EFTA01320897

Statements SDNYG,00350710 CONFIDENTIAL EFTA_00223402 EFTA01320897 AWARD) ThetOLA3m iivnOLLY OrnED SaA0Nrir CifICE MEWING YOUR ACCOUNT Bear. Steams b Co. Inc. Am Sten Secultes Cap. One vsoomen Cerny NAM BEAR 383 Morison Avenue &ea& Nem at 20 UN Now York. New York 10179 12123 2/2.1000 STEARNS FINAteik TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BONO STAMMINT ream 0•COIViber 1.2004 VISIT OUR wESSITE vAsw.bearsteams.com 2141002. December 31.2004 AOCOANT Nubile What's In This Statement Ilmll...I..1,1I II Texemill Nue On Fie WT STATDCIT November 30, 2C04 Financial Summary 3 FINANCIAL TRUST CO INC You' Portfolio Holdings 4 C/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 13 STE 83 ST THOMAS VI 00802 0 z ii C Your Portfolio at a Glance Market Value of Your Portfolio Important Message in If any idormation TOTAL VAWE OF SECURftES THIS PERIOD 11.218594 cash s Eouvalent 1732. 186 resorting 2004 interest. P124 4.95 5 z dhlt19903. MiSeehintOuS LONG ACCRUED INTEREST 112.288 xed 111.218.594 41e0019, gran proceeds or Income 511.635.695 NET CREDR BALANCE 732,186 original issue discount 6 reduced to be reported to Curet matte, vibe NET EMMY THIS PERIOD $12,063.068 the IRS for this account. a LA51 MAtemerICS market Vale Coniolidatod Form 1099 will be navel to you by r NET EQUITY UST STATEMENT 11.991.065 January 31,20050r a CHANGE SINCE LAST STATEMENT 72.003 1042Sby March 15.2005. There are no 'Stop Loss' orders or Other pending buy or Sell (*eh orders on Me for your account. .nee is be nvernainNi Armes Pty. ra Weraled BS Oxisiwit Tv. ststentit *wad be tk* la yr), needs Sea issIn• bd. Ice ryatar. Wane. Sic Tbse.. 02' 0125N0522219 col no, VELOSEOCIN9- ANGS En 8 49. La EFTA01320898 Cinat.0 THROInn IS WHOLLY OVO4.0 SIAISCORy Saw Smarm S.ont Cap. Crie Mesacch Cern Wei &me110. Nor Yon 11201.3859 FINANCIAL TRUST CO INC 2 C) -n STATEMENT BACKER IS PRINTED ON THIS PAGE C rn z -H r 027 01/01103,00:111 001 2010 ZILOSE00- 019- ANGS 8 IJ IJ EFTA01320899 came) n4toann rts nmotty onten SueslOWEY OFFICE SERVICING YOUR ACCOUNT Bea. Steams & Co. Inc. kit Urn Stolle) Carp. Ore Veratech Cott Win BEAR 383 Medium Avenue Roder. New Tot 11201.31$0 New York. New Yak 10179 STERNS FINANCIAL TRUST CO INC 3 ir STAlarxr IMMO DOCeTter 1.2004 TratOLCH DKenter 31. 2004 ACCOLM? muiete Cash Flow Analysis Income Summary 7145 Puna0 TNOANIR WOOER CO rib "IS Puce 'OR TO ant {AST STATnitYY Okuerter 30.2004 Opening Balance S244,955.43 U.S. Gen. Bond nt. 45,415.52 457,036.03 Govt. Agency lit 621,692.32 9.868.014.97 Securicks Soil 238,379,521.16 Corp. Bond Int 138.644.11 2.156.335.84 DMdexhAreerest 80634089 Credit Balance int. 988.14 2.010.60 Amount Credited 5237.186.261.25 Reverse RepurChaSe Int. 69.020.66 393.635.39 Securities Bought Total 5875.760.75 312.877.032.83 -238,520817.46 Owiderelsitnterest Charged .177.712.91 Bald Purchase Int. .17731281 -1.555.564.82 Miscellaneous Margin int. Paid 0.00 .2.023.40 ii .400.00 Reptechase nt. Erp. -6,104.96 -223.899.19 Amount Debited S-236.699.030.37 C Net Cash Acdelty 487.230.88 rn Closlrg Balance $732.186.31 Portfolio Composition CaslvCash Equivalent 732.186 Your Portfolio Food Income Allocation 11.218,594 Cash Balance Summary Total 311,950.780 r Omen C7OSN0 Cana Margin 244,955.43 732.186.31 Net CashBalance 5244.955.43 $732,186.31 race tame 94% u..•aa< 'aloes ann. 0.61.Witne .at. mint" ww. nit aocoltri [swap, a aned ivrr he awe).* mark* i.e o erV MO* 027 0'91,05:39 1 9 101 EILOSEOCIN9- ANGS ITO I S b.) O.) La EFTA01320900 =ARAD TSINC404 RS Maar CrewED SvaDVARY OFFICE SERYCING YOUR ACCOUNT Bear. Stearns & Co. Inc. Rea. beam Stones Cm. Cne UtnAch C Nosh BEAR 383 Madsen Avenue tseekNn. Nye Vert lotn2asa • York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 4 of i. sTA/Esesr- "[moo DROMME 1.2004 TWCWN Doarnte 31.2004 Your Portfolio Holdings ACCOa+T wag CASH & CASH EQUIVALENTS tkspArER %war" On Fie LAST ST ATPAPC ;Warty 30. 2004 Watt( (STATED CLAW° DESORPTION SruEIOUCUSP QUANTITY PleCE VAIL1 ROAM 1110:04 'Inn on CASH BALANCE 732.186 TOTAL CASH & CASH EQUIVALENTS S732.186 FIXED INCOME m Government & Agency Obligations 1D l ACCRUED ESTROAIDD CURRENT DESORPTION STUD:VCRS. ME OUNIMY PRICE WNW SIAM INTERCO ANNUAL OCOLE MID DEI C FEDERAL HOME LOAN MTG CORP 31393FAF3 MRGN 15.528.072 9.7376 1.512.056 34.488 775.938 51.3168 SERES 2530 CUSS SE in DATED DATE 10111402 BOOK ENTRY ONLY DUE 02/15/2032 4.997% FACTOR - .25880121 FEDERAL NOME LOAN MEG CCRP 31393W/86 MRGN 6.660.811 8.8299 588144 13.610 306,197 52.0616 SERES 2526 CUSS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 4,597% r FACTOR .25880120 FEDERAL NATIONAL MTG ASSN 3138FAL01 MRGN 3.787.124 83.3594 3.156.923 3 38 0.0012 STRIP MTG SUES 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY CUE 03/01/2032 .001% FACTOR - 1.000:00o0 FEDERAL HOME LOAN MTG CORP 313927662 MRGN 13.405.702 8.4119 1.127469 27.389 816.260 54.8490 SERIES 2483 Cl Sl DATED DATE 07/0202 8COK ENTRY ONLY DUE 03/15/2032 4.597% FACTOR . .21239523 CRS 01/014440114 001 7047 VILOSE00- 019- ANGS I S IJ IJ La EFTA01320901 .LNICD 714SOUGH as wHa.LT °AWED SLISSOARr Ornct SERVO% YOUR ACCOUNT Bear. Steams & Co. Inc. Ur. Downs Seortes CDR. Coe EKED)-Corm Matti BEAR 363 Mad6on Avenue Oi Net rat 11201.3559 New York. New Yolk 10179 STEARNS FINANCIAL TRUST CO INC 5 at 14 STATFJARNT PON.00 OWNS 1.2004 1NPIDN't DOCOvnber 31, 2004 Your Portfolio Holdings (continued) ACCOUNT %OWED RATVAYER WARM 0n NA LAST STATENEW NalLNISTOr 30. 2004 Government & Agency Obligations Cconurmorn ACT ACCRUED CSTRMICO LURK'S' OtSCISION SilASCLCL60, 1171 etwany PROM MARKS VALK OVNINST AMNIA trY,CAN Irra) OL. FEDERAL NATIONAL MTG ASSN 31393C2C6 IARGN 14.098.699 9.1979 1.296,788 10,769 646.002 49.8155 SERIES 2003.49 CLASS SW DAZED DATE 04/30.03 80014 ENTRY ONLY DUE 01/25/2033 4.582% FACTOR - .58003204 Total Goyernment&AgencyObligetIOns 57.681.580 586.258 52.344.435 -n Corporate Bonds C ACCT ALCOVED ESINATED 0.119INT DESCRIPOON SYLIBOLCUSS DTI 0.10arTY PDC" NANDI VALE WREST AWOL SCOW( MELD MO rn PAM MAE CMO7SERIES 2003-13 313927062 MRGN 27.982.611 12.6400 3.537.014 26.030 1.561,989 44.1612 S RCR.I0 FLTR DATED DATE 02/25/03 BO% ENTRY ONLY DUE 03/25/2033 5.582% FACTOR - .55965223 Total Corporate8onds 53,537,014 526.030 51.561.989 TOTAL FIXED INCOME 511.218.594 5112.288 53.906.424 r YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $112.288 YOUR PORTFOLIOHOLDINGSESTIMATE0 ANNUAL INCOME 53.906.424 YOUR PRICEDPORTFOSIOHOLOINGS 511.950.780 027 ONOTOS:09 10 COI W367 STLOSE00- 019- ANGS I8 b.) IJ EFTA01320902 MGM 'WOW., ITS mat", 0.240 Slatean OFFICE SERVICING YOUR ACCOUNT Beet. Steams & Co. Inc. Bev Awn Scent On OY Iltoor Censer 1l0.0 BEAR 383 Mason Avenue ran 11201.3869 New York. New York 10179 STURNS FINANCIAL TRUST CO INC 6 « •m STATUS/4T PEF600 0604.1ter 1. 2004 7100A0.0 Dectmber 31.2004 ACCOUNT KA48E, Repurchase and Reverse Repurchase Transactions TAXPAYER 0J10)(9 On Me with Bear,Steams& Co. Inc. outstanding as of date of statement LAST S'ArEmer Ncw-ber 30. 2204 R.CIAASE/ REDURDIASIE PRI218G WO S! Mai AtailJED REPO WWII?! START DATE DATE RAIZ MINCH% 110ERESt• 643E /MOUND OAP OtSCRIFDDN YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 09/15104 OPEN 0.000 -50000.030 313927/32 SERIES 2488 CLASS SO 5.5975 03/15/32 YOU SOLD FHLMC• STPJP PRINCIPAL ONLY 0 (REPO) 10/12/04 01/10'05 2.260 -9.478.000 -49.385 -50,000,000 3128CVUG7 z YOU SOLD GOVERNMENT NATIONAL MTG ASSOC ii (REPO) 10/14/04 OPEN 0.010 •1 -44.389,962 38374FCM4 SERIES 2004-2 CLASS S 4.7931 01/16/34 C YOU SOLD GOVERIOAENT NATIONAL MTG ASSOC (REPO) 12/22/04 01/13)05 2.610 -2.500.000 -2.175 -22.100.000 38374F067 SERIES 2004.5 CUSS P 4.540002120/33 in YOU PROVIDED GOVERNMENT NATIONAL MTG ASSOC z J NAMPO 12/2204 OPEN 0.000 -21.900.000 38374FD87 saws 2004.5 CLASS P 4.5400 02/20133 YOU BOUGHT USTR 3.000012/31106 (REVERSE) 12131834 OPEN 1.420 75.000.000 8,875 75.000.0O3 912$280F4 TOTAL REVERSE REPURCHASE TRANSACTIONS $75.000.000 38875 r TOTAL REPURCHASE TRANSACTIONS 3.11.978.001 3.51.560 'As 0 stativnert dole _ 9TLOSECIO IN9 ANGS 027 012211054118 COI 5167 EFTA01320903 80tEZZOO- V.L.43 CLEARED ~Coen as vi503.LY OWNED SutSCCARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. bc. Bear. Steams S•oåme Cow. Cat Meliacch ewer Nali BEAR 383 Madison Avenue eØ Mew yore 11101,3859 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC Breen/85T 99.010 Docents 1.2004 N80~ OeCtente 31.2004 Transaction Detail 5Ce05/47 MSS, to,e9AKR re.ealni On Fie INVESTMENT ACTIVITY usr 811.13/10rt NOolifte. 30.2034 ~Ern mot OAIE OAR 181115ACTION DESO.TON Sisearcus• GUMMY Of en AMOUNT CPIDIT APSDUMI 12)08(04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 -123.651 STRIP MTG SERIES 322 CL PO 0 07,1 DUE PRINCPAL REDUCTN 0301/3212-25-04 12/15/04 PRINCIPAL FEN. HOME LOAN MTG CORPPS02884 3128CYUG7 368.807.00 0 SEMES 218 CL PO DUE 02/01/32 PRIN RID 1144 PM 12-1504 REPO P II I 0.0000 -n 12/15/04 PRINCIPAL FEDERAL HOME LOAN MIG CORP 31392113E2 -374.568 SERIES 2483 CL SL 4, 019_DM 03/1502 PRINCIPAL RECUCTI412-15-04 12/15/04 PRINCIPAL FEDERAL HOME LOAN MUG CORP 31393FAF3 -481,479 rn SERFS 2530 CLASS SE 5.310 ME 02/15/32 PR1NCPAL REDUCTN 12-15-04 12/15/04 PRINCWAL FEDERAL HOME LOAN MEG CORP 31393F086 -206.532 SERIES 2526 CLASS SI 4.910 DUE 02415/32 PRINCIPAL REDUCIN 124544 12/23/04 12/22/04 SOW UNITED STATES TREASURY NOTE 912828009 -25.000.000 99.75000 24.937.500.00 DUE 11/302006 02.875% IAN 31 r SPECIAL INSTRUCTIONS ACCR. INT. 45.415.52 YIELD 3 008 % TO MATURITY 61/ER RE, 103575065 A3 %WEB 12/27/04 PRINCIPAL FEDERAL NATIONAL MIG ASSN 3136FALQ1 123,651.00 STRIP WS SERIES 322 CL PO 0.001 DUE 0301132 PRINCIPAL PAYMENT 1225.04 12/27/04 PRINCIPAL FANME MAE CMO/SERES 2003.13 31392/082 -603,803 S RCR40 FLTR 5.820 034503 NW,DUEALREOUCTN 12.25-04 027 01/01.05:0911 Wt VOW LILOSE00- IA19- ANGS EFTA01320904 =JAW InteuGn fl *wow Eat StaSIDaRy OFFICE SERVICING YOUli ACCOUNT Oen. an Saute Cop. Bear. Stearns & Co. Inc. ON Manach TAM BEAR 383 Madison Menus Eiroahn et at 20 -31150 N eY Y 10179 STEARNS FINANCIAL TRUST CO INC 8 au STATEFADIT PECe00 Detente 1.2004 •wtsm Deeente 31. 2004 Transaction Detail (continued) ACCOunT TAIMAYER noun, On Fie INVESTMENT ACTIVITY (continua& LA$T SFAFEI4Va NOWM044 30.2004 SETROADFT Mt! OAR OAR tendSCION DESCOPTION STIMO-CUSIP OUMIMY IMF efAC ;Ate° 011ea AlIOLP41 12127/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 -304.219 SERIES 2003-49 CLASS SW 4,820 DUE 01/25/33 PRINCIPAL REDUCTN 12.2544 12/30/04 12/29/04 BOUGHT UNITED STATES TREASURY NOTE 912828009 25,000,000 99.59375 24,898,437.50 0 WE 11/30.2006 02.875% MN 31 ACCR. NT. 59,237.64 SPECIAL INSTRUCTIONS YEW 3,094 % TO MATURITY GVER RU Le 63544702 61 1W/E8 -n 12/30/04 12/29/04 BOUGHT UNITED STATES TREASURY NOTE 912828009 50.000.000 99.59375 49.796.875.00 DUE 11/30/2006 02.875%. LIN 31 ACCR. MT. 118.475.27 SPECIAL INSTRUCIENS YIELD 3.094% TO MATURITY C GVER REF 163644702 A3 %WEB in 12/316)4 12/29/04 SOLD UNITED STATES TREASURY NOTE 912828064 45,000.= 99.76139 24.940.347.50 E 12/3NS DUSPEC 112008 03.0S0% JO 30 IAL I TRuC MU) 3,124 870).4%8mn i CAR REF • 63644700 83 YAWS 12/31104 12/29.04 SOLD UNITED STATES TREASURY NOTE 9128280F4 -50,000,000 99.76139 49,880,695.00 12/31/2004 resTRucn0oNS003% 3. JO 30 S CuE PEaAL YIELD 3.124 %10 FAARIRITY CVER REF a 0164 4 ?CO AS ?AYES r TOTAL S-74.873.025.41 $100.296.416.02 INTEREST DATE OlISCRIDOX SnalOUCUSP oumarr RUE Og OM MaCall CAM MOUNT 12/01/04 AVG BAL 405.430RT 1.280 425.84 021 OFFICE MEREST 1104 _ WE LOSE00 IND ANC'S 023 0101/06.10000 001 14107 EFTA01320905 0 I tfra ZOO- Vida CLEARED ThAOJCM ITS LWOW" OVOCC SURSELARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams .1 Co. Inc BUT Sten Sans CND One Meuctath c4/1:. Aber BEAR 383 Madison Avenue fir"Mn. Mom YD. 1120/4858 rk 10179 STEARNS FINANCIAL TRUST CO INC STATEIFIVT PCMOD December 1.2004 THROuCAL December 31. 2044 Transaction Detail (continued) ACCOUNT MAYER TAATTAVER TEASER On Fie INTEREST (contInts0 LAW STANDOENT 140•11MINI 30. 2004 DAN Runt ETPAIOUCUSIP tummy WE 04 DEBT Weal CRUM MOM 12/15/04 FEDERAL NOME LOAN MTG CORP 31392T6E2 4.9100 SERFS 2483 CL SL 56484.27 DUE 03/152032 4.910 0 INTEREST PAYMENT 1245414 12/15/04 FEDERAL HOME LOAN MEG CORP 31392T132 5.9100 0 SERFS 2488 CLASS 50 58.926.32 WE 03/15/2032 5.910 KT RA 11-04 RD 12-15-04 REPO P II I 5.9100 m 12/15/04 FEDERAL HOME LOAN MTG CORP 31393013 5.3100 SERIES 2530 CLASS SE 70.842.27 OUF02115/2032 5.310 INTEREST PAT/WIT 12-15-04 C 12/15/04 FEDERAL HOME LOAN MTG CORP 31393FG86 4.9100 28.098.88 in SERIES 2526 CLASS SI DUE 02,16/2032 4.910 INTEREST PAYMENT 12.15.04 12/16/04 GOVERNMENT NATIONAL MTG ASSN 38374FCM4 5.0980 SERIES 2034-2 CLASS 58 173.322.19 DUE 01/162034 5.098 Pa PAD 12-04 /0012-15-04 REPOP&I 5.0987 12/21/04 GOVERNMENT NATIONAL MTG ASSN 38374F067 4.5400 SEWS 2034-5 CLASS PS 176.366.67 r WE 02/222033 4.540 NT RiD 11-04 PA) 12-20-D4 REPOP&I 4.8100 12/27/04 FANNIE MAE CMO/SERIES 2003-13 31392JDK2 5.8200 138.644.11 $ RCR-VO RTR DUE 03252033 5.820 141txt.st PAYMENT 12-25-04 12/27/04 FEDERAL NATIONAL MID ASSN 31393C2C6 4.6200 57451.72 SERIES 2003-49 CLASS SW WE 0125/2033 4,820 INTEREST PAYMENT 12-25-04 027 0101/061014 001 VDS7 6TLOS£00 IN9 ANDS I In:Z.-COO-Via EFTA01320906 =ARCO TNRCUSH wyCLI. OANED SUSSOPAV OFFICE SERVICING YOUR ACO3uVr SSW SteMi SWAM CM. Real. Stearns & Co. Inc. DAN wear° Grey loll BEAR 383 MaEsces Avenue emert tem Yon 112014455 New York New Yak 10179 STEARNS FINANCIAL TRUST CO INC 10 Cf•4 STATEMENT PE December 1.2004 DISOWN Dweifew 31.2004 Transaction Detail (continued) ACCOUNT MOSER TAIDAATET DOWISet On tie INTEREST (cant:wed) LAST STATEMENT MOrMnbel *2004 DATE MISCSIPT* STASO-CLRIP TAMan. RAT TO CENT WOW CREDO /MOUNT 12131104 AVG EIAL 475.28ERT 1.374 562.30 021 OFFICE MEREST 1204 TOTAL 5761 .324.57 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Stea mS8 Co. inc. -n SETTLEMENT TRADE DATE OATE TRANSACT* DESCRIED* SWAKtCUSIP ClummrT OM MOUNT OMNI AMOUNT 12/13104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 -44.000.000 3.186.000.00 C CUSS PS 4S.81 ERIES0 OM 20004-520 2/ /33 FUN F3483178 Al in REPO AGREEMENT 12/13104 JOURNAL GOVERNMENT NATIONAL MFG ASSN 38374F097 44.000.000 3.260.000.00 SERIES 2004-S CLASS PS 4.810 DUE 02/20(33 FITM F3293248 AZ TERM REPO AGREEMENT 12/13/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374F067 -44,003000 5.186.000.00 HIRES 2004-5 CUSS PS 4.610 DUE 02/20/33 r rum F3483178 Al REPO AGREEMENT 12/13/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 44.000.000 5,188,000.00 SERIES 2004-5 CLASS PS 4,810 DUE 02/20/33 WM F3483178 A2 REPO AGREEMENT 12113.04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374087 4,028.10 SERIES 2034-5 CLASS PS DUE 02/2012033 4.810 HIM F3293248 AZ REPO INTEREST ov 0101106/0915 031 54/17 OZLOSEOCIA19- ANGS I8 IJ V.) IJ EFTA01320907 CLkAMD mitouCe. RS W00X OWE= SESSCEARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. but Sam Serves Cep. Ceelbotorat Galt( /1011 BEAR 383 MadLscn Amnue Broebe. Nee Ton 117014459 New Y N Y 10179 STEARNS FINANCIAL TRUST CO INC 11 au STilrzerera OfR103 Detente 1. 2004 TkR00011 Detente, 31.2054 Transaction Detail (continued) ACCCEATT NIAMER TAXPAYER KAISER O1N* REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LIST STA1Tunr, November 30.2004 SMIDAEPrt TRADE OAR OM MANSICTKIN DESCRPTON 117.11O.O.112P OlVIIIIV OMIT AMOUNT MIXT Meat 12/22/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741087 -21.900.000 MATES 2C0 PS 4.540 DUE 02/ 20133 1111A F3573210 Al REPO AGREEMENT 0 12/22)04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741087 .22.100,000 2,500,003.00 SERIES 2004-5 CLASS PS 4.540 DUE 02/20/33 FIDA 13573208 Al REPO AGREEMENT E I 12122/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741087 44,000,000 3,186,000.00 SERI 2004-5 PS 4.54ES 0 DUE 02/20/3 CLASS 3 FITM 13483178 AS TERM REPO AGREEMENT m 12/22/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004-5 CLASS PS 383741087 2.078.B6 DUE 02/202033 4.540 RIM 13483118 Al REPO INTEREST 12/23/04 DELIVERED UNITED STATES TREASURY NOTE 9128280D9 -50.000.000 50.000003.00 DUE 11/302006 2.875 2,875 DUE 11/3006 FITM 13350625 A2 r TERM RESALE AGREEMENT 12/23/04 RECEIVED UNITED STATES TREASURY NOTE 912828009 75,020.003 75.187.500.00 DUE 111302006 2.875 2.875 DUE 11/3006 ITEM 13580822 Al RESALE mmcrimM 12/23/04 INTEREST UNITED STATES TREASURY NOTE 912828009 49,597.22 DUE 11/30/2006 2.875 ITIM 13350625 A2 RESALE INTEREST _ TZLOS£00 IN9 ANGS OP 01.01/05041111 001 VO61 EIVEZZOO- V.L43 EFTA01320908 CLL.= INROuGm ITS vm4OLLY OveK0 SUSSOART OFFICE SERviceNG YOUR ACCOUNT bro. Wan Swims C4M. Beer. Steams & Co. Ix. Ore itoroudi Cats Mtn BEAR 383 Mad son Avenue Niro era 20 2119 STEARNS FINANCIAL TRUST CO INC 12 au STATEMENT PERCO Detente 1.2004 1101000.1 Cecembe 31. 2004 Transaction Detail (continued) NYOLen moats TANPANTR loan Crt Fae REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continue LAST STATcycNT NDwmbM 30.2001 SITTIDAINT Ma OATS DATIL FIMMACIMPI OESCIDTKot SYMIKAICUMP GUMMY OWl UMW! Ca AMOUNT 12/30/04 DELIVERED UNTIED STATES TREASURY NOTE 912828039 -75.030.000 75,187,500.00 DUE 11/302008 2075 2,875 DUE 11/3008 EITM E3580822 1.2 TERM RESALE AGREEMENT 12/3004 MEREST UNITED STATES TREASURY NOTE 912828009 10.12111 DUE 11/3012005 2.875 RIM F3580822 A2 RESALE INTEREST -n 12/31/01 RECEIVED UNITED STATES TREASURY NOTE 912828014 75.000.000 75.000.000.00 DUE 12/31/2008 3.000 3.000 DUE 12/31/06 env F3860898 Al C RESALE AGREEMENT in TOTAL 5.161.825.601.96 5136.120520.86 MISCELLANEOUS art (COAT TtANSACTON A SCRPTICA OM' Mann C21134 WOW, 12/15/04 JOURNAL NOV Oa SPEC CLEARING FEES 400.00 r TOTAL S-400.00 027 01,0101.09 Is 001 v.57 ZZLOSE00- 019- ANGS En I S IJ IJ EFTA01320909 WAPItO nayousn ITS vat.LY OesICO SULISICUSY DUCE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. flee. - Sins Cup. Cry IA•ktitch Ci Mot BEAR 383 Macloon Avenue &coo)" Mn 'tart 11201-38S9 Now York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 73 • STAMAINT PERM DeCtenbe 1,2004 1/0001 Otters:cc 31. 2004 Accown rotate Trades Executed Pending Settlement TAXPAYEll klIkIM On Tie LAST STA/DWIT November 30. 2004 !MOW MCC OAR TR/MACON cestseencw SVISCUCUSIP aWainiv neeE CENT Amain MOO MOAT 01/20105 1205/04 BOUGHT GNMA-30YR(GNMA)GTD 5481673 7.000.000.00 102.3515 7.164.609.38 SETT.01/05 DUE 01/152035 06,500% 0987797115332 RU 0 2004121557020003 85 0 01/20/05 12107/04 SOW GNIAA-30YR(GNMA)670 SA21673 -7.000.000.00 1013687 7.137.812.50 SUT.01/05 z DUE 01/15/2035 05.500% 09E/7031317332 m RU 0 2004120757310000 BS 01/20/05 12/07/04 BOUGHT GNMA-30YR(GNMA)GTD 5031743 100.00,000.00 µ 103.5468 10,354,687.50 SE11.01//05 C DUE 01115/2035 05.000% 0987031317332 in REF 12004120757760000 BS 01/20/06 12/15/04 SOLD GNMA-30YR(GNMA)GTO SA81743 40,000,000.00 103.5937 10,359,375.00 z SET7.01005 DUE 0105/2035 06.000% 0987797115132 REF • 2004121557036000 ES 02/10/05 12/16/04 BOUGHT FNMA 30YR GTD 5A$1912 10,000,000.00 103.0312 10.303.125.00 SETT. 02.05 WE 02/01/2035 06.030% r 0987031317332 REF 0 2004121657320000 85 02/1005 12/30/04 SOLD FNMA 301RGTO SA81912 -10.000=030 102.9843 10,298,437.50 SETT. 02105 DUE 02/0112035 06,000% 0987280211332 RU 0 2004123057220003 BS 02/15/05 12/30104 BOUGHT FN/4.1.15YR(FNMA-15)GTD SA82209 11.000000.00 102.9765 11,327,421.88 SE17.02.05 DUE 021012020 05.500% 09872(0211332 REF s 2034123057230000 BS 027 OI/Oli06.0,18 COI VOIR EZLOSE00- 019- ANGS I8 IJ IJ EFTA01320910 °JARED 11910utli ITS led•Okre Om= Suf*OARY ornct SERVICAG YOUR ACCOUI;T Mac Sinims Secants Om Bear. Steams & Co. M. 0-4 Renown Gen Wet, BEAR 383 Madison A',e'ue lit* Yen 11201.3440 New York. NEV. '• '0179 STEARNS FINANCLL TRUST CO INC GUMS/ PERCO Occembe 1.2004 THROUGH December 31. 2004 ACCOLW Mama Trades Executed Pending Settlement (continued) Thanvelt Nugent On Fee vat aTATtuorr Iknernber 30. 2004 St7R13.041 TRW( CAN DATE TIUMACT1301 DESCRPT011 SneBOLC050 RUMMY elbef can mown at DO WOUVI 02/15105 12/16/04 SOLD FNIAA•15YR(FNMA45)GTD 5A82209 •11.000.000.00 103.1093 11.342.031.25 SETT.02/05 DUE 02)0112020 05.500% 0987031317332 REF • 2D:41216573300W 85 TOTAL 539149.843.76 539.137.656.25 ecm. &se. as -et arc> es-, ors nee, of rA interns- -n C STOP End of Statement rn r 027 01.01/05.00 le CM Yl4S7 VZLOSE00- 019- ANGS EFTA01320911 CtS.MCO art042321 ITS Wo400.Y OM,CO SISSIOVar °MEE SERvCING YOUR ACCOUNT Bear. Stearns & Co. Inc. Bar SW. SeCLrflazi Cap. One Varcritth Cara were BEAR 383 Morison Avenue &war. New Vol 11201-3132 New York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTM GNMA GOVT BONO STAMP(' Person October 30. 2004 VISIT OUR Main emyttreanteams.com traCtrair November 30, 2004 at& Pa PUMP What's In This Statement IIIelllefeletllll II lamnit Karla Oil% LAST STATtgera 0000el 29.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 CIO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER STE B3 ST THOMAS VI 00802 0 Z T E I C Your Portfolio at a Glance Market Value of Your Portfolio in Cash & Equi.aent 5244,955 TOTAL VALLE CY SECURTTES 1146 PERIOD 11.635.695 $334.039 LONG ACCRUED INTEREST 110415 FatE 51V .6381 95 $ 58 59 NET CREDIT BALANCE 244.955 In arm market value NET EOuiTY THIS PERKO 511.991.065 WI LSE statements market vela r NET TOUITY LAST STATEMENT 12,027.839 CRANE& SINCE LAST STATEMENT -36.774 There are no 'Stop Loss' ceders or other pending buy or sell open orders on file for your account. Melly a I papaws eat 1 is ed ninon'ilia 00arreeS. The arena onas a nnaaro kI yawner's Set reetrae siee h, went mIt-ainn SIN The 027 2.0/ 04..! 42 001 ‘10.5A SZLOSEOCIA19- ANGS Ln I8 b.) IJ EFTA01320912 CLEME.9 THROW,. a! W4OUV 0Afa 11.510IA1re Sex. Stem Secknnel Co9. Coe Metsotan Corby Not &oak i. va Von 11201.3559 FINANCIAL TRUST CO INC z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C rn z -H r 027 12.0,04 `411 007 4165A 9ZLOSEOCIA19- ANGS rn I S IJ IJ EFTA01320913 0.1JutE0 DIROutal ‘410.1. Owe.° Sue:muff SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Boar —% &oxbow C.n. One Metreugh c Kali BEAR 383 Madison Avenue Orzothn. Stu York 112014859 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 3 a .5 STATElatir 04.4C0 Odther 30. 2004 notOUOil NOverter 30. 2004 44C0ton MAIM Cash Flow Analysis Income Summary TAXPAYER KRIM On Fie POOOD Thl$ KOZO 114410 0101 LAST STATIVENT October 29. 