EFTA00195772

Statements EFTA00195772 CLEARED 'THROUGH ITS WHOLLY GIVNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERM° December 1.2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE verm.bearsteams.com THROUGH December 31.2004 ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER IIJUSI3ER On File LAST STATEMENT NOvernter 30.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 13 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Important Message II any information Cash 8 Eqtivalent 40 5732.186 TOTAL VALUE OF SECURITIES THIS PERIOD 11,218,594 regarding 2004 interest. kt $244.955 dividends. miscellaneous LONG ACCRUED INTEREST 112,288 Axed 11,218.594 income, gross proceeds or Income $11.635.695 original issue discount is NET CREDIT BALANCE 732,186 required to be reported to Current market value the IRS for this account, a NET EQUITY THIS PERIOD $12,063,068 MI Last statements market Sue Consolidated Form 1099 will be mailed to you by NET EOUITY LAST STATEMENT 11,991,065 January 31.2005or a CHANGE SINCE LAST STATEMENT 72,003 1042Sby March 15.2005. There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. SIM lees TN, TWETITTT R hor nforomberml primps only It Is ra reanded as downed staternsrC should be Maned for your records Soo moms fa Iv rEcrlort ricAnatcd 027 Oi GI TIS;09:78 001 Y867 EFTA00195773 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 PI 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0606056608 001 V867 EFTA00195774 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 4/ '4 STATEMENT Puce December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER NUMBER On Ale DC PEW° YEAR TO DATE THIS PEFICO LAST STATEMENT N0veMbet 30. 2004 Opening Balance $244,955.43 U.S. Govt. Bond Int. 45.415.52 457,036.03 Govt. Agency Int. 621.692.32 9.868.014.97 Securities Sold 236.379,521.16 Corp. Bond Int. 138,644.11 2,156,335.84 Dividends Interest 806.740.09 Credit Balance Int. 988.14 2.010.60 Amount Credited $237.186,261.25 Reverse Repurchase Int. 69,020.66 393,635.39 Total $875,760.75 $12 877 032.83 Securities Bought -236,520.917.46 Dividends Interest Charged -177.712.91 Bond Purchase Int. -177.712.91 -1.555,564.82 Margin Int. Paid 0.00 -2,023.40 Miscellaneous -400.00 Repurchase Int. Exp. -6.104.96 -223,899.19 Amount Debited $-236,699,030.37 Net Cash Activity 487,230.88 Closing Balance $732,186.31 Portfolio Composition Cashtash Equivalent 732.186 Your Portfolio Allocation Fixed Income 11.218.594 Cash Balance Summary Total 911.950.780 OPEnhG CLOSING Cash 8 Equivalent 6% Margo 244.955.43 732,186.31 Net Cash Balance $244.955.43 $732,186.31 — Axed Income 94% Un•Jvaed crown canoe Oat bane, *note fl,o•I male wive, The Dioml✓r el.-cents-0 to dewed kern Va obsoixe market rat), 01 >T,•r Mk , * 027 01,01,05:09:IS 001 1867 EFTA00195775 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 4I '4 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER NADER On He LAST STATEMENT NOvellibBI 30. 2004 FAAPXET ESTIMATED CUAPENT otscaFmou S, MSCL 0./SIP QUANTITY macs VALUE NWJAL IIILCI. E VEtO 1%) CASH BALANCE 732,186 TOTAL CASH & CASH EQUIVALENTS $732.186 FIXED INCOME Government & Agency Obligations tc. ACCRUED ESTMAIW EASFENT DESCRIPTION swect.cusn PRICE MOAT VALLE INTEFEST ANIstIAL NCOME YEN nN FEDERAL HOME LOAN MTG CORP MRGN 15.528.072 9.7376 1.512.056 34.488 775.938 51.3168 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 4.997% FACTOR — .25880121 FEDERAL HOME LOAN MTG CORP MRGN 6.660.811 8.8299 588.144 13.610 306.197 52.0616 SERIES 2528 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15,2032 4.597% FACTOR — .25880120 FEDERAL NATIONAL MTG ASSN MRGN 3.787.124 83.3594 3.156.923 3 38 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03'01,02 BOOK ENTRY ONLY DUE 03/01,2032 .001% FACTOR - 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 13,405,702 8.4119 1.127.669 27,389 616.260 54.6490 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 4.597% FACTOR - .23239523 027 01.01,CS:CS:18 001 EFTA00195776 CLEARED THROUGH ITS MIDST OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 4/ '4 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUO3ER 01Plle LAST STATEMENT November 30.2004 Government & Agency Obligations (continued) MX' /LEAVED ESTEEMED CURRENT DESCRPTION sweets:um) n PE OUOISTY PRICE IAARKET VALUE INTEREST ANNUAL INCOME YELD I%/ FEDERAL NATIONAL MTG ASSN MRGN 14.098,699 9.1979 1.296.788 10,768 646.002 49.8155 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4 582% FACTOR — .58003204 Total Government& Agency Obligations $7,681.580 $86,258 $2,344.435 Corporate Bonds ACCT AECFIDED ESTEEMED MEW' DESCRPTION StheOLOJSP TYPE QUANTITY PRICE MARKET VALLE MEREST ANNUAL INCOME YEW lEt FANNIE MAE CMO/SERIES 2003-13 MRGN 27,982.611 12.6400 3.537.014 26,030 1.561,989 44.1612 S RCR-I/O FLTR DATED DATE 0'2/25103 BOOK ENTRY ONLY DUE 03125/2033 5.582% FACTOR — .55965223 Total CorporateBonds $3,537,014 $26,030 $1,561,989 TOTAL FIXED INCOME $11,218,594 $112,288 $3,906,424 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $112.288 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $3.906.424 YOUR PRICED PORTFOLIOHOLDINGS $11.950.780 02/ OI.01,0S,C9:18 00, 7867 EFTA00195777 CLEARED 1RR0t.GH ITS wisCwi OME0 SOMMER, OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 6 STATEMENT PERK* December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER AVUSER On PIM with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT November 30. 2004 PLIACHISS REPI./FINARF PRICING PURCHASE PRICE; ACCRUED REPO OUPARITY START DATE DATE PATE PRINCPAL MEREST' (FACE AMOUR) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/1904 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 5.5975 03/15+32 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -49.385 -50,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 -1 -44.389.962 SERIES 2004-2 CLASS S 4.7931 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 12/22/04 01/13/05 2.610 -2.500.000 -2.175 -22.100.000 SERIES 2004-5 CLASS P 4.5400 02/20(33 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 12/22/04 OPEN 0.000 -21.900.000 SERIES 2004-5 CLASS P 4.5400 02/20(33 YOU BOUGHT USTR 3.0000 12/31/06 (REVERSE) 12/31/04 OPEN 1.420 75.000.000 8.875 75.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS 875.000,000 $8.875 TOTAL REPURCHASETRANSACTIONS $-11,978,001 8-51.560 'As al slintanol dee 027 01,01,05:09:18 001 Y867 EFTA00195778 CLEARED THROuGH ITS wisR.LY OHT•RO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Rea•rH Se •it' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 7 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER NUMBER On Fite INVESTMENT ACTIVITY LAST STATEMENT Neamter 30.2004 SETTLEMENT MADE DATE DATE TRANSACTiON DESORPTION SiM80.CHSP A:WNW( PRCE DEBIT AMOUNT MD/ A/IOLNT 12/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN .123,651 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL REDUCTN 12-25-04 12/15.04 PRINCIPAL FEDL HOME LOAN MTG CORP#502684 SERIES 218 CL PO MI= 368.807.00 DUE 02101132 PRIN RID 11.04 PM 12-15-04 REPO P 8I 0.0000 12/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL NMI -374.568 4,910 DUE 03/15/32 PRINCIPAL REDUCTN 12-15-04 12/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .481.479 SERIES 2530 CLASS SE 5.310 DUE 02115/32 PRINCIPAL REDUCTN 12-15-04 12/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -206,532 SERIES 2526 CLASS SI 4.910 DUE 02/15/32 PRINCIPAL REDUCTN 12-15-04 12/23/04 12/22/04 SOLD UNITED STATES TREASURY NOTE -25.000,000 99.75000 24.937.500.00 DUE 1130/2006 02,875% MN 31 ACCR. INT. 45.415.52 SPECIAL INSTRUCTIONS YIELD 3,008 % TO MATURITY OVER REF it 63575085 A3 WVIEB 12 27 04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 123.651.00 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 12-25-04 122704 PRINCIPAL FANNIE MAE CMOJSERIES 2003.13 -603.803 S RCR-F0 FLTR 5,820 DUE 03/25/33 PRINCIPAL REDUCTN 12-25-04 02/ 01.01 00i V86/ EFTA00195779 CLEARED THROUGH ITS WHOLLY omen SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 4/ '4 STATEMENT PERO) December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AILIMER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT NOveMbN 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOL:COW CIUMITRY PRCE DEIST AMOUNT CREW' mimic 12/27/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -304.219 SERIES 2003-49 CLASS SW 4,820 DUE 01/2933 PRINCIPAL REDUCTN 12-25-04 12/30/04 12/29/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 99.59375 24.898.437.50 WE 11/30/2006 02,875% MN 31 ACCR. INT. 59.237.64 SPECIAL INSTRUCTIONS YIELD 3,094 % TO MATURITY OVER REF # 63844702 al WANES 12/30/04 12/29/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.59375 49.796.875.00 DUE 11/3012006 02,875% MN 31 ACCR. INT. 118,475.27 SPECIAL INSTRUCTIONS YIELD 3,094 % TO MATURITY OVER REF # 63844702 A3 WV/EB 12/31/04 12/29/04 SOLD UNITED STATES TREASURY NOTE -25.000.000 99.76139 24,940,347.50 WE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % M MATURITY OVER REF # 63644700 B3 WWEa 12/31/04 12/29/04 SOLD UNITED STATES TREASURY NOTE -50.000.000 99.76139 49.880.695.00 WE 12/31/2006 03,000% JD 30 SPECIAL INSTRUCTIONS YIELD 3,124 % TO MATURITY OVER REF # 63844700 AS WWEB TOTAL $74.873.025.41 $100.296.416.02 INTEREST DATE CESCRIPTION STAIDOLCUSIP OUNNTITT RATE ON DEW AVOW,' CAECIT /MOW 12/01/04 AVG BAL 405.430RT 1.260 425.84 021 OFFICE INTEREST 1104 027 01.014S:0S:18 001 T867 EFTA00195780 CLEARED IIIROuGH ITS y/H0.1.1, ODYKO SUBSIOally OFFICE SERVICING YOUR ACCOUNT Beer Siewn Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERKO December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File INTEREST (continued) LAST STATEMENT NOyenlber 30. 2004 DATE OESORPTKIN SYMBOJEUSIP EXINGUY RATE IN/ DEBIT AMOUNT CREPT AMOUNT 12/15/04 FEDERAL HOME LOAN MTG CORP 4.9100 56,384.27 SERFS 2483 CL SL DUE 03/15/2032 4810 INTEREST PAYMENT 12-15.04 12/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 58.82832 SERFS 2488 CLASS SO DUE 03/1512032 5.910 INT RID 11.04 PA 12-15-04 REPO P I 58100 12/15/04 FEDERAL HOME LOAN MTG CORP 5.3100 70842.27 SEEMS 2530 CLASS SE DUE 02/1512032 5810 INTEREST PAYMENT 12-15-04 12/15/04 FEDERAL HOME LOAN MTG CORP 4.9100 28.098.88 SERFS 2526 CLASS SI DUE 02/1512032 4810 INTEREST PAYMENT 12-15.04 12/16/04 GOVERNMENT NATIONAL MTG ASSN 5.0980 173.322.19 SERFS 2004-2 CLASS SB DUE 01/16/2034 5898 INT RID 12-04 PM 12-16-04 REPO P S I 5,0987 12/21/04 GOVERNMENT NATIONAL MTG ASSN 4.5400 176.366.67 SERFS 2004-5 CLASS PS DUE 02/20/2033 4840 INT R/D 11.04 PAD 12-20-04 REPO P S I 48100 12/27/04 FANNIE MAE CMG/SERIES 2003-13 5.8200 138.644.11 S RTR DUE 03/25/2033 5820 INTEREST PAYMENT 12-25.04 12/27/04 FEDERAL NATIONAL MTG ASSN 4.8200 57.851/2 SERFS 2003-49 CLASS SW DUE 01/25/2033 4820 INTEREST PAYMENT 12-25.04 02? 0nCH 0!):9:18 001 EFTA00195781 CLEARED THRouGH ITS YAIOU.Y OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 CI 4 STATEMENT PEffloo December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER MAKER On Pile INTEREST (continued) LAST sTATELIENT November 30. 2004 DATE DESCRIPTION SAIEICIAUSIP PAMIR( RATE I%) CENT Al.00ipr CREDIT AMOUNT 12/31/04 AVG BAL 475,286RT 1.374 562.30 021 OFFICE INTEREST 1204 TOTAL $761,324.57 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOL CuSte QUANTITY DEBIT AMOUNT CREDIT AMOUNT 12/13/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 3.186.000.00 SERIES 2004-6 CLASS PS 4,810 FITM A~ A 33 REPO 12/13'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS MEI 44,000.000 3,260,000.00 4.810 FITM 311.2 TERM MENT 121304 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS MIN -44,000.000 5,186,000.00 4.810 11.33 FITM A REPO A 1213;04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 5.186.000.00 SERIES 2004-5 CLASS PS 4,81011033 FITM A2 REPO A 1213/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 4.026.10 SERIES 2004-6 CLASS PS DUE 02/101 4.810 FITM A2 REPO I 027 01.01,0S:09:18 001 .86? EFTA00195782 CLEARED THROUGH ITS WHOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT Amon December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Novernter 30.2004 SETTLEMENT TMDE DATE DATE TRANSACTION DESCRPTICN SYMBMCUSIP OMIT AMOUNT CREDIT AMOUNT 1222:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -21,90°S.7010re SERIES 2004-S CLASS PS FILM AI REPO A 12722104 JOURNAL GOVERNMENT NATIONAL MTG ASSN -22,100.000 2.500.000.00 SERIES 2004.5 CLASS PS 4.640 .01.33 FITM Al REPO A 12/22/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 3.186.000.00 SERIES 2004-5 CLASS PS F4ITIM .540311.A4 TERM ENT 12/22/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 2.078.86 SERIES 2004-5 CLASS PS DUE 011101 4.540 ATM A4 REPO I 12+23434 DELIVERED UNITED STATES TREASURY NOTE -50,000.000 50,000,000.00 DUE 11+3012006 2.876 2.875 RIM TERM ENT 1223104 RECEIVED UNITED STATES TREASURY NOTE DUE 11/30,2006 2.875 VIM 75.000.000 75.187.500.00 2,875 l er FITM Al RERAN F T 12+23,04 INTEREST UNITED STATES TREASURY NOTE DUE ill 2.875 MEI 49.597.22 ATM A2 RESALE 027 DIVIDS:0S:18 001 V867 EFTA00195783 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 1 4 STATEMENT Puce December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT November 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICH SYME/MCUSIP OUANTITY DEBIT AMOUNT CREDIT AMOUNT 12/30,04 DELIVERED UNITED STATES TREASURY NOTE -75,000,000 75.187.500.00 DUE 11/30/2006 2.875 28753.K06 ATM A2 TERM EMENT 12/30/04 INTEREST UNITED STATES TREASURY NOTE 19.423.44 DUE IV 2875 FIRE A2 RESALE 1031104 RECEIVED UNITED STATES TREASURY NOTE 75.000.000 75.000.000.00 DUE 1213/72006 3800 3800 FIRM WI RESALE T TOTAL 5.161.825.604.96 $136.128.520.66 MISCELLANEOUS DATE MOAT TRANSACTON DESCRIPTION DEBIT AMOUNT CREDIT A/A0cNi 12(15/04 JOURNAL NOVO4 SPEC CLEARING FEES 400.00 TOTAL $.400.00 027 001 V867 EFTA00195784 CLEARED IHRouGH ITS /MOLLY OUTS0 SUOSIOAAT OFFICE SERVICING YOUR ACCOUNT Beer Sown Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC STATEMENT PERGO December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER MAGER On FIM LAST STATEMENT N0yernter 30.2004 SETTLEMENT TRADE DATE DATE -RANSACTION DESCRIPTION SYMOCVCOSP WANTON PRICE DEBIT AMOUNT MECO AMOUNT 01/20/05 12/15:04 B H NMA-30 MA 7.000.000.00 102.3515 7,164,609.38 SETT,01/05 06,600% BS 01/20/05 12/07/04 SOLD GNMA-30YR(GNMAJGTD -7.000.000.00 101S687 7.137.812.50 SETT 01/0S 06,600% BS 01/20/05 12/07/04 BOUGHT GNMA-30YR(GNMAJGTD 10.000.000.00 103.5468 10.354.687.50 SETT,01/105 06,000% BS 01/20/05 12/15/04 SOLD GNMA-30YR(GNMAJGTO -10.000.000.00 103.5937 10.359.375.00 SETT,01/t05 06,000% BS 02/10/05 12/16/04 BOUGHT FNMA 30YR GTD 10.000.000.00 103.0312 10.303.125.00 SETT, 02/05 06,000% BS 02/10/05 12/30/04 SOW FNMA 30YR GTD -10.000.000.00 102.9843 10,298,437.50 SETT, 02/05 06,000% BS 02/15/05 12/30/04 BOUGHT FNMA-15YR(FNMA-15)GTO 11,000,000.00 102.9765 11,327,421.88 SETT,02/06 05,500% BS 027 OIGIGS:09:18 001 Y867 EFTA00195785 CLEARED THRouGH ITS mow? OmY*0 SUEISIOany OFFICE SERVICING YOUR ACCOUNT Beer Siehe11. SO •it' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC STATEMENT PERK* December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER WEISER On File LAST STATEMENT November 30.2004 SET1tEMENT TRADE DATE DATE TRANSACTON DESC.FtPTION OJANNTY PRCE DEMI AMOUNT CREPT MOUNT 02/15/05 12/16/04 SOLD FNMA-15YR(FNMA-15)GTD -11.000.000.00 103.1093 11,342,031.25 SETT.02/05 06.500% TOTAL $39.149.843.76 $39.137.656.25 The atC01 "1.1 Wel m a, / 011,' le r,n of this 11 End of Statement 01 UT '8 001 EFTA00195786 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERIOO OCIODef O. 2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE worw.bearsteams.cOm THROUGH November 30.2004 ACCOUNT NUMBER What's In This Statement 1111,111111111111 II TAXPAYER MADER On File LAST STATEMENT WOW 29.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 11,635,695 Cash a Eqwralent 4 $244.955 Ift $334.039 LONG ACCRUED INTEREST 110,415 Fixed _I $11.635.695 Income $11.588.059 NET CREDIT BALANCE 244,955 Current market value NET EQUITY THIS PERIOD $11,991,065 NE Last statements market value NET EQUITY LAST STATEMENT 12,027,839 CHANGE SINCE LAST STATEMENT -36,774 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Slit Tres summx/ for mMInannel presses only Ins r.:4 Needed as a Um downed staternn should be retaliator your mores Soo worse S. fa merlon ricemalme 027 1201.0414:42 001 Y865A EFTA00195787 GEARED 110.100044 ITS WHOLLY OMAE0 SUBSIDIARY FINANCIAL TRUST CO INC 2 oi Is STATEMENT BACKER IS PRINTED ON THIS PAGE 021 1201.1341:14:02 001 LIMA EFTA00195788 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 O ,s STATEMENT PERIOO October 30.2004 THROUGH November 30.2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MAGER On PIM DC PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT October 29.2004 Opening Balance $334.039.38 U.S. Govt. Bond Int. 36,256.91 411,620.51 Govt. Agency Int. 677,473.11 9.246.322.65 Securities Sold 238.130.859.91 Corp. Bond Int. 147,441.74 2.017.69133 Dividends Interest 881,569.99 Credit Balance Int. 0.00 1.022.46 Amount Credited $239,012,429.90 Reverse Repurchase Int. 72.266.51 324.614.73 Total $933,438.27 $12.001272.08 Securities Bought -238,871.224.78 Dividends Interest Charged -230.189.07 Bond Purchase Int. -209.538.14 -1.377,851.91 Margin Int. Paid -252.70 -2,023.40 Miscellaneous -100.00 Repurchase Int. Exp. -8.708.90 -217,794.23 Amount Debited $-239.101,513.85 Net Cash Activity -89.083.95 Closing Balance 5244.955.43 Portfolio Composition Cashtash Equivalent 244.955 Your Portfolio Allocation Fixed Income 11.635.695 Cash Balance Summary Total $11,880,650 OPENING CLOSING Cash & Equivalent 2% Margo 334.039.38 244.955.43 Net Cash Balance $334.039.38 $244,955.43 UnsPa0aLl potions deo* debt beano, *not, shot market vacs. he alocabon percenmoe is clewed Korn to absolute marital value 027 12,01O4:14:42 001 %CM EFTA00195789 CLEARED THROUGH ITS WHOLLY ODS*0 SUOSICany OFFICE SERVICING YOUR ACCOUNT Beer Der Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 4 STATEMENT PER100 October 30.2004 THROUGH NOTernller 30.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER ISMER OR File LAST STATEMENT October 29.2004 MAPRET ESTIMAIED CURPED DESCRIPTION SYMBOLtuSIP QUANTITY PRICE veLuE NOXIAL INCOME YIELD I141 CASH BALANCE 244.955 TOTAL CASH & CASH EQUIVALENTS 5244.955 FIXED INCOME Government & Agency Obligations ccT ACCRUED ESTPAATED CARIFENr DESCRIPTION DIXIBOUOJSP TE OLIANTITY PRICE MOW VALLE INTEREST ANAILL INCOME YEW Ist FEDERAL HOME LOAN MTG CORP MRGN 16,009.551 9.8266 1.573.192 35,424 850,107 54.0371 SERIES 2530 CLASS SE DATED DATE 10/11/02 5001E ENTRY ONLY DUE 02/15/2032 5.310% FACTOR — .26682586 FEDERAL HOME LOAN MTG CORP MRGN 6.867.343 8.8980 611.058 14.050 337,187 55.1809 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/192032 4.910% FACTOR - .26682585 FEDERAL NATIONAL MTG ASSN MRGN 3,910,775 81.9844 3.206.224 3 39 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 039192 5001E ENTRY ONLY DUE 03/01,2032 .0011. FACTOR - 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 13.780,270 8.4914 1.170.134 28,191 676.611 57.8234 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY Ot&Y DUE 03/15/2032 4.910% FACTOR - .23888857 07/ 120104:14:42 001 sifICSA EFTA00195790 CLEARED THROUGH ITS YOICALY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 ci STATEMENT PERIOD °MON 30.2004 THROUGH November 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUM3ER On PIM LAST STATEMENT October 29.2004 Government & Agency Obligations (continued) N7G. ACCRUE0 ESTEAMED CURRENT DESCRIPTION swewsusn TYPE OUANTITY PRICE IAARXET VALLE MEREST ANNUAL INCOME YELD I%4 FEDERAL NATIONAL MTG ASSN MRGN 14,402.918 9.8728 1.421.966 9,642 694.221 48.8212 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4820% FACTOR — .59254784 Total Government& Agency Obligations $7,982,574 $87,310 $2.558.165 Corporate Bonds ACC ACCF1UED ESTEIME0 CURRAN RESUMPTION StTS3OLOASP TYPE OLVAITITT PRICE MARKET VALLE MEREST ANNUAL INCOME YELD I%* FANNIE MAE CMO/SERIES 2003-13 MRGN 28,586.414 12.7792 3.653.121 23,105 1.663,729 45.5427 S RCR-IlO FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03t2&2033 5.820% FACTOR — .57172828 Total Corporate8onds $3,653,121 $23.105 $1.663.729 TOTAL FIXED INCOME $11,635,695 $110,415 $4.221.894 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $110.415 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $4,221.894 YOUR PRICED PORTFOLIOHOLDINGS $11.880,650 027 12.0104:14:42 001 MESA EFTA00195791 CLEARED THROuGH ITS YiliCtLY CA1T,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer &Ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 6 STATEMENT PERIOD October 30.2004 THROUGH November 30.2004 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER MASER On PIM with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT October 29.2004 PISICTUSS REFt/FINAAt PRONG PURCHASE PAIGE/ ACCRUED REPO DUMMY START DATE DATE DATE PRINCPAL MEREST' (FACE AMOUR) CUSP DESCRIPTOR YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 5.9100 03/15/32 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -29,750 -50,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 -1 -44.389.962 SERIES 2004-2 CLASS S 5.0987 01/16/34 YOU SOLD GOVERNMENT NATIONAL MID ASSOC (REPO) 11/24/04 12/13/04 2.340 -3.260.000 -1.483 -44.000.000 SERIES 2004-5 CLASS P 4.8100 02/20/33 YOU BOUGHT USTR 2.8750 11/30/06 (REVERSE) 11/30/04 OPEN 1.650 50,000,000 2291 50.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $50,000,000 $2.291 TOTAL REPURCHASETRANSACTIONS 5-12,738,001 $.31.233 As cl skykmool clam 027 12/0MM:14:42 001 IISSSA EFTA00195792 CLEARED THROuGH ITS 74ICI.LY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 7 STATEMENT PERIOO OCIDOSI 30.2004 THROUGH November 30.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER MASER On PIM INVESTMENT ACTIVITY LAST STATEMENT October 29.2004 SETTLEMENT TRADE DATE DATE TRANSACT/3N DESORPTION SYMOOL/OUSP OVANTITY PPoCE DEBIT AMOUNT OREM AMOUNT 11/03/04 11/02/04 SOLD UNITED STATES TREASURY NOTE -25,000,000 99.79688 24,949,218.75 10.110 32,500% AO 30 ACCR. INT. 5,179.56 MATURITY GVER REF # 03071010 Al 11/03/04 11/02/04 BOUGHT UNITED STATES TREASURY NOTE 25,000,000 99.84375 24,960,937.50 02,500% MS 31 ACCR. 58.379.12 4 ¶10 MATURITY OVER REF # 63071014 Al 11/05/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 O. PO MEM •130,707 0.001 DUE 03401/32 PRINCIPAL REDUCTN 11-25-04 11/10/04 JOURNAL FANNIE MAE CMG/SERIES 2003-13 S RC124/O FLTR Miff 1 6.067 DUE 03/25/33 11/12/04 11/08/04 SOLD FEDERAL HOME LOAN MTG CORP -12,238,935 2.68750 328.921.38 SERIES 2471 CLASS YT ACCR. INT. 9.179.20 01.000% BS AS OF 11/12104 11/08/04 SOLD FEDERAL HOME LOAN MTG CORP -12,238,935 2.68750 328.921.38 SERIES 2471 CLASS YT ACCR. INT. 9.179.20 01.000% BS AS OF 11/12104 10/15104 BOUGHT UNITED STATES TREASURY NOTE 15,000,000 99.97656 14.996.484.38 02,750% FA 15 ACCR. INT. 71.739.13 MATURITY OVER REP # 63171013 Al ORIGINAL SD 10118104 AS OF 10/16404 027 12.0104:14:42 001 114SSA EFTA00195793 CLEARED THROuGH ITS /MOLLY CAM,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stea•n Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PERK* WOW 30.2004 THROUGH November 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASER OR FIN INVESTMENT ACTIVITY (continued) LAST STATEMENT October 29.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STIABOLICUSIP OVAMITI Pula DENT AMOUNT CREPT AMOUNT 11/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#502684 337,316.00 SERIES 218 CL PO DUE 02/01/32 PRIN RID 10-04 PA3 11-15-04 REPO P 8I 0.0000 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL INS -434,132 4,910 DUE 03/15/32 PRINCIPAL REDUCTN 11-15-04 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -440,368 SERIES 2530 CLASS SE 5.310 DUE 02/15/32 PRINCIPAL REDUCTN 11-15-04 11/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -188.897 SERIES 2526 CLASS SI 4.910 DUE 0'2/15/32 PRINCIPAL REDUCTN 11-15-04 11/18/04 11/17/04 SCLD UNITED STATES TREASURY NOTE 02.500% AO 30 MIS -25.000.000 99.33984 24,834,960.94 ACCR. INT. 31,077.35 RIP/ GVER REF # Al 11/22/04 11/22/04 SOLD -50.000.11 99.79760 ii.08 02.875% ED RIP/ OVER Rd it Al 11/23/04 11/22/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.17969 49.589.844.00 02.500% AO 30 ACCR. INT. 79.419.89 RIP/ GVER Al 021 1201AM:14:42 001 EFTA00195794 CLEARED 114ROuem ITS yasELLY ODTLE0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Ster Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PER100 &TOON 30.2004 THROUGH November 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WIDMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT October 29.2004 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION 50180. CUSP amain pma DEW AMOUNT MOE WSW 11/23/04 11/22/04 WI 50,000M 99.79760 r 006 02.875% IIMMINDED MATURITY TO CM. PREVIOUS SELL 11/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 130.707.45 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 11-25-04 11/26roe PRINCIPAL FANNIE MAE CMOISERIES 2003.13 -673,881 S RCR-Lt FUR 6,881 DUE 03/25/33 PRINCIPAL REDUCTN 11-25.04 11/26roe PRINCIPAL FEDERAL NATIONAL MTG ASSN -289.143 SERIES 2003-49 CLASS SW 5.881 DUE 01/25/33 PRINCIPAL REDUCTN 11-25-04 11/30/04 11/22/04 SOLD UNITED STATES TREASURY NOTE 50.000.000 99.79760 49.898.797.50 02.875% MN 31 RITY GVER REF it AS AS OF 11:22 TOTAL S-89.756.804.02 $100.863,458.71 INTEREST DATE CESCIAPTION STIADECUSIP OUANTITT RATE IV CEBU AMOuT CREDIT AMOUNT 11/01/04 AVG BAL 684.530RT 0.428 252.70 021 OFFICE INTEREST 1004 02/ 1201434:14:42 001 YS654 EFTA00195795 CLEARED THROuGH ITS wisCtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT PERK* OCIDOSI 30.2004 THROUGH November 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASSER On PIM INTEREST (continued) LAST STATEMENT October 29.2004 ELATE OESCFOPTION SYMBELCUSIP aMAiTuy RATE %l DEBIT AMOUNT MEM AMOUNT 11/15/04 FEDERAL HOME LOAN MIS CORP 1.0000 20,398.23 SERES 2471 CLASS YT DUE 03/15/2032 1.000 INT RID 10-04 PA) 1145414 REPO P d I 10000 11/15/04 FEDERAL HOME LOAN MTG CORP 4.9100 60,766.57 SERIES 2483 CL SL DUE 03/15/2032 4010 INTEREST PAYMENT 11-15-04 11/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 62.938.37 SERES 2488 CLASS SO DUE 03/15/2032 5010 INT RID 10-04 PAD 11-15-04 REPO P SI 6.1300 11/15/04 FEDERAL HOME LOAN MTG CORP 5.3100 75.806.71 SERIES 2530 CLASS SE DUE 02/15/2032 5.310 INTEREST PAYMENT 11-15-04 11/15/04 FEDERAL HOME LOAN MIS CORP 4.9100 30,165.42 SERES 2526 CLASS SI DUE 02/15/2032 4010 INTEREST PAYMENT 11-15.04 11/16/04 GOVERNMENT NATIONAL MTG ASSN 5.3110 182.594.29 SERIES 2004-2 CLASS SB DUE 01/16/2034 5.311 INT RID 11-04 PEI 11-16-04 REPO P I 5.3112 11/17/04 FEDERAL HOME LOAN MTG CORP 1.0000 20.398.23 SEBES 2471 CLASS VT DUE 03/15/2032 1000 REV ENTRY NO 11/15 11/22/04 GOVERNMENT NATIONAL MTG ASSN SERES 2004-5 CLASS PS VIM 5.0400 184.800.00 DUE 02/20/2033 5040 INT ND 10-04 P/D 11-20-04 REPO P S I 50400 07/ 1201.04:14:42 001 MESA EFTA00195796 CLEARED THRouGH wisCy17, OHTLE0 SUEISTOTAny OFFICE SERVICING YOUR ACCOUNT BON &Ter Bear. Stearns & Co. Inc. B STUR URNS FINANCIAL TRUST CO INC STATEMENT PER100 WOW 30.2004 THROUGH November 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OR File INTEREST (continued) LAST STATEMENT October 29.2004 DATE CESCRIPTION SYSABC1JCVSIP QUANTITY RATE I%1 DEBIT AMOUNT CREDIT AMOUNT 11/28/04 FANNIE MAE CMOISERIES 2003-13 6.8810 147,441.74 S RCR-MD RTR DUE 03+25/2033 6,881 INTEREST PAYMENT 11-25-04 11/28/04 FEDERAL NATIONAL MTG ASSN 5S810 62,043.35 SERIES 2003-49 CLASS SW DUE 01+25/2033 5,881 INTEREST PAYMENT 11-25-04 $-20,650.93 $826,954.68 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TILDE DATE DATE TRANSA.C100 DESCRPTION SYMBOLCLIST1 QUANTITY MINT AMOUNT CREDIT AMOUNT 11/03/04 RECEIVED UNITED STATES TREASURY NOTE 25,000,000 25.031.250.00 DUE 10131/2006 2,500 2,500 Fine ClairAI RESALE 11/03/04 DELIVERED UNITED STATES TREASURY NOTE -25.000.000 25.000.000.00 DUE 09+30/2006 2,500 2,500 Fine Rillitge m TERM ENT 11M3/04 INTEREST UNITED STATES TREASURY NOTE 28.392.36 DUE 09010 2,500 FITM 42 RESALE 11/12/04 JOURNAL FEDERAL HOME LOAN MTG CORP 24,477,870 SERIES 2471 CLASS YT 1,000 0UpAll FITMARGN A2 TERM RE NT 07/ 120104:14:42 001 YnesA EFTA00195797 CLEARED THROUGH ITS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. wiliStLY OmE0 SUBSIDIARY BEAR STEARNS FINANCIAL TRUSTINC CO 12 In 30.2004 30.2004 STATEMENT PER000 October THROUGH November Transaction Detail (continued) AccouNT NUMBER REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) TAXPAYER NUMBER LAST STATEMENT On Pile October 29.2004 SETTLEMENT 1111204 DATE TRACE DATE JOURNALGOVERNMENT TRANSACTION NATIONAL MTG DESORPTION ASSN SYLIEICIJCUSIP 44,000.000 5,363,000.00 OVANilly DEBIT AMOUR" CREDIT AMOUNT SERIES 5.0402004-5 CLASS PS FIT11.4 TERM ENT 11/12/04 JOURNALGOVERNMENT SERIES NATIONAL 2004.5 CLASS PSMTGASSN -44,000.000 5.623.000.00 5,040 FITM1010.3AI REPO A 11/12/04 JOURNALGOVERNMENT SERIES NATIONAL 2004-5 PSMTGASSN CLASS 44.000.000 5,623,000.00 FS ITFAX" A10.33A2 REPO 11:12:04 JOURNALGOVERNMENT SERIES NATIONAL 2004.5 PSMTGASSN CLASS -44,000.000 5.623.000.00 RIM 5.040 AWAS REPO 11112:04 DELIVERED UNITED DUE STATES TREASURY 08/1920072,750NOTE -15,000.000 15.037.500.00 2.750 a FITM 7 A2 TERM EMENT 11112:04 INTERESTGOVERNMENT SERIES NATIONAL 2004-5 CLASS PSMTGASSN 5,242.33 DUE 02:1101AZ5,040 ATM REPO I 11:12:04 INTERESTDUE UNITED 081STATES TREASURY NOTE 2,750 28,496.06 ATM A2 RESALE 027 i20104:14:42 001 VI:163A EFTA00195798 CLEARED THROUGH ITS yniCu.Y OmE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 In STATEMENT PERIOD October 30.2004 THROUGH November 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER OR File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT October 29.2004 SETTLEMENT TRACE DATE DATE TRANSACTION DESORPTION SYLIBMCLOSIP OVAATTITT OEINT AMOUNT CREDIT AMOUNT 11!16+04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000,000 3.675.000.00 SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 FITM F3213185 Al REPO AGREEMENT 11/16/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000,000 5.623.000.00 SERIES 2004.5 CLASS PS 5,040 FITM A4 TERM MENT 11/16/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.436.99 SERIES 2004-5 CLASS PS DUE 02.01. 