREDDIE MAC CMO/SERIES 2886 4.0800 $c-/O FLIR QUE O7/15/2019 4,080 INT A/D 05-05 P/D 06-15-05 REPOP&l 4,2100 6.0000 91,828.76 06/15/05 FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 DUE 02/01/2035 6,000 INT A/D 05-05 P/D 06-15-05 REPOP&!l 6,0000 SERIES 2004-5 CLASS PS QUE 02/20/2033 3,860 INT A/D 05-05 P/D 06-20-05 REPOP&! 3,8600 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,860 INT A/D 05-05 P/D 06-20-05 REPOP&! 3,8600 3.8600 84,920.00 06/20/05 GOVERNMENT NATIONAL MTG ASSN a 4.1100 84,591.78 SERIES 2004-30 CLASS SU DUE 02/20/2032 4,110 INT A/D 05-05 P/D 06-20-05 REPOP&! 4,1100 SERIES 2004-035 CLASS SP DUE 12/20/2029 — 4,110 INTEREST PAYMENT 06-20-05 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-041 CLASS SE DUE 05/20/2030 0.000 INTEREST PAYMENT 06-20-05 4.9100 25,851.29 FANNIE MAE CMO/SERIES 2003-13 S$ RCA-VO FLIR DUE 03/25/2033 4,910 INT A/D 05-05 P/D 06-25-05 REPOP&! 4 a -60lCOUe S172 16 a 9100 027 07/01/08;10:42 001 vasaiP EFTA00196092

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS seen FINANCIAL TRUST CO INC 13 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT = May 31, 2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 06/27/05 FANNIE MAE CMO/SERIES 2003-13 4.9100 S$ RCI FLIR 03/25/2033 4,910 QUE INT A/D 05-05 P/D 06-25-05 REPOP&l 4,9100 4.9100 51,702.58 06/27/05 FANNIE MAE CMOYSERIES 2003-13 S$ RCA-VO FLIR QUE 03/25/2033 4,910 INT A/D 05-05 P/D 06-25-05 REPOP&l 4,9100 SERIES 2003-49 CLASS SW QUE 01/25/2033 _ 3,910 INTEREST PAYMENT 06-25-05 KS-/0 FLTIR DUE O7/25/2017_ 4,010 INT A/D 05-05 P/D 06-25-05 REPOP&l 4,0100 5.0000 77,405.30 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07/01/2034 5,000 INT A/D 05-05 P/D 06-25-05 REPOP&! 5.0000 ALTERNATIVE LOAN TRUST SERIES 2004-30CB CLASS 1-A-8 QUE 02/25/2035 1.785 INTEREST PAYMENT 06-25-05 TOTAL $875,393.05 — Ls FANNIE MAE CMO/SERIES 2003-52 , 4.0100 58,317.45 a Ln | 1.7850 63,149.48 027 O7/01/08;10:42 001 vasaiP account numccr (S EFTA00196093

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS ee FINANCIAL TRUST CO INC 14 of & Boar, Steams Sec STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT = May 31, 2005 with Bear,Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DESIT AMOUNT CREDIT AMOUNT 06/01/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 8,743,867 SC-/O FLTR 4,210 S19 TERM RREEMENT 01/05 JOURNAL FREDDIE MAC CMOVSERIES 2886 | "5.447.247 $C-WO FLTR 4,210 DUE 07/15/19 FITM F1523444 At REPO AGREEMENT JOURNAL FREDDIE MAG CMGrSERIes 2886 ~~” 209,000.00 "3,596,620 Or RECEIVED UNITED STATES TREASURY NOTE , 29,000,000 29,072,500.00 Py sed 7300 FiTM Al "4,000,000 54,000.000.00 DELIVERED UNITED STATES TREASURY NOTE DUE 05/31/2007 3,500 3,500 07 FITM ease A2 TERM Rr MENT na" mT StiES Ot ae ‘Oe JOURNAL FREDDIE MAC CMO/SERIES 2e86 "aaa 947 247 $C-VO FLIR 4.210 DUE 07/15/19 FIM. F1523444 A2 TERM REPO AGREEMENT 8445.00 027 O7/01/08;10:42 001 vasaiP EFTA00196094

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 15 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FREDDIE MAC CMO/SERIES 2886 -5,147,247 38,000,000 38,095,000.00 06/03/05 JOURNAL UNITED ST, EASURY NOTE FITM A2 Le a Le ae DUE —_— 4,125 FITM A2 0 I SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM Oz TERM Re 14773724 16.851-000.00 773, - ™ 4.102,000.00 SERIES 329 CLASS PO DUE 01/01/33 JOURNAL FANNIE MAE CMO/SERIES "2003-13 | "6.318034 492,000.00 $ RCR-O FLIR 027 O7/01/08;10:42 001 vasaiP EFTA00196095

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. ST RNS FINANCIAL TRUST CO INC 16 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06) 5 JOURNAL FANNIE MAE CMO/SERIES 2003-13 6,318,034 § RCR-I/O FLTR 4,910 aN FITM | ese AZ TERM Re (GHEEMENT 06/10/05 ~~—~=~S*SC«OURNAL—~—SFANNIE MAE CMOVSERIES 2003-13 ial” “12,636,068 984,000.00 $ RCR-I/0 FLTR 4,910 van FiTM Al REPO Ay S$ RCR-I/O FLTR 9 JOURNAL FANNIE MAE CMO/SERIES 2003-52 KS-I/0 FLTR KS-I/0 FLTR 4,010 17. FITM AZ TERM Re (GHEEMENT 17,451,605 1,014,000.00 JOURNAL FANNIE MAE CMO/SERIES 2003-52 KS-I/0 FLTR 4,010 ot7 FITM A2 OAG JOURNAL FANNIE MAE CMOVSERIES 2003-52 , 17,451,605 1,008,000.00 027 O7/01/08;10:42 001 vasaiP EFTA00196096

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 17 of % STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT 06) 5 JOURNAL FEDERAL NATIONAL MTG ASSN 6,964,688 SERIES 346 CLASS 1 DUE 11/45 FIM AZ TERM REPU AGHEEMENT SERIES 346 CLASS 1 DUE 1 1/0u FITM C1 REPO A SERIES 2004-30 CLASS SU GOVERNMENT NATIONAL MIGASSN aw 24,698,329 1,340.000.00 SERIES 2004-30 CLASS SU 4,110 oD 32 JOURNAL FEDL HOME LOAN MTG CORP#Si0109 lial “19,105,686 3,756,000.00 SERIES 227 CLASS 10 5,000 FITM Al 0 AG SERIES 227 CLASS 10 FITM cz TERM Re (GREEMENT IOS souENAL COEDS Mine ChOSERIES S888 ES an coos $C-/O FLTR 4210 sig FITM Al OAG 027 O7/01/08;10:42 001 vasaiP EFTA00196097

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 18 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIP QUANTITY DESIT AMOUNT CREDIT AMOUNT 06/10/05 JOURNAL FREDDIE MAC CMOVSERIES 2886 3,596,620 SC-VO FLTR 4,210 sig FiTM AZ TERM REPO AGREEMENT BTS RR FRESE MURS GRAOUSESIES S06 SAA ig ggg SC-WO FLTR 4,210 nea) FiTM TERM RE JOURNAL FEDL HOME LOAN MiG CORPHS 10770” [alll "17,959,702 2,762,000.00 SERIES 228 CLASS 10 FITM. B1 JOURNAL FEDL HOME LOAN MTG CORP#Si01i0 ili 17,959,702 3,000,000.00 SERIES 228 CLASS 10 6,000 35 FITM BZ TERM Re GHEEMENT DUE 05/31/2007 3,500 3,500 ya 07 FITM TERM RESALE 54,000,000 54,067,500.00 oe DUE 05/31/2007 3,500 7 Al Gl T 027 O7/01/08;10:42 001 vasaiP EFTA00196098

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 19 of % Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION DELIVERED UNITED STATES TREASURY NOTE DUE 05/31/2007 —_ 3,500 3,500 eaHl RECEIVED UNITED STATES TREASURY NOTE DUE 05/31/2007 3,500 3,500 i307 54,067,500.00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 CREDIT AMOUNT DUE 05/31/2007 3,500 LO7 UNITED STATES TREASURY NOTE DUE 05/31/2007 3,500 3,500 sO RECEIVED INTEREST FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO STRIP DUE 014 0.000 Fi uM Oz | 54,067,500.00 “1/0 FLTR S RCR. DUE 0: 4,910 FITM AZ REPO I 06/10/05 INTEREST FANNIE MAE CMO/SERIES 2003-13 S RCR-I/0 FLTIR DUE 03/25) 4,910 AZ O7/01/08;10:42 001 vasaiP EFTA00196099

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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 20 of x STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY INTEREST FANNIE MAE CMO/SERIES 2003-52 KS-I/0 FLTR DUE 07/28) 4,010 AZ CREDIT AMOUNT SERIES 346 CLASS 1 DUE 114 eo 000 FM Ri SERIES 2004-30 CLASS SU DUE 02; aitt0 FM FEDL HOME LOAN MTG CORP#S10109 BF anes. xt CLASS 10 INTEREST INTEREST FREDDIE MAC CMOVSERIES 2886 SC-UO FLTA DUE O71, a 210 FM s$c-V0 FLTR 7/, SERIES 228 CLASS 7 DUE 02) roe 027 O7/01/08;10:42 001 vasaiP EFTA00196100

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 21 of % Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION 5 INTEREST UNITED STATES TREASURY NOTE JOURNAL FANNIE MAE CMO/SERIES 2003-13 § RCR-I/O FLIR Al JOURNAL GOVERNMENT NATIONAL MiG ASSN SERIES 2004-5 CLASS PS 3,860 ean JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS B1 FITM 125 y15 PO AGREEMENT UNITED STATES TREASURY NOTE A2 Al INTEREST UNITED STATES TREASURY NOTE DUE 05/155 4,125 I O7/01/08;10:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 CREDIT AMOUNT vasaiP EFTA00196101

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 22 of % Ste STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION JOURNAL UNITE FITM 4,125 TERM 05 ‘ JOURNAL UNITED St EASURY NOTE FITM Al 4 QUANTITY CREDIT AMOUNT 61,000,000 SYMBOUCUSIP -65,000,000 65.081 ,250.00 -15,246,375 11,253,000.00 06/16/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 JOURNAL FEDERAL NATIONAL MTG ASSN a 15,246,375 11,334.000.00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM Ez TERM Ri: GHEEMENT JOURNAL FANNIE MAE CMO/SERIES 2003-13 iil 6.318.034 S$ RCR-I/0 FLTR 4,910 wat FITM A2 TERM Re (GHEEMENT JOURNAL -6,318,034 FANNIE MAE CMO/SERIES 2003-13 S$ RCR-I/0 FLTR 027 O7/01/08;10:42 001 vasaiP EFTA00196102

--=PAGE_BREAK=--

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 23 of % STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY 5 JOURNAL FANNIE MAE CMO/SERIES 2003-13 -6,318,034 § RCR-I/O FLTR DEBIT AMOUNT CREDIT AMOUNT 06) ‘06/16/05 JOURNAL FANNIE MAE CMOVSERIES 2003-13 iaal”” 6.318.034 507,000.00 S$ RCR-I/O FLTR 4,910 van FiTM A2 REPO Ay SERIES 352 CLASS 1 B1 FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 meth 19,592,834 14,434,000.00 SERIES 353 CLASS 2 5,000 p FITM AS SS 2 Al 18,340,469 3,703,000.00 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 FIT A2 OAG a a JOURNAL FEDERAL NATIONAL MTG ASSN , “18,340,469 2,700,000.00 a a JOURNAL 027 O7/01/08;10:42 001 vasaiP EFTA00196103

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT oy BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 24 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY JOURNAL FEDERAL NATIONAL MTG ASSN 18,340,469 IES 353 CLASS 2 2 ee TERM Re (GHEEMENT aaa TT aT as “ OT eee yr TTT) Al CREDIT AMOUNT FITM 4,125 15/15 TERM REPO AGREEMENT He = 329 CLASS PO DUE 014 ee 000 FM INTEREST FEDERAL NATIONAL MTG ASSN | 40,892.32 SERIES 952 CLASS 1 DUE O71 oe FITM 0 Il FEDERAL NATIONAL MTG ASSN Alii 10,890.27 ET i 353 CLASS 2 INTEREST UNITED $ 'ATES TREASURY NOTE a 5,260.73 Py 05) et? 027 O7/01/08;10:42 001 vasaiP EFTA00196104

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 25 of % Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP TERM Rt (GHEEMENT 11,253,000.00 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Ste FINANCIAL TRUST CO INC STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 CREDIT AMOUNT KS-I/0 FLTR 4.010 poy FITM A2 TERM Re ic] IENT ‘05 JOURNAL FANNIE MAE CMO/SERIES 2003-52 KS-l/0 FLTR 4,010 a7 FITM A3 TERM Re (GHEEMENT 05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 1 1/Ous FITM AS 0 AG 10,000,000.00 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 114 FITM A2 10,342,000.00 0 AG O7/01/08;10:42 001 vasaiP EFTA00196105

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 26 of % STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT INTEREST FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO STRIP DUE 01/045 0,000 I -28,000,000 28,210,000.00 4,125 TSS TERM REPO AGREEMENT a aT T r ES RERUN OE Ee Saa070 DUE O5/15) 4.125 A2 105 JOURNAL GOVERNMENT NATIONAL MiG ASSN (iiaaaar""""""""""2 "4100000" 390000000 SERIES 2004-5 CLASS PS ae vy i ™ 2.515,000.00 SERIES 2004-5 CLASS PS 3,690 bal FiTM At REPO AGI GOVERNMENT NATIONAL MTG ASSN Tae 2004-5 CLASS PS E 2/20 3,690 rT B2 Paeth eit NINE CMO SERES BOOS es | 000 seeveceesenseesee aon eueeeececceenses s euseceeseesseceucousesss seuccusceccecseeseecesss1 sesseeceuoosscecoeceecss cecceeseesseceroosse $ RCR-/0 FLTR 4,910 vin FiTM Ad TERM REPO AGREEMENT INTEREST 027 O7/01/08;10:42 001 vasaiP EFTA00196106

--=PAGE_BREAK=--

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 27 of % STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 5 JOURNAL FANNIE MAE CMO/SERIES 2003-13 -12,393,489 § RCR-I/O FLTR 06/27/05 JOURNAL FANNIE MAE CMOVSERIES 2003-13 iaal”” 6.196.744 492,000.00 S$ RCR-I/O FLTR 4,910 van FiTM A2 TERM RE MENT S$ RCR-I/0 FLTR 4,910 wat FITM A3 TERM Rei ic] IENT JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-30 CLASS SU 3,940 32 FITM [7h 0 AG SERIES 2004-30 oles su FITM B2 TERM Re (GHEEMENT -5,051,428 JOURNAL FANNIE MAE CMOV/SERIES 2003-13 a "12,393,489 984,000.00 06/27/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 SC-VO FLTR sig Al 027 O7/01/08;10:42 001 vasaiP EFTA00196107

--=PAGE_BREAK=--

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 28 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = May 31, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FREDDIE MAC CMO/SERIES 2886 5,051,428 4,080 ETA) A2 TERM REPU AGHEEMENT 06/27/05 RECEIVED UNITED STATES TREASURY NOTE a 34,000,000 34,127.500.00 DUE 05/31/ 2007 23800 3,500 Fitna A RESALE IT DUE 05/31/ 2007 23000 Tiana MME CHORES SHOGAS —_ 144 ensesenensenensusensussssasusunensusensesunenessss snsusenses: wanes neunenenntnenevesgnennnegegnnesvetneneanenaans S RCR-I/0 Fu TR INTEREST 1,589.16 INTEREST FANNIE MAE CMO/SERIES 2003-13 S$ RCR-I/0 FLTR DUE 034 a 210 FM S RCR-/0 FLIR 4,910 AS 2,094.66 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004- 30 CLASS wu DUE 02) 3.040 roe 027 O7/01/08;10:42 001 vasaiP EFTA00196108

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 29 of % Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT 5 INTEREST SERIES 352 CLASS 1 0,001 P FITM BI EPO AGI SERIES 353 CLASS 2 Al SERIES 353 CLASS 2 5,000 meh Fit Ad TERM REPO AGREEMENT — 227 CLASS 10 INTEREST 06/27/05 INTEREST UNITED STATES TREASURY NOTE a $5,734.58 DUE 05/35 3.500 FITM AG RESAL: "OURNAL Tn —e a e+ 1-7 ae 4s snsunsunnensenanssanessss een OOO oo CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 CREDIT AMOUNT 1,861,000.00 TOTAL $-607,638,910.69 027 O7/01/08;10:42 001 $626,942,937.32 vasaiP RT TST eosennecsesenses: ves} | ean re aye STo0 oN I 0040 s envessscsescescocseonees sevssecssessesscsecseces: sosseessecsecseooese ia SESS ran EFTA00196109

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS 30 of Transaction Detail (continued) MISCELLANEOUS DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT JOURNAL TO CMDY Ay 570,183.00 144,391.50 897,315.00 JOURNAL FR CMDY A’C JOURNAL FR CMDY ‘0624105 JOUANAT FR CMDY AV ‘0S JOURNAL MAY OS CLEARING FEES 2,250.00 TOTAL $-1,521,258.00 $1.878.994.73 o2? 07/01/08;10:42 001 CLEARED THR! WHOLLY OWNE FINANCIAL TRUST STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT vasaiP co INC dune 1, 2005 June 30, 2005 On File May 31, 2005 EFTA00196110

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 31 oot STATEMENT PERIOD June 1,2005 THROUGH June 30, 2005 . account numccr = Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT = May 31, 2005 QUANTITY PRICE DEBIT AMOUNT CRED ,000,000.00 99.9977 15,001 ,132.58 TRADE DATE TRANSACTION DESCRIPTION SOLD UNITED STATES TREASURY NOTE 03,625% JD 30 > 1 MATURITY GVER REF # G1813788 BI SOLD UNITED STATES TREASURY NOTE ee S05500.506%50 99.9977 50,003,775.27 03,625% JD 30 4 K ‘STO MATURITY GVER REF # G1813788 Al BOUGHT FNMA 30¥A TRA GID . “"}5.000,000.00 100.2187. 15,032,812.50 ™ SETT, 07/05 a f 05.000% 57110000 BS BOUGHT FNMA SOVA TBA GID if '30,000,000.00 99.9609 29.988,281.25 SETT, 07105 E90 ac 05 ,000% 57210000 BS SETT, 07105 a E701 3035 05 ,000% 57440000 BS FNMA SOVA TBA GTO ~~ iSo00;c00'00""""""ss'5937°"" _ "4939,062.50 SETT, 07/05 E90 ac 05.00%: 57140000 BS AS OF 06/06/05 NMA 30YR TBA GTD ~~ -15,000,000.00 99.5937 14,939,062.50 SETT, 07/05 570 05 05,000% 57140000 BS 027 O7/01/08;10:42 001 vasaiP EFTA00196111

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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 32 of % STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 PRICE DEBIT AMOUNT CREDIT AMOUNT DESCRIPTION SYMBOLICUSIP SETTLEMENT TRADE DATE DATE TRANSACTION 06/07/05 CANCEL SELL FNMA 30YR TBA GTD 000,000.00 99.5937 14,939,062.50 SETT, O7/0S 3 p 05,000% 57140000 BS AS OF 06/07/05 SETT,O7/06 ee. 57180000 BS "50,000,000.00 102.6054 51,302,734.38 BOUGHT FNMA 30 YR GTD SETT, 07/05 -30YA(FNMA)GTD —~ 30,000.000.00 700.8671 30.260.156.25 SETT,O7/06 3 ‘ 05,500% 57050000 BS 05/23/05 BOUGHT FNMA-3OVA(ENMA)GTD ‘ zz 30.000.000.00 i041 30,300.000.00 SETT.O7/06 ce f 05,500% 57100000 BS CT a he Ra han rn ar SETT,07/08 a f 05,500% 57450000 BS 6.000% 57180000 BS AS OF 06/06/05 027 O7/01/08;10:42 001 vasaiP EFTA00196112

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 33 of SYMBOLICUSIP CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY xn) i i FINANCIAL TRUST CO INC STATEMENT PERIOD June 1, 2005 June 30, 2005 accout Nuecr TAXPAYER NUMBER On File May 31, 2005 THROUGH LAST STATEMENT QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT Trades Executed Pending Settlement (continued) SETTLEMENT TRADE DATE OaTE TRANSACTION DESCRIPTION 07/14/05 06/03/05 SOLD FNMA 30 YR GTD SETT, O7/0S f 06,000% 57070000 BS TOTAL -50,000,000.00 102.7968 51,398,437.50 $171,823,046.88 $266,563,892.23 The above trades do not appear in any other section of this statement Your messages Bear Stearns receives payments or other remuneration from the advisers, distributors or other affiliates of certain of the mutual funds available through Bear Stearns, Such payments or remuneration are for administrative, technological or other services provided in connection with fund accounts and are generally calculated based on the amount of assets held in the accounts, Such payments or other remuneration are in addition to shareholder servicing and distribution fees that Bear Stearns may receive. Funds whose affiliates do not make payments to Bear Steams, including funds that may pay a higher or lower return, may be available to you. TZ NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 10b-16 Effective no earlier than thirty (30) days from your receipt of this statement, the annual rate of interest charged on any credit extended to you by Bear Stearns for the purpose of purchasing, carrying or trading in any security or other property shall be based on either the Bear Stearns Margin Basis Rate, the Bear Stearns Fed Funds Rate or the London Interbank Offering Rate ("LIBOR’), as notified to you upon request, The Bear Stearns Margin Basis Rate will be quoted daily by Bear Stearns at our main office in New York, Factors affecting the determination of the Bear Stearns Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that Bear Stearns is charged for borrowing money, The Bear Stearns Fed Funds Rate is the rate for U.S, dollar funds, as quoted by an independent broker of such funds selected by Bear Stearns for the last transaction completed prior to 9:30 a.m, (Eastern Time) on the business day on which such rate is determined. The annual rate of interest will be no more than 3% above the Bear Stearns Margin Basis Rate or 4% above either the Bear Stearns Fed Funds Rate or LIBOR and will appear on your monthly statements, 027 07/01/08;10:42 001 vasaiP EFTA00196113

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Seror se a seARNS ——— |__ a FINANCIAL TRUST CO INC 34 of STATEMENT PERIOD June 1,2005 THROUGH dune 30, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 i if Bear Stearns makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days’ prior written notice, The annual rate of interest you are charged is tied to the Bear Stearns Margin Basis Rate, the Bear Stearns Fed Funds Rate or LIBOR and may fluctuate with those rates, The changes in rates resulting from this fluctuation will be made without prior notice to you (as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above). Except as described above, the Truth in Lending disclosure previously provided to you remains in effect, /—™ (stop) ****** End of Statement*™***** \ A 027 07/01/08;10:42 001 vasaiP EFTA00196114

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. 0 nN i ACCOUNT EXECUTIVE © GNMA GOVT BOND STATEMENT PERIOD April 30,2005 VISIT OUR WEBSITE wow.bearstearns.com THROUGH May 31, 2005 What’s In This Statement WesalLssebesls ssa one nessa a LAST STATEMENT April 29, 2005 Financial Summary . 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail .....ieseseeeeree 7 6100 RED HOOK QUARTER Trades Not Yet Settled 37 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $122,206 TOTAL VALUE OF SECURITIES THIS PERIOD § «3,052,376 Sash & Equivalent a $180,992 LONG ACCAUED INTEREST 27,070 Fixed $3,052,376 NET CREDIT BALANCE 122,206 Income $2,800,677 atscarecarecsnsease+ 1 sosnsesnsesnsesnsosness s enesenssenssenssenssecess seeueseueeuecetocetsest HE current market value NET EQUITY THIS PERIOD $3,201,652 GQBE Last statement's market value NET EQUITY LAST STATEMENT 3,131,368 CHANGE SINCE LAST STATEMENT 70,283 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 statement should be retained for your records. See reverse side for important information 027 (06/01/08,09:03 001 vara EFTA00196115

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 36 STATEMENT BACKER IS PRINTED ON THIS PAGE 06/01/08;09:03 001 vara EFTA00196116

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 36 Cash Flow Analysis THIS PERIOD $180.992.40 OpeningBalance 1,056,491 ,072.96 1,696,447.33 936,131.00 Securities Sold Dividends/Interest Miscellaneous Amount Credited $1,059,123,651.29 Securities Bought -1,056,980,245.53 Funds Withdrawn -71,505.00 Dividends/Interest Charged -§14,432.42 Miscellaneous -1,616,254.91 Amount Debited $-1,059,182,437.86 Net Cash Activity -58.786.57 Closing Balance $122.205.83 Cash Balance Summary OPENING CLOSING Margin 180,992.40 122,205.83 $180,992.40 $122.205.83 Net Cash Balance Income Summary THS PERIOD U.S. Govt. Bond Int. 766,042.23 Govt. Agency Int. 823,071.67 Corp. Bond Int. 106,943.92 Credit Balance Int. 389.51 Reverse Repurchase Int. 88,412.07 -§14.432.42 -240.018.09 Bond Purchase Int. Repurchase Int. Exp. Portfolio Composition Cash/Cash Equivalent Fixed Income FINANCIAL TRUST CO INC STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 accout nuvecrh | TAXPAYER NUMBER On File YEAR TO DATE LAST STATEMENT — April 29, 2005 3,462,043.46 3,397,846.03 595,471.88 3,223.71 1,082.145.71 -4,940.434.41 -882,877.32 122.206 Your Portfolio 3,052,376 ~ Allocation $3,174,582 Cash & Equivalent 3% — Fixed Income 97% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absokte market value of your portico. 06/01/08;09:03 001 vara EFTA00196117

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 4 of 36 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol Le FINANCIAL TRUST CO INC STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Your Portfolio Holdings account numccr = CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT April 29, 2005 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 122,206 TOTAL CASH & CASH EQUIVALENTS $122,206 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) GOVERNMENT NATIONAL MTG ASSN | MRGN 14,948,788 6.4165 959,183 18,772 614,395 64,0540 SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 4.110% FACTOR = .91792270 GOVERNMENT NATIONAL MTG ASSOC 14,940,760 7,2678 1,085,871 SERIES 2004-041 CLASS SE DATED DATE 06/23/04 BOOK ENTRY ONLY DUE 05/20/2030 FACTOR = .93016410 FEDERAL NATIONAL MTG ASSN | MRGN SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3.910% FACTOR = .52384850 12,733,059 7.9111 1,007,321 8,298 497,863 49,4245 027 (06/01/08,09:03 001 vara EFTA00196118

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. z Steams Securities od STEARNS Se FINANCIAL TRUST CO INC 5 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT April 29, 2005 Your Portfolio Holdings (continued) Government & Agency Obligations (continued) ACCT SCCRUED ESTIMATED DESCRIPTION SYM@OLICUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME FEDERAL NATIONAL MTG ASSN MRGN 1 83,1641 1 SERIES 346 CLASS 1 DATED DATE 11/01/03 BOOK ENTRY ONLY DUE 11/01/2033 FACTOR = 1,00000000 Total Government& Agency Obligations $3,052,376 $27,070 $1,112,258 TOTAL FIXED INCOME $3,052,376 $27,070 $1,112,258 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $27,070 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,112,258 YOUR PRICED PORTFOLIOHOLDINGS $3,174,582 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 DATE RATE PRINCIPAL INTEREST* (FACE AMOUNT) cus DESCRIPTION YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 04/2505 OPEN 0,000 -26,400,000 [RR scnies 2004-5 ciass P 3.8600 02/20/33 FANNIEMAE STRIP (REPO) 05/11/05 3,290 -10,851,000 -20,824 -30,000,000 (RM) scnics 329 class po FANNIEMAE STRIP (REPO} 05/16/05 3,290 -11,334,000 16,572 -30,959,779 [EJ = series 329 class po 027 (06/01/08,09:03 001 vara EFTA00196119

