EFTA00195963

Statements EFTA00195963 CLEARED THAGVG/I ITS yriseLLY 0H0¢0 SUBSOIAlly OFFICE SERVICING YOUR ACCOUNT I fir Bear. Stearns & Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC STATEMENT PERIOD December 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wentbearstearns.com THROUGH December 30.2005 ACCGUNT NUMBER What's In This Statement lllII.11IiIlllllll I ll TAXPAYER KAMER On File LAST STATEMENT NOyernter 30.2005 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 3 0/0 JEFFREY EPSTEIN Transaction Detail 4 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio U any information regarding 2005interest, dividends. Cash $ Equivalent H I 5137.909 miscellaneous income. gross NET CREDIT BALANCE 137,909 $137.131 proceeds or original issue discount is required to be NET EQUITY THIS PERIOD $137,909 Current market value reported to the IRS for this Last statement's market value account, a Consolidated Form NET EQUITY LAST STATEMENT 137,131 1099wi11 be mailed to you by January 31.20D6or a 1042S CHANGE SINCE LAST STATEMENT 778 by March 15,2006. There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. Tai Pornir/ Mr GfOrmormool palms only Nis ro trended as downer Tin statsensrA should be retailed for your records Soo mono ma Ice nonant reconaran 027 l2GLOS09:00 00I V899 EFTA00195964 CLEMIE0 TIIIICV01 ITS 0"E0 SUBSI0SAIlv FINANCIAL TRUST CO INC 2 ol 4 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 12,31005:09:00 001 V899 EFTA00195965 CLEARED TRACOGH nS valCtLY CAMuE0 SUBSIDIAAY OFFICE SERVICING YOUR ACCOUNT B Bear. Stearns & Co. Inc. STUR URNS FINANCIAL TRUST CO INC 3 c/ STATEMENT Puce December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KAMER On File THIS PERICO DRS PENCO YEM TO DATE LAST STATEMENT November 30.2005 U.S. Govt. Bond Int. 0.00 4.718.243.44 Opening Balance $137,131.41 Govt. Agency Int. 0.00 6.167.659.06 Dividends/Interest 778.08 Corp. Bond Int. 0.00 1,279,184.80 Amount Credited $778.08 Credit Balance Int. 778.08 12,704.04 Reverse Repurchase Int. 0.00 1.636.307.17 Net Cash Activity 778.08 Total $778.08 $13,814.098.51 Closing Balance $137.909.49 Bond Purchase Int. 0.00 -6.596,679.06 Repurchase Int. Exp. 0.00 -1,761,173.79 Cash Balance Summary OPOONG CLOSING Portfolio Composition Margin 137,131.41 137,909.49 CashiCash Equivalent 137,909 Your Portfolio Net Cash Balance $137.131.41 $137.909.49 Total $137.909 Allocation Your Portfolio Holdings CASH & CASH EQUIVALENTS PMPXET ESTIMATED CUAPEM oEscainou SYMBOXCUS1P OUANTITY PRIGS vALUE ANWAL INCOME vac Ni CASH BALANCE 137.909 TOTAL CASH & CASH EQUIVALENTS $137,909 Cash & Equivalent 100% UntEnded prima, clenc.1* 000t balance omit, shod maim vaios TrA alocatxn warm": Is clorhod Irom to attscla (radon WAIT oF ,oue 027 12,31.05:09:W 001 V899 EFTA00195966 CLEARED TRIICtiGH nS YnIQIY OmnE0 SUBSIDIAnY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 4 C/ STATEMENT PERK* December 1.2005 THROUGH December 30.2005 AccouNT NUMBER TAXPAYER WEBER On File LAST sTATEmENT November 30.2005 Your Portfolio Holdings (continued) YOUR PRICED PORTFOLIOHOLDINGS $137.909 Transaction Detail INTEREST DATE CESCRPTION SYMOCIJCVW DUMMY RATE IV DENT AMOUNT CREDIT AMOUNT 12/01/05 AVG BAL 137,131RT 3.288 375.77 021 OFFICE INTEREST 1105 12/30/05 AVG BAL 137.507RT 3.397 402.31 021 OFFICE INTEREST 1205 TOTAL $778.08 End of Statement 027 12.31.0S:09:C0 001 EFTA00195967 CLEARED IHRMIGH ITS 7010U.Y OHEE0 SUEINOMAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERIOD NOTPTION 1.2005 VISIT OUR WEBSITE wovw.bearstearns.cOm THROUGH Noyernter 30.2005 ACCOUNT NUMBER What's In This Statement IIIIMIIMIIIaITII I ll TAXPAYER MAGER On NE LAST STATEMENT °Ste 31.2005 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 3 0/0 JEFFREY EPSTEIN Transaction Detail 4 6100 RED HOOK QUARTER STE 63 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash a Eqtivalent Ill $137.131 NET CREDIT BALANCE 137,131 ^ 't(ttorlI) $132.001 NET EQUITY THIS PERIOD $137,131 iNg Current market value Bal Last statements market value NET EQUITY LAST STATEMENT 132,001 CHANGE SINCE LAST STATEMENT 5,130 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. TI'n S'anirY .6 CO, nrcemebonel osmoses caly Xis rat riended as a ta. Oman Ths ustseners shot/a as reared for your records See reverse sea for frowner< ricemanat 027 1ZOIGS:07:35 001 vase EFTA00195968 GEARED 110.100044 ITS WHOLLY OMAE0 $1.1090MAv FINANCIAL TRUST CO INC 2 oi 4 STATEMENT BACKER IS PRINTED ON THIS PAGE 021 1201.135:07:35 001 Y990 EFTA00195969 CLEARED THRouGH ITS wilCu.Y omko SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 v/ STATEMENT PERIOD November 1.2005 THROUGH November 30.2005 AccouNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KAISER On Fite DRS PERIOD YEAS TO DATE THIS PERIOD LAST sTATELTENT Goober 31.2005 OpeningBalance $132,001.23 U.S. Govt. Bond Int. O.OO 4.718.243.44 Govt. Agency Int. O.OO 6.167.659.O6 Dividends/Interest 5,13O.18 Corp. Bond Int. O.OO 1,279,184.8O Amount Credited $5,130.18 Credit Balance Int. 5,13O.18 11,925.96 Reverse Repurchase Int. O.OO 1.636.3O7.17 Net Cash Activity 5.13O.18 Total $5.13O.18 $13 813 320.43 Closing Balance $137,131.41 Bond Purchase Int. O.OO -6.596,679.06 Repurchase Int. Exp. O.OO -1.761,173.79 Cash Balance Summary OPEr. nG CLOSING Portfolio Composition Margin 132,OO1.23 137,131.41 CashtCash Equivalent 137.131 Your Portfolio Net Cash Balance $132,001.23 $137,131.41 Total $137.131 Allocation Your Portfolio Holdings CASH & CASH EQUIVALENTS /MRKET ESTIMATED CURRENT oescae-mu SITIBOSCuSIP °DRURY PRICE VALUE MM.% INCOME VELD 1%4 CASH BALANCE 137.131 TOTAL CASH 8 CASH EQUIVALENTS $137,131 Cash & Equivalenl- 10O% ItMtvittO V0MOnt Oen,* Oat "nonce *nee toe male vela, Tea eloveran ;event'', tepee." Iron Vo 00191.ve motel otte al >et pane", 027 12.0146:07:35 001 vase EFTA00195970 CLEARED THROuGH ITS IMICELY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 C/ STATEMENT PERIOD November 1.2005 THROUGH November 30.2005 ACCOUNT NUMBER TAXPAYER MAGER On Fite LAST STATEMENT Ociober 31.2005 Your Portfolio Holdings (continued) YOUR PRICED PORTFOLIOHOLDINGS $137.131 Transaction Detail INTEREST DATE DESCRIPTION STMEICIJCUSIP OUMMTY RATE I%1 DENT AMOUNT CREPT AMOUNT 11/01/05 AVG BAL 1984.653RT 3.002 5,130.18 021 OFFICE INTEREST 1005 TOTAL $5,130.18 End of Statement 027 1201OS:07:35 001 Y898 EFTA00195971 GUARS THROLGH ITS wisestr OnNE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERK* October 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wonv.hearsteams.com THROUGH October 31.2005 ACCOUNT NUMBER What's In This Statement IIIltlllltllral111 I ll TAXPAYER I...AMER On File LAST STATUTES' September 30.2005 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 4 61OO RED HOOK QUARTER STE B3 ST THOMAS VI OO8O2 Your Portfolio at a Glance Market Value of Your Portfolio Cash& Equivalent SI32.001 NET CREDIT BALANCE 132,OO1 $114.805 NET EQUITY THIS PERIOD $132,001 MN Current market value NA Last statements market value NET EQUITY LAST STATEMENT 114,8O5 CHANGE SINCE LAST STATEMENT 17.196 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. TNT SHYTTOTT 11 for N0THISonal SINN, only It Ism< NESS asst.. &warners SIK The stationers should be titans TN your words Ss mom tdo for npolart ricesIon 027 11/01,05:06:34 001 V897 EFTA00195972 CLEARED 'THROUGH RS YRIOLLY ORAEO SUBSIDIARY FINANCIAL TRUST CO INC 2 of e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 lbOIG5:081W 001 V897 EFTA00195973 CLEARED THROUGH ITS WHOLLY icim.co SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c/ STATEMENT PERKO °CMOS! 1.2005 THROUGH October 31.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER NLIUMER Ofl Ale DC PERIOD YEAS TO DATE THIS PERIOD LAST STATEMENT Seplefiltet 30.2005 Opening Balance $114,805.20 U.S. Govt. Bond Int. 0.00 4.718.243.44 Govt. Agency Int. 0.00 6.167.659.06 Securities Sold 119,604,887.50 Corp. Bond Int. 0.00 1.279.184.80 Dividends Interest 521.39 Credit Balance Int. 521.39 6.795.78 Miscellaneous 152,754.39 Reverse Repurchase Int. 32.231.25 1.636.307.17 Amount Credited $119,758,163.28 Total $32,752.64 $13 808 190.25 Securities Bought -100,472.656.25 Bond Purchase Int. 0.00 -6.596,679.06 Repurchase Int. Exp. 0.00 -1,761,173.79 Funds Withdrawn -63.185.00 Miscellaneous -19,205,126.00 Amount Debited $-119,740,967.25 Portfolio Composition Net Cash Activity 17,196.03 CashtCash Equivalent 132,001 ClosingBalance $132,001.23 Your Portfolio Total 5132.001 Allocation Cash Balance Summary OPENNIG CLOSING Margn 114.805.20 132,001.23 Net Cash Balance $114,805.20 $132,001.23 Cash & Equivalen1- 100% UnttNitied 'roans 0en,* oelet "nonce *nee "toe male vela, The elevehm ;event'', 6, de•ued Iron Vo etnol.te market rat), pi >es patio", 027 1101,0S:06:3A 001 V897 EFTA00195974 CLEARED THROUGH ITS WHOLLY OM ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 c, STATEMENT PERIOD Octoter 1.2005 THROUGH Octoter 31.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MASSER On PIM LAST STATEMENT SMNOTIMI 30.2005 MAPXEI ESTIMATED CUAPENT DESORPTION SIMBOLOUSIP SUANTITY PRICE VALUE NVUAL INCOME VELD 1%) CASH BALANCE 132,001 TOTAL CASH 8, CASH EQUIVALENTS $132.001 YOUR PRICED PORTFOLIOHOLDINGS $132.001 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESORIPTIN SY/A0O-CUSP OJANTITY PRICE DENT AMOUNT CREDO AMOUNT 10/13/05 09/16/05 BOUGHT FNMA-30YR(FNMAJGTD 50.000.000 100.32031 50,160,156.25 SEMI 005 7250000 BS 10/13/05 09/07/05 CANCEL SELL FNMA 30YR1FNMA)GTD SETT, i 0x05 MIN 50.000.000 100.62500 50,312,500.00 11011.05.500% 57170000 BS AS OF 09/07t05 TO CA. PREVIOUS SELL 027 11.0145:00:3.1 001 .897 EFTA00195975 CLEARED TuRouom ITS %%ore 0‘m,E0 SUEISIOany OFFICE SERVICING YOUR ACCOUNT Beer Ster Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 5 STATEMENT PERK* October 1.2005 THROUGH October 31.2005 Transaction Detail (continued) Accouvr NUMBER TAXPAYER KIDDER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT Septenter 30. 2005 SETTLEMENT TRADE DATE DATE TRANSACT/3N OESCRIPTION SYX4EIOLCUS, OVAMITY PRICE DEIST AMOUNT CREDIT AMOUNT 10/13/05 09/16/05 CANCEL BUY FNMA-30YR(FNMA)GID -50.000,000 100.32031 50,160,156.25 mait SEIT.10/05 05.500% 7250000 BS AS OF 09/I6105 TOM PREVIOUS BUY 10/13/05 09/07/05 SOLD FNMA-30YR(FNMA)GTD -50.000.000 100.62500 50,312,500.00 SETT. 045 1011.005.50015 57170000 BS C'A_ 3-100,472,656.25 $100,472,656.25 DEPOSITS AND WITHDRAWALS Dt.-E TRAAISACTCN DESCRPTION DEMI *mum CREDIT AMOUNT 10/12/05 FND WIRED MOAN FNDS WIRED TO 63.185.00 TOTAL $-63,185.00 INTEREST DATE OESCRIPTION SYMEICLiCUSIP OUNITITY RATE Ix./ CENT AMOUNT CREW AMOUNT 10/03/05 AVG BAL 224,631RT 2.785 521.39 021 OFFICE INTEREST 0905 TOTAL $521.39 027 11)01tOS:08:34 001 Y897 EFTA00195976 CLEARED THROUGH ITS WHOU.Y OMEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 c/ STATEMENT PERIOD &IOW 1.2005 THROUGH October 31.2005 Transaction Detail (continued) =OMNI NUMBER TAXPAYER NUMBER On Fite REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT September 30.2005 with Bear,Stearns& Co.Inc. SETTLEMENT TIMDE DATE CATE TRANSACTION DESCRPXON SYMEICOICUSIP OVANNIY DEBIT AMOUNT CREDIT AMOUNT 10114/. JOURNAL ADP CD 19.100.000.00 FITM-PR F2633219010 10131/49 10114,E INTEREST ADP CD DUE 12/31/2049 8,625 NMI 32.231.25 3219010 TOTAL $19.132.231.25 MISCELLANEOUS DATE wow IRMSACTON DESCRIPTOR DES,T AMCW4T GRECO AmOuni 10/06/05 JOURNAL FR CMDY A/C 410.64 10/13/05 JOURNAL FNMA-30YR(FNMA)G1D 152,343.75 SER,I 0/05 5,500 DUE 10101/35 MBS NET 10/13/05 10/17/05 JOURNAL FINAL REDEMPTION 19.203.776.00 10/21/05 JOURNAL 9)05 SPEC PART 2 CLR FEES 1.350.00 TOTAL $-19,205.126.00 $152.754.39 End of Statement 07/ I IVIGEGM34 001 v897 EFTA00195977 CLEARED THROUGH ITS WHOO.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERIOD Sept/WIWI 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSIIE wenv.bearstearns.cOm THROUGH Septernter 30.2005 ACCOUNT NUMBER What's In This Statement llllllllllllllllll I ll TAXPAYER NUMBER On He LAST STATEMENT August 31.2005 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C.I0 JEFFREY EPSTEIN Transaction Detail 4 6100 RED HOOK QUARTER Trades Not Yet Settled 36 STE 63 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash a Eque,aiem _lc Si 14.805 NET CREDIT BALANCE 114.805 E sA $221.488 Filed „ NET EQUITY THIS PERIOD $114,805 Ctrellnri , $3.188.141 NET EQUITY LAST STATEMENT 3.443,744 NM Current market vase gig Last statements market value CHANGE SINCE LAST STATEMENT -3,328,938 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. St Tin unInursin fc• Nonnabenal peposes ply it is ra etentINI as a ta. cloonto Tin outornorc should Do Honed for your words Soo canna tel Ice moron riconaton 02? CIOT .896 EFTA00195978 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 U186 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,01,0511:50 001 V896 EFTA00195979 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c/ lb STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AILICER On File DC PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT AUgUST 31.2005 Opening Balance $221.487.52 U.S. Govt. Bond Int. 198.148.87 4.718.243.44 Govt. Agency Int. 775.394.53 6.167.659.O6 Securities Sold 1,385,266,7O8.58 Corp. Bond Int. 136.678.49 1.279.184.8O Dividends Interest 1,182,572.79 Credit Balance Int. 951.82 6,274.39 Miscellaneous 745.735.38 Reverse Repurchase Int. 8O.288.31 1.604.075.92 Amount Credited $1,387.195.016.75 Total $1 191 462.O2 $13 775 437.61 Securities Bought -1,385,814,343.72 Bond Purchase Int. -203.722.59 -6.596,679.06 Repurchase lnt. Exp. -260.593.74 -1,761,173.79 Dividends Interest Charged -275.121.67 Miscellaneous -1,212.233.68 Amount Debited $-1,387,301,699.07 Portfolio Composition Net Cash Activity -1O6.682.32 Castileash Equivalent 114,8O5 ClosingBalance $114.8O5.2O Your Portfolio Total 5114.805 Allocation Cash Balance Summary OPENING CLOSING Margn 221,487.52 114,805.20 Net Cash Balance $221,487.52 $114,8O5.2O Cash 8 Equivalenl- 10O% le/ogled Grote 0en,* oat bloom *NW lope male< wive, The eloml✓r moven, to ee•uee lown Ve etnel.te market rat), el >ev peekee 027 05:11:50 001 1896 EFTA00195980 CLEARED THROWN ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 CI STATEMENT PEROT) SEDIETDOT 1.2005 THROUGH September 30.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER KAMER On Fite LAST STATEMENT AufmST 31.2005 IMRXE1 ESTIMATED CURRENT DESCioniOn SIMBOLCUSIP QUANTITY VALUE ANWOL INCOME Y13.0 CASH BALANCE 114.805 TOTAL CASH & CASH EQUIVALENTS 8114806 YOUR PRICED PORTFOLIOHOLDINGS $114.805 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION oEscromon SYMeoccum2 OVAMITY PHCE DENT AMOUNT crew AMOUNT 09/01105 08/31105 BOUGHT UNITED STATES TREASURY NOTE 18.000.000 100.11719 18,021,093.75 04,000% FA 28 ACCR. INT. 1,9138.95 RIP( GVER REF ft Al 09102/05 09/01105 BOUGHT UNITED STATES TREASURY NOTE 5.000.000 101.70313 5,0115.19625 04,260% FA 15 ACM INT, 10,394.02 TO MATURITY GVER REF # G2442669 Al 09.02/05 09/01105 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 100.49219 10,049,218.75 04,000% FA 28 ACCR. 9[1, 2.209.94 MATURITY GVER REF tt G2443875 Al 027 1001005:11:SO 001 V8SC EFTA00195981 CLEARED THROUGH ITS MOLLY CALY*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 1. S1ean $PCmitkl EAR Bear. Stearns & Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 5 STATEMENT PER00 September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUYT NUMBER TAXPAYER MAGER GM File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSAC11071 DESCRIPTION STMEPOLCUSV OVANTITY ', FEE DEW AMOUNT CREDIT MADUNT 09/02/05 09/01105 BOUGHT UNITED STATES TREASURY 143TE 10.000.000 100.55469 10655.468.75 04.000% FA 28 ACM INT. 2209.94 MATURITY GVER REF # G2443878 Al 09107/05 09/06105 SOLD UNITED STATES TREASURY NOTE -10.000.000 100.35156 10.035.156 .25 04.000% FA 28 ACCR, INT, 7.734.81 MATURITY OVER REF # G2494731 Al 0908105 09107/05 SOLD UNITED STATES TREASURY NOTE 4.250% FA 15 MOM -5.000.000 101.06250 ACCR. INT. 5.053.125.00 13.858.70 MATURITY GVER REF or G2503140 Al 09718/05 PRINCIPAL FEDL HOME LOAN MTG CORPaSt0i09 SERIES 227 CLASS 10 Milli 6.399 5.000 DUE 12101/34 PRINCIPAL REDUCTN 09-15-05 09113/05 09/12/05 SOLD UNITED STATES TREASURY NNE 04.000% FA 28 Milli -20.000.000 100.17188 ACCR, INT, 20,034,375,00 28.72928 MATURITY GVER REF # G2552394 Al 091465 0810365 CANCEL SELL FNMA-30YR(FNMAJG1D 10608000 98.20313 8828312.50 SETT.09105 7150000 BS AS OF 08/03105 TO CA. PREVIOUS SELL 0914105 08/31105 BOUGHT FNMA-30YR#NMA)GTD SE 7.09)05 VIM 10.000.000 99.09375 9.909.375.00 1011.05.000tt 57020000 BS 027 100105:11:50 001 V896 EFTA00195982 CLEARED THROuGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 4' a: STATEMENT PERIOD &Vent& 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER IMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STMOOLCUSP GUMMY PRICE DEBIT AMOUNT CREPT A/A0cNT 09/14105 08/11105 CANCEL SELL FNMA-30YR(FNMA)GTD 50,000.000 98.15625 49.078.125 .00 SETT.09105 1111005.000% 57170000 BS AS OF 08/11105 TO C)3. PREVIOUS SELL 09/14105 08/11105 BOUGHT FNMA-30YR(FNMA)G7D 50.000.000 98.17188 49.085.937.50 SETT.09 05 57230000 BS 09/14105 08117105 CANCEL SELL FNMA-30YR(FNMA)G1D 50.000.000 98.30078 49.150.390.63 SETT.09105 05.000% 57260000 BS AS OF 08/17/05 TO C/3. PREVIOUS SELL 09/14105 08/17105 BOUGHT FNMA-30YR(TNMA)G1D 50.000.000 98.3828' 49.191.406.25 SETT 09'05 05.000% 57170000 BS 09/14105 08/19/05 BOUGHT FNMA-30YR(TNKIA)G1D 50.000.000 98.49219 49.246.093.75 SEROUS 05.000% 57060000 BS 09/14105 08119105 CANCEL SELL FNMA-30YR(FNMA)01D 50.000.000 98.55078 49.275.390.63 SETT 09105 05,012.3'. 57090000 BS AS OF 08/19/05 TO C/3. PREVIOUS SELL 027 100105:11:50 001 VEISC EFTA00195983 CLEARED THROUGH ITS ?RIMY (AM,ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 7 STATEMENT PERIOD &VETO& 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AELAA3ER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE ¶RANSAcnom DESCRIPTION SYMBOL:CUSP CIVANTITY PRICE DEBIT AMOUNT atm PAWN 09/14105 08/03105 SOLD FNMA-30YR(FNMAJEITD -10.000.000 98.20313 9.820212.50 SETT.09105 7150000 BS 09114(05 08:31105 CANCEL BUY FNMA-30YR(FNMA)01D -10.000.000 99.09375 9.909.375.00 SETT.09105 .1111.05.000% 57020000 BS AS OF 08/31/05 TO CAL PREVIOUS BUY 09/14105 08111105 SOLD FNMA-30YR(FNMA)G1D -50.000.000 98.15625 49.078.125 90 SETT.09105 05.000% 57170000 BS 09,14/05 0811.05 CANCEL BUY FNMA-33YR(FNMA)G1D -50.000.000 98.17188 49.085.937 .50 SETT.09105 ~ 05.000% 57230000 BS AS OF 0811105 TO C)3. PREVIOUS BUY 09/14105 08117105 SOLD FNMA-33YR(FNMA)G1D -50.000.000 98.30078 49.159390 .63 SETT.09105 imam 05.000% 57260000 BS 09/14105 08117105 CANCEL BUY FNMA-30YR(FNMA)01D -50.000.000 98.38281 49.191.406 .25 SETT 09105 05.000% 57170000 BS AS OF0817105 TO C)3. PREVIOUS BUY 027 M0105:11:50 001 V896 EFTA00195984 CLEARED THROuGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 c/ lb STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STME/OUCUSP amain ProcE DEBIT AMOUNT CREDIT AMOUNT 09/14105 08/19/05 CANCEL BUY FNMA-30YR(FNMAJOID -50.000.000 98.49219 49.246.093 ,75 SETT.09105 05.000% 7060000 BS AS OF 08/19/05 TO CXL PREVIOUS BUY 09/1445 0811945 SOLD FNMASDYNFNMNGID -50.000.000 98.55078 49.275.390 ,63 SETT.09/05 000005.000 1:: 57090000 BS 09/14105 08/03/05 CANCEL SELL FNMA-30Y114FNMAAID 1.000.000 100.28516 1.002.851.56 SETTS/9035 05.500% 7170000 BS AS OF 0&03.D5 TO CM. PREVIOUS SELL 09/14105 09/07105 BOUGHT FNMA-30Y114FNMA)GID 50.000.000 100.75781 50.378.906.25 SETT 09/,05 05.500% 57140000 BS 09/1445 09/01105 BOUGHT FNMA-30YR(FNMA)GID 50.000.000 10107188 50.585.937.50 SETT.09'65 57020000 es 09/14105 08/03105 CANCEL SELL FNMA-30YREFNMAJOID 99.000.000 100.26563 99.262.968.75 SETT 09//05 05.500: 7190000 BS AS OF 08/03105 TO CXL PREVIOUS SELL 027 1001,05:11:50 001 •.ESC EFTA00195985 CLEARED THROuGH ITS yrtiOLLY EMIED SUBSIOally OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 9 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.200S SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION SYMBOL:CUSP OVAMITY Pea DEBIT AMOUNT CREPT MAOUNT 09/14105 08/0345 SOLD FNMA-30YR(FNMAJOTD -1.000.000 100.28516 1.002.851.56 iiiis0 SEIT.09//05 5.500% 7170000 BS 09114/05 09/07105 CANCEL BUY FNMA-30YR(FNMAJEVID -50.000.000 100.75781 50.378.906 .25 SETT.09//05 11.0 105.500% 57140000 BS AS OF 09/07/05 TO C)3. PREVIOUS BUY 09/14105 09/01105 CANCEL BUY FNMA-30YR(FNMA)01D -50.000.000 101.17188 50.585.937.50 SETT.09//05 05.500% 57020000 BS AS OF 09/01105 TO C/3. PREVIOUS BUY 0914/05 08/03(05 SOLD FNMA-90YR(FNMA)GTD -99.000.000 100.26563 99.262.968 .75 SETT 09605 05.500% 7190000 BS 09/4/05 08115(05 BOUGHT FNMA-30YR(FNMAXITD 50.000.000 10%96090 50.980.468.75 SETT.09.105 100 5 06.000% 7120000 BS 09/14/05 08123(05 BOUGHT FNMA-30YR(FNMA)010 SETT 09/05 SIM 50.000.000 102.04688 51.023.437.50 06,000% 7020000 BS 027 100105:11:50 001 11896 EFTA00195986 CLEARED THROuGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 a at. STATEMENT PERIOD &Vent& 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STIABOLCUSP CVANTITY lava DEBIT AMOUNT CFEOIA/lOcter 09/14105 08/16/05 CANCEL SELL FNMA-30YR(FNMA)OID 50.000.000 102.08594 51.042.968.75 SETT.09105 06.000% 7090000 BS AS OF 08/16/05 TO C)3. PREVIOUS SELL 09114/05 08123405 CANCEL SELL FNMA-30YR(FNMA)G7D 50.000.000 102.09375 61.046.876.00 SETT.091)5 100000 15 06.000, , 7140000 BS AS OF 08423405 TO Cd. PREVIOUS SELL 09/14405 08:15405 CANCEL BUY FNMA-30YR(FNMA)G1D -50.000.000 101.96094 50.980,468 .75 SETT.09405 1.101 5 06.000,4 7120000 BS AS OF 08/16405 TO C)3. PREVIOUS BUY 09.414105 0823405 CANCEL BUY FNMA-30YR(FNMAOSID -50.000.000 102.04688 51.023 437 .50 SETT.09/05 06.000% 7020000 BS AS OF 08/23105 TO C)3. PREVIOUS BUY 09/14105 08116405 SOLD FNMA-30YR(FNMA)GID -50.000.000 102.08594 51.042.968;75 01. 0035 06.000% SETT.09/05 7090000 BS 09.414105 08123405 SOLD FNMA-30YR(FNMA)G1D -50.000.000 102.09375 61.046.875 .043 SETT.09405 06.000% 57140000 BS 027 1001005:11:50 001 VEISC EFTA00195987 CLEARED IHRCUGH ITS wilDtLY 01\ ,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT /. S1PBms $PCmiI e; EAR Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACT/3N 0E5CertiON SYMEPOLCUS, DAVIT" PRICE COW AMOUNT cnEccr saute 09/16/05 09/15/05 SOLD UNITED STATES TREASURY NOTE -20.000.000 100.60938 20,121,875.00 04.250% FA 15 ACCR, INT, 73,913,04 MATURITY GVER REF # G2583645 Al 09,16/05 09/15405 SOLD UNITED STATES TREASURY NOTE 04.250% FA 15 EMI -20.000.000 100.60938 20,121,875.00 ACCR. INT, 73,913,04 ff MATURITY GVER REF # G2583646 Al 0916/05 09/15+05 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 100.26563 10.026.662.50 04.000% FA 28 ACM INT, 17,679.56 MATURITY GVER REF # 62583659 BI 09/1605 09115105 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 100.26563 50.132.812,50 04.000% FA 28 ACM INT. 88,397.79 0 MATURITY GVER REF N G2583659 Al 0916/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 -1 SERIES 227 CLASS 10 5.000 DUE 12/01/34 09/19105 09/14105 SOLD GOVERNMENT NATIONAL PATO ASSOC -14.505.776 5.34375 77e152,43 SERIES 2004-041 CLASS SE ACCR. INT, 41,956,91 101057200000 BS 09/19105 09/16/05 BOUGHT UNITED STATES TREASURY NOTE 20,000.000 99.89063 19.978.125.00 04.250% FA 15 ACCR, INT, 80.842.39 MATURITY GVER REF # 02594476 Al 027 TOOT 0511:50 001 V896 EFTA00195988 CLEARED THROuGH ITS WHOLLY ow‘co SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 O 0. STATEMENT PERIOD SEDIETtet 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SY1A301XLISP PIECE DEIST AMOUNT mac AnouNr 09/20,05 09/16105 SOW FEDERAL NATIONAL MTG ASSN -18,252,042 79.89063 14,561,670.75 SERIES 329 CLASS PO STRIP i l ini ii57320000 BS 09,20.435 09,11545 SOLD FANNIE MAE CMOSERIES 2003-13 -23.543,127 9,87500 2,324.88379 S RCR-NO FLTR ACCR. INT. 71.262.10 111.1104.3" 7240000 BS 09120105 09/15105 SOW FEDERAL NATIONAL MTG ASSN -11.861.918 6,96875 826.627,47 SERIES 2003-49 CLASS SW ACCR. INT. 27$67.10 110.03.3" 7230000 BS 0912045 09/15105 SOLD FANNIE MAE CMCvSERIES 2003-52 -16.565.865 6,96875 1.154.433.75 KS-L0 FUR ACCR, INT. 39.789.14 03.458% 7280000 BS 09,2045 0916105 SOLD EDERAL NATIONAL MTG ASSN EWES 346 CLASS 1 MIS -19.328.957 79.76563 15.417.863 .44 7390000 BS 09,20:05 0911545 SOLD GOVERNMENT NATIONAL MTG ASSN -44.000.000 11.15625 4.908.750.00 SERIES 2004-5 CLASS PS : ""96 7250000 BS 09,20:05 0911545 SOLD GOVERNMENT NATIONAL MTG ASSN -23.661.075 6,03125 1.421.027.35 SERIES 2004-30 CLASS SU 1. 105 03.590% 7260000 BS TO AIN PREVIOUS MONTHS FACTOR AS OF 09,1545 027 1001005:11:50 001 .896 EFTA00195989 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BOIR STffiRNS FINANCIAL TRUST CO INC 13 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 =MD R TRADE DATE DATE TRANSACTK•N DESORPTION SIME10..CLISP Gummy PRTCE DEW AMOUNT CREW ~UHT 09120(05 09/15(05 SOW GOVERNMENT 144TØ MTG ASSN -14,296,550 4,53125 647,812.46 SERIES 2004-035 CLASS SP 11.11117 7270000 BS " TO ADJ PREVIOUS MONTHS FACTCR AS OF 09/15(05 09120(05 09,1 6(05 SOLD FEDERAL 144T1ONAL MTG ASSN SERIES 352 CLASS 1 SIM -25.900.765 79,29688 20.538.497 86 IIM0 5 00.001% 7380000 BS 09120(05 09,1 6(05 SOLD FEDERAL 144TØ MIG ASSN SERIES 353 CLASS 2 MINK -8.757.972 22.67188 1.985.596.53 ACCR. INT. 23.111,32 05.000% 7350000 BS ACCRUES ON 1ST. PAYS ON 25TH 09120(05 09,1 6(05 SOLD FEDL HOME LOAN MIG CORP#S10109 -27.588.703 23.04688 6.358.334.08 SERIES 227 CLASS 10 ACCR, INT, 72.803,52 05000% 7360000 BS 0912045 09,9 5(05 SOLD FREDDIE MAC CMGSERIES 2886 -8.074.610 7,28125 587.932.59 SC-VO RIR ACCR, INT, 3.960,82 03531% 7290000 BS 0920(05 09115(05 SOW AL1ERNA1ivE LOAN TRUST -35.363.806 1,45313 513.880.31 SERIES 2004-3008 CLASS 1-A-8 ACCR, INT, 35.823 p5 01458% 7300000 BS 09120(05 09116(05 SOLD FEDL HOME LOAN MIO CORPeSt0i10 -16271.372 20.07813 3.266.986.53 SERIES 228 CLASS 10 ACCR, INT, 51.526,01 06000% 7370000 BS ACCRUES ON 1ST. PAYS ON 25TH 027 MOLDS:11:SO 001 V89G EFTA00195990 CLEARED THROWN ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 o STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYUDOLCUSP OJANTITY PRICE DEBIT AMOUNT CFEDIA/lOcter 09/20105 PRINCIPAL GOVERNMENT NATIONAL MTO ASSN -172,307 SERIES 2004-035 CLASS SF' 3,590 DUE 12/20/29 PRINCIPAL REDUCTN 09-20-05 09/21+05 091l5.'05 CANCEL SELL GOVERNMENT NATIONAL MTG ASSN imus SERIES 2004-5 CLA 03SS .16Pot 11.111 44,000.000 11.15625 4.908.750.00 7250000 BS AS OF TD 09/15/05 SO 09/204135 TO CXL PREVIOUS SELL 09/21105 09(15105 SOLD GOVERNMENT NATIONAL MTG ASSN -44.0110,000 11,15625 4.908.750.00 imilos2604-5 LASS PS4 SERIES 03 7250000 BS AS OF TD 09/15105 SD 09/20/05 AS OF 09/1905 09,21/05 0911 5+05 CANCEL SELL GOVERNMENT NATIONAL MTG ASSN 23.561.075 6,03125 1.421.027.35 SERIES 2004-30 CLASS SU 03410% 7260000 BS AS OF TD 09/15105 SD 09/20/05 TO C/3. PREVIOUS SELL 09,21105 09/I 905 SOLD GOVERNMENT NATIONAL MTG ASSN -23.561.075 6,03125 1.421.027.35 SERIES 2004-30 CLASS SU 03,410% 7260000 BS AS OF TD 09/15/05 SO 09/204135 AS OF 09/15/05 0921105 0915105 CANCEL SELL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP SIM 14,296.650 4,53125 6,12.812;16 03,410% 7270000 BS AS OF TD 09/151135 SD 09/20/05 TO CM. PREVIOUS SELL 027 1001005:11:SO 001 EFTA00195991 CLEARED THROuGH ITS WHOLLY onneo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 CI r. STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMJUSER C'n File INVESTMENT ACTIVITY (continued) LAST STATEMENT Au9Jst 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION marine 20.100.005 P ouninw PRICE DEBIT AMOUNT CM= maJtAir 09/21105 09/15/05 SOLD GOVERNMENT NATIONAL MTG ASSN -14,296,550 4,53125 647,812,46 SERIES 2004-035 CLASS SP 03,410% 7270000 BS AS OF TD 09/15105 SD 09/20/05 AS OF 09/15105 0321105 JOURNAL FEDERAL NATIONAL MTG ASSN .1 SERIES 2003-49 CLASS SW 3,358 DUE 01/25/33 09121/05 JOURNAL FANNIE MAE CMCUSERIES 2003-52 1 KS-110 RJR 3,458 DUE 07/25117 09121105 JOURNAL FEDERAL NATIONAL WO ASSN 1 SERIES 352 CLASS 1 0,001 DUE 07/01/34 09121105 JOURNAL FEDL HOME LOAN MI6 CORN/610'09 1 SERIES 227 CLASS 10 5,000 DUE 12/01/34 0912345 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP MIN -2 3,410 DUE 12/20129 ADJUST POSffION 09/26+05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 457.764 AO SERIES 329 CLASS PO DUE 01101/33 STRIP PAIN FUD 08-05 PAD 09-25-05 REPO P 8I 0,0000 09/264)5 PRINCIPAL FEDERAL NATIONAL MTG ASSN 682.254.70 SERIES 346 CLASS 1 WE 11/01/33 PAIN FUD 08-05 PAD 09-25-05 REPO P 8I 0,0000 027 1:S0 OBI v896 EFTA00195992 CLEARED THROUGH ITS wilDtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT! NUMBER TAXPAYER PAGER On Fa INVESTMENT ACTIVITY (continued) LAST STATEMENT August 31.2006 SETTLEMENT TRADE DATE DATE wesAcnoN DESORPTION STMEIOLCUS, °AWRY PACE DEBIT AMOUNT CREW AAIDUNI 09/26/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 209,767.60 SERIES 352 CLASS 1 O.001 DUE 07/01/30 PAIN RID 08-05 P,D 09-25-05 REPO P 8I 0.0000 09126005 PRINCIPAL FEDERAL NATIONAL MTG ASSN 482,465,48 SERIES 352 CLASS 1 O.001 DUE 07/01/30 PRIN RID 08-05 PAI 09-25-05 REPO P 8I 0.0000 09,27+05 09/15+05 CANCEL SELL GOVERNMENT NATIONAL MTG ASSN 23.561.075 6.03125 1.421.027.35 SERIES 2004-30 CLASS SU 03.403% 7260000 BS AS OF TD 09/15/05 SD 09/20/05 TO C/Pl. PREVIOUS SELL 09,27105 09/15/05 SOLD GOVERNMENT NATIONAL MTG ASSN -23,561.075 6.03125 1.421.027 .37 SERIES 2004-30 CLASS SU 1.1.03.403% 7260000 BS AS OF TD 09/15/75 SD 09/20405 TO ADJ PREVIOUS MONTHS FACTOR TOTAL 3452.032.222.57 $881,454.219.11 INTEREST DATE DESCRPTION SYTTECIJCUSIP OUPARRY RATE D4/ MINT MOM CREDIT AMOUNT 00'01105 AVEI EIAL 424.880 TIT 2.601 951.82 021 OFFICE INTEREST 0805 09/15105 FEDL HOME LOAN WIG COAP/S10109 5.0000 1.942.56 SERES 227 CLASS 10 DUE 12/01/2034 5.000 INTEREST PAYMENT 09-15.05 027 1001,05:11:60 001 V896 EFTA00195993 CLEARED IHRCUGH ITS wisCtLY O1\ ,EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAIA3ER On File INTEREST (continued) LAST STATEMENT Aufm81 31.2005 DATE DESCFOPTION STME/CliDIZIP QUANTITY RATE I% DEBIT AMOUNT CREDIT AMOUNT 09/15/05 FEDL HOME LOAN MTG CCAPHS1OiO9 5.0000 36.908.38 SERES 227 CLASS 10 DUE 12/01/2034 5.000 INT R/D 08-05 ND 09-15-05 REPO P &I 5.0000 09115405 FEDL HOME LOAN MTG COAPPS10i09 SERES 227 CLASS 10 MIK 5.0000 77.701.85 DUE 12/01/2034 5.000 INT RID 08-05 PiD 09-15-05 REPO P &I 5.0000 09./15+05 FREDDIE MAC CMOSF.FUES 2886 SC-I/O RTR UM. 3.5310 25432.52 DUE 07/15/2019 3,531 INT R/D 08-05 PiD 09-15-05 REPO P S I 3,7287 0911905 FEDL HOME LOAN WIG CORP/410110 6.0000 84.306.97 SERES 228 CLASS 10 DUE 02/01/2035 6,000 INT RID 08-05 PiD 09-15-05 REPO P &I 6,0000 0912045 GOVERNMENT FATIONAL MTG ASSN SERES 2004-5 CLASS PS OMNI 3.3400 48.995,76 DUE 02/20/2033 3,340 INT R/D 08-05 PAD 09-20-05 REPO P S I 3,3406 0972045 GOVERNMENT ANTIONAL MTO ASSN 3.3400 73.49344 SERES 2004-5 CLASS PS DUE 02120/2033 3,340 INT R/D 08-05 PAD 09-20-05 REPO P S I 3,3406 0920••05 GOVERNMENT MOCHA/ PATO ASSN 3.5900 71 399.08 SERES 2004.30 CLASS SIJ DUE 02/20/2032 3,590 INT R/D 08-05 Pin 09-20-05 REPO P S I 3,5906 027 TOOT 0511:50 001 Y896 EFTA00195994 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AILMA3ER Co File INTEREST (continued) LAST STATEMENT August 31. 2005 DATE DESORPTION STMEICIJCV5IP WANIITY RATE I%) DEBIT AMOUNT CREDIT AMOUNT 09/20/05 GOVERNMENT NATIONAL MTO ASSN 3.5903 71.399.08 SERIES 200040 CLASS SU DUE 02/20/2032 3.590 INT RID 08-05 Ki 09-20-05 REPO P & I 3.5906 0972045 GOVERNMENT NATIONAL MTG ASSN 3.5980 43,293;18 SERIES 2004-035 CLASS SP DUE 12/20/2029 3.590 INTEREST PAYMENT 09-20.05 0912645 GOVERNMENT NATIONAL MTG ASSN 3.4030 71 399,08 SERES 200040 CLASS SU DUE 02/20/2032 3.403 REV INT FOR 9/20/2005 PD BAD POSITION 0912645 FEDERAL NATIONAL MTO ASSN 5.0000 37 094.87 SERES 353 CLASS 2 DUE 07/01/2034 5400 INT RID 08-05 Ki 09-25-05 REPO P & I 5.0000 09/30/05 GOVERNMENT NATIONAL MTG ASSOC 43.403.95 SEEMS 2000-041 CLASS SE DUE 05/20/2030 0.000 FITM CR INT FOR 9404005 P D TOTAL S-71.399.08 5616.523.95 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRACE DATE DATE TRMSACIION DESCRFMON SvMBOLCusJp 0.:NYTIT, COIT AMOUNT CREDIT AMOUNT 09/01105 JOURNAL FEDERAL NATIONAL MTO ASSN 8.058,484 5,923,000.00 SERIES 352 CLASS 1 0.001 DUE 07/01/34 FITM F2133186 AZ TERM REPO AGREEMENT 027 IGOIDS:II:SO 001 EFTA00195995 CLEARED THROUGH ITS YilICtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 c? :tt. STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER C'n File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON SYMEMOCUSIP QUANTITY OMIT AMOUNT CREDIT AMOUNT 09/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN -8.058.484 5.958.000 .00 SERIES 352 CLASS 1 0,001 FITM At REPO 09/01105 JOURNAL FEDERAL NATIONAL MTG ASSN 8.058.484 5.958.000 .00 SERIES 352 CLASS 1 0,001 FITM WA2 REPO A 09/01/05 JOURNAL FEDERAL NATIONAL 1,110 ASSN -8.058484 8958.000 .00 SERIES 352 CLASS 1 0,001O FITM r A3 REPO A 09/01105 JOURNAL FEDERAL NATIONAL KITG ASSN SERIES 353 CLASS 2 IMF -8.902.768 500 000.00 5.000 FITM B3 REPO A 09/01105 JOURNAL FEDERAL NATIONAL MTG ASSN 4.902.768 1.677.000.00 SERIES 353 CLASS 2 5,000 FITT., W31 REPO A 09:0185 JOURNAL FEDERAL NATIONAL WO ASSN 8.902,768 1.677.000.00 5,000 SERIES 353 CLASS 2 FONT B2 REPO 0901x05 JOURNAL FEDERAL NATIONAL MTG ASSN 8.902,768 1.850.000.00 SERIES 353 CLASS 2 5,000 DUE 07/01/34 FITM F2133186 BZ TERM REPO AGREEMENT 027 1001,05:11:50 001 EFTA00195996 CLEARED THROUGH ITS wisCtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 20 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SCITLELENT TRADE DATE DATE TRANSACTION DESCRPTION SYLIBeucesty OWATTITY DEBIT AMOUNT CREDIT AMOUNT 09/01/05 JOURNAL FEDL HOME LOAN MTG OORP#S10109 8.858,010 500.000.00 SERIES 227 CLASS 10 5,000 F1TM 30.2 TERM MENT 09/01105 JOURNAL FEDL HOME LOAN MTG CCePt/ST 0i09 -8.858.010 1.706.000.00 WI SERIES 227 CLASS 0 5,000 F1TM REPO A 09/01105 JOURNAL UNITED STATES TREASURY NOTE 20.000.000 20.225.000.00 FILMpr. Az 4,250 15 TERM REPO AGREEMENT 09/01105 JOURNAL UNITED TATES TREASURY NOTE 20.000.000 20.350.000.00 FILM Al 4,250 15 REPO AGREEMENT 09/01105 RECEIVED UNITED STATES TREASURY NOTE 50.000.000 50.312.500 .00 DUE 08131/2007 4.000 4,000 W FITM Al RESALE 0901,05 DELIVERED OWED STATES TREASURY NOTE -68.000.000 68.255.000 ,00 DUE 08131/2007 4,000 4,000Rialt7 Em FILM AZ TERM ENT 0901.05 INTEREST FEDERAL NATIONAL MTO ASSN 19.024,35 SERIES 352 CLASS DUE 07/01/2034 0.001 FILM F2133186 AZ REPO INTEREST 09.01/05 INTEREST FEDERAL NATIONAL MTO ASSN 5.942.10 SERIES 353 CLASS 2 DUE 07/01/2034 5.000 FILM F2133186 BZ REPO INTEREST 027 TOOT 0511:50 001 V896 EFTA00195997 CLEARED THROUGH ITS YRICtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 STATEMENT PERIOD &VETO& 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 3 t . 2005 SETTLEmENT TRADE DATE DATE TRANSACTION DESORPTION SYMEMCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09101105 INTEREST FEDL NOME LOAN MTO CORPaS10109 1,605.97 SERIES 227 CLASS 10 DUE 11.0. 5.000 FITM AZ REPO I 09/01/05 INTEREST UNITED STATES TREASURY NOTE 1.797.78 DUE lib 4.250 FITM AZ REPO I 09/01105 INTEREST UNITED STATES TREASURY NOTE DUE 08W 4.000 IMF 6.294.63 FITM RESALE 09102105 JOURNAL UNITED SURY NOTE 20.000.000 20.350.000 .00 FITM A2 4.250 15 TERM REPO AGREEMENT 0902/05 JOURNAL Al SURY NOTE -25.000.000 25.468.750.00 FITM Al 4.250 IS REPO AGfiEEMENi 09032105 RECEIVED UNITED STATES TREASURY NOTE 30.000.000 30.225.000 .00 DUE 08t3 I 2037 000 4.000 in FITM Al RESALE 0902105 DELIVERED UNITED STATES TREASURY NOTE -50.000.000 50.312.500 .00 DUE 08131/2007 000 4.000 7 FITM A2 TERM ENT 00/02/05 INTEREST UNITED STATES TREASURY NOTE 1.825.85 DUE 081 4250 ATM A2 REPO I 027 05:11:50 001 EFTA00195998 CLEARED THROUGH ITS WNW.? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 c1 7i. STATEMENT PEROO &Ventre' 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER C'n File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SEnlimee MADE DATE DATE TIWISACION DESERTION SYM0ClCUse, OVAARITY DEBIT AMOUNT CREDIT AMOUNT 0902105 INTEREST UNITED STATES TREASURY NOTE 4.500.17 DUE Oil. 1.000 0906105 JOURNAL FEDERAL NATIONAL MTO ASSN 19,911211 14.274.000 .00 SERIES 346 CLASS 1 DUE IV ATM C2 TERM ENT 0906105 JOURNAL FEDERAL NATIONAL MTO ASSN -19.911.211 14.856.000 .00 SERIES 346 CLASS 1 DUE 11 Ailli r ATM At REPO 0906105 INTEREST FEDERAL NATIONAL MTO ASSN 37,370.12 SERIES 346 CLASS I DUE I II. 0.000 ATM C2 REPO I 09/07105 DELIVERED UNITED STATES TREASURY NOTE -30.000.000 30.225.000 .00 DUE 08/312037 4.000 4.000F..7 FITM A2 TERM EMENT 09107/05 RECEIVED UNITED STATES TREASURY NOTE 40.000.000 40.300.000 .00 DUE 08131/2007 4.000 4.000 ENS FITM Al RESALE 09107/05 INTEREST UNITED STATES TREASURY NOTE 13.500.50 DUE oats try)) 09.08/05 JOURNAL F AS NOTE -20.000.000 20.175.000 .00 FILM Al 4.250 15 REPO AGREEMENT 027 MOLDS:II:SO 001 EFTA00195999 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SATE/COAL/SIP OUAMITY 003IT *Mum CREDIT AMOUNT 090845 JOURNAL pl . IMMO STATES TREASURY NOTE FITM 4,250 A2 15 25.000.000 25,468,750 .00 TERM REPO AGREEMENT 09108105 INTEREST UMTEO STATES TREASURY NOTE 12.076.43 DUE 110 4.250 F1114 A2 REPO I 09/12/05 JOURNAL FEDERAL NATIONAL MTO ASSN -18.252.042 13.360.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP FITTA Cl REPO At 09/12/05 JOURNAL FEDERAL NATIONAL MTO ASSN SERIES 329 CLASS PO MIS 18.252.042 13.401.000 AO DUE 01101/33 STRIP FITM RIFIC2 TERM ENT 09/12/05 JOURNAL FANNIE A.44E CMOSERIES 2003.13 23,543.127 S RCR-I/0 FLTR 4.358 FITM TERM ENT 09/12/05 JOURNAL FANNIE MAE CAAOSERIES 2003.13 S RCR-I/0 FLTR NMI -23,543.127 1,775,000.00 F4IT14 .358 AI REPO A 09/12/05 JOURNAL FEDERAL NATIONAL WC ASSN -19,328.957 14.132.000.00 SERIES 346 CLASS 1 DUE 11101. FITM Al REPO A 027 100105:11:50 001 ?SSC EFTA00196000 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMETO TRADE DATE DATE TRANSACTION DESORPTION SYMEMICUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/12105 JOURNAL FEDERAL NATIONAL MIR ASSN 19,328.957 14.856.000.00 SERIES 346 CLASS 1 DUE 1TRIOS ATM AZ TERM MEAT 09/12105 JOURNAL FEDL HOME LOAN WC OCAPeS10109 -18,392.469 3.667.000.00 SERIES 227 CLASS FITM Al REPO A "00 09/12/05 JOURNAL FEDL NOME WAN MTG CORPeS10109 SERIES 227 CLASS 10 MIS 18,392.469 3,938.000.00 F51114 .000 BZ TERM FiellniellerMENT 09/12105 JOURNAL FEDL NOME LOAN WC CCAPtiStOt 10 SERIES 228 CLASS 10 NEM -16,271.372 2.777.000.00 6.000 FITM 81 REPO A 09/12/05 JOURNAL FEDL NOME LOAN MTG OORPOSIO1m 16,271.372 3,124,000.00 SERIES 228 CLASS 10 6.0001.5 FITM AZ TERM MEAT 09/12/05 INTEREST FEDERAL NATIONAL MM ASSN 43,504,86 SERIES 329 CLASS PO STRIP DUE 01 0.000 FITM DZ REPO I 09/12,05 INTEREST FEDERAL NATIONAL MM ASSN SERIES 346 CLASS 1 MIN 9.334.52 DUE 11j. 0.000 ATM AZ REPO I 027 IGOIDS:l I:SO 001 EFTA00196001 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 STATEMENT PERIOD &VETO& 1,2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31. 2005 SETTLEMENT TM& DATE DATE TRANSACTION DESORPTION STMBEISCUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09/12:05 INTEREST FEDL NOME LOAN MTG CORPAS10109 12.784.28 SERIES 227 CLASS 10 DUE 1y ea 5,000 RANT BZ REPO I 09/12105 INTEREST FEDL N0ME LOAN MTG CORPASIOA 10 10.141.72 SERIES 228 CLASS 10 DUE Oil. 6.000 RANT AZ REPO I 09/13,95 JOURNAL FREDOIE MAC CMOSERIES 2886 8.249,152 SC-I/O FUR 3.728301 I 19 FIRA A2 TERM AAENT 09113:05 JOURNAL FREDDIE MAC CMGSERIES 2886 -8.249.152 444,030,00 SC-I/0 FLTR 3.728 19 FIRM Al REPO A 09/13:05 DELIVERED UNITED STATES TREASURY NOTE -40.000.000 40.300.000 ,00 DUE 08131/2007 4.000 4.0001101w RANT A2 TERM EMENT 0911345 RECEIVED OWED STATES TREASURY NOTE 60.000.000 60.375.000 ,00 DUE 08131/2007 4.000 4.000 .K 7 RANT A RESALE T 0911345 INTEREST UNTIED STATES TREASURY NOTE 21.258.25 DUE 0111 .1400 027 IGOI 05:11:SO 001 V896 EFTA00196002 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 26 cl A. STATEMENT PERO(' September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER C'n File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACRON DESCRPRON SYME/CLCUSIP OVANillY DEBIT AMOUNT CREDIT AMOUNT 09/14105 JOURNAL FANNIE MAE GAO/SERIES 2033-52 9.276,884 458,000.00 KS-I/0 FUR 3,458 17 FITM AZ TERM ENT 09/14105 JOURNAL FANNIE MAE CAtiOSERIES 2003-52 -9.276.884 478,000.00 KS-I/O FUR 3,458 17 FITM Al REPO A 09114.,05 INTEREST FANNIE MAE CMOSERIES 2003-52 1.442.70 cairo. KS-I/0 FUR DUE FITM 3.458 AZ REPO I 09/15 05 JOURNAL FANNIE MAE CMOSERIES 2003-52 7.288.980 384.000.00 KS-I/0 FLTR 3,458 17 FITM AZ TERM ENT 09/1505 INTEREST FANNIE MAE CAtiOSERIES 2003-52 1.249.92 KS-I/0 FUR DUE 07/11. 3.458 FITM AZ REPO I 09/16/05 JOURNAL FANNIE MAE CAtiOSERIES 2003-52 -9.276.884 KS-I/0 FLTR 3,458 17 FIN Al REPO A 09/16.05 JOURNAL FANNIE MAE 2MOSERIES 2003-52 -7.288.980 373,000.00 KS-I/O FUR 3,458 17 FITM Al REPO A 027 1001,05:11:50 001 EFTA00196003 CLEARED 114ROuGH ITS wisCtLY CAM,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT I,Sean SPemit' GoI Bear. Stearns 8 Co. Inc. BEAR STEARNS =Pm FINANCa TRUST CO INC 27 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31.2005 SERLEMENT TRADE DATE DATE TIWISACRON DESCRPRON STMOCCCUSIP CVANT11Y OMIT AMOUNT CREDIT AMOUNT 09/16105 JOURNAL FANNIE MAE CMOSERIES 2003.52 9.276.884 478,000.00 KS-I/0 FUR 3.458 17 FITM A2 TERM ENT 09/16105 JOURNAL FREOOIE MAC CMOSERIES 2886 -8.074.610 SC-D0 RJR 3.531p1.019 FITM Al REPO 09./I6/05 JOURNAL FREOOIE MAC CMOSERIES 2886 8.074.610 444.030.03 SC-D0 RJR 3.531 / 19 FITM A2 TERM ENT 09/16x05 RECEIVED IMMO STATES TREASURY NOTE 20.000.000 20.175.000.00 DUE 08115/2015 4260 4,250 DOC FITM Al RESALE 09/16/05 JOURNAL UMTEO STATES TREASURY NOTE 20.000.000 20.175.000.00 4.25 1S TERM REPO AGREEMENT 09/16105 DELIVERED LIMTEO STATES TREASURY NOTE -60.000.000 60.375.000.00 DUE 08131/2007 4.000 4.000)111C7Em FITM A2 TERM ENT 09/16105 INTEREST FANNIE MAE CMOSERIES 2003-52 KS-I/0 FUR NMI 105.43 DUE 071 3.468 FITM A2 REPO I 027 IGOI 05:11:50 001 V896 EFTA00196004 CLEARED THROUGH ITS wisCtLY 01\ ,E0 SUETSIOTAlly OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 28 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER Gn File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRPSON STMEICL,CVSTP MAMMY DEBIT AMOUNT CREDIT AMOUNT 09/16/05 INTEREST FREOOIE MAC CMOSERIES 2886 146.89 SC-D0 FUR DUE OA. 3.531 FITM A2 REPO I 09/16/05 INTEREST Utile) STATES TREASURY NOTE 3.155.15 DUE O8! 4,250 FITM A2 REPO I 09/16/05 INTEREST 1.000 UNiTE0 STATES TREASURY NOTE DUE 08/1#1. MEE 15.563,33 09/19105 JOURNAL GOVERNMENT NATIONAL MTO ASSN -23.861.866 1.079.000.00 14.2 SERIES 2004.30 CLASS SU 3.590 FITM Al REPO A 09/19105 JOURNAL GOVERNMENT NATIONAL MTO ASSN 23.861.866 1.216.000 .00 SERIES 2004.30 CLASS SU 3.590R11032 FITM AZ TERM MENT 09/19105 JOURNAL FEDERAL NATIONAL MTO ASSN -18.052.048 12.922.000 .00 SERIES 352 CLASS 0.001 FITM Al REPO 09/19105 JOURNAL FEDERAL NATIONAL MTO ASSN 18.052,048 13.289.000 00 SERIES 352 CLASS 0.001R.I t FITM t AZ TERM ENT 09/19105 DELIVERED ANTED STATES TREASURY NOTE -20,000,000 20.175.00000 DUE 08/15 2015 4250 4.2503i.5 FILM A2 TERM EMENT 027 TOOT 0511:50 001 V896 EFTA00196005 CLEARED THROUGH ITS VOIDS? OAAED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 29 ci r. STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AXAMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMDIT TRADE DATE DATE TRANSACTION DESCRPTION SYME/CIAUSIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 09119/05 INTEREST GOVERN/ANT NATIONAL MM ASSN 018.19 SERIES 2004-30 CLASS SU DUE 02: 3.590 FITM AZ REPO I 09/19105 INTEREST FEDERAL NATIONAL MTO ASSN 45,005.41 SERIES 352 CLASS I DUE 07 0.001 HIM AZ REPO I 09/19/05 INTEREST UPSET) STATES TREASURY NOTE 4.573,00 DUE WOO 1.250 09/20105 JOURNAL FEDERAL NATIONAL NM ASSN 18.252.042 13.360.000 ,00 SERIES 329 CUSS PO DUE 01101/33 STRIP FITM TERM RPRIPMCeNT 09/20105 JOURNAL FANNIE MAE CAOSERIES 2003-13 23.543.127 1.775.000 ,00 S RCR-1/0 FLTR 4.358 FITM TERM ENT 0912045 JOURNAL FANNIE MAE CMOMERIES 2003-52 9.276.884 KS-1/0 FUR 3.458 17 FITM A2 TERM MENT 09/2045 JOURNAL FANNIE MAE CMOSERIES 2003-52 7.288.980 373,000,00 KS-ItO FLTR 3,458 I7 FITM A2 TERM MENT 027 T0,01,05:I I:SO 001 EFTA00196006 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 30 ci r. STATEMENT PERIOD September 1,2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SE111.0.00 TRADE DATE DATE TRANSACTION DESORPTION SYMEMICUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09120/05 JOURNAL FEDERAL NATIONAL MFG ASSN 19,328,957 14.132.000.00 SERIES 346 CLASS 1 DUE 11 R10). FONT A2 TERM MENT 09/20+05 JOURNAL GOVERNMENT NATIONAL MM ASSN 26.400.000 SERIES 2004-5 CLASS PS 3,340 FIRM 1.12 TERM ENT 09/20,05 JOURNAL CAVEMAN,' NATIONAL MFG ASSN SERIES 2004-5 CLASS PS EMI 17,600.000 3,34ORDES. FITMARGN A2 TERM NT 09/20,05 JOURNAL GOVERNMENT NATIONAL MAO ASSN 23,561.075 1 079.000,00 SERIES 2004-30 CLASS SU 3,590311.32 FITM A2 TERM MENT 09/20,05 JOURNAL FEDERAL NATIONAL MFG ASSN 7.848.716 5.958.000.00 SERIES 352 CLASS 1 0,001 FIRM Jatti lil4 TERM ENT 09/20,05 JOURNAL FEDERAL NATIONAL WO ASSN 18.052,048 12.922.000 ,00 SERIES 352 CLASS 1 0,0013.141 FM A2 TERM MENT 09/20,05 JOURNAL FEDERAL NATIONAL MFG ASSN 8.757,972 500 000,00 SERIES 353 CLASS 2 Ric Ofilinn34 84 FIRM TERM RIMMAAENT 027 IGOIDS:l I:SO 001 "896 EFTA00196007 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRNISACSON DESCRPRON SYMEMICUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 09120/05 JOURNAL FEDL HOME LOAN MT0 ODRPaS10109 8.736.422 1.706.000 .00 SERIES 227 CLASS 10 PC/IllirA2 TERM MENT 0920105 JOURNAL FEDL HOME LOAN MIG OCAAPPSIOT 09 18.392.469 3,667,000.00 SERIES 227 CLASS 10 FITM 31. 34 A2 TERM MENT 09/2045 JOURNAL FREDOIE MAC CMOSERIES 2886 8.074.610 SC-PO FUR 3.531R14.19 RIM A2 TERM AAENT 09120/05 JOURNAL FEDL HOME LOAN MIG CCAPtiStOt 10 16,271.372 2.777.000.00 SERIES 228 CLASS 10 6.000 FITM TERM ENT 09/2045 JOURNAL ADP CD 16.500.000, FITM-PR 0920/05 INTEREST FEDERAL NATIONAL MFG ASSN SERIES 329 CLASS PO ISM 11,727,11 STRIP DUE 0110. 0.000 FITM C2 REPO I 09.2045 INTEREST FANNIE MAE CMOSERIES 2003.13 1.558.06 S RCR4i0 FLTR DUE 03:100. 4.358 FITM A2 REPO I 027 10,01,05:II:SO 001 'esse EFTA00196008 CLEARED 1HROuGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 32 STATEMENT PERO(' &VETO& 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYME/CVOUSIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 09/20105 INTEREST FANNIE ILME OMO(SERIES 20D3-52 165.78 KS4/0 FUR DUE 07:10. 3.458 FITM A2 REPO I 09/20+05 INTEREST FEDERAL NATIONAL IMO ASSN 12.404.76 SERIES 346 CLASS 1 DUE I 1 0.000 FR114 A2 REPO I 09/20(05 INTEREST GOVERNMENT NATIONAL LNG ASSN 120.19 SERIES 2004-30 CLASS SU DUE 02:11. 3.690 RUNT A2 REPO I 09120(05 INTEREST FEDERAL NATIONAL LNG ASSN SERIES 352 CLASS 1 MIN 1.439.37 DUE 0710 0.001 FR114 A2 REPO I 09120(05 INTEREST FEDERAL NATIONAL KIM ASSN SERIES 352 CLASS 1 NMI 12326.44 DUE 073.1 0.001 FITM A4 REPO I 0912045 INTEREST FEDERAL NATIONAL KIM ASSN 1.034.44 SERIES 353 CLASS 2 DUE 0:1001. 6.000 FRM 64 REPO I 09/2045 INTEREST FEDL 43ME LOANI.ITGOORP#S10109 3.218.81 SERIES 227 CLASS 10 DUE 12oil l 5.000 FITM A2 REPO I 027 10,01,05:1I:SO 001 EFTA00196009 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 33 0 :tt. STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAASER Cn File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYME/MCUSIP OWARITY OMIT AMOUNT CREDIT AMOUNT 09/20/05 INTEREST FEDL HOME LOAN MTO COAPaS10109 3,529.52 Ills SERIES 227 CLASS 10 DUE ATM 5.000 A2 REPO I 0920105 INTEREST FEDL HOME LOAN MTO CORPHS10110 2.437.59 SERIES 228 CLASS DUE 02.01. 