2004 Opening Balance S334,039.38 U.S. Govt. Bond Ia. 36,256.91 411.620.51 Govt. Agency kit. 677,473.11 9,246,322.65 Securides Sold 238.130.859.91 Cap. Bond Int. 147,441.74 2,017,691.73 Dividends/interest 881.56899 Croat Balance Int. 0.00 1,022.46 0 Amount Credited 5239.012.429.90 Reverse Repurchase kit. 72.266.51 324.614.73 0 Securities Bought -238,871,224.78 Total 5933 438.27 512,001,272.08 Z Dividends/I Charged -230.189.07 Bond Purchase IN. -209,538.14 .1377,851.91 T i t Miscellaneous movn IN. Paid -252.70 -2,023.40 -100.00 Repurchase Int Exp. -8.708.90 -217.794.23 Amount Debited S-239,101.513.85 C NE Cash Activity -89.063.95 rn Closing Balance 5244,955.43 Portfolio Composition Cash/Cash Equivalent 244.955 Your Portfolio Allocation Feed Income 11.635.695 Cash Balance Summary Total 511,880.650 r 090.ING CLOSING PSI & Equiralen4-, 2% Margin 334.039.38 244,955.43 Net Cash Balance S334.039.38 5244.955.43 — Filed Ircorno 98% UM1.11.0.1 wive OeVis 4.44 tNt. anzito ear •rati vita Th. /11:0Cake %IMAM. la tuna to L itRolla mail vas ”to onbi43 Or/ 1401124.14 42 OW LZLOSE00- 019- ANGS EFTA01320914 0.EAREO 11690609 rTS V99O6, 09920 $44.9OAliv OFFICE SERVICING YOUR ACCOUNT Bar Loans Smears On. Bear. SWIMS & Co. Inc. 0.9 Metrtenn CerMr 79:69 BEAR 383 Madsen Ayen...A Broil . Loa Yen II201.3159 New Yak. New. vc • L‘179 STEARNS FINANCIAL TRUST CO INC N'5 STATE...O 99.000 October 30.2006 94409004 Ncrerrte 30. 2034 Your Portfolio Holdings Alm WI MAMA CASH 8 CASH EQUIVALENTS TAXPAYER Noway. On Foe LAST rArmee October 29.2006 MARCO LSTIAMED CURLEW 0250290311 SANS per, MU! 811104 MOVE YEW 04 CASH BALANCE 244.955 TOTAL CASH & CASH EQUIVALENTS 1244.955 FIXED INCOME -n Government & Agency Obligations ACV ACCROID ES11983ED 090100 DESOZMN SaSIOUCL6a rat OLWITITI MCI IMMO WW2 NW= ROCK WOK MID OD C FEDERAL HOME LOAN MTG CORP 31393FAF3 MRGN 16.009.551 9.8266 1.573.192 35.424 850.107 54.0371 in SERIES 2530 CLASS SE DATED DAM 10/11102 BOOK ENTRY ONLY DUE 02/192032 5.310% FACTOR • .26682586 FEDERAL HOME LOAN MTG CORP 31393FG86 MRGN 6.887.343 8.8980 611.058 14.050 337.187 55.1809 SERIES 2526 CUSS SI DATED PATE 100102 BOOK ENTRY ONLY DUE 02115/2032 4.910% r FACTOR • .26682585 FEDERAL NATIONAL MTG ASSN 3136FAL01 IARGN 3,910.775 81.9844 3,206,224 3 39 0.0012 STRIP LNG SIRES 322 CI. PO DATED DATE 03)01102 BOOK ENTRY ONLY COE 03/01/2032 .001% FACTOR • 1O0020003 FEDERAL HOME LOAN MEG CORP 3139203E2 MRGN 13,780,270 8.4914 1,170,134 28,191 676.611 57.8234 SERIES 2483 CL SI DATED DATE 070202 800K ENTRY ONLY OUE 03,15/Z032 4.910% FACTOR - .23888857 047 12931.04:1412 001 MS. KLOSE00- 019- ANGS 8 IJ IJ IJ 07 EFTA01320915 CLEARED TIMM ITS mOLCI °MED SUSSOMY OFFICE SERYCING YOUR ACCOUNT eta. Stem Smite Cap Beer. Stamm & Co. Inc. Oro waxed, Cotter NeM BEAR 383 M.30503 MOM Moon Mat Tot 11201410 New YO4 New Verk 10179 STURNS FINANCIAL TRUST CO INC 5 ce STA1O PEASCO CMS! 30, 2004 MECUM Natenter 30. 2004 Your Portfolio Holdings (continued) ACOMO YUMMY MAIM CO lie LMT STAMMT OcitSIt 29.2004 Government & Agency Obligations (con0nued) *WSW LSIIIIATED CURRENT DESCNEMON SYSOOLCUS. nR ouvany PM WRIST WILY MIRES, NOM, MOWS taw t FEDERAL NATIONAL 1.176 ASSN 31393C2C6 MRGN 14,402.918 9.8728 1,421.966 9.642 694,221 48.8212 SERIES 203349 CLASS Sw DATED DATE 04/30/03 BOOK ENTRY ONLY 5/ FACTOR - .592354784.8420% 0 Total Government& Agency Obligations 57.982.574 587.310 52.558.165 I I Corporate Bonds C ACC ACCIMO MUM 074:1047 OfSCSIPM4 SMICSCLSI7 flit 000NREE PRIC1 MAW MIX DIMS! AMYL MOW YEW MU rn FANNIE MAE CM0SERIES 2003.13 31392)01(2 MRGN 28.586.414 12.7792 3.653.121 23.105 1663.729 45.5427 RCR.9O FUR OMED 0212 8008 EDATE N1RY ONLY DUE 03/2 033 5.820% FACTOR .5/2 .57172828 Total CorpOrate6cnds 53.653.121 523.105 $1,663,729 TOTAL FIXED INCOME 511,635.695 5110 415 54,221 894 r YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 5110.415 YOUR PORTFOLIONOLOINGSESTIAATEO ANNUAL INCOME 54.221.894 YOUR PRICEDPORTECtIONOLDINGS 511.880,650 027 12471/04.14 42 COI VOW 6ZLOSEOCIN9- ANGS I8 IJ IJ IAA IJ EFTA01320916 CLEARS') PROUGH rte ‘111OLL2 020821) sweet/-w OFFICE SERVICING VVUR ACCOUNT Ow. Stews SeCLMA-1 CUD. Bear. Steams & Co. Inc. Cr* leivtiech Caw cTh BEAR 383 Madison Avenue km von 11201.3869 New York NEM YCCk 10179 STEARNS FINANCIAL TRUST CO INC 6 of S STATate Plrec0 ectoter 30.2004 "at:UGH no.ember 30.2004 ArC0.8a ranSIER Repurchase and Reverse Repurchase Transactions ThAPAYER WIRIER On Fie with Bear, Steams& Co.ine.outstanding as of date of statement LAST STATPENT Ctlober 29. 2004 Fuk04241/ fiENRCHASE PRONG PUROUSE PROM ACCRED REPO 01181/21TY WM DATE 0Alt WI PRI8094 188tittS11 RAU Al.920140 OAP 00.2111181011 YOU PROVIDED FEDERAL HOME LOAN AEG CORP (MARGIN) 09/15/04 OPEN 0.000 40.000.000 313927/32 SERIES 2488 CLASS 93 5.910001/15/32 YOU SOLD FHLMC• STRIP PRINCIPAL ONLY 0 (REPO) 10/12/04 01/10/05 2.260 -9.478.000 .29.750 40.000,000 3128CVUG7 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC -n (REPO) 10/14/04 OPEN 0.010 -1 44.389.962 38374FCM4 SERIES 2004.2 CLASS S 5.0987 01/16(34 C YOU SOLO GOVERNMENT NATIONAL MTG ASSOC (REPO) 11/24/04 12/13/04 2.340 -3.260.000 -1.483 -44.000.000 38374F087 SERIES 2004-5 CLASS P 4.8100 02120r33 rn z YOU BOUGHT USTR 2.875011/30/06 (REVERSE) 11/30/04 OPEN 1.650 50.000.000 2.291 50.000.000 912828009 TOTAL REVERSE REPURCHASE TRANSACTIONS 550.030.000 52.291 TOTAL REPURCHASE TRANSACTIONS 1.12.738.001 5.31,233 mw Ctlet• r OELOSE00-019-ANGS EFTA01320917 PLAID MCAT ifs MOLLY Owe f. WRY OFFICE SERVICING YOUR ACCOUNT Bear. Steams 8. Co. Inc. NE. Simms Sanas en DY Miumath C— BEAR 383 Madison Avenue low 1120141SE New York. New York 10179 STEARNS FINANCIAL TRUST CO MC 7 ye , s STATEMENT PERIOD Octobot 30.2034 NEMO, Ncrett/ 30.2004 Transaction Detail ACCOu.rt hove= TAA,Avra Amen On FR INVESTMENT ACTIVITY LAST STAineit 0,30be, 29.2°04 StIltaiorr OAT! num OAR ut/NRC/ICN CCSORPMN syvecteusP *AWRY PIECE COE AMOUNT CREDIT MOW 11/03/04 11/02/04 SOLD UNITED STATES TREASURY NOTE 912828CY4 -25.000,000 99.79688 DUE 10/31/2008 02.503% AO 30 24.949.218.75 0988018192099 MGR. M. 5.17956 C) VELD _,2 605 %TO MATURITY OVER REF G3071010 Al 11/03/04 11/02/04 BOUGHT UNITED STATES TREASURY NOTE 912828CY/8 25,000.000 99.84375 24.980.937.50 CUE 09/30/2008 02.500% MS 31 0988016192099 ACCR M. 58,379.12 YIELD 2.584% 10 IMTURITT OVER REF • G3071014 Al -n 1105/04 PRMCPAL FEDERAL NATIONAL MTG ASSN 31313FAL01 .130.707 STRIP MTG SERIES 322 Cl. PD 0.001 DUE 03/01132 C PRINCIPAL REDUCIN 11.2541 in 11/10/04 JOURNAL FANNIE MAE CMO/SERIES 2003.13 31392/052 1 S RCR-N3 FUR 8087 DUE 03/25/33 11112/04 11/08/04 SOLD FEDERAL HOME LOAN MTG CORP 31392R6U0 -12.238,935 2.68750 SONS 2471 CLASS Yr 328,921.38 DUE 01/15/2032 0100011 ACCR. INT. 9.179.20 0987797115332 RU 2034111258010003 B$ AS OF 11/08004 11712/04 11/013/04 SOLO FEDERAL HOME LOAN MTG CORP 31392R6U0 -12.238.935 2.68750 r SERIES 2471 CLASS Yr 328.921.38 CUE 03/1512032 01.000% ACCR M. 9,179.20 098779711 REF 2C0451112 33256070000 8S AS OF 11/08/04 11/12,04 1015104 BOUGHT UNITED STATES TREASURY NOTE 912828CR9 15.000,000 99.97656 14.996.484.38 CUE OW15/2007 02.750% FA 15 09882130293099 ACCR. INT. 71,739.13 YIELD 2.758 % TO MATURRY OVER REF • 03171013 Al ORIGINAL SD 10/18/04 AS OF 10/15101 • 037 iVOIAM:14A2 COI VIES/ TELOSEOCIND- ANGS En I S IJ IJ IJ EFTA01320918 OLEMEO TNECNEel NAOS? OWNED RAISOMRY OFFICE SERI/ICING YOUR ACCOUNT Ent SWIrni SeCONS Cap. Bear. Stearns & CO. Inc. OR Meroisch One NONA BEAR 383 Madison Avenue l ase at 20 MN New York. New York 10179 Mi STURNS FINANCIAL TRUST CO INC a e•s STATEMENT PERIOD Oda& 30.2004 INROUON No•ambor 30.2004 Transaction Detail (continued) AO2CANT SUMER TAXPAYER miumot On No INVESTMENT ACTIVITY (continued) LAST STATOCNT Odoeur 29.2004 SETRO/00 MAO( CEA DMZ ITANTACT*4 COOSTMEN =MUCUS, OUPMFIY 111a Nair =art CRON Amawn 11/15/04 PRINCIPAL FEDI. HOME LOAN IMO CORPOS02884 31280/007 337.310.00 SERIES 218 CL PO DUE 02,01/32 PRIN WD 10-04 PO 11-15-04 REPO Pal 0.0000 1115104 PRINCIPAL FEDERAL HOW LOAN MTG CORP 31392T6E2 -434.132 SERIES 2483 Cl. St 4.910 DUE 03/15/32 PIENCPAL REDUCTN 11.15-04 -n 11/15/04 PRINCIPAL FEDERAL NOME LOAN MTG CORP 31393FAF3 -440.388 SERIES 2530 CLASS SE 5.310 COE 02/1802 C PRNCWAL REDUCTN 11-15-04 11115/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393(086 -188.897 rn 4.rowS 2526 CLASS 54 4.910 DUE 02/15/32 PRINCWAt nunti 11-15.04 11/18/04 1117,14 SOLD UNITED STATES TREASURY NOTE 912828CY4 -25.000.000 99.33984 24.834.960.94 DUE 10/31/20243 02.500% AO 30 ACCR. INT. 31.077.35 098800%06099 YIELD 850 MATURRY D OVER RE/ • G3221005 Al 11/22/04 11/22/04 SOLD NT USW 211 8141885 40000000 99.79760 r 9128=09 CUE 11/30/2006 02,875% MEN. AS & IF ISSUED 0988018192099 YIELD 2.980%TO MMURffir GVER REF a 63271032 Al 11/23/04 11/22/04 BOUGHT UNITED STATES TREASURY NOTE 912828CY4 50000000 99.17969 49.589.844.00 DUE 1031/2006 02,500% AO 30 ACCR. INT. 79.419.89 0988016192099 YIELD ,2938 %TOMATURITY OVER REF • 0327102$ Al 4a7 12501.34:14:42 COI yew ZELOSE00- 019- ANGS I8 IJ IJ IJ EFTA01320919 WOOED nona.011 m varrOLLY OwrolD StAlaWAITY Calla SERVICING YOUR ACCOUNT 84or Tars Stones Ca,. Bear. Steams & Co. Inc. 1.10nurch Croy MOM BEAR 383 Madison Avenue Ms Tort 11201.3859 New York New York 10179 STEARNS FINANCIAL TRUST CO INC 9 or .> STATEMENT PER00 OCIODD 30.2034 110000.4 NOTtorbeT 30.2004 Transaction Detail (continued) ACCE4PIT TA.ATIA-R TAXPAYER µ/0ER On FT. INVESTMENT ACTIVITY (continued) LAST sTATYRERT Oaceer 29. 2004 srmatert DATE OAT( TRANSACTION DESCRPTITIR STIOCIJOJW auiNnw PRICE DWI AJADJX! CREDIT AARTIRO 11/23/04 11/22/04 WI USTR 2Y 8141885 50.000,000 99.79760 912828009 CUE 11/30/2006 02.875% 0 WHEN-ISSUE RESCINDED 0988016192099 YIELD 2.980%TO MATURITY 0 TO al PREVIOUS SELL 11/26104 PRINCIPAL FEDERAL 'NATIONAL MTG ASSN 3138EALCI1 130,707.45 STRIP MTG SERIES 322 CI. PO 0,001 DUE 0101/32 11 PRINCIPAL RAIMENT 11-25-04 11/28/04 PRINCIPAL FANME MAE CMO/SERIES 2003-13 313921DIC.2 473,881 S RCR.V0 FUR C 6,881 DUE 03/2543 PRINCIPAL REOUCTN 11.25-04 in 11/28/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31393C2C6 -289.143 SERIES Z003-49 CLASS SW 5.881 DUE 01/25/33 PRIWWAL MOULIN 11-2S-04 11/30/04 11/22104 SOLD UNTIED STATES TREASURY NOTE 912828009 -50.000,000 99.79760 49,898,797.50 DUE 11130/2006 02.875% MN 31 0988016192099 YIELD 2,910 % TO MATURITY GVER REF 0 63271032 AS r AS Of 11122104 TOTAL S-89,756.804.02 5100,863,458.71 INTEREST OAR DLCCRPTION SYWOLICuSir WARTRY RATE RD DWI AMOUNT CROW mann 11/01/04 ANGINA 684,53ORT 0.428 252.70 021 CAME INTEREST Tom ••••• 027 12.01104.1442 001 SSA EELOSEOCIND- ANGS m I8 b.) V.) V.) EFTA01320920 CLEARED WRIOUGH ITS witty 004403 SIAIRCVAY OFFICE SERVICING YO,JR ACCOUNT Seer. Stearns & Co. Inc. law. Sewn Stoats ORR DN 14anter.b C4n1v Wei BEAR 383 MadrSon Avenue Ircoltr. Na volt 11201.3140 Now York. Now York 10179 STURNS FINANCIAL TRUST CO INC 10 e•.5 stemma PERKO Octoter 30.2004 THROUGH Nenernber 30.2004 Transaction Detail (Continued) ACCONT NURSER THRPHYDI mimed On Fie INTEREST (cceltinued) UST STATERENT OCtOter 29.2004 OAtt C(30ISTION SYMIOUCISP apeaw. RAIL IN .0.93LW MOO Avow 11/15/04 FEDERAL TICATE LOAN MTG CORP 313920500 1.0000 20.39923 SEEMS 2471 CUSS Yt DUE 031152032 1.000 INT R/D 10-04 ND 11.1504 REPO P 4 I 1.0000 0 11/15/04 FEDERAL HOME LOAN MTG CORP 31392T6E2 4.9100 80.788.57 SERFS 2483 Cl. St. DUE 03/15/2032 4.910 INTEREST PAYMENT 11-15-04 -n 11/15/04 FEDERAL HOME LOAN MTG CORP 313921/32 5.9100 62.938.37 SERIES 2488 CUSS SC) DUE 03/15/2032 5.910 PIT RID 1004 P/011.1544 C RCMP al 01307 in 11/15/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 5.3100 75.806.71 SERIES 2530 CUSS SE DUE 02/15/2032 5.310 INTEREST PAYMENT 11-1504 11115/04 FEDERAL HOME LOAN MTG COPP 313931936 4.9100 39165A2 SERIES 2528 CLASS SI WE O2/15/2032 4.910 INTEREST PAYMENT 11.15.04 11/16/04 GOVERNMENT NATIONAL RTC ASSN 38374FCM4 5.3110 182.594.29 r SERIES 2004.2 CUSS SR OUE0111V2034 5.311 NT RA) 11-04 MD 11-18-04 REPO P I 5.3112 11/17/04 FEDERAL HOME LOAN MPG CORP 31392R6U0 1.0000 20.39923 SOO- 2471 CLASS Yr CITE WITS/2032 1.000 REV ENTRY NO 11115 11/22/04 GOVERNMENT NATIONAL MTG ASSN 38374FDB7 5.0400 184.80100 SUES 2004-5 CLASS PS DUE 02/2012033 5.040 en RA7 10-04 PAT H-2004 REPO P aI 5.0400 027 12.0104.14:42 001 SSA PELOSE00-019-ANGS En I8 IJ H.) H.) EFTA01320921 0.PARCO 71.0409441 01 4.041.1.4 01141,0 31.14SCARY OFFICE SERWCWG YOUR ACCOUNT (Mar. Steams ,S Co. Inc. fru %urn swop O44A Ov 0.10nrach CAW Morn BEAR 383 Madison Avenue 110110. Ma Tort 11711-31152 Y N Y 10179 STEARNS FINANCIAL TRUST CO INC 11 ea STATtweir 010000 0440001 30.205E THROuGm 447:00nDer 30.200E Transaction Detail (continued) A.4.11.1/T siAMER TAXAOIR 40.011/1 On Ng INTEREST (continued) LA47 STATE114.1 October 29.2004 DAN OESCOSIPTION P1.031/0.4. 011401011 nn119 OEM MOM CAW? 04.40430 11260E FANNIE MAE [MO/SERIES 2003.13 31392/062 6.8810 147,441.74 S RCR40 FUR NC 03125/2033 6.981 MEREST PAYMENT 11-25-04 11/26/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.8810 62.043.35 SERIES 2003-19 CIASS SW DUE 01/25/2033 5.981 z MEREST PAYMENT 11.25.04 TOTAL 1.20.650.93 5826.954.68 m REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS C with Bear,Steams& in WITIDALNI DATE TRNW DATE 1101.144C101 COMM, SYMEOLKUSIP OIAWITN z Mart mow MEM MOUVT 11/03/04 RECEIVED UNITED STATES TREASURY NOTE 912828CY4 25.000,000 25.031.250.00 M1071/2006 2.500 2500 DUE 10/31436 FIN F3080818 Al RESALE EMMERT 11103/04 DELIVERED UNITED STATES TREASURY NOTE 912828CW8 -25.000.000 25.000.000.00 r CUE 09/30/2006 2.500 2.500 CUE 09/30/06 ATM F2790522 A2 TERM RESALE AGREEMENT 11/03/04 INTEREST UNITED STATES TREASURY NOTE 912828CW8 28.392.36 COE 09/30/2006 2.500 FILM F2790522 42 RESALE INTEREST 11/1204 JOURNAL FEDERAL. HOME LOAN MI6 CORP 31392R6U0 24,477,870 SERIES 2471 MASS Yr 1000 DUE 03/15/32 , FrDANIGN F0953142 AZ TERM REPO AGREILIFIrt CQ7 12.01104:1412 Gal VISSA SELOSE00- 019- ANGS rn 8 IJ IJ IJ EFTA01320922 CLUMP 7144000H ITS .wait 01440 844.1u2outy OFFICE SERVICING YOUR ACCOUNT Sear. Steams b Co. Inc. 8ex. Starts Seculan Cap. Cne *wan Cots Werth BEAR 383 MMISOn Avenue firoali44 We. Yen 11201.3859 New Tort New York 10179 STEARNS FINANCIAL TRUST CO INC 12 c.• STOININT PectiC0 0C1000. 30.2004 nwouom 74,4embee 30.2004 Transaction Detail (Continued) 40004147 Mama TA4P44134 1.411.46t On rile REPURCHASE ENO REVERSE REPURCHASE TRANSACTIONS (continued) LAST STK:7MM 0000e. 29.2004 SITIIDADIT 19401 0412 CATE TRMSACTKP4 Of.SCRPTION SvPOBOLICUS, gW111Y Dag MOM CRiOn MOM 11/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FDEO 44,000.000 5.363.000.00 SERES 2004-5 CLASS PS 5,040 DUE 02/2003 FMA F3003198 AZ TM REPO AGREEMENT 0 11/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 3837410437 .44.000.000 5.623.0:0.00 SIRES 2034-5 CLASS PS 5.040 DUE 02/20/33 WM F3173215 Al - REPO AGREEMENT -n 11/12/04 JOURNAL GOVERNMENT NATIONAL MTG /ISSN SERIES 2084-5 CLASS PS 383741:437 44,000.000 5,623,000.00 5040 DUE 02120133 C FRM 13173215 A2 REPO AGREEMENT in 11/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741087 44,000.000 5.623.000.00 SERES 2004.5 CLASS PS 5.040 CUE 02/20/33 FRITIA 13173 AGREEMENT 215 A3 EPO 1112/04 DELIVERED UMTED STATES TREASURY NOTE 912828CR9 -15.000.000 15.037.500.00 Cut 0615/2007 2.750 z75/3 DIX 08/15/07 FILM F2710662 A2 r TERM RESALE AGREEMENT 1112/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 383744087 5242.33 SERIES 20045 CLASS PS cut 02/20/2033 5.040 ATM 13003198 AZ REPO MEREST Tin2/04 INTEREST METED STATES TREASURY NOTE 912828CR9 28.496.06 out 06/192007 2.750 film 12710682 A2 RESALE MEREST 027 14.01.041442 001 VIM 9ELOSEOCIA19- ANGS r71 8 IJ 1.2 1.2 EFTA01320923 =ARM TITROuni ITS nave Ong AISSIXTRY OFFICE SERVICING CUR ACEGONI Bear. Steams b Co. Inc. Int non Danes 03. Dre MarenD Conn nen BEAR 383 maisoi men.* Ws Yen 112014179 STURNS FINANCIAL TRUST CO INC ,3 STATEMENT 040140 ODOOSE 30.2004 ThROLICIM Remember 30. 2004 Transaction Detail (continued) AOCCURT WRIER TAXPAYER WSW On He REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) 1,µT STATEMENT OCIOber 29.21304 SETTIEWEIET MADE OATE CAVE CCSOOPTION mecum.. OLLTMMY Ow MnU CREDIT /MOOR 11/16.04 JOURNAL GOVERNMENT NATIONAL SING ASSN 383741087 .44.000.030 3.675.000.00 SERIES 2034-5 CUSS PS 5.040 DUE 02120/33 FILM F3213185 Al REPO AGREEMENT 0 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERIES 2034-5 CUSS PS 36370-097 44000.000 6.623A:03.00 5.040 DUE 02/20/33 FM F3173215 A4 TERM REPO AGREEMENT m INTEREST GOVERNMENT NATIONAL MTG ASSN 3637.0067 1.436.99 SERIES 2034-5 CLASS PS C DUE 02/2012033 5.040 HIM F3173215 A4 REPO MEREST m 11/18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F067 44.0:0.030 3.675.000.00 SERFS 2034-5 CLASS PS 5.040 DUE 02/20/33 FIIM F3213185 A2 H TERM REPO AGREEMENT 11/18/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374Ft:07 -44000.030 4,000,000.00 SERFS 20344 CLASS PS 5„040 DUE 02/20133 Fnm F3233174 Al r REPO AGREEMENT 11/18/04 DEUVERED UNITED STATES TREASURY NOTE 912828CY4 -25.003.000 25,031,250.03 DUE 1031/2006 2.500 2.500 DUE 10/31/06 nnA F3050818 A2 TERM RESALE AGREEMENT 11/113/04 RECEIVED UNITED STATES TREASURY NOTE 912828CY4 50.000.000 50.000.000.00 DUE 10131/2806 2.580 2.500 DUE 10/31/06 RDA 13230504 Al RESALE AGREEMENT 027 I2I01/04,14:42 COT DMA LELOSE00- IND- ANGS rn 8 IJ [J. IJ .13 EFTA01320924 MGM= mt0VON ITS wsCur OMED BUSSIDIARY OFFICE SERVICING YOUR ACCOLM Bear. Steams 8 Co. Inc. OA. Son StOJVAS Cap. Iltinean Cm" Ma" BEAR 383 Madison Avenue /..../cet 112014969 Now York. New Yc, ' 0179 W STEARNS FINANCIAL TRUST CO INC 14 n .e STOWS", ISISOID October 30.2034 TAOLM MAMA 30.2004 Transaction Detail (continued) ACOMta "ASIR TAMA'S" MASER On Re REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STAITICIrt October 29.200e SAIL AA AAA OAS OAS SVMATON OtSCIIPMS MIASMAS' OMAN pO1 AMOS Mt WWII vin8/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 383741087 469.58 SERFS 2004-5 CLASS n DUE 02/2012033 5,040 RIM F321318.5 A2 REPO NTEREST 11/18/04 INTEREST UNITED STATES TREASURY NOTE 912028CY4 13,600.31 DUE 10/3b2006 2.503 Film F3080818 AZ RESALE INTERIM -n 11/23/04 DELP/FRED UNITED STATES TREASURY NOTE 9128280m .50.000.000 50.000000.00 DUE 10/31/2006 2.500 2500 DUE10/31/06 FITM 13230504 A2 C TERN RESALE AGREEMENT in 11/23/04 INTEREST UNITED STATES TREASURY NOTE 912828CY4 1.777.78 DUE 10/31/2006 2.500 FILM 13230504 A2 RESALE MEREST 11/24/04 JOURNAL GOVERNMENT NATIONAL mTG ASSN 383741087 -44,000,000 3,260,000.00 SERIES 2004.5 CLASS PS 4,810 04X 02/20/33 Mei 13293248 Al REPO AGREEMENT 4.0 r 11/24104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741087 44.000.000 4.000.000.00 SERIES 2004 5 CLASS PS 4.810 DUE 00/20/33 RDA F3233174 A2 TERM REPO AGREEMENT 11/24/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 383741087 1,550.00 SERIES 2004-5 CLASS PS 04.5 02/20/2033 4.810 TIM 13233174 A2 WO Nimbi oat ISVIAt11:42 CM AAA SELOSE00- 019- ANGS EFTA01320925 CWA90 TT430‘04 ITS WTIMEE DeTT4D SuDSTOLTRY OFFICE SERVICING YOUR ACCOUNT W. Steams Setuitet Cap. Bear. Steams & Co. Inc. Ono Lierata Cettn Montt BEAR 363 Madison Avenue et Nes volt 112014.19 Non York. New York 10179 STMRNS FINANCIAL TRUST CO INC 16 els SIATEATENT nano October 30.2004 THROUGH Nowerter 30.2034 Transaction Detail (continued) ACCOuxt 1..440LR fl ianyul warm On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST stAtemera Octets 29.2004 Stletalerr num DATE OATE TILAASACIEN cescePron SEMIKVCIATIT cu rn CEBU &WOW, MEDD ATOOLM 11/30/04 RECEIVED UNITED STATES TREASURY NOTE 91282B009 50.000.000 50.000.000.00 DUE 11/30/2005 2.875 2.875 DUE 'inns FINS F3350625 Al RESALE AGREEMENT 0 TOTAL 5-149.323.958.90 5137.322.016.51 z MISCELLANEOUS -n DATE MOUT neurtamori cESCAPrter CETr AATOWil MOO AUCt/T1 C 11/16/04 JOURNAL OCT 04 SPEC CLEARING FEES 100.00 in TOTAL 5.100.00 z -H STOP End of Statement r 021 120104 14 42, ow meet 6ELOSEOCIA19- ANGS rn I Sb.) IJ EFTA01320926 PORED 110293.4 ITS wage DATED SLISSIDMITY OFFICE SEROCING SLIVR ACCOUNT Bear. Stearns & Co. Inc. Bor. Sten Swards 9n. one Tmeauca Car North BEAR 383 Madison AVONJO la Yell 11201.3854 New Wyk Nevi lc.O. 10179 STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BONO STAillitST PPM* OCIOW 1.2004 VISA OUR RELISH www.bearsteams.com THILLNJON 0000t4 29. 2004 ACODIAN What's in This Statement Il...11...lrrl.Il 1.1 TAXPAVER NUMMI% On Foe LAST STATEMENT Septenaf 30. 2004 Financial Summary 3 FINANCIAL TRUST CO INC You' Portfolio Holdings 4 CIO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER STE 83 ST THOMAS VI 00802 -n C Your Portfolio at a Glance Market Value of Your Portfolio in ea & & Equeiblem l S134.019 TOTAL VALUE Of SECURITIES THIS PERIOD 11.588.059 S349.431 LONG ACCRUED INTEREST 105.741 End S11.588469 Income 412.4:42.01, NET CREW BALANCE 334,039 MI Current market value Her sounv TNte PERIOD $12.027,839 Last statement's market vale r NET EQUITY LAST STATEMENT 12.556.360 CHANGE SNCE LAST STATEMENT -528.520 There are no 'Stop Loss orders or other pending buy cc sell open orders on file for your account. Ens sunny 41w okensteasi Mai Oa II b 09 Magas IL a. Samna This arra Cal Streama ar ratted. Sae Inn* We Sr rporlantiftwileffi 027 16,004.11 SE 021 Via OPLOSEOCIA19- ANCIS EFTA01320927 CLEARED rmiK2421 %vicar 0+040 91.l90UM Sur Sums Staten cop. Cne 002cce0, Cam net totem. Nem rcel 112014559 FINANCIAL TRUST CO INC 2 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 017 1000001:50 031 vs. TVLOSE00 V\19 ANDS EEVEZZOOV.L43 EFTA01320928 CsEmEO tit rrs *MOLLY 0101•813 U8S108.115. OFFICE SERVICING YOUR ACCOtart Boar. Stearns & Co. Inc. MY Stan Seunlan Cap. One Women Cams Math BEAR 383 Madison 8831387 boa885 M. Yet 11201.3859 New Vol, New vcA 10179 STEARNS FINANCIAL TRUST CO INC 3 au STAT0111,1T num October 1.2004 111110004 October 29.2004 ACCOP.Art Cash Flow Analysis Income Summary TO:PAYER HOWER On Fie DIS sta00 tic 8000 708410 005 LAST sr Meer Sestets/se: 30.2004 openingBalance 5349.430.55 U.S. Govt. Bond IM. 6,868.13 375.363.60 Gent Agency Int. 702.222.04 8.568.849.54 SecurgleS Sold 150.542.411.97 Cup. Bond Int. 152,338.86 1,870,249.99 Dfridextfinterest 861.588.48 Credit Balance Int. 159.45 1,022.46 0 Amount Credited 3151.404.000.46 Reverse Repurchase Int. 11.581.79 252.348.22 0 Total 5873.170.27 511,067,833.81 SecurRies Bought -151,238.763.30 Funds Withdrawn -71,518.00 Bond Purchase Int. -55.766.57 -1,168,313.77 t l DisildendsAnterest Charged Margin Mt. Pad 0.00 -1.770.70 -55,766.57 Reptrthase Inc. Exp. -47.341.42 -209.085.33 Miscellaneous .53,343.75 C Amount Debited 1-151 419 391 62 rn Net Cash Acthity -15.391.17 Portfolio Composition Closin9Balance 5334.039.38 CasniCash Equvalent 334.039 Your Portfolio Allocation Fixed Income 11,588,059 Total $11,922,098 r Cash Balance Summary Cash S. Gathalent- 2% WING ahem 349.430.S5 334,039.38 Net Cash Balance $349.430.55 3334,039.38 L Feed Income 98% 12-redee melees Orele C•91 78.w andtv Wen •hla.. M.duo, Plrapetapo 8.8.91 .59, Pe *teases market *SA of 99... eadela 027 /8300811 SO 031 t4 ZPLOSE00- 019- ANGS IJ IJ EFTA01320929 at THICNON as may, Oman 0010tritt Cf FICE SERYCING YOUR ACCOUNT Ner. Shan Sawa. Cage Beet. Stearns & Co. Inc. t theretedi Carter Non BEAR 383 Mattson AMNIA troder. Nov Vat 11201.109 New York. New 'Ark 10179 STEARNS FINANCIAL TRUST CO INC 4 or ie VARMINT POTOD OCOOtr 1. 