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 6 of 36 Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) PURCHASE: REPURCHASE PRICING PURCHASE PRICE) ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST” (FACE AMOUNT) YOU SOLD {REPO} 05/16/05 06/1 3.290 -14,434,000 -21,105 -23,000,000 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD April 30,2005 May 31, 2005 account numccr (S TAXPAYER NUMBER On File April 29, 2005 THROUGH LAST STATEMENT DESCRIPTION FANNIE MAE STRIPS SERIES 352 CLASS PO 07/01/34 Os1605 O6/1 -3,844,000 -5.620 -20,000,000 FANNIE MAE STRIP SERIES 353 CLASS IO 5.0000 07/01/34 Os1705 O61 -1,008,000 -1,381 -25,000,000 FEDERAL NATIONAL MTG ASSOC SERIES 2003-52 CLASS 4,0100 0 O61 08/17/05 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-30 CLASS 4,1100 02/20/32 os200S 06/10/05 FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 4,9100 03/25/33 -3,800,000 08/25/05 06/10/05 3.290 -3,951,000 -2,527 -20,000,000 08/25/05 06/10/05 3.290 FANNIEMAE STRIP SERIES 346 CLASS PO 11/01/33 FEDERAL HOME LOAN STRIP SERIES 227 CLASS IO 5.0000 12/01/34 08/25/05 -3,000,000 -1,919 -20,000,000 3.290 FREDDIEMAC STRIP SERIES 228 CLASS IO 6,0000 02/01 OS/25'05 OPEN 0.010 1 -9,724,538 FEDERAL HOME LOAN MTG CORP SERIES 2886 CLASS SC 4.2100 07, OS/26/05 -525,000 3.300 YOU PROVIDED (MARGIN) 05/26/05 FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 4,9100 03/25/33 "1 . FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 4,9100 03/25/33 027 (06/01/08,09:03 001 vara EFTA00196120

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = gms Sec; “l STEARNS Se FINANCIAL TRUST CO INC 7 of 36 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT April 29, 2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOU SOLD USTR 4,1250 05/15/15 (REPO) 05/2705 OPEN 2,640 -38,095,000 -14,984 -38,000,000 [x YOU BOUGHT USTR 3,5000 05/31/07 (REVERSE) 05/31/05 OPEN 2,830 $4,000,000 4.245 54,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $54,000,000 $4,245 TOTAL REPURCHASE TRANSACTIONS $-93,178,001 $-90,578 *As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE OATE TRANSACTION ‘SCRIPTION SYMBOLCUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 05/02/05 04/27/05 BOUGHT GOVERNMENT NATIONAL MTG ASSOC | 15,073,792 7.15625 1,078,718 27 SERIES 2004-041 CLASS SE ACCA, INT, 21.153,55 57160000 BS 0502/05 04/28/05 SOLD UNITED STATES TREASURY NOTE ;, -50,000,000 100,05469 50,027,343 ,75 cma. AO 30 ACCR, INT, 9,850.54 TO MATURITY GVER REF # G1181006 Al EDL HOME LOAN MTG CORP#S10110 ; -236,730 SERIES 228 CLASS 10 6,000 DUE 02/01/35 PRINCIPAL REDUCTN 05-15-05 PRINCIPAL 027 06/01/08;09:03 001 vara EFTA00196121

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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 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT UNITED STATES TREASURY NOTE 97,92188 19,584,375 ,00 QUE 02/15/2015 04,000% FA 15 ACCR, INT, 183,425.41 SPECIAL INSTRUCTIONS YIELD 4,262 % TO MATURITY GVER REF # G1267694 A3 WWEB 0509105 05/06/05 BOUGHT UNITED STATES TREASURY NOTE _———er 0.050000 '99,82813 29,948.437.50 2007 03,625% AO 30 ACCA, INT. 26,596.47 z % TO MATURITY GVER REF # G1261032 Al SERIES 2004-035 CLASS SP a . ae 04,210% 37,073.77 57720000 BS AS OF 05/06/05 Sao eT ENTS seeeevensense ss eneeeet | Sa rae” 157408,457 160 a0 seeeeees sseueeneees SETT.OS/04 05,000% 57140000 BS Mee os St ae TT NTT aeeenenaeenss ss enenees — | Sa aise 19,608 865 60 a seneenessssaneeeseees SETT.OS/04 uekes 05.000% 57300000 BS Perea serene catramrnennanen eee snesnenauensssseneeees — | Woo OO ovate 3516878000 seennennssss snsuas: seeenessssaunsensees SETT.OS/05 uals 05.0005 57220000 BS AS OF 04/07/05 TO CXL PREVIOUS SELL 027 06/01/08;09:03 001 vara EFTA00196122

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 9 of 8 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT DEBIT AMOUNT TRADE 0 SYMBOLICUSIP DESCRIPTION DATE TRANSACTION CANCEL BUY MA-3OYR(FNMA)GTD SETT.OS/05 i 05,000% 57140000 BS AS OF 03/31/05 TO CXL PREVIOUS BUY 05/1 CANCEL BUY IMA-30YR(FNMA)GTD -20,000,000 9813281 SETT.OS/0S uke 05,0005 57300000 BS AS OF 04/12/05 TO CXL PREVIOUS BUY MA i| MA) SETT,05/04 57220000 BS NA tA 20,000,000 ~~~ 99,89063.—~—~—*19,978.125.00 —— BS MA-3OYRIFNMA}GTD. 20,000,000 -100.37500~-20,075.000.00 SETT,05/05 57400000 BS IMA-30YR(FNMA)GTD SETT,OS/0S ‘40,000,000 100.25781 40,103,125 00 O5/12/05 04 05 CANCEL SELL 05,500% 57210000 BS AS OF 04/07/05 TO CXL PREVIOUS 027 06/01/08;09:03 001 vara EFTA00196123

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee FINANCIAL TRUST CO INC 10 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBT AMOUNT CANCEL BUY FNMA-3OYR(FNMA)GTD 99.89063 SETT.OS/05 f 05, 500% 57150000 BS AS OF 03/31/05 TO CXL PREVIOUS BUY CANCEL BUY hMA-SOYRIENMA)GTD. “20,000,000 "10037500 7" _ m"""30,075,000,00 SETT.O5/05 15035 05,500% 57400000 BS AS OF 04/12/05 TO CXL PREVIOUS BUY MA-; i SETT,05/05 57210000 BS 05/1 05/0605 SOLD FEDL HOME LOAN MTG CORP#S10110 az “18,365,752 20,43750 3,753,500.73 SERIES 228 CLASS 10 c Bee oS oo0% ACCOR, INT, 33,670 55 57430000 BS ACCRUES ON 1ST, PAYS ON 25TH 05/13/05 05/12/05 SOLD UNITED STATES TREASURY NOTE |; -10,000,000 99,95313 9,995,312,50 . 03,625% AO 30 ACCR, INT, 12,805.71 649 % TO MATURITY GVER REF # G1325905 At 0s/12/05 SOLD UNITED STATES TREASURY NOTE |; -15,000,000 99,95313 14,992,968 ,75 piles 3.625% AO 30 ACCR, INT, 19,208 56 TO MATURITY GVER Ri G1325601 Al 027 06/01/08;09:03 001 vara EFTA00196124

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC 11 of 38 Boar STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE ov PRICE DEBIT AMOUNT NT AMOUNT 99.94531 19,989,062 ,50 ACCR, INT, 25,611 41 TRANSACTION (05 05/12/05 SOLD UNITED STATES TREASURY ee weed te TO MATURITY P G1325547 Al DL HOME LOAN MTG CORPWS10110 SERIES 228 CLASS 10 6,000 DUE 02/01/35 ADJ POS 05/16/05 05/13/05 SOLD UNITED STATES TREASURY NOTE ee -40,000,000 98,57031 39,428,125 ,00 a FA 15 ACCR, INT, 397,790.06 % TO MATURITY #G1333411 Al UNITED STATES TREASURY NOTE | 40,000,000 99,73047 39,892,187 50 ane 04,125% MN 15 ACCA, INT, 4,483.70 % TO MATURITY GVER REF # G1333415 Al DL HOME LOAN MTG CORP#S10110 ee -) SERIES 228 CLASS 10 6,000 DUE 02/01/35 ADJ POSITION NNIE MAE CMOVSERIES 2003-52 ; 17,728,728 8,03125 1,423,838 51 KS-VO_FLTR AT ns 04, 000% ACCA, INT, 44,203.63 57260000 BS 05/17/05 05/12/05 BOUGHT GOVERNMENT NATIONAL MTG ASSN | 24,954,730 7,28125 1,817,016 29 SERIES 2004-30 CLASS SU ACCR, INT 78,794.56 P2032 04,210% oe lead 57300000 BS AS OF OS) 027 06/01/08;09:03 001 vara EFTA00196125

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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 12 of 36 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT FREDDIE MAC CMOVSERIES 2886 8,743,867 8.50000 743,228.73 $C-110 FLTR ait 04,346% ACCA, INT, 3,067.64 57130000 BS SET ETTAETTTSSoaT eT TET a — SERIES 228 CLASS IO 6,000 DUE 02/01/35 y 03.625% AO 30 CCR, INT. 25,611 41 a % TO MATURITY GVER REF # G1393740 Al 05/19/05 SOLD UNITED STATES TREASURY NOTE | -10,000,000 10,029,687 50 peeo 1s 04,125% MN 15 ACCR, INT, 5,604.62 1 MATURITY GVER REF # G1393587 Al 05/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN ; -147,420 SERIES 2004-035 CLASS SP 4,210 DUE 12/20/29 PRINCIPAL REDUCTN 05-20-05 05/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSOC ; -133,032 SERIES 2004-041 CLASS SE DUE 05/20/30 PRINCIPAL REDUCTN 05-20-05 O07 03,625% AO 30 113,281.25 637 "= 10 MATURITY GVER REF # G1404847 AS AS OF 05/20/05 UNITED STATES TREASURY NOTE ;, -20,000,000 99,96094 19,992,187 ,50 =u 03.625% AO 30 ACCR, INT, 45,312.50 f TO MATURITY GVER REF # G1403009 Ai 027 06/01/08;09:03 001 vara EFTA00196126

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = gms Sec; “l STEARNS Se FINANCIAL TRUST CO INC 13 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 08/2405 05/23/05 SOLD UNITED STATES TREASURY NOTE -13,000,000 100,03125 13,004,062 50 : 03,625% AO 30 ACCR, INT, 30,733.70 807 TO MATURITY GVER REF # G1434596 Al So TT TCC” ae TC eae eT ae eee arevminnnn a: MN 15 ACCR, INT. 10,088.31 % TO MATURITY Ri G1434606 Al 3,362.77 04,125% MN 15 % TO MATURITY GVER REF # G1443571 Al 296,514.01 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 04-05 P/D 05-25-05 REPOP &| 00,0000 a erry mn eer Tee rey SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 04-05 P/D 05-25-05 REPOP &! 0.0000 DERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 3,980 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-05 306,000.26. "250.651. PRINCIPAL SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 04-05 P/D 05-25-05 REPOP&!l 0,0000 027 06/01/08;09:03 001 vara EFTA00196127

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = Steams Secu “l STEARNS Se FINANCIAL TRUST CO INC 14 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 05/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 137,824.76 SERIES Fah CLASS 1 DUE 11/0 1 PRIN A/D ba 05 P/D 05-25-05 REPOP&!l 0,0000 DERAL NATIONAL inte ASSN “ee | . . ‘ 346,726.61 — SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 04-05 P/D 05-25-05 REPOP&!l 0,0000 UNITED STATES TREASURY NOTE —"_—————eF000%000""""sa%ss609™ 10,999,570.31 03,625% AO 30 ACCA, INT, 29,256.12 % TO MATURITY GVER REF # G1464298 BI UNITED STATES TREASURY NOTE = $0,000,000 99,99609 49,998,046 .88 : 03,625% AO 30 ACCA, INT, 132,982,33 TO MATURITY GVER REE # G1464298 AT 0527105 05/26/05 BOUGHT UNITED STATES TREASURY Nore eS“ fo" F00'37 708 15,085.664.06 opis 04,125% MN 15 ACCA, INT, 20,176.63 0 MATURITY GVER REF # G1464843 AT SERIES 346 CLASS 1 QUE 11/01/33 ADJUST POSITION juuennene ssc anennesanan: eveeenn FEDERAL NATIONAL MTG ASSN SERIES ae CLASS 1 DUE 11 G SERIES 227 CLASS 10 §,000 DUE 12/01/34 ADJUST POSITION 027 06/01/08;09:03 001 vara EFTA00196128

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 15 of 8 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT April 28, 2005 SETTLEMENT TRADE m QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT DATE OATE TRANSACTION DESCRIPTION JOURNAL DL H LOAN MTG CORP#S10110 1 SERIES 228 CLASS 10 6,000 DUE 02/01/35 ADJUST POSITION ani o oT BOUGHT UNITED STATES TREASURY NOTE 36,000,000 99,.74219 35,907,187 .50 comerecanll MN 31 % TO MATURITY GVER Ri G1464831 Al A % TO MATURITY GVER REF # G1464297 B1 eunee sts annane oneness ana " yeannene st iaans anes cs anneeeee a SOLD UNITED STATES TREASURY NOTE | -25,000,000 99,71875 24,929,687 ,50 DUE 05/31/2007 03,500% MN 31 SPECIAL INSTRUCTIONS YIELD 3,647 % TO MATURITY GVER REF # G1472531 A3) WWEB AS OF 05/27/05 serene unnnenntnennane eee irene nee srremmetnses enue eeeesenseeeees ett eee soe seen ee saree Y 03,500% MN 31 A 2 TO MATURITY GVER REF # G1464297 Al TOTAL $-399,685,909.86 $473,974,623.67 027 06/01/08;09:03 001 vara EFTA00196129

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee FINANCIAL TRUST CO INC 16 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT — April 29, 2005 DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 05/25/05 FND WIRED MDA# GV168194 FNDS WIRED TO 71,505.00 BANK C#264533 TOTAL $-71,505.00 INTEREST DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CAEDIT AMOUNT 05/02/05 AVGBAL 244,990 AT 1.908 389,51 021 OFFICE INTEREST 0405 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 04-05 P/D 05-15-05 REPOP&!l 5,0000 5.0000 10,111,588 FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 04-05 P/D 05-15-05 REPOP&l 5,0000 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 04-05 P/D 05-15-05 REPOP&l 5.0000 nse vaane DL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO QUE 12/01/2034 5,000 INT A/D 04-05 P/D 05-15-05 REPO P &! 0000 a0 5.0000 20,223.15 05/1605 — FEDL HOME LOAN MTG CORP#S10109 x §,0000 10,111.58 027 06/01/08;09:03 001 vara account numccr (S EFTA00196130

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS Se FINANCIAL TRUST CO INC 17 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — April 29, 2005 DESCRIPTION SYMBOUCUSIF QUANTITY RATE (5) DEBIT AMOUNT CAEDIT AMOUNT FEDL HOME LOAN MTG CORP#S10109 5.0000 34,379.36 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 04-05 P/D 05-15-05 REPOP&l 5.0000 Di HOME LOAN MTG CORPHS10110 _ — ee 6.0000 14,129.41 SERIES 228 CLASS 10 DUE 02/01/2035 6,000 INT AID 04-05 PID 05-15-05 REPO P&I 6.0000 G SERIES 228 CLASS IO INT A/D 04-05 P/D 05-15-05 REPOP&l 6,0000 — QUE 02/01/2035 6,000 — FEDL HOME LOAN MTG CORP#S10110 6,0000 47,098 03 SERIES 228 CLASS IO QUE 02/01/2035 _ 6,000 INTEREST PAYMENT 05-15-05 05/16/05 DL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 QUE 02/01/2035 6,000 INT A/D 04-05 P/D 05-15-05 REPOP&!l 6,0000 6,0000 94,196.06 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 3,960 INT A/D 04-05 P/D 05-20-05 REPOP&!l 3,9600 — : 3.9600 58,080.00 — SERIES 2004-5 CLASS PS DUE 02/20/2033 3,960 INT A/D 04-05 P/D 05-20-05 REPOP&! 3.9600 027 06/01/08;09:03 001 vara EFTA00196131

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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 18 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — April 29, 2005 DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CAEDIT AMOUNT GOVERNMENT NATIONAL MTG ASSN 4.2100 87,549.51 SERIES 2004-30 CLASS SU QUE 02/20/2032. 4,210 INT A/D 04-05 P/D 05-20-05 REPOP&l 4,2100 05/20/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP DUE 12/20/2029 4.210 INTEREST PAYMENT 05-20-05 4.2100 52,962.53 SERIES 2004-041 CLASS SE DUE 05/20/2030 _ 0,000 INTEREST PAYMENT 05-20-05 ANNIE MAE CMO/SERIES 2003-13 | 4,9800 53,471 96 7 | S RCA-VO FLIR QUE 03/25/2033 4,980 INT A/D 04-05 P/D 05-25-05 REPOP&l 4,9800 NNIE CMO/SERIES 2003-13 S$ RCR-VO FLIR QUE 03/25/2033 4,980 INT A/D 04-05 P/D 05-25-05 REPOP&l 4,9800 4,9800 53,471.96 DERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW QUE 01/25/2033 _ 3,980 INTEREST PAYMENT 05-25-05 3.9800 43,062.64 KS-/0 FLIR QUE O7/25/2017_ 4,080 4-05 P/D 05-25-05 | 4,0800 027 06/01/05;09:03 001 vara account numccr (S EFTA00196132

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 19 of 38 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Sec: Co 1 Le FINANCIAL TRUST CO INC STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — April 29, 2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 05/25/05 FEDERAL NATIONAL MTG ASSN 5.0000 78,180.13 SERIES 353 CLASS 2 QUE 07/01/2034 5,000 INT A/D 04-05 P/D 05-25-05 REPOP&!l 5,0000 TOTAL $896,734.55 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE Darl DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY CERIT AMOUNT CREDIT AMOUNT 05/02/05 RECEIVED UNITED STATES TREASURY NO’ 50,000,000 50,125,000 .00 DUE 04/30/2007 3,625 3,625 i007 FITM Al RESALE AGI T SERIES 227 CLASS 10 5,000 TERM Re! GHEEMENT JOURNAL FEDL HO SERIES 227 CLASS 10 FITM Al REPO A 05/03/05 JOURNAL FEDL HO SERIES 228 CLASS 10 6,000 O35 FITM A2 TERM RE MENT -2.354,901 JOAN MTG CORP#S10110 SERIES 228 CLASS 10 6,000 DUE 02/01/35 FITM F1233173 Al REPO AGREEMENT OAN MTG CORP#S10109 zz -1,456,066 312,000.00 OAN MTG CORP#S10110 7 6,593,724 06/01/08;09:03 001 vara EFTA00196133

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 20 of 8 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT -4,238,822 660,862 473,000.00 05/04/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/04 FITM AZ TERM Re (GHEEMENT INTEREST FEDERAL NATIONAL MTG ASSN 1,214,03 SERIES 346 CLASS 1 DUE 114 0,000 FITM AZ EPO I SERIES 228 CLASS 10 | 6,000 DUE 02/01/35 a 2,295,719 FITM F1233173 A2 TERM ‘0 AGREEMENT a SUT ae SERIES 228 CLASS 10 6,000 yO 35 -2,295,719 423,000.00 FITM JOURNAL 60,000,000 59,400,000 .00 027 06/01/08;09:03 001 vara EFTA00196134

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar 21 of 36 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) ow TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT April 29, 2005 SETTLEMENT TRADE ov DATE QUANTITY 20,000,000 CREDIT AMOUNT ON UNI STATES TREASURY Nt DUE 04/30/2007 —_ 3,625 3,625 S007 20,000,000 .00 "50,125,000 00 “50,000,000 STATES TREASURY Nt DUE 04/30/2007 3,625 3,625 e007 FITM A2 TERM RESALE EEMENT 41.365,50 INTEREST STATES TREASURY NO 05/09/05 INTEREST 10 STATES TREASURY Nt DUE ne 625 05/11/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 (GHEEMENT M SERIES 329 CLASS PO DUE 01/01/33 STRIP a _ 15,062,892 10,583,000 ,00 es 05/11/05 ‘ JOURNAL "FEDERAL NATIONAL MTG ASSN “4.553,000.00 SERIES 346 CLASS 1 DUE 11/0u FITN Az TERM REPO AGREEMENT 027 06/01/08;09:03 001 vara EFTA00196135

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 22 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY OESIT AMOUNT CREDIT AMOUNT 05/11/05 JOURNAL FEDERAL NATIONAL MTG ASSN -6.463,537 SERIES 346 CLASS 1 DUE 114 Lscull JOAN MTG CORP#S10109 1.445.460 312,000.00 SERIES 227 CLASS 10 5.000 th FITM AZ TERM REPO AGREEMENT SERIES 227 CLASS 10 5,000 OS FITM AZ TERM Rei ul IENT 4,818,200 1,143,000 00 AZ TERM Re ul IENT rar nar aammaeermeeenenenee . . oe sernrnnnaneninaempeeenenenene 4 sesveceeceeseesseseeeses+ srenenenenen ene “soreernes ss secseceecescessecees B1 SUNT ee . . oe sreeenenenennn Sus 00078 JOURNAL SERIES 228 CLASS 10 6,000 yO 35 FITM, Al REPO AG: 027 06/01/08;09:03 001 vara EFTA00196136

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 23 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE OESIT AMOUNT SYMBOUCUSIP CREDIT AMOUNT TRANSACTION 2,295,719 05 INTEREST FEDERAL NATIONAL MTG ASSN pai 329 CLASS PO DUE 014 ay.000 Fi aM 27,603 ,99 ones 346 CLASS 1 UE 0. INTEREST JOAN MTG CORP#S10109 228,11 JOAN MTG CORP#S10109 05/11/05 INTEREST 1,222 08 ‘05 INTEREST JOAN MTG CORP#S10109 2,981 32 SERIES 227 CLASS 10 DUE 12) 5,000 FITM i AZ DUE 024 6.000 AZ 027 06/01/08;09:03 001 vara EFTA00196137

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 24 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 18,365,752 . O35 ek TERM Re GHEEMENT ae eREST Saas BANAT CORPS AA gg emcee SERIES 228 CLASS 10 DUE O2/04e 6,000 FITM 2 IES 228 CLASS 10 6,000 135 STATES TREASURY Nt DUE 04/30/200' 3.625 3,625 el07 -20,000,000 20,000,000 00 DELIVERED a D STATES TREASURY NO eee" ES\000;000 65,162,500 .00 P| a DUE 04/30/2007 73-825 Al i) T SERIES 227 CLASS 10 5,000 nate -2.409,100 516,000.00 E o SERIES 227 CLASS 10 5,000 h FITM AZ TERM Re (GHEEMENT 027 06/01/08;09:03 001 vara EFTA00196138

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC 25 of 38 Boar STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE Dy DATE iON (05 INTEREST UNI STATES TREASURY Nt jeanne ssc aneannnenneny yeni naan 05/13/05 INTEREST FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 QUANTITY CREDIT AMOUNT 5,394.44 oo 1,459.50 a DUE 12/048 5,000 a 05/16/05 JOURNAL FEDERAL NATIONAL MTG ASSN 15,544,793 11,174,000 .00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM cz TERM Rei (GHEEMENT FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP JOURNAL > —— "15,544,793 — a 71,334,000 .00 05/16/05 , JOURNAL - FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 mth FITM o1 ‘0 AGI "19.964,443 "14,434,000 -00 SERIES 352 CLASS 1 0,001 01 FITM AZ TERM Re (GREEMENT FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5.000 rn FITM ct REPO AG JOURNAL “18577.270 027 06/01/08;09:03 001 vara EFTA00196139

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 26 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 05) JOURNAL FEDERAL NATIONAL MTG ASSN 18,577,270 4,211,000 IES 353 CLASS 2 000 poke TERM Re GHEEMENT JOAN MTG CORP#S10109 05 JOURNAL FEDL HOI SERIES 227 CLASS 10 5,000 nek a a "B.190,940 1,729,000 .00 0 AGI SERIES 227 CLASS 10 5,000 OS FITM BZ TERM Rei ul IENT 2,754,862 528,000.00 AZ TERM Re ul IENT 4.132.294 747,000.00 JOAN MTG CORP#S10110 SERIES 228 CLASS e FITM AZ TERM Re ul ENT 6,887,157 1,190,000 .00 05/16/05 JOURNAL FEDL HOI OAN MIG CORP#S10110 SERIES 228 CLASS 10 6,000 yO 35 4,000 TSS TERM REPO AGREEMENT seunaueennen 1c aunnaenensusnseenene (11s suenaeaeneeaneny JOURNAL -40,000,000 39,900,000 .00 027 06/01/08;09:03 001 vara EFTA00196140

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 27 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) accout wuccr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 05) INTEREST FEDERAL NATIONAL MTG ASSN oes 329 CLASS PO DUE 014 oo 000 FM FEDERAL NATIONAL MTG ASSN SE aes 352 CLASS 1 DUE 071 0.001 AZ INTEREST INTEREST FEDL HO aso ml ™ . mnenn3,955,67 SERIES 227 CLASS 10 | li == INTEREST FEDL HOME LOAN MTG GORPWS10110 SERIES 228 CLASS 10 887,48 1,136.96 JOAN MIG CORP#S10110 SEI rat 228 CLASS 10 6 INTEREST Au LI 027 06/01/08;09:03 001 vara EFTA00196141

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 28 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) ow TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT April 29, 2005 SETTLEMENT TRADE ov DATE CREDIT AMOUNT TRANSACTION FANNIE MAE CMOVSERIES 200: 1,008,000 .00 KS-I/0 FLTR oT Al "7'340,000 .00 "24.954,730 T NATIONAL MTG ASSN 08/17/05 JOURNAL SERIES 2004-30 CLASS SU 4.210 032 FITM BI REPO AG JOURNAL FEDL HOME LOAN MTG GORPWS10110 SERIES 228 CLASS 10 6,000 O35 “8.743,867 — ” §94,000,00 FREDOIE MAC CMGISERIES 2886 $C-WO FLIR 4.210 ig FITM Al EPO AGI FANNIE MAE CMOSERIES 2003-13 § RCR-U/O FLTR FITM A2 TERM Re ie] ENT S$ RCR-I/0 FLTR JOURNAL a i “6,428,013 “ve aon 113,000 .00 a "35,769,620 05/20/05 ‘ JOURNAL “12.884,810 027 06/01/08;09:03 001 vara EFTA00196142

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 29 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE ov DATE OESIT AMOUNT CREDIT AMO! ON UNI STATES TREASURY Nt DUE 04/30/2007 —_ 3,625 3,625 S007 ""'78/292,500 .00 STATES TREASURY Ni 78,000,000 DUE 04/30/2007 3,625 3,625 M007 “30,000,000 ™ menn"""99,925,000 ,00 JOURNAL JOURNAL ATES TREASURY Ni ee 40,000,000 39,900,000 .00 — A2 4,125 TSS TERM REPO AGREEMENT 05/20/05 INTEREST INTEREST STATES TREASURY NOTE +} 4.125 A2 STATES TREASURY Nt DUE 04/30/2007 3,625 3,625 07 FITM Al ie} UNITED STATES TREASURY NOTE DUE 04/30/2007 3,625 | 48,000,000 48,180,000 .00 -78,000,01 DELIVERE! 027 06/01/08;09:03 001 vara EFTA00196143