6.000 ATM 82 REPO I 09231 JOURNAL ADP CD FiTm-PR F2633219012 lilt 16.500.000.00 31/49 09/23/05 JOURNAL ADP CD FITI/414-PR F2633219013 NIB 16.500.0001 /0131/49 09123,1 JOURNAL ADP CD 16.500.000.00 FITM-PR F2633219014 10131/49 09/23+05 JOURNAL ADP CD 17.400.000 FITM-PR F2633219015 A Ax Iola 1/49 0%232 INTEREST ADP CD 5.127.60 DUE 12/31/2049 025 3219012 09.26,1 JOURNAL ADP CD 17.400.000.00 FITM-PR F2633219016 12/ 3 1/49 027 10,01,05:1I:SO 001 EFTA00196010 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 34 STATEMENT PERIOD &VETO& 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTTON STMOCCOUSIP CVANTITY DEBIT AMOUNT CREDIT AMOUNT 09/26/05 JOURNAL ADP CD 17.400.000 a Frthil-PR F2633219017 10)31(49 09124 JOURNAL ADP CD 17.400.000.00 FrthePR F2633219018 10131(49 09/26/05 JOURNAL ADP CD 19.200.000 FITIO-PR F2633219019 /0/41149 me. INTEREST ADP CD 5.437.50 DUE 12(31/2049 8,625 FIULPR 3219016 09128(05 JOURNAL ADP CD 19.100.000 FITIO-PR F2633219018 1(49 09/282 JOURNAL ADP CD 19.200.000.00 FrthePR F263321901A fl ax fNIF 19)31(49 09281 INTEREST ADP CD 4.033.33 DUE 12(31/2049 8,625 ill..3321901A TOTAL $-533.985.843.74 5504.378.538.31 027 100105:11:50 001 Y896 EFTA00196011 CLEARED THRouGH ITS YAIOU.Y OunED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 35 o STATEMENT PERO(' September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER KAMER On File MISCELLANEOUS LAST sTATELIENT August 31.2005 DATE 1.00AT TRANSACTEY4 DESCRIPTION DEBIT AMOUNT CREPT AMOUNT 09/01105 JOURNAL TO CMDY NC 119.924.00 09102105 JOURNAL TO CMDY NC 114.810.00 09/06+05 JOURNAL TO CMDY NC 164.532.50 0907105 JOURNAL FR CMOY NC 66.530,00 0910EPOS JOURNAL FR CMOY NC 76.804 .38 0909105 JOURNAL FR CMOs! NC 5.112.50 09/13/05 JOURNAL FR CMOY NC 116.022.50 09113/05 JOURNAL FNMA-30YR(FNMA)G O 108.593.74 SETT.09/DS 5000 DUE 09t01/36 ABS NET 09113/05 09113/05 JOURNAL FNMA-30YR(FNMAJOTO 699.023.44 SETT.09805 5400 DUE 09/01/3S MBS NET 09113/05 09114/05 JOURNAL FNAAA-30YR(FNAAAJOTO 86.937.50 SETT.09/DS 6.000 DUE 09/01/35 MBS NET mums 09/16,SS JOURNAL FR CMOY NC 396.328.50 0920/05 JOURNAL 8/05 SPEC PART 2 CLR FEES 5.360.00 TOTAL S-1.212.233.68 $745.735.38 027 NM 0511:50 001 V896 EFTA00196012 CLEARED THROUGH ITS viiiCtl.Y 0%1T,*0 SUBSIO4Ally OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 36 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER KAMER On File LAST STATEMENT August 31.2005 SETTLEMENT TRADE DATE DATE lIANSACRON DESCRIPTION 0.100...CLISP comm. emu OM AMOUNT CM= AMOUNT 10/13105 09/16105 BOUGHT FNMA-30YR(FNMA)GID 50,000.000 .00 100.3203 SO, 160.156 .25 SETT. 10/05 05.500% 57250000 BS 10/13+05 09/07/05 SOLD FNMA-30YR(FNMA)GID -50.000.000 ,00 100.6250 50.312.500 .00 SETT.10/05 05.500% 57170000 BS TOTAL S50.160.156.25 550.312.500.00 The above non m nci applar In wt 011w socll 01 MC stalamoni. End of Statement 027 T0,0105:11:50 001 V896 EFTA00196013 CLEARED THROUGH ITS WICALY OMAX0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT S ear. Stearns & Co. m Inc. B STUR URNS FINANCIAL TRUST CO INC STATEMENT PER100 Jug 30.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wenv.bearstearns.com THROUGH August 31.2005 ACCCUNT NUMBER What's In This Statement III111111111111111 I ll TAXPAYER NUMBER en Ede LAST STATEMENT 11// 29. 2005 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 33 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash Equvalent 5221.488 TOTAL VALUE OF SECURITIES THIS PERIOD 3.188.141 1.$11.712 LONG ACCRUED INTEREST 34.115 Fixed $3.188.141 Income $3.204.048 NET CREDIT BALANCE 221.488 IIIII Current market value NET EQUITY THIS PERIOD $3,443,744 au Last statements market value NET EOLOTY LAST STATEMENT 3,241.555 CHANGE SINCE LAST STATEMENT 202.189 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Tin summary E lot Scdeseortel poem cely. It a not NOM as. tat doused Ain scateatero NNW M retaned to, your records Soo worn Sr Tor irrexclott yeoman= 027 0B 01,05:13:28 001 Y895 EFTA00196014 GEARED IHROUGH ITS YAIOtlY OMAE0 $1.10540MAY FINANCIAL TRUST CO INC 2 o135 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0201,05:12:211 001 Y895 EFTA00196015 CLEARED THROUGH ITS WHOLLY OWNED SUBSTAARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 a1 >s STATEMENT PERIOD Jug 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MASSER OK File THIS PEPICO THS PERIOD YEAS TO DATE LAST STATEMENT Jul/ 29.2005 Opening Balance $11.711.77 U.S. Govt. Bond Int. 461.711.95 4.520.094.57 Govt. Agency Int. 627.049.58 5.392.264.53 Securities Sold 1.146.377.233.41 Corp. Bond Int. 168,705.12 1.142.506.31 Dividendsllnterest 1,258,464.71 Credit Balance Int. 998.06 5,322.57 Miscellaneous 1.174.993.98 Reverse Repurchase Int. 150,243.08 1.523.787.61 Amount Credited $1.148.810.692.10 Total $1 408 707.79 $12 583 975.59 Securities Bought -1,147,503,302.86 Bond Purchase Int. -752.302.99 -6.392.956.47 Repurchase lnt. Exp. -208.934.41 -1.500.580.05 Dividendsllnterest Charged -752.302.99 Miscellaneous -345.310.50 Amount Debited $-1.148.600,916.35 Portfolio Composition Net Cash Activity 209.775.75 Cashstash Equivalent 221,488 ClosingBatance $221.487.52 Fixed Income 3.188,141 Your Portfolio Allocation Total $3.409.629 Cash 8 Equivalent Cash Balance Summary s% OPENING CLOSING Margin 11,711.77 221,48732 Net Cash Balance $11,711.77 $221.487.52 — Fixed Income 94% UnWo0tel Grown aeocne Oat bane, melte shol ma*, < vela, The elopers. re-cents-de I, otopme item to etnel.te merlon rat), el )VV P.,6010 027 0001.135:13:39 001 V895 EFTA00196016 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 o ;$s STATEMENT PERIOD Jul/ 30.2005 THROUGH August 31.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER KAMER On File LAST STATEMENT JuD 29.2005 /AKAKET ESTIMATED CURRENT DESCPJP1ON SGMCLO.E1P Oil/daffy PACE VALUE ANNUAL INCOME YELD 14) CASH BALANCE 221.488 TOTAL CASH & CASH EQUIVALENTS 5221.485 FIXED INCOME Government & Agency Obligations ACCT ACCRUED EsrmsTE0 CIMR5W DESCRIPTION SGMOLCUSP TYPE OUANTITY PACE MARKET VALUE INTEREST ANNUAL NCOLIE YELL/ iN) GOVERNMENT NATIONAL MTG ASSN MRGN 14.468.859 5.9466 860.404 15.870 519.432 60.3707 SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 3,90% FACTOR .88845284 GOVERNMENT NATIONAL MTG ASSOC MRGN 14,505.776 6,1364 890.134 SERIES 2004-041 CLASS SE DATED DATE 06/23.04 BOOK ENTRY ONLY DUE 05120/2030 FACTOR .90308336 FEDERAL NATIONAL MTG ASSN MRGN 11,861.919 6,8431 811.726 6.638 398.323 49.0711 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/2512033 3.358% FACTOR — .48800907 027 OSOIXIS:13:Ze 001 .895 EFTA00196017 CLEARED THROUGH ITS wisCtLY OW,E0 SUOSIOMAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 STATEMENT PER100 Jul/ 30.2005 THROUGH August 31.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER MAWR On File LAST STATEMENT JO/ 29.2005 Government & Agency Obligations (continued) ACCT ACCRUED (STEAMED CURFENT DESLR "'ION SINEOLCUSP TYPE °UMW PRICE IAARKET VALLE MEREST ANNUAL INCOME TED 19/ FEN. HOME LOAN MTG CORP/SIMS MRGN 466.211 21,4063 99.798 1.943 23,311 23,3582 SERIES 227 CLASS 10 DATED DATE 11/01/04 BOOK ENTRY ONLY DUE 12/01/2034 5400% FACTOR - .93242216 Total Government& Agency Obligations 62,682,062 $24451 $941,068 Corporate Bonds ACCT ittRuE0 ESTMAIW DATENT DESCRIPTION $9.30UCUSP TYPE GUMMY PRICE IAARXET VN.LE entFEST ANNUM. INCOME YEW Phi ALTERNATNE LOAN TRUST MRGN 35,363,806 1,0876 526,079 9.660 579.966 110,2431 SERIES 2004-30CB CLASS I -AS DATED DATE 12/27/04 BOOK ENTRY ONLY DUE 02/25/2035 1440% FACTOR — 48409516 RATING: MOODY MA S&P MA Total CorporateBonds $528,079 $9,660 1679,968 TOTAL FIXED INCOME 13.166.141 $34.115 $1.521,032 YOUR PORTFOLIOHOLDING$ACCRUED INTEREST $34.115 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $1.521.032 YOUR PRICEDPORTFOLIOHOLDINGS $3.409.629 027 OltIOS:12:29 001 VERE EFTA00196018 CLEARED THROuGH ITS YiIICtLY CA1T,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 STATEMENT PERKO JuR 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER NURSER On File with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT Jul/ 29.2005 PM:WS& REPURCHASE PROM PURCHASE PRIM ACCRUED REPO CUNITIN START DATE DATE RATE PRINCPAL MEREST* (FACE AMOUNT) CUSP DESCRIPTOR YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 0729/05 OPEN 0.000 -50.000.000 SERIES 2003-13 CLASS 4.3587 oa25133 YOU SOLD FANNIE MAE STRIPS (REPO) 08/01/05 09/01/05 3.730 -5.923.000 -19.024 -10.000.000 SERIES 352 CLASS PO 07101/34 YOU SOLD FANNIE MAE STRIP (REPO) 08/01/05 09/01/05 3.730 -1.850.000 -5.942 -10.000.000 SERIES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 08/01/05 09/01/05 3.730 -500.000 -1.605 -9.500.000 SERIES 227 CLASS 10 5,0000 12/01/34 YOU SOLD FANNIEMAE STRIP (REPO) 08/12/05 09/12105 3.770 -13.401.000 -28.067 40.000.000 SERIES 329 CLASS PO 12/01132 YOU SOLD FANNIEMAE STRIP (REPO) 08/12/05 09/12/05 3.770 -14.274.000 -29.896 -30.000.000 SERIES 346 CLASS PO 11/01/33 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 08/12/05 09/12/05 3.770 -3.938.000 -8.247 -20.000.000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU SOLD FREDOIEMAC STRIP (REPO) 08/12/05 09/12/05 3.770 -3.124.000 -6.543 -20.000.000 SERIES 228 CLASS 10 6.0000 02/01/35 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 08/15/05 09/14/05 3.780 458.000 -817 -14.000.000 SERIES 2003-52 CLASS 3.4587 07/25/17 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 08/15105 09/15105 3.780 -384.000 -685 -11.000.000 SERIES 2003-52 CLASS 3.4587 07/25/17 YOU SOLD FANNIE MAE STRIPS (REPO) °mates 09/19/05 3,810 -13.289.000 -19.689 -23.000.000 SERIES 352 CLASS PO 07/01/34 027 090I.0503:29 001 V891 EFTA00196019 CLEARED THROUGH ITS WHOU.Y OWNED $UB9DAAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 s. ss STATEMENT PERIOD Jug 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER MAWR On File with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT Jul/ 29.2005 KROUSE( REPURCHASE PRICING PURCHASE atice, ACCRUED REPO GUNFTITI START DATE DATE RAM PRINCIPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MEG ASSOC (REPO) 08/18/05 09/19/05 3,810 -1,216,000 -1.801 -27.112,874 SERIES 2004-30 CLASS 3,5906 02/20/32 YOU PROVIDED GOVERNMENT NATIONAL MEG ASSOC (MARGIN) 08/26/05 OPEN 0,000 -26.400.000 SERIES 2004-5 CUSS P 3,3406 02/20133 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 08/29105 OPEN 0,010 -1 -9.724.538 SERIES 2886 CLASS SC 3,7287 07/15/19 YOU SOLD USTR 4,2500 08115/I5 (REPO) 08131/05 09401/05 3,200 -20.225.000 -1,797 -20.000.000 YOU SOUGHT USTR 4,0000 08/31/07 (REVERSEI 08:31,05 09(01/05 3.320 68.255.000 6.294 65030.003 TOTAL REVERSE REPURCHASETRANSACTIONS £413.235.000 $6.294 TOTAL REPURCHASETRANSACTIONS $48.932.001 3424.113 As el sialcmool dam Transaction Detail INVESTMENT ACTIVITY STATEMENT TRADE DATE DATE TRANSACTION DESCRSTION SIMBOLCUSIP WANT& APACE DM AMOUNT CREDIT APADutil 08101105 07/29(05 BOUGHT UNITED STATES TREASURY NDTE 10,000,000 98,78125 9,878,125 ,00 04,125% MN 15 ACCR, INT, 87.432,07 MATURITY GVER REF tt G2105081 Al 027 CGOI.05:I3:28 001 "895 EFTA00196020 CLEARED THROUGH ITS WHEEL? OMS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT ile3 Co Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 STATEMENT PERTOO Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER NUMER Ofl File INVESTMENT ACTIVITY (continued) LAST STATEMENT JUN 29. 2006 SETTLEMENT TRADE DATE DATE TRANSACTION OESORPTION STHEIOLCUSV PAIGE DEBIT AMOUNT CREW MOW 08/01105 07/28105 SOLD UNITED STATES TREASURY NNE -23.000.000 99.80469 22.955078 .13 03.875% JJ 31 ACCR. INT. 2.421.87 MATURITY GVER REF # G2O93006 B1 08101105 07/28/05 SOLD UNITED STATES TREASURY N3TE -50.000.000 99.80469 49.902.343 .75 03.875% JJ 31 ACCR. INT. 5.264.95 MATURITY GVER REF # G2O93006 Al 08/11/05 08/03105 BOUGHT FNMA-30YR(FNMA)OID 1.000.000 100.45313 1.004.531 .25 imwit SEIT.08/04 05.500% 7160000 BS 08/11105 07/15+05 CANCEL SELL FNMA-33YR(FNMA)OTD 30.000.000 100.82031 30.246.093.75 amos SEIT.01VO4 05.500% 7180000 BS AS OF 07/15+05 TO C/3. PREVIOUS SELL 03, 11.05 07:07.05 CANCEL SELL FNMA-33YR(FNMA)ETID 30.000.000 100.96875 30.290.625.00 SETT.08/04 05.5001 57310000 SS AS OF 07/07105 TO C/3. PREVIOUS SELL OM 1105 07/29105 CANCEL SELL FNMA-30YR(FNMA)ETID 40.000.000 100.50781 40.203.125.00 SETT O8104 05.500% 57090000 BS AS OF 07+29.05 TO C/3. PREVIOUS SELL 027 09,01,OS:10:28 001 EFTA00196021 CLEARED THROUGH ITS WHCELY GMB*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT itkl Co Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 9 STATEMENT PERK* Jul/ 30.2006 THROUGH August 31.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER MASER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT Jul/ 29.2005 SETTLEMENT TRADE DATE DATE TIANSAC110,1 OESCRETION SYMBOLCUS, OVANDO' ProcE DEBIT AMOUNT CREDIT AMSUNT Oen 1/05 07/11/05 BOUGHT FNMA-30YR(FNMA)OTD 50.000.000 100.88281 50,441,406.25 040005.500% SETT.08104 57110000 BS 08/11105 07/08105 CANCEL SELL FNMA-30YRTHMAJO1D 05.500% VIM 50.000.000 100.96094 50.480.468.75 7250000 BS AS OF 07/08105 TO C)3. PREVIOUS SELL OM 1/05 07/08/05 CANCEL SELL FNMA-30YRTNMA)G1D SETT.08/04 Mill 50.000.000 100.96094 50.480.470 .00 05.500% 7250000 BS AS OF 07/08/05 TO C)3. PREVIOUS SELL 08111/05 08/0345 BOUGHT FNMA-30YRTNMA)G1D 99.000.000 100.43750 99.433.125.00 SETT 08104 05.500% 7180000 BS 08/11/05 08/0345 CANCEL BUY FNMA-30YR(FNMA)GTD -1.000.000 100.45313 1.004.531.25 SETT.0004 101.5 C6.5e" 7160000 BS AS OF 08/03105 TO CM. PREVIOUS BUY 08/11/05 07/15/05 SOW FNMA-30YRTNKIMG1D -30.000.000 100.82031 30.246.093 .75 SETT.08/04 01.11105.500 57180000 BS 027 09,01,136:13:29 001 '.89S EFTA00196022 CLEARED THROUGH ITS WHOM.? GMB*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT itkl Co Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 10 STATEMENT PERTOO Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER NUIMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT J011 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRETION SYMBOT.CUS, DANTint PRICE DEBIT AMOUNT CREDIT AMOUNT 089 1/05 07/07105 SOLD FNMA-30YR(FNMA)OM -30.000.000 100.96875 30290,625.00 SETT.08104 1~05.500% 57310000 BS 0891105 07/29105 SOLD FNMA-30YR(FNMA)010 -40.000.000 100.50781 40.203,125 90 isais SEIT.0844 05.500% 7090000 BS 08111/05 07/11105 CANCEL BUY FNMA-30YR(FNMA)G10 -50.000.000 100.88281 50.441.406 ,25 SETT.08/04 1~05.500% 57110000 BS AS OF 07/11105 TO CXL PREVIOUS BUY 08, l 1,05 07:0505 SOLD FNMA-30YR(FNMA)G10 -50.000.000 100.96094 50.480.468 .75 SETT.08/04 1011.05.500% 57250000 BS AS OF 07:0895 08,11105 07/08105 SOLD FNMA-30YR(FNMA)G10 -50.000.000 100.96094 50.480.470 .00 SETT.08104 , 05.500% 57250000 BS 08111105 08/03105 CANCEL BUY FNMA-30YR(FNMA)G10 -99.000.000 100.43750 99.433.125 .00 SETT:38/04 05.500% 7180000 BS AS OF 08/03105 TO CM. PREVIOUS BIN 027 09,01,136:13:09 001 '.89S EFTA00196023 CLEARED THROUGH ITS (AM,ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT , kf Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 11 STATEMENT PERK* NEN 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAWR Cfl File INVESTMENT ACTIVITY (continued) LAST STATEMENT Jul/29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION SYMBOL:CUSP CAMMITY Pea DENT AMOUNT CREPT AMOUNT esittes 0&03l05 BOUGHT FNMA 30Th GTO 10.000.000 98.34766 9.834.765,63 SETT, 08/05 INNS 05.000% 7990000 BS comes 07/21105 CANCEL SELL FNMA 30Th GTO 10.000.000 98.59375 9.859.375 MO SETT, 08/05 ~ 05.000% 57190000 BS AS OF 07/21105 TO It PREVIOUS Sal. 08/11115 08/03/05 CANCEL BUY FNMA 30YR GTO -10.000.000 98,34766 9.834.765,63 SETT, 08/05 111. 05.003% 5 7990000 BS AS OF 08/03105 TO It PREVIOUS BUY 08/11115 07/21/05 SOLD FNMA 30YR GTO -10.000.000 98.59375 9.859.375.00 SETT 08/05 05,000% 57190000 BS 08/11115 08/10.'05 BOUGHT UNITED STATES TREASURY NOTE 5.000.000 98.06250 4.903.125.00 04125% MN 15 ACCR, NT, 49.320,65 MATURITY GVER REF N G2222986 Al 08/12105 08111105 BOUGHT UNITED STATES TREASURY NOTE 30.000.000 98.25000 29.475.000.00 04,125% MN 15 ACCR, NT, 299.28668 MATURITY GVER REF # G2234235 Al 08/12/05 08/11105 SOLD UNITED STATES TREASURY NOTE -30.000.000 98.34375 29,503,125.00 04125% MN 15 ACCR, INT, 299.286,68 MATURITY GVER REF # G2234830 Al 027 0901,0513:28 001 '.89S EFTA00196024 CLEARED THROUGH ITS WHOM.? (MSC> SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT itkl Co Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 12 STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER NADER Ofl File INVESTMENT ACTIVITY (continued) LAST STATEMENT JUN 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRETION STMEIOLCUSV OVANTITY nnicE DEBIT AMOUNT CREPT AMSUNT 08/12/05 08/11/05 BOUGHT UNITED STATES TREASURY NOTE 15.000.000 99,56250 14.934.375,00 DUE 07/31/2007 03,875% JJ 31 ACCR. 18.953,80 SPECIAL INSTRUCTIONS YIELD 4,108 % M MATURITY GVER REF V G2233644 Al WWEB 08/15105 08/12105 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 99,70313 9.970.312,50 03,875% JJ 31 ACCR. WT, 15794,84 MATURITY GVER REF # G2245038 Al 08/15105 06112105 SOW UNITED STATES TREASURY NOTE 03,875% JJ 31 NMI -20.000.000 99,65500 19.931.000 .00 ACCR, INT, 31.589,67 MATURITY GVER REF #/02215035 A3 AS OF 08/12/05 08/16105 08/15/05 SOLD UNITED STATES TREASURY NOTE -5.000.000 98,72266 4.936.132,81 04,125% MN 15 ACCR, INT, 52.122,96 MATURITY GVER REF V G2273023 Al 08/16105 08/15105 BOUGHT UNITED STATES TREASURY NOTE 5.000.000 99,90625 4.995.312.50 04,250% FA 15 ACCR. WT, 677.45 MATURITY GVER REF # G2273026 Al 08/16105 08/15105 SOLD UNITED STATES TREASURY NOTE -10.000.000 99,68750 9.968.750,00 04,250% FA 15 ACCR, INT, 1.154,89 MATURITY GVER REF #/02273919 Al 08/17/05 08/16105 BOUGHT UNITED STATES TREASURY NOTE 10 030.000 100,25000 10.025.000.00 04,250% FA 15 ACCR. 2.309.78 MATURITY GVER REF # G2285068 Al 027 09,01,136:13:09 001 '.89S EFTA00196025 CLEARED THROUGH ITS WHOLLY OwNED SUSDCHAAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 O STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER RUMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT J011 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION Dues priON SIMEO-CUSP CAJANTID PRCE DEPT AMOUNT CREDIT MOUNT 08717/05 08/16/05 SOLD UNITED STATES TREASURY NOTE -10,000.063 99.73438 9.973.437.50 03.875% JJ 31 ACCR, INT. 17.900.82 . 0 MATURITY GVER REF It G2284269 Al 08/18105 08117105 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 99,83984 24.959.960.94 04.250% FA 15 ACCR, INT, 8.661.68 MATURITY GYER REF # G2294678 Al 08/18/05 08/17105 SOLD UNITED STATES TREASURY NOTE -25.000.000 100.07813 25.019.631 .25 04.250% FA 15 ACCR, INT, 8.661.68 MATURITY GYER REF # G2292609 Al 08/19/05 08/18105 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 100.26563 10.026.562.50 04.250% FA 15 ACM INT. 4.619.57 MATURITY GVER REF es G2303843 Al 08/19/05 08/18105 SOLD UNITED STATES TREASURY NOTE 04.250% FA 15 EMI -10.000.000 100.12500 ACCR, INT, 10.012.600 .00 4.619.57 0 MATURITY GVER REF It 02303360 Al 08122/05 08/19/05 BOUGHT UNITED STATES TREASURY NOTE 10,030.000 100.31250 10,031,250.00 DUE 08/15/2015 04,250% FA 15 ACCR, INT, 8.08424 SPECIAL INSTRUCTIONS YIELD 4.211 % TO MATURITY GYER REF # G2313898 Al WWEB 08.22/05 08/19105 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 100.34375 25,085,937.50 DUE 08/15/2015 04.250% FA 15 ACM INT, 20.210.60 SPECIAL INSTRUCTIONS YIELD 4.207 % TO MATURITY GYER REF # G2348702 S1 AS OF 08/19/05 027 000145:13:29 001 Y893 EFTA00196026 CLEARED THRouGH ITS y/NO.E.Y Cms*0 SUEISIOany OFFICE SERVICING YOUR ACCOUNT ilkl Co Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 14 STATEMENT PER100 NEN 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WISNER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT J011 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRETION STMEIOLCUSV CIJANTITe PRCE DEBIT AMOUNT GRIM MIDUNT 08(22/05 08/19/05 SOLD UNITED STATES TREASURY NOTE -25.000.000 100.26563 25.066.406.25 04.250% FA 15 ACCR, INT. 20,210.60 MATURITY GVER REF # G2313522 Al 08(22/05 08/19105 BOUGHT UNITED STATES TREASURY NNE 10.000.000 99.75000 9.975.000.00 03.875% JJ 31 ACM T. 23.165.76 MATURITY GVER REF # G2313868 Al 0822/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN -166.188 SERIES 2004-035 CLASS SP 3.770 DUE 12/20/29 PRINCIPAL REDUCTN 08-20-05 08(22/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSOC -150.917 SERIES 2004-041 CLASS SE DUE 05/20/30 PRINCIPAL REDUCTN 08-20-05 0824105 08/23105 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 100.57813 10.067.812.50 04.250% FA 15 ACCR. M. 10.394.02 MATURITY GVER REF # G2354385 Al 08/24105 08/23105 SOLD UNITED STATES TREASURY NOTE -10.000.000 100.40625 10.040,625 (00 04.250% FA 15 ACCR. INT. 10,39442 0 MATURITY GVER REF At G2352709 Al 08125/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 128,288.70 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN WC( 07-05 PA) 08-25-05 REPO P 8I 0.0000 027 020145:12:29 001 11895 EFTA00196027 CLEARED THROUGH ITS WHCXLY OWNED SUBSDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 ci STATEMENT PERKO Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WOOER GT1 File INVESTMENT ACTIVITY (continued) LAST STATEMENT JUN 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRPTION STUD0ALISP OJAturre PEKE DENT AMOUNT CR= AMOUNT 08/25M5 PRINCIPAL FEDERAL NATIONAL MTO ASSN 384,866.10 SERIES 329 CLASS PO WE 01/01/33 STRIP PAIN RID 07-05 PM 08-25-05 REPO P 8I 0.0000 08(25/05 PRINCIPAL FEDERAL NATIONAL MTO ASSN -325.337 SERIES 2003-49 CLASS SW 3.358 DUE 01125/33 PRINCIPAL REDUCTN 08-25-05 08/25/05 PRINCIPAL FEDERAL NATIONAL MTO ASSN 168.299.20 SERIES 346 CLASS 1 WE 11/01/33 KIN RID 07-05 PM 08-25-05 REPO P 8I 0.0000 09025/05 PRINCIPAL FEDERAL NATIONAL MTO ASSN 336.598.40 SERIES 346 CLASS 1 WE 11/01/33 PAIN RID 07-05 PM 08-25-05 REPO P 8I 0.0000 09025/05 PRINCIPAL FEDERAL NATIONAL MTO ASSN 241.100.60 SERIES 352 CLASS 1 0.001 DUE 07/01/34 PAIN RID 07-05 PA 08-25-05 REPO P 8I 0.0000 0845105 PRINCIPAL FEDERAL NATIONAL MTO ASSN 654.531.38 SERIES 352 CLASS 1 0.001 DUE 07/01/34 PAIN RID 07-05 PA) 08-25-05 REPO P 8I 0.0000 08125/05 PRINCIPAL ALTERNATIVE LOAN TRUST -985.861 SERIES 2004-3008 CLASS 1-A-8 1.640 DUE 02125P35 PRINCIPAL REDUCTN 08-25-05 027 00010S:13:29 001 1896 EFTA00196028 CLEARED THROUGH ITS WHEEL? (MSC> SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT ,iIk1 Co Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 16 STATEMENT PER100 Ju// 30.2005 THROUGH August 31.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER KINDER Ofl File INVESTMENT ACTIVITY (continued) LAST STATEMENT JUN 29. 2005 SETTLEMENT TRADE DATE DATE mANssicnom OESCRPTION STMOOLCUMP OVANDO, PRCE DEBIT AMOUNT GRECO ARVUNT 08(26105 08/25105 BOUGHT UNITED STATES TREASURY NOTE 18.000.000 99.77344 17.959.218.75 03.875% JJ 31 ACCR, 4#279.89 MATURITY GYM REF # 02373905 at 08,26+05 08/25/05 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.77344 49.886.718,75 03.875% JJ 31 ACCR. WT. 136.888,59 MATURITY GYM REF # G2373905 Al 08,29105 08126+05 BOUGHT UNITED STATES TREASURY NOTE 5.000.000 100.79688 5.039.843,75 04.250% FA 15 AC08. INT. 8.084,24 MATURITY GVER REF # G2382619 Al 08,2945 08126/05 SOLD UNITED STATES TREASURY NOTE DUE 08/15/2015 04.250% FA 15 EMI -5.000.000 100.65625 ACCA. INT. 5.032.812.50 8.084.24 SPECIAL INSTRUCTIONS YIELD 4.169 % TO MAttIRITY GVER REF # 02412240 Al WINES AS OF 08726105 08,30,05 JOURNAL FREDDIE MAC CMUSERIES 2886 SC-VO RTR 111111111 3.728 DUE 07/15/19 08,31105 08/30/05 BOUGHT UNITED STATES TREASURY NOTE 5.000.000 100.67188 5,033,593,75 04.250% FA 15 ACM. NE 9,239,13 MATURITY GVER REF # 02422297 Al 08,31105 08130.'05 BOUGHT UNITED STATES TREASURY NOTE 15.000.000 99,97656 14,996.484,38 04.000% FA 28 MATURITY GYM REF # 02423132 Al 027 09,0105:13:39 001 11896 EFTA00196029 CLEARED IFIROuGH ITS ViHC‘LY en‘v.eo SUEISID4ARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STD;RNS FINANCiAL TRUST CO INC 17 STATEMENT PEAK* JuB 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AVISER On FAA INVESTMENT ACTIVITY (continued) LAST STATEMENT J01129. 2005 SETTLEMENT TRADE DATE DATE TRANS/CT/DM °ESCAPISM SIMBEACEIMP CAJUVrity PRZE DENT AMOUNT CREPT MAJUNT 08/31105 08/30105 SOLD UNITED STATES TREASURY NOTE -15.000.000 99,99219 14.998.828.13 04,000% FA 28 MATURITY GVER REF it 62423964 Al 08,31/05 08/25105 SOLD UNITED STATES TREASURY LADTE 04,000% FA 28 ~I -18.000.000 100,00000 18.000.000 .00 MATURITY GVER REF Tt 62373906 BI 0841/05 08/25105 SOLD UNITED STATES TREASURY LADTE 04,000% FA 28 ~I -50.000.000 100,00000 50.000.000 .00 MATURITY GVER REF tt 62373906 Al TOTAL 14340,259621.44 3879.689.952.28 INTEREST DATE OESCRPTHEN SYMBOLICUSIP OMMAITY RATE I%1 DENT AMOUNT [PEW AMOUNT 08101/05 AVG BAL 467,110 RT 2.481 998,06 021 OFFICE INTEREST 0705 08/15105 FEDL HOME LOAN ATM CORPMS10109 5,0000 1.967,86 SERES 227 CLASS 10 DUE 12/01/2034 5,000 INT RID 07-05 P/D 08-15-05 REPO P &I 5,0000 08/I 5105 FEDL HOME LOAN VATG CORN/610109 5,0000 37.389,40 SERES 227 CLASS n DUE 1210112034 5,000 INT RID 07-05 P/D 08-15-05 REPO P &I 5,0000 027 096166:13:29 001 V895 EFTA00196030 CLEARED 1KROUGH ITS vusou.v cuw.E0 8,18504.4ov OFFICE SERVICING YOUR ACCOUNT r. ql Bear. Stearns & Co. Inc. BEAR STD;RNS FINANCIAL TRUST CO INC 18 STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYERm.493ER OnfIle INTEREST (continued) LAST STATEMENT AA/ 29. 2005 DATE DESORPTION SYMEIWCUSIP a/Pinny RATE 1%/ DEBIT AMOUNT CREDIT AMOUNT 08115405 FEDL HOME LOAN MI6 CCIVWS10109 5.0000 78.714.53 SERES 227 CLASS 10 DUE 12/01/2034 5.000 INT R/D 07-05 PAD 08-15-05 REPO P &I 5.0000 08/15+05 FREDDIE MAC CMDSER1ES 2886 3.9110 11.317.04 SC-VO RIR DUE 07/15/2019 3,911 INT R/D 07-05 Pit 08-15-05 REPO P & I 3.9118 5/05 FREDDIE MAC CMDSERIES 2886 3.9110 16.196.21 SC-VO RTR DUE 07/15/2019 3,911 INT R/D 07-05 PM 08-15-05 REPO P & I 3,9118 OM 5+05 TEDL HOME LOAN IRTG GORP#S10110 6.0000 87.142.06 SERES 228 CLASS ID DUE 02/01/2035 6.000 INT R/D 07-05 PAD 08-15-05 REPO P &I 6.0000 0822/05 GOVERNMENT NATIONAL MID ASSN SERES 2004-5 CLASS PS MIN 3.5200 51.626,67 DUE 02/20/2033 3.520 INT R/D 07-05 PAD 08-20-05 REPO P &I 3.5200 0822/05 GOVERNMENT NATIONAL MTE1 ASSN 3.5200 77.440.00 SERES 2004-5 CLASS PS DUE 02/2012033 3.520 INT R/D 07-05 PAD 08-20-05 REPO P & I 3.5200 08/22/05 GOVERNMENT NATIONAL MIG ASSN SERES 2004-30 CLASS SU INS 3.7700 75.876.80 DUE 02/2012032 3,770 INT R/D 07-05 PM 08-20-05 REPO P & I 3.7700 027 090183533:29 001 v895 EFTA00196031 CLEARED THROUGH ITS WHOLLY OWX*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 STATEMENT PERK* Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER Ofl File INTER EST (continued) LAST STATEMENT Jul/ 29. 2005 DATE DESORPTION SYMEIMICUSIP QUANTITY RATE ITN DEW AMOUNT MEM AMOUNT 08022t5 GOVERNMENT SAMNA/ MTO ASSN 3,7700 45.978.44 SERIES 2004-035 CLASS SP DUE 12/20/2029 3.770 INTEREST PAYMENT 08-20.05 08/22/05 GOVERNMENT NATIONAL MTO ASSOC MEI 46.046.44 SERES 2004-041 CLASS SE DUE 05/20/2030 0.000 INTEREST PAYMENT 08-20.05 08125/05 FANNIE MAE CMO/SERIES 2003.13 4,3580 91 514,47 S RCA-I/0 RTR DUE 03/254033 4.358 INT RID 07-05 PAD 08-25-05 REPO P S I 4.5400 08,25/05 FEDERAL NATIONAL MTO ASSN 3,3580 35.952,40 SERES 2003-49 CLASS SW DUE 01/25/2033 3.358 INTEREST PAYMENT 08-25.05 08125:05 FANNIE MAE CMO/SERIES 2003.52 3.4580 22.557.38 KS-W3 RTR DUE 07/25/2017 3.458 INT RID 07-05 PAD 08-25-05 REPO P 8I 3.6400 0812905 FANNIE MAE CMO/SERIES 2003.52 3.4580 28.709,39 KS-I/O RTR DUE 07/252017 3.458 INT RID 07-05 PA 08-25-05 REPO P 8I 3.6400 0802905 FEDERAL NATIONAL MTO ASSN 5.0000 37.648,21 SERES 353 CLASS 2 DUE 07/01/2034 5.000 INT RID 07-05 PM 08-25-05 REPO P 8I 5.0000 027 OSOITTS:l3:09 001 VII9S EFTA00196032 CLEARED THROUGH ITS WHOLLY OWNED $UB9OIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 s! s!. STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER NASSER Ofl File INTEREST (continued) LAST STATEMENT Jul/ 29.2005 DATE DESCRIPTION SYMBOUtuSTP OVAATIIIY RATE 1%4 DEBIT AMOUNT CREDIT AMOUNT 08/25/05 ALTERNATIVE LOPN TRUST 1.6400 49.677.40 SERES 2004-3008 CLASS 1-A-8 DUE 02/25/2035 1.640 INTEREST PAYMENT 08-25.05 TOTAL $794.752.74 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SYMBOL.CUSJP 0.:NYHTY MIT AMOUNT CREDIT AMOUNT 0801105 JOURNAL FEDERAL NATIONAL MTO ASSN -8.299.585 5.923.000.00 SERIES 352 CLASS 1 0.001 DUE 07/01/34 FITM F2133186 Al REPO AGREEMENT 08101105 JOURNAL FEDERAL NATIONAL MM ASSN 8.299,585 6,373.000 00 SERIES 352 CLASS 1 ?int osigne sz FITM TERM RatraaMENT 08101+05 JOURNAL FEDERAL NATIONAL KIM ASSN SERIES 353 CLASS 2 IMMO 9.035,569 1.737.000.00 5.000 FITI14 31.2 TERM ENT 08101+05 JOURNAL FEDERAL NATIONAL MTG ASSN -9.035.569 L850.000,00 SERIES 353 CLASS 2 5.000 DUE 07/01+34 FITM F2133186 81 REPO AGREEMENT 0841+05 JOURNAL FEDL HOME LOAN MTG CalP4S10109 8.973,456 SERIES 227 CLASS 0 5.000 FITI14 310 34A2 TERM DENT 027 M01.05:13:28 001 '.1193 EFTA00196033 CLEARED THROUGH ITS WHOLLY OWNED $00901ARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 21 STATEMENT PERIOD Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OR Fee REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jilt 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACDON DESCRPRON SYME/CIALOSIP QUANTITY OMIT AMOUNT CREDIT AMOUNT 08.101105 JOURNAL FEDL HOME LOAN MTG CORPaS10109 -8.973,456 500.000.00 SERIES 227 CLASS 10 F SITAI MMAlairAl REPO 0801105 DELIVERED UNITED STATES TREASURY NOTE -10.000.000 10.025.000 .00 DUE 05/192015 4.125 4.1253101i5 FITM A2 TERM EMENT 08101105 RECEIVED TINTED STATES TREASURY NOTE 73.000.000 73.000.000.00 DUE 07131/2007 3.875 3.875 1117 FILM AI RESALE T 08101/05 INTEREST FEDERAL NATIONAL MTO ASSN 20.053,71 SERIES 352 CLASS 1 DUE 07310 0.001 FITM BZ REPO I 08101/05 INTEREST FEDERAL NATIONAL MTO ASSN 5.465,76 SERIES 353 CLASS 2 DUE 0710 5.000 FITM A2 REPO I 0801105 INTEREST UNITED STATES TREASURY NOTE 6.970.16 DUE 05/1. 1.125 ea/ yes JOURNAL UNITED AA l E -5.000.000 4.931,250 .00 FITM A 4.125 , 15 REPO AGREEMENT 027 000105:13:29 001 V893 EFTA00196034 CLEARED THRouGH ITS wilCu.Y OwNEO SUBODIARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 a v. STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul/ 29.2005 SEMEMENT TRADE DATE DATE TRANSACTION DESCRPRON SYMEICIJCUSIP CVANTRY DEBIT AMOUNT CREDIT AMOUNT 08112105 JOURNAL FEDERAL NATIONAL WM ASSN 4.677.451 3,562,000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP RRA TERM Ant / NT 08/I2+05 JOURNAL FEDERAL NATIONAL KIM ASSN 14.032.355 10.686.000 po SERIES 329 CLASS PO DUE 01/01/33 STRIP RW TERM RMINM AZ ENT 08/I 245 JOURNAL FEDERAL NATIONAL MICI ASSN -18.709.806 13.401.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM Milli DI REPO A 08/I2105 JOURNAL FEDERAL NATIONAL MM ASSN 6.637,070 5.060.000 .00 SERIES 346 CLASS 1 DUE 11 FITM CZ TERM MENT 08/I2105 JOURNAL FEDERAL NATIONAL WO ASSN 13,274.141 10.120.000.00 SERIES 346 CLASS 1 DUE 11 FMB AZ TERM MENT 08/12105 JOURNAL FEDERAL NATIONAL MTG ASSN -19.911.211 14.274.000 .00 SERIES 346 CLASS 1 DUE 11 ATM CI REPO A 08/12105 JOURNAL FEDL WItIE LOAN tin CORPoSt0i09 18.648.443 3,788.000.00 SERIES 227 CLASS 10 5.000 ' FITM AZ TERM MENT 027 09,01.05:13:29 001 EFTA00196035 CLEARED THROUGH ITS WHOLLY 01VNE0 SUBODIARv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 STATEMENT PER100 Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jug 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON Symectocuse OUANTITY DEBIT AMOUNT CREDIT AMOUNT 08/12/05 JOURNAL FEDL NOME LOAN MTG CORP9S10109 -18.648.443 3.938.000.00 SERIES 227 CLASS 10 FSITTA MMAlarB1 REPO 08/12105 JOURNAL FREOOIE MAC CMO,SERIES 2886 -3.471.600 182,000.00 SC-/0 FUR 3.911 1#1 4.19 FITM Al REPO A 08112+05 JOURNAL FREOOIE MAC CMOSERIES 2886 3.471,600 197,000.00 SC-/0 FUR 3.9113.119 FITM AZ TERM MENT 08112+05 JOURNAL FEDL HOME LOAN MTG OCAPt/S Ot 10 16,861.393 2,818.000.00 SERIES 228 CLASS 10 6.00031.35 FITM BZ TERM AAENT 08112+05 JOURNAL FEDL HOME LOAN MTG CORPOS10110 .16 861.393 3.124.000.00 joss SERIES 228 CLASS 10 6.000 RIM Al REPO A 2+05 RECEIVED UNTIED STATES TREASURY NOTE 58.000.000 58.000.000.00 DUE 07+31/2007 3.875 3.875 DOW FITM Al RESALE 08112+05 DEUVERED UNITED STATES TREASURY NOTE -73.000.000 73.000.000.00 DUE 07/31,2037 3.875 3.13751 . 7 FITM A2 TERM t WENT 027 OSOIXIS:13:Ze 001 •.'893 EFTA00196036 CLEARED THROUGH ITS WHOU.Y OWNED SUEISTDIAAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 c? » STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul/ 29.2005 SEM.EmENT TFLTDE DATE DATE TRANSACTION DESCRITTON SYMEICIAUSIP MUNDY DEBIT AMOUNT CREDIT AMOUNT 08112/05 INTEREST FEDERAL NATIONAL KIM ASSN 10,980.85 SERIES 329 CLASS PO STRIP DUE 01 i 0.000 MITA AZ REPO I 08/12105 INTEREST FEDERAL NATIONAL MID ASSN 32,942,56 SERIES 329 CLASS PO STRIP DUE Ojai. 0.000 FITM AZ REPO I 08/12105 INTEREST FEDERAL NATIONAL MM ASSN 15,598,86 SERIES 346 CLASS 1 DUE 11 0.000 FITM CZ REPO I 08/I 2105 INTEREST FEDERAL NATIONAL MITI ASSN SERIES 346 CLASS 1 BIM 31.197,71 DUE 11 0.000 RIM AZ REPO I 08/12105 INTEREST FEDL !CAE LOAN MTG CCAP#S10109 11,677,56 SERIES 227 CLASS 10 DUE 1 5,000 FITM A2 REPO I 08.12/05 INTEREST FREDDIE MAC CMCASERIES 2886 SC-I/0 FLTR VIM 607.31 DUE 07/10 3.911 FITM AZ REPO I 08112)05 INTEREST FEDL HOME LOAN MTG CORPoS10t 10 SERIES 228 CLASS 10 Inn 8.687.27 DUE 02) 6.000 RIM BZ REPO 027 090105:13:28 001 '.1193 EFTA00196037 CLEARED THROUGH ITS yniCu.Y MINED SUBSTCHAFTy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 i» STATEMENT PERM Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER ALTMSER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Jul/ 29.2005 SETTLEMENT TRADE DATE DATE TRNISACOON DESCRPTICH SYMOCIAUSIP OVANDO, OMIT AMOUNT CREDIT AMOUNT 08112/05 INTEREST UWE° STATES TREASURY NOTE 66,713.89 DUE 07i2J_2061.7_ _1875 aimRIP 0815105 JOURNAL FANNIE MAE CMOSERIES 2003.52 KS-ItO FOR MIS 7.436.499 3.640R1117 FIRM A2 TERM GENT 0815105 JOURNAL FANNIE El.* CMOGERIES 2003.52 KS-I/0 FUR SIM -7A36.499 384,000.00 3.6401117 FIRM Al REPO 0815105 JOURNAL FANNIE RAE CAANSERIES 2003.52 -9.464.635 458,000.00 KS-I/0 FUR 3.64011117 FITM At REPO 08/1 5105 JOURNAL FANNIE El.* CMOISERIES 2003.52 9.464.635 509.000.00 KS-I/0 FUR 3.6403".17 FITM AZ TERM MENT owl sros JOURNAL GOVERNMENT NATIONAL MTG ASSN -26.400,000 2.333.000.00 SERIES 2004-5 CLASS PS 3.520 FIRM AI REPO A 0815105 JOURNAL GOVERNMENT NATIONAL MTO ASSN 26.400,000 2.440.000.00 SERIES 2004-5 CLASS PS 3.520 FITM 311.2 TERM ENT 027 000145:13:29 001 11895 EFTA00196038 CLEARED THROUGH ITS YAIOALY OUS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STURNS =Pm FINANCIAL TRUST CO INC 26 STATEMENT PERM Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER On File REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul/ 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYMOCtiCtISIP CAINTur DEBIT AMOUNT CREDIT AMOUNT 08/I 5105 DELIVERED UNITED STATES TREASURY NOTE -58.000.000 58.000.000 .00 DUE 07/31/2007 3.875 3.875 7 FITM A2 TERM e ENT 08/I 5105 RECEIVED UNITED STATES TREASURY NOTE DUE 07/31/2007 3.875 VIM 68,000.000 68.085.000.00 3.875 Dilit7 FITM Al RESALE T 08/I5/05 INTEREST FANNIE MAE CMOSERIES 2003.52 1.633.32 KS-I/0 FLTR DUE 07:10. 3.640 FITM Q REPO I 08/15105 INTEREST GOVERNMENT NATIONAL MTO ASSN 8.007.27 SERIES 2004-5 CLASS PS DUE Oa. 3.520 FITM AZ REPO I 08/15105 INTEREST UNITED STATES TREASURY NOTE DUE 07/11 1.875 MIN 11 116.67 081I8'05 JOURNAL FREOOIE MAC CMOSERIES 2886 4.856.023 SC-D0 FUR 3.72831ill 9 FITM A2 TERM MENT 08/16/05 JOURNAL FREOOIE MAC CMOGERIES 2886 .4.856.023 258.000.00 SC-00 FLTR 3,728 19 FITM AI REPO 08/16/05 JOURNAL WINED TATE TREASURY NOTE 5.000.000 4.931.250 .00 FITM A2 4.125 15 TERM REPO AGREEMENT 027 OtiOlitIS:13:29 001 11895 EFTA00196039 CLEARED THROUGH ITS ?RIMY CAM,*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STURNS =Pm FINANCIAL TRUST CO INC 27 STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT JuN 29.2005 SETTLEMENT TRADE DATE DATE TIVINSACTION DESERTION SYMOCCCUSIP MAMMY DEBIT AMOUNT CREDIT AMOUNT 08/16105 RECEIVED UNITED STATES TREASURY NOTE 5.000.000 5.000.000,00 DUE 08t15,2015 4.250 4,250 DOC F1TM Al RESALE 0816105 INTEREST UNITED STATES TREASURY NOTE 510,93 DUE 4.125 FILM A2 REPO I 08/17105 DELIVERED UNITED STATES TREASURY NOTE -5.000.000 5.000.000.00 DUE OS/19201S 4.250 4.2SORMI IE5 F1TM A2 TERM EMENT 08117105 JOURNAL UNITED TATES TREASURY NOTE -5.000,000 5.000.000.00 FILM Al 4.250 15 REPO AGREEMENT 08117105 DELIVERED UNITED STATES TREASURY NOTE -68.000.000 88.085.000.00 DUE 07+31/2007 3.875 3.875 7 FILM A2 TERM ENT 08117105 RECEIVED UNITED STATES TREASURY NOTE 78.000.000 78.195.000,00 DUE 07+31+2007 3,875 3,875 la? ROA Al RESALE T 08117105 INTEREST UNITED STATES TREASURY NOTE 452.78 DUE 03+0110 1250 02.+17+05 INTEREST UNITED STATES TREASURY NOTE 10,477,53 DUE 07+VS 1.875 027 0901.05:13:211 001 V89S EFTA00196040 CLEARED THROUGH ITS WIICU.Y OWNED SUEIRDMAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 28 I )) STATEMENT PER100 Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WIESER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul/ 29.2005 SEM.EmENT TRADE DATE DATE TRANSACTION DESCRPTICH SYMEOCIAUSIP QUANTITY CEBU AMOUNT CREDIT AMOUNT 08/18.05 JOURNAL GOVERNMENT NATIONAL MTO ASSN 24,151,766 SERIES 2004.30 CLASS SU 3.770RIli r FITM C2 TERM MENT 08.18(05 JOURNAL GOVERNMENT NATIONAL MM ASSN -24.151,766 1.216.000.00 SERIES 2004.30 CLASS SU 3.770M2 FITM Al REPO MI 695 JOURNAL FEDERAL NATIONAL MTO ASSN -18,534,514 13.289.000.00 SERIES 352 CLASS 1 0.001 FITM AI REPO P. 08/18/05 JOURNAL FEDERAL NATIONAL MFG ASSN SERIES 352 CLASS 1 ISM 18,534.514 13.954.000.00 0.0013.4 FITM A2 TERM 1 MENT 08/18/05 INTEREST FEDERAL NATIONAL KM ASSN 3136FD(C9 43.617,88 SERIES 352 CLASS 1 DUE 073.0 0.001 FITM A2 REPO I 08022)05 JOURNAL UNITED TATES TREASURY NOTE 5.000.000 5.000.000.00 FITM A2 4.250 15 TERM REPO AGREEMENT 084245 JOURNAL UNITED T SURY NOTE -15.000.000 15.037.500 .00 FITM Al 4.250 15 REPO AGREEMENT 0842/05 RECEIVED UNITED STATES TREASURY NOTE 68.000.000 68.170.000.00 DUE 07t3 I 2007 3.875 3.875 00.7 FITM Al RESALE T 027 ORDIXIS:IS:al 001 va9S EFTA00196041 CLEARED THROUGH ITS WHOLLY OMY*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 29 STATEMENT PERK* Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT 2UP/ 29.2005 SETTLEMENT TRADE DATE DATE DINCADRON DESCRPDON STIABOLcoste CVANTIlY 01931T AMOUNT CREDIT AMOUNT 08/22/05 DELIVERED UNITED STATES TREASURY NOTE -78.000.000 78.195.000 .00 DUE 07/31/2007 3.875 3.87530. 7 FITM A2 TERM t EMENT 08/22/05 INTEREST LINTS) STATES TREASURY NOTE DUE O8! 4,250 NMI 2.348.61 FITM A2 REPO I 08/22/05 INTEREST UNITED STATES TREASURY NOTE DUE Ole 1.875 NEI 31.864.46 08/26105 JOURNAL GOVERNMENT NATIONAL MTO ASSN -26.400.000 G SERIES 2004-5 CLASS PS 3.340 FITM REPO A 08/26105 JOURNAL GOVERNMENT STATIONAL MTO ASSN 26.400.000 2.333.000 .00 SERIES 2004.5 CLASS PS 3.340 FITM A2 TERM MENT 08/26105 DELIVERED UNITED STATES TREASURY NOTE -68.000.000 68.170.000 .00 DUE 07+31/2007 3.875 3,875 7 FITM A2 TERM ENT 08/26105 INTEREST GOVERNMENT NATIONAL MTO ASSN 2.694.61 SERIES 2004.5 CLASS PS DUE 02.11 3.340 FITM A2 REPOT 08/26+05 INTEREST UNITED STATES TREASURY NOTE 22.647.59 DUE 07/312=7_ _S.875 027 090105:13:28 001 EFTA00196042 CLEARED THROUGH ITS WHOLLY OtVNE0 SUEIRDIARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 30 STATEMENT PER100 Jug 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Ale REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT AS/ 29.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPRON SYMECIAUSIP PAUCITY OMIT AMOUNT CREDIT AMOUNT 08,29105 JOURNAL FEDL NOME LOAN MTG CORPaS10109 466,211 96.000,00 AWE SERIES 227 CLASS 10 5,000 FITM TERM MEAT 0849(05 JOURNAL FREOOIE MAC CMO,SERIES 2886 43249,152 SC4/0 FUR 3,728 1#1 4.19 FITM Al REPO A 0802945 JOURNAL FREOOIE MAC CMOSERIES 2886 3.393.128 182.030.03 SC4/0 FLTR 3,72831019 FITM A2 TERM AAENT 08029/05 JOURNAL FREOOIE MAC CMO,SERIES 2886 SC4/0 FLTR Min 4.856,023 258.000.00 3,728 19 FITM A2 TERM ENT 08029/05 INTEREST FEDL HOME LOAN MTG CORPOS 10109 SERIES 227 CLASS 10 NMI 307.52 DUE Ills 5.000 FITM AZ REPO I 08029435 INTEREST FREOOIE MAC CMOSERIES 2886 324.01 SC4/0 FUR DUE 07:1 3228 ATM A2 REPO I 1101 08029/05 INTEREST FREDDIE MAC CMOSERIES 2886 353.10 SC4/0 FLTR DUE 07.6 3.728 ATM A2 REPO I 027 0901XIS:13:311 001 "895 EFTA00196043 CLEARED THROUGH ITS WNW?? OWNED $U89DIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER whiSER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Jul/ 29.2005 SETTLETAENT TRADE DATE DATE TRANSACTION DESCRPTICAT WANTITT Men AMMO CREDIT AMOUNT 08,31105 JOURNAL pm UNITED STATES TREASURY NOTE ATM 4.250 A2 15 15.000.000 15,037,500.00 TERM REPO AGREEMENT 08,31105 JOURNAL UNITED STATES TREASURY NOTE -20.000.000 20.225.000 .00 ATM Al 4.250 REPO AGREEMENT 08,31105 RECEIVED UNITED STATES TREASURY NOTE 68,000.000 68.255.000 .00 DUE 08/31/2007 4.000 4D00 FITM Al RESALE T 0841105 INTEREST UNITED STATES TREASURY NOTE 11,925,57 DUE 08311. 4.250 FRM A2 REPO I TOTAL $407.995.684.41 $466.948.993.08 MISCELLANEOUS DATE I.030AT TRANSACTION DESCRIPTION DOW AMOUNT CREDIT NADUNI 08101105 JOURNAL FR CMDY NC 134,475.00 08102)05 JOURNAL FR CMDY NC 45,575.00 08103/05 JOURNAL FR CMDY NC 29.425 p0 08105.05 JOURNAL FR CMDY NC 8.673.61 0810845 JOURNAL FR CMDY NC 128.764,50 08.0945 JOURNAL FR CMDY NC 83.571,00 027 OltlitIS:13:29 001 $895 EFTA00196044 CLEARED IHR00GH ITS WHOM.? OBBSO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT itkl Co Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 32 STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AANMER OII Ale MISCELLANEOUS (continued) LAST STATEMENT Jul/ 29.2005 DATE MCDDAY TRANSLCTEXI DESCRIPTION DEBIT AMOUNT CREDIT AMMO 08111105 JOURNAL FMIA3OYR(FMN)GTO 341,250,00 SETT,08/04 5,500 DUE 08101/34 MBS NET 08/11/05 08/11/05 JOURNAL FNMA 30YR OTD 24,609,37 SETT, 08/05 5,000 DUE 08101/35 MBS NET 08/11/05 08/12105 JOURNAL TO CMDY NC 183878,50 owists JOURNAL FR CMDY A/C 163.615,50 0211645 JOURNAL TO CMDY NC 28.494,50 0824/05 JOURNAL TO CMDY NC MEM 130.387,50 0,82905 JOURNAL JULY 05 CLR FEES PART u 2.450.00 0212905 JOURNAL FR CMDY NC 7,25080 082945 JOURNAL FR CMDY NC 94.837,50 08/30/05 JOURNAL FR CMDY NC 118947,50 TOTAL 8345,310.50 41,174,993,96 021 09,01A3S:13:29 001 11896 EFTA00196045 CLEARED THROUGH ITS INTICtLY OWNED $ORSIOIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 33 c? STATEMENT PERIOD Jul/ 30.2005 THROUGH August 31.2005 ACCOUNT! NUMBER Trades Executed Pending Settlement TAXPAYER KUMMER Ofl File LAST STATEMENT Juy 29, 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION STIVEICXXLISS' MAMMY PRICE DEBIT AMOUNT CREC0 AMOUNT 09/01105 08/31105 BOUGHT UNITED STATES TREASURY N3TE 18,000,000.00 100.1171 18,023,082.70 04.000% FA 28 RUT' GVER REF # Al OSVICOS 08111105 BOUGHT FNMA-30YFONMA)GID 50.000.000 p0 98.1718 49.085.937.50 SETT,09/05 lailli#006.000% 57230000 BS 09(l COS 08/17105 BOUGHT FNMA-30YR(FNMA)G1D 50.000.000.00 98.3828 49.191.406.25 0. 10005.000% sErLogros 67170000 BS 0904/05 08/ I W05 BOUGHT FNMA-30YR(FNMA)GID 50.000.000.00 98.4921 49.246.093.75 sErLogros 57060000 BS 09/14105 08/31105 BOUGHT FNMA-30YR(FNMA)GID 10.000.000.00 99.0937 9.909.375.00 SETT 09/05 05,000% 57020000 BS 09/14105 08/03+05 SOLD FNMA-30YFONMAAID -10.000.000,00 98.2031 9.820.312.50 SETT 09/05 05,000% 57150000 BS 09/14105 08/11105 SOLD FNMA-30YR(FNMA)01D -50.000.000 .00 98.1562 49.078.125 .00 SETT 0905 F 05.000% 57170000 BS 027 M01.05:13:28 001 EFTA00196046 CLEARED THROUGH ITS yniCu.Y °NIXED SUEINDMAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 34 c! STATEMENT PERM Jul/ 30.2005 THROUGH August 31.2005 AccouNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER WEISER On File LAST STATEMENT Jut/ 29. 2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION S0.180..CuSP PRCE DEOIT AMOUNT Crag MOUNT 09/14105 08/17105 SOLD FNMA-30YR(FNMA)G1D -50.000.000 .00 98.3007 49.150.390 .63 SETT.09/05 05,00096 57260000 BS 0914105 08/19/05 SOLD FNMA-30YR(FNMA)610 -50.000.000 ,00 98.5507 49.275.390 ,63 SETT.09/05 101011106.000% 57090000 BS 0914105 08/03/15 SOLD FNMA-30YR(FNMA)610 -1.000.000,00 100.2851 1.002.851.56 SETT.09/105 /1101.05.500% 97170000 BS 0914105 08/03105 SOLD FNMA 30TRtFNMA)310 -99.000.000.00 100.2696 99.262.968 .75 SETT,OS 05 lippici5.500% 57190000 BS 09/14105 08/15/05 BOUGHT FNMA-3cnitFNMAAID 50.000.000.00 101.9609 50.980.468.75 SETT 09;05 06.000% 57120000 BS 0914105 08/23/05 BOUGHT FNMA-30YR(FNMA)G1D 50.000.000.00 102.0468 51.023.437.50 SETT 09/05 06.000% 57020000 BS 0914105 08/16105 SOLD FNMA-30YR(FNMA)010 -50.000.000 .00 102.0859 51.042,968 .75 SETT 0905 . 06.000% 57090000 BS 027 09,01.05:13:28 001 EFTA00196047 CLEARED THROUGH ITS valCu.Nr °mai SUBSCIAAv OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 35 c? STATEMENT PERK* JuN 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER KAISER On File LAST STATEMENT JUP/ 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SIIMOOLCuS.P OUANTITY PR CE DEOIT AMOUNT CREPT AlKuNT 09/14105 08/23105 SOLD FNMA-30YR(FNMA)G10 -50,000.000.00 102,0937 51.046.875.00 SETT.09/05 lai.06,000% 57140000 BS TOTAL 1277.459.801.45 $35967968232 Tho above woos m 1101applarinary oil*/ sactI olihd stalornont End of Statement 027 09,01'05:13:28 001 Y895 EFTA00196048 GUARD) THROUGH ITS yo•oxsy (Hoof.° SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear SZOS'n5 Secyyt Bear. Stearns & Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC STATEMENT PEF000 Jul/ 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE vomv.bearstearns.com THROUGH Jul/ 29.2005 ACCOUNT NUMBER What's In This Statement llllllllllllllllll I ll TAXPAYER NUMEIER On Fee LAST STATEMENT June 30.2005 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 31 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 3,204,048 cash & Equivain $359,985 LONG ACCRUED INTEREST 25,795 Rxecl 204.048 Income $3.442.68 NET CREDIT BALANCE 11,712 Current market Sue NET EQUITY TIPS PERIOD $3,241,555 NE Last statements market value NET EQUITY LAST STATEMENT 3,835,574 CHANGE SINCE LAST STATEMENT -594,020 There are no 'Stop loss' orders or other pending buy or sell open orders on tile for your account. SIK TOT Pang R for offroloholsol pflosts Gay Rasta sltrilled as domenoN ststernorg should be Maned TN your words S.. rooms Ws fee npolart ricernHco 027 07/300500:09 00l EFTA00196049 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 U132 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,3005:10:09 001 V895 EFTA00196050 CLEARED THROUGH ITS WHOLLY OWNED SLIEINDMAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c/ ;t2 STATEMENT PERK* Jul/ 1.2005 THROUGH July 29.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER Ausa3ER OII File THIS PEFICO PEFICO YEAS TO DATE LAST STATEMENT June 30.2005 Opening Balance $359,965.49 U.S. Govt. Bond Int. 554.34a02 4.236.006.89 Govt. Agency Int. 497.289.51 4.609.911.42 Secudties Sold 854,425,255.21 Corp. Bond Int. 175.881.40 968,584.32 Dividends Interest 1,211,189.06 Credit Balance Int. 77900 4,324.51 Miscellaneous 1,113,665.86 Reverse Repurchase Int. 0.00 1.163.243.87 Amount Credited $856,750,110.13 Total $1 228 292.93 $10 982 071.01 Secudties Bought -855,443,996.18 Bond Purchase Int. -491.945.30 -5,640.653.48 Repurchase Int. Exp. 000 -1.098.448.85 Funds Withdrawn -71.745.00 Dividends/Interest Charged 491.945.30 Miscellaneous -1,090.677.37 Portfolio Composition Amount Debited $857.098,363.85 CashtCash Equivalent 11,712 Net Cash Activity -348.253.72 Your Portfolio Fixed Income 3.204,048 Allocation Closing Balance $11,711.77 Total $3215,760 Cash & Equivalenti 1% Cash Balance Summary OPEtin0 CUZGINO Margin 359.965.49 11,711.77 Net Cash Balance $359,965.49 $11,711.77 Fixed Income 99% UmPocied crown Pena* 0ell eebnoo onto PNI male vela, The elaNsaa INNemar Ia de•ued Iran Vo etnalxe mole rat), oi >vv palkno 027 07,3000S:10:09 001 1895 EFTA00196051 CLEARED THROUGH ITS mow? OwNED $UB9OIAAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 c/ ;t2 STATEMENT PERM Jul/ 1.2005 THROUGH Jul, 29.2005 Your Portfolio Holdings AccouNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER AMBER Cfl File LAST sTATELIENT June 30.2005 fAAPKET ESTIMATED Cul:PENT oTsCRP-iou S•meCLOStP OuANTITy PACE vALuE NWJAL Inte )E1.0 CASH BALANCE 11.712 TOTAL CASH & CASH EQUIVALENTS $11.712 FIXED INCOME Government & Agency Obligations ACC' ACCRUED ESTMATEO CONTENT DESCRIPTION SYFECLOJSP TYPE OLuunly PRICE IAARKET VALLE MEREST *NAVAL MOM YIELD DM GOVERNMENT NATIONAL MTG ASSN MRGN 14,635.047 5.8146 850.969 13,794 551,741 64.8368 SERIES 2004-035 CLASS SP DATED DATE 05121/04 BOOK ENTRY ONLY DUE 12/20/2029 3.770% FACTOR — .89865757 GOVERNMENT NATIONAL MTG ASSOC MRGN 14,656.693 6.0902 892.616 SERIES 2004-041 CLASS SE DATED DATE 06123104 BOOK ENTRY ONLY DUE 05120/2030 FACTOR — .91247898 FEDERAL NATIONAL MTG ASSN MRGN 12,187,256 7.4140 903.557 4.793 431.429 47.7478 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3.540% FACTOR — .50139372 Total Government& Agency Obligations $2,647.142 $18,587 $983.170 027 07.301Z:10:09 001 VS95 EFTA00196052 CLEARED THROUGH ITS WHOM.Y 01VIVE0 SUBSTEHART OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 c, ;t2 STATEMENT PERIOD Auk, I . 2005 THROUGH Jul, 29. 