5.040 FITM A4 REPO I 11/18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 3.675,000.00 SERIES 2004-5 CLASS PS 5,040 DUE 02/20133 FITM F32I3I85 A2 TERM REPO AGREEMENT 11/18,04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 4.000.000 00 SERIES 2004-5 CLASS PS 5.040 DUE 02/20/33 FITM F3233174 Al REPO AGREEMENT 11;1804 DELIVERED UNITED STATES TREASURY NOTE DUE 10/31/2006 2.500 Miff -25,000.000 25.031,250.00 F2ITM .50001 A 62 TERM e EMENT 11.18 04 RECEIVED UNITED STATES TREASURY NOTE 50,000.000 50.000.000.00 DUE 10131,2006 2.500 2,500 DUE 10/31/06 FITM F3230504 Al RESALE AGREEMENT 021 i20104:14:42 001 VI:163A EFTA00195799 CLEARED THROUGH ITS yniCu.Y OmE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 In STATEMENT PER000 October 30.2004 THROUGH November 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT October 29.2004 SETREMENT TRACE DATE DATE TRAMSCRON DESCRPNON SYMBOUGUSIP OVAPPITT ce3n AMOUNT CREDIT AMOUNT 11/18+04 INTEREST GOVERNMENT NATIONAL MTG ASSN 469.58 SERIES 2004-5 CLASS PS DUE 02/20/2033 5.040 FITM F3213185 A2 REPO INTEREST 11/18/04 INTEREST UNITED STATES TREASURY NOTE 13.600.31 DUE 10/ 2,500 FITM A2 RESALE 11/23/04 DELIVERED UNITED STATES TREASURY NOTE -50,000.000 50.000.000.00 DUE 10/31/2006 2,500 2.500 DUE 10131/06 FITM F3230504 A2 TERM RESALE AGREEMENT 11/23/04 INTEREST UNITED STATES TREASURY NOTE 1,777.78 DUE 10131/2006 2.500 FITM F3230504 A2 RESALE INTEREST 11/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 3.260.000.00 SERIES 2004.5 CLASS PS 4,810 lif3 FRM Al REPO A 11/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 4,000,000.00 SERIES 2004-5 CLASS PS 4.810 DUE 02/20/33 FITM F3233174 A2 TERM REPO AGREEMENT 11/24434 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS EMI 1.560.00 DUE 02/20/2033 4.810 FITM F3233174 A2 REPO INTEREST 027 i20104:14:42 001 V863A EFTA00195800 CLEARED 111ROuGH ITS MIPS? EMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 I I!. STATEMENT PERK* October 30.2004 THROUGH November 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FOS REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT WOW! 29.2004 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPTICN SYMEMICUSIP GUMMY DEBIT AMOUNT CREDIT AMOUNT 11/30/04 RECEIVED UNITED STATES TREASURY NOTE 50,000.000 50,000,000.00 DUE 11+302006 2,875 2,87S FITIA IMICIII RESALE TOTAL $.149.323G58G0 $137.322.016.51 MISCELLANEOUS DATE 1039AT TRANSACTOR DESCRIPTOR DEBT CTECIT APICA,M 11/16104 JOURNAL OCT 04 SPEC CLEARING FEES 100.00 TOTAL 5.100.00 End of Statement 027 1201.04:14:42 001 Vita EFTA00195801 CLEARED THROUGH ITS WHOU.Y 01VNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT S ear. Stearns Co. mInc. B STUR URNS FINANCIAL TRUST CO INC STATEMENT PER100 WNW 1.2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE myw.bearsteams.com THROUGH October 29.2004 ACCOUNT NUMBER What's In This Statement IIIIIII1111111111 II TAXPAYER WINER On File LAST STATEMENT September 30.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equivalent —I $33" 39 TOTAL VAWE OF SECURITIES THIS PERIOD 11,588,059 $349A31 LONG ACCRUED INTEREST 105,741 Fixed 11.588.059 Income $12.082.817 NET CREDIT BALANCE 334,039 Current markel vane NET EQUITY THIS PERIOD $12,027,839 NE Last statements market value NET EQUITY LAST STATEMENT 12,556,360 CHANGE SINCE LAST STATEMENT -528,520 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. 4~y TM “nnIPPOOr otrmao°41 1:tndsts °ANOKA:4 slerthrd scalar &won Tres usternorc should Ds retailed for your retards Sou mem Ws toe mporlort nfaTnatusr 027 M3004:11:50 001 Y864 EFTA00195802 CLEARED 'THROUGH In WHOLLY DRAW SUBSIDIARY FINANCIAL TRUST CO INC 2 PI 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,30,0411:so 001 StE4 EFTA00195803 CLEARED THROUGH ITS WHOLLY owneo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 4/ '4 STATEMENT PERO) October 1.2004 THROUGH October 29.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER RIMER OOHS HIS PERICO JS PERIOD YEAR TO DATE LAST STATEMENT Seplefiltel 30.2004 Opening Balance $349.430.55 U.S. Govt. Bond Int. 6,868.13 375,363.60 Govt. Agency Int. 702,222.04 8.568.849.54 Secudties Sold 150.542.411.97 Corp. Bond Int. 152,338.86 1.870.249.99 Dividends Interest 861,588.48 Credit Balance Int. 159.45 1,022.46 Amount Credited $151.404.000.45 Reverse Repurchase Int. 11.581.79 252,348.22 Total $873,170.27 $11 067 833.81 Secudties Bought -151,238.763.30 Funds Withdrawn -71.518.00 Bond Purchase Int. -55.766.57 -1.168,313.77 Margin Int. Paid 0.00 -1,770.70 Dividends/Interest Charged -55.766.57 Repurchase Int. Exp. -47.341.42 -209,085.33 Miscellaneous -53.343.75 Amount Debited $151,419,391.62 Net Cash Activity -15.391.17 Portfolio Composition ClosingBatance $334,039.38 Cashtash Equivalent 334,039 Your Portfolio Allocation Fixed Income 11.588,059 Total $11,922.098 Cash & Equivalent Cash Balance Summary 2% OPENING CLOSING Margin 349,430.55 334,039.38 Net Cash Balance $349,430.55 $334,039.38 Untoded preens deo* debt bebro, anot, shot rn,rket wags lfe alocaban percenmo, Is clewed /Min th, titiglka market value al palIoe 027 10,3004:11:50 001 EFTA00195804 CLEARED THROUGH ITS WHOM.? OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 0 •4 STATEMENT PERIOD October 1.2004 THROUGH OctoCer 29.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER PANSER On PIM LAST STATEMENT Seplemter 30.2004 FAAPi<ET ESIIMAIED OJAPENT DEscnn-iou S•MECL 0./SIP QUANTITY PACE VALUE NWJAL InxNIE VEI.01%) CASH BALANCE 334,039 TOTAL CASH & CASH EQUIVALENTS 5334.039 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIAMEO CURFEW' DESCRPRON SYM3CLOJSIP TYPE OUAMITY PFICE MARKET VALUE NTEPESI ANNUM. INCOME MID IV FEDERAL HOME LOAN MTG CORP MRGN 16.449.919 9.4102 1.547.969 35.376 909,681 58.7661 SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY ONLY DUE 0'2/15/2032 5.530% FACTOR .27416532 FEDERAL HOME LOAN MTG CORP MRGN 7.056.240 8.5794 605.386 14.078 361,985 59.7941 SERIES 2526 CLASS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5.130% FACTOR .27416531 FEDERAL NATIONAL MTG ASSN MRGN 4.041.482 84.9063 3.431.471 3 40 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 0301/02 B001( ENTRY CNLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 14.214.402 8.1195 1.154.131 28.358 729.199 63.1816 SERIES 2483 CL SL DATED DATE 07102/02 BOOK ENTRY ONLY DUE 03/15/2032 5.130% FACTOR .24641448 027 103004:11:S0 001 EFTA00195805 CLEARED THROuGH ITS YAIOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 4/ '4 STATEMENT PERKO WOW 1.2004 THROUGH Octoter 29.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NI/03ER On File LAST STATEMENT Septenter 30.2004 Government & Agency Obligations (COMMIS) N:C. ACCRUED ESTIMATED CURRENT DESCRIPTION swewsusn TYPE OUAMITY PRICE IAARKET VALUE MEREST ANNUAL NCOAIE VELD V:1 FEDERAL NATIONAL MTG ASSN MRGN 14.692.061 9.1386 1.342.655 8,271 744.447 55.4459 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 5067% FACTOR — .60444343 Total Government& Agency Obligations $8.081.612 $86.086 $2.745.352 Corporate Bonds ACCT ACCRUED ESTRIME0 EURFOR DESCRPTION StTe3OLCUSP TYPE OUANTITY PRICE MARKET VALUE MEREST ANNUAL INCOME YEW FANNIE MAE CMO/SERIES 2003-13 MRGN 29,160,294 12.0247 3.506.447 19,655 1.769,155 50.4543 S FICR-I/0 RJR DATED DATE 0'2/25103 BOOK ENTRY ONLY DUE 03/2512033 6.067% FACTOR — .58320590 Total CorporateBonds $3.506.447 $19,655 $1.769.155 TOTAL FIXED INCOME $11.588.059 $105.741 94.514.507 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $105.741 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $4.514.507 YOUR PRICED PORTFOLIOHOLDINGS $11.922.098 027 10,3004:11:S0 001 Y8E4 EFTA00195806 CLEARED TITROuGH ITS 20.001 00T•E0 SUBSIOTAlly OFFICE SERVICING YOUR ACCOUNT Beer &Ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 6 STATEMENT PERKO OCTOON 1.2004 THROUGH Octoter 29.2004 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER PAISSER OR PIM with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT SApleffeet 30.2004 PLFICHISS/ REPURNA4F PRONG PURCHASE PRICE; ACCRUED REPO OUPARITY START DATE DATE PATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/1904 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 6.1300 03/1932 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 10/12/04 01/10/05 2.260 -9,478,000 -11,900 -50,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/14/04 OPEN 0.010 -1 -44.389.962 SERIES 2004-2 CLASS S 5.3113 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/26/04 11/12/04 2.070 -5.363.000 -1.850 -44.000.000 SERIES 2004-5 CLASS P 5.0400 02/20/33 YOU BOUGHT USTR 2.7500 08/15/07 (REVERSE) 09/27/04 OPEN 1.600 15.037,500 21.950 15.000.000 YOU BOUGHT USTR 2.5000 09/30/06 (REVERSE) 10/05/04 OPEN 1.250 25.000.000 26.309 25000.000 TOTAL REVERSE REPURCHASETRANSACTI0NS $40,037,500 $48,259 TOTAL REPURCHASETRANSACTIONS $--14,841001 3-13,750 'As crl MakenToi dye 027 T0,3000:11:50 001 V8E4 EFTA00195807 CLEARED THRouem ITS %%cm:, OunED SUEISIOany OFFICE SERVICING YOUR ACCOUNT Beer Styr Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 7 STATEMENT PERK* October 1.2004 THROUGH October 29.2004 Transaction Detail Accouyi NUMBER TAXPAYER NUIA3ER On File INVESTMENT ACTIVITY LAST STATEMENT Set:Amite( 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION STMOOLCUS, OUANTITY PACE DENT AMOUNT CHEM AMOUNT 10/04/04 10/01/04 BOUGHT UNITED STATES TREASURY NOTE 9128280U2 25.000.000 99.57031 24,892,578.13 02.375% FA 28 ACCR. INT. 55.766.57 MATURITY OVER REF # 02751004 Al 10/04/04 10/01/04 SOLD UNITED STATES TREASURY NOTE -25.000.000 99.72656 24,931,640.63 02.500% MS 31 ACM. INT. 6,868.13 2. MATURITY OVER REt # 02751011 Al 10/05/04 JOURNAL UNITED STATES TREASURY NOTE -25.000.000 25,000,000.00 ADJ REPO NO 10-4 2,500 DUE 09/30/06 10/07/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CI PO 1111111•1 -113.439 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 10-25-04 10/13/04 EXPIRED CALL TSY 43/4 08/14 9Z72250 -25.000.000 EUROCALL STRK 101.8 EXP 10108,2004 10/14/04 09/08/04 CANCEL SELL FNMA-30YRIFNMAIGTD 5A80009 10.000.000 101 31250 10.131,250 00 SEMI004 05500% 7720000 BS AS OF 09/0804 TO CM. PREVIOUS SELL 10/14/04 09/22/04 BOUGHT FNMA-30YRIFNMAIGTD 5A80009 10.000.000 101.83594 10.183.593.75 SE /.10104 DUE 10/01/2034 05,500% 0987021011332 REF # 2004092257810000 BS 10114/04 09/08/04 SOLD FNMA-30YRIFNMAIGTD 5A80009 -10000000 101.31250 10.131.250.00 SE /.10/04 05500% 7720000 BS 02/ 10,30,04:1I:50 001 EFTA00195808 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 4I '4 STATEMENT PERKO WOW 1.2004 THROUGH Octoter 29.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUEOER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT SEpteMbet 30, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION CESCFCETION STROOLCUSC OVANTITe PRCE DEBIT AMOUNT CMOS AMOUNT 10114/04 09/22/04 CANCEL BUY FNMA-30YR(FNMA)GID 5A80009 -10,000.000 101.83594 10,183,593/5 SETT.10+04 DUE 10/01/2034 05.500% 0987021011332 REF # 2004092257810000 BS AS OF 09/22/04 TO CM. PREVIOUS BUY 10/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S02684 285.406.50 SERIES 218 CL PO DUE 02/01/32 PRIN RID 09-04 ND 10-15-04 REPO P 8I 0.0000 10/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -390.730 SERIES 2483 CL SI. 5.130 DUE 03/15/32 PRINCIPAL REDUCTN 10-15-04 10/150'04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -372.599 SERIES 2530 CLASS SE 5.530 DUE 02/15/32 PRINCIPAL REDUCTN 10-15-04 10/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -159.828 SERIES 2526 CLASS SI 5.130 DUE 02/15/32 PRINCIPAL REDUCTN 10-15-04 10120/04 JOURNAL FANNIE MAE CMOSERIES 2003.13 2 S FLTR 6.160 DUE 03/25/33 ADJUST POS 10125)04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 113.439.30 STRIP MTG SERIES 322 CL PO 0401 DUE 03)01/32 PRINCIPAL PAYMENT 10-25-04 10/25104 PRINCIPAL FANNIE MAE CMOSERIES 2003-13 -516.106 S FLTR 6.160 DUE 03/25/33 PRINCIPAL REDUCTN 10-25-04 027 103004:11:S0 001 EFTA00195809 CLEARED umbrae,' ITS yalbri CA‘xED SUOSICIany OFFICE SERVICING YOUR ACCOUNT Beer Stew!, Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERK* October 1.2004 THROUGH October 29.2004 Transaction Detail (continued) Accouvr NUMBER TAXPAYER AMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT September 30,2004 SETTLEMENT TRADE DATE PATE -RANSACDON OESCRIPTION tin.ecticusr OWARITY DENT AMOUNT CREDO AMOUNT 10/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -260.033 SEFuES 2003-49 CLASS SW 5,160 DUE 01/25/33 PRINCIPAL REDUCTN 10-25-04 TOTAL $45,263,188.45 $70,652,198.31 DEPOSITS AND WITHDRAWALS DATE TRANSACTO. DESCRPTICH DEBIT AmotArr CREDIT AMOUNT 10/07/04 FND WIRED MDA#GV146208FNDS WIRED TO 71.518.00 TOTAL ISM C#246378 BANK $-71318.00 INTEREST DATE OESCRPTION OUN4MT RATE IX4 DEBT AMOUNT CREDIT AMOUNT 10/01/04 AVG BAL 213.777RT 0.895 159.45 021 OFFICE INTEREST 0904 1(V15/04 FEDERAL HOME LOAN MTG CORP 1.0000 20.958.94 SEBES 2471 CLASS VT DUE 03(15/2032 1,000 INT RID 09-04 PA) 10-15-04 REPO P 8I 1,0000 10/15/04 FEDERAL HOME LOAN MTG CORP 5.1300 63.775.74 SERES 2483 CL SL DUE 0311512032 5.130 INTEREST PAYMENT 10-15-04 027 10,3004:11:50 001 EFTA00195810 CLEARED THRouGH ITS imply OGeS0 SUBSIOally OFFICE SERVICING YOUR ACCOUNT Beer Stearn Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT PER000 October 1.2004 THROUGH Cotter 29.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASSER On File INTEREST (continued) LAST STATEMENT Secaleirter 30.2004 DATE DESCRIPTION SYMEICLICUSIP QUANTITY RATE ISN DEBIT AMOUNT CREPT AMOUNT 10/15/04 FEDERAL HOME LOAN MTG CORP 6.1300 65,828.89 SERES 2488 CLASS SO DUE 03/1512032 6.130 INT RID 09-04 KI 10-15-04 REPO P 8I 6.2400 10115/04 FEDERAL HOME LOAN MTG CORP 5.5300 79.065.84 SERIES 2530 CLASS SE DUE 02/15/2032 5,530 INTEREST PAYMENT 10-15-04 10/15/04 FEDERAL HOME LOAN WIG CORP 5.1300 31.510.16 SERES 2526 CLASS SI DUE 02/1S/2032 5.130 INTEREST PAYMENT 10-15-04 10/19/04 GOVERNMENT NATIONAL MTG ASSN 5.3110 188.367.64 SERES 2004-2 CLASS SB DUE 01/16/2034 5.311 INT RID 10-04 ND 10-16-04 REPO P 8I 5.4212 10120/04 GOVERNMENT NATIONAL MTG ASSN 5.1380 188.420.83 SERES 2004-5 CLASS PS DUE 02/2012033 5.138 INT RID 09-04 P/D 10-20-04 REPO P 8I 5.1387 10/25/04 FANNIE MAE CMCVSERIES 2003-13 6.1600 152.338.86 S RTR DUE 03/25/2033 6.160 INTEREST PAYMENT 10-25-04 10/25/04 FEDERAL NATIONAL MTG ASSN 5.1600 64.294.00 SERES 2003.49 CLASS SW DUE 01/25/2033 5.160 INTEREST PAYMENT 10-25-04 TOTAL $854.720.35 027 103004:11:S0 001 EFTA00195811 CLEARED THRouGH ITS YAICU.Y OmE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 CI 4 STATEMENT PERIOD October 1.2004 THROUGH October 29.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAyER KAISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT &Venter 30.2004 with Bear,Stearns& Co.Inc. SETTLEMENT TPACE DATE CATE TRANSACTION DESCRPTICH SYMOCUCtISIP CAMARITif DEBIT AMOUNT CREDIT AMOUNT 10/04/04 DELIVERED UNITED STATES TREASURY NOTE 9128280U2 -25,000,000 25.062.500.00 DUE 08/31/2006 2.375 2,375 DUE 08131/06 FILM F2670490 A2 TERM RESALE AGREEMENT 10/04/04 INTEREST UNITED STATES TREASURY NOTE 912828CU2 10.519.29 DUE 08131/2006 2.375 FILM F2670490 A2 RESALE INTEREST 1W05/04 RECEIVED UNITED STATES TREASURY NOTE 25.000.000 25.000.000.00 DUE 09/30/2006 2,500 2.500 FiTM AI RESALE T 1W06/04 JOURNAL UNITED STATES TREASURY NOTE 25.000.000 25.000.000.00 ADJ REPO NO 10.4 2.500 DUE 09/30/06 10/06/04 JOURNAL UNITED STATES TREASURY NOTE 25.000.000 25.000.000.00 ADJ REPO AJ0 10.4 2.500 WE 09/30/06 10/06104 INTEREST UNITED STATES TREASURY NOTE 1.062.50 DUE 09/30/2006 2.500 REV REPO HT, A/O DM 10/07/04 JOURNAL UNITED STATES TREASURY NOTE -25.000.000 25,000,000.00 *Cu REPO NO 10.4 2.500 DUE 09/30/06 10/12104 JOURNAL FEDL HOME LOAN MTG CORP#502684 12.600,430 7,320,000.00 SERIES 218 Cl. PO DUE 02/01/32 ATM F2583256 AZ TERM REPO AGREEMENT 10 1204 JOURNAL FEDL HOME LOAN MTG CORP#502684 -12.600A30 9.478.000.00 SERIES 218 a. PO DUE 02/01/32 FILM F2863213 Al REPO AGREEMENT 027 100004:1i:50 001 EFTA00195812 CLEARED INROuGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 cl 4 STATEMENT PERIOD WOW 1.2004 THROUGH October 29.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMSER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Septeoter 30.2004 SEMEMENT TRACE DATE DATE TRANSACTION DESORPTION STMECUCUSIP WORRY DEBIT AMOUNT CREDIT AMOUNT 10/12+04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 41,695.395 2,816,000.00 SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FITM F2653155 AZ TERM REPO AGREEMENT 10/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41.695,395 3.683.000.00 SERIES 2004-2 CLASS SB 5,421 DUE OW 6/34 FITM F2863215 Al REPO AGREEMENT 10/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MEI 44,000.000 5.866.000.00 FSITM .138R Z TERM ENT 10./1204 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 6.299.000.00 SERIES 2034-5 CLASS PS 5,138 DUE 02/20+33 FITM F2863217 Al REPO AGREEMENT 10 1204 INTEREST FEDL HOME LOAN MTG CORP#502684 11,272.80 SERIES 218 CI. PO DUE 02101/2032 0,000 FITM F2583256 AZ REPO INTEREST 101204 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB NEM 2.940.37 DUE 01/16/2034 5,421 FITM F2653155 AZ REPO INTEREST 1011204 INTEREST GOVERNMENT NATIONAL MTG ASSN 27.708.70 SERIES 2034-5 CLASS PS DUE 02/ 5,138 FITM AZ REPO I 027 10,30,04:11:50 001 EFTA00195813 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 0 N STATEMENT PERK* October 1.2004 THROUGH October 29.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUIABER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Seplernter 30.2004 SETTLEMENT TRACE (WE DATE TWISACTION DESCRPRON STMea.Cvsti, °UMW, Cali AMOUNT CREDIT AMOUNT 10114+04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41.695,395 SERIES 2004-2 CLASS SB 5,421 DUE OI/I6/34 FITM F2883267 Al REPO AGREEMENT 1014/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 41,695,395 3.683.000.00 SERIES 2004-2 CLASS SB 5,421 DUE01/16+34 FITM F2863215 A2 TERM REPO AGREEMENT 10.114/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 423.55 SERIES 2004-2 CLASS SB DUE 01116/2034 5,421 FITM F2863215 A2 REPO INTEREST 10+25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 5,000,000.00 SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 ATM F2993307 Al REPO AGREEMENT 10 25 04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 6,299,000.00 SERIES 2004-5 CLASS PS 5,040 DUE 02/20/33 ATM F2863217 A2 TERM REPO AGREEMENT 10,25,04 INTEREST GOVERNMENT NATIONAL MTG ASSN 4.708.50 SERIES 2004-5 CLASS PS DUE 02/20/2033 5,040 ATM F2863217 A2 REPO INTEREST 1012684 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000.000 5,000,000.00 SERIES 2004-5 CLASS PS 5040 DUE 02/20/33 FRIA F2993307 A2 TERM REPO AGREEMENT 027 100004:11:50 001 EFTA00195814 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 cl 4 STATEMENT PERIOD WOOS! 1.2004 THROUGH Octoter 29.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT SEDIETtet 30.2004 SETTLEMENT TRADE DATE DATE TWC3ACTION DESORPTION SYME/CIAUSIP OVA RITZ DEBIT AMOUNT CREDIT AMOUNT 10/26/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000,000 5,363,000.00 SERIES 2004-S CLASS PS 5.040 FITM AI REPO A 10/26/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 287.50 SERIES 2004-S CLASS PS DUE 02/20/2033 6,040 FITM F2993307 42 REPO INTEREST TOTAL $-106,031.341.42 579.897.081.79 MISCELLANEOUS DATE LOO:DAT TRANSACTION DESCRIPTION DEM AMOUNT CREDIT AMOUNT 10113/04 JOURNAL FNMA-30YR(FNMA)GTD 52.343.75 SETT.10/04 5.500 DUE 10/01/34 MSS NET 10/13/04 10/19/04 JOURNAL SEP 04SPEC CLEARING FEES 1.000.00 TOTAL 5-53.343.75 End of Statement 027 10,3004:1I:SO 001 Y8E4 EFTA00195815 CLEARED 'THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT S ear. Stearns 8 CO. m Inc. BUR STEARNS FINANCIAL TRUST CO INC STATEMENT PERIOD Sweater 1.2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wvny.bearstearns.com THROUGH Sweater 30.2004 ACCCCNT NUMBER What's In This Statement IIIIIII1111111111 II TAXPAYER NuthrtIER On File LAST STATEMENT August 31.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 CIO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE 63 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $349.431 Cash a Equviarent TOTAL VALUE OF SECURITIES THIS PERIOD* 12,082,817 $48.513 LONG ACCRUED INTEREST 124,112 Feed 12.082.817 NET CREDIT BALANCE 349,431 ....... ......... $12.698.148 Es Current market ma'iae NET EQUITY THIS PERIOD $12,556,360 EA Last statements market value NET EQUITY LAST STATEMENT 12,890,765 CHANGE SINCE LAST STATEMENT -334,406 -on cafe* 'dudes one or more 'synced mashes hat are not reacted r. he Total Wan of Stood's and he Het &Nee TN; Pertel There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. danumf is br HTOrnMbCnal pants oNy II Is ra Girded at t &WWI Ths stateroom should be Maned for your words So mem a tot important namsnatun 027 100104:07:49 001 Y863 EFTA00195816 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi I7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,01,04:07A9 001 V863 EFTA00195817 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER 141.4.93ER CR File THIS PERIOD RAS PERIOD YEAR TO DATE LAST STATEMENT August 31.2004 Opening Balance $48,513.49 U.S. Govt. Bond Int. 74,442.82 368,495.47 Govt. Agency Int. 800,827.03 7.866.627.50 Securities Sold 283,252,102.46 Corp. Bond Int. 160,809.29 1.717.911.13 Dividends Interest 1,036,382.90 Credit Balance Int. 303.76 863.01 Amount Credited $284,288,485.36 Reverse Repurchase Int. 76,976.15 240,766.43 Total $1 113 359.05 $10 194 663.54 Securities Bought -283.616,704.04 Dividends Interest Charged -183.444.56 Bond Purchase Int. -183.444.56 -1.112547.20 Margin Int. Paid 0.00 -1,770.70 Miscellaneous -187,419.70 Repurchase Int. Exp. -33,024.35 -161,743.91 Amount Debited $-283.987,568.30 Net Cash Activity 300,917.06 Closing Balance $349,430.55 Portfolio Composition Cashtash Equivalent 349.431 Your Portfolio Allocation Fixed Income 12,082.817 Cash Balance Summary Total $12.432.248 OPENING CLOSP10 Cash S Equivalent 2% Margin 48.513.49 349,43555 Net Cash Balance $48,513.49 $349,430.55 Undyclecl proms den* debt beam, *Nit, shy, ma•Ro v,Led Ted aloceban perconmo, is de•ued inyn tra 'biota marital value oil palioo 027 100104:07:49 001 YeS3 EFTA00195818 CLEARED THROWN ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 o STATEMENT PERIOD September 1.2004 THROUGH September 30.2304 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER AMBER CR File LAST STATEMENT August 31.2004 rAAPxEl ESTIMATED CUAPENT cescaPaou QUANTITY PACE VALUE NWJAL INLCIIIE VELD CASH BALANCE 349,431 TOTAL CASH & CASH EQUIVALENTS $349.431 EQUITIES Equities & Options ACCT IMNCE1 ESTIMATED WARN,' DESCRIPTION SYMBOUCUS1P TYPE OUMITITY PRICE VALVE ANMJAL 4.COME YETI/ 1, 4 CALL TSY 4 3/4 08/14 9272250 MRGN 25.000.000 'Merited EUROCALL STRK 101-8 DP 10/08/2004 Total Equities& Options so $0 TOTAL EQUITIES so $0 FIXED INCOME Government & Agency Obligations ACC" ACCRUED CURTIN,' DESCRPTION SWISCLCUSP TYPE GUMMY PRICE MARKET VALUE &MST ANNUAL ESTEM1E0 INCOME YEW IV FEDERAL HOME LOAN MTG CORP MRGN 16.822.518 9.4056 1.582.261 39.894 957.369 60.5064 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 5.691% FACTOR — .28037531 027 100104:07:49 001 '.1163 EFTA00195819 CLEARED THROUGH ITS MOST omen SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 c/ STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER KAMER On Fite LAST STATEMENT August 31.2004 Government & Agency Obligations (continued) ACC' ACCRED (STOWED CURFENT DESCPPTION SWECLCUSP TOE OUAMITY PRICE MARKET VALUE NTEPEST ANNUAL INCOME YEW DAN FEDERAL HOME LOAN MTG CORP MRGN 7.216.068 8.5764 618.880 15,908 381,802 61.6924 SERIES 2526 CLASS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5291% FACTOR - .28037530 FEDERAL NATIONAL MTG ASSN MRGN 4.154.921 82.8750 3,443.391 3 42 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR — 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 14.605.132 8.1146 1.185.155 32.200 772.758 65.2031 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 0345/2032 5.291% FACTOR — .25318800 FEDERAL NATIONAL MTG ASSN MRGN 14,952.094 9.6790 1.447.218 10.717 771.528 53.3111 SERIES 200349 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 5,180% FACTOR — .61514142 Total Government& Agency Obligations $8.276.905 598.722 52.883.499 027 100104:07:49 001 V863 EFTA00195820 CLEARED 1HROuGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 c, STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUM3ER On Fite LAST STATEMENT August 31.2004 Corporate Bonds ACE' ACCRUED ESTEIMED CURRENT DESORPTION SWA3CLOJSP TYPE OUANTITY PRICE MARKET VALUE MEREST ANNUAL INCOIAE YELD NG FANNIE MAE CMO/SERIES 2003-13 MRGN 29.676.398 12.8247 3.805.912 25,390 1.828.066 48.0323 S RCR4/0 FLTR DATED DATE 02/25:03 BOOK ENTRY ONLY DUE 03/25:2033 6.160% FACTOR — .59352801 Total CorporateBonds 53,805.912 525,390 $1.828,066 TOTAL FIXED INCOME $12.082.817 $124,112 $4.711.565 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $124.112 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $4.711.565 YOUR PRICED PORTFOLIOHOLDINGS $12.432.248 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PUROWE/ REPURCHASE PRIMO PURCHASE PRICE) ACCRUED REPO CIVAAMTT START DATE DATE RATE PRI/OPAL INTEREST' (CAM AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 0720904 10/1204 1.790 -5.866.000 -24.500 -44.000.000 SERIES 2004-5 CLASS P 5.1387 02/20/33 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 09/14/04 10/12/04 1.980 -7.320.000 -6.844 -50.000.000 027 ,04:07:49 001 '.1163 EFTA00195821 CLEARED THROUGH ITS Mal.? OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 C, STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER KAMER On Fite with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT AupuSt 31.2004 PURCHASE/ REPURCHASE PRO% PURCHASE PRIM ACCRUED REPO CMANTITY START DATE DATE PATE PIIINCPAL MEREST' (FACE AMOUR) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15/04 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 6.2913 03/15/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 09/21/04 10/12/04 1.790 -2,816,000 -1.400 .44.389.962 SERIES 2004-2 CLASS S 5.4213 01/16/34 YOU BOUGHT USTR 2.3750 08/31/06 (REVERSE) 09/23/04 OPEN 1.400 25.062,500 7.532 25.000.000 912828CU2 YOU BOUGHT USTR 2.7500 08/15/07 (REVERSE) 09.27O4 OPEN 1.440 15.037.500 2.163 15.