2004 1490U0 Orator 29. 20)4 Your Portfolio Holdings ACCOUNT haat CASH & CASH EQUIVALENTS TATTPAYER WINER On Fla LAST STATTNOTT SKterNor 30.2004 Wan, ESTIMUTO CAREW OISCRPON Warne MC( VOLE TIME WIXOM MD IND CASH BALANCE 334.039 TOTAL CASH & CASH EQUIVALENTS 5334.039 C) 0 FIXED INCOME m Government & Agency Obligations ACCT ACCRUED ISTMATIM CURRENT OTSCRITION 01.03.CuOr OPT GUMMY NEE TatA01 MUT la= IMAM WOO* YEW TIO C FEDERAL HOME LOAN MTG CORP 31393FAF3 LIRGN 16,449.919 9.4102 1.547.969 35.376 909.681 58.7861 rn SERES 2530 CLASS SE DATED DATE 10/1102 BOOR ENTRY ONLY DUE 02/15/2032 5.530% FACTOR - .27416532 FEDERAL HOME LOAN MTG CORP 31393FGB6 MRGN 7.056.240 8.5794 605.386 14.078 361.985 59.7941 SERIES 2526 CLASS 51 DATED DATE 1010102 BOOK ENTRY ONLY DUE 02/15/2032 5.130% r FACTOR - .27416531 FEDERAL NATIONAL MTG ASSN 3136FALQ1 MRGN 4,041.482 84.9063 3.431.471 3 40 0.0012 STRW MEG SERFS 322 CL PO DATED DATE 03/01/02 BOOK ENTRY ONLY OUE 03/01/2032 .001% FACTOR - 1.00000000 FEDERAL HOME LOAN MTG CORP 3139216E2 MRGN 14.214,402 8.1195 1.154,131 28.358 729,199 63.1818 SERIES 2483 O. SL DATED DATE 07/0202 BOOK ENTRY ONLY DUE 03t15/2032 10% FACTOR —.24641446 eat 10/3004:11:10 001 EPLOSE00- 019- ANGS I S b.) La b./ EFTA01320930 La CLEARED twatOUCH wiRtLY ~CO LAMS OFFICE SERinCiNG YOUR ACCOUNT Bert. Stearns & Co. Inc. fa Sewn Swats Cow Cs tee BEAR 383 Mateson Avenue aaa.seutllamecog . Kt. Yon 11201.3639 New %at. New York 10179 STEARNS FINANCIAL TRUST CO INC 5 a PATEPAINT PORCO Ocbaber 1.2004 1/00001/ Octaby 29.2004 Your Portfolio Holdings (continued) ACCOuNr mike 1.04404/2 Ruben On Flo LAST STAMEN? Saptemtes 30.2004 Government 8 Agency Obligations (continued) ACCT ACCRLED ES110.1ATED 0.45,00 CESCRIPTER SliAtO/CL6n. Comer MLl 144.007 VALUE tarRES7 ANNUAL PROW ORO ra FEDERAL NATIONAL MTG ASSN 3139302C6 PARCH 14,692.061 9.1386 1.342.655 8.271 744.447 55.4459 SERIES 2003.49 CUSS SW DATED DATE 04/30,03 BOCK ENTRY ONLY DUE 01/25/2033 5.067% FACTOR a .60444343 0 Total Government& Agency Obligations 58.081.612 586.086 12.745.352 -n Corporate Bonds C /CC ACCRUED ESMArt0 CJIMPO 043CRIPDC4a SYVBCVCUSS. iwE OUNRCIY P WSW YARN narleSt *Met UWE rat> C% rn FANNIE MAE CMO/SERIES 2003.13 31392/1782 IARGN 29.160.294 12.0247 3.506.447 19.655 1.769.155 50.4543 RCA.V0 FUR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE03/26/2013 6067% FACTOR - .58320590 Total Corporatc8cr, 53.506.447 519.655 51.769.155 TOTAL FIXED INCC 511.588.059 5105.741 54.514.507 r YOUR PORTFOLIOHOLDINGSACCRUED INTEREST 5105.741 YOUR PORTFOLIONOLDINGSESTIPAATED ANNUAL INCOME S4.514.507 YOUR PRICEDPORTFOLIOHOLDINGS 511.922.098 02? 10'3004:+1'.50 001 v864 trI7LOSE00-019-ANCIS rn 8 b.) b.) $'• EFTA01320931 MIMED WOW. n INIC.O' WED SLISOWY. evict SERViOnG YOUR ACCOUNT Bear. Steams & Co. Inc. Doe &WS Sea.Mos Ore MOW. Cr* Nalh BEAR 383 Matson Avenue CY New let 11201.359 Now v 10179 STEARNS FINANCIAL TRUST CO INC 6s.. STATEmENT PEROG OCIODOf 1.2004 nssoson OCtOber 29.2004 Repurchase and Reverse Repurchase Transactions ACCOJIO htPAOLlt TAXPAY01 MAW On Re with Bear. Steams& Co.Inc.outsta ndlng 38 of date of statement SlrEUENT SL.0(WnDir 30.2004 PulOU41/ WOWS( PRCOG WOOS, POCV ACCWO REPO 094149TI START WE DOTE MI "WW1 MOIST* BALE MOM OW CESCAOTCW YOU PROVIDED FEDERAL HOME LOAN MTG COPS (MARGIN) 09/15/04 OPEN 0.000 .50.000.000 313927/32 SERIES 2488 CLASS SO 6.1300 03/15/32 YOU SOLD FHLMC•STRIP PRINCIPAL ONLY 0 (REPO) 10/12/04 01/10/05 2.260 -9.476.000 -11.900 -50.000,000 3128CVUG7 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC -n (REPO) 10/1004 OPEN 0.010 -1 .44.389.962 38374FCM4 SERIES 2004-2 CLASS S 5.3113 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 10/26/04 11/12J04 2.070 -5.363.000 4.850 -44,000,02•3 38374H:437 SERIES 2004-5 CLASS P 5.040002/20/33 rn YOU BOUGHT USTR 2.750006/15107 (REVERSE) 09.27/04 OPEN 1.600 15.037.500 21.950 15.000.000 912828CR9 YOU BOUGHT USTR 2.5000 09/30/06 (REVERSE) 10/05/04 OPEN 1.250 25.000.000 26.309 25.000.000 912828CW8 TOTAL REVERSE REPURCHASE TRANSACTIONS 540.037.500 548.259 r TOTAL REPURCHASE TRANSACTIONS 5-14.841.001 5.13.750 SSW. CIS 027 'OXON ' 1,4 'kVA SPLOSE00- 019- ANGS rn IJ IJ EFTA01320932 Sa. GLEAM WOW.. ITS vmets.v &MAO $uliSIOvRY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Bar Sion SocuiDis Ono hientws COMM' 11010 BEAR 383M8Cisen Mem:8 11201411SO STEARNS FINANCIAL TRUST CO INC 7 a •4 STsinefir 'MOD OCIOTS 1.2004 THROUGH Octets 29.2004 Transaction Detail ACCOUNT PiMa TWAYIER NIMES Co Ft INVESTMENT ACTIVITY LAST srmywrier Sapient's 30. 2004 SETTAMIXT MAU 051E DATE 1111164C0311 OESCLIPTEN ST/ADOUOSIP Waft PRIZE 0011MONT CREW AVOW 10/04/04 10101/04 BOUGHT UNITED STATES TREASURY NOTE 912828CU2 26.000.000 99.57031 24.892.576.13 DUE 08/31/2008 02.375% FA 28 ACCR M. 0938016192099 55,766.57 YIELD 2.607%10 MATURITY EVER REF a 02751004 Al 0 10/04/04 10/01/04 SOLD UNITED STATES TREASURY NOTE 912628CW8 .25,000.000 99.72656 24,931,640.63 DUE 09/302006 02.500% MS 31 ACCR. INT. 0988016192099 6.868.13 TED 2.642% TO MATURITY GVER REF • 02751011 Al -n 10/05/04 JOURNAL UNITED STATES TREASURY NOTE ID) REPO NO 10.4 912828CW8 45.000000 25.006000.00 2.500 DUE 09/30106 C 10107/04 POICIPAL FEDERAL NATIONAL MTG ASSN 3136FALCI1 413,439 in STRP MTG SERIES 322 CL PO 0 001 CUE 03/01/32 PITINCAPAL REDUCTh 10-25-04 10/13/04 WIRED CALL TSY 43/4 mai 9272250 -25.000.000 EUROCALL STRE 1014 EP 104)8/2004 10/14/04 09/08104 CANCEL SQL FNMA-30YR(FNMA)GTD 5/403009 10.000.000 101.31250 10,131,250.00 SEMIODA DUE 10/01/2034 05.500% r 0987000510332 REF a 2004090857720030 BS AS OF 09/03/04 TO Cm PREVIOUS SELL 10/14/04 09/22/04 BOUGHT FNMA-30111(FNMA)GTD 5040009 10.00.000 101.83594 10,183,593.75 SETT.10174 CUE 10101/2034 05.500% 0987021011332 REF # 2004092257610000 BS 10/14/04 09/08/04 SOLO FNMA.30YR(FNMA)GED 5.080009 .10.003.000 101.31250 10,131,250.00 SETT.1004 WE 1001/2034 05.500% 0947000610332 REF 0 2004090857720000 8$ 027 100004.13110 001 VIM 9PL0SE00- O19- ANGS I8 b.) IJ 1.4 00 EFTA01320933 awes nieb-Gri rtR w"0.\, CANSO SLIISCRAV OFFICE samcsoc YOUR ACCOUNT Bear. Steams & Co. Inc. 1.1•RoSch Oslo Nam BEAR 383 lAa6son Avenue MOOR% Me• GA 112014859 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC S el 14 STATERE.4 PODOO C810091 1,2004 THROUGH Oclawf 29.2004 Transaction Detail (continued) Accaser MASER TAXPAVIR NWSER GO File INVESTMENT ACTIVITY (continued) LAST STAMINT 5.011121:41 30.2004 MITUMOir 100( DATE DATE litua3A01,4 DESOMMA 5772007023:2 Clown MICE DEW AsKuvi CREW AKOM 10/14/04 09/22104 CANCEL WY FNMA-30YMENNIA)G11) SA80039 .10.000.000 101.83594 10.183.593.75 SET1.10-04 CuE 10/01/2034 05.500% 0987021011332 REF * 2104092257810000 BS AS OF 09/22/04 0 TO OIL PREVIOUS BIN 10/15/04 maim. FEDL HOME LOAN MEG CORP*S02684 3128CVUG7 285.408.50 SERIES 218 Cl PO OM 02/01/32 -n PIM R009-04 P010.15-04 REPOP a I 0.0000 10/15/04 PRINCIPAL FEDERAL HOME LOAN 106 CORP 3139216E2 -390,730 C SERIES 2483 CL SL 5.130 0.V15/32 rn PRICIPDUE AL RECOCIN 10.15.04 10115/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31393FAF3 -372.599 SERIES 2530 CLASS SE 5,530 DUE 02/15/12 PRINCIPAL REDUCTN 10-15-01 1011504 ORMCIPAL FEDERAL HOME LOAN MTG CORP 31393F088 -159.828 SERIES 2528 CUSS SI 5 130 CUE 02/15/32 PRINCIPAL REOUCTN 10-15-04 r 10/20/04 JOURNAL FANNIE P.ME 0.40/SERIES 2003.13 313921082 2 S RCR4I0 FUR 8,180 DUE 03/25/33 ADJUST POS 10125/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 3138FALQ1 113.439.30 S1PJP MTG SERIES 322 O. PO 0 001 WE 03/01/32 DEMME PAYLEPET 70-2544 10/25/01 PRINCIPAL FANNIE MAE 0.40/SERIES 2E03.13 313921082 -518,108 RCR.80 FLTR 6.160 CuE 0125/33 PREICIPAL REDUCTN 10-25-01 XXX 027 UM/04:110D 601 fl ea LPLOSE00- 019- ANGS EFTA01320934 CLEARED TØ TTS »as ~RO aseaCeav OFFICE SERVICING YOUR ACCOUNT ba. Sirs ~Ia Corp. Daa& Steams & Co. Inc. GR venta Cain Noe BUNR 383 Meda«, Avenue borer Na [fl 20 MO New Nek. New va,. 10179 ST RNS FINANCIAL TRUST CO INC 9 4,14 STEllitra PER,00 Ocloter 1.2004 TwROIS. Cctoter 29. 2004 Transaction Detail (contInued) Alt , n7 ~ER TAXPAYIA ~OCR Dn Ne INVESTMENT ACTIVITY (444000440 LAS? STAIlkert Se;ternter 30. 2004 SMURD« TRAM DATE DAtt ~new MORMON RVANlin PMCI Oter, 4901.2.9' GRUNT AMOUR, 10/25/04 PRIL:IPAL FEDERAL NATIONAL MIG ASSN • 3',:,.2.2C6 •2&0.033 SERES 2003-49 CUISS SW 5.160 DUE 01/25/33 aRatOPAt REDUSTN 10.25.04 TOTAL 1.45,263.188. 4 ': 520.852.198.31 DEPOSITS AND WITHDRAWALS -n UTE IRMSACTICel DESOWTOR 311 ...10.11C 1007/04 END WIRE° ?JAA/ GV148208ENDSWIRED T0 71.518.00 FLEET NATIONAL BANK AC2387604020 01246378 TOTAL I 71.518.00 INTEREST amt OCIttenta SYL/80000SP RATE <IQ DEMT AMOR, GROMT ~ff r 10101/04 AVG BAL 213.777RT 0.895 159.45 021 OFFICE INTEREST 0904 10/15,04 FEDERAL HOME Lom MEG CORP 31392R5LIO 1.0000 20.958.94 SERIES 2471 ciAss Yr OVE O3/192032 1.000 NT R/D 09-04 IND 10-15434 REPO P &I 1.0000 10115/04 FEDERAL HOME LOAN MIG CORP 3139205E2 5.1300 63.775.74 SØTES 2483 CL St DUE 03/192032 5.130 PITEREST PANIAENT 10-15-04 027 19930.9140 COT SPLOSE00- IA19- ANGS rn 8 IJ IJ O EFTA01320935 CLEARED mitotic. ITS swain' ;NNW StaSOARY OFFICE SERVICING YOUR ACCOUNT Bear. Simms & Co. Inc. but SWEPT Seaton Coo Me Jactrapch Car Ater BEAR 383 Madison Avenue ProokAn. INA Yak 1120/4880 New Yak Nem Y 10179 STEARNS FINANCIAL TRUST CO INC 10 et la SIAM/EAT PERKX) WOW 1.20`04 THROUOM October 29.2004 Transaction Detail (continued) ACCOUNT NIANIER TAXPAYER Mama On fro INTEREST (contalued) LAST STATEMPO September 30.2004 OAR DESCRIPTION SnalCucus. Ewer RATE OR cart mourn (NOR MOUNT 10/15/04 FEDERAL HOME LOAN AUG CORP 31392T132 6.1300 65.828.89 SERIES 2468 CLASS SO DUE 03115/2032 6.130 INT RA) 09-04 P/D 10-15-04 REPO P t I 6.2400 0 10/1504 FEDERAL NOME LOAN MTG CORP 31393FAF3 5.5300 79.065.84 SERIES 2530 CUSS SE DUE 02/1542032 5.530 MEREST PAYMENT 101544 -n 10/15/04 FEDERAL HOME WAN MTG CORP 31393FGB6 5.1300 31.510.16 SERFS 2526 CLASS Si DUE 02/15/2032 5.130 INTEREST PAYMENT 10-1504 C 10/19/04 GOVERNMENT NATIONAL MEG ASSN 38374FCM4 5.3110 188,367.64 rn SERFS 2004-2 CUSS 58 DUE 01/16/2034 5.311 trt 9,0 10.04 RD 10-16-04 REPO P 6I 5.4212 1012004 GOVERNMENT NATIONAL MTG ASSN 38374F1)87 5.1380 188,420.83 SERIES 2004.5 CLASS PS COE 02/20/2033 5.138 INT RIO 09-04 P/D 102004 REPO P 6I 5.1387 10125/04 FANNIE MAE CMO/SERIES 2003.13 3139240142 6.1600 r $ RCR4/0 FUR 152.338.86 DUE 0305/2033 6.160 INTEREST PAYMENT 10-25-D4 10/25/04 FEDERAL NATIONAL MTG ASSN 31393=8 5.1600 64.294.00 SIRES 2003-49 CLASS SW DUE 01/25/2033 5.160 INTEREST PAYMENT 1025-04 TOTAL $856,720.35 021 ICVXAD4 11 SO 001 10164 617LOSE00- 019- ANGS EFTA01320936 CLEARED IntOuGai ve40‘.. 04.400 14.40vA, OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Br. San Socinlos Ore Ihnietio Cott Eau BEAR 303 Waco Avenue 11301.3859 New Yak. New Tat 10179 STEARNS FINANCIAL TRUST CO INC STA,IghT KR)00 00044. t 2004 noR01:4. 000Cef 29.2004 Transaction Detail (continued) AOCaNT MAISCR TAXOAVER %UMBER On rile REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS EE E &Veit& 30. 2004 with Etear,Stearns& Co.Inc. SIT0DADIT TRUK 04n an OWISCION 01.30040011 SVUEOLOCUSP 0.0.140Tv Mail E.YOUX1 CRUX MWJI 1010004 DELIVERED UNITED STATES TREASURY NOTE 912828CU2 -25.000.000 25.062.500.00 DUE 09/3112000 2.375 2.375 DUE mamas Fnm F2670490 A2 TERM RESALE AGREEMENT 0 10/04/04 INTEREST UNITED STATES TREASURY NOTE 912828CU2 10.519.29 DUE 013/31/2006 2.375 RIM 12670490 A2 RESALE MEREST F I 10/05/04 RECEIVED UNITED STATES TREASURY NOTE 912828CV/9 25.000.000 25.000.000.00 CUE 09130/2006 2.500 2,500 CUE09130M FITL1 F2790.522 Al C RESALE AGREEMENT in 10/06/04 JOURNAL UNITED STATES TREASURY NOTE 912828CW8 25.000.000 25.000.000.00 ADJ REPO NO 10-4 2.500 DUE 09/30/06 10/05104 JOURNAL UNITED STATES TREASURY NOTE 912828068 25.000.000 25.000.000.03 ADJ REPO AO 10-4 2.500 DUE 09130/06 101015/04 INTEREST UNITED STATES TREASURY NOTE 912828CW8 1.062.50 DUE 09/302006 2.500 REV REPO INT. NO 10,5 r 10/07/04 JOURNAL UNITED STATES TREASURY NOTE 912828CW8 .25.000.000 25.000.000.00 ADJ REPO 410 10.4 2.500 DUE 09/30,313 10112/04 JOURNAL FEDL HOME LOAN PEG CORPIS02684 3128CVUG7 12.800.430 7.320.000.00 SERIES 218 CL PO DUE 0201/32 FILM 12583256 P2 TERM REPO AGREEMENT 70/12/04 JOURNAL FEDL NOME LOAN MTG CORPPS02684 31280VUG7 -12.800.430 9.478.00000 SERIES 218 CL PO DUE 02)01/32 RIM F2883213 Al REPO AGREEMOrt On 10,104:1140 001 Si OSLOSE00- 019- ANCIS rn 8 b.) IJ 10 IJ EFTA01320937 =ARID ni90904 Wan* 0919.120 SUSSOARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. BeR Szyms SeoslRet CoT Ow *town Cater I.icet BEAR 383 Madison Avenue Met yin 11201.3859 Mir 10179 STEARNS FINANCIAL TRUST CO INC 12 Nu STATIMINT PlinC0 °MOW 1.2004 niROuGH October 29.2004 Transaction Detail (Continued) ACCCONT YLVaen Wank NWSCR 01Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATIOMYT 989118114f 30.2004 SPRIMOlt TPAOC CAVE pm ntracnoti CICSCROIMII SYPAOOLCUSIP WARM Dian Maul ciNCO AM3UKI 10112/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 41.895.396 2.816.000.00 SERIES 2004.2 CLASS SB 5.421 DUE 01/16/34 rem F2653155 AZ TERM REPO AGREEMENT 10/12/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 41.694396 3483.000.00 9.52ICS 2004-2 CLASS SB 5.421 DUE 01(103/3A FIDA P2463215 Al REPO AGREEMENT -n 10/12704 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F067 44,004000 5.866.000.00 SERIES 2004-5 CLASS PS 5.138 DUE 02/20/33 C RDA F1913154 A.2 TERM REPO AGREEMENT in Ton 2104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 3837,0067 41.004000 6294000.00 SERIES 2004.5 CLASS PS 5.138 DUE 02/20/33 MN F2863217 Al REPO AGREEMENT 10112/04 MEREST FED/ HOME LOAN MTG CORP/502684 3128CVUG7 11.272.80 SERIES 218 CL PO DUFTIME02/D1/2032 0.000 P2 543256 AZ r REPO INTEREST 10/12/04 INTEREST GOVERNMENT NAD3NAL MTG ASSN 38374FCM4 2.940.37 SERFS 2004.2 CLASS S8 DUE 01/16/2034 5.421 DIM F2653155 AZ REPO MEREST 10/12/04 It4TEREST GOVERNMENT NATIONAL MEG ASSN 383742087 27.70470 SERIES 2004$ CLASS PS DUE 02/20/2033 5.138 FIT/A F1913154 Al REPO MEREST 027 160009.1190 C01 ISLOSE00- 019- ANGS In I S IJ IJ EFTA01320938 43, CLEARED 7100L10.4 ITS wsa,.y Oman Sufic...Ay OFFICE SERVICING YOUR ACCOUNT Beer. Steams & Co. Inc. Bev. Stein Swain Cap One 14evaecn Caw Math BEAR 383 Madison men.* Na. Yon 112014859 New York, New Yen,. 0179 STEARNS FINANCIAL TRUST CO INC &3 PEA,00 Watt 1.2004 Dift(Nro. OCIODe 29.2004 Transaction Detail (continued) ACCOLKT %WES TAXPAYER WINGER On Tile REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (calmed) LAST STATEuEin Sept.enta 30. 2004 MITLDaNT TRACE DATE DATE tRANSACtitel OTSCIernOsi 5.0.19DUCOSIP ETUNITITY OM AVOW CRUM AmOLIn 10/14/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCM4 41,695,395 SERES 2004.2 CLASS SO 5.421 DUE 01/16/34 RIM F2883267 Al REPO AGREEMENT 0 10114/04 JOURNAL GOVERNMENT NATIONAL WIG ASSN 38374/0.14 41.695.395 3,683,000.00 SUES 2004-2 CLASS 58 5.421 DUE 01/16/34 ERNI F28443215 At TERM REPO AGREEMENT m 1004/01 INTEREST GOVERNMENT NATIONAL MTG ASSN 3837410.14 423.55 SERES 20044 CLASS 58 DUE 01/16/2034 5.421 C Film 12863215 A2 REPO MEREST in 10125/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 44,000.030 5.000.000.00 SIRES 20044 CLASS PS 5,040 DUE 0200/33 FRIA 12993307 Al REPO AGREEMENT 10/25/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 383741067 44,000,000 6,289,000.00 SERIES 20044 CLASS PS CUE 0 62/203217/33 5RM 040 128 At r TERM REPO AGREDAD/f 1005/04 MEREST GOVERNMENT NATIONAL MTG ASSN 38374n387 4.706.50 SERES 2004-5 CUSS PS DUE 02/200033 5.040 FRM 12863217 A2 REPO INTEREST 10426/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374F087 44,000.000 5,000,000.00 SERES 2004 S CLASS FS 5.040 OUE 02/20/33 FITM F2993307 AZ TERM REPO AGREEMENT On 100694:11110 001 LENT ZSLOSEOCINDANOS I8 b.) b.) A p EFTA01320939 ClEARED 111.1000/1 RS vacue Ove/E0 WISSOutfm OFFICE SERVICING YOUR ACCOUNT Rem. Steams & Co. Inc. Set Men Sautes Corp O.< Women Comer Atm BEAR 383 Maclisps Avenue r 11201.3859 New Yak. New York 10179 STURNS FINANCIAL TRUST CO INC 14 al. stionekir IMMO Weber 1.2004 necoon October 29.2004 Transaction Detail (continued) AbytelT etweER TAX7AYIER /4.4e3ER On File REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATMENT September 30.2004 senuwon TRAM out an TRASSACTON OLSOISPIION WIMP IXS1Man, PRIOR AMOUNT 10/26/01 JOURNAL GOVERNMENT NATIONAL MEG ASSN 18371FG/37 -411;00.000 5.363.000 00 SERIES 2004-5 CLASS PS 5040 DUE 02)20133 FM F3003198 Al REPO AGREEMENT 0 10/26/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374F087 287.50 SERIES 2004-5 CLASS PS DUE 02/202033 5.040 EOM F2993307 A2 REPO INTEREST -n TOTAL S-106.031.341.42 579.897.081.79 C MISCELLANEOUS in tett z UMW/ TIUNSWI13N ecsoancto DEBI Al/Ottil Maw maw 10/13/04 JOURNAL ENMA.30YR(FPLIMA)GTO 52.313.75 SETT.1004 5,530 DUE 100144 MSS NET 10/I104 10/19/04 JOURNAL SEP 04 SPEC CLEARING FEES 1.003.00 r TOTAL $-53,343.75 STOP End of Statemen On /3/30•04:114t) Mal ESLOSE00- 019- ANGS ITS 8 b.) EFTA01320940 014RE0 ThROuCcm as VmOu awe StALSOARY curia SERVICING YOUR ACCOUNT Its. Men Undies Co Bear. Steams a Co. Inc. One AAA Cerny WM BEAR 383 Madison Avenue Nen A 20 SASS New Yea New Yoh 10179 STEARNS MARCO& TRUST CO INC ACCOUNT EXECUINE GNMA GOVT BOND STATSMENT PEROO September 1. 2004 VISIT OUR WEBSITE www.bewstearns.corn TaCniGm September 30.2004 ACCOUNT WINE What's In This Statement TAXAVIR MAIM On no LAST STAIleVent Nye& 31.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 CJO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE 83 0 ST THOMAS VI 00802 0 m C Your Portfolio at a Glance Market Value of Your Portfolio in Cash & EquVelten 5349.431 TOTAL VALUE OF SECURMES THIS PERISO' 12,082.817 3.48.513 LONG ACCRUED MEREST 124.112 Ett,0 S12.062.817 Income II $12.6440413 NET CREDIT BALANCE 349.431 Curtsy menet we NET EQUITY ma PERIOD $12.556.360 Lag gatemen's market yaks r NET EOUITY tAS1 STATEMENT 12.890.765 C.ANGE SINCE LAST STATEMEM -334.406 'nee ASA AAA A er .ere woken *AMA fen A net AAA no A.• of /AAA A A W. Entery T% Arco There are no 'Stop Loss' orders or other pending buy or sell open orders on file fa your account. vs-wrye.), Moran el Arose RR tY sa YAM et •SA exempt Tut itetentrtIA4O4 be MSS Is ?Wawa. See reverse ilde for &gratin Marren 027 1601/04.077.9 p. 710 PSLOSE00- 019- ANGS En I8 IJ n.2 EFTA01320941 GLUM 1,00113.1 ITS %%are Owe Sei()My Ow Sows Wulies tap. One Merote:x Cerny licrth Bo P.m Yen 11201.3859 FINANCIAL TRUST CO INC 2 a•3 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 021 1001.04:0749 011 v1183 SSLOSE00- 019- ANGS EFTA01320942 CLEARED DIONXICTI ITS wan' (WOO 'OSSUARY CANCE SERVICING YOUR ACCOUNT Bear. Stearns IS Co. Inc. Oat Mtn Stones Cars Or MesUch Cats inst BEAR 383 Matteson Avenue Orocitr. NO. Tok 11201.1”9 New York New Voir 10179 STEARNS FINANCIAL TRUST CO INC so ir STAMEN,' FER100 Swaney 1.200' TNEIGLION September 30.2001 ACCOuTIT WAN* Cash Flow Analysis Income Summary .0 TooTAYER whet On FM was POMO TUG ID DATE LAST STATE:ROST 0/1.9114 31.2004 OpeningBalance 348.513.49 U.S. Govt. Bond Int. 74.442.82 368.495.47 Govt. Agency Int. 800,827.03 7.866.627.50 Securities Sold 283,252,102.46 Cap. Bond 1st 160.809.29 1,717,911.13 Dividends/nterest 1,036,382.90 Oa& Balance Int 303.76 863.01 C) Amount Credited 3284,288,485.36 Reverse Repurchase Int. 76.976.15 240.76643 0 Total 31.113.359.05 310194,663.54 Securales Bought .283.616.704.04 Z Dividends/Interest Charged .183.444.56 Bond Purchase M. -183.444.56 -1,112.547.20 T F I Margin Ia. Paid 0.00 -1,770.70 miscellaneous ,187,419.70 Repurchase Int Exp. .33.024.35 ,161,743.91 Amara Debited 5.283.987.568.30 C Net Cash Aahity 300.917.06 in Closin9Balance 3349,430.55 Portfolio Composition Cast Cash Equtoient 349,431 Your Portfolio Allocation Raul Immo 12.082,817 Cash Balance Summary Total 512.432,248 r OYENT4 =SAO Cash & resivalent- 2% Margin 48.513.49 349.430.55 Net Cash Balance 348.513.49 3349.430.55 _ 1..TAtele: trans troll Pest trYwa Seer slo, nal* num 71.• ilS44141 Want's*S 01.44 My. ne natiat vela 0. W., >bible 027 • GOIG407 40 CO, ‘Tot3 9SLOS£00 IN9 ANGS EFTA01320943 StrEZZOO-V.Ld3 CLUED TAROu0A ITS AmOttv OvisCO SuSSOwee OFFICE SERVICING YOUR ACCOUNT Beet Si..',. SetmiO. Crp Beat Steams & Co. Inc. Oft IMICCal, Carew um BEAR 383 Madison Avenue bOc 14 NM Yea 112014450 New York. New Yak 10179 STEARNS FINA NCIAL TRUST CO INC 4 •Y STATPAP1T PEAWO Septernba 1. 2004 TROU3H September 30.2004 Your Portfolio Holdings ACCecteT wheat CASH & CASH EQUIVALENTS DAPAvrA MAMA CIArde UST STATtutVi Aupat 31. 