2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER /AMBER On File LAST STATEMENT June 30.2005 Corporate Bonds ACCT ACCR-TO ESTATE'S) CURRENIT DESCITIPTION SHABOLOASP TYPE OLIANTITY PRICE MARKET VALUE MEREST ANNUAL INCOME yet/ IV ALTERNATIVE LOAN TRUST MRGN 36.349,667 1.5321 556.906 7.208 648,842 116.5084 SERIES 2004-3008 CLASS I -A-8 DATED DATE 12/27/04 BOOK ENTRY ONLY DUE 02/25/2035 1.785% FACTOR — .90874168 RATING: MOODY AM S&P AM Total CorporateBonds $556.906 57.208 5648.842 TOTAL FIXED INCOME $3.204.048 525.795 $1.632.012 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $25.795 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.632.012 YOUR PRICED PORTFOLIOHOLDINGS 53.215.760 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc.outstanding as of date of statement PUROTASE/ REPURCHASE PR CO/5 PURCHASE PRICE/ ACCRUED REPO COWEN START DATE DATE PA'S PRIPICIAAL MEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOU SOW GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/27/05 OPEN 0.010 -1 -27,112,874 SERIES 2004-30 CLASS 3.7700 02/20/32 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 06/27/05 OPEN 0.010 -1 -5,724,538 SERIES 2886 CLASS SC 3.9118 07/15/19 YOU SOW FANNIE MAE STRIPS (REPO) 06/30/05 08/01/05 3.540 -6.373.000 -20.053 -10,000,000 SERIES 352 CLASS PO 07/01/34 021 0740131:10:09 001 11195 EFTA00196053 CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 c, ;t2 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul, 29.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER RAMER On File with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT June 30.2005 PLACKASS REPURCHASE PRICING PURCHASE PRICE; ACCRUED REPO OUPARITY START DATE DATE RAM PAINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD FANNIE MAE STRIP (REPO) 06/30/05 08/01/05 3.540 -1,737,000 -5.465 -10,000,000 SERIES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FANNIEMAE STRIP (REPO) 07/12/05 08/12/05 3.580 -10.686,000 -21,253 -30.000,000 SERIES 329 CLASS PO 12/01/32 YOU SOLD FANNIEMAE STRIP (REPO) 07/12/05 08/12/05 3.580 -10.120.000 -20,127 -20.000.000 SERIES 346 CLASS PO 11/01/33 YOU SOLD FANNIEMAE STRIP (REPO) 07/12/05 08/12/05 3.580 -3.562.000 -7.084 -10.000.000 SERIES 329 CLASS PO 12/01/32 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 07/12/05 08/12/05 3.580 -197.000 -391 -4.000.000 SERIES 2886 CLASS SC 3.9118 07/15/19 YOU SOLD FANNIEMAE STRIP (REPO) 07/12/05 08/12/05 3.580 -5.060.000 -10.063 -10.000.000 SERIES 346 CLASS PO 11/131/33 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 07/12/05 08/12/05 3.580 -3.788.000 -7.533 -20.000.000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU SOW FREDDIEMAC STRIP (REPO) 07/12/05 08/12/05 3.580 -2.818.000 -5.604 -20.000,000 SERIES 228 CLASS 10 6.0000 02/01/35 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/13/05 08/15/05 3.580 -2.440.000 -4.610 -26.400,000 SERIES 2004-5 CLASS P 3.5200 02/20/33 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 07/14/05 08/15/05 3.610 -509.000 -918 -14.000.000 SERIES 2003-52 CLASS 3.6400 07/25/17 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 07/14/05 OPEN 0.000 -11.000.000 SERIES 2003-52 CLASS 3.6400 07/25/17 027 07.30,0S:10:09 001 1,1996 EFTA00196054 CLEARED THROUGH ITS WHOLLY 01MNIEO $UB9OIAAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 c/ ;t2 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul, 29.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER NUMBER On Pk with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT June 30.2005 PLFICNASS REPURCHASE PRICING PURCHASE PRICE, ACCRUED REPO CAMARITY START DATE DATE RATE PAINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD FANNIE MAE STRIPS (REPO) 07/18/05 08/18/05 3.630 -13.954,000 -19.698 -23.000,000 SERIES 352 CLASS PO 07101/34 YOU PROVIDED FEDERAL. NATIONAL MTG ASSOC (MARGIN) 07/29/05 OPEN 0.000 -50.000,000 SERIES 2003-13 CLASS 4.5400 Oa/25.133 YOU SOW FEDERAL. HOME LOAN STRIP (REPO) 07/29/05 08/29/05 3.720 -96.000 -29 -500,000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU PROVIDED FEDERAL. HOME LOAN STRIP (MARGIN) 07/29/05 OPEN 0.000 -9.500.000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU BOUGHT USIA 4.1250 05115/15 (REVERSE) 07/22/05 OPEN 2.640 10.025.000 6.970 10.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $10.025.000 $6.970 TOTAL REPURCHASE TRANSACTIONS 5.61.340.002 $-122.828 'As Cl si ltrran: <WO Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION S10.480...CuSp QUANTITY PRCE DEBIT AMOUNT CREDIT WONT 07/01/05 06/30/05 SOLD UNITED STATES TREASURY NOTE .15,000.000 99.99770 14.999.655.00 1040.7.625% JO 30 ACCR. INT. 1.477.58 . MATURITY OVER REF # 01813788 BI 027 023001210:09 001 EFTA00196055 CLEARED TuRouGH ITS Ls/Kw, CHIT*/ SUSSIOally OFFICE SERVICING YOUR ACCOUNT Beer Rev, Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PER100 .88/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On Ale INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION STIA1306'COSP OVANTITY PRICE DEBIT AMOUNT CARON AMOUNT 07/01/05 06/30/05 SOLD UNITED STATES TREASURY NOTE -50.000,000 99.99770 49,998,850.00 03.625% JO 30 ACCR. INT. 4,925.27 MATURITY GYER REF or G1813788 Al 07/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 ISM -1 5.000 DUE 07/01/34 ADJUST POSITION 07/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1 SERIES 353 CLASS 2 5.000 DUE 07/01/34 07/05/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 NMI 1 5.000 DUE 07/01/34 07/06/05 07/05/05 SOLD UNITED STATES TREASURY NOTE 04.s25ss Mn IS MEN -15.000.000 100.13281 15,019,92187 ACCR. INT. 87,432.07 MATURITY GYER REF # G1864824 Al 07/06/05 07/05/05 BOUGHT UNITED STATES TREASURY NOTE 6.000.000 99.48828 5,969,296.88 03.600% MN 31 ACCR. INT. 20.655.73 MATURITY GYER REF # G1864858 Al 07/07/05 07/06/05 SOLD UNITED STATES TREASURY NOTE 04.126% MN TS NMI -10.000.000 100.34375 ACCR. INT. 10,034,375.00 59,408.97 0 MATURITY GYER REF # G1872700 Al 07/11/05 07/08/05 BOUGHT UNITED STATES TREASURY NOTE 15.000.000 100.35156 15.052.734.37 04.126% Mn IS ACCR. INT. 95.839.00 MATURITY GYER REF # G1894318 Al 027 0740.135:10:09 001 Y895 EFTA00196056 CLEARED TAIROuGH ITS miCm.', OMR(' SUBSIMAny OFFICE SERVICING YOUR ACCOUNT Beer Ster Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PER100 Jul/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT! NUMBER TAXPAYER NUMBER On FIIB INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACT/ON DESCRIPTION EMAIXVCUSP cvmany ProcE DEBIT AMOUNT CREPT AMOUNT 07/11/05 07/08/05 BOUGHT UNITED STATES TREASURY NOTE 28.000.000 99.52344 27,866,562.50 DUE 05/31/2007 03,500% MN 31 ACCR. INT. 109,781.42 SPECIAL INSTRUCTIONS YIELD 3,762 % TO MATURITY GVER REF it G1893571 A3 WWEB 07/11/05 07/08/05 SOLD UNITED STATES TREASURY NOTE -28,000,000 99.76172 27,933,281.25 DUE 06/30/2007 03,625% JO 30 ACCR. INT. 30.339.67 SPECIAL INSTRUCTIONS YIELD 3,751 % TO MATURITY GVER REF # G1893570 A3 WEB 07/12/05 07/11/05 SOLD UNITED STATES TREASURY NOTE -15,000,000 100.01563 15,002,343.75 04,125% MN IS ACCR. INT. 97,520.38 MATURITY GvER REF # G1923743 Al 07/14/05 06/06/05 CANCEL SELL FNMA 30YR TBA GTD 15,000,000 99.59375 14.939.062.50 SETT, 07/05 57140000 BS AS OF 06/06105 TO C/3. PREVIOUS SELL 07/14/05 06/07/05 CANCEL SELL FNMA 30YR TBA GTD 15.000.000 99.59375 14.939.062.50 001. 1105,000% SETT, 07/05 57140000 BS AS OF 06/07105 TO CM. PREvIOLIS SELL 07/14/05 06/03/05 BOUGHT FNMA 30YR TBA GTD 15.000.000 100.21875 15.032.812.50 SETT, 07/05 05000% 7110000 BS 027 OB3005:10:09 001 Y895 EFTA00196057 CLEARED THROUGH ITS mow? MATEO SUBSOMAy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 c! STATEMENT PERTOO Mc I . 2005 THROUGH Jul, 29. 2005 Transaction Detail (continued) AcconT NUMBER TAXPAYER MAUER On FIIB INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR CESCRIMON STIMOTOUSIP GUMMY PRICE DEBIT AMOUNT CPI= MONO 07/14/05 05/06/05 CANCEL SELL FNMA 30YR TBA GM 30,000,000 98.51953 29,555,859.38 SETT, 07/05 7440000 BS AS OF 05/06/05 TO CXL PREVIOUS SELL 07/14/05 06/23/05 BOUGHT FNMA 30YR TBA GM 30.000.000 99.96094 29.988.281.25 SETT, 07/05 05,000 7210000 BS 07/14/05 06/06/05 SOLD FNMA 30YR TBA GM -15.000.000 99.59375 14,939,062.50 SETT, 07/05 05.000 57140000 BS AS OF 06/06435 07/14/05 06/07/05 SOLD FNMA 30YR TBA GM SETT, 07/05 MEI -15.000.000 99.59375 14,939,062.50 57140000 BS 07/14/05 06/03/05 CANCEL BUY FNMA 30YA TEA GM -15,000,000 100.21875 15,032,81250 SETT, 07/05 101.11055005 7110000 BS AS OF 06/03105 TO CXL PREVIOUS BUY 07/14/05 05106/05 SOLD FNMA 30YR TBA GM SETT, 07/05 MEI -30,000,000 98.51953 29,555,859.38 101101 5 05.0005 7440000 BS 027 D7F3005:10:09 001 V895 EFTA00196058 CLEARED THROUGH ITS WHOLLY OWNED SUBSTDMAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 Ci K. STATEMENT PERK* JUT/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER wie3ER Ofl File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACT/ON OESCRPTION SYMBOLGUSV %Wm PINCE DEW AMOUNT OEM AMOUNT 07/14/05 06/23/05 CANCEL BUY FNMA 30YR TaA GM -30.000,000 99.96094 29,988,281.25 ows1505.000% SETT. 07/05 7210000 BS AS OF 06123/05 TO CM. PREVIOUS BUY 07/14/05 05/06/05 CANCEL SELL FNMA-30YRIFNMAIGTD 30,000.000 100.51563 30,154,687.50 591,07105 c6.500% 7450000 BS AS OF 05/06,05 TO CM. PREYICUS SELL 07/14/05 05/19/05 BOUGHT FNMA-30YRIFNMAIGID 30,000.000 100.86719 30.260.156.25 SETT,07/06 05,500% 57050000 BS 07/14/05 05/23/05 BOUGHT FNMA-30YRIFNMAIGTD 30,000.000 101.00000 30.300.000.00 SETT,07.136 71500 7100000 BS 07/14:05 07,07:05 BOUGHT FNMA-30YRIFNMAIGTD 30,000.000 101.11719 30,335,156.25 SETT,07,05 iii00105.500% 57300000 BS 07/14/05 05/26/05 CANCEL SELL FNMA-30YR(FNMA)GTD 60,000.000 100.95313 60.571.875.00 SETT,07105 05,500% 7180000 BS AS OF 0&26/05 TO CM. PREVIOUS SELL 027 07.30,0S:10:09 001 "895 EFTA00196059 CLEARED D4ROuGH ITS wisCtLY OW,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stea,n Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 12 STATEMENT PER100 Jul/ 1.2005 THROUGH Jul, 29. 2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WIDMER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACT/3N DESORPTION SYMOOMCUSIP OVANTITY Pma DEIST AMOUNT CREPT AMOUNT 07/14/05 05/06/05 SOLD FNMA-30YR(FNMA)OID -30.000,000 100.51563 30,154,687.50 Th tom os.500% 7450000 BS 07/14/05 05/19/05 CANCEL BUY FNMA-30YR(FNMA)GTD -30.000,000 100.86719 30,260,156.25 SETT.07 05 05.500% 7050000 BS AS OF 0519,05 TO CXL PREVIOUS BUY 07/14/05 05/23/05 CANCEL BUY FNMA-30YR(FNMA)GTD -30.000.000 101.00000 30,300,000.00 05.500% 07 7100000 BS AS OF 05/23105 TO C73. PREVIOUS BUY 07/14/05 07/07/05 CANCEL BUY FNMA-30YR(FNMA)GTD -30.000.000 101.11719 30,335,156.25 SETT.07/05 1.1005,50054 57300000 BS AS OF 07/07105 TO C73. PREVIOUS BUY 07/14/05 05126105 SOLD FNMA-30YR(FNMA)GID SETT.07t06 NMI 60 000.000 100.95313 60.571.875.00 05.500% 37180000 BS 07714/05 06/06/05 BOUGHT FNMA 30 YR G10 50,000.000 102.60547 51,302,734.38 SETT. 07 05 57180000 BS AS OF 06:0605 02/ 073: Otr:10:03 001 7895 EFTA00196060 CLEARED THROuGH ITS wHOtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Stea•nt. Se •it' • Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 13 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER ABJURER Cfl File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSICTON GUMPTION SITIOD,GuSro GUMMI/ PRICE DEBIT AMOUNT MO/ A/IOLNT 07/14/05 06/03105 CANCEL SELL FNMA 30 YR GM 50,000,000 102.79688 51,398,437.50 SETT, 07/05 06.000% 7070000 BS AS OF 06/03105 TO CR PREVIOUS SELL 07/14105 06/06/05 CANCEL BUY FNMA 30 YR GM SETT, 07/05 MIN -50.000.000 102.60547 51.302.734.38 100/0006,0034 57180000 BS AS OF 0510005 TO CxL PREVICUS ELM 07/14/05 06/03105 SOLD FNMA 30 YR GTO -50.000.000 102.79688 51.398.437.50 SETT, 0705 0110.006.000% 57070000 BS 07/15/05 07/14/05 SOLD UNITED STATES TREASURY NOTE -3.000.000 99.56250 2.986.875.00 04.125% MN IS ACCR. INT. 20,512.91 0 MATURITY GVER REF # 61953286 Al 07/15/05 JOURNAL FANNIE MAE CMG/SERIES 2003-52 KS-VO RTR MIS -1 3,785 DUE 07/2917 ADJUST POSITION 07/15/05 JOURNAL FANNIE MAE CMOtSERIES 2003-52 -1 KS-PO RTR 3.785 DUE 07/25/17 07/18/05 JOURNAL FANNIE MAE CMO/SERIES 2003.52 1 KS-PO RTR 3.785 DUE 07/25117 02/ 0/ 32 05.101:9 001 Y895 EFTA00196061 CLEARED THRouom ITS %snort (Am,*0 SUOSIOany OFFICE SERVICING YOUR ACCOUNT Beer Sean Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 14 STATEMENT PERM Jul/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) *scow! NUMBER TAXPAYER /AJMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTKIN OESCRIPTION SYMOOLICUSP OVANTITY PRICE OBIT AMOUNT GRECO AMOUNT 07/20/05 07/19/05 SOLD UNITED STATES TREASURY NOTE -5.000.000 99.14063 4,957,031.25 04,12S% MN IS ACCR. INT. 36,990.49 MATURITY GYER REF # 62002321 Al 07/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SP ISM -159,999 3,940 DUE 12/20/29 PRINCIPAL REDUCTN 07-20-0S 07/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSOC -145,015 SERIES 2004-041 CLASS SE DUE 05/20/30 PRINCIPAL REDUCTN 07-20-0S 07/22/05 07/21/05 SOLD UNITED STATES TREASURY NOTE -5,000,000 98.93750 4.946.875.00 04,126% MN IS ACCR. INT. 38.111.41 MATURITY GVER REF # 62025180 Al 07/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 118.834.50 SERIES 329 CLASS PO DUE 01/01/33 STRIP PAIN RID 06-05 PID 07-25-05 REPO P 8I 0,0000 07/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 356.503.50 SERIES 329 CLASS PO DUE 01101/33 STRIP PRIN RID 06.05 PA) 07-25-05 REPO P 8I 0,0000 07/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN -301,362 SERIES 2003-49 CLASS SW 3685 DUE 01/25/33 PRINCIPAL REDUCTN 07-25-05 027 M3005:10:09 001 V89S EFTA00196062 CLEARED THROUGH ITS /MOLLY OW,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stea,n Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 15 STATEMENT PERIOD Jul/ 1.2005 THROUGH Jul! 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KUMMER Cfl Ale INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRVTION SY1A3011CUSA' CAPARITI ',FEE DEIST AMOUNT OREM MCUNT 07/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 159,318.90 SERIES 348 CLASS 1 DUE 11/01133 PRIN RID 0645 ND 07-25-05 REPO P S i 0,0000 07/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 318,637.80 SERIES 346 CLASS 1 DUE 11/01133 PRIN RID 06-05 PM 07-25-05 REPO P S i 0,0000 07,25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 352 CLASS I MIS 219,038.40 0,001 DUE 07/01/34 PRIN RID 06-05 ND 07-25-05 REPO P S i 0,0000 07/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 503,788.32 SERIES 352 CLASS I 0,001 DIE 07/01/34 PRIN RID 06-05 PM 07-25-05 REPO P S i 0,0000 07/2_5/05 PRINCIPAL ALTERNATIVE LOAN TRUST -704£74 SERIES 2004-3008 CLASS I -A-B 1,785 DUE 02/25/35 PRINCIPAL REDUCTN 07-25-05 07/29/05 07/28105 BOUGHT UNITED STATES TREASURY NOTE 20.000.000 99.37220 19,874,440.00 03,625% Jo 30 ACCR. INT. 57.133.15 MAR GyER REF 62094228 A3 AS OF 07/2845 07/29105 07128/05 BOUGHT UNITED STATES TREASURY NOTE 23.000.000 99.35156 22.850.859.38 03,625% JD 30 ACCR. INT. 65.703.12 MATURITY GVER REF # 62092992 al 02/ D7/3005:10:09 001 7895 EFTA00196063 CLEARED THROUGH ITS WIIC(LY OMED SOSO/AIM OFFICE SERVICING YOUR ACCOUNT Beer Ner Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 16 STATEMENT PERM Jul/ 1.2005 THROUGH Jul, 29. 2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NuMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SY/ABOLICUSP COWRY PRICE DEBIT AMOUNT CREW' MONO 07/29/05 07/28/05 BOUGHT UNITED STATES TREASURY NOTE 50,000,000 99.35156 49,675,781.25 03,625% TO 30 AC,CR. INT. 142,832.88 MATURITY GVER REF # G2092992 Al TOTAL $-530.559.744.69 $536.710.173.30 DEPOSITS AND WITHDRAWALS DATE WANSACTPX DESER VIER DEBIT AMOUVT CREDIT AMOUNT 07/13/05 FND WIRED /ADM NOSWIRED TO 71.745.00 N INTEREST DATE DESCRIPTION SYMEIWCUSIP OIWITTTY RATE N DEBT AMOUNT CREPT AMOUNT 07/01/05 AVG BAL 425,265RT 2.198 779.00 021 OFFICE INTEREST 0605 07/15/05 FEDL HOME LOAN MTG CORP#510109 MIN 5.0000 39.80151 SERES 227 CLASS 10 DUE 12/01/2034 5,000 INT RID 06.05 PAD 07-15-05 REPO P &I 5.0000 07/15/05 FEDL HOME LOAN MTG CORP#510109 11111. 5.0000 79.60703 SERES 227 CLASS 10 DUE 12/01/2034 5,000 INT RID 06.05 PA) 07-15-05 REPO P &I 5,0000 07/ 0/ 30 0 :IOCiS 00I Y895 EFTA00196064 CLEARED THROuGH ITS viNCtLY CA11,E0 SUOSIOMTiv OFFICE SERVICING YOUR ACCOUNT Beer Stern !it Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 17 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASSER Cfl File INTEREST (conlinued) LAST STATEMENT June 30.2005 DATE OESCRIPTION SYMBEIJCUSIP OWARITY RATE 1%) DEBIT AMOUNT CREW AMOUNT 07/15/05 FREDDIE MAC CMO/SERIES 2886 4.0800 12,000.87 SC-/0 FUR DUE 07/15/2019 4,080 INT FM 06-05 PAD 07-15-05 REPO P 8I 4,0800 07/15/05 FREDDIE MAC CMO/SERIES 2886 SC-1/0 FUR 1.1111M 4.0800 17.174.86 DUE 07/15/2019 4,080 INT RID 0805 PA) 07-15-05 REPO P 8I 4,0800 07/15/05 FEDL HOME LOAN MTG COREUS10110 6.0000 89/98.51 SERES 228 CLASS 10 DUE 02/01/2035 6,000 INT RID 06-05 PAD 07-15-05 REPO P &I 6,0000 07/20/05 GOVERNMENT NATIONAL MTG ASSN 3.6900 54.120.00 SERES 2004-5 CLASS PS DUE 02/2012033 3.690 INT RID 06-05 PA) 07-20-05 REPO P &I 3,6900 07/20/05 GOVERNMENT NATIONAL MTG ASSN 3.6900 81.180.00 SERES 2004-5 CLASS PS DUE 02/2012033 3,690 INT RID 06-05 PA) 07-20-05 REPO P 8I 3,6900 07/20/05 GOVERNMENT NATIONAL MTG ASSN SERES 2004-30 CLASS SU MEM 3.9400 80.213.91 DUE 02/20/2032 3,940 INT RID 0805 PA) 07-20-05 REPO P 8I 3,9400 07/20/05 GOVERNMENT NATIONAL MTG ASSN 3.9400 48,577.07 SERIES 2004-035 CLASS SP DUE 12/20/2029 3940 INTEREST PAYMENT 0t-20.05 07/20/05 GOVERNMENT NATIONAL MTG ASSOC 48.59814 SERIES 2004-041 CLASS SE DUE 05/20/2030 0,000 INTEREST PAYMENT 07-20.05 027 07,3005:10:09 001 V895 EFTA00196065 CLEARED THROUGH ITS vinCtLY (A1T,E0 SUOSIOMTiv OFFICE SERVICING YOUR ACCOUNT Beer Sown !it Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 18 STATEMENT PER100 Jul/ I . 2005 THROUGH Jul, 29. 2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER Ofl File INTEREST (continued) LAST STATEMENT June 30.2005 DATE DESORPTION SYMBOAUSIP OUANTITY RATE ICt DEBIT AMOUNT cafP1 AMOUNT 07/25/05 FANNIE MAE CMG/SERIES 2003-13 4.6850 48,392.65 S RCR-VO RTR DUE 03/25/2033 4.685 INT RID 06-05 PA) 07-25-05 REPO P 8I 46856 07/25/05 FANNIE MAE CMOJSERIES 2003-13 S RCR-VO RTR 1.1= 4.6850 48.392.65 DUE 03/25/2033 085 INT RID 06-05 PA) 07-25-05 REPO P 8I 46856 07/25/05 FEDERAL NATIONAL MTG ASSN 3.6850 38356.92 SERIES 2003-49 CLASS SW DUE 01/25/2033 3.685 INTEREST PAYMENT 07-25.05 07/25/05 FANNIE MAE CMG/SERIES 2003-52 3.7850 23.816.25 KS-I/O RTR DUE 07/25/2017 3.785 INT RID 06-05 PA) 07-25-05 REPO P 8I 3.7856 07/25/05 FANNIE MAE CMG/SERIES 2003-52 3.7850 30.311.59 KS-I/0 RTR DUE 07/25/2017 3,785 INT RID 0605 P/D 07-25-05 REPO P 8I 3.7856 07/25/05 FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 IMO 5.0000 38.20931 DUE 07/01/2034 5.000 INT RID 06-05 PA) 07-25-05 REPO P 8I 5.0000 07/25/05 ALTERNATIVE LOAN TRUST 1.7850 55.137.24 SERES 2004-3008 PASS 1-A-8 DUE 02/25/2035 1.785 INTEREST PAYMENT 07-25-05 TOTAL $834.470.31 027 07,3005:TU09 00I V895 EFTA00196066 CLEARED THROUGH ITS WHOLLY OWNED SUBSCIAFW OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 C? :€2 STATEMENT PERK* Jul/ 1.2005 THROUGH Jul, 29. 2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On Ale REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT June 30.2005 with Bear,Stearns& Co.Inc. SETTLEMENT TRNX DATE DATE TRANSACTION DESCRrION SYMBOLCVSIP aMAITIW DEBIT AMOUNT CREDIT AMOUNT 07/01/05 RECEIVED UNITED STATES TREASURY NOTE 65.000.000 65.162.500.00 DUE 06130/2007 3,625 3,625 0.i7 FITM Al RESALE T 07/06/05 JOURNAL UNITED EASURY NOTE -13.000.000 13.097.500.00 ATM Al 4,125 15 REPO AGREEMENT 07/06/05 JOURNAL UNITED EASURY NOTE 28.000.000 28.210.000.00 ATM A2 4,125 15 TERM REPO AGREEMENT 07/06/05 RECEIVED UNITED STATES TREASURY NOTE 28.000,000 28.035.000.00 DUE 05131/2007 3,500 3,500 D FITM AlA RESALE T7 07/06/05 DELIVERED UNITED STATES TREASURY NOTE -34,000.000 34.127.500.00 DUE 05/31/2007 3,500 36 F)101007 FRM00 A2 TERM EE1AENT 07/06/05 INTEREST UNITED STATES TREASURY NOTE DUE 05/111. 4.125 MOM 28,304.03 ATM A2 REPO Mr 07/06/05 INTEREST UNITED STATES TREASURY NOTE 21.149.57 DUE 05/11,20g7_ _3.500 07/07/05 JOURNAL UNITED STATES TREASURY NOTE -3.000.000 3.022.500.00 ATM Al 4.125 15 REPO AGREEMENT 027 07.300S:10:09 001 V895 EFTA00196067 CLEARED THROUGH ITS valour MINED $UESIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 c! STATEMENT PERM Jul/ 1.2005 THROUGH Jul 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TWOS DATE DATE TRANSACTION DESORPTION SYMEICIAUSIP OvANiin DEBIT AMOUNT CREDIT AMOUNT 07/07/05 JOURNAL UNITED TATES TREASURY NOTE 13,000.000 13,097,500.00 FIRM A2 4,125 15 TERM REPO AGREEMENT 07/07/05 INTEREST UNITED STATES TREASURY NOTE 1.055.08 DUE 051 4.125 FONT A2 REPO I 07/11/05 JOURNAL UNITED EASURY NOTE 3.000.000 3.022,500.00 FIRM A2 4,125 15 TERM REPO AGREEMENT 07/11/05 JOURNAL UNITED EASURY NOTE -18.000.000 18.090.000.00 FIRM Al 4,125 15 REPO AGREEMENT 07/11/05 DELIVERED UNITED STATES TREASURY NOTE -28,000.000 28.035.000.00 DUE 05+31/2007 3,500 3,50011.7 w FITM A2 TERM ENT 07/11/05 DELIVERED UNITED STATES TREASURY NOTE -65000000 65.162.500.00 DUE 06+30/2007 3,625 3,625 7 FITM A2 TERM EEMENT 07/11/05 RECEIVED UNITED STATES TREASURY NOTE 93.000,000 93,116,250.00 DUE 06+30'2007 3,625 3,625 li FIRM AlA RESALE T 07/11/05 INTEREST UNITED STATES TREASURY NOTE 1.022.61 DUE 05)10b 4,125 FIRM A2 REPO I 027 07.30,0S:10:09 001 EFTA00196068 CLEARED THROUGH ITS WHOLLY OWNED $UBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 c! STATEMENT PERM Jul/ 1.2005 THROUGH JUN 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAyER WIASER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TMDE DATE DATE TRANSACTION DESCRVION SYMEICIAUSIP OvANiire DEBIT AMOUNT CREDIT AMOUNT 07/11/05 INTEREST UNITED STATES TREASURY NOTE 8,099.00 "_ DUE 05=2007_ 3500 07/11/05 INTEREST UNITED STATES TREASURY NOTE 47.74963 DUE 05=0,7_ 3625 "I" 0711205 JOURNAL FEDERAL NATIONAL MTG ASSN -4.805.740 3.562.000.00 SERIES 329 CLASS PO DUE 0101/33 STRIP FRM Al REPOAl 0711205 JOURNAL FEDERAL NATIONAL MT0 ASSN 4.805.740 3.652.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP MM TERM RPRIPMAZ ENT 0711205 JOURNAL FEDERAL NATIONAL MT0 ASSN .14A17,221 10,686,000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM Mr Al REPO A 0711205 JOURNAL FEDERAL NATIONAL MTS ASSN 14,417,221 11,102,000.00 SERIES 329 CLASS PO DUE 0001/33 STRIP MA TERM RIPIPM AINT 0711205 JOURNAL FANNIE MAE CMOSERIES 2003-13 42,393.489 946000.00 S FOR 4,886 ilit3 FIRM Al REPO A 027 07.30,0S:10:09 001 .895 EFTA00196069 CLEARED THROUGH ITS valour OwNED $U89DIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 STATEMENT PERM Job. 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STMBOL,Cvsl, OUANTITY DEBIT AMOUNT CREDIT AMOUNT 07/12/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 12.393,489 984,000.00 S RCR-I10 FLTR 4,685 FILM RIII0 3,2 TERM MENT 07/12/05 JOURNAL FEDERAL NATIONAL MTG ASSN -6.805.369 5.060.000.00 SERIES 346 CUSS 1 DUE IU FILM C1 REPO 07/12/05 JOURNAL FEDERAL NATIONAL MTG ASSN 6,805,369 5,241,000.00 SERIES 346 CUSS 1 DUE I 1 FITM CZ TERM ENT 07/12/05 JOURNAL FEDERAL NATIONAL MTG ASSN 13,610.739 10,000,000.00 SERIES 346 CUSS 1 DUE I 1 FITM A2 TERM ENT 07112;05 JOURNAL FEDERAL NATIONAL MTG ASSN .13,610.739 10,120,000.00 SERIES 346 CUSS 1 DUE I 1 FITM !Ili. Al REPO A 07112;05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 18,891.486 3,756,000.00 SERIES 227 CUSS 10 5,000 FITM 3.t1.2 TERM MENT 07/12/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 .18,891 A86 3,788,000.00 SERIES 227 CUSS 0 5,000 FITM REPO Aft 027 07.30,0S:10:09 001 VE195 EFTA00196070 CLEARED THROUGH ITS WHOLLY OWNED $UB9OIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 STATEMENT PERK* Mg 1.2005 THROUGH July 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OnFIle REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICH SYMBOLCVSIP WANinv DEBIT AMOUNT CREDIT AMOUNT 07/12/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 -3.529,667 197,000.00 SC-I/0 FUR 4,080piii#19 FITM AI REPO 07/12/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 3,529.667 206,000.00 SC-I/O FLTR 4,080 19 FITM AZ TERM MENT 07/12/05 JOURNAL FEDL HOME LOAN MTG CORMS10110 17,428.411 Z762,000k0 SERIES 228 CLASS 13 6,000311.35 FITM BZ TERM MENT 07/12/05 JOURNAL FEDL HOME LOAN MTG CORMS10110 -17,428,411 2.818.000.00 SERIES 228 CLASS 10 6,000 10135 FITM 81 REPO A 07112/05 JOURNAL UNITED EASURY NOTE -3.000.000 3,011,250.00 FITM Al 4,125 15 REPO AGREEMENT 07/12/05 JOURNAL UNITED &AWRY NOTE 18,000.000 18,090,000.00 FITM A2 4,125 15 TERM REPO AGREEMENT 07/12/05 INTEREST FEDERAL NATIONAL MTG ASSN 8.521.33 SERIES 329 CLASS PO STRIP DUE 01301 0,000 FITM AZ REPO I 027 07.30,0S:10:09 001 EFTA00196071 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 c? €2 STATEMENT PERM Jul/ 1.2005 THROUGH Jul/ 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYERNM/ER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TR;MACRON DESCRPTION SYMEIMICUSIP OVAArrin DEBIT AMOUNT CREDIT AMOUNT 07/12/05 INTEREST FEDERAL NATIONAL MTG ASSN 33,760.08 SERIES 329 CLASS PO STRIP DUE Ol 0.000 FITM AZ REPO I 0711205 INTEREST FANNIE MAE CMO/SERIES 2003-13 2.991.36 S RCR-1/0 FLTR DUE 4.685 FITM AZ REPO I ATM 07/12/05 INTEREST FEDERAL NATIONAL MTG ASSN 15.932.64 SERIES 346 CLASS I DUE I JO 0.000 CZ REPO I 07/12/05 INTEREST FEDERAL NATIONAL MTG ASSN 23.333.33 SERIES 346 CLASS 1 DUE IV 0000 FITM AZ REPO I 07/12/05 INTEREST FEDL HOME LOAN MTG CORP#S10109 11.418.24 SERIES 227 CUSS 0 DUE lap 5.000 FITM AZ REPO I 0711205 INTEREST FREDDIE MAC CMO/SERIES 2886 626.24 SC-U0 FLTR DUE 07:111 4.080 FITM AZ REPO I 0711205 INTEREST FEDL HOME LOAN MTG CORP#S10110 8.396.48 SERIES 228 CLASS 0 DUE 0 6.000 FITM BZ REPO I 027 07,3005:10:09 001 7895 EFTA00196072 CLEARED THROUGH ITS WHOLLY OWNED $UESIOIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 c! STATEMENT PERM Jul/ 1.2005 THROUGH Juk. 29.2006 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAIIER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYMEICIJCUSIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 07/12/05 INTEREST UNITED STATES TREASURY NOTE 1,557.75 DUE 05/11. 4,125 FITM A2 REPO I 07/13/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN -26.400.000 2.440.000.00 SERIES 2004-5 CLASS PS 3.690 W3 FITM Al REPO A 07/13/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 26.400.000 2,515,000.00 SERIES 2004-5 CLASS PS 3.690 FITI14 31. 13.2 TERM MENT 07/13/05 INTEREST GOVERNMENT NATIONAL MTG ASSN 4.708.64 SERIES 2004-5 CLASS PS DUE 02:11. 3,690 FITM A2 REPO I 07/14/05 JOURNAL FANNIE MAE CMG/SERIES 2003-52 17,157,930 KS-U0 FUR 3,785 17 FITM A4 TERM MENT 07/14/05 JOURNAL FANNIE MAE CMOSERIES 2003-52 KS-I/0 FUR MIS -7.549A89 3,785 'WI 7 FITM AI REPO A 07/14/05 JOURNAL FANNIE MAE CMO/SERIES 2003-52 9.608.440 509.000.00 KS-ItO FLTR RIM 3,785 7 Al RESALE 027 07.30,0S:10:09 001 VE195 EFTA00196073 CLEARED THROUGH ITS wisCI.LY CAM,*0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Stea•nt. Se •it' • Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 26 STATEMENT PER100 Jul/ 1.2005 THROUGH Julj 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMSER On Flk REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT June 30.2005 SEMEMENT TRACE DATE DATE TRANSACTION DESORPTION STMECLCVSIP °PARITY DEBIT AMOUNT CREDIT AMOUNT 07/14/05 JOURNAL FANNIE MAE CMOiSERIES 2003-52 -9,608,440 509600.00 KS-I/0 FUR 3,785 07/14/05 JOURNAL FANNIE WE CMOSERIES 2003-52 -9.608A40 509600.00 KS-I/O FLTR 3,785 17 FITM AI REPO A 07/14/05 JOURNAL FANNIE WE CMOSERIES 2003-52 9.608.440 509,000.00 KS-I/O FLTR 3,785 17 FITM A2 REPO A 07/14.:05 JOURNAL FANNIE MAE CMCVSERIES 2003-52 -9.608.440 509,000 00 KS-I/0 FLTR 3,785 17 Find AI REPO A 0715/05 JOURNAL UNITED REASURY NOTE 3.000.000 3.011,250.00 ATM A2 4125 .15 TERM REPO AGREEMENT 07/15/05 INTEREST UNITED STATES TREASURY NOTE 736.92 DUE 053110 4,125 FITM A2 REPO I 07 18 05 JOURNAL FEDERAL NATIONAL MTG ASSN -16089645 13.954.000.00 SERIES 352 CLASS 1 0,001 FITM REPO A WI 07 18 05 JOURNAL FEDERAL NATIONAL MTG ASSN 19.089.045 14.345.000.00 SERIES 352 CLASS 1 0,001 FITM BZ TERM ENT 027 07/3006:10:09 001 '.89S EFTA00196074 CLEARED THROUGH ITS WHOLLY OWNED $UB9OIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 27 c? STATEMENT PER100 Jul/ 1.2005 THROUGH Juit 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TMDE DATE DATE TRANSACRON DESORPTION ME/MCl/SIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 07/18/05 INTEREST FEDERAL NATIONAL MTG ASSN 44,118.84 SERIES 352 CLASS 1 DUE 0710 0.001 FILM 82 REPO I 07/20/05 RECEIVED UNITED STATES TREASURY NOTE DUE OS/192015 4.125 MI= 5,000,000 5.025.000 00 4.125 FIRM 15 AI RESALE 07/22/05 DELIVERED UNITED STATES TREASURY NOTE DUE 05/152015 4.125 MIN -5.000.000 5.025.000 00 4.125)1001E5 RIM A2 TERM EMENT 07/22/05 RECEIVED UNITED STATES TREASURY NOTE 10.000.000 10,025,000.00 DUE 05+152015 4.125 4.125 SIC FITM Al RESALE 07/22105 INTEREST UNITED STATES TREASURY NOTE 353.15 DUE Ds/ 125 l 07/28/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 -9.445743 SERIES 227 CLASS 10 5000 FILM REPO A WI 07/28/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 9,445,743 1,861,000.00 SERIES 227 CLASS 10 FSITM .00031.C2 TERM ENT 027 07.300S:10:09 001 '.1195 EFTA00196075 CLEARED THROUGH ITS valour Coma) $UB9OIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 28 STATEMENT PERM Jul/ 1.2005 THROUGH Jul, 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAyER TAJMEER On Ale REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE DINCACDON DESCRPT1CH SYMEMICUSIP WNW', CESIT AMOUNT CREDIT AMOUNT 07/28/05 INTEREST FEDL HOME LOAN MTG CORP#510109 5,123.95 SERIES 227 CLASS IO DUE I AO 5000 ATM C2 REPO I 07/29/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 12.094,423 S RCR-110 FLTR 4,540 FIRM 31111I32 TERM MENT 07129/05 JOURNAL FANNIE MAE CM0SERIES 2003-13 -24.188,846 S RCR.ItO FLTR 4.540 FRM AI REPO A 07/29/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 12,094.423 946,000.00 S RCR.ItO FLTR 4.540Fla n FRM TERM ENT 07/29/05 JOURNAL FEDL HOME LOAN MTG CORD#510109 9,445,743 SERIES 227 CLASS 0 5,000 FITM 31.42 TERM ENT 07/29/05 JOURNAL FEDL HOME LOAN MTG CORP#510109 -8.973A56 SERIES 227 CLASS 10 5,000 .134 ATM Al REPO A 07/29/05 JOURNAL FEDL HOME LOAN MTG CORP#510109 .472,287 96,000.00 SERIES 227 CLASS 0 5,000 RP REPO A 027 07.30,0S:10:09 001 EFTA00196076 CLEARED THROUGH ITS OMP*0 SUEISIOMAY OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 29 STATEMENT PER100 Jul, 1.2005 THROUGH July 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON SYMOCCOUSIP CVANTITY DEBIT AMOUNT CREDIT AMOUNT 07/29/05 DELIVERED UNITED STATES TREASURY NOTE -93.000.000 93.116.250.00 DUE 06(30/2007 3,625 3.62510.7 Em FITM A2 TERM ENT 07/29/05 INTEREST FANNIE MAE CMO/SERIES 2003-13 1,599.27 S RCR-110 FLTR DUE Cet 4,540 FITM A2 REPO I 07/29/05 INTEREST i ,625 UNITED STATES TREASURY NOTE DUE 06ile i MEE 132.949.31 TOTAL $-325,376,196.79 $318,091,800.66 MISCELLANEOUS DATE IAODAY TRANSACTION DESCRIPTION DEW AMOUNT CREDIT AMAJUNT 07/01/05 JOURNAL TO CMDY NC 159,218.50 07/05/05 JOURNAL FR CMDY NC 258,350.50 07/06/05 JOURNAL FR CMDY NC 160,897.50 07/08/05 JOURNAL FR CMDY NC 183,564.74 07/11/05 JOURNAL FR CMDY NC 107,686.00 07/13/05 JOURNAL FR CMDY NC 6,430.00 07/13/05 JOURNAL FNMA 30YR IBA GTD 526,171.87 SETT, 07105 5,000 DUE 07/01/35 NIBS NET 07/13105 07/ 0/ 30 0:00:03 001 V89S EFTA00196077 CLEARED THROUGH ITS WIICU.Y OWNED SUB9DIAFW OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 30 o STATEMENT PERIOD Job. 1.2005 THROUGH Jul/ 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AVEOER On File MISCELLANEOUS (continued) LAST STATEMENT June 30.2005 DATE won TRANSACTOR DESCRIPTON DWI AMOUNT CRECIT AMUNT 07/13/05 JOURNAL FNMA-30YR(FNMA)GTD 168,750.00 SER.07/05 5.500 DUE 07101/35 MBS NET 07/13405 07/14/05 JOURNAL FR CMDY NC 11,709.00 07/14/05 JOURNAL FNMA 30YR GTO 95,703.12 SETE 07/05 6.000 DUE 07101/35 MBS NET 07/14/05 07/15/05 JOURNAL TO CMDY A/C 4390.00 07/18/05 JOURNAL FR CMDY NC 66,750.00 07/19/05 JOURNAL FR CMDY NC 50,375.00 07/22/05 JOURNAL JUNE 05CLEAR FEES 1.500.00 07/22/05 JOURNAL FR CMDY NC 104,275.00 07/26/05 JOURNAL TO CMDY NC 23.563.00 07/27/05 JOURNAL FR CMDY NC 3,900.00 07/28/05 JOURNAL FR CMDY NC 64,025.00 07/29/05 JOURNAL TO CMDY NC 207.084.00 TOTAL $.1.090.677.37 51.113.665.86 02? 01.300S:10:09 001 WIDS EFTA00196078 CLEARED THROUGH ITS WIICU.Y OWNED $UB901AAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 STATEMENT PERK* Jul/ 1.2005 THROUGH JUT/ 29. 2005 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER NLAMER Ofl File LAST STATEMENT June 30,2005 SETTLEMENT TRADE DATE DATE 7RANSACTON DMA mon SYMBOL:CUSP °WHY FPoCE DEBIT AMOUNT OREM MIDUNT 08/01/05 07/29/05 BOUGHT UNITED STATES TREASURY NOTE 10.000.000.00 98.7812 9,965,557.07 04.126% MN IS TY GVER REF Gi1005081TUA1 oatrims 07/28/05 SOLD UNITED STATES TREASURY NOTE -23,000.000.00 99.8046 22.957.500.00 03.87S% JJ 31 I . O WTUFUTY OVER REF # G2093006 BI movos 07/28:05 SOW UNITED STATES TREASURY NOTE -50.000.000.00 99.8046 49.907.608.70 03,87S% JJ 31 0 MATURITY GVER REF # G2093006 Al cam /05 07/11/05 BOUGHT FNMA-30YR(FNMA)GTD 50.000.000.00 100.8828 50.441.406.25 SETT,08, 04 05.600% ~ 57110000 BS cenvos 07/07/05 SOW FNMA-30YR(FNMA)GTD -30.000.000.00 100.9687 30.290.625.00 SETT,08,04 05,500% 57310000 BS 0811/05 07/08/05 SOLD FNMA-30YR(FNMA)GM -50,000.000.00 100.9609 50.480.470.00 sErr.oaro4 05.500% 57250000 BS 08111/05 07/08/05 SOLD FNMA-30YR(FNMA)GTD -50,000.000.00 100.9609 50.480.468.75 SETT,08.04 101.006.600% 57250000 BS AS CF 070505 027 07.30,0S:10:09 001 EFTA00196079 CLEARED THROUGH ITS WHOLLY OWNED SIXISCIAAY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 32 c? €2 STATEMENT PERKO Jul/ 1.2005 THROUGH Jul, 29. 2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER WAXIER On File LAST STATEMENT June 30.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CE RPT10,4 SOA80..00SP OuANTITY PRICE DEMI AMOUNT CREPT RAMO 08/11/05 07/15/05 SOLD FNMA-30YR(FNMA)GTD -30,000.000.00 100.8203 30.246.093.75 SETT08.04 0 11006.500% 57180000 BS 08/11/05 07/29/05 SOLD FNMA-30YR(FNMAJGTD -40,000.000.00 100.5078 40,203,125.00 SETT 08/04 05,500% 57090000 BS 08/11/05 07/08/05 CANCEL SELL FNMA-30YR(FNMAJGTD -50.000.000.00 100.9609 50,480,470.00 SETT,08/04 05,500 57250000 BS AS OF 07/08,135 08/11/05 07/21/05 SOLD FNMA 30YR GTD -10,000.000.00 98.5937 9.859.375.00 SETT, 08/05 05,000% TOTAL ~ 57190000 es $110.887.433.32 $284.425.266.20 The abc•vr. <0 Inn %Veal m ry on* eeJnn 01 Iftri 1/a/v-nert End of Statement 027 07.300S:10:09 001 Vel% EFTA00196080 CLEARED THROUGH ITS WHOLLY OWNED SUESIOMIty OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERK* June 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSIIE wenv.bearstearns.cOm THROUGH June 30.2005 ACCGCNT NUMBER What's In This Statement ImIgIIIII I II TAXPAYER NUMBER On Flk LAST STATEMENT May 31.2006 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 8 6100 RED HOOK QUARTER Trades Not Yet Settled 31 STE B3 ST THOMAS VI 00802 Your Messages 33 Your Portfolio at a Glance Market Value of Your Portfolio Confirmation: Unless we hear from you to the contrary. it is Cash 8 Equvialent $359•965 our understanding that any TOTAL VAWE OF SECURITIES THIS PERIOD 3,442,681 h 5122.206 free credit balances in your LONG ACCRUED INTEREST 32,928 Fated $3.442.681 account are being maintained Income $3.052.376 to facilitate your intention to NET CREDIT BALANCE 359,965 invest such amounts through MI Current market va:ue us. NET EQUITY THIS PERIOD $3,835,574 EN Last statements market value NET EQUITY LAST STATEMENT 3,201,652 CHANGE SINCE LAST STATEMENT 633,923 There are no 'Stop Loss' orders or other pending buy or sell open orders on tile for your account. S IM This 1Wit stiftnata fa ^formational asnyoses only Itasca evaded &sates clowned stationed should be retailed for your records See reverse ode for inpolare rtcHnatan 027 07.01.05:10:02 001 V8931P EFTA00196081 CLEARED 'THROUGH ITS WHOLLY ORAEO SUTTGOMAv FINANCIAL TRUST CO INC 2 01 34 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 MIMS:10:42 001 Y002IP EFTA00196082 CLEARED THROUGH ITS WUCU.? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 Cl :14 STATEMENT PERK* June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WEIMER On File MS PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT May 31.2005 Opening Balance $122,205.83 U.S. Govt. Bond Int. 219,620.41 3.681.663.87 Govt. Agency Int. 714.775.88 4.112.621.91 Securities Sold 717,693,800.08 Corp. Bond Int. 197.231.04 792,702.92 Dividends Interest 1,131,949.13 Credit Balance Int. 321.80 3,545.51 Miscellaneous 1,878,994.73 Reverse Repurchase Int. 81,098.16 1.163.243.87 Amount Credited $720,704.743.94 Total $1 213 047.29 $9 753 778.08 Securities Bought Bond Purchase Int. -208.273.77 -5.148,708.18 -718,737,452.51 Repurchase Int. Exp. -215.571.53 -1.098,448.85 Dividends/Interest Charged -208,273.77 Miscellaneous -1,521.258.00 Amount Debited 5.720,466,984.28 Portfolio Composition Net Cash Activity 237,759.66 Cash/Cash Equivalent 359,965 ClosingBatance $359,965.49 Fixed Income 3.442,681 Your Portfolio Allocation Total 53.802.646 Cash Balance Summary Cash 8 Equivalent- OPENNO CLOSING Margn 122,205.83 359,965.49 Net Cash Balance $122205.83 $359,965.49 I— Fixed Income 91% Untivaed cone's Oenole debt baboce emit, OM male vela, The elocatir percent'', is Ormed Iron Vo etnol.te mrkel vSue of ,oto palioo 027 07.019510:42 001 V893IP EFTA00196083 CLEARED THROuGH ITS wuCtLY CA1T,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Stea•nt. Se •it' • Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 4 STATEMENT PERO) June 1.2005 THROUGH June 30.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER WINER On File LAST STATEMENT May 31.2005 inAPxET ESIIMATED O:AP£M DESCPO')O/1 s•MBCL O-SIP OUANTIT1 PACE eA1.01. Amt,AL NXIIE 'SO I%) CASH BALANCE 359.965 TOTAL CASH & CASH EQUIVALENTS $359.965 FIXED INCOME Government & Agency Obligations ACC. ACCRUED ESTEEMED WRIT DESDPICTION S17/ECLCUSP 1-1q PEACE 'TAPPET VALLE MEREST ANNUAL NCOEIE VELD O41 GOVERNMENT NATIONAL MTG ASSN MRGN 14.795.046 5.5884 826.803 16.191 582,925 70.5035 SERIES 2004-035 CUSS SP DATED DATE 05121/04 BOOK ENTRY ONLY DUE 12/20/2029 3.940% FACTOR — .90848224 GOVERNMENT NATIONAL MTG ASSOC MRGN 14.801.708 6.7511 999.284 SERIES 2004-041 CLASS SE DATED DATE 06/2304 BOOK ENTRY ONLY DUE 05,20/2030 FACTOR - .92150716 FEDERAL NATIONAL MTG ASSN MRGN 12.488.618 7.1598 894.164 6.393 460.206 51.4677 SERIES 2003.49 CLASS SW DATED DATE 04/3003 BOOK ENTRY ONLY DUE 01/25.'2033 3.685% FACTOR - .51379199 027 O7N1MS:1O:42 001 EFTA00196084 CLEARED limouGH ITS TACITLY CARTED SUODOTAIIT OFFICE SERVICING YOUR ACCOUNT Beer Star TTI T Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 5 STATEMENT PERMO June 1.2005 THROUGH June 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER Mach On Fae LAST STATEMENT May 31.2005 Government & Agency Obligations (continual: ACCRuE0 ESTedAREO CuRRGVr OLSCR., 'ION 20a3OLCUSP TIPL °UMW PRICE IAARKET VALUE MEREST ANNUAL INCOME YELD ITN FEDERAL NATIONAL MTG ASSN MRGN 1 20.6563 SERIES 353 CLASS 2 DATED DATE 07/01/04 BOOK ENTRY ONLY DUE 07/01/2034 5000% FACTOR — .97992876 Total Government& Agency Obligations $2,720,251 $22,584 $1,043,131 Corporate Bonds ACCT ACCRUED ESTEEMED CURFEW DESCRIPTION STEMOUOJSP TYPE CIUMITIN PRICE MARKET VALUE INTEREST ANNUAL INCOME YEW ALTERNATIVE LOAN TRUST MRGN 37,054,541 1.9496 722.430 10,344 744,796 103.0959 SERIES 2004-3005 CLASS 1-A-8 DATED DATE 12/27/04 BOOK ENTRY ONLY DUE 02/25/2035 2.010% FACTOR — .92636353 RATING: MOODY MA S&P MA Total CorporateBonds $722,430 $10.344 $744,796 TOTAL FIXED INCOME $3,442,681 $32,928 $1,787,927 YOUR PORTFOLIOHOLDING$ACCRUED INTEREST $32,928 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $1.787.927 YOUR PRICEDPORTFOLIONOLDINGS $3,802,646 027 07MITTIS:10:42 001 WINIP EFTA00196085 CLEARED THROUGH ITS WHOU.Y CAM*0 SUBSIONITY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 C/ :14 STATEMENT PERK* June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER NA UER On File with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT May 31.2005 MMUS& REPURCHASE PRONG PURCHASE PRIES ACCRUED REPO CUANTIn START DATE DATE RATE PAINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 06/10(05 07/12/05 3.420 -984,000 -1.963 -25.000,000 SERIES 2003-13 CLASS 4.685603/25133 YOU SOLD FANNIEMAE STRIP (REPO) 06/10(05 07/12/05 3.420 -11.102,000 -22.148 -30.000,000 SERIES 329 CLASS PO 12/01/32 YOU SOLD FANNIEMAE STRIP (REPO) 06/10(05 07/12/05 3.420 -5.241,000 -10.455 -10.000,000 SERIES 346 CLASS PO 11/01)33 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 06/10(05 07/12/05 3.420 -3.756.000 -7.493 -20.000,000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU SOLD FREDDIEMAC STRIP (REPO) 06/10/05 07/12/05 3.420 -2.762.000 -5.510 -20.000.000 SERIES 228 CLASS 10 6.0000 02/01/35 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 06/10/05 07/12/05 3.420 -206.000 -410 -4.000.000 SERIES 2886 CLASS SC 4.0800 07/15/19 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 06/10/05 OPEN 0.000 -25,000,000 SERIES 2003-52 CLASS 3.7856 07/25/17 YOU SOLD FANNIE MAE STRIPS (REPO) 06/16/05 07/18/05 3.460 -14.345,000 -20.680 -23,000,000 SERIES 352 CLASS PO 07101/34 YOU SOLD FANNIEMAE STRIP (REPO) 06/17/05 07/12/05 3.360 -3.652,000 -4.771 -10,000,000 SERIES 329 CLASS PO 12/01/32 YOU SOLD FANNIEMAE STRIP (REPO) 06/17/05 07/12/05 3.360 -10,000,000 -13.066 -20,000,000 SERIES 346 CLASS PO 11/01/33 YOU SOLD USTR 4.1250 05/15/15 (REPO) 06/22/05 OPEN 2.800 -28,210.000 -16.134 -28.000.000 027 07,0105:10:42 001 V891D EFTA00196086 CLEARED THROUGH ITS WHOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 C/ :14 STATEMENT PERKO June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER PARSER On Fite with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT May 31.2005 MICHAS& RENRCHASE PRiCe4 PURCHASE PRICE; ACCAuE0 REPO GUMMY START DATE DATE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/23(05 07/13/05 3.370 -2,515,000 -1.883 -26.400,000 SERIES 2004-5 CLASS P 3.6900 02/20/33 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 06/27/05 OPEN 0.010 -1 -25.000.000 SERIES 2003-13 CLASS 4.6856 03/25/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 06/27/05 OPEN 0.010 -1 -27,112,874 SERIES 2004-30 CLASS 3.940002/20/32 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 06/27/05 OPEN 0.010 -1 -5,724,538 SERIES 2886 CLASS SC 4.0800 07/15/19 YOU SOLD FANNIE MAE STRIPS (REPO) 06/30/05 08/01/05 3.540 -6,373,000 -626 -10,000,000 SERIES 352 CLASS PO 07/01/34 YOU SOLD FANNIE MAE STRIP (REPO) 06/30/05 08/01/05 3.540 -1.737.000 -170 -10.000.000 SERIES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 06/30/05 08/01/05 3.540 -1.861,000 -183 -10.000.000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU BOUGHT USTR 3.5000 05/31/07 (REVERSE) 06/27/05 OPEN 2.310 34.127500 10,115 34.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $34.127.500 $10.115 TOTAL REPURCHASE TRANSACTIONS $.92.744.003 S.105.492 •As CC ililtrant arx 027 MOMS:W:42 001 V8911> EFTA00196087 CLEARED 114nouGH ITS TensEm.Y GUTTED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Sown TT: T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 8 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail ACCOUYT NUMBER TAXPAYER WINGER On File INVESTMENT ACTIVITY LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STIA3OUCUSV CVATAITITY ProcE DEEM AMOUNT CREDIT MONO 06/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1 SERIES 346 CLASS 1 OUE 11/01133 06/02/05 05/27/05 BOUGHT ALTERNATIVE LOAN TRUST SERIES 2004.3008 CLASS 1-A.8 MEI 37.701.414 ACCR. INT. 2.15625 812,936.74 14,734.97 57050000 BS 06/02/05 06/01/05 BOUGHT UNITED STATES TREASURY NOTE 03,500% MN 31 MEI 25.000.000 ACCR. INT. 100.07031 25,017,578.13 4,781.42 MATURITY GVER REF # 01524054 Al 06/03/05 06/02/05 BOUGHT UNITED STATES TREASURY NOTE 40.000.000 101.82813 40,731,250.00 04.125% MN IS ACCR. INT. 85.190.22 MATURITY GVER REF # G1535384 Al 0610/05 06/09/05 SOLD UNITED STATES TREASURY NOTE -25.000.000 99.73438 24,933,593.75 03.500% MN 31 ACCR. INT. 23,907.10 MATURITY GVER REF # G1605088 Al 06/13/05 06/10/05 SOLD UNITED STATES TREASURY NOTE MEM -17.000.000 100.89063 17.151.406.25 04.125% MN 15 ACCR. INT. 55,261.55 0 MATURITY GVER REF # G1642765 Al AS OF 06/10/05 06/14/05 06/13/05 BOUGHT UNITED STATES TREASURY NOTE 04.125% MN IS EMI 4.000.000 ACCR. INT. 100.34375 4,013,750.00 13,451.09 MATURITY GVER RE? It G1644185 Al 027 07JOIDIS:10:42 001 Ye9301 EFTA00196088 CLEARED THROuGH ITS WITOM.Y GMED SUBSIDIAny OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 C/ :14 STATEMENT PERKO June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SIOIDOLCUSIP CAMPENTE EKE DENT AMOUNT OREM AMOUNT 06/16/05 06/10105 SOLD UNITED STATES TREASURY NOTE -17,000.000 100.89844 17,152,734.38 e 04.125% MN 15 ACCR. INT. 55,261.54 . 0 MATURITY GVER REF It 01672882 Al ORIGINAL SD 06/1305 AS OF 06116,05 06/17/05 06/14/05 SOLD FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO EMI .10.321.800 81.81250 8.444.522.75 STRIP IWO* 57200000 BS 0617/05 06/14/05 BOUGHT FEDERAL NATIONAL MTG ASSN 13.929.377 82.01563 11.424.265.93 SERIES 346 CLASS 1 57130000 BS 06/20/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1 SERIES 329 CLASS PO OUE 01/01/33 STRIP 06/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-035 CLASS SF' 1111M -153,742 4.110 DUE 1212029 PRINCIPAL REDUCTN 06-20-05 06/20/05 PRINCIPAL GOVERNMENT NATIONAL MTG ASSOC -139.052 SERIES 2004-041 CLASS SE DUE 05020/30 PRINCIPAL REDUCTN 06-20-05 06,22105 06/21/05 SOLO UNITED STATES TREASURY NOTE -20.000.000 100.37500 20.075.000.00 04.125% MN 15 ACCR. INT. 85.190.22 MATURITY GVER REF # G1722863 Al 027 07i01.136:10:42 001 Y893iP EFTA00196089 CLEARED IHROuGH ITS mEOLLY OUT*0 SODOMITE, OFFICE SERVICING YOUR ACCOUNT BOW Steam Tir T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 10 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) =COURT NUMBER TAXPAYER MASSER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION SW00ECUSP OVANTITY PRiCE DEBIT AMOUNT CREPT MASUNT 06/27/05 06/24/05 BOUGHT UNITED STATES TREASURY NOTE 20.000,000 99.83594 19,967,187.50 03,500% MN 31 ACCR. INT. 51.639.34 . MATURITY GVER REF # G1753133 Al 06/27/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 289,16720 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN RID 05-05 PA3 06-25-05 REPO P 8I 0,0000 06/27/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 298,41823 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN RID 05.05 PA 06-25-05 REPO P 8I 0.0000 C6,27/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW MI= -244.441 3,910 DUE 01/25/33 PRINCIPAL REDUCTN 06-25-05 C6,27/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 145,914.10 SERIES 346 CLASS 1 DUE 11/01133 PRIN RID 05-05 PA 06-25-05 REPO P 8I 0,0000 C6,27/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 371.609.85 SERIES 352 CLASS 1 0,001 DUE 07/01/34 PRIN RID 05-05 PM 06-25-05 REPO P 8I 0.0000 06/27/05 PRINCIPAL ALTERNATIVE LOAN TRUST -646.873 SERIES 2004-3008 CLASS 1-A-8 1,785 DUE 02/25/35 PRINCIPAL REDUCTN 06-25-05 06/28/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 1 S RCII-1/0 FLTR 4,685 DUE 03/25/33 027 070)1,136:10:42 001 I/8931P EFTA00196090 CLEARED THROuGH ITS YiliCtLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Ster T Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 11 STATEMENT PERO) June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MANNER On Re INVESTMENT ACTIVITY (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION 50.100-.CuSP OtIONTITC Pala DEBIT AMOUNT CROW MONO 06/30/05 06/28/05 BOUGHT FEDERAL NATIONAL MTG ASSN 8,518,623 83.45313 7,109,057.52 SEAMS 352 CLASS 1 1011.1 5 00.001% 7180000 BS 06/30/05 06/28105 SOLD FEDERAL NATIONAL MTG ASSN -9,170.234 20.59375 1,888,495.25 SERIES 353 CLASS 2 ACCR. INT. 36,935.67 05.000% 7100000 BS ACCRUES ON 1ST. PAYS ON 251H 06/30/05 06/28/05 BOUGHT FEDL HOME LOAN MTG CORP#S10109 9,552,843 21.17188 2.022,516.00 SERIES 227 U455 10 15057.104:1 ACCR. INT. 38.476.73 Qy1AE■ BS TOTAL 5-111,306,815.59 $91,007,418.84 INTEREST DATE DESCRPTION QUANTITY RATE IPA mot AMOUNT CnEDrl AMOUNT 06/01/05 AVG BAL 200,424RT 1.864 321.80 021 OFFICE INTEREST 0505 06/15/05 FEDL HOME LOAN MTG CORP#S10109 5.0000 80,303.34 SERIES 227 CLASS 10 DUE 12/01/2034 5.000 INT RID 05-05 PM 06-15-05 REPO P &I 5.0000 06/15/05 FREDDIE MAC CMCVSERIES 2886 4.0800 12.618.14 SC-I/O RTR DUE 07715/2019 LOBO INT RID 05-05 ND 06-15-05 REPO P &I 4.2100 027 ODOIA3S:10:42 001 LOUP EFTA00196091 CLEARED THRouom ITS yniCyty OmYEO SUEIROany OFFICE SERVICING YOUR ACCOUNT Beer Sean Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 12 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER AMMER On File INTEREST (continued) LAST sTATEmENT May 31.2005 DATE DESORPTION SYMBOAUSIP PAMIR, RATE BYI DEBIT AMOUNT CREW AMOUNT 06/15/05 FREDDIE MAC CMO/SER1ES 2886 4.0800 18,058.26 SC-VO RTR DUE 07/15/2019 4,080 INT RID 05-05 Pin 06-15-05 REPO P &I 4.2100 06/15/05 FEDL HOME LOAN MTG CORP#S10110 6.0000 91,828.76 SERES 228 CLASS 10 DUE 02,01/2035 6,000 INT RID 05-05 PA 06-15-05 REPO P &I 6,0000 06/20/05 GOVERNMENT NATIONAL MTG ASSN SERES 2004-S CLASS PS 1.1111111. 