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS 840.100.000 89.695 TOTAL REPURCHASE TRANSACTIONS $.16.002.000 $.32.744 .A5 J ItIltrent die Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE -RANSK.D3N DESCRIPTION SYMEIELCUMP GUAHRTY PRICE DEM AMOUNT CREDO MOUNT 09/02/04 08/3004 BOUGHT CALL TSY 43/4 08/14 9Z72250 25.000.000 0.67578 168,945.31 EUROCALL STRK 101.8 SIP 10/0812004 UNDERLYING SEC #7004993 CORR &D 08/31104 AS OF 08/30.04 027 MIDI D4:07:49 001 .863 EFTA00195822 CLEARED THROUGH ITS YAIDALY OUS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Ster T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION SYMEKVCUSP CIVAAMTY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/08/04 09/02104 SOLD GOVERNMENT NATIONAL MTG ASSN -9,449,493 95.25000 9,000,642.18 SERIES 2004-2 CLASS SG ACCR. INT. 64,676.53 DUE 01/16/2034 11.200% 0987031317099 REF it 2004090257160000 BS 09/08/04 09/07/04 BOUGHT UNITED STATES TREASURY NOTE 02.750% n 31 11M 50.000.000 100.39063 50,195,312.50 ACCR. INT. 145,720.11 MATURITY EVER REF # 0251100/ Al 09/08/04 09/07/04 SOLD UNITED STATES TREASURY NOTE 912828CU2 -50.000.000 99.62500 49.812.500.00 02.375% FA 28 ACCR. INT. 26.243.09 MATURITY GVER REF # G2511008 Al 09/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO EMI -123.089 0,001 DUE 03/01/32 PRINCIPAL REDUCTN 09-25-04 09/15/04 09/08/04 BOUGHT FNMA-30YR(FNMA)GTD 10.000.000 101.60547 10.160.546.88 SETT 09//04 05500% 7710000 BS 09/15/04 09/02/04 BOUGHT FNMA-30YR(FNMA)GTD SETT.09m34 ISIS 20.000.000 101.37500 20.275.000 00 WE 09/01/2034 05.500% 0987031317099 REF it 2004090257220000 BS 09/15/04 08/10/04 CANCEL SELL FNMA-30YR(FNMA)GTD SETT.09//04 Milli 30.000.000 100.82813 30.248.437.50 1.105 °S.500% 7320000 BS AS OF 08/10/04 TO CM. PREVIOUS SELL 027 100104:07:49 001 ESS3 EFTA00195823 CLEARED THROUGH ITS MOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 0 STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER AMMER Co FIIB INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION 10.100..00SP Oc.WTI1v PROF DEBIT AMOUNT mon Waite 09115/04 09/08/04 CANCEL BUY FNMA-30YR(FNMA)GTD .10,000.000 101.60547 10.160.546.88 SEITt/04 05.500,4 7710000 BS AS OF 09/08104 TO CA. PREVIOUS BUY 09/15/04 09/02/04 CANCEL BUY FNMA-30YRIFNMAIGTD -20,000.000 101.37500 20.275.000.00 SETT.09#04 DUE 09/01/2034 05.500% 0987031317099 REF # 2004090257220000 BS AS OF 09/02/04 TO CXL PREVIOUS BUY 09/15/04 08/10/04 SOLD FNMA-30YRIFNMAIGTD -30.000.000 100.82813 30,248,437.50 SETT.09,504 ' 05.500% 57320000 BS 09/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#502684 336.255.00 SERIES 218 CL PO WE 02/01/32 PRIN RID 08-04 PAI 09-15-04 REPO P S I 0.0000 09,15,04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL SIM -395.047 5.291 DUE 03/15/32 PRINCIPAL REDUCTN 09-15-04 09/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE VIM -438,983 5.691 DUE 02/15/32 PRINCIPAL REDUCTN 09-15-04 09/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -188.303 SERIES 2526 CLASS SI 5.291 DUE 02/15132 PRINCIPAL REDUCTN 09-15-04 027 10,01,04:07:49 001 '.1163 EFTA00195824 CLEARED THROUGH ITS WHOLLY CALT*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Ster tit Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT OE1000 September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOLNT NUMBER TAXPAYER WIPER OnFtle INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION SYMOOLCUPP cvNwily Pma DEBIT AMOUNT CHEM MONO 09/23/04 09/22/04 BOUGHT UNITED STATES TREASURY NOTE 912828CU2 25.000.000 99.84375 24,960,937.50 02.375% FA 28 ACCR. INT. 37.724.45 MATURITY Rd it 02661011 Al 09/27/04 09/24/04 SOLD UNITED STATES TREASURY NOTE -15.000,000 99.73438 14,960,156.25 02.750$ FA 15 ACCR. INT. 48,199.73 MATURITY GyER REF # 02681022 Al 09/27/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN EMI 123,088.50 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 09-25-04 09127/04 PRINCIPAL FANNIE MAE CMOISERIES 2003-13 -546.176 S Refi-v0 FLTR 6.385 DUE 03/25/33 PRINCIPAL REDUCTN 09-25-04 09127/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -275.184 SERIES 2003-49 CLASS SW 5.385 DOE 01/25/33 PRINCIPAL REDUCTN 09-25-04 TOTAL $-136,192,624.25 $135.055.745.66 INTEREST DATE CESCRSTKIN CUMIN), RATE IS` Men AMOUNT CREW AMOUNT 09/01/04 AVG BAL 483.462RT 0.729 303.76 021 OFFICE INTEREST 0804 09/15/04 FEDERAL HOME LOAN MTG CORP 1.0000 21.525.85 SERES 2471 CLASS YT DUE 03/15/2032 1.000 INT RID 08-04 P/D 09-15-04 REPO P S i 1.0000 021 TOOT 0007:49 001 TASS3 EFTA00195825 CLEARED THROuGH ITS ?RIMY CMT,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Ster Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 11 • STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On Fite INTEREST (continued) LAST STATEMENT Au9451 31.2004 DATE DESORPTION SvIABOJCUSIP WAMITY RATE Bi4 DEBIT AMOUNT MEM AMOUNT 09/15/04 FEDERAL HOME LOAN MTG CORP 5.2910 67,500.81 SEBES 2483 CL SL DUE 03/15/2032 5,291 INTEREST PAYMENT 09-15.04 09/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2488 GLASS SO 11111= 6.2910 69.34103 DUE 03/15/2032 6,291 INT RID 08.04 PAD 09-15-04 REPO P S I 6,4000 09/15/04 FEDERAL HOME LOAN MTG CORP 5.6910 83.43159 SEBES 2530 CLASS SE DUE 02/15/2032 5,691 INTEREST PAYMENT 09-15-04 09/15/04 FEDERAL HOME LOAN MTG CORP 5.2910 33.319.67 SERES 2526 CLASS SI DUE 02/15/2032 5,291 INTEREST PAYMENT 09-15.04 09/16/04 GOVERNMENT NATIONAL MTG ASSN 5.6000 196.531.47 SERES 2004-2 CLASS SB DUE 01/16/2034 5,600 INT RID 09.04 ND 09-16-04 REPO P S I 5,6000 09/20/04 GOVERNMENT NATIONAL MTG ASSN 5.3500 196.166.67 SERES 2004-5 CLASS PS DUE 02/20/2033 5,350 INT RID 08.04 PAD 09-20-04 REPO P S I 5,3500 09/27/04 FANNIE MAE CMO/SERIES 2003-13 S RTR MIK 6.3850 160.809.29 DUE 03/25/2033 6,385 INTEREST PAYMENT 09-25.04 027 TOOT •00:07:49 001 VSGS EFTA00195826 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 C! STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AILMA3ER On Fite INTEREST (continued) LAST STATEMENT August 31.2004 DATE CESCRIPTION SYMBOLEuStP QUANTITY RATE NJ CEEIT AMOUNT CREDIT AMOUNT 09/27/04 FEDERAL NATIONAL MTG ASSN 5.3850 68,332.41 SERES 2003-49 CLASS SW DUE 01/25/2033 5,385 INTEREST PAYMENT 09-25.04 TOTAL $897.263.55 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT MACE DATE DATE TRANSACTION DESCRPTION STMSCL,CvSIP CANNTliv OMIT AMOUNT CREDIT AMOUNT 09/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9.449.493 6,200,000.00 SERIES 2004-2 CLASS SG 11,200 34 ATM A2 TERM ENT 09/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.449.493 6.250.000.00 SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 ATM F2463081 AS REPO AGREEMENT 0910204 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG IMF -9.449.493 7.283.000.00 11.200 DUE 01/16/34 FITM F2463081 Al REPO AGREEMENT 09102,04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 7,283,000.00 SERIES 2004-2 CLASS SG 11,200 DUE 01/16/34 FITM F2463081 .14.2 REPO AGREEMENT 09/02/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.767.00 SERIES 2004.2 CLASS SG DUE 01:40.1 11,200 ATM A2 REPO I 027 TOOT ,04:07:49 001 V863 EFTA00195827 CLEARED THROUGH ITS WTICtLY OHA.00 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 ui T/ STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPT1ON SYMECLGUSIP OVANTITY OMIT AMOUNT CREDIT AMOUNT 09/03/04 JOURNAL FEDERAL HOME LOAN MTG CORP 13,001,818 SERIES 2488 CLASS SO 6,400jilIK2 1 HIM A2 TERM ENT 09/03/04 JOURNAL FEDERAL HOME LOAN MTG CORP -13,001,818 72,000.00 SERIES 2488 CLASS SO 6,400 DUE 03/15132 FITM F2473199 Al REPO AGREEMENT 09./08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 6,250,000.00 SERIES 2004-2 CLASS SG 11.200 DUE 01/16/34 FITM F2463081 A4 TERM REPO AGREEMENT 09/08/04 JOURNAL FEDL HOME LOAN MTG CORD#502684 -12.885,836 7.200.000.00 SERIES 218 CL PO DUE 02101/32 FITM F2523196 Al REPO AGREEMENT 09!0804 JOURNAL FEDL HOME LOAN MTG CORD#502684 12,885.836 9,788,000.00 SERIES 218 Cl. PO DUE 02101/32 FILM F2253160 A2 TERM REPO AGREEMENT 09;0804 DELIVERED UNITED STATES TREASURY NOTE -50,000.000 50.375.000.00 DUE 07/31/2006 2.750 2,750 DUE 07/31/06 FITM F2190710 A2 TERM RESALE AGREEMENT 09;0804 RECEIVED UNITED STATES TREASURY NOTE 912828CU2 50,000.000 50.062.500.00 DUE 08/31/2006 2.375 2,375 DUE 08/31/06 FITM F2520885 Al RESALE AGREEMENT 027 100104:07:49 001 '.111;) EFTA00195828 CLEARED THROWN ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 0 T/ STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2004 SETTLEMENT TRADE DATE DATE TRMC3ACRON DESCRPT1ON SYME/CLCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1,968.75 SERIES 2004-2 CLASS SG DUE 01116/2034 11,200 FRM F2463081 A4 REPO INTEREST 09/08/04 INTEREST FEDL HOME LOAN MTG CORP#502684 13.213.80 SERIES 218 CL PO DUE 02101/2032 0,000 FITM F2253160 A2 REPO INTEREST 09/08/04 INWREST UNITED STATES TREASURY NOTE 54,614.90 DUE 07/31/2006 2,750 FITM F2190710 A2 RESALE INTEREST 09/13/04 JOURNAL FEDL HOME LOAN MIG CORP#502684 12,885.836 7,200,000.00 SERIES 218 Cl. PO DUE 02/01/32 FITM F2523196 A2 TERM REPO AGREEMENT 09/13/04 JOURNAL FEDL HOME LOAN MTG CORP#502684 SERIES 218 CL PO NMI -12,885,836 7.200.000.00 DUE 02101/32 FITM F2573145 A3 REPO AGREEMENT 09.113:04 JOURNAL FEDL HOME LOAN MTG CORP#502684 -12,885,836 9,680,000.00 SERIES 218 CL PO DUE 02101/32 FITM F2573145 Al REPO AGREEMENT 09 13 04 JOURNAL FEDL HOME LOAN MIG CORP#502684 12.885.836 9.680.000 00 SERIES 218 CL PO DUE 02101/32 FITM F2573145 A2 REPO AGREEMENT 027 100104:07:49 001 VI36:1 EFTA00195829 CLEARED THROUGH ITS MIPS? OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 CI T/ STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2004 SEMEMENT TRADE DATE DATE TRANSACRON DESCRPRON SYME/CLCUSIP OUANTIN OESIT AMOUNT CREDIT AMOUNT 09/13/04 INTEREST FEDL HOME LOAN MTG CORP#502684 1.800.00 SERIES 218 CL PO DUE 02101/2032 0.000 ATM F2523196 AZ REPO INTEREST 09/14/04 JOURNAL FEDL HOME LOAN MTG COFIP#S026134 12.885.836 7.200.000.00 SERIES 218 CL PO DUE 02101/32 FITM F2573145 A4 TERM REPO AGREEMENT 09/14/04 JOURNAL FEDL HOME LOAN MTG CORP#S02684 -12.885.836 7,320,000.00 SERIES 218 CL PO DUE 02101/32 FITM F2583256 Al REPO AGREEMENT 09;1404 INTEREST FEDL HOME LOAN MTG CORP#502684 472.00 SERIES 218 CL PO DUE 02101/2032 0.000 ATM F2573145 A4 REPO INTEREST 09 15 04 JOURNAL FEDERAL HOME LOAN MTG CORP -12,659.401 SERIES 2488 CLASS SO 6.291 DUE 03/15132 FITM F2593267 Al REPO AGREEMENT 09 15 04 JOURNAL FEDERAL HOME LOAN MTG CORP 12,659.401 72,000.00 SERIES 2488 CLASS SO 6291 DUE 03/15/32 FITM F2473199 A2 TERM REPO AGREEMENT 09 15 04 INTEREST FEDERAL HOME LOAN MTG CORP 45.36 SERIES 2488 CLASS SO DUE 03/15/2032 6.291 FITM F2473199 A2 REPO INTEREST 027 100104:07:49 001 V81::1 EFTA00195830 CLEARED THROUGH ITS CtLY OMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 CI T/ STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2004 SEM.EmENt TRADE DATE DATE TRANSACTION DESCRPRON SYMBOLCVSP OVANIIN DEBIT AMOUNT CREDIT roA0Leir 09/21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -41.695,395 2.816.000.00 SERIES 2004-2 CLASS SB 5,421 DUE 01/16/34 FITM F2653155 Al REPO AGREEMENT 09/21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 41,695,395 3,739,000.00 SERIES 2004.2 CLASS SB 5,421 FITM B2 TERM MENT 09/21/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 13,757.44 SERIES 2004-2 CLASS SB DUE 0131111 5,421 FITM B2 REPO I 09/23/04 RECEIVED UNITED STATES TREASURY NOTE 912828CU2 25.000.000 25,062,500.00 DUE 08/31/2006 2,375 2,375 DUE 0931/06 FITM F2670490 Al RESALE AGREEMENT 09/23/04 DELIVERED UNITED STATES TREASURY NOTE 9128280U2 -50,000.000 50,062,500.00 DUE 0931/2006 2,375 2,375 DUE 0931/06 ATM F2520885 A2 TERM RESALE AGREEMENT 09/23/04 INTEREST UNITED STATES TREASURY NOTE 9128280U2 22,361.25 DUE 0931/2006 2,375 ATM F2520885 A2 RESALE INTEREST 09i27/04 RECEIVED UNITED STATES TREASURY NOTE 15.000.000 15.037.500.00 DUE 08/192007 2,750 2,750 lilt 7 ATM At RESALE T TOTAL 9147,607,524.35 $148.335.476.15 027 M0104:07:49 001 '.111;) EFTA00195831 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 Al T/ STATEMENT PERIOD September 1.2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On File MISCELLANEOUS LAST STATEMENT August 31.2004 DATE MOAT TRANSACTION DESCRIPTICh DEBT AMC11141 CREDIT AMOUNT 09/02/04 JOURNAL FITO FITM 10.32 09/14/04 JOURNAL FNMA-30YR(FNMA)GTO 187,109.38 SETT:39801 5.500 DUE 09101/31 MBS NET 09/14/04 09/16J04 JOURNAL AUG 04 SPEC CLEARING FEES 300.00 TOTAL $-187.419.70 Trades Executed Pending Settlement SEMEUENT TRADE DATE DATE TRANSACTION DESORPTION SVMDCX,ICUSP WANT& PRICE DENT AMOUNT CREDIT AMOUNT 10/14/04 09/22/04 BOUGHT FNMA-30YR(FNMA)GTD 5A80009 10.000.000.00 101.8359 10,183,593.75 SETT,10/04 DUE 10/01/2034 05.600% 0987021011332 REF # 2004092257810000 BS 10/14/04 09/08/04 SOLD FNMA-30YR(FNMA)GTD 5A80009 -10,000.000.00 101.3125 10.131.250.00 SETT.10/04 101.1105.500% 57720000 BS TOTAL $10.183.593.75 $10.131.250.00 Tho raaos et 007 W.OO4/ In a', otnv soaio, at tnc statwnwc 027 10i01/0107:49 001 Y883 EFTA00195832 CLEARED THROLGH nS wHOLLY OGNE0 SOSOMny OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PEED00 JuN 31.2004 VISIT OUR WEBSITE wom.bearstearns.com THROUGH August 31.2004 ALUMNI NUMBER What's In This Statement IIII II 111111111U II TAXPAYER MASSER On File LAST STATEMENT July 30. 2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 14 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent $48•513 TOTAL VALUE OF SECURITIES THIS PERIOD 12,698,148 $3.971 LONG ACCRUED INTEREST 144,104 Fixed $12.698.148 Income $11.296.902 NET CREDIT BALANCE 48,513 Current market yaks NET EQUITY THIS PERIOD $12,890,765 HE Last statements market value NET EQUITY LAST STATEMENT 11,475,709 CHANGE SINCE LAST STATEMENT 1,415,056 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. *C TM' 617GnIN 11 M1 dOrm•MANAI pulmsts mly It ra sinded psalm &on. TM ststern•N shoal be retailed for your records See mom Ea No" mporlart milmnatim 027 09010406:21 001 V862 EFTA00195833 GEARED IHROUGH ITS WHOLLY OMAIED 81.1090MAv FINANCIAL TRUST CO INC 2 PI 14 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 09,01,04:06:21 001 7862 EFTA00195834 CLEARED THROUGH ITS WHOLLY OLMIJED SUIISOIARv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c/ '4 STATEMENT PERK* July 31. 2004 THROUGH August 31.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WEISER (Nine 7,4 PEP400 YEAS TO DATE THIS PEFICO LAST STATEMENT July 30.2004 Opening Balance $3,971.20 U.S. Govt. Bond Int. 11,209.24 294,052.65 Govt. Agency Int. 864,599.88 7.065.800.47 Securities Sold 269,156,483.49 Corp. Bond Int. 168,044.57 1.557.101.84 Dividends Interest 1,044,009.74 Credit Balance Int. 156.05 559.25 Amount Credited $270.200.493.23 Reverse Repurchase Int. 59,273.54 163.790.28 Total $1 103 283.28 $9 081 304.49 Securities Bought -269.959.006.50 Dividends Interest Charged -196.161.68 Bond Purchase Int. -196.161.68 -929,102.64 Margin Int. Paid 0.00 -1,770.70 Miscellaneous -782.76 Repurchase Int. Exp. -9.818.25 -128,719.56 Amount Debited $.270.155,950.94 Net Cash Activity 44.542.29 Closing Balance $48,513.49 Portfolio Composition Cashtash Equivalent 48.513 Your Portfolio Allocation Fixed Income 12.698.148 Cash Balance Summary Total $12.746.661 Cash & Equivalenti OPENING CLOSING I% Margin 3.971.20 48.513.49 Net Cash Balance 63.971.20 $48.513.49 Fixed Income 99% Utt00,0 VOrmas Coate Oat 0loace onto cool male vela, Tho oloctran common, to dewed Mtn Va obtol.te markt rat), el patiOaa 027 090104:01821 001 V862 EFTA00195835 CLEARED THROUGH ITS WHOLLY OwNED SUBSOIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC 4 4/ '4 STATEMENT PERK* Ju/g 31. 2004 THROUGH August 31.2004 Your Portfolio Holdings AccouNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER IMNEER OII File LAST sTATELIENT JU 30.2004 MARKET ESTIMATED CuRPENT otscaPaou S•AXICL °SIP OuANTrry PACE VALUE AWOL MCCUE VEtO CASH BALANCE 48.513 TOTAL CASH & CASH EQUIVALENTS $48.513 FIXED INCOME Government & Agency Obligations ACC" ACCRUED ESTMATED CURFEW' DESCRIPTION SWECLCuSP n PE OLIANTITY PRICE IAARKET VALLE INTEREST ANNUAL INCOME yEiD nN FEDERAL HOME LOAN MTG CORP MRGN 17,261,501 9.6502 1.665.771 44,496 1.001,167 60.1023 SERIES 2530 CLASS SE DATED DATE 10/11/02 B001( ENTRY ONLY DUE 02+15/2032 5.800% FACTOR .28769169 FEDERAL HOME LOAN MTG CORP MRGN 7,404,371 8.7603 648.644 17.771 399.836 61.6418 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02+15/2032 5.400% FACTOR .28769168 FEDERAL NATIONAL MTG ASSN MRGN 4,278,010 83.7656 3.583.502 3 43 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 0381/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 15.000.179 8.3346 1.250.208 36.001 810.010 64.7900 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.400% FACTOR .26003635 027 00I V802 EFTA00195836 CLEARED THROUGH ITS WHOLLY OwNED SUESEMARv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 4/ '4 STATEMENT PERK* JuN 31. 2004 THROUGH August 31.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER MAMER On File LAST STATEMENT Ju 30.2004 Government & Agency Obligations (continued) ACC' ACCRUED ESTMATE0 CURRENT DESCRIPTION SMAI2CLCLISP TYPE OUAMITY PRICE IAARKET VALUE MEREST ANNUM. iNCOIAE YELD FEDERAL NATIONAL MTG ASSN MRGN 15.227.278 9.7794 1.489.130 13,668 819.989 55.0650 SERIES 2003.49 CLASS SW DATED DATE 04/30103 BOOK ENTRY ONLY DUE 01/25/2033 5385% FACTOR — .62646272 Total Government& Agency Obligations $8.637.255 $111.939 $3.031.045 Corporate Bonds ACCT ACCRUED ESTMATE0 MEOW DESCRIPTION SWECL•CuSP TYPE OUMERTY PRICE MARKO VALUE INTEREST ANNUAL INCOME YEW 09 FANNIE MAE GAO/SERIES 2003-13 MRGN 30,222,574 13.4366 4.060.893 32,165 1.929,711 47.5194 S FICR-I/0 FLTR DATED DATE 0'2/25103 BOOK ENTRY ONLY DUE 03/2512033 6.385% FACTOR — .60445153 Total CorporateEtonds $4.060.893 $32.165 $1.929.711 TOTAL FIXED INCOME $12,698,148 $144,104 $4.960.756 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $144.104 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $4.960.756 YOUR PRICED PORTFOLIOHOLDINGS $12.746.661 027 09,01,04:06:31 001 •7862 EFTA00195837 CLEARED THROUGH ITS wisCELY OGTE0 SUOSIOART OFFICE SERVICING YOUR ACCOUNT Beer Ster !Jr Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 6 STATEMENT PERK* Ju/g 31. 2000 THROUGH August 31.2004 ACCCUIPT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER MAGER On File with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT 1.4 30.2004 PLACMASE/ REPURCHAPF RIDGING PURCHASE RIM ACCRUED REPO GUMMY START DATE DATE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -3,739,000 -10.039 -44,389,962 SERIES 2004-2 CLASS S 5.6000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -5,866,000 -15,750 -44,000,000 SERIES 2004-5 CLASS P 5.3500 02/20/33 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 08/12/04 09/13/04 1.800 -9,788,000 -9.788 -50,000,000 YOU PROVIDED FEDERAL HOME LOAN KIM CORP (MARGIN) 08/19/04 OPEN 0.000 -50,000,000 SERIES 2488 CLASS SO 6.4000 03/15.22 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 08/27/04 09/02/04 1.710 -6.200.000 -1.472 -10.000.000 SERIES 2004-2 CLASS S 11.2000 01/16/34 YOU BOUGHT USTR 2.7500 07/31/06 (REVERSE) 08/06/04 OPEN 1290 50.375.000 41.601 50.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $50,375,000 $41,601 TOTAL REPURCHASETRANSACTIONS $-25,593,000 $-37,049 'As slintanol dee 027 09,01,04:015:21 001 '1862 EFTA00195838 CLEARED THROUGH ITS YAIDALY OUS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Sown !it' Bear. Stearns & Co. Inc. B STUUR NS FINANCIAL TRUST CO INC 7 STATEMENT PERK* Jul/ 31. 2004 THROUGH August 31.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER NUMER Ofl File INVESTMENT ACTIVITY LAST STATEMENT Jul/ ao. 2004 SETTLEMENT TRADE DATE DATE TRANSACTKIN DESORPTION SYMBEVCUSP cchwan PRIDE DEBIT AMOUNT CREPT AMDUNT 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.12891 25,032,226.56 02.750% JD 30 ACCR. INT. 61.650.82 0 MATURITY GVER REF # 62121013 Al 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 100.12891 50,064,453.13 02,750% JD 30 ACCR. INT. 123,301.63 PI~3.680 %T0 MATURITY GVER REF #132121013 BI 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE -25.000.000 100.06250 25,015,625.00 02,750% JJ 31 ACCR. INT. 3,736.41 MATURITY GVER REF # 62121008 Al 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE -50.000.000 100.06250 50,031,250.00 02,750% JJ 31 ACCR. INT. 7,472.83 MATURITY GVER REF # 62121008 BI cinema 08/05/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.24219 25.060.546.88 02,750% JJ 31 ACCR. NT. 11,209.23 MATURITY GVER REF # G2181004 Al 061244 08/10/04 BOUGHT FEDL HOME LOAN MTG CORP#502684 13.222.091 82.43750 10.899.961.68 SERIES 218 CL PO WE 02/01/2032 0987021011332 REF # 2004081057470000 BS ow so,' PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 Q. 5/ MI= -363,943 5620 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-04 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2488 CLASS SO VIM -315.458 6,620 DUE 03/15/32 PRINCIPAL REDUCTN 08-15-04 027 09,01,04:06:31 001 1862 EFTA00195839 CLEARED THROUGH ITS WHOLLY OWED SUSSCHARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC 8 ci •4 STATEMENT PERK* Jul/ 31. 2000 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER RUNNER OR Re INVESTMENT ACTIVITY (continued) LAST STATEMENT Jul/ 30. 2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SIME10:.CLISP OANVMY PRICE DEW AMOUNT CFEDI A/lOcter 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .434507 SERIES 2530 CUSS SE 6,020 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-04 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -186.383 SERIES 2526 CLASS SI 5,620 DUE 02/15/32 PRINCIPAL REDUCTN 08-15-04 0816,04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 100.872.80 SERIES 2004-2 CLASS SG 11,620 DUE 01/16/34 PAIN RID 08-04 PA) 08-16-04 REPO P S I 11,6200 0818104 EXPIRED PUT TSY 3 1/8 05/07 -50,000.000 EUROPUT STRK 99-20 EXP 08/13,2004 08/20/04 JOURNAL FEDERAL HOME LOAN MTG CORP 3 SERIES 2488 CLASS SO 6,400 DUE 03/15/32 ADJUST POSITION 08/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO VIM 106862.15 0001 DUE 03/01/32 PAIN RID 07-04 PA) 08-25-04 REPO P S I 0,0000 08/25/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003-13 -564.215 S RCR-VO FLTR 6,550 DUE 03/25/33 PRINCIPAL REDUCTN 08-25-04 08/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -Z84,273 SERIES 2003-49 CUSS SW 5,550 DUE 01/25/33 PRINCIPAL REDUCTN 08-25-04 TOTAL $.111.253,349.93 $75,265.919.19 027 09,01,04:06:21 001 V862 EFTA00195840 CLEARED THROUGH ITS 20.001 ()HEED SUBSUME', OFFICE SERVICING YOUR ACCOUNT BOP Siewn Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERK* Jul/ 31.2004 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On Ede INTEREST LAST STATEMENT 10/ 30. 2004 DATE DESORPTION SYMOCUMIP CVNYMY RATE 1%4 DEBIT AMOUNT CREPT AMOUNT 08/02/04 AVG BAL 311,731RT 0.581 156.05 021 OFFICE INTEREST 0704 08/16/04 FEDERAL HOME LOAN MTG CORP 1.0000 22,048.12 SERES 2471 CLASS VT DUE 03/15/2032 1,000 INT RID 07-04 PAD 08-15-04 REPO P S I 1,0000 0816/04 FEDERAL HOME LOAN MTG CORP 5.6200 71.955.30 SEBES 2483 CL SI. DUE 03/15/2032 5,620 INTEREST PAYMENT 08-15-04 0816/04 FEDERAL HOME LOAN MTG CORP 6.6200 73.466.97 SEBES 2488 CLASS SO DUE 03/15/2032 6,620 INTEREST PAYMENT 08-15.04 0816/04 FEDERAL HOME LOAN MTG CORP 6.0200 88.774.97 SERES 2530 CLASS SE DUE 02/15/2032 6,020 INTEREST PAYMENT 08-15.04 0816/04 FEDERAL HOME LOAN MTG CORP SERES 2526 CLASS SI MSS 5.6200 35.550.03 DUE 02/15/2032 5,620 INTEREST PAYMENT 08-15.04 08/16/04 GOVERNMENT NATIONAL MTG ASSN SERES 2004-2 CLASS SB Miff 5.8100 205,81732 DUE 01/16/2034 5,810 INT RID 08.04 Pit 08-16-04 REPO P E I 5,8100 08/16/04 GOVERNMENT NATIONAL MTG ASSN 11.6200 92,479.38 SERES 2004-2 CLASS SG DUE 01/16/2034 11,620 INT RID 08.04 PM 08-16-04 REPO P S I 11,6200 027 09,01,0406:31 001 Y8t EFTA00195841 CLEARED THROUGH ITS WHOLLY OWNED STAINDIAMT OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 CI 4 STATEMENT PERK* Ju/t 31. 2004 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On File INTEREST (continued) LAST STATEMENT kW 30. 2004 co-s DESORPTION SYMEICUOLISIP CVAMITY RATE PO CENT AMOUNT CREDIT AMOUNT 08,20/04 GOVERNMENT NATIONAL MTG ASSN 5.5300 202,766.67 SERIES 2004-5 CLASS PS DUE 02/20/2033 5.530 INT R/D 07-04 P,D 08-20-04 REPO P & I 5,5300 08/25/04 FANNIE MAE CMOSERIES 2003-13 S RCR-1/0 RTR 11111.11• 6.5500 168.04457 DUE 03/25/2033 6,550 INTEREST PAYMENT 08-25.04 08125/04 FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW 11111111 5.5500 71.74492 DUE 01/25/2033 5,550 INTEREST PAYMENT 08-25.04 TOTAL $1.032.800.50 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. SEME1AENT TRACE DATE DATE TRANSACTION DESCRIPTION SYMETCLOuSIP °IMMO DEBT AMOUNT CREDIT ANOINT 08/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,550,365 6,225,000.00 SERIES 2004-2 CLASS SG 11.620 /34 FITM TERM MENT 08/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.550.365 7.080.000.00 SERIES 2004-2 CLASS SG 11,620jMilit 34 FITM Al REPO A 08/02/04 DELIVERED UNITED STATES TREASURY NOTE -75,000.000 75.562.500.00 DUE 06402936 2.750 2ah4 F ,750R rA2 TERM EMENT 027 090T04:06:al 001 WIC2 EFTA00195842 CLEARED THROUGH ITS viNOttY CMT,*0 SUBSIO4Ally OFFICE SERVICING YOUR ACCOUNT Beer Siert. Se •it' • Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC STATEMENT PERK* Jul/ 31.2004 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER Wm8ER On Fee REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT JUN 30. 2004 SETTLEMENT TRADE DATE DATE TRANSAGMON DESCRPNON SYMEICL,CVSIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 080204 RECEIVED UNITED STATES TREASURY NOTE 75,000,000 75,375,000.00 DUE 07/31/2006 2.750 2.750 DUE 07/31/06 FILM F2151023 Al RESALE AGREEMENT 08,02/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1,348.75 SERIES 2004-2 CLASS SG DUE 01/ 11,620 FITM AZ REPO I 08/02/04 INTEREST UNITED STATES TREASURY NOTE DUE 06/0#0 2.750 EMS 50,416S8 FILM A2 RESALE 08,06,04 RECEIVED UNITED STATES TREASURY NOTE 50.000.000 50.375.000.00 DUE 07/31/2006 2.750 2750 DUE 07/31/06 FITM F2190710 Al RESALE AGREEMENT 08/06/04 DELIVERED UNITED STATES TREASURY NOTE 75.000.000 75.375.000.00 DUE 07/31/2006 2.750 2.750 DUE 07/31/06 FITM F2151023 A2 TERM RESALE AGREEMENT 08106/04 INTEREST UNITED STATES TREASURY NOTE 8.856.56 DUE 07131/2006 2.750 FITM F2151023 A2 RESALE INTEREST ow 2,04 JOURNAL FEDL HOME LOAN MTG CORP#502684 SERIES 218 CL PO NMI -13 222.091 9.788.000 00 DUE 02/01/32 FITM F2253160 Al REPO AGREEMENT 0S'1204 JOURNAL FEDERAL NATIONAL MTG ASSN 4,278,010 STRIP MTG SERIES 322 CL PO 0,001 FITM 311.4 TERM ENT 027 09,01 ,04:06:al 001 V862 EFTA00195843 CLEARED THROUGH ITS WHOLLY OGINED SUIINDIARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 c! N STATEMENT PERK* Jul/ 31. 