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar, St 30 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT April 29, 2005 SETTLEMENT = TRADE o DATE c ON QUANTITY CREDIT AMOUNT INTEREST UNI STATES TREASURY Ni 17,681 ,06 DUE a a in ten -48,000,000 48,180,000 .00 FITM Al jeenii janeaani jannnans ae JOURNAL -20,000,000 20,050,000 .00 ee ie 61,000,000 61,305,000 .00 ee 30,000,000 29,925,000 .00 05/24/05 = JOURNAL 0 INTEREST 602,25 05/24/05 = INTEREST 9,800.44 JOURNAL FEDERAL NATIONAL MTG ASSN —_* 647,064 "479,000.00 SERIES 346 CLASS 1 DUE 114 FITM A2 TERM MENT 027 06/01/08;09:03 001 vara EFTA00196144

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 31° of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY OESIT AMOUNT CREDIT AMOUNT 05/25/05 JOURNAL FEDERAL NATIONAL MTG ASSN "7,110,602 SERIES 346 CLASS 1 DUE 11/04 FITM Al 0 AG 05/25/05 JOURNAL FEDERAL NATIONAL MTG AssN SSCS" 7 4.666.000 .00 SERIES 346 CLASS 1 DUE 11/04 FITN c2 TERM REPO AGREEMENT SERIES 227 CLASS 10 5,000 OS FITM A2 TERM Rei ul IENT 8,190,940 1,729,000 00 FITM B2 TERM Re ul IENT 8.672.760 1,887,000 .00 JOAN MTG CORP#S10109 SERIES 227 CLASS 10 FITM B2 TERM Re ul IENT 05/25/05 JOURNAL FEDL HOI OAN MIG CORP#S10109 SERIES 227 CLASS 10 5,000 net -19,272,801 3,951,000 .00 4,210 oid FITM. Al REPO AG: 027 06/01/08;09:03 001 vara EFTA00196145

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 32 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 05/25/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 8,743,867 594,000.00 SC-WO FLTR 4,210 ESTA}: ) FITM A2 TERM Re (GHEEMENT JOAN MTG CORP#S10110 918,287 162,000.00 05/25/05 JOURNAL FEDL HOI SERIES 228 CLASS 10 6,000 yO 35 FITM A2 TERM Re (GHEEMENT SERIES 228 CLASS 10 6,000 O35 FITM A2 TERM Rei ul IENT 2,295,719 415,000.00 TERM Re ul IENT 6.428.013 1,173,000 ,00 JOAN MTG CORP#S10110 SERIES 228 CLASS e FITM A2 TERM Re ul ENT 052505 SOURNAL Saas CAAT CORDS A TS BETES SOON Oa te tetenennnencecenennenenenn S 228 CLASS MY SERIE: 6,000 FITM A2 TERM Re (GREEMENT E o SERIES 228 CLASS 10 6,000 O35 FITM, B1 REPO AG: 027 06/01/08;09:03 001 vara EFTA00196146

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CLEARED THROUGH ITS SUBSIDIARY WHOLLY OWNE! OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 33 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE QUANTITY CREDIT AMOUNT SYMBOLCUSIP 05 | -23,000,000 23,143,750 .00 5 INTEREST FEDERAL NATIONAL MTG ASSN | 5,969.89 SERIES 346 CLASS 5 DUE 11) 7 lel P#S10109 565.88 BUE I 2H 5,000 A2 DUE PI INTEREST a 1,422.10 CMOVSERIES 2886 | 380,00 05/25/05 INTEREST FREDOIE MAC sc-0 FLTR DUE 07/ fet FIM 027 06/01/08;09:03 001 vara EFTA00196147

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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 34 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT April 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION 05/25/05 INTEREST QUANTITY CREDIT AMOUNT 426,05 JOAN MTG CORP#S10110 SE _ 228 CLASS 10 DUE 0: 6 05/25/05 INTEREST INTEREST JOAN MTG CORP#S10110 978,78 INTEREST FEDL HOI JOAN MTG CORP#S10110 Tae 228 CLASS ° 05/25/05 INTEREST D STATES TREASURY NO 4.125 A2 1,598.43 S$ RCR-O FL TR TERM ra MENT 027 06/01/08;09:03 001 vara EFTA00196148

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS 35 of 38 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE ov DATE QUANTITY 6,318,034 FANNIE MAE CMOYSERIES 200: S$ RCR-I/0 FLTR FANNIE MAE CMOVSERIES 2003-13 § RCA-VO FLTR 4,910 FITM Al REPO AG: UNITED STATES TREASURY NO DUE 04/30/200' 3.625 3,625 el07 A2 MENT ‘05127105 05/27/05 JOURNAL INTEREST INTEREST UNITED STATES TREASURY Ni DUE 05, 4.125 FM — A2 I "6.318,034 23,000,000 - TREASURY ee -38,000,000 Al 06/01/08;09:03 001 WHOLLY OWNED SUBSIDIARY Boar, St FINANCIAL TRUST CO INC STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT April 29, 2005 CREDIT AMOUNT 525,000.00 61,305,000 "00 vara EFTA00196149

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PRN. WaT com 36 of 38 STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE DATE CREDIT AMOUNT DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOL UNITED STATES TREASUR' $4,000,000 54,000,000 DUE 05/31/2007 3,500 3,500 407 TOTAL $-657,608,768.09 $583,316,162.07 MISCELLANEOUS DATE MaDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 05/02/05 JOURNAL FRCMOY A/C 153,010,50 aT tT a nea 5 sssssssssssnssnsenesasss + suseneeacsacsncensennses: serenenennnan oe “SO JOURNAL FR CMDY A‘ 70,660.50 05/10/05 JOURNAL Fa cmoy Ac 109,576.00 05/12/05 = JOURNAL To cupy Ac 173,287 00 JOURNAL FNMA-3OYR(FNMA)GTD 43,750.00 SETT.OS/05 5.000 DUE 05/01/35 MBS NET 05/12/05 1000 gununennenenngennengn sis aeenesnensennennennan (01s aeenengennengengenggn 011 angeeueennenaeneeggn (111 eueeeeesgengeegenggns (111 enneseesaeseesaesagy FNMA-3OYR(FNMA)GTD 50,000.00 SETT.OS/05 5.500 DUE 05/01/35 MBS NET 05/12/05 05/16/05 JOURNAL Tocmpy Ac iy 106,290 ,00 05/1905 = JOURNAL Tocmpy vc 611,641.50 027 06/01/08;09:03 001 vara EFTA00196150

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 37 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File MISCELLANEOUS (continued) LAST STATEMENT — April 29, 2005 OATE MarDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 05/20/05 JOURNAL FR CMDY 05/2305 JOURNAL rr cmoy AC 127,115.50 05/2405 JOURNAL Tocmpy Ac iy 154,789.50 05/25105 JOURNAL APR OS SPEC CLEARING Fi 1,600,00 CORRECT PRIOR ENTRY 5/25 APR OS SPEC CLEAR FEES 05/26/05 JOURNAL TO CMDY A/C 56,300 ,00 05/27/05 JOURNAL FRcMOY AC 95,850.00 05/31/05 JOURNAL FR CMDY A‘C | 950.00 TOTAL $-1,616,254.91 $936,131.00 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 0602/05 O5/27/05 BOUGHT ALTERNATIVE LOAN TRUST 37,701,414 00 2,1562 827,671.71 -30CB yd 1-4-8 57050000 BS 027 06/01/08;09:03 001 vara EFTA00196151

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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 38 of 38 STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT April 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 07/14/05 O5V06/05 SOLD FNMA 30¥R TBA GID -30,000,000 ,00 98,5195 29,555,859 ,38 SETT, O7/05 a f 05,000% 57440000 BS . f ) SETT.O7/06 3 ‘ 05,500% 57050000 BS BOUGHT FNMA-30YR(FNMA)GTD 30,000,000 ,00 101 30,300,000 ,00 SETT.O7/06 3 : 5.500% 57100000 BS FNMA-SOYR(FNMA)GTD SETT,07/06 -30,000,000 .00 30,154,687 ,50 05.500% 57450000 BS O7/14/05 O5/26/05 SOLD IMA-30YR(FNMA)GTD ~60,000,000 ,00 100.9531 60,571,875 ,00 SETT,O7/06 57180000 BS TOTAL $61,387,827.96 $120,282,421.88 The above trades do not appear in any other section of this statement [stop] ****** End of Statement™***** o27 06/01/05,09:03 001 vara EFTA00196152

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. 1 Stag vities Con ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERIOD April 1, 2005 VISIT OUR WEBSITE ww.bearstearns.com THROUGH April 29, 2005 What’s In This Statement Wasa dessleslalsnssslil one nessa a LAST STATEMENT March 31, 2005 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 jasussssanees 36 STE B3 ST THOMAS Vi 00802 Your Portfolio at a Glance Market Value of Your Portfolio $180,992 TOTAL VALUE OF SECURITIES THIS PERIOD «2,900,677 “#8h & Equvalent “FN LONG ACCRUED INTEREST 49,699 Fixed 900,677 NET CREDIT BALANCE 180,992 Income $3,555,615 atscarecarecsnsense+ 1 sosnsesnsesnsesnsosness s snesenesenssenssenssecess seesesenesetesetecetees! HE current market value NET EQUITY THIS PERIOD $3,131,368 GBR Last statement's market value NET EQUITY LAST STATEMENT 3,471,276 CHANGE SINCE LAST STATEMENT -339,907 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 statement should be retained for your records. See reverse side for important information o27 04/3005;11:24 001 var? EFTA00196153

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of a7 STATEMENT BACKER IS PRINTED ON THIS PAGE 04/30108;11:24 001 EFTA00196154

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS 3 of a7 Cash Flow Analysis THIS PERIOD OpeningBalance $77,667.54 Securities Sold 1,359,111,947.26 Dividends/Interest 852,373.23 Miscellaneous 2,204,993.35 Amount Credited $1,362.169,313.84 Securities Bought -1,358,335,855.07 Dividends/Interest Charged -925,716.62 Miscellaneous -2,804.417.29 Amount Debited $-1,362,065.988.98 103,324.86 Cash Balance Summary OPENING CLOSING Margin 77,667.54 180,992.40 Net Cash Balance $77,667.54 $180.992.40 Income Summary THS PERIOD U.S. Govt. Bond Int. 185,544.78 Govt. Agency Int. 552,438.36 Corp. Bond Int. 113,515.89 Credit Balance Int. 874.20 Reverse Repurchase Int. 167,202.34 Bond Purchase Int. -925.716.62 Repurchase Int. Exp. -242.166.81 Portfolio Composition Cash/Cash Equivalent Fixed Income YEAR TO DATE 2,696,001.23 2,574,774.36 488,527.96 2,834.20 993,733.64 -4,426,001.99 -642,859.23 180,992 2,900,677 04/30108;11:24 001 $3.081.669 FINANCIAL TRUST CO INC STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 Your Portfolio Allocation Cash & Equivalent 5% — Fixed Income 95% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absokte market value of your portico. var? EFTA00196155

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. z Steams Securities od STEARNS ee FINANCIAL TRUST CO INC 4 oa STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Your Portfolio Holdings ow —— CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 MARKET ESTIMATED (QURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 180,992 TOTAL CASH & CASH EQUIVALENTS $180,992 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL NATIONAL MTG ASSN ;, MRGN 12,983,710 8,0124 1,040,305 5,741 516,752 49,6731 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3,980% FACTOR = .53416049 FEDL HOME LOAN MTG CORP#S10110 9,419,607 19.7500 1,860,372 43,958 565,176 30,3797 SERIES 228 CLASS 10 DATED DATE 02/01/05 BOOK ENTRY ONLY DUE 02/01/2035 6.000% FACTOR = ,94196062 Total Government& Agency Obligations $2,900,677 $49,699 $1,081,928 TOTAL FIXED INCOME $2,900,677 $49,699 $1,081,928 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $49,699 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,081,928 YOUR PRICED PORTFOLIOHOLDINGS $3,081,669 o27 04/3005;11:24 001 var? EFTA00196156

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. z Steams Securities od STEARNS FINANCIAL TRUST CO INC 5 of a7 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 * account numccr = Repurchase and Reverse Repurchase Transactions TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT March 31, 2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 02/07/05 OPEN 0,000 -50,000,000 SERIES 2003-13 CLASS 4,9800 03/25/33 YOU SOLD FANNIEMAE STRIP (REPO) 04/04/05 05/04/05 3.080 -473,000 -1,133 -910,000 SERIES 346 CLASS PO FANNIEMAE STRIP (REPO} O41105 O5/11/05 -10,583,000 -19,322 -30,000,000 SERIES 329 CLASS PO 12/01/32 FANNIEMAE STRIP Le | | H.C SERIES 346 Class PO 11/01/33 Leer Le (REPO} O4110S O5/11/05 FEDERAL HOME LOAN STRIP SERIES 227 CLASS IO 5.0000 12/01/34 (REPO} o4110S o5/11/05 YOU SOLD FEDERAL HOME LOAN STRIP {REPO} 1305 05/13/05 3.150 -556,000 -924 -2,500,000 SERIES 227 CLASS IO 5.0000 12/01/34 YOU SOLD FANNIEMAE STRIP SERIES 329 CLASS PO 05/16/05 3.180 -11,174,000 -16,779 -30,959,779 FEDERAL HOME LOAN STRIP SERIES 227 CLASS IO $,0000 12/01/34 You SOLD FANNIE MAE STRIP (REPO) 15105 05/1 3,180 -4,211,000 6.323 -20,000,000 (RR) series ss3.ciass io 5.0000 07/01 You SOLD FREDDIEMAC STRIP (REPO) 1505 Os/1 3,180 -3,665,000 -5.503 -20,000,000 (RRM) series 228 class io 6.0000 02/01 You SOLD FANNIE MAE STRIPS (REPO) 04/2008 05/1 3,200 -14,660,000 -15,637 -23,000,000 [RM senics 352 class po 07 (REPO} 04/2205 05/1 3,230 -1,837,000 -1,648 -8,500,000 027 04/3005;11:24 001 var? EFTA00196157

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee FINANCIAL TRUST CO INC 6 of a7 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions (continued) FEDERAL HOME LOAN STRIP SERIES 227 CLASS IO 5.0000 12/01/34 YOU PROVIDED (MARGIN) with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT March 31,2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOu SOLD FREDDIEMAC STRIP (REPO) 04/2205 O51 3,230 -528,000 -A73 -3,000,000 [RRM senics 228 class 10 6.0000 02/01/35 YOU PROVIDED FREDDIEMAC STRIP (MARGIN) 04/22/05 OPEN 0,000 -7,000,000 (RR) = Senics 228 class 10 6.0000 02/01/35 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 04/25/05 OPEN -26,400,000 [RJ senics 2004-5 ciass P 3.9500 02 You SOLD FEDERAL HOME LOAN STRIP (REPO) 04/2505 05/11/05 -536,000 -534 HA). SERIES 227 CLASS 10 5,0000 12/01/34 OPEN YOU SOLD USTR 4,0000 02/15/15 OPEN 04/29/05 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 TOTAL REPURCHASE TRANSACTIONS $-113,319,000 $-92,287 "As of statement date 027 04/30108;11:24 001 var? EFTA00196158

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = Steams Secu “l STEARNS Se FINANCIAL TRUST CO INC 7 ofa STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT = March 31, 2005 SETTLEMENT = TRADE o DEBIT AMOUNT EASURY NOTE 50,000,000 98,73047 49,365,234 .38 03,000% JD 30 ACCA, INT, 377,071 ,82 he % TO MATURITY GVER REF # GO901002 Al TRANSACTION SYMBOLICUSIP NT AMOUNT SCRIPTION UNITED STATES TR UNITED STATES TREASURY NOTE "30,000,000 99,91406 29.974.218.75 : 03,750% MS 31 ACCOR, INT, 3,073.77 03/31/05 z % TO MATURITY GVER REF # GO901006 Al 04101105 SOLD” me" UNITED STATES TREASURY NOTE “50,000,000 -99,97406 49,957,031 25 03,750% MS 31 ACCR, INT, 5,122.95 TO MATURITY GVER REF # GO901006 BI DL HOME LOAN MTG CORPHS10110 "335,609 SERIES 228 CLASS 10 6,000 DUE 02/01/35 PRINCIPAL REDUCTN 04-15-05 BOUGHT UNITED STATES TREASURY NOTE 40,000,000 96.7343 38,693,750 .00 ACCA, INT, 229,834 ,25 04/08/05 QUE 02/15/2015 04,000% FA 15 SPECIAL INSTRUCTIONS YIELD 4,412 % TO MATURITY GVER REF # GO970029 A7 AS OF 04/07/05 SETT, 04/05 12035 05,000% 57130000 BS "97.71094 9.771,.093.75 04/1305 03/14/05 BOUGHT 10,000,000 57280000 BS 027 04/30108;11:24 001 var? EFTA00196159

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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 8 oa STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE DATE OATE CREDIT AMOUNT SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 10,000,000 TRANSACTION CANCEL SELL DESCRIPTION SETT, 04/05 r 05,000% 58030000 BS AS OF 03/08/05 TO CXL PREVIOUS CANCEL SELL "75,000,000 97.92188 14,688,281 25 7380000 BS AS OF 03/09/05 TO CXL PREVIOUS SETT, 04/05 57140000 BS CANCEL SELL FNMA 30YR GTD 20,000,000 97,65625 SETT, 04/05 19,531,250 .00 05,000% 57080000 BS AS OF 03/14/05 TO CXL PREVIOUS | 20,000,000 97,91016 19,582,031 ,25 57000000 BS AS OF 03/18/05 Saar mm re wa 57080000 BS AS OF 03/18/05 TO CXL PREVIOUS 027 04/30108;11:24 001 var? EFTA00196160

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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 9 of 37 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE DATE OATE DEBIT AMOUNT 19,598.43 CREDIT AMOUNT SYMBOLICUSIP TRANSACTION CANCEL SELL DESCRIPTION 20,000,000 SETT, 04/05 r 05,000% 7320000 BS AS OF 03/09/05 TO CXL PREVIOUS CANCEL SELL "30,000,000 98,53125 19,706.250 .00 57670000 BS AS OF 03/08/05 TO CXL PREVIOUS SETT, 04/05 57140000 BS FNMA 30YR GTD 50,000,000 97,39844 SETT, 04/05 48,699,218 .75 05,000% 7320000 BS "000,000 97.93359 4,896,679 69 CANCEL BUY 57130000 BS AS OF 03/16/05 TO CXL PREVIOUS BUY 9,771,093 .75 | -10,000,000 97,71094 05 CANCEL BUY IMA 30¥R GID SETT, 04/05 D205 05, 000% 57280000 BS AS OF 03/14/05 TO CXL PREVIOUS BUY 027 04/30108;11:24 001 var? EFTA00196161

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 10 of 7 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT =» March 31, 2005 SETTLEMENT TRADE o TRANSACTION DEBIT AMOUNT NT AMOUNT 0,000,000 98.46875 9.846.875 00 SET, 04/05 Bass 05,000% 52030000 BS MA 30YR GID i “15,000,000 "9792188 14,688,281 25 SETT, 0405 1055 05,000% 57380000 FNMA 30YR GID _ —— 8€=—slr 20,000,000 "97757813 19,515,625 ,00 SETT, 04/05 1055 05,000% 57140000 BS AS OF 03/15/05 “93/1405 "SOLD —_ "20,000,000" 97"65625 “9.531.250 00°” 03/18/05 zz 20,000,000 97,91016 19,582,031 .25 S7000000 BS SETT, 04/05 ‘Dt 05,0005 57050000 BS IMA 30YR GTD 9 19,598,437 ,5I SETT. 04/05 uae 05,0005 7320000 027 04/30108;11:24 001 var? EFTA00196162

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 11 oof a7 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE DATE OATE SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT ORE} DESCRIPTION TRANSACTION SETT, 04/05 57670000 BS SETT, 04/05 CANCEL BUY 05.0005 57140000 BS AS OF 03/21/05 TO CXL PREVIOUS BUY SETT, 04/05 12035 05,000% 7320000 BS AS OF 03/30/05 TO CXL PREVIOUS BUY 04/1 03/14/05 BOUGHT FNMA 30¥R GTD — 5,000,000 100,13281 5,006,640 .63 SETT, 04/05 05,500% 57290000 BS 5,000,000 100,26563 5,013,281 .25 57240000 BS _ 10.000;000 100.70703 10,070,703 .13 04/13/05 03/08/05 CANCEL SELL 58150000 BS AS OF 03/08/05 TO CXL PREVIOUS 027 04/30108;11:24 001 var? EFTA00196163

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 12 of 37 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE DATE OATE CREDIT AMOUNT SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 15,000,000 15,042.18 TRANSACTION DESCRIPTION CANCEL SELL SETT, 04/05 r 05, 500% 7390000 BS AS OF 03/09/05 TO CXL PREVIOUS 20,000,000" 20,069,531 ,25 7280000 BS AS OF 03/09/05 TO CXL PREVIOUS SETT, 04/05 nxt 05,500% 57130000 BS AS OF 03/29/05 03/3005 BOUGHT FNMA SOR GID | 35,000,000 99,81250 34,934,375 ,00 SETT, 04/05 7390000 BS 05 CANCEL BUY FNMA 30¥R GTD SETT, 04/05 5,006.640.63 05.500% 57290000 BS AS OF 03/14/05 TO CXL PREVIOUS BUY IMA 3O¥R GTO ee ,000,000 100,26563 §,013.281 .25 SETT, 04/05 05 CANCEL BUY 05, 500% 57240000 BS AS OF 03/16/05 TO CXL PREVIOUS BUY 027 04/30108;11:24 001 var? EFTA00196164

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 13 of 37 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE DATE OATE DEBIT AMOUNT DESCRIPTION SYMBOLICUSIP TRANSACTION SETT, 04/05 58150000 BS mm yyy nt 7 Tce SETT, 04/05 19035 05, 500% 57390000 BS SETT, 04/05 19035 05, 500% 7280000 BS ww Seer aE TT ssn nnn i SSeS Tae secaeen Saat y-1-¥7 SETT, 04/05 05,500% 7130000 BS AS OF 03/29/05 TO GXL PREVIOUS BUY | -35,000,000 99,81250 34,934,375 00 012035 05,500% 7390000 BS AS OF 03/30/05 TO GXL PREVIOUS BUY 04/13/05 03/29/05 CANCEL SELL MA-3OYR(FNMA)GTD | 20,000,000 101.71875 20,343,750 .00 SETT,04/05 012035 06,000% 7090000 BS AS OF 03/29/05 TO CXL PREVIOUS 027 04/30108;11:24 001 var? EFTA00196165

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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 14 of 7 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT = TRADE DATE 0 DEBIT AMOUNT 20,384.37! CREDIT AMOUNT SYMBOLICUSIP TRANSACTION CANCEL SELL DESCRIPTION MA-3OYR(FNMA)GTD SET, 20,000,000 0S f 06.0005 7150000 BS AS OF 03/30/05 TO CXL PREVIOUS MASOVRENMAIGID. kt, °"20.000;000"°°""""Tos"453 13 "30 490,625 00 SETT,04/05 nikTs 06,000% 57500000 BS ri ) 105 57250000 BS i a TT a” ae To TTR an ee SETT,04/05 nike 06,000% 7090000 BS MA-3OYR(FNMA)GTD | -20,000,000 101,92188 20,384,375 ,00 SETT.04/05 Di 06,000% 7180000 BS wns tenemenenneniamenmenmnnnt a SS sa SIS esaaee rn em SETT,04/05 iit 06,000% 57500000 BS AS OF 04/06/05 TO CXL PREVIOUS BUY 027 04/30108;11:24 001 var? EFTA00196166

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 15 of 37 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — March 31,2005 SETTLEMENT TRADE DATE OATE DESCRIPTION SYMBOLICUSIP DEBIT AMOUNT MA-3OYR(FNMA)GTD TRANSACTION CANCEL BUY 06.0005 57250000 BS AS OF 04/07/05 TO CXL PREVIOUS BUY oar UNITED STATES TREASURY NOTES —_ 20.050'500"" 100,10156--20,020,312.50 ae 03,750% MS 31 ACCA, INT, 26,639.34 % TO MATURITY GVER REF # G1021009 At SETT, 04/05 12035 05,500% 7130000 BS CANCEL BUY FNMA 30YR GID On _——*r000;500 10148438 20,296,875 .00 SETT, 0405 12035 05, 500% 7130000 BS AS OF 03/29/05 TO CXL PREVIOUS BUY IMA-1 SYR(FNMA-15}G7D nn _—e nn 20.000;000 97.74219 SETT,04/05 020 0.4,500% 57250000 BS AS OF 03/15/05 TO CXL PREVIOUS 05 BOUGHT MA-1 5YR(FNMA-15)GT | 20,000,000 97,7344 SETT,04/05 19,548,437 .50 19,554,687 .50 04, 500% 57040000 BS 027 04/30108;11:24 001 var? EFTA00196167

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 16 of a7 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — March 31,2005 SETTLEMENT TRADE DATE OATE CREDIT AMOUNT SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 20,000,000 19,590.62 DESCRIPTION TRANSACTION CANCEL SELL 04,5005 7590000 BS AS OF 03/09/05 TO CXL PREVIOUS MAISYRENMA-I5)GID SSS tk -""20.000'000°°°""" 98 "S4688 """"""19709.375 700 SETT,04/05 12020 04,500% 57680000 BS 04, 500% 1557250000 BS TC oa ae Ta eT CSTE SETT,O. 04,500% 57040000 BS AS OF 03/14/05 TO CXL PREVIOUS BUY MA-1 SYR(FNMA-15}GTD — -20,000,000 97,95313 19,590,625 ,00 SETT,04/05 7590000 BS 19,709,375 ,00 -20,000,000 IMA-1 5YR(FNMA-15)GTD SETT.04/05 04/18/05 03/08/05 CANCEL BUY 04,500% 57680000 BS AS OF 03/08/05 TO CXL PREVIOUS BUY 027 04/30108;11:24 001 var? EFTA00196168

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 17 os STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE DATE OATE CREDIT AMOUNT SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 20,000,000 20,296.87: TRANSACTION DESCRIPTION 15YR(FNMA-15)GTD 0S f 05, 500% 7130000 BS AS OF 03/29/05 20,328,125 .00 seveeccensenser P| wocseecceees + onset sage oo . orgies IMA-1 5YR(FNMA-15)GTD SETT.04/05 nek 05, 500% 7110000 BS VG SETT.O4/05 57540000 BS AS OF 04/06/05 TO CXL PREVIOUS i 20,000,000 102,17188 20,434,375 ,00 CANCEL SELL FNMA-15YR(FNMA-15)GTD SETT.04/05 D12020 05, 500% 57290000 BS AS OF 04/07/05 TO CXL PREVIOUS CANCEL BUY FNMA-15YR(FNMA-15}GTD | -20,000,000 101,48438 20,296,875 00 SETT,04/05 05.500% 7130000 BS AS OF 03/29/05 TO CXL PREVIOUS BUY 04/18/05 03/30/05 CANCEL BUY IMA-1 SYR(FNMA-15)GTD —_ -20,000,000 101,64063 20,328,125 ,00 SETT.04/05 05, 500% 7110000 BS AS OF 03/30/05 TO CXL PREVIOUS BUY 027 04/30108;11:24 001 var? EFTA00196169