3.8600 56,613.33 DUE 02/20/2033 3,860 INT RID 05.05 PA 06-20-05 REPO P 8I 3,8600 06/20/05 GOVERNMENT NATIONAL MTG ASSN 3.8600 84,920.00 SERES 2004-S CLASS PS DUE 02/20/2033 3,860 INT RID 05.05 PAI 06-20-05 REPO P &I 3,8600 06/20M5 GOVERNMENT NATIONAL MTG ASSN 4.1100 84.591.78 SERES 2004-30 CLASS SU DUE 02/20/2032 4,110 INT RID 05-05 PM 06-20-05 REPO P 8I 4,1100 06/20/05 GOVERNMENT NATIONAL MTG ASSN SERES 2004-035 CLASS SP MEW 4.1100 51,199.60 DUE 12/20/2029 4,110 INTEREST PAYMENT 06-20.05 06/20/05 GOVERNMENT NATIONAL MTG ASSOC SERES 2004-041 CLASS SE MIS 51,172.10 DUE 05120/2030 0,000 INTEREST PAYMENT 06-20.05 06/27/05 FANNIE MAE CMG/SERIES 2003-13 4.9100 25,851.29 S RTR DUE 03/25/2033 4,910 INT RID 05-05 PM 06-25-05 REPO P 8I 4,9100 027 07'01MS:10:02 001 Y893IP EFTA00196092 CLEARED THROUGH ITS %THOU.? ORY.E0 STICIDO/ARY OFFICE SERVICING YOUR ACCOUNT Beer Sier Bear. Stearns 8 Co. Inc. BW STD;R RNS FINANCIAL TRUST CO INC 13 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER RUMMER On FM INTEREST (continued) tar STATEMENT May 31.2005 DATE DESCRPTION SYMIXIXCUSIP OWAMW MEN DEMTAMOUNT CREW AMOUNT 06/27/05 FANNIE MAE CMG/SERIES 2003-13 4.9100 25,851.29 S RCR-MO RIR DUE 03/25/2033 4.910 INT RID 05.05 PA) 06-25-05 REPOP 8I 4.9100 06/27/05 FANNIE MAE CMCVSERIES 2003-13 4.9100 51.702.58 S RCR-VO RIR DUE 03/25/2033 4,910 INT RID 05.05 PA) 06-25-05 REPOP 8I 4.9100 06/27/05 FEDERAL NATIONAL MTG ASSN SERES 2003-49 CLASS SW ~I 3.9100 41.488.55 DUE 01/25/2033 3.910 INTEREST PAYMENT 06-25.05 06/27/05 FANNIE MAE CMG/SERIES 2003-52 KS-RO RIR ~I 4.0100 58.317.45 DUE 07/25/2017 4.010 INT RFD 05.05 PA) 06-25-05 REPOP &I 4.0100 06/27/05 FEDERAL NATIONAL MTG ASSN 5.0000 77.405.30 SERES 353 CLASS 2 DUE 07/01/2034 5,000 INT RID 05.05 PA) 06-25-05 REPO P 8I 5.0000 06/27/05 ALTERNATIVE LOAN TRUST 1.7850 63.149.48 SERES 2004-30CB CLASS 1-A-8 DUE 02/25/2035 1.785 INTEREST PAYMENT 06-25.05 TOTAL $875,393.05 027 OX0145202 001 MOW EFTA00196093 CLEARED IHROuGH ITS WHOLLY OLWEI> SUBSIDIAny OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 0 '31 STATEMENT PERGO June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT May 31.2005 with Bear,Stearns& Co.Inc. SETTLEMENT TRMX DATE DATE TRANSACTION DESCRPTICII SYMEICIJICUSIP OVAMITY CESIT AMOUNT CREDIT AMOUNT 06/01/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 8,743,867 SC-DO FLTR 0,21010.19 FITM A2 TERM MENT 06/01/05 JOURNAL FREDDIE MAC CMOSERIES 2886 -5.147.247 SC-VO RJR 4,210 DUE 07/I 5119 FITM F1523444 Al REPO AGREEMENT 06.01/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 -3.596.620 209,000 00 SC-VO RJR 0,210 19 FITM AI REPO A 06/02/05 RECEIVED UNITED STATES TREASURY NOTE DUE 05/3I/2007 3,500 MI= 29.000.000 29,072,500.00 3,500 OW FITM Al RESALE 06 02 05 DELIVERED UNITED STATES TREASURY NOTE -54,000.000 54.000.000.00 DUE DWI/2007 3,500 3,50 30. 7 FITM A2 TERM e EEMENT 06/02/05 INTEREST UNITED STATES TREASURY NOTE 8,445.00 M DUE ose3.uoplz" _. moo 06/03/05 JOURNAL FREDDIE MAC CMCVSERIES 2886 5,147,247 SC-VO FUR 1,210 DUE 07/15/19 FITM F1523404 A2 TERM REPO AGREEMENT 027 OTGIEIS:10:42 001 Y8927 EFTA00196094 CLEARED THROUGH ITS WUCU.? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 0 'm STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TMDE DATE DATE TRANSACTION DESCRPRON SYMBOucestp Gummy OW AMOUNT CREDIT AMOUNT 06/03/05 JOURNAL FREDDIE MAC CMCVSERIES 2886 -5.147,247 288,000.00 SC-1/0 FLTR 4,2100.0019 FITM Al REPO 06 03 05 JOURNAL UNITED EASURY NOTE 38.000.000 38.095.000.00 FITM A2 4,125 15 TERM REPO AGREEMENT 06 03 05 JOURNAL UNITED EASURY NOTE 78.000.000 79.462.500.00 FITM Al 4,125 15 REPO AGREEMENT 06/03/05 INTEREST UNITED STATES TREASURY NOTE 19.661.25 DUE 053110. 4,125 FITM A2 REPO I 06/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN 14.773.724 10.851.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP FITM REM 02 TERM MEAT 06/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN -14,773.724 11.102.000.00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM AM. Al REPO 0610;05 JOURNAL FANNIE MAE CMOiSERIES 2003-13 -6.318.034 492.000.00 S RCR-I10 FLTR 4,910 FITM REPO A WI 027 07.01,05:10:42 001 VOIR EFTA00196095 CLEARED THROUGH ITS OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 C! STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TWISACRON DESCRPTXR1 SYMECIJICUSIP IXJANTITI DEBIT AMOUNT CREDIT AMOUNT 06/10/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 6.318.034 525,000.00 S RCR-110 FLTR 4.910 FITMNIP TERM MENT 06/10/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 -12.636.068 984,000.00 S RCR-I(0 FLTR 4,910 FITM 1.1 REPO A 06/10/05 JOURNAL FANNIE WE CMCSERIES 2003-13 12.636.068 996.000.00 S RCR-I10 FLTR 4,91031 3 FITM A2 TERM . MENT 06/10/05 JOURNAL FANNIE ME CMO/SERIES 2003-52 FLTR MIK .17,451.605 4.010 lilt 7 FITM Al REPO A 06/10/05 JOURNAL FANNIE WE CMO/SERIES 2003-52 17,451.605 1,008,000.00 KS-Ito FUR 4.010 17 FITM A2 TERM ENT 06/10/05 JOURNAL FANNIE MAE CMO/SERIES 2003-52 .17A51.605 1.014.000.00 KS-I/0 FLTR 4.010 17 FITM Al REPO A 0610/05 JOURNAL FANNIE MAE CMCVSERIES 2003-52 17,451.605 1,014,000.00 KS-I/O FLTR 4 010 17 Flat A2 REPO A 027 07.014510:42 001 VOIR EFTA00196096 CLEARED THROUGH ITS WHOU.Y OMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 C! STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TWISACTION DESORPTION SYMBOLICuStE MAMMY MINT AMOUNT CREDIT AMOUNT 08110/05 JOURNAL FEDERAL NATIONAL MTG ASSN 6.964.688 3.800.000.00 SERIES 346 CLASS 1 DUE 11 FRM A2 TERM ENT 06/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN .6.964.688 5.241.000.00 SERIES 346 CLASS 1 DUE I V ATM CI REPO A 06/10/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN -24.698.329 1,297,000.00 SERIES 2004-30 CLASS SU 4.110 3.2 FITM BI REPO A 08110/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 24,698.329 1.340.000.00 SERIES 2004-30 CLASS SU 4.1103.32 HIM BZ TERM MENT 08110/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 .19,105.686 3.756.000.00 SERIES 227 CLASS 10 5.000 F1TM REPO A WI 08/10/05 JOURNAL FEDL HOME LOAN MTG CORP#S10109 19,105.686 3,951,000.00 SERIES 227 CLASS 10 5,000 FITM 3. 34C2 TERM MENT 0610,05 JOURNAL FREDDIE MAC CMUSERIES 2886 .3.596.620 206,000.00 SC-A3 FUR 4 210 19 HIM Al REPO A 027 07i01,05:10:02 001 Y89.31R EFTA00196097 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 cI m STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NL1M8ER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPSCR1 SYMEICIJICUSIP °UNDID DEBIT AMOUNT CREDIT AMOUNT 06410/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 3,596,620 209,000.00 SC-YO FLTR 4.210111019 FITM AZ TERM MENT 06/10/05 JOURNAL FREDDIE MAC CMCVSERIES 2886 5.147,247 288,000.00 SC-YO FLTR 4,210 19 FITM AZ TERM MENT 06/10/05 JOURNAL FREDDIE MAC CMQ SERIES 2886 -5.147.247 296.000.00 SC-YO FUR 4.210 11.19 FITM Al REPO A 06/10/05 JOURNAL FEDL HOME LOAN MTG CORP#510110 -17,959.702 2.762.000.00 SERIES 228 CLASS 0 6,000 FITM 11.31 REPO A 06/10/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 17,959.702 3,000,000.00 SERIES 228 CLASS 0 6,000 FITM Filar3Z TERM MENT 06/10/05 DELIVERED UNITED STATES TREASURY NOTE -29,000.000 29,072,500.00 DUE 05131/2007 3,500 3,500W 7 FITM A2 TERM e WENT 0610;05 RECEIVED UNITED STATES TREASURY NOTE 54.000.000 54,067,500.00 DUE 05131/2007 3.500 3 SOO 7 Flat Al RESALE 027 ODOIXIS:10:42 001 WIRIP EFTA00196098 CLEARED THROUGH ITS WHOU.Y OMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 CI STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NV's:1ER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRACE DATE DATE TWISACRON DESCRPRON SYMBOL,CvStP DVANNlY OMIT AMOUNT CREDIT AMOUNT 06/10/05 DELIVERED UNITED STATES TREASURY NOTE -54.000.000 54.067.500.00 DUE 05131/2007 3.500 3.500 DOH 06/10/05 RECEIVED UNITED STATES TREASURY NOTE 54,000.000 54,067,500.00 DUE 05(31/2007 3.500 3.500 7 FITM A3 RESALE 06/10/05 DELIVERED UNITED STATES TREASURY NOTE -54.000.000 54.067,500.00 DUE 05(3I/2007 3.500 3.500 01.K7 FITM A4 RESALE T 06/10/05 RECEIVED UNITED STATES TREASURY NOTE DUE 05/31;2007 3.500 MI= 54.000.000 54.067.500.00 3.500 1111)7 RIM AS RESALE T 06/10/05 INTEREST FEDERAL NATIONAL MTG ASSN 29.749.82 SERIES 329 CLASS PO STRIP DUE Mai" 0,000 RIM OZ REPO I 06/10/05 INTEREST FANNIE MAE CMO/SERIES 2003-13 721.88 S RCR443 FLTR DUE 031 4.910 FITM AZ REPO I 06/10/05 INTEREST FANNIE MAE CMO/SERIES 2003-13 1.911.49 S RCR-I(0 FLTR DUE 03/ 49I 0 RIM AZ REPO I 027 07JOIA3S:10:42 001 ',SUP EFTA00196099 CLEARED THROUGH ITS WHOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 STATEMENT PERM June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AILAITER On Fee REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TR/MACRON DESCRPRON SYMBOLDVSIP OVANDO DEBIT AMOUNT CREDIT AMOUNT 06/10/05 INTEREST FANNIE MAE CMO/SER1ES 2003-52 2,210.88 KS-I/0 FLTR DUE 073 4.010 FITM AZ REPO I 06/10/05 INTEREST FEDERAL NATIONAL MTG ASSN 5.556.44 SERIES 346 CLASS I DUE 11 0.000 FITM A2 REPO I 06/10/05 INWREST GOVERNMENT NATIONAL MTG ASSN 2.939.07 0Z SERIES 2004-30 CLASS SU DUE FITM BZ 4.110 REPO I 06/10/05 INTEREST FEDL HOME LOAN MTG CORP#S10109 5.777.24 SERIES 227 CLASS 0 DUE 17 . 6.000 FITM CZ REPO I 06/10/05 INTEREST FREDDIE MAC CMCVSERIES 2886 171.90 SC-I/O FUR DUE 07:1110 4.210 FITM AZ REPO I 06/10/05 INTEREST FREDDIE MAC CMCVSERIES 2886 184.24 SC-n3 FUR DUE 07.01. 4.210 FITM AZ REPO I 0610105 INTEREST FEDL HOME LOAN MTG CORP#S10110 4.386.67 SERIES 228 CLASS 10 DUE 0 6000 FITM BZ REPO1 027 07.01/05:10:42 001 VOIR EFTA00196100 CLEARED THROUGH ITS WHOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 Ci N STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WhISER On Fite REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESERTION SYMECIJEUSIP WNW, DEBIT AMOUNT CREDIT AMOUNT 06/10/05 INTEREST UNITED STATES TREASURY NOTE 16.918.58 IMP "_ DUE 05e=2001.7_ 3.500 06/13x05 JOURNAL FANNIE MAE CIAO:SERIES 2003-13 6,318,034 S RCR-Ii0 FLTR 4,910 FITM A2 TERM MENT 06/1=5 JOURNAL FANNIE MAE CMO/SERIES 2003-13 -6318034 S RCR-1/0 FLTR 4,910 FITM At REPO A 06/1=5 JOURNAL GOVERNMENT NATIONAL MTG ASSN 26.400.000 SERIES 2004-5 CLASS PS 3,860 FITITA TERM ENT 06/13/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS MIK 26.400.000 2.000.000.00 3,860 FITM Bi REPO A 06.(13/05 JOURNAL UNITED TATE TREASURY NOTE -61.000.000 61.152.500.00 FITM Al 4,125 15 REPO AGREEMENT 06/13M5 JOURNAL UNITED TATES TREASURY NOTE 78.000.000 79,462,500.00 FITM A2 4,125 15 TERM REPO AGREEMENT 06113x05 INTEREST UNITED STATES TREASURY NOTE 30,681.35 DUE 051 lli 4.125 FITM A2 REPO I 027 07,0105:10:42 001 VOIR EFTA00196101 CLEARED THROUGH ITS WHOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 Ill STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAISER On Fite REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TATDE DATE DATE TRANSACTION DESCRPOCH STMISOLCvSty CAJNOITY DEBIT AMOUNT CREDO AMOUNT 06/14/05 JOURNAL UNITED TATES TREASURY NOTE 61.000,000 61,152,500.00 FITM A2 4,125 15 TERM REPO AGREEMENT 06/14/05 JOURNAL UNITED FILM EASURY NOTE -65.000,000 65.081.250.00 Al 4,125 5 REPO AGREEMENT 06/14/05 INTEREST UNITED STATES TREASURY NOTE 2,072.39 DUE 051 4,125 ATM A2 REPO I 06/16/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO SIM -15,246,375 11,253,000.00 DUE 01101/33 STRIP ATM REPO A Jim CI 06,1665 JOURNAL FEDERAL NATIONAL MTG ASSN 15,246,375 11.334.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM REM EZ TERM MENT 06,1665 JOURNAL FANNIE MAE CMOSERIES 2003-13 6,318,034 S RCR-00 FUR 4,91030. 3 ATM A2 TERM MENT 06,16,05 JOURNAL FANNIE MAE CMOSERIES 2003-13 S RCR-I/0 FUR MIS -6.318.034 4,910 IN F1TM A3 REP AOS 027 MOMS:10:42 001 T89.31P EFTA00196102 OFFICE SERVICING CLEARED THROUGH ITS YiHOLLY OMED SUOSIDIAny YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 c! '31 June 1.2005 June 30.2005 STATEMENT PERIOD THROUGH Transaction Detail (continued) On PIM ACCOUNT NUMBER May31.2005 TAXPAYER NLAISER REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT SETTLEMENT TRADE 06/16/05 DATE DATE JOURNALSFANNIE TWISACKIN MAE CMOiSERIES DESCRP111711 RCR-I/0 FLTR 2003-13 SYMBOL:Cl/SIP -6.318,034 OUNYTITY 01931T AMOUNT 507,000.00 CREDIT AMOUR' 4,910 m FITM REPO r Al 06/16/05 JOURNALSFANNIE MAE RCR-I/0 CMO/SERIES FLTR 2003-13 6.318,034 507,000.00 4,910 FITM REPO A 06/16/05 JOURNALSERIES FEDERAL NATIONAL 352 CLASSMTG ASSN -19.592.834 14,345,000.00 0,001 A BI FITM REPO 1 06/16/05 JOURNALSERIES FEDERAL NATIONAL 352 1 MTG ASSN 19,592.834 14.434.000.00 0,001 FITM MENT TERM DZ CLASS 061605 JOURNALSERIES FEDERAL 353NATIONAL 2MTG CLASS ASSN -18,340.469 2.700.000.00 5,000 FITM 1.3 REPO P. 06,1605 JOURNALSERIES FEDERAL NATIONAL 353 CLASS 2 MTG ASSN -18,340.469 3.703.000.00 5,000 A..34 FITM REPO Al 06,16,05 JOURNALSERIES FEDERAL NATIONAL 353 CLASS 2 MTG ASSN 18,340.469 3,703,000.00 5,000 FITM AWA2 REPO 027 07i01.135:10:42 001 Y893iP EFTA00196103 CLEARED THROuGH ITS wisCtLY EAM,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT Beer Steam. Se •it' • Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 24 STATEMENT PEF000 June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER OR He REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRACE DATE DATE TWC3ACRON DESCRPRON STMECL,CVSIP DEBIT AMOUNT CREDIT AMOUNT 06/16/05 JOURNAL FEDERAL NATIONAL MTG ASSN 18,34°4°1'11 0,46i; 3,844,000.00 SERIES 353 CLASS 2 5,000 F CZ TERM MENT 06,16i05 JOURNAL UNITED EASURY NOTE -48.000,000 48.060.000.00 FITM AI 4,125 15 REPO AGREEMENT 06 16 05 JOURNAL UNITED EASURY NOTE 65,000.000 65.081.250.00 FITM A2 4,125 15 TERM REPO AGREEMENT 06/1&05 INTEREST FEDERAL NATIONAL MTG ASSN 32,109.85 SERIES 329 CLASS PO STRIP DUE 013.01 0.000 FITM EZ REPO I 06/16/05 INTEREST FEDERAL NATIONAL MTG ASSN 40.892.32 SERIES 352 CLASS 1 DUE 07 0001 FITM DZ REPO I 06/16/05 INTEREST FEDERAL NATIONAL MTG ASSN 10.890.27 SERIES 353 CLASS 2 DUE 07.0 5.000 FITM CZ REPO I 06/16(05 INTEREST UNITED STATES TREASURY NOTE 5,260.73 DUE 051 4025 FITM R2 REPO I 027 01i01,06:10:42 001 V893IP EFTA00196104 CLEARED THROUGH ITS INHOU.Y 01M*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 c131 STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WhISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT MIX DATE DM TWCACRON DESORPTION SYMEICIJCUSIP WAWITY DEBIT AMOUNT CREDIT AMOUNT 06/17/05 JOURNAL FEDERAL NATIONAL MTG ASSN -4,924,574 3.652.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM INF REPO A Al 06/17/05 JOURNAL FEDERAL NATIONAL MTG ASSN 15,246.375 11.253.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP C2 FITM TERM FOIMPAENT 06/17/05 JOURNAL FANNIE MAE CMO/SERIES 2003-52 17,451,605 KS-I/0 FUR 4,010 17 FITM A2 TERM ENT 06/17/05 JOURNAL FANNIE MAE CMO/SERIES 2003-52 -17451.605 KS-I/0 FUR 4,010 7 FITM A3 TERM MENT 0617/05 JOURNAL FEDERAL NATIONAL MTG ASSN -13929377 10.000.000.00 SERIES 346 CLASS DUE I 1 FITM MIR A3 REPO A 06;17/05 JOURNAL FEDERAL NATIONAL IvITG ASSN -13,929377 10.342.000.00 SERIES 346 CLASS DUE II FITM Al REPO A 06/17/05 JOURNAL FEDERAL NATIONAL MTG ASSN 13.929,377 10,342,000.00 SERIES 346 CLASS 1 DUE lila. FITM A2 REPO A 027 07,0105:10:42 001 VOIR EFTA00196105 CLEARED THROuGH ITS WHOLLY OLWEI> SUOSIDIAny OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 26 ci '31 STATEMENT PERGO June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPTION SYMEICMCUSIP CVANTITY OEINT AMOUNT CREDIT AMOUNT 06/17/05 INTEREST FEDERAL NATIONAL MTG ASSN 1,081.54 SERIES 329 CLASS PO STRIP DUE 013101 0,000 FITM C2 REPO I 06/22(05 JOURNAL UNITED EASURY NOTE -28.000.000 28.210.000.00 FITM Al 4,125 15 REPO AGREEMENT 06/22(05 JOURNAL UNITED T EASURY NOTE 48,000.000 48.060.000.00 FITM A2 4,125 15 TERM REPO AGREEMENT 06/22(05 INTEREST UNITED STATES TREASURY NOTE 10.439.70 DUE 0531111 4,125 FITM A2 REPO I 06/23/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 26.400.000 2.000.000.00 SERIES 2004-5 CLASS PS 3,690 • FITM 82 TERM MENT 06/23/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN -26.400.000 2.515.000.00 SERIES 2004.5 CLASS PS FITM Al 3.690A REPO 06/23/05 INTEREST GOVERNMENT NATIONAL MTG ASSN 1.872.22 SERIES 2004-5 CLASS PS DUE 02/10 3,690 ATM 82 REPO I 06/27/05 JOURNAL FANNIE MAE CMOSSERIES 2003-13 6.196.744 S RCR-I/0 FLTR 4,910 FITM INCI14 TERM ENT 027 07GIEIS:10:42 001 Y893E EFTA00196106 CLEARED THROUGH ITS yalCu.Y OmED SUBSIDIAny OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 27 131 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON SYMBOLCvSp CUMIN), DEBIT AMOUNT CREOr AMOUNT 06/27/05 JOURNAL FANNIE MAE CMOiSERIES 2003-13 -12.393A89 S RCR-I(0 FLTR 4,910Amr FITM 81 REPO 06/27/05 JOURNAL FANNIE MAE CMOSERIES 2003-13 6.196.744 492,000.00 S RCR-I(0 FLTR 4,910 FITM 31.2 TERM MENT 06/27/05 JOURNAL FANNIE MAE CMOSERIES 2003-13 12.393.489 984,000.00 S RCR-I10 FLTR 4,910)0. 3 FITM A2 TERM MENT 06/27/05 JOURNAL FANNIE MAE CMO/SERIES 2003-13 -12,393A89 984,000.00 S RCR-I0 FLTR 4,910M RIM E AS TERM ENT 06/27/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN -24,430.632 SERIES 2004.30 CLASS SU 3,940 all#32 FIRM C1 REPO A 06/27/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 24,430.632 1,297,000.00 SERIES 2004.30 CLASS SU 3,94031.1 FITM 82 TERM ENT 0627/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 -5.051,428 SC-VO RJR 40 19 Firm80 Al REPO A 027 MOMS:10NQ 001 Y893ip EFTA00196107 CLEARED THROUGH ITS WUCU.? OMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 28 c1 m STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION MERVIN:1H SYMEMICUSIP OUNYTIN DEEM AMOUNT CREDIT AMOUNT 06/27/05 JOURNAL FREDDIE MAC CMO/SERIES 2886 5,051,428 296,000.00 SC-/0 FLTR 4,080314p r FITM A2 TERM MENT 06.+27/05 RECEIVED UNITED STATES TREASURY NOTE 34,000.000 34,127,500.00 DUE 05+31/2007 3,500 3,500 7 REM TAl RESALE 06/27/05 DELIVERED UNITED STATES TREASURY NOTE -54,000.000 54.067,500.00 DUE 05+3I/2007 3,500 3,500a7 FITM A6 TERM EMENT 06/27/05 INTEREST FANNIE WE CMO/SERIES 2003-13 794.58 S RCRA+0 FLTR DUE 03ii+ ll 4,910 FITM A2 REPO I 06/27/05 INTEREST FANNIE MAE CMO/SERIES 2003-13 1.589.16 S RCRA+0 FLTR DUE 03:1101. 4,910 FITM A2 REPO I 06/27/05 INTEREST FANNIE MAE CMO/SERIES 2003-13 S RCRA+0 FLTR NMI 1,589.16 DUE 4,910 FRM A3 REPO I 0627/05 INTEREST GOVERNMENT NATIONAL MTG ASSN 2.094.66 SERIES 2004.30 CLASS SU DUE 02i 3.940 ATM 62 REPO I 027 07.01,0510:42 001 VOIR EFTA00196108 CLEARED THROUGH ITS WHOU.Y OBBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 29 ci STATEMENT PERK* June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMSER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT May 31.2005 SETTLEMENT TRADE DATE DATE TRAM3ACRON DESCRITTON SYME/CIAUSIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 06/27/05 INTEREST FREDDIE MAC CMO/SERIES 2886 478.04 SC-YO FUR DUE 073.0 4.080 FITM A2 REPO I 062725 INTEREST UNITED STATES TREASURY NOTE DUE 09 3,500 MEM 55.734.58 FITM A6 RESALE 0&30;05 JOURNAL FEDERAL NATIONAL MT2 ASSN -8.518.623 6.373.000.00 SERIES 352 CLASS 1 0,001 FITM W31 REPO A 0&30105 JOURNAL FEDERAL NATIONAL MT2 ASSN -9.170234 1.737.000.00 SERIES 353 CLASS 2 5,000 FITM WI REPO A 0620/05 JOURNAL FEDERAL NATIONAL MT2 ASSN SERIES 353 CLASS 2 SIM 18,340.469 2,700,000.00 5,000 FITM TERM A4 MENT 0620135 JOURNAL FEDL HOME LOAN IvITG CORP#S10109 -9.552.843 1,861,000.00 SERIES 227 CLASS 13 5,000 II Find C1 REPO A 0&30:05 INTEREST FEDERAL NATIONAL IvITG ASSN 3.633.00 SERIES 353 CLASS 2 DUE 07.0i. 5.000 FITM A4 REPO i TOTAL $-607.638.910.69 $626.942.937.32 027 07'014S:10:42 001 M2931P EFTA00196109 CLEARED THROUGH ITS YTTICLLY ODT*0 SONO/ARV OFFICE SERVICING YOUR ACCOUNT Reel Siea'n Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 30 STATEMENT PERMO June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER PURSER OR FM MISCELLANEOUS LAST STATEMENT May 31.2005 DATE MOM TPAISMTITN DESCRIPTION DEBIT AMOUNT CREW AMOUNT 06/01/05 JOURNAL TO CMDY NC 203,925.00 06/02/05 JOURNAL TO CMDY NC 469,445.00 06/03/05 JOURNAL FR CMDY NC 570,183.00 06/07/05 JOURNAL FR CMDY NC 35,468.23 ostosros JOURNAL TO CMDY NC 88.767.00 0610/05 JOURNAL FR CMDY NC 144,391.50 06/13/05 JOURNAL FR CMDY NC 897,315.00 0614/05 JOURNAL TO CMDY NC 130,858.50 0615/05 JOURNAL TO CMDY NC 79.985.00 06/16/05 JOURNAL FR CMDY NC 6,611.00 06/17/05 JOURNAL TO CMDY NC 228,374.50 06/21/05 JOURNAL FR CMDY NC 42,660.00 06/23/05 JOURNAL TO CMDY NC 317,653.00 06/24/05 JOURNAL FR CMDY NC a 6,065.00 06/28/05 JOURNAL MAY 05CLEARING FEES 2,250.00 06/29/05 JOURNAL FR CMDY NC 75,990.50 06/30/05 JOURNAL FR CMDY NC MN 100,310.50 TOTAL $--1,521,258.00 $1.878,994.73 021 OZOIMS:10:42 001 WINIP EFTA00196110 CLEARED THROUGH ITS INHOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 STATEMENT PERK* June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER NUMBER OII File LAST STATEMENT May 31,2006 SETTLEMENT TRADE DATE DATE TRANSMIlal DESORPTION SYMBOL/RUM' OHNTITY EPoCE DEBT AMOUNT OREM APADUNT 07/01/05 06/30/05 UNITED TATES TR U YN -15.000,000.00 99.9977 15,001,1 .58 03.62514.1D 30 GVER REF # Gi813781181 07/01/05 06;30/05 SOLD UNITED STATES TREASURY NOTE -50,000.000.00 99.9977 50.003.775.27 03,625% JD 30 1-L . 0 MATURITY OVER REF # G1813788 Al 07/14/05 06/03/05 BOUGHT FNMA 30YR TBA GTD SETT, 07x05 11111 15,000,000.00 100.2187 15,032,812.50 05,000% ~ 57110000 BS 07/14/05 G6/23,05 BOUGHT FNMA 30YR TBA GTD 30,000,000.00 99.9609 29,988,281.25 000005.000% SETT, 07105 57210000 BS 07/14/05 05106:05 SOLD FNMA 30YR TBA GTD -30.000.000.00 98.5195 29.555.859.38 SETT, 07105 05.000% 57440000 BS 07114105 G6.06:05 SOLO FNMA 30YR TM GTD SETT, 07+05 BIM -15,000.000.00 99.5937 14.939.062.50 0714009 57140000 BS AS OF 06+0605 07/14/05 06/07/05 SOLD FNMA 30YR TBA GTD -15,000.000.00 99.5937 14.939.062.50 SETT, 07/05 57140000 BS 027 07,0105:10:42 001 VOIR EFTA00196111 CLEARED THRouGH ITS meaty', OMYED SURSICally OFFICE SERVICING YOUR ACCOUNT Beer Mar yi Bear. Stearns & Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 32 c? STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER WEISER On File LAST STATEMENT May 31.2005 SEGIEMENT TRADE DATE DATE TRANSACTION DESCAPIION a/MO.EGSP GUANTITY PRCE DENT AMOUNT CREPT MhauNT 07/14/05 06/07/05 CANCEL SELL FNMA 30YR TM GTE) -15,000,000.00 99.5937 14,939,062.50 SETT, 07/05 10141/105,000% 57140000 BS AS OF 06/07/05 07/14,05 05/19/05 BOUGHT FNMA-30YR(FNMA)GTD 30000000.00 100.8671 30,260,156.25 SETT,07/06 111.11 105,500% 57050000 BS 07/14/05 05/23/05 BOUGHT FNMA-30YR(FNMA)GTD SETT,07/06 MIN 30000000.00 101 30200,000.00 10.005,500% 57100000 BS 07/14/05 05/06/05 SOLD FNMA-30YR(FNMA)GTD SETT,07/06 11111 -30.000.000.00 1005156 30.154.687.50 10101.06,500% 57450000 BS 07/14/05 05/26/05 SOLD FNMA-30YR(FNMA)GTD -60.000.000.00 100.9531 60.571.875.00 SETT 07/06 05,500% 57180000 BS 07/14/05 06/06,05 BOUGHT FNMA 30 YR GTO SETT, 07105 11111 50.000.000.00 102.6054 51.302.734.38 57180000 BS AS OF 06/06106 027 07'01MS:10:02 001 Y0931P EFTA00196112 CLEARED THROUGH ITS INHOU.Y ow•co SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 33 c? STATEMENT PEROT June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER WITMER On File LAST STATEMENT May 31.2005 STATEMENT TRADE DATE DATE TRANSACT/ON CESCRPTION STM8D.EuSP CIJANTITY PACE DEBIT AMOUNT C=£:\ 07/14/05 06/03/05 SOLD FNMA 30 YR GTO -50.000.000.00 102.7968 51.398.437.50 SETT. 07105 7070000 BS TOTAL $171,823.046.88 $266.563.892.23 The chow Fades cb eel eppew in eery ann. sedge PI Ihn :Warm* Your messages Bear Steams receives payments or other remuneration from the advisers, NOTICE OF CHANGE PURSUANT TO TRUTH IN LENDING SEC RULE 100-16 distributors or other affiliates of certain of the mutual funds available through Effective no earlier than thirty (30) days from your receipt of this statement, Bear Steams. Such payments or remuneration are for administrative, the annual rate of interest charged on any credit extended to you by Bear technological or other services provided in connection with fund accounts and Stearns for the purpose of purchasing, carrying or trading in any security or are generally calculated based on the amount of assets held in the accounts, other property shall be based on either the Bear Stearns Margin Basis Rate, Such payments or other remuneration are in addition to shareholder servicing the Bear Stearns Fed Funds Rate or the London Interbank Offering Rate and distribution fees that Bear Stearns may receive. Funds whose affiliates do ("UBOR"), as notified to you upon request. The Bear Stearns Margin Basis Rate not make payments to Bear Steams, including funds that may pay a higher or will be quoted daily by Bear Stearns at our main office in New York, Factors lower return, may be available to you. affecting the determination of the Bear Stearns Margin Basis Rate will include the short•term market interest rates quoted by money center banks and the Federal Reserve and the rate that Bear Steams is charged for borrowing money. The Bear Steams Fed Funds Rate is the rate for U.S. dollar funds, as quoted by an independent broker of such funds selected by Bear Stearns for the last transaction completed prior to 9:30 a,m, (Eastern Time) on the business day on which such rate is determined. The annual rate of interest will be no more than 3% above the Bear Steams Margin Basis Rate or 4% above either the Bear Stearns Fed Funds Rate or LIBOR and will appear on your monthly statements. 027 07/01.135:10:02 001 Y893IP EFTA00196113 CLEARED THROuGH ITS Yn10t4Y OUT,E0 SUBSIOIMIT, OFFICE SERVICING YOUR ACCOUNT Beer Stewn Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 34 STATEMENT PERK* June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER TAXPAYER WEISER On File LAST STATEMENT May 31.2005 If Bear Stearns makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days' prior written notice, The annual rate of interest you are charged is tied to the Bear Stearns Margin Basis Rate, the Bear Stearns Fed Funds Rate or LIBOR and may fluctuate with those rates, The changes in rates resulting from this fluctuation will be made without prior notice to you (as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above), Except as described above, the Truth in Lending disclosure previously provided to you remains in effect, End of Statement 027 07i0litio0:42 001 vekuP EFTA00196114 CLEARED THROUGH ITS WHCU.Y 01M.IED SUNK/MI/iv OFFICE SERVICING YOUR ACCOUNT ear. Stearns Co. Inc. m B STUR URNS S FINANCIAL TRUST CO INC STATEMENT PERKIO *11 30.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE weny.bearstearns.com THROUGH May 31.2005 ACCCUNT NUMBER What's In This Statement IIII II 111111111U II TAXPAYER AVNER On File LAST STATEMENT April 29.2005 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 37 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $122.206 Cash 8 Equivalent TOTAL VAWE OF SECURITIES THIS PERIOD 3.052,376 $180,992 LONG ACCRUED INTEREST 27,070 Axed $3.052.376 Income $2.900.677 NET CREDIT BALANCE 122,206 Current market Sue NET EQUITY THIS PERIOD $3,201,652 NE Last statement's market value NET EQUITY LAST STATEMENT 3.131.368 CHANGE SINCE LAST STATEMENT 70.283 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. SI T T/1111•Tduri A Xs dOrmacuol hnoses only I Is ra @lorded as &ant staternurC should be Massed for your words See worm a for Doodad' nrcautire 027 06,01135:09:00 001 EFTA00196115 GEARED 11. .100044 ITS WHOLLY OMAE0 $1.1090MAY FINANCIAL TRUST CO INC 2 o168 STATEMENT BACKER IS PRINTED ON THIS PAGE 021 0601.05:09:03 001 Y878 EFTA00196116 CLEARED IHRCUGH ITS (MT,E0 SUOSIOally OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 STATEMENT PERK* April 30.2005 THROUGH May 31.2005 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AMMER On File THIS PERIOD RAS PERICO YEAR TO DATE LAST STATEMENT April 29.2005 Opening Balance $180,992.40 U.S. GOA. Bond Int. 766,042.23 3.462.043.46 Govt. Agency Int. 823.071.67 3.397.846.03 Securities Sold 1,056,491,072.96 Corp. Bond Int. 106.943.92 595,471.88 Dividends/Interest 1,696,447.33 Credit Balance Int. 389.51 3.223.71 Miscellaneous 936,131.00 Reverse Repurchase Int. 88,412.07 1.082.145.71 Amount Credited $1,059,123,651.29 Total $1 784 859.40 $8 540 730.79 Securities Bought -1,056,980,245.53 Bond Purchase Int. -514.432.42 -4.940,434.41 Repurchase Int. Exp. -240.018.09 -882,877.32 Funds Withdrawn -71.505.00 Dividends/Interest Charged -514.432.42 Miscellaneous -1,616.254.91 Portfolio Composition Amount Debited $.1.059,182A37.86 CashiCash Equivalent 122,206 Net Cash Activity -58.786.57 Your Portfolio Fixed Income 3.052,376 Allocation ClosingBalance $122,205.83 Total $3.174.582 Cash 8 Equivalent-- 3% Cash Balance Summary OFEts NO CLC61/10 Margin 180,992.40 122,205.83 Net Cash Balance $180.992.40 $122,205.83 — Feed Income 97% Untivoecl P0,00, 5 00°0* debt balance omit, Or, male wive, Tha elocalxn percents-0 ts Or.st.0 from V0 Mnal.te markei value palbn 027 0601.0S:09:CO 001 EFTA00196117 CLEARED THRouGH ITS valour omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 o Jtl STATEMENT PER100 April 30.2005 THROUGH May 31.2005 Your Portfolio Holdings Accamy NUMBER CASH & CASH EQUIVALENTS TAXPAYER M.aCR On File LAST sTATEmENT Aprll 29.2005 IMAMS ESTIMATED CuRRENT DESCPAPTION SrAISCLOJSIP OurdaiTy PACE VALUE !Mu& MCCUE VELD mi CASH BALANCE 122.206 TOTAL CASH & CASH EQUIVALENTS $122.208 FIXED INCOME Government & Agency Obligations ACCT ACCRUED EstmArE0 CuRRISC DESCRIPTION SWMOLCUSP TYPE DUMMY PRICE MARKET VALLE INTEREST ANNUAL INCOME YEAR GOVERNMENT NATIONAL MTG ASSN MRGN 14.948.788 6.4165 959.183 18.772 614.395 64.0540 SERIES 2004-035 CLASS SP DATED DATE 05/21/04 BOOK ENTRY ONLY DUE 12/20/2029 4.110% FACTOR - .91792270 GOVERNMENT NATIONAL MTG ASSOC MRGN 14.940.760 7.2678 1.085.871 SERIES 2004-041 CLASS SE DATED DATE 06/23/04 BOOK ENTRY ONLY DUE 05/20/2030 FACTOR - .93016410 FEDERAL NATIONAL MTG ASSN MRGN 12.733.059 7.9111 1.007.321 8.298 497.863 49.4245 SERIES 2003.49 CLASS SW DATED DATE 04/30103 BOOK ENTRY ONLY DUE 01/2512033 3.910% FACTOR - .52384850 021 060i.05:09:03 001 ••878 EFTA00196118 CLEARED THROUGH ITS MOLLY OMP.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 ,) Jtl STATEMENT PERKO April 30.2005 THROUGH May 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER M/03ER OE File LAST STATEMENT *11 29.2005 Government & Agency Obligations (continued) MX' ACCRUED ESTEEMED OURFIGVT DESORPTION S!NEOLUISP TYPE °IMPIETY PRICE MARKET VALLE INTEREST ANNUAL INCOME YELD PO FEDERAL NATIONAL MTG ASSN MRGN 1 83,1641 SERIES 346 CLASS I DATED DATE I 1&1:03 BOOK ENTRY CNLT DUE 11/01,2033 FACTOR — 1.00000000 Total Government& Agency Obligations $3.052.376 $27.070 51.112.258 TOTAL FIXED INCOME $3.052.376 $27.070 51.112.258 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST 527.070 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $1.112.258 YOUR PRICED PORTFOLIOHOLDINGS 83.174.582 Repurchase and Reverse Repurchase Transactions with Bear,Stearns& Co.Inc. outstanding as of date of statement PLRO-MSE/ REPURCHASE PROMS PURCHASE PRICE) ACCRUED REPO QUANTITY START DATE DATE RATE PRI/OPAL MEREST• (FACE AMOUNT) CUSP DESCRIPTOR YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 04/25/05 OPEN 0,000 -26A00.000 SERIES 2004-5 CLASS P 3.8600 02)20133 YOU SOLD FANNIEMAE STRIP (REPO) 05/11/06 06110)05 3.290 -10.851400 -20,824 -30.000.000 SERIES 329 CLASS PO 12(01/32 YOU SOLD FANNIEMAE STRIP (REPO) 05/16/05 06/16105 3.290 -11.334.000 -16.572 -30.959.779 SERIES 329 CLASS PO 12(01/32 027 DE01.135:09:03 001 V878 EFTA00196119 CLEARED IHRCUGH ITS wHG.13 OUT*0 SUGROany OFFICE SERVICING YOUR ACCOUNT I,Sean SPCmit' Go' Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 STATEMENT PERO) *11 30.2005 THROUGH May 31.2005 ALUMNI NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER PANDER On File with Bear,Stearns& Co.Inc. outstanding asof date of statement (continued) LAST STATEMENT April 29.2005 PIACl/ASV REFIJRCHPSE PACING PURCHASE PRIM ACCRUED REPO GUANTITY START DATE DAZE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTCN YOU SOLD FANNIE MAE STRIPS (REPO) 05/16/05 0611905 3.290 -14.434.000 -21.105 -23.000.000 SERIES 352 CLASS PO 07/01/34 YOU SOLD FANNIE MAE STRIP (REPO) 05/16/05 0916/05 3.290 -3.844.000 -5.620 -20.000.000 SERIES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 0917/05 06/10/05 3.290 -1.008.000 -1.381 -25.000.000 SERIES 2003-52 CLASS 4.0100 07/2917 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 0917/05 06/10/05 3,290 -1.340.000 -1.836 -27.112.874 SERIES 2004-30 CLASS 4,1100 02/20/32 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 05/20/05 06/10/05 3.290 -996.000 -1.092 -25.000.000 SERIES 2003-13 CLASS 4.9100 03/2933 YOU SOLD FANNIEMAE STRIP (REPO) 05/25/05 06/10/05 3.290 -3.800.000 -2.430 -10.000.000 SERIES 346 CLASS PO 11/01/33 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 05/25/05 0611905 3.290 -3.951.000 -2.527 -20.000.000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU SOLD FREDOIEMAC STRIP (REPO) 05/25/05 06/10/05 3.290 -3.000.000 -1.919 -20.000.000 SERIES 228 CLASS 10 6.0000 02/01/36 YOU SOLD FEDERAL HOME LOAN MIG CORP (REPO) 06.25/05 OPEN 4010 -1 -9.724.538 SERIES 2886 CLASS SC 4,2100 07/15/19 YOU SOLD FEDERAL NATIONAL MTG ASSOC (REPO) 05/26/05 06/10/05 3.300 -525.000 -288 -12.500.000 SERIES 2003-13 CLASS 4.9100 03/2933 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 0926/05 OPEN 0,000 -12.500.000 SERIES 2003-13 CLASS 4,9100 03/25/33 027 MOOS:09:03 001 V878 EFTA00196120 CLEARED THROUGH ITS YAICU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 c. nn STATEMENT PERIOD April 30.2005 THROUGH May 31.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER MANNER On File with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT AprII 29.2005 PUREWSS, REPURCHASE PRICING PURCHASE RICO rOCAUED REPO GUMMY START DATE DATE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD USTR 4,1250 05/15/15 (REPO) 05/27105 OPEN 2.640 -38.095.000 -14.984 -38.000,000 YOU BOUGHT USTR 3,5000 05/31/07 (REVERSE) 05/31/05 OPEN 2.830 54.000.000 4.245 54.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS 354.000.000 34245 TOTAL REPURCHASE TRANSACTIONS 1-93.178.001 1-90.578 •As ce ,llµmnnl die Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTOR CESCRPTION SNA00. Cusp 0,ANDre PRICE DEBIT AMOUNT CREPT AMOUNT 05.02105 04/27105 BOUGHT GOVERNMENT NATIONAL MTG ASSOC 15.073.792 7,15625 1,078,718.27 SERIES 2004-041 CLASS SE ACCR, ENT, 21,153.55 OS. 57160000 BS 05102/05 04/28)05 SOLD UNITED STATES TREASURY NOTE -50,000.003 100.05469 50.027,343 .75 killiir3.625% AO 30 ACCR. INT. 9.850.64 . MATURITY OVER REF o 01181006 Al 0510645 PRINCIPAL FEDL HOME LOAN MTG CORN/Stet 10 -236.730 SERIES 228 CLASS 10 6400 DUE 02/01/35 PRINCIPAL REDUCTN 05-15-05 027 DS01.05:09:03 001 V878 EFTA00196121 CLEARED THROUGH ITS O‘M‘ED SUEISIDaTve OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 8 STATEMENT PERK* 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIMER ON File INVESTMENT ACTIVITY (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCFCETION SYMEIOLCUSV CVANillY PRICE DEBIT AMOUNT CREW MOM 05/00105 05/06+05 SOLD UNITED STATES TREASURY NOTE -20.000.000 97.92188 19,584,375.00 DUE 02/15/2015 04.000% FA 15 ACCR. INT, 183,425.41 SPECIAL INSTRUCTIONS YIELD 4.262 % TO MATURITY GVER REF V G1267694 A3 WWEI3 05109/05 05/06005 BOUGHT UNITED STATES TREASURY NOTE 30.000.000 99.82813 29,948,437.50 03,625% AO 30 ACCFL INT, 26,596.47 MATURITY GVER REF to G1261032 Al 05/11105 06:06.95 BOUGHT GOVERNMENT NATIONAL MTG ASSN 15.096.208 6.90625 1,042,581.89 SERIES 2004-035 CLASS SP ACCR. INT. 37,073.77 Ofilli s 04.210% 7720000 BS AS OF 05/06/05 05/12105 03/31105 BOUGHT FNMA-30YRTFNMAIGTO SETT.05/04 EMI 20.000.000 97.49219 19,498,437.50 011i 05.000% 57140000 BS 05/12105 04/12105 BOUGHT FNMA-30YRTFNMA)G10 SETT.05104 VIM 20.000.000 98.13281 19.626.562.50 1.111 5 05.000% 7300000 BS 05/12105 04/07105 CANCEL SELL FNMA-30YRIFNMAIGTO SETT.05/05 MIK 40.000.000 97.92188 39.16.8.750.00 1011005.000% 57220000 BS AS OF 0407105 TO CV. PREVIOUS SELL 027 0601.05:09:03 001 '.878 EFTA00196122 CLEARED THROUGH ITS YOICtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 o Jtl STATEMENT PERKO *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIAMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR OESCRIPTION STIADOLCUSP GUMMY PRICE DEBIT AMOUNT CREDIT AMOUNT 05/12105 03/31105 CANCEL BUY FNMA-30YR(FNMA)ITO -20,000,000 97.49219 19,498,437.50 SETT,05/05 1.005,000 ,, 57140000 BS AS OF 03/31105 TO CXL PREVIOUS BUY 05/12/05 04/12/05 CANCEL BUY FNMA-30YR(FNMA)G1D -20.000.000 98,13281 19.628.562 .50 SETT,05.05 101100105,000 , , 57300000 BS AS OF 04/12/05 TO CM. PREVIOUS BUY 05112105 04/07/05 SOLD FNMA-30W4FNMAATO -40.000.000 97.92188 39.168,750 .00 SETT,05;04 Mai 05,000% 57220000 BS 05/12/05 03/31105 BOUGHT FNMA 3crRrFNMA)GID 20.000.000 99.89063 19.978.125.00 SETT OE 05 05,500% 57150000 BS 05/12/05 04/12/05 BOUGHT FNMA-30YRTNMNGTO 20.000.000 100,37500 20.075.000.00 0. 0405.500% SETT,05,G5 57400000 BS 091245 04/07105 CANCEL SELL FNMA-30YR(FNMA)010 40.000.000 100,25781 40.103.125.00 SETT 05105 05,500'. 57210000 BS AS OF 04!07.05 TO CH. PREVIOUS SELL 027 06014S:09:C0 001 EFTA00196123 CLEARED THROUGH ITS MOST OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 r!33 STATEMENT PERKO *1130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLPOER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESORPTION STIAEOLCUSP CVANTITY PRICE DEBIT AMOUNT MCC AMOUNT 05112105 03/31105 CANCEL BUY FNMA-30YR(FNMAJOTD -20.000.000 99.89063 19.978,125 ,00 SETT.05/05 NW 05.5004 5715001)0 BS AS OF 03/31105 TO CXL PREVIOUS BUY 05/12105 04/12/05 CANCEL BUY FNMA-SOYFOFNMA)G1D -20.000.000 100.37500 20.075.000 00 SETT.05/05 10010105.500I, 57400000 BS AS OF 04/12/05 TO C/3. PREVIOUS BUY 05112:05 04i07105 SOLD FNMA-30YRIFNMAJOID -40.000.000 100.25781 40.103.125.00 ETT.05105 57210000 BS 05/12/05 06,06105 SOLD FEDL ROME LOAN MIG MAP/410110 -18.365.752 20.43750 3.753.500.73 SERIES 228 CLASS 10 ACOR, INT, 33.670,55 06,000% 7430000 BS ACCRUES ON 1ST. PAYS ON 25TH 05/13/05 06/12/05 SOLD UNITED STATES TREASURY NOTE -10.000.000 99.95313 9.995.312.50 AO 30 ACCR. INT. 12,805.71 MATURITY GVER REF V G1325905 Al 05/13/05 06/12/15 SOLD UNITED STATES TREASURY NOTE -15.000.000 99.95313 14.992,968 ,75 03.625% AO 30 ACOR, INT. 19,208.56 0 MATURITY GVER REF # 01325601 Al 027 0601.135:09:011 001 '.1178 EFTA00196124 CLEARED THROUGH ITS MOLLY ODS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 - STATEMENT PERGO *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUIGER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT *II 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OE SCRVTION SYMBOLCUMP OJAMIW ANN OMIT AMOUNT CREPT AMOUNT 05113105 05(12105 SOLD UNITED STATES TREASURY NNE -20.000.000 99.94531 19.989.062 .50 lailk03.625% AO 30 ACCR. INT. 25.611.41 MATURITY GVER REF tt G1325547 Al 05/13/05 JOURNAL FEDL HOME LOAN MTG CORP/S10110 SERIES 228 CLASS 10 NMI -2 6.000 DIVE 02101735 ADJ POS 05/16105 05/13105 SOLD UNITED STATES TREASURY NOTE 40.000.000 98.57031 39.428.125.00 04.000% FA ACCR, IN% 397.790.06 MATURITY GVER REF # G1333411 Al 05/16105 05/13105 BOUGHT UNITED STATES TREASURY NOTE 04.125% MN IS INS 40,000.000 99.73047 39.892.187.50 ACCR, 4,483.70 MATURITY GVER REF # G1333415 Al 05/16105 JOURNAL FEDL HOME LOAN MTG CORHAST 0170 SERIES 228 CLASS 10 MIN .1 6.000 DIVE 02101/35 ADJ POSITION 05/17/05 05712105 BOUGHT FANNIE MAE CMO/SERIES 2003-52 17,728.728 8.03125 1,423,838.51 KS-VO RTR ACCR, INT. 44,203.63 .11.1 5 04.080% 7260000 BS 05117705 05/12/05 BOUGHT GOVERNMENT NATIONAL MTG ASSN 24,954.730 7,28125 1,817,016.29 SERIES 2004-30 CLASS SU ACCR, 78,794.56 04,210% 57300000 BS AS OF 0512.05 027 06016S:09:CO 001 118 78 EFTA00196125 CLEARED THROuGH ITS ?RIMY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I. SIean $PCmitkf EAR Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 12 STATEMENT PEREIO *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER Ofl File INVESTMENT ACTIVITY (continued) LAST STATEMENT April 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION STMEIOLCUSP GUMMY Plea DEBIT AMOUNT CHEM AMOUNT 05/18/05 05713105 BOUGHT FREDDIE MAC CMOSERIES 2886 8.743.867 8,50000 743,228.73 SC-I/0 RTR ACCR. 3,067.64 7130000 BS 05/18/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 1 SERIES 228 CLASS 10 6,000 DUE 02101/35 05/20/05 05(19105 SOLD UNITED STATES TREASURY NOTE -13,000,000 100.05469 13.007,109 ,38 03,625% AO 30 ACCR. INT, 25.611,41 MATURITY GVER REF # G1393740 Al 05120105 05/19105 SOLD UNITED STATES TREASURY NOTE -10,000,000 100.29688 10.029.687.50 04.125% MN IS ACCR. INT. 5.604,62 MATURITY GVER REF # G1393587 Al 05120105 PRINCIPAL GOVERNMENT NATIONAL MTO ASSN -147,420 SERIES 2004-035 CLASS SP 4210 DUE 12/20/29 PRINCIPAL REDUCTN 05-20-05 05:2045 PRINCIPAL GOVERNMENT RATIONAL MTO ASSOC -133,032 SERIES 2004-041 CLASS SE DUE 05,20/30 PRINCIPAL REDUCTN 05-20-05 05:23+05 05:26.05 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.97656 49.988.281.25 03625% AO 30 ACCR, INT, 113.281,25 MATURITY GVER REF # G1404847 AS AS OF 05/20105 05.2345 05(2045 SOLD UNITED STATES TREASURY NOTE -20.000.000 99.96094 19.992.187 .50 03.625% AO 30 ACCR, INT, 45.312,50 0 MATURITY GVER REF tt G1403009 Al 027 DE,DI.05:09:03 001 '.878 EFTA00196126 CLEARED THROUGH ITS WHEEL? EMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 13 STATEMENT PERK* *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIN3ER On INVESTMENT ACTIVITY (continued) LAST STATEMENT 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION SYMBOLED-SIP PACE DEBIT AMOUNT CREW AMOUNT 05/24105 05/23/05 SOW UNITED STATES TREASURY NNE -13.000.000 100.03125 13,004,062,50 I~3.625% AO 30 ACCR, INT. 30.733.70 MATURITY OVER REF # G1434596 Al 05/24105 05/23105 SOW UNITED STATES TREASURY NOTE 04.125% MN 15 MIK -10.000.000 100.58203 10.058203 .13 ACCR, INT. 10,088.31 MATURITY GVER REF # G1434606 Al 05:25105 05/24105 BOUGHT UNITED STATES TREASURY NOTE 3.000.000 100.89063 3.026.718.75 04.125% MN IS ACCR. INT. 3,362.77 0 MATURITY OVER REF # 01443571 Al 05125105 PRINCIPAL FEDERAL NATIONAL MTG ASSN 296.514.00 SERIES 329 CLASS PO DUE 01/01/33 STRIP PAIN RID 04.05 Pit 05-25-05 REPO P S I 0.0000 05125105 PRINCIPAL FEDERAL NATIONAL MTG ASSN 306.000.26 SERIES 329 CLASS PO DUE 01/01/33 STRIP PAIN FUD 04.05 PAD 05-25-05 REPO P S I 0.0000 05125105 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW MIN -250.651 3.980 DUE 01/25/33 PRINCIPAL REDUCTN 05-25-05 05125105 PRINCIPAL FEDERAL NATIONAL MTG ASSN 13.79764 SERIES 346 CLASS 1 CUE 11/01/33 PAIN R/D 04.05 Pit 05-25-05 REPO P S I 0.0000 027 060105:09:CO 001 '.878 EFTA00196127 CLEARED THROUGH ITS viNOttY 0%1T,*0 SUBSIOIAlly OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 - STATEMENT PERIOD &X1130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLIMER ON File INVESTMENT ACTIVITY (continued) LAST STATEMENT Apdl 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STMEIOLCUSV °WIT( PRICE DEBIT AMOUNT CREW PAC146 05/2905 PRINCIPAL FEDERAL NATIONAL MTG ASSN 137,824,76 SERIES 346 CLASS 1 DUE 11/01/33 PRIN FUD 04-05 PAD 05-25-05 REPO P d I 0,0000 05/25105 PRINCIPAL FEDERAL NATIONAL MTG ASSN 346.726,61 SERIES 352 CLASS 1 0.001 DUE 07/01/34 PAIN RID 04.05 Ki 05-25-05 REPO P S I 0,0000 05.27105 0926/05 BOUGHT UNITED STATES TREASURY TOTE AO 30 Miff 11.000.000 ACCR, INT, 99.99609 10.999.570.31 29.256,12 MATURITY GVER REF # G1464298 Ell 05/27105 05/26105 BOUGHT UNITED STATES TREASURY 143TE 50.000.000 99.99609 49.998.046 ,88 01001013,625% AO 30 ACC/, 611, 132.982,33 MATURITY GVER REF # G1464298 Al OS.27105 05/26105 BOUGHT UNITED STATES TREASURY NNE 15.000.000 100,37109 1E055.664,06 04,125% MN 15 ACM, 617, 20.176,63 MATURITY GVER REF # G1464643 Al 05.27105 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 346 CLASS 1 DUE 11/01/33 ADJUST POSITION 05/27.05 JOURNAL FEDERAL NATIONAL MTG ASSN 1 SERIES 346 CLASS 1 DUE 11/01133 05.27105 JOURNAL FEDL HOME LOAN MTG CORPHSIOTO9 1 SERIES 227 CLASS 10 5.000 DUE 12/01/34 ADJUST POSITION 027 DS,OT.05:09:03 001 EFTA00196128 CLEARED THROuGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 0 STATEMENT PERKO *1130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER PURSER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION STMOOLCUSP OUPARRY PRICE DEIST AMOUNT CROW AMOUNT 05/27105 JOURNAL FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 6.000 DUE 02/01/35 ADJUST POSITION 05/31105 05/26/05 BOUGHT UNITED STATES TREASURY N3TE 36.000.000 99.74219 35.907.187.50 03.500% MN 31 MATURITY GYER REF V G1464831 Al 05/31105 05/26/05 SOLD UNITED STATES TREASURY NOTE -15.000.000 99.74219 14.961.328 .13 03.500% MN 31 MATURITY GYER REF V G1464297 BI 05/31105 05/27105 SOLD UNITED STATES TREASURY N3TE -25.000.000 99.71875 24.929,687 .50 DUE 05/31/2007 03.500% MN 31 SPECIAL INSTRUCTIONS YIELD 3.647 % TO MATURITY OVER REF # G1472531 A3 WWEB AS OF 05727105 05/31105 05/26/05 SOLD UNITED STATES TREASURY NNE 03.500% MN 31 EMI -50.000.000 99.74219 49.871.093 .75 MATURITY OVER REF # G1464297 Al TOTAL $-399.8$5.909.86 1473.974.623.67 027 0601.05:09:03 001 Vi978 EFTA00196129 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 ci STATEMENT PERK* April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER ON File DEPOSITS AND WITHDRAWALS LAST STATEMENT April 29.2005 EWE TRANSACT Cr. DESCRIrICH DEBIT Amotivr CREDIT AMOUNT 0525:05 FNO WIRED MOAN G./168194 FNDS WIRED TO 71.505.00 IMO/ BANK C#264533 TOTAL S.71,606.00 INTEREST DATE DESCRIPTION SYMBOL CUSIP OUANTITT RATE DEBIT AMOUNT CREDIT AMOUNT 05.02105 AVG BAL 244.990 F1T 1.908 389.51 021 OFFICE INTEREST 0405 05/16105 FEDL HOME LOAN MTG CORP#S10109 5.0000 6.066,95 SERES 227 CLASS 10 DUE 12/0112034 5.000 INT RID 04-05 PA:1 OS-15-05 REPO P &I 5.0000 05/16105 FEDL HOME LOAN MTG OCAP#S10109 5.0303 10.111 .58 SERES 227 CLASS 10 DUE 12/01/2034 5.000 INT RID 04-05 ND 0S-15-05 REPO P &I 5.0000 05/16105 FEDL HOME LOAN MTG CORP#S10109 5.0000 10,1 11.58 SERIES 227 CLASS 10 DUE 12/0112034 5.000 INT RID 04-05 ND 05-15-05 REPO P &I 5.0000 05/16/05 FEDL HOME LOAN MTG CORP#S10109 Miff 5.0000 20.223.15 SERIES 227 CLASS 10 DUE 12/01/2034 5.000 INT RID 04-05 PM 05-15-05 REPO P 8, I 5.0000 027 06005:09:02 001 vale EFTA00196130 CLEARED TEIROuGH ITS wHCLLY OGYRO SURROMIly OFFICE SERVICING YOUR ACCOUNT r. SIean $PCmitkf EAR Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 STATEMENT PERO) *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MANNER On Ale INTEREST (continued) LAST STATEMENT April 29.2005 DATE DESCRIPTION SYMEICIJCV5IP OVANTRY RATE IP4 CENT AMOUNT CREPT AMOUNT 05/16/05 FEDL HOME LOAN MTG CCAPMS10109 5.0000 34.379.36 SERIES 227 CLASS 10 DUE 12/01/2034 5.000 INT RID 04.05 PA) CS-15-05 REPO P &I 5.0000 05/16105 FEDL HOME LOAN MTG CORN/610110 SERIES 228 CLASS 10 ISM 6.0000 14.129.41 DUE 02/01/2035 6.000 INT RID 04.05 PAD 05-15-05 REPO P &I 6.0000 091645 FEDL HOME LOAN MTG 00AP#S10110 SERES 228 CLASS 10 OMNI 6.0000 32 968.62 DUE 02/01/2035 6.000 INT RID 04.05 PAD 05-15-05 REPO P &I 6.0000 05/16105 FEDL HOME LOAN MTG CORP#510110 SERES 228 CLASS 10 NMI 6.0000 47.098.03 DUE 02/01/2035 6.000 INTEREST PAYMENT 05-15.05 05/16105 FEDL HOME LOAN MTG CORN/610110 6.0000 94.196.06 SERES 228 CLASS 10 DUE 02/01/2035 6.000 INT RID 04.05 PAD 05-15-05 REPO P &I 6.0000 05/20/05 GOVERNMENT NATIONAL MTG ASSN 3.9600 58.080.00 SERES 2004-5 CLASS PS DUE 02/2012033 3.960 INT RID 04.05 PA) 05-20-05 REPO P &I 3,9600 05/20/05 GOVERNMENT NATIONAL MTG ASSN 3.9600 87.120.00 SERES 2004-5 CLASS PS DUE 02/20/2033 3.960 INT RID 04-05 PA) 05-20-05 REPO P &I 3,9600 027 060105:09:03 001 11878 EFTA00196131 CLEARED THROUGH ITS MELLY EIDS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 STATEMENT PERIOD 30.200S THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File INTEREST (continued) LAST STATEMENT April 29.2005 DATE DESCRIPTION SYMECLGUSIP PANNUN RATE 141 reed AMOUNT MEDI AMOUNT 05120/05 GOVERNMENT NATIONAL MTO ASSN 4.2100 87.549,51 SERIES 200440 CLASS SU DUE 02/20/2032 4,210 INT RID 04.05 PM 05-20-05 REPO P 8I 4,2100 05120/05 GOVERNMENT NATIONAL MTO ASSN SERES 2004-035 CLASS SP ISM 4,2100 52.962,53 DUE 12/20/2029 4,210 INTEREST PAYMENT 05-20.05 05120/05 GOVERNMENT NATIONAL MTO ASSOC 52.883.89 SERES 2004-041 CLASS SE DUE 05/202030 0,000 INTEREST PAYMENT 05-20.05 05/25/05 FANNIE MAE CMO/SERIES 2003.13 4.9800 53e71,96 S RCA-I/O RTR DUE 03/25/2033 4,980 INT RID 04.05 PA 0S-25-05 REPO P 8I 4,9800 05.25/05 FANNIE MAE CMO/SERIES 2003.13 4,9800 53 471,96 S RCA-I/0 RTR DUE 03/25/2033 4,980 INT RID 04.05 ND 05-2545 REPO P 8I 4,9800 05.25(05 FEDERAL NATIONAL MTO ASSN 3.9800 43.062.64 SERES 2003-49 CLASS SW DUE 01/25/2033 3,980 INTEREST PAYMENT 05-25 OS 0525/05 FANNIE WE CMO/SERIES 2003.52 4.0800 60277,68 KS-V0 RTR DUE 07/25/2017 4,080 INT RID 04.05 ND 05-25-05 REPO P 8I 4,0800 027 0601.05:09:03 001 11878 EFTA00196132 CLEARED THROUGH ITS MIPS? CTMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 c? STATEMENT PERM April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FM INTEREST (continued) LAST STATEMENT *11 29.2005 DATE MORMON SY/ABOLCUS,P QUANTITY RATE Ice! DEBIT AMOUNT OREM AMOUNT 05125/05 FEDERAL NATIONAL MTO ASSN 5:0000 78.180.13 SERES 353 CLASS 2 DUE 07101/2034 5000 TNT R/D 04-05 PA9 05-25-05 REPO P & I 5.0000 TOTAL 5896.734.56 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICN SVMBCLCUSIP 0.:NYHTY DEBIT AMOUNT CREDIT MIOUNT 05.02,105 RECEIVED UNITED STATES TREASURY NOTE 50,000.000 50.125.000.00 DUE 00+3012007 3.625 3,625 7 FITM Al RESALE 05:03105 JOURNAL FEDL HOME LOAN PAM CORPitS10109 1.456.066 SERIES 227 CLASS 0 50 HIM00RiplirA2 TERM MENT 05.03105 JOURNAL FEDL NOME LOAN 1,116 CORP4S10.109 SERIES 227 CLASS 0 IIIIININ .1.456.066 312.000.00 5,000 1.f4 FITM Al REPO A OS03105 JOURNAL FEDL ACME LOAN MTG COSH/5101n) 6.593,724 SERIES 228 CLASS 0 6 000)035 HIM A2 TERM AAENT 05103/05 JOURNAL FEDL HOME LOAN MTO CORP8S10110 SERIES 228 CLASS 10 NMI -2.354.901 6,000 DUE 02/01/35 ATM FI233173 41 REPO AGREEMENT 027 0601.05:09:03 001 '.1178 EFTA00196133 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 c1>x STATEMENT PERIOD *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 SEMEMENT TRADE DATE DATE TRANSACTION DESCRITMON SYME/CLCUSIP OvANTIN DEBIT AMOUNT CREDIT AMOUNT 05/03105 JOURNAL FEDL HOME LOAN MTG CORPFTS10110 -4.238.822 747,000.00 SERIES 228 CLASS 10 6ITM F MI300.0r A 51 REPO 05104105 JOURNAL FEDERAL NATIONAL KIM ASSN 660.862 473,000.00 SERIES 346 CLASS 1 DUE I JON FITM AZ TERM MENT 05104/05 JOURNAL FEDERAL NATIONAL MTG ASSN -660,862 479,000.00 SERIES 346 CLASS 1 DUE 11 FITM REPO A lisp Al 0504x05 INTEREST FEDERAL NATIONAL MM ASSN SERIES 346 CLASS 1 EMI 1.214,03 DUE 1 Jill 0,000 FITM AZ REPO I 05109(05 JOURNAL FEDL NOME LOAN MTE1 CCAPFTS10110 2.295.719 SERIES 228 CLASS 10 6,000 DUE 02/01/35 FITM FI233173 A2 TERM REPO AGREEMENT 05109(05 JOURNAL FEDL NOME LOAN MTEI CORPFTSTOT 10 SERIES 228 CLASS D NNW -2.295.719 423,000.00 .000 WWI 6ITM F REPO A 05109(05 JOURNAL j UNITED STATES TREASURY NOTE FITM Al SIM -40.000.000 39.400.000.00 4,000 15 REPO AGREEMENT 05109(05 JOURNAL UNITED TALES TREASURY NOTE 60.000.000 59.400.000.00 RIM A2 4,000 15 TERM REPO AGREEMENT 027 0601.05:09:03 001 Yale EFTA00196134 CLEARED THRouGH ITS imiCtLY OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 0 STATEMENT PER•00 April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT A/3r11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRCH SYMEICASCUSIP OUN0ITY DEBIT AMOUNT CREDIT AMOUNT 05109105 RECEIVED UNITS) STATES TREASURY NOTE 20.000.000 20.000.000 .00 DUE 04+30/2007 3.625 3.625 Dia11(7 FITM Al RESALE T 05109+05 DEUVERED UNITED STATES TREASURY NOTE -50,000.000 50.125.000.00 DUE 04+30'2007 3.625 3.625.01t7 Em FILM A2 TERM ENT 05109+05 INTEREST UNITED STATES TREASURY NOTE 41,365,50 DUE 4.000 FITM A2 REPO I 05109+05 INTEREST LRCM STATES TREASURY NOTE DUE 04+Weigi 1.625 MEE 26,594,10 05/11105 JOURNAL FEDERAL NATIONAL MTO ASSN 15.062.892 10.583.000 .00 SERIES 329 CUSS PO DUE 01101/33 STRIP FITM TERM Rpm" A2 MENT 05/11+05 JOURNAL FEDERAL NATIONAL MFG ASSN .15,062.892 10.851.