2004 WASS (SWAM> CURRENT DISC0PrON Srm000C-ESP CUAInTIV PM( YItUI mAtal NOM 7110 Iw CASH BALANCE 349.431 TOTAL CASH & CASH EQUIVALENTS $349.431 0 EQUMES ii Equities & Options ACC; IMPAET 13111100) CI. UT DI3CRIDON 3,1410.0a/V 117E OW/MY Mtn VAWE A*AJM. NOM YAW (%) C CALL TSY 43/4 08/14 9272250 hIRGN 25.000.000 Unpeced in EUROCALL SINN 1018 DP lOttv2034 Total Equities& Options SO SO TOTAL EQUITIES SO 50 FIXED INCOME r Government & Agency Obligations ACCT ACM= Una= CURRIlit 01.30.11011 SYMBOLOJSIP ME Tawny PM( MOW YAWL SAWS? AMYL MOW YEW (A) FEDERAL HOME LOAN MTGCOR9 31393FAF3 MRGN 16.822.518 9.4056 1.582261 39.894 957.369 60.5064 SERIES 2530 CUSS SE DATED DATE 10'11/02 90:6 ENTRY ONLY DUE 02/1512032 5.691% FACTOR • .28037531 027 1001.04:07:0 C01 V843 LSLOSE00- 019- ANGS I8 IJ IJ ve) EFTA01320944 =ARCO nova& as i.s.4OLLY OANED SLISSOar OFFICE SERVICING YOUR ACCOUNT Bs. Stars Ssantirt Corp. Bear. Steams & Co. Inc. One Ibrouxil cat BEAR 383 Madison Avenue &Olen Wm at 20 .1S$9 STEARNS FINANCIAL TRUST CO INC 5 sTATiliERT etitc0 Septienter 1,2004 outouca. Septerter 30.2006 Your Portfolio Holdings (continued) Acs0OLNT NIMES TAKPAYEst Panel On Ale LAST sletwewr ergot 31.2034 Government 8 Agency Obligations (continued) ACCT ACCRutO amp= CURRUR DISORP110•1 swim/CUSP nvf CeSNITIY Pita .A.RW MIS DaTOEST Natal OCCOM TIOD(? FEDERAL HOME LOAN MTG CORP 31393F086 MRGN 7,216.068 8.5764 618,880 15,908 381.802 61.6924 SERIES 2526 CUSS SI DATED DATE 10.01P2 BOOK ENTRY ONLY DUE 021152032 5.291% FACTOR - .28037530 FEDERAL NATIONAL MTG ASSN 3136FALQ1 MRGN 4,154.921 82.8750 3.443.391 3 42 0.0012 51RP WIG SERIES 322 CL PO DATED DATE 03/01102 8000C ENTRY ONLY -n 03/01/2032 .001% FACTOR - 1.00000000 C FEDERAL HOME LOAN MTG CORP 313927652 MRGN 14.605.132 8.1146 1.185.155 32.200 772.758 65.2031 SERFS 2483 CL SL DATED DATE 07/02/02 in BOOK ENTRY ONLY DUE 03/1512032 5.291% FACTOR - .25318800 FEDERAL. NATIONAL MTG ASSN 31393C2C6 &CRON 14.952.094 9.6790 1.447.218 10.717 771.528 53.3111 SERIES 2003-49 CLASS SW DATED DATE 0413003 BOOK ENTRY ONLY DUE 01/25/2033 10% FACTOR - .6151415.426 r Total Government& Agency Obligations 58.276 905 598.722 52.883.499 O27 1001040749 myl VSS) 8SL0SE00- O19- ANGS I S b.) Ja UN O EFTA01320945 eLLAREO THROVON vmcuy OA ED 9LOSIOWIT, OFFCE SEWICING YOUR ACCOUNT Dar Steens SeCultics CCIP. Beer. Steams & Co. Inc. a. Metcle0I Cele Irentl BEAR 383 nnacison Avenue l aarev 3999 New York, New York 10179 STEARNS FINANCIAL TRUST CO INC $ ar STATEMENT PPIDOO SeOleInSe 1.2004 1/4.0LCN September 30. 2D34 Your Portfolio Holdings (continued) AOCCTUNT TAxPAYEA µHER On Fie LAST STMT./EST Auguu 31.2004 Corporate Bonds ACC' ACCRUE() ESIVATCO CUSRoEAT DESCRIPTION swax,cuso nit Walt/ PREY PARFET =PE POMP µM.14 &COME It 04 FANNIE MAE CMO/SERIES 2003.13 31392I0K2 .V.RGN 29,676.398 12.8247 3.805,912 25,390 1.828.066 48.0323 S RCR4/0 TOR DATED DATE 02/25/03 C) BOOK ENTRY ONLY DUE03/292033 6.160% 0 FACTOR . .59352801 Total Corporate8onds 53.805.912 525.390 51.828.066 TOTAL FIXEOINCOME 412.082.817 $124,112 44.711.565 m C YOUR PORTFOLIOHOLDINGSACCRUED INTEREST S124.112 rn YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 54.711.565 YOUR PRICED PORTFOLIOHOLDINGS S12.432.248 Repurchase and Reverse Repurchase Transactions r with Bear, Stearns& Co.Inc.outstanding as of date of statement OtAftattl REPURCHASE PRICNC PURCRASt MCP ACCRUED REPO COPAIITY SIAM OM DATE RATE MRCS.; NTERESP dia µCORD CUSP OFSCIESPnC•I YOU SOLD GOVERNMENT NATIONAL MEG ASSOC (REPO) 07/09/04 10/12/04 1.790 -5.866.000 44.500 -44.000.000 38374F087 SERIES 2004-5 CLASS P 5.1387 02/20/33 YOU SOLD F N L M C • STRIP PRINCIPAL ONLY (REPO) 09/14104 10/12/04 1.980 -7.320,000 4,844 -50.000.000 3128CW67 021 1001.43t07:40 CO1 Yen 6SLOSEOCIA19- ANGS EFTA01320946 CLEARED THROUGH ITS *VOLLY IRO EASSIYARY OFFCE SERVICING YOUR ACCOUNT Rear. Son Stones Cam Bear. Steams & Co. ex. OY litereeeM Center Keen BEAR 383 Madison Avenue Ain Tot 112014038 New Yak. New York 10179 STEARNS FINANCIAL TRUST CO INC 7 a .7 STMtIIEW7 WOOD September 1.2004 11.010J0.1 September 30.2004 ACCOLNI Repurchase and Reverse Repurchase Transactions (continued) TIJOAKR NteMER CO Feb with Bear,Steams& Co.Inc. outstanding as of date of statement (continued) UST STAitlieWT Au9W 31.2034 PUFONSO RERIPEWASE RICK PUROOSE wecv ACCRUED REPO OUNOTTY STMT DATE DATE RAZE PRPICPAL MEREST' RACE &MOM) CUSP CCSOMMOR YOU PROVIDED FEDERAL HOME LOAN LUG CORP (MARGIN) 09/15/04 OPEN 0.000 40,000.000 313921132 SERIES 2488 CLASS SCI 6.291303/15132 YOU SOLO GOVERNMENT NATKINAL IATG ASSOC (REPO) 09/21/04 10/12/04 1.790 -2.816000 -1.400 -44.389.962 38374F044 SIRES 2004.2 CUSS S 5.421301/16/34 YOU BOUGHT USTR 2.375008/31/06 -n (REVERSE) 09/23/04 OPEN 1.400 25.062.500 7,532 25.000.000 912828012 C YOU BOUGHT USTR 2.750008/15/07 (REVERSE) 09/27/04 OPEN 1.440 15037,500 2.163 15.000.000 912828CR9 rn TOTAL REVERSE REPURCHASE TRANSACTIONS 540.100.000 49.695 TOTAL REPURCHASE TRANSACTIONS 5.1 6.002.000 5-32.744 •AA O ono — r Transaction Detail INVESTMENT ACTIVITY SETWID0 WOE OAR DOE 194)IIACTIN MERVIN ASa0ltusP OVAWrirr PRIE CEEIT AMOLN7 Cinee would! 09/02/04 08/30/04 BOUGHT CALL TSY 4 3/4 08/14 9172250 25.000.000 0.67579 168.945.31 CORDONS STRK 101.8 EV 10108/2004 UNDERLYNG SEC *7004993 CCAR 5/0 08/31/04 AS OF 08/30/04 823 lekrue497.9 COI 09LOSEOCIA19- ANCIS rn 8 IJ IJ if IJ EFTA01320947 CLEARED /14tOca3Tt WH041, t>1.7.10 /14DIRDRA, OFFICE SERVICING YOUR ACCOUNT Beer, Steams A Co. Inc. Rea ssre Secullei Cap. Ore Iterotecn Cater WWI BEAR 383 Madman Men-c Rooldr. rr. Tat 11 201-31St New York New York '0179 STURNS FINANCIAL TRUST CO INC 4, 444...-447 n*40 Scctembcr 1.200E TTOTOTTON SepternDer 30.2004 Transaction Detail (continued) ArnTIRT kLACAR Wawa 'OMER On Re INVESTMENT ACTIVITY (continued) µTT sTATETTERT Augat 31.2004 SETROCIT TRADE DATE TATMACTICN DESCRIPTOR SYMON.10130 RUMMY YIULl DOR µOJVT 01031 Al/OUNT 09/08104 09102/04 SOLD GOVERNMENT NATIONAL MTG ASSN 38374FCN2 .9.449,493 95.25000 9.000.642.18 SERIES 2004.2 CLASS SG CUE 01/15/2034 11,200% ACCR. INT 64.676,53 0987031317099 REF • 2004090257160000 BS 0 09/08/04 09/07/04 BOUGHT UNITED STATES TREASURY NOTE 912828C01 50,000.000 100.39063 50,195,312.50 DUE 07/31/2006 02.750% U 31 0988C00 ACCR. INT. 145,720.11 YIELD 2.5537 92099 % TO MATURITY GVER REF • 62511004 Al m 09/08/04 09/07/04 SOLD UNITED STATES TREASURY NOTE 912828CU2 .50,CCO.CCO 99.62500 49,812,500.00 DUE 08/31/2006 02.375% FA 28 0988000392099 ACCR. INT. 26,243.09 ci YIELD 2,571 %TO IMTURITY OVER RE/ • 62511008 Al m 09/06/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN STRIP MTG SERIES 322 CL PO 3136FALCI1 -123.C419 0.001 DUE03,01232 PRINCIPAL REOUCIN 09-25-04 H 09/15/04 09/08/04 BOUGHT FNMA-30YR(FNMA)GTO M80197 10,000,000 101.60647 10.150.546.88 SEIT.0W/04 DUE 09I01/2034 05.500% 0987000510332 REF al 2004090857710000 RS r 09/15/04 09/02/04 BOUGHT FNMA4uyKONMA>GTD 5A80197 20,000.030 101.37500 20,275,000.00 SETT.09/44 DUE 09/01/2034 05.500% 0987031317099 REF • 2004090257220000 85 09/15/04 08/10104 CANCEL SELL FroMA-30YR(FNMA)GTD 5A80197 30.000.000 100.82813 30,248,437.50 SETI.09//04 DUE 09.01/2034 05.500% 0987290211332 REF • 2004081057320000 BS AS OF 05/10/04 TO Cn PREVIOUS SELL 027 1001114:07:40 001 YMS T9LOS£00 AD ANDS EFTA01320948 ES,EZZOO-V1.43 CLEARED TLIROuGm OS Weis PALO SJOSIXtRY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Sew. Sin Scats Cci. On) Varosch t Nem BEAR 383 Madison Avenue Cesar. Now SA 11201-N69 New Yak. Now Yoh 10178 STEARNS FINANCK TRUST CO INC • srmsuort Pew. September 1, 2004 nolOJGH September 30.2004 Transaction Detail (continued) ACCOUNT mall TAXPAYER MISER OnFlo INVESTMENT ACTIVITY (continuos) LAST PAYMENT ALIIIAS 31.2004 SETTLDIENT TPAIX DAN DATE TRANSACTION CESCSSVION SYLNOLCJILIP MUM MCC cart wawa MN MOWN 09/15/04 09/08/04 CANCEL BUY FNMA-30YR(FAIMA)GTD 5080197 -10.000.000 101.60547 10.160.546.88 GETT.09I/04 DUE 09.01/2034 05.500% 0987000510332 REF P 2004090857710000 BS AS OF 09.08104 TO OIL PREVIOUS BIN 09/15/04 09102104 CANCEL BUY FNIAA-30YR(R4MA)GTO SA80197 -20000.000 101.37500 20,275.00100 z SEIT.09/104 WE 09/01/2034 05.500% - 0987031317099 REP • 2004090257220000 BS AS OF 09/02/04 TO CXL PREVIOUS BUY C 09115/04 08/10104 SOW FNMA-30YR(FNMA)GTO SA80197 -30.000.0W 100.82813 30,248,437.50 SETI.OW/04 rn WE 09/01/2034 05.500% 0987280211332 z REF • 2004081057320000 BS OW15/04 PRINCIPAL FEDI HOME LOAN MFG CORP*502684 3128CWG7 336.255.00 SERE., 218 Ct. PO DUE 02/01/32 PRIN Te/0 0804 PA)09-15-04 REPO P a I 0.0000 09/15/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 3139276E2 -395.047 r SEMES 2483 CI. SI. 5,291 DUE 03fl 5/32 PRINCIPAL REDUCTN 0945.04 09,15/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31393FAF3 438.983 SERIES 2530 CUSS SE 5,691 CUE 02/15/32 PRINCIPAL REDUCTN09-15-04 09,15/04 PRINCEPAL FEDERAL HOME LOAN MTG CORP 31393FGB6 -188.303 SERIES 2528 CUSS SI 5.291 WE 02/15/32 PRINCIPAL REDUCTN 094544 027 i001.04.67:48 001 v843 Z9L0SE00- O19- ANGS I8 b.) IJ EFTA01320949 CLEATED nnts as WACALy OA7.E0 SuiSilatrY OFFCE SERVICING YOUR ACCOUNT Beat. Steams & Co. Inc. Bev. Sion Senn esp. Cr. natal en Rath BEAR 383 Madison Avenue 0/074”. We Tort 11201.3259 New York. New Ycek 10179 STEARNS FINANCIAL TRUST CO INC 10 wit STATItial PERO° SepteMb01 1.2004 7711104014 Seccomber 30.2004 Transaction Detail (continued) ACCOUNT Farm TAXPAYER MASER On Fie INVESTMENT ACTIVITY (continued) LAST 'TRW' aguSt 31. 2004 sentasto MOE DATE art 111.411$411011 DESCRIPTOR EnOLCUSP 01.1141111Y MICE owl MCMI CREDO MOUE, 0923/04 0922/04 BOUGHT UNITED STATES TREASURY NOTE 912828012 25.000.000 99.84375 24,960,937.50 DUE 08/31/2006 02.375% FA 28 AO:It INT. 0988003592099 37.724.45 YIELD 2.458 % TO MATURE!), GM REF 5 42661011 Al 0 09/27/04 0924/04 SCAD UNITED STATES TREASURY NOTE 912828CR9 -15.000.000 99.73438 14,960,156.25 DUE 08/15200702.750% FA 15 0988280293099 ACCR. INT. 48.199.73 YIELD 2.846 % TO MAMMY GVER REF a 62681022 Al ii 09/27/04 PRINCIPAL FEDERAL RATIONAL MTG ASSN 3136FALOT 123.088.50 STRP MTG SERIES 322 CI. PO C 0,C01 DUE 03/01f32 PRINCPAL PAYMENT 09-25-04 in 09/27/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 31392/062 -546.176 s Ramio FLTR 6.385 DUE 03/25133 PRRICPAL RECSICTH 09-25-04 09/27/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 -275,184 SERIES 2003.49 cuss SW 5.385 Out 01/25.03 peeccsmi RF.DuCIN 09-25-04 TOTAL 5136.192.624.25 5135,055,745.68 r INTEREST DME ocsonpnett 904101:10/. WARM MR 1%) MST /VAUNT MST MOAT 09/01/04 AVG BAL 483.462RT 0.729 303.78 021 °FREE MEREST 0804 09/15/04 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 21.525.8.5 SERIES 2471 cuss VT cut 03/15(2032 1.000 IC Re OB-04 ND 094544 REPO P 5I 1.0000 027 14011204.07:49 001 Y063 E9L0SE00- O19- ANGS In 8 IJ IJ 1-17 EFTA01320950 0.04.000 TS:0CM ITS Ve441t4V wire SIA1S041.114 OFFICE SOWING YOUR ACCOUNT Beta. Steams & Co. Inc. 804/ Wants Swabia Cap. ow 41040X.Ch Cele Mae BUM"( 383 Manson Avenue laM1£ 9Y. to 2013959 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 11 an STATIMINT MPS= 5.4.44•Ifter 1. 2004 11.040=4 010440100' 30.2004 Transaction Detail (continued) *mourn %Nei ?Amoy( N111.4101 On Fie INTEREST (continued) tAIT STATE...04T M915t 31. 2004 WC DESCR•InN SnaeuCuSe OLUNTITY WC OR DEW WOW CRUM nom 09/15/04 FEDERAL HOME LOAN MTG CORP 3139216E2 5.2910 67,500.81 SERIES 2483 CI. SE DUE 03/15/2032 5.291 INTEREST PAYMENT 094544 09/15/04 FEDERAL HOME LOAN MTG CORP 313927/32 6.2910 69.343.03 0 SERIES 2485 CUSS SO 01X03/15/2032 6.291 NT RID 08-04 P/D 0.3•15.04 REPO P & I 6.4000 -n 09/15/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.8910 83,430.59 SERIES 2530 CUSS SE DUE 02/15/2032 5.691 MEREST PAYMENT 09.15434 C 09/1S/04 FEDERAL HOME LOAN MTG CORP 31393F686 5.2910 31319.67 in SERIES 2526 CLASS SI WE 02/15/2032 5.291 INTEREST PAYMENT 09-15-04 09/16/04 GOVERNMENT NATIONAL MTG ASSN 38374FCM4 5.6000 196.53147 SERIES 2C04-2 CUSS S8 DUE 01/16/204 5.600 NE, 09.043PA) 090644 REPO P & I 5.6000 09/20104 GOVERNMENT NATIONAL MTG ASSN 38374F067 5.3503 196.166.67 r SERIES 2004.5 CUSS PS DUE 02/20/2033 5.350 off Re 08-04 PO 09-20-04 REPO P & I 5.3500 09127/04 FANNIE MM CMO/SERIES 2003-13 31392/04(2 6.3850 160.909.29 S RCR4/0 FUR CUE 03/25/2033 6.186 MEREST PAYMENT 0945-04 Ca7 113.01.04.97:00 001 Yes P9LOSEOCIA19- ANGS EFTA01320951 =MO THROWN Tie Maly Onttel) elen4D4Attr OFFICE SF_RYICavG YOUR ACCOUNT Bear. Steams & Ca. Inc. Aws Stonte$ Cap. ON Menne, Coma "AN BEAR 383 Maclean Avenue etenent Nett en ¶1201.3$59 N STEMNS FINANCIAL TRUST CO INC 12 ern steretanti 11ROD September 1.2034 THROG.4 September 30. 2004 Transaction Detail (continued) ACtOuni TwerAyell matt On Fie INTEREST (continued) LAST SWUM' AU9UM 31. 2004 DAVI IMSCRIPT104 Setillatell, SP OtiAlart RAO OM ow, 4.140.1XT CREDIT AvOten 0027/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.3850 68.332.41 SERIES 2003-49 CLASS SW DUE 01/25/2033 5.385 0 INTEREST PATIENT 09.25.04 TOTAL 1897,263.55 0 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear, Steams& Co. Inc. F I 31111110011 TRADE DATE DATE TRANS...010N CO01111TIC41 STANICIJCUS• 0111/0111 DEOrt MONT CRI MOUNT C 09/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.449.493 6.200.000.00 in SIRES 2004.2 CLASS SG 11,200 DUE 01/18/34 FITM F2403144 A2 Wed REPO AGREEMENT 0602104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 -9,449,493 6.250.000.00 SERIES 2004.2 CLASS SG 11.200 DUE 01/1034 FILM F2463081 A3 REPO AGREEMENT 0902/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374F012 -9.449.493 7.283.000.00 r SERFS 2004-2 CUSS SG 11,200 DUE 01/16/34 FM F2463081 Al REDO AGREEMENT 09/02/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374n/42 9,449.493 7.293.000.00 SEARS 2004-2 CLASS SG 11.200 °MOTOWN FITM F2463081 A2 REPO AGREEMENT 09/02/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374FCN2 1.767.00 SERIES 2004-2 CLASS SG WE 01116/2034 11.200 ITDA 12403144 AZ REPO INTEREST 027 100t04.1)7:41 001 VMS S9L0SE00- O19- ANGS EFTA01320952 CLEARED THROUGH ITS voOLLY Ov..E0 Sunoture omce saws* YOUR ACCOUNT Sew Slams Seaton CO,. Bear. Stearns & Co. Inc. Ere 1141/OPICA CRAW NOM BEAR 383 Mackson Avenue RTIOIAIT WA VAX 112014459 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC STATV.err put co Decorator 1.2004 THROW.. Se;SOMDte 30. 2004 Transaction Detail (continued) ACCOurn rAA4002 TAXPAYER msieE, On Pie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (=not 6l LAST TrATVANT AL4ust 31. 2004 SETTLEVEW DAME DATE DATE mummy/ DESCRIPTOP4 SnAKT.CUSIP DONT AMOUNT 04100 AMOUNT 09/03104 JOURNAL FEDERAL 140ME LOAN MTG CORP 313927/32 13.001.818 SERIES 2488 CLASS SO 6.400 DUE 03/1932 FDA F2323128 A2 TERM REPO AGREEMENT 0 09/03/04 JOURNAL FEDERAL HOME LOAN MTG CORP 313927J32 -13.001.818 72,000.00 smog 2488 CLASS SO 6.400 DUE 03/15/32 RDA F2473199 Al REPO AGREEMENT -n 09/08104 JOURNAL GOVERNMENT NATIONAL MTG ASSN SUDS 2004-2 CLASS SG 38374FCN2 9,4490493 6.250.000.00 11.200 DUE 01/18134 C FILM F2463081 A4 TERM REPO AGREEMENT rn 09/08/04 JOURNAL FEDI HOME LOAN MPG CORP/0502684 31280.4)G7 -79885.838 7.200.000.00 SERFS 218 a. Po DUE 02/01132 F1TM F2523196 Al REPO AGREEMENI 09/08/04 JOURNAL FEDI. HOME LOAN MTG CORP9S02684 3128LNUG7 12,885.836 9,788,000.00 SERIES 218 Cl. PO WE 02/01/32 FDA F2253180 A2 TERM REPO AGREDAENT r 09/08/04 DELNERED UNITED STATES TREASURY NOTE 912828C01 -50.000.000 50.375.000.00 WE 07131/2006 2.750 2,750 otm 070108 FDA F2190710 02 TERM RESALE AGREEMDIf 09108104 RECEIVED UNITED STATES TREASURY NOTE 912828CU2 50.000000 50.082.503.00 ODE 08,31/2005 2.375 2.375 Du( 08/31/08 FILM F2520885 Al RESALE AGREDAENT 027 1COOLIDIO17,49 OM /0961 99LOSEOCIA19- ANGS ril 8 b.) b.) 00 00 EFTA01320953 CLEARTO TRROUGR na %HOW( CANNED SURSOWIY EDUCE SERVICING 87JR ACCOUNT Dee. Shen Soox0a Corp. Bea'. Stearns & Co. Inc. Ore Weeptedi Comer Nonn B&W 383 Mason Avenue IM I AATTTT 112.01.3123.9 Now York. New Yea 10179 STBcRNS FINANCIAL TRUST CO INC 14 # 17 snazierrt PIT= SOCCOMber 1.2004 ThRanAt Dotemme 30.2004 Transaction Detail (continued) Ad:COerr .40.1001 TAXPAYER MASER On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATEINNT ARCO,/ 31.2004 SEMAIRDIT RUM DAL[ OAir ITt/JGOCIION DESOOPTION STIMOUCUSIT GUMMY wren mono CRITIO ANCON1 09108104 MEREST GOVERNMENT NATIONAL MTG ASSN 38374FCN2 1,968.75 SERIES 2004.2 CLASS SG DUE01/16/2034 11.200 FrtM F2463061 PA REPO INTEREST 09108/04 MEREST FEDL HOLE LOAN MTG CORP#502684 3128CVUG7 13.213.80 SERIES 218 Cl PO DUE02401/2032 0.000 FITM F2253160 A2 REPO INTEREST m 09/0B/04 INTEREST UNITED STATES TREASURY NOTE 912828001 54,614.90 DUE carmoce 2.750 ci HIM F2190710 A2 RESALE MUSS) m 09/13/01 JOURNAL FEDL HOME LOAN MTG CORP0S02684 31280/1167 12.885.836 7,203,030.00 DRIES 218 Cr PO DUE 02/01/32 FMA F2523196 AZ TEAM REPO AGREEMENT H 09/13/04 JOURNAL FEDI. HOME LOAN MTG CORPAIS02684 3128CVUGI .12.885,836 7,200,000.00 SERIES 218 CT. PO DUE 02/01/32 HEM F2573145 A3 REPO AGREEMENT r 09/13/04 JOURNAL FEDL HOME LOAN MTG CORP#502684 3128CVUG7 42.885.836 9.680.000.00 SERIES 218 0. PO DUE 02/01/32 nnA F2573145 Al REPO AGREEMENT 09/13104 JOURNAL FEDI. HOME LOAN MTG CORP.S02684 3128CVUG7 12.885.836 9.680.000.00 SERIES 218 CL PO DUE 02/01/32 FRIA F2573145 AT REPO AGREDAENT 027 10121104.07:411 COI YOU L9LOSE00- 019- ANGS rn 8 tia IJ EFTA01320954 °FARED 11.10IACA. as VolCAY erne SIJOSIAAAY Celt( SERVICING YOUR ACCOUNT Ben. Steams & Co. Inc. Dm. Stems Swats to-(. litinzetn Caw nem BEAR 383 maclison Avenue Nes at 112014659 New V022. New Yolk 10179 STEARNS FINANCIAL TRUST CO INC STATERENT ICAO° SOROMbOt 1,7004 110t6JCA Sopcombor 30.7031 Transaction Detail (continued) ACCOLMT TARAWIR PAAJOER On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (orange) LAST STATEUZYT A1941 31. 2004 summon PRIX OAR OAR MOISACEN 02000711771 SYMKOCUSP 0107RRI OEM Asa CRICal 92A0010 09/13/04 INTEREST FEDL HOME LOAN MTG CORPOS02684 312BCYUG7 1.800.00 SERIES 218 CL P0 WE 02/0112032 0.000 mkt F2523198 AZ REPO INTEREST 0911404 JOURNAL FEDL HOME LOAN MTG CORPOS02684 3128CVUG7 12,885.836 7,200,000.00 SERFS 219 a PO DUE 02/01/32 RIM F2573145 44 TERM REPO AGREDADIT m 0904/04 JOURNAL FEDL HOME LOAN MTG CORP4002884 31280AJG7 42.885.838 7,320,003.00 SERIES 218 CL PO DUE 02/01132 ci HIM F2583256 Al REPO AGREEMENT m 09/1404 INTEREST FEDL HOME LOAN NIG CORP#S021384 SERIES 216 CL PO 31280A1G7 472.00 WE 02/010032 0.000 Erne F2573145 M REPO INTEREST H ORD 5/04 JOURNAL FEDERAL HOME LOAN MTG CORP 313927/32 -12.6.50401 SERIES 2488 CLASS SO 6,291 DUE 03/1502 TAM F2593287 Al r REPO AGREEMENT 09/15/04 JOURNAL FEDERAL HOME LOAN MTG CORP 313921/32 12.659.401 72.000.00 SERIES 2488 CUSS SO 6.291 DUE 03/15/32 rum F2473199 A2 TERM REPO AGREEMENT OW15104 INTEREST FEDERAL NOME LOAN MTG CORP 313927/32 45.38 SERIES 2488 CUSS SO DUE 03/15/2032 6.291 FITM F2473199 A2 REPO INTEREST 027 1001/022)7A0 COI Ass 29L0SE00-O1D-ANGS 8 O EFTA01320955 CLEANED THROUCH n1 WNELLY ouwan wow way orra SERVICING YOUR ACCOUNT Bear. Stearns & Co. Mo. Sac Sturm Scut in Cap. One MontiAlt Corte Math BEAR 383 Madsen Avenue New Min 112014819 Now York. New York 10179 STEARNS FINANCIAL TRUST CO INC 16 an STATEMENT PE74700 102tenter 1.2004 isa012077 Sostamere 30. 2004 Transaction Detail (continued) ACCCLOrt SWUM tmenYin 7.VADER On rle REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (oonunuecl) LAST sTATTWENT AUSEnt 31.2004 senuuon DATE tatt ITUJ4SUCTION easowyEAL snwoucusw OWNEITY CCM MOW Gaon AmOLMI 09/21/04 JOURNAL GOVERNMENT NATIONAL PAM ASSN 383741CM4 .41.695.395 2.816.000.00 SERIES 20042 CLASS 58 5421 OUE 01/18/34 . WM 12653155 Al REPO AGREEMENT 0 09/21/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383745044 41.695.395 3.7394:00LO SERB 2004.2 CLASS 58 5.421 DUE 01/16/34 FIRM 11913154 82 TERM REPO AGREEMENT -n 09/21/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374F044 1%757.44 SERFS 2004.2 CLASS 58 DUE 01/16/2034 5.421 HIM 11913154 82 REPO INTEREST in 0923/74 RECEIVED UNITED STATES TREASURY NOTE DUE 08/31/2006 2.375 912828CU2 25.000.000 25.062.500.00 z 2.375 DUE 08/31/06 FMA F2670490 Al RESALE AGREEMENT 0903/04 DELIVERED UNITED STATES TREASURY NOTE 912828CU2 -50,000,000 50.062.500.00 DUE C6/3142008 2.375 2.375 DUE 08/31/06 FILM 1252088$ A2 r TERM RESALE AGREEMENT 09/23/04 INTEREST UNITED STATES TREASURY NOTE 912828CU2 22.361.25 DUE 08031/2006 2.375 RIM F2520885 A2 RESALE INTEREST 09/27/04 RECEIVED UNITED STATES TREASURY NOTE 912828CR9 15.000.000 15.037.500.00 DUE 08152007 2.750 2.750 CUE 06/1507 HIM 1271c:662 Al RESALE AGREEMENT TOTAL 5-147.607.524.35 5148.335.476.15 . _ 69LOS£00 INS ANOS 027 1001,0470749 COI 1563 I9VEZZOO- V.L.43 EFTA01320956 CLEARED Int0t4ii ITS man , mmIDD StalSOvir, OFFICE SERVICING CUR ACCOUNT Sew Senn Seru,ies Cap. Rear. Steams & Co. Inc. Ono WO ' Carter 1401/1 BEAR 383 Madison AVOW* OICOnr. 'ter Yon 11201.3269 New YOlk. New York 10179 STEARNS FINANCIAL TRUST CO INC 17 a^ STATELEP.7 PERM September 1.2004 TheCoOm September 30.2002 Transaction Detail (Continued) ACOOL•41 I/P:PAYER Pamela on Me MISCELLANEOUS Lan STATE14ENT twat 31.2004 art 1.30DAV TRAIRICTON DeiCele11014 OFtT AMOUNI CRUM Am,:b1/1 09/02104 JOURNAL FRO MA 10.32 09/11/04 JOURNAL FNIAA-30YR(FNMA)GTO 1871051.38 SETT.09804 5.500 DUE 09131/14 MKS NET 09114/04 0 09/18.134 JOURNAL AUG 04 SPEC CLEARING FEES 300.00 z TOTAL S-187.419.70 -n C in Trades Executed Pending Settlement z SIMLOADit DAR 1200E DAR TROGACI1ON OCSCRPTIC111 61100C1/CUSP 01.2111109 eta DINT AMCOR MCC MOM 10/14/01 09/22/04 BOUGHT FNIA.4.40YR(FNMA)GTO 5A80009 10000.000.00 101.8359 10.183.593.75 SETT.10.434 DUE 10101/2034 05.500% 0987021011332 REF r 2004092257810000 85 r 10114/01 09108/04 SOLD FNMA.30YR(F1414/)611) 930009 .10.000.000.00 101.3125 10,131,250.00 SETT.10/04 DUE 10/01/2034 05.500% 0987000510132 REF a 2004090857720000 85 TOTAL 510,183,593.75 510,131,250.00 The area rat do PO 4100.14th -9204 MICIOA 010is Memel. 01) 1001/04.0749 001 "43 OLLOSEOCIN9- ANGS rn 8 IJ 1.2 4a. 10 1.0 EFTA01320957 0.1.06J) TAR040.4 rte 141434.LY OVALED SuSSOARY OFFICE SERVICING NOVA ACCOUNT Be.,. Swots Seoul*, Com. Sear. Stearns b Co. Inc. Ore I/onto Came, Man BEAR 383 Madison Aver,:e itocnr. Nes Vat 11201.3t49 New Yak. Nen, • 4. 0179 SIMMS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BONO srmainer Auto° July 31. 2004 VISIT OUR MIME wavybearstOams cern Tilectocal ALguSt 31.2004 Aryl> pa KAGIAJN What's In This Statement I II TAxPAYER row, On Fla LAST mAn-oeNy July 10.2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 WO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 14 STE B3 ST THOMAS Vi 00802 0 m 5 Your Portfolio at a Glance Market Value of Your Portfolio m Cron a N uimei 548.511 TOTAL VALUE CC SECURITIES NG PERIOD 12,698.148 53.971 LONG ACCRUED MEREST 144,104 ENS 512.698.148 Kane NET CREDIT BALANCE 48.513 Conant market value NET EQUITY TN$ PESSOCI $12,890,765 is last statarrana martat value r NET EQUITY LAST STATEMENT 11,475,709 CHANGE SIC LAST STATEMENT 1.415.056 There are rt"Stop Lose orders a other pending buy or sell open orders on Ale roc yaw tiCCOunt. 11/14 Aran is ex itorweicaNmoms orti. t Is Ax a tax es:anni. Ski 71S stigenert fetid In named Re "tar newt Sae item sake ,eat.1 voteraeca 02? 