2000 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul, 30. 2004 SUMMERY TRACE DATE TWCACTION DESCRPRON SYMEIC1JCUSIP °WITT MINT AMOUNT CREDIT AMOUNT oa 12 04 JOURNAL FEDERAL NATIONAL MTG ASSN -4,278,010 310.000.00 low STRIP MTG SERIES 322 CL PO 0.001 FIlM REPO A 08/i 6/04 JOURNAL FEDERAL NATIONAL MTG ASSN 4,278,010 310.000 00 STRIP MTG SERIES 322 CL PO 0.001R101132 FITM A2 TERM MENT 0816104 INTEREST FEDERAL NATIONAL MTG ASSN 62.00 STRIP MTG SERIES 322 CL PO DUE 03310 0.001 ATM A2 REPO I oa 19 04 JOURNAL FEDERAL HOME LOAN MTG CORP -13.001.818 SERIES 2488 CLASS SO 6,400 FITM Al REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9A49.493 6.145.000.00 SERIES 2004-2 CLASS SG 11.200.1„34 ATM Al REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 6,145,000.00 SERIES 2004-2 CLASS SG 11.200 f3e1 ATM A2 REPO A 0827/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN .9A49A93 6.150.000.00 SERIES 2004.2 CLASS SG 11 200 134 ATM A3 REPO A 027 09,01,0406:51 001 VE162 EFTA00195844 CLEARED THROUGH ITS WHOLLY OMMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 C! 4 STATEMENT PERK* Jul/ 31.2004 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul, ao. 2004 SETTLEMENT TRADE DATE DATE TWISACSON DESORPTION SYMEICL,GUSIP OVANTIN DEBIT AMOUNT CREDIT AMOUNT 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 6,150,000.00 SERIES 2004-2 CLASS SG 11,200 34 FITM A4 REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN .9A49A93 6.200.000.00 SERIES 2004.2 CLASS SG 1%200 FITM AS REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG MEI 9.449.493 7.080.000.00 11,20311134 FITM A2 TERM MENT 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.449.493 7.232.000.00 SERIES 2004-2 CLASS SG 11,200 34 FITM Al REPO A 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,449,493 7,232,000.00 SERIES 2004-2 CLASS SG 11,200.11/34 FITM A2 REPO A 08/27/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG MI= 8.407.50 DUE 01:110 11,200 FITM A2 REPO I TOTAL $-158.901.818.25 $193.901.773.54 027 09,01,0406:21 001 7862 EFTA00195845 CLEARED THROUGH ITS WHOLLY OWED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC 14 c! I4 STATEMENT PER10D JuN 31. 2004 THROUGH August 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER OD File MISCELLANEOUS LAST STATEMENT JU 30.2004 DATE MOAT TRANSACTITN DESCRIPTION DENT AMOUNT CEEDT MEGAN/ 08/02/04 RECEIVED FIRM 482.76 COUPON 2.7500 FINANCING NET PAIRCfF DIFF 08/16/04 JOURNAL JULY 04 SPEC CLEARING FEES 300.00 TOTAL $.782.76 Trades Executed Pending Settlement SETTIEMEN7 TRADE DATE DATE TRANSACT/3N DESCRPTION SYMEPOIXUSP OHNTITY psCE DEEM AMOUNT CRECTT MASUNT 09/15/04 08/10/04 SOLD FNMA-30YRIFNMAIGTD -30.000.000.00 100.8281 30.248.437.50 SETT.001104 III*005.500% 57320000 BS TOTAL 50.00 $30,248.437.50 The Man, noes C1 nol appaai in any olhot smban al ihb stalarnon End of Statement 027 09,01,04:06:21 001 EFTA00195846 CLEARED THROUGH ITS wHOALY OnnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERICIO 1.2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wenv.bearstearns.com THROUGH dull 30.2000 ACCOUNT NUMBER What's In This Statement II TAXPAYER NUMBER On File LAST STATEMENT June 30.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equmalent $3.971 TOTAL VALUE OF SECURITIES THIS PERIOD' 11,296,902 $129.030 LONG ACCRUED INTEREST 174,836 Fixed 11.296.902 Income $11.848.752 NET CREDIT BALANCE 3,971 NI Current market vane NET EOUITY This PERIOD $11,475,709 Last statements market value NET EQUITY LAST STATEMENT 12,162,877 CHANGE SINCE LAST STATEMENT -687,168 -on mare acludes one or more rpm& urines p,* are or release 4 to Taal Vane of Strides and the NH Epee/ TN; Pearl There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. t The WYMMY 11 Tr a:manna' rants Only It ISM earilled Meta. clocunert 1W. stationer should Et retard for your words See worts fa for mortar airman:4 027 07.31,0406:41 001 78.58 EFTA00195847 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 el is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0731040&41 001 V858 EFTA00195848 CLEARED TaIROuGH ITS WNW.? O0e*0 SUBSIO4MI2 OFFICE SERVICING YOUR ACCOUNT Beer Team et' Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 3 STATEMENT PEF000 Jul/ 1.2004 THROUGH Jul/ 30. 2004 AccouNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AMBER On File TIC PERIOD YEAS TO DATE THIS PERIOD LAST sTATEmENT June 30.2004 Opening Balance U.S. Govt. Bond Int. 0.00 282,843.41 $129,030.02 Govt. Agency Int. 900.793.20 6.201.200.59 Securities Sold 180,245,896.38 Corp. Bond Int. 175,390.75 1.389.057.27 Dividends Interest 1,076,355.23 Credit Balance Int. 171.28 403.20 Miscellaneous 183.88 Reverse Repurchase Int. 41,156.77 104.516.74 Amount Credited $181,322.435.49 Total $1 117 512.00 $7 978 021.21 Securities Bought -181,242.338.23 Bond Purchase Int. -133.576.76 -732.940.96 Margin Int. Paid 0.00 -1.770.70 Funds Withdrawn -70.539.00 Repurchase Int. Exp. -43.298.09 -118.901.31 Dividends/Interest Charged -133.608.18 Miscellaneous -1.008.90 Amount Debited $-181.447,494.31 Portfolio Composition Net Cash Activity -125,058.82 Your Portfolio Cash/Cash Equivalent 3,971 Allocation Closing Balance $3,911.20 Fixed Income 11.296.902 Total $11.300,873 Cash & Equivalent cl% Cash Balance Summary OPENTt0 CUMIN0 Margin 129,030.02 3,971 20 Net Cash Balance $129,030.02 $3,971.20 Fixed Income 99% Ilatimeed romoas oeno* ooor Oleace onto* emel male veva, The eleaeran ;events-0 ta pewee keen le etnaLte melee rat), of >vv p tkno 027 07)3104O6:41 001 1858 EFTA00195849 CLEARED THROUGH ITS WHOLLY OWNED $UBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 c. • t. STATEMENT PERK* Jul/ 1.2000 THROUGH Jul/ 30.2000 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER ARIAEER On File LAST STATEMENT June 30.2004 PMPAT ESIIMAIEO CuAPENT otscaPaou S•MeCt OSIP CUNITiar pact VALUE AANJAL VE1.0 I%) CASH BALANCE 3.971 TOTAL CASH & CASH EQUIVALENTS $3.971 EQUITIES Equities & Options Aar /MRKE1 ESTMAIEO CURRBVI DESCRIPTION S•Ale0-0,StP DPE OUANRTY PRICE VALVE ANNUAL le.COME YEW IV PUT TSY 3 1/8 05/07 MRGN 50.000.000 Unpriced EUROPUT STRK 99-20 EXP 08/13/2004 Total Equities& Options $0 $0 TOTAL EQUITIES $0 $0 FIXED INCOME Government & Agency Obligations ACC' ACCRUED MIMEO CURRAN DESCRPRON S,IASCLCuSP TYPE OLIANIRY PRICE MARKET VNAE INTER& ANMJAL INCOME YEW ive FEDERAL HOME LOAN MTG CORP MRGN 17,696.008 10.1846 1.802.275 44.388 1.065.300 59.1086 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02115/2032 6.020% FACTOR — .29493347 027 07)3104:06:41 001 YEW EFTA00195850 CLEARED THROUGH ITS WHOLLY OWNED SUBS/IMAM. OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 STATEMENT PEF000 Jult 1.2004 THROUGH Jul, 30. 2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER M.003ER On File LAST STATEMENT June 30.2004 Government & Agency Obligations (continued) ACCT ACCRUED ESTRUM CURFEW DESCRPRON SRASOLCUSP TYPE OurAtriN PRICE MARKET VALLE MEREST ANNUAL NCOIAE Yap I%l FEDERAL HOME LOAN MTG CORP MRGN 7,590,754 9.1200 692.280 17,774 426.600 61.6225 SERIES 2526 CLASS SI DATED DATE 10/01102 800K ENTRY ONLY DUE 02/15/20325 620% FACTOR — .29493346 FEDERAL HOME LOAN MTG CORP MRGN 13.317.273 11.4435 1.523.967 36.735 881.603 57.8492 SERIES 2488 CLASS SO DATED DATE 07108(02 BOOK ENTRY ONLY DUE 03/15/2032 6.620% FACTOR — .26634552 FEDERAL HOME LOAN MTG CORP MRGN 15.364.122 8.8240 1.355.734 35,978 863.464 63.6898 SERIES 2483 CL SL DATED DATE 07/02102 8001( ENTRY ONLY DUE 03/15/2032 5.620% FACTOR - .26634550 FEDERAL NATIONAL MTG ASSN MRGN 15511.551 10.4392 1.619.282 11.956 860.891 53.1650 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 800K ENTRY ONLY DUE 01/25/2033 5.550% FACTOR — .63815794 Total Government& Agency Obligations $6.993,538 $146.831 $4.097.858 027 07,3L04:08:41 001 V858 EFTA00195851 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 c. STATEMENT PERIOD Jul/ 1.2004 THROUGH Jul/ 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER MASER On File LAST STATEMENT June 30.2004 Corporate Bonds ACCT ACCRUED ESTRIN'S) CURRENT DESCRIPTION SWECLCUSP TYPE DUMMY PRICE MARKET VALLE MEREST ANNUAL INCOME YELD I%4 FANNIE MAE C,MO/SERIES 2003-13 MRGN 30,786,789 13.9780 4.303.364 28,005 2.016.535 46.8595 S RCR.Ir0 FLTR DATED DATE 02/2553 BOOK ENTRY ONLY DUE 03/252033 6550% FACTOR — .61673583 Total CorporateBonds $4.303.364 828.005 $2.016.535 TOTAL FIXED INCOME $11,296,902 $174,836 $6.114.393 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $174.836 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6.114.393 YOUR PRICED PORTFOLIOHOLDINGS $11.300.873 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PURCKISE, REPURCHASE PRICING PURCHASE PRICE) ACCRUED REPO GUMMY START DATE DATE PATE PAINOPAL INTEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 0720904 10/1254 1.790 .3.739.000 -4.461 .44.389.962 SERIES 2004-2 CLASS S 5.8100 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 -5.866.000 -7.000 .44.000.000 SERIES 2004-5 CLASS P 5.5300 02/20(33 027 07.31.00:06:41 001 EFTA00195852 CLEARED THROUGH ITS WHOLLY OWNED $1.00SIDIAAv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 c, STATEMENT PERIOD Jul/ 1.2000 THROUGH July 30.2000 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER KANDER On FIk with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT June 30.2004 PUICHASS REPURCHASE PRONG PURCHASE MICE; ACCRUED REPO OUANTITY START DATE DATE PATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOU PROVIDED FNMA-SMBS PRINCIPAL ONLY (MARGIN) 07/09/04 OPEN 0.000 -15,000,000 SERIES 322 CLASS PO 03/01/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/26/04 08/02/04 1.560 -6.225.000 -1.348 .10,000,000 SERIES 2004-2 CLASS S 11.6200 01/16;34 YOU BOUGHT US1F1 2.7500 06/30/06 (REVERSE) 07/09/04 OPEN 1.150 75.562.500 49,934 75,000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $75.562.500 $49,934 TOTAL REPURCHASE TRANSACTIONS 8.15.830.000 $-12.809 'At. d ttlehavol deft Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SW1400..CLISP QUANTITY APACE DEBIT AMOUNT CP1041 AMOUNT 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.58594 25,146,484.38 03,125% MN IS ACCR. INT. 116.762.90 MATURITY OVER REF # 61901000 Al 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.43750 25.109.375.00 02.750% JD 30 ACCR. INT. 16.813.86 MATURITY 61901002 A3 027 07)3104:06:41 001 YEW EFTA00195853 CLEARED THROUGH ITS wHOtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Stea•nb SO •R' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PERK* Jul/ 1.2004 THROUGH Jul/ 30 2000 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIMER Cfl Foe INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION ST/MEOWS, OJANTITV PRICE DEBIT AMOUNT CREDIT AMOUNT 07/1544 PRINCIPAL FEDERAL HOME LOAN MTG CORP -600.854 SERIES 2483 CL Si. 5.620 DUE 03/15132 PRINCIPAL REDUCTN 07-15-04 07/1504 PRINCIPAL FEDERAL HOME LOAN MTG CORP -520.806 SERIES 2488 CLASS SO 6.620 DUE 03.115/32 PRINCIPAL REDUCTN 07-15-04 07/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -660,636 SERIES 2530 CLASS SE 6.020 DOE 0'2115/32 PRINCIPAL REDUCTN 07-15-04 07/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -283.382 SERIES 2526 CLASS SI 5.620 DUE 02/15.32 PRINCIPAL REDUCTN 07-15-04 07/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 93,692.10 SERIES 2004-2 CLASS SO 11.895 DIE 01/16/34 PRIN ND 07-04 P,D 07-16-04 REPO P 8I 11,8950 07/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 132,216.75 STRIP MTO SERIES 322 Cl. PO 0.001 DUE 03/01/32 PRIN RID 0644 P,D 07-25-04 REPO P 8I 04000 07/26/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003-13 S FLTR Mir -626,018 6.700 DUE 03/2933 PRINCIPAL REDUCTN 07-25-04 07/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -315,643 SERIES 2003-49 CLASS SW 5.700 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-04 TOTAL E -50.389A36.14 5225.908.85 027 07,31GO:0B:01 001 EFTA00195854 CLEARED THROUGH ITS EMT,E0 SUEISIOMTve OFFICE SERVICING YOUR ACCOUNT Beer &Ter !it Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERK* July I . 2004 THROUGH July 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER OR File DEPOSITS AND WITHDRAWALS LAST STATEMENT June 30.2004 DATE TRANSACT Cf. DESCRPSCH DEVI ANOINT CREDIT AMOWIT 07/09/04 FND WIRED MDANGV136016FNDS WIRED TO 70.539.00 BAN TOTAL G-70,539.00 INTEREST DATE DESCRPTION SYMBOAUSIP aMAITITY RATE I%; DEBIT AMOUNT CREDO AMOUNT 07/01/04 AVG BAL 631,112RT 0.325 171.28 021 OFFICE INTEREST 0604 07/09/04 15990926 31.42 NATIONAL MTG ASSOC POOL 0004473 COUPON 5.9475 FINANCING NET PAIROFF DIFF 07/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2471 CLASS YT EMI 1.0000 22.910.37 DUE 03/15/2032 1.000 INT RID 06-04 PA) 07-15-04 REPO P I I 1.0000 07/15/04 FEDERAL HOME LOAN LNG CORP SHIES 2483 CL SL 11011111111 5.6200 76.648.51 DUE 03(15(2032 5 620 INTEREST PAYMENT 07-15-04 07/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2488 CLASS SO IMO 6.6200 77,968.94 DUE 03(15(2032 6,620 INTEREST PAYMENT 07-15-04 07/15/04 FEDERAL HOME LOAN MTG CORP 6.0200 94,249.90 SHIES 2530 CLASS SE DUE 02(15(2032 6,020 INTEREST PAYMENT 07-15.04 07/ 07.31.00:06:01 001 YESS EFTA00195855 CLEARED THROUGH ITS CAM‘ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer &Ter !it Bear. Stearns & Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 10 CI Tr, STATEMENT PER100 Jul/ 1.2004 THROUGH July 30. 2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OR File INTEREST (continued) LAST STATEMENT June 30.2004 001E OESCRPTKIN SYMEKIAUSIP QUANTITY RATE IM DEBIT AMOUNT CREDIT AMOUNT 07/15/04 FEDERAL HOME LOAN MTG CORP 5.6200 37,804.05 SERES 2526 CLASS SI DUE 02/15/2032 5.620 INTEREST PAYMENT 07-15.04 07/16/04 GOVERNMENT NATIONAL MTG ASSN 5.9470 212.535.54 SERES 2004-2 CLASS SB DUE 01/16/2034 5.947 INT RID 07-04 PA) 07-16-04 REPO P S I 5.9475 07/16/04 GOVERNMENT NATIONAL MTG ASSN SERES 2004-2 CLASS SG MIS 11.8950 95.596.72 DUE 01/16/2034 11.895 INT FUD 07-04 PAD 07-16-04 REPO P d I 11.8950 07/21/04 GOVERNMENT NATIONAL MTG ASSN 5.5300 207.900.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5.530 INT R/D 06-04 PA) 07-20-04 REPO P S I 5.6700 07/26/04 FANNIE MAE CMOSERIES 2003-13 S RCR-60 RTR NMI 6.7000 175.390.75 DUE 03/25/2033 6,700 INTEREST PAYMENT 07-25.04 07/26/04 FEDERAL NATIONAL MTG ASSN SERES 2003-49 CLASS SW NMI 5.7000 75,179.17 DUE 01/25/2033 5.700 INTEREST PAYMENT 07-25-04 TOTAL 5.31.42 $1,076,355.23 027 07.31.00:06:01 001 YSIO EFTA00195856 CLEARED THROUGH ITS WHOLLY 01\NED $UBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 CI Tr, STATEMENT PERIOD Jul/ 1.2000 THROUGH July 3D. 2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT June 30.2004 with Bear,Stearns& Co.Inc. SETTLEMENT TAME DATE CATE TRANSACTION DESCRVICH SYME/CLCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 07/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 4,517,189 1.744,350.00 STRIP MTG SERIES 322 CL PO 0,00131111r FITM A2 TERM MENT 07/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.517.189 3.145.000.00 STRIP MTG SERIES 322 CL PO 0,001 DUE 0201/32 FITM FI833483 Al REPO AGREEMENT 07/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MIS -44,000.000 2,820,000.00 5,670 FITM AI REPO A 07/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MIN 44,000.000 4.345.000.00 5,670 DUE 0220+33 FITM Fl 533207 AZ TERM REPO AGREEMENT 07/01+04 INTEREST FEDERAL NATIONAL MTG ASSN 64.20 STRIP MTG SERIES 322 CL PO DUE 033111. 0,001 FITM AZ REPO I 0701;04 INTEREST GOVERNMENT NATIONAL MTG ASSN 4.797.60 SERIES 2004-5 CLASS PS DUE 02+20/2033 5,670 FITM F1533207 AZ REPO INTEREST 07,0804 JOURNAL GOVERNMENT NATIONAL MTG ASSN -42,882,327 700,000.00 SERIES 2004-2 CLASS SB 5,947 ai34 FITM A3 REPO A 027 07)3104:06:41 001 EFTA00195857 CLEARED THROUGH ITS WHOLLY OWNED SUBDOMAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 0 le STATEMENT PEF000 Jul/ I .2004 THROUGH Jul 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2004 SETTLEMENT MOE DATE DATE TWC3ACRON DESCRPRON SYMEMCUSIP CCANTIIV DEBIT AMOUNT CREDIT AMOUNT 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 42.882.327 700.000.00 SERIES 2004-2 CLASS SB 5,947 M FITM r A4 REPO A 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 42,882,327 2.072.000 00 SERIES 2004.2 CLASS SB 5,947 FITM A2 TERM MENT 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -42.88Z327 2.800.000.00 SERIES 2004-2 CLASS SB 5,947 1.1034 FITM AS REPO A 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -42.882,327 3.736.000.00 SERIES 2004-2 CLASS SB 5,947 FITM AI REPO A 07/08:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 42.882,327 3.736.000.00 SERIES 2004-2 CLASS SB pg417 FEM A2 REPO A 07/08:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.644.057 7.633.000.00 SERIES 2004-2 CLASS SG 1I .895Allif34 ATM Al REPO A 07:0864 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9,644,057 8.258,000.00 SERIES 2004-2 CLASS SG 11 895 r34 Fr& I A2 TERM MENT 027 07)3104:06:41 001 EFTA00195858 CLEARED THROUGH ITS WHOLLY OMMED $UBS/DIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 0 Ie STATEMENT PER/00 July I . 2004 THROUGH July 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2004 SETTLEMENT TRADE DATE DATE TRMISACRON DESCRPTION SYMEMCUSIP OUNCITT Calf AMOUNT CREDIT AMOUNT 07/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1,850.99 SERIES 2004-2 CLASS SB DUE 01:10 5,947 FRM AZ REPO I 07/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 27,971.68 SERIES 2004.2 CLASS SG DUE 01i 11,895 ATM AZ REPO I 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.384.972 STRIP MTG SERIES 322 CL PO 0,001 1032 FITM A3 REPO A 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.384.972 3,144,000.00 STRIP MTG SERIES 322 CL PO 0,001 Sir ATM Al REPO A 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN 4,384,972 3,144,000.00 STRIP MTG SERIES 322 CL Po 0,001 FITM REPO JOURNAL FEDERAL NATIONAL MTG ASSN 4,384,972 3,145,000.00 STRIP MTG SERIES 322 CL Po e.00t FITM TERM 0709/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 42,882.327 2,800,000.00 SERIES 2004-2 CLASS SB 5,947 ' FITM AS TERM MENT 027 07,31t14:06:41 001 EFTA00195859 CLEARED THROUGH ITS WHOLLY ORME0 SUODOMAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 0 STATEMENT PERK* Jul/ I .2004 THROUGH Jul/ 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2004 SETTLEMENT TMDE DATE DATE TWC3ACRON DESCRPRON SYMBOLOv3p OWARITT DEBIT AMOUNT CREDIT AMOUNT 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -42.882,327 3,739,000.00 SERIES 2004-2 CLASS SB 5,947 WOrt FITM BI REPO A 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9.644.057 7.633.000 00 SERIES 2004.2 CLASS SG 11,895 fail FITM A2 TERM MENT 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9,644,057 7,633,000.00 SERIES 2004-2 CLASS SG 11,895 4 01134 FITM A3 TERM MENT 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000,000 2,820,000.00 SERIES 2004-5 CLASS PS 5,670R11.33 FITM A2 TERM MENT 07/09.:04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 5.866.000.00 SERIES 2004-5 CLASS PS 5,670n3 FITM Al REPO DELIVERED UNITED STATES TREASURY NOTE -25,000.000 25,062,500.00 DUE 05115/2007 3,125 3,12531.7 Em FITM A2 TERM e ENT 07:09:04 RECEIVED UNITED STATES TREASURY NOTE 75.000.000 75.562.500.00 DUE 0930,2036 2,750 2,750 lir ATM AI RESALE T 027 07)3104:06:41 001 VIVA EFTA00195860 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIATiv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 0 Tr, STATEMENT PERIOD Jul/ 1.2004 THROUGH July 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMEIER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2004 SETTLEMENT MOE DATE DATE TIMISACRON DESORPTION SYMOCIAUSIP OVAMITY MEET AMOUNT CREDIT AMOUNT 07/09/04 DELIVERED UNITED STATES TREASURY NOTE -100,000,000 100,125,000.00 DUE 06G0/2006 2.750 2ah4 F .750 TERM t EMENT 07/09/04 INTEREST FEDERAL NATIONAL MTG ASSN 1,090.27 STRIP MTG SERIES 322 CL PO DUE 03 001 ATM REPO I 07/09/04 INWREST GOVERNMENT NATIONAL MTG ASSN 89.91 SERIES 2004-2 CLASS SB DUE 0131111 5.947 ATM A6 REPO I 07/09/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 330.76 SERIES 2004.2 CLASS SG DUE OV 11.895 ATM A2 REPO I 07/09/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 330.76 SERIES 2004-2 CLASS SG DUE 11.895 ATM AS REPO I INTEREST GOVERNMENT NATIONAL MTG ASSN 977.60 SERIES 2004-5 CLASS PS DUE 02.. 5.870 ATM A2 REPO I 07/09/04 INTEREST UNITED STATES TREASURY NOTE 17.710.83 DUE 05/011 3.125 ATM A2 RESALE 07/09/04 INTEREST UNITED STATES TREASURY NOTE 23,445.94 DUE 06i 2.750 FITM A2 RESALE 027 07)3104:06:41 001 YEW EFTA00195861 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 0 T,‘ STATEMENT PERIOD Jul/ 1.2004 THROUGH Julj 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2004 SETTLEMENT TM& DATE DATE TRANSACTION DESORPTION SYMBOLCVSP OVANNIT DEBIT AMOUNT CREDIT AMOUNT 07/15/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.644,057 7.350.000.00 SERIES 2004-2 CLASS SG 11.895 it34 FITM Al REPO A 07/15/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SG NMI 9,644,057 7,633,000.00 11,895 f34 FITM A4 TERM MENT 07/15/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 2.315.34 SERIES 2004.2 CLASS SG DUE lib 11.895 FITM A4 REPO I 07/28'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.550.365 6225000.00 SERIES 2004.2 CLASS SG 11.6201.34 ATM Al REPO A 07/28034 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9.550.365 7.350,000.00 SERIES 2004-2 CLASS SG 11.620 34 FITM A2 TERM ENT 07/28034 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG MI= 4.140.50 DUE 01:110 11,620 FITM A2 REPO I TOTAL $.130.986,478.85 $180.019.987.53 027 07,31.04:06:41 001 YEW EFTA00195862 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDMAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 c! le STATEMENT PERO° July 1.2000 THROUGH July 30. 2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAWER On FIM MISCELLANEOUS LAST STATEMENT June 30.2004 DATE 1130AT TRANSACTCH DESCRIPT DEBI AMOUNT CAECA, LWOW 07/02104 JOURNAL RIO TO FITM 79.45 07/06/04 JOURNAL FITM FRO 158.90 07/09/04 DELIVERED 104.43 - COUPON 3.1250 FINANCING NET PAIROFF DIFF 07/16/04 JOURNAL JUNE 04 SPEC CLEARING FEES 850.00 TOTAL 5-1.008.90 $183.88 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTIO% STMOOLCUSP OUSAIIITY PPACE DEMT AMOUNT CREDIT AMOUNT 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000.00 100.1289 25,093,877.38 NW rlRnnOnnR 02,750% JD 30 0 MATURITY GVER REF # G2121013 Al 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000.00 100.1289 50.187.754.76 02,750% JD 30 0 MATURITY GVER REF # G2121013 81 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE -25.000.000.00 100.0625 25.019.361.41 02,750%44 31 0 MATUFUTY GVER REF # G2121008 Al 027 07,310406:41 001 Y833 EFTA00195863 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 c, to STATEMENT PERIOD Jul/ 1.2004 THROUGH Jul/ 30.2004 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER ALIMSER On He LAST STATEMENT June 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPi10•I S0.180.CuSP OJANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 08/02/04 07/30/04 SOLD UNITED STATES TREASURY NOTE -50,000.000.00 100.0625 50,038,722.83 02.750% JJ 31 . 0 MATUFUTY OVER REF it G1121008 B1 TOTAL $75.281.632.14 $75.058.084.24 The etc., race: N not 4toptoal ool sort 01looto n End of Statement 027 O7)3104O8:41 001 Y858 EFTA00195864 CLEARED IHROJOH ITS VIIleklY OW,*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERM May 29.2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE weer.bearstearns.com THROUGH June 30.2004 ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER NUMEIER OR File LAST STATEMENT May 28.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 CIO JEFFREY EPSTEIN Transaction Detail 7 61OO RED HOOK QUARTER Your Messages 16 STE 63 ST THOMAS VI OO8O2 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equnalent 1 $129.030 TOTAL VALUE OF SECURITIES THIS PERIOD* 11,848,752 $228.0O3 LONG ACCRUED INTEREST 185,O95 Fited A11.848.752 4.la-IL Income r.......alethanava- ... :ff-tt:ffif $12.394.691 NET CREDIT BALANCE 129,O3O MO Current market value NET EQUITY THIS PERIOD $12,162,877 E83E2 Last statements market value NET EOIATY LAST STATEMENT 12,782,847 CHANGE SINCE LAST STATEMENT -619,97O -on made ,dudes arc or mow mimed mambos east are not retinal n to Taal Yale of Sectabos and the Net Equity TN; Next There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. SEC TWE anniTY a br nTOTnlannal imposes only Ikea @loaded natal clennu stationere should be marmots, your records Soo mem toe to moonset necnnatom 027 07/01,04:13:31 001 V832 EFTA00195865 GEARED 'THROUGH RS YAIOLLY GRATED $UBSOMAY FINANCIAL TRUST CO INC 2 01 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,0600:13:11 001 Y832 EFTA00195866 CLEARED THROUGH ITS WNW.? O'CD SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 O STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AM MER On File THIS PERIOD 116 PERIOD YEAR TO DATE LAST STATEMENT May 28.2004 Opening Balance $228,002.64 U.S. Govt. Bond Int. 54.412.79 282,843.41 Govt. Agency Int 945.574.26 5.300.407.39 Securities Sold 419,173,152.86 Corp. Bond Int. 186.097.96 1.213.666.52 Dividends/Interest 1,186,160.63 Credit Balance Int. 75.62 231.92 Amount Credited 5420,359,313.49 Reverse Repurchase Int. 42.351.06 63,359.97 Total $1 228 511.69 $6 860 509.21 Securities Bought -420.287.071.09 Dividends Interest Charged -170.765.02 Bond Purchase Int. -170.765.02 -599,364.20 Margin Int. Paid 0.00 -1,770.70 Miscellaneous -450.00 Repurchase Int. Exp. -16,477.34 -75,603.22 Amount Debited $-420.458.286.11 Net Cash Activity -98.972.62 Closing Balance $129,030.02 Portfolio Composition Cashtash Equivalent 129,030 Your Portfolio Allocation Fixed Income 11.848.752 Cash Balance Summary Total $11,977.782 OPE?. AG CLOSING Cash 8 Equivalent • I% Margin 228.002.64 129.030.02 Net Cash Balance $228.002.64 $129.030.02 Fixed Income 99% Untivoecl crown nano* oat 014, o, *NW Or, male vela, The MeNws. ;event'', H de•aed Mtn to '0191A* motel itbe Oi ycv Mtn" 027 0801,04:12:31 001 1832 EFTA00195867 CLEARED THRouGH ITS yniCu.Y OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 r, STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 Your Portfolio Holdings AcccurAT NUMBER CASH & CASH EQUIVALENTS TAXPAYER KAMER en File LAST sTATELIENT May 28.2004 MAPKET ESTIMATED CLAPENT DESCRPIO)I Sm1ECL CLStP Olean' FACE vALLIE MNJAL 1E1.0 CASH BALANCE 129,030 TOTAL CASH & CASH EQUIVALENTS 5129.030 EQUITIES Equities & Options Accr TALPHET ESTIMATED Q. IT DESCRIPTION S•meCt (+St? T•FE OuPriTy PRCE yALuE ANNUAL INCOLIE yap IT4 PUT TSY 3 1/8 05/07 MRGN 50.000.000 Unpriced EUROPUT STRK 99-20 ET 08/13/2004 Total Equities& Options so so TOTAL EQUITIES so so FIXED INCOME Government & Agency Obligations ACCT ACCFNED ESTMAPEO CURFENT DESCRPSON SThWICUSP TYPE OuAN'lr• PRICE MARKET vALIE POEMS; ANNUAL MOUE YEW NI FEDERAL HOME LOAN MTG CORP MRGN 18,356,644 10.0831 1.850.914 47.124 1.130,953 61.1024 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 0271S2032 6,161% FACTOR — .30594407 027 DL0L04:11:31 001 Y.952 EFTA00195868 CLEARED THROuGH ITS EMMY (MECO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 y. STATEMENT PERM. May 29.2004 THROUGH June 30.