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP FITM INF REPO A DI 05.111:05 JOURNAL FEDERAL NATIONAL MTG ASSN ISM 6.463,537 4,553.000 .00 II SERIES 346 CUSS 1 DUE FITM Q TERM MENT 027 0601.05:09:03 001 v878 EFTA00196135 CLEARED THROUGH ITS WHOLLY 01MAED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 STATEMENT PERIOD WI 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAISER On Fee REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCREMON SYMEICIJCUSIP OTTANDre DEBIT AMOUNT CREDIT AMOUNT 05/11/05 JOURNAL FEDERAL NATIONAL MD ASSN -6.463.537 4.666.000 .00 SERIES 346 CLASS 1 DUE 11 FILM IMF' C1 REPO A 05111105 JOURNAL FEDL ICIlE LOAN MTG COAPPSIOt 09 1 445 460 312.000.00 SERIES 227 CLASS 0 FAI SIT MMR..A2 TERM DENT 05/11:05 JOURNAL FEDL ICA WAN MI5 CORPeS °tee 2.409,100 536.000.00 SERIES 227 CLASS 10 FA4 SIT 4300 411 . 111134A2 TERM Fon igiligMENT 05/11/05 JOURNAL FEDL NOME LOAN MIG OCAPeS10709 SERIES 227 CLASS 10 NMI 4.818,200 1,143,000.00 5,000 FEM A2 TERM ENT 05/11/05 JOURNAL FEDL Wee LOAN MTG CORPOS 10109 -8.672.760 1.887.000.00 SERIES 227 CLASS 10 5.000 11.34 FITM B1 REPO A 06 1 05 JOURNAL FEDL NOME LOAN MI6 °CAPPS t Ot 10 -1.836.575 333,000.00 *WI SERIES 228 CLASS 10 6.000 FITM REPO A 05 11 05 JOURNAL FEDL !CM LOAN MI6 CORPoS10t10 -2.295.719 415,000.00 SERIES 228 CLASS 10 6.000 ..35 FITM Al REPO A 027 0601.05:09:03 001 •.1178 EFTA00196136 CLEARED THROUGH ITS MIDST OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 c! aA STATEMENT PERIOD WI 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER ROASTER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 SEMEMENT TRADE DATE DATE TRANSACTION DESCRPRON SYMEOMICUSIP OVAMIN OMIT AMOUNT CREDIT AMOUNT 05/11105 JOURNAL FEDL 1.1011E LOAN MTG CORPNS10110 2.295.719 423,000.00 SERIES 228 CLASS 10 6.000 FITM R.1.2 TERM MENT 05/11/05 INTEREST FEDERAL NATIONAL MM ASSN 27,603.99 SERIES 329 CLASS PO STRIP DUE 01.0 0.000 FITM AZ REPO I MVOS INTEREST FEDERAL NATIONAL MTO ASSN 11,875,74 SERIES 346 CLASS 1 DUE I 1 0.000 ATM AZ REPO I 0511.05 INTEREST FEDL HOME LOAN MTG COAPTIS10109 228,11 SERIES 227 CLASS 0 DUE Isis 6,000 FITM AZ REPO I OS 11r05 INTEREST FEDL HOME LOAN MTG COAPOS10839 SERIES 227 CLASS NMI I .222.08 DUE 17.10 5,000 FITM REPO I 0611105 INTEREST FEDL HOME LOAN MTG CORPOS 10109 2.981,32 SERIES 227 CLASS 10 DUE I 6,000 FITM AZ REPO I 0511/05 INTEREST FEDL ItME LOAN MTG CCePttS10ii0 77,31 SERIES 228 CLASS I0 DUE 0 6.000 FRM AZ REPO I 027 0601EIS:09:02 001 Y878 EFTA00196137 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 0 STATEMENT PERK* W130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Apill 29.2005 SETUMENT TRADE DATE DATE TRANSACRON DESCRPRON SYME/CLCUSIP PAUCITY DEBIT AMOUNT CREDIT AMOUNT 05/12105 JOURNAL FEDL HOME LOAN MTG CORP8S10110 18,365,752 3.665.000,00 SERIES 228 CLASS 10 6,000 FITM RII.32 TERM MENT 05/12105 INTEREST FEDL HOME LOAN MIG CalPeS10110 SERIES 228 CLASS 10 INN 8.741,03 DUE 0 1. 6,000 FILM 82 REPO I 05113+05 JOURNAL FEDL HOME LOAN 1.11G 0C41PaS10110 -918.287 162,000,00 SERIES 228 CLASS 10 6,000 11.5 FITM Al REPO A 05113 05 DELIVERED UNITED STATES TREASURY NOTE DUE 04+30/2007 3,625 INK -20.000.000 20.000.000,00 3,625.tir m FITM A2 TERM ENT MI 3 05 RECEIVED UNITED STATES TREASURY NOTE DUE 04+3012007 3,625 INK 65,000.000 65.182.500,00 3,625 INC FITM Al RESALE 0511345 JOURNAL FEDL NOME LOAN MTG COAP4S10109 SERIES 227 CLASS 10 INN -2.409.100 516.000,00 FSITM .000 AI REPO A 05/13+05 JOURNAL FEDL !CAE LOAN WC CORN'S i0109 SERIES 227 CLASS 10 NMI 2.409,100 556,000,00 5,000R. FITM TERM MENT 027 0601.05:09:03 001 V878 EFTA00196138 CLEARED THROUGH ITS YOICALY 01MAED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 0 )) STATEMENT PERK* W130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER musette On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCROniON SYMECLoCUSIP OUANTITT DEBIT AMOUNT CREDO AMOUNT 05113105 INTEREST UNITED STATES TREASURY NOTE 5.394.44 DUE 04+39L.2.00L7_ _3.625 05113/05 INTEREST FEDL NOME LOAN MTG CCAP#S10109 SERIES 227 LASS 13 Miff 1.459,50 DUE 12.0 5.000 ATM AZ REPO I 05116105 JOURNAL FEDERAL NATIONAL MTO ASSN SERIES 329 CLASS PO SIM 15,544.793 11.174.000.00 DUE 01101/33 STFUP FILM a_CZ F ILM EE 6,05 JOURNAL FEDERAL NATIONAL MTG ASSN .15,544.793 11.334.000.00 SERIES 329 CLASS PO DUE 01+01/33 STRP ATM imp REPO A El 0596:05 JOURNAL FEDERAL NATIONAL MTG ASSN -19.964.443 14.434.000.00 SERIES 352 CLASS 1 0.001 RIM 11.81 REPO A 05/I6 05 JOURNAL FEDERAL NATIONAL KIM ASSN 19.964.443 14.660.000,00 SERIES 352 CLASS 1 0.001RWI FITM AZ TERM ENT 05 16:05 JOURNAL FEDERAL NATIONAL MTG ASSN .18,577.270 3.844.000.00 SERIES 353 CLASS 2 5.000 IOW FILM CI REPO A 027 060iieS09:03 001 ••1178 EFTA00196139 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 26 I )) STATEMENT PERK* April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 SCM.EmENT TMDE DATE DATE TRANSACTION DESCRPRON SYME/CLCUSIP °WRY DEBIT AMOUNT CREDIT AMOUNT 05/16105 JOURNAL FEDERAL NATIONAL MD ASSN 18,577.270 4,211.000 )00 SERIES 353 CLASS 2 5,000 MA 31.2 TERM MENT 05/16105 JOURNAL FEDL HOME LOAN MTG CORPeS10109 SERIES 227 CLASS 0 INN -8.190.940 1,729.000 .00 5.000 RIM W31 REPO A 05.16.95 JOURNAL FEDL XOTdE WAN 1410 CORPeS10109 SERIES 227 CLASS 10 INN 8.190,940 1.837.000,00 F14 511 4300 Oalleasi3542 TERM Fon ieligAAENT 0S96t05 JOURNAL FEDL ROME LOAN WC CCAPaStOt 10 SERIES 228 CLASS 10 NMI 2.754,862 528.000.00 6.000 FITM TERM ENT 05.16 05 JOURNAL FEDL ROME LOAN MTG CORPoS ioi m 4.132.294 747.000,00 SERIES 228 CLASS 10 6,0001.5 AZ FITM TERM MENT 091645 JOURNAL FEDI. ROME LOAN MI6 °CAPPS tOt 10 4887.157 1,190.000,00 SERIES 228 CLASS 10 .000 *Mr F6ITA4 REPO A 05/16105 JOURNAL Hip UNITED STATES TREASURY NOTE FITM A2 MIN 40.000.000 39.400.000,00 4.000 15 TERM REPO AGREEMENT 05/16/05 JOURNAL LIMED TALES TREASURY NOTE .40.000.000 39.900.000,00 FITM Al 4.125 15 REPO AGREEMENT 027 06014S:09:M 001 7878 EFTA00196140 CLEARED THROUGH ITS MIDST OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns 8 Co. Inc. STEARNS FINANCIAL TRUST CO INC 27 o STATEMENT PERIOD *II 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACDON DESCRITMON SYME/MICUSIP OWNTITY DEBIT AMOUNT CREDIT AMOUNT 05116/05 INTEREST FEDERAL NATIONAL MTO ASSN 30,598.14 SERIES 329 CLASS PO STRIP DUE 01.01 0.000 ATM CZ REPO I 05/16,65 INTEREST FEDERAL NATIONAL MTG ASSN 33,880,89 SERIES 352 CLASS 1 DUE 07301 0.001 ATM AZ REPO I OS/16.95 INTEREST FEDERAL NATIONAL MTO ASSN SERIES 353 CLASS 2 1111111 11,531,12 DUE 073.0. 5.000 ATM AZ REPO I 0916.05 INTEREST FEDL HOME LOAN MTG OCAPPS10709 3.955.67 SERIES 227 CLASS 10 DUE 171.0. 6.000 FITM BZ REPO I 05116.05 INTEREST FEDL HOME LOAN MTG GailutStOt 10 SERIES 228 CLASS 0 NMI 887.48 DUE Oil. 6.000 FITM AZ REPO I 05116,05 INTEREST FEDL HOME LOAN MTG COBH/SIDIIC .136.96 SERIES 228 CLASS Co DUE 0 ' 6.000 FITM AZ REPO I 051605 INTEREST uraTE0 STATES TREASURY NOTE 18,758,78 DUE 02/1 4.000 ATM A2 REPO I 1 027 0601.05:09:03 001 •e878 EFTA00196141 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 28 c! STATEMENT PERK* *1130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT ApTII 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SAileCrAusar CA//MM DEBIT AMOUNT CREDIT AMOUNT 05/17105 JOURNAL FANNIE MME GAO/SERIES 2003.52 -17,728,728 1.008.000 ,00 KS-I/0 FUR FITM Al REPO 05/17105 JOURNAL GOVERNMENT NATIONAL MTO ASSN -24.954.730 1.340.000,00 SERIES 2004.30 CLASS SU 4,210 110.2 FITM 81 REPO A 05/17105 JOURNAL FEDL /ME WAN lin CORPOS10110 -6.428.013 1.113.000,00 SERIES 228 CLASS 10 6,000 lair5 FITM AI REPO A 0518x05 JOURNAL FREOOIE MAC CMO,SERIES 2886 -8.743.867 594.000,00 SC-I/0 FLTR 4,210 II.19 FITM Al REPO A 05120105 JOURNAL FANNIE MME CATO/SERIES 2003.13 25.769.620 S RCR-1/0 FLTR 4,980 FITM JOINE2 TERM ENT 0520105 JOURNAL FANNIE MAE CA401SERIES 2003.13 .12,884.810 S RCR-1/0 FLTR 4,980 FRM AI REPO A 05.20105 JOURNAL FANNIE MAE CarteSERIES 2003.13 .12,884.810 996,000,00 S RCR-1/0 FLTR 4,980 Si FITM r Al REPO A 027 0601.05:09:03 001 EFTA00196142 CLEARED THROUGH 11S YAICU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns 8 Co. Inc. STEARNS FINANCIAL TRUST CO INC 29 c?)) STATEMENT PERIOD April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT April 29.2005 SEMEMENT MADE DATE DATE TV0S3ACSON DESCRPSON SYMEICIAUSIP MAMMY DEBIT AMOUNT CREDIT AMOUNT 05/20105 DELIVERED UNITED STATES TREASURY NOTE -65.000.000 65.162.500.00 DUE 04/30/2007 3.625 3.625R)aitic Em FILM A2 TERM ENT 09/20105 RECEIVED UNITED STATES TREASURY NOTE 78.000.000 78.292.500.00 DUE 04/302007 3.625 3.625 011i r FILM Al RESALE T 05/20/05 JOURNAL UNITED STATES TREASURY NOTE -30.000.000 29.925.003.00 FILMApp. Al 4.125 15 REPO AGREEMENT 0512005 JOURNAL MATEO TALES TREASURY NOTE 40.000.000 39.900.000 .00 FILM A2 4.125 15 TERM REPO AGREEMENT 09/20105 INTEREST MATEO STATES TREASURY NOTE 27,241,55 DUE 04/W. 1.625 05120/05 INTEREST UNITED STATES TREASURY NOTE 12,889,92 DUE 05/1116 A 12 5 FILM REPO Ihr 05/23/05 RECEIVED UNITED STATES TREASURY NOTE 48.000.000 48.180.000.00 DUE 04/30/2007 3.625 3.625 Cla17 FILM Al RESALE T 09/23/05 DELIVERED UNITED STATES TREASURY NOTE -78.000.000 78.292.500.00 DUE 04/30/2007 3.625 3.625a 7 FILM A2 TERM EEMENT 027 E601.05:09:03 001 '.878 EFTA00196143 CLEARED THROUGH ITS INIICtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 30 ci )) STATEMENT PERIOD *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NumeER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 nice TMOE DATE DATE TRANSACTION DESCRFTION ST1.10CliCtISIP OTHATTITY Oen;wow CREDIT AMOUNT 05/23/05 INTEREST malt° STATES TREASURY NOTE 17,681,06 DUE 04/30="II l7_ •-3.625 lb 0924/05 DELIVERED UNITED STATES TREASURY NOTE DUE 04/302007 3.625 MEM -48.000.000 48.180.000.00 3,625)117 RIM A2 TERM EMENT 05/24105 RECEIVED LINiTED STATES TREASURY NOTE DUE 04/30/2007 3,625 MIS 61.000.000 61.305.000 ,00 3,625 1S t RIM Al RESALE T 05124105 JOURNAL UtaTED TATES TREASURY NOTE FITM Al MIS -20.000.009 20.050.000.00 4,125 15 REPO AGREEMENT 06/24105 JOURNAL UNiTED ASURY NOTE 30.000.000 29.925.000.00 FITM A2 4.125 15 TERM REPO AGREEMENT 05/24/05 INTEREST mei STATES TREASURY NOTE 602.25 DUE OM ' 1,625 05/24/05 INTEREST UNITED STATES TREASURY NOTE 9.800,44 DUE OS/ 4,125 FITM A2 REPO I 0512905 JOURNAL FEDERAL NATIONAL MTG ASSN 647.064 479.000,00 SERIES 346 CLASS 1 DUE I 1 FITM A2 TERM MENT 027 Da0i.05:09:02 001 va7a EFTA00196144 CLEARED THRouGH ITS yniCu.Y OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 cI>x STATEMENT PERK* April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On Fee REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT April 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRFRON SYMeCt,CUSIF OVANTITY OMIT AMOUNT CREDIT AMOUNT 05/2905 JOURNAL FEDERAL NATIONAL MD ASSN -7.110,602 3.800.000 .00 SERIES 346 CLASS 1 DUE 11 AMil i FILM Al REPO 05125105 JOURNAL FEDERAL NATIONAL MTO ASSN SERIES 346 CLASS 1 VIM 6.463.537 4.666.000.00 DUE 11.I. FILM C2 TERM MENT 06/26/05 JOURNAL FEDL ICA WAN MI6 CORPeSt0i09 2.409,100 516.000.00 SERIES 227 CLASS 10 FILM S4300 411 . 1" 134 A2 TERM MENT 0512905 JOURNAL FEDL NOME LOAN MTG 0C4IPeS10709 SERIES 227 CLASS I0 Min 8.190,940 1.729.000,00 FILM S430031111 6 42 TERM AAENT 0512905 JOURNAL FEDL !ME LOAN MTG CORPOSI0109 8.672,760 1,887.000,00 SERIES 227 CLASS I0 FILM S.00030. 6 42 TERM MENT 092905 JOURNAL FEDL !ME WAN MI6 CORP#S10t09 -19,272.801 3.951.000,00 WC1 SERIES 227 CLASS 0 FSJ" ITM REPO A 092905 JOURNAL FREDOIE MAC CMOSER1ES 2886 .8.743.867 SC-L'0 FUR 4.210 19 FILM Al REPO A 027 060i,05:09:03 001 V878 EFTA00196145 CLEARED THROUGH ITS MIDST OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 32 ci STATEMENT PERIOD April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT April 29.2005 SETTLEMENT TRADE DATE DATE TRANSACRON DESCRSTON SYMEMCUSIP PARTIN DEBIT AMOUNT CREDIT AMOUNT 092905 JOURNAL FREDDIE MAC CMO,SERIES 2886 8.743.867 594,000,00 SC-1/0 RJR 4,210RIII19 FITM A2 TERM MENT 05.'25/05 JOURNAL FEDL FINE LOAN MIG CORPt/S10110 918,287 162.000,00 SERIES 228 CLASS 0 6F,000 A2 TERM MENT 05:25,05 JOURNAL FEDL TOME WAN TAM CORP#S10110 1.836.575 333.000,00 SERIES 228 CLASS 10 6,000 5 FITM A2 TERM MENT 0512905 JOURNAL FEDL HOME WAN MTG OCANIS10110 2.295.719 415.000,00 SERIES 228 CLASS 10 6,0003.035 FITM A2 TERM MENT 0512905 JOURNAL FEDL TOME LOAN MTG CORPoSioi 10 6.428,013 1,113.000,00 SERIES 228 CLASS 10 6,00011.35 FITM A2 TERM MENT 05125/05 JOURNAL FEDL TOME LOAN MI6 OCAPPS10110 6.887,157 1,190.000,00 SERIES 228 CLASS TO 6,000 FITM glidaliPsA2 TERM RelrEIMMENT 05125/05 JOURNAL FEDL /CM LOAN MIG CCAP8S10110 .18,365.752 3,000.000 ,00 SERIES 228 CLASS 10 6,000 11.35 FITM 81 REPO A 027 0601.05:09:03 001 Y878 EFTA00196146 CLEARED THROUGH ITS ?imply OMYRO SUBSIOARy OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 33 STATEMENT PERIOD *11 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT April 29.2005 SETTLErADR TMDE DATE DATE TRANSACTION DESORPTION STMECLCvSly MAMMY own /MUM CREDO' AMOUNT 0925/05 JOURNAL Amp UMTEO STATES TREASURY NOTE ATM 4,125 A2 15 20.000.000 20,050,000.00 TERM REPO AGREEMENT 05/25/05 JOURNAL UMTEO STATES TREASURY NOTE 23.000.000 23,143,750.00 Frrm Al 4.125 5 REPO AGREEMENT 05/25/05 INTEREST FEDERAL NATIONAL MTO ASSN 919.28 SERIES 346 CLASS DUE 11.0 0.000 FRM A2 REPO I 05/25/05 INTEREST FEDERAL NATIONAL MTO ASSN 5.969.89 SERIES 346 CLASS I DUE 11! 0.000 ATM C2 REPO I a 0925/05 INTEREST FEDL NOME LOAN LUG CCAPaS10109 565.88 SERIES 227 CLASS 13 DUE Ilia 5.000 ATM A2 REPO I 05.025/05 INTEREST FEDL HOME LOAN MTO CCAPRS10109 1.422.10 SERIES 227 CLASS 10 DUE flai l 5.000 ATM 62 REPO I 05.025/05 INTEREST FEDL HOME LOAN MTO CCAPRS10109 2,414.31 los SERIES 227 CLASS 10 DUE I ATM 5.000 52 REPO I 05/25105 INTEREST FREDDIE MAC CMO/SERIES 2886 380.00 SC-90 FUR DUE Oil. 4.210 ATM A2 REPO I 027 0601.05:09:C0 001 11878 EFTA00196147 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 34 STATEMENT PERK* W130.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WEISER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT ApT11 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STMEIWCUSIP QUANTITY OMIT AMOUNT CREDIT AMOUNT 05/25105 INTEREST FEDL NOME LOAN MTO CORPaS10110 177,66 07jaris SERIES 228 CLASS 10 DUE FITM 6,000 A2 REPO I 05125105 INTEREST FEDL NOME LOAN MTG CORPI.S10t 10 SERIES 228 CLASS 10 EMI 426,05 DUE lip 6,000 ATM A2 REPO I 06/2906 INTEREST FEDI. NOME LOAN MTG 00APdStOi 10 530,97 SERIES 228 CLASS 13 DUE 07.0 6,000 FITM A2 REPO I 0512905 INTEREST FEDL NOME LOAN MTG CORP#S1OI 10 813,73 SERIES 228 CLASS 10 DUE 0711. 6,000 FITM A2 REPO I 0512905 INTEREST FEDL NOME LOAN MTG CORPoS oi IC 978,78 SERIES 228 CLASS 10 DUE Oak. 6.000 FITM A2 REPO I 0512905 INTEREST UMTEO STATES TREASURY NOTE DUEOSJ 4,125 NMI 1.598,43 FITM A2 REPO I 092905 JOURNAL FANNIE MAE CmOSERiES 2003-13 12,636.068 S RCR-1,0 FOR 4,910A 3 RIM A2 TERM . MENT 027 0601.05:09:03 001 Y878 EFTA00196148 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BUR STBMZNS FINANCAAL TRUST CO INC 35 c. STATEMENT PERK* WI 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER Ai/' ER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT *11 29.2005 ROWAN' TRADE DATE DATE TRANSACTION DESCRITTON SYMBOL,OVSIP OV$NTIW DEBIT AMOUNT cnEor AMOUNT 05,26/05 JOURNAL FANNIE MAE CMG/SERIES 2003.13 -6.318.034 S RCRAŽO FLTR 4.910Aliiiiir FITM Al REPO 05/26105 JOURNAL FANNIE MAE CMOSERIES 2003.13 -6.318.034 525.000.00 S RCR-I10 FLTR 4.910 1133 FITM Al REPO A 05127/05 DELIVERED UNTED STATES TREASURY NOTE -61.000.000 61.305.000.00 DUE 04t302007 3.625 3.625. 117 FITM A2 TERM e EMENT 05/27105 JOURNAL LINiTED STATES TREASURY NOTE 23.000.000 23.143.750.00 FITM Hip A2 4.125 15 TERM REPO AGREEMENT 05127105 JOURNAL TINTED YATES TREASURY NOTE -38.000.000 38.095.000.00 FITM Al 0.125 .15 REPO AGREEMENT 05.27105 INTEREST MATEO STATES TREASURY NOTE 10,898.67 DUE 04/111 .625 0527'05 INTEREST UNIDO STATES TREASURY NOTE 3.613.00 DUE 05ini. A€.125 21 FITM REPO Ihr 027 0600S:09:CO 001 V878 EFTA00196149 CLEARED THROuGH ITS wisCtLY OW,E0 SUEISIOally OFFICE SERVICING YOUR ACCOUNT I STean SPCmit' GoI Bear. Stearns 8 Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 36 STATEMENT Amon April 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER PANDER On File REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) 'Ayr STATEMENT *11 29.2005 SETTLEMENT TRADE DATE DATE 1TIANSACRON DESCRIMON STMEICISCUSIP OUANTITY DEBIT AMOUNT CREDIT AMOUNT 05/31705 RECEIVED MATEO STATES TREASURY NOTE 54.000.000 54000000 .00 DUE 05131/2007 3.500 3.500 lik• FIRM Al RESALE TOTAL $857.808.788.09 $593,316.16207 MISCELLANEOUS DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREPT AMOUNT OS02)05 JOURNAL FR CMDY NC 153.010.50 05/03/05 JOURNAL TO CMDY A/C 79.838.50 05/04105 JOURNAL FR CMDY NC 107.505.00 OS06+05 JOURNAL TO CMDY NC MI. 158.04/1.41 05/0945 JOURNAL FR CMDY NC 70660.50 05/1045 JOURNAL FR OMER NC 109.576.00 OS/12)05 JOURNAL TO CMDY NC 173.287.00 05/12105 JOURNAL FNMA-30YR(FNMA)GTO 43.750.00 SER.05/05 5.000 DUE 05101/35 MBS NET 05112/05 05/12105 JOURNAL FNMA-30YR(FNMA)GTO 50000.00 SER.05/05 5.500 DUE 05101/35 MBS NET 05112/05 05/16105 JOURNAL TO CMDY NC 106.290.00 05/I 845 JOURNAL FR CMDY NC 21.651.00 0919)05 JOURNAL TO GAM NC 611.641$0 027 0601,06:09:02 001 YSTS EFTA00196150 CLEARED THROUGH ITS WHOLLY OM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 37 STATEMENT PERIOD WI 30.2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AVUSER ON File MISCELLANEOUS (continued) LAST STATEMENT April 29.2005 DATE maw TRANSACTION DESCRIPTION DEBT AMOUNT CTECIT AMOUNT 05120+05 JOURNAL FR CMDY NC 156.062.50 05/23/05 JOURNAL FR CMDY NC 127.115.50 05/24105 JOURNAL TO CMDY NC 154.789.50 05/2905 JOURNAL APR 05 SPEC CLEARING FEES 1.600,00 05/2905 JOURNAL TO CMDY NC 274.164.00 05/2645 JOURNAL CORRECT PRIOR ENTRY 5125 300.00 APR OS SPEC CLEAR FEES 05/26.105 JOURNAL TO CMDY AC 56.300.00 0527105 JOURNAL FR CMDY AC 95.850.00 05131:05 JOURNAL FR CMDY AC 960.00 TOTAL S.1.616254.91 $936.131.00 Trades Executed Pending Settlement SETRE1AENT TRADE DATE DATE TRANSACTION DESORPTION STME/OUCUSP CAJANMY PRICE DEBIT AMOUNT GRECO AMOUNT 0602105 05/27105 BOUGHT ALTERNATIVE LOAN TRUST 37.701.010 .00 2.1562 827.671.71 SERIES 2000-300B CLASS I -A-S 02.080% 57050000 BS 027 0601.05:09:03 001 YB78 EFTA00196151 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 38 0 STATEMENT PERIOD April 30.2005 THROUGH May 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER MAIIIIER On File LAST STATEMENT April 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION SWEID..CUSI> OJANTIP PRCE DEPT AMOUNT MCP AMOUNT 07/14105 05/06/05 SOLD FNMA 30YR TBA OTD -30.000.000 .00 98.5195 29.555.859 .38 SETT. 07105 01/411005.000% 57440000 BS 07/14105 05/19/05 BOUGHT FNMA-30TR(FNMA)GID 30.000.000.00 100.867l 30.260.156.25 SETT.07/06 layillia05.500% 57050000 BS 07/14105 0523/15 BOUGHT FNMA-30TR(FNMA)GID 30.000.000.00 101 30.300.000.00 SETT.07/06 57100000 BS 07/I4/05 05/06105 SOLD FNMA 300LiFNMAIGID -30.000.000.00 100.5156 30.154.687 .50 SETT,0706 57450000 BS 07/I4/05 05/26705 SOLD FNMA 30YRiFNMAIGTD -60.000.000 ,00 100.9531 60.571.875 .00 SETT,07 06 F 05.500% 57180000 BS TOTAL $61.387.827.96 ST 20.282.421.88 The chore Peons cti nol (ppm in airy cling saban o1 Iho staIerneet End of Statement 027 060105:09:03 001 T178 EFTA00196152 CLEARED 1HRCO3H ITS WHOLLY 01MNIED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT ear. Stearns & Co. m Inc. B STUR URNS S FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND STATEMENT PERIOD April 1. 2005 VISIT OUR WEBSITE wymr.bearstearns.com THROUGH April 29.2005 ACCOUNT NUMBER What's In This Statement IIIIIIIIII1111111 II TAXPAYER NUMBER On File LAST STATEMENT MVO 31.2005 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 36 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VAWE OF SECURITIES THIS PERIOD 2.900.677 Cash a Equvalent -IP $180.992 tr $77.668 49.699 LONG ACCRUED INTEREST NET CREDIT BALANCE 180,992 Fixed Income 411 .............. 677 $1335.615 IN Current market vane NET EQUITY THIS PERIOD S3,131,368 gig Last statements market value NET EOINTY LAST STATEMENT 3.471,276 CHANGE SINCE LAST STATEMENT -339,907 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. S'ennirY r; awnabomi Reposes My It Is rid vendedacne. dee:wore St no. Tres statecnore should be Maned ex your records. Soo renews.* tot topodare nrconatco 027 043005:11:24 001 1877 EFTA00196153 GEARED IHROUGH ITS WHOLLY OMAIED $1.1190MAv FINANCIAL TRUST CO INC 2 oi 37 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 04,3005:11:24 001 V877 EFTA00196154 CLEARED THROUGH ITS YilICtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 o STATEMENT PERK* 1.2005 THROUGH April 29.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File PERIOD YEAS TO DATE THIS PERIOD LAST STATEMENT March 31.2005 Opening Balance $77.667.54 U.S. Govt. Bond Int. 185.544.78 2.696.00t23 Govt. Agency Int. 552.438.36 2.574.774.36 Securities Sold 1,359,111,947.26 Corp. Bond Int. 113.515.89 488,52726 Dividends Interest 852.373.23 Credit Balance Int. 874.20 2,83420 Miscellaneous 2,204,993.35 Reverse Repurchase Int. 167.202.34 993,733.64 Amount Credited 81,362,169,313.84 Total $1 019 575.57 $6 755 871.39 Securities Bought -1,358,335,855.07 Bond Purchase Int. -925.716.62 -4.426,001.99 Repurchase lnt. Exp. -242.166.81 -642,85923 Dividends/Interest Charged -925.716.62 Miscellaneous -2,804.417.29 Amount Debited $-1.362.065.988.98 Portfolio Composition Net Cash Activity 103,324.86 CashtCash Equivalent 180,992 ClosingBalance $180,992.40 Fixed Income 2.900,677 Your Portfolio Allocation Total $3,081,669 Cash & Equivalent-, Cash Balance Summary 5% OM. NG CLOSING Margin 77.667.54 180,992.40 Net Cash Balance $77,667.54 $180,992.40 — Fixed Income 95% Umeeled Graces emote OW beam", *eke Veil male valve Tea oloteee revenue, 0 Owed Icon to enaLte market rate pi >ye peen" 027 04.3005:11:24 001 1877 EFTA00196155 CLEARED THRouGH 115 ieniCu.Y OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 cI '3 ? STATEMENT PERK* 1. 2005 THROUGH WI 29.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST sTATELIENT Mardi 31.2005 IAAPJ<ET ESTIMATED CuRRENT DESCPrION S.-AiSCLOSIP OurdaiTy pi:DcE vALuE !Mu& MCCUE VELD is.) CASH BALANCE 180.992 TOTAL CASH & CASH EQUIVALENTS $180.992 FIXED INCOME Government & Agency Obligations ACCT ACCRUED ESTRUM CURRAN DESCRPRON SWA3OLCUSP TYPE PRICE MARKET VALLE MEREST ANNUAL INCOME YEID FEDERAL NATIONAL MTG ASSN MRGN 12,983,710 8,0124 1,040.305 5.741 516,752 49.6731 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 3.980% FACTOR .53416049 FEN. HOME LOAN NIG CORP#STCH TO MRGN 9.419,607 19.7500 1.860.372 43.958 565.176 30.3797 SERIES 228 CLASSIC DATED DATE 02/01A35 ROOK ENTRY ONLY DUE 02/01/2035 6.000% FACTOR .941%062 Total Government& Agency Obligations $2.900.677 $49.699 $1.081.928 TOTAL FIXED INCOME 52.900.677 $49.699 $1.081.928 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $49.699 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1.081.928 YOUR PRICED PORTFOLIOHOLDINGS $3.081.669 027 04,3005:11:24 001 Y877 EFTA00196156 CLEARED IHRCUGH ITS WHOLLY ODYED SOMMER, OFFICE SERVICING YOUR ACCOUNT I it' Go' Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 STATEMENT PERIOD *II 1.2005 THROUGH Apt1 29.2005 =DEMIST NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER PAAOER On File with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT Minh 31.2005 PLROOSS REPURCHASE PROM PURCHASE PRICE; ACCRUED REPO CAPMMY START DATE DATE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 02/07105 OPEN 0.000 -50.000,000 SEES 2003-13 CLASS 4.9800 oa25133 YOU SOLD FANNIEMAE STRIP (REPO) 04/04/05 05/04/05 3.080 473,000 -1.133 -910.000 SEES 346 CLASS PO 11101133 YOU SOLD FANNIEMAE STRIP (REPO) 04/11105 05/11/05 3.130 -10.583.000 -19.322 -30.000.000 SEES 329 CLASS PO 12/01/32 YOU SOLD FANNIEMAE STRIP (REPO) 04/11105 05/11/05 3.130 -4.553.000 -8.313 a090.000 SEEMS 346 CLASS PO 11101/33 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 04/11/05 05/11/05 3.130 -1.143.000 -2.086 -5.000,000 SEES 227 CLASS 10 5.0000 12/01/34 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 04/13105 05/13/05 3.150 -556.000 -924 -2.500,000 SEES 227 CLASS 10 5.0000 12/01/34 YOU SOLD FANNIEMAE STRIP (REPO) 04/15105 05/16/05 3.180 -11.174.000 -16.779 -30.959.779 SEES 329 CLASS PO 12/01/32 YOU SOLD FANNIE MAE STRIP (REPO) 04/15/05 05/16/05 3.180 -4.211.000 -6.323 -20.000.000 SEES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FREDOIEMAC STRIP (REPO) 04/15/05 05/16/05 3.180 -3.665.000 -5.503 -20.000.000 SEES 228 CLASS 10 6.0000 02/01/35 YOU SOLD FANNIE MAE STRIPS (REPO) 04/20/05 05/16/05 3.200 -14.660.000 -15,637 -23.000.000 SEES 352 CLASS PO 07/01/34 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 04/22105 05/16/05 3.230 -1.837.000 -1.648 -8,500,000 SEES 227 CLASS 10 5.0000 12/01/34 027 04/30.01:11:24 001 4/77 EFTA00196157 CLEARED THROUGH ITS WHOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 o STATEMENT PER100 ARM 1. 2005 THROUGH *11 29.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER PMUSER CR Fite with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT M&Ch 31.2005 PURCHASE/ REPURCHASE PRICING PURCHASE HIVE£ ACCRUED REPO WINTRY START DATE DATE RATE PAINCTPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD FREOCHEMAC STRIP (REPO) 04/22/05 05/16105 3.230 -528,000 -473 -3.000,000 SERIES 228 CLASS 10 6,0000 02/01/36 YOU PROVIDED FREDDIEMAC STRIP (MARGIN) 04/22,05 OPEN 0,000 -7.000.000 SERIES 228 CLASS 10 6,0000 02/01/36 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 04/25105 OPEN 0,000 -26.400.000 SERIES 2004-5 CLASS P 3,9600 02/20/33 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 04,25/05 05711105 5,130 -536.000 -534 -2.500.000 SERIES 227 CLASSIC sp000 12/01/34 YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN) 04,25105 OPEN 0.000 -1,500,000 SERIES 227 CLASSIC 5.0000 12/01/34 YOU SOLD USTR 4,0000 02/15/15 (REPO' 04:29;05 OPEN 2.750 -59.400.000 -13.612 -60.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $0 $0 TOTAL REPURCHASE TRANSACTIONS S-113.319.000 $42,287 'As ct skyorrom dr.* 027 01,30'05:11:24 001 YS77 EFTA00196158 CLEARED THROuGH ITS wisCtLY CAM,E0 SUBSIOally OFFICE SERVICING YOUR ACCOUNT I it' GoI Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 STATEMENT PERK* *II 1.2005 THROUGH WI 29.2005 Transaction Detail ACCOUNT NUMBER TAXPAYER AMMER Cfl File INVESTMENT ACTIVITY LAST STATEMENT MVO 31,2005 SETTLEMENT TRADE DATE DATE TRANSACTKIN DESORPTION STMEIOLCUMP CIVANTRY PRICE DEBIT AMOUNT GRECO' AMOUNT 04/01105 03/31/05 BOUGHT UNITED STATES TREASURY NOTE 50,000,000 98.73047 49,365,234.38 1.0.3.000% M 30 ACM INT. 377.071.82 MATURITY GVER REF # G0901002 Al 04101105 03/31105 SOLD UNITED STATES TREASURY NOTE 03.750% MS 31 MIS -30.000.000 99.91406 29.974,21B .75 ACCR, INT. 3.073.77 MATURITY GVER REF # G0901006 Al 04/01/05 03/31105 SOLD UNITED STATES TREASURY NOTE -50.000.000 99.91406 49.957.031 .25 03.750% MS 31 ACCR, INT. 5.122.95 0 MATURITY GVER REF # G0901006 BI 04/07/05 PRINCIPAL FEDL HOME LOAN MTG CORN/5101M SERIES 228 CLASS 10 MIN -335.609 6.000 DUE 02101/35 PRINCIPAL REDUCTN 04-15-05 04108/05 04/07105 BOUGHT UNITED STATES TREASURY NOTE DUE 02/15/2015 04.000% FA 15 El= 40.000.000 96.73438 38,693,750.00 ACCR. 229,834.25 SPECIAL INSTRUCTIONS YIELD 4.412 % M MATURITY GVER REF # G0970029 A7 AS OF 04/07105 04/13/05 03/1645 BOUGHT FNMA 30111 OTO SETT. 04/05 MIMI 5.000.000 97.93359 4.896.679.69 Wit. 5.10 7 :00%0 BS 04/13105 03/14105 BOUGHT NMA 30 fR GTD 10.000.000 97.71094 9.771.093.75 SETT. 0405 05.000% 57280000 BS 021 04.3C•OS:l 1:24 ODI vs>, EFTA00196159 CLEARED THROuGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 ci STATEMENT PERK* *II 1.2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMMER Cn Flle INVESTMENT ACTIVITY (continued) LAST STATEMENT Ukiah 31.2005 SETTLEMENT TRADE DATE DATE TRANSACT/DTI OESCRPTION STUE/OLCUSP OVANTITY ma DEBIT AMOUNT CFEDI A/lOcter 04/1395 03/08(05 CANCEL SELL FNMA 30YR GTO 10.000.000 98.48875 9.846.875.00 SETT. 04/05 05.000 +: 5803000 BS AS OF 03.08(06 TO CXL PREVIOUS SELL 04/1345 0310945 CANCEL SELL FNMA 30YR GTO SETT. 0495 NMI 15.000.000 97.92188 14.688.281.25 57380000 BS AS OF 03/09(05 TO CA. PREVIOUS SELL 04/13:05 03115(05 BOUGHT FNMA 30YR GTO 20.000.000 97.57813 19.515.625.00 SETT, 04/05 1101 5 05.000% 7140000 BS 04/13(05 03/14105 CANCEL SELL FNMA 30YR GTO 20.000.000 97.65625 19.531.250.00 SETT 04/05 05.000% 57080000 BS AS OF 03/14(05 TO CA. PREVIOUS SELL 04/13/05 03/18/05 CANCEL SELL FNMA 30YR GTO 20.000.000 97.91016 19.582.031.25 SETT. 04(05 illilik s 05.000% 7000000 BS AS OF 03(18(05 TO CXL PREVIOUS SELL 04/13(05 03/18(05 CANCEL SELL FNMA 30YR GTO 20.000.000 97.92188 19.584.375.00 SETT. 04/05 05.000 7050000 BS AS OF 03/18(05 TO CA. PREVIOUS SELL 027 04300S:11:24 001 .87? EFTA00196160 CLEARED THROuGH ITS WHOLLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 9 ci P:• STATEMENT PERK* APII 1.2005 THROUGH &XII 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER IMMER Cn File INVESTMENT ACTIVITY (continued) LAST STATEMENT Ukiah 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION 10.100..CuSP OVANMY PRICE DEBIT AMOUNT CFEDI A/lOcter 04/13/05 03/09105 CANCEL SELL FNMA 30YR OTO 20.000.000 97.99219 19.598.437.50 SETT. 04/05 05.000i 57320000 BS AS OF 03,09 OS TO CAL PREVIOUS SELL 04/13/05 03/0845 CANCEL SELL FNMA 30YR OM 20.000.000 98.53125 19.706.250.00 SETT, 04'05 06.000 7670000 BS AS OF 03/138t05 TO CM. PREVIOUS SELL 04/13105 03/21105 BOUGHT FNMA 30YR OTO 40.000.000 97.75000 39.100.000.00 SETT, 04/05 1011111.05.000% 57140000 BS 04/13/05 03130:05 BOUGHT FNMA 30YR OTO 50.000.000 97.39844 48.699.218.75 SETT 04/05 05.000% 7320000 BS 04/13/05 03/16/05 CANCEL BUY FNMA 30YR Om -5.000.000 97.93359 4.896.679.69 SETT, 04/06 05.000% 57130000 BS AS OF 03l6:05 TO CXL PREVIOUS BUY 04/13105 03/14105 CANCEL BUY FNMA 301R GTO -10.000.000 97.71094 9.771.093.75 SETT. 04105 101.1.05.000% 57280000 BS AS OF 0114'05 TO CXL PREVIOUS MN 027 04300S:11:24 001 V877 EFTA00196161 CLEARED THROWN ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 II? STATEMENT PERIOD ADM 1.2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLM3ER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SIMEID:CuSP 0,AWNT, PRICE DEBIT AMOUNT CREDO AMOUNT 04/13/05 03/08/05 SOLD FNMA 30YR GTO 40,000.003 98.46875 9.846.875.00 SETT, 04/05 05.033% 58030000 BS 04/13/05 03/0945 SOLD FNMA 30YR GTO SETT. 0405 11111 -15.000.000 97.92188 14.688.281 .25 , 05.000% 57380000 BS 04113/05 03/15+05 CANCEL BUY FNMA 30YR GTO SETT, 04/05 11111 -20.000.000 97.57813 19.515.625 .00 111.1.5.000% 7140000 BS AS OF 03/1545 TO CM. PREVIOUS BUY 04/13+05 03/14105 SOLD FNMA 30YR COD -20,000.000 97.65625 19.531.250 .00 SETT, 04/05 00/0005.000% 57080000 BS 04/13+05 03/18+05 SOLD FNMA 30YR 01D -20.000.000 97.91016 19.582.031 .25 ETT, 04,05 05.000% 57000000 BS 04/13+05 03/18+05 SOLD FNMA 30YR GTO -20.000.000 97.92188 19.584,375 .00 SETT. 04;05 7050000 BS 04/13+05 03/09/05 SOLD FNMA 30YR WO S . 04;05 NMI -20.000.000 97.99219 19.598.437 .50 05.000% 57320000 BS 027 04300S:11:24 001 .87? EFTA00196162 CLEARED THROUGH ITS WHOLLY CIMS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 11 STATEMENT PERK* * 11 1. 2005 THROUGH Apt1 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER PAINTER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION SYMEIOLCUS, oawrin PRCE DEBIT AMOUNT CREWE MOINE 04/13105 03/08/05 SOLD FNMA 30YR GTO -20.000.000 98.53125 19106,250 .00 SETT. 04/05 05.000% 7670000 BS 04/13105 03/21105 CANCEL BUY FNMA 30YR GTO -40.000.000 97.75000 39.100000 .00 SETT. 04/05 1.1005.000% 57140000 BS AS OF 03/21/05 TO CXL PREVIOUS BUY 04/13105 03,030105 CANCEL BUY FNMA 30YR GTO -50.000.000 97.39844 48.699.218 .75 SETT. 04/05 05.000% 7320000 BS AS OF 03/30/05 TO CM. PREVIOUS BIN 04113105 03/14105 BOUGHT FNMA 30YR GTO 5.000.000 100.13281 6.006.640.63 SETT 04/05 05.500% 57290000 BS 04/13105 03/1645 BOUGHT FNMA 30YR GTO 5.000.000 100.26563 5.013.281.25 SETT, 04/05 7240000 BS 04/13105 03/08/05 CANCEL SELL FNMA 30YR GTO 10.000.000 100.70703 10.070.703.13 SETT 04/05 05.500% 8150000 BS AS OF 03.08105 TO CM. PREVIOUS SELL 021 04.3C•Otr:11:24 ODI Y87/ EFTA00196163 CLEARED THROUGH ITS WHOU.Y onneo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 ci (( STATEMENT PERK* )9310 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER NASSER Cn File INVESTMENT ACTIVITY (continued) LAST STATEMENT Merck 31.2005 SETTLEMENT TRADE DATE DATE TRANSACI109 OESCRIPTION SIN00...CLISP OHNTITY PRICE DEBIT AMOUNT CFEOIA/hOcter 04/13/05 03/09105 CANCEL SELL FNMA 30YR OTO 15.000.000 100.28125 15.042.187.50 SETT, 04/05 57390060 BS AS OF 03(09(05 TO CAL PREVIOUS SELL 04/13/05 03109.'05 CANCEL SELL FNMA 30YR OTO 20.000.000 100.34766 20.069.531,25 SETT, 04105 05,500 57280000 BS AS OF 03409(05 TO CXL PREVIOUS SELL 04/I 3.85 03/29105 BOUGHT FNMA 30YR GTO 20,000.000 101.48438 20.296.875.00 SETT, 0405 illiga0105.503t. 57130000 BS As OF 032905 04113.85 03(30(05 BOUGHT FNMA 30YR GT D 35.000.000 99.81250 34.934.375.00 SEII , 04.05 1111.05.503% 57390000 BS 04/13/05 0311485 CANCEL BUY FNMA 30YR 010 -5.000.000 100.13281 5.006.640.63 ETT, 0405 05.500% 57290000 BS AS OF 03/14/05 TO CXL PREVIOUS BIN 04/13(05 03/16105 CANCEL BUY FNMA 30YR OTO SETT, 04/05 Siff -5,000.000 100.26563 5.013.281.25 1.01105.503 ,4 57240000 BS AS OF ca mos TO Ca PREVIOUS BIN 027 04300S:11:24 001 .87? EFTA00196164 CLEARED THROUGH ITS Yi/IDALY OBS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 1. SIean $PCmitkf EAR Bear. Stearns & Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 13 STATEMENT PERIOD Apt1 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER PAINTER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION 0E5CnenON SYMBOL:CUSP CLANTITe PRCE DEBIT AMOUNT clear SCUM 04/13105 03/08/05 SOLD FNMA 30Th GTO -10.000.000 100.70703 10.070.703 .13 SEIT. 04/05 05.500% s 8150000 BS 04/13105 03/09/05 SOLD FNMA 30Th 010 -15.000.000 100.28125 15.042,187 .50 SETT, 04/05 05.50054 7390000 BS 04113+05 03/09.05 SOLD FNMA 30YR OTO -20.000.000 100.34766 20.069.531 .25 SETT, 04/05 7280000 BS 04113105 03/29.'05 CANCEL BUY FNMA 30YR OTO -20.000.000 101.48438 20.296.875 .00 7130000 BS AS OF 0129.105 TO C)3. PREVIOUS BUY 04/13:05 03:30:05 CANCEL BUY FNMA 30YR OTO SETT, 04/05 Illiff -35.000.000 99.81250 34.934.375 .00 05.500% 7390000 BS AS OF 0340.105 TO CIO- PREVIOUS BIN 04/13+05 03/29.'05 CANCEL SELL FNMA-30YR(FNMA)01D SETT 04'05 SIM 20.000.000 101.71875 20.343.750.00 06.000% 57090000 BS AS OF 03.29 05 TOGO. PREVICUS SELL 021 04.3C•OtKI 1:24 ODI vs>, EFTA00196165 CLEARED THROUGH ITS MIPS? 011X.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 STATEMENT PERIOD April 1. 2005 THROUGH April 29.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER NLP9ER OfiFile INVESTMENT ACTIVITY (continued) LAST STATEMENT Muth 31,2005 SETTLEMENT TRADE DATE DATE TRANSACTOR OESCRPTION XIMEICLCUSP CSAV4MY PRICE DEBIT AMOUNT CRUM AAIDUNr 04713/05 03/30/05 CANCEL SELL FNMA-30YR(FNMA)GID 20.000,000 101,92188 20,384.375,00 SETT.04105 06.009, 7150000 BS AS OF 03,30,05 TO CAL PREVIOUS SELL 04/I 345 04/06/05 BOUGHT FNMA-30YR(FNMA)G1D 20.000.000 102.45313 20.490.625.00 SEIT.04.05 01.111 5 06.000, 7509000 BS 04/13/05 04/07105 BOUGHT FNMA-30YR(FNMAXDO 20.000.000 102.64063 20.528.125.00 SETT.04/05 06.000% 57250000 BS 04/I 3/05 03/2945 SOLD FNMA-30YR(ENMA)GID -20,000.003 101.71875 20.343,750,00 SETT.04105 7090000 BS 04/13/05 03/30:05 SOLD FNMA-30)41(FNMA)G1D -20.000.000 101.92188 20.384.375,00 SETT.04/05 06.000% 7150000 as 04/13/05 04/06.05 CANCEL BUY FNMA-30YR(FNMA)GID -20.000.000 102,45313 20.490.625,00 SETT.04/05 06.000% 7500000 BS AS OF 040685 0 CxL PREVIOUS BUY 027 04900511:24 001 VS77 EFTA00196166 CLEARED THROWN ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 0 )? STATEMENT PERK* *II 1.2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER HUNTER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMEICL.00SP CVANTITY PRia DEIST AMOUNT CREW AMOUNT 04/13/05 04/07105 CANCEL BUY FNMA-30YR(FNMA)GTD -20.0043.000 102.64063 20,528,125.00 SETL04105 06.000% 57250000 BS AS OF 04/07/05 TO CAL PREVIOUS BUY 04/13/05 04/12)05 BOUGHT UNITED STATES TREASURY NOTE 20.000.000 100.10156 20,020,312.50 03.750% MS 31 ACCR, MT. 26,639.34 MATURITY GVER REP N G1021009 Al 04/18/05 0312945 BOUGHT FNMA 30YR OTO 20.000.000 101.48438 20.296.875.00 SETT, 04/05 05.500% 57130000 BS 04/18/05 0329)05 CANCEL BUY FNMA 30YR OTD sios04/05 SEIT. 05.500% Milli -20,000.000 101,48438 20.296.875 MO 7130000 BS AS OF 03)2945 TO C)1. PREVIOUS BUY 04/18/05 03115+05 CANCEL SELL FNMA-15YR(FNMA- %GTO 20.000.000 97.74219 19.548.437.50 SETT,04105 7250000 BS AS OF 03/15/05 TO CM. PREVIOUS SELL 04/18/05 03/14105 BOUGHT FNMA- I 5Y11(FNMA-I5)GTD 20.000.000 97.77344 19.554.687.50 SETT.0406 0.01004.500 ,4 57040000 BS 027 04300S:11:24 001 V877 EFTA00196167 CLEARED THROUGH ITS MIMI? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 STATEMENT PERK* April 1.2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT AMMO 31.2005 SEMWENT TRADE DATE DATE TRANSACTION OESCRIPTION snieoucuse OUNERTE PRICE DEBIT AMOUNT CREDI A/lOcter 04/18105 03/09105 CANCEL SELL FNMA-15YR(FNMA-15)1TD 20,000,000 97,96313 19.590.625,00 SETT,04105 01.01 04,500% 57590000 BS AS OF 03,09,05 TO C/3. PREVIOUS SELL 04/18/05 03/08105 BOUGHT FNMA-15YRIENMA. 151GT0 20.000.000 98,54688 19.709.375,00 7680000 BS 04/18+05 03115+05 SOLD FNMA-15YR(FNMA-15)GTO -20.000.000 97,74219 19.548.437 ,50 SETT,04+05 04,500% 7250000 BS 04/18+05 03114+05 CANCEL BUY FNMA- I SYNFNMA. 151GT0 -20,000.000 97,77344 19.554.687 ,50 SETT,04105 57040000 BS AS OF 03/14+05 TO CXL PREVIOUS BUY 04/18+05 03/09/05 SOLD FNMA-15YR(FNMA. StOTO -20.000.000 97,95313 19.590.625 ,00 SETT,04105 ' 7590000 BS 04/18+05 03/08105 CANCEL BUY FNMA-15YR(FNMA-15)GTO -20.000.000 98,54688 19.709.375 ,00 SETT 04105 04500% 7680000 BS AS OF 03/08105 TO CM. PREVIOUS BUY 027 04300S:11:24 001 V877 EFTA00196168 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 a STATEMENT PERK* April 1. 2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER Cn Flle INVESTMENT ACTIVITY (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRADE DATE DATE TRANSICTON DESCRIPTION SYMEIO.CuSP CANNTITV PRICE DEBIT AMOUNT CFEOIA/lOcter 04/18+05 03/29,05 BOUGHT 05.500% FNMA-15YR(FNMA-15)0T0 20.000,000 101.48438 20.296.875.00 7130000 BS AS OF 03+29/05 04/18/05 034045 BOUGHT FNMA-15YR(FNMA-15)GTO SETT.04105 Asir 20.000.000 101,64063 20.328.125 .00 1011.5 05.5" 7110000 BS 04/18105 04/06105 CANCEL SELL FNMA-ISYR(NMA-15)GTO 05.50096 lilt 20.000.000 102.06250 20.412.500.00 7540000 BS AS OF 04/06105 TO CXL PREVIOUS SELL 04/18105 04/07105 CANCEL SELL FNMA-15YR(FNMA- I SGTO 20.000.000 102.17188 20.434.375.00 SETT:34105 05,500% 57290000 BS AS OF 04/07+05 TO CA. PREVIOUS SELL 04/18/05 0128,05 CANCEL BUY FNMA- SYNFNItIA- StGTO -20.000.000 101.48438 20.298,875 ,00 05.500% 7130000 BS AS OF 03+29105 TO CXL PREVIOUS BUY 04/18/05 03/30105 CANCEL BUY FNMA-1501(FNMA-15}0T0 -20,000.003 101.64063 20,328,125.00 SETT:34105 illare 05.500% 57110000 ES AS OF 0380105 TO CXL PREVIOUS BUY 027 04300S:11:24 001 '.87? EFTA00196169 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 ci STATEMENT PERK* 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER Cfl File INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STMEIELCuSP MANIIr.' ericE DEW AMOUNT MCAT AMOUNT 04/1&05 04/06105 SOW FNMA-151Ft(FNMA-15)0TD -20.000.003 102.06250 20.412.500 .00 mais SEIT.04105 05.500% 7540000 BS 04/18s35 04/07105 SOW FNMA-15YR(FNMA-15)GTO SETL04/05 11111 -20.000.000 102.17188 20.434.375 ,00 .1005.500% 57290000 BS 04/18/05 04/15/05 BOUGHT UNITED STATES TREASURY NNE 5.000.000 97.71876 4.885.937,50 DUE 02/15/2015 04.000% FA 15 ACCR, 34.260.14 SPECIAL INSTRUCTIONS VIEW 4.286 % TO MATURITY GYER REF # G1053517 A3 WWEB 04/19/05 04/18+05 SOW UNITED STATES TREASURY NOTE -15.000.000 98.05469 14.708.203.13 04.000% FA 15 ACCR, INT, 104.419.88 MATURITY GYER REF # G1081006 Al 04/20105 04/1845 BOUGHT FEDERAL NATIONAL WO ASSN 20.311.170 78.68750 15.982.352.30 SERIES 352 CLASS 1 00.001% 57040000 BS 0422/05 04/21105 SOW UNITED STATES TREASURY NOTE -T0,000.000 97.62600 9.762.500.00 04.000% FA 15 ACCR, 72.928.18 . . 0 MATURITY GYER REF # G1111026 Al 04/2905 PRINCIPAL FEDERAL NATIONAL MTG ASSN 405,707.10 SERIES 329 CLASS PO DUE 01/01/33 STRIP PRIN RID 03-05 ND 04-25-05 REPO P S I 0.0000 027 0430,0S:11:24 001 "877 EFTA00196170 CLEARED THROUGH ITS WNW.? OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 o STATEMENT PERIOD *II 1.2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AILIMER CR Fite INVESTMENT ACTIVITY (continued) LAST STATEMENT Much 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRPTION SIMEIO:CLISP OJANNTe PFPCE DEBIT AMOUNT CREDIT MnOvio 04/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 418,686.74 SERIES 329 CLASS PO WE 01/01/33 STRIP F'RIN RID 03-05 PAD 04-25-05 REPO P 8I 0.0000 04,25'05 PRINCIPAL FEDERAL NATIONAL MTG ASSN -342.955 SERIES 2003-49 CLASS SW 4.150 DUE 01/25/33 PRINCIPAL REDUCTN 04-25-05 04,25105 PRINCIPAL FEDERAL NATIONAL MTG ASSN 16.920.27 SERIES 346 CLASS 1 DUE 11/01/33 PRIN RID 03-06 ND 04-25-05 REPO P 8I 0.0000 04,25105 PRINCIPAL FEDERAL NATIONAL MTG ASSN 38.860.83 SERIES 346 CLASS 1 DUE 11/01/33 PAIN RID 03-05 PAD 04-25-05 REPO P 8I 0.0000 04/25/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 130.15,5.90 SERIES 346 CLASS 1 DUE 11/01/33 PAIN RID 03-05 ND 04-25-05 REPO P 8I 0.0000 04,2805 04/27/05 BOUGHT UNITED STATES TREASURY N3TE DUE 0131/2007 03.750% MS 31 VIM 10,000.000 ACC/, INT. 100,28125 10,028,125.00 28,688.52 SPECIAL INSTRUCTIONS YIELD 3.596 % TO MATURITY OVER REF # G1173441 A3 WWEB 04,2905 04/2845 BOUGHT UNITED STATES TREASURY NOTE 10,000.000 98.78125 9,878,126 .00 04.000% FA IS ACC/, INT. 80,662.98 0 MATURITY GVER REF # G1181014 Al 027 0430CS:11:24 001 V877 EFTA00196171 CLEARED THROUGH ITS viHOLY OW,E0 SUOSIOATiv OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 STATEMENT PERK* 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT MVO 31,2005 SETTLEMENT TRADE DATE DATE TRANSACT/DTI OESORPTION SY1A301XLISP GUMMY PRICE DEBIT AMOUNT CREDO MOM 04/29105 04/28/05 BOUGHT UNITED STATES TREASURY NOTE 50,000,000 100.30078 50.150.390 .63 03.750% MS 31 ACCR. M. 148.585.57 MATURITY GVER REF # GI 181005 Al TOTAL $416.1102,404.18 5722.470.28920 INTEREST DATE DESCRIPTION STAIDOUCUSIP OUPATITY RATE o4 CENT AMOUNT CREDIT AMOUNT 04101105 AVG SAL 528.740 RT 1.920 874.20 021 OFFICE INTEREST 0305 04/154)5 FEDL HOME LOAN MTG CORP/410109 SEEMS 227 CLASS 10 USE 5.0000 34.736.63 DUE 12/01/2034 5.000 INT RID 03.05 ND 04-15-05 REPO P &I 5.0000 04/1905 FEDL HOME LOAN MTG 00AP/410109 5.0000 46.996.61 SERES 227 CLASS 10 DUE 12/01/2034 5.000 INT RID 03.05 ND 04-15-05 REPO P &I 5.0000 04/1905 FEDL HOME LOAN MTG CORP/S10110 6.0000 48.776.08 SERES 228 CLASS 10 DUE 02/01/2035 6.000 INT RID 03-05 PA) 04-15-05 REPO P &I 6.0000 04/18'05 FEDL HOME LOAN MTG OCAP#S Ot 10 6,0000 48.776.08 SERES 228 CLASS 10 DUE 02/01/2036 6.000 INT RID 03-05 PA) 04-15-05 REPO P S I 6.0000 02/ 043005:11:24 001 V877 EFTA00196172 CLEARED THROUGH ITS YAIOU.Y omen SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 0 'J .( STATEMENT PERK* *11 I. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AVSMER Oil File INTEREST (continued) LAST STATEMENT MATO 31.2005 DATE DESCRIPTION STMSELCUSIP WARM' RATE IY4 DEBIT AMOUNT CREDIT AMOUNT 04/15/05 FEDL HOME LOAN WIG OORPPS10i 10 6.0000 48.776.08 SERES 228 CLASS 10 DUE 02/01/2035 6.000 INT RID 03-05 PAZ( 04-15-05 REPO P &I 6.0000 04/15/05 FEDL HOME LOAN WIG CORPPS10i 10 SERIES 228 CLASS 10 INN 6.0000 48.776.08 DUE 02/01/2035 6.000 INTEREST PAYMENT 04-15.05 04/20/05 GOVERNMENT NATIONAL MTG ASSN SEEMS 2004-5 CUSS PS NMI 4.1000 14.691.67 DUE 02/20/2033 4.100 INT RID 03-05 PM 04-20-05 REPO P SI 4.1000 04/20/05 GOVERNMENT NATIONAL MTG ASSN SERES 2004-5 CLASS PS NMI 4.1000 60.133.33 DUE 02/20/2033 4.100 INT RID 03-05 PA) 04-20-05 REPO P I 4.1000 04/20(05 GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS NMI 4.1000 75.508.33 DUE 02/20/2033 4.100 INT RID 03-05 ND 04-20-05 REPO P I 4.1000 04/25/05 FANNIE MAE CMO/SERIES 2003.13 5.1500 113.515.89 S RCA-60 RTR DUE 03/25/2033 5.150 INT RID 03-05 PM 04-25-05 REPO P SI 5.1500 04/25/05 FEDERAL NATIONAL MTG ASSN SERES 2003-49 CLASS SW MIS 4.1500 46 088.05 DUE 01/25/2033 4.150 INTEREST PAYMENT 04-25.05 027 043005:n:24 001 EFTA00196173 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 c, STATEMENT PERKO ADM 1.2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAUMER Ofl File INTEREST (continued) LAST STATEMENT MATO 31.2005 DATE DESORPTION ST/ABOLOUS,P QUANTITY RATE Ice! DENT AMOUNT CREDIT AMOUNT 04125105 FEDERAL NATIONAL MTO ASSN 5.0000 79.179.42 SERES 353 CLASS 2 DUE 07/01/2034 5.000 INI ND 03-05 P/D 04-2S-0S REPO P 8I 5.0000 TOTAL 4866,824.45 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYMBOLCUSiP 0.:NYNT, DEBIT AMOUNT CREDIT AMOUNT 04/01105 DELIVERED UNITED STATES TREASURY NOTE -50,000.000 49.875.000.00 DUE 12/31/2006 3.000 3,000 ATM 310Ir2 TERM EEMENT 04ADVOS PECENED UNITED STATES TREASURY NOTE 80,000.000 80.000.000.00 DUE 03/31:2037 3.750 3 750 7 FITM RESALE 04/01105 INTEREST UNITED STATES TREASURY NOTE DUE 12/ 1000 MIMI 37.752,60 04,0405 JOURNAL FEDERAL NATIONAL MTO ASSN 677.782 SERIES 346 CLASS 1 DUE 11A. RIM A2 TERM MENT 04:04/05 JOURNAL FEDERAL NATIONAL 1,11G ASSN -677.782 473,000.00 SERIES 346 CLASS 1 DUE 11 ATM Al REPO A 027 04300Si 1:24 001 V877 EFTA00196174 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 )7 STATEMENT PERK* April 1.2005 THROUGH WI 29.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER WEEDER On Rile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPT1ON STMOWCUSIP OUNCITif OMIT AMOUNT CREDIT AMOUNT 0410846 JOURNAL FEDERAL NATIONAL MTO ASSN 1.517,805 SERIES 346 CLASS 1 DUE 11 ATM A2 TERM MENT 04/08/05 JOURNAL FEDERAL NATIONAL MM ASSN .1.089.333 SERIES 346 CLASS DUE 11 Aiii r FILM Al REPO 0403/06 JOURNAL FEDERAL NATIONAL 1,116 ASSN .428A71 297,000.00 SERIES 346 CLASS 1 DUE 1:11. RIM Al REPO 0410&06 JOURNAL UNITED TATES TREASURY NOTE 30.000.000 28.800.000.00 FILM A2 4.000 , 15 TERM REPO AGREEMENT 04108/05 JOURNAL MATEO TREASURY NOTE -70.000.000 67,660,000.00 F1TM Al 4.000 16 REPO AGREEMENT 04108/05 INTEREST IMMO STATES TREASURY NOTE 22,200,00 DUE OAK. 4.000 RIM n REPO I 04/11105 JOURNAL FEDERAL NATIOALAL MTO ASSN -15,359.406 10.583.000.00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FILM REPO A imp Al 027 04,30,05:11:24 ROI Y877 EFTA00196175 CLEARED THROUGH ITS %MELLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 24 c? STATEMENT PERIOD 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRADE DATE DATE TIUNSACTION DESCRPRON SYME/C1JCUSIP WARM' Calf AMOUNT CREDIT AMOUNT 04/11/05 JOURNAL FEDERAL NATIONAL NM ASSN 15.359.406 10,583,000 .00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM A2 REPO 04/11/05 JOURNAL FEDERAL NATIONAL MTO ASSN -15,359.406 10.583.000 00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM REPO A mop A3 04/11+05 JOURNAL FEDERAL NATIONAL WO ASSN 15,359.406 11.902.000.00 SERIES 329 CLASS PO DUE 01/01133 STRIP ATM A2 TERM MENT 04/11+05 JOURNAL FEDERAL NATIONAL MM ASSN 1.089,333 SERIES 346 CLASS 1 DUE 11 ATM A2 TERM MENT 04/11+05 JOURNAL FEDERAL NATIONAL MTO ASSN 428.471 297.000.00 SERIES 346 CLASS 1 DUE 11 ATM A2 TERM MENT 04111/05 JOURNAL FEDERAL NATIONAL WC ASSN 5.083,557 3,608.000 .00 SERIES 346 CLASS 1 DUE 11 ATM A2 TERM MENT 04/11105 JOURNAL FEDERAL NATIONAL 1110 ASSN -6.601.362 4,553.000 .00 SERIES 346 CLASS 1 DUE 11 ATM Al REPO A 027 04300S:l 1:24 001 V877 EFTA00196176 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 )./ STATEMENT PERKO AP.11 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FIN REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESORPTION SYMODUCUSIP MANTON, 0193IT AMOUNT CREDIT Amour 04/11105 JOURNAL GOVERNMENT NATIONAL MTO ASSN -22,100.003 2,142,000.00 SERIES 2004-5 CLASS PS 4.100 • . FITM Al REPO A 04/11105 JOURNAL GOVERNMENT NATIONAL MM ASSN SERIES 2004-5 CLASS PS ISM 22.100.000 2.601.000.00 4.100 FITM TERM MENT 0411:05 JOURNAL FEDL /OA WAN MIGOORPoSt0i09 11.163.178 SERIES 227 CLASS 10 FITM 411 ." 134 A2 TERM ForAIMMENT 04/11105 JOURNAL FEDL NOME LOAN MIG OCAP4S10709 -6.309.622 SERIES 227 CLASS 10 5.000 WI FITM Al REPO A 04/11105 JOURNAL FEDL NOME LOAN MTG CORPoS 101Oe .4.853.556 1.143.000.00 SERIES 227 CLASS 10 5.000 WM FITM Al REPO A 04,11,05 JOURNAL FEDL NOME LOAN MI6 °CAPPS tOt 10 .9.419.606 1,955,003.00 SERIES 228 CLASS 10 6.000 FITM AI REPO A 04 11 05 JOURNAL FEDL ACME LOAN MI6 00APaS10t10 SERIES 228 CLASS 10 ISM 9.419,606 2,018.000.00 6.00030. 5 FITM A2 TERM MENT 027 0430,0S:11:24 001 V877 EFTA00196177 CLEARED THROuGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 26 IJi STATEMENT PERIOD April 1. 2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER ON PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SEMEMENT TRADE DATE DATE TRANSACDON DESCRPRON SYMEMICUSIP GUMMY 01931T AMOUNT CREDIT AMOUNT 04/11/05 INTEREST FEDERAL NATIONAL MTO ASSN 83.208.20 SERIES 329 CLASS PO STRIP DUE 01 0.000 FITM AZ REPO I 04/11105 INTEREST FEDERAL NATIONAL MTO ASSN 77.22 SERIES 346 CLASS 1 DUE 1 Jill 0.000 ATM AZ REPO I 04711/05 INTEREST FEDERAL NATIONAL MTO ASSN 8.474.79 SERIES 346 CLASS DUE 11 0.000 FITM AZ REPO I 04711/05 INTEREST GOVERNMENT NATIONAL MTO ASSN 18.183.88 SERIES 2004-5 CLASS PS DUE 02/101. 4.100 FITM AZ REPO I 04/11/05 INTEREST FEDL HOME LOAN MTG 024iPt/StOt 10 3.206.38 SERIES 228 CLASS 10 DUE la* 6.000 FITM AZ REPO I 04/13/05 JOURNAL FEDL HOME LOAN MTG CORPOS10109 6.309,622 SERIES 227 CLASS 10 5.000 FITM TERM MENT 04/13/05 JOURNAL FEDL 104E LOAN MTO CORPHS10109 -3,882.844 SERIES 227 CLASS 10 5.000 1034 FITM Al REPO A 027 04300S:11:24 001 .87? EFTA00196178 CLEARED 1.4ROuGH ITS viiiCti.v OW,*0 SUCISIOally OFFICE SERVICING YOUR ACCOUNT I,Sean SPCmit' GoI Bear. Stearns & Co. Inc. BEAR STEARNS =Pm FINANCa TRUST CO INC 27 STATEMENT PERK* Aim' 1.2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FIk REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON STMEIWCUSIP °WRIT, OMIT AMOUNT CREDIT AMOUNT 04/13105 JOURNAL FEDL NOME LOAN MTG CORP#S10109 -2.426,778 556.000.00 SERIES 227 CLASS 10 FSITAI MMAlair Al REPO 04/13/05 RECEIVED UNITED STATES TREASURY NOTE 60.000.000 60.300.000,00 DUE 03+31/2007 3.750 3.750 INC FITM Al RESALE 04/13+05 DELIVERED UNITED STATES TREASURY NOTE -80.000.000 80.000.000.00 DUE 03+31/2007 3.750 3.75011li c RIM A2 TERM EMENT 04/13/05 INTEREST UNITED STATES TREASURY NOTE 66.555,56 DUE 03/.1 1.750 04114+05 JOURNAL FEDERAL NATIONAL MTG ASSN -18,763,230 3.500.000 .00 SERIES 353 CLASS 2 FSITM MNAllirA REPO 04114+05 JOURNAL FEDERAL NATIONAL MTG ASSN 18,763,230 4.429.000 .00 SERIES 353 CLASS 2 5,000 Diniali3456 FIRM TERM PAIMILI MENT 04 14 05 INTEREST FEDERAL NATIONAL MICI ASSN 5.628.52 SERIES 353 CLASS 2 DUE 0731.i. 5.000 FIRM 86 REPO I 027 04/3/1.05:11:24 001 1,1977 EFTA00196179 CLEARED THRouGH ITS OmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 28 STATEMENT PERKO April 1. 2005 THROUGH April 29.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPTTON SYMEICIALOSIP CVANTITT DEBIT AMOUNT CREDIT AMOUNT 04/15105 JOURNAL FEDERAL NATIONAL WC ASSN -15.850.794 11.174.000.00 SERIES 329 CLASS PO DUE 01101/33 STFUP FITM Cl REPO 04/15105 JOURNAL FEDERAL NATIONAL MTG ASSN 15,850.794 11.248.000 .00 SERIES 329 CLASS PO DUE 01101/33 STRIP FITM viEtZ TERM ENT 04/15105 JOURNAL FEDERAL NATIONAL MFG ASSN SERIES 353 CLASS 2 NNE 18,763.230 3,500.000 .00 5,000 FILM AZ TERM MENT 04/15105 JOURNAL FEDERAL NATIONAL MFG ASSN .18,763.230 4,211.000 00 SERIES 353 CLASS 2 5,000 FRM AI REPO 04/15..05 JOURNAL FEDL !the LOAN MTG Ca:Win10i 10 SERIES 228 CLASS 10 ININ -9.419.606 6,000 EISA Al REPO 04/15105 JOURNAL FEDL !CAE LOAN MTG OCAPeStOt 10 SERIES 228 CLASS I0 NNE 9.419,606 100.000,00 6,00031035 FILM AZ TERM AAENT 04/15105 JOURNAL FEDL !the LOAN MTG 0011PoSlOt 10 9.419,606 1.955.000.00 SERIES 228 CLASS I0 6,0003.035 EISA A2 TERM MENT 027 0430,0S:11:24 001 Y877 EFTA00196180 CLEARED THROUGH ITS YAICU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 29 )7 STATEMENT PERKO APOI 1. 2005 THROUGH /Vol 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Ale REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPRON SYMEMICLISIP QUANTITY DEBIT AMOUNT CREDIT AMOUNT 04/15105 JOURNAL FEDL HOME LOAN MTG CORPaS10110 9.419.606 2,013,000.00 SERIES 228 CLASS 10 6.000 FITM 11.2 TERM MENT 04/15105 JOURNAL FEDL NOME LOAN MI6 CCAPeSt Ot 10 -18.839.11 3.665.000.00 SERIES 228 CLASS 10 6.000 FITM 81 REPO A 04/I 5)05 INTEREST FEDERAL NATIONAL MFG ASSN 28.401.20 SERIES 329 CLASS PO STRIP DUE 013101. 0.000 FITM BZ REPO I 041505 INTEREST FEDERAL NATIONAL I.110 ASSN 296.53 SERIES 353 CLASS 2 DUE 07110. 5.000 FITM AZ REPO I 04/15105 INTEREST FEDL NOME LOAN MTG OCAPt/StOt 10 135.56 SERIES 228 CLASS 10 DUE 010 6.000 FITM AZ REPO I 04/15105 INTEREST FEDL NOME LOAN MTG OORPOS101 to 679.91 SERIES 228 CLASS 10 DUE lit* 6.000 FITM A2 REPO I 04/15105 INTEREST FEDL HOME LOAN MIG CORPS10710 5.082.82 SERIES 228 CLASS 10 DUE 0 6.000 FITM AZ REPO I 027 04300S:l 1:24 001 V877 EFTA00196181 CLEARED THROUGH ITS MIDIS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 30 CI STATEMENT PERKO April 1. 2005 THROUGH WI 29.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER WEIDER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SEDLEMEN1 TRADE DATE DATE TRANSACRON DESORPTION Smectocuser OUANTITT men AMOUNT criEcor AMOUNT 04/18/05 JOURNAL pm MTN) STATES TREASURY NOTE FITM 4,000 A2 15 70.000.000 67,550,000,00 TERM REPO AGREEMENT 04/18105 JOURNAL USTE0 TATE TREASURY NOTE -75.000.000 74.062.500.00 FITM Al 4,000 15 REPO AGREEMENT 04/18105 INTEREST UNITED STATES TREASURY NOTE 32,949,39 DUE 01111 4,000 FITM A2 REPO I 04/19105 JOURNAL UNITED SURY NOTE -60.000.000 59.100.000.00 FITM Al 4,000 5 REPO AGREEMENT 04/19/05 JOURNAL OWED SURY NOTE 75,000.000 74.062.500.00 FITM A2 4,000 15 TERM REPO AGREEMENT 04/19105 INTEREST UMTEO STATES TREASURY NOTE 822.92 DUE 02/ 4000 FITM A2 REPO I 04,20.05 JOURNAL FEDERAL NATIONAL MTO ASSN SERIES 352 CLASS 1 BIM -20,311.170 14.539.000.00 0F,M.0.14 IT001 Al REPO A 04.20,[05 JOURNAL FEDERAL NATIONAL 1,116 ASSN SERIES 352 CLASS 1 SIM 20,311.170 14.539.000.00 0F,M10034 IT001 A2 REPO A 027 04300S:11:24 001 V877 EFTA00196182 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 c, STATEMENT REMO APE11 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER ARARIER On FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMDET TRADE DATE DATE TRANSACTION DESCRPRON SYMBOL:VAR, °PARITY OMIT AMOUNT CREDIT AMOUNT 04/20/05 JOURNAL FEDERAL NATIONAL MIG ASSN -20.311,170 14.660.000 .00 SERIES 352 CLASS 1 0,001 1034 FIRM A3 REPO A 04/22+05 JOURNAL FEDL HOME LOAN PUG CORP#S10109 -8.251.045 1,837.000 .00 SERIES 227 CLASS D FIRM 81 REPO A10 . "00 4 0422+05 JOURNAL FEDL TOME LOAN hITGOORPOS10109 SERIES 227 CLASS 10 NMI 8.251,045 2.032.000.00 FSITM XIN 41. 1111134 A2 TERM Fon igligMENT 04/22+05 JOURNAL FEDL TOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 NMI 9.419,606 6.0003.035 FIRM A2 TERM AAENT 04/22+05 JOURNAL FEDL TOME LOAN MTG GORPOSIO1I0 NMI -6.593.724 wows SERIES 228 CLASS 10 6,000 FIRM Al REPO A 0422+05 JOURNAL FEDL TOME LOAN MIG CORP1S10110 -2.825.881 528.000.03 SERIES 228 CLASS D 6ITM F .000 AI REPO A 0422+05 JOURNAL j UNITED STATES TREASURY NOTE ATM Al MIN -50.000.000 49.062.500.00 4,000 15 REPO AGREEMENT 04/22+05 JOURNAL UNITED TALES TREASURY NOTE FIRM A2 NMI 60.000.000 59.100.000 .00 4,000 15 TERM REPO AGREEMENT 02/ 0430,06:11:24 001 V877 EFTA00196183 CLEARED THROUGH ITS 2HICELY OME*0 SUBSIOMEn, OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 32 STATEMENT PERK* &N11 1.2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On FOS REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT March 31.2005 SEDIMENT TRADE DATE DATE TRANSACTOR DESCRIPSON STLASCLCVSIP cumin? 0031T AMOUNT CREDIT AMOUNT 04/22/05 INTEREST FEDL HOME LOAN MTG OCAP#S10109 3,471.33 SERIES 227 CLASS 10 DUE Il 5.000 RIM AZ REPO I 04/22105 INTEREST UNITED STATES TREASURY NOTE 7.633.75 DUE 021 4.000 ATM n REPO I 04/25105 JOURNAL SERIES GOVERNMENT NATIONAL MTO ASSN 2004-5 CLASS PS SIM 4.300.000 FITI 3 N F)10. 33 A2 TERM MENU 04/25105 JOURNAL GOVERNMENT NATIONAL MTO ASSN SERIES 2004-5 CLASS PS MIK -26.400.000 F311 6° Al REPO A 04/25105 JOURNAL SERIES GOVERNMENT NATIONAL MTG ASSN 2004.5 CLASS PS MIK 22.100,000 2.142.000.00 FITI 3 N R)1100 33 A2 TERM MENT 04,25105 JOURNAL SERIES FEDL HOME LOAN MTG CORPoS10109 227 CLASS 10 3.882,844 FSITM XIM TERM MENT 04 25 05 JOURNAL SERIES FEDL HOME LOAN MTG 00APdS10109 INN -1.456966 WI 227 CLASS 10 5.000 F1TM REPO A 027 04400S:11:24 001 .871 EFTA00196184 CLEARED THROUGH ITS YOICALY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 33 0 STATEMENT PERIOD RPM 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER ON PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT WADE DATE DATE TRANSACTION DESORPTION svuecajvuslP Cowan DENT AMOUNT CREDIT AMOUNT 04/25105 JOURNAL FEOL NOME LOAN MTG OORP#S10109 -2.426,778 536.000.00 SERIES 227 CLASS 10 FSITM MNAllirAl REPO 04/26105 INTEREST GOVERNMENT NATIONAL MTO ASSN 2.607.29 SERIES 2004-5 CLASS PS DUE 02:110 3.960 ATM A2 REPO I 04/2845 RECEIVED UNTIED STATES TREASURY NOTE 50.000.000 50.375.000.00 DUE 03:31/2007 3.750 3,750 Clikt7 RIM Al RESALE T 04/2845 DELIVERED LIMTE0 STATES TREASURY NOTE -60.000.000 60.300.000.00 DUE 03/31/2007 3.750 3,7501101C7 Em FITM A2 TERM ENT 04/2845 INTEREST IMMO STATES TREASURY NOTE DUE 03/0 1760 MIN 59 228,00 CW29,65 JOURNAL MATEO TATES TREASURY NOTE 50.000.000 49.062.500.00 ATM A2 4.000 15 TERM REPO AGREEMENT 04/2945 JOURNAL UNITED 1 ASURY NOTE -60.000.000 59.400.000.00 FITM Al 4,000 15 REPO AGREEMENT 04/2945 DELIVERED UNITED STATES TREASURY NOTE -50.000.000 50.375.000 .00 DUE 03/31/2007 3.750 3,75031.07 FITM A2 TERM EEMENT 027 0430,0S:11:24 001 EFTA00196185 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 34 STATEMENT PERK* )14ATI1 1. 2005 THROUGH *11 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT March 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTICIT SYMEICASCUSIP OUANTITY DEBIT AMOUNT CREPT AMOUNT moms INTEREST UNITED STATES TREASURY NOTE 19.107.12 DUE 027 4.000 FITM A2 REPO I 04/29105 INTEREST TINTED STATES TREASURY NOTE 3.666.18 DUE OW. 1.750 TOTAL S-S42.459.166.81 $636.827202.34 MISCELLANEOUS DATE MD DAY TRANSACTION DESCRIPTION DEPT AMOUNT CREPT AMOUNT 04//01/05 JOURNAL TO CMDY NC 301.525.00 04/07105 JOURNAL TO CMDY NC MIS 288.806.75 04106/05 JOURNAL FR CMDY NC 61.362.50 04/11105 JOURNAL FR CMDY NC 118.787.50 04/12/05 JOURNAL FNMA-3OYR(FNMAKiTO 290.625.00 SETT.O41O5 6.000 DUE 04101/35 MBS NET 04/12/05 04/13/05 JOURNAL MAR 05 SPEC CLEARING FEES 9.150.00 04/13/05 JOURNAL FNMA 3OYR OTD 554.882.81 SETT, 04/05 5.000 DUE 04101/36 MBS NET 04/13/05 04/13/05 JOURNAL FNMA 3OYR OTD 228.125.00 SEM 04/05 5.500 DUE 04101/35 MBS NET 04/13105 027 0430,0S:11:24 001 sa177 EFTA00196186 CLEARED THRouGH ITS ynipsY CpmED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 35 0 STATEMENT PERIOD April 1. 2005 THROUGH April 29.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER ALIMER On File MISCELLANEOUS (continued) LAST STATEMENT Mardi 31.2005 DATE won TRANSACTOI DESCRIPTION MINT AMOUNT CREPT MAPINT 04/14105 JOURNAL TO CADY AC 319,187.50 04/14105 DELIVERED FRM 700.000.00 TRIP POOL 0021445 COUPON 5.0000 FINANCING NET PAIRCfF DIFF 04/14105 RECEIVED FEDERAL NATIONAL MTO ASSN 700.000.00 SERIES 353 CLASS 2 5.000 DUE 07/01/34 DUE 07 00 TRIP POOL 0021445 COUPON 5,0000 04/IS:OS JOURNAL FNMA-I SYR(FNMA-15)010 125.000.00 SER.04/05 4.500 DUE 41/20 MBS NET 04/15105 04/18/05 JOURNAL TOCMDYAC 348.087.50 04/1845 JOURNAL FMMA-15YR(FNMA-15)611) 221.875.00 SETT.0445 5.500 DUE 04/01/20 MBS NET 04/18/05 04,2005 RECEIVED FEDERAL NATIONAL MTG ASSN 121.000.00 SERIES 352 CLASS 1 0.001 DUE 07/01/34 DUE 07mh»nu n n01 TRIPS POOL 0021422 COUPON 0,0000 027 04300S:11:24 001 Van EFTA00196187 CLEARED THROuGH ITS MIDAS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 36 /,/ STATEMENT PERK* April I. 2005 THROUGH April 29.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMBER On File MISCELLANEOUS (continued) LAST STATEMENT Minn 31.2005 DATE CDAY TRANSAG11,1 DESCRIPTION DEBIT AMOUNT CREPT AMOUNT 04/20105 DELIVERED FEDERAL NATIONAL MTO ASSN 121.000,00 SERIES 352 CLASS 1 0,001 DUE 07101/34 DUE 07/01/2034 0,001 FITLI 1452191 TRIPS POCt 0021422 COUPON 0,0000 04/22/05 JOURNAL REV ENTRY 2.905 30.973,04 04/22/05 JOURNAL 04 TREAS REBATE A0 2-9 30.973,04 04/22/05 JOURNAL FR CMOY ANC 146,575,00 04/27105 JOURNAL FR CMOY ANC 21.412,50 04/2905 JOURNAL TO CMDY A/C 270.062.50 TOTAL 92.804.417.29 $2204.993.35 Trades Executed Pending Settlement SETTLEI.IEN1 TRADE DATE DATE TRANSACTION OESCRETION SIMEID.CUSP CAW/MY Pala DEBIT AMOUNT CREW AAIDUNT 05/02105 04/27105 BOUGHT GOVERNMENT NATIONAL MTO ASSOC 16073.792,00 7,1562 1.099.871,82 SERIES 2004-041 CLASS SE ISO 57160000 BS 05/02105 04/28/05 SOLD UNITED STATES TREASURY N3TE -50.000.000 00 100,0546 50.037.194 .29 • 03,625% AO 30 . 0 MATURITY GVER REF # GI181006 Al 027 0.300501:24 ON V87/ EFTA00196188 CLEARED THROUGH ITS YAIOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 37 c? STATEMENT PERIOD RPM 1. 2005 THROUGH April 29.2005 ACCCUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER ARAMER On Pile LAST STATEMENT Mirth 31.2005 sentEMENT TRADE DATE DATE TRANSACT/3N DESCRIPTION SiM80..CuSP 0.:ANNT. PRICE DEBIT AMOUNT CREPT AlKUNT 05/12/05 03/31105 BOUGHT FNMA-30YR(FNMA)GID 20.000.000.00 97.4921 19.498.437.50 SETT.OSt00 01111105.000% 57140000 BS 05/12)05 04/12)05 BOUGHT FNMA-30YR(FNMA)GID 20.000.000.00 98.1328 19.626.562.50 0. 00105.000% SETT.05/04 57300000 BS 0912105 04107/05 SOLD FNMA-30YR(FNMAJOID .40.000.000 ,00 97.9218 39.168,750 ,00 SETT.05/04 57220000 BS 05/12/05 03/31105 BOUGHT FNMA-30YR(FNMAJOID 20.000.000.00 99.8906 19.978.125.00 SETT.0S/0S 57150000 BS 05/12/05 04/12/05 BOUGHT FNMA-3cnitFNMAAID 20.000.000.00 100.3750 20.075.000.00 SETT 05:05 05.500% 57400000 BS 05/12/05 04/07105 SOLD FNMA-30YR(FNMA)G1D -40.003.000 ,00 100.2578 40.103.125 .00 SETT 05f0S 05.500% 57210000 BS TOTAL 580.277.996.82 $129.309.069.29 The thew *eon cti not ewers on eny other eaten o1 lee stelemert 027 04/30,06:11:24 001 Y077 EFTA00196189 CLEARED IHROLGH ITS wHOLLY °MED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PER100 Wirth 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEEISITE wmv.bearstearns.com THROUGH Mint 31.2005 ACCOUNT NUMBER What's In This Statement 1111111111111IIll I II TAXPAYER MAWR On Pile LAST STATEMENT PeOrualy 28.2005 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 0/0 JEFFREY EPSTEIN Transaction Detail 6 6100 RED HOOK QUARTER Trades Not Yet Settled 35 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvralenr 777.668 TOTAL VALUE OF SECURITIES THIS PERIOD 3,335,615 1336.828 LONG ACCRUED INTEREST 57,993 Fated 13.335.615 Income ft 11.175.677 NET CREDIT BALANCE 77,668 MO Current market value NET EQUITY THIS PERIOD $3,471,276 gag Last statements market value NET EOUITY LAST STATEMENT 1,517,425 CHANGE SINCE LAST STATEMENT 1,953,851 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. SIM 1W6 PordurY la dOsmaxdol psrposes only I Is net derided anti, dcarnta staternsd should Do marled for your worth Soo worn Sofa- monad reconorum 027 0601.136:09:09 001 Y876 EFTA00196190 CLEARED 'THROUGH 05 WHOLLY 00AE0 SUBSIDMA7 FINANCIAL TRUST CO INC 2 oi 4o STATEMENT BACKER IS PRINTED ON THIS PAGE 021 0.01650970 001 7870 EFTA00196191 CLEARED IHRCUGH ITS WHOLLY odhco SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 C/ STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AMBER On File MS PERI® YEAR TO DATE THIS PEPI00 LAST STATEMENT February 28.2005 Opening Balance $336,827.64 U.S. Govt. Bond Int. 178.611.89 2.510.456.45 Govt. Agency Int. 693.096.31 2.022.336.00 Securities Sold 956,588,364.34 Corp. Bond Int. 120.062.77 375,012.07 Dividends Interest 992,974.47 Credit Balance Int. 1.203.50 1,960.00 Miscellaneous 2,751,164.59 Reverse Repurchase Int. 323.157.29 826,531.30 Amount Credited $960,332,503.40 Total $1 316 131.76 $5 736 295.82 Securities Bought -955,829.656.15 Bond Purchase Int. -1.309.848.42 -3.500,285.37 Repurchase lnt. Exp. -177.727.19 -400,692.42 Dividends/Interest Charged -1,309.848.42 Miscellaneous -3,452.158.93 Amount Debited $-960.591.663.50 Portfolio Composition Net Cash Activity -259.160.10 CashtCash Equivalent 77.668 ClosingBatance $77,667.54 Fixed Income 3.335,615 Your Portfolio Allocation Total $3.413.283 Cash & Equivalent Cash Balance Summary 2% OPENS' CLOSING Margin 336.827 64 77,667.54 Net Cash Balance $336,827.64 $77.667.54 UnsPa0aLl imams deo* debt beano, anot, shy, market yews he alocabon perceenne is clewed Korn to absolute marital value of 027 O4,0u05:09:49 001 1/876 EFTA00196192 CLEARED THROUGH ITS WHOU.Y onne0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER MAWR OR File LAST STATEMENT Feminine 28.2005 /MPXET ESTIMATED [LAPIN( ciiisceenou SOTTECL CLSIP OIJANTITT PACE VALUE NWJAL IntWE )E101%) CASH BALANCE 77.668 TOTAL CASH & CASH EQUIVALENTS $77&68 FIXED INCOME Government & Agency Obligations ACC- ACCRUED ESTIAMED CURFEW' DESCRIPTION s•idect.c.usa TYPE CLU.% • PRICE 1AARKET VALLE /MEREST ANM.M1 iNCOME YEW IV FEDERAL NATIONAL MTG ASSN MRGN 13.326.665 8.3078 1.107.158 9217 553,057 49.9529 SERIES 2003.49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4.150% FACTOR — $4826993 FEDL HOME LOAN MTG CORP#S10110 MRGN 9,755.215 22.8438 2.228.457 48.776 585.313 26.2654 SERIES 228 CLASS 10 DATED DATE 0201/05 BOOK ENTRY ONLY DUE 02/01,2035 6.000% FACTOR — .97552156 Total Government& Agency Obligations $3,335,615 557.993 $1.138.370 TOTAL FIXED INCOME $3.335.615 $57,993 $1.138.370 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $57.993 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $1,138,370 YOUR PRICED PORTFOLIOHOLDINGS $3.413283 027 IMOIMS:ISMS 001 '.870 EFTA00196193 CLEARED 1.4ROuGH ITS viiiCti.v OMEO SUCISIOally OFFICE SERVICING YOUR ACCOUNT Beer Szer Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 5 STATEMENT PERKO March 1.2005 THROUGH Muth 31.2005 Acccurn NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER IMMER On He with Bear,Stearns& Co.Inc.outstanding as of date of statement LAST sTATEmENT February 28.2005 PLOCHASEr RENFINAFF PRICING PURCHASE PRICE; ACCRUED REPO CAMAITITY START DATE DATE PATE PRINCPAL MEREST* (FACE AMOUNT) CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 01/13/05 04/11/05 2.860 -2,601,000 -16.117 -22.100,000 SERIES 2004-5 CLASS P 4.1000 02/20/33 YOU SOLD FANNIEMAE STRIP (REPO) 01/13/05 04/11/05 2.860 -11.902,000 -73.752 -30.000,000 SERIES 329 CLASS PO 12/01/32 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 02/07/05 OPEN 0.000 -50.000,000 SERIES 2003-13 CLASS 5.1500 03/25/33 YOU SOLD FANNIEMAE STRIP (REPO) 03/14/05 04/11/05 3.020 -3,608,000 -5.448 -7.000,000 SERIES 346 CLASS PO 11(01/33 YOU SOLD FANNIEMAE STRIP (REPO) 03/16(05 04/15/05 3.030 -11.248,000 -15.147 -30,959,779 SERIES 329 CLASS PO 12/01/32 YOU SOLD FREDDIEMAC STRIP (REPO) 03116/05 04/15/05 3.030 -2,013,000 -2.710 -10.000,000 SERIES 228 CLASS 10 6.0000 02/01(35 YOU PROVIDED FANNIEMAE STRIP (MARGIN) 03/21/05 OPEN 0.000 -2.090.000 SERIES 346 CLASS PO 11/01/33 YOU SOLD USTR 4.0000 02/15/15 (REPO) 03/22/05 OPEN 1.990 -28.800.000 -15.120 -30.000.000 YOU SOLD FREDO1EMAC STRIP (REPO) 03/22/05 04/11/05 2.860 -2.018.000 -1.603 -10.000.000 SERIES 228 CLASS 10 6.0000 02/01/35 YOU SOLD FEDERAL HOME LOAN STRIP (REPO) 03/23/05 04/22/05 2.050 -2.032.000 -1.041 -8,500,000 SERIES 227 CLASS 10 5.0000 12/01/34 YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN) 03/23/05 OPEN 0.000 -11,500,000 SERIES 227 CLASS 10 5.0000 12/01/34 027 D.01.06:09:49 001 Y876 EFTA00196194 CLEARED THROUGH ITS MICELY CMY.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 C/ 4(1 STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 ACCCUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER MAUER On Flk with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT Pebuary 28. 2005 MACHU& REPURCHASE PRONG PURCHASE MCC ACCRUED REPO GUMMY START DATE DATE PATE PRINCIPAL MEREST* (FACE AMOUNT) CUSP DESCRIPTOR YOU PROVIDED FANNIEMAE STRIP (MARGIN) 03/28/05 OPEN 0.000 -910,000 SERIES 346 CLASS PO 11/01133 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 03/29/05 OPEN 0.000 -4.300,000 SERIES 2004-5 CLASS P 4.1000 02/20/33 YOU SOLD FANNIE MAE STRIP (REPO) 03/30/05 04/15/05 3.050 -4.429.000 -750 -20.000.000 SERIES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FREODIEMAC STRIP (REPO) 03/30/05 04/15/05 3.050 -100.000 -16 -10.000.000 SERIES 228 CLASS 10 6.000002/01/35 YOU BOUGHT USTR 3.0000 12:31/D6 (REVERSE) 03/21/05 OPEN 2.380 49.875.000 37.752 50.000.000 TOTAL REVERSE REPURCHASE TRANSACTIONS $49.875.000 $37.752 TOTAL REPURCHASE TRANSACTIONS 5-68.751.000 5.131104 'As c ILVVroaell <WO Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION STMEICECU5P OVAMire pr.cE DEER AMOUNT CMCAT ATFOUNT 03/01/05 02/28/05 SOLD UNITED STATES TREASURY BONDS .3D00.000 109.72266 3,291,679.69 05.375% FA 15 ACCR. INT. 6.236.19 . MATURITY OVER REF # 00591007 Al 027 01.0105:09:49 001 •.876 EFTA00196195 CLEARED THROuGH ITS wilEtLY CAM,E0 SUBSIOMAY OFFICE SERVICING YOUR ACCOUNT Beer Ster T Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 7 STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER OR Fee INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SY1A3011CUSV QUANTITY PRCE Mier AMOUNT CHEM AMOUNT 03/01/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1 SERIES 346 CLASS I DUE 1001/33 03/02/05 03/01/05 BOUGHT UNITED STATES TREASURY NOTE 10.000,000 96.92188 9.692,187.50 04,000% FA 15 ACCR. INT. 16.574.59 MATURITY REF # 60601000 Al 03/02/05 03/01/05 SOLD UNITED STATES TREASURY NOTE -10,000,000 96.89063 9,689,062.50 04 00051 FA 15 ACCR. INT. 16,574.59 MATURITY GYER REF # 00601005 Al 03/04/05 03/03/05 BOUGHT UNITED STATES TREASURY NOTE MI= 10.000.000 96.95313 9,695,312.50 04,000% FA 15 ACCR. INT. 18.784.53 MATURITY AVER REF # G062t002 Al 03107/05 03/04/05 SOLD UNITED STATES TREASURY NOTE -5.000.000 97.11719 4,855,859.38 04,000% FA 15 ACCR. INT. 11,049.72 MATURITY AVER REF # G0631009 Al 03109/05 03/08/05 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 96.95313 9.695.312.50 04,000% FA 15 ACCR. INT. 24.309.39 MATURITY AVER REF # 0067!033 Al 03109/05 03/08105 SOLD UNITED STATES TREASURY NOTE MEM 5 000 000 96.96875 4,848,437.50 04.000% FA 15 ACCR. INT. 12,154.70 0 iJATuRinr GVER REF #60671016 Al 021 04,01.05:09:4S 001 V876 EFTA00196196 CLEARED THROUGH ITS WIIC(LY OMS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Szewn Tir Bear. Stearns 8 Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 8 o STATEMENT PERIOD March 1.2005 THROUGH Marsh 31.2005 Transaction Detail (continued) ACCOUVT NUMBER TAXPAYER BANNER OR Ale INVESTMENT ACTIVITY (continued) LAST STATEMENT Februiuy 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRPTION STMEOLCUSE CATMINT PRICE DEBIT AMOUNT CABO MONO 03/14/05 03/03/05 CANCEL SELL FNMA 30YR. GM 10.000.000 100.81641 10,081,640.63 SEIT, 03/05 05.500% s AS OF 03103/05 7590000 BS TO CM. PREVIOUS SELL 03/14/05 03/04/05 BOUGHT immo 05,500% FNMA 30YR. GM SETT, 03/05 57110000 BS 10.000.000 101.06250 10.106.250 00 03/14/05 02/03/05 CANCEL SELL FNMA 30YR. GM iimos SETT, 03/05 05.500% EMI 10,000,000 101.51563 10,151,562.50 7710000 BS AS OF 02103/05 TO CM. PREVIOUS SELL 03/14/05 02/10/05 CANCEL SELL FNMA 30YR. GTO 10.000.000 101.67188 10.167.187.50 05.500% 7610000 BS AS OF 02/10105 TO CM. PREVIOUS SELL 03/14/05 03/01/05 CANCEL SELL FNMA 30YR. GTO 15.000.000 100.68750 15.103.125.00 SETT, 03/05 05.500% 57140000 BS AS OF 03/01105 TO CA. PREVIOUS SELL 03/14/05 02/17/05 BOUGHT FNMA 30YR. GM 15 000.000 101.55859 15,233,789.06 SETT, 03/05 11.005.500 , 57360000 BS 021 040i.05:09:0 001 V876 EFTA00196197 CLEARED THROUGH ITS MELLY EIDS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Reef Sear Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 9 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On Fee INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYMBEVOUSP GUMMY PRICE DEBIT AMOUNT GRECO AMOUNT 03/14/05 02/09/05 BOUGHT FNMA 30YR. GM 20,000,000 101.82422 20,364,843.75 ISS .505.500% 7310000 BS 03/14/05 03/03/05 SOLD FNMA 30YR. GTO -10,000,000 100.81641 10.081.640.63 SETT, 03/05 05.500% 57590000 BS 03/14/05 03/04/05 CANCEL BUY FNMA 30YR. DID -10,000,000 101.06250 10.106.250.00 SETT, 03/05 05.500% 57110000 BS AS OF 03/04105 TO CM. PREVIOUS BUY 03/14/05 02/03/05 SOLD FNMA 30YR. GM -10,000,000 101.51563 10,151,562.50 SETT, 03/05 05,500% 7710000 BS 03/14/05 02/10/05 SOLD FNMA 30YR. GM 10.000.000 101.67188 10.167.187.50 SETT, 03/05 cum% 7810000 BS 03/14/05 03/01/05 SOLD FNMA 30YR. GM SETT, 03/05 VIM -15.000.000 100.68750 15.103.125.00 111.105.500% 57140000 BS 03/14/05 02/17/05 CANCEL BUY FNMA 30YR. GTO -15.000.000 101.55859 15,233,789.06 SETT, 0305 001100105.500, 67360000 BS AS OF 02/17105 TO C)3. PREVIOUS BUY 021 04,01.05:09:40 001 .876 EFTA00196198 CLEARED THROuGH ITS YiNCtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Sear T Bear. Stearns & Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 10 c? 4:r STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER 'UMBER OR Ale INVESTMENT ACTIVITY (continued) LAST STATEMENT Pedals). 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION SYMOOLCUSIP 0.10/4111Y PRCE DEW AMOUNT VIEW AMOUNT 03/14/05 02/09/05 CANCEL BUY FNMA 30YR. GTO -20,000,000 101.82422 20,364,843.75 SETT, 03/05 05.500% k AS OF 02/09/05 7310000 BS TO CXL PREVIOUS BUY 03/14/05 03/01/05 CANCEL SELL FNMA-30YRIFNMAIGTD 10.000.000 98.35156 9.835,156.25 SETT.03105 1.005.003 ,. 57060000 BS AS OF 03/01/05 TO CXL PREVIOUS SELL 03,14,05 03,03:05 CANCEL SELL FNMA-30YR(FNMA)GTD 10,000.000 98.53516 9.853.515.63 000505.000,:: SETT.03/05 7650000 BS AS OF 0310345 TO CXL PREVIOUS SELL 03/14/05 03/04/05 BOUGHT FNMA-30YR(FNMA)GTD SE T.0305 MEI 10.000,000 98.77734 9.877,734.38 0.0005.0Co3v: 57120000 BS 03/1405 02/03,105 BOUGHT FNMA-30YR(ENMA)GTO 10 000.000 99.43750 9,943,750.00 SETT.03,05 05.000,4 57750000 BS 03/1405 02/17/05 BOUGHT FNMA 30YR(FNMA)GTO 10.000.000 99.54297 9,954,296.88 SETT.03 05 05.000 . 57300000 BS 02/ 0401.05:09:49 001 7876 EFTA00196199 CLEARED THROUGH ITS YOICtLY 01MAED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 STATEMENT PERKO March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUTA3ER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR OESCRPTION STMEIEL.CuSA OVANTry PACE DEBIT AMOUNT CRECIT AMOUNT 03/14/05 02/10/05 CANCEL SELL FNMA-30YR(FNMA)G1D 10,000.000 99.73828 9.973.828.13 SET .03105 1.11.15 °57.60700 0000 96 BS AS OF 02/10/05 TO CXL PREVIOUS SELL 03/14/05 03/01/05 SOLD FNMA-30YR(FNWOGTO -10.000,000 98.35156 9,835,156.25 SETT.03105 57060000 BS 03/14/05 03/03/05 SOLD FNMA-30YR(FNWOGTD VIM -10,000,000 98.53516 9,853,515.63 00#1.5 SEITMICIS °5.°00% 7650000 BS 03/14/05 03/04/05 CANCEL BUY FNMA-30YR(FNWOGTO -10.000,000 98.77734 9,877,734.38 SET .03105 05.000% 57120000 BS AS OF 03/04105 TO CA. PREVIOUS BUY 03/14/05 02/03/05 CANCEL BUY FNMA-30YR(FNWOGTO -10.000,000 99.43750 9.943.750.00 SETT.03/05 010.11 5 05 7;0:0%0 as 00 AS OF 02/03/05 TO CM. PREVIOUS BUY 01/14/05 02/17/05 CANCEL BUY FNMA-30YR(FNMAJGTO -10.000.000 99.54297 9.954.296.88 SETT.03 os 05,000 57300000 BS AS OF 0217 OS TO CXL PREVIOUS BUY 027 01101.05IYA49 001 .R7e EFTA00196200 CLEARED THRouGH iTs Tempi:, GMT*/ SUEISIOTAny OFFICE SERVICING YOUR ACCOUNT Beer Styr Tir T Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 12 STATEMENT PERK* Marsh 1.2005 THROUGH Minh 31.2005 Transaction Detail (continued) ACCOUST NUMBER TAXPAYER AMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCEM'TION STIIEKVCUSP GUMMY PRICE DEBIT AMOUNT GRECO AMOUNT 0314/05 02/10/05 SOLD FNMA-30YR(FNMA)GID -10,000,000 99.73828 9,973,828.13 SETT43105 05400% 7670000 BS 03/14/05 02/03/05 BOUGHT FNMA 30YRIFNMATGTD 20,000,000 103.01563 20403,125.00 SETT, 03/05 06,000% 7730000 BS 03/14/05 02/09/05 CANCEL SELL FNMA 30YR(FNMA) GTD 20,000,000 103.18750 20437,500.00 010. 506.00014 SETT, 03/05 7340000 BS AS OF 024945 TO CM. PREVIOUS SELL 03/14/05 02/03/05 CANCEL BUY FNMA 30YR(FNMA) GTD -20,000,000 103.01563 20,603,125.00 SETT. 03/05 06400% 7730000 BS AS OF 02/03105 TO CxL PREVIOUS BUY 03/14/05 02/09/05 SOLD FNMA 30YRIFNMATGTD -20.000.000 103.18750 20.637.500.00 SETT. 03/05 0110 5 06.000% 7340000 BS 03/14/05 03/11/05 SOLD FEDERAL NATIONAL MTG ASSN -4.978.135 76.45313 3.805.940.34 SERIES 352 CLASS I 0000I% 57110000 BS 03/14/05 03/11/05 BOUGHT UNITED STATES TREASURY NOTE 8.000.000 98.94531 7,915,625.00 03.125% II 31 ACCR. NT. 29.005.52 3. MATURITY GVER REF # 00701010 Al 027 0•01.06.49:49 001 7876 EFTA00196201 CLEARED THROuGH ITS valCsLY 0‘1T,*0 SUBSIO4ARY OFFICE SERVICING YOUR ACCOUNT Beer Steam. SO •it' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 13 STATEMENT PERK* March 1.2005 THROUGH Much 31.2005 Transaction Detail (continued) ACCOUVT NUMBER TAXPAYER MAKER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCATTION 10.180..CIISP Gowan' viva DEBIT AMOUNT CREPT AMSUNT 03/15/05 03/14/05 BOUGHT UNITED STATES TREASURY NOTE 25.000.000 98.80078 24,700,195.31 03,000% JD 30 ACCR. INT. 153,314.92 . MATURITY GVER REF # 60731012 Al 03/16/05 03/14/05 SOLD FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO MEI -7,882.556 77.21875 6,086,811.75 STRIP 01 1111/57300000 BS 03/16/05 03/14/05 BOUGHT FEDL HOME LOAN MTG CORP#510110 SERIES 228 CLASS 10 MEI 9.755,215 ACCR. INT. 22.78125 2.222.360.05 24.38204 06,00054 57200000 BS AS OF 03/14105 ACCRUES CH 1ST. PAYS ON 25TH 03/16/05 03/15/05 SOLD UNITED STATES TREASURY NOTE 04,000% FA 15 _10.000,000 95.67188 9,567,187.50 ACCR. INT. 32,044.20 MATURITY GVER REF # 60741007 Al 03/18/05 03/16/05 SOLD FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 MEI -2,979,264 77.59375 2,311,723.34 iii57230000 BS 03/18/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO MEM -1 DUE 01/01/33 STRIP ADJUST POSITION 03/21/05 03/18,105 BOUGHT UNITED STATES TREASURY NOTE 25,000.000 98.84375 24,710,937.50 03,000% JD 30 ACCR. INT. 165,745.86 . 0 MATURITY GVER REF # 60771013 Al 021 0401.05:09:46 001 V676 EFTA00196202 CLEARED THROuGH ITS ?RIMY (AM,ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Roe) Tir T Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 14 STATEMENT PERK* Meat 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER K1. ER On Fie INVESTMENT ACTIVITY (continued) LAST STATEMENT PeOrtliVy 28.2005 SETTLEMENT TRADE DATE DATE TRANSACT/DR OESCRPTION SYMBISUCLISTP civomily Pma DEBIT AMOUNT GRECO ANCTUNT 03/21/05 03/18/05 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 98.84375 49,421,875.00 JO 30 ACCR. INT. 331,491.71 MATURITY Ri GvER REP it 0077i0t3 Eti 03/21/05 03/18/05 BOUGHT UNITED STATES TREASURY NOTE 50,000,000 98.84375 49,421,875.00 03,000% JO 30 ACM. INT. 331,491.71 MATuRITY GYER REe#60771013 CI 03/21/05 03/18/05 BOUGHT UNITED STATES TREASURY NOTE 13,000,000 95.98047 12.477.460.94 04,000% FA 15 ACCR. NT. 48,839.78 MAIVRITY GYER REF e 60771006 Al 03/21/05 03/18105 BOUGHT UNITED STATES TREASURY NOTE 04,000% FA 15 IMO 13.000,000 96.03125 12.484.062.50 ACCR. INT. 48,839.78 0 MATuRITY GYER REF # 60771000 Al 03/21/05 JOURNAL EDERAL NATIONAL MTG ASSN -1 SERIES 346 CLASS 1 WE teal/33 03/22/05 03/18/05 SOLD FEDERAL NATIONAL MTG ASSN -14.252.296 25.62500 3,652,150.94 SERIES 353 CLASS 2 ACCR. INT. 41,569.20 iiii 5 075,1040 00% 000 ss ACCRUES ON 1ST. PAYS ON 25TH 03/22/05 03/18105 BOUGHT FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLAS0 S71.1008000% ss MIS 9.755.215 ACCR. NT. 22.48438 2,193,399.26 34,143.25 6 000 ACCRUES ON 1ST. PAYS ON 25TH 021 0401.05:09:49 001 V876 EFTA00196203 CLEARED THROUGH ITS MELLY EIDS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Reef S;Bun Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 15 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER 'UMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT FebruEuy 26.2005 SETTLEMENT TRADE DATE DATE TRANSACT/3N DESCRIPTION SOA80..CLISP OVANTITY PRICE DEBIT AMOUNT CREC0 AMOUN1 03/22/05 03/21/05 SOLD UNITED STATES TREASURY NOTE -26.000,000 95.82813 24,915,312.50 04.000% FA 15 ACCR. INT. 100,552.49 . 0 MATURITY OVER REF # 60801006 Al MVOS 03121;05 SOLD FEDERAL NATIONAL MTG ASSN -14.252,296 25.93750 3.696.689.37 SERIES 353 CLASS 2 ACCR. INT. 43.548.68 05,000% 57270000 BS ACCRUES CH 151. PAYS ON 25TH 03/23/05 03/21/05 BOUGHT FEDL HOME LOAN MTG CORP#S10110 9.755,215 23.03125 2.246.748.09 SERIES 228 CLASS 10 ACCR. NT. 35.769.13 06.000% 57310000 BS ACCRUES ON 1ST. PAYS ON 25TH 03/24/05 JOURNAL FEDL HOME LOAN MTG CORP#510109 1 SERIES 227 CLASS 10 5,000 DUE 12/01/34 ADJUST POSITION 03128/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 199.741.03 SERIES 329 CLASS PO DUE 01/01/33 STRIP PAIN RID 02-05 ND 03-25-05 REPO P 81 0.0000 0328/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 238.243.25 SERIES 329 CLASS PO WE 01/01/33 STRIP PAIN RID 02-05 ND 03-25-05 REPO P 8I 0.0000 03/28/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 285.891.90 SERIES 329 CLASS PO WE 01/01/33 STRIP PAIN RID 02-05 ND 03-25-05 REPO P 8I 0.0000 021 04010509:4S 001 Y876 EFTA00196204 CLEARED THROuGH ITS wHOtLY CAM,E0 SUBSIOMTve OFFICE SERVICING YOUR ACCOUNT Beer Stea•nb SO •it' • Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 16 STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER CD File INVESTMENT ACTIVITY (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESORPTION SiM130...CuSP °WITT PLACE DEBIT AMOUNT CPEDIT ATAOUNT 0328/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN .241.672 SERIES 2003-49 CLASS SW 4,350 DUE 01/25/33 PRINCIPAL REDUCTN 03-25-05 03/28305 PRINCIPAL FEDERAL NATIONAL MTG ASSN 12,62220 SERIES 346 CLASS 1 WE 11/01/33 PAIN RID 02-05 ND 03-25-05 REPO P 8I 0.0000 0328/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 25.244.40 SERIES 346 CLASS WE 11/01/33 PRIN RID 02-06 ND 03-25-05 REPO P 81 0.0000 03/28/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 59,227.25 SERIES 346 CLASS WE 11/01/33 PRIN RID 02-05 PM 03-25-05 REPO P 81 0.0000 03128/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 97.093.85 SERIES 346 CLASS WE 11/01/33 PAIN RID 02-06 PN 03-25-05 REPO P 81 0.0000 03/28/05 PRINCIPAL FEDERAL NATIONAL MTG ASSN 85.727.46 SERIES 352 CLASS 0.001 DUE 07/01/34 NUN RID 02-06 ND 03-25-05 REPO P 81 0.0000 03/30/05 03/28/05 SCLO FEDERAL NATIONAL MTG ASSN -14.252.296 26.34375 3,754,589.32 SERIES 353 CLASS 2 ACCR. MT. 57,405.08 7120000 BS ACCRUES ON 1ST. PAYS ON 25111 021 0401.05:09:4S 001 V876 EFTA00196205 CLEARED THRouGH ITS YAICU.Y OmnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 0 4:r STATEMENT PERO° March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) AcccuNT NUMBER TAXPAYER WEISER On hie INVESTMENT ACTIVITY (continued) LAST STATEMENT PeOcuag 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION ST1.1001XUSIP °WHINY FOCE DEBIT AMOUNT CFECCT A/hOcter 03/30/05 03/28/05 BOUGHT FEDL HOME LOAN MTG CORP#S10110 9,755.215 23.90625 2,332,106.23 SERIES 228 CLASS 10 ACM. INT. 47.150.21 10111115 06 7.10100 0000 96 BS ACCRUES ON 1ST. PAYS ON 25TH 03/31/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1 SERIES 353 CLASS 2 5.000 DUE 07/01,34 TOTAL 5-412A06.610.51 $273.687.675.03 INTEREST DATE DESORPTION STMEOALTSIP OuMffilY RATE IST DENT AMOUNT CREO11 AMOUNT 03/01/05 AVG BAL 860.06ORT 1.799 1.203.50 021 OFFICE INTEREST 0205 03/15/05 FEDL HOME LOAN MTG CORP#S10109 NMI 5.0000 24,673.31 SERES 227 CLASS 10 DUE 12/01/2034 5.000 INT RID 02-05 P,D 03-15-05 REPO P &I sp000 03/15/05 FEDL HOME LOAN MTG CORP#510109 5.0000 57,571.07 SERIES 227 CLASS 10 DUE 12/01/2034 5,000 INT RID 02-05 P,D 03-15-05 REPO P &I 5.0000 03/21/05 GOVERNMENT NATIONAL MTG ASSN 4.3510 15.594.20 SERES 2004-5 CLASS PS DUE 02/20/2033 4.351 INT RID 02-05 P,D 03-20-05 REPO P SI 4.3518 027 OA.ONO5:O9:49 001 Yralt EFTA00196206 CLEARED THROuGH ITS yinCELY ODY*0 MJEINDany OFFICE SERVICING YOUR ACCOUNT Beer Siewn Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 18 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WESER On File INTEREST (continued) LAST STATEMENT Fetuses)/ 28.2005 DATE DESCRIPTION STMECUOUSIP OUNIRITY RATE PE DEBIT AMOUNT CREDIT AMOUNT 03/21/05 GOVERNMENT NATIONAL MTG ASSN 4.3510 63,827.43 SERIES 2004-5 CLASS PS DUE 02/20/2033 4951 TNT RID 02-05 PA) 03-20-05 REPO P 8I 49518 03/21/05 GOVERNMENT NATIONAL MTG ASSN 4.3510 80,146.94 SERIES 2004-5 CLASS PS DUE 02/20/2033 4,351 INT RID 02-05 PA) 03-20-05 REPO P 8I 49518 03/28/05 FANNIE MAE CMOSERIES 2003-13 5.3500 120,062.77 S RCA-I/0 RTR DUE 03/25/2033 5950 INT RID 02-05 PA) 03-25-05 REPO P 8I 59500 03/28/05 FEDERAL NATIONAL MTG ASSN 4.3500 49.1&5.22 SERES 2003.49 CLASS SW DUE 01/25/2033 4950 INTEREST PAYMENT 03-25-05 03/28/05 FEDERAL NATIONAL MTG ASSN 5.0000 119.803.93 SERIES 353 CLASS 2 DUE 07/01/2034 5,000 INT RID 02-05 PA) 03-25-05 REPO P 8I 59000 03/28/05 FEDERAL NATIONAL MTG ASSN SERES 353 CLASS 2 IMO 5.0000 139,771.25 DUE 07/01/2034 5900 INT RID 02-05 PA) 03-25-05 REPO P 8I 59000 TOTAL $671,839.62 027 OAOI XIS:09:4S 001 Y878 EFTA00196207 CLEARED THROuGH ITS MOST ORRED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 c? 4:I STATEMENT PERIOD MUM 1.2005 THROUGH MUER 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT February 28.2005 with Bear,Stearns& Co.Inc. SETILEMENT TRADE DATE DATE TRANSACTION DESCRPECII SIDAEICtiCUSIP WNW( DEBIT AMOUNT CREDO' AMOUNT 03/01/05 JOURNAL UNITED TATE TREASURY BONDS 3,000,000 3,322,500.00 ATM A2 5.375 1 TERM REPO AGREEMENT 03/01/05 INTEREST UNITED STATES TREASURY BONDS 1,568.04 DUE 02/11. 5,375 NM A2 REPO I 0304;05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 4.300.000 SERIES 2004-5 CLASS PS 4.351 RIM r2 TERM MENT 03/04/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CLASS PS MEM -4.300.000 444.000.00 4.351 *U FITM AI REPO A 03/04/05 JOURNAL UNITED EASURY NOTE 30.000.000 29.475.000.00 FITM 52 4,000 , 15 TERM REPO AGREEMENT 03/04/05 JOURNAL UNITED EASURY NOTE -40.000.000 38,800,000.00 FRM Al 4.000 15 REPO AGREEMENT 03/04/05 INTEREST UNITED STATES TREASURY NOTE 23,645.50 DUE OA. 4,000 RIM n REPO I 03/07/05 JOURNAL UNITED TATES TREASURY NOTE -35,000.000 34.125.000.00 NM Al 4.000 15 REPO AGREEMENT 027 0401.05.09y1S 001 Y876 EFTA00196208 CLEARED THROUGH ITS WIICtLY omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 c! 4: STATEMENT PERK* Mann 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT February 28.2005 SETTLEMENT TWEE DATE DATE TRANSACTION DESORPTION SVIABEIJCUSIP OVANTITY DEBIT AMOUNT CREDIT AMOUNT 03/07/05 JOURNAL UNITED TATES TREASURY NOTE 40,000.000 38.800.000.00 FITM A2 4.000 15 TERM REPO AGREEMENT 03/07/05 INTEREST UNITED STATES TREASURY NOTE 1.584.33 DUE 023111. 4,000 FITM n REPO I 01/09M5 JOURNAL FITM UNITED EASURY NOTE 35.000.000 34,125,000.00 52 15 TERM REPO AGREEMENT 01/09M5 JOURNAL UNITED EASURY NOTE -40,000.000 38.500.000.00 FITM Al 4.000 15 REPO AGREEMENT 01/09X15 DELIVERED UNITED STATES TREASURY NOTE -8.000.000 7.990.000.00 DUE 01/31/2007 3,125 3.125)11(7 w RIM A2 TERM ENT 03/09/05 RECEIVED UNITED STATES TREASURY NOTE 8,000,000 7.990.000.00 DUE 01/31/2007 3,125 3,125 7 FIN A3 TERM ENT 01/09/05 INTEREST UNITED STATES TREASURY NOTE 2.644.69 DUE 02/101. 4,000 FITM A2 REPO I 03/09/05 INTEREST 1,125 UNITED STATES TREASURY NOTE DUE OW/ 5.166.87 027 0401.05:09:4S 001 V876 EFTA00196209 CLEARED THROUGH ITS MICALY ONT.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 21 0 4:I STATEMENT PERK* March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Febuary 28.2005 SETTLEMENT TMIDE DATE DATE TRATISACRON DESCRPRON SYMEMJCUSIP CAMMily DEIST AMOUNT CREW' AMOUNT 03/09/05 INTEREST UNITED STATES TREASURY NOTE 5.166.87 DUE 011 3.125 ATM A3 RESALE 03/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN -11,014,443 7.646.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM AIM. Al REPO 03,10/05 JOURNAL FEDERAL NATIONAL MTG ASSN 11.014.443 8.514.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP FMA TERM RIFIRM AI NT 0310105 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO VIM -13,137.594 9,120,000.00 DUE 01101/33 STRIP ATM Al REPO Si 03/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN 13.137.594 9.695.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP RRA TERM ENT 03/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 Miff 3.180.365 DUE II, ATM A2 TERM MENT 03/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN -3.180.365 2,202,000.00 SERIES 346 CLASS 1 DUE I 1 FITM lip Al REPO A 027 0:01.05:09:49 001 EFTA00196210 CLEARED THROuGH ITS VASCO.? OMT,*0 SURSIOIARY OFFICE SERVICING YOUR ACCOUNT Beer Siert. Se •it' • Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 22 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WIRIER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Fetnia4 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STMBOL,CvStp WWII/ DEBIT AMOUNT CREDIT AMOUNT 03/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN -4,978,135 3,395,000.00 SERIES 352 CLASS 0,001 FFONT r Al REPO A 03/10/05 JOURNAL FEDERAL NATIONAL MTG ASSN 4,978,135 3.784.000.00 SERIES 352 CLASS 1 0.001 FITM AZ TERM MENT 03/10/05 INTEREST FEDERAL NATIONAL MTG ASSN 7.486.69 SERIES 329 CLASS PO STRIP DUE Oj ai 0.000 ATM AZ REPO I 03/10/05 INTEREST FEDERAL NATIONAL MTG ASSN 18.475.38 SERIES 329 CLASS PO STRIP DUE 01 0,000 FITM AZ REPO i 03/10/05 INTEREST FEDERAL NATIONAL LOG ASSN 8,211.28 SERIES 352 CLASS 1 DUE 07.0. 0.001 NM AZ REPO i 03/14 ,05 JOURNAL FEDERAL NATIONAL MTG ASSN -5,213.713 3.608.000.00 SERIES 346 CLASS I DUE 11. FiTM Al REPO A 03/14/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 MIK 5,213,713 3,972,000.00 DUE I1 Rill e ATM AZ TERM MENT 07/ 0401.0593:49 001 'Ws EFTA00196211 CLEARED THROuGH ITS IMICALY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 23 ci 4: STATEMENT PER000 March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT PeOruaty 28.2005 SETILEMENT WADE DATE DATE TRANSACTION DESCRIEMON SYLABC1JCUSIP OMMITIN DEBIT AMOUNT CREDIT AMOUNT 03/14/05 JOURNAL FEDERAL NATIONAL MTG ASSN 4,978,135 3,395,000.00 SERIES 352 CLASS 1 0,001 4 FITM 31.2 TERM MENT 03/14/05 DELIVERED UNITED STATES TREASURY NOTE DUE 01/31,2007 3,125 MIS -8,000,000 7.990.000.00 3,125)01/11,7 FITM A4 TERM AGREEMENT 03/14/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 MIS 8.311.41 DUE Ili. 0,000 FITM A2 REPO I 03/14/05 INTEREST FEDERAL NATIONAL MTG ASSN 1,131.67 SERIES 352 CLASS 1 DUE 071. 0,001 FITM A2 REPO I 03/14/05 INTEREST UNITED STATES TREASURY NOTE 7.739.20 DUE 01/ 3125 RIM A4 RESALE oatist5 JOURNAL GOVERNMENT NATIONAL MTG ASSN .300.000 SERIES 2004-5 CLASS PS 4,351 FITM AI REPO 0315;05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 4,300,000 444,000.00 SERIES 2004-5 CLASS PS 4,351111 FITM K A2 TERM ENT 027 0401.135:09A1S 001 Y876 EFTA00196212 CLEARED THROUGH ITS YITIOlLY °MED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 c? 4: STATEMENT PERIOD Match 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Fda REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT PeOEUEUX 28.2005 SETTLEMENT TRADE DATE DATE TIMISACRON DESORPTION SYMECLOCUSIP °GAMIN DEBIT AMOUNT CREDIT AMOUNT 03/15/05 RECEIVED UNITED STATES TREASURY NOTE 175,000,000 174,562,500.00 DUE 12/31/2006 3,000 3,000 FITM Al RESALE T 03/15/05 DELIVERED UNITED STATES TREASURY NOTE DUE 12/31/2006 3,000 MIN -200,000.000 200.000.000.00 3,000 FITM RW2 TERM EEMENT 03/15/05 INTEREST GOVERNMENT NATIONAL MTG ASSN 400.22 SERIES 2004-5 CLASS PS DUE 4,351 FRM A2 REPO I 03/15/05 INTEREST UNITED STATES TREASURY NOTE 243,944.44 DUE I Z. i ,000 03/16/05 JOURNAL FEDERAL NATIONAL MTG ASSN 11,014,443 7,646,000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP FRM Mr A2 TERM MENT 03,16,05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO NNE 13,137,594 9,120,000.00 DUE 01/01/33 STRIP ATM TERM air A2 MENT 03,16,05 JOURNAL FEDERAL NATIONAL MTG ASSN -16,269.480 11.248.000.00 SERIES 329 CLASS PO DUE 01t01/33 STRIP ATM 81 REPO A 027 0401.05:0:49 001 Y876 EFTA00196213 CLEARED THROUGH ITS YiliCtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 c! 4: STATEMENT PER000 March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pole REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Fehruant 28.