0A01.04.011.31 001 ILLOSEOCIN9- ANGS EFTA01320958 CISARED THIOUOM ITS V.1.0.LY OHM) SLOSCIARY Leo. Uurci SPINS 03, One klattilth Coe Pat Omaha. Sea York 11201.1859 FINANCIAL TRUST CO INC 2 oils 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 037 OP01)0401II CV VB62 ZLLOSE00- 019- ANGS 8 b.) b.) EFTA01320959 =MEP 1144003H n vma. "NCO SUBSIOW1rf OFFICE SERVIOr45 YOUR ACCOUNT Bear. Steams b Co. Inc. Oar. Sten Se0/14173 Cop. Cm WM407 Own *eh BEAR 383 Ma6son Avenue Plat rot 11201.3859 New York. New Tot 10179 STEARNS FINANCIAL TRUST CO INC 3 STA7774”.7 PEROD July 31. 2004 TH00.444 Swat 31.2004 ACCOWT wiceet Cash Flow Analysis Income Summary 1.4xPAyen numb= On Flo file PDX° 7103 VICO TEAR MOM LA37 STATWENT July 30 2004 OpenIngEtalarroa 53.971.20 U.S. Govt. Bond Int. 11,209.24 294,052.65 Gent. Agency Lg. 864.599.88 7.065.800.47 Securities Sold 259,156,483.49 Cap. Bend Int. 168,044.57 1,557,101.84 DiridendsAnterest 1.044.009.74 Credit Balance Int. 156.05 559.25 Amount Credited 5270,200,493.23 Reverse Repurchase Int 59,273.54 163.790.28 0 Securities Bought -269,95%006.50 Total $1.103.28328 59.081.304.49 z Diriderdsanterest Charged -196,161.68 Bona Purchase Int. .195.16168 -929.102.64 -n Miscellaneous -782.76 Margin Mt. Paid 0.00 .1.770.70 Repurchase M. E . -9.818.25 ,128,719.56 C Amount Debited $-270,155.950.94 rn Net Cash AcOnly 44.542.29 z ClosingBalancer 548,513.49 Portfolio Composition Cashtash Equivalent 48.513 Your Portfolio Allocation Feed Income 12.698,148 Cash Balance Summary Total 512,746,661 r 011£741,C CLOSAG Cata Er/Jalrient, c1% Margin 3.971.20 48.513.49 Net Cash Balance 53,971.20 548.513.49 Fired income 99% eras, man ant. eat Mayo way nO way pas Tfrolayalen payntia 4 004.4 ten e. tenant sane aye N yo.0 µmob 027 0x01040071 001 'as, ELLOSEOCIN9- ANGS EFTA01320960 CLUSE0 TW1OUCIrt ITS allOur Omit> Su&Man OFFICE SERVICING YOUR ACCOUNT Bea. Shin Swaim Corp. Bear. Steams & Co. Inc. • Ihreate, Cater Nor0 BEAR 383 Madison Avenue Wargo% New Yon 11201.3859 iiiiaiork 10179 STEARNS i FINANCIAL TRUST CO INC 4 a •. STATEuEkt PERIO0 JL 31. 2004 TanOUGH Aug.& 31. 2004 Your Portfolio Holdings AMC NT FauweER CASH 2. CASH EQUIVALENTS 1AXPA11/1 NWIER On Ilk WT STATEWVIT Sty 30. 2034 MUMS ISIIVARD CURRENT DISLOPON 111.03:1-CvSt. OUANDMY ✓ILIJI LINUAI WOK 1100 00 CASH BALANCE 48,513 TOTAL CASH & CASH EQUIVALENTS 548,513 0 FIXED INCOME -n Government 8 Agency Obligations ALL, AMMO ISM= CURRFIrt LOOMS SnaeueuSe ern me Ma MARKO YAWL HMIS Ana WORM MOON C FEDERAL HOME LOAN MTG CORP 31393053 MRGN 17,261,501 9.6502 1,665,771 44.496 1.001.167 60.1023 SERIES 2530 CLASS SE in DATED DATE 10111/02 BOOK ENTRY ONLY DUE 02/15/2032 5.800% FACTOR • .28769169 FEDERAL HOME LOAN MEG CORP 31393F086 MRGN 7.404.371 8.7803 648.644 17.771 399.836 61.6418 SERIES 2526 CLASS SI DATED DATE 10/01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.400% FACTOR - .26769168 r FEDERAL NATIONAL MTG ASSN 3136FALQ1 MRGN 4,278.010 83.7656 3.583.502 3 43 0.0012 STRIP MTG SERIES 322 CL PO DATED DATE 03/01/02 800/2 ENTRY ONLY DUE 03/01/2032 .001% FACTOR - 1.00000000 FEDERAL NOME LOAN MTG CORP 3139216E2 MRGN 16,000,179 8.3346 1.250.208 36.001 810,010 64.7900 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/1512032 5.400% FACTOR - .28003635 an 0a0104L0 COI 015.3 PLLOSE00- 019- ANGS EFTA01320961 c/LARIO n41003,1 IS WmCur OASED Sutt&Oar OFFICE SERWCMG YOUR ACCOUNT etas Swam Secvlun Cap. Beat Stearns & Co. Inc. One Veroteat Cots WV. BEAR 383 MOW Avenue &ccit” New Vat 11201.ISSS New York. New York 10179 STURNS FINANCIAL TRUST CO INC 5 4.14 STATIMM RMOD RR 31, 2004 TalCv0.4 N.gutt 31. 2004 Your Portfolio Holdings (continued) ACCOlon WM= 74/O.Aven WARP Oil FIB USE STATaltrIT ADE 30. 2004 Government E Agency Obligations (coMintioa) 140 ACCRUED [STUMM CURRENT Of.SCRP113% SMOOLCUSJP rag Worm IOARKR VALUt MEREST natill POW" YIELD N FEDERAL NATIONAL MTG ASSN 31393C2C6 PARCH 15.227.278 9.7794 1,489,130 13.668 819.989 55.0650 SERIES 2033-49 CLASS SW DATED DATE O4/3O103 BOCK ENTRY ONLY CUE 01/25/2033 5.385% 0 FACTOR .62646272 Total Government& Agency Obligations 58.637.255 5111.939 $3.031.045 -n Corporate Bonds C •CCI ACCRUED ESIMUO) CUOMO DESCIW11OR STWarCUSIR ME OUARTITY MX MAUI MA MEREST WW1MCCUE MAD CO rn FANNIE MAE MO/SERIES 2003-13 $ RCRJO FITR 31392.062 MRGN 30,222.674 13.4366 4.060,893 32.165 1,929.711 47.5194 DATED DATE 022103 BOOK ENTRY ONLY DUE 0312572033 6.385% FACTOR - .60445153 Total Corpaate80nOs 54,060.893 532,165 51.929.711 TOTAL FIXED INCOME 512.698,148 5144,104 54.960.756 r YOUR PORTFOLIOHOLDINGSACCRUEO INTEREST 5144.104 YOUR PORTFOL JO HOLDI NGSESTIMATED ANNUAL INCOME 54.960.756 YOUR PRICEDPORTFOLIONOLDINGS 512.746,661 027 COO7O4a It O1 SLLOSE00- 019- ANGS EFTA01320962 Ulan RROUGH ITS *Nat, ant&D SLAISIDIARY OFFICE SERVICING YOUR ACCOUNT Ser. son SeurileS Cap. Bear. Steams 8 Co. Inc. eno lames, C4rby BEAR 383 Madison Aven.Je fir New Ret 11201.31i$9 New York_ New )r4. "0176 STEARNS FINANCIAL TRUST CO INC 6 o. -1 STA- niENT PEAR° My 31.2004 THROUGH Augn 31.2004 AC,CPAT swags Repurchase and Reverse Repurchase Transactions TAxPANTR MAWR On Fie with Bear, Stearns& Co.Inc. outstanding as of date of statement LAST (moment Joy 83.2004 PUICHASEI REPUROOM PMCPC PUROMSE IRKU ACCRUED SOO OUMAYTTY SUM DATE OAR PAR PRISON/ NRRIST• OAR MOUIII1 CYSN OESOMICN YOU SOLD GOVERNMENT NAMNAL PAM ASSOC (REPO) 07/79/04 10/12/04 1.790 -3.739.000 -10,039 -44.389.962 38374F044 SERIES 2004-2 CUSS S 5.6000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC 0 (REPO) 07/09/04 10112/04 1.790 -5.866,000 .15.750 -44.000.000 38374F087 SERIES 2004-5 CIASS P 5.3500 02/20/33 z YOU SOLD F H L M C • STRIP PRINCIPAL ONLY -n (REPO) 08/12/04 09/13/04 1.800 -9.788.000 4,788 ‘50.CCO.000 3128CVUG7 YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 08119/04 OPEN 0.000 -500:0030 31392//32 SERIES 2488 CLASS SO 6.4000 03/15/32 in YOU SOLD GOVERNMENT NATIONAL MTG ASSOC z J (REPO) 08/27104 09)02/04 1.710 4,20;0.030 -1.472 -10.000.000 38374FCN2 SERIES 2004-2 CLASS 5 11.2000 01/16/34 YOU BOUGHT USTR 2.750007/31/06 (REVERSE) 08/06/04 OPEN 1.290 50.375.000 41.601 50,000.000 912828001 TOTAL REVERSE REPURCHASE TRANSACTIONS 550.375.000 541.601 r TOTAL REPURCHASE TRANSACTIONS S-25.593.000 5.37.049 'Al d sisist *et _ 021 OPOODOIll 31 041 V862 9LLOS£00 IND ANOS EFTA01320963 8917EZZOO- V1.43 CUAnD ~art ne ~DUS ~ED SuaSevar °FEIGE SERVICING YCAIR ACCOUNT Ber. Staems & Co. Inc. kw. Sona Senrisn Ore ~ovan Gni« Pan, BEAR 383 MacAson Avenue 8rocikir. Ne* Verk 11201.3859 New York. New York 10179 STUWNS FINAHC/AL TRUST CO INC 7 Cil4 ITAiner of P500 Mi 31. 2004 ~ene August 31.2004 Transaction Detail AN, . Ni Nina ~Amt ~MER On Rie INVESTMENT ACTIVITY SUT!~ My 30.2004 StntEeDir non OME MAISACM11 COCAFTION StIMCIAXISIP OUMEllY 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 912828080 25.000.000 100.12891 25.032226.56 ODE 06/30/2006 02.750%10 3D 0988000592099 /CCRMT. 81.650.82 HELD 2.680% TO MATUREN OVER REF * 02121013 Al 0 08/0VO4 07/30104 BOUGHT UNITED STATES TREASURY NOTE DUE 06Ø200602.750%10 30 912828CM0 50.000.000 100.12891 50.064.453.13 0988000592099 /CCR INT. 123.301.63 AUD 2,680 % TO MATURRY GVER REF • 02121013 Bl E I 08/02/04 07130/04 SOLD UNITED STATES TREASURY NOTE 912828001 -25.CCO.000 100.06250 25,015,825.00 DUE 07)31/2006 02,750% D 31 0988C00792099 ACCILINT. 3.736.41 NEID 2.718 % TO MATURITY GVER REF 4. 62121008 Al 08/02/04 07130/04 SOLD UNITED STATES TREASURY NOTE 912828001 -50.030.000 103.08250 50.031.250.00 DUE 07)31/200602.750% II 31 0968000592099 ACCR. INT. 7.472.83 YIELD ,718 % TO MATU GVER RE2F • 621211008 BlRITY 08/08/04 08/05/04 BOUGHT UNITED STATES TREASURY NOTE 912828071 25.000.000 100.24219 25.080.548.88 DUE 07/3020345 02.750% År 31 ACCR. INT. 0988280293099 11.209.23 Yale. 2624% TO NATURDY r OVER REF e 62181004 Al 08/12104 08/10/04 BOUGHT FEI* HOME LOAN ARG CORP8S02684 3128CWG7 13.222.091 82.43750 10.899.961.68 SEILES 218 CL PO DUE 02/01/2032 0987021011332 REF • 2004081057470000 ISS 08/16/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31392T6E2 -363,943 SERIES 2483 CL SL 5.620 DUE 03/15132 PROKVAL RECUCIN 08.15-04 08116/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -315.458 SERIES 2488 CLASS SO 6.620 DUE 03t15.02 PRMCIPAL RECUCIN 08-15-04 en elen/04reni Wl yen LLLOSE00- IN9- ANGS EFTA01320964 0.EARED 9,0101.1014 ITS ~Oar 04000 Subinner OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. ow. Rearm Stones Co0 ow ranrceere Wow 41901 BEAR 383 Madam Avenue 111014459 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 8 re STATINEHT 01.000 Jut) 31.2004 1909:0014 0.94i 31.2004 Transaction Detail (continued) AcCOuNT KAMA Tan, NAOS On Fie INVESTMENT ACTIVITY (cortinued) LAST STATOSNT July 30. 2,304 SEVIESP00 TRADE WA WE nt./68911991 095010,10N simialCuW Gummi YR2 our 41/0.ta 411.011 4910100 08/16/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31393FA53 -430507 SEWS 0 CUSS SE 5,020 DUE 25302/15/32 PRINCIPAL REDUCTN 06.1544 08/16/01 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F066 -186,183 0 SERFS 2526 CLASS SI 5.620 DUE 02/15/32 PRINCPAL REDUCTN CO3-15-04 08/16/04 PRINCIPAL GOVERNMENT NANCNAL MTG ASSN 38374F012 100872.80 -n SERIES 2004 2 CUSS SG 11.620 DUE 01/18034 PRIN PJD 06-04 PM 08-16-04 REPO P & I 11.6200 C 08/18/04 WIRED PUT TSY 3119 05/07 9258526 -50.000.000 in ut SERE 99-r3 EuROPoen3/2004 z 06/2004 JOURNAL FEDERAL HOME LOAN MEG CORP 31392T132 3 SERIES 2488 CLASS SO 6.400 DUE 03/15132 ADJUST POSITION 06,25634 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31360101 100962.15 SIRP MTG SERIES 322 CL P0 0.001 DUE 03/01/32 r Pim WO 07-04 R/0 C41-2541 REPO P &I 0,0000 09/25/04 PRINCIPAL FANME MAE CMO/SERIES 2003.13 313921002 -560215 S RCR40 FLTR 6.550 DUE 03/25/33 PRINCIPAL MUM 08-2544 0825104 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 .284,273 SERFS 2003.49 CLASS SW 5.550 DUE 01/25/33 PRINCIPAL REDUCTN 08.25434 TOTAL 5.111.253.349.93 $75.265.919.19 _ 01.03/331 Col 31 001 V962 SLLOS£00 IND ANC'S EFTA01320965 OLVIZZOO- V.L.43 0.9/880 Illear8. RS 22.0.er 09119) SLOSAARY OFFICE SERVICANG YOUR ACCOUNT Boat Stearns & Co. Inc. 8•Ar Stearn s.o C09. Ono MeUclen ce 1190 BEAR 383 Madison Avenue 80388/3 VS Yea 11201.3869 New Yod, New Yoh 10179 STEARNS FINANCIAL TRUST CO INC 9 0i /A 8383.1111112 MOM A1731.2004 1111101.1011 Newt 31.2004 Transaction Detail (continued) ACCOU111 wagon 72201AVIR SLAW 011 Fla INTEREST tan aucitecr hay 30.2004 DATE DESCRI11011 SYMBOUCUSt Ouumw RATE ON Dan amown CREDO 11.0810 08/02/04 AVG BAL 311,731RT 0.581 156.05 021 OFFICE INTEREST 0704 C) 08/16104 FEDERAL NOME LOAN MTG CORP 31382R6U0 1.0000 22.048.12 SERIES 2471 CLASS YI DUE 03/15/2032 1000 0 NT ED 07-04 FID 08-15-04 REPO Ps I 1.0000 08/16/04 FEDERAL HOME LOAN MEG CORP 31392T6E2 5.6200 71.055.30 SEEMS 2483 Ct St m DUE 03/192032 5.620 INTEREST PAYMENT 08-1544 08/18/04 FEDERAL HONIE LOAN MTG CORP 313927132 8.8200 73,486.97 SERIES 2488 CLASS SO DUE 03/15/2032 6.620 rn MEREST PAYMENT 06-1544 06(1804 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.0200 88,774.97 SERFS 2530 CUSS SE DUE 02/15/2032 6.020 INTEREST PAYMENT 08-15-04 06/16/04 FEDERAL HOME LOAN MTG CORP 31393F085 5.6200 35.650.03 SERFS 2526 CUSS SI DUE 02/15,2032 5.620 MEREST PAYMENT 001544 r 08/16/04 GOVERNMENT NATIONAL MTG ASSN 38374FCM4 5.8100 205,817.52 SOHES 2004-2 CUSS SE DUE 01/16/2034 5.610 NT RIO OB-04 PID003-18-04 REPO P & I 5.8100 0828/04 GOVERNMENT NATIONAL MTG ASSN 38374FCN2 11.6200 92,479.38 SERES 20042 CUSS SG CUE 01/16/2034 11.620 NT RA) 08-04 ND 00-16-04 REPO P & I 11.6200 az? 0•01.64:6•31 001 81182 6LLOSEOCIND- ANGS rn 8 1.2 IJ -a EFTA01320966 CLUJI10 100OUGn rts WHCIAY 00140 fueS0mAre OFFICE SOWING YOUR ACCOUNT W. Sun Sawn., Cap Bear. Steams 6 Co. Inc. ON Monauch Coeur North BEAR 383 Madison Avenue Nat V0111201.3555 l iNea la lm et 10179 STEARNS FINANCIAL TRUST CO INC 10 a' STATEMEM P!m MI 31.2004 ninoo3N August 31. 2004 Transaction Detail (continued) ACCOUNT WISE* TAXPAVIIA NUIS On Ft INTEREST (contInued) LAST STAIBCC July 30.2004 out Oacatimi SYMOUCUSIP OLusanY RATE (10 onrt ANORNI CRUM MONO 08720104 GOVERNMENT NATIONAL MTG ASSN 38374FD87 5.5300 202.766.67 SERIES 20045 CUSS PS CUE 02720/2033 5.530 MT RA) 07-04 100820.04 REPO P I 5.5200 06/25104 FANNIE MAE CMO/SERES 2003-13 31392,0K2 65500 188.044.57 S RCR470 FOR DUE 02/2572033 8.550 INTEREST PAYMENT 03-25-04 -n 08/25/04 FEDERAL NATIONAL MTG ASSN 31393C203 5.5500 71.740.92 SERIES 2003.49 CLASS 9N CUE 01/25/2033 5.550 INTEREST PAYMENT OB-25-04 C TOTAL S1.032000.50 in z REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Steams& StRIAWAT nu% OME GATE IRAICSACTON COMPTON SonoutuSIP 04046/TAY NM NAOMI CREDIT MOST 08/02704 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.550.385 8.225.000.00 SERIES 2004.2 CLASS SG r 11.620 DU 0106/34 "MA 3201 AZ TERM REPO 0AGREEME NT 08/0204 JOURNAL GOVERNMENT NAMONAL MTG ASSN 38374FG/72 -9.550.365 7.080.000.00 SERFS 2004-2 CLASS SG 11.620 DUE 01/18/34 FILM F2153351 Al REPO AGREEMENT 08/02/04 DELIVERED UNITED STATES TREASURY NOTE 912828CM0 -75,000,000 75.582.500.00 DUE 0873072008 2.750 2.750 DUE 0640,06 FITIA F1910574 A2 TERM RESALE AGREEMENT 027 09,0104:0111 041 YM2 08L0SE00- O19- ANGS Tn 8 b.) IJ 10 IJ EFTA01320967 ~ITN THRCUCO4 Ra mac( 4461401ARY OFFICE SERVICING YOUR ACCOUNT Rear. Steams b Co. Inc. eRN Somorm Sins C . One FANnach term North BUR 383 Madion Avenue Meat Yon 11101.3849 New York. New York 10179 STURNS ISNANCLAL TRUST CO INC STATVADa PER00 Jul/ 31. 2004 TI4C00.4 44gu1t 31. 2004 Transaction Detail (continued) ACCO.Nrr TWAYER µ4.43ER On Rio REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LIST STATEMENT .k 30. 2004 SMO4ENT WADE DAR CATE 111/44SACTON DESCRINDON SYMOUCLISIP OLIVIMY 01011 AVC4N1 CREPT AAMUNT 08/02/04 RECEIVED UNITED STATES TREASURY NOTE 912828C01 75.000.000 75,375,000.00 DU750 E 07/31/2C06 /31/062.750 2. DUE 07 (-) ATM F2151023 Al RESALE AARE/MEW 0 08/0204 INTEREST GOVERNMENT NATIONAL MTG ASSN 313374FCN2 1,348.76 SERIES 2004-2 CUSS SG WE (31/16/203A 11.620 FIM 12103201 Al REPO INTEREST 06/02/01 INTEREST UNITED STATES TREASURY NOTE 9128280/0 50.416.98 DUE 08/302806 2.750 REM 11910574 A2 RESALE MEREST m 0806/04 RECEIVED UNITED STATES TREASURY NOTE 912828001 50.000.000 50,375.00000 DUE07/3120» 2.750 2.750 DUE 070105 FDM 12190710 Al RESALE AGREEMENT 08/06704 DELIVERED UNITED STATES TREASURY NOTE 912828C01 .75,000.000 75.375.000.00 DuE 07/31/2008 2.750 2.750 PU10701/08 FIM 12151023 A2 TERM RESALE AGREEMENT r 0806/04 INTEREST UNITED STATES TREASURY NOTE 912828001 8.856.56 Due 07/31/2006 2.750 FINM 12151023 .2 RESALE MEREST 08/12,04 JOURNAL FEDL HOME LOAN MFG CORPWS02664 31280/107 .13.222091 9,788,000.00 SERIES 218 a PO DUE 0201132 HIM F2253160 Al WO AGREDADO 0012/04 .10UidAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 4.278;10 STRIP MIG SERIES 322 CL PO 0.001 WE 03/01/32 HIM 11913156 Am _ TERM WO AGREEMENT T8L05£00 IND ANGS 02? 00101431;00.41 001 1•13 ELI7EZZOOV1.33 EFTA01320968 C41•444.0 THROuGn RS 440u. osno suLSCAker OFFICE SERVICING YOUR ACCOUNT Boar. Steams & Co. Inc. Bat Stuns Softness Cop. Ore VerourA Oyu New, BUR 383 Madison Avenue Away. Nes Yet 11201.3459 New Yeah. Plow York 10179 STURNS FINANCIAL TRUST CO INC 12 St.:Mufti 44.4000 My 31. 2004 INRONON ALgust 31. 2004 Transaction Detail (continued) ACCCANT 'MISER TAWAVIR NVUBER On Fie REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (cconnued) LAST STATENENT my 30. 2004 SEMAMEN1 02404 0A11 0411 litIASPCI1ON CESCAPTICOI SYMBOUOMP *mem DM MOM CM(' WOUN1 0(017/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 4,278,010 310.000.00 MTG SERIES 322 CL PO 0.001 EWE 03/01(32 Rim F2251277 Al REPO AGREEMENT 0 08/16104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALCII 4,278,010 310,02040 MAP MTG SERIES 322 CI. PO 0.001 DUE 03/01(32 FTTM F2253277 .42 TERM REPO AGREEMENT m 0611604 INTEREST FEDERAL NATIONAL MTG ASSN 3136FAL01 62.00 STep MTG SERIES 322 CL PO DUE 030112032 0.001 ci mu F2263277 A2 REPO MEREST m 08/111/04 JOURNAL FEDERAL HOME LOAN MTG CORP 313927/32 -13,001,818 SERIES 2488 CUSS SO 6.400 DUE 03/1542 F11M F2323129 Al REPO AGREEMENT H 08127/04 JOURNAL GOVERNMENT NATIONAL MTGASSN 38374FCN2 4.449.493 6.145.000.00 SERIES 2004.2 CLASS SG 11.200 DUE 01/16/34 FILM E2403144 Al r REPO AGREEMENT 08727/04 JOURNAL GOVERNMENT NAMELY. MTG ASSN 38374FCN2 9.449.493 6,145,000.00 SERIES 2004.2 CUSS SG 11.200 DUE 01/16/34 FRM £2403144 A2 REPO AGREEMENT 08127/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 -9.449.493 6150.00040 SERIES 2004.2 CLASS SG 11.200 DUE 01/16/34 FiTm F2403144 A3 REPO AGREEMENT 027 014110.111141 001 3162 Z8LOS£00 IND ANDS EFTA01320969 tLrEZZOO-V133 EXARGO neztosm ES WmEttyr 0A903 SUES/0MT OFFICE SERVED* YOUR ACCOUNT Bear. Stearns 6 Co. Inc. Star. Yard Stanti C09. CM IMUCECR Lear Mal BEAR 383 Mackson Avenue Y 112014859 New Vat. New Yont 10179 STEARNS FINANCIAL TRUST CO INC 13 st STAtelaRT PEE= ILly 31.2004 THROUGH M9.51 31. 2004 Transaction Detail (continued) ACCOUNT PlaCER TAXPAYER WARR 00 5.90 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) tun STAMEN? My 30.2004 511750.0M TRIM aft Mil 10/45ACTON DISCRETION STRI0/015E 1004011Y 0128 AVOW MDR AMOUNT 08/27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.449.493 6.15O.OOO.OO SERIES 2004-2 CLASS SG 11,200 OUE 01/16/34 F1TM F2403144 Al REPO AGREEMENT 0 08/27/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCN2 -9.449.493 6.200.000.00 SERIES 2004.2 CUSS SG 11.200 CUE Olt18/34 DIM F2403144 AS REPO AGREEMENT -n 09/27/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCN2 9,449.493 7,080,000.00 SERIES 2004-2 CUSS SG C 11.200 DUE 01,16/34 FITIA F2153351 A2 TERM REPO AGREEMENT rn 01•27/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 4,449.493 7.232.000.00 SERIES 2004- SG CLASS 11.200 DUE 021116/34 DIM F2403143 Al REPO AGREDIDAT 09/27/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCN2 9,440,493 7,232,000.00 SERIES 2004-2 CUSS SG 1,200 INJE 01/16,34 Firm F2403143 A2 r REPO AGREEMENT 09/27/04 INTEREST GOVERNMENT NATIONAL MEG ASSN 38374FCN2 8.407.50 SERIES 2004-2 CLASS SG CUE 01t16/2034 11.203 FO1.1 F2153351 A2 REPO INTEREST TOTAL 5-158.901.818.25 1193.901.773.54 027 01101.04E1141 C01 1/862 ESLOSE00- 019- ANGS Fn I8 IJ 1.2 1.01 EFTA01320970 CLEARED 11440UON ITS W4Cts, 04%03 VASOWir OFFICE SERVICING 'UR MUUVT ON SOWS - Cap. Sew, Steams 8 Co. Inc. Cot NNW. arm an BEAR 383 Madsen Aven/e i saw on 10 -3 New YOrk. New Yak '0119 STEARNS FINANCIAL TRUST CO INC 14 to STATIMENT PEPOCO 31.2004 Tift0D3H August 31.2004 Transaction Detail (continued) ,ICON T OLOAIN 'OWN Nara On Ito MISCELLANEOUS LAST 61.0110NT kit 30.2004 100414Y TRAWSPCIION OCSC41•1104 DUO 49.404141 CROW AMOUWI 08/02.04 RECEIVED EWA PG0016475097 482.76 0215212820 POOL COUPON 2.7500 FINANCING NET PAROFF DFF 08/16/04 JOURNAL JULY 04 SPEC CLEARING FEES 300.00 0 TOTAL S-782.76 -n C Trades Executed Pending Settlement in W11114011 mix z 0414 DM1 MANSACTON CESCIIMICH Snacuon GOMM PRIM Mt UNA: CORA' AVOW 09/15/04 08/10/04 SOLD FNMA-30YR(FNMMCM 5A80197 -30000.000.00 100.8281 30,248,437.50 SETT09804 ME 09/01/2034 05.500% 0987280211332 REF • 2004081057320000 BS TOTAL $O 'D 530.248 437.50 r "o allo totos eb oat Nam u• wry ow. Nabs or Pa Needs. End of Statement 02) 09.01434:08 31 WI VSLOSE00- 019- ANGS rn I S b.) IJ --J EFTA01320971 CLEARED 114/10u074 ITS Wapor OwnE0 VAISOAlw OFFICE SERVICING YOUR ACCOAT Bear. Steams 6 Co. Inc. Ow Ram Sens Cap. Cre Metrotecri Cow Not BEAR 383 Madisco Avenue 120 3449 N Y• Ncw York 10179 Sas STEARNS FINANCIAL TRUST CO INC ACCOUNT EXECUTIVE GNMA GOVT BOND MATTA/err Pr 12,03 Ally 1, 2004 VISIT OUR WIIISITE am.beamteans.com THR001.1 &I 30.2004 AACCceiT wuweee What's In This Statement II TAJCP.0ER MAW* C•1File WT STATEuENT Art 30. 2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 CIO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Seeded 17 STE 83 ST THOMAS VI 00802 0 Z T T I 5 Your Portfolio at a Glance Market Value of Your Portfolio m GSA 6 EDumen 13.911 TOTAL VALUE OE SECuRtnES THTS PERM' 11.296.902 $129.030 LONG ACCRUED MEREST 174.836 mare $11.848.152 NET CREDir BALANCE 3.971 MI °rent market WA* NET EOUDY TAILS PERIOD 411,475,709 ME UM Stater..MI market value r NET EQUITY LAST STATEMENT 12162.877 CHANGE SINCE UST STATEMENT -687.168 - 110.00 Ce•Of mtes „title •40ete MI reA roam 7, ea 7.5 Vasa al Socutb• re ne met 00.i TM Pejo, There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. TN" SJTenry itmulure armlet MA. IS not restate as a en eacAmod. glW Tit •72.7-em roue te mares he 212J7 wens See meg* We er ewer/ wirmatir. 327 073104'O 41 001 01100. S8LOSEOCIN9- ANGS b.) —J —J EFTA01320972 2 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ CO7 07/31104W41 031 98LOS£00 IN9 ANGS EFTA01320973 8LtEZZOO- V.Ld3 CLL TAMAN ITS AltiCAIN MONO SJITSCuARY OFFICE SERVICING YOUR ACCOUVr Bear. Steams & Co. Inc. 11•01. Clain Statuses Cap an Iteavinn resit. wan BEAR 383 Madison Avenue law i201.3919 New Yak. New Yak 10179 SIMMS FINANCIAL TRUST CO INC 3 or le seamen PfROO .111J 1.2004 TIMCSJ0H ht, 30.2004 ACCOUNT Wank Cash Flow Analysis Income Summary TM:PAMIR NUMMI On Flo nes rozoo 9.4S PRIX TtmnooeTc. oar smarvaDa kne 30.2004 openingBalance 5129.030.02 U.S. Goa. Bond Int. 0.00 282.843.41 Govt. Agency 91t. 900,793.20 6,201,200.59 Securities Sold 180,245,896.38 Cap. Bond Int. 175.390.75 1.389.057.27 Dbidendsanterest 1.076.355.23 Credit Balance Mt. 171.28 403.20 miscellaneous 183.88 Reverse Repurchase Int. 41.156.77 104,516.74 0 Amount Credited 5181,322,435.49 Total 51.117.512.00 57.978.021.21 z T Securities eought -181.242.338.23 Bond Purchase Int. -133.576.76 -732.940.96 t l Magri Int. Paid 0.00 -1.770.70 Funds Wandrawn -70.539.00 Repurchase Mt. Om. -43,298.09 -118.901.31 Diwiendsintcrest Charged -133,608.18 Miscellaneous -1408.90 m Amount Debited 5.181.447.494.31 z Portfolio Composition Net Cash Activity -125,058.82 Cash/Cash Equnalent 3,971 Your Portfolio Allocation Closin98alence 53,971.20 Fired Interne 11,296032 Total $11,300.873 r Cash & Equirolentl <1% Cash Balance Summary OPDO4 =fan Meer 129.03042 3.971 20 NetCash Balance 5129,030.02 53.971.20 fired !come _ 99% Uremod Amoy 134.11. Set *MAT Pr rune NANA Tr* ear FYI SY SWIM, mi1.( ‘/Aati3O.