--=PAGE_BREAK=--

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee FINANCIAL TRUST CO INC 18 of a STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 15YR(FNMA-15)GTD 102,06250 0S 57540000 BS BU Way einen eee sannanannnnnssssanannn — So 008 008 ok a oe Swan SETT.04/05 ue 05,5005 57290000 BS ACCA, INT, 34,254.14 QUE 02/15/2015 04,000% FA 15 SPECIAL INSTRUCTIONS YIELD 4,286 % TO MATURITY GVER REF # G1053517 AS) WWEB UNITED STATES TREASURY NOTE "15,000,000 98,05469 "4.708.203 .13 2018 04.00% FA 15 CCR, INT, 104,419.88 e % TO MATURITY GVER REF # G1081006 Al DERAL NATIONAL ina ASSN SERIES 352 conn 15,982,352.30 — | a Sosy Te eee 001% 57040000 BS 05 SOLD UNITED STATES TREASURY NOTE tr" o5000;500 97.62500 9,762,500 00 04/22/05 04 " 04,000% FA 15 ACCR, INT, 72,928 18 . % TO MATURITY GVER REF # G1111026 Al SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 03-05 P/D 04-25-05 REPOP&!l 0,0000 027 04/30108;11:24 001 var? EFTA00196170

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO ING 19 of 7 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 03-05 P/D 04-25-05 REPOP&| 00,0000 PRINCIPAL DERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 4,150 DUE 01/25/33 PRINCIPAL REDUCTN 04-25-05 sonseesenneessy SE esennesssisene esnsessaneens esonnssssaeennaeees SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 03-05 P/D 04-25-05 REPOP&! 0,0000 SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 03-05 P/D 04-25-05 REPOP&! 0,0000 SERIES 346 CLASS 1 DUE 11/01/33 PRIN A/D 03-05 P/D 04-25-05 REPOP&! 0,0000 RET CTR TTT ARMM TET TCTTTE’ aman sesesseeseees aane’y 1 hae YT he ae seseeteee DUE 03/31/2007 03,750% MS 31 ACCA, INT, 28,688.52 SPECIAL INSTRUCTIONS YIELD 3,596 % TO MATURITY GVER REF #G1173441 A3) WWEB ian 04,000% FA 15 ACCA, INT, 5 (0 MATURITY GVER REF # G1181014 Al 80,662.98 027 04/3005;11:24 001 var? EFTA00196171

--=PAGE_BREAK=--

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO ING 20 of 97 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE 03,750% MS 31 50,000,000 100,30078 50,150.39 ACCA, INT, 148.565 ,57 2055 % TO MATURITY GVER REF # G1181005 Al TOTAL $-816,802,404.88 $722,470,289.70 INTEREST OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CERT AMOUNT CAEDIT AMOUNT 04/01/05 AVG BAL 828,740 AT 1.920 874,20 021 OFFICE INTEREST 0305 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 03-05 P/D 04-15-05 REPOP&l 5,0000 FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS IO QUE 12/01/2034 5,000 INT A/D 03-05 P/D 04-15-05 REPOP&l 5,0000 §,0000 46.996 ,61 ee 6,000 aa 776 08 DL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO QUE 02/01/2035 6,000 INT A/D 03-05 P/D 04-15-05 REPOP&! 6,0000 DL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 QUE 02/01/2035 6,000 INT A/D 03-05 P/D 04-15-05 REPOP&!l 6,0000 6.0000 48.776 ,08 027 04/3005;11:24 001 var? EFTA00196172

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO ING 21 of 7 STATEMENT PERIOO April 1, 2005 THROUGH April 29,2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT = March 31, 2005 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (5) DEBIT AMOUNT CAEDIT AMOUNT ‘05 FEDL HOME LOAN MTG CORP#S10110 6.0000 48,776 08 SERIES 228 CLASS 10 QUE 02/01/2035 6,000 INT A/D 03-05 P/D 04-15-05 REPOP&l 6,0000 DL HOME LOAN MTG CORPHS10110 SERIES 228 CLASS 10 DUE 02/01/2035 6,000 INTEREST PAYMENT 04-15-05 0415/05 6.0000 48,776.08 ¥ SERIES 2004-5 CLASS PS QUE 02/20/2033 4,100 INT A/D 03-05 P/D 04-20-05 REPOP&l 4,1000 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 4,100 INT A/D 03-05 P/D 04-20-05 REPOP&l 4,1000 4.1000 60,133.33 ; 4.1000 75,508 33 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 4,100 INT A/D 03-05 P/D 04-20-05 REPOP&!l 4,1000 CMOVSERIES 2003-13 , 5.1500 113,515.89 vO FLIR 25/2033 5.150 DUE 03/ INT A/D 03-05 P/D 04-25-05 REPOP&l 5,1500 SERIES 2003-49 CLASS SW QUE 01/25/2033 4,150 INTEREST PAYMENT 04-25-05 027 04/30108;11:24 001 var? EFTA00196173

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 22 of 37 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT — March 31,2005 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [Sh DEBIT AMOUNT CREDIT AMOUNT 04/25/05 FEDERAL NATIONAL MTG ASSN | 5.0000 79,179.42 SERIES 353 CLASS 2 QUE 07/01/2034 5,000 INT A/D 03-05 P/D 04-25-05 REPOP&! 5,0000 TOTAL $666,828.45 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stearns& Co.Inc. SETTLEMENT TRADE Dar! DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY CEBIT AMOUNT CREDIT AMOUNT 04/01/05 DELIVERED UNITED STATES TREASURY NO’ [| -50,000,000 49,875,000 00 DUE 12/31/2006 3,000 IENT DUE 03/31/2007 3,750 7 07 Al a iT 37,752.60 INTEREST UNE DUE ._ ania a STATES TREASURY NO 04/04/05 JOURNAL FEDERAL NATIONAL MTG ASSN 677,782 SERIES 346 CLASS 1 DUE 1 1/Ou FITM A2 TERM Re GREEMENT -677,782 473,000.00 04/04/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/05 REPO A 027 04/30108;11:24 001 var? EFTA00196174

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar, St 23 of 37 STATEMENT PERIOD April 1, 2005 THROUGH April 29,2005 Transaction Detail (continued) a TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31,2005 SETTLEMENT = TRADE o DATE TION SYMBOL QUANTITY CESIT AM CREDIT AMOUNT JURNAL FEDERAL NATIONAL MTG ASSN 1,517,805 FITN A2 TERM REPO AGREEMENT 0410805 : JOURNAL "FEDERAL NATIONAL MTG ASSN "089,333 SERIES 346 CLASS 1 DUE 11/0u FITM AI REPO AG FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 JOURNAL Al JOURNAL 30,000,000 ""38/800,000.00 04/08/05 JOURNAL -70,000,000 TATES TREASURY — 15 INTEREST Fs 22,200,00 DUE 02%, 4,000 EPO Il JOURNAL FEDERAL NATIONAL MTG ASSN | -15,359,406 10,583,000 ,00 SERIES 329 CLASS PO DUE 01/01/33 STRIP 027 04/30108;11:24 001 var? EFTA00196175

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BEAR STEARNS 24 of 37 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS SETTLEMENT TRADE DATE DATE TRANSACTION JOURNAL JOURNAL JOURNAL JOURNAL JOURNAL CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l FINANCIAL TRUST CO INC OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 (continued) DESCRIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT FEDERAL NATIONAL MTG ASSN 15,359,406 10,583,000 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM -15,359,406 10,583,000 ,00 FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM 0 AGI AS M SERIES 329 CLASS PO DUE 01/01/33 STRIP FIM AZ TERM Re: (GREEMENT 1,089,333 FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/04s FITM TERM FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/045 FITM AZ TERM Re! GHEEMENT 5,083,557 3,608,000 .00 FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/045 FITM AZ TERM Rr (GREEMENT 04/30108;11:24 001 EFTA00196176

--=PAGE_BREAK=--

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 25 of 37 STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT -22,100,000 2,142,000 .00 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS Al 04/11/05 Al 22,100,000 2,601,000 .00 T NATIONAL MTG ASSN 05 JOURNAL GO’ SERIES 2004-5 CLASS PS 4,100 bail AZ TERM Re (GHEEMENT SERIES 227 CLASS 10 5.000 rh FiTM 22 TERM REPO ORE MENT ‘oait JOURNAL GAN MTG CORPHSIO103 i 6,309,622 SERIES 227 CLASS 10 5.000 mh FIT A SERIES 227 CLASS 10 5,000 ieee 4 1 OAN MIG CORP#S10110 105 JOURNAL FEDL HOI -9.419,606 1,955,000 .00 SERIES 228 CLASS 10 35 6,000 h FITM AZ TERM Re (GHEEMENT 027 04/30108;11:24 001 var? EFTA00196177

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PRN. WaT com 26 of a7 STATEMENT PERIOD April 1, 2005 THROUGH April 29,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY INTEREST FEDERAL NATIONAL MTG ASSN oes 329 CLASS PO DUE 014 ar’ 000 INTEREST FEDERAL NATIONAL MTG ASSN i 77,22 SERIES 346 CLASS 1, DUE 11 FM DEBIT AMOUNT CREDIT AMOUNT ones 346 CLASS 1 UE 0. ‘ta 11/05 INTEREST 3,206,328 j 4,100 m AZ JOAN MTG CORP#S10110 SERIES 228 CLASS 10 O2/0u 6,000 AZ Sa eee . . ot sresernenennnn are 04/11/05 INTEREST | | 8s a 227 CLASS 10 Fim, TERM Re ic) MENT SERIES 227 CLASS 10 000 mth 027 04/30108;11:24 001 var? EFTA00196178

--=PAGE_BREAK=--

WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar, St 27 of 7 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE ov DATE CREDIT AMO! QUANTITY 2,426,778 LOAN MTG CORP#S10109 IES 227 CLASS 10 5,000 Ot Al 60,000,000 "0,300,000 .00 STATES TREASURY N DUE 03/31/2007 _3,750 3,750 34407 ee “80,000,000 _ ™ 80,000,000 .00 STATES TREASURY NO DUE 03/31/2007 3,750 3.750 LOT FiTM A2 TERM MENT 66,555.56 STATES TREASURY Nt DUE 03/315 id or 04/14/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 OS ‘O4/13105 INTEREST 3,500,000 .00 to 04/14/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07/04 5.000 FM BE I oo 5,628.52 027 04/30108;11:24 001 var? EFTA00196179

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BEAR STEARNS 28 of a7 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION JOURNAL oait JOURNAL JOURNAL CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Sty OC “l FINANCIAL TRUST CO INC OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 CREDIT AMOUNT 11,174,000 QUANTITY OEBIT AMOUNT -15,850,794 DESCRETION SYMBOUCUSIP FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP ! 15,850,794 11,248,000 ,00 FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO pa 01/33 if FITM er SEAIES 353 CLASS 2 Fim AZ TERM Re! MENT -18,763,230 4,211,000 ,00 FEDERAL NATIONAL MTG ASSN 8s 7 353 CLASS 2 ‘y a 228 CLASS 5 JOAN MTG CORP#S10110 se a 228 CLASS » Fim a TERM Rei ul IENT 9,419,606 100,000 ,00 — az — a SERIES 228 CLASS p 6,000 FITM fo TERM Re! (GREEMENT 027 04/30108;11:24 001 var? EFTA00196180

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 29 of 37 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE DEBIT AMOL CREDIT AMOUNT 2,013,000 SYMBOUCUSIP TRANSACTION 9.419.606 000 O35 _ TERM Re: GHEEMENT 05 JOURNAL FEDL HOI JOAN MTG CORP#S10110 SERIES 228 CLASS 10 6,000 yO 35 3,665,000 ,00 To) TT ppnoo 296,53 ‘05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07; 5,000 m AZ 135,56 JOAN MTG CORP#S10110 ‘05 INTEREST INTEREST JOAN MIG CORP#S10110 679,91 SEI rat 228 CLASS 10 UI DUE 024 6.000 AZ 027 04/30108;11:24 001 var? EFTA00196181

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 30 os STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY DEBIT AMOL D STATES TREASURY 70,000,000 67,550,000 CREDIT AMOUNT | -75,000,000 74,062,500 .00 -60,000,000 59,100,000 .00 04/19/05 JOURNAL 75,000,000 74,062,500 .00 ASURY NO’ A2 1515 ‘0 AGREEMENT D STATES TREASURY NO’ DUE —_ gr000 M SERIES 352 CLASS 1 0,001 oy FITM Al EPO AGI 04/19/05 JOURNAL 822,92 04/19/05 INTEREST 20,311,170 14,539,000 .00 04/20/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS A2 027 04/30108;11:24 001 var? EFTA00196182

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 31 of 7 STATEMENT PERIOD April 1, 2005 THROUGH April 29,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE DATE OESIT AMOUNT CREDIT AMOUNT TRANSACTION SYMBOUCUSIP DESCRPTION FEDERAL NATIONAL MTG ASSN IES 352 CLASS 1 1 A3 -20,311,170 GAN MTG GORPWS10109 SERIES 227 CLASS 10 5.000 th a a 04/22/05 JOURNAL 8,251,045 1,837,000 00 ME SERIES 227 CLASS 10 5,000 OS FITM AZ TERM Rei ic] IENT 9,419,606 TERM Re ic] IENT "6,593,724 JOAN MTG CORP#S10110 528,000.00 -2,825,881 JOAN MTG CORP#S10110 i 100 — i STATES TREASURY NO | 60,000,000 59,100,000 .00 A2 mul EPO AGREEMENT 027 04/30108;11:24 001 var? EFTA00196183

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar, St 32 of 37 STATEMENT PERIOD April 1, 2005 THROUGH April 29,2005 Transaction Detail (continued) accout nuvecr TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31,2005 SETTLEMENT TRADE o DATE QUANTITY CESIT AM CREDIT AMOUNT 3,471.33 7633.75 4,300,000 JOURNAL SERIES 2004-5 CLASS PS 3,960 bal FITM A2 TERM Re GREEMENT eee ses aenaae ane 04/25/05 JOURNAL GOVERN! T NATIONAL MTG ASSN riny 2004-5 CLASS PS janeaani -26,400,000 Al 04/25/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 22,100,000 2,142,000 .00 SERIES 2004-5 CLASS PS 3,960 bit FITM A2 ann -1,456,066 " FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 5,000 nth FITM na Al ‘0 AG 027 04/30108;11:24 001 var? EFTA00196184

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 3 ear BEAR Bear. Stearns & Co- inc. Le STEARNS FINANCIAL TRUST CO INC 33 ot 7 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) accour wuccn ED TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE ov DATE QUANTITY 0 CREDIT AMO! 2.426,778 LOAN MTG CORP#S10109 IES 227 CLASS 10 5,000 Ot Al T NATIONAL MTG ASSN 2607.29 SERIES 2004-5 CLASS PS DUE 02/20) 3.960 FITM A2 ee 50,000,000 "50,375,000 .00 STATES TREASURY NO DUE 03/31/2007 3,750 3.750 LOT FITM Al a iT 60,300,000 00 STATES TREASURY Ni DUE 0331/2007, 3.750 EMENT DELIVE! ‘oa28i05 INTEREST UNITED STATES TREASURY NO §9.228,00 59,400,000 .00 JOURNAL -60,000,000 027 04/30108;11:24 001 var? EFTA00196185

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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 34 ot 7 STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = March 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT INTEREST ‘D STATES TREASURY 19,107,12 4,000 A2 04/29/05 INTEREST UNITED STATES TREASURY NO 3,666.18 DUE a .750 TOTAL $-542,459,166.81 $636,827 202.34 MISCELLANEOUS DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 04/0105 JOURNAL Tocmpy vc [iy 301,525.00 . 61,362.50 04/11/05 JOURNAL Fa cmoy Ac 118,787.50 SUTERE LL nnn SETT,04/05 6,000 DUE 04/01/35 MBS NET 04/12/05 04/1305 = JOURNAL MAR 05 SPEC CLEARING FEES 9,150.00 JOURNAL FNMA 30¥R GTD $54,882.81 SETT, 04/05 5,000 DUE 04/01/35 MBS NET 04/13/05 SETT, 04/05 5,500 DUE 04/01/35 MBS NET 04/13/05 o27 04/30905;11:24 001 var? EFTA00196186

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. Ste BEAR STEARNS 35 of a7 STATEMENT PERIOD THROUGH Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT MISCELLANEOUS (continued) DATE MONDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT JOURNAL TO CMDY A’C TRIP POOL 0021445 COUPON 5,0000 FINANCING NET PAIROFF DIFF EDERAL NATIONAL M 700,000.00 SERIES 353 CLASS 2 $,000 DUE 07/01/34 DUE 07, POOL 0021445 COUPON 5,0000 FNMA-1SYR(FNMA-15)GTD SETT.04/05 4,500 DUE 04/01/20 MBS NET 04/15/05 Tocupy Ac i 125,000.00 348,087.50 221,875.00 JOURNAL Fe en ENMMA-1 SYRIENMA-1 5)GTD SETT.04/05 5,500 DUE 04/01/20 MBS NET 04/18/05 JOURNAL 121,000.00 DERAL NATIONAL MTG ASSN SERIES 352 CLASS 1 0,001 DUE 07/01/34 DUE 07, 01 TRIPS 21422 COUPON 0,0000 04/30108;11:24 001 FINANCIAL TRUST SUBSIDIARY co INC April 1, 2005 April 29, 2005 On File March 31,2005 EFTA00196187

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee must COINS STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File MISCELLANEOUS | (continued) LAST STATEMENT March 31, 2005 DATE MO'DAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 04/20/05 DELIVERED FEDERAL NATIONAL MTG ASSN 121,000.00 SERIES 352 CLASS 1 0,001 DUE 07/01/34 DUE 07/01/2034 0,001 1452191 TRIPS POOL 0021422 COUPON 0,0000 04/22/05 JOURNAL REV ENTRY 2-9-05 30,973 04 5 JOURNAL 30,973.04 04/2: 21,412.50 04/27/05 JOURNAL 5 JOURNAL TO CMDY TOTAL $-2,804,417.29 $2.204,993.35 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DEBIT AMOUNT SYMBOLICUSIP REDIT AMOUNT TRANSACTION GOVERNMENT NATIONAL MTG ASSOC SERIES 201 1 CLASS SE 57160000 BS 0S SOLD UNITED STATES TREASURY NOTE ‘ een 03,625% AO 30 i 5 > 1 MATURITY GVER REF # G1181006 Al -50,000,000 ,00 1000546 $0,037,194 29 027 04/30108;11:24 001 var? EFTA00196188

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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 7 as STATEMENT PERIOO April 1, 2005 THROUGH April 29, 2005 . account numccr = Trades Executed Pending Settlement (continued) aay LAST STATEMENT March 31,2005 DEBIT AMOUNT 97,4921 19,498,437 50 CREDIT AMOUNT SETTLEMENT DATE SYMBOLICUSIP TRADE OaTE TRANSACTION DESCRIPTION IMA-3OYR(FNMA)GTD SETT,O5/04 57140000 BS SETT.O&04 3 : 5.000% 57300000 BS 05 SOLD FNMA-30YR(FNMA)GTD -40,000,000 ,00 97,9218 39,168,750 ,00 SETT.O504 3 f 05.000% 57220000 BS 20,000,000 .00 19,978,125 .00 0S BOUGHT FNMA-SOYR(FNMA)GTD SETT,05/05 05.500% 57150000 BS IMA-30YR(FNMA)GTD SETT,OSYOS 57400000 BS ‘SOYR(FNMA)GTD ‘ 20,000,000 .00 100.3750 20,075,000 .00 O5/12/05 04 0S BOUGHT "740,000,000 .00 "40,103,125 .00 IM. SETT,OSYOS 57210000 _BS TOTAL $80,277,996.82 $129,309,069.29 The above trades do not appear in any other section of this statement 027 (04/30/05;11:24 001 VaT? EFTA00196189

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BEAR STEARNS ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings Transaction Detail .....usssseeeeneres 6 Trades Not Yet Settled Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD LONG ACCRUED INTEREST NET CREDIT BALANCE NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT $3,471,276 OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. 3 FINANCIAL TRUST CO INC 4 C/O JEFFREY EPSTEIN 6100 RED HOOK QUARTER 35 STE B3 ST THOMAS VI 00802 77,668 3,335,615 Cash & Equant Ala § 7 $336,828 57,993 Fixed es $3,335,615 Income $1,175,677 77,668 Market Value of Your Portfolio aenee fee] Current market value 1,517,425 1,953,851 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 GB Last statements market value CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY nN vities Coy FINANCIAL TRUST CO INC STATEMENT PERIOD March 1,2005 THROUGH March 31, 2005 accoust numccr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 ‘This statemem should be retained for your records. See reverse side for important information 04/01/08,09:49 001 va7é EFTA00196190

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 40 STATEMENT BACKER IS PRINTED ON THIS PAGE 04/01/08;09:49 001 var EFTA00196191

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 40 Cash Flow Analysis THIS PERIOD OpeningBalance $336,827.64 Securities Sold 956,588,364.34 Dividends/Interest 992,974.47 Miscellaneous 2,751,164.59 Amount Credited $960,332.503.40 -955,829,656.15 -1,309,848.42 Securities Bought Dividends/Interest Charged Miscellaneous -3,452,158.93 Amount Debited $-960.591 .663.50 -259,160.10 Cash Balance Summary OPENING CLOSING Margin 336,827.64 77,667.54 Net Cash Balance $336,827.64 $77,667.54 FINANCIAL TRUST CO INC STATEMENT PERIOO March 1, 2005 March 31,2005 On File THROUGH ACCOUNT NUMBER Income Summary TAXPAYER NUMBER THiS PERIOD YEAR TO DATE LAST STATEMENT — February 28, 2005 U.S. Govt. Bond Int. 178,611.89 2,510,456.45 Govt. Agency Int. 693,096.31 2,022,336.00 Corp. Bond Int. 120,062.77 375,012.07 Credit Balance Int. 1,203.50 1,960.00 Reverse Repurchase Int. 323,157.29 826,531.30 Bond Purchase Int. -1,309,848.42 -3,500,285.37 Repurchase Int. Exp. 177,727.19 -400,692.42 Portfolio Composition Cash/Cash Equivalent 77,668 Fixed Income 3,335,615 Your Portfolio Allocation $3.413,283 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 04/01/08;09:49 001 var EFTA00196192

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 4 of 0 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities ol FINANCIAL TRUST CO INC STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 28,2005 MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 77,668 TOTAL CASH & CASH EQUIVALENTS $77,668 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL NATIONAL MTG ASSN ncn 13,326,665 8.3078 1,107,158 9,217 553,057 49.9529 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4.150% FACTOR = ,54826993 FEDL HOME LOAN MTG CORP#S10110 | 9,755,215 22.8438 2,228,457 48,776 585,313 26.2654 SERIES 228 CLASS 10 DATED DATE 02/01/05 BOOK ENTRY ONLY DUE 02/01/2035 6.000% FACTOR = .97552156 Total Government& Agency Obligations $3,335,615 $57,993 $1,138,370 TOTAL FIXED INCOME $3,335,615 $57,993 $1,138,370 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $57,993 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1,138,370 YOUR PRICED PORTFOLIOHOLDINGS $3,413,283 o27 04/01/0508:49 001 va7Té EFTA00196193

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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 5 of a0 STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 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 February 28,2005 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) 01/13/05 -2,601,000 16.117 -22,100,000 [MJ series 2004-5 class P 4.1000 02/20/33 YOU SOLD FANNIEMAE STRIP -11,902,000 -73,752 -30,000.000 [RM series 329 class po YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 50,000,000 (MMM series 2003-13 cass 5.1500 03) FANNIEMAE STRIP -7,000,000 [RJ series 346 class po 11/01/33 (REPO) YOU SOLD FANNIEMAE STRIP (REPO) 03/16/05 -11,248,000 15,147 -30,959.779 [J series 329 class po 12/01/32 YOU SOLD FREDDIEMAC STRIP (REPO) 03/16/05 -2,013,000 2.710 -10,000,000 [MMMM series 228 ciassio 6.0000 02/01 YOU PROVIDED FANNIEMAE STRIP (MARGIN) 03/21/05 OPEN 0.000 -2,090,000 (RRB) series 346 ciass po 11/01/33 4.0000 02/15/15 (REPO) 03/22/05 OPEN 1.990 -28,800,000 -15,120 -30,000,000 [xy YOU SOLD FREDDIEMAC STRIP (REPO) 03/22/05 04/11/05 2.860 -2,018,000 -1,603 -10,000,000 (RRM) series 228 ciassio 6.0000 02/01/35 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 03/23/05 04/22/05 2.050 -2,032,000 -1,041 -8,500,000 [RJ series 227 class 0 5.0000 12/01/34 YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN 03/23/05 OPEN 11,500,000 [RJ serics227classio 5.0000 12/01 34 027 04/01/08,09:49 001 va7ré EFTA00196194

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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 40 STATEMENT PERIOO March 1,2005 THROUGH March 31,2005 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 February 28,2005 PURCHASE: REPURCHASE PRICING PURCHASE PRICE) ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST” FACE AMOUNT) cus DESCRIPTION YOU PROVIDED FANNIEMAE STRIP (MARGIN) 03/28/05 OPEN 0.000 -910,000 (RR) senrics 346 ciass po 11/01/33 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 03/29/05 OPEN 0.000 4,300,000 [RRMJ series 2004-5 class P 4.1000 02/20/33 YOU SOLD FANNIE MAE STRIP (REPO) -4,429,000 750 -20,000,000 [RRM senicsasaciassio 5.00000 FREDDIEMAC STRIP (REPO) 03/30/05 04/15/05 3.050 -100,000 -16 -10,000,000 [MMM series 228ctass io 6.0000 02/01/35 YOU BOUGHT USTR 3.0000 12/31/06 (REVERSE) 03/21/05 _ OPEN 2.380 __ 49,875,000 37,752 50,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $49,875,000 $37,752 TOTAL REPURCHASE TRANSACTIONS $-68,751,000 $-131,704 "As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT 03/01/05 02/28/05 SOLD UNITED STATES TREASURY BONDS [| -3,000,000 109.72266 3,291,679.69 paketit 05.375% FA 1S ACCR. INT. 6,236.19 0 MATURITY GVER REF # GO591007 Al 027 04/01/08,09:49 001 va7ré EFTA00196195

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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 7 of a0 STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = February 28, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP PRICE DEBIT AMOUNT GREDIT AMOUNT 03/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 946 CLASS 1 DUE 11 63102108 “O3/01I08 BOUaHT UNITES STATES S TREASURY NOTE 9,000,000 96 92788 "S692. 187'50 “eens : 04,000% FA 15 ACCR. INT. 16,574.59 ms TO MATURITY GVER REF # GO601000 Al 04,000% FA 15 ACCR. INT. 16,574.59 % TO MATURITY GVER REF # GO601005 At *“9gi0a/05 BOUGHT "UNITED STATES TREASURY NOTE 10,000,000 7°""""96'95373 "91695, 372'50 see 04,000% FA 15 ACCR. INT. 18,784.53 tO MATURITY GVER REF # GO621002 A1 03107105 03/04/05 SOLD UNITED STATES TREASURY NOTE ; "5,000,000 -97.11719 4,855,859 38 in 000% FA 15 ACCR. INT. 11,049.72 % TO MATURITY GO631009 Al 000, A ,695,312. ACCR. INT. 24,309.39 4 FA FTO MATURITY ER REF # GO671033 At UNITED STATES TREASURY. NOTE yt "s000;560 96.96875 0 renn 4 848,437.50 04,000% FA 15 ACCR. INT. 12,154.70 RTO MATURITY GVER REF # GO671016 Al 027 04/01/08;09:49 001 var EFTA00196196