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESORPTION SYMBOLCvStP Gummy DEBIT AMOUNT CREDIT AMOUNT 03/16/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 -9.755,215 2,013,000.00 SERIES 228 CLASS 10 6am F,000plair m REPO 03/16/05 JOURNAL UNITED EASURY NOTE -30.000.000 28.650.000.00 FITM Al 4,000 15 REPO AGREEMENT 03/16/05 JOURNAL UNITED EASURY NOTE 40.000.000 38.500.000.00 FITM A2 4,000 15 TERM REPO AGREEMENT 0316/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO MEN 3.823.00 STRIP DUE 013.0. 0,000 FITM A2 REPO I 0316/05 INTEREST FEDERAL NATIONAL MTG ASSN 4.560.00 SERIES 329 CLASS PO STRIP DUE 01,10 0,000 FITM A2 REPO I 03/16/05 INTEREST UNITED STATES TREASURY NOTE 6.684.03 DUE 02:1110 4,000 FITM A2 REPO I 03/18105 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 NMI .201.100 DUE 11 FITM IMF Al REPO A 027 0401A3S:09:4S 001 'WE EFTA00196214 CLEARED THROUGH ITS ORY.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 26 4:I STATEMENT PER000 March 1.2005 THROUGH Mirth 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Psalm/ 28.2005 SETILEMENT TRACE DATE DATE TRANSACTION DESCRIPTION STIAEICIJCUSIP CUMIN DEBIT AMOUNT CREDIT AMOUNT 03/18/05 JOURNAL FEDERAL NATIONAL MTG ASSN 3,180,365 2,202,000.00 SERIES 346 CLASS I DUE II FITM A2 TERM ENT 03/18/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 MI= 1,468.00 DUE 11t 0,000 FITM A2 REPO I 03/21/05 JOURNAL FEDERAL NATIONAL MTG ASSN 201.100 SERIES 346 CLASS I DUE IAS I FITM A2 TERM MENT 01,21/05 JOURNAL FEDERAL NATIONAL MTG ASSN -1.556.665 SERIES 346 CLASS DUE I I FITM Al REPO A 01,21/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS MIK 1.355.565 1.000.000.00 DUE II FITM A2 TERM ENT 01,21/05 RECEIVED UNITED STATES TREASURY NOTE 50.000.000 49.875.000.00 DUE 12131/2006 3,000 F3ITM .000 l Al RESALE T 03/21/05 DELIVERED UNITED STATES TREASURY NOTE -175.000.000 174.562.500.00 DUE 12/31/2006 3,000 3,000 FITM AWL TERM EEMENT 027 0401.05:09:4S 001 Y876 EFTA00196215 CLEARED THRouGH ITS OMY*0 SUBSIOTAIly OFFICE SERVICING YOUR ACCOUNT Beer Sten. Se •it' • Bear. Stearns & Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 27 STATEMENT PER000 March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On Edo REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Febuary 28.2005 SETTLEMENT TRADE DATE DATE TRMISACSON DESORPTION SYTABIELGyMP I:COMM DEBIT AMOUNT CREDIT AMOURS' 03/21/05 JOURNAL UNITED TATE TREASURY NOTE 30.000.000 28,650,000.00 ATM A2 4.000 15 TERM REPO AGREEMENT 01+21/05 JOURNAL UNITED ATM EASURY NOTE Al EWE .56,000.000 53.830.000.00 4,000 15 REPO AGREEMENT 03/21/05 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 346 CLASS 1 MEM 1.926.67 DUE 11r 0.000 FILM A2 REPO I 03P21/05 INTEREST UNITED STATES TREASURY NOTE DUE I21.1 1.000 MI= 71,473.65 03/21/05 INTEREST UNITED STATES TREASURY NOTE DUE 02:111. 4.000 WEE 10.035.46 ATM A2 REPO I 03/22/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CLASS PS MEM 4.300.000 4100 RIM A2 TERM MENT 03/22/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004.5 CLASS PS MEM -4,300,000 427..000.00 4.100 FITM Al REPO A 03/22/05 JOURNAL FEDERAL NATIONAL MTG ASSN 14252,296 3.322.000.00 SERIES 353 CLASS 2 5.000 FFONT r Al REPO A 021 0401.05:09:49 001 Yeas EFTA00196216 CLEARED THROuGH ITS wisCtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Stea•nt. Se •it' • Bear. Stearns 8 Co. Inc. B STU URNS =Pm FINANCIAL TRUST CO INC 28 STATEMENT PERK* Mirth 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OR PIM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT Pebruaiy 28.2005 STATEMENT TRADE DATE DATE TRANSACTION DESCRPTICH STMEICLCVSIP ovNTin DEBIT AMOUNT CREDIT AMOUNT 03/22/05 JOURNAL FEDERAL NATIONAL MTG ASSN 14,252.296 3,322,000.00 SERIES 353 CLASS 2 5. FITM 000 . i 1 rn REPO A 03/22/05 JOURNAL FEDERAL NATIONAL MTG ASSN -14,252,296 3.322.000.00 SERIES 353 CLASS 2 5,000 Ai FITM AS REPO A 03/22/05 JOURNAL FEDERAL NATIONAL MTG ASSN -14,252,296 3.400.000.00 SERIES 353 CLASS 2 5,000 lai RIM r A3 REPO A 03/22/05 JOURNAL FEDERAL NATIONAL MTG ASSN 14,252,296 3,400,000.00 SERIES 353 CLASS 2 5.000 SW RIM A4 REPO A 03/22/05 JOURNAL FEDERAL NATIONAL MTG ASSN 28,504.592 6,406,000.00 SERIES 353 CLASS 2 5.000 FITM RIMIC36 TERM ENT 03/22/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 -9.755,215 2.018.000.00 SERIES 228 CLASS 10 6,0001.35 FITM Al REPO 03/22/05 JOURNAL F111 4 E II EASURY NOTE -30.000.000 28.800.000.00 Al 4 ,000 Is REPO AGREEMENT 03/22/05 JOURNAL UNITED EASURY NOTE 56.000.000 53.830.000.00 RIM A2 4.000 15 TERM REPO AGREEMENT 027 0.01.05:09:4S 001 '.876 EFTA00196217 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 29 c? 4: STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUmBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT February 28.2005 SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPTION SIMADDUICUSIP OVANTITT MIT AMOUNT CREDIT AMOUNT 03/22/05 INTEREST FEDERAL NATIONAL MTG ASSN 34,606.64 SERIES 353 CLASS 2 DUE 07111. 5.000 FITM B6 REPO I 03/22/05 INTEREST UNITED STATES TREASURY NOTE 3,887.72 DUE 02t 4.000 FITM A2 REPO I 03/23/05 JOURNAL FEDERAL NATIONAL MTG ASSN 14.252.296 3,322,000.00 SERIES 353 CLASS 2 5,000 0.111134A6 FIRM TERM MENT 03/23/05 JOURNAL FEDL HOME LOAN MTG CORP#510109 13,731.183 SERIES 227 CLASS 10 FSIT114 "0 310KA2 TERM ENT 03/23/05 JOURNAL FEDL HOME LOAN MTG CORP#510109 5.884.792 SERIES 227 CLASS 10 5.000 FITM 30. 34A2 TERM MENT 03123/05 JOURNAL FEDL HOME LOAN MTG CORP#S 10109 -11,279,186 SERIES 227 CLASS 10 5,000 W FITM A1 REPO A 03/23/05 JOURNAL FEDL HOME LOAN MTG CORP#510109 -8.336.790 2.032.000.00 SERIES 227 CLASS 10 5.000 lai FITM r A REPO A 027 0401.05:09:49 001 .876 EFTA00196218 CLEARED THROUGH ITS MOST ORY.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCAL TRUST CO INC 30 c? 4: STATEMENT PERIOD Mann 1.2005 THROUGH MUM 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT February 28.2005 SET1LEIAENT TRACE DATE DATE TRANSACTION DESORPTION STMDECCUSIP OUNGITY CENT AMOUNT CREDIT AMOUNT 03/23/05 INTEREST FEDERAL NATIONAL MTG ASSN 263.91 SERIES 353 CUSS 2 DUE 07310 5,000 FITM A6 REPO I 03/28/05 JOURNAL FEDERAL NATIONAL MTG ASSN 677.782 500,000.00 SERIES 346 CLASS 1 DUE 11 FRM A2 TERM MENT 03/28/05 JOURNAL FEDERAL NATIONAL MTG ASSN .677.782 SERIES 346 CUSS 1 DUE 11 FITM Al REPO A 0312&05 INTEREST FEDERAL NATIONAL MTG ASSN 1.135.56 SERIES 346 CUSS 1 DUE 1 Jai 0,000 FITM A2 REPO I 03/29/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN -4.300.000 SERIES 2004-5 CLASS PS 4,100 FITM Al REPO 03/29/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 4.300.000 427 000 00 SERIES 2004-5 CLASS PS 4,100 FRAM R111.2 TERM MENT 0329,05 INTEREST GOVERNMENT NATIONAL MTG ASSN 253.23 SERIES 2004.5 CLASS PS DUE 02i 4.100 FITM A2 REPO I 027 0401.135:09:4S 001 'We EFTA00196219 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 c! 4:I STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT February 28.2005 SEMENOrt TRACE DATE DATE TRANSACTION DESCRIPTION SYMBOLCVSP OUAARITY MINT AMOUNT CREDIT AMOUNT 03/30/05 JOURNAL FEDERAL NATIONAL MTG ASSN 49.003061 4.429.000.00 SERIES 353 CLASS 2 5,000 ATM W1 REPO A 03/30/05 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 SIM 19.003.061 4,429,000.00 5,000 FITM W32 REPO A 0380/05 JOURNAL FEDERAL NATIONAL MTG ASSN -19,003,061 4.429.000.00 SERIES 353 CLASS 2 5.000 FITM B3 REPO A 0380r05 JOURNAL FEDERAL NATIONAL MTG ASSN 19.003,061 4,429,000.00 SERIES 353 CLASS 2 5,000 11.1 ATM 84 REPO A 03.30105 JOURNAL FEDERAL NATIONAL MTG ASSN -19.003.061 4.429.000 00 SERIES 353 CLASS 2 5,000 FITM W35 REPO A 03.30105 JOURNAL FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 EMI 33,255.358 7,351,000.00 5,000 FI14 WAtt IT TERM MENT 033005 JOURNAL FEDL HOME LOAN MTG CORP#S10110 SERIES 228 CLASS 10 Mit -9.755,215 100,000.00 6,000 FITM REPO A 027 0401.05:09:4S 001 0876 EFTA00196220 CLEARED THROUGH ITS MICELI? ORY.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 32 0 4: STATEMENT PERKO March 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WARIER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT Fenian/ 28.2005 SERLEMENT TOLE DATE DATE TRANSACTION DESCRIGTH SYMEICIECvStP COWIN DEBIT AMOUNT CREDIT AMOUNT 03/30/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 -9.755,215 2,062,000.00 SERIES 228 CLASS 10 6,000 FITM Marl REPO A 03/30/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 9.755,215 2.062.000.00 SERIES 228 CLASS 10 6,000 FITM W2 REPO A 0380/05 JOURNAL FEDL HOME LOAN MTG CORP#S10110 -9.755215 SERIES 228 CLASS 10 6,000 M ir F1TM A3 REPO A 0380ros JOURNAL FEDL HOME LOAN MTG CORP#S10110 9,755,215 SERIES 228 CLASS 10 6,000 FILM REPO A 03/30/05 INTEREST FEDERAL NATIONAL MTG ASSN 35,623.76 SERIES 353 CLASS 2 DUE 073110 5000 FITM A4 REPO I TOTAL 5544.732.894.06 5683,221,824.16 MISCELLANEOUS DATE 1.13GAT TRAAISACTEN DESCRIPTOR DEBIT AMOUNT CTECIT 03/09/05 DELIVERED 20653766 189.59 ISILIPON 4.0000 FINANCING NET PAIROFF DBE 027 0.01.05:09:49 001 '.876 EFTA00196221 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 33 0 4: STATEMENT PERK* March 1.2005 THROUGH Mirth 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File MISCELLANEOUS (continued) LAST STATEMENT PeOnnity 28.2005 DATE MOAT TRANSACTCN DESCADMON DEBITAMOUNT CREW MOUNT 03/11/05 JOURNAL FNMA 30YR. GTD 201,367.18 SETT. 03/05 5.500 DUE 03101/35 MEG NET 03/11/05 03/11/05 JOURNAL FNMA-30YR(FNMA)GTD 113.281.25 SER.03105 5.000 DUE 03/01/35 MBS NET 03/11/05 03/14/05 JOURNAL FNMA 30YR(FNMA) GTD 34,375.00 SETS, 03/05 6.000 DUE 03/01/35 MEG NET 03/14/05 03/15/05 JOURNAL FEB 05 SPEC CLEARING FEES 5.450.00 03/21/05 JOURNAL TO CMDY AIC 892.060.50 03/22/05 JOURNAL FR CMDY 34.812.50 03/22/05 RECEIVED FEDERAL NATIONAL MTG ASSN 78.000.00 SERIES 353 CLASS 2 5.000 DUE 07101/34 DUE 07/01+2034 5.000 16362 TRIP POOL 0021445 COUPON 5,0000 03/22/05 DELIVERED FEDERAL NATIONAL MTG ASSN 78.000.00 SERIES 353 CLASS 2 5.000 DUE 0701/34 DUE 07,01:2034 5.000 T 0916370 TRIP PCO. 0021445 CCUPCN 5,0000 03/23/05 JOURNAL FR CMDY AC 267,100.00 03/24/05 JOURNAL FR CMDY At 98,562.50 03/28/05 JOURNAL FR CMDY 6.462.50 027 0601.05:09:49 001 V876 EFTA00196222 CLEARED IHROuGH ITS viiiCti.v OW,*0 SUCISIOally OFFICE SERVICING YOUR ACCOUNT Beer &ter Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 34 STATEMENT PERK* March 1.2005 THROUGH Minh 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAKER On File MISCELLANEOUS (continued) LAST STATEMENT February 28.2005 DATE MaIMT TIRMISACTION DESCRIPTION EMTAMOUNT CREMT AMOUNT 03/29/05 JOURNAL FR CMDY NC 69,662.50 03/30/05 RECEIVED FEDL HOME LOAN MTG CORP#S10110 100,000.00 SERIES 228 CIASSIO 6,000 DUE 02+01/35 DUE 02 1191YNc A n00 STRIP POOL 0034145 COUPON 6,0000 03/30/05 RECEIVED FEDL HOME LOAN MTG CORP#S10110 2.062.000.00 SERIES 228 CLASS* 6.000 OUE 0201:35 DUE 02 OD CSTRIP POD.. 0034145 CCUPCN 6.0000 03.+30/05 DELIVERED FEDL HOME LOAN MTG CORP#S10110 100,000.00 SERIES 228 CLASS 10 6.000 DUE 02101.35 DUE OZfTl9n3c x000 STRIP POOL 0034145 COUPON 6,0000 03/30/05 DELIVERED FEDL HOME LOAN MTG CORP#S10110 2.062.000.00 SERIES 228 CIASSIO 6,000 DUE 02+01/35 DUE MAT1191YLc a n00 STRIP POOL 0034145 COUPON 6,0000 TOTAL 3-3,452,158.93 $2,751,164.59 027 C40145:09:0 001 Y876 EFTA00196223 CLEARED THROuGH ITS wisE0.11 OUT,*0 SUBSIOTAlly OFFICE SERVICING YOUR ACCOUNT Reef Siva rr 'if Bear. Stearns 8 Co. Inc. B STU URNS FINANCIAL TRUST CO INC 35 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 ACEOUST NUMBER Trades Executed Pending Settlement TAXPAYER MAKER On File LAST STATEMENT February 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOL:CU-MP °WIN PRICE DEBIT AMOUNT CREC0 WONT 04/01/05 03/31/05 BOUGHT UNITED STATES TREASURY NOTE 50.000.000.00 98.7304 49.742.306.20 03,000% JD 30 0 MATURITY GVER REF # G0901002 Al 04/01/05 03.31/05 SOLD UNITED STATES TREASURY NOTE Mir -30.000.000.00 99.9140 29.977.292.52 03,750% MS 31 0 MATURITY GVER REF Ft 60901006 Al 04/01/05 03/31/05 SOLD UNITED STATES TREASURY NOTE Mil -50.000.000.00 99.9140 49.962.154.20 03,750% MS 31 0 MATURITY GVER REF # G0901006 81 04/13/05 03/14/05 BOUGHT FNMA 30YR GTD 10.000.000.00 97.7109 9.771.093.75 00100.06.000% SETT, 04105 57280000 BS 04/13/05 03/15/05 BOUGHT FNMA 30YR GM SETT, 04105 VIM 20.000.000.00 97.5781 19.515.625.00 05,000% 57140000 BS 04/13/05 03/16/05 BOUGHT FNMA 30YR GTD SETT, 04105 11111 5.000.000.00 97.9335 4,896,679.69 101.1105,000% 57130000 BS 04/13/05 03/21/05 BOUGHT FNMA 30YR GTD SETT, 04/05 EMI 40.000.000.00 97.7500 39.100.000.00 05.000% 57140000 BS 027 04LOIXIS:09:4S 001 2876 EFTA00196224 CLEARED TiTRoue,' ITS %%Ore ERMCD SCUMMY', OFFICE SERVICING YOUR ACCOUNT Beer Sown id Bear. Stearns & Co. Inc. B STU URNS FINANCIAL TRUST CO INC 36 STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER NUEIBER On File LAST STATEMENT Febnialy 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESOMPTION STMOOLCUSE> CAMA/TITY PRCE DEBIT AMOUNT CPECKI AMOuNI 04/13/05 03/30/05 BOUGHT FNMA 30YR GTD 50.000.000.00 97.3984 48,699,218.75 SETT, 04105 57320000 BS 0413105 03/08/05 SOLD FNMA 30YR GTD -10.000.000.00 98.4687 9.846.875.00 SETT 04105 05,000% 58030000 BS 04/13/05 03/08/05 SOLD FNMA 30YR GTD -20.000.000.00 98.5312 19.706.250.00 SETT, 04105 05.000% 57670000 BS 04/13/05 03/09/05 SOLD FNMA 30YR GTD -15.000.000.00 97.9218 14,688,281.25 SETT, 04105 10100105000% 57380000 BS 04/13/05 03/09/05 SOLD FNMA 30YR GTD -20.000.000.00 97.9921 19,598,437.50 SETT, 04,.05 05,000% 57320000 BS 04/13/05 03/14/05 SOLD FNMA 30YR GTD -20.000.000.00 97.6562 19,531,250.00 SETT, 04105 57080000 BS 04/13/05 03/18/05 SOLD FNMA 30YR GTD -20.000.000.00 97.9101 19,582,031.25 SETT, 04/05 7000000 BS 027 041)0165:09:4S 001 Y8713 EFTA00196225 CLEARED THROUGH ITS WHOM.? (AMC/ SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer Sier Bear. Stearns 8 Co. Inc. B STUR URNS FINANCIAL TRUST CO INC 37 c? 4:I STATEMENT PERK* March 1.2005 THROUGH Marsh 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER WhISER On Ale LAST STATEMENT EMNUEly 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SM100.,CuSP OuANTITY AXE DEOIT AMOUNT CREPT AlKuNT 04/13/05 03/18/05 SOLD FNMA 30YR GTD -20.000.000.00 97.9218 19.584.375.00 SETT, 04105 57050000 BS 04/13/05 03/14/05 BOUGHT FNMA 30YR GTD 5.000.000.00 100.1328 5.006.640.63 SETT 04105 05,500% 57290000 BS 04/13/05 03/16/05 BOUGHT FNMA 30YR GTD SETT, 04105 NMI 5.000.000.00 100.2656 5,013,281.25 larnitiii05,500% 57240000 BS 04/13/05 03/29/05 BOUGHT FNMA 30YR GTD 20.000.000.00 101.4843 20.296.875.00 SETT, 04105 Itaill05,500% 57130000 BS AS OF 03/29/05 04/13/05 03/30/05 BOUGHT FNMA 30YR GM 35.000.000.00 99.8125 34.934.375.00 SETT 04105 05,500% 57390000 BS 04/13/05 03/29/05 CANCEL BUY FNMA 30YR GM SETT, 04105 NMI 20.000.000.00 101.4843 20,296.875.00 57130000 BS AS OF 03/29/05 04/13,05 03/08/05 SOLD FNMA 30YR GTD -10.000.000.00 100.7070 10.070.703.13 SETT, 04105 58150000 BS 027 DAV 06.49:49 001 '.876 EFTA00196226 CLEARED THROUGH ITS MIPS? 0111,(D SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 38 STATEMENT PERK* March 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER AMMER On File LAST STATEMENT PeOlUary 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION 20/00..CuSP OuANTITY PRCE DEOIT AMOUNT CREPT MORO 04/13/05 03/09/05 SOLD FNMA 30YR GTD -15,000.000.00 100.2812 15,042,187.50 SETT, 04105 05,50016 57390000 BS 04113/05 03/09/05 SOLD FNMA 30YR GTD -20,000.000.00 100.3476 20.069.531.25 SETT 04105 05.500% 57280000 BS 04/13/05 03/29/05 SOLD FNMA-30YR(FNMAJGTO -20,000.000.00 101.7187 20.343.750.00 SETT,04/05 57090000 BS 04/13/05 03/30/05 SOLD FNMA-30YR(FNMA)GTD -20.000.000.00 101.9218 20.384.375.00 SETT,04/05 06.000% 57150000 BS 04/18/05 03/29/05 BOUGHT FNMA 30YR GTD 20,000,000.00 101.4843 20.296.875.00 SETT, 04,05 05,500% 57130000 BS 04/18/05 03/29/05 CANCEL BUY FNMA 30YR GTD 20,000,000.00 101.4843 20,296,875.00 SETT, 04105 57130000 BS AS OF 03/29/OS 04/18105 03/08105 BOUGHT FNMA-15YR(FNMA-15)GTD 20,000,000.00 98.5468 19,709,375.00 00. 404.500% SETT,04/05 57680000 BS 027 0401.05:09:49 001 '.X7S EFTA00196227 CLEARED THROUGH ITS MIDST ORT.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 39 c? 4: STATEMENT PERIOD March 1.2005 THROUGH Minh 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER ARAISER On FM LAST STATEMENT PeOrualy 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SO,100..CuSP OUANTITY PPICE DENT AMOUNT CREPT AMOUNT 04/18/05 03/14/05 BOUGHT FNMA-15YR(FNMA-15)GTD 20,000,000.00 97.7734 19,554,687.50 SETT,04/05 01,50016 57040000 BS 04/18/05 03/09/05 SOLD FNMA-15YR(FNMA-15)GTD -20,000.000.00 97.9531 19.590.625.00 SETT 04/05 04,500% 57590000 BS 04/18/05 03/15/05 SOLD FNMA-15YR(FNMA-15)GTD -20,000.000.00 97.7421 19.548.437.50 SETT,04/05 57260000 BS 04/18/05 03/29/05 BOUGHT FNMA 15YR(FNMA 15)GTD 20.000.000.00 101.4843 20.296.875.00 SETT,04 OS 57130000 BS AS CF 03:29:05 04/18/05 03/30/05 BOUGHT FNMA-15YR(FNMA-15)GTD 20.000.000.00 101.6406 20.328.125.00 SETT 04:05 05,500% 57110000 BS 0512/05 03/31/05 BOUGHT FNMA-30YR(FNMAJOID 20.000.000.00 97.4921 19.498.437.50 SETT,05/04 100/005,000% 57140003 BS 027 0410105:09:4S 001 Y876 EFTA00196228 CLEARED THROUGH ITS YAIOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 40 c? 4: STATEMENT PERK* March 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER ARAISER On File LAST STATEMENT Febniary 28.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CECRPTION Sr/A80-CUSP OuANTITY PRICE DENT AMOUNT Ca£O.T AMOLNT 05/12/05 03/31/05 BOUGHT FNMA-30YR(FNNIA)GYD 20.000.000.00 99.8906 19,978,125.00 SETT,05:05 1000005.500% 57150003 BS TOTAL $376.638.595.27 $368.120,306.10 The Mot, yak., Co inn %Veal m a, 011µ.. ee.t n End of Statement 027 DIDIOSITYSMS 001 V876 EFTA00196229 CLEARED 1HRCOGH ITS IMICtLY OHGED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I fel r S ear. Stearns 8 Co. m Inc. B STUR URNS FINANCIAL TRUST CO INC STATEMENT PERKO February 1.2006 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE veemr.bearstearns.com THROUGH February 28.2005 ACCOLNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER WINER On File LAST STATEMENT January 31.2005 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 =JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 37 STE 63 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent _6336.828 TOTAL VALUE OF SECURITIES THIS PERIOD 1.175.677 $976.344 LONG ACCRUED INTEREST 4.920 Fixed 175.677 (Criall (nal)) Income $10.656.868 NET CREDIT BALANCE 336.828 Current market va_ue NET EQUITY THIS PERIOD $1,517,425 MIN Last statements market value NET EOLIITY LAST STATEMENT 11,740.244 CHANGE SINCE LAST STATEMENT -10,222.820 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. TMETEETETelsTor eleccourbeal dowses otitis not INOMMEI as a tat doaevert Tin Abend shood M retaned for your records Soo worn Sr faffeSCROft rdormalpn 027 CGOINS:11:09 001 van EFTA00196230 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 o13$ STATEMENT BACKER IS PRINTED ON THIS PAGE 027 03OLO5:11:09 001 van EFTA00196231 CLEARED THROUGH ITS MIPS? EMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 o •Je, STATEMENT PEffico February 1.2005 THROUGH February 28.2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KINSER On Ale TAS PERICO YEAS TO DATE THIS PEFICO LAST STATEMENT January 31.2005 Opening Balance $976,344.40 U.S. Govt. Bond Int. 2,046,727.15 2.331.844.56 Govt. Agency Int. 673.909.66 1.329.239.69 Securities Sold 1,577,818,284.36 Corp. Bond Int. 124.771.86 254.949.30 Dividends Interest 2,846,165.17 Credit Balance Int. 756.50 756.50 Miscellaneous 86,598.03 Reverse Repurchase Int. 267.946.52 503.374.01 Amount Credited $1.580.751,047.56 Total $3 114 111.69 $4 420 164.06 Securities Bought -1,579,710,263.75 Bond Purchase Int. -1.601.047.44 -2.190,436.95 Repurchase lnt. Exp. -104.943.86 -222,965.23 Dividends/Interest Charged -1,601,047.44 Miscellaneous -79.253.13 Amount Debited $-1.581,390,564.32 Portfolio Composition j Net Cash Activity -639.516.76 CashtCash Equivalent 336,828 ClosingBalance $336,827.64 Fixed Income 1.175,677 Your Portfolio Allocation Total $1.512.505 Cash Balance Summary OFth CLOSING Cash & Equivalent 23% Margin 976.344.40 336,827.64 Net Cash Balance $976,344.40 $336,827.64 Fued Income 77% Untivaecl croons Oen,* Oat Dionp, *nee Or, male wive, The eincom ;event'', If dewed Icon to '0191A* motel itbe al >ov Mtn" 027 030705:11:09 001 1872 EFTA00196232 CLEARED THROUGH ITS YAICU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 o nn STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER NADER OR PIM LAST STATEMENT January 31.2005 PMPXET ES1ILIATED CURPENT DESCPJPION S•MSCLOSIP OUMITJTY PACE VALUE WSJ& IniCCuE vat I%) CASH BALANCE 336.828 TOTAL CASH & CASH EQUIVALENTS S338.828 FIXED INCOME Government & Agency Obligations ACCT ACCRUED EsrAtanm CURREM DESCRPRON SWA3OLCUSP TYPE DUMMY PRICE MARKET VALUE MEREST ANNUAL INCOME YEID Ity FEDERAL NATIONAL MTG ASSN MRGN 13,568,337 8,6649 1,175.676 4.920 590.223 50.2029 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4.350% FACTOR - .55821251 FEDERAL NATIONAL MTG ASSN MRGN 1 78.8359 SERIES 346 CLASS I DATED DATE 11/01/03 BOOK ENTRY ONLY DUE 11/01/2033 FACTOR — 1.00000000 Total Government& Agency Obligations $1,175.677 34.920 3590.223 TOTAL FIXED INCOME $1,175.677 34.920 3590.223 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST $4,920 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $590.223 YOUR PRICED PORTFOLIOHOLDINGS 81.512.505 027 0101G5:11:09 001 EFTA00196233 CLEARED THROUGH ITS YiNCtLY 0‘11,E0 SUBSIOMAY OFFICE SERVICING YOUR ACCOUNT I it' GoI Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 ACCCUNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER MADER On PIM with Bear, Stearns& Co.Inc.outstanding as of date of statement LAST STATEMENT January 31.2005 PACK'S& FIEFURCHPSE PRICING PURCHASE RIM ACCRUED REPO GUANTIN START DATE DAM ROE PAINOPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTOR YOu SOLD GOVERNMENT NATIONAL MEG ASSOC (REPO) 01/13105 04/11105 2.860 -2.601.000 -9.711 -22.100.000 SEES 2004-S CLASS P 4,3518 02/20/33 YOU SOLD FANNIEMAE STRIP (REPO) 01/13/05 04/11/05 2.860 -11.902.000 -44.440 -30.000.000 SEES 329 CLASS PO 12/01/32 YOU SOLD FANNIE MAE STRIP (REPO) 01/13/05 04/11/05 2.860 -6.406.000 -23.919 -30.000.000 SEES 353 CLASS 10 5,0000 07/01/34 YOU SOLD FANNIE MAE STRIP (REPO) 01128/05 04/11/05 2,860 -7.351.000 -18.687 -35.000.000 SEES 353 CLASS 10 5,0000 07/01/34 YOU PROVIDED FEDERAL NATIONAL MTG ASSOC (MARGIN) 02/07/05 OPEN 0,000 -50.000.000 SEES 2003-13 CLASS 5.3500 03,125/33 YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC (MARGIN) 02/09/05 OPEN 0,010 4.300.000 SEES 2004-5 CLASS P 4,3518 02/20/33 YOU SOLD FANNIE MAE STRIPS (REPO) 02/10/05 03/10105 2,790 -3.784.000 -5.571 -5.500.000 SEES 352 CLASS PO 07/01/34 YOU SOLD FANNIEMAE STRIP (REPO) 02/10/05 03/10/05 2,790 -8.514.000 -12.536 -20.959.779 SEES 329 CLASS PO 12/01/32 YOU SOLD FANNIEMAE STRIP (REPO) 02/15/05 03/14/05 2,790 -3.972.000 -4.309 -7.000.000 SEES 346 CLASS PO 11/01/33 YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN) 02/16/05 OPEN 0,000 -14,000.000 SEES 227 CLASS 10 5,0000 12/01/34 YOU PROVIDED FEDERAL HOME LOAN STRIP (MARGIN) 02/17/05 OPEN 0,000 -6.000,000 SEES 227 CLASS 10 spoof) 12/01/34 027 03,01,05:11:09 001 Y872 EFTA00196234 CLEARED THROUGH ITS YAIDALY OUS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I,Sean SPCmit' GoI Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 *COMM NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER NUMBER OR FOR with Bear,Stearns& Co.Inc. outstanding asof date of statement (continued) LAST STATEMENT January 31.2005 PURCHASE/ REPURCHASE PRICING PURCHASE PRIC£I ACCRUED REPO GUAPMTY START DATE DATE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD UST/ 4,0000 02/15/15 (REPO) 02/18/05 OPEN 2.270 -29.475.000 -20.730 -30.000,000 YOU SOLD UST/ 5,3750 0'2/15/31 (REPO) 02/22/05 OPEN 2520 -3.322.500 -1.568 -3.000.000 YOU SOLD FANNIEMAE STRIP (REPO) 02/25/05 03/24/05 2.890 -1.000.000 -321 -1.820,000 SERES 346 CLASS PO 11/01/33 YOU SOLD FANNIEMAE STRIP (REPO) 02/28/05 03/10/05 2.780 -9.695.000 -748 -25.000.000 SERES 329 CLASS PO 12/01/32 YOU SOLD FANNIEMAE STRIP (REPO) 02/28/05 03/28/05 2.920 -500.000 -40 -910.000 SERES 346 CLASS PO 11/01/33 YOU PROVIDED FANNIEMAE STRIP (MARGIN) 02/28105 OPEN 0.000 -4.270.000 SERES 346 CLASS PO 11/01/33 YOU BOUGHT UST/ 3,125001/31/07 (REVERSE) 02/23/05 OPEN 2.200 7.990.000 1.207 8.000.000 YOU BOUGHT UST/ 3,0000 12/31/06 (REVERSE) 02/24/05 OPEN 2.400 200.000.000 65.000 200.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS 1207.990.000 186.207 TOTAL REPURCHASETRANSACTIONS 148.522.500 1-142580 As ct sLmaraoni date 027 0101GS:11:09 001 7872 EFTA00196235 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 cl nn STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail AGLOW! NUMBER TAXPAYER MASER On FIN INVESTMENT ACTIVITY LAST STATEMENT January 31.2005 SETTLEmENT TRADE DATE DATE TRANSACT/0,J c,Eyba pHON SAIEICLCUSP OuAmire PRGE DEBIT AMOUNT CREDIT AMOUNT 02/01105 01/31105 SOLD UNITED STATES TREASURY NOTE .15,000.000 99.68750 14.953.125 .00 03.125% JJ 31 ACCR, INT, 1.294.89 0 MATURITY GVER REF # G0311009 Al 02/04105 02/03+05 SOLD UNITED STATES TREASURY NNE 03.125% JJ 31 NMI -25.000.000 99.60156 24.900.390 ,63 ACCR, INT, 8.632.59 0 MATURITY GVER REF P G0341008 Al 0=7+05 02/04+05 BOUGHT UNITED STATES TREASURY NOTE 9.000.000 101.32422 9.119.179.69 04.250% MN 15 ACM INT, 88.756.90 0 MATURITY GVER REF # G0351017 Al 02/07+05 02/04+05 BOUGHT UNITED STATES TREASURY NOTE 12.000.000 101.59375 12.191.250.00 DUE 1111 5+2014 04.250% MN 15 ACM INT. 118.342.54 SPECIAL INSTRUCTIONS YIELD 4.050 % TO MATURITY GVER REF 0 G0355379 A3 wwEe 02/07+05 02/04+05 BOUGHT UNITED STATES TREASURY NOTE 03.000% JD 30 MIN 16.000.000 99.49219 15.918.750.00 ACM INT. 50.386.74 0 MATURITY GVER REF # 60351009 Al 02/07+05 02/04+05 SOLD UNITED STATES TREASURY NOTE 03.625% JJ 15 NNW -20000.003 99.71094 19.942.187 ,50 ACCR. INT. 46.063.54 . 0 MATURITY GVER REF # G0351013 Al 02/07105 02/04+05 SOLD UNITED STATES TREASURY NOTE -15.000.000 99.75391 14.963.085 ,94 03.125% JJ 31 ACCR, INT, 9.064.22 0 MATURITY GVER REF 0 60351035 Al 027 03,01G5:11:09 001 '.1172 EFTA00196236 CLEARED THROUGH ITS ?RIMY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT (.Sean $PCmiI e; EAR Bear. Stearns 8 Co. Inc. BUR STEARNS FINANCa TRUST CO INC 8 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUVT NUMBER TAXPAYER isiuDOER OR File INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR OESCRIPTION Ou.wrir, PRICE DEBIT AMOUNT CHEM AMOUNT 0207105 PRINCIPAL FEDERAL NATIONAL MTG ASSN -95.853 STRIP MTG SERIES 322 CL PO 0.001 DIE 03/01/32 PRINCIPAL REDUCTN 02-25-05 02,08105 02/07105 BOUGHT UNITED STATES TREASURY BONDS 10,000.000 114.47266 11,447,265.63 05.375% FA 15 ACCR, NT. 258,525,81 MATURITY GVER REF # G0381001 Al 02/08/05 02/07105 SOLD UNITED STATES TREASURY BONDS -10,000.000 114.54688 11.454,687 .50 05.375% FA 15 ACCR, 258.525,82 MATURITY GVER REF N G0381002 Al 0209/05 02/08105 BOUGHT UNITED STATES TREASURY BONDS 10430.000 114.75000 11.475.000.00 05.375% FA 15 ACCR, OJT, 259.986.41 MATURITY GVER REF # G0391000 Al 0209105 02/08105 SOLD UNITED STATES TREASURY BONDS -10.000.000 115.79688 11.579,687 ,50 05.375% FA 15 ACCR. INT, 259.986.41 MATURITY GVER REF V 00391003 Al 02/10105 01/11105 CANCEL SELL FNMA-30YR(FNMAJOID 10,000,000 101.25000 10.125000.00 SE1T,02105 II.005.500% 57220000 BS AS OF 01/11105 TO CM. PREVIOUS SELL 02/1005 01/18105 CANCEL SELL FNMA-30YRtFNMA)OID 10.000.000 101,51563 10.151.562,50 SEIT.02/05 c6.500% t AS OF 01/18/05 7000000 BS TO CM. PREVIOUS SELL 02/ 03OI,D5;n:09 001 V872 EFTA00196237 CLEARED THROUGH ITS YAICELY GMB*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I.Sean $PCmiI e; EAR Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 9 STATEMENT PEW° Estrum)/ 1.2005 THROUGH February 28.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER WINER On FIB INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31,2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION SYMBOLCUS, °VANITY Pea DEBIT AMOUNT CROW AMMO 02/10/05 01/20/05 BOUGHT FNMA-30YR(FNMA)OM 10.000.000 101.73017 10,173,046.88 Th 05.500% 7390000 BS 02/10105 02/03105 BOUGHT FNMA-30YR(FNMA)OTD 10.000.000 101.80469 10.18D468 .75 SEIT.02/05 05.50096 s 7720000 BS 02/10105 01/11115 SOLD FNMA-8DYR(FNMA)OTD -10.000.000 101.25000 10.125,000,00 SETT.02$35 1~05.500% 57220000 BS 02110/05 01/18105 SOLD amist sEr.0.05 FNMA-80YR(FNMAATD (6.500% -10.000.000 101.51563 10.151.562 ,50 7000000 BS 02/10.05 01/20/05 CANCEL BUY FNMA-30YR(FNMA)610 -10.000.000 101.72047 1D173.006 ,88 SETT.02r05 110111.11 5 05.500% 7390000 BS AS OF 01/20,105 TO C)3. PREVIOUS BUY 02/10,105 02/0345 CANCEL BUY FNMA-30YR(FNMA)610 -10.000.000 101.80469 1D180.468 ,75 imios SEIT.02/05 05.500% 7720000 BS AS OF 02103/05 TO CM. PREVIOUS BUY 027 OCTOI:05:i 1:09 001 VS72 EFTA00196238 CLEARED THROUGH ITS YAICU.Y oonco SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 c! 33 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER issASER ON PIM INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION ST/ADOLCUSP QUANTITY PR9CE DEBIT AMOUNT CFEOIA/lOcter 02/10105 01/2066 BOUGHT FNMA-30YR(FNMNGID 10.000.000 99,65234 9.965.234,38 SETT:32/0S # 15 05.000,:: 7000000 BS AS OF 01/20105 02/10/05 01/2045 BOUGHT FNMA-30YRIFNMAIGID 10.000.000 99,65234 9.965.234,38 SET .02105 05.000% 7000000 BS 02/10105 02/03105 CANCEL SELL FNMA-30YR(FNLINGID 10.000.000 99,70313 9,970,312 ,50 SETT.02:06 05.000% 7760000 BS AS OF 02/03105 TO CXL PREVIOUS SELL 02/10105 01/20105 CANCEL BUY FNMA-306I(FNMA)GID -10.000.000 99,65234 9.965.234,38 591.02.05 06.000% 7000000 BS AS OF 01/20105 TO CXL PREVIOUS BIN 02/10105 01/20.05 CANCEL BUY FNMA-30YRIFNMAAID -10.000.000 99.65234 9.965.234.38 SEIL02)05 101101 5 06.000% 7000000 BS AS OF 01/20105 TO CXL PREVIOUS BUY 02 0 OS 02/03105 SOLD FNMA-306I(FNMA)GID SETT.02105 MIK -10.000.000 99,70313 9.970.312.50 05.000% 7760000 BS 027 010105:11:09 001 EFTA00196239 CLEARED IHROuGH ITS yniCLE.Y OMED SUOSIOany OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 o STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WAGER On Pile INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE -RANSIC11371 DESORPTION SYNEKILCUSP OUNPITV PRICE DEBIT AMOUNT CAEG7 02/10/05 1230,04 CANCEL SELL FNMA 30YR OTO 10,000,000 102,98438 10.298.437.50 SETT, 02105 1.111 5 06,000 7220000 BS AS OF 12/30/04 TO CA. PREVIOUS SELL 02/10/05 12/16'04 BOUGHT FNMA 30YR OTO 10.000.000 103,03125 10.303.125.00 SETT. 02,05 7320000 BS 02/10.05 01/11105 BOUGHT FNMA 30YR GTO SETT, 02'05 MIN 20.000.000 103,03125 20,606,250.00 06,000% 57210000 BS 02/10.05 02/03/05 CANCEL SELL FNMA 30YR GTO 20.000.000 103,23438 20.646.875,00 SETT, 02/05 7740000 BS AS OF 02/03/05 TO CA. PREVIOUS SELL 02/10.05 12/30.04 SOLD FNMA 30YR GTO -10.000.000 102,98438 10.298.437 .50 SETT, 0265 011. 5 06,000% 7220000 BS 02/10.05 12/16/04 CANCEL BUY FNMA 30YR GTO -10.000.000 103,03125 10.303.125 .00 SETT 02/05 06,000'. 7320000 BS AS OF 12/16104 TO It PREVIOUS BUY 027 0001.05:11:09 001 sea72 EFTA00196240 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 0 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER issaMER On PIM INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION STIADOLCUSP OUNWITY PRICE DEBIT AMOUNT CREW MOUNT 02/10105 01/11105 CANCEL BUY FNMA 30YR GTO -20,000,000 103.03125 20.606,250 .00 SETT. 02105 01/1006.000% 57210000 BS AS OF 01/11105 TO CM. PREVIOUS BUY 02/1045 02/03+05 SOLD FNMA 30YR GTO -20.000.000 103.23438 20.646.875 ,00 SETT. 02'06 7740000 BS 02/10.'05 01/31+05 BOUGHT FEDERAL NATIONAL MTG ASSN 5.063.863 80.75000 4.089.069.53 SERIES 352 CLASS 1 00.001% 57900000 BS TO ADJ PREVIOUS MONTHS FACTOR AS OF 01/31105 02/1045 02/0945 BOUGHT UNITED STATES TREASURY BONDS 10.000.000 114.71875 11.471.875.00 05.375% FA IS ACM, INT. 261.447,01 MATURITY GVER REF # G0401000 Al 02/111105 02/09.'05 BOUGHT UNITED STATES TREASURY BONDS 10.000.000 115.63281 11.563.281 .25 05.375% FA 15 ACCR, OJT, 261.447,01 . MATURITY GVER REF # G0401030 Al 02/16'05 02/00'05 SOW UNITED STATES TREASURY BONDS 05.375% FA 15 EMI -10.000.000 115.07813 ACCR, INT, 11,507,812.50 261.447.01 . v TO MATURITY GVER REF # G0401005 A3 02/11105 0=3 ,05 SOLD FEDL HOME LOAN MTG CORP#S02684 .11,250.106 86.56250 9.738.373.44 SEFUES 218 CL PO 1 111. 1 1157420000 BS 027 MOLDS:T1:09 001 V872 EFTA00196241 CLEARED THROuGH ITS wilDtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns 8 Co. Inc. BUR STEARNS FINANCIAL TRUST CO INC 13 STATEMENT Puma.) February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31,2005 SETTLEMENT TRADE DATE DATE TRANSACTION OESCRIPTION STMEIOLCUSV %MARRY PRICE DEBIT AMOUNT CREDO MORD 02/11/05 02/10/05 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 101,56250 10,158,250.00 laili4.250% MN 15 ACM. INT, 103.314,92 MATURITY GVER REF #130411021 Al 02/11105 02/10/05 SOLD UNITED STATES TREASURY N3TE -5.000.000 101,84375 5,092.187.50 04.250% MN 15 ACCR, INT. 51.657.46 MATURITY GVER REF # G0411011 Al 02/11105 JOURNAL ANNIE MAE CMO/SERIES 2003-13 S RCA-VO FLTR 5.470 DUE 03/25/33 ADJUST POSITION 02/14/05 02/10105 BOUGHT FEDERAL NATIONAL MTG ASSN 5.310.807 83.79688 4,450,290.63 SEFUES 346 CLASS 1 IMIIII57250000 BS ovittis 029 0(05 BOUGHT FEDL HOME LOAN MTG CORP#S10109 9.869,325 23,75000 2,343,964.90 SERIES 227 CLASS 10 ACCR, INT, 17,819.62 ilail05,000% 7360000 BS 02/14105 02/11105 SOLD UNITED STATES TREASURY NNE -10.000.000 99,52734 9.952.734.38 OUE 12/31/2006 03.000% JD 30 ACCR, INT. 37.292.81 SPECIAL INSTRUCTIONS YIELD 3261 % TO MATURITY GVER REF # G0422831 A3 WWEB 02/14/05 02/11105 SOLD UNITED STATES TREASURY N3TE -15.000.000 99,47656 14.921.484 ,38 03.000% JD 30 ACCR, INT. 55.939.22 MATURITY GVER REF # G0421020 Al 021405 JOURNAL FEDL HOME LOAN MTG CORP#502684 SERIES 218 CL PO OUE 02/01/32 021 CGDIDS:l 1:09 001 V872 EFTA00196242 CLEARED THROUGH ITS ?RIMY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I.Sean $PCmiI e; C0 Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 14 - STATEMENT PER•oo February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUVT NUMBER TAXPAYER MaER OTl File INVESTMENT ACTIVITY (continue) LAST STATEMENT January 31,2005 SETTLEMENT TRADE DATE DATE TRANSACI1DN OESCRIPTION SYMBOL:CUSP OVANTITY PRICE DEBIT AMOUNT GRECO' AAIDUNT 02/15105 12/30/04 BOUGHT FNMA-15YR(FNMA-15$1TD 11.000.000 102.97656 11,327.421 .88 limmis 891.02.05 05.500% 7230000 BS 02/15105 12/16/04 CANCEL SELL tous SEIT.02/05 FNMA-15YR(FNMA-15)GTO 05.500% 11.000,000 103.10938 11.342.031 .25 7330000 BS AS OF 12/16/04 TO CM. PREVIOUS SELL 02,1505 12:3004 CANCEL BUY FNMA-I SYR(FNMA-I 5)GTD -11.000.000 102.97656 11.327,421 ,88 SETT.02/05 05.500% 7230000 BS AS OF 12/30/04 TO C)3. PREVIOUS BUY 02/15/05 12/16+04 SOLD FNMA-15YR(FNMA. I SIGTO -11,000.000 103.10938 11.342.031 ,25 SETT 02/05 05.500% 7330000 BS 02/15+05 02/11105 BOUGHT FEDERAL NATIONAL WO ASSN 5.310.807 83.34375 4.426.226.03 SERIES 346 CLASS 1 111. 1057150000 BS 02/15/05 02/11105 BOUGHT FEDL HOME LOAN MTG CORPttS10109 9.869.325 23.81250 2,350,133.23 SERIES 227 CLASS 10 ACM, INT, 19.190.36 05.000% 57140000 BS 02/15105 02/14/05 SOLD UNITED STATES TREASURY BONDS -2.000.000 113.91797 2,278,359.38 05.375% FA 15 MATURITY GVER REF tt G0451004 Al 021 CGDIDS:l 1:09 001 .872 EFTA00196243 CLEARED THROUGH ITS WHOLLY ome0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 0 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WAGER On Pile INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DEseg pno‘r SUM:CUSP CRANTITY PRICE DEBIT AMOUNT CREW Nan 02/15105 02/14105 SOLD UNITED STATES TREASURY NOTE .15,000.000 101,22266 15,183,398 .44 04.250% MN Is ACCR, INT, 162,016.57 . 0 MATURITY OVER REF # G0451016 A3 02/15+05 02/14105 BOUGHT UNITED STATES TREASURY NNE 5.000.000 99.57813 4.978.906.25 03.12S% JJ 31 ACCR. 6.474.46 0 MATURITY GVER REF # G0451020 Al 02/15+05 02/14115 BOUGHT UNITED STATES TREASURY NOTE IIIIIII, 20.000.000 99.60156 19.920.312.50 03.12S% JJ 31 ACCR, 25.897.79 0 MATURITY GVER REF # 00461008 Al 02/I &OS 02/14105 BOUGHT UNITED STATES TREASURY NOTE 50.000.000 99.60156 49.800.781 .25 03.125%.1J 31 ACCR, INT. 64.744.48 MATURITY GVER REF # 00451008 BI 02/15105 02/14105 SOLD UNITED STATES TREASURY NOTE IIIIIIII -35.000.000 99.58594 34.85.5,078 .13 03.125% JJ 31 ACCR, INT, 45,321 .13 MATURITY GVER REF # G0451012 Al 02/15105 PRINCIPAL FEDL HOME LOAN MTG ODAPPS02884 35.717.02 SEFUES 218 CL PO DUE 02/01132 F'RIN RID 01-0S PAD 02-1S-OS REPO P 8I 0.0000 02/15105 PRINCIPAL FEDL HOME LOAN MTG CORP#S02684 226.522.48 SERIES 218 CL PO DUE 02/01/32 PAIN RID 01.05 Pin 02-1S-OS REPO P 8I 0.0000 027 OCUOLOSI 1:09 001 Y872 EFTA00196244 CLEARED THROUGH ITS wilDtLY GLARED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 16 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUE93ER On PIM INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION MOM CLOW Pam DEIRT AMOUNT CRECir Anoxia 02/15105 PRINCIPAL FEDERAL HOME LOAN MTG CORP -308,611 SERIES 2483 Q. SL 4.410 DUE 03/15/32 PRINCIPAL REDUCTN 02-1585 02/15405 PRINCIPAL FEDERAL /ME LOAN MTG CORP -342.355 SERIES 2530 CLASS SE 4.810 DUE 02/15/32 PRINCIPAL REDUCTN 02-1585 0015/05 PRINCIPAL FEDERAL HOME LOAN MTG CORP -146,854 SERIES 2526 CLASS SI 4.410 DUE IY2+15/32 PRINCIPAL REDUCTN 02-1585 02/16105 02/14105 SOLD FEDERAL NATIONAL MTG ASSN -3.576.277 86.12500 3.080.068.74 STRIP MTG SERIES 322 CL PO 00.001% 57720000 BS 0016105 02/15105 BOUGHT UNITED STATES TREASURY BONDS 10.000.000 113.59375 11.359.375 .00 ' 05.375% FA 15 ACM INT. 1.484.81 0 MATURITY OVER REF N 60461000 Al 02,1685 0221505 SLID UNITED STATES TREASURY BONDS -10.000.000 113.80078 11.380.078 .13 05.375% FA 15 ACCR, INT. 1.484.80 . 0 0 MATURITY OVER REF # 60461014 Al 02/16105 02/15405 BOUGHT UNITED STATES TREASURY NOTE 3.000.000 101.19922 3.035.976.56 04.250% MN 15 ACM INT. 32.755.53 0 MATURITY GVER REF N G0461008 A3 02/17+05 02/14+05 SOW FEDERAL HUE LOAN MIG CORP -1.682.201 7,15625 120.382.57 SERIES 2483 CL SL ACCR, INT. 412.14 04.410% 56240000 BS AS OF 02.E 14x05 027 0101G5:11:09 001 van EFTA00196245 CLEARED THROUGH ITS WHOLLY omen SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 17 r! STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On Pile INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION STIADOECUSP GUMMY PRICE DENT AMOUNT own PAIDUN1 02/17105 02/14105 SOLD FEDERAL HOME LOAN MTO CORP -10,944,806 7.15625 783,237,68 SERIES 2483 Q. SL ACCR, INT. 2.681,48 04,410% 56230000 BS AS OF 02/14105 02/17105 02/14105 SOLD FEDERAL HOME LOAN MTO CORP -10.944.807 9.40625 T.029.495,91 SERIES 2488 CLASS SO ACCR, INT. 3.289.52 05.520% 57330000 BS 02/17105 02/14105 SOW FEDERAL HONE LOAN MTG CORP SERIES 2530 CLASS SE INN -2.447.844 8.00000 95.827.54 ACCR, INT, 654,12 04,810% 56220000 BS AS OF 02/14105 02/17105 02/14105 SOLD FEDERAL HOME LOAN WG CORP SERIES 2530 CLASS SE NMI -12.239.221 8.00000 979.137,72 ACCR, INT, 3270,59 04,810% 56210000 BS AS OF 0211405 02, T7,05 405 SOLD FEDERAL IONE LOAN MTO CORP -6.300.059 7.15625 490.847,99 SERIES 2526 CLASS SI ACCR, INT, 1.543,52 04,520% 57310000 BS 02/17105 JOURNAL FEDL HOME LOAN WC CORPHS10i09 SERIES 227 CLASS 10 5,000 DUE 12/01/34 02/16.05 02/17105 SOW UNITED STATES TREASURY BONDS -2.000.000 112,18359 2.243.671.88 05,375% FA 15 ACCR, INT, 890.88 . MATURITY OVER REF it 00481004 Al 027 03,01:05:11:09 001 .872 EFTA00196246 CLEARED THROUGH ITS YAIOU.Y ome0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 0 0, STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On Pile INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DEseg prioN SYMEIGGLISP 07ANTID Fma DEW AMOUNT CREW AMOUNT 02/18105 02/17105 SOLD UNITED STATES TREASURY MOTE .10,000.000 100.48438 10.048,437,50 04.260% MN IS ACCR. INT. 111,533.15 . 0 MATURITY GVER REF # 00481014 Al 02/18105 02/17105 SOW UNITED STATES TREASURY NOTE -35.000.000 100.48614 35.170,147 ,95 04.250% MN IS ACCR, INT, 390.366,02 0 MATURITY GVER REF P G0481028 Al 02/18/05 02/17105 BOUGHT UNITED STATES TREASURY NOTE 04.000% FA 15 MIS 35.000.000 98.56250 34.496.875.00 ACCR. 11,602.21 MATURITY GVER REF # 00481022 Al 02/18105 02/17105 SOW UNITED STATES TREASURY NOTE 04.000% FA 15 AIM -5.000.000 98.51563 4.925.781.25 ACCR. INT, 1.657.46 0u JJS 4. MATURITY GVER REF # G0481033 Al 02/22/05 02/18105 SOLD UNITED STATES TREASURY BONDS -3.000.000 111.11328 3.333.398.44 05.375% FA 15 ACCR, INT, 3.118.09 . 0 MATURITY GVER REF # 00491015 Al 02/22/05 02/18.'05 SOW UNITED STATES TREASURY NOTE -10,000.000 99.26563 9.926.562.50 03.000% JD 30 ACCR, INT, 43.922.65 . 0 MATURITY GVER REF # G0491014 Al 02/23/05 02/22/05 BOUGHT UNITED STATES TREASURY NOTE 7.000,000 99.42969 6.960.078.13 03.125% N 31 ACCR, INT. 13.898A8 0 MATURITY GVER RE? Is 00531007 Al 027 OCTOLOSI 1:09 001 Y872 EFTA00196247 CLEARED THROUGH ITS yasEtLY OUTGO SOSIDany OFFICE SERVICING YOUR ACCOUNT I. SIean $PCmitkf EAR Bear. Stearns 8 Co. Inc. BUR STEARNS FINANCa TRUST CO INC 19 STATEMENT PERGO February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAGER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STMEICILEUSP OVANTITY Pma DEBIT AMOUNT CREW Nap 4T 02/24105 02/23/05 SOLD UNITED STATES TREASURY NOTE -5.000.000 99.26172 4.963.085.94 03.000% JD 30 ACCR, INT, 22.790.05 MATURITY GVER REF # 605/1021 Al 02/24105 02/23/05 BOUGHT UNITED STATES TREASURY NOTE 5.000.000 98.18359 4.909.179.69 04.000% FA 15 ACCR. INT. 4.972.37 MATURITY GVER REF # G0541017 Al 02/24/05 02/23/05 SOW UNITED STATES TREASURY NOTE 04.000% FA 15 EMI -5.000.000 97.98438 4.899.218.75 ACCR, INT, 4.972.38 MATURITY GVER REF # G0541032 Al 02/25105 PRINCIPAL FEDERAL NOTIONAL MTG ASSN 95.853.00 STRIP MTG SERIES 322 CL PO 0401 DUE 03/01/32 PRINCIPAL PAYMENT 02-25-05 02/25/05 PRINCIPAL FEDERAL NOTIONAL MTG ASSN SERIES 329 CLASS PO MIS 184.177.56 DUE 01/01/33 STRIP PAIN RID 01.05 Pit) 02-25-05 REPO P 8I 0.0000 02/25105 PRINCIPAL FEDERAL NOTIONAL MTG ASSN 219.679.75 SERIES 329 CLASS PO DUE 01/01/33 STRIP PAIN RID 01-05 PAD 02-25-05 REPO P 8I 0.0000 02/25105 PRINCIPAL FEDERAL NOTIONAL MTG ASSN 263.615.70 SERIES 329 CLASS PO DUE 01/01/33 STRIP PAIN RID 01-05 PA:102-25-05 REPO P 8I 0.0000 02/ 0101005:11:09 001 .872 EFTA00196248 CLEARED THROUGH ITS MOW, (AM,ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT /.Sean $PCmiI e; EAR Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 c? STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUUSER On PIM INVESTMENT ACTIVITY (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTOR DESCRIPTION Gummy PRICE DEW AMOUNT CHEM MONO 0025/05 PRINCIPAL FEDERAL NATIONAL MTO ASSN -222,841 SERIES 2003-49 CLASS SW 4,470 DUE 01/25/33 PRINCIPAL REDUCTN 02-25-05 02/28105 JOURNAL FEDERAL NATIONAL MTO ASSN -1 SERIES 346 CLASS 1 DUE 11/01/33 TOTAL $-403,120.067.73 8452,722,308.78 INTEREST DATE OESCRPTION SYMEICIJCUSIP OVPAMTY RATE I% DENT AMOUNT MEDI AMOUNT 02/01105 AVG BAL 584.550 RT 1503 756.50 021 OFFICE INTEREST 0105 02/15105 FEDERAL HOME LOAN MTO CORP 4.4100 48.724,16 SERES 2483 CL SL DUE 03/15/2032 4,410 INTEREST PAYMENT 02-15-05 02/15/05 FEDERAL HOME LOAN MTO CORP 5,4100 51.576,60 SERES 2488 CLASS SO DUE 03/15/2032 5,410 INT RID 01-05 PA) 02-15-05 REPO P 8I 5,5200 0015105 FEDERAL NOME LOAN MTO CORP 4,8100 61.620,62 SERES 2530 CLASS SE DUE 02/15/2032 4,810 INTEREST PAYMENT 02-15-05 02/15/05 FEDERAL 109ME LOAN MTO CORP 4,4100 24.283,37 SERES 2526 CLASS SI DUE 02/15/2032 4,410 INTEREST PAYMENT 02-15-05 027 03,01G5:11:09 001 .872 EFTA00196249 CLEARED IHRCUGH ITS wisCtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASSER On PIM INTEREST (continued) LAST STATEMENT January 31.2005 DATE OESCRenON STIABOLCuSiP cc$NTIW RATE lid DEBIT AMOUNT CREW AMOUNT 02/1&05 UNITED STATES TREASURY BONDS 5.3750 268,750.00 DUE 02115/2031 5.375 INT RID 02-05 ND 02-15-05 02/22/05 GOVERNMENT NATIONAL WO ASSN 4.4500 15,845.33 SERES 2004-5 CLASS PS DUE 02/20/2033 4.450 INT RID 01.05 PA) 02-20-05 REPO P S I 4.4500 02/22/05 GOVERNMENT NATIONAL WO ASSN 4.4500 81,954.17 SERES 2004-5 CUSS PS DUE 02/20/2033 4.450 INT RID 01-05 PA) 02-20-05 REPO P S I 4.4500 02/23/05 GOVERNMENT NATIONAL MTO ASSN 4,4500 65.266,67 SERES 2004-5 CLASS PS DUE 02/20/2033 4.450 RITA CA INT FOR 2/20/2005 PD 02/25/05 FANNIE MAE CMO/SERIES 2003.13 6.4700 124.771.86 S RCA-40 RTR DUE 03/25/2033 5.470 INT RID 01-05 ND 02-25-05 REPO P d I 5.4700 02/25/05 FEDERAL NATIONAL WO ASSN 4.4700 51.372.14 SERES 2003-49 CLASS SW DUE 01/25/2033 4.470 INTEREST PAYMENT 02-25-05 02/25/05 FEDERAL NATIONAL MTO ASSN 5.0000 120.60640 SERES 353 CLASS 2 DUE 07/01/2034 5.000 INT RID 01-05 PA) 02-25-05 REPO P & I 5.0000 027 0101GS:11:09 001 van EFTA00196250 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 22 0 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER WESER NAM INTEREST (continued) LAST STATEMENT January 31.2005 DATE DESCRIPTION SY/ABOLCUS,P MAMMY RATE IF! DEBIT AMOUNT CREDIT AMOUNT 02/25105 FEDERAL NATIONAL MTO ASSN 5.0000 140,707.93 SERES 353 CLASS 2 DUE 07/01/2034 5.000 INT ND 01-05 PM 02-25-05 REPO P 8I 5.0000 TOTAL 51,058,398.85 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Stearns& Co.Inc. SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SVMBCLCUSIP 0.:ANT1T1 DEBIT AMOUNT CREDIT M.IOUNT 02/01105 RECEIVED UNITED STATES TREASURY NOTE 15.000.000 15.000.000.00 DUE 01/31/2007 3.125 3,125 7 FITM Al RESALE 02404/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 17.600.000 SERIES 2004-5 CLASS PS 4,4 FITM503.11 312 TERM MENT 02/04105 JOURNAL GOVERNMENT NATIONAL MM ASSN -17.600.000 SERIES 2004-5 CLASS PS 4,450 DU FITMARGN Al REPO AGR 0204x05 RECEIVED UNITED STATES TREASURY NOTE 25.030.000 25.000.000.00 DUE 011312007 3.125 3 125 7 FITMALE Al RES 0207/05 JOURNAL FEDERAL HOME LOAN MTO CORP SERIES 2488 CLASS SO NEM Ilk 304 5,520 2 FITM Al REPO A 027 OCUOTOS:l 1:09 001 EFTA00196251 CLEARED THROUGH ITS YAIOU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 0 H, STATEMENT PER•00 February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NumeER On He REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACDON DESCRSMON SYMeadttRIP WARM DEBIT AMOUNT CREDIT AMOUNT 02/07/06 JOURNAL FEDERAL HOME LOAN MTG CORP 11..,304 849.000.00 SERIES 2488 CLASS SO 58203.7 RIM ‘ A2 TERM ENT 02407/05 JOURNAL FANNIE MAE CMOSERIES 2003.13 -27.372.255 S RCR-I/0 FLTR 8470 FITM Al REPO A 02/07105 JOURNAL Am A2 DIVED STATES TREASURY NOTE ATM 4.250 , 14 31.000.000 31.465.000.00 TERM REPO AGREEMENT 02/07/05 JOURNAL UNITED TATES TREASURY NOTE -52.000.000 53.105.000.00 ATM Al 4.250 14 REPO AGREEMENT 02/07/05 RECEIVED UNITED STATES TREASURY NOTE 160.000.000 160.000.000.00 DUE 12/31/2006 3.000 8000 FITM 1.111 RESALE 02'07/05 DELIVERED UNITED STATES TREASURY NOTE -176.000.000 176.220.000.00 DUE 12/31/2006 3.000 8000 FITM RW2 m TERM ENT 02/07/05 JOURNAL UNITED SURY NOTE 20.000.000 19.925.000 .00 FITM A2 8625 10 TERM REPO AGREEMENT 02/07105 RECEIVED UNITED STATES TREASURY NOTE 5.000.000 4.999.999 89 DUE 01/31/2007 3.125 3,125 I lk FITM MB RESALE T 027 COVIDS:l 1:09 001 .872 EFTA00196252 CLEARED THROUGH ITS MIDIS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 ci )) STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TIMISACRON DESORPTION STMEICCCUSIP OWArrny OMIT AMOUNT CREDIT AMOUNT 02/07/05 DELIVERED UNITED STATES TREASURY NOTE -15,000,000 15.000.000.00 DUE 01/31/2007 3.125 3.125R E7 DA FITM A2 TERM ENT 02/07105 DEUVERED UNITED STATES TREASURY NOTE -25,000.000 25.000.00003 DUE 0191/2007 3.125 3.125Rillf7 FITM A2 TERM EIAENT 02/07105 RECEIVED UMW STATES TREASURY NOTE 50.000.000 49.999.999.99 DUE 0191/2007 3.125 3.125 CIMK7 FITM A1A RESALE T 02/07105 INTEREST FEDERAL HOME LOAN MTO CORP SERIES 2488 CLASS SO Milli 657.97 DUE 03:11. 6.520 ATM 102 REPO I 02/07105 INTEREST UNITED STATES TREASURY NOTE DUE 11J 4250 MIN 12.192,69 FRM A2 REPO I 02/07105 INTEREST UNITED STATES TREASURY NOTE 64,271,35 DUE ISO 1.000 111 02/07/05 INTEREST UNITED STATES TREASURY NOTE 7.372.25 DUE ON. 3.625 ATM A2 REPO I 02/07/05 INTEREST cote 1,125 WEED STATES TREASURY NOTE DUE 3,229.17 027 MOLDS:T1:09 001 '.872 EFTA00196253 CLEARED THROUGH ITS IMPLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 0 STATEMENT RER•00 February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OR PIM REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SEMEMDE TRADE DATE DATE TRANSACTION DESERPRON SYMeCtoCUSIP OULMITY DEBIT AMOUNT CREDIT AMOUNT 02/07/05 INTEREST UNTIED STATES TREASURY NOTE 4,604.17 II DUE 01/=.00.7_" _3.125 NM 02/09105 JOURNAL GOVERNMENT NATIONAL NM ASSN -4.300.000 SERIES 2004.5 CLASS PS 4,450 FITM AI REPO A 02/09105 JOURNAL GOVERNMENT NATIONAL NIG ASSN SERIES 2004-5 CLASS PS MEM 4.300.000 500,000,00 4,450 • FITM A2 TERM AAENT 02/09105 INTEREST GOVERNMENT NATIONAL NM ASSN SERIES 2004-5 CLASS PS MIN 465.00 DUE 4,450 ATM A2 REPO I 02/10105 JOURNAL FEDERAL NATIONAL MIG ASSN SERIES 329 CLASS PO 111111 11,214.184 8,409.000 .00 DUE 01101/33 STRIP RRA TERM RIIIIM AZ ENT 0210,05 JOURNAL FEDERAL NATIONAL MTO ASSN -11,214.184 8.514.003.