• •Celtti, LSLOS£00 N19 ANUS 027 07/31104.0t41 001 4150 6Lh£ZZ0OVLa3 EFTA01320974 UWE) 11.9105M. Es M✓_LLY OWYED WASOARY OFFICE SERVICING YOUR AccOukr Oar Sun Seems Cap. Bear. Steams & Co. Inc. One Ibrated. Owar North BEAR 383 Madison &verve ', CCM; PIM Mt 11201.3859 New Yak. Net: 10179 STEARNS FINANCIAL TRUST CO INC 4 a •$ STATZLID.' PT,000 My 1.2004 TmeGJOY My 30. 2004 Your Portfolio Holdings At") NT vial. CASH & CASH EQUIVALENTS TAXPAYER MAMER On rile LIST STAITWMT Any 30.2(04 MAW 1011WARD CURKM otscavnar. SnAlt0;,CMVP W4Ut MOM WOVE VMD ey.) CASH BALANCE 3171 TOTAL CASH & CASH EQUIVALENTS $3.971 EQUMES -n Equities & Options ACCT MAYO 8$111411T1) CORRUPT CMCMICII 5Y1080UCUS41 TYPE ONA1n PM( PM* MAIM WOW 1113.0 (%) C PUT TSY 31/8 05/07 9258526 MRGN 50.000.000 Unprice0 EUROPUT STRIC 9940 in OP 08/13/2004 Total Equities& Options SO SO TOTAL EQUITIES SO SO FIXED INCOME r Government & Agency Obligations ACC ACCRUED ESTIMUTO CURRIM CMCP1M1C01 57INIOUCUSP TYIF OUNglITY POSE 11411111 VALLE 1NTEIEST 4/241111. INCOAl WILDOy FEDERAL HOME LOAN MTG CORP 31393FAF3 WIRGN 17,696.008 10.1846 1,802,275 44.388 1.065.300 59.1086 SERIES 2630 CLASS SE DATED DATE 10/11/02 BOOK ENTRY ONLY DUE 02/1S/2032 6120% FACTOR . .29493347 027 07151/04,31.41 CO1 VMS 88LOSEOCIA19- ANGS I S 1,4 1,2 La so O EFTA01320975 CUOMO 1MOIAn r7S leklOu. OvelED SUOSOLLJTe OFFICE SERTACmG YOLK ACCOuv" kw. Sinn Wain 070 Bear. Stearns & Co. Inc. Viltiocich Came Mann BEAR 383 Mattson Avenue WOW" New at 20 ISE Nos York, New Yak 10179 STEARNS FINANCIAL TRUST CO INC E or is STATEMENT PERO° 1170 1.2034 01110.73.11 July 30.2004 Your Portfolio Holdings (continued) *caws" KAISER TALOAYER WIESER On FM LAST STATEMENT Ms 30. 2004 Government G Agency Obligations (cormnLecr) ACC; ACCEEtti trikUltD CURSES! DIEStarlION Erill0734917 Tin PESCI PASO VALUE ILTERES7 7141004 MOVE ORD na FEDERAL HOME LOAN MTG CORP 313937086 MRGN 7.590.754 9.1200 692.280 17,774 426.600 61.6225 MMES 2526 CLASS SI DATED DATE 10,01/02 BOOK ENTRY ONLY DUE 02/15/2032 5.620% FACTOR . .29493346 FEDERAL HOME LOAN MTG CORP 313921/32 MRGN 13,317.273 11.4435 1.523,967 36.735 881,603 57.8492 SERFS 2488 CUSS 93 DATED DATE 076:03/02 -n BOOK ENTRY ONLY DUE 03/15/2032 6.620% FACTOR - .26634662 C FEDERAL HOME LOAN MTG CORP MKS 2483 CI. St 3139216E2 MRGN 16.364.122 8.8240 1.355,734 35.978 863.464 63.6898 in DATED DATE 07402/02 BOOK ENTRY ONLY DUE 03/15/2032 5.620% FACTOR - .26634560 FEDERAL NATIONAL MTG ASSN 31393C2C6 AIRGN 15.511,551 10.4392 1.619.282 11.956 B60,891 53.1650 SERIES 2003.49 CUSS SW DATED DATE 04/3003 BOOK ENTRY ONLY DOE 01/25/2033 5.550% FACTOR - .63815794 r Total Governments Agency Obligations 56.993.538 5146.831 54,097,858 027 0701/04.0S 41 COI VOSS 68LOSEOCIA19- ANGS rn I S b.) Ia Ja DO EFTA01320976 Cl99.40) TWOLGH ITS MOLLY ConwID SultS000Y OFFICE SERVICING YOUR ACCOIRJT Bear. Steams 6 Co. Inc. Mae. Suva SicAles Coy. Coe Minscusto C- Nem BEAR 383 Medium 00901.16 Mat Yak 11201.0959 New Ycrk New York 10179 STEARNS FINANCIAL TRUST CO INC 6 u• STAT019,0 PEACO 1W3 1.2001 THROU051 My 30.2004 Your Portfolio Holdings (continued) ACOPIPC MAKER TAXPAYER KAMER On Me LAST rAITWEPT Ano 30.2034 Corporate Bonds SOCT ACCOMID (mew OFRE117 0(SCR011314 SYMOOlCUSIP not MAN-TM MCI WHET WW2 Penni 230091 MOM 0110 FANNIE MAE 0401SERIES 2003-13 3139210)(2 MRGN 30.786.789 13.9780 4.303.364 28.005 2.016.535 46.8595 S RCR40 FUR DATED DATE 02/25/03 600E ENTRY ONLY DUE 03/25/2033 6.550% FACTOR . 61573583 Total Corporstaonds 54.303364 528.005 52.016.535 TOTAL FIXED INCOME 511.296.902 5174.836 56.114.393 -n C YOUR PORTFOLIONOLDINGSACCRUED INTEREST 5174.836 in YOUR PORTFOLIO NOLDINGSESTIMATED ANNUAL INCOME 56.114.393 YOUR PRICEDPORTFOLIOHOLOINGS 511.300873 Repurchase and Reverse Repurchase Transactions r with Bear,Steams& Co.Inc. outstanding as of date of statement PURCHASE! 905,n2St PleCING PU904.551 ACOMV MPG OUAN1102 5144 DATE DATE PAR MP:1M WIMP (ACC MOUNT) 02312 OESCRP11311 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/1204 1.790 -3.739,000 -4.461 44.389.962 38374FCM4 SERIES 2004-2 CLASS S 5.810001116/34 YOU SOLO GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/09/04 10/12/04 1.790 4.866.000 -7.000 -44,030000 38374R/67 SERIES 2004-5 CLASS P 5.530002120/33 on ouniosoo in on nee 06LOSEOCIN9- ANGS rn 8 b.) IJ La so IJ EFTA01320977 MARIO MOM.. ITS WM!, MAD SUMMARY OFFICE SERVICIM YOUR ACCOUNT My ken Mulim Cap Bear. Steams & Co. Inc. Cne IMMO outer en BEAR 383 Madison Avenue Kw Yon 117014/51 Now VD& NON Yoh 10179 STEARNS FINANCIAL TRUST CO INC 7 eh 5TAITAMT PI Ay 1. 2004 TOCVON Ms 30.2004 ACOtaro me101 Repurchase and Reverse Repurchase Transactions (continued) TAXPAYER WOO Dn with Bear, Steams& Co.inc.outstanding as of date of statement (continued) LAS STA-Eur•T June n. 2004 my00.34/ RETURCRASE pR17146 MOMS( MU ACCRUED REPO ODOM! STYE ME DAM RAM MOM OTEAESP (Mt /443uorn OSP Martel YOU PROVIDED FNMA.SuBS PRINCIPAL ONLY 0 (MARGIN) 07/09/04 OPEN 0.000 45403.000 3136FAI01 SERIES 322 CUSS PO 03/01/32 0 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 07/28/04 08/02/04 1.580 -6.225.000 -1.348 -10.000.000 383745012 SERIES 2004-2 CUSS S 11.620007/16/34 -n YOU BOUGHT UST/ 2.750006/30/06 (REVERSE) 07/09/04 OPEN 1.150 75.582.500 49.934 75.000.000 912828050 TOTAL REVERSE REPURCHASE TRANSACTIONS 575,562.500 549.934 C TOTAL REPURCHASE TRANSACTIONS 5.15.830.000 5.12.809 in AS Al Man !Ms Transaction Detail r INVESTMENT ACTIVITY SETTLEutrit TRADE DATE DATE TRAASAMN OtSCRPTM SYMOUCLISP YUMMY YwM DM AMOR! OMNI AMOUNT 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 912828003 25,000.000 100.58594 25.146.484.38 MO5/1572007 03.1259991 15 ACCR. P4T. 116.762.90 0988726998099 YEN 2.908 % 10 'MUM GVER REF a G1901000 Al 07/09/04 07/08/04 BOUGHT UNITED STATES TREASURY NOTE 912828C/4D 25.000.000 100 43750 25.109.375.00 DUE 06/30/2006 02.750% Xi 30 ACCR. INT. 1%813.88 0988728291099 Yon 2 521 44 To wouPirt OVER Rri ir 01901002 A3 027 07/310:14.0S41 001 11151 T6LOSEOCIA19- ANGS 8 1.4 M.) La to 00 EFTA01320978 ==/.RED THROJOi ITS *Nu, Owieta SuMom( OFFICE SERVICING YOUR ACCOUNT Om. Sten Swain Co Bear. Steams & Co. km. Ne Mama Cala Nom BEAR 383 Madison Avenue Wider. UN of 20 .1659 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 8 w •I STANWer PERM My 1.2004 NROUCal My 30.2004 Transaction Detail (continued) ACCO, NT NUMBER TAXPiellt UAW On Fie INVESTMENT ACTIVITY (continued) MST 8TATNENT lune 30 2004 MOAN! WM 1171ALACION otscancw SNOOL/CUSP PDX OUlt MOUNT CREW /MOUNT 07/15/04 PRINCIPAL FEDERAL NOME LOAN MTG CORP 31392T6E2 400.854 SERIES 2483 Cl. SI. 5,620 DUE 03/15/32 PRINCIPAL MUM/ 07.1544 07/15104 PRINCIPAL FEDERAL NOME LOAN MTG CORP 311927/32 -520,806 0 SERIES 2468 CLASS SO 6.620 DUE 03/15/32 PMNCIPAL REOUCIN 07-15-04 07/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -660,636 -n SERIES 2530 CLASS SE 6.020 DUE 024542 PRINCIPAL REIXCDI 07.15.04 C 07/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313931686 -283882 SEWS 2526 CLASS Si in 5.620 DUE 02/15/32 PRINCIPN. REDUCTN 07.1544 07/16/04 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 93.692.10 SERVES 2C04-2 CLASS SG 11.895 DUE 01/16/34 PRW MD 07-04 PM 07.1644 REPO P & I 11.8950 07/26104 PRINCIPAL FEDERAL NATIONAL MTG ASSN 3136FAL01 132.216.75 STRIP MEG SERIES 322 CL PO r 0.001 WE 0301/32 PM Rit.06-04 P/0 07-25-04 REPO P 6I 0.0000 07/28/04 PRINCIPAL FANNIE MAE CMOISERIES 2003-13 31392JDK2 428.478 S RCR-10 FUR 6.700 DUE 03/25/33 PRINCPAL RF_DUCTN 07-25-04 07/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 -315.643 SERIES 203349 CLASS SW 5.700 DUE 01.25/33 PRINCIPAL REDUCTN 07.25-04 TOTAL 5-50.389.436.14 $225.908.85 027 ouruo40341 COI VSSR Z6LOSEOCIA19- ANGS 8 b.) IJ 00 EFTA01320979 nano n4t0i.G.4 if s CMostO SaSSOARY OFFICE SERVICING YOUR ACCUAIT ea. Stein Secolles Ca Beet. Stearns 6 Co. Inc. One Wroittli test, Nom BEAR 383 Madison Averue enxilr. Nrw Vent 11201.3659 Now Yak, New York 10179 STEARNS FINANCIAL TRUST CO INC 9 ell sumer mem Mg 1,2004 renown Joe 30.2004 Transaction Detail (continued) ACOMM %MEP TAXIMYEPI µAveCA On /1111 DEPOSITS AND WITHDRAWALS wr STArriars' Ain* 30.2004 DOE IMAMS Ol5CRPION OM MOM CREDO mare 07/09/04 FND WIRED MDAYGV136016FNDSVARED TO 70.539.00 FLEET NATIONAL BANK AC2387804020 C*260198 TOTAL 5-70,539.00 INTEREST Wn DOCAIPTIOM TIMICl/04, slewrny RAM RI DM MOM M7 ALOIS 07/01/04 AVG EIAL 631.112RT 0.325 171.28 021 OFFICE MEREST 0604 07/09/04 HIM PGC015990926 31.42 0215212820 GOVERNMENT NAnONAL MTG ASSOC POOL 0034473 COUPON 5.9475 EINANCWG ICPNROFr OFF 07/15104 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 22.910.37 SERIES 2471 CUSS)? DUE 03/15/2032 1.000 INT RA) 064)4 FeD 07.1544 REPO P I 1.0000 T4iNaGUNO0 07/15/04 FEDERAL HOME LOAN MTG CORP 31392T6€2 5.03200 78.848.51 SERIES 2483 CL SL DUE 03/15/2032 5.620 INTEREST PAYMENT 07.1544 07/15/04 FEDERAL NOME LOAN ?MCORP 313921/32 6.6200 77.988.94 SERIES 2488 CUSS SO DUE 03/15/2032 6.620 INTEREST PAYMENT 07.1544 07/15/04 FEDERAL NOME LOAN MTG CORP 31393FAF3 6.0200 94.249.90 SERIFS 2530 CLASS SE DUE 02/15/2032 6.020 INTEREST PAYMENT 07.15.04 027 07.21/04g*A1 491 VMS HOSECIOMANCIS EFTA01320980 • LatO 11.1900314 08 »Ca 0551‘0 80118051~ OFFICE SERVICING YOUR ACCOuNT Bear. Steams I Co. Inc. • twat Sewlit Cara an >AnaNV. Orter NO BEAR 383 Madison Avenue Wen" Nev Wet 11201.3339 New York Ne... ver1 /4 10179 STEARNS FINANCIAL TRUST CO INC 10 et RIATELIEW Paco ms 1.2004 n 1110131111 July x 2co4 Transaction Detail (continued) ACODUHT MAMA TARMMM ~ISM On FIN INTEREST (continued) LAST STAMENT Ant 30.2004 NOE OFSCRP71311 51•0803(11535 exam amt di) CUR MOWN CORM .30110 07/15/04 FEDERAL HOME LOAN MTG CORP 31393FG86 5.8200 37.804.05 SEWS 2526 CUSS SI DUE 02/152032 5,820 INTEREST PAYMENT 07-15-04 07/16/01 GOVERNMENT NATIONAL MIG ASSN 38374FCM4 5.9470 212.535.54 SERES 2004.2 CLASS 58 DUE 01/16/2034 8947 INT R/D 07-04 PA 07-16-04 REPO It. A I 5.9475 -n 07116.04 GOVERNMENT NATIONAL MEG ASSN 383741CN2 11.8950 95.596.72 SERIES 20042 CLASS SG DUE O1/162031 11.895 INT R007-04 P/D 07-16-04 REPOP a I 11.8950 07/21/04 GOVERNMENT NATIONAL MIG ASSN 38374FE187 5.5300 207.900.00 rn SERIES 2004-5 CLASS PS DUE 02/20/2033 5.530 INT W006-04 PA 07-20-04 REPO P 6I 5.6700 07/26104 FANNIE MAE CMO/SERIES 2003-13 3139210ER 6.7003 175.390.75 S RCR-kO FUR DUE 03292033 6.700 MEREST PAYMENT 07-25-04 r 07/28104 FEDERAL NATENAL MIG ASSN 31393C2C6 5.7000 75.179.17 SERIES 2003.49 CUSS SW DUE 01/252033 5.700 INTEREST PAY)ÆNI 07.25-04 TOTAL 3.31.42 51.076.355.23 027 01030105 41 001 V858 P6LOSE00- IA19- ÅNGS rn 8 b.) IJ EFTA01320981 404 CLL4PCD 13410vGn ITS 13.40LLY OWED Su*SOAPY DEICE SERVICING YOUR ACCOUNT Om. Slam Saone. C4 Seer- Stearns & Co. Inc. 0.414.11:00. Ceres 1.art. BEAR 383 MadiSOn Annie Imr Vat 1120/ .31110 New York. New Ycek 10179 STEARNS FINANDAL TRUST CO INC 11 e STADDADIT retOD My 1.2004 1/1110110/ A11 3D. 2004 Transaction Detail (continued) ACCOU1T 1.111001 TAXPAY11R 1011141131 01 Fre REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS LAST Emmen AT 30.2004 with Bear,Steams& Co.inc- SITT1111011 MAOt rate MTh 19.416401.341 OCSCRIDO1 SY1.1031J0.601 wenn OEM AMID CIADR 44.030111 07/01104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 4.517,189 1.744.350.00 STRP MTG SERIES 322 CL P0 0 0.001 DUE 03.01132 HIM $1823319 A2 TWA REPO AGREEMENT 0 07101/04 KIURNAL FEDERAL NATIONAL MFG ASSN STRP MTG SERIES 322 CL PO 3136FALQ1 4517,189 3.145.000.00 0.001 DUE 03101/32 FM F1833483 Al m REPO AGREEMENT 07/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F007 -44.0O3.000 2,820.000-00 SERIES 2034-5 CUSS PS C 5.670 OuE 02/2003 Film 11833485 Al REPO AGREEMENT in 07/01/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38370067 44,CO3,003 4.345.000.00 SERIES 2004.5 CUSS PS 5.670 PR 02,70/33 FIlM 11533207 AZ TERM REPO AGREEMENT 07/01/04 MEREST FEDERAL NATIONAL MTG ASSN 3136FALO1 6410 STRIP MTG URNS 322 CI PO DUE 03/01/3032 0.001 FDIC F1823319 AZ r REPO INTEREST 07/01/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374F087 4.797.60 SERIES 2004.5 CLASS PS WE 02/20/2033 5.670 FDA F1533207 AZ REPO PITEREST 07/08634 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCM4 .42.882.327 700.000.00 SEMIS 2004.2 CUSS SB 5.947 DUE 01/16/34 TM F1903040 A3 PEPO AGREEMENT OZT 011310038 41 101 /40611 S6LOSEOCIN9- ANGS Fn I Sb.) IJ Ja 00 EFTA01320982 0.EARED 19180J01 ITS %MOLLY 0.9941.0 Stay0AnY CFnCE SEAV1C1NG YOUR ACCOUNT Beer. Steams & Co. Inc. kat Means Sterols Co, 0. getro1kh Cann Nce. BEAR 383 Mattison Avenue teat" lava V011 112014859 Nov York. Now York 10179 STEARNS FINANCIAL TRUST CO INC 12 or le STATREN9 PEROD 1111/ 1. 2034 7,44093.4 Mg 30. 2004 Transaction Detail (continued) ArCOM nuweeft 79xPAYER ream On De REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) .AST 57 Tamura ha 30.2004 Sonuar TRAM 011[ DAIS 11'000.9911011 OES00119N 511.0.10.619 Iluumrt oar MOM 0001 Moll} 07108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 42.882.327 703.000.00 SERIES 2004.2 CLASS SB 5.947 DUE 01(16/34 FDA F1903040 Al REPO AGREE/en 0 07108104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 3837410.44 42.882.327 2.072.000.00 $0115 2004-2 CLASS SB 5.947 DUE 01/16/34 not F1663239 AZ TERM REPO AGREEMENT -n 07/0904 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 -42.882.327 2.800.00000 Sala 2004.2 CLASS SB 5947 DUE 01/18/34 C FILM PU03040 AS REPO AGREEMENT rn 0770B/04 JOURNAL GOVERNMENT NATIONAL AUG ASSN 383741014 -42.882.327 3.736.000.00 SERIES 2034-2 CLASS 58 5.947 DUE 0108/34 FILM F1903040 Al REPO AGREEMENT 07/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 42.882,327 3,736,000.00 SERIES 2004-2 CLASS 93 5.947 OuE OU18/34 Frthl F1903040 A2 r REPO AGREEMENT 0908/04 JOURNAL GOVERNMENT NATIONAL MTGASSN 38374FCN2 -9.844.067 7,833.03000 SERIES 2004.2 CUSS SG 11.895 DUE 01/18/34 FIRM F1903129 Al REPO AGREEMENT 07/08104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.844.067 8.258.000.00 SERIES 2004.2 CLASS SG 11.895 DA 0106/34 MIA F0993102 AZ TERM REPO AGREEMENT 027 0701124.02.1 031 via 96LOSEOCIA19- ANGS I Sb.) IJ Ja 00 00 EFTA01320983 =GRID netOutai ITS %Maly OWNCO StISSOIARY OFFICE SERVICING YOUR ACCOUNT Ye. Sur% leasais Cap Bev. Steams 6 Co. Inc. 0 -e ~Moth Geol.. tin BDVZ 383 Madison Aver Its Yin i I 301.1332 New Yolk. New ' 3179 STURNS FINANCIAL TRUST CO INC stATEueNT Ponoo Ay 1.2004 TMRCJCM Mr 30. 2004 Transaction Detail (continued) AC034..NT Nuli0C9 TA.10.AITR eicinICR On The REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATIMeNT Ant 30. 200h SEGOate TRAM DATE 0ATt. FUASS41101i DL9:818108 111.16080411 01141111Y OM AVOW CRWC 4,40.00 07/08/04 INTEREST GOVERNMENT NATIONAL MTGASSN 38374FCM4 1250.99 SERIES 2034.2 CLASS S8 DUE oinet2o34 5.947 HMI F1663239 AZ REPO INTEREST 0 07/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 2004.2 CLASS SG 38374FCN2 27.971.68 COE ouTEJ2034 11.095 RDA F0993102 AZ m REPO INTEREST 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALCH -4,384.972 SNIP MEG SERFS 322 CL PO C 0,C01 DUE 0101/32 FITM F1913156 A3 REPO AGREEMENT m 07/09/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3138FAL01 4,384,972 3,144,000.00 SNIP MTG SERIES 322 CL P0 0.001 DUE 03/01/32 ROA F1913156 Al H REPO AGREEMENT 07109/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 4.384.972 3.144.000.00 SIRP MEG SERIES 322 CL PO 0,031 DUE 030142 F1DA F1913166 At r RENO AGREEMENT 0709/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3138FAL01 4.384.972 3,145,000.00 STRIP MW SERIES 322 CL PO 0,001 DUE 03/01/32 FM F1833463 A2 RASA REPO AGREEMENT 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374K:144 42.882.327 2.800.000.00 SERIES 2004.2 CUSS S8 5.947 CUE 01/15,34 RIM F1903040 A6 TERM REPO AGREEMENT 027 0/8804044i OM V854 L6LOS£00 IND ANDS EFTA01320984 68t-EZZOO- V1.43 CLEARED MAIM ITS ?MOLLY OVRIOD SUISCARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 5 Co. Inc. Out Swain SAAR% ORD Dee RAMS Cenler Fbt BEAR 383 Mackson Avenue . latme Yen 112/14159 New Tort New York 10179 STEARNS FINA NCIAL TRUST CO INC 14 ells sTATRADC, EIROD Mg 1.2004 fl OVEN My 30. 2004 Transaction Detail (continued) ACCOUNT WRIER TAMAR RAZER On fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATARR1 tune 30. 2C04 sinumENt 0004 DAR DATE TRAIGAClION DESOMPREN SOMOIJEUS• CENT AMOUNT ORCOO WOW' 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 42.682.327 3.739.000.00 SERIES 2004-2 CLASS Se 8947 DUE 01/16/34 C) RDA F1913154 B1 REPO AGREEMENT 0 07/09/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCN2 9.644.057 7.633.000.00 SERIES 2004.2 CUSS SG 11.895 DUE 01/16/34 FIT44 F1903129 A2 TERM REPO AGRUMENT -n 07/09/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 -9.644.057 7.633.000.00 SERIES 2004.2 CLASS SG 11.895 DUE O1/16134 MA F1903129 A3 TERM REPO AGREEMENT in 07/09104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 44.000.000 2.820.000.00 SERIES 2004-5 CLASS PS 5.670 DUE 02/20/33 FIN F1833485 Az TERM REPO AGREEMENT 07/00/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 -44.000.003 5.866.000.00 SERIES 2004-5 CUSS PS 5,670 DUE 02/20/33 Firm F1913154 Al r REPO AGREEMENT 07/09/04 DELIVERED UNITED STATES TREASURY NOTE 912828CG3 45.000.030 25.062.500.00 DUE 05/15R007 3.125 3.125 DUE 0585/07 FILM F15607C0 A2 TERM RESALE AGREEMENT 07/09/04 RECEIVED UNITED STATES TREASURY NOTE 9128290/0 76.000.000 75.562.500.00 DUE 06/302036 2.750 2.750 DUE 060006 MA P1910574 Al RESALE AGREE/AE/1f 027 0713004.01141 00i 1130 86L0SE00- O19-ANGS En I8 b.) IJ EFTA01320985 O1.OttO TROU01 T8 WHOLLY OYMCD SLIOSCCARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. But Swami Seorbel COO. 14•0tity.h GSM/ NOT BEAR 383 Madison Aroma Nets rat 112014439 New Wyk, New York 10179 STEARNS FINANCIAL TRUST CO INC 15 av STATilee nm 1.4 1. 2004 nffoueig AA730. 2004 Transaction Detail (continued) AO:Oktfr ?OMER worwerR MOM On Tile REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATO4P4T Ant 30.2004 SEMENDO DUDE ONE DATE 10015ACII0,1 DESOBODCw SYMBOLCUSP Ovunfirr DEBff MOW CREW MOutff 07/09/04 OEUVERED UNITED STATES TREASURY NOTE 912828CM3 -103.000.000 100,125,000.00 DUE 06/30/2006 2.750 2.750 DUE 06/30'06 FM F1621036 A2 TEAM RESALE AGREEMENT 0 dikes INTEREST FEDERAL NATIONAL MTG ASSN 3136FA101 1.090.27 STRP LUG SERIES 322 CL PO DUE 03/01/2032 0.001 RIM F1633483 A2 REPO !CREST m 07/09/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374FCM4 w 89.91 SERIES 2004-2 CLASS SB DtEO1/162034 5.947 MIA F1903040 44 REPO MEREST m 07/09/04 INTEREST GOVERNMENT NATIONAL MTG ASSN SERIES 3004-2 CLASS SG 38374FCN2 330.76 DUE 01/16/2034 11.895 FTT1A F1903129 A2 REPO INTEREST 07/09/74 INTEREST COVER/WENT NATIONAL MTG ASSN 38374FCN2 330.76 SERIES 2004.2 CLASS SG WE oinmine 11.895 FIDA F1903129 A3 r REPO INTEREST 07/09/04 INTEREST GOVERNMENT NATIONAL MEG ASSN 38374F0$7 977.60 SERIES 2004-5 CUSS PS DUE 02/20/2033 5.670 F/TM F1833485 A2 REPO INTEREST &owe INTEREST UNITED STATES TREASURY NOTE 912828063 17.710.83 DUE 05/15/2007 3.126 FM F1560700 AZ RESALE INTEREST 07/09/04 INTEREST UNITED STATES TREASURY NOTE 9128280.10 23.445.94 DUE 06/300.006 2.750 FILM F1821038 A2 _ RESALE INTEREST 66LOS£00 INS ANOS 0/1 07/31.01:00A1 C01 V3$8 EFTA01320986 IotaCOO-Yin CLEARED THROUGH ITS vote 01,11.6 SUIMSIC4Aliv OFFICE SEDUCING YOUR ACCOUNT Bean— Sanas Ons Beat. Stearns & Co. Inc. Cne *teach LWOW Wei BEAR 383 Mason Avenue etettr. Ite• Toe 112014969 New York. New Yoh 10179 STURNS FINANCIAL TRUST CO INC 16 co le STATEMENT PERKO Stay 1. 2001 T11400014 1411 30.2004 Transaction Detail (continued) 4.00041114 Mae TA2MAYSIII MAW On FINI REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATIDISMT lone 30.2004 SC41117.66 Tuff DAN MN TRASSACTIDII USCRIPSON Swam/cusp ciwany CENT AUXIN (raw AMOUNT 07/15104 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 -9.644.057 7.350.000.00 SERIES 2004-2 CUSS SG 11.995 DUE 01/16/34 ATM F1973297 Al 141/0 AGREEMENT 0 07/15/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.644.057 7.633.000.00 SERIFS 2034.2 CUSS SG 11.895 DUE 01/16/34 FRI F1903129 A4 TERM REPO AGREEMENT -n 07/15/04 INTEREST GOVERNMENT NATIONAL MTGASSN SERIES 2004.2 CUSS SG 38374FCN2 2.315.34 FDUE 01/16/2034 9 0A 11.895 C ITM 1190312 REPO MEREST rn 07/28/04 JOURNAL GOYERAWENT NATIONAL MTG ASSN 38374FCN2 40.550.365 6.225.000.00 SERIES 2004-2 CUSS SG 11,62000E 01/11/34 FOIA F2103201 Al REPO AGAWAM 07128/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741CN2 9.550.365 7450000.03 SERIES 2001-2 CLASS SG 11.620 DUE 01/16/34 nnA 11973297 A2 TERM REPO AGREEMENT r 07/28.04 INTEREST GOVERNMENT NATIONAL MTG ASSN 393741CN2 4,140.50 SEARS 2004.2 CUSS SG CAPE 01/16/2034 11.620 FITM PRFI9 FRE ST297 AZ REPO TOTAL S-130.986.478.85 5180019.987.53 0/S104 08 41 001 vase 00805£00-019-ANGS rn 8 b.) La 10 EFTA01320987 Came= 1143054.4 ITS yma..5Y 01.04D 381.91DVICY OFFTCE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. kr Saws Seluitet Cap. Ore We-N-N Cater SOrth BEAR 383 Madson Avenue On Tea 11201.3859 New York. New Tot 10179 STEARNS FINANCIAL TRUST CO INC 17 ale sTATEMPa PIADO 1W11.2004 afROVat tut/ 30. 2004 Transaction Detail (continued) AOCOuto KAMER TAXPAYER flaw On lb MISCELLANEOUS LAST STATC.410 June 30 2004 OAR MCA, ntutsecroN cescernoe car mew attar man 07/02/04 JOURNAL FITO TO ATM 79.45 07/C604 JOURNAL FITM FITO 158.90 C) 07/09/04 DELIVERED HIM PG0015989324 104.43 0 0215212820 POOL COUPON 3.1250 PINANG.% NET PAIROFF [TIFF 07/18/04 JOURNAL JUNE 04 SPEC CLEARING FEES 850.00 -n TOTAL 5-7.008.90 $183.88 C in z Trades Executed Pending Settlement 521111.800 TRADE DAIL DAR TIOAGACOON DESCRIPOON SYMECUCUSIP Dummy PRE. Oat sew =art meow 08/02/04 07/30/04 BOUGHT UNITED STATES TREASURY NOTE 912828CM0 25.000.000.00 100.1289 25,093,877.38 DUE 06/30)2006 02.750% JO 30 r 0988000592089 YBLD 2.680% TO MATURITY OVER REF *G2121013 Al 00.02/04 07/30634 BOUGHT UNITED STATES TREASURY NOTE 912828CMO 50,0:0,020.00 100.1289 50,187,754.78 DUE 08/30/2008 02.750% JO 30 0968000592099 YIELD 2.880 % TO MATURITY OVER REF • 62121013 81 08/02/04 07/30/04 SOU, UNITED STATES TREASURY NOTE 912828031 -25,00),E03.00 100.0825 25,019381.41 DUE 07/31=06 02.750% JJ 31 098800)592099 YIELD 2.718 % TO /AMMO OVER REF • 02121008 Al 027 07131/04.0841 001 5115S T080SE00- O19- ANGS IT1 8 IJ IJ EFTA01320988 CLEARED laceOuGD TES Vieta.LY DANE0 SLAISODRY OMCE SEM/MG YOUR ACCOUNT Belt Shane Sahel*, Co.,. Bear, Steams & Co. Inc. Ere altany.ten Cenue Mut 383 Mackson Avenue erocklp. Nem not /12014919 BEAR New York, New Yoe% 10179 STEARNS FINANCIAL. TRUST CO INC 18 a.5 SEATO/. RFEYA try 1.2004 TwA004•3 Aty 30.2084 ACCCANT wanee Trades Executed Pending Settlement (continued) TAXPADDi taw On F-4, LAST STATEMENT June 30. 