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER WEEER OR File LAST STATEMENT May 28.2004 Government & Agency Obligations (continued) ACC" ACCRUED ESTEEMED CURRE' DES:CM:CON SeMCLE:uSP rot OUAMITY PRICE MARKET VALUE MEREST ANNUAL WAVE YELD PEE FEDERAL HOME LOAN MTG CORP MRGN 7.874.136 8.9978 708.499 18,901 453,629 64.0268 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.761% FACTOR — .30594406 FEDERAL HOME LOAN MTG CORP MRGN 13.838.079 11.4123 1.579.242 38.985 935,593 59.2432 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 03/15/2032 6.761% FACTOR - .27676164 FEDERAL HOME LOAN MTG CORP MRGN 15.964.976 8.7232 1.392.652 38.320 919.742 66.0425 SERIES 2483 CL SL DATED DATE 07/02/02 800K ENTRY ONLY DUE 03+15/2032 5.761% FACTOR - .27676163 FEDERAL NATIONAL MTG ASSN MRGN 15.827.194 10.9989 1.740.814 12.530 902,150 51.8235 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 5,700% FACTOR — .65114376 Total Government& Agency Obligations $7.272.121 $155.860 $4.342.067 027 07.0194:13:31 001 Y832 EFTA00195869 CLEARED THROuGH ITS WIICUY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 c, STATEMENT PERK* May 29.2004 THROUGH June 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUMER On File LAST STATEMENT May 28.2004 Corporate Bonds ACC' ACCRUED ESTRUM ° CURFENIT DESCRIPTION SYLSOLCUSP TYPE OUAMITY PRICE IAARxET VALLE MEREST ANNUAL INCOME YELD FANNIE MAE CMO/SERIES 2003-13 MRGN 31.413,267 14.5691 4.576.631 29,235 2.104.689 45.9877 S RCR-I/0 FLTR DATED DATE 02/25:03 BOOK ENTRY ONLY DUE 03/25:2033 6 700% FACTOR — ,62826539 Total CorporateBonds $4.576.631 $29,235 $2.104.689 TOTAL FIXED INCOME $11.848.752 $185.095 $6.446.756 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $185.095 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $6.446.756 YOUR PRICED PORTFOLIOHOLDINGS $11$77.782 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PURCKISE, REPURCHASE PRICING PURCHASE PRICE) ACCRUED REPO GOMM START DATE DATE RATE PARICSAL INTEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOW GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08,04 07:08:04 1.340 8.258.000 -25.820 .10.000.000 SERIES 2004-2 CLASS S 11.8950 01/16,34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/01104 07/01/04 1.325 -4,345.000 -4.797 .44.000.000 SERIES 2004-5 CLASS P 5.6700 02/20,33 027 07)01,04:12:31 001 EFTA00195870 CLEARED THROUGH ITS WHOM.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 ACCCUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER MAUER On File with Bear,Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STATEMENT May 28.2004 MICHAS& REPURCHASE PRICING PURCHASE PAC, ACCRUED REPO OUM1111Y START DATE DATE RATE PIIINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/14/04 07/08/04 1.340 -2,072,000 -1.311 -44,389,962 SERIES 2004-2 CLASS S 5.9475 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 06/30/04 07/01/04 1.325 -1,744,350 -64 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU BOUGHT USTR 3.1250 05/15/07 (REVERSE) 06/04/04 OPEN 0.900 25.062.500 13.178 25.000.000 YOU BOUGHT USTR 2.7500 06/30/06 (REVERSE) 0&3004 OPEN 1.100 100.125.000 3.059 100,000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $125.187.500 $16.237 TOTAL REPURCHASE TRANSACTIONS $-16.419.350 5.31.992 'As of slekceirl dee Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION S0J00..CuSP OJANDTY MCC DEBIT AMOUNT CREPT AMOUNT 06/01/04 05/26/04 SOLD UNITED STATES TREASURY NOTE -25,000.000 99.87200 24,968,000.00 02.500% MN 31 ACCR. INT. 1,707.65 0 MATURITY AVER REP # 61471007 AS AS OF OS.2644 021 n01.04:13:31 001 "832 EFTA00195871 CLEARED IHROuGH ITS yEHMLY ODY*0 SUOSIOTAny OFFICE SERVICING YOUR ACCOUNT Beer Ster Tir T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PERM May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MASER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSIC110/1 OESCRPTION STIA8M.ECOSP OVANTITY PRICE DENT AMADEI CREME AMOUNT 06/01/04 05/26104 SOLD UNITED STATES TREASURY NOTE -50.000,000 99.87200 49,936,000.00 02,500% MN 31 ACCR. INT. 3,415.30 . MATURITY OVER REF # 01471007 BS AS OF 0526:04 06,04/04 06,0104 SOLD UNITED STATES TREASURY NOTE NM -25.000.000 99.90625 24,976,562.50 0312646 MN IS ACCR. INT. 42,459.24 . MATURITY OVER REF # 01551006 Al 06/04/04 06/03/04 SOLD UNITED STATES TREASURY NOTE -25,000,000 99.77344 24.943.359.38 02,500% MN 31 ACCR. INT. 6.830.60 GTO MATURITY OVER REF # 01551009 Al 06/09/04 06/03/04 BOUGHT PUT TSY 3118 05/07 50,000,000 0.71094 355,468.75 EUROPUT STRK 99-20 EXP 08/13(2004 ORIGINAL SO 06/04104 AS OF 06/03104 0614/04 06/10/04 SOLD FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO MIK -2.636.265 72.06250 1.899.758.47 iiiiiii#157690000 BS 06,15,04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 615.870 SERIES 2483 CL SL 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 06/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -707,179 SERIES 2488 CLASS SO 6900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 06/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -938,179 SERIES 2530 CLASS SE 6.300 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 027 0201,04:12:31 001 EFTA00195872 CLEARED THROuGH ITS TAHCLLIT OHTTED SUONOTARY OFFICE SERVICING YOUR ACCOUNT Beer Stywn T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER KAMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION STITI3OLICOSP GUMMY PRICE DEBIT AMOUNT CHEM MONO 06/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -402,434 SERIES 2526 CLASS SI 5,900 DUE 02/15/32 PRINCIPAL REDUCTN 06-15-04 06/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 97.950.70 SERIES 223 CLASS PO DUE 12/01132 PRIN RID 05-04 ND 06-15-04 REPO P 8I 0,0000 06/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 86.358.20 SERIES 2004-2 CLASS SG 12.200 DUE 01/16/34 PRIN RID 06-04 ND 06-16-04 REPO P 81 12,2000 06/25/04 06/24/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.70313 49.851,562.50 02.500% MN 31 ACCR. INT. 85,382.51 MATURITY AVER REF G1761027 A3 06/25/04 06/24/04 BOUGHT UNITED STATES TREASURY NOTE 50.000,000 99.70313 49.851.562.50 02 500% MN 31 ACCR. INT. 85.382.51 MATURITY GVER REF #01761027 B3 0625/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 227,462.55 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 05-04 ND 06-25-04 REPO P 81 0,0000 062564 PRINCIPAL FANNIE MAE CMOISERIES 2003-13 -951.594 S RCR-v0 FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 06-25-04 062504 PRINCIPAL FEDERAL NATIONAL MTG ASSN -479.449 SERIES 2003-49 CLASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-04 027 DMILI34:13:31 001 Y832 EFTA00195873 CLEARED THROUGH ITS YAIOU.Y ComED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 r! STATEMENT PEF000 May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) /awn NUMBER TAXPAYER /AMER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSACT/Col DESORPTiON S11.400LCUS, OVANTITY PR9CE DEW AMOUNT OREM AMOUNT 06/30/04 06/24/04 SOLD UNITED STATES TREASURY NOTE -50.000,000 100.06250 50,031,250.00 02.750% JO 30 . MATURITY GVER REF It G1761023 Al 06,20/04 06124/04 SOLD UNITED STATES TREASURY NOTE -50.000,000 100.06250 50,031,250.00 02.750% JD 30 0 MATURITY GVER REF PG1761023 at TOTAL $.100.229.358.77 $227.252,364.59 INTEREST DATE DESCRITIION SYMEICIAU9P OUMRITY RATE iy.9 MINT AMOUNT CAECM A/ACUUT 06/01/04 AVG BAL 325,401RT 0.270 75.62 021 OFFICE INTEREST 0504 06/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2471 CLASS Yr El= 1.0000 24.081.17 DUE 03/15/2032 1.000 INT RFD 05-04 PA) 06-15-04 REPO P 8I 1,0000 06/15/04 FEDERAL HOME LOAN MTG CORP 5.9000 82.505.83 SEBES 2483 CL SL DUE 03/15/2032 5,900 INTEREST PAYMENT 06-15.04 06/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2488 CLASS SO IBM 6.9000 83,635.25 DUE 03/15/2032 6,900 INTEREST PAYMENT 06-15.04 06/15/04 FEDERAL HOME LOAN MTG CORP 6.3000 101,297.82 SEBES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 06-15.04 027 07,01.04:13:31 001 Y812 EFTA00195874 CLEARED THROuGH ITS wisCtLY CAM,E0 SURSIOally OFFICE SERVICING YOUR ACCOUNT Beer Stern Bear. Stearns 8 Co. Inc. B STUR URNS FINANCIAL TRUST CO INC STATEMENT PERK* May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER OR File INTEREST (continued) LAST STATEMENT May 28.2004 DATE DESCRIPTION so/ecuctise CWMITY RATE lid DEBIT AMOUNT DREW AMOUNT 06/15/04 FEDERAL HOME LOAN MTG CORP 5.9000 40,693.14 SERIES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 06-15.04 06/16/04 GOVERNMENT NATIONAL MTG ASSN 6.1000 219.760.82 SERES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT RID 06-04 PA 06-16-04 REPO P 8I 6,1000 06/16/04 GOVERNMENT NATIONAL MTG ASSN 12.2000 98.925.90 SERES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT RID 06-04 PAD 06-16-04 REPO P 8I 12,2000 06/21/04 GOVERNMENT NATIONAL MTG ASSN SERES 2004-5 CLASS PS MIS 5.8500 214.500.00 DUE 02/20/2033 5,850 INT RID 05-04 ND 06-20-04 REPO P 8I 5,8500 06/25/04 FANNIE MAE CIAO/SERIES 2003-13 S RTR NMI 6.9000 186.097.96 DUE 03/25/2033 6,900 INTEREST PAYMENT 06-25.04 06/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 80.174.33 SERES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 06-25.04 TOTAL 61.131.747.84 027 07)01,04:12:31 001 YS32 EFTA00195875 CLEARED TimouGH ITS yalMLY OUTS0 9.1890any OFFICE SERVICING YOUR ACCOUNT Beer Steen Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 12 • STATEMENT PER100 May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER Whi8ER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT May 28.2004 with Bear,Stearns& Co.Inc. SEGLEMENT TRADE DATE DATE TRANSACTION DETCAP-ICH STAIDECCUSIP CXJANNIT DEBIT AMOUNT CREDIT AMOUNT 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 4.744.651 3,241,000.00 STRIP MTG SERIES 322 CL PO 0,001 RIM RW2 TERM ENT 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO MI= .4.744.651 3.297.000.00 0,001 FITM At REPO A 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO Mlle 4.744.651 3,297,000.00 0,001 FITM W2 REPO A 06/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.744.651 3.297.000.00 STRIP MTG SERIES 322 CL PO 0,001 1032 FITM A3 REPO A 06/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 4.300.000.00 SERIES 2004-S CLASS PS 5,850 FITM RW2 TERM ENT 06/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS MM. -44.000.000 4.345.000.00 5,850 DUE 02/20+33 FITM FI 933207 At REPO AGREEMENT 06/01/04 RECEIVED UNITED STATES TREASURY NOTE 75.000.000 75.187.500.00 DUE 05131/2006 2.500 2,500 FITM RESALE IT 027 07.01,04:13:31 001 2932 EFTA00195876 CLEARED 'moue,/ ITS mixt,/ OmMO SUOMany OFFICE SERVICING YOUR ACCOUNT Beer Sim, Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 13 STATEMENT PER/00 May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER /AMER OR File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAT/ STATEMENT May 28.2004 SETTLEMENT TRIOS DATE DATE TR/MACRON DESCRPRON STMOCCCUSIP OVAMITY 003IT AMOUNT CREDIT AMOUNT 06/01/04 INTEREST FEDERAL NATIONAL MTG ASSN 2,574.79 STRIP MTG SERIES 322 CL PO DUE 033 . 0,001 FITM AZ REPO I 06/01/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.086.94 SERIES 2004-5 CLASS PS DUE 02, 5,8.50 FITM AZ REPO I 06/04/04 RECEIVED UNITED STATES TREASURY NOTE 25.000.000 25.062.500.00 DUE 05115/2007 3,125 3,1251.0K FITM Al RESALE 06/04/04 DELIVERED UNITED STATES TREASURY NOTE .75.000.000 75.187.500.00 DUE 05131/2006 2,500 2,500 FITM TERM EMENT 06/04/04 RECEIVED UNITED STATES TREASURY NOTE 100.000.000 100.000.000.00 DUE 05(31/2006 2,500 2,500 FITM DWI RESALE 06/04/04 INTEREST UNITED STATES TREASURY NOTE 4,323.28 DUE 051 2,500 FITM A2 RESALE 06/10/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.636.265 SERIES 223 CLASS PO DUE FITM TERM ENT 027 07)01,00:13:31 001 Y832 EFTA00195877 CLEARED THRouGH ITS molly OmnE0 SU8P0any OFFICE SERVICING YOUR ACCOUNT Beer PeaH Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 14 • STATEMENT PERIOD May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER AWmER OR File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON STMOCCCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06/10/04 JOURNAL FEDL HOME LOAN MM CORP#503602 -2,636265 250.000.00 SERIES 223 CLASS PO Jiro DUE I RIM REPO Al 06/14/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.636.265 250,000.00 SERIES 223 CLASS PO DUE 1 Fn4 A2 TERM ENT 06/14/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -43.231,636 2,072,000.00 SERIES 2004-2 CLASS SB 6,100 FITM AI REPO A 0614/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 43231,636 3'12,000.00 SERIES 2004-2 CLASS SB PilM TERM MRS. A2 1 4ENT 0614/04 INTEREST FEDL HOME LOAN MTG CORP#503602 39.20 SERIES 223 CLASS PO DUE IMO. 0,000 RIM A2 REPO I 0614/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 9.257.32 SERIES 2004-2 CLASS SB DUE Oil. 6,100 FITM A2 REPO I 06/25/04 DELIVERED UNITED STATES TREASURY NOTE -100.000.000 100.000.000.00 DUE 0S:31/2006 2,600 2,500 FITM TERM ENT 027 07)01,04:13:31 001 V832 EFTA00195878 CLEARED TuRouom ITS mow, OmYSO SUOSOany OFFICE SERVICING YOUR ACCOUNT Beer Steam Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 15 STATEMENT PERK* May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER WEISER OTIFile REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT May 28.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STMOCCCUSIP CcANNTY OMIT AMOUNT CREDR AMOUNT 06/25/04 INTEREST UNITED STATES TREASURY NOTE 38,027.78 DUE Oil. 2.500 FONT A2 RESALE 06/29/04 JOURNAL ADP CD 1,740,000.00 FITM.PR 06(291 JOURNAL ADP CD 1.740.000.00 FITMPR 06/30/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4,517,189 1,744,350k0 STRIP MTG SERIES 322 CL PO 0.0011032 FITM Al REPO 06/30/04 JOURNAL FEDERAL NATIONAL MTG ASSN 4,517,189 3,297,000.00 STRIP MTG SERIES 322 CL PG 0.001 FITM A4 TERM ENT 06/30/04 RECEIVED UNITED STATES TREASURY NOTE DUE 0640/2006 2,750 MIN 100.000.000 100,125,000.00 2.760 FONT Al RESALE 0&30;04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO NMI 3,519.09 DUE la. 0,001 FITM A4 REPO I TOTAL $-320,228,477.34 $191,975,201.06 027 07)01,00:12:31 001 11032 EFTA00195879 CLEARED THROuGH ITS wilDtLY EAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 16 STATEMENT PERKO May 29.2004 THROUGH June 30.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AMMER On hie MISCELLANEOUS LAST STATEMENT May 28.2004 DATE 1.130AT TRANSACTOR DESCRIPTOR DEBIT AMOUNT CREPT MOUNT 06/14/04 JOURNAL MAY 04 SPEC CLEARING FEES 450.00 TOTAL $450.00 Your messages Notice Regarding a Change in The Statement of Interest Charges Any short positions in your account will be kept "marked-to-the marker. This Pursuant to the "Truth-in-Lending- Rule 10 (b)-16 Regarding Short Sales means that periodically the balance maintained in the short account will be And Marking-To-The-Market adjusted to equal the market value of the short securities. Securities that are priced below five dollars per share may be valued at five dollars per share for Effective no earlier than thirty (30) days from your receipt of this statement, we short marking-to-the market purposes. If a security has been sold short (or will compute interest regarding your short sales and marking-to-the market as sold short against the box) and has appreciated in market price over the follows: selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the The credit that appears on your statement due to short sales (including short drop in value, The appreciation or depreciation of securities sold short will be sales against the box) is offset by a debit of like amount because Bear Steams determined by Bear Stearns Securities based upon daily dosing prices or Securities has to borrow the same security in order to deliver it to the buying quotations provided by pricing services, as applicable, or upon such factors as broker and has to provide its lender additional collateral of up to 105% of the Bear Stearns Securities in its sole judgement deems pertinent, settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the Please note that the other sections of the "Truth-in-Lending" disclosure difference between (i) up to 105% of the settled short market value of such previously provided to you remain unchanged, short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales. End of Statement 027 07)01,04:13:31 001 Y832 EFTA00195880 CLEARED THRCo3F1 11S ?MOO.? OW,*0 SUBSXMARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCtAL TRUST CO INC STATEMENT PERKO May 1.2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wenv.bearstearns.com THROUGH May 28.2004 ACCOUNT NUMBER What's In This Statement II TAXPAYER NUMBER On Fee LAST STAMEN,' April 30.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 CAD JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equviatent $228.003 TOTAL VAWE OF SECURITIES THIS PERIOD 12,394,691 $-12.163 LONG ACCRUED INTEREST 160,153 Filed_ 12.394.691 Income $13.163012 NET CREDIT BALANCE 228,003 NI Current market value NET EQUITY THIS PERIOD $12,782,847 gel Last statements market value Short market value NET EOUITY LAST STATEMENT 13,363,739 CHANGE SINCE LAST STATEMENT -580,892 There are no 'Stop loss' orders or other pending buy or sell open orders on file for your account. SIM 71k TNs TIATRuTY n fa MAMARAI palms pay a icro MAORI as a M. clocurneR statienoN should be Maned TN your words See mom se for rcalart Mona, 027 05220402:32 001 7831 EFTA00195881 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi I7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OS29,0402:22 001 •real EFTA00195882 CLEARED THROUGH ITS YAICU.Y 044.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c/ STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MAGER On File MS PERICO YEAS TO DATE THIS PEDIGO LAST STATEMENT *11 30.2004 Opening Balance $A2,162.87 U.S. Govt. Bond Int. 61,396.53 228,430.62 Govt. Agency Int. 978.422.27 4.354.833.13 Securities Sold 314,135,191.84 Corp. Bond Int. 195.447.99 1.027.568.56 Dividends Interest 1,235,353.40 Credit Balance Int. 86.61 156.30 Miscellaneous 32,031.25 Reverse Repurchase Int. 17.701.39 21.008.91 Amount Credited $315.402.576.49 Total $1 253 054.79 $5 631 997.52 Securities Bought -314$51.505.27 Bond Purchase Int. -209.405.71 -428,599.18 Margin Int. Paid 0.00 -1,770.70 Dividends Interest Charged -209.405.71 Repurchase Int. Exp. -11,508.39 -59,125.88 Miscellaneous -1.500.00 Amount Debited $-315,162,410.98 Net Cash Activity 240.165.51 Portfolio Composition ClosingBalance $228.002.64 Cashtash Equivalent 228.003 Your Portfolio Allocation Fixed Income 12.394,691 Total $12,622,694 Cash & Equntenl Cash Balance Summary I% OPEhkG CLOSING Margin -12.162.87 228,002.64 Net Cash Balance $-12.162.87 $228,002.64 I— Fixed Income 99% Unteled 'Vero emote aver "nonce onto toe male vela, Tea eloml✓r ;event'', tepee." "en Vo eblet.te motel rat), el Kv Palbxi 027 0529434:12:32 001 1831 EFTA00195883 CLEARED TNRouom ITS mow, ORY.E0 SUBROany OFFICE SERVICING YOUR ACCOUNT Beer Ster Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 4 STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER KAMER On File LAST sTATEmENT April 30.2004 MA PET ESTIMAIE0 EuRPENT DESCRPTION SIMBOL,CuSIP DUMMY PRICE muF ANNUAL INCOME YIELD MI CASH BALANCE 228.003 TOTAL CASH & CASH EQUIVALENTS $228.003 FIXED INCOME Government & Agency Obligations !CET ACCRUED ESTEEMED CURFI5Vr DESCRPRON SWBOUCUSP TYPE PRICE MARKET VALLE INTEREST ANNUAL INCOME YEW 04 FEDERAL HOME LOAN MTG CORP MRGN 19.294.823 10.1223 1.953.080 43,896 1.215,574 62.2388 SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY ONLY DUE 0'2/15/2032 6.300% FACTOR - .32158038 FEDERAL HOME LOAN MTG CORP MRGN 8.276.570 9.0531 749.287 17,635 488,318 65.1710 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .32158037 FEDERAL HOME LOAN MTG CORP MRGN 14.545.258 11.4010 1.658.299 36,240 1.003,623 60.5212 SERIES 2488 CLASS SO DATED DATE 07/08102 BOOK ENTRY ONLY DUE 03/152032 6.900% FACTOR - .29090521 FEDERAL HOME LOAN MTG CORP MRGN 16,780.846 8.7571 1.469.512 35.753 990.070 67.3741 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/152032 5.900% FACTOR - .29090519 021 0529.04:12:32 001 Y831 EFTA00195884 CLEARED THROUGH ITS omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 ' • STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 Your Portfolio Holdings (continued) AcccuNT NUMBER TAXPAYER NU03ER On File LAST STATEMENT Nycll 30.2004 Government & Agency Obligations (continued) ACC" ACCRUED ESTROUS:. CURRE' DESCRPDON SYMECLCuSP TYPE OUANTITY PRICE MARKET VALLE tiTEREST ANNUAL INCOME VELD NG FEDERAL NATIONAL MTG ASSN MRGN 16.306.643 11.0890 1.808.245 8.019 962,092 53.2058 SERIES 2003.49 CLASS SW DATED DATE 04/30103 BOOK ENTRY ONLY DUE 01/2512033 5.900% FACTOR .67086868 Total Government& Agency Obligations $7.63&423 $141.543 $4.659.677 Corporate Bonds ACCT ACCRUED ESTMATW CURRENT DESCWPTION SWABOUCUSP TYPE OLIAMITY PRICE MARKET VALLE ItiTEPEST ANNUAL INCOME yELD INi FANNIE MAE CM0/SERIES 2003-13 MRGN 32,364,861 14.6958 4.756.268 18.610 2.233,175 46.9523 S RCR-I/0 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.900% FACTOR .64729726 Total CorporateBonds $4.756.268 $18,610 $2.233.175 TOTAL FIXED INCOME $12.394.691 $160.153 $6.892.852 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $160.153 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 56.892.852 YOUR PRICED PORTFOLIOHOLDINGS $12,622.694 02? 0629004:12:32 001 •Ya31 EFTA00195885 CLEARED THROUGH ITS IMICtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 c. STATEMENT PERK* May 1.2004 THROUGH May 28.2004 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER NUMBER On File with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT *II 30.2004 PIARCHASEi REPURCHASE PRICING PURCHASE RIM ACCRUED REPO OUNNTRY START DATE DATE RAM PRINCPAL MEREST* (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 -7,461 -44,389,962 SERIES 2004-2 CLASS S 6.1000 01/16134 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08104 1.340 -8,258,000 -16.598 -10.000.000 SERIES 2004-2 CLASS S 12.200001/16134 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 05/10/04 06/01/04 1.300 -3.241.000 -2.574 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU SOW FHLMC- STRIP PRINCIPAL ONLY (REPO) 05/24/04 OPEN 0.000 -1 -5.000.000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 05:25:04 06/01/04 1.300 -4300.000 -1.086 -44.000.000 SERIES 2004-5 CLASS P 5.8500 02/20133 TOTAL REVERSE REPURCHASETRANSACTIONS $0 $0 TOTAL REPURCHASETRANSACTIONS 5-19.511,001 $-27.719 Cl 21.2107401 <V0 027 0529,0402:32 001 Y831 EFTA00195886 CLEARED THRouem ITS yasEtvi OMnED SURSIOany OFFICE SERVICING YOUR ACCOUNT Beer Styr Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 7 STATEMENT PERM° May 1.2004 THROUGH May 28.2004 Transaction Detail =EOM! NUMBER TAXPAYER NLIMER On File INVESTMENT ACTIVITY LAST STATEMENT *11 30.2004 SETTLELIEN1 MADE DATE DATE TRANSMTKIN DESORPTION ST/A3OLICUSP OHMIC/ PRICE OMIT AMOUNT MDR AMOUNT 05/06/04 05/05/04 SOLD UNITED STATES TREASURY NOTE -25,000,000 99.89063 24,972,656.25 .000:2,250% AO 30 ACCR. INT. 9,171.20 MATURITY GVER REF tt 61261010 Al 05/07/04 05/06/04 SOLD US TREASURY NOTE -25.000.000 97.46875 24,367,187.50 03,12S% AO IS ACCR. INT. 46,960.38 MATURITY GVER REF it 61271002 Al 05/13/04 04/16/04 CANCEL SELL FNMA-30YR(FNMA)G1D 10 000.000 100.75000 10,075,000.00 imais SEITAS/04 05.500% 7470000 BS AS OF 04/16+04 TO C1P1. PREVIOUS SELL 05/13/04 04/07/04 CANCEL SELL FNMA-30YR(FMAAJGTD 15.000.000 101.56250 15.234.375.00 SETT,0&04 OS,S00% 57540000 BS AS OF 04/07104 TO C)3. PREVIOUS SELL 05/13/04 04/06/04 BOUGHT FNMA-30YR(FNMPOGTD 25.000.000 101.10938 25.277.343.75 000 591,01 4. (6.500% 7900000 BS 05/13/04 04/16104 SOLD FNMA-30YR(FNMPOGTD -10.000.000 100.75000 10,075,000.00 SETT,0904 05,500% 7470000 BS 05/13/04 04/07/04 SOLD FNMA-30YR(FNMAJGTD -15,000.000 101.56250 15,234,375.00 SEMOS/04 05.500% 57540000 BS 07/ 0629004:12:32 001 Y831 EFTA00195887 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 I •• STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER HUNTER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT *11 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION STMEOLCUS, OVANTITY PRICE DEIST AMOUNT CROW AMOUNT 05/13/04 04/06/04 CANCEL BUY FNMA-30YR(FNMA)G1D -25,000,000 101.10938 25,277,343.75 imits 591.05104 05.500% 7900000 BS AS OF 04/06104 TO C/3. PREVIOUS BUY 0314104 031304 BOUGHT U S TREASURY NOTE 25,000.000 96.27030 24.067.575.00 • ' 03,125% AO 15 ACCR. INT. 61.902.32 0 MATURITY OVER REF # 01341012 Al 05,17104 05,13:04 sow UNITED STATES TREASURY NOTE -25,000.000 99.46875 24.867.187.50 03,875% MN IS ACCR. INT. 5.264.95 MATURITY OVER REF tY 01341013 A3 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP SERIES 2483 CL SL IMO •1.341.000 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP -531 SERIES 2483 CL SI. 5,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP •1.162.000 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP 809 SERIES 2488 CLASS SO 6,900 DUE 03/15/32 PRINCIPAL REDUCTN 05-15-04 0517104 PRINCIPAL FEDERAL HOME LOAN MTG CORP .1.515.000 SERIES 2530 CLASS SE 6,300 DUE 02/15/32 PRINCIPAL REDUCTN 05-15-04 027 05200402:32 001 Y831 EFTA00195888 CLEARED THROuGH ITS YosiDLY CADET> SUBSIDAIW OFFICE SERVICING YOUR ACCOUNT Beal Dea•ny Se •it' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERK* May 1.2(204 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT April 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYNOD:CUSP CUANTITY PRCE DEBIT AMOUNT MDR AMOUNT 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 4366 SERIES 2530 CLASS SE 6,300 DUE 02115132 PRINCIPAL REDUCTN 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -650.235 SERIES 2526 CLASS SI 5,900 DUE 02115/32 PRINCIPAL REDUCTN 05-15-04 05./17/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 196,400.50 SERIES 223 CLASS PO DUE 12/01/32 PRIN RID 04-04 PAD 05-15-04 REPO P 8I 0,0000 05./17/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 78,886.80 SERIES 2004-2 CLASS SG 12,200 DUE 01/16/34 PRIN RID 05-04 PAD 05-16-04 REPO P 81 12,2000 05/24/04 05/21/04 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.24219 25.060.546.88 03,875% MN is ACCR. INT. 23.692.25 MATURITY OVER REF # 01421003 A3 AS OF 05/21/04 052504 PRINCIPAL FEDERAL NATIONAL MTG ASSN 309.453.15 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 04.04 PAD 05-25-04 REPO P 81 0,0000 052504 PRINCIPAL FANNIE MAE CMG/SERIES 2003-13 .1.626.000 S RCA-It FLTR 6,900 DUE 03/25133 PRINCIPAL REDUCTN 05-25-04 052504 PRINCIPAL FANNIE MAE CMOISERIES 2003.13 -92 S RCA-t/0 FLTR 6)00 DOE 03/2933 PRINCIPAL REDUCTN 05-25-04 02/ 05,230412:32 001 EFTA00195889 CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stea,n T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT PERK* May 1.2004 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER Cfl File INVESTMENT ACTIVITY (continued) LAST STATEMENT &Ail 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRETION SYMOWCUSP WINTRY PRICE DUE Atom MDT mourn 05/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -819,287 SERIES 2003-49 CRASS SW 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-04 05/27/04 05/26/04 BOUGHT UNITED STATES TREASURY NOTE 1111.2.250% AO 30 EMI 25,000,000 ACCR. INT. 99.54688 24.886.718.75 41.270.38 MATuRiTy GYER REF 8 81471003 AI 05/27/04 05/26104 BOUGHT UNITED STATES TREASURY NOTE 50,000.000 99.54688 49,773,437.50 AO 30 ACCR. INT. 82.540.76 MATURITY GYER REF it 61471003 BI TOTAL 8-174.584.402.59 $125,439,886.98 INTEREST DATE OESCRIPTION STAIDELiCUSIP OUANTITT RATE I%3 CEBIT AMOUNT CREDIT AMOUNT 05/03/04 AVG BAL 526,661RT 0.197 86.61 021 OFFICE INTEREST 0404 05/17/04 FEDERAL HOME LOAN ma CORP 1.0000 26,006.32 SERES 2471 CLASS YT DUE 03/15/2032 1,000 INT RID 04.04 PA) 05-15-04 REPO P 8I 1,0000 05/17/04 FEDERAL HOME LOAN MTG CORP 5.9000 89.101.69 SERIES 2483 CL Si. DUE 03/15/2032 5,900 INTEREST PAYMENT 05-15.04 05.