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PUNCH TT COE 8 of a0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION 03/03/05 CANCEL SELL FNMA 308. GTD 05, 500% 57590000 BS AS OF 03/03/05 TO CXL PREVIOUS 03/04/05 BOUGHT FNMA 30¥A. GID ~~ To{500'500 101.06250 SETT, 03108 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 10,000,000 100.81641 10,081,640.63 10.106,250.00 05, 500% 57110000 BS SETT, 03/05 _ 1036 05,500% 57710000 BS AS OF 02/03/05 TO CXL PREVIOUS 5 CANCEL SELL FNMA 30¥A. GTD SETT, 03/05 ue 05,500% 57610000 BS AS OF 02/10/05 TO CXL PREVIOUS {01.67188 10.167.187.50 4105 CANCEL SELL FNMA 30¥A. GID — “5,000,000 100.68750 15.103.125.00 ‘ SETT, 03/05 nee 05,500% 57140000 BS AS OF 03/01/05 TO CXL PREVIOUS SET, 03/05 _ 12036 05, 500% ‘57360000 BS 027 04/01/08;09:49 001 var EFTA00196197

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 9 of 40 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28, 2005 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 20,000,000 101.82422 20,364,843.75 SETTLEMENT TRADE DATE oar TRANSACTION DESCRIPTION BOUGHT FNMA 30YR. GTD SETT. 03/05 02/09/05 05, 500% 7310000 BS -10,000,000 100.81641 10,081 ,640.63 SOLD FNMA 30YA. GTD SETT, 03/05 05,500% 57590000 BS SET, 03/05 _ 12036 05, 500% 57110000 BS AS OF 03/04/05 TO CXL PREVIOUS BUY —_ | | SOLD FNMA 30VA. GID ” —— §=—C| -10,000,000 101.51563 10,151,562.50 | — SET, 03/05 maT 05,500% 57710000 BS SOLD FNMA 30YA. GTD SETT, 03/05 -10,000,000 101.67188 10,167,187.50 05, 500% 7610000 BS 05. 500% 57140000 BS 02/17/05 GANCEL BUY FNMA 30¥A. GTO ~~" Sio00;000"""""Tor'ss859" SETT, 03105 Di 2n36 05.50% 57360000 BS AS OF 02/17/05 TO CXL PREVIOUS BUY 027 04/01/08;09:49 001 var EFTA00196198

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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 March 1,2005 THROUGH March 31,2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/09/05 CANCEL BUY FNMA 30YR. GTD -20,000,000 101.82422 05, 500% 7310000 BS AS OF 02/09/05 TO CXL PREVIOUS BUY 98.35156 FNMA-30Y' SETT.O3/05 9,835, 156.25 AIENMA)GTD 05,000% 57060000 BS AS OF 03/01/05 TO CXL PREVIOUS 05.0005 — BS AS OF 03/03/05 TO CXL PREVIOUS jounnnnae sts aneannnneneengenanggs (11 1ani aueeenaene ss seunnnene si enenani eneeen sit anaee BOUGHT ENMA-SOVA(ENMA)GID i 10.000,000 98.7734 9.877,734.38 SETT.O3/05 uvkes 05,0005 57120000 BS BOUGHT FNMA-SOVA/FNMA)GTD . {0,000,000 99.43750 9,943,750.00 ‘ ‘ SETT,03/05 eee 05,000% 57750000 BS SETT.O3/05 ue 05,000% 57300000 BS 027 04/01/08;09:49 001 var EFTA00196199

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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 11 of STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT CANCEL SELL FNMA-30YA(FNMA)GTD 10,000,000 99.73828 9,973,828.13 05 05,000% 7670000 BS AS OF 02/10/05 TO CXL PREVIOUS FNMA-3OYA(FNMA)GTD | ER tr 98.35156 983515625 SETT.03/05 itt 05,000% 57060000 BS 405 nity 05,000% ——€,, BS Ce a rn em SUE aL 05,000% 57120000 BS AS OF 03/04/05 TO CXL PREVIOUS BUY FNMA-SOVAIFNMA)GID SETT.O3/05 036 05,000% 57750000 BS AS OF 02/03/05 TO CXL PREVIOUS BUY SETT.03/05 f 05,0005 57300000 BS AS OF 02/17/05 TO CXL PREVIOUS BUY 027 04/01/08;09:49 001 var EFTA00196200

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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 STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP DEBIT AMOUNT FNMA-30YA(FNMA)GTD -10,000,000 99.73828 SETT.O3/05 7670000 BS 03/14/05 02/03/05 BOUGHT FNMA 30YA(FNMA) GTD SETT, 03/05 20,000,000 103.01563 20,603,125.00 06,000% 57730000 BS SETT. 03/05 06,0005 7340000 BS AS OF 02/09/05 TO CXL PREVIOUS CANCEL BUY NMA 30VA(ENMA) GTD "20,000,000 103.01563. 20,603,125.00 SETT, 03/05 D105 06 000% 57730000 BS AS OF 02/03/05 TO CXL PREVIOUS BUY FNMA 3OVA(FNMA) GTD te" "2c%555°s00 {0378750 °" a '30,637,500.00 SETT, 03/05 12035 06,000% 7340000 BS SERIES 352 CLASS 1 001% 57110000 BS 03/14/05 03/11/05 BOUGHT UNITED STATES TREASURY NOTE ~~ sc50%00°"""""S8's453; 7'915,625.00 . 03,125% JJ 31 ACCR. INT. 29,005.52 % TO MATURITY GVER REF # GO701010 Al 027 04/01/08;09:49 001 var EFTA00196201

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PUNCH TT COE 13 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DAT DATE TRANSACTION DESCRIPTION i QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 4/05 BOUGHT UNITED STATES TREASURY NOTE 25,000,000 98.80078 24,700,195.31 03,000% JD 30 ACCR. INT. 153,314.92 fm TO MATURITY GVER Ri ot nr Te MATIOMAC MAT RSS ones 329 CLASS PO i GO731012 Al -7,882,556 7.21875 6,086,811.75 ACCR. INT. 24,388.04 SERIES 228 CLASS 10 Y 06.01 57200000 BS AS OF 03/14/05 ACCRUES ON 1ST, PAYS ON 25TH 5/05 SOLD UNITED STATES TREASURY NOTE ‘ -10,000,000 95.67188 9,567,187.50 —** FA 15 ACCA. INT. 32,044.20 sea? TO MATURITY ER Ri GO741007 Al FEDERAL NATIONAL MTG ASSN ™ ye 37526 7759375 ™ n"2'311 723.34 03/16/05 SERIES 346 CLASS 1 57230000 BS SERIES 329 CLASS PO QUE 01/01/33 STRIP ADJUST POSITION UNITED STATES TREASURY NOTE i 25 500'500 9884375 -24.710.937.50 men 03.000% JO 30 ACCR. INT. 165,745.86 A %2 TO MATURITY GO771013 At 027 04/01/08;09:49 001 var EFTA00196202

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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 14 of STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT BOUGHT UNITED STATES TREASURY NOTE 50,000,000 98.84375 49,421,875.00 03,000% JO 30 ACCR. INT. 331,491.71 ‘0 MATURITY GVER REF # 60771013 B1 03/21/05 03/18/05 BOUGHT UNITED STATES TREASURY Nove ——SSSSC"""""S¢GGGGGG 98.84375 49.421.875.00 03.000% JD 30 ACCR. INT. 331,491.71 % ‘0 MATURITY ER REF # GO771013 C1 04,000% FA 15 ACCR. INT. 48,839.78 % TO MATURITY ER REF # GO771006 Al UNITED STATES TREASURY. NOTE aw 13.050;006 96.03125 7" 3484,062'50 04,000% FA 15 ACCR. INT. 48,839.78 % TO MATURITY GVER REF # GO771000 At JOURNAL FEDERAL NATIONAL MTG ASSN —_ “ SERIES 346 CLASS 1 252, 62500 150. SERIES 353 oaeK ‘C00% ACCR. INT. 41,569.20 57140000 BS ACCRUES ON 1ST, PAYS ON 25TH BOUGHT FEDL HOME LOAN MTG CORP HS1 0110 | Roe 22.48438 """3°193,399'26 SERIES 228 eS N00% ACCR. INT. 34,143.25 57180000 BS ACCRUES ON 1ST, PAYS ON 25TH 027 04/01/08;09:49 001 var EFTA00196203

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = gms Sec; “l STEARNS ee FINANCIAL TRUST CO INC 15 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/22/05 03/21/05 SOLD UNITED STATES TREASURY NOTE -26,000,000 95.82813 24,915,312.50 04,000% FA 15 ACCR. INT. 100,552.49 De? TO MATURITY GVER REF # GOBOT006 At 03/23/05 03/21/05 SOLD FEDERAL NATIONAL MTG ASSN -14,252,296 25.93750 3,696,689.37 SETNES S83 CLASS 2 ACCR. INT. 43,548.68 j 05,000% 57270000 BS ACCRUES ON 1ST, PAYS ON 25TH SERIES 228 CLASS 10 ” 95 769. 228 CLASS 10, 35,769.13 57310000 BS ACCRUES ON 1ST, PAYS ON 25TH a | JOURNAL FEDL HOME LOAN MTG CORP#Sio10g—~*Agliliila a aw SERIES 227 CLASS 10 5,000 DUE 12/01/34 ADJUST POSITION PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN RID 02-05 P/D 03-25-05 REPOP&! 0.0000 199,741.03 SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 02-05 P/D 03-25-05 REPOP&l 0,0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN ee "385,891.50 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 02-05 P/D 03-25-05 REPOP&!l 0,0000 027 04/01/08;09:49 001 var EFTA00196204

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a | STEARNS PRANCIAL TRUST CO INE 16 of STATEMENT PERIOO March 1,2005 THROUGH March 31, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT —- February 28, 2005 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 4,350 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-05 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 02-05 P/D 03-25-05 REPOP&! 0.0000 12,622.20 SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 02-05 P/D 03-25-05 REPOP&! 0,0000 eT NATIONAL wea seenans nee aneenes sass Bas SERIES 346 CLASS 1 QUE 11/01/33 PRIN A/D 02-05 P/D 03-25-05 REPOP&! 0.0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/01/33 PRIN A/D 02-05 P/D 03-25-05 REPOP&! 0.0000 PRINCIPAL FEDERAL NATIONAL MTG ASSN ° _ _— _— _— _— 85,727.46 97,093.85 | SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN A/D 02-05 P/D 03-25-05 REPOP&! 0,0000 SERIES 353 CLASS 2 vat 05,000% ACCR. INT. 57,405.08 57120000 BS ACCRUES ON 1ST, PAYS ON 25TH 027 04/01/05;09:49 001 var EFTA00196205

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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 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31, 2005 Transaction Detail (continued) accout uumcce | TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/30/05 03/28/05 BOUGHT FEDL HOME LOAN MTG CORP#S10110 9,755,215 23.90625 2,332, 106.23 SERIES 228 CLASS 10 A 00% ACCR. INT. 47,150.21 57110000 BS ACCRUES ON 1ST, PAYS ON 25TH JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5.000 DUE 07/01/34 TOTAL $-412.406,610.51 $273.687.675.03 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBRIT AMOUNT CAEDIT AMOUNT 03/01/05 AVGBAL 860,060RT 1.799 1,203.50 021 OFFICE INTEREST 0205 FEDL HOME LOAN MTG CORP#S10109 SERIES 227 CLASS 10 QUE 12/01/2034 —§,000 INT A/D 02-05 P/D 03-15-05 REPOP&! 5,0000 03/15/05 FEDL HOME LOAN MTG COAP#S10109 a 5.0000 57,571.07 SERIES 227 CLASS 10 QUE 12/01/2034 5,000 INT A/D 02-05 P/D 03-15-05 REPOP&! 5.0000 5.0000 24,673.91 SERIES 2004-5 CLASS PS QUE 02/20/2033 4,351 INT A/D 02-05 P/D 03-20-05 REPOP&l 4,3518 027 04/01/05;09:49 001 var EFTA00196206

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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 STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT —- February 28, 2005 DATE DESCRIPTION SYMBOLICUSIP QUANTITY RATE (St DEBIT AMOUNT CREDIT AMOUNT 5 GOVERNMENT NATIONAL MTG ASSN 4.3510 SERIES 2004-5 CLASS PS DUE 02/20/2033 4,351 INT A/D 02-05 P/D 03-20-05 REPOP&l 4,3518 03/21/05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 4,351 INT A/D 02-05 P/D 03-20-05 REPOP&l 4,3518 4.3510 80,146.94 S$ RCA-VO FLIR QUE 03/25/2033 5,350 INT A/D 02-05 P/D 03-25-05 REPOP&l 5.3500 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW DUE 01/25/2033 4.350 INTEREST PAYMENT 03-25-05 4.3500 49,185.22 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07/01/2034 5,000 INT A/D 02-05 P/D 03-25-05 REPOP&! 5,0000 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 QUE 07/01/2034 5,000 INT A/D 02-05 P/D 03-25-05 REPOP&! 5,0000 TOTAL $671,839.62 5.0000 119,803.93 ee 5.0000 139,771.25 027 04/01/08;09:49 001 var EFTA00196207

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Boar, Steams Sec STEARNS FINANCIAL TRUST CO NG 19 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) —— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT — February 28, 2005 with Bear, Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 03/01/05 JOURNAL UNITED STATES TREASURY BONDS 3,000,000 3,322,500.00 FITM A2 5 TERM REPO AGREEMENT SERIES 2004-5 CLASS PS TERM Re MENT JOURNAL GOVERNMENT NATIONAL MTG ASSN" aaaaaaar°""°""9°300'000 444.000.00 SERIES 2004-5 CLASS PS Al JOURNAL UNITED St eoreasuny nore "30,000,000" 29.475,000.00 FITM 4,000 TERM REPO AGREEMENT a 7 eT a TT FITM Al 4,000 1515 REPO AGREEMENT INTEREST UNITED STATES TREASURY NOTE i 23,645.50 DUE 02/165 4,000 FITM A2 JOURNAL UNITED STATES TREASURY Note" "hhc 35'000'505 34°128:000.00 FITM Al 4,000 S15 REPO AGREEMENT 027 04/01/08;09:49 001 var EFTA00196208

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Boar, Steams Sec STEARNS FINANCIAL TRUST CO INC 20 of # STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = February 28, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION 03/07/05 JOURNAL SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT EASURY NOTE 40,000,000 38,800,000.00 4,000 y15 TERM REPO AGREEMENT INTEREST UNITED STATES TREASURY NOTE DUE 02/16) 4,000 FITM A2 REPO I 5 JOURNAL UNITED STATES TREASURY Nove ——iiiaar"“""""""" "G0 ‘00 34.125.000.00 1,584.33 A2 v15 ‘0 AGREEMENT 09/05 JOURNAL UNITED _ TREASURY NOTE “40,000,000 38,500,000.00 Al o y15 REPO AGREEMENT UNITED STATES TREASURY NOTE DUE 01/31/200' 3.125 3,125 07 FITM A2 TERM Re MENT RECEWED UNITED STATES TREASURY Note ——giiiaa”™°"°""°""°" "C0000 7,990,000.00 DUE 0131/2007, 9,125 3,125 a4) FiTM TERM Re DUE 02/16) 4,000 FITM A2 REPO I "8,600,000 7880.000.00 DELIVERED 027 04/01/08;09:49 001 var EFTA00196209

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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 21 of #0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = February 28, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION 5 INTEREST UNITED STATES TREASURY NOTE DUE 01/34) 3.125 FITM AS ALI SYMBOUCUSIP QUANTITY CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO A '33 if FITM Al 7 -11,014,443 7,646,000.00 SERIES 329 CLASS PO DUE 01/01/33 Le am DUE 01/01/33 STRIP mn a a -13,137,594 9,120,000.00 Al JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM AZ TERM Re (GREEMENT 13,137,594 9,695,000.00 IES 346 CLASS 1 SE DUE 11/04 FITM A2 TERM Re! (GHEEMENT JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/048 FITM Al ‘0 AGI -3,180,365 2,202,000.00 027 04/01/08;09:49 001 var EFTA00196210

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 22 of # STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Ste Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = February 28, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY DEBIT AMOL JOURNAL FEDERAL NATIONAL MTG ASSN -4,978,135 IES 352 CLASS 1 0,001 i FITM Al 0 AG INT CREDIT AMOUNT 105 JOURNAL FEDERAL NATIONAL MTG ASSN a 4,978,135 3,784,000.00 SERIES 352 CLASS 1 0,001 i FITM AZ TERM RE MENT SERIES 329 CLASS PO STRIP Pr ll +2 0.000 FITM EPO I INTEREST FEDERAL NATIONAL MTG ASSN = TAP 329 CLASS PO DUE 01) ae 000 pM [a aa a ee aga ‘2a Series | 352 CLASS ‘5 18,475.38 JOURNAL FEDERAL NATIONAL MTG ASSN 5,213,713 3,972,000.00 SERIES 346 CLASS 1 DUE 114 FITM TERM Re MENT 027 04/01/08;09:49 001 vare EFTA00196211

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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 23 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = February 28, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY JOURNAL FEDERAL NATIONAL MTG ASSN 4,978,135 IES 352 CLASS 1 TERM Re MENT SELWERED viet St Sas 4s annensensensenseneenees eT TT DUE 01/31/ 2007 3.125 3,125 7 FITM Ad TERM RE, AENT SERIES 346 CLASS 1 DUE 114 0,000 FITM, AZ INTEREST FEDERAL NATIONAL MiG ASSN ae 13767 SERIES 952 CLASS 1 CREDIT AMOUNT 0.001 INTEREST UNITED STATES TREASURY NOTE | 7739.20 DUE 01/ ale 125 FM JOURNAL GOVERNMENT NATIONAL MTGAssN Jill “4,300,000 SERIES 2004-5 CLASS PS JOURNAL GOVERNMENT NATIONAL MTG ASSN ; 4,300,000 444,000.00 SERIES 2004-5 CLASS PS 4,351 TERM Rt ic) ENT 027 04/01/08;09:49 001 var EFTA00196212

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com Ste 24 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = February 28, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIP QUANTITY CREDIT AMOUNT RECEIVED UNITED STATES TREASURY NOTE 175,000,000 DUE 12/31/2006 — 3,000 3,000 ran Al c T DELIVERED UNITED STATES TREASURY NOTE ; -200,000,000 200,000,000.00 DUE 12/91/2006 3,000 3,000 kan FITM AD AENT SERIES 2004-5 CLASS PS DUE 02/20) 4,351 FITM A2 EPO I UNITED STATES TREASURY NOTE DUE i .000 a a JOURNAL FEDERAL NATIONAL MTG ASSN , 11,014,443 7,646,000.00 | Le INTEREST SERIES 329 CLASS PO DUE 01/01/33 STRIP TERM (GHEEMENT SERIES 329 CLASS PO DUE 01/01/33 STRIP TERM Re (GHEEMENT -16,269,480 11,248,000.00 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP ! 027 04/01/08;09:49 001 var EFTA00196213

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT oy BEAR Bear. Stearns & Co- inc. SUBSIDIARY STEARNS FINANCIAL TRUST CO INC 25 of #0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) accour wuccn ED TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY DEBIT AMOL JOURNAL FEDL HOME LOAN MTG CORP#S 10110 -9,755,215 IES 228 CLASS 10 Al 0 AG TOURNaL vite . SI NOTE . — on 1") ne 4s snsensensesnenaessanessss 550 00000 Al CREDIT AMOUNT FITM 4,000 TSS TERM REPO AGREEMENT os 329 CLASS PO TRE DUE 01/04 0,000 ol INTEREST FEDERAL NATIONAL MTG ASSN a 4,560.00 SERIES 329 CLASS PO TRE DUE 01/045 0,000 FITM A2 oll JOURNAL FEDERAL NATIONAL MiG ASSN ; "201,100 SERIES 346 CLASS 1 Al 027 04/01/08;09:49 001 var EFTA00196214

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 26 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 03/ 5 JOURNAL FEDERAL NATIONAL MTG ASSN 3,180,365 SERIES 346 CLASS 1 DUE 114 FITM A2 TERM (GHEEMENT O83 a er a oTy TUT TC —s ae Thea 00 SERIES 346 CLASS 1 DUE 11/04) 0,000 FIM A2 REPO I SERIES 346 CLASS 1 DUE 11/0ue FITM A2 TERM Re: (GREEMENT FEDERAL NATIONAL MTG ASSN rary 346 CLASS 1 FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 A2 TERM Re GHEEMENT Al a T UNITED STATES TREASURY NOTE DUE 12/31/2006 3,000 3,000 1) FITM TERM RE -175,000,000 174,562,500.00 a a , 1,355,565 4,000,000.00 a a DELIVERED MENT 027 04/01/08;09:49 001 var EFTA00196215

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. Boar, Steams Sec STEARNS FINANCIAL TRUST CO NG 27 of @ STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION 03/21/05 JOURNAL SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 30,000,000 28,650,000.00 TERM REPO AGREEMENT JOURNAL UNITED $f SS TREASURY NOTE ‘a — -56,000,000 53,830,000.00 FITM Al 4,000 oS REPO AGREEMENT SERIES 346 CLASS 1 1,926.67 71.473.65 INTEREST UNiTED & ATES TREASURY NOTE INTEREST UNITED $7 ATES TREASURY NOTE 10,035.46 4,300,000 SERIES 2004-5 CLASS PS TERM Re MENT 5 JOURNAL GOVERNMENT NATIONAL MTG ASSN a eres 2004-5 CLASS PS FiTM AI -4,300,000 427,000.00 22/05 JOURNAL FEDERAL NATIONAL Wig ASSN" alan BSE 3/322,000-60 ry rim 353 CLASS 2 Pim Al Ri PO ws 027 04/01/08;09:49 001 var EFTA00196216

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 28 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN 14,252,296 CLASS 2 RDS TOURNaL BEDERAL WATIONAL MG BSN AA TEE BB BSS 0 se none 353 CLASS 2 FiTM AS REPO Ay ny 353 CLASS 2 A3 SERIES 353 CLASS 2 5,000 Ot FITM Aa 28,504,592 6,406,000.00 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 FITM B6 TERM Re (GHEEMENT FEDERAL NATIONAL MIGASSN , 14,252,296 3,400,000.00 SERIES 228 CLASS 10 1 FITM Al 4,000 mart S 0 AGREEMENT 56,000,000 53,830,000.00 03/22/05 JOURNAL UNITED ST EASURY NOTE A2 FITM 4,000 TERM TS15 ‘0 AGREEMENT 027 04/01/08;09:49 001 var EFTA00196217

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 29 of #0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 5 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07/04 5,000 Fi aM B6 H DUE 02/15) 4,000 FITM A2 REPO I SERIES 353 CLASS 2 5,000 P FITM AG TERM Re: GHEEMENT aS RRL FEL ME LOAN HATS CORBAS TOROS LAA ESSER cnn SERIES 227 CLASS 10 5,000 nek FITM A2 TERM Re (GHEEMENT seseeennssenennasssssennuaseennan " te aenensensneen ce Ws Wie BAN Ate CORBRSTOTOS ies | 4s ensenensenenenen a 3a =35 senensesensenesss snenensusensesencuaunsss suneususenseneneusuaessss snsusesencusuacusenensssssensusencssssenseaes SERIES 227 CLASS 10 5,000 Fit A2 TERM REPO AGREEMENT — 227 CLASS 10 JOURNAL FEDL HOME LOAN MTG CORPHS 10709” alll "8336,790 2,032,000.00 SERIES 227 CLASS 10 FITM. Al EPO AG 027 04/01/08;09:49 001 var EFTA00196218

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 30 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — February 28. 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT 5 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 DUE 07/04 5,000 FM AG H 03/28/05 JOURNAL FEDERAL NATIONAL MTG ASSN ee 677,782 500,000.00 SERIES 346 CLASS 1 DUE 10y FIM TERM RE AZ MENT SERIES 346 CLASS 1 DUE 11/0ue INTEREST FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 DUE 11/015 0.000 FITM AZ 0 Il a a nn sna a aw SERIES 2004-5 CLASS PS SERIES 2004-5 CLASS PS 4,100 , FITM A2 TERM Re (GREEMENT 03/29/05 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS DUE 02/20) 4,100 FITM A2 0 Il 253.23 027 04/01/08;09:49 001 var EFTA00196219

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 31 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT JOURNAL FEDERAL NATIONAL MTG ASSN -19,003,061 CLASS 2 19,003,061 4,429,000.00 03/30/05 JOURNAL FEDERAL NATIONAL MTG ASSN none 353 CLASS 2 FiTM B2 REPO Ay ny 353 CLASS 2 B3 SERIES 353 CLASS 2 5,000 Heke FITM Ba -19,003,061 4,429,000.00 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 FITM BS 0 AG SERIES 353 CLASS 2 FITM Ad TERM Re (GREEMENT 03/30/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 -9,755,215 100,000.00 SERIES 228 CLASS 10 5 AS a a oe "NATIONAL MiG ASS , 19,003,061 4,429,000.00 a a 027 04/01/08;09:49 001 var EFTA00196220

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PUNCH TT COE 32 of #0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — February 28. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY CeBIT AMOUNT CREDIT AMOUNT JOURNAL FEDL HOME LOAN MTG CORP#S 10110 -9,755,215 03/30/05 JOURNAL FEDL HOME LOAN MTG CORP#S 10110 iii 9.755.215 2.062,000.00 SERIES 228 CLASS 10 6,000 JOU35 FiTM A2 REPO AK SERIES 228 CLASS 10 6,000 O35 ae CE ee 4s ensenensenenenen Fen Ie eneususessenessss snenensusensesencuaensss suneususesusencusuaesess sneuseseneususeusesenssss sensuaeneususeneuses rriny 228 CLASS » FITM. Aa ; 35,623.76 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 INTEREST TOTAL $-544.732,894.06 $683,221 ,824.16 MISCELLANEOUS DATE MONDAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 03/09/05 DELIVERED — 189.59 UPON 4,0000 FINANCING NET PAIROFF DIFF 027 04/01/08;09:49 001 var EFTA00196221

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS 33 of 0 Transaction Detail (continued) MISCELLANEOUS (continued) DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 03/11/05 JOURNAL FNMA 30YR. GID 201,367.18 SETT, 03/05 5,500 DUE 03/01/35 MBS NET 03/11/05 17/05 JOURNAL ‘ENMA-3OYR(FNMA)GTO 173,281.25 SETT,03/05 5,000 DUE 03/01/35 MBS NET 03/11/05 14/05 JOURNAL FNMA 30YR(FNMA) GTD 34,375.00 SETT, 03/05 6,000 DUE 03/01/35 MBS NET 03/14/05 JOURNAL FEB 05 SPEC CLEARING FEES i EE eee JOURNAL RECEIVED FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 §.000 DUE 07/01/34 DUE 07/01/2034 5,000 0916362 21105 TRIP POOL 0021445 COUPON 5,0000 FEDERAL NATIONAL MIG ASSN ve SERIES 353 CLASS 2 8,000 DUE 07/01/34 DUE 07/01/2034 5,000 0916370 TRIP POOL 0021445 COUPON 5,0000 JOURNAL 267,100.00 027 04/01/08;09:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Securities ol | FINANCIAL TRUST CO INC STATEMENT PERIOD March 1,2005 THROUGH March 31,2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT February 28,2005 var EFTA00196222