2004 SEDIMENT TRADE DATE DM( DWISACI):11 DES:WM SeVIIOutirSP MWIDTT PRY( DENT WOVE? CREW WOUNI 08102/04 07/3C804 SOU) UNITED STATES TREASURY NOTE 912828001 -50.000.000.00 100.0625 50.038.722.83 DUE 07/31/2006 02.750% D 31 0988030597099 REED 2.718 % TO MATURITY GVER REF w 62121008 81 TOTAL S75.281.632.14 $75.058.084.24 z lee alaan fl ees 03 nx wee nay COW mew ✓ Da Wiener. -n C End of Statement in z -H r 027 07/3104 06 al 007 VSS9 ZOSOSEOCIN9- ANGS 8 IJ IJ EFTA01320989 REARED THOIDan ITS OFFICE SERVICING YOUR ACCOUNT rat OwINID SerSiDern Bear. Steams b Co. Mc. tea. Stews Swart* COT. BEAR 383 Weep Avenue Cr* Marta Crew Nene kcoi Nov rot 11201.3159 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC ACCOUNT EXEO.MVE GOMA GOVT BONO sumer memo May 29.2004 VISIT OUR MOSHE melmenteams.com TwROXIA *re 30.2004 What's In This Statement ACCCX.PC WEER IlrrrllrttlKKlKlI 141 TAXPAYER NuW001 On FIN Financial Summary 3 was ',Arnett may 29. 2004 FINANCIAL TRUST CO INC Your Pcrtforio Holdings 4 WO JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 16 STE 83 C) ST THOMAS VI 00802 0 Z Tc l C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECUMTIES DNS PERIOD' 11.848,752 Cash a (evert 7120030 5228.003 LONG ACCRUED INTEREST 185.095 Cad s11N48.152 NET CREDIT WINCE Mcome 129,030 $12.394.691 NI Orel mere: value MET EQUITY THIS PERIOD 512,162.877 in Last statement" rrwket vete r NET EOM' LAST STAIWD4T 12.782.847 CHANGE S1YCE LAST STATEMENT -619.970 Tr Nero *err erns.* wars renew ter re rt trews *to er Ma el Look. Vd h WC 2**, To Nem There are no 'Stop Loss' orders or other pending buy or seO open orders on file for your account. _ Tr Kneel* te. ernaetaiOnosti grittier( 'Tried M a In Stec Tia occerewt Memel Orel et 'railed lot rex mart Sr MM Stew teen "teen £0805£00 IND ANGS 027 OTOI31713 31 Oct 5832 56rIZZOOV1.43 EFTA01320990 CLEARED THROJOH wHOLLY 081960 Su980.020 I18c Sun 5•54ss Cap. Ore liareact, Coln NeRit 8988 8 New 90111201.3859 FINANCIAL TRUST CO INC 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 027 nrt, 31 13 r Col an 170805£00 V\19 ANDS EFTA01320991 96tat0O-Vin 0-fat0 7,00.100.1111 V.A.O.re Ow.° SUM/Otafre OFFICE SERVICING TOUR ACCOUNT Bear. Steams a Co. Inc. 8.6s. Swans Semmes Ca0. One Metaten Cent Nteth BEAR 383 Madison Avenue Nat ma 11201.3659 Nest N 10179 STEARNS FiNANCia TRUST CO INC 3 SIC STATIMIEW alF000 May 29. 2004 Eli/own kale 30. 2004 *rev tiT sUkeek Cash Flow Analysis Income Summary 11.15 flOD Taxaavita NW& la CO TIM 11115PCM0 KAI TO CLUE UST STATEMPit lAty 28.2004 OpeningBalance 5228.002.64 U.S. GOV!. 8000 Int. 54,412.79 282,843.41 Govt Agency Int. 94%574.26 5,300,407.39 Secuties Sold 419,173,152.86 Corp. Bond Int. 186,097.96 1.213.666.52 Diddendsanterest 1.186.160.63 CrecR Balance Int. 75.62 231.92 Amount Credited 5420.359.313.49 Reverse Reptrchase Int. 42.351.06 63.359.97 0 Seositios Bought Total 51.228.511.69 56 860 509.21 -420,287.071.09 DIvidencfsInterest Charged -170.765.02 Bond Puchase Inc -170.765.02 -599.364.20 miscellaneous mawn Inc Paid 0.00 -1,770.70 -n 450.00 Repurchase Int. Exp. -16.477.34 -75.603.22 Amount Debited 5420.458.286.11 C Net Cash Ashy -98.972.62 in Closing Salaries 5129.030.02 Portfolio Composition CeshfCash Equivalent 129.030 Your Portfolio Allocation fixed Income 11,80.752 Cash Balance Summary Total 511.977.782 r COOING 12109114 cash a EquhnleER 1% Margin 228,002.64 12%030.02 NatCash Balance $228.002.64 5129.030.02 _ rmed hcome 99% 6enfut.1 %don Onto .1.0.` tuirit• Inft, eat -Lastry vat.... The ittot,:n ppeontige cen.e hy• oenava ruin* win )0.e awItaz O22 0)x1011031 001 Va32 50805£00 IND ANGS EFTA01320992 L6VEZZOO- V1.43 0-faltE0 IHROuesi ITS %Thaw mean SUSSUARv orncE SERVIC1VG YOUR ACCOUNT Ss. Own Seamen co. Beer. Steams & Co. Inc. Ont linzolun Cat Pan BEAR 383 Madeson Avenue Mee Yen 1120bStSS v 10179 STEARNS FINANCIAL TRUST CO INC 4 a• STATEI4Ek7 PERICO Miry 29. 2004 Tintantni Are 30. 2034 Your Portfolio Holdings ACCOLArt 'amen CASH & CASH EQUIVALENTS ouneet want On Oki LAST STATtutniT May 28.2004 SUMO ESTIMOD CURRENT DES(nnr se. !Mitt. wait A200.4 NCO.% ORO 00 CASH BALANCE 129,030 TOTAL CASH & CASH EQUIVALENTS 5129.030 0 EQUITIES Equities & Options -n ALLY ESIWATED cume4 OE an* SOAK.CUSIP trot COMMIT MKS V MOM InCOVE IEU) MO C PUT TV 31/8 05107 9258528 MRGN 50.000.000 One/iced EUROPUT STRK 99-20 rn DP 09/1312C04 Total Equities& Options SO 50 TOTAL EQUITIES so so FIXED INCOME r Government & Agency Obligations AW ACOVID csniutto WelOIT own STUSOUCUS, Mt OUVOTY P ▪• IMMO MA MOIST ANKtu. Iran TRIO MI FEDERAL HOME LOAN RUG CORP 31393013 MRGN 18.356,644 10.0831 1.850.914 47.124 1.130.953 61.1024 SERIES 2530 CUSS SE DATEDDATE 10/11/02 BOOK ENTRY ONLY DUE 02/15/2032 6.161% FACTOR .30594407 021 comuot13:31 op, Vt12 9080SEOCIA19- ANGS ril 8 b.) b.) ,f; 00 EFTA01320993 Otago 199908,091 nnia. 0009:0 84.81100.11% OFFICE SERVICM YOUR ACCOUNT fke. Suers SeCuinn Cap. Bear. Steams at Co. Inc Cno Moran?, on Van BEAR 383 Madson Avenue I.,,V0pt Now rot „ 201.3859 New York. Now Tot 10179 STEARNS FINANCIAL TRUST CO INC 8rI8 8•99Esen nmoo May 29.2004 niRcLcm June 30. 2001 Your Portfolio Holdings (continued) 84004199 %Viontrt TAXPAYER POSAICR Qt File LAST STATE1Wa May 28, 2004 Government & Agency Obligations (continued) ACC, ACCZAD 13114080 CLRREI0 otSCRirmos SYMBOUCUSP 00801TY PRICE WWII %AWE WRIST RIDUAI910011E nn0 1%1 FEDERAL HOME LOAN MTG CORP 31393F086 MRGN 7.874.136 8.9978 708.499 18.901 453,629 64.0268 SIRES 2526 PASS SI DATED DATE 1001/02 BOOK ENTRY ONLY DUE 02/152032 5.781% FACTOR - .30594406 O FEDERAL HOME LOAN MTG CORP 313927132 MRGN 13,838,079 11.4123 1.579.242 38.985 935.593 59.2432 SERIES 2488 CLASS SO DATED DATE 07i06102 800K ENTRY ONLY -n COE 03/192032 6.761% FACTOR • .27676181 FEDERAL HOME LOAN MTG CORP 3139276E2 MRGN 15.964.976 8.7232 1.392.652 38.320 919,742 C 66.0425 SERIES 2483 CL St DATED DATE 07/02/02 in BOOK ENTRY ONLY DUE 03/1S/2032 5.761% FACTOR - .27878163 FEDERAL NATIONAL MTG ASSN 31393C2C6 MRGN 15.827,194 10.9989 1.740,814 12,530 51.8235 902.150 SERIES 2CO3•49 CLASS SW DATED DATE 04030/03 80:38 ENTRY ONLY DUE 01/26/2033 5.700% FACTOR - .65114376 r TOM! 00RemmOnt& AgeTiCyObIigaliCtIS 57.272.121 5155.860 54,342.067 _ 017 0%010%13 31 001 1612 LO8OS£00 IN9 ANGS EFTA01320994 66b£ZZ0OVL33 =ARCO THROWN Ts WHOLLY MOOD SLILWOVAY (*Fa SERVICING YOUR ACCOLANT Paw, Saws Sonnet Cap. Bea. Steams & Co. Inc. Cri MIWAICh C4WW IE BB\R 383 Madison Avenue Now YOH 112014859 Now York New Tot 10179 STURNS FIKW4OAL TRUST CO INC 6 of • STAW PEA= May 29.2004 THOCOSH Jana 30.2804 Your Portfolio Holdings (continued) acecour Noma MEEPADM women 01Flie LAST WIATEIEDIT MN 28.2004 Corporate Bonds ACCI ACCRUED ESnaWit0 CURRENT OCIERWDDII SPUISCOCUSP 119E OUENTITY POKY ..WIKI/ WW1 MEREST AIMAL ION VELDN FANNIE MAE CMO/SERIES 2003-13 31392/082 MRGN 31,411267 14.5691 4,576,631 29.235 2.104,689 45.9877 RCR-90 FLTR DATED DATE 02/25/03 BOOK ENTRY ONLY CUE 03/25/2033 6.700% 0 FACTOR - .62826539 Total ColnorateBonds 54.576.631 529.235 52.104.689 TOTAL FIXEDINCOME $11.848.752 5185.095 56.446.756 -n C YOUR PORTFOLIOHOLDINGSACCRUED I MEREST 5185.095 rn YOUR PORTFOLIONOLDINGSESTIMATE0 ANNUAL INCOME 56.446.756 YOUR PRICED PORTFOLIOHOLDINGS 511.977.782 Repurchase and Reverse Repurchase Transactions r with Bear,Steams& Co.Inc. outstanding as of date of statement ;WNW REPURCHASE KILNS FIERCINSE PNCE/ COWED RON NWT START OAR DATE MR POMONA INTENSE' NAM WOUND CUSP DESCRIPTOR YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 04/08104 07/08/04 1.340 -8.258.000 -25.820 -10,000,000 38374F0/2 SERIES 2004-2 CLASS S 11.8950 ount34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 045/01/04 07/0104 1.325 .4.345.000 4,797 44.000,000 38374FDB7 SEWS 2004-5 CLASS P 5.670002/20/33 021 07001/C4:1431 W1 NR2 8080SEOCIN9- ANGS EFTA01320995 0.9-.9990 mitax3r, rts wrrxtr OM.ED 6.630,099 OFFCE SERWRIG YOUR ACCOUNT Bea. Stearns & Co. Inc. am. Sums Scant Carp. Dra Vercach co ?MT BEAR 383 Madison Avenue &GA, IHYMt 11201.3669 Now York. New Yak 10179 STMRNS FINANCIAL TRUST CO INC 7 a STATENE9T 92.900 May 29. Moe T9ROUM 2.9* 30.2004 Repurchase and Reverse Repurchase Transactions (continued) ACCOMT MAW TAIOTAyTTA NUTENA On Pb with Bear, Stearns& Co.Inc. outstanding as of date of statement (continued) LAST STAMM May 29, 200E POROUS° RMCINSI pea60 99009991 NOCE/ 9098.6D IMO 0.90/99r START DAR 0.UI PAR POMP% MODOIC1) CL60 CESCOPTCH YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 0671410E 07108104 1.340 -2,072,000 -1.311 .44.38D962 38374FCM4 SERIES 2004-2 CUSS S 5.9475 01/16/34 YOU SOLD FNMA-SMBS PRINCIPAL ONLY O (REPO) 06/30/04 07/01/04 1.325 -1,744.350 -64 -15,000.000 3136FALOT SERIES 322 CLASS PO 03/01/32 YOU BOUGHT USTR 3.1260 05/15/07 - (REVERSQ 06004/04 OPEN 0.900 25.062.500 13.178 25,000.000 912828CO3 YOU BOUGHT USTR 2.750006/3006 IREVERSE) 06/30/04 OPEN 1.100 100.125.000 3.059 100.000.000 912828CM0 rn TOTAL REVERSE REPURCHASE TRANSACTIONS 5125.187.500 516.237 TOTAL REPURCHASE TRANSACTIONS 5.16.419.350 3.31.992 •A. It MSWI r Transaction Detail INVESTMENT ACTIVITY 1011.10LNT MADE DATE DTrz ansgroi OP300911014 SYMBOtAXISP 01.09CITY MCI OM MOO CMmO ALIOUVr 06101/04 05/26/04 SOLO UNITED STATES TREASURY NOTE 912B28014 -25.000.000 99.87200 24.968.000.00 CUE 05/31/2006 02,500% IN 31 0988016192099 ACCR. 1.707.65 VELD 2,366 %T0I/AWRITY GVIR REF • 41471007 AS _ AS Cf 05/26/04 027 C069.09:1361 031 9132 60805£00 IN9 ANGS EFTA01320996 I 05EZZOO-V.L.43 CLEARED THROUGH ITS vooTtre ONT2J1SUOMPARY OFFICE SEAMING MR ACCOUNT MR Son Storbe, en Bear. Stearns & Co. Inc. Ow tieritSech Caner Not 383 Madson Avenue SnolAn, Mr Yak 1120141711 BEAR New York. New York 10179 STEARNS FINANCIAL TRUST CO INC Bas STATIVIOrt PIPtICO May 29. 2004 THROUGH AO* 30.2004 Transaction Detail (continued) 400/0407 MASTER ?MATRA MAW, On Fie LAST swayer ?Jay 2% 2004 INVESTMENT ACTIVITY (cor4inued) SATIUSENT TRADE OUNM, MCC CM MOUNT CROW AMOUNT art OATE TRANSOMS, oescapncei SW113110.6, 06/01/04 05/26/04 SOLD UNITED STATES TREASURY NOTE 912828084 .50000.000 99 67200 49.936.03000 DUE 05r31/2006 02.5 00% NW 31 ACCR. INT. 3.415.30 0988016192099 VELD 2.565 % TO MATuRITY OVER REF 01471007 85 AS OF 05/26104 06/04/04 06/03/04 SOLD UNITED STATES TREASURY NOTE 912828CG3 -25.000.030 99.90625 24.976.562.50 DUE 05/15/2E07 03.125% MN 1$ ACCR. MT. 42.459.24 0988018192099 VELD 3.158% TO maTuRRY -n OVER REF r 01551008 Al 06/04/04 06/03/04 SOLD UNITED STATES TREASURY NOTE 9128280(.4 -25.000.000 99.77344 24.943.359.38 C CUE 05/31/2006 02.500% MN 31 AOCR. INT. 6.830.60 C468000592099 YEW 2.618 14 TO PMTURITY in GYER sr 01551009 Al 06/09/04 05873/04 BOUGHT PUT TSY 31/8 05107 9258526 50000.000 0.71094 355.468.75 z EUROPUT STRIC 99-20 ExP 08/13/2034 ORIGINAL 5/0 06/04.04 AS 0 06103/04 06/1004 06/10/04 SOLD FEDI. HOME LOAN MTG CORP4S03602 3128HVA85 .2.636.265 72.06250 1.899.758.47 SERIES 223 CUSS PO DUE 12/01/2032 r 0987027414332 REF A' 2004081067690000 85 06/15614 PRINCIPAL FEDERAL HOME LOAN MEG CORP 3139216E2 -815.870 SERIES 2463 CL SL 5 900 DUE 03/15/32 PkroCPAL REDUCTN 0%15-04 06/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -707.179 SERIES 2488 CUSS SO 6.900 DUE 03/15/32 PRINCIPAL REDUCTN 06-15-04 06115/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -938.179 SERIES 2530 CL4SS SE 6.300 DUE 02/15/32 FRMCPAL REDUCTN 04-1544 027 07/01/04:1231 001 11032 0T805£00- O19- ANGS 8 b.) IJ TO 0 IJ EFTA01320997 CISME° !Moroi MI OFFICE SERICSG YOUR ACCOUNT w4OLN One. SveynNY Bear. Stearns & Co. Inc. Beer Sun Stsviun Cap. 383 Madison Avenue n Wenn toner Pin BEAR New Yolk New York 10179 Intri Nw at 20 .3ttS0 STEARNS FINANCIAL TRUST CO INC 9 sunup." PelbCO May 29.2004 114.008.4 lime 30.2004 Transaction Detail (continued) ACCCowl MAWR TAxpAret inn On He INVESTMENT ACTIVITY (contirwed) MT STArcuper wry 28. 2OO4 MUNN, Mai. OAR OAR TitUR4C110.0 Ofsenor M a cy. 0.wilw DIST aid CROW WON'T 06115/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F686 -402.434 SERIES 2526 CUSS SI 5,9C0 DUE 02/15/32 PRINCPAL REDUCER 05-15-04 08/15/04 PRINCIPAL FEDI. HOME LOAN MEG CORP/403602 3128INA8.5 0 SERIES 223 CLASS P0 97.95070 CUE 12/01132 PRIN R/D C6-04 EY0 06-15-04 REPO P 6I 0.0000 06;18/04 PRSICIPAL GOVERNMENT NATIONAL MEG ASSN 38374FCN2 m SOWS 2004-2 CLASS SG 86.358.20 12.200 DUE 01/16/34 pRIN RA) 06-04 P/D 06-1604 ci REPO P 61 12.2000 ... 08/25/04 05/24/04 BOUGHT UNITED STATES TREASURY NOTE 912828CK4 50.000.000 99.70313 49,851,582.50 m DuE 05/31/2006 02.500% IA1 31 0988016192099 ACCR. INT. 85.382.51 YIELD 2.658 %TO MATURITY GVER REF 0 61761027 A3 06/25/04 0/0(4Rµ BOUGHT UNITED STATES TREASURY NOTE 912828CK4 50,000000 99.70313 49.851.562.50 DUE 05/31/200602.500% MN 31 0988016192099 ACCR. INT. 85.382.51 YEW 2,658 % TO imTURTN GVER REF 4 61761027 83 r 06/25/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31381101.01 STRIP WC SUES 322 CL PO 227.462.55 0.001 DUE 03/01/32 ERIN ND 05-04 RD 06-25404 REPO P &I 0.00:0 06/25Aµ PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 31392J0K2 -951.594 S RCR-b13 FUR 6 900 DUE 03/25/33 FitSCIPAL REDUCIII06-25-04 08/25/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31393C2C8 479,449 SERIES 2003-49 CLASS SW 5.900 DUE 01/25/33 PRINCIPAL REDUCER 06-25-04 021 07/31/04:11-31 001 4832 TT80S£00 IND ANDS E05EZZOO- VL43 EFTA01320998 CLAMED THROWN ITS vAtar Omen SLILS10Mer OFFICE SERVICING YU" ACCOUNT Mar. Steins Septa Cap. BOK Stearns & Co. Inc. One /AAVOAAA On Moth BEAR 383 Madison Avenue ervotho Mew Von 11201.3859 New York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 10 art seATCAMer MOOD May 29.2004 Tweecean lune 30. 2004 Transaction Detail (continued) ACCOueT .0~ TAxe.weR Apnoea On The INVESTMENT ACTIVITY (coreinuore LAST STATZEtem may 28 2004 surtnert 3610E OM DAR 1VONSECON COCRIOOM 5196040.199 MAMMY PRICE DEM AMMO MIMI MADAM 06/30104 06/24/04 SOLD UNITED STATES TREASURY NOTE 912828010 -50,000.000 100.06250 50.031.250.00 DUE 06130/2006 02.750% ID 30 0988016192099 YIELD 2,718 11 TO MMIIRRY GVER REF 4 61761023 At 06/3004 0624/04 SOLD UNITED STATES TREASURY NOTE 9128280.00 40.000.000 100.06250 50.031.250.00 DUE 05/30/2006 02.750% ND 30 0988016192099 VELD 2.718% TO MATURITY OVER DU EP G1761023 Bt -n TOTAL i • • 00.229.358.77 5227.252.364.59 C INTEREST in z DATE CESCOPTIDN MIABOUCLISIP RATE (9i 01111 AMCOR CADDO MUM J 06/01/04 AVG 8AL 325.401RT 0.270 75.62 021 OFFICE MEREST 0504 06115/04 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 24.081.17 MRCS 2471 CUSS VT DUE 03/152032 1.000 MT Re 05-04 ND 06-1504 r REPO P I 1.0000 06/15/04 FEDERAL HOME LOAN MTG CORP 3139276E2 5.9000 82.505.83 SERIES 2463 CL SL WE 03/15/2032 5.900 MEREST PAYMENT 0645-04 06/1 S/04 FEDERAL HOME LOAN MTG CORP 313927/32 6.9000 83.635.26 SERIES 2488 CLASS SO DUE 03/15/2032 6.900 INTEREST PAYMENT 064544 06/15/04 FEDERAL HOME LOAN MTG CORP 31393FA3 6.3000 101.207.82 SERFS 2530 CUSS SE DUE 02/15/2032 6.300 INTEREST PAYMENT 06-15-04 D27 07/0104:1 :31 OM VOX/ ZISOSEOCIN9- ANGS En 8 D.) IJ EFTA01320999 CLEARED THROuGN ITS MACAO 0V041) SUSSOIMY OFFICE SERVICING YOUR ACCOUNT Beer. Stearns b Co. Inc. Dm Siena 54/Arlim COCIL 14:444 CANN MT BEAR 383 Madson A444 is raw Tat i1201-3r9 Now Yort. NEW Yak 10179 STEARNS FINANCIAL TRUST CO INC 11 o •s STATES/01T PEMCO may 29.2004 mecum Arse 30.2004 Transaction Detail (Continued) ACCOUNT MASS TASKS µNgU 00 Ft INTEREST (continued) LAST STATEMENT ay 28.2004 OM DESCO09141 SYSSOLCUSP CitIMMTV WE (41 KW Sr Mop Amen 06/15704 FEDERAL ROME LOAN MTG CORP 31393FG88 5.9000 40.69114 SERIES 2526 CLASS SI DUE 02/15/2032 5.900 INTEREST PAYMENT 06.15.04 06/16/04 GOVERNMENT NATIONAL MTG ASSN 38374FCM4 6.1000 219.760.82 SERFS 2C04-2 CUSS 58 DUE 01/16/2034 6.100 NI RA) 06-04 PID 06-16-04 REPO P A I 6.1000 -n 06/16/04 GOVERNMENT NATIONAL MTG ASSN 38374FCN2 12.20:00 99.926.90 SORES 2004-2 CLASS SG WE 01/16/2034 12.200 Ea RD 06-04 RID C6-16.04 C REPO P 6I 12,2000 in 06/21/04 GOVERNMENT NATIONAL MEG ASSN 38374F087 5.8500 214400.00 SERIES 2004.5 CUSS PS WE 02120,2033 5.850 MT MD 054E P/0 06-20-04 REPO P & I 5.8500 08/25/04 FANNIE MAE 0.105ERIES 2033-13 31392J0K2 6.9000 186,097.96 S RCR-P0 FUR DUE 03/25/2033 8.900 MEREST PAYMENT 06.2544 r 06/25/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.9000 80.174.33 SERIES 2003-49 CLASS Sw DUE 01/252033 5.900 MEREST PAYMENT 06-25-04 TOTAL 51.131.747.84 021 WADI ra• 1) )1 001 '432 ET805£00- O19- ANGS ril 8 IJ LA EFTA01321000 CLEARED INROUGN 118 wets, °MED SU8S010tY OFFICE SERVICING YOUR ACCOUNT Mit Dom Manion Cop. Bear. Steams & Co. Inc. Cr* wawa. yaw NOM BEAR 383 Madison Avenue Net at HO New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 12 a .6 STATEMENT PERO) may 29.2004 mon.. Ana 30. 2004 Transaction Detail (continued) AO:Ctaa NoweER TWA! IE NumleR Q\iIIC REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS we STATEMENT May 28. 2004 with Bear,Steams& Co.Inc. SMOAK MCC DATE DATE T%U6ACtVI DESCRIPTION SYMEIOVOZIP CONON ten maw CREDO MOUNT 06/01/14 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 4344.651 3,241,030.03 SW AIM SERIES 322 CL PO . 0001 DUE 03.01132 MIA F1313223 AZ TERM REPO AGREEMENT 0 06101104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALCI1 -4.744.651 3,297.03000 STRP MTG SERIES 322 CL PO 0.001 DUE 03/01, 32 FITI.4 F1533204 Al REPO AGREEMENT -n 08/01/04 JOURNAL FEDERAL NATIONAL MEG ASSN 3136FAL01 4.744.651 3,297,000.00 STRV MEG SERIES 322 CL PO 0,001 DUE 03J01/32 C RIM F1533204 AT REM AGREEMENT 06/01104 JOURNAL -4.744.651 rn FEDERAL NATIONAL MTG ASSN STRPIATG SERIES 322 CL P0 3136FALQ1 3,297.00003 0.001 DUE 03411132 FITM 11533204 A.3 REPO AGREEMENT 0610104 JOURNAL GOVERNMENT NATIONAL NM ASSN 38374F067 44,000,000 4.300.000.00 SERIES 200E-S CUSS PS 5.850 ME 02220/33 MIA F1463235 AZ TERM REPO AGREEMENT r 06101/4 JOURNAL GOVERNMENT NATIONAL MID ASSN 38374FDB7 -44.000000 4,345,000.00 SERIES 2004 5 GLASS PS §,850 DUE02/20/33 MIA 11533207 Al REPO AGREEMENT 0601104 RECEIVED UNITED STATES TREASURY NOTE 9128280(4 75.000.000 75.187.500.00 DUE cdoidoeili 2.500 2.500 DUE 05/31,06 RDA F1530545 Al RESALE AGREEMENT OS, 07/01.34:13:31 VT 805£00- O19- A NOS En I S b.) Ia EFTA01321001 La WARES mAcucel ITS ww0J. WALD SuINClutY orra SETNICNG YOUR ACCOUNT Bear. Steams & Co. Inc. Ow Stuns $7,72024 Cap. Ort Osintea Oros math BEAR 383 Madoon Avenue Se km lvt 112014(459 New York, New York 10179 STEARNS FINANCIAL TRUST CO INC 13 one s1Atilliper 'MOD May 29. 2004 7749CNON lure 30,2C04 Transaction Detail (continued) ACCOuNT Nada Marta Nue On Flit REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (centium0 LAST STANDAR/7 Nay 28.2004 SETTIDAENT TRUE CAN DATE flONSACOON [ocean:v.4 SOSIOUCIAIP OVNITIN CEBII NASUM CRIXO AMOUNT 06/01/04 INTEREST FEDERAL NATIONAL MTG ASSN 3138FAL01 2.574.79 SIR' MTG SERFS 322 CL PO DUE 03/01/2032 0.001 FM F1313223 AZ REPO INTEREST 06/01/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374087 1,088.94 SERIES 2004.5 CUSS PS DUE 02/20'2033 5.850 FITM F1463238 AZ REPO INTEREST -n 06.004/04 RECEIVED UNITED STATES TREASURY NOTE 912828003 25,000,000 25062.500.03 DUE 05/15/2007 3.125 C 1,125 DUE 05/15/07 EOM Fl 560700 Al RESALE AGREEMENT in 13810404 OEUVERED UNITED STATES TREASURY NOTE milack4 .75.CCO000 v 75,187,500.00 DUE 05/31/20:8 2.500 2.500 DUE 0931/06 RDA F1530545 AZ TERM RESALE AGREEMENT 0810404 RECEIVED UNITED STATES TREASURY NOTE 912828CK4 100.000.000 1C00:0.CC0.00 DUE 05/31/2006 2.500 2,500 DUE 05/31/08 FIIM F1560720 Al r RESALE AGREEMENT 069404 INTEREST UNITED STATES TREASURY NOTE 912828CX4 4.323.28 DUE 05/3112006 2800 FONT F1530545 AZ RESALE INTEREST 06/10/04 JOURNAL FEDI. NOME LOAN MTG CORPOS03602 3128HVA85 2.838.265 SUES 223 CLASS PO DUE 12/01/32 FIN F1453171 A2 TERM REPO AGREEMENT 027 07/01.1t13:3I 001 VIII STSOSEOCIN9- ANGS rn I S IJ IJ EFTA01321002 CLEARS/ TIMIAN ITS VMOLLY teneD SuliSIDVAY OFFICE SERVICING YOUR ACCOUIT Bear. Stearns /4 Co. Inc. Dar. Sate SiaMin Cap. On' Ilireeta Corte Wen BEAR 383 Madison Arena Drtotin New eon 1120148SP New Yoik. New Yak 10179 STUkRNS FINANCIAL TRUST CO NC 14 s STAnueNT M9OO May P9.2004 namuCol Are 30.2004 Transaction Detail (Continued) ArCONT MAIMS TAMmTER /MAWR On nle REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (corxwle0) LAST STATtursi mes 28.2004 SEITLOACTIT tua art art TINNSACT1DN DISCR0TON SW/PUPS OT/XIITT DONT M.0.00 CatOrl MAW, 06/10/04 JOURNAL FEDL HOME LOAN MTG CORPAS03602 3128HVABS -2.638.265 250.000.00 SERIES 223 CLASS PO DUE 12/01/32 FTI34 F1623220 Al REPO AGREEMENT 0 08/14/04 JOURNAL FEDI. HOME LOAN MEG CORP4S03602 3128134085 2.636285 250.030.00 SNAFS 223 CUSS PO DUE 12/01/32 INA F1623220 A2 TERM REPO AGREDAENT -n 06t14/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN SERFS 2C04.2 CLASS 5B 38374FCM4 -43.231436 2072.003.00 6.100 DUE 01/16/34 FIN F1663239 Al REPO AGREEMENT rn 06/14/04 JOURNAL GOVERNMENT NADONAL MTG ASSN 38374FCM4 43.231.636 3,712,000.00 SERFS 2004.2 CLASS 58 6.100 DUE 01/1644 FILM F0993100 A2 TEl REPO AGREEMENT 06/14/04 MEREST FEDL HOME LOAN MTG CORPPS03602 3128HVA85 39.20 SERIES 223 CUSS PO DUE 12/0112032 0.000 FILM F1623220 42 r REPO INTEREST 06/14/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374FCM4 e257.32 SERIES 2034.2 CUSS SB DUE 01/16/2034 6.100 Rim F0993100 A2 REPO MEREST 0625/04 DELJVMED UNTIED STATES TREASURY NOTE 912828CK4 -100.000.000 100.000.000.00 WE 06/31/2005 2.500 2.500 OuE0541.03 MA F1560720 A2 TERM RESALE AGREEMENT 0/1 07,01/04:1301 001 1•32 91805£00- IA19- ÅNGS EFTA01321003 =Ann TnnOtiOn ni v0404 D.Vni.0 9.11110war OFFICE SERVICING YOUR ACCOUNT Beal. Steams & Co. Inc. Sum Seats 00 Ltecrointh Cant. 4.3* BEAR 383 Madison Menus aC . uric 112014438 New York. New York 10179 STEARNS FINANCIAL UST CO INC 15 n'1 STATImenir PlitC0 May 29.2004 THRoinn nine 30.2004 Transaction Detail (continued) ACCCusT NUNS TAxPAYEA 'Wheat On FY REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST sTArroper May 28.2004 4411lllatin TRADE DAR DATE ITIAIGACTON CESObIliON SYWOUCUS. Dam mama moo &MOM" 06/2=4 INTEREST UNITED STATES TREASURY NOTE 912828CK4 38,027.78 DUE 05/11/2008 2.500 FITM F1560720 A2 RESALE POEM! 06/29/04 JOURNAL ADP CD 8888888 