(17/04 FEDERAL HOME LOAN MTG CORP 6.9000 90.321.40 SERES 2488 CLASS SO DUE 03/15/2032 6,900 INTEREST PAYMENT 05-15.04 027 OS230402:32 001 Vel3I EFTA00195890 CLEARED THROUGH ITS 1011CtLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 CI T/ STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUNMER OTT File INTEREST (continued) LAST STATEMENT April 30.2004 DATE DESCRIPTION STTABOLCvSiP OVANTITI NNE IN: DEBIT AA/DUN- MEM AMOUNT 05/17,04 FEDERAL HOME LOAN MTG CORP 6.3000 109,256.12 SERES 2530 CLASS SE DUE 02/15/2032 6,300 INTEREST PAYMENT 05-15.04 05/17/04 FEDERAL HOME LOAN MTG CORP 5.9000 43.890.12 SERES 2526 CLASS SI DUE 02/15/2032 5,900 INTEREST PAYMENT 05-15.04 05/17/04 GOVERNMENT NATIONAL MTG ASSN 6.1000 221.41122 SERES 2004-2 CLASS SB DUE 01/16/2034 6,100 INT RID 0104 PM 05-16-04 REPO P 8I 6,1000 05/17/04 GOVERNMENT NATIONAL MTG ASSN 12.2000 99.72711 SERES 2004-2 CLASS SG DUE 01/16/2034 12,200 INT RID 05-04 PM 05-16-04 REPO P 8I 12,2000 05/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8500 214.500.00 SERES 2004-5 CLASS PS DUE 02/20/2033 5,E150 INT RID 04.04 PM 05-20-04 REPO P 8I 51500 05/25/04 FANNIE MAE CMOMERIES 2003.13 6.9000 195.447/9 S RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 05-25.04 05/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 84.202.49 SERES 2003.49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 05 25 04 TOTAL $1,173.956.87 027 OS2004:I 2:32 001 .831 EFTA00195891 CLEARED THROuGH ITS Yi0C(LY OBB*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer STea•n Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 12 • STATEMENT PERO) May 1.2004 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUAISER On PIN REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT ApIX 30.2004 with Bear,Stearns& Co. Inc. scnumeir TRADE DATE DATE TRANSACTION YES:RP-ICH SYMOCCCUSIP °WAIST CON AMOUNT CREDIT AMOUNT 05/04/04 JOURNAL FEDL HOME LOAN MM CORP#S03602 2.930.616 200.000.00 SERIES 223 CLASS PO DUE I RIM 30.44 TERM ENT 05/04/04 JOURNAL FEDL HOME LOAN MTG CORNOS03602 -2.930.616 225,000.00 SERIES 223 CLASS PO DUE I RIM At REPO 05/04/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.930.616 225.000.00 SERIES 223 CLASS PO 210" DUE I RIM REPO A A2 05/04/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -2.930.616 225.000.00 SERIES 223 CLASS PO DUE I RIM A3 REPO A 05+04/04 INTEREST FEDL HOME LOAN MTG CORP#503602 57.78 SERIES 223 CLASS PO DUE I 71.0. 0,000 RIM A4 REPO I 05/06/04 DELIVERED UNITED STATES TREASURY NOTE DUE 04+3012006 2.250 IN= -50.000.000 50.000.000.00 2.250 FIN Sillirr m TERM ENT 05106/04 RECEIVED UNITED STATES TREASURY NOTE 75.000.000 75.000.000.00 DUE 04+30/2006 2.250 2,250 111.06 F IN Al RESALE T 027 0529,04:12:32 001 YLIST EFTA00195892 CLEARED THROUGH ITS WHOLLY CALY*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer SIENA Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 13 STATEMENT PERO) May 1.2004 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On File REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT April 30.2004 SETTLEMENT TWEE DATE DATE TRANSACTION DESCRPRON STMDCMISIP OJANTIN OMIT ;wow CREDIT AMOUNT 05/06/04 INTEREST UNITED STATES TREASURY NOTE 4,138.89 DUE 04/11 2250 FITM A2 RESALE 05/07/04 RECEIVED U S TREASURY NOTE DUE 04/15/2009 3.125 MEM 25.000.000 24.500.000.00 3,125 FITM Al RESALE 0510/04 JOURNAL FEDERAL NATIONAL MTG ASSN -4.744.651 3.241.000.00 STRIP MTG SERIES 322 CL PO 0,0011032 FITM Al REPO 05110/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MIS SERIES 322 CL PO MIS 4.744.651 3.260.000.00 0,001 2 FITM A.2 TERM ENT 0510104 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.734.215 225.000.00 SERIES 223 CLASS PO DUE 1 RIM A2 TERM AAENT 0510/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO MOM -2,734,215 715.000.00 DUE FITM lir Al REPO A 0510iO4 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MEM -44.000.000 5.533.000.00 5.850 FITM REPO A Al 027 0529004:12:32 001 7831 EFTA00195893 CLEARED THROUGH ITS WHOLLY CALY*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer SIENA Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 14 • STATEMENT PERM May 1.2004 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT ADIB 30.2004 SETTLEMENT TRIOS DATE DATE TWC3ACRON DESORPTION SYMEICCCUSIP OUXAMTr DEBIT AMOUNT CREDIT AMOUNT 05/10/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,000,000 5,907,000.00 SERIES 2004-5 CLASS PS 5.850 FITM TERM ENT 05,10/04 INTEREST FEDERAL NATIONAL MTG ASSN 1,294.94 STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM AZ REPO I 05,10/04 INTEREST FEDL HOME LOAN MTG CORP4S03602 48.75 SERIES 223 CLASS PO DUE lea 0,000 FITM AZ REPO I 0910/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 6,825.87 SERIES 2004-5 CLASS PS DUE 0111 5.850 FITM AZ REPO I 05/14/04 DELIVERED US TREASURY NOTE -25.000.000 24.500.000.00 DUE 04(192009 3.125 3.125 FITM TERM ENT 05.(17/04 RECEIVED UNITED STATES TREASURY NOTE 25.000.000 25.000.000.00 DUE OS(192009 3.875 3.875 FIRM Al Ascsi F 05/21/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.734.215 715 000 00 SERIES 223 CLASS PO DUE t FITM A2 TERM mENT 027 052804:1282 001 Y831 EFTA00195894 CLEARED THROUGH ITS ?MOLLY ODS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer STRAn Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 15 • STATEMENT PERXIO May 1.21204 THROUGH May 28.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT April 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRCH STAIDECCUSIP OCANTITY OMIT AMOUNT CREDIT AMOUNT 05/21/04 INTEREST FEDL HOME LOAN MTG CORP4S03602 284.01 l oin SERIES 223 CLASS PO DUE FITM 0,000 A2 REPO I 05/24/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -2.734.215 SERIES 223 CLASS PO DUE I FITM Al REPO 05/24/04 DELIVERED UNITED STATES TREASURY NOTE -25,000000 25,000,000.00 DUE 05/192009 3,875 3,875 FITM TERM EMENT 05/24/04 INTEREST UNITED STATES TREASURY NOTE 2,979.17 DUE 05/01. 3,875 FITM A2 RESALE 05/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 4.300.000.00 SERIES 2004-5 CLASS PS 5850 FITM AI REPO A 05+25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 5.533.000.00 SERIES 2004-5 CLASS PS 5,850 FITM F4)01.2 TERM MENT 05/25/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 2.997.04 SERIES 2004-5 CLASS PS DUE ill 5,850 FITM A2 REPO I 027 0529,04:12:32 001 Y831 EFTA00195895 CLEARED IHRCUGH ITS MOIST omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 ui T/ STATEMENT PERIOD May 1.2.204 THROUGH May 28.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 30.2004 SEMEMENT TRADE DATE DATE TRANSACTION DESCRPRCH RIME/MCl/SIP OuNany Oen AMOUNT CREDIT AMOUNT 05/27/04 DELIVERED UNITED STATES TREASURY NOTE -75,000,000 75.000.000.00 DUE 04+30/2006 2.250 2,250 FILM SOLIG A TERM ENT 05/27/04 INTEREST UNITED STATES TREASURY NOTE 10.583.33 DUE 04(tifil 2.250 FILM A4 RESALE TOTAL $.140.576.508.39 $188.756.701.39 MISCELLANEOUS DATE MCIOAT TRANSACTCN DESCRIPTION DENT AMOUNT CP£C1T AMOUNT 05/12104 JOURNAL APR 04 SPEC CLEARING FEES 1.500.00 05113/04 JOURNAL FNMA-30YR(FNMA)GTD 32.031.25 SETT,05/04 5,500 DUE 054i /34 MBS NET 05113;04 TOTAL $.1.500D0 $-32,031.25 027 OS29,04:12:32 001 Y831 EFTA00195896 CLEARED IHROuGH ITS viiiCti.v OMEO SUCISIOally OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 17 • STATEMENT PERIOD May 1.21704 THROUGH May 28.2004 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER NLIEGER On File LAST STATEMENT April 30.2004 SETTLEMENT TRADE DATE DATE 1R4NS1C11D/1 DESORPTION 80230DCUSIP CM1NMY uma DWG AMOUNT CREDO a/FOUNT 06/01/04 05/26/04 -25,000,000.00 100.1140 25,030,207.65 02,50094 MN 31 0 MATURITY GVER REF # G1471007 AS 06/01/04 0526/04 SOLD UNITED STATES TREASURY NOTE -50.000.000.00 100.1140 50.060.415.30 02,500% MN 31 0 MATURITY GVER REF # G1471007 63 TOTAL $0.00 $75.090.622.95 The Sore Fades OD eel spew on any other wenn or Ihis slalomed End of Statement 027 OSP29214:12:32 001 V831 EFTA00195897 CLEARED THROLGH ITS ?THOU.,' OWNE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERO° *II I. 2004 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEEISITE wmr.bearsteams.cOm THROUGH *11 30.2004 ACCOUNT NUMBER What's In This Statement 11.1,111111111111 II TAXPAYER NUMBER On File LAST STATEMENT March 31.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 18 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio 51 2,163 Cash & Equmarent TOTAL VALUE OF SECURITIES THIS PERIOD 13,163,012 lit 529.336 LONG ACCRUED INTEREST ■,890 Filed $13.163.012 income $12.671,042 NET DEBIT BALANCE -12,163 ▪ Current market value NET EQUITY MS PERIOD $13,363,739 EA Last statements market value C Short market value NET EQUITY LAST STATEMENT 12,961,281 CHANGE SINCE LAST STATEMENT 402,458 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. TMS STAYmBrY a ko dOrmaddsl ptrposts pay Ikea nested as a laT cleaner. TN; Ratan should be retailed for your records Saa wend a for moody,/ ntomerce 027 OSID1,404:13:17 001 V830 EFTA00195898 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05:01/04:13:17 001 V830 EFTA00195899 CLEARED THROUGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c, STATEMENT PERKO 1.2004 THROUGH *11 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER RIMER On File DC PEW° YEAR TO DATE THIS PERIOD LAST STATEMENT March 31.2004 Opening Balance $29,336.35 U.S. Govt. Bond Int. 167.034.09 167,034.09 Govt. Agency Int. 1,006,614.64 3.376.410.86 Securities Sold 262,416,355.93 Corp. Bond Int. 202,418.63 832,120.57 Dividends/Interest 1,376,137.05 Credit Balance Int. 69.69 69.69 Amount Credited $263,792,492.98 Reverse Repurchase Int. 1.534.74 3,307.52 Total $1 377 671.79 $4 378 942.73 Securities Bought -263,737.814.70 Funds Withdrawn 70.695.00 Bond Purchase Int. -16,393.44 -219,193.47 Margin Int. Paid 0.00 -1,770.70 Dividends/Interest Charged -16.393.44 Repurchase Int. Exp. -29,010.01 -47,617.49 Miscellaneous -9.089.06 Amount Debited $-263,833,992.20 Net Cash Activity -41.499.22 Portfolio Composition ClosingBalance 3.12 162.87 SHOAT LONG Your Portfolio Allocation CashiCash Equivalent 12.163 Fixed Income 13.163,012 Short Cash Si Equivalent • Cash Balance Summary Total $12.163 $13.163.012 I% OPEt, NG CLOSING Margin 29.336.35 -12,162.87 Net Cash Balance $29,336.35 $-12.162.87 Untivoecl Frown demo* debt beano, onto Oo•I male vela, Tha olocaInn percemso, i, 0e•ued from Vo Mnol.te markei ran ci vc. palioo 027 05,01.'04:13:17 001 V830 EFTA00195900 CLEARED THRONG,. ITS WHOLLY OGXED SUTESICEMIX OFFICE SERVICING YOUR ACCOUNT Beer Steam. Se •it' • Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 4 STATEMENT PERK* *II 1.2004 THROUGH *11 30.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MAGER OTI File LAST STATEMENT MVO 31.2004 PAAPXEE ESEIMATED D:AP£NT DESCRP"011 S•MOCLCLS* OUNITETT PACE VALUE PECCEEE ,ao I%) CASH BALANCE -12.163 TOTAL CASH & CASH EQUIVALENTS 5.12.163 FIXED INCOME Government & Agency Obligations ACC" ACCRUED MIMEO CURFOR DESCRY:EDON S•MECLLUSP PPE OUAMITY PRICE LURKS VALUE INTEREST ANNUAL MOUE VELD N FEDERAL HOME LOAN MTG CORP MRGN 20,810.689 9.9449 2.069.594 54.630 1.311,073 63.3493 SERIES 2530 CLASS SE DATED DATE 10111/02 BOOK ENTRY MY DUE 02/15/2032 6.300% FACTOR — .34684482 FEDERAL HOME LOAN MTG CORP MRGN 8.926.805 8.9198 796.254 21.943 526.681 66.1448 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .34684481 FEDERAL HOME LOAN MTG CORP MRGN 15.708.067 11.3318 1.780.011 45.160 1.083.857 60.8905 SERIES 2488 CLASS SO DATED DATE 07/08102 BOOK ENTRY ONLY DUE 03/15,2032 6.900% FACTOR - .31416139 FEDERAL HOME LOAN MTG CORP MRGN 18,122,377 8.8592 1.605.493 44.550 1.069.220 66.5976 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.900% FACTOR - .31416137 027 0301,04:13:17 001 V830 EFTA00195901 CLEARED THROUGH IRS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 ci STATEMENT PERIOD Apll 1. 2004 THROUGH *11 30.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER MJUSER On File LAST STATEMENT Mardi 31.2004 Government & Agency Obligations (continued) ACC' ACCRUED ESTIAMED CURFOR DESCRIPTION SWECLCUSP T1PE DUMMY PRICE MARKET VALUE MEREST ANNUAL INCOME YELD NG FEDERAL NATIONAL MTG ASSN MRGN 17.125.930 10.8689 1.861.402 14,032 1.010,430 54.2833 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5,900% FACTOR — ,7045742,0 Total Government& Agency Obligations $8.112.754 $180,315 $5.001.261 Corporate Bonds ACCT ACCRUED ESTIMATED CURRENT DESCRIPTION STTABOUCUSP TYPE DUMMY PRICE MARXET VALUE INTEREST ANNUAL ACOAIE 1E:0 FANNIE MAE CM0/SERIES 2003-13 MRGN 33,990,953 14.8577 5.050.258 32,575 2.345.376 46.4407 S RCR-I/0 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25,2033 6.900% FACTOR — .67981909 Total CorporateBonds S5.050.258 $32,575 $2.345.376 TOTAL FIXED INCOME $13.163.012 $212.890 $7.346.637 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $212.890 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $7,346,637 YOUR PRICED PORTFOLIOHOLDINGS $13.150.849 027 050104:13:17 001 V830 EFTA00195902 CLEARED IHRCUGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 T, STATEMENT PERK* Pull 1. 2004 THROUGH AprIl 30.2004 ACCCUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER KAMER On FIk with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT March 31.2004 PLITICHASE/ REPURCHASE PRICING PURCHASE PRICE ACCRUED REPO OUNTMTY START DATE DATE PATE PRINCPAL MEREST' (FACE AMOUR) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 05/10/04 1.300 -5,907,000 -5,332 -44,000.000 SERIES 2004-5 CLASS P 5.8500 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3,712,000 -3.454 -44,389.962 SERIES 2004-2 CLASS S 6.1000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 044138/04 07/08434 1.340 -8.258.000 -7.684 10.000.000 SERIES 2004-2 CLASS S 12.2000 01/16/34 YOU SOW FHLMC- STRIP PRINCIPAL ONLY (REPO) 04,26/04 05/10/04 1.300 -200,000 -50 .5.000.000 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 04/29/04 05/10/04 1.300 -3,260,000 -470 -15,000,000 SERIES 322 CLASS PO 03/01132 YOU BOUGHT USTR 2.2500 04/30/06 (REVERSE) 04:30x04 OPEN 0.450 50.000.000 1.875 50.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $50.000.000 $1.875 TOTAL REPURCHASETRANSACTIONS $-21.337.000 6-16090 SAP al simeanoi Mee 027 05.431104:13:17 001 V830 EFTA00195903 CLEARED THROuGH ITS wHO(LY CA1T,E0 SUBSIOally OFFICE SERVICING YOUR ACCOUNT Beer Szea•r4 Se it' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 7 STATEMENT PERIOD 1. 2004 THROUGH *11 30.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER AMMER Cfl FIIB INVESTMENT ACTIVITY LAST STATEMENT March 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION OMR PTIO” STMOCLCUSP clomp. PRICE DEBIT AMOUNT CHEM MONO 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE -10,000,000 100.60156 10,060,156.25 03.250% JJ 15 ACCR. INT. 72,321.43 . 0 MATURITY GVER REF It G0931017 Al 04/05/04 04/02/04 SOLD UNITED STATES TREASURY NOTE NM -20,000,000 99.39063 19.878.125.00 03.000% FA 15 ACCR. INT. 82.417.58 0 MATURITY GYER REF it 60931099 Al 04/06/04 04/05/04 SOLD UNITED STATES TREASURY NOTE -50,000,000 99.25000 49.625.000.00 01.600% MS 31 ACCR. INT. 12.295.08 MATURITY GVER REF # G0961031 Al 04/08/04 04/07/04 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.38281 49.691.406.25 01.50% MS 31 ACCR. INT. 16.393.44 0 MATURITY GYER REF tt 60981006 Al JOURNAL EDERAL HOME LOAN MTG CORP 1 SERIES 2471 CLASS YT .000 DUE 03/15/32 ADJUST POSITION 04/08104 JOURNAL EDERAL HOME LOAN MTG CORP 1 SERIES 2471 CLASS YT 1.000 DUE 03/15/32 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 ADJUST POSITION 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 027 0304'04:134 7 001 V830 EFTA00195904 CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stean Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PERK* *II 1. 2004 THROUGH 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIMER DON/ INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31.2004 SETTLEMENT TRADE DATE DATE TRANSACIlDN DESORPTION ClIANTITY PRICE DEWY AMOUNT CHEM MONO 04/12/04 JOURNAL FEDERAL HOME LOAN MTG CORP -1 SEFuES 2471 CLASS YT 1,000 DUE 03/15/32 04/15/04 04/06/04 CANCEL SELL FNMA-30YR(FNMA)GTD 25.000.000 101.44922 25,362,304.69 SEIT.04/03 (6.500% t AS OF 0406/04 7890000 BS TO CM. PREVIOUS SELL 04/15/04 04/02/04 BOUGHT FNMA-30YR(FNMA)GTD 25,000,000 101A8438 25,371,093.75 immis SEIT,04103 05.500% 8110000 BS 04/15/04 040004 SOW FNMA-30YRIFNMAIGTD -25.000.000 101.44922 25,362,304.69 SE T,O4r03 05.500% 7890000 BS 04/15/04 04/02/04 CANCEL BUY FNMA-30YR(FNMA)GTD -25.000.000 101.48438 25,371,093.75 SETT,04/03 Mal5 C6.5" 8110000 BS AS OF 0402/04 TO CM. PREVIOUS BUY PRINCIPAL FEDERAL HOME LOAN MTG CORP -1.104.000 SERIES 2483 CL Si. 5.910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -120 SERIES 2483 CI. SL 5,910 DUE 03/15/32 PRINCIPAL REDUCTN 04-15-04 027 050104:13:17 001 V830 EFTA00195905 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 c, STATEMENT PERIOD 1.2004 THROUGH *11 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER HUNTER Cfl File INVESTMENT ACTIVITY (continued) LAST STATEMENT Mardi 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STIAXIMOUSV OVANIIIY PRICE DEBIT AMOUNT CHEM MONO 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -957,026 SERIES 2488 CLASS SO 6,910 DUE 03/15132 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -1,214.000 SERIES 2530 CLASS SE 6,310 DUE 02(15/32 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -164 SERIES 2530 CLASS SE 6,310 DUE 02(15/32 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -520.819 SERIES 2526 CLASS SI 5,910 DUE 02/15132 PRINCIPAL REDUCTN 04-15-04 04/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 126.480.85 SERIES 223 CLASS PO DUE 12/01(32 PRIN RID 03-04 PAD 04-15-04 REPO P 8I 0,0000 04/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 71.293.90 SERIES 2004-2 CLASS SG 12,220 DUE 01/16134 PRIN RID 04-04 ND 04-16-04 REPO P 8I 12,2200 04/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 286.866.75 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 03-04 ND 04-25-04 REPO P 8I 0,0000 04/26/04 PRINCIPAL FANNIE MAE CMCVSERIES 2003.13 -1.161.000 S RCR-10 FLTR 6,910 DUE 03/25133 PRINCIPAL REDUCTN 04-25-04 027 0801.04.13:17 001 V830 EFTA00195906 CLEARED THROUGH ITS YAIOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 CI Tr, STATEMENT PERK* 1. 2004 THROUGH *1 30.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AMMER CFI File INVESTMENT ACTIVITY (continued) LAST STATEMENT March 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STIA3OUCUSIP OVANIIIY PRICE DEBIT AMOUNT GRECO' PACtitil 04/25/04 PRINCIPAL FANNIE MAE CMG/SERIES 2003.13 -340 S RCR-RD FLTR 6.910 DUE 03/2553 PRINCIPAL REDUCTN 04-25-04 04125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -585.127 SERIES 2003-49 CLASS SW 5.910 DUE 01/25/33 PRINCIPAL REDUCTN 04-25-04 04/30/04 04.28/04 SOW UNITED STATES TREASURY NOTE -50,000,000 99.96700 49.983.500.00 02.25096AO 30 . • 0 MATURITY OVER REF is 01191006 A3 TOTAL 8.100.441.198.13 $180.931.855.28 DEPOSITS AND WITHDRAWALS DATE TRANSACTIM DESCRP'ICN DWI AMOUNT CREDIT AMOUNT 04/02/04 FND WIRED WIRED TO 70.69500 SANK TOTAL Mai C#264414 $-70,695.00 INTEREST DATE DESCRIPTION SYMEICUCUSIF OUPPNITT RATE PM DEBIT AMOUNT (PEW AUCuur 04/01/04 AVG BAL 245.100RT 0.341 69.69 021 OFFICE INTEREST 0304 027 0501.04;13:17 001 V830 EFTA00195907 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 CI Tr, STATEMENT PER100 *II 1. 2004 THROUGH April 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER Ofl File INTEREST (continued) LAST STATEMENT MatCh 31.2004 DATE DESORPTION STTABO-CVSIP OVANillY RATE 1%) DEBIT AMOUNT WENT AMOUNT 04/15/04 FEDERAL HOME LOAN ma CORP 5.9100 94,690.50 SERIES 2483 CL SI. DUE 03/15/2032 5,910 INTEREST PAYMENT 04-15.04 04/15/04 FEDERAL HOME LOAN MTG CORP 6.9100 95,963.17 SERIES 2488 CLASS SO DUE 03/15/2032 6,910 INTEREST PAYMENT 04-15.04 04/15/04 FEDERAL HOME LOAN MTG CORP 6.3100 115,814.02 SERIES 2530 CLASS SE DUE 02/15/2032 6,310 INTEREST PAYMENT 04-15-04 04/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 46,529.55 SERES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 04-15.04 04/16/04 FEDERAL HOME LOAN MTG CORP 1.0000 27,590.78 SERES 2471 CLASS YT DUE 03/15/2032 1,000 4/15 INT PYMT 04/16/04 GOVERNMENT NATIONAL MTG ASSN 6.1100 223.315.59 SERES 2004-2 CLASS SB DUE 01/16/2034 6110 INT R/D 04-04 P,D 04-16-04 REPO P 8I 6,1100 04/16/04 GOVERNMENT NATIONAL MTG ASSN 12.2200 100.617.41 SERIES 2004-2 CLASS SG DUE 01/16/2034 12,220 INT RID 04.04 P,D 04-16-04 REPO P 8I 12,2200 04/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8600 214.866.67 SERIES 2004-5 CLASS PS DUE 02/20/2033 5,860 INT RID 03-04 P,D 04-20-04 REPO P 8I 5,8600 027 050104;13:17 001 V830 EFTA00195908 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 0 T,‘ STATEMENT PERIOD 1. 2004 THROUGH April 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAWR Cfl Ale INTEREST (continued) LAST STATEMENT March 3I. 2004 DATE DESCRIPTION SYMBOCCvSIP 0VANTITY RATE IN) DEBIT AMOUNT CREDIT AMOUNT 04/28/04 FANNIE MAE CMO/SERIES 2003.13 6.9100 202,418.63 S RCR-00 RTR DUE 03/25/2033 6,910 INTEREST PAYMENT 04-25-04 04/26/04 FEDERAL NATIONAL MTG ASSN 5.9100 87.226.95 SERIES 2003-49 CLASS SW DUE 01/25/2033 5.910 INTEREST PAYMENT 04-25-04 TOTAL 51.209.102.96 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT MOE DATE DATE TRANSACTION DESORPTION SYMBOL CUSiP MARTIN DEBIT AMOUNT CREDIT AMOUNT 04/05/04 JOURNAL FEDERAL HOME LOAN MTG CORP -33.108.931 SERIES 2471 CLASS YT 1,000 DU.. FITMARGN Al REPO AGR 04/05/04 JOURNAL UNITEDW EASURY NOTE 10.000.000 10,275,000.00 ERN A2 3,250 TERM REPO AGREEMENT JOURNAL UNITED FILM EASURY NOTE 20.000.000 20.250.000.00 A2 3,000 I "09 TERM REPO AGREEMENT INTEREST UNITED STAlES 1REASURY NOTE 2302.69 DUE 01 12.250 ATM REPO Ihr 027 080104;13:17 001 V830 EFTA00195909 CLEARED THROuGH ITS ?AIM', (AMC> SURSIDarn, OFFICE SERVICING YOUR ACCOUNT Beer Siewn Bear. Stearns 8 Co. Inc. B STUUR NS =Pm FINANCIAL TRUST CO INC 13 STATEMENT PERKI0 Ap11 T. 2004 THROUGH &NS 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WIPER OR File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT March 31.2004 SETTLEMENT TRADE DATE DATE TM/MACRON DESCRPRON STMEICUMISIP CXMASIN DEBIT /MUM CREDIT AMOUNT 04/05/04 INTEREST UNITED STATES TREASURY NOTE 4,055.63 DUE lab 3,000 FITM A2 REPO I 04/06/04 RECEIVED UNITED STATES TREASURY NOTE 50,000.000 49.875.000.00 DUE 03/31/2006 1.500 1,500 ATM AI RESALE T 04/07/04 JOURNAL FEDERAL NATIONAL MTG ASSN -17.711.056 1.492.000.00 SERIES 2003-49 CLASS SW 9910 FITM AI REPO A 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN -5.054.105 3.906.000.00 STRIP MTG SERIES 322 CL PO 0,001 FITM 11.11 REPO A 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5.054.105 4.340.000.00 STRIP MTG SERIES 322 CL PO 0,00130.32 FREI AZ TERM MENT 04/08/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 -2,930,616 2.157.000.00 SERIES 223 CUSS PO DUE I Frrm Al REPO 04;08,04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.930.616 2.376.000.00 SERIES 223 CUSS PO DUE MSS., A2 TERM RrtirrigAAENT 027 050104:1317 001 V830 EFTA00195910 CLEARED THRoue,' ITS mow, OmnE0 SUEsSiOany OFFICE SERVICING YOUR ACCOUNT Beer Sm.a•n Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC STATEMENT PERIOD Ap11 1. 2004 THROUGH *11 30.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER WEISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Math 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICH SYMEICCCUSIP °WARM OMIT AMOUNT CREDIT AMOUNT 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 17,711,056 1,492,000.00 SERIES 2003.49 CLASS SW 5.910 FITM 31.r2 TERM MENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 43,859,035 100,000.00 SERIES 2004-2 CLASS SB 6,110 RIM R1ONE2 TERM ENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SB MEM -43.859,035 3.712.000.00 6.110 FITM Al REPO A 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG EMI -9.880.596 8.258.000.00 rA FITM Al REPO 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG MEM 9.880.596 8,523,000.00 12,220 34 FITM A2 TERM ENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 5.907.000.00 SERIES 2004-5 CLASS PS FITM A11, S.860 REPO 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 7.107.000.00 SERIES 2004-5 CLASS PS 5,860 PIM AZ TERM MENT 027 OS01.'04:13:17 001 11830 EFTA00195911 CLEARED THROuGH ITS YalCyl.Y OUYSO SOSO/Any OFFICE SERVICING YOUR ACCOUNT Beer Stern Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC STATEMENT PER100 1. 2004 THROUGH *11 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER ALSASER On PIM REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT MMCh 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STAISCCCUSIP OUWTITY COST AMOUNT CREDIT AMOUNT 04/08/04 DELIVERED UNITED STATES TREASURY NOTE -50,000,000 49.875.000.00 DUE 03(31/2006 1.500 1.500 RIM Rille2 m TERM ENT 04/08/04 INTEREST FEDERAL NATIONAL MTG ASSN 2,350.83 STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM AZ REPO I 04/08/04 INTEREST FEDL HOME LOAN MTG CORP#S03602 2,659.80 SERIES 223 CLASS PO DUE IMO/ 0,000 FITM AZ REPO I 04/08/04 INTEREST FEDERAL NATIONAL MTG ASSN 53.88 SERIES 2003.49 CLASS SW DUE 01:101. 5.910 FITM 14.2 REPO I 04108104 INTEREST GOVERNMENT NATIONAL MTG ASSN 50.56 SERIES 2004-2 CLASS SB DUE 01! 6.110 FITM AZ REPO I 04/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-2 CLASS SG MI= 4.616.63 DUE Mill 12.220 FITM AZ REPO I 04/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 7.95589 SERIES 2004-5 CLASS PS DUE OD 5,860 ATM Az REPO I 027 05131:04:13:17 001 V830 EFTA00195912 CLEARED THROuGH ITS wisCyLY OMYED SUEIROally OFFICE SERVICING YOUR ACCOUNT Beer Siewn Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 16 STATEMENT PERK* &3r11 1. 2004 THROUGH *11 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Math 31.2004 SEGLEMENT TEAM DATE DATE TRANSACSON DESCRPRON STMEJECCUSIP CuANN1Y OMIT AMOUNT CREDIT AMOUNT 04/08/04 INTEREST UNITED STATES TREASURY NOTE 1,177.60 DUE 0110 1,500 FITM A2 RESALE 04/16/04 JOURNAL ADP CD 1,300,000.00 FfRe-PR 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -2$30616 200.000.00 SERIES 223 CLASS PO DUE I FITMlip REPO A A3 04/26104 JOURNAL FEDL HOME LOAN MTG CORP#503602 -2,930,616 1.583.000.00 SERIES 223 CLASS PO DUE I FITM AI REPO 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2,930,616 1,583,000.00 SERIES 223 CLASS PO DUE I RIM A2 REPO A 04/26/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 2,930,616 2,157,000.00 SERIES 223 CLASS PO DUE 2/ilc A2 FITM TERM RIginierMENT 041261 JOURNAL 1.300.000.00 04/26/04 INTEREST FEDL HOME LOAN MTG CORP#503602 1.402.05 SERIES 223 CLASS PO DUE I 0800 FITM A2 REPO I 027 0601:04:13:17 001 V830 EFTA00195913 CLEARED IHROuGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 CI le STATEMENT PERK* ATATI1 T. 2004 THROUGH ApIll 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Math 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICTI SYMEMCUSIP OUNITTITY DEBIT AMOUNT CREDIT AMOUNT 04/26, INTEREST ADP CD 357.14 DUE 124 25 04/29104 JOURNAL FEDERAL NATIONAL MTG ASSN -5,054,105 3.260.000.00 STRIP MTG SERIES 322 CL PO 0,0011.32 FITM Al REPO JOURNAL FEDERAL NATIONAL MTG ASSN 5.054.105 3.906.000.00 0.001 smir2 STRIP MTG SERIES 322 CL PO FITM 82 TERM MENT INTEREST FEDERAL NATIONAL MTG ASSN 2962.05 STRIP MTG SERIES 322 CL PO DUE 0331. 0,001 FITM B2 REPO I 04/30/04 RECEIVED UNITED STATES TREASURY NOTE 50.000.000 50.000.000.00 DUE 04+30/2006 2,250 2,250 FITM 11111KAI RESALE T TOTAL 5,163,313,010.01 581,651534.74 MISCELLANEOUS DATE maw TRANSACTISN DESCRIPTION DEBIT AMOUNT CP£CYT ANO-NT 04114/04 JOURNAL FNMA-30YR(FNMA)GTD 8,789.06 SETT,0403 5,500 DUE 04+01/33 MBS NET 04/1404 027 050184:13:17 001 V830 EFTA00195914 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 ci Tr, STATEMENT PERK* *II 1. 