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CLEARED THROUGH ITS WHOLLY OWNED OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS Maw STATEMENT PERIOO THROUGH Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT MISCELLANEOUS (continued) DATE MONDAY TRANSACTION DESCRIPTION DEBIT AMOUNT 03) 5 JOURNAL FR CMDY A FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 DUE 02/01) 105 RECEIVED 100,000.00 i STRIP POOL 0034145 COUPON 6,0000 SERIES 228 CLASS IO 6,000 DUE 02/01/35 DUE 02/01) 2 i STRIP POOL 0034145 COUPON 6,0000 FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS IO 6,000 DUE 02/01/35 —_—_ TRIP 2 i STRI POOL 0034145 COUPON 6,0000 RE ERDU HOE LOAN RATS CORE nn rere eae Cy meer eementeeeenene SERIES 228 CLASS IO 6,000 DUE 02/01/35 OUE 02/01) DELIVERED 100,000.00 05 100 © STRIP POOL 0034145 COUPON 6,0000 TOTAL $-3,452,158.93 $2,751,164.59 04/01/08;09:49 001 FINANCIAL TRUST SUBSIDIARY co INC March 1, 2005 March 31,2005 On File February 28,2005 EFTA00196223

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com Ste 35 of 0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 + account numccr = Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT — February 28, 2005 QUANTITY PRICE DEBIT AMOUNT GREDIT AMOUNT 50,000,000.00 TRANSACTION DESCRIPTION UNITED STATES TREASURY NOTE 03,000% JD 30 > TO MATURITY GVER REF # GO901002 At ED STATES TREASURY NOTE ee 30.500.506%50 99.9140 29.977 292.52 E 03,750% MS 31 PTO MATURITY GVER REF # 0901008 Al i) ‘UNITED STATES TREASURY NOTE ee Sc.650%500%00" 99.9140. 49,962,154.20 ace 03,750% MS 31 re TO MATURITY GVER REF # GO901006 B1 BOUGHT FNMA 3OVA GID if 10.000,000.00 97-7103 9,771,093.75 SET, 04/05 491 05 05.00% 57280000 BS SETT, 04/05 — = oa 030 05,000% 57140000 BS 0 03/16/05 BOUGHT FNMA 30¥A GID ~~ ’So00.c00%00°""S7’s335 "4896 67969 SETT, 04/05 49 025 05.00% 57130000 BS 97.7500 40,000,000.00 39,100,000.00 57140000 BS 027 04/01/08;09:49 001 var EFTA00196224

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT oy BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 36 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 . account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT TRANSACTION DESCRIPTION Si 03/30/05 BOUGHT FNMA 30YR GID 50,000,000.00 48,.699,218.75 SETTLEMENT TRADE DATE DATE SETT, 04/05 Fain 035 05,000% 57320000 BS i io.c00%s00'G0 98.4687 9,846,875.00 58030000 BS 03/08/05 SOLD FNMA 30¥A GID . ~~ 2c.c50%500%00" 98.5312. 19.706,250.00 SETT, 04/05 Fain 035 05,000% 57670000 BS SOLD FNMA 3OVA GID ee TS%c00%sa6'50 97-9218 14,688,281.25 SET, 04/05 491 05 05.00% 57380000 BS SETT, 04/05 — = oa 030 05,000% 67320000 BS “20,000,000.00 97.6562 "99.531,250.00 FNMA 30YA GTD SETT, 04/05 5.000% 57080000 BS 97.9101 19,582,031.25 -20,000,000.00 57000000 BS 027 04/01/08;09:49 001 var EFTA00196225

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PR. WaT com 37 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 ‘ DEBIT AMOUNT CREDT AMOUNT -20,000,000.00 97.9218 19,584,375.00 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP SOLD FNMA 307A GID SETT, 04/05 05,000% 57050000 BS 5,000,000.00 100.1328 5,006,640.63 57290000 BS 5,000,000.00 100.2656 5,013,281.25 03/16/05 BOUGHT FNMA 30YR GTD SETT, 04/05 05.500% 57240000 BS BOUGHT FNMA 30YR GTD | 20,000,000.00 101.4843 20,296,875.00 SETT, 04/05 3 , 05.500% 57130000 BS AS OF 03: 5 SETT, 04/05 ee. 57390000 BS ‘03 29/05 CANCEL BUY FNMA 30YR GTD 20,000,000.00 101.4843 20,296,875.00 SETT, 04/05 3 ‘ 05.500% 57130000 BS AS OF 03/29/05 SETT, 04/05 a Ma 58150000 BS 027 04/01/08;09:49 001 var EFTA00196226

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 38 of STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 . account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT — February 28, 2005 SETTLEMENT — TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP DEBIT AMOUNT CREDIT AMOUNT 000,000.00 100.2812 15,042,187.50 SOLD FNMA 30YR GID SETT, 04/05 a f 05.500% 57390000 BS -20,000,000.00 100.3476 20,069,531.25 57280000 BS SOLD ENMA-SOVA(ENMA)GID ~~" “2c.c00%sa0'G0 {01.7187 20,343,750.00 SETT,O4/05 3 p 06 000% 57090000 BS a -20,000,000.00 101.9218 20,384,375.00 SOLD FNMA-3OYA(FNMA)GTD SETT,04/05 06 000% 57150000 BS SETT, 04/05 05,500% 57130000 BS 20,296,875.00 101.4843 ee 20.500.000'00" FNMA 30YR GTD SETT, 04/05 05.500% 57130000 BS 20,000,000.00 98.5468 19,709,375.00 SETT,04/05 04.500% 57680000 BS 027 04/01/08;09:49 001 var EFTA00196227

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO INC 39 of 0 STATEMENT PERIOO March 1, 2005 THROUGH March 31,2005 . account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 DEBIT AMOUNT CREDT AMOUNT 19,554,687.50 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP BOUGHT FNMA-1SYA(FNMA-15)GTD 20,000,000.00 4/05 ‘0S 57040000 BS (FNMA-15) “20,000,000.00 97.9531 19,590,625.00 SI ei 57590000 BS SOLD ENMA-15VA(FNMA-15)GTD . “"20.000,000.00 97.7421 19.548,437.50 SETT.04/05 E Da onog 04,500% 57250000 BS o on 20,000,000.00 101.4843 20,296,875.00 BOUGHT FNMA-15YA(FNMA-15)GTD SETT,04/05 05.500% 57130000 BS AS OF 03: 5 SETT,04/05 —, 57110000 BS 03/31/05 BOUGHT FNMA-3OVAIFNMA)GTD “ , “"30.000,000.00 97.4921 19.498.437.50 ™ SETT.O5/04 E01 204 05,000% 57140000 BS 027 04/01/08;09:49 001 var EFTA00196228

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS FINANCIAL TRUST CO INC 40 of STATEMENT PERIOD March 1,2005 THROUGH March 31, 2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT February 28, 2005 SETTLEMENT — TRADE DATE TRANSACTION DESCRIPTION QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT OS) 5 03/31/05 BOUGHT FNMA. OYA(FNMA)GTD 20,000,000.00 99.8906 19,978,125.00 ‘0! 5 Pee... 57150000 BS TOTAL $376,638,595.27 $368, 120,306.10 The above trades do not appear in amy other section of this statement (stor) . ** End of Statement™* 027 04/01/08;09:49 001 var EFTA00196229

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. 1 Stage vities Con ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERIOD February 1,2005 VISIT OUR WEBSITE www. bearstearns.com THROUGH February 28,2005 What's In This Statement Hava deseloelsleaeselil erent wenuta ar LAST STATEMENT January 31, 2005 Financial Summary . . 3 FINANCIAL TRUST CO INC Your Portfolio Holdings . 4 C/O JEFFREY EPSTEIN Transaction Detail ......eesessseeeeees 7 6100 RED HOOK QUARTER Trades Not Yet Settled J wiessessesseas 37 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio 36,828 TOTAL VALUE OF SECURITIES THIS PERIOD == «1,175,677 Sash & Equivalent Ae $976,344 LONG ACCRUED INTEREST 4,920 Fixed 1.175.677 Income $10,656,868 NET CREDIT BALANCE 336,828 sencnsensseneneusess seunencusensnsenensuasssscunensuscncosunensuenssss snensecenensuaessensnse® HE current market value NET EQUITY THIS PERIOD $1,517,425 GBR Last statement's market value NET EQUITY LAST STATEMENT 11,740,244 CHANGE SINCE LAST STATEMENT -10,222.820 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 statement should be retamed for your records. See reverse side for important information 027 04/01/08;11:09 001 var2 EFTA00196230

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC 2 of 36 STATEMENT BACKER IS PRINTED ON THIS PAGE 04/01/08;11:03 001 var2 EFTA00196231

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 36 Cash Flow Analysis THIS PERIOD $976,344.40 OpeningBalance 1,577,818,284.36 2,846,165.17 86,598.03 Securities Sold Dividends/Interest Miscellaneous Amount Credited $1,580,751,047.56 -1,579,710,263.75 -1,601 047.44 -79,253.13 Securities Bought Dividends/Interest Charged Miscellaneous Amount Debited $-1,581,390,564.32 -639,516.76 Net Cash Activity Cash Balance Summary OPENING CLOSING Margin 976,344.40 336,827.64 Net Cash Balance $976,344.40 $336,827.64 Income Summary THIS PERIOD YEAR TO DATE U.S. Govt. Bond Int. 2,046,727.15 2,331 ,844.56 Govt. Agency Int. 673,909.66 1,329,239.69 Corp. Bond Int. 124,771.86 254,949.30 Credit Balance Int. 756.50 756.50 Reverse Repurchase Int. 267,946.52 503,374.01 -1,601 047.44 Bond Purchase Int. -2.190,436.95 Repurchase Int. Exp. -104,943.86 -222,965.23 Portfolio Composition Cash/Cash Equivalent 336,828 Fixed Income 1.175.677 $1,512,505 04/01/08;11:03 001 Cash & Equivalent 23% CLEARED THROUGH ITS WHOLLY OWNED Ste SUBSIDIARY FINANCIAL TRUST CO INC STATEMENT PERIOO THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT February 1, 2005 February 28,2005 On File January 31, 2005 Your Portfolio Allocation Fixed Income 77% Unshaded portions denote debt balance andlor short market values. The allocation perc from the abso! va ae is derived hte market value of your portlotio. 72 EFTA00196232

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO ING 4 of 36 STATEMENT PERIOO February 1, 2005 THROUGH February 28, 2005 Your Portfolio Holdings accout wuvcce | CASH & CASH EQUIVALENTS worKnn rammen On File LAST STATEMENT January 31, 2005 MARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 336,828 TOTAL CASH & CASH EQUIVALENTS $336,828 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIMATED QURFENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) FEDERAL NATIONAL MTG ASSN ;, MRGN 13,568,337 8.6649 1,175,676 4,920 §90,223 80,2029 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4.350% FACTOR = .55821251 FEDERAL NATIONAL MTG ASSN | MRGN 1 78,8359 1 SERIES 346 CLASS 1 DATED DATE 11/01/03 BOOK ENTRY ONLY DUE 11/01/2033 FACTOR = 1,00000000 Total Government& Agency Obligations $1,175,677 $4,920 $590,223 TOTAL FIXED INCOME $1,175,677 $4,920 $590,223 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $4,920 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $590,223 YOUR PRICED PORTFOLIOHOLDINGS $1,512,505 027 08/01/08;11:09 001 var2 EFTA00196233

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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 5 of 36 STATEMENT PERIOO February 1,2005 THROUGH February 28,2005 * account numccr = Repurchase and Reverse Repurchase Transactions TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT January 31, 2005 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION YOu SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 01/13/05 04, 2,860 -2,601,000 9711 -22,100,000 SERIES 2004-5 CLASS P 4.3518 02): YOU SOLD FANNIEMAE STRIP (REPO) 01/13/05 2.860 -11,902.000 -44,440 -30,000,000 SERIES 329 CLASS PO 12/01/32 YOU SOLD FANNIE MAE STRIP (REPO) 01/13/05 FANNIE MAE STRIP (REPO} 012805 04/11/05 SERIES 353 CLASS IO 5,0000 07/01/34 YOU PROVIDED (MARGIN) 02/0705 OPEN FEDERAL NATIONAL MTG ASSOC SERIES 2003-13 CLASS 5,3500 03/25/33 YOU PROVIDED (MARGIN) 02/0905 OPEN 0,010 ~4,300,000 GOVERNMENT NATIONAL MTG ASSOC SERIES 2004-5 CLASS P 4.3518 02/20/33 Ls i 23,919 -30,000,000 NNNNNJ»—«SERIES 353 CLASS 10 5,0000 07/01/34 | | | FANNIE MAE STRIPS (REPO} 02/1005 03/10/05 2,790 -3,784,000 5.571 -5,500,000 [J = senics 352 cass po You SOLD FANNIEMAE STRIP (REPO) 02/10/05 2.790 8,514,000 12,536 -20,959,779 [EJ senics 329 class po 12/01/32 YoU SOLD FANNIEMAE STRIP (REPO) 02/1508 03/1 2,790 -3,972,000 -4,309 -7,000,000 [J = Series 346 ciass po YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN) 02/1605 OPEN 0,000 -14,000,000 [RRR sens 227 class 10 5.0000 12/01/34 YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN} 02/17/05 OPEN 0,000 6,000,000 [RM scnes 227 ciass 10 5,000 12/01/34 027 08/01/08;11:09 001 var2 EFTA00196234

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CLEARED THROUGH ITS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS WHOLLY OWNED SUBSIDIARY Bear Steams Securities vl FINANCIAL TRUST CO INC 6 of 36 STATEMENT PERIOD THROUGH February 1, 2005 February 28,2005 On File January 31, 2005 .- ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER NUMBER with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION You SOLD USTA 4,0000 02/15/15 (REPO) 02/1805 OPEN 2,270 -29,475,000 -20,730 -30,000,000 [xx YOU SOLD USTR 5/31 (REPO) 02/22/05 OPEN 2,520 -3,922,500 -1,568 -3,000,000 [xy You SOLD FANNIEMAE STRIP (REPO) 02/25/05 -321 GM. SERIES 346 class PO You SOLD FANNIEMAE STRIP (REPO) 02/2805 03/10/05 -748 HS SERIES 329 Class PO 12/01/32 You SOLD FANNIEMAE STRIP (REPO) 02/2805 03/28/05 -40 WE. SERIES 346 Class PO YOU PROVIDED FANNIEMAE STRIP (MARGIN) 02/2805 OPEN 0,000 -4.270,000 [RRM = scnics 346 class po YOU BOUGHT USTA 3.1250 0 (REVERSE) 02/23/05 OPEN 2,200 7,990,000 1,207 8,000,000 |= YOU BOUGHT USTA (REVERSE) 02/24/05 OPEN 2,400 200,000,000 65,000 200,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $207,990,000 $66,207 TOTAL REPURCHASE TRANSACTIONS $-88,522,500 $-142,580 "As of statement date 08/01/08;11:09 001 var2 EFTA00196235

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee must COINS 7 of 36 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail accout uumcce | TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT January 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT UNITED STATES TREASURY NOTE : J 99,68750 2007 03,125% JJ 31 ACR, INT, x % TO MATURITY GVER REF # GO311009 Al Bie EEE ee ee kh Se aS Sea St 0 VBC : 03,125% JJ 31 ACCR, INT, 8,632.59 a % TO MATURITY GVER REF # GO341008 Al 0 04,250% MN 88,756.90 % TO MATURITY GVER REF # GO351017 Al 05 BOUGHT UNITED STATES TREASURY NOTE 12,000,000 101.59375 12,191,250 .00 DUE 11/15/2014 04,250% MN 15 SPECIAL INSTRUCTIONS ACCA, INT. 118,342,54 YIELD 4,050 % TO MATURITY GVER REF # GO355379 AB WWEB 05 BOUGHT UNITED STATES TREASURY Nore SCT STG 99,49219 15,918,750 .00 man 03.000% JO 30 ACCA, INT, 50,386.74 x % TO MATURITY GVER REF # GO351009 Al SUOaE as ajcetenrenerannennanennan na sremmetnnes anne — Soran Socooe ee een “ 03.625% JJ 15 ACCR, INT, 46,063 54 A % TO MATURITY GVER REF # GO351013 Al : 03, 125% JJ 31 ACCR, INT, 9,064.22 x % TO MATURITY GVER REF # GO351035 Al 027 04/01/08;11:03 001 var2 EFTA00196236

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar, Steams 5: 8 of 36 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE o TRANSACTION RUPTION QUANTITY PRICE DEBIT AMOUNT NT AMOUNT PRINCIPAL DERAL NATIONAL MTG ASSN 95.853 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 02-25-05 02/0805 02/07/05 BOUGHT UNITED STATES TREASURY BONDS i 10,000,000 ny 14.4 7366 11,447,265 63 —— FA 15 ACCA, INT, 258.525 ,81 f TO MATURITY GVER REF # GO381001 At 02/08/05 ; SOLD UNITED STATES TREASURY BONDS i -10,000,000 114,54688 11,454,687 ,50 — FA 15 ACCOR, INT, 258,525.82 foe = TO MATURITY # GO381002 At UNITED STATES TREASURY BONDS i 10,000,000 y'14.75000 11,475,000 00 05.375% FA 15 ACCA, INT. 259.986 ,41 f TO MATURITY # GO391000 Al 020905 O2/08/05 SOLD UNITED STATES TREASURY BONDS ez -10,000,000 115,79688 11,579,687 50 —, FA 15 ACCR, INT, 259,986.41 TO MATURITY GVER REF # GO391003 Al 05, 500% 10,000,000 101.51563 _ 10,151.562.50 05 CANCEL SELL SETT.O2/05 05, 500% 57000000 BS 027 04/01/08;11:03 001 var2 EFTA00196237

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 9 of 36 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — January 31, 2005 SETTLEMENT TRADE ov TRANSACTION DEBIT AMOUNT NT AMOUNT 10,173,046 .88 "10,000,000 IMA-30YR(FNMA)GTD SETT.O2/05 nek 05, 500% 7390000 BS AS OF 01/20/05 TO CXL PREVIOUS BUY 705 01/20/05 BOUGHT 10,000,000 10173047 10,173,046 .88 02/03/05 x: "To.0s0;000"°""""ToTe0%60™ 10,180.468.75 SETT,02/05 sp on35 05,500% 57720000 i — 6 Cle "10,000,000" Y0125000 7” 10,125,000 00 57220000 BS tA SOVR(ENMA)GTD _ . "10,000,000 101.51563 _ 10,151,562 50 SETT,02/05 05,500% 57000000 BS (FNMA) 1S f 05, 500% 57720000 BS SOY SETT.02/0: AS OF 02/03/05 TO CXL PREVIOUS BUY 027 04/01/08;11:03 001 var2 EFTA00196238

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PRN. WaT com 10 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE DEBIT AMOUNT CREDIT AMOUNT TRANSACTION MA-3OYR(FNMA)GTD 10,000,000 SETT.O2/05 7000000 BS AS OF 01/20/05 MA-SOYRIENMA)GTD. 10,000,000 9965234 9,965,234 38 SETT,02/05 12034 05,000% 57000000 BS SETT.O2/05 57760000 BS AS OF 02/03) ‘05 TO CXL PREVIOUS 005 + CANCEL BUY FNMA-GOYR(FNMA)GTD | -10,000,000 99,65234 9,965,234 38 SETT,02/05 12034 05, 000% 57000000 BS AS OF 01/20/05 TO CXL PREVIOUS BUY MA-3OYR(FNMA)GTD | -10,000,000 99,65234 9,965,234 38 SETT,02/05 05 CANCEL BUY o2/10/05 O41 05.000% 7000000 BS AS OF 01/20/05 TO CXL PREVIOUS BUY MA-3OYR(FNMA)GTD ee -10,000,000 99,70313 9,970.312,50 SETT,02/05 05,0005 57760000 BS 027 04/01/08;11:03 001 var2 EFTA00196239

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 11 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE OATE CREDIT AMOUNT SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 10,000,000 10,298.43 TRANSACTION DESCRIPTION CANCEL SELL SETT, 02/05 r 06.0005 7220000 BS AS OF 12/30/04 TO CXL PREVIOUS 10,000,000 """Y03,03125 "19,303,125 00 57320000 BS SETT, 02/05 neal 06.0005 1157210000 BS serene cenannn cr sysyrmrtmessesne snenenseeess ss anenees a ae Sai repre ie SO 646 878 00 seeenennsess snseas: anennessssaunsensens SETT. 02/05 06.0005 57740000 BS AS OF 02/03/05 TO CXL PREVIOUS 10,298,437 ,50 — -10,000,000 102,98438 -10,000,000 1 03,03125 10,303,125 ,00 SETT, 0205 06,000% 57320000 BS AS OF 12/16/04 TO CXL PREVIOUS BUY 027 04/01/08;11:03 001 var2 EFTA00196240

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 12 of 36 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CANCEL BUY FNMA 30*R GTD 103,03125 06.0005 57210000 BS AS OF 01/11/05 TO CXL PREVIOUS BUY 57740000 BS SERIES 352 CLASS 1 niet 00,001 % 57900000 BS TO ADJ PREVIOUS MONTH'S FACTOR AS OF 01/31/05 05 BOUGHT UNITED STATES TREASURY BONDS a 10,000,000 114,71875 11,471,875 00 met 05,375% FA 15 ACCA, INT, 261.447 01 = TO MATURITY GVER REF # GO401000 At 05 BOUGHT UNITED STATES TREASURY BONDS zz 10,000,000 115,63281 lai 05,375% FA 15 ACCA, INT, 261,447 01 234% TO MATURITY GVER REF # GO401030 At 05 SOLD UNITED STATES TREASURY BONDS "10,000,000 118,07813 11,507,812 50 i om can 05,375% FA 15 ACCR, INT, 261,447 01 5% TO MATURITY GVER Ri GO401005 A3 SERIES 218 CL PO 7420000 BS 027 04/01/08;11:03 001 var2 EFTA00196241

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 13 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — January 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE 10,000,000 10,156,251 : 04,250% MN 15 ACCA, INT, 103.314,92 A % TO MATURITY GVER REF # GO411021 Al SOLD UNITED STATES TREASURY NOTE — RE) 101.84375 $,092,187.50 ane 04,250% MN 15 ACOR, INT, 51,657.46 A % TO MATURITY ER REF # GO411011 Al S$ ACR-VO FLTR 5,470 DUE 03/25/33 ADJUST POSITION ai 5,310,807 83,79688 4,450,290 .63 05 BOUGHT FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 57250000 BS 05 DL HOME LOAN MTG CORP#S10109 9,869,325 23,75000 2,343,964 90 SERIES 227 CLASS 10 Fee ae oon. ACCA, INT. 17,819.62 7360000 BS 05 SOLD UNITED STATES TREASURY NOTE i -10,000,000 99,52734 9,952,734 38 DUE 12/31/2006 03,000% JD 30 0 SPECIAL INSTRUCTIONS ACCR, INT, 37,292.81 YIELD 3,261 % TO MATURITY GVER REF # G0422831 A3 WWEB 03,000% JD 30 CCR, INT, $5,939 22 x % TO MATURITY GVER REF # GO421020 Al JOURNAL FEDL HOME LOAN MTG CORP#S02684 | SERIES 218 CL PO DUE 02/01/32 027 04/01/08;11:03 001 var2 EFTA00196242

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 14 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE OATE CREDIT AMOUNT SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT 11,000,000 11,327.42 TRANSACTION DESCRIPTION 15YR(FNMA-15)GTD 1S 7230000 BS seneneeg a caneerecetneneae STRESS TRE snennenauenssssenenens a ae eT oo0 00 vost TT BaB OST Ss a sneenessssaunsensees SETT.02/05 nels 05,5005 57330000 BS AS OF 12/16/04 TO CXL PREVIOUS SETT,02/05 7230000 BS AS OF 12/30/04 TO CXL PREVIOUS BUY -11,000,000 103,10938 11,342,031 ,25 DERAL NATIONAL MTG ASSN | —eEe S310 807 as '34375 4,426,226 .03 SERIES 346 CLASS 1 02/15/05 02/11/05 BOUGHT DL HOME LOAN MTG CORP#S10109 ; 9,869,325 23,81250 2,350,133 23 SERIES 227 CLASS 10. ACCA, INT, 19,190,36 57140000 BS Es ; 05,375% FA 15 x % TO MATURITY GVER REF # GO451004 Al 027 04/01/08;11:03 001 var2 EFTA00196243

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. = Steams Secu “l STEARNS Se FINANCIAL TRUST CO INC 15 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT o TRANSACTION SYMBOLICUSIP DEBIT AMOUNT T_ANIOUNT 5,000,000 101,22266 15,183,398 44 15 ACCR, INT, 162,016.57 UNITED STATES TREASURY NOTE % TO MATURITY GVER REF # GO451016 A3 5,000,000 99,57813 4'978.906.25 ACCA, INT, 6,474.45 UNITED STATES TREASURY NOTE 03,125% JJ 31 % TO MATURITY GVER REF # GO451020 Al UNITED STATES TREASURY NOTE _———2a000'000"°"""""sa%e07s6™ 19,920.312.50 02/14/05 03,125% JJ 31 ACCA, INT, 25,897.79 % TO MATURITY GVER REF # GO451008 Al UNITED STATES TREASURY NOTE -_ $0,000,000 99,60156 49,800,781 .25 , 03,125% JJ 31 ACCA, INT, 64,744.48 ETO MATURITY GVER REF # G0451008 BI UNITED STATES TREASURY NOTE aE 03,125% JJ 31 2 TO MATURITY GVER REF # GO451012 Al "35,000,000 99,58594 ° 34,855,078 .13 ACR, INT, 45,321.13 SERIES Fay gt PO QUE 02/0 PRIN A/D rhe 05 P/D 02-15-05 REPOP&!l 0,0000 226,502.48 02/15/05 PRINCIPAL DL HOME LOAN Bird CORPHSO2684 SERIES 218 CL PO QUE 02/01/32 PRIN A/D 01-05 P/D 02-15-05 REPOP&! 0,0000 027 04/01/08;11:03 001 var2 EFTA00196244

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 16 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT — TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT DAT AMOUNT PRINCIPAL FEDERAL HOME LOAN MTG CORP -308,611 SERIES 2483 CL SL 4,410 DUE 03/15/32 PRINGIPAL REDUCTN 02-18-05 PRINCIPAL FEDERAL HONE LOAN MTG CORP ez -342,355 SERIES 2530 CLASS SE 4,810 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-05 SERIES 2526 CLASS SI 4,410 DUE 0215132 PRINCIPAL REDUCTN 02-15-05 86.12500 3,080,068 .74 02/14/05 SOLD FEDERAL NATIONAL MTG ASSN ; STRIP MTG SERIES 322 CL. PO 1% 57720000 BS 02/15/05 BOUGHT UNITED STATES TREASURY BONDS |; 10,000,000 113,59375 11,359,375 00 05,375% FA 15 ACCA, INT, 1,484.81 % TO MATURITY GVER REF # 60461000 Al 02/16/05 02/15/05 SOLD ‘UNITED STATES TREASURY BONDS ; -10,000,000 113,80078 11,380,078 13 05,375% FA 15 ACCR, INT, 1,484.80 % TO MATURITY GVER REF # GO461014 Al 04,250% MN 15 “aoe : ; 32,755.53 % TO MATURITY GVER REF # G0461008 AS LOAN MTG GOAP |; 7.15625 120,382.57 SERIES 2483 CL SL c BAe OL, sion ACCR, INT. 412,14 56240000 BS AS OF 02/14/05 027 04/01/08;11:03 001 var2 EFTA00196245