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM AMIE. Al REPO 02 10:05 JOURNAL FEDERAL NATIONAL MTO ASSN -5.063.863 3.784.000 00 SERIES 352 CLASS 1 0,001 RIM AT REPO A 027 03,0L05:11:09 001 VE172 EFTA00196254 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 26 0 STATEMENT Puce February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NumeEn ON FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESCnincti SymeCtictive OVAARITT Oen;wow CREDIT AMOUNT 02.110/05 JOURNAL ligit Al UNITED STATES TREASURY BONDS ATM 5.375 -10.000000 11.762.500.00 REPO AGREEMENT 02/10/06 INTEREST FEDERAL NATIONAL MTG ASSN SERIES 329 CLASS PO SIM 6.046.90 STRIP DUE Ojai. 0.000 FITM A2 REPO I 02/11,05 JOURNAL Hui UNITED STATES TREASURY NOTE ATM A2 IMO 52.000.000 53.105.000.00 0.250 , 14 TERM REPO AGREEMENT 02/11106 JOURNAL UNITED TATES TREASURY NOTE FITM Al SIM -57.000.000 58.140.000 .00 0.260 10 REPO AGREEMENT 02/11105 JOURNAL FEDL HOME LOAN MTG CORPNS02680 1.532.264 1,199,000.00 30,A2 SERIES 218 CL PO DUE 0 ATM TERM ENT 02/11105 JOURNAL FEDL HOME LOAN MTG OCAPNS02684 9.717,841 7.600.000.00 SERIES 218 CI. PO DUE 0 FITM 3011 0A2 TERM ENT 02/11/05 INTEREST UNITED STATES TREASURY NOTE 11.181.66 DUE Ile 4.250 FITM A2 REPO I 02/11/06 INTEREST FEDL HOME LOAN 14113 OCAPNS02680 I .300.92 SERIES 218 CI. PO DUE 0 0.000 ATM A2 REPO I 027 030IDS:l 1:09 001 V872 EFTA00196255 CLEARED THRouGH ITS yniCtLY OmE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 27 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMETO TRADE DATE DATE TRANSACTION DESORPTION STMEKCCUSIP GUMMY OMIT AMOUNT CREDIT AMOUNT 02/11105 INTEREST FEDL NOME LOAN MTG OCAPPS02684 13.110.00 07 . SERIES 218 CL PO DUE ATM 0.000 A2 REPO I 02/14105 JOURNAL FEDERAL NATIONAL MTG ASSN -5.310.807 3.963.000.00 SERIES 346 CLASS 1 DUE 'Ti lt,. ATM Al REPO 02/14105 JOURNAL FEDL NNE LOAN MI6 OORPteS10109 SERIES 227 CLASS ID NM. -9.869.325 2.156.000.00 5.000 1.r4 FITM Al REPO A 02/I 4105 DELIVERED UNITED STATES TREASURY NOTE DUE 12/31/2006 3.000 NMI -160.000.000 160.000.000.00 3.000 FITM MirA2 TERM EMENT 02/I 4105 RECEIVED UNITED STATES TREASURY NOTE 185.000.000 185.000.000.00 DUE 12/31/2006 3.000 3.000 FITM AI RESALE T 02/14,05 INTEREST UNITED STATES TREASURY NOTE 67,066,67 DUE 12/3=13ry 3.1:100 Mir 02/15105 JOURNAL FEDERAL HOME LOAN MTG CORP 10,944.807 SERIES 2488 CLASS SO 5.410)00132 FITM A2 TERM MENT 027 010L05:11:09 001 van EFTA00196256 CLEARED THROUGH ITS YAIOU.Y 0015E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 28 cl 33 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSAMON DESORPTION SYklifiCtiCtdie °Herrin DEBIT AMOUNT CREDIT AMOUNT 02/15105 JOURNAL FEDERAL HOME LOAN MTO CORP -10,944807 310000.00 SERIES 2488 CLASS SO 5.410 / HIM Al REPO 02/I 5105 JOURNAL FEDERAL NATIONAL MTO ASSN -5.310.807 3.972.000 .00 SERIES 346 CLASS DUE 11 Aiii r FITM Al REPO 02/16'05 JOURNAL FEDL HOME LOAN MIG CORIANSIOi09 -9.869.325 2.125.000.00 SERIES 227 CLASS 10 5.000 11.4 FIRM Al REPO A 0215105 JOURNAL 104TE0 STATES TREASURY BONDS -8.000.000 9.087.000.00 FIRM Al 5.375 REPO AGREEMENT 02/15105 JOURNAL LINTER ATE TREASURY 80NDS 10.000.000 11.762.500 AO FIRM A2 5.375 1 TERM REPO AGREEMENT 02/15105 JOURNAL UNITED TATES 1 SURY NOTE -42.000.000 42.840.000.00 FIRM Al 4.250 14 REPO AGREEMENT 02/15105 JOURNAL LIMTEO SIAJESJREASURY NOTE 57,000.000 58.140.003.03 FITM 42 4.250 14 TERM REPO AGREEMENT 02/15105 DELIVERED LINiTE0 STATES TREASURY NOTE -5.000.000 4.999.999 .99 DUE 01/31/2007 3.125 3.125.. 7 FIRM A2B TERM EEMENT 027 0201,05:11:09 001 V872 EFTA00196257 CLEARED THROUGH ITS MIPS? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 29 0 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NumeER OR He REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION SYMOCloCUSIP PANTRY DEBIT AMOUNT CREDIT AMOUNT 02/15105 RECEIVED UNITED STATES TREASURY NOTE 15.000.000 15.075.000 .00 DUE 01131/2007 3.125 3,125 FITM FITM A3 RERSi F T 02115+05 DEUVERED UNITED STATES TREASURY NOTE -50.000.000 49.999.999.99 DUE 01131/2007 3.125 3.125soi r FITM A2A TERM EMENT 02/15/05 INTEREST UNITED STATES TREASURY BONDS 3.777.07 DUE OZila 5.375 FITM A2 REPO I 02/15105 INTEREST UNITED STATES TREASURY NOTE DUE 4250 1111111 13,436,80 FITM A2 REPO I 02/15/05 INTEREST UNTIED STATES TREASURY NOTE 1,569.44 DUE 01! 3.125 FITM A26 RESALE 02/15/05 INTEREST UNTIED STATES TREASURY NOTE 15,694,44 DUE Ole 3.125 FITM A2A RESALE 02/16/05 JOURNAL FEDERAL HOME LOAN MTO CORP 10.944.807 310,000,00 SERIES 2488 CLASS SO 5,410 FITM 30.2 TERM ENT 02/16!05 JOURNAL FEDERAL HOME LOAN MTO CORP -10.944.807 310,000,00 SERIES 2488 CLASS SO 5.410 FITM 31.3 TERM ENT 027 03,0IDS:l 1:09 001 V872 EFTA00196258 CLEARED THROUGH ITS MOST ORBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 30 0 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SEMENENT TRADE DATE DATE TRANSACDON DESORPTION SYMEICAGUSIP OUNNTITT DEBIT AMOUNT CREDIT AMOUNT 02/16(05 JOURNAL GOVERNMENT NATIONAL MTO ASSN 22.100.000 2.601.000.00 SERIES 2004-5 CLASS PS 4.450 FILM TERM Fi lmes ENT 02/16/05 JOURNAL GOVERNMENT NATIONAL MTO ASSN -22.100.000 2.601.000.00 SERIES 2004-5 CLASS PS 4.450 EOM 31.16 TERM ENT 02/16'05 JOURNAL FEDL HOME LOAN MTG CCAPeS10i09 SERIES 227 CLASS MIK -13.817.056 FSITM MNAWAI REPO 02/1695 JOURNAL FEDL NOME LOAN MTO CORP#S10109 -5.921.595 1.285.000.00 SERIES 227 CLASS 10 FSITM XINlaAI REPO 02/1695 JOURNAL FEDL NOME LOAN MTG CORPoSi wog SERIES 227 CLASS 10 MIK 9.869.325 2,125,000.00 FSITM .000F rA2 TERM MENT 02/16.05 JOURNAL FEDL NOME LOAN MI6 OCAPeS10109 9.869,325 2,156,000.00 SERIES 227 CLASS 10 FSITM MNR rA2 TERM MENT 02/16435 JOURNAL (rip A2 MATEO STATES TREASURY NOTE ATM MIK 42.000.000 42.840.000.00 4.250 14 TERM REPO AGREEMENT 02/16/05 JOURNAL LIMTE0 TALES TREASURY NOTE FILM Al INK -45.000.000 45.900.000 .00 4.250 14 REPO AGREEMENT 027 0101:05:11:09 001 van EFTA00196259 CLEARED THROUGH ITS WHOLLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 31 cl )) STATEMENT PER•00 February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER ON FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SEMEMENT TRADE DATE DATE TRANSACDON DESORPTION SYMEMICUSIP DUAARITY DEBIT AMOUNT CREDIT AMOUNT 02/16/05 INTEREST FEDERAL HOME LOAN MTO CORP 24.03 DUE03! SERIES 2488 CLASS SO FITM 5,410 012 REPO I 02/16(06 INTEREST FEDERAL HOME LOAN MTO CORP 24.03 SERIES 2488 CLASS SO DUE 03! 6.410 FIN A3 REPO I 02/16)05 INTEREST GOVERNMENT NATIONAL KIM ASSN SERIES 2004-S CLASS PS EMI 7.025.69 DUE 02:1101 4.460 FIN AS REPO I 02/16)05 INTEREST GOVERNMENT NATIONAL MI13 ASSN 7.025.69 SERIES 2004-S CLASS PS DUE 02/1101 4.450 FITM A6 REPO I 02/16)05 INTEREST FEDL HOME LOAN MTG CORPFES10t09 164.69 SERIES 227 CLASS 10 DUE I all 6.000 FIN A2 REPO I 02/16)0S INTEREST FEDL HOME LOAN MTG CORN/Mine MIS 334.18 wo SERIES 227 CLASS 10 DUE I 5.000 FITM REPOI A2 02/16435 INTEREST UNITED STATES TREASURY NOTE DUE I 1;40 4.260 SIM 261.80 FITM A2 REPO I 027 0101G5:11:09 001 van EFTA00196260 CLEARED THROUGH ITS YAICU.Y OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 32 0 STATEMENT PEF000 February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER OR He REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SEnLEmENT Ma DATE DATE TRANSACTION DESCRPRON ME/MCl/SIP "m DEBIT AMOUNT CREDIT AMOUNT 02/17/05 JOURNAL FEDL HOME LOAN MTG CORP8S10109 -5.921,595 I1Y SERIES 227 CLASS 10 FSITM MNAllirAl REPO 02/17105 JOURNAL FEDL HOME LOAN MTG CORP8S10109 5.921,595 1.285.000.00 SERIES 227 CLASS 0 5.000 FITM Fitle2 TERM ENT 02/17105 JOURNAL FEDERAL HOME LOAN MTO CORP 10,944.807 310,000.00 SERIES 2488 CLASS SO 5.410 2 FITM A4 TERM ENT 02/17+05 INTEREST FEDL HOME LOAN MTG OCAPPS10109 SERIES 227 CLASS 10 NMI 99.59 DUE IWO 5.000 ATM A2 REPO I 02/17,05 INTEREST FEDERAL HOME LOAN MTO CORP 48.05 SERIES 2488 CLASS SO DUE 031ll 5.410 RIM A4 REPO I 02/18105 JOURNAL jimAl UNITED STATES TREASURY BONDS ATM 5.375 1 -6.000.000 6,712,500.00 REPO AGREEMENT 02/18105 JOURNAL LIMTED TATS I SURY BONDS 8.000,000 9,087,000.00 ATM A2 5.375 1 TERM REPO AGREEMENT 02 18 05 JOURNAL UNITED SWAY NOTE 45,000.000 45.900.000.00 ATM A2 4.250 14 TERM REPO AGREEMENT 027 03,01,05:11:09 001 V872 EFTA00196261 CLEARED THROUGH ITS MIMI? OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 33 ci ). STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 scnumeil Tux DAN DATE TV0C3ACSON DESORPTION SYMEICESCUSIP OIJANTIlY OMIT ;wow CREDIT AMOUNT 02/18/05 JOURNAL Hip MTN) STATES TREASURY NOTE FITM 4.000 Al 15 -30.000.000 29.475.000 AO REPO AGREEMENT 02/18/05 INTEREST UNiTE0 STATES TREASURY BONDS 1.807.30 DUE ODA, 5.375 FITM A2 REPO I 02/18/05 INTEREST utaTE0 STATES TREASURY NOTE 3.060.00 DUE 11/111 4.250 FITM A2 REPO I 02/22/05 JOURNAL DICED ASURY BONDS -3.000.000 3,322.500 .00 mu Al 5.375 31 REPO AGREEMENT 02/22/05 JOURNAL UMTE0 ASuRY ECK'S 6.000.000 6,712,500.00 FITM A2 5.375 31 TERM REPO AGREEMENT 02/22/05 DELIVERED UNITED STATES TREASURY NOTE -185.000.000 185.000.000.00 DUE 12/31/2006 3.000 3.000 FISH Rililarr m TERM ENT 02/22/05 RECEIVED UNITED STATES TREASURY NOTE DUE 12/31/2006 MOO EMI 195.000.000 194.756.250.00 3.000 WIC6 FITM Al RESALE T 02/22/05 INTEREST OWED STATES TREASURY BONDS 1.790.00 DUE 02/ 5.375 DUMB A5 REPO I 027 03,01G5:11:09 001 Y872 EFTA00196262 CLEARED THROUGH ITS ValCtLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 34 O STATEMENT PERIOD PEtruilly 1.2006 THROUGH FeoluNy 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SEGLEMENT TRADE DATE DATE TRANSACTION DESERTION SYMEIELGUSIP OUNGITY 003n ;wow CREDIT AMOUNT 02/22/05 INTEREST UMTEO STATES TREASURY NOTE 84.740,28 III. ._ DUE 12/31200E_ 3.000 IS 02/23/05 RECEIVED LIMTEO STATES TREASURY NOTE 8.000.000 7,990,000.00 DUE 01/31:2007 3.125 3.125 1.1)7 FILM Al RESALE T 02/23/05 DELIVERED LINTS) STATES TREASURY NOTE -15.000.000 16.075.000 .00 DUE 01/31/2007 3.125 3.1251.1r Em FILM A4 TERM ENT 02/23105 INTEREST UNITED STATES TREASURY NOTE 3.400.25 DUE 01/S 3.125 FILM A4 RESALE 02/24/05 DELIVERED UNITED STATES TREASURY NOTE -195,000,000 194.758.250.00 DUE 12/31/2006 3.000 3.000 FILM RIMIC2 m TERM ENT 02/24105 RECEIVED UNITED STATES TREASURY NOTE 200,000,000 200.000.000.00 DUE 12/31/2006 3.000 3.000 FILM elkittl RESALE 02/24105 INTEREST LIMITED STATES TREASURY NOTE 23,370.75 DUE ISO 1.000 02/25/05 JOURNAL FEDERAL NATIONAL MI6 ASSN -3.929.997 SERIES 346 CLASS 1 DUE 1110. FILM Al REPO 027 0201005:11:09 001 Y1172 EFTA00196263 CLEARED THROUGH ITS YiDIMLY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 35 0 STATEMENT PERK* February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SETTLEMENT TRADE DATE DATE DIANSACRON DESCRFRON RIME/MCl/SIP CUANTITY DEBIT AMOUNT CREDIT AMOUNT 02/2905 JOURNAL FEDERAL NATIONAL KIM ASSN -1.380.809 1.000.000.00 SERIES 346 CLASS 1 DUE 11 ATM Al REPO 02/25/05 JOURNAL FEDERAL NATIONAL MTO ASSN 5.310807 3.963.000.00 SERIES 346 CLASS 1 DUE I TRIS ATM A2 TERM MENT 02/25105 INTEREST FEDERAL NATIONAL MI6 ASSN 3136FCBC9 3.378.46 SERIES 346 CLASS 1 DUE I Jill MOO ATM A2 REPO I 02/28105 JOURNAL FEDERAL NATIONAL KIM ASSN SERIES 346 CLASS 1 NMI 3.929,997 DUE I Ja i ATM A2 TERM MENT 02/28105 JOURNAL FEDERAL NATIONAL MM ASSN -3239.592 SERIES 346 CLASS 1 DUE 11 NM Al REPO A 02/28/05 JOURNAL FEDERAL NATIONAL KIM ASSN -690.404 500 000.00 SERIES 346 CLASS 1 DUE 11 NM Al REPO 02/28105 JOURNAL FEDERAL NATIONAL MTO ASSN -13,375,837 9.696.000.00 SERIES 329 CLASS PO DUE 01101/33 STRIP ATM Al REPO 027 03,0L05:11:09 001 VE172 EFTA00196264 CLEARED THROUGH ITS ValCtLY EMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 36 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT January 31.2005 SEMEMENT TRADE DATE DATE TFMNSACRON DESCRPRON SYMBCOJCUSIP "m DEBIT AMOUNT CREDIT AMOUNT 02/28/05 JOURNAL FEDERAL NATIONAL WO ASSN 13.375,837 11Y 10.014,000 .00 SERIES 329 CLASS PO DUE 01101/33 STRIP RRA TERM RIIIIIM AZ ENT 02/28/05 INTEREST FEDERAL NATIONAL MTO ASSN 3136FAWE6 24 058,64 SERIES 329 CLASS PO STRIP DUE Mill 0,000 FITM A2 REPO I TOTAL S-1.178.191243.46 91.126.885.746.12 MISCELLANEOUS DATE maOAT TROMSACTESAI DESCRIPTION DENT AMOUNT CREPT NACLA1 02/09105 JOURNAL 04 TREASURY REBATE ARM 30.973,04 02/09105 JOURNAL FNAAA-30YR(FNAAMOTO 76.953,13 SETL02/05 5500 DUE 02101/35 ABS NET 02/09/05 02/10/05 JOURNAL FNMA-30YR(FNMA)OTO 5.078,12 SETL02/05 5,000 DUE 02101/34 MBS NET 02/10/05 02/10,05 JOURNAL FNMA 30YR GM 35.937.50 SETT, 02/05 6,000 DUE 02101/35 MBS NET 02/10/05 02/14/05 JOURNAL JAN OS SPEC CLEARING FEES 2.300.00 027 OCTOLOST 1:09 001 Yen EFTA00196265 CLEARED THROUGH ITS WHOU.Y onneo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 37 0 STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AMBER On PIM MISCELLANEOUS (continued) LAST STATEMENT January 31.2005 DATE MOAT TITMISACTOI DESCRIPTION DEBIT AMCW41 MAT AAIDUNT 02/15105 JOURNAL FNMA SYR(FNMA-I 5)07D 14,609.37 SETT.02/05 5.500 DUE 02101/20 TABS NET 02/15/05 TOTAL 4-79.253.13 $86.544.43 Trades Executed Pending Settlement SETTLEMENT TRADE DATE DATE "RAUSACTKIN CESCP pi3O% SYMBOLCUSP WWII" PIECE DENT AMOUNT CREDO AMOUNT 03101/05 02/28/05 SOLD UNITED STATES TREASURY BONDS -3.000.000,00 109,7226 3,297.915,88 05.375% FA 15 MA RITY OVER REF # G659%0711 03/14/05 02/0995 BOUGHT FNMA 30YR. GTD 20.000.000.00 101.8242 20.364.843.75 SETT, 03,05 F 05.500% 57310000 BS eatiates 02/17/05 BOUGHT FNMA 30YR. GTD 15.000.000.00 101.5585 15,233.789.06 SETT 03,05 F 05.500% 57360003 BS 03/10/05 02/0345 SOLD FNMA 30YR. GTD -10.000.000,00 101.5156 10.151,562 ,50 SETT, 03,05 - 05.500% 57710000 BS 027 0101,05:11:09 001 'e872 EFTA00196266 CLEARED 1HROuGH ITS YAIOU.Y ORB.G0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 38 c? STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 ACCOUNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER MAGER On File LAST STATEMENT January 31.2005 SETREMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMEIOLCUSP OJANTIP PRCE DEOIT AMOUNT CREPT AMOUNT 03/14105 02/10105 SOLD FNMA 301/1.010 -10.000.000,00 101,6718 10,167.187 .50 SETT, 03105 pi psi 05.500% 57610000 BS 03/I 4105 02/03105 BOUGHT FNMA-30YR(FNMA)G1D 10.000.000,00 99,4375 9.943.750 80 SETT.03/05 11011.1106,000% 57750000 BS 03/14/05 02/17105 BOUGHT FNMA-30YR1FNMA)G1D 10.000.000,00 9%5429 9.954.296,88 SETT.03/05 /11001005,000% 57300000 BS 03/14105 02/10105 SOLD FNMA 301RtFNMAIGID -10.000.000,00 99,7382 9.973.828,13 SETT,03 os imam osmen. 57670000 BS 03/14105 02/03105 BOUGHT FNMA 301F8FNMA) 010 20.000.000,00 103,0156 20803,125,00 SETT 03105 06,000% 57730000 BS 03/14105 02/09105 SOLD FNMA 9DYR1FNMA) 010 -20.000.000.00 103,1875 20.637.500 80 SETT 03105 06800% 57340000 BS TOTAL 378.099.804.89 554,227,994.01 The chore Peons 4o nol apps in airy olhc. eaten o1 this slairntet 027 0:110I105:11:09 001 9872 EFTA00196267 CLEARED THROUGH ITS WHOU.Y omeo SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC STATEMENT PERIOD January 1.2005 ACCOUNT EXECUTIVE GNMA GOVT BOND VISIT OUR WEBSITE wswi.bearsteams.cOm THROUGH January 31.2035 ACCMIST NUMBER What's In This Statement 11111111111111111 II TAXPAYER NUMBER On File LAST STATEMENT December 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 26 STE B3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equwalent $976344 TOTAL VAWE OF SECURITIES THIS PERIOD 10,656,868 5732.186 LONG ACCRUED INTEREST 107,032 Ned 10.656.868 Income I $11.218594 NET CREDIT BALANCE 976,344 Current market yak* NET EQUITY THIS PERIOD $11,740,244 egm Last statements market value NET EOUITY LAST STATEMENT 12,063,068 CHANGE SINCE LAST STATEMENT -322,824 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. SIK TRY Tying a TIOTHIMAND pwpons MESS rc4 "Eroded as a U. exmliste TNT ststerneC should be Maned for your records Su worm THIT for greaten rdormalpn 027 0201GS:07:16 001 vary EFTA00196268 CLEARED 'THROUGH RS WHOLLY OBAED SUBSIDIARY FINANCIAL TRUST CO INC 2 oi 27 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,01,05:07$5 001 V870 EFTA00196269 CLEARED THROUGH ITS WHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 3 c. 2? STATEMENT PERK* January 1.2005 THROUGH January 31. 2005 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER nusii3ER On FIk MS PEWS YEAR TO DATE THIS PERSTO LAST STATEMENT December 31.2000 Opening Balance $732,186.31 U.S. Govt. Bond Int. 285.117.41 285,117.41 Govt. Agency Int. 655,330.03 655,330.03 Securities Sold 1,327,851,391.84 Corp. Bond Int. 130.177A4 130,177.44 Dividends/Interest 1,070,624.88 Reverse Repurchase Int. 235.427.49 235.427.49 Miscellaneous 4,687.50 Total $1,306,052.37 $1.306.052.37 Amount Credited $1.328.926,704.22 Bond Purchase Int. -589.389.51 -589,389.51 Securities Bought -1,327,991,635.74 Repurchase Int. Exp. -118.021.37 -118,021.37 Funds Withdrawn -72.724.00 Dividends/Interest Charged -589.389.51 Miscellaneous -28.796.88 Portfolio Composition Amount Debited $-1.328.682,546.13 CashCash Equivalent 976.344 Fixed Income 10.656.868 Net Cash Activity 244.158.09 Your Portfolio Total $11.6331. Allocation Closing Balance $976,344.40 Cash & Equivalent, 8% Cash Balance Summary WINN° CLOSNO Margin 732,186.31 976,344.40 Net Cash Balance $732.186.31 $976,344.40 Uetivaed conees 0en,* debt bebnce ender seal male vela, Ma slocatich reverter is de•ved ewe Vo ebeol.te mere', value of f%/ palloo 027 02,01,05:07:55 001 1870 EFTA00196270 CLEARED THROUGH ITS INHOU.Y ORBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 4 c/ 2? STATEMENT PERM January 1.2005 THROUGH January 31.2005 Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER M.aER On File LAST STATEMENT December 31.2004 MARKET ESTILIAIED CuRRENT DESCDPION SrsilICLOSO OWNTiTY PiBCE VALUE ANNUAL iNCONE VELD CASH BALANCE 976.344 TOTAL CASH & CASH EQUIVALENTS 5974.344 FIXED INCOME Government & Agency Obligations ACV' ACCRUED ESTMATW CURREN, DESCRPRON SIRSOLCUSP TYPE DUMMY PLACE IAARKET VALLE MEREST ANNUAL iNCOME VELD IV FEDERAL HOME LOAN MTG CORP MRGN 15.029,420 9,5203 1.430.842 32.862 739.447 51.6792 SERIES 2530 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/1&2032 4,920% FACTOR — .25049034 FEDERAL ROME LOAN MTG CORP MRGN 6.446.913 8,6637 558.539 12.951 291.400 52,1718 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 0'2/15/2032 4.520% FACTOR — .25049033 FEDERAL NATIONAL MTG ASSN MRGN 3.672.130 84.8828 3.117.007 3 37 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY DUE 03/01/2032 .001% FACTOR - 1.00000000 FECES& HOME WAN MTG CORP MRGN 12,935.618 &2178 1.063.020 25.987 584.690 55,0027 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/1512032 4.520% FACTOR - .22424606 027 0201,05D7:SS 001 "870 EFTA00196271 CLEARED THROUGH ITS INTIOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 5 O 2? STATEMENT PERM January 1.2005 THROUGH January 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER AA.103ER On FIM LAST STATEMENT DELETED& 31.2004 Government & Agency Obligations (continued) N:C" ACCRUED ESTIAMED CURRSVr DESCDPnON SweCLCuSP nPt OLIANTITY PRICE MARKET VALUE !MEREST ANNUAL WOW YELD NG FEDERAL NATIONAL MTO ASSN MRGN 13.791.178 8,1254 1.120.583 10.274 616.466 55,0130 SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2033 4.470% FACTOR — .56738039 Total Government& Agency Obligations 87288.991 $82,o77 52232.040 Corporate Bonds ACC' ACCOJED ESTIMATED CURFENT DESCRP1ON SOMCLCUSP TYPE DUMMY PRICE IMRXET VALUE NTEFEST ANMJAL INCOME VELD PM FANNIE MAE CMG,SEIRIES 2003-13 MRGN 27.372,254 12.3003 3.366.877 24.955 1.497.262 44,4704 S ROR-ItO FUR DATED DATE 02/2503 BOOK ENTRY ONLY DUE Oa/2512033 5,470% FACTOR — .54744510 Total CorporateBonds $3.166.877 $24.955 $1.497.262 TOTAL FIXED INCOME 510.656.868 $107.032 $3.729.302 YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 5107.032 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 5-3.729.302 YOUR PRICED PORTFOLIOHOLDINGS $11.633.. 027 020105:07:55 001 Y870 EFTA00196272 CLEARED THROUGH ITS YAIDALY OUS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 6 STATEMENT PEF000 January 1.2005 THROUGH January 31.2005 AccouNT NUMBER Repurchase and Reverse Repurchase Transactions TAXPAYER MAKER OR File with Bear, Stearns& Co.Inc.outstanding as of date of statement LAST sTATEmENT December 31.2004 PURCHASE/ FIEFURCHASE PRICING PURCHASE RIM ACCRUED REPO CAONTRY START DATE DATE RATE PAINCPAL INTEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD GOVERNMENT NATIONAL MEG ASSOC (REPO) 01/13105 04/11105 2.860 -2.601,000 -3.926 -22.100,003 SEES 2004-5 CLASS P 4.4500 02/20/33 YOU SOLD FANNIEMAE STRIP (REPO) 01/13/05 04/11/05 2.860 -11.902.000 -17.965 -30.000.000 SEES 329 CLASS PO 12/01/32 YOU SOLD FANNIE MAE STRIP (REPO) 01/13/05 04/11/05 2.860 -6.406.000 -9.669 -30.000.000 SEES 353 CLASS 10 5.0000 07/01/34 YOU SOLD FHLMC- STRIP PRNCAPAL ONLY (REPO) 01/19/05 02/18+05 2.700 -7.600.000 -7.410 -43.190.000 YOU SOLD FANNIEMAE STRIP (REPO) 01/28/05 02/2/3/05 2.790 -10.014.000 -3.104 -25.000.000 SEES 329 CLASS PO 12/01132 YOU SOLD FANNIE MAE STRIP (REPO) 01/28+05 04/11/05 2.860 -7.351.000 -2.335 -35.000.000 SEES 353 CLASS 10 5.0000 07/01134 YOU SOLD FHLMC- STRIP PRINCIPAL (REPO) 01/28+05 02/28+05 2.790 -1.199.000 -371 -6.810.000 YOU SOLD GOVERNMENT NATIONAL MEG ASSOC (REPO) 01/28+05 02/28+05 2.790 -500.000 -155 -4.300.000 SEES 2004-5 CLASS P 4.4500 0920/33 YOU PROVIDED GOVERNMENT NATIONAL MEG ASSOC (MARGIN) 01/28+05 OPEN 0.000 -17.600.000 SEES 2004-5 CLASS P 4.4500 0920/33 YOU SOLD FEDERAL HOME LOAN MTG CORP (REPO) 01/28/05 02/2/3/05 2.790 -849.000 -263 -50.000.000 SEES 2488 CLASS SO 5.5200 03/15/32 YOU SOLD USER 3.6250 01/15/10 (REPO) 01/31/05 OPEN 2,420 -19.925.000 -1.339 -20.000.000 027 0201,05:07:55 001 Ya70 EFTA00196273 CLEARED THROUGH ITS YRIOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 7 2? STATEMENT PERKO January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER NURSER On File with Bear,Stearns& Co.inc.outstanding as of date of statement (continued) LAST STATEMENT December 31.2004 PURCHASE/ REPURCHASE PRICING PURCHASE PRIES ACCRUED REPO GUMMY START DATE DATE RATE PRINCPAL MEREST' (FACE AMOUNT) CUSP DESCRIPTION YOU SOLD USTR 4,2500 11/15114 (REPO) 01/31/05 OPEN 2.170 -31.465.000 -1.896 -31.000,000 YOU SOLD FANNIEMAE STRIP (REPO) 01/31/05 02/10/05 2.760 -8.409.000 -644 -20.959,779 SERIES 329 CLASS PO 1201,32 YOU BOUGHT USTR 3,0000 1213106 (REVERSE) 01/31/05 OPEN 1,930 176.220.000 9.447 176.000.000 TOTAL REVERSE REPURCHASETRANSACTIONS $176.220.000 $9.447 TOTAL REPURCHASE TRANSACTIONS 1-108.221.000 $-49.077 As Cl 214IPTOM <WO Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTOR CESCMPTION SYMBOLCUSiP GUMMY PRICE DEBT AMOUNT CREDO MOUNT 01107/05 01/06105 BOUGHT UNITED STATES TREASURY NNE 10,000,000 99,86719 0986.718,75 04.250% MN IS ACM *It 62,223.76 MATURITY GVER REF # G0061006 Al 01107105 01/06105 BOUGHT UNITED STATES TREASURY NNE 04.250% MN 15 MEN 10.000.000 ACCR, NIT, 99.87109 9087,109.38 62,223.75 0 MATURITY GVER REF # G0071000 Al AS OF 01106/05 027 0201,05D7:SS 001 •••870 EFTA00196274 CLEARED THROUGH ITS wilDtLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT I Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 8 c12• STATELIER, PERIOD January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KUMMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACT/3N CESCRIPTION STIADOLICUSP oawrin PRICE DEBIT AMOUNT MEM AMOUNT 01/07/05 01/06/05 SOLD UNITED STATES TREASURY NOTE .40.000.000 99.69531 39.878.125 ,00 03.000% JD 30 ACCR, INT, 23,204.42 MATURITY GVER REF # G0061007 Al 01/07105 PRINCIPAL FEDERAL NATIONAL MTG ASSN -114.994 STRIP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL REDUCTN 01-25-05 01/11105 01/10/05 SOLD UNITED STATES TREASURY NOTE -15.000.000 99.58984 14.938.476 ,56 03.000% JO 30 ACCR, INT, 13.674.04 MATURITY OVER REF # 00101017 Al 01/13/05 01/07105 BOUGHT FEDERAL NATIONAL MTG ASSN 16.314.621 80.34376 13.107,778 .31 SEFUES 329 CLASS PO STRIP 1/1.57450000 BS 01/13+05 01/07+05 BOUGHT FEDERAL NATIONAL MTG ASSN SERIES 353 CLASS 2 EMI 28.945.632 25.12500 7,272,590.12 ACM Mt 48,242.72 05.000% 57440000 BS ACCRUES ON 1ST. PAYS ON 25TH 01/13+05 01/12+05 BOUGHT UNITED STATES TREASURY NOTE 04.250% MN 15 MIK 10,000.000 100.12109 10,012,109.38 ACCR, INT. 69,267.95 0 MATURITY GVER REF # G0121006 Al 01/13A)5 01/12/05 SOLD NITED STATES TREASURY NOTE -30.000.000 99.60938 29.882.812 .50 DUE 12/31+2006 03.000% JD 30 ACCR. INT. 32.320 .44 SPECIAL INSTRUCTIONS IELD 3206 % TO MATURITY GVER REF # G0125168 A3 wwEe 027 020105:07:55 001 V870 EFTA00196275 CLEARED THROUGH ITS WHOM.? EIMS*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT ,itkl CA, Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCa TRUST CO INC 9 STATEmENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACT/3N DESCRIPTION STMEIOLCUMP OVAMITY PRICE DEBIT AMOUNT GRECO' AMOUNT 01/18105 01/14105 SOLD UNITED STATES TREASURY MUTE -9.000.000 100.20313 9,018.281 .25 04.250% MN 15 ACCR, INT. 67,624.31 0 MATURITY GVER REF # G0141001 Al 01/18/05 01/14105 SOLD UNITED STATES TREASURY NNE -15.000.000 99.57031 14.935,546 ,88 03.000% JD 30 ACCR. INT. 22.375.69 MATURITY OVER REF it G0141002 Al 01/18/05 01/14105 BOUGHT UNITED STATES TREASURY N0TE 20.000.000 99.61719 19.923.437.50 03.625% JJ 15 ACCR, 1L 6.008.29 MATURITY GVER REF # G0141003 Al 01/18(05 PRINCIPAL FEDL HOME LOAN MTG CORPitS02684 381.961.00 SERIES 218 CL PO DUE 02/01/32 PRIN RID 12-04 PM 01-15-05 REPO P 8I 0.0000 01/18105 PRINCIPAL FEDERAL FINE LOAN MTG CORP -470.084 SERIES 2483 Q. SL 4.520 DUE 03/15132 PRINCIPAL REDUCTN 01-15-05 01/18105 PRINCIPAL FEDERAL HOME LOAN MTO CORP -498.652 SERIES 2530 CLASS SE 4.920 DUE 02/15/32 PRINCIPAL REDUCTN 01-15-05 01/18105 PRINCIPAL FEDERAL HOME LOAN MTG CORP -213.898 SERIES 2526 CLASS Si 4.520 DUE 02115/32 PRINCIPAL REDUCTN 01-I 5-05 01/19105 01/18105 SOLD UNITED STATES TREASURY NOTE -9.000.000 100.12500 9.011.250.00 04.250% MN 15 ACCR, INT. 68.680.94 0 MATURITY GVER RE? # G0181001 Al 021 02010507:55 001 .870 EFTA00196276 CLEARED THRouGH ITS valOLLY ORBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 10 c! 27 STATEMENT PEF000 January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) *scow! NUMBER TAXPAYER NUMBER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTION Dues P1104 $0.100..00$-P OuANTir, PRCE DEW AMOUNT OEM AMOUNT 01/19105 01/18/05 SOLD UNITED STATES TREASURY NOTE .16,000.000 99,52344 15.923,750,00 03.000% JO 30 ACCR, INT. 25,193,37 0 MATURITY GVER REF ft G0181005 Al 01/19105 01/18105 BOUGHT UNITED STATES TREASURY NOTE 03.625%11 15 NIS 20.000.000 99,48828 19.897.656.25 ACM, M. 8.011.05 0 MATURITY GVER REF P G0181009 Al 01/20/05 12/07104 CANCEL SELL ONMA-30YRONMATOTO 7.000.000 101.96875 7.137.812,50 SETT:01105 57310000 BS AS OF 12/07104 TO C/3. PREVIOUS SELL 01,20.05 12/15/04 BOUGHT ONMA-30YRTGNMATGTO 7.000.000 102.35156 7.164.609,38 )00000as 0:0000:0 591.01/05 BS 01/20+05 12/07+04 SOLD GNmA-30vR(GMAA)GTO -7.000.000 101.96875 7.137.812,50 SETT.01.85 • • 05,500% 57310000 BS 01/2005 12/15+04 CANCEL BUY ONMA-30YR(GMAA)GTO SE T.01105 VIII -7.000.000 102.35156 7,164.609,38 7020000 BS AS OF 12/15/04 TO C/3. PREVIOUS BUY 0 I '2005 12/0704 BOUGHT ONMA-30YRONMATOTO 10,000.000 103.54688 10.354.687.50 SETT.011105 57780000 BS 027 020I,05:07:55 001 .870 EFTA00196277 CLEARED THROUGH ITS YAICU.Y OBBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 11 o STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUNSER DII File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31.2004 SETTLEMENT TRADE DATE DATE mAtisAcnoti OESCRIPTION STIABOLCUSP OWARITY PRICE DEBIT AMOUNT CREDI A/lOcter 01,20/05 12;i5.04 CANCEL SELL ONMA-30YR(GNIAAJOTO 10.000.000 103.59375 10.359.375.00 SETT.01//05 7030000 BS AS OF 12/15/04 TO CM. PREVIOUS SELL 01,20/05 12/07104 CANCEL BUY GNMA-30TR(GNMAIGTO -10.000.000 103,54688 10.354.687.50 SETT.01//05 57780000 BS AS OF 12/07/04 TO CM. PREVIOUS BUY 01/2005 12/15/04 SOW GNMA-30YRONMAJOTO .10.000.000 103.59375 10,359,375.00 SETT.01/A35 1.0.5 06.0" 7030000 BS 01/21,05 JOURNAL FEDL HOME LOAN PAM CORP#S02684 -1 SERIES 218 CL PO DUE 02/01/32 ADJUST POSITION 01/2905 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO INININ 114.994.05 0,001 DUE 03/01/32 PRINCIPAL PAYMENT 01-25-05 01/2905 PRINCIPAL FANNIE MAE ONO/SERIES 2003-13 S RCR-10 FLTR MIN -610.357 5.582 DUE 03/25/33 PRINCIPAL REDUCTN 01-25-05 01.25,05 PRINCIPAL FEDERAL NATIONAL MTG ASSN SERIES 2003-49 CLASS SW NMI -307.521 4.582 DUE 01/25/33 PRINCIPAL REDUCTN 01-25-05 027 02,0I 005:07:5S 001 .870 EFTA00196278 CLEARED THROUGH ITS leni0M.Y Oune0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 12 r! STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUVT NUMBER TAXPAYER IMAGER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRANSACTOR DESORPTION SY/ABOLICUSIP OUPPRTIY PRICE DEBIT AMOUNT GREGG AAIDUNr 01/28,05 01/26105 BOUGHT FEDERAL NATIONAL MTG ASSN 13,595,517 82.03125 11.152.572,95 SEAMS 329 CLASS PO STRIP IMI.58050000 BS 01/28/05 01/2645 BOUGHT FEDERAL NATIONAL MTG ASSN 33.769.904 24.21875 8.178.648,71 SERIES 353 CLASS 2 ACCR, 126.637,14 illit s 05.000% 8060000 BS ACCRUES ON 1ST. PAYS ON 2501 01/28/05 01/27/05 BOUGHT UNITED STATES TREASURY NOTE 10.000.000 100.20313 10.020.312.50 DUE 11/1512014 04.250% MN IS ACCR, NT. 86.878.45 SPECIAL INSTRUCTIONS YIELD 4,224 % TO MATURITY OVER REF V G0272927 A3 riViE8 01,31105 01/27/05 BOUGHT FEDERAL NATIONAL MTG ASSN 11.398.361 8196875 9.343.094.60 SERIES 329 CLASS PO STRIP 00111 1,57200000 BS 01,31105 01/2645 SOLD GOVERNMENT NATIONAL MTG ASSN -39.801.752 9,00000 3,582,157.76 SERIES 2004-2 CLASS S8 ACCR, INT, 78276,79 04,720% 7450000 BS 01,31105 01,28105 BOUGHT UNITED STATES TREASURY NNE 9.000.000 100.90234 9.081.210.94 04.250% MN IS ACCR, INT, 81.360,49 MATURITY GVER REF # G0281002 Al 01,31105 01/2845 BOUGHT UNITED STATES TREASURY NOTE 15.000.000 99.58594 14.937.890.63 03.000% JD 30 ACCR, WT, 38.535,91 . % 0 MATURITY GVER REF # G0281000 Al 027 02010507:55 001 .870 EFTA00196279 CLEARED THROUGH ITS YAIOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 13 c! 27 STATEMENT PERM January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) AGLOW! NUMBER TAXPAYER isafuSER On File INVESTMENT ACTIVITY (continued) LAST STATEMENT December 31, 2004 SETTLEMENT TRADE DATE DATE TRAusg,Bon j.ESLF pno” STIUBOLGUEV OVANTITY PRCE DEW AMOUNT CREDIT MOM 01/31/05 01/28/05 SOLD UNITED STATES TREASURY 1431E -20.000.000 99,76563 19.953,125 ,00 r 03,625% JJ 15 ACCR, INT. 32.044,20 . MATURITY G.ER REP tt G•281001 Al TOTAL 1,188,507,003.91 $193.000.39158 DEPOSITS AND WITHDRAWALS DATE TFONSACTCN DESORPTION DEEM AMOUVT CREDIT AMOUNT 01,05,'05 FND WIRED MDA# GY154679 FNDS WIRED TO 72.724,00 FLEET NATIONAL BMW AC2387604020 NY#35491 TOTAL $.-72,724.00 INTEREST DATE DESORPTION STIABOLDLISIP OUANTITY RATE DEBIT AMOUNT CREDIT AMOUNT 01/18/05 FEDERAL NOME LOAN MTO CORP 4.5200 51.360,60 SERIES 2483 CL SI. DUE 03/15/2032 4.520 INTEREST PAYMENT 01-15.05 01/18/05 FEDERAL HOME LOAN MTO CORP 5,5200 54.201,35 SEEMS 2488 CLASS SO DUE 03/15/2032 5.520 INT R/D 12-04 P/0 01-15-O5 REPO P & I 5.5975 01/18/05 FEDERAL WA* LOAN MTO CORP 4,9200 64.667)5 SERES 2530 CLASS SE DUE 02/15/2032 4.920 INTEREST PAYMENT 01-15-05 027 02,01,05:07:55 001 '.1170 EFTA00196280 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 14 o STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MASER (Nine INTEREST (continued) LAST STATEMENT December 31.2000 DATE DESCRIPTION SYMEICIJCUSIP DOWNY RATE ITN DEBIT AMOUNT CREDO AMOUNT 01/18105 FEDERAL HOME LOAN MTO CORP 4.5200 25,519.23 SERES 2526 CLASS SI DUE 02/15/2032 4.520 INTEREST PAYMENT 01-15-05 01/18105 GOVERNMENT NATIONAL TATO ASSN 4.7930 166998.04 SERES 2004-2 CLASS SB DUE 01/16/2034 4.793 INT RID 01-05 PA) 01-16-05 REPO P I 4.7931 01/20/05 GOVERNMENT NATIONAL WO ASSN 4.5400 82.855.00 SERES 2004-5 CLASS PS DUE 02/20/2033 4.540 INT RID 12-04 PM 01-20-05 REPO P SI 4.5400 01/20/05 GOVERNMENT NATIONAL TATO ASSN 4.5400 83.611.67 SERES 2004-5 CLASS PS DUE 02/20/2033 4.540 INT RFD 12-04 PA 01-20-05 REPO P d I 4.5400 01/25105 FANNIE K1AE CMO/SERIES 2003.13 5.5820 130.177.44 S RCR-VD RTR DUE 03/25/2033 5.582 INTEREST PAYMENT 01-25-05 01/25/05 FEDERAL NATIONAL NM ASSN 4.5820 53.839.40 SERIES 2003-49 CLASS SW DUE 01/25/2033 4.582 INTEREST PAYMENT 01-25-05 TOTAL $707.230.6e 027 020105:07:55 001 V870 EFTA00196281 CLEARED THROUGH ITS VOICtLY ORTNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 15 c! STATEMENT PERICO January 1.2005 THROUGH January 31.2035 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST STATEMENT December 31.2004 with Bear,Stearns& Co.Inc. SETTLEMENT TRACE DATE DATE TRANSACTION DESCRPTCN SYMEICIJCUSIP awn" DEBIT ;wow CREDIT AMOUNT 01/07/05 JOURNAL crimp LIMTEO STATES TREASURY NOTE FONT 4.250 Al 14 -20.000.000 20.050.000.00 REPO AGREEMENT 01/07/05 DELIVERED UNITED STATES TREASURY NOTE DUE 12/31/2006 3.000 INIIIIII -75.000.000 75.000.000 .00 3.000 DUE 12/31/06 RIM F3660898 A2 TERM RESALE AGREEMENT 01/07/05 RECEIVED UNITED STATES TREASURY NOTE DUE 12/31/2006 3.000 IIIIIIII 115.000.000 115.000.000 .00 Flar DOIAI 3 RESALE T 01/07/05 INTEREST MATED STATES TREASURY NOTE DUE 12131/2006 .000 IIIIIIII 25.416.67 F3660898 INTEREST 01110105 JOURNAL FEDL HOME LOAN MTG COAH/S02684 -11,512,346 8.628.000.00 SERIES 218 CL PO DUE Ojai. FILM Al REPO 01/10/05 JOURNAL FEDL HOME LOAN MIG OC6P4S02684 11.512,346 9.478.000 .00 SERIES 218 CL PO DUE 0 FILM A2 TERM ENT 01/10105 JOURNAL GOVERNMENT NATIONAL MTO ASSN 21.900,000 SERIES 2004-5 CLASS PS 4.540 DUE 02/20/33 FILM F3573210 A2 TERM REPO AGREEMENT 01/10105 JOURNAL GOVERNMENT NATIONAL MTO ASSN -21.900.000 500.000.00 SERIES 2004-5 CLASS PS F4RA4 .540 AI REPO A 027 020105:07:55 001 V870 EFTA00196282 CLEARED THROUGH SUBSIDIARY OWNED ITS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. INTIOU.Y BEAR STEARNS TRUST FINANCIAL CO INC 16a 2? STATEMENT January PERK* 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAIBER Rile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LASTATEMENT December 31.2000 On SETTLEMENT DATE TRADE TRANSACTION DATE DESORPTION SYMEMICUSIP CVANTITY DEBITAMOUNT CREDIT AMOUNT 01/10105 INTERESTFEDL NOME SERIES LOAN MT0OUIPeS02684 53,550.70 07"218.. DUE ATM CLPO0.000 I A2 REPO 01/11105 RECEIVEDUNITED UE STATES TREASURY 12)31/2006 NOTE 3.000 30,000.000 29.999.999 .99 3.0001111(21C FITM T RESALE 01/11105 RECEIVEDDUE UNITED STATES TREASURY 12)31/2006 NOTE 3.000 50.000.000 49.999.999.99 3,0004111111106A FITM A RESALE M iltregIT 01/11.'05 RECEIVEDDUE UNITED STATES TREASURY 12131/2006 NOTE 3.000 50.000.000 49.999.999.99 3.000 FITM AIB RESALE 01/11.'05 DELIVERED UNITED DUE STATES TREASURY 12/31/2006 NOTE 3.000 -116.000.000 115.000.000.00 3,000 FILMJWA2EMENT TERM e 01/11/05 INTERESTDUE UNITED STATES TREASURY 12i3.1.2.OD6_NOTE _3.000 25,491.67 Fir III 01/13105 JOURNALFEDERALSERIES NATIONAL 329 1.110 CLASS PO ASSN .16,314.621 11.902.000 DUE 01)01,33 STRIP FILM REPOAyip Al 027 02,01,05:07:S5 001 .870 EFTA00196283 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BEAR Bear. Stearns & Co. Inc. STEARNS FINANCIAL TRUST CO INC 17 C! 27 STATEMENT PER100 January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2000 SETTLEmENT TRADE DATE DATE nvecMCnON DESCRencti SYMP./Q/51P OMMITIN COON AMOUNT CREDIT AMOUNT 01/13105 JOURNAL GOVERNMENT NATIONAL LIM ASSN 40,307,282 SERIES 2004-2 CLASS SB 4.7933.4 FITM A2 TERM / MENT 01/13/05 JOURNAL GOVERNMENT NATIONAL MM ASSN SERIES 2004-2 CLASS SB MIS -40.307.282 2,830.000.00 4.793 WI FITM Al REPO A 01/I 3105 JOURNAL GOVERNMENT NATIONAL KIM ASSN SERIES 2004-5 CLASS PS EMI 22.100.000 2,500,000.00 RTm O.540 Ditaire33 Az TERM RortTMENT 01/1305 JOURNAL GOVERNMENT NATIONAL MM ASSN -22.100.000 2.601.000.00 SERIES 2004-5 CLASS PS 4.540 FIRE 11.1 REPO A 01:13,05 JOURNAL GOVERNMENT NATIONAL MTO ASSN SERIES 2004-5 CLASS PS EMI 22.100.000 2.601.000.00 4.540 FITM REPO A 01/13/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS Mill -22.100.000 2 601.000.00 FIV 0 4, 033A3 REPO A 01/13/05 JOURNAL FEDERAL NATIONAL MTO ASSN -28,945.632 6,406.000,00 SERIES 353 CLASS 2 5.000 FITM B1 REPO A100034 027 02,01,05G7:55 001 '.870 EFTA00196284 CLEARED THRouGH ITS YAICU.Y OMBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 18 ul V STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) AccouNT NUMBER TAXPAYER NUMBER On He REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2004 sEntEmetir Gum DAN DATE TVOC3ACRON DESORPTION SYMeCtocusie MAMMY DEBIT AMOUNT CREDO AMOUNT 01/13/05 JOURNAL pig UNITED STATES TREASURY NOTE FITM 4,250 A2 14 20.000.000 20,050.000 .00 TERM REPO AGREEMENT 01/13/05 JOURNAL WITTED STATES TREASURY NOTE -30.000.000 30.150.000 .00 FITM Al 4.250 4 REPO AGREEMENT 01/13/05 DELIVERED UNITED STATES TREASURY NOTE -30.000.000 29.999.999.99 DUE 12/31/2006 3.000 3.000 FITM FINCALC TERM e ENT 01/13105 DELIVERED UNITED STATES TREASURY NOTE -50.000.000 49.999.999.99 DUE 12/3112036 3.000 FITM A2A 3.000FlarE6 TERM e EMENT 01/13/05 DELIVERED LIMTE0 STATES TREASURY NOTE -50.000.000 49.999.999.99 DUE 12/31/2006 3.000 3,000 FITTA FM1r A2B TERM EMENT 01/13105 RECEIVED UNITED STATES TREASURY NOTE 160,000,000 160.000.000 .00 DUE 12/31/2006 3.000 3.000 FITTA Al RESALE 01/13105 INTEREST GOVERNMENT NATIONAL MTO ASSN 3.987.50 SERIES 2004-5 CLASS PS DUE 02:111 4.540 FITM A2 REPO I 01/13105 INTEREST LIMITED STATES TREASURY NOTE 5.719.82 DUE AO. 4.250 FITM A2 REPO I 027 meiVS:07:55 ROI '.870 EFTA00196285 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 19 nr STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NLAISER On FIk REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2004 SETTLEMOIT TRADE DATE DATE TRNISACRON DESCRPTICH OVANTITy DEBIT ;wow CREDIT AMOUNT 01/13/0S INTEREST UNITED STATES TREASURY NOTE 3.183.33 DUE 11 10 3.000 ATM A2C RESALE 01/13105 INTEREST UNITED STATES TREASURY NOTE 5,305.55 DUE 12/W 3.000 ATM A2A RESALE 01113/05 INTEREST UNITED STATES TREASURY NOTE 5,30.5.6.5 DUE 12/W1f#, 3.000 ATM A2B RESALE 01/18105 JOURNAL GOVERNMENT NATIONAL EGG ASSN -21.900.000 SERIES 2004.5 CLASS PS 4.540 FITA4 *WI REPO A 0N18,[05 JOURNAL GOVERNMENT NATIONAL MTG ASSN 21.900.000 500.000.00 SERIES 2004-S CLASS PS 4.540 Oillia33 FITM A2 TERM RIlintiMMENT 01/18/05 JOURNAL UNITED ASuRY NOTE -21.000.000 21.157.500.00 ATM Al 4.250 14 REPO AGREEMENT 01/18/05 JOURNAL UNITED SURY NOTE 30.000.000 30.150.000.00 ATM i42 4.250 14 TERM REPO AGREEMENT Oil SUS DELIVERED UNITED STATES TREASURY NOTE -160.000.000 160.000.000.00 DUE 12/31/2006 3.000 3.000 ATM Jett TERM EMENT 027 020105:07:55 001 Y870 EFTA00196286 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 20 c! STATEMENT PERK* January 1.2005 THROUGH January 31.2035 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On FOP REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2000 SEMEMENT WADE DATE DATE TRANSACTION MERVIN:RI STMOCCCUSIP DVANilie MIT AMOUNT CREDIT AMOUNT 01/18/05 RECEIVED UNITED STATES TREASURY NOTE 175,000.000 175.000.000.00 DUE 12/31/2006 3.000 3.000 FILM WI RESALE T 01/18105 JOURNAL UNITED TATES TREASURY NOTE -20.000.000 19.875.000.00 FILM Al 3.625 / 10 REPO AGREEMENT 01/18105 INTEREST GOVERNMENT NATIONAL MTO ASSN 293.33 SERIES 2004-5 CLASS PS DUE 02/0 4.540 FILM A2 REPO I 01/18105 INTEREST UNITED STATES TREASURY NOTE 8.006.50 DUE 11:1111. 4.250 ATM A2 REPO I 01/18/05 INTEREST UNITED STATES TREASURY NOTE 44,000,00 DUE ISO 1000 01/19115 JOURNAL FEDL NOME LOAN MTG CCAPPS02684 -1.567.981 SERIES 218 CL PO DUE 0 FILM Al REPO:lir 01/19.'05 JOURNAL FEDL /CAE LOAN MTG COAH/S02684 -9.944.364 7,600,000.00 SERIES 218 CL PO DUE 0 FONTlair Al REPO A 01/1945 JOURNAL FEDL NOME LOAN 1410 CORPNS02684 11,512.346 8.628.000 .00 SERIES 218 CL PO FIT402/1 li/14 1,2 TERM RIMLIMMENT 027 02070507:55 001 •.'870 EFTA00196287 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 21 c! STATEMENT PERIOD January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NumBER On Ale REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2004 SETTLEMENT TRADE DATE DATE WiNSACRON DESCRPTICR SYMEICIAUSIP WANTin DEBIT ;wow CREDIT AMOUNT 01/19/05 JOURNAL pig UNITED STATES TREASURY NOTE ATM 4.250 Al 14 -12.000.000 12.120.000.00 REPO AGREEMENT 01/15105 JOURNAL LISTED TATE T SURY NOTE Mir 21.000.000 21.157.500.00 FITM A2 4.250 14 TERM REPO AGREEMENT 01119 x05 DELIVERED UNITED STATES TREASURY NOTE -175.000.000 175,000400.00 DUE 12/31/2006 3.000 3.000 ATM 31162 m TERM ENT 01/19435 RECEIVED MATED STATES TREASURY NOTE 191.000.000 191.000.000.00 DUE 12+31/2006 3.000 3.000 FITM .0121 RESALE T 01/19:05 JOURNAL LISTED TALE TREASURY NOTE 20.000.000 19.875.000 .00 ATM A2 3.625 ,10 TERM REPO AGREEMENT 01/19005 JOURNAL UNITED ASURY NOTE -40.000.000 39.750.000 .00 ATM Al 3,625 r10 REPO AGREEMENT 01/1905 INTEREST FEOL HOME LOAN MID CORP#S02684 5.694.48 SERIES 218 CI PO DUE Oil. 0.000 ATM A2 REPO I 01/19,05 INTEREST UNITED STATES TREASURY NOTE 1.057.88 DUE 11/ 4250 ATM A2 REPO I 027 020105:07:55 001 Y870 EFTA00196288 CLEARED 114ROuGH ITS wisCt13 CMT,*0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS =Pm FINANCIAL TRUST CO INC 22 STATELIER, PEF000 January 1.2005 THROUGH January 31.2035 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER On Pile REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEMENT December 31.2004 EEMEMENI TFPOE DALE DATE TRANSACTION DESCRPTION SYMIKLCVSIP OUPARITif DEBIT AMOUNT CREDIT AMOUNT 01/19/05 INTEREST UNITED STATES TREASURY NOTE 6,076,39 • DUE 12/3,L2GOL _3.000 01/19105 INTEREST UNITED STATES TREASURY NOTE DUE 01/111, 3.625 1MM 955.10 FITMF REPO INr 01/28/05 JOURNAL FEDL HOME LOAN MTG COAP#S02684 1.567,981 SERIES 218 CL PO DUE 0 FITM 31111 A 2 TERM ENT 01/28105 JOURNAL FEDL HOME LOAN MTG CORP#502684 -1.567,981 1,199,000 .00 SERIES 218 Cl. PO DUE 021 FITM Al REPO A 01/28105 JOURNAL FEDERAL HOME LOAN MTG CORP IT III.304 SERIES 2488 CLASS SO 5.520R.1132 FITM A2 TERM MENT 01/28/05 JOURNAL FEDERAL HOME LOAN MTO CORP IT al.304 849,000.00 SERIES 2488 CLASS SO 5.520 ilt2 FITM A RESALE T 01/28/05 JOURNAL FEDERAL HOME LOAN MTO CORP .11...304 849.000.00 SERIES 2488 CLASS SO 5,520 Clin 01/28/05 JOURNAL FEDERAL HOME LOAN MTO CORP 3C4 849.000.00 SERIES 2488 CLASS SO 5,5203.32 FILM AI REPO 021 020105:07:55 001 EFTA00196289 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 23 cIv STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUmSER On FOS REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2004 SETTLEMENT TRADE DATE DATE TRMISAGMON DESCRPOON SAleClocusie OUAMITY DEBIT AMOUNT CREDIT AMOUNT 01/28/05 JOURNAL FEDERAL NATIONAL MTG ASSN -13.595.517 10.014.000 .00 SERIES 329 CLASS PO DUE 01/01/33 STRIP FITM REPO Ansi Al 01/28 05 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS INNS 21,900.000 4.450 FITM 31WE2 TERM ENT 01/28/05 JOURNAL GOVERNMENT NATIONAL MO ASSN SERIES 2004-5 CLASS PS EMI -17,600.000 4.450 FIRE Al REPO 01/28/05 JOURNAL GOVERNMENT NATIONAL MTG ASSN -4.300.000 500.000.00 SERIES 2004-5 CLASS PS 4.450 FITM 110.1 REPO A 01/28/05 JOURNAL FEDERAL NATIONAL MTG ASSN -33.769.904 7.351.000.00 SERIES 353 CLASS 2 5.000 li FITM r Al REPO A 01/28+05 JOURNAL LINiTE0 STATES TREASURY NOTE 12,000.000 12.120.000.00 FITM ell. A2 4.250 / 14 TERM REPO AGREEMENT 01/28/05 JOURNAL Jim LIMTE0 STATES TREASURY NOTE FITM 4.250 Al 14 -22,000.000 22.247.500 .00 REPO AGREEMENT 01/28/05 INTEREST LINiTE0 STATES TREASURY NOTE 5.679.57 DUE I ling& 4,250 FILM A2 REPOT i 027 02,01,05:07:S5 001 Y870 EFTA00196290 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 24 STATEMENT PERK* January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAISER OR Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2000 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPRON SYMOCIAUSIP DUMMY DEBIT AMOUNT CREDIT AMOUNT 01/31/05 JOURNAL FEDERAL NATIONAL MKT ASSN -11.398.361 8.409.000 AO SERIES 329 CLASS PO DUE 01101/33 STRIP FITM Al REPO 01/31105 JOURNAL GOVERNMENT NATIONAL MTO ASSN 39,801.752 2.830.000.00 SERIES 2004-2 CLASS SB 0.720 FITM 31.2 TERM ENT 01/31105 JOURNAL pig UMTE0 STATES TREASURY NOTE FITM 0.250 / 14 A2 22.000.000 22.247.500 AO TERM REPO AGREEMENT UMTE0 STATES TREASURY NOTE 01/31105 JOURNAL FITM 0250 Hip Al , 14 -31.000.000 31.465.000 .00 REPO AGREEMENT 01/31/05 RECEIVED OWED STATES TREASURY NOTE DUE 12/31/2006 3.000 NMI 176.000.000 176,220,000.00 3ITM F J:1°Ci W A1 RESALE T 01/31/05 DELIVERED UNITED STATES TREASURY NOTE -191.000.000 191.000.000.00 DUE 12/31/2006 3.000 3,000 FITAI FIWA2 TERM EMENT 01/31/05 JOURNAL UNITED STATES TREASURY NOTE -20.000.000 19.925.000)30 FITM Al 3.625 , 10 REPO AGREEMENT 01,31,{05 JOURNAL UNITED ATE TREASURY NOTE 40,000.000 39.750.000.00 FITM A2 3.625 .10 TERM REPO AGREEMENT 027 020T0507:&S 001 •.'870 EFTA00196291 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 25 c! STATEMENT PERK* January 1.2005 THROUGH January 31.2035 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On Pile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATEMENT December 31.2000 SEnLELENI TAME DATE DATE TRANSACTION DESCRPTION SYMEICIAUSIP OUNNIN DEBIT AMOUNT CREDIT AMOUNT 01,31/05 INTEREST GOVERNMENT NATIONAL Mkt ASSN 4.046,90 SERIES 2000-2 CLASS SB DUE 01311.1 0.720 FRM A2 REPO I 01/31/05 INTEREST UNITED STATES TREASURY NOTE 3.633.76 DUE I I1 0.250 ATM A2 REPO I 01/31/05 INTEREST UNITED STATES TREASURY NOTE DUE 12/.0 .000 EMI 120,648.33 01/31/05 INTEREST UNITED STATES TREASURY NOTE 25,395.83 DUE 01:110 3.625 FRM A2 REPO I TOTAL 3-1.140.074.021.34 31.135.214.427.46 MISCELLANEOUS DATE 'MAT TPANSACTO1 DESCRIPTCN DEBT AMON, STEM AMOLter 01/19/05 JOURNAL DEC 04 SPEC CLEARING FEES 2.000.00 01/19/05 JOURNAL GMAA-30YFt(ONMA)GTO 26,796.88 SETT.01/05 5.500 DUE 01115/35 MBS NET 01/19/05 01/20/05 JOURNAL GAMA-30YR(GNMA)GTD 4,687,50 SETT.01//05 6.000 DUE 01/15/35 MBS NET 01/20/05 TOTAL S-28.796.88 84.687.50 027 02,01,05:07:55 001 2870 EFTA00196292 CLEARED THROUGH ITS YAICU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 26 c? 27 STATEMENT PERM January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER Trades Executed Pending Settlement TAXPAYER 'RAISER On File LAST STATEMENT 0000MDEI 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRPTION ST/Mel:GUS* OJAArrilY PACE DESK AMOUNT CREDIT AMOUNT 02/01/05 01/31105 SOLD UNITED STATES TREASURY NOTE -15.000.000,00 99.6875 14.964.419 .89 03.126% JJ 31 0 MATUFUTY GVER REF # G0311009 Al 02/10/05 01/20105 BOUGHT FNMA-30YR(FNMA)G1D 10.000.000 p0 101,7304 10.173.046 p8 SETT.02/06 67390000 BS 02/10+05 01/11105 SOLD FNMA-30YR(FNMA)G1D -10.000.000,00 101,2500 10.125,000 ,00 SETT.02/06 (16.500% 67220000 BS 02/10105 01/18105 SOLD FNMA-30YR(FNMA)GTD -10.000.000.00 101.5156 10.161,562 ,50 SETT.02/06 67000000 BS 02/10105 01/20105 BOUGHT FNMA-3cna(FNItIA)G1D 10.000.000.00 99.6523 9.965.234.38 SETT 02/05 05.000% 57000000 BS AS OF 01120/06 02/10105 01/20105 BOUGHT FNMA-30YR(FNMA)GTD 10.000.000.00 99.6523 9.965.234.38 SETT,02 05 0.100005.000% 57000000 BS 02/10/05 01/20,105 CANCEL BUY FNMA-30YRIFNMA)G1D 10.000.000,00 99.6523 9.965.234.38 SETT.02/05 101.1105.000% 57000000 BS AS OF 01/20/05 027 020105:07:55 001 V870 EFTA00196293 CLEARED THRouGH ITS INNOU.Y OmBED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR STEARNS FINANCIAL TRUST CO INC 27 c? 27 STATEMENT PERIOD January 1.2006 THROUGH January 31.2005 AccouNT NUMBER Trades Executed Pending Settlement (continued) TAXPAYER KAISER On Pile LAST STATEMENT December 31.2004 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRFIX3N STMOD-CUSP OJANTin PRICE DEMI AMOUNT CREPT RAMO 02/10105 12/16+04 BOUGHT FNMA 30YR GTO 10.000.000.00 103.0312 10.303.125.00 SETT. 02/05 57320000 BS 02/10105 01/11105 BOUGHT FNMA 30YR GTO 20.000.000.00 103.0312 20.606.250 .00 SETT. 02105 ~ 06.000% 57210000 BS 02/10815 12/30814 SOLD FNMA 30YR GM -10.000.000,00 102.9843 10.298,437,50 SETT, 0205 1.0106.000% 57220000 BS 02/15+05 12/30104 BOUGHT FNMA 15YRtFNMA 15)3TD 11.000.000.00 102.9765 11.327.421.88 SETT,02 05 57230000 BS 02/15/05 12/16104 SOLD FNMA.15TRIFNMA-15,0TO -11.000.000,00 103.1093 11.342.031 .25 SETT,02.05 F 05.600% 57330000 BS TOTAL $72.340.312.52 $66.836.685.52 The chore Fads M nol room m se oiler semon oi iler stommtet End of Statement 027 0201.06:07:65 001 M970 EFTA00196294