2004 THROUGH April 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER Ofl FIN MISCELLANEOUS (continued) LAST STATEMENT Man 31.2004 DATE MOAT TPANSACTCN DESCFUPTCN DEBT AVM, CREPT AMOUNT 04/21/04 JOURNAL MAR 04 SPEC CLEARING FEES 300.00 TOTAL $9.089.06 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE TRANSACTION DESCP.PlION SYMBOLCUSIP CMANTITY PRICE DEBIT AMOUNT CREPT A/40UNI 05/13/04 04/06/04 BOUGHT FNMA-30YR(FNMA)GTD 25,000,000.00 101.1093 25,277,343.75 SETT,05/04 05,50096 57900000 BS 05/13/04 04/07/04 SOLD FNMA-30YR(FNMA)GTD MIK -15.000.000.00 101.5625 15,234375.00 BERMS/04 05.500% 57540000 BS 05/13/04 04/16/04 SOLD FNMA-30YR(FNMP)GTD 10,000,000.00 100.7500 10,075,000.00 m"05.500% SETT,05, 04 57470000 BS TOTAL $25.277.343.75 $25.309.375.00 Motto., Int bJ nol mom: in say elhc. eaban of Iho Malret 027 050104;13:17 001 V830 EFTA00195915 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT clam February 28.2004 VISIT OUR WEBSITE wsvw.bearstearns.cOm THROUGH March 31.2004 ACCOUNT NUMBER What's In This Statement IIIII I 1111111111 II TAXPAYER NUMBER On Ede LAST STATEMENT February 27.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 16 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equviaieni $29.336 TOTAL VALUE OF SECURITIES THIS PERIOD 12,671,042 $237.245 LONG ACCRUED INTEREST 260,903 fired Al2,671042 income $14.475.669 NET CREDIT BALANCE 29,336 MI Current market vane NET EQUITY THIS PERIOD $12,961,281 gjp Last statements market value NET EQUITY LAST STATEMENT 14,891,267 CHANGE SINCE LAST STATEMENT -1,929,986 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Ate, TM, EmYRREX a PRoBBBRABI ptxpOSts only Ikea flooded sonar dcont The otatsenurc should be retailed for your words Soo worn ode for swan nrchnsce 027 0801.04:12:31 001 Y829 EFTA00195916 GEARED 'THROUGH RS YillOtlY GRATED $0891010RY FINANCIAL TRUST CO INC 2 01 16 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0.01,00:12:31 001 Y829 EFTA00195917 CLEARED THROUGH ITS PROSY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 STATEMENT PERK* February 28.2004 THROUGH MUCH 31.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER NLAISER On File THIS PERIOD PERIOD YEAS TO DATE LAST STATEMENT February 27.2004 Opening Balance $237.245.02 Govt. Agency Int. 925.341.52 2.369.796.22 Corp. Bond Int. 207.331.92 629,701.94 Secudties Sold 79.344.186.00 Reverse Repurchase Int. 0.00 1,772.78 Dividends Interest 1.132.673.44 Total $1.132.673.44 $3,001,270.94 Miscellaneous 431,844.36 Bond Purchase Int. -26,831.32 -202,800.03 Amount Credited $80,908,703.80 Margin Int. Paid -536.94 -1,770.70 Secudties Bought -50,162,398.32 Repurchase Int. Exp. -13,749.27 -18,607.48 Dividends Interest Charged -27.368.26 Miscellaneous -30,926,845.89 Amount Debited $-81,116,612.47 Portfolio Composition CashICash Equivalent 29,336 Net Cash Activity -207.908.67 Fixed Income 12.671,042 ClosingBalance $29.336.35 Your Portfolio Total $12,700,378 Allocation Cash 8, Equivalent -- Cash Balance Summary <1% CPUs NG CLOSP1G Margin 237,245.02 29.336.35 Net Cash Balance $237,245.02 $29,336.35 — Fixed Income 99% UnWooed croons 0en,* 0etot beence onto* lope male vela, The elopers. ;event'', 6, pewee kern to etnel.te merlon rat), el )TV peekee 027 0101,04:12:31 001 V829 EFTA00195918 CLEARED 1.4Roue,' Its ypiCALY OGY.E0 SU8SIOany OFFICE SERVICING YOUR ACCOUNT Beer Sown Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 4 STATEMENT PERGO February 28.2004 THROUGH March 31.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MANGER On File LAST STATEMENT PeOruEuy 27.2004 MARKET ESTIMAIED CURPENT DESCRPTION SYMBOLtuSIP QUANTITY PRICE VALUE !MS INCOME GILD I%4 CASH BALANCE 29.336 TOTAL CASH & CASH EQUIVALENTS $29,336 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTIAME0 CURFGVr DESCAMBON SWI3OUCUSP TYPE OLIAMITY PRICE MARIO VALUE MEREST ANNUAL INCOIEE YEW DE/ FEDERAL HOME LOAN MTG CORP MRGN 22,024,853 8.5574 1.884.745 61,764 1.389,768 73.7377 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY MY DUE 02/15/2032 6.310% FACTOR - .36708089 FEDERAL HOME LOAN MTG CORP MRGN 9.447,624 7.8198 738.786 24,816 558.355 75.5774 SERIES 2526 CLASS SI DATED DATE 10/01/02 6001E ENTRY ONLY DUE 02/15/2032 5.910% FACTOR - .36708088 FEDERAL HOME LOAN MTG CORP MRGN 33.108.930 1.8536 613.709 14,710 331.089 53.9489 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR - .33108931 FEDERAL HOME LOAN MTG CORP MRGN 16.665.093 9.2678 1.544.495 51.180 1.151.558 74.5589 SERIES 2488 CLASS SO DATED DATE 07/08/02 BOOK ENTRY ONLY DUE 0345/2032 6.910% FACTOR - .33330190 02/ 04,01.04:12:31 001 7829 EFTA00195919 CLEARED THROuGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 CI STATEMENT PEF000 February 28.2004 THROUGH March 31.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM LAST STATEMENT February 27.2004 Government & Agency Obligations (continued) ACC' ACCRUED ESTEM1E0 CURRINT DESCRPTION sweets:us') TYPE OUAMTITY PRICE IAARKET VALLE MEREST ANNUAL INCOME YEW IY4 FEDERAL HOME LOAN MTG CORP MRGN 19.226.497 7.5682 1.455.093 50,503 1.136.286 78.0903 SERIES 2483 CL SL DATED DATE 07/02402 BOOK ENTRY ONLY DUE 03/15/2032 5,910% FACTOR - .33330189 FEDERAL NATIONAL MTG ASSN MRGN 17.711.055 10.1397 1.795.843 17.445 1.046.723 58.2859 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/262033 5.910% FACTOR — .72864740 Total Government& Agency Obligations 58.032.671 $220.418 $5.613.779 Corporate Bonds ACV KCRUED ESTMATE0 CURREN DESORPTION S`1A9CLCLISP TYPE OUANMY PRICE MARKET VALLE 'DETEST ANNUAL INCOME Yew Mt FANNIE MAE CMO/SERIES 2003-13 MRGN 35,152,293 13.1951 4.638.371 40,485 2.429,023 52.3680 S RCR-00 FLTR DATED DATE 0'2/25/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR - .70304589 Total CorporateBonds $4.638.371 $40,485 $2.429.023 TOTAL FIXED INCOME $12,671,042 $260,903 $8.042.802 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $260.903 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $8.042.802 YOUR PRICED PORTFOLIOHOLDINGS $12.700.378 027 0101,04:12:31 001 EFTA00195920 CLEARED THROUGH ITS INTIM? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 cl 't, STATEMENT PEW* February 28.2004 THROUGH March 31.2004 ACCCUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER PANDER On Edo with Bear,Stearnsand Co.Inc. outstanding as of date of statement LAST STATEMENT February 27.2004 PLACKASS, REPURCHASE PIECING PURCHASE PRICE ACCRUED REPO OUNETITY START DATE DATE PATE PRINOPAL MEREST* (FACE AMOUR) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/08/04 04/08/04 1.300 -7,107,000 -6.159 -44,000,000 SERIES 2004-5 CLASS P 5.8600 02/20/33 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 03/08/04 04/08/04 1.300 -2,376,000 -2.059 -5,000,000 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/24/04 04/08/04 1.300 -8.523.000 -2.462 -10.000.000 SERIES 2004-2 CLASS S 12.2200 01/16/34 YOU SOW FNMA-SMBS PRINCIPAL ONLY (REPO) 03/24/04 04/08,04 1.300 -4,340,000 -1.253 -15.000.000 SERIES 322 CLASS PO 03/01/32 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 03/25/04 04/08/04 1.300 -100,000 -25 -44.389.962 SERIES 2004-2 CLASS S 6.1100 01/16/34 YOU SOLO USIR 3.2500 01/15,09 (REPO) 03/26/04 OPEN 1.000 -10,275.000 -1.761 -10.000.000 YOU SOLD USIR 3.0000 02/15/09 (REPO) 03/26/04 OPEN 0.940 -20,250,000 -2.947 -20.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS 5-52.971.000 $-16,666 'AS Or :WO-NM CliC0 027 DADIO4:12:31 001 V829 EFTA00195921 CLEARED THROuGH ITS wHOELY (MEC> SONOMA!, OFFICE SERVICING YOUR ACCOUNT Beer Stern Bear. Stearns 8 Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 7 c, STATEMENT PERKO February 28.2004 THROUGH March 31.2004 Transaction Detail ACCOUNT NUMBER TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT February 27.2004 SErtEriful IRAN: DATE DA7E TRANSACTION DESORPTION SY1A3011COSIP GUMMY PRCE DONT AMOUNT MCP MIOUN! 03/05/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 -26,911 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -1,439,000 SERIES 2471 CLASS YT 1600 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -543 SERIES 2471 CLASS YT 1,000 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -835.948 SERIES 2483 CL SL 5.910 DUE 03/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .724.581 SERIES 2488 CLASS SO 6.910 DUE 03/15132 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .900.106 SERIES 2530 CUSS SE 6610 DUE 02/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP .386.103 SERIES 2526 CUSS SI 5.910 DUE LY2/15/32 PRINCIPAL REDUCTN 03-15-04 03/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP4503602 26.911.30 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 03-15-04 07/ 0401,04:12:31 001 11829 EFTA00195922 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 CI STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASER On FIIB INVESTMENT ACTIVITY (continued) LAST STATEMENT February 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION $9180..VISP OUPARRY PRCE DEIST AMOUNT CREDIT AMOUNT 03/15/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 55,386.25 SERIES 223 CLASS PO DUE 12/01/32 PRIN RID 02-04 P,D 03-15-04 REPO P 8I 0,0000 03/24/04 03/19/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 9,880,596 100.37500 9,917.649.04 SERIES 2004-2 CLASS SG ACCR. INT. 26.831.31 DUE 01/16/2034 12,220% 0987022118332 REF # 2004031957100000 BS 03/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 210.888.45 STRIP MTG SERIES 322 CL PO 0,001 DUE 03/01/32 PRIN RID 02-04 P,D 03-25-04 REPO P 8I 0,0000 03/25/04 PRINCIPAL FANNIE MAE CMOSERIES 2003-13 -853.249 S RCR-I0 FLTR 6,910 DUE 03/25/33 PRINCIPAL REDUCTN 03-2504 03125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 429.899 SERIES 2003-49 CLASS SW 5,910 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-04 01/29/04 03/25104 BOUGHT UNITED STATES TREASURY NOTE DUE 01/15/2009 03,250% II IS 10,000.000 ACCR. INT. 0.01 SPECIAL INSTRUCTIONS EVER REF # G0851009 A3 AS OF 03/25/04 01/29/04 03/25104 BOUGHT UNITED STATES TREASURY NOTE 20 000 000 0.01 WE 02/1512009 03,000% FA 15 SPECIAL INSTRUCTIONS EVER REF # G0851011 Al TOTAL $.9.944.480.37 $293,186.00 027 OA 01,04:12:31 001 EFTA00195923 CLEARED THROWN ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 9 o STATEMENT PERK* February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER 0fl PIM INTEREST LAST STATEMENT February 27.2004 DATE DESORPTION SYMBOL CU$1P OVANTITY RATE I%; DEBIT AMOUNT OTEDII AMOUNT 03/01/04 AVG BAL 161,125RT 4.137 536.94 021 OFFICE INTEREST 0204 03/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2471 CLASS YT MIS 1.0000 28,790.40 DUE 03/15/2032 1,000 INTEREST PAYMENT 03-15.04 03115/04 FEDERAL HOME LOAN MTG CORP 5.9100 98.734.31 SEBES 2483 CL SL DUE 03/15/2032 5,910 INTEREST PAYMENT 0.3-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP SEBES 2488 CLASS SO NMI 6.9100 100.072.08 DUE 03/15/2032 6,910 INTEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP SERES 2530 CLASS SE NMI 6.3100 120.463.40 DUE 02/15/2032 6,310 INTEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP 5.9100 48.395.21 SERES 2526 CLASS SI DUE 02/15/2032 5,910 INTEREST PAYMENT 03-15.04 03/16/04 GOVERNMENT NATIONAL MTG ASSN SERES 2004-2 CLASS SB NMI 6.1050 224.721.09 DUE 01/1612034 6,105 INT RID 03-04 P,D 03-16-04 REPO P 8I 6,1056 03/22/04 GOVERNMENT NATIONAL MTG ASSN 5.8580 214.820.83 SERES 2004-5 CLASS PS DUE 02/20/2033 5,858 INT RID 02-04 P,D 03-20-04 REPO P 8I 5,8587 03/25/04 FANNIE MAE CMOISERIES 2003-13 6.9100 207,331 92 S RTR DUE 03125/2033 6,910 INTEREST PAYMENT 03-25.04 027 0401.04:12:31 001 EFTA00195924 CLEARED THROUGH ITS YOIGUY GREED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 0 0. STATEMENT PERIOD Fthruant 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NNEER On PIM INTEREST (continued) LAST STATEMENT PeBMW)! 27.2004 DATE DESCRIPTION STMBOLCVSIP cvmrny RATE I%1 Oen AMOUNT CAW AMOUNT 03/25/04 FEDERAL NATIONAL MTG ASSN 5.9100 89,344.20 SALES 2003-49 CLASS SW DUE 01/25/2033 5.910 INTEREST PAYMENT 03-25-04 TOTAL $-536.94 $1.132.673.44 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETREIASNT TRACE DATE DATE TRANSACI1ON DUCKPIN:11 SYMECECUSIP WNW, OBIT mow CREDIT AMOUNT 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5.551.860 4,362,000.00 STRIP MTG SERIES 322 CL PO 0,001 2 FITM BZ TERM ENT 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN -5.551.860 4.382.000.00 STRIP MTG SERIES 322 CL PO 0,001 102 FITM B1 REPO A 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 2.112.812 1.580.000.00 SERIES 223 CLASS PO DUE I FITM AZ TERM MENT 03/01/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 .2.112.812 1.591.000.00 SERIES 223 CUSS PO DUE I ATM At REPO A 03/01/04 INTEREST FEDERAL NATIONAL MTG ASSN 472.55 STRIP MTG SERIES 322 CL PO DUE 03jar. 0,001 ATM BZ REPO I 027 0401,04:12:31 001 Y829 EFTA00195925 CLEARED THROuGH ITS ypiCtLY Onx*0 SURSIOally OFFICE SERVICING YOUR ACCOUNT Beer Stern Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 11 • STATEMENT PERGO February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT February 27.2004 SETTLEmDir TRADE DATE DATE TRANSACTION DESORPTION STMOCCCUSIP OUPAMIY PST AMOUNT CREDRAMOUNI 03/01/04 INTEREST FEDL HOME LOAN PM CORP#503602 171.17 lair. SERIES 223 CLASS PO DUE FONT 0,000 AZ REPO I 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO MI= -5.340.971 307.000.00 0,001 FITM 11.33 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO MEM -5.340.971 4.307.000.00 0,001 FITM la31 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5 340 971 4,307,000.00 STRIP MTG SERIES 322 CL PO 0,001 1032 FILM B2 REPO A 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO MIMI" 5,340,971 4.382,000.00 0,001 2 FITM BZ TERM ENT 03108104 JOURNAL FEDL HOME LOAN MTG CORP#503602 2.057.426 1,591,000.00 SERIES 223 CLASS PO A RA DUE 1 FITM TERM M ENT 03/08104 JOURNAL FEDL HOME LOAN MTG CORPNS03602 -3,057,097 2.376.000.00 SERIES 223 CLASS PO DUE 1 FITM At REPO 02/ 0401,04:12:31 001 YS29 EFTA00195926 CLEARED 114sOuGH Its yalCy1.7 001,40 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stern Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 12 • STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT February 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPSON STAIBECCUSIP OUNGITY OMIT AMOUNT CREDIT AMOUNT 03/08/04 JOURNAL FEDL HOME LOAN MM CORD#503602 3,057,097 2,376,000.00 SERIES 223 CLASS PO DUE I FITM A2 REPO OT08/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -3,057,097 2,376,000.00 SERIES 223 CLASS PO DUE Frrm A3 REPO 03#18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44,166,735 2,000,000.00 SERIES 2004-2 CLASS SB 6,t05 RIM 311AZ TERM ENT 03/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,166,735 4.544.000.00 SERIES 2004-2 CLASS SB 6,105 FITM 11.31 REPO A 0108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 6.209.000.00 SERIES 2004-S CLASS PS 5,858 FITM Rn3Z TERM ENT 03108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 7.107.000.00 SERIES 2004-S CLASS PS FITM SAIS8JUMP REPO 03/08104 INTEREST FEDERAL NATIONAL MTG ASSN 1.107.67 STRIP MTG SERIES 322 CL PO DUE 03 0001 FITM BZ REPO I 07/ 0401/04:12:31 001 YS23 EFTA00195927 CLEARED THRouGH ITS %snort Cnm,EO SUEsSiOany OFFICE SERVICING YOUR ACCOUNT Beer Mown m Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 13 STATEMENT PERK* Femmes)/ 28.2004 THROUGH March 31.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAyER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Femmes)/ 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STAID:UMW °WRIT', OMIT AMOUNT CREDIT AMOUNT 03/08/04 INTEREST FEDL HOME LOAN MTG CORP#503602 402.17 l ob SERIES 223 CLASS PO DUE FITM 0.000 AZ REPO I 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.877.78 SERIES 2004-2 CLASS SB DUE 01/ 6.105 FITM AZ REPO I 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 6.950.63 SERIES 2004-5 CLASS PS DUE lip 5,858 FITM BZ REPO I 03/19/04 JOURNAL FEDERAL NATIONAL MTG ASSN 5.340.971 307.000.00 STRIP MTG SERIES 322 CL PO 0,001 2 FITM B4 TERM ENT 03/19/04 INTEREST FEDERAL NATIONAL MTG ASSN 121.95 STRIP KM SERIES 322 CL PO DUE 03310 0.001 FITM B4 REPO I 01241:14 JOURNAL FEDERAL NATIONAL MTG ASSN -5.340.971 4,340,000.00 STRIP MTG SERIES 322 CL PO 0,001 ..32 FITM Al REPO A Dat241:14 JOURNAL GOVERNMENT NATIONAL WS ASSN -43.859.035 552,000.00 SERIES 2004-2 CLASS SB 6,110 ' FITM Al REPO 027 040004:12:31 001 V829 EFTA00195928 CLEARED THRouGH ITS yinCyty OmY*0 SUOSIOany OFFICE SERVICING YOUR ACCOUNT Beer Steam Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 14 • STATEMENT PERIOD February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER WIASER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Estrum)/ 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRFRION STAIDECCUSIP OVAAMTT DEBIT AMOUNT CREDIT AMOUNT 03!24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 43,859,035 4.544,000.00 SERIES 2004-2 CLASS SB 6,110 FITM RIII.32 TERM ENT 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9,880,596 8.021.000.00 SERIES 2004-2 CLASS SG 12,220 34 FITM Al REPO 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 9.880.596 8,021,000.00 SERIES 2004-2 CLASS SG 12,220.1134 FITM 012 REPO A 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -9.880.596 8.523.000.00 SERIES 2004-2 CLASS SG 12.220S34 FITM A3 REPO A 03/24/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 2.625.42 SERIES 2004-2 CLASS SB DUE 01! 6.110 FITM B2 REPO I 03/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -43.859.035 100.000.00 SERIES 2004-2 CLASS SB 6,110Mt / FITM Al REPO 03/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 43.859.035 552.000.00 SERIES 2004-2 CLASS SB 6,11 FITM0WA2 TERM MENT 027 0.01,00:12:31 001 429 EFTA00195929 CLEARED limouGH ITS miCLLY OMTLED SITEISIOTAlly OFFICE SERVICING YOUR ACCOUNT Beer Stern Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 15 STATEMENT PERIOO February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT February 27.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTIMI STAIDECCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 01,25 04 INTEREST GOVERNMENT NATIONAL MTG ASSN 19.93 SERIES 2004-2 CLASS SB DUE Mill 6,110 FITM A2 REPO I 03/26/04 JOURNAL UNITEDWEASURY NOTE FITM AI MIS -10,000,000 10.275.000.00 3,250 REPO AGREEMENT 03/2844 JOURNAL UNITED EASURY NOTE -20,000,000 20.250.000.00 FITM AI 3.000 09 REPO AGREEMENT TOTAL 6-40,244.749.27 $79,051.000.00 MISCELLANEOUS DATE 1.10MAT TRANSACTION DESCRIPTION DENT AMOUNT CREW AMOUNT 03/01/04 JOURNAL FITG FITM 33,513.00 03/02/04 JOURNAL FITG FITM 222,355.00 03/04/04 JOURNAL FITG FITM 3.00 03/11/04 JOURNAL FITG FITM 58,309.00 0312/04 JOURNAL FITG FITM 113.00 0315/04 JOURNAL RIG RIM 226.00 03/15/04 JOURNAL FEB 04 SPEC CLEARING FEES 450.00 03/19/04 JOURNAL FITG FITM 58,990.00 03/23/04 JOURNAL FITG TO FITM 431/28.00 03/25/04 JOURNAL MISC ADJ TO CASH BAL 0.50 027 EPL01,04:12:31 001 2829 EFTA00195930 CLEARED THROuGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 0 Tt. STATEMENT PERK* February 28.2004 THROUGH March 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASER On PIM MISCELLANEOUS (continued) LAST STATEMENT February 27.2004 DATE MaIDAT TRANSACTIM DESCRIPTION DENT AMOUNT CREPT AMOUNT 03/25/04 JOURNAL MISC ADJ TO CASH BAL 036 03/30/04 JOURNAL FITM TO FITG 30.553.002.39 TOTAL $-30.926.845.89 $431.844.36 Your messages Excess SIPC Account Protection Update The Firm believes it is of the utmost importance that clients who purchase or LW' Effective February 16, 2004, the commercial insurer through which Bear, hold mutual funds fully understand the intricacies of the pricing structures and Steams Securities Corp, obtains excess SIPC protection changed to Customer rules which govern these investments. Recently, a joint Industry/NASD Task Asset Protection Company MAPCO", a New York licensed insurance Force collaborated to create a Disclosure Statement to address these issues. company. CAPCO has an A-i- financial strength rating from Standard and We are providing this Disclosure Statement to you for the purpose of Pools, reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments, Additionally, you may review this information online at the following NASD web site: http://vwr.nasdr,comibreakpoints_statement,asp End of Statement 027 041:11,04:12:31 001 V829 EFTA00195931 CADAREO THROUGH ITS yonxty °ABED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef &aro Seorir . Bear. Stearns 8 Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERK* January 31.2004 VISIT OUR WEBSITE twat bearstearns.com THROUGH February 27.2004 AccouNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER NUMBER On File LAST sTATEmENT January 30.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 18 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Eqtivalent $237245 TOTAL VALUE OF SECURITIES THIS PERIOD 14,475,669 I S-13.933.518 LONG ACCRUED INTEREST 178,353 Fixed $14 ............ 475.669c,„„,.............c,„„,....... Income ItitaineEFFIEM- = ,, .. ,,,,,,,, ............... ............. 532.720.098 NET CREDIT BALANCE 237,245 Current market vane NET EQUITY THIS PERIOD $14,891,267 MIMI Last statements market value Short market value NET EQUITY LAST STATEMENT 19,401,851 CHANGE SINCE LAST STATEMENT -4,510,584 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. SI K lb" wrouri 11 for drab:nal ptrposes only It is rot sanded sonar cloyenta Pas Mtwara should Da Maned for your records Soo rasa We for inponart neconaton 027 02/28,04:11:32 001 V828 EFTA00195932 GEARED IHROUGH 11S YAIOtlY OMAE0 $1.1890MAY FINANCIAL TRUST CO INC 2 el is STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,2800:11:22 001 Y828 EFTA00195933 CLEARED THROUGH ITS YOICISY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 STATEMENT PERK* January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MAGER On Ale PEFICO YEAS TO GATE THIS PEWOO LAST STATEMENT January 30.2004 Opening Balance 8-13,933,517.82 Govt. Agency Int. 935.620.64 1.444.454.70 Corp. Bond Int. 210.215.02 422,370.02 Securities Sold 47,957,263.09 Reverse Repurchase Int. 353.90 1,772.78 Dividends Interest 1,163,014.99 Total $1,146,189.56 $1,868,597.50 Miscellaneous 12,615.00 Bond Purchase Int. 0.00 -175,968.71 Amount Credited $49,132,893.08 Margin Int. Paid -1.233.76 -1,233.76 Securities Bought -34,888,580.15 Repurchase Int. Exp. -4.858.21 -4,858.21 Dividends/Interest Charged -18,413.09 Miscellaneous -55,137.00 Amount Debited $-34,962,130.24 Portfolio Composition CasttlCash Equivalent 237,245 Net Cash Activity 14,170,762.84 Fixed Income 14.475,669 ClosingBalance $237.245.02 Your Portfolio Total $14,712,914 Allocation Cash & Equivalent • Cash Balance Summary I% OPENING CLOSING Margin -13.933.517.82 237,245.02 Net Cash Balance $-13,933.517.82 $237,245.02 L Fixed Income 99% UmPocled pormas oeno* oaee Delace onto* 'MoI male wives The Mamma, I:events-0 ta PE•uea Irmn Vo ebTaLte male, rat), of Nat polloaa 027 02/24.04:11:12 001 1828 EFTA00195934 CLEARED THRouGH ITS infiCtLY OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 c, STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER AAJLA3ER On File LAST STATEMENT January 30.2004 rAAPxET ESTIMATED CuAPENT oFsCRP-iou S•meCL 0./StP OuANTITy PACE VALUE ANNUAL INCOME VEtO CASH BALANCE 237,245 TOTAL CASH & CASH EQUIVALENTS 5237.245 FIXED INCOME Government & Agency Obligations Acc- /COVED ESTEM1E0 CURFerr DESCRIPTION S'•NECu.USP TYPE OuANTOY PRICE IAARKET VALLE MEREST ANNUAL MOM rep N FEDERAL HOME LOAN MTG CORP MRGN 22.924.959 8.8816 2.036.100 48,180 1.445,419 70.9896 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.305% FACTOR .38208265 FEDERAL HOME LOAN MTG CORP MRGN 9,833.727 8.0878 795.328 19.357 580,682 73.0116 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.905% FACTOR .38208264 FEDERAL HOME LOAN MTG CORP MRGN 34,548.473 2.0083 693.849 11.520 345.485 49.7925 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 031152032 1.000% FACTOR .34548474 FEDERAL HOME LOAN MTG CORP MRGN 17,389,674 9.7269 1.691.474 40.025 1.200,757 70.9888 SERIES 2488 CLASS SO DATED DATE 0710802 BOOK ENTRY ONLY DUE 031152032 6.905% FACTOR .34779352 027 022&00:11:32 001 Y829 EFTA00195935 CLEARED THROUGH ITS YAIOU.Y OH/E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 0 STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER NU03ER On File LAST STATEMENT January 30.2004 Government & Agency Obligations (continued) ACC' ACCRUED ESTMATE0 CURNSS1T DESCFSVION swect.cusP TyPE OUAMTITY PRICE IAARRET VALUE MEREST ANNUAL /COME VELD IV FEDERAL HOME LOAN MTG CORP MRGN 20.062.445 7.8695 1.578.811 39,491 1.184.687 75.0367 SERIES 2483 CL SL DATED DATE 07/0202 BOOK ENTRY ONLY DUE 03/15/2032 5905% FACTOR — .34779351 FEDL HOME LOAN MTG CORP#S03602 MRGN 1.026.582 83.1875 853.988 SERIES 223 CLASS PO DATED DATE 12/01102 BOOK ENTRY ONLY DUE 12/01/2032 FACTOR - .62787892 FEDERAL NATIONAL MTG ASSN MRGN 18.140.954 10.8000 1.959.214 5.955 1.072,130 54.7225 SERIES 2003.49 CLASS SW DATED DATE 04/3003 BOOK ENTRY ONLY DUE 01/2512033 5.910% FACTOR — .74633379 Total Government& Agency Obligations $9.608/64 $164.528 $5,829,160 Corporate Bonds ACCT KUM CURFEW DESCRPRON SWASOLKAISP TYPE QUANTITY PRICE TAMIXET VALUE PRIEST ANNUAL ESTIAME0 INCOME YEW 1161 FANNIE MAE CMO/SERIES 2003-13 MRGN 36.005,542 13.5171 4.866.905 13,825 2.487,983 51.1204 S FICR-1/0 FLTR DATED DATE 02/2503 BOOK ENTRY ONLY DUE 03125/2033 6.910% FACTOR — .72011086 Total CorporateBonds 54.866.905 513.825 52.487.983 TOTAL FIXED INCOME 514 475 669 $178.353 58 317 143 027 01:24.04:11:12 001 EFTA00195936 CLEARED THROUGH ITS MOW? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 o • t, STATEMENT PERIOD January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER WEIMER On File LAST STATEMENT January 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $178.353 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $8.317.143 YOUR PRICEDPORTFOLIOHOLDINGS $14.712.914 Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co.Inc. outstanding as of date of statement PIAICHASEI REPURCHASE PRCIN3 PURCHASE PRICE ACCnVED PEEP Comniri START DATE DATE RATE FRINCWAL N'ERESP (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLO GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/06/04 03/08/04 1.300 -6,209,000 -5,381 -44.000.000 SERIES 2004-5 CLASS P 5.8587 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/11/04 03/08104 1.300 -2.000.000 -1.372 -44.389.962 SERIES 2004-2 CLASS S 6.1056 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 -4,362,000 -472 -15,000,000 SERIES 322 CLASS PO 03/01/32 YOU SOLD FHLMC- STRIP PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 -1,580,000 -171 -3,365,000 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS 5-14,151,000 $-7,396 'ASH sLnunoni clan 027 02,2600:11:22 001 '28 EFTA00195937 CLEARED ',Knot p," ITS OMTS0 SUBSO, Any OFFICE SERVICING YOUR ACCOUNT Beer Stepp Bear. Stearns & Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 7 c, STATEMENT PERK* January 31.2004 THROUGH Faxing 27.2004 Transaction Detail ACCOUNT! NUMBER TAXPAYER WINNER On Flle INVESTMENT ACTIVITY LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION STLJEKLEUS4' WASHY Pula DEIST AMOUNT CRUM AXIOM 02/06/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -51,286 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/0I/32 PRINCIPAL REDUCTN 02-25-04 02/06/04 PRINCIPAL FEDL HOME LOAN MTG CORP#S03602 -48,366 SERIES 223 CLASS PO WE 12/01/32 PRINCIPAL REDUCTN 02-15-04 02/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN MIN 51,286 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 ADJ POS MO 2/2/04 02/09/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 48,366 SERIES 223 CLASS PO WE 12/01/32 ADJ POS M3 2/2/04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -995.746 SERIES 2471 CLASS YT 1.000 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -578,234 SERIES 2483 CL SI. 5905 DUE 03/15132 PRINCIPAL REDUCTN 02-15-04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -501,201 SERIES 2488 CLASS SO 6.905 DUE 03/15/32 PRINCIPAL REDUCTN 02-15-04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -602,327 SERIES 2530 CLASS SE 6,305 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP Mir -258.370 SERIES 2526 CLASS SI 5.905 DUE 02/15/32 PRINCIPAL REDUCTN 02-15-04 027 02.2404:11:32 001 Y829 EFTA00195938 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 c. .t. STATEMENT PERO° January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER Wiii3ER Cfl File INVESTMENT ACTIVITY (continued) LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE TRANSACT/3N OESCRPTION St)180.CUSP OCAS/TIT( PRCE DEBIT AMOUNT CREDIT MA3UNT 02/17/04 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 48,366.15 SERIES 223 CLASS PO DUE 12/01/32 PRINCIPAL PAYMENT 02-I 5-04 02/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 51.285.95 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL PAYMENT 02-25-04 02/25/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 -553,592 S RCR-VO FLTR 6,900 DUE 03/25/33 PRINCIPAL REDUCTN 02-25-04 02/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW MIS -278,921 5,900 DUE 01/25/33 PRINCIPAL REDUCTN 02-25-04 02/27/04 02/25/04 BOUGHT FEDERAL NATIONAL MTG ASSN MEI 3,701,240 87.87500 3,252,464.83 STRIP MTG SERIES 322 CL PO 1.0 4013,001% 6210000 BS TOTAL $.3.252A64.83 $99.652.10 INTEREST DATE OESCRPTION SYMEICIJOUSIP OUONMY RATE 1%/ DENT mow CREDIT AMOUNT 02/02/04 AVG 8AL 828.258RT 1.730 1,233.76 021 OFFICE INTEREST 0104 02/17/04 FEDERAL HOME LOAN MTG CORP 1.0000 29.620.18 SERES 2471 CLASS YT DUE 03/15/2032 1,000 INTEREST PAYMENT 02-15.04 027 02,2&04:11:22 001 .828 EFTA00195939 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER Ofl PIM INTEREST (continued) LAST STATEMENT January 30.2004 DATE DESCRIPTION STIABOI-EVSIP °VANN'? RAM IN) DEBIT AMOUNT CREW AMOUNT 02/17/04 FEDERAL HOME LOAN MTG CORP 5.9050 101,48334 SERIES 2483 CL SI. DUE 03/15/2032 5,905 INTEREST PAYMENT 02-15-04 02/17/04 FEDERAL HOME LOAN MTG CORP 6.9050 102.872.54 SERES 2488 CLASS SO DUE 03/15/2032 6,905 INTEREST PAYMENT 02-15.04 02/17/04 FEDERAL HOME LOAN ma CORP SERES 2530 CLASS SE MIS 6.3050 17,179.33 DUE 02/15/2032 6,305 INT IUD 01-04 P,D 02-15-04 REPO P E I 6,3000 02/17/04 FEDERAL HOME LOAN ma CORP 6.3050 123,518.25 SERES 2530 CLASS SE DUE 02/15/2032 6,305 INTEREST PAYMENT 02-15.04 02/17/04 FEDERAL HOME LOAN ma CORP 5.9050 49,619.48 SERES 2526 CLASS SI DUE 02/15/2032 5,905 INTEREST PAYMENT 02-15.04 02/17/04 GOVERNMENT NATIONAL MTG ASSN 6.0800 224,909.14 SERES 2004-2 CLASS SB DUE 01/16/2034 6,080 INT RID 02-04 PM 02-16-04 REPO P d I 6,0800 02/18/04 FEDERAL HOME LOAN BOG CORP 6.3050 17,179.33 SERES 2530 CLASS SE DUE 02/15/2032 6,305 REV ENTRY NO 2/17 02/20/04 GOVERNMENT NATIONAL MTG ASSN 5.8100 213,033.33 SERES 2004-5 CLASS PS DUE 02/20/2033 5,810 INT R/D 01.04 PM 02-20-04 REPO P S I 5,8100 027 CQ4604:11:32 001 •x828 EFTA00195940 CLEARED THRouom ITS mow, CAN,E0 SUONIXAny OFFICE SERVICING YOUR ACCOUNT Beer Ster Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT PERK* January 31.2004 THROUGH Faxing 27.2004 Transaction Detail (continued) AccouNT NUMBER TAXPAYER MNSER On He INTEREST (continued) LAST STATEMENT January 30.2004 DATE DESCRIPTION SYMBOLCvSiP OcANnly RATE I% DEBIT AMOUNT CREDIT AMOUNT 02125/04 FANNIE MAE CMG/SERIES 2003-13 6.9000 210,215.02 S RCR-6O RTR DUE 03/25/2033 6,900 INTEREST PAYMENT 02-25.04 02/25/04 FEDERAL NATIONAL MTG ASSN 5.9000 90.564.38 SERIES 2003-49 CLASS SW DUE 01/25/2033 5,900 INTEREST PAYMENT 02-25.04 $.18.413.09 $1.163.014.99 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MOE DATE DATE TRANSWION DESORPTION SYMBOLCVSN, MAMA, DENT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN -1.901.906 1.477.000.00 STRIP MTG SERIES 322 CL PO 0,001 102 FITM Al REPO A 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN 1.901.906 1.477.000.00 r2 STRIP MTG SERIES 322 CL PO 0,001 FITM REPO 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN -1.901.906 1.477.000.00 STRIP NM SERIES 322 CL PO 0,001 11032 FITM A3 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 20.255.032 SERIES 2530 CLASS SE 6,300w FITM A2 TERM ENT 027 02,2800:11:22 001 Y828 EFTA00195941 CLEARED TNRoue,' ITS yruCyLv OmTEO SUOSIOally OFFICE SERVICING YOUR ACCOUNT Beer Steam Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER ARAISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT January 30.2004 SEMEmENT TRADE DATE DATE TRANSACTION DESORPTION STMOCCCUSIP OVANOTT CESIT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 3,272,253 SERIES 2530 CLASS SE 6,300R0Eu parni FiTMARGN A2 TERM NT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP -648360 48.635.95 SERIES 2530 CLASS SE 6,300 FITM 111.18 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP -648360 48.635.95 SERIES 2530 CLASS SE 6,300 FiTM 1.1# 3138 REPO A 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP -3.272.253 245.000.00 SERIES 2530 CLASS SE 6,300 FiTM At REPO A 02(02;04 JOURNAL FEDERAL HOME LOAN MTG CORP 3.272.253 245.000.00 SERIES 2530 CLASS SE 6,300 FiTtv1 11.2 REPO A 02O2104 JOURNAL FEDERAL HOME LOAN MTG CORP -19.606.071 1.469.364.04 SERIES 2530 CLASS SE 6,300 W2 FiTI/411 AlA REPO A 02O2104 JOURNAL FEDERAL HOME LOAN MTG CORP -19.606.071 1,469,364.04 SERIES 2530 CLASS SE 6 300 2 F A3A REPO A 027 02/2604:11:12 001 V828 EFTA00195942 CLEARED THROUGH ITS WHOLLY CALY80 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Rem Sown Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER OR He REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPT1CN STMOCCCUSIP OUJARITT DEBIT AMOUNT CREDIT AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 20,255,032 1,518,000k0 SERIES 2530 CLASS SE 6,300pW2 FiTtA A2 REPO 02102/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -3,187,760 2,336,000.00 SERIES 223 CLASS PO DUE ATM 81 REPO 02/02/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 3,187,760 2,336,000.00 SERIES 223 CLASS PO DUE ATM lip B2 REPO A 02/02/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 -3,187,760 2.336.000.00 SERIES 223 CLASS PO DUE ATM 211. 83 REPO A 02(02;04 JOURNAL FEDERAL NATIONAL MTG ASSN -18.419.876 1.551.000.00 SERIES 2003.49 CLASS SW 5,900 FiTM AI REPO A 02'02'04 JOURNAL FEDERAL NATIONAL MTG ASSN 18.419.876 1.551,000.00 SERIES 2003.49 CLASS SW 5,900 F WA2 REPO A 02'02'04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,000.000 6.336.000.00 SERIES 2004-5 CLASS PS 5,810 it3 F am Al REPO A 027 02/24.04:11:12 001 V828 EFTA00195943 cLEARED RouGH ITS vniCyLv OGY*0 MAMIE/any OFFICE SERVICING YOUR ACCOUNT Bear Sown ir Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 13 STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAGER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COMMIS) LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE TRMISACRON DESCRIPRON SYMEIECCUSIP MANDY, DEBIT AMOUNT CREDIT AMOUNT JOURNAL ADP CD 2.075.000.00 FILM-PR INTEREST ADP CD 353.90 DUE 1213 26 02/04/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.389.962 193.000.00 SERIES 2004-2 CLASS SB 6.080 FITM Mal REPO A 02/06/04 JOURNAL FEDERAL NATIONAL MTG ASSN .1.850.620 1.424.000.00 STRIP MTG SERIES 322 CL PO 0.001 FITM Al REPO 02/06/04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO NMI 1.850.620 1.477.000.00 0,001 FITM A2 TERM ENT 02/06/04 JOURNAL FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE NMI 648.960 48.635.96 6.300 2 FILM AZB TERM ENT 02/06/04 JOURNAL FEDERAL HOME LOAN MTG CORP 19.606.071 1.469.364.04 SERIES 2530 CLASS SE WM 0031. ,A2ZA TERM ENT 02/06/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 SERIES 223 CLASS PO VIM -3.139.394 2.277.000.00 DUE I FILM 81 REPO A 027 02,2604:11:32 001 V828 EFTA00195944 CLEARED Tirnouorr ITS 'ARMY OunE0 SUSSIOally OFFICE SERVICING YOUR ACCOUNT Beer Sown Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NV's:1ER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STMOCCCUSIP CVJAITITY LEGIT AMOUNT CREDIT AMOUNT 02/06/04 JOURNAL FEDL HOME LOAN MTG CORD#503602 3.139.394 2.336.000.00 SERIES 223 CLASS PO DUE i ATM TERM mBZ ENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.389.962 193.000.00 SERIES 2004-2 CLASS SB 6.080 FiTh1 Mt.? TERM ENT 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.389.962 1.952.000.00 SERIES 2004-2 CLASS SB #080 FiTM AI REPO A 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44.000.000 6.209.000.00 SERIES 2004-5 CLASS PS 5.810 FITM 11.31 REPO A 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44.000.000 6.336.000.00 SERIES 2004-5 CLASS PS 5.810 FiTh1 3.62 TERM ENT 02/06/04 INTEREST FEDERAL NATIONAL MTG ASSN STEW MTG SERIES 322 CL PO ENE 213.34 DUE 010 0.001 FM AZ REPO IN 02/06/04 INTEREST FEDERAL HOME LOAN MTG CORP 7.03 SERIES 2530 CLASS SE DuE 02/ 6 300 AZd REPO i 027 02,2604:11:22 001 YS2S EFTA00195945 CLEARED orsouom ITS yruCLLY OunE0 SUSSIOany OFFICE SERVICING YOUR ACCOUNT Beer Sown Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NV's:1ER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE RINCRACOON DESORPTION STMOCCCUSIP OVANTITy OMIT AMOUNT CREDIT AMOUNT 02/06/04 INTEREST FEDERAL HOME LOAN MTG CORP SERIES 2530 CLASS SE DUE 02310. 6.300 ATM AM REPO i 02/06/04 INTEREST FEDL HOME LOAN MTG CORP#S03602 337.42 SERIES 223 CLASS PO DUE i 0,000 ATM BZ REPO i 02/06/04 INEREST GOVERNMENT NATIONAL MTG ASSN 13.94 SERIES 2004-2 CLASS SB DUE 013111. 6.080 RIM A2 REPO i 02/06/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 915.20 SERIES 2004-5 CLASS PS DUE 02/111. 5.810 NM A2 REPO i 0201;04 JOURNAL FEDERAL NATIONAL MTG ASSN 1.850.620 1.424.000.00 STRIP MTG SERIES 322 CL PO 0,001 2 Fah( A2 TERM ENT 02/11;04 JOURNAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO ENE -1.850.620 1.424.000.00 0,001 2 FiTM A3 TERM ENT 02/11;04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 44 389.962 1.952.000.00 SERIES 2004-2 CLASS SB 6.080 FITM 3.1 34 A2 TERM MENT 027 02,2604:11:22 001 VS2S EFTA00195946 CLEARED THRouom ITS OuYED SUSSIDany OFFICE SERVICING YOUR ACCOUNT Beer Sawn Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 16 STATEMENT PER•00 January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT January 30.2004 SETTLEmENT TRADE DATE DATE TRANSACTION DESORPTION STAIDECCUSIP CESIT mAMOUNT CREDIT AMOUNT 02/11/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN -44,38"M 9,962 11Y 2.000.000.00 SERIES 2004-2 CLASS SB REPO Al REPO 02/11/04 INTEREST FEDERAL NATIONAL MTG ASSN 257.1 STRIP MTG SERIES 322 CL PO DUE 03 0,001 FITM A2 REPO i 02111/04 INEREST FEDERAL NATIONAL MTG ASSN 257.11 STRIP MTG SERIES 322 CL PO DUE 0.001 FITM A3 REPO i 02H 1/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 352.44 SERIES 2004-2 CLASS SB DUE 011 6.080 FITM A2 REPO IN 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN 1.850.620 1.424.000.00 STRIP MTG SERIES 322 CL PO COOT 2 FUN A4 TERM ENT 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN -5.551.860 4.362.000.00 STRIP MTG SERIES 322 CL PO COOT FIT 11.31 REPO 02(27(04 JOURNAL FEDERAL NATIONAL MTG ASSN 5.551.860 4.362.000.00 STRIP MTG SERIES 322 CL PO 0,00t RP M REPO 027 02/2604:11:12 001 YS2S EFTA00195947 CLEARED THRomem ITS yniCyLY OmY*0 SUOSIO, Any OFFICE SERVICING YOUR ACCOUNT Beer Sown Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) =cosi! NUMBER TAXPAYER NLAISER On FIk REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT January 30.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRSMON STMOCCCUSIP OUANTITT OMIT AMOUNT CREDIT AMOUNT 02/27/04 JOURNAL FEDERAL NATIONAL MTG ASSN -5,551,860 4.362.000.00 STRIP MTG SERIES 322 CL PO 0,001 FiTM 11•3 REPO 02/27/04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 .1.610.509 1.205.000.00 SERIES 223 CLASS PO DUE ATM Al REPO 02/27/04 JOURNAL FEDL HOME LOAN MTG CORP#503602 1.610.509 1,205,000.00 SERIES 223 CLASS PO DUE ATM lir A2 REPO A D2(27(04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 -2.112.812 1.580.000.00 SERIES 223 CLASS PO DUE 1 FIN 211. A3 REPO A D2(27(04 JOURNAL FEDL HOME LOAN MTG CORP#S03602 3.139.394 2.277.000.00 SERIES 223 CLASS PO DUE ATM 3111.1 ,32 TERM ENT D2(27(04 INTEREST FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO ENE 1.079.87 DUE 0331. 0,001 NM A4 REPO i 02/27/04 INTEREST FEDL HOME LOAN MTG CORP#S03602 1.726.73 SERIES 223 CLASS PO DUE I 0000 ATM B2 REPO i TOTAL $-31.636.115.32 547.857.610.99 027 02,260411:32 001 EFTA00195948 CLEARED 1HR0UGH ITS YAIOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL. TRUST CO INC 18 Ole STATEMENT PERK* January 31.2004 THROUGH February 27.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AVUSER On PIM MISCELLANEOUS LAST STATEMENT January 30.2004 DATE MOAT TRANSACTION DESCRIPTON DEBT AKUNT GRECO AMOUNT 02/05/04 JOURNAL FITG ATM 12.615.00 02/09/04 JOURNAL FITM FRO 54.687.00 02/12/04 JOURNAL JAN.04 SPEC CLEARING FEES 450.00 TOTAL 5-55.137.00 $12.615.00 Your messages oar Effective Excess SIPC Account Protection Update February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO", a New York licensed insurance company, CAPCO has an A-I- financial strength rating from Standard & Pools. End of Statement 027 02,2604:11:22 001 Y829 EFTA00195949 CLEARED THRCO3H ITS YiHOLLY OWNED SUBSIDING, OFFICE SERVICING YOUR ACCOUNT S ear. Stearns Co. mInc. B STUR URNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PEF000 January 1.2004 VISIT OUR WEBSITE www.bearsleams.com THROUGH January 30.2004 ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER WAGER On FIk LAST STATEMENT December 31.2003 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/O JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 13 STE 83 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash a Equwalent I a-13.933.51B TOTAL VALUE OF SECURITIES THIS PERIOD 32,720,098 $380.860 LONG ACCRUED INTEREST 615,271 Axed $32/20.098 Income INIIIMMIME33MIN $18.601.283 NET DEBIT BALANCE -13,933,518 Current market value NET EQUITY THIS PERIOD $19,401,851 In Last statements market value C Short market value NET EQUITY LAST STATEMENT 19,197,920 CHANGE SINCE LAST STATEMENT 203,931 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Ths summary H lot nfonnahmil pwposes otitis riot iten4h1n a us &mows TIN Maimed shoal be Mann:11w your marls See worse ado fa ',swum ricnnaten 027 0141.134:09:20 001 7824 EFTA00195950 GEARED 110.10004 ITS WHOLLY OMAE0 $1.1090MAv FINANCIAL TRUST CO INC 2 oi la STATEMENT BACKER IS PRINTED ON THIS PAGE 021 014140:09:20 001 YS2A EFTA00195951 CLEARED THROUGH ITS WHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 al STATEMENT PERK* January 1.2004 THROUGH January 30. 2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MAWR On File 714S MEMO YEAS TO DATE THIS PERIOD LAST STATEMENT December 31.2003 Opening Balance $380,859.92 Govt. Agency Int. 508,834.06 508,834.06 Corp. Bond Int. 212.155.00 212.155.00 Securities Sold 9.844.310.88 Reverse Repurchase Int. 1.418.88 1.418.88 Dividends/Interest 720,989.06 Total $722,407.94 $722,407.94 Miscellaneous 219.564.00 Bond Purchase Int. -175.968.71 -175.968.71 Amount Credited $10,784,863.94 Securities Bought -24,567,419.97 Funds Withdrawn -62.716.00 Portfolio Composition Dividends/Interest Charged -175.968.71 SHORr t0N0 Miscellaneous -293.137.00 Cash/Cash Equivalent 13.933.518 Amount Debited 5-25,099,241.68 Fixed Income 32.720,098 Net Cash Activity -14,314,377.74 Total $13,933,518 $32,720,098 Your Portfolio Allocation Closing Balance 5-13,933,517.82 Cash Balance Summary Short Cash 8 Equivalent OPEN NG CLIZ61/10 29% Margin 380,859.92 -13.933,517.82 Net Cash Balance $380,859.92 $-13.933.517.82 Fixed Income 71% UmPooecl poroo” oeno* aa0t 014, p, ancro• male< vela, The Mowry. ;events,' ty Po•aed Icon Pe etnol.te mo*eT rat), of >vv p tkno 027 014144:09:20 001 V824 EFTA00195952 CLEARED THROUGH ITS INHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 STATELIER, PERK* January 1.2004 THROUGH January 30.2034 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER ARJAA3ER OD File LAST STATEMENT December 31.2003 MAPXEI ESTIMATED CuARENT oTsCRP-iou S•AICLO.,StP Oumarry PACE vtLuE ABM& MCCUE 1'601%) CASH BALANCE -13,933,518 TOTAL CASH & CASH EQUIVALENTS $-13.933.518 FIXED INCOME Government & Agency Obligations ACC' ACCRUED ESTMATE0 CURFGVr DESCRIPTION SweCt.CuSP BRE Olmorir* PRICE MARKET VALLE MEREST ANNUAL INCOME YEW 114 FEDERAL HOME LOAN MTG CORP MRGN 10,092.097 10.5957 1.069.327 24.811 595,434 55.6831 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 0'2/15/2032 5.900% FACTOR .39212142 FEDERAL NATIONAL MTG ASSN MRGN 1,901.906 85.5000 1.626.130 2 19 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03101/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR 1.00000000 FEDERAL HOME LOAN MTG CORP MRGN 35,544,219 3.6201 1,286,725 14.810 355.442 27.6238 SERIES 2471 CLASS YT DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR .35544220 FEDERAL HOME LOAN MTG CORP MRGN 17,890.875 11.3612 2.032.626 51,435 1.234,470 60.7328 SERIES 2488 CLASS SO DATED DATE 0710802 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR .35781753 027 DI/ U04:09:20 001 Y82/ EFTA00195953 BLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 ri STATELIER, PERK* January 1.2004 THROUGH January 30.2004 Your Portfolio Holdings (continued) Acumen NUMBER TAXPAYER NU03ER On File LAST sTATELIENT December 31.2003 Government & Agency Obligations (continued) ACC' ACCRUED ESTPAMED CURFIENIT YELL DESCRPtION SUMCLCuSP Brit OUANIITY PRICE IAARKET VALLE INTEREST ANNJAL INCOME IG FEDERAL HOME LOAN MTG CORP MRGN 20.640.679 10.7112 2.210.868 50,740 1.217.800 55.0824 SERIES 2483 CL SL DATED DATE 07/02402 BOOK ENTRY ONLY DUE 03115/2032 5900% FACTOR - .35781752 FEDL HOME LOAN MTG CORP#S03602 MRGN 3.187.760 80.2031 2.556.683 SERIES 223 CLASS PO DATED DATE 12+01/02 BOOK ENTRY ONLY DUE 12+01/2032 FACTOR - .63755215 FEDERAL NATIONAL MTG ASSN MRGN 18.419.875 11.4264 2.104.727 15.092 1.086.773 51.6349 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 5.900% FACTOR - .75780881 GOVERNMENT NATIONAL MTG ASSN MRGN 44.000.000 18.0000 7.920.000 205.933 2.556.400 32.2778 SERIES 2004-5 CLASS PS INTEREST FROM DATE 01/20/04 DATED DATE 01/23/04 RRST COUPON 02+20/2004 BOOK ENTRY ONLY DUE 02+20/2033 5.810% FACTOR - 1.00000000 GOVERNMENT NATIONAL MTG ASSN MRGN 44.389.962 14.5833 6.473.526 217.413 2.698.910 41.6915 SERIES 2004-2 CLASS SB INTEREST FROM DATE 01/16/04 DATED DATE 01/23104 FIRST COUPON 02+16,2004 BOOK ENTRY ONLY DUE 01/102034 6.080% FACTOR — 1.00000000 Total Government& Agency Obligations $27.280.612 $580.236 $9.745248 027 01/310409:20 001 Y/124 EFTA00195954 CLEARED THROUGH ITS YAICU.Y OGBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER MAGER On FIR LAST STATEMENT December 31.2003 Corporate Bonds ACC" ACCRUED ESTI:WED CURRE' DESCRY:TON SYLSOMOJSP TYPE OUANTITY PRICE IAARICT VALLE MEREST ANNUAL INCOME VELD NG FANNIE MAE CMO/SERIES 2003-13 MRGN 36.559,134 14.8786 5.439.486 35,035 2.522,580 46.3753 S RCR-I/0 FLTR DATED DATE 0212503 BOOK ENTRY CNLY DUE 03/26,2033 6900% FACTOR — 23118269 Total CorporateBonds $5.439.486 $35.035 $2.522.580 TOTAL FIXED INCOME $32.720.098 $615.271 $12.267.828 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 6615.271 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $12.267.828 YOUR PRICED PORTFOLIOHOLDINGS $18.786.580 Repurchase and Reverse Repurchase Transactions with Bear,Stearnsand Co.Inc. outstanding as of date of statement PURO4ASE: REPURCHASE PMCINO PURCHASE PRICE/ ACCRUED REPO °WRIT( START DATE DATE RATE FRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 10/23/03 OPEN 0.000 -51,655,000 SERIES 2530 CLASS SE 6.3000 02/15132 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS $0 $0 'As <X sial<rnint dY4 027 014144:09:20 001 1424 EFTA00195955 CLEARED THROUGH ITS yal0sty fms80 SUBSIOany OFFICE SERVICING YOUR ACCOUNT Beef Stea•nt. it' • S ear. Steams 8 Co. m Inc. B STUR URNS FINANCIAL TRUST CO INC 7 Ct STATEMENT PEF000 January 1.2004 THROUGH January 30.2004 Transaction Detail Accocm NUMBER TAAPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT December 31,2003 SETTLEMENT TRADE DrE WE -44NS4CDON DESCSPTION SYME10,SUST, WNW( PRCE DEBIT AMOUNT CHEM MONO 01/08104 PRINCIPAL FEDERAL NATIONAL MTG ASSN -69.335 STRIP MTG SERIES 322 CL PO 0,001 DUE 0361/32 PRINCIPAL REDUCTN 01.25-04 01108104 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 -61.557 SERIES 223 CLASS PO DUE 12,01/32 PRINCIPAL REDUCTN 01-16-04 01/15104 PRINCIPAL FEDERAL HOME LOAN MTG CORP -1.222.000 SERIES 2471 CLASS YT 1,000 DUE 0305:32 PRINCIPAL REDUCTN 01.16-04 01/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -23 SERIES 2471 CLASS YT 1,000 DUE 03/5132 PRINCIPAL REDUCTN 01-16-04 01/15'04 PRINCIPAL FEDERAL HOME LOAN MTG CORP -709.634 SERIES 2483 CI. SL 5,837 DUE 0305:32 PRINCIPAL REDUCTN 01.16-04 01/15104 PRINCIPAL FEDERAL HOME LOAN MTG CORP -615.095 SERIES 2488 CLASS SO 6,837 DUE 03/1532 PRINCIPAL REDUCTN 01-16-04 01115104 PRINCIPAL FEDERAL HOME LOAN MTG CORP -364.849 SERIES 2526 CLASS SI 5,837 DUE 02115 32 PRINCIPAL REDUCTN 01.16-04 01/15104 PRINCIPAL FEDL HOME LOAN MTG CORP#503602 61.556.80 SERIES 223 CLASS PO DUE 12,01/32 PRINCIPAL PAYMENT 01-16-04 01/26104 PRINCIPAL FEDERAL NATIONAL MTG ASSN 69,335.20 STRIP MTG SERIES 322 CI. PO 0,001 DUE 03'01,32 PRINCIPAL PAYMENT 01.25-04 027 D1,3i.04:09:20 001 Y824 EFTA00195956 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 c, STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAISER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2003 SETTLEMENT TRADE DATE DATE TRANSACTKIN DESCRIPTION SYMEICL0u9P °MINN PRICE DEBIT AMOUNT GRECO AAIDUTO 01/26/04 PRINCIPAL FANNIE MAE CMG/SERIES 2003.13 -559,291 S RCR-1/0 FLTR 6.858 DUE 03/25/33 PRINCIPAL REDUCTN 01-25-04 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN -281.792 SERIES 2003-49 CLASS SW 5.858 DUE 01/25/33 PRINCIPAL REDUCTN 01-25-04 01/30/04 01/16104 BOUGHT GOVERNMENT NATIONAL MTG ASSN 44.389.962 13.25000 5,881,669.97 SERIES 2004-2 CLASS 58 ACCR. INT. 104,957.59 WE 01/16/2034 06.080% 0987021011332 REF # 2004011646030000 BS AS OF 01/16/04 01130;04 0110&04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 22.000.000 17.81250 3.918.750.00 SERIES 2004-6 CLASS PS ACCR. NT. 35.505.56 WE 02/20/2033 05.810% 0987022118332 REF # 2004010846380000 BS AS OF 01/08104 ACCRUES ON 1ST. PAYS ON 20TH 01130/04 01;23,04 BOUGHT GOVERNMENT NATIONAL MTG ASSN SERIES 2004-6 CLASS PS MIK 22.000.000 18.00000 3.960.000.00 WE 02/20/2033 05.810% ACCR. NT. 35.505.56 0987022118332 REF # 2004012346390000 BS AS OF 01/23104 ACCRUES ON 1ST. PAYS ON 20TH TOTAL $-13.936.388.68 $130.892.00 027 010104:09:20 001 EFTA00195957 CLEARED THROUGH ITS YiliCtLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 c. STATEMENT PER100 January 1.2004 THROUGH January 30.2034 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT December 31.2003 DATE TIONSACTON DESCRPTICM DEEM AlACKAR CREDIT AMOUNT 01/02104 FND WIRED MDA#GV119949FNDS WIRED TO 62.716.00 MS BANK C#17196I TOTAL $-62.716.00 INTEREST Do-E CESCRPTION SYMECL,CoMP OUNOITY RATE PO DEBIT AMOUNT CREDO AMOUNT 01/15/04 FEDERAL HOME LOAN MTG CORP 1.0000 30,638.54 SEBES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 5.8370 103.860.38 SEBES 2483 CL SL DUE 03/15/2032 5.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 6.8370 105.445.48 SEBES 2488 CLASS SO DUE 03/15/2032 6.837 INTEREST PAYMENT 01-15-04 01/15/04 FEDERAL HOME LOAN MTG CORP 6.2370 17.62180 SERES 2530 CLASS SE DUE 02/15/2032 6,237 INT RID 12-03 PM 01-15-04 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP 6.2370 109,090.19 SERES 2530 CLASS SE DUE 02/15/2032 6.237 INT ND 12-03 PAD 01-15-04 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP SERES 2526 CLASS SI ISM 5.8370 50.868.68 DUE 02/1512032 5.837 INTEREST PAYMENT 01.15-04 027 01/31.04:09:20 001 EFTA00195958 CLEARED THRouem ITS OmY*0 SUEISIOany OFFICE SERVICING YOUR ACCOUNT Beer &Ter Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT PER100 January 1.2004 THROUGH January 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER On File INTEREST (continued) LAST STATEMENT December 31.2003 DATE DESCRIPTION soma/ruse DUANTITT RATE N4 DENT AMOUNT WENT AMOUNT 01/26/04 FANNIE MAE CMG/SERIES 2003-13 6.8580 .1155.00 S RCR-VO RTR DUE 03/25/2033 6.858 INTEREST PAYMENT 01-25-04 01/26/04 FEDERAL NATIONAL MTG ASSN 5.8580 91.306.99 SERIES 2003-49 CLASS SW DUE 01/25/2033 5.858 INTEREST PAYMENT 01-25-04 "0"AL $720.989.06 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co. Inc. SETTLEMENT MEE DATE DATE TFINiSJ.C-1011 DE$111P'ICN SYMOCEtuNP DUANTITT DENT AMOUNT CREDIT AMOUNT DMZ. JOURNAL ADP CD 980,000.00 ATM-PR F275318101( 1/49 01/02/04 JOURNAL ADP CD 980,000.00 FILM-PR F2753181019 1/49 D110211 JOURNAL ADP CD FITM-PR F275318101h INK 980.000.00 1/49 01/02t04 JOURNAL ADP CD 1297.000.00 FITM-PR F275318101i 10)31(49 01/02,1 INTEREST ADP CD 384.65 DUE 12131/2049 8.625 318101f 02/ 01/31.13404:20 001 Y1924 EFTA00195959 CLEARED THROuGH ITS VIOL.? GUYED SUEISIDMIne OFFICE SERVICING YOUR ACCOUNT Beer Star Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 11 • STATEMENT PERK* January 1.2004 THROUGH January 30.2034 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT December 31.2003 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STAIOCCCUSIP GuANTITY OMIT ;wow CREDIT AMOUNT cruise JOURNAL ADP CD 1.297.000.00 FITA4-eR F275318101j 1/49 01/16/04 JOURNAL ADP CD 1,297,000.00 FITM-eR F275318101k 12/31(49 omell JOURNAL ADP CD 1.297.000.00 FITte-eR F2753181011 1/49 01/16/04 JOURNAL ADP CD FITM-eR F275318101m MIN 1,840,000.00 R ax Mc 10/31(49 ov161 INTEREST ADP CD 501.15 DUE 12/31/2049 8.625 5318101I alai 01/21/04 JOURNAL ADP CD 1.659.000.00 FITte-eR F2753181010 R ax NC 1/49 01/211 JOURNAL ADP CD FITM-PR F275318101n MIK 1.840.000.00 1/49 01/211 INTEREST ADP CD 256.58 DUE 12131/2049 8.625 5318101n 110. 01/271 JOURNAL ADP CD 1.659.000.00 FITte-eR F275318101p R ax MC 1/49 027 01,31.04:09:20 001 V824 EFTA00195960 CLEARED THROUGH ITS YiliCtLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 12 0 13 STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WAXIER On Pile REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (MINIMS) LAST STATEMENT December 31.2003 SEITLENDTT TRADE DATE DATE TRANSACRON DESCRP110N SYMECLCiAlP OVANTre DEBIT AMOUNT CREDIT AMOUNT 01/27/04 JOURNAL ADP CD 1.659.000.00 FITM-PR F275318101q 10)31/49 01/271 JOURNAL ADP CD FITM-PR F275318101r MIK 1.659.000.00 A Ax titer 1/49 01/27/04 JOURNAL ADP CD FITM-PR F275318101s MIK 2,075,000.00 10131/49 01/271 INTEREST ADP CD DUE 12131/2049 8.625 Milli 276.50 11.65318101p TOTAL 5-10.807.000.00 $9.713.418.88 MISCELLANEOUS DATE MOAT TRANSACT°, DESCRIPTION DEBIT AMOUNT CREPT ATANNT 01/08/04 JOURNAL FITG FITM 155.420.00 01/12/04 JOURNAL FITG FiTM 79.477.00 01/14/04 JOURNAL RTG FiTM 19.611.00 01/16/04 JOURNAL DEC. 03 SPEC CLEARING FEES 100.00 01/16/04 JOURNAL FRG RIM 32,492.00 01/22/04 JOURNAL FiTM TO FITG 181,068.00 027 DI,3IA34:O9:2O 001 YS2A EFTA00195961 CLEARED THROuGH ITS MIPS? OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 0 13 STATEMENT SEATO° January 1.2004 THROUGH January 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On FIN MISCELLANEOUS (continued) LAST STATEMENT December 31.2003 DATE ITPDAY TPANSACTCTI DESCRIPTION DEBT ATIP1/41 CREPT AP/OVNT 01/27;04 JOURNAL FITG FTIM 44.533.00 TOTAL S.293,137.00 $219.564.00 Your messages Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp. obtains excess SIPC protection will change to Customer Asset Protection Company ('CAPCO'), a New York licensed insurance company. CAPCO has an financial strength rating from Standard and Pools. End of Statement 027 Ob3b04:09:20 001 EFTA00195962