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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 17 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — January 31, 2005 DEBIT AMOUNT SETTLEMENT TRADE ul D CREDIT AMOUNT DATE SYMBOLICUSIP TRANSACTION DESCRIPTION DERAL HOME LOAN MTG CORP : 7.15625 SERIES 2483 CL SL c HSS OS on, ACER, INT, 2,681.48 56230000 BS AS OF 02/14/05 LOAN MTG CORP “10,944,807 | ""71029.495.91 DERAL HOM SERIES 2488 CLASS SQ c cet 05,520% ACCOR, INT. 3,289.52 57330000 BS SERIES 2530 CLASS SE c eortion ACCR, INT, 56220000 BS AS OF 02/14/05 a" dar crc see ar ere aa Pap goannas he cio ACCR, INT, 3,270.59 56210000 BS Ss LOAN MTG CORP 7.15625 450,847.9) SERIES 2526 cass Show: ACOR, INT, 1,543,52 57310000 BS JOURNAL DL HOME LOAN MTG CORP#S10109 a 1 SERIES 227 CLASS 10 5,000 DUE 12/01/34 Y 05.375% FA 15 —_ ACCR, INT, x % TO MATURITY GVER REF # GO481004 Al 027 04/01/08;11:03 001 var2 EFTA00196246

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 18 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) a TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/18/05 02/17/05 SOLD UNITED STATES TREASURY NOTE -10,000,000 100,48438 10,048,437 ,50 “ 04,250% MN 15 ACCR, INT. 111,533,15 e % TO MATURITY GVER REF # GO481014 Al sir gryastnetcaterwsamennenaneaneanesaweeneeneea ea eee ecmmetnne sate — se 000008 wooniee nee seen seen ae 0 04,250% MN 15 ACCR, INT. 390,366 .02 5 % TO MATURITY ER REF # GO481028 Al 0 04,000% FA 15 5 % TO MATURITY GVER REF # G0481022 Al UNITED STATES TREASURY NOTE 98,51563 "4g 925.781.25 2018 04.00% FA 15 CCR, INT. 1,657.46 . % TO MATURITY GVER REF # G0481033 Al 05 SOLD UNITED STATES TREASURY BONDS 111,11328 "3/333,398 .44 031 05,375% FA 15 ACCR, INT, 3,118,09 A 2 TO MATURITY GVER REF # GO491015 Al 05 SOLD UNITED STATES TREASURY NOTE “10,000,000 99,26563 9,926.562.50 one 03,000% JD 30 ACCR, INT, 43,922.65 0222105 02/1 x % TO MATURITY GVER REF # GO491014 Al 13,898.48 f 03,125% JJ 31 "ACCA, INT, x % TO MATURITY GVER REF # GOS31007 Al 027 04/01/08;11:03 001 var2 EFTA00196247

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear, Stearns & Co_ Inc. = ans Sec: “| STEARNS Se FINANCIAL TRUST CO INC 19 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr = TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE 99,26172 4,963,085 .94 j 03,000% JD 30 ACCR, INT, 22,790.05 x % TO MATURITY GVER REF # GO541021 Al 02/24/05 02/23/05 BOUGHT UNITED STATES TREASURY NOTE | 5,000,000 98,18359 4/909,179 .69 e016 04,000% FA 15 ACCR, INT, 4,972.37 . % TO MATURITY GVER REF # GOS41017 Al 04,000% FA 15 ACCR, INT, 4,972.38 . % TO MATURITY GVER REF # GO0541032 Al 95,853.00 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 02-25-05 DERAL NATIONAL MTG ASSN 184,177.56 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN A/D 01-05 P/D 02-25-05 REPOP&! 0,0000 02/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN —— = le 219,679.75 02/25/05 PRINCIPAL SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 01-05 P/D 02-25-05 REPOP&!l 0,0000 SERIES 329 CLASS PO QUE 01/01/33 STRIP PRIN A/D 01-05 P/D 02-25-05 REPOP&! 0,0000 027 04/01/08;11:03 001 var2 EFTA00196248

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO ING 20 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28,2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION OESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT PRINCIPAL FEDERAL NATIONAL MIG ASSN 222.841 SERIES 2003-49 CLASS SW 4,470 DUE 01/25/33 PRINCIPAL REDUCTN 02-25-05 JOURNAL FEDERAL NATIONAL MTG ASSN i SERIES 346 CLASS 1 QUE 11/01/33 TOTAL $-403,120,067.73 $452,722,366.76 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (Sep CEBIT AMOUNT CREDIT AMOUNT 02/01/05 AVGBAL $84,550 AT 1.503 756,50 021 OFFICE INTEREST 0105 02/15/05 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL QUE 03/15/2032 4,410 INTEREST PAYMENT 02-15-05 mz DERAL HOME LOAN MTG CORP ; 5.4100 51,576.60 | 4.4100 48,724 16 SERIES 2488 CLASS SO QUE 03/15/2032 5,410 INT A/D 01-05 P/D 02-15-05 REPOP&! 5.5200 02/1505 DERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02/15/2032 4,8100 61,620.62 4,810 INTEREST PAYMENT 02-15-05 i 4.4100 24.283 ,37 DERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DUE 02/15/2032 4,410 INTEREST PAYMENT 02-15-05 027 08/01/08;11:09 001 var2 EFTA00196249

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 21 of 36 Transaction Detail (continued) INTEREST (continued) DESCRIPTION SYMBOUCUSIP 5 UNITED STATES TREASURY BONDS DUE 02/15/2031 5.375 INT RD 02-05 P/D 02-15-05 QUANTITY CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Sec: Co 1 FINANCIAL TRUST CO INC STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 RATE (St DEBIT AMOUNT CREDIT AMOUNT 5.3750 268,750.00 02/22/05 GOVERNMENT NATIONAL MTG ASSN | SERIES 2004-5 CLASS PS DUE 02/20/2033 4,450 INT RID 01-05 PID 02-20-05 REPOP&l 4,4500 SERIES 2004-5 CLASS PS QUE 02/20/2033 4,450 INT A/D 01-05 P/D 02-20-05 REPOP&l 4,4500 4.4500 15,945.83 GOVERNMENT NATIONAL MTG ASSN | SERIES 2004-5 CLASS PS DUE 02/20/2033 4,450 EITM CR INT FOR 2/20/2005 4.4500 65,266.67 02/25/05 CMO/SERIES 2003-13 | $ RCR-UO FLTR DUE 03/25/2033 5,470 INT A/D 01-05 PD 02-25-05 REPOP&! 5.4700 5.4700 124,771.86 DERAL NATIONAL MTG ASSN | SERIES 2003-49 CLASS SW DUE 01/25/2033 4,470 INTEREST PAYMENT 02-25-05 4,4700 51,372.14 SERIES 353 CLASS 2 DUE 07/01/2034 5,000 INT A/D 01-05 P/D 02-25-05 REPOP&! 5.0000 027 04/01/08;11:03 001 var2 EFTA00196250

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Ee FINANCIAL TRUST CO INC 22 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 account numccr (S TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT January 31, 2005 Transaction Detail (continued) DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [Sh DEBIT AMOUNT CREDIT AMOUNT 02/25/05 FEDERAL NATIONAL MTG ASSN | 5.0000 140,707.93 SERIES 353 CLASS 2 OUE 07/01/2034 5,000 INT A/D 01-05 P/D 02-25-05 REPOP&!l 5,0000 TOTAL $1,056,336.65 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT TRADE Dar! DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY CEBIT AMOUNT CREDIT AMOUNT 02/01/05 RECEIVED UNITED STATES TREASURY NO’ 15,000,000 15,000,000 .00 DUE 01/31/2007 23125 3,125 4 FITM Al RESALE AGI T SERIES 2004-5 CLASS PS 4,450 TERM Re! GHEEMENT JOURNAL NATIONAL MTG ASSN -17,600,000 SERIES 2004-5 CLASS PS 4,450 DUEQ2) FITMARGN At 02/04/05 E D STATES TREASURY NO! 25,000,000 25,000,000 .00 DUE 01/31/2007 3,125 3.125 a7 FITM At ALE AG T JOURNAL FEDERAL HOME LOAN MTG CORP — - | SERIES 2488 CLASS SO FITM Al REPO AG 027 04/01/08;11:03 001 var2 EFTA00196251

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 23 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) ——— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE o DATE TRANSACTION TION SYMBOL QUANTITY DEBIT AMOUNT CREDIT AMOUNT JURNAL FEDERAL HOME LOAN MTG CORP iW 1.304 849,000.00 0207/05 : JOURNAL "FANNIE MAE CMOVSERIES 2003-13 "27:372,255 § RCA-VO FLTR 5.470 ey FITM At REPO AG "31,000,000 "31,465,000 -00 STATES TREASUR 22 JOURNAL a8 02/07/05 JOURNAL TATES TREASURY N ee -52,000,000 — Al y 14 PO AGREEMENT 02/07/05 STATES TREASURY NO Fs 160,000,000 160,000,000 .00 DUE 12/31/2006 3,000 Al rc) T 02/07/05 DELIVERE: UNITED STATES TREASURY NOTE Fs -176,000,000 176,220,000 ,00 DUE 12/31/2006 3,000 3,000 nan 02/07/05 JOURNAL | 20,000,000 19,925,000 .00 027 04/01/08;11:03 001 var2 EFTA00196252

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Boar, St BEAR Bear. Stearns & Co- inc. Le STEARNS FINANCIAL TRUST CO ING 24 of B STATEMENT PERIOD February 1, 2005 THROUGH February 28,2005 Transaction Detail (continued) accout uumcce | TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE Fy DATE QUANTITY CREDIT AMO! 5,000,000 15,000,000 iON UNI STATES TREASURY Ni DUE 01/31/2007 3,125 7 3,125 at FITM A2 TERM RE: EMENT UNITED STATES TREASURY Ni DUE 01/31/2007 3,125 3,125 aU07 FITM A2 TERM RESALE EEMENT UNITED STATES TREASURY NO DUE 01/31/2007 3,125 3,125 34107 AIA A "25,000,000 "35,000,000 .00 "49/999.999 99 ALE AG! _ reemnrertt FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO DUE 03/48: 45820 INTEREST _— esoneseeessesaueeennasees reer STATES TREASURY NO DUE ‘_ 4,250 FITM A2 0 I STATES TREASURY Nt ‘02107105 INTEREST 027 04/01/08;11:03 001 var2 EFTA00196253

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Boar, St BEAR Bear. Stearns & Co- inc. Le STEARNS sna TAUST GOING 25 of 38 7 STATEMENT PERIOD February 1,2005 THROUGH February 28,2005 Transaction Detail (continued) accout uumcce | TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 CREDIT AMOUNT SETTLEMENT TRADE Di 4,604,17 DATE QUANTITY C ON INTEREST UNI STATES TREASURY Ni 02/09/05 JOURNAL GOVERN! T NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4.450 il -4,300,000 NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,450 bail FITM A2 TERM Re GREEMENT ane GOVERN! T NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 02) 4,450 A2 02/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO DUE 01/01/33 STRIP bps ic] IENT FITM M SERIES 329 CLASS PO JOURNAL 02/09/05 INTEREST | | i 4,300,000 500,000.00 a 11,214,184 8,409,000 .00 TERM DUE 01/01/33 STRIP EPO AG ‘02/1005 JOURNAL "FEDERAL NATIONAL MTG ASSN "5.063,863 SERIES 352 CLASS 1 0,001 ren FITM At REPO AGi 027 04/01/08;11:03 001 var2 EFTA00196254

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar, St 26 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) accour wuccn ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST BTATEMENT = January 31, 2008 SETTLEMENT TRADE ov DATE QUANTITY CREDIT AMO! 02/10/05 INTEREST FEDERAL NATIONAL MTG ASSN ee 6,446.90 SERIES 329 CLASS PO STRIP JOURNAL 52,000,000 "53,105,000 .00 janeaani 02/11/05 JOURNAL -57,000,000 FITM Al 250 Mold PO AGREEMENT JOAN MTG CORP#S02684 SERIES 218 CL PO DUE 02 TERM MENT 1,532,264 1,199,000 00 02/11/05 JOURNAL 9,717,841 7,600,000 .00 JOURNAL 02/11/05 INTEREST 11,181,55 SERIES 218 CL PO DUE 02/048 FITM ‘0 027 04/01/08;11:03 001 var2 EFTA00196255

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BEAR STEARNS 27 of 38 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION INTEREST 05 JOURNAL INTEREST CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. Ste FINANCIAL TRUST CO INC STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 QUANTITY DEBIT AMOL CREDIT AMOUNT us! JOAN MTG CORP#S02684 13,11 FEDL HO SERIES 218 PO DUE 02/04 0,000 F aM A2 H Se TC ey ay Tr, ae SERIES 346 CLASS 1 DUE 114 ‘0 AGI ME SERIES 227 CLASS 10 5,000 OS FITM Al 160,000,000 .00 -160,000,000 STATES TREASURY NO DUE 12/31/2006 3,000 3,000 al FITM A2 TERM EMENT 185,000,000 185,000,000 .00 D STATES TREASURY NO’ i DUE 12/31/2006 3.000 000 mn Al a rT UNITED STATES TREASURY NO’ 67,066 ,67 027 04/01/08;11:03 001 var2 EFTA00196256

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Steams & Co. Inc. STEARNS FINANCIAL TRUST CO INC Boar Stag 28 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE D DATE TRANSACTION TION SYMBOL 05 JURNAL FEDERAL HOME LOAN MTG CORP QUANTITY DEBIT AMOUNT CREDIT AMO! 0,944,807 310,000 02/15/05 : JOURNAL "FEDERAL NATIONAL MTG ASSN "5310807 "3.972.000 .00 SERIES 346 CLASS 1 DUE 11/0u FIT AI REPO AG JOURNAL FEDL HOME LOAN MTG ConPwSioioa (iia “9,869,325 _ ve. 125,000 .00 SERIES 227 CLASS 10 5,000 4 1 JOURNAL “8,000,000 9,087,000 ,00 02/15/05 JOURNAL TATES TREASURY BONDS i 10,000,000 11,762,500 .00 — A2 Al JOURNAL UNITED - a NOTE | -42,000,0) 250 Mold ‘0 AGREEMENT JOURNAL ASURY Nt A2 DELIVERE! UNITED STATES TREASURY NOTE DUE 01/31/2007 3,125 3,125 07 A2B 027 04/01/08;11:03 001 var2 EFTA00196257

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 29 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE ov DATE OESIT AMOUNT 15,000,000 15,075,000 .00 CREDIT AMOUNT ON UNI STATES TREASURY Nt DUE 01/31/2007 3,125 3,125 au07 "49,999,999 99 “50,000,000 STATES TREASURY Nt DUE 01/31/2007 3,125 3,125 aU07 FITM TERM RESALE . aenesaeenses seeenean 3,777.07 INTEREST STATES TREASURY BONDS 5.375 A2 02/15/05 INTEREST 02/15/05 INTEREST 1,569.44 INTEREST 15,694 ,44 3,125 A2A 10,944,807 310,000.00 02/16/05 JOURNAL FEDERAL HOME LOAN M! SERIES 2488 CLASS SO 5.410 32 FITM A2 TERM Re (GREEMENT FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO CORP 027 04/01/08;11:03 001 var2 EFTA00196258

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 30 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE DATE CREDIT AMOUNT TRANSACTION DESCRETION SYMBOUCUSIF QUANTITY DEBIT AMOUNT JOURNAL INMENT NATIONAL MTG ASSN 22,100,000 IES 2004-5 CLASS PS 4,450 h FITM AS TERM Re: (GHEEMENT T NATIONAL MTG ASSN "22"100,000 2,601,000 00 05 JOURNAL GOVERN! SERIES 2004-5 CLASS PS 4,450 bait FITM AG TERM Re (GHEEMENT SERIES 227 CLASS 10 5.000 mth FiTM At 02) GAN MTG GORPWS10109—— ee “5,921,595 1,285,000 .00 SERIES 227 CLASS 10 5,000 men FITM At QaN'MiG ConPwSio10s agg” °°"°°"°""9 "B59" 2,125,000 .00 SERIES 227 CLASS 10 FITM A2 TERM Re ul ENT Hie 227 CLASS 10 TERM Re (GHEEMENT FITM 4,250 Told TERM REPO AGREEMENT JOURNAL 02/16/05 JOURNAL FEDL HOI -45,000,000 45,900,000 .00 027 04/01/08;11:03 001 var2 EFTA00196259

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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 31° of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE TRANSACTION DESCRPTION INTEREST FEDERAL HOME LOAN SERIES 2488 CLASS SQ 5.4 CREDIT AMOUNT QUANTITY CORP Se iaereeeeeenee a aan TT, ae se ryt 2488 CLASS SO 5.410 3 INTEREST 7,025.59 INTEREST Bees 227 CLASS a SERIES 227 CLASS 10 DUE 12 5. 334,18 027 04/01/08;11:03 001 var2 EFTA00196260

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS PRN. WaT com 32 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION 02/17/05 RNAL SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT -5,921,595 5,921,595 1 "285,000 00 JOAN MTG CORP#S10109 SERIES 227 CLASS 10 5,000 nek FITM A2 TERM Re (GHEEMENT SERIES 2488 CLASS SO 5.410 any 48,05 INTEREST FEDERAL HOME LOAN MTG CORP ATE 2488 CLASS SO 03/15. 5.410 Aa a a 45,000,000 45,900,000 .00 027 04/01/08;11:03 001 var2 EFTA00196261

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 33 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28, 2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT D STATES TREASURY -30,000,000 D STATES TREASURY BONDS 1,807.30 4.250 A2 ASURY BONDS | -3,000,000 3,322,500 00 6,000,000 6,712,500 .00 02/22/05 JOURNAL UNITED ASURY BONDS FITM A2 5,375 ners ‘0 AGREEMENT D STATES TREASURY NO’ | dh "' ee y DELIVERED UNIT DUE 12/31/2006 3,000 3,000 4 IENT 3,000 Al T TATES TREASURY BONDS | 1,790.00 15) 5,375 A2 INTEREST 027 04/01/08;11:03 001 var2 EFTA00196262

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WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Boar, St BEAR Bear. Stearns & Co- inc. Le STEARNS FINANCIAL TRUST CO ING 34 of 38 STATEMENT PERIOD February 1, 2005 THROUGH February 28,2005 Transaction Detail (continued) accout uumcce | TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) CREDIT AMOUNT SETTLEMENT TRADE Di 84,740 ,28 DATE QUANTITY C ON INTEREST UNI STATES TREASURY Ni UNITED STATES TREASU! DUE 01/31/2007 3,125 3,125 U07 FiTM Al 8,000,000 UNITED STATES TREASUR’ DUE 01/31/2007 3,125 3,125 UOT FITM TERM RE, 02/23/05 INTEREST | i -15,000,000 15,075,000 00 a a 3,400.25 194,756,250 .00 STATES TREASURY NO Fs -195,000,000 DUE 12/31/2006 3,000 3,000 eae UNITED STATES TREASURY NOTE Fs 200,000,000 200,000,000 .00 DUE 12/31/2006, 3.000 FiTM Al ESALE AG T 02/24/05 INTEREST UNITED STATES TREASURY N‘ M SERIES 346 CLASS 1 DUE 1 1/ue FITM Al 027 04/01/08;11:03 001 var2 EFTA00196263

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 35 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT = January 31, 2005 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 02/25/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1,380,809 SERIES 346 CLASS 1 DUE 11/04 FITM Al 0 AG 02/25/05 JOURNAL FEDERAL NATIONAL MTG assN SSCS 0807 3,963,000 .00 SERIES 946 CLASS 1 UE 11/04 JOURNAL FEDERAL NATIONAL MTG ASSN ee 3.929.997 SERIES 346 CLASS 1 DUE 11/48 FITM A2 TERM Re ul IENT $38 iigretttttnsessetnene Feit Tama SPEEA TaE TTS SERIES 346 CLASS 1 DUE 11/46 FITM Al 0 AG -3,239,592 02/28/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 -690,404 500,000.00 SERIES 329 CLASS PO DUE 01/01/33 027 04/01/08;11:03 001 var2 EFTA00196264

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. inc. STEARNS 36 of 38 Transaction Detail (continued) REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOUCUSIP QUANTITY CESIT AMOUNT 02) JOURNAL FEDERAL NATIONAL MTG ASSN 13,375,837 70,014,000 SERIES 329 CLASS PO DUE 01/01/33 STRIP ‘02/28/05 INTEREST FEDERAL NATIONAL MTG ASSN 3136FAWES 24,058.64 SERIES 329 CLASS PO STRIP DUE ° 0,000 FITM AZ REPO II TOTAL $-1,178,191,243.46 MISCELLANEOUS TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT JOURNAL 04 TREASURY REBATE FITM 30,973.04 “ ( } SETT.O2/05 §,500 DUE 02/01/35 MBs NET 02/09/05 FNMA-3OYR(FNMA)GTD SETT.O2/05 5,000 DUE 02/01/34 MBS NET 02/10/05 FNMA 30¥R GID SET, 02/05 6,000 DUE 02/01/35 MBS NET 02/10/05 ‘02/1405 JouRNAL JAN 05 SPEC CLEARING FEES 2.300,00 027 08/01/08;11:09 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Stags Securities vl FINANCIAL TRUST CO INC STATEMENT PERIOO February 1, 2005 THROUGH February 28, 2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 CREDIT AMOUNT $1,126,885,746.12 var2 EFTA00196265

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS — FINANCIAL TRUST CO ING 37 of 8 STATEMENT PERIOO February 1,2005 THROUGH February 28,2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File MISCELLANEOUS {continued) LAST STATEMENT January 31, 2005 DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 02/15/05 JOURNAL FNIMA-1 SYR(FNMA-15)GTD 14,609.37 SETT.02/05 5.500 DUE 02/01/20 MBS NET 02/15/05 TOTAL $-79,253.13 $86,598.03 Trades Executed Pending Settlement SETTLEMENT TRADE DATE OATE TRANSACTION CESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 109,7226 3,297,915 88 -3,000,000 ,00 03/01/05 02/28/05 SOLD UNITED STATES TREASURY BONDS a 05,375% FA 15 a ‘O MATURITY GVER REF # GOS91007 Al 02/09/05 BOUGHT FNMA 30YR. GTD | 20,000,000 .00 101 8242 20,364,843 .75 SET, 03/05 05,500% 57310000 BS 02/17/05 BOUGHT FNMA 30¥R. GTD i 15,000,000 .00 101.5585 15,233,789 06 SETT, 03/05 = Dpa5 05 500% 57360000 BS SOLD FNMA SOYR. GTD ™ | -10,000,000 ,00 101.5156 10,151,562 50 SETT, 03/05 05,500% 57710000 BS 027 04/01/08;11:03 001 var2 EFTA00196266

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 38 of 38 STATEMENT PERIOO February 1,2005 THROUGH February 28, 2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT January 31,2005 DEBIT AMOUNT CREDIT AMOUNT 101.6718 10,167,187 50 DESCRIPTION SYMBOLICUSIP SETTLEMENT TRADE DATE OATE TRANSACTION 5.000% 57750000 BS 10,000,000 ,00 99,5429 9,954,296 ,88 FNMA-SOYR(FNMA)GTD SETT,03/05 05.000% $7300000 BS SETT,O3/05 —..... S7670000 BS 03/14/05 02/03/05 BOUGHT ‘ 20,000,000 .00 103.0156 20,603,125 .00 IMA 30YR(FNMA) GTD SETT, 03/05 a a 57730000 BS 02/10/05 SOLD FNMA-GOYR(FNMA)GTD | -10,000,000 ,00 99,7382 9,973,828 13 “720,000,000 .00 103.1875 ° oe "90,637,500 ,00 IMA 30YR(FNMA) GTD SETT, 03/05 i 57340000 _BS TOTAL $76,099,804.69 $54,227,994.01 The above trades do not appear in any other section of this statement 027 04/01/05;11:08 001 var2 EFTA00196267

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. 0 “nN vities Coy CCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERIOD January 1, 2005 VISIT OUR WEBSITE www.bearstearns.com THROUGH January 31, 2005 What's In This Statement Waal deseloclslleaeselil een wenota a LAST STATEMENT December 31, 2004 Financial Summary . . 3 FINANCIAL TRUST CO INC Your Portfolio Holdings . 4 C/O JEFFREY EPSTEIN Transaction Detail ......ceesessseeeeees 7 6100 RED HOOK QUARTER Trades Not Yet Settled wwe 20 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $976,344 TOTAL VALUE OF SECURITIES THIS PERIOD 10,656,868 Sh & Equivalent + $732,186 LONG ACCAUED INTEREST 107,032 Fixed 10,656,868 NET CREDIT BALANCE 976,344 Income $11,218,504 auecareonseonseonse 1 eosesonenenenonosenense 1s cnnsees ynonse.s uesaseonseonseonssensees HE current market value NET EQUITY THIS PERIOD $11,740,244 GBR Last statement's market value NET EQUITY LAST STATEMENT 12,063,068 CHANGE SINCE LAST STATEMENT 322,824 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 statement should be retained for your records. See reverse side for important information 027 02/01/08,07:55 001 vara EFTA00196268

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STATEMENT BACKER IS PRINTED ON THIS PAGE 0201/08;07:85 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Boar, Steams Secuities Coy FINANCIAL TRUST CO INC va7a EFTA00196269

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 3 of 27 Cash Flow Analysis THIS PERIOD $732,186.31 OpeningBalance 1,327,851 ,391.84 1,070,624.88 4,687.50 Securities Sold Dividends/Interest Miscellaneous Amount Credited $1,328,926,704.22 Securities Bought -1,327,991,635.74 Funds Withdrawn -72,724.00 Dividends/Interest Charged -589,389.51 Miscellaneous -28,796.88 Amount Debited $-1,328,682,546.13 Net Cash Activity 244,158.09 Closing Balance $976,344.40 Cash Balance Summary OPENING CLOSING Margin 732,186.31 976,344.40 $732,186.31 Net Cash Balance $976,344.40 Income Summary THS PERIOD U.S. Govt. Bond Int. 285,117.41 Govt. Agency Int. 655,330.03 Corp. Bond Int. 130,177.44 Reverse Repurchase Int. 235,427.49 -589,.389.51 -118,021.37 Bond Purchase Int. Repurchase Int. Exp. Portfolio Composition Cash/Cash Equivalent Fixed Income YEAR TO DATE 285,117.41 655,330.03 130,177.44 235,427.49 -589,389.51 -118,021.37 976,344 10,656,868 “$11 633 0201/08;07:85 001 FINANCIAL TRUST CO INC STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 TAXPAYER NUMBER On File LAST STATEMENT December 31, 2004 Your Portfolio Allocation Cash & Equivalent 8% — Fixed Income 92% Unshaded portions denote debt balance andicr short market values. The slocation percentage is derived from the absolte market value of your portioto va7a EFTA00196270

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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 4 oe STATEMENT PERIOO January 1, 2005 THROUGH January 31, 2005 Your Portfolio Holdings ————— CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT December 31,2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 976,344 TOTAL CASH & CASH EQUIVALENTS $976,344 FIXED INCOME Government & Agency Obligations ACCT ACCRVED ESTIMATED CURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YEELD (%) FEDERAL HOME LOAN MTG CORP | MRGN 15,029,420 9,5203 1,430,842 32,862 739,447 §1,6792 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 4.920% FACTOR = .25049034 FEDERAL HOME LOAN MTG CORP SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032. 4.520% FACTOR = .25049033 MRGN 6,446,913 8,6637 $58,539 12,951 291,400 $2,1718 FEDERAL NATIONAL MTG ASSN | MRGN 3,672,130 84,8828 3,117,007 STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 001% FACTOR = 1,00006000 FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 4.520% FACTOR = .22424606 1,063,020 25.987 584,690 §5,0027 8.2178 027 02/01/08,07:55 001 vara EFTA00196271

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. z Steams Securities od STEARNS ee FINANCIAL TRUST CO INC 5 of a7 STATEMENT PERIOO January 1, 2005 THROUGH January 31,2005 Your Portfolio Holdings (continued) account xumccr = TAXPAYER NUMBER On File oo LAST STATEMENT December 31,2004 Government & Agency Obligations (continued) ACCT ACCRUED ESTIMATED DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME FEDERAL NATIONAL MTG ASSN MRGN 1,178 8,1254 1,120,583 10.274 616,466 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4,470% FACTOR = .56738039 Total Government& Agency Obligations $7,289,991 $62,077 $2,232,040 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION vi QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD [%} FANNIE MAE CMO/SERIES 2003-13 | MRGN 27,372,254 12,3003 3,366,877 24,955 1,497,262 44,4704 § ROR-l/O FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 5.470% FACTOR = .54744510 Total CorporateBonds $3,366,877 $24,955 $1,497,262 TOTAL FIXED INCOME $10,656,868 $107,032 $3,729,302 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $107,032 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $3,729,302 YOUR PRICED PORTFOLIOHOLDINGS $11,633, 027 02/01/08,07:55 001 vara EFTA00196272

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT . BEAR Bear. Stearns & Co- inc. z Steams Securities od STEARNS mee rst CONG 6 of a7 STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 . account numccr = Repurchase and Reverse Repurchase Transactions TAXPAYER NUMBER On File with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST STATEMENT December 31, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE OATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cusIP DESCRIPTION You SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) o11305 04 2,860 -2,601,000 -3.926 -22,100,000 [RM senics 2004-5 cass P 4.4500 021 You SOLD FANNIEMAE STRIP (REPO} 01/13/08 2,860 -11,902,000 -17,965 -30,000,000 [RJ series 329 class po 12/01/32 You SOLD FANNIE MAE STRIP (REPO) 01/13/05 -9.669 -30,000,000 [RJ senics3s3 class 10 5.0000 07/01/34 You SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 011905 02/18/05 - | You SOLD FANNIEMAE STRIP (REPO) 02/28/05 GM ScFES 329 class po 12/01/32 You SOLD FANNIE MAE STRIP (REPO) 01/2805 2,860 -7,351,000 -2.335 -35,000,000 [RM senicssssciass 10 5.0000 07/01/34 FHLMC - STRIP PRINCIPAL ONLY (REPO} 01/28/08 2,790 -1,199,000 -371 6,810,000 [xy You SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 01/28/05 2.790 -500,000 -155 -4,300,000 [RJ senics 2004-5 ciass P 4.4500 02 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 01/2805 OPEN 0,000 -17,600,000 (RR) senies 2004-5 ciass P 4.4500 02 You SOLD FEDERAL HOME LOAN MTG CORP (REPO) 01/2805 2.790 -849,000 -263 -50,000,000 (RR) series 24a class so 5.5200 03 USTA 3,6250 01/15/10 (REPO} 01/31/05 OPEN 2,420 -19,925,000 -1,339 -20,000,000 iy 027 02/01/05;07:85 001 vara EFTA00196273

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = gins Secuitias a STEARNS Se FINANCIAL TRUST CO INC 7 of a7 STATEMENT PERIOO January 1, 2005 THROUGH January 31,2005 account numccr (S TAXPAYER NUMBER On File Repurchase and Reverse Repurchase Transactions (continued) with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT December 31, 2004 PURCHASE, REPURCHASE PRICING PURCHASE PRICE ACCAUED REPO QUANTITY START DATE DATE RATE PRINCIPAL INTEREST" FACE AMOUNT) cus DESCRIPTION YOu SOLD USTA 4,2500 11/15/14 (REPO) 01/3105 OPEN 2.170 -31,465,000 -1,896 -31,000,000 [xy YOU SOLD FANNIEMAE STRIP (REPO) 013105 02/1 2.760 8,409,000 644 -20,959,779 [ER = series 329 class po YOU BOUGHT USTA 3,0000 12/31/06 (REVERSE) 01/3105 __ OPEN 1,930 176,220.000 9.447 176,000,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $176,220,000 $9,447 TOTAL REPURCHASE TRANSACTIONS $-108,221,000 $-49,077 "As of statement date Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 01/07/05 01/06/05 BOUGHT UNITED STATES TREASURY NOTE | 10,000,000 99,86719 9,986,718 75 haiti 4.250% MN 15 ACCA, INT. 62,223.76 f (0 MATURITY GVER REF # GOO61006 Al 62,223.75 at 04,250% MN 15 = % TO MATURITY GVER REF # GOO71000 Al AS OF 01/06/05 027 02/01/05;07:85 001 vara EFTA00196274

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS Se FINANCIAL TRUST CO INC 8 of 27 STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 account numccr (S TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT — December 31, 2004 Transaction Detail (continued) SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE -40,000,000 99,69531 39,878,125 ,00 j 03.000% JD 30 ACCR, INT, 23,204 42 le % TO MATURITY GVER REF # GOO61007 Al 0107/05 01/06/05 SOLD 01/07/05 PRINCIPAL DERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 01-25-05 03,000% JD 30 ACCOR, INT. 13,674 04 z % TO MATURITY GVER REF # GO101017 Al 05 BOUGHT FEDERAL NATIONAL MTG ASSN ee 16,314,621 80,34375 13,107,778 .31 SERIES 329 CLASS PO STRIP 57450000 BS aicenenenns ta emeueantneen oe Se Tn gr — eevee ae wwe SCr3800 Ty 80 seeeeees ss eueeeeeees SERIES 353 Cone ACCA, INT, 48,242 72 ‘57440000 BS ACCRUES ON 1ST, PAYS ON 25TH Sa it a seme p15 04,.250% MN 15 ACCA, INT, 69,267.95 % TO MATURITY GVER REF # GO121006 Al ee ORE i012 108 38 DUE 12/31/2006 03,000% JD 30 — 0 ao a0n SPECIAL INSTRUCTIONS ACCR, INT, 32,920.44 YIELD 3,206 % TO MATURITY GVER REF # GO125168 AS WWEB 027 0201/08;07:85 001 vara EFTA00196275

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 9 of 27 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT = TRADE DATE DATE 01/18/05 TRANSACTION DESCRIPTION SYMBOLICUSIP UNITED STATES TREASURY NOTE 2014 04,250% MN 15 meets TO MATURITY GVER REF # GO141001 At UNITED STATES TREASURY NOTE pone 03,000% JD 30 z % TO MATURITY GVER REF # GO141002 Al “UNITED STATES TREASURY NOTE 52010 03,625% WJ 15 . % TO MATURITY GVER REF # GO141003 Al 01/14/05 DL HOME LOAN MTG CORPHSO2684 SERIES 218 CL PO DUE 02/01/32 PRIN RID 12-04 P/D 01-15-05 REPOP&! 0,000 LOAN MTG CORP SERIES 2483 CL SL 4,520 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-05 ME Mi SERIES 2530 CLASS SE 4,920 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-05 01/18/05 LOAN MTG CORP SERIES 2526 CLASS SI 4,520 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-05 PRINCIPAL “15,000,000 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stews ecu “l FINANCIAL TRUST CO INC STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31, 2004 DEBIT AMOUNT CREDIT AMOUNT 9,018.281 .25 67,624 31 QUANTITY PRICE -9,000,000 100,20313 ACCR, INT, 99,57031 ACCR, INT, 14.935.546.88 22,375.69 99,61719 19,923.437.50 ACCA, INT, 6,008.29 20,000,000 381,961.00 -470,084 -213,898 04,250% MN 15 e %3 TO MATURITY GVER REF # GO181001 Al CCR, INT. 0201/08;07:85 001 va7a EFTA00196276

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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 10 of 27 STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT UNITED STATES TREASURY NOTE - . 99,52344 y 03.000% JD 30 ACCR, INT, 25,193 37 3 TO MATURITY GVER REF # GO181005 At a Ta Tc eT ae a SOUS sesnnessssananeeeeen : 03,625% JJ 15 ACCA, INT, 8,011.05 z % TO MATURITY ER REF # GO181009 Al SETT.01/05 05, 500% 57310000 BS AS OF 12/07/04 TO CXL PREVIOUS 2 a ae co a ra soneesessannensenns SETT,01/05 att 05,500% 57020000 BS 12/07/04 SOLD GNMA-307R(GNMA)GTO | 101,96875 7,197,812,50 SETT.01/05 att 05,500% 57310000 BS ssusseesennsssseesuuueenennseesenneesss eT sr esaaee rn SETT.01/05 att 05,500% 57020000 BS AS OF 12/15/04 TO CXL PREVIOUS BUY -30R (GI SETT,01//05 57780000 BS 027 0201/08;07:85 001 va7a EFTA00196277

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OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co. Inc. STEARNS V1 oof er Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT = TRADE DATE DATE TRANSACTION DESCRIPTION CANCEL SELL 06.0005 57030000 BS AS OF 12/15/04 TO CXL PREVIOUS SELL CANCEL BUY GNMA-30VR(GARAA)GTO SETT,01/05 06.0005 ‘57780000 BS AS OF 12/07/04 TO CXL PREVIOUS BUY CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear Steams Sec: Co 1 Le FINANCIAL TRUST CO INC STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 account numccr (S TAXPAYER NUMBER On File LAST STATEMENT December 31,2004 DEBIT AMOUNT CREDIT AMOUNT 10,359.37: "10.354,687 50. 57030000 BS FEDL HOME LOAN MTG CORI SERIES 218 CL PO DUE 02/01/32 ADJUST POSITION PRINCIPAL DERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 01-25-05 PRINCIPAL NNIE MAE CMOSERIES 2003-13 § ACA-VO FLTR 5,582 DUE 03/25/33 PRINCIPAL REDUCTN 01-25-05 SERIES 2003-49 CLASS SW 4,582 DUE 01/25/33 PRINCIPAL REDUCTN 01-25-05 0201/08;07:85 001 va7a EFTA00196278

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OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co- inc. BEAR STEARNS 12 of 2 Transaction Detail (continued) INVESTMENT ACTIVITY (continued) SETTLEMENT DATE TRADE TRANSACTION DESCRIPTION SYMBOLICUSIP FEDERAL NATIONAL MIG ASSN SERIES 329 CLASS PO STRIP 58050000 BS DERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 nuke 05, 000% 58060000 BS ACCRUES ON 1ST, PAYS ON 25TH DUE 11/15/2014 04,250% MN SPECIAL INSTRUCTIONS YIELD 4,224 % TO MATURITY GVER REF # G0272927 AB ~WWEB ar eicameemnnennenen scm ee gr SERIES 329 CLASS PO STRIP 15 57200000 BS GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB att 04,720% 57450000 BS 01/31/05 UNITED STATES TREASURY NOTE at 04,250% MN 15 . % TO MATURITY GVER REF # GO281002 Al y 03,000% JD 30 x 3% TO MATURITY GVER REF # GO281000 Al gaye CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, St OC “l Le FINANCIAL TRUST CO INC STATEMENT PERIOO January 1,2005 January 31, 2005 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT December 31, 2004 DIT AMOUNT 13,595,517 82,03125 24.21875 33,769,904 ACCA, INT, 8,178,648 .71 126,637.14 86,878.45 8196875 -39,801,752 3,582,157 .76 78,276 ,79 ACCR, INT, 100,90234 9,000,000 ACCA, INT, 9,081,210 94 81,360,49 38,535,91 0201/08;07:85 001 va7a EFTA00196279

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear, Stearns & Co_ Inc. = ans Securities a Le STEARNS FINANCIAL TRUST CO INC 13 of a? STATEMENT PERIOO January 1, 2005 THROUGH January 31,2005 Transaction Detail (continued) acco xumccr TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT UNITED STATES TREASURY NOTE 99.76563 19,953,125 ,00 03.625% JJ 15 CCR, INT, 32,044.20 | 0 MATURITY GVER REF # GO281001 At TOTAL $-188,507,003.91 $193,000,358.58 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 01/05/05 — FND WIRED MDA# GV'154679 FNDS WIRED TO 72,724 ,00 FLEET NATIONAL BANK AC2387604020 NY#35491 TOTAL $-72,724.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBRIT AMOUNT CAEDIT AMOUNT 01/18/05 FEDERAL HOME LOAN MTG CORP | 4.5200 51,360.60 SERIES 2483 CL SL DUE 03/15/2032 4,520 INTEREST PAYMENT 01-15-05 SERIES 2488 CLASS SO QUE 03/15/2032 5,520 INT A/D 12-04 P/D 01-15-05 REPOP&l 5,5975 FEDERAL HOME LOAN MTG CORP | 4,9200 64,667 95 SERIES 2530 CLASS SE DUE 02/15/2032 4.920 INTEREST PAYMENT 01-15-05 027 02/01/05;07:85 001 vara EFTA00196280

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 14 of er STATEMENT PERIOO January 1,2005 THROUGH January 31, 2005 Transaction Detail (continued) ACCOUNT NUMBER ; TAXPAYER NUMBER On File INTEREST (continued) LAST STATEMENT December 31, 2004 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 01/18/05 FEDERAL HOME LOAN MTG CORP | 4,5200 25,519.23 SERIES 2526 CLASS SI QUE 02/15/2032 4,520 INTEREST PAYMENT 01-15-05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB QUE 01/16/2034 4,793 INT A/D 01-05 P/D 01-16-05 REPOP&l 4,7931 | 4,7930 160,998.04 ¥ M SERIES 2004-5 CLASS PS —_ DUE 02/20: 4,540 — 1033 INT A/D 12-04 P/D 01-20-05 REPOP&l 4,5400 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS QUE 02/20/2033 4,540 INT A/D 12-04 P/D 01-20-05 REPOP&l 4,5400 4,5400 83,611.67 ee 315820 13017744 NNIE CMOVSERIES 2003-13 S$ RCAR-VO FLIR QUE 03/25/2033 _ 5,582 INTEREST PAYMENT 01-25-05 DERAL NATIONAL MTG ASSN | 4,5820 53,839.40 SERIES 2003-49 CLASS SW DUE 01/25/2033 4,582 INTEREST PAYMENT 01-25-05 TOTAL $707,230.68 027 0201/08;07:85 001 va7a EFTA00196281

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 15 of er STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 Transaction Detail (continued) —— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT December 31,2004 with Bear, Stearns& Co. Inc. SETTLEMENT TRADE DATE DATE DEBIT AMOUNT CREDIT AMOUNT SYMBOUCUSIP TRANSACTION DESCRETION -20,000,000 jeuneunnnnnnennnn sis annneneenaesengenggy 11 sausuenaesseenenneenen sy 01/07/05 DELIVERED UNITED STATES TREASURY NO’ DUE 12/31/2001 3.000 3,000 DUE 12/31/06 FITM Spgs A2 -75,000,000 75,000,000 .00 INTEREST 25,416,67 31/2006 .000 F3660898 INTEREST OAN MTG CORP#S02684 | “11,512,346 8,628,000 00 OAN MTG CORP#S02684 | 11,512,346 9,478,000 00 SERIES 218 CL PO DUE 02/45 FITM AZ TERM Re! GHEEMENT SERIES 2004-5 CLASS PS 4,540 DUE 02/20/33 FITM —F3573210 A2 TERM REPO AGREEMENT NATIONAL MTG ASSN | -21,900,000 500,000.00 SERIES 2004-5 CLASS PS — EPO AGI 027 0201/08;07:85 001 va7a EFTA00196282

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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 16 of 27 STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT December 31, 2004 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION INTEREST FEDL HO OAN MIG CORP#SO2684 SERIES 218 CL PO DUE 02/04 0,000 F aM AZ H UNITED STATES TREASURY NO} DUE 12/31/2006 3,000 3,000 ran SYMBOUCUSIP QUANTITY DEBIT AMOL CREDIT AMOUNT sessenneennsess . a srenennnenea i urenmenanenenns . 3e'ga8'900 89 sss anensussensenseennennssssaneanesnsnsunsensensesss sunsessenasssesaseas ee $0,000,000 49,999,999 99 a ant TT. aT CT. sy uns DELIVERED UNITED STATES TREASURY NO DUE 12/31/2006 3,000 A FITM 2 TERM Re MENT 05 INTEREST UNITED STATES TREASURY NO DUE il a” M SERIES 329 CLASS PO DUE 01/01/33 “ea ggg nnn xn 027 0201/08;07:85 001 vara EFTA00196283

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS 17 oe STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT o1 JOURNAL IN| T NATIONAL MTG ASSN 40,307,282 IES 2004-2 CLASS SB 4,793 hi FITM A2 TERM Re: (GHEEMENT ural ; ie ae eC eT 3550, 000 00 SERIES 2004-2 CLASS SB 4,793 art JOURNAL SERIES 2004-5 CLASS PS FiTM Al EPO AGI 22,100,000 2,601,000 .00 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4,540 0 FITM h2 AG oni JOURNAL GOVERNMENT NATIONAL MTG ASSN i “22,100,000 2,601,000 ,00 3105 JOURNAL GOVERNMENT NATIONAL MTG ASSN giiiiigr==™™°°°"°°°"°°°""335" 00000 2,601,000 .00 SERIES 2004-5 CLASS PS 4.540 am FiTM a3 REPO AG SERIES 353 CLASS 2 5,000 Ot FITM. B1 REPO AG: 027 0201/08;07:85 001 va7a EFTA00196284

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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 18 of 27 STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE SYMBOUCUSIP QUANTITY CREDIT AMOUNT 20,000,000 DEBIT AMOL 20,050,000 | -30,000,000 30,150,000 .00 DUE 12/31/2001 3,000 men FIT TERM RESREE STATES TREASURY NO DUE 12/31/2006 3,000 3,000 mn FIT TERM RE D STATES TREASURY NO! DUE 12/31/2006 3,000 3,000 31) FITM A2B AENT D STATES TREASURY DUE 12/31/2006 3,000 3,000 heal | -50,000,000 49,999,999 .99 -§0,000,000 49,999,999 .99 160,000,000 .00 Fs 160,000,000 2004-5 CLASS PS 02: 4.540 AZ 5,719.82 5 INTEREST 027 0201/08;07:85 001 vara EFTA00196285

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 19 of 27 STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 account numccr (S TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT December 31, 2004 Transaction Detail (continued) SETTLEMENT TRADE DATE DATE TRANSACTION DESCRETION SYMBOUCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT INTEREST UNITED STATES TREASUR’ DUE 1 f 3,000 FITM A2C ALI ‘05 INTEREST UNITED STATES TREASURY NO’ DUE 12/348 3.000 FITM A24 NATIONAL MTG ASSN 5,305.55 3.000 A2B -21,900,000 ‘05 JOURNAL 01/18) Al 21,900,000 500,000.00 T NATIONAL MTG ASSN 01/18/05 JOURNAL GOVERN! -21,000,000 21,157,500 00 05 JOURNAL UNITED ASURY NO’ FITM Al -160,000,000 160,000,000 00 DELIVERED STATES TREASURY NO DUE 12/31/2006 3,000 3,000 a FiTM TERM RESALE 027 0201/08;07:85 001 va7a EFTA00196286

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar _ STATEMENT PERIOD January 1, 2005 THROUGH January 31, 2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT © December 31, 2004 SETTLEMENT TRADE ov DATE CREDIT AMOUNT QUANTITY 175,000,000 175,000,000 .00 JOURNAL “20,000,000” "T9,875,000 .00 i 293,33 NATIONAL MTG ASSN SERIES 2004-5 CLASS PS UE 02/20) DUE 4,540 10 STATES TREASURY Nt 01/18/05 INTEREST 01/18/05 INTEREST -9.944,364 7,600,000 ,00 JOURNAL SERIES 218 CL PO DUE 02/048 027 0201/08;07:85 001 vara EFTA00196287

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 21 of 2 STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — December 31, 2004 SETTLEMENT TRADE ov DATE OESIT AMOUNT CREDIT AMO! TRANSACTION | 21,000,000 21,157,500 .00 | 191,000,000 191,000,000 00 STATES TREASURY NOT! DUE 12/31/2006 3,000 3,000 nea 01/19) 19,875,000 .00 JOURNAL OAN MTG CORP#S02684 | 5,694.48 SERIES 218 CL PO 01/19/05 INTEREST 0,000 A2 1,057.88 INTEREST 001 va7a 027 02/01/05;07: Pes & EFTA00196288

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CLEARED THR! WHOLLY OWNE iH ITS SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar Stag 22 of 2 STATEMENT PERIOD January 1, 2005 THROUGH January 31, 2005 Transaction Detail (continued) ————— TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT December 31, 2004 TRADE ON QUANTITY ve CREDIT AMOUNT UN! STATES TREASURY Nt DUE a or INTEREST SERIES 218 CL PO DUE 02/045 FITM TERM -1,567,981 1,199,000 .00 FEDERAL HOME L: SERIES 2488 CLASS SO 5,520 aiky FITM A2 TERM Re (GHEEMENT 849,000.00 FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO §,520 any ESALE AG! IT FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO 520 ant EDERAL HOME LOAN MTG COI SERIES 2488 CLASS SO 520 132 Al va7a EFTA00196289

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS FINANCIAL TRUST CO NG 23 of 27 STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE SYMBOUCUSIP DEBIT AMOUNT CREDIT AMOUNT TRANSACTION DESCRETION FEDERAL NATIONAL MTG ASSN 13,595,517 SERIES 329 CLASS PO DUE 01/01/33 01/28/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 21,900,000 SERIES 2004-5 CLASS PS 4,450 } A2 IENT 4.4) FITM Al “4:300,000 500,000.00 NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 4.450 i ‘05 JOURNAL Al -33,769,904 7,351,000 ,00 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 5,000 Oi Al 12,000,000 12,120,000 .00 01/28/05 JOURNAL UNITED STATES TREASURY NO! FITM A2 250 Mold EPO AGREEMENT eunaueennaen 1c gunenaunenenoenenaens (10 euenaneesea ‘avavaensaenenanaenn INTEREST UNI STATES TREASURY NO DUE 11/6 4,250 FM A2 EPO I 5,679.57 027 0201/08;07:85 001 va7a EFTA00196290

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. STEARNS Se FINANCIAL TRUST CO INC Boar 24 of oF STATEMENT PERIOD January 1, 2005 THROUGH January 31,2005 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS {continued} LAST STATEMENT December 31, 2004 SETTLEMENT TRADE Ou DATE IPTION SYMBOL QUANTITY CREDIT AMOUNT 105 JURNAL FEDERAL NATIONAL MTG ASSN 1,398,361 8,409,000 .00 IES 329 CLASS PO DUE 01/01/33 STRIP Lesa G JOURNAL GOVERNMENT NATIONAL MTG ASSN — 39,801,752 “'"3'830,000.00 SERIES 2004-2 CLASS SB 4,720 att A2 IENT JOURNAL °"93'247,500 00 JOURNAL "31,000,000 Al 4,250 v4 REPO AGREEMENT 176,000,000 176,220,000 .00 STATES TREASURY DUE 12/31/2006 3,000 34) FiTM TERM RE -20,000,000 19,925,000 .00 027 0201/08;07:85 001 vara EFTA00196291

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = is vl STEARNS ee must COINS 25 of 27 STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 Transaction Detail (continued) account numccr [ED TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS | (continued) LAST STATEMENT — December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION 01/31/05 INTEREST SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 4,046.90 3,633.76 01/31/05 INTEREST (D STATES TREASURY NO’ DUE 1 —_e a INTEREST UNITED STATES TREASURY Nt DUE 01) 3.625 FITM A2 REPO II TOTAL $-1,140,074,021.34 $1,135,214,427.46 25,395.83 os MISCELLANEOUS MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 01/19/05 JOURNAL DEC 04 SPEC CLEARING Fi 2,000.00 01/1905 JOURNAL ‘GNAAA-3OVRIGNMA}GTD 26,796.88 SETT.01/05 5.500 DUE 01/15/35 MBS NET 01/19/05 01/20/05 JOURNAL ‘GNMA-SOYRIGNMA) SETT.01/08 6,000 DUE 01/15/35 MBS NET 01/20/05 TD 4,687.50 TOTAL $-28,796.88 $4,687.50 o2? 02/01/08;07:85 001 va7a EFTA00196292

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS ee must COINS STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 + account numccr = Trades Executed Pending Settlement TAXPAYER NUMBER On File LAST STATEMENT December 31,2004 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/01/05 01/31/05 SOLD UNITED STATES TREASURY NOTE -15,000,000 ,00 14,954,419 ,89 AD 03,125% N31 MATURITY sa 5 0 GVER REF # GO311009 A1 5 ( y SETT.02/05 3 : 05.500% 57390000 BS 05 SOLD FNMA-30YR(FNMA)GTD -10,000,000 ,00 1012500 10,125,000 ,00 SETT.O2/05 3 f 05,500% 57220000 BS FNMA-30YR(FNMA)GTD 101.5156 10,151,562 ,50 SETT,02/05 -10,000,000 .00 05.500% 57000000 BS 02/1005 01/2008 BOUGHT IMA-SOYR(ENMA)GTD “"}0,000,000 .00 99,6523 9,965,234 .38 SETT,02/05 Ei 34 05 000% 57000000 BS AS OF 01/20/05 02/10/05 01/20/05 BOUGHT ENMA-SOYR(ENMA)GTD . zz "70,000,000 .00 99,6523 9,965,234 .38 ‘ SETT,02/05 5 On on4 05.00% 57000000 BS 0105 01/2005 CANCEL BUY MA-3OYR(FNMA)GTD . = 10.000.000-00 99,6523 "9,965 .234.38 SETT,02/05 5 01 ona 05 000% 57000000 BS AS OF 01/20/05 027 0201/08;07:85 001 va7a EFTA00196293

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co- inc. = ec vl STEARNS Se FINANCIAL TRUST CO INC 27 of 27 STATEMENT PERIOO January 1,2005 THROUGH January 31,2005 + account numccr = Trades Executed Pending Settlement (continued) TAXPAYER NUMBER On File LAST STATEMENT December 31,2004 DEBIT AMOUNT 103 0312 10,303,125 .00 SETTLEMENT DATE CREDIT AMOUNT TRADE OaTE SYMBOLICUSIP TRANSACTION DESCRIPTION IMA 30¥R GTD SETT, 02/05 57320000 BS SETT, 02/05 3 : 6.000% 57210000 BS -10,000,000 ,00 102,9843 10,298,437 ,50 SOLD FNMA 3OYR GID SETT, 02/05 06.00% 57220000 BS 12/30/04 BOUGHT FNMA-15YR(FNMA-15)GTD 2/05 —..... 57230000 BS ; 11,000,000 ,00 102.9765 11,327,421 88 02/15/05 04 SOLD IMA-15YR(FNMA-15)GTD -11,000,000 00 103.1093 11,342,031 ,25 SETT,02/05 57330000 _BS TOTAL $72,340,312.52 $66,836.685.52 The above trades do not appear in any other section of this statement [stop] ****** End of Statement*™***** 027 02/01/05;07:85 001 va7o EFTA00196294