1.740.000.00 FMA-PR F1813241011 0 8.625 DUE 12/31/49 2074420692 08129/04 JOURNAL ADP CD 8888888 1,740,000.00 -n FITM-PR F1813241012 8.625 DUE 12/31/49 2074420692 C 06/30/04 JOURNAL FEDERAL NATIONAL MEG ASSN 3136FAI01 4.517.189 1,744,350.00 STRP ISO SERIES 322 CL PO in 0.001 DuE0301/32 EOM F1823319 Al REPO AGREEMENT 06/30/04 JOURNAL FEDERAL NATIONAL Lac ASSN 3136FAI.01 4.517.189 3.297.000.00 STRIP TATO SERIES 322 CL PO 0031 DUE 0101/32 ATM F1533204 A4 TERM REPO AGREEMENT 06/30/04 RECENED UNITED STATES TREASURY NOTE 912828003 100.000,000 100.12=03.00 r DUE 06/30/2006 2.750 2,_750 DUE 06/30/06 arm F1821036 Al RESALE AGREDAENT 06/30/04 INTEREST FEDERAL NATIONAL MTG ASSN 3136FALI)1 3,519.09 STRP MK SERIES 322 CL PO DUE 0101/2032 0.001 FIN F1533206 Al REPO MEREST TOTAL S-320.228.477.34 5191.975201.06 017 070144 1.3 31 col Y832 LI80SE00- O19- ANGS Fn IJ EFTA01321004 Lel DIEEEED AROMA In NICELY OWNED SUBlimaY OPTICS SERVICSVG YOUR ACCOUNT 9.6%51S Sseelka Cap Bear. Steams & Co. he. One Ihnousn Cent NW. BEAR 383 Madden Avenue isiseg 112014359 New York. Nee York 10179 STEARNS FINANCIAL TRUST CO INC 16 a is STAITACE7 DENOD WE 29.2004 TWICUCIM lune 30.2004 Transaction Detail (continued) ACCOUNT POWER TWNAVER NAMER On fie MISCELLANEOUS LAST STATIVAIDC May ze. 2004 DAN ADDAX TRANS/EDON ascended Mart MOM ar m MOM OEJ14/04 JOURNAL MAY 04SPEC CLEARING FEES 450.00 TOTAL 5-450.00 0 -n Your messages C Notice a Chang, in The Statement of Interest Charges Any short positions in your account will be kept 'marked-to-the market. This means that periodically the balance maintained in the short account will be We' PursuantRegarding to the TTruth-in4Anding" Rule 10 (b).16 Regarding Short Sales in And Marking•To•The-Market adjusted to equal the market value of the Sh011 sea:lees. Securities that are priced below five dollars per share may be valued at five dollars per share For Effective no earlier than thirty (30) days from your receipt of this statement. we short marking-to-the market purposes. If a security has been sold short (or well compute interest regarding your short sales and marking-to-the market as sold short against the box) and has appreciated in market price over the follows: selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the The credit that appears on your statement due to short sales (including short drop in yak*. The appreciation or depreciation of securities sold short will be sales against the box) is offset by a debit of like amount because Bear Steams determined by Bear Steams Securities based upon daily Closing prices a r Securities has to banter the same Security in order to deliver it to the buying quotations provided by pricing services, as applicable. or upon such factors as broker and has to provide its lender additional collateral of up to 105% of the Bear Stearns Securities in its sole judgement deems pertinent. settled short market value of the borrowed securities to secure such loan. This means that the debit balance on which interest is computed will be the Please note that the other sections of the Truthinanding" disclosure difference between (0 up to 105% of the settled short market value of such previously provided to you remain unchanged. short sales (across all curencies). which shall be calculated daily, and (II) the proceeds of such short sales. End of Statement 027 ODOVO4.13 31 COI W.32 8T 805£00- O19- A NOS rri 8 IJ IJ EFTA01321005 LA CALAREO naitclwm fR MOLLY COSMO S&. ASV OFFICE SERVICING YOUR ACCOUNT Dm Swans Satin Cos. Beat. Stearns 4, Co. Inc. ISactach Cams Koss BEAR 383 MASCO Avenue Pacer. Pa York 1120148.59 New Y New York 10179 STD‘RNS FINANCIAL TRUST CO INC ACCOUNT E.VECUINE GNMA GOVT BOND STATEreaer PERIOD Wry 1, 2004 VISIT OUR WEBSITE evw4bearsteamscom nappy May 28.2004 ACCelte XLMIER What's In This Statement If It I I I II II ILI TAXPAYER IS.NOCR Out file LAST sTAMIEST Agri 30.2004 Financial Stant:my 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 17 STE B3 ST THOMAS VI 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio " 2" 3 rn TOTAL WHIM OF SECURITIES THIS PERIOD 12.394,691 cash Equineerc S-12.163 LONG ACCRUED ritEREST 160.153 Move S13.163.012 NET CREW BALANCE 228.003 Current market tube NET EQUITY Mae PERIOD 512.782.847 Last statements market value Q Snort market value r NET EQUITY LAST STATEMENT 13.363.739 CHANGE MOE LAST STATEMENT .580.892 There are no 'Stop Loss" orders or other pending buy or sell open orders on rile your account. tunstry R ftt Irfterrwlccl OtrpOS44 OW It It aft telefIS ISI tax ticonlent. 'IN niteman Soda be MASS t yew nubs* Sep mars SSW troorWt Strysattes grc ne 027 03¢904.1212 CO1 \VW 6T80S£00 INS ANDS I ISE-ZOO-Vida EFTA01321006 CLEARED nexuroi ITS WHOLLY Crate 11ASDARY Dub SURDS SeatiliS a DERoisch Car MDT Msh 112014/69 FINANCIAL TRUST CO INC z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r OIE O$QW6.:120i 001 nn 0Z805£00- O19- ANGS EFTA01321007 auto, TARCMAN ITS MCA:, 0A1E0 SIANDWIT VINCE SERYICNG YOUR ACCOUNT Bear. Steams & Co. Inc. tor. Sur* Nowt; Cap. Coo Motown CourNew% N BEAR 383 Madeon Avenue Po two, r 11201.3559 New York New York 10179 STEARNS FINANCIAL TRUST CO INC 3 e. • e STATEMENT Popp May 1.2004 TSM0UGH May 29.2004 ACCOwer SOWER Cash Flow Analysis Income Summary TAxPAYDI µaKR On lie OlS PERM MOO= WAR TO Oat LAST STATONNT Apnl SO. 2004 Opening Balance 5-12,162.87 U.S. Govt. Bond Im 61.388.53 228430.62 Gan. Agency Int. 978.422.27 4,354,833.13 Securtdes Sold 314,135191.84 Corp. Bond Int. 195,447.99 1,027,568.56 ONIdendsnmerest 1,235,353.40 Credit Balance Inc 86.61 158.30 Metedlancet:, 32.031.25 Reverse Repurchase M. 17,701.39 21.00691 Amount Credited 5315.402.576.49 Total 11.253.054.79 SS 831 997.52 Securities Sought 414,951,505.27 Bond Purchase Inc. 409.405.71 -428,599.18 ii Ohidendsanterest Charged -209.405.71 Macon Inc.Pad 0.00 -1,770.70 Repurchase Int. Exp. -11.508.39 -58125.88 kaseelaneouS 4.50600 C Amount Debited 5-315.182.410.98 in Net Cash Activity 240,165.51 Portfolio Composition ClosingBalance 5228S:02.64 CasIVCash Equivalent 228.003 Your Portfolio PJlocation Mad Income 12494.691 Total 512,622.694 r Cash Balance Summary Cash & EQutibletit 1% COOVIG CLOWC Margin -12.162.87 228.002.64 Net C.ISh Salente 5.12.162.87 5228.002.64 — Fowl OCCMO 99% to•h•OW acetala Ora* am, tuba* want vat swam ae.tat Trio •15.54.• ••rtalY.P • . 4,44 bp, In iamb", HM ate tf ••• •C•0•0 023 0521034.12 32 0C1 7811 TZ8OSEOCIN9- ANGS EFTA01321008 =ARID THROWN ITS wHOLLY OnTED SulHOMY OFFICE SERVICING YOUR ACCOuVr Bear. Steams 8 Co. Inc. Cr* MrovUxn Pew Math BEAR 383 Masson Avenue Rye Tort 11201.380 New Yolk. New Yak 10179 STEARNS NCIAL TRUST CO INC FINA 4 '7 STATImera PRI•00 May 1. Ma THROWN May 28.2004 Your Portfolio Holdings AMOUNT siaea TAXPAYER KAMER On Ale CASH 8 CASH EQUIVALENTS LAST arrunicia April 30.2004 Wadi ESTIMATED CURRENT DISCRIF110.4 SwiloutirAP CUANDIV Mut mimat INCOME DELO {.4 CASH BALANCE 228.003 TOTAL CASH & CASH EQUIVALENTS 5228.003 0 FIXED INCOME -n Government & Agency Obligations ACCT =atm ESTIMATED CURRD/I DESCRIES:a SHISOL/CUSIP COMM PRIZE Meal YAWL MUM AMU& Dan YIELD CV C FEDERAL NOME LOAN MTG CORP 31393FAF3 MRGN 19.294.823 10.1223 1.953.080 43.896 1.215.574 62.2388 SERIES 2530 CUSS SE rn DATED DATE 10/11/02 8001E ENTRY ONLY OLE 02/1 3 6.300% FACTOR -.3.321580388 FEDERAL HOME LOAN MTG CORP 313931086 MRGN 8.276.570 9.0531 749.287 17,635 488.318 65.1710 SERES 2526 C1ASS SI DATED DATE 10001/02 BOOK ENTRY ONLY DUE 02/15/2032 5.900% FACTOR - .32158037 r FEDERAL HOME LOAN MTG CORP 313921/32 MRGN 14.545.258 11.4010 1.658.299 36.240 1.003.623 60.5212 SERIES 2488 CUSS SO DATED DATE 07/08/02 BOCK ENTRY ONLY DUE 03/15/2032 5.9C0% FACTCR —.29090621 FEDERAL HOME LOAN MEG CORP 3139216E2 MRGN 16,780646 0.7571 1.469.512 35.753 990.070 67.3741 SERIES 2483 CL SL DATED DATE 07/02/02 BOOK ENTRY ONLY CUE 01/1512032 5.919 00% FACTOR . .290905 027 0142194:1832 001 41131 MOSEOCIN9- ANGS rn 8 b.) IJ EFTA01321009 Lel “f-mta0 InsIty)f)4 MI OFFICE SERVICING YOUR ACCOUNT amOLL WNW SUBSCARY Bear. Steams & Co. kic. Oar Sinn Scottie; Cop. BEAR 383 Madison Avenue Ow Manaan Goo North Skaadr. Sew Yen 11201-3859 Nest York. New York 10179 STERNS FINANCIAL TRUST CO INC VaTEmEHT aira0a May 1, 2004 TN 04.3m May 28. 2004 Your Portfolio Holdings (continued) AGO0tta MAMER Taxman SOMA On File Government & Agency Obligations (writnuer) Liar Stan:MDR Aml 30. 2004 ACC AOCMJED 015CRSOD11 SYLISOLKIJSIP ow OUMMTI /311VATED CURRENT Mat frnbcY1 YAWL MEREST MINUAL MOW Y100 FEDERAL NATIONAL MTG ASSN 3139302C6 MRGN 16.308.643 SERIES 2003-49 CUSS $w 11.0890 1.808.245 8.019 962.092 53 .2058 DATED DATE 04/30.03 BOOK ENTRY ONLY DUE 01/292033 5.900% FACTOR - .67086868 0 Total Government& Agency Obligations 57.638 423 5141.543 54 659.677 m Corporate Bonds ACC? ci OtSCRP/Kad SOASOUCLeUP TYPE Cuomo rano" LITIMATCO CURRINt tAICS MARKEY YAM( INTEREST Mina MOW WILD MI FANNIE MAE CASYSERWS 2033-13 313921/K2 MRGN 32.364,861 m $ RCIT-VO FUR 14.6958 4.756.268 18.610 2.233.175 48.9523 DATED DATE 02125/03 BOOK ENTRY ONLY DUE 03/25/2013 6.900% FACTOR a .64729726 H Total Corporateeonds $4.7%288 $18.610 $2.233.135 TOTAL FIXED INCOME 512.394,691 $160.153 56.892,852 r YOUR PORTFOLIOHOLDINGSACCRUED INTEREST $160,153 YOUR RORITOUOHOLDINGSESTImATED ANNUAL INCOME $6,892.852 yOuR PRICEDPORTFC Lie DI Ncs $12.622,694 001Staa.1a 32 cot '41331 EZ805£00- 019- ANGS EFTA01321010 CLEAC'ED netouom rrs WHOLLY ONtO 111A31931.12f OFFICE SERVICING TC/J12 ACCOUNT Beat. Steams b Co. Inc. W. Sion Sean*. CCM. Coe /Aeltatar Espy Norm BEAR 383 Madison Avenue Iettlrert 11201,31139 Now Tort New York 10119 S STMRNS FINANCIAL TRUST CO INC 6 al? STATElie:r REMO May 1.2004 ThIROUGN May 28.2004 ACC'"? 34V10011 Repurchase and Reverse Repurchase Transactions ?Ax mpt MAtER 011 ne with Bear,Stearns& Co.Inc. outstan ding as of date of statement nr 2vrur AGRI 30.2004 PlifiCHASEJ INPURNASE WPC PORIRIASE AIXAUE0 REPO *NM WE DAN Get MTE MKT% INEIRIESP flu IMOWOT oar OISCRINICN YOU SOLO GOVERNMENT NATIONAL LUG ASSOC (REPO) 04/08/04 07/08/04 1.340 -3.712.000 -7.461 -44.389.962 38374F044 SERIES 2004-2 CLASS S 6.1000 01/16/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC 0 (REPO) 04/08/04 07/08/04 1.340 4.258.000 -16.598 .10,000.000 38374FCN2 SERIES 2004.2 CLASS S 12.200001/16/34 YOU SOLD FNMA-SMBS PRINCPAL MAY -n (REPO) 05/10/04 06/01/04 1.300 -3.241.000 -2.574 .15.000.030 3136FAL01 SERIES 322 CLASS PO 03/01/32 C YOU SOLD FHLMC- STPJP PRINCIPAL ONLY (REPO) 05/24/04 OPEN 0.000 -1 4.000,000 3128HVABS in z YOU SOLO GOVERNMENT MTIONAL MTG ASSOC J (REPO) 05/25104 06/01/04 1.300 .4,300.000 .1.086 .44000.000 38374F087 SERIES 2004-S CLASS P 5.85000220/33 TOTAL REVERSE REPURCHASE TRANSACTIONS SO SO TOTAL REPURCHASE TRANSACTIONS 5.19.511.001 5-27.719 N et allarov. r 05,29334 12 32 MI 2831 PZ8OS£00 IND ANDS EFTA01321011 9 I SI:ZZOO- V1d3 O46utilO TMOUOI rta ?mow* OwCO VAISCaRY OFFICE SERVICING ICOR ACCOLAVT Beat. Steams & Co. Inc. Salt Simms YostRS Cep ON 0048309 Rimer Mat BEAR 383 Madison Menue 8/oat" 3340 van 11201.3869 New Yak. New York 10179 STEARNS FINANCIAL TRUST CO INC srn3/467 PEMOO May 1.2004 3309904 may 26.2004 Transaction Detail ACCOLCIT 194:04VER NORM On Fr INVESTMENT ACTIVITY LAST 89ATE4490 /pi 30, 2004 SETTD4D0 MOE OAR nmsAcnoli oesciamom SIIMOUCUSP 01.0/1179 P1 t OUR AMCOR MITE SMOUICT 05/06404 05405/04 SOLD UNITED STATES TREASURY NOTE 912828CF5 -25.000.000 99 89063 DUE 04/3042036 02.250% AO 30 24.972.656.25 0988726998099 ACCR. INT. 9171.20 YIELD 2.307 % TO MATURITY OVER REF 0 01261010 Al 05/07/04 05/06/04 SOW U S TREASURY NOTE 912828CE8 -25.000.000 97.46875 DUE 04/15/2009 03.125% AO 15 24.387.187.50 0989016192099 ACCR. MI 46.960.38 YEW 3690% TO MATLflY OVER REF 0 61271002 Al -n 05/13/04 GUINN CANCEL SELL FNMA-30YR(FIRAMGED 5478487 10.000,000 100.75000 10,075,000.03 SETT.05404 DUE 05401/2034 05.500% C 0987280211332 REF 0 2004041857470020 BS in AS OF 04/15404 TO CO. PREVIOUS SW. 05/ 3/04 04/07104 CANCEL SELL INFAA-30YRIFNMA/GTO SA78467 15.000403 101.56250 15,234,375.00 5417.05/04 DUE 05/01/2034 05.500% 0987000510332 REF • 2004040757540000 BS AS Or 04407/04 TO 03 PREVIOUS SELL r 05/13/04 04/06/04 BOUGHT FNMA-30YRIFNMWTO SA78487 25.000,000 101.10938 25.277.343.75 SER.06/04 DUE 05101/2034 05.500% 0987280211332 REF 0 2004040557900300 BS 05/13434 04116/04 SOW FNMA-30YRIENIANGTO 5/4078487 -10.003.000 100.75000 SETT.05.04 10.075.000,00 DUE 05401/2034 06.500% 0987280211332 REF w 2004041657470000 BS 05/13404 04107/04 SOLD FNMA.30YRIFNMA)GTO 5478467 -15.000,000 101.56250 SETT.0504 15.234.375.00 DUE 05401/2034 05.500% 0987000610332 REF 0 2004040757540000 BS 027 08/2104:1212 081 '181 SZ805£00- O19- ANGS rE1 8 IJ IJ EFTA01321012 CLEARED naL0vCoi TI wila.LY GLAND) SLAISIDARY OFFICE SEFMCING YOUR ACCOUNT Seer. Ste nu Monies Cop. Sew. Steam b Co. Inc. One Lawns, Weer Moll BEAR 383 Madson Avenue arcaOr. Nat York 11201.38S9 New Yolk. New York 10179 STURNS FINANCIAL TRUST CO INC $ el 17 STATTANNI PeROD May 1.2204 04404.E0I May 28.2004 Transaction Detail (continued) ACCOUNT PANDER LAYPAYEA WIRIER Del File INVESTMENT ACTIVITY (=Sued) VET STAMM., APE 30. 2004 SETTLEMENE 'MX CUALairy OEM MOW CRON MOM DATE DAR TIVXMCDOM OESCRPTKAI SY1i8CLitUTP ME 05/13/04 04/06/04 CANCEL BUY FNMA-30YFEFNMATGTD 5178467 .2S.000.000 101.10938 25.277.343.76 SETT.0904 WE 05/11/2034 05.500% 0987280211332 REF r 2004040657900000 85 AS OF 04106104 TO al PREVIOUS BUY innate+ 05713/04 SOUGHT U 5 TREASURY NOTE 912828CE8 25.000.000 96.27030 24,067,575.00 WE 0415/2009 03.125% N3 15 ACCR. INT. 61502.32 09849190294332 -n YEW 3.966 % TO41012 MATURITY Al OVER REF 0 G13 05/17/04 05/13/04 SOLD UNITED STATES TREASURY NOTE 912828CH1 99.46875 24,861,187.50 C DUE 05/192009 03.875% MN 15 0988190294332 ACCR. INT. 5.264.95 in YIELD 3.993% TO MATURITY OVER REF • G1341013 A3 05/17114 PRINCIPAL FEDERAL NOME LOAN MEG CORP 31392T6E2 -1,341,000 SERIES 2483 CL ST 5.900 CUE 03/15/32 PRICRTAL REDUCTN 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31392T6E2 -531 SERFS 2483 CL 54. 5 KO DUE 03915/32 r PRINCIPAL REDUCTN 0545-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 313927/32 .1,162.000 sums 2488 CIASS SO 6.900 OUE 03/15/32 PRINCIPAL REOUCIN 05-15-04 05/17434 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -809 SERIES 2488 CIASS SO 6.900 DUE 0915132 PRINCIPAL REDUCTN 054544 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG COW 31393FAF3 -1.515.000 SERIES 2530 cuss SE 6.3co WE 02/15/32 PRINCIPAL REDUCTN 05-1504 027 06/2104.1232 ON 9Z8OSEOCIN9- ANGS 8 IJ EFTA01321013 CLEARED THROUGH ITS MMOLLY OWN= 54,33>ARN OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. Ow keens Sort: t Cup. 383 MediSon Avenue One PANntech Cerro MOT BEAR New 19:(0. New 7Ork 10179 SNOMpt Ms Tort 112014859 STEARNS FINANCIAL TRUST CO INC 9 or 17 STATFAMMT PIRO() May 1. 2004 TMSOLON 44My 28.200.1 Transaction Detail (continued) ACCWST MASS TANPAYER %writ On fN INVESTMENT ACTIVITY Imotinuce) LAST STAIEWENT Apt 30.2004 SI71110.1747 Tataf 13.2E Ca( IsasSACTIOW OtSCRP7Oid 811.102.0.810 Ciwinn PRO OONT IMCONI TAM MOM 05/17/04 PRINCWAL FEDERAL HOME LOAN MTG CORP 31393FAF3 466 SERIES 2530 CLASS SE 6.300 DUE 02/15/32 C) PRINCIPAL REOUCTIT 05-15-04 05/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F686 450,235 0 SERIES 2525 CUSS SI 5.900 DIE 02/15132 PluNcrAL REOuCIN 05-15-04 06/17/04 PRINCIPAL FEOL HOME LOAN MTG CORPOS03602 312811085 196400.50 -n SERIES 223 CLASS PO DUE 12/05/32 PRIN RID 04-04 WD OS-15-04 REPO P 8I 0.0000 C 05/17/04 PRINCIPAL GOVERMENT NATIONAL MTG ASSN 38374FCN2 SERIES 2004-2 CLASS SG 78.886.80 in 12.200 DUE 01/16/34 PRIM RM 05.04 PM 06-16-04 z REPO P 81 12.2000 05/24/04 05/21/04 BOUGHT UNITED STATES TREASURY NOTE 912828011 25,000,000 10024219 25.060.546.88 DA 05/15/2009 03.875x mN IS 0988016192099 ACM NT. 23.692.25 YELL 3.821% TO MATURITY GvER REF • G1421003 A3 AS OF 05/21/04 r 05/25/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31360401 STRIP MTG SERIES 322 CL P0 309.453.15 0.001 DUE 03/01/32 PRIM No 04-04 1813064544 REPO P &I 0.0= 05/25/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003.13 313922110 -1.626,000 904/0 FUR 6.900 OLE 03/25033 PRIJCPAL REDUCIN 0545-04 05125/04 PRINCUAL FANNIE MAE CM/SERIES 2003.13 313921082 -92 S ROM/0 RIR 6.903 DUE 03/25/33 PRINCPAL REDUCTN 06-2644 027 06/21101:1932 001 14131 MOSEOCIN9- ANGS rn I8 EFTA01321014 CLEARED 1111/00:41 WKLY OAt SUBS40Ofer OFFICE SERVICING YOUR ACCOUNT ntat Swan. Swans Caen Bear. Stearns & Co. Inc. Oe Webtent, Cane Nnen BEAR 383 Madden Avenue . New Rat 11201.3149 rk 10179 STEARNS FINANCIAL TRUST CO INC 10 c• STATEVEnT P0000 Miry 1.2004 ThnOuGm May 29.2034 Transaction Detail (continued) CCOUIC scivinint "ammo, inneell On Ole INVESTMENT ACTIVITY (continued) oST STATinaNn AM 30.2004 SEITLELIDO MOE WI out neuiscnow cocceenoe SIMOUCLISIP OUO4111Y PreCE DM Mein MO NAOMI 05/25/04 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31393C2C6 -819.287 SERIES 2003.49 CLASS 9N 5.900 DUE 01125/33 PRINCIPAL REDUCIN 05.2544 05/27/04 05/26/04 BOUGHT UNITED STATES TREASURY NOTE 912828015 25.000,000 99.54686 24,886,718.75 0 04/30r2008 02.250% AO 30 0988016192099 ACCR. INT. 41,270.38 YEW 2.49211 TO PAATUROY GYM REF • G1471003 Al -n 05/27034 05126/04 BOUGHT UNITED STATES TREASURY NOTE 912828CF5 50,000.000 99.54688 49,773,437.50 DUE 04/30420M 02.250% AO 30 ACCR M. 82.540.78 0988016192099 C YIELD 2,492 % TO ItATURDY GVER REF • G1471003 81 rn TOTAL $-174.584.402.59 2125.439.886.98 INTEREST OAR OESCA141104 SOAICUCUSP OtivailY ROE CO 0(8114u0000 MON MOW 05/03/04 AVG SAL 526.661RT 0.197 86.61 r 021 OFFICE MEREST 0404 osn 7/04 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 26,006.32 SIRES 2471 CLASS YT DUE 091512032 1,000 INT P./0 04-04 ND 05-15-04 REPO Pi I 1.0000 05117/04 FEDERAL HOME LOAN I'MCORP 31392T6E2 5.9020 89.101.69 SERIES 2483 Cl SL DUE 03/192032 5.900 MEREST PAYMENT 05-15-04 05/17/04 FEDERAL HOME LOAN MTG CORP 313927/32 61000 90,321.40 SEWS 2486 CLASS SO DUE 0341512032 8.900 MEREST PAYMENT 06-15-04 027 014104:18.12 401 Y431 8Z805£00- O19- ANGS IJ IJ In IJ O EFTA01321015 ()Ammo ninOuGm ITS WHOLLY OAKS SUBSCOLRy OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Bow Start SKIM*, CUP. One MAWS, C4WC. Row BEAR 383 Madison Avenue em et. ra., rev 11201.38” New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 11 a •? EMMETT(' nreco May 1,200E Tnaccon May 26,2004 Transaction Detail (continued) ACCOLAYT vuwITER TTAPATER Ruu•LA On Fb INTEREST (continued) LAST STEEPEN/ AETI TICI. 2004 DUE DESCRIPTIDN SYTIOCRICUSIT OLLNIRIT RATE DTI Cal *CAC CREDIT MOM 05117/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 8.3000 SERIES 2530 CLASS SE 109.256.12 DUE 02/15/2032 6.300 INTEREST PAYMENT 011104 05/17/04 FEDERAL HOME LOAN MTG CORP 31393FG86 5.9003 O sums 2526 CLASS SI 43,89012 CUE 02/192032 5.900 MEREST PAYMENT 05-15-04 Z T 05117/14 GOVERNMENT mT13NAL MTGASSN 38374FCM4 6.1000 SERIES 20042 CLASS 95 221,416.22 I I DUE 01,16/2034 6.100 NT WO 05-04 PM 054604 REPO P & I 6.1000 05/17/04 GOVERNMENT NATIONAL MTG ASSN 38374FCN2 12.2000 99,727.91 SERFS 2004-2 CLASS 56 m DUE 01/16/2034 12.200 I/I WD 06-04 RD 0116-04 REPO P 4I 12.2000 05/2004 GOVERNMENT NATIONAL MTG ASSN 38374F087 5.8500 SERIES 2004.5 PASS PS 214.500.00 CUE 0120/2033 5.950 RN RC 04-04 PA) 05-20-04 REPO PA I 5.9500 05/25/04 FANNIE PAM PAO/SEPSES 2033-13 31392.1DIC2 esooF r S RCR4/0 FLTR 195.447.99 DUE 03/25/2033 6.903 INTEREST PAYMENT 0125-04 05/25/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.9000 SIRES 200149 CUSS SW 84.202.49 DUE 01/25/2033 5.900 INTEREST PAYMENT 05-2E-04 TOTAL 51.173.95617 027 0579.04.12 31 Oti YO31 MOSEOCIA19- ANGS rn 8 IJ IJ 1./1 IJ EFTA01321016 WAXED 04110004 ITS 7‘71:41Y OvewilD SuMoan OFFICE SERVICING YOUR ACCOUNT Ow. Urn Semmes Co,. Bear. Stearns 6 Co. Inc. Ore - env Nam 383 MadImo AYellUCt Now RAF 11201.3359 BEAR New Yak New Tot 10179 STEARNS FINANCIAL TRUST CO INC 12 el STARDOM 114.00 May 1. 2004 noce.IGH Tay 28.2004 Transaction Detail (continued) AECCUPC NOMA TAXPAYER MARICR CO nit REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS UST STA,VENT Apni 30.2004 with Bear,Steams& Co.Inc. SITT1D.0/11 TRW/ DATE 12M1S1C1/311 DESOIIPRON SYMIC4/0.13.7 0.1114011T CM NA0u1n CREDIT MettO DATE JOURNAL FEDL NOME LOAN MTG CORP#503602 31213HVAB5 2.930.516 200,000.00 0904/04 SERIES 223 CLASS P0 CUE 12/01/32 FMA F1173164 Al TERM REPO AGREEMENT 0 0510004 JOURNAL FEDL HOME LOAN MEG CORPOS03602 3128HVA85 .2.930.616 225.000.00 SERFS 223 CLASS PO DUE 12/01/32 NM F1253259 Al REPO AGREEMENT m 05104104 JOURNAL FEDI. HOME LOAN WIG CORPAIS03602 3123311VM35 2030,515 226.000.00 SERIES 223 CLASS PO C CUE 12/01/32 FILM F1253259 At REPO AGREEMENT in 05/04/04 JOURNAL FEDI. HOME LOAN ILIT6 CORPOS03602 3128141/A85 .2,930,615 225,000.00 SIRES 223 CLASS P0 DUE 12(01132 Elnd FT 253259 A3 REPO AGREEMENT OSO4104 INTEREST FEOL HOME LOAN MTG CORPLIS03602 3128HVASS 57.78 SUES 223 0LASS PO DLLE 12/01/2032 0.000 Firm F11731 REST 54 Al r REPO ME 05/06/04 DELIVERED UNITED STATES TREASURY NOTE 91282.75 SO.000.000 50.000.000.00 DUE 04/30/2006 2250 2,250 CUE 04/30= FMA E1210865 A2 TERM RESALE AGREEMENT 05/06/04 RECEIVED UNITED STATES TREASURY tax 912828CF5 75.000,000 75.003.000.03 DUE 04/30/2006 2.250 2.250 DUE 04/30106 FILM P1270169 Al RESALE AGREEMENT 027 0Y2961.12:32 001 VIII 0£80SEOCIND- ANGS rn 8 b.) IJ IJ Is) EFTA01321017 CLEARED 778:05C4 fr3. %mow. 08.NED SU8S08.84 OFFICE SERVICING TPA ACCOUNT Elm Steams & Co. Inc. Sew Suns Owns On Ow Mor798.9 Canw 74811 BEAR 383 MadMai Avenue 1.494544 Key York 11201.3859 New Yak. New York 10179 STEARNS FINANCIAL TRUST CO INC Mira? PERD30 May 1. 2004 nmouam May 28. 2034 Transaction Detail (continued) ACCOLPIT 418.1158 3420.8402 ?ANGER On Mb REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) I110 STAMAINT Apri 30. 2004 umtmon num 0.41 NM T98145.4.7138 otSCRImm smect/CLIMP OuFrTm OM NAMAll 0 ,80,1 macurt 05106104 INTEREST UNITED STATES TREASURY NOTE 912828CF5 4138.89 DUE 04/30/2006 2.250 FRM F1210865 A2 RESALE MEREST 05107/04 RECEIVED U S TREASURY NOTE 912828CE8 25.000.001 21.500.000.00 CUE 01/1512C09 3.126 3.125 DUE 04/15/09 nut F1280880 Al RESALE AGREEMENT 05/101/04 JOURNAL FEDERAL NATIONAL MEG ASSN -n 3138041 -4.744051 3,241,000.00 STRIP IMO SERIES 322 U. PO 0001 DUE 03/01/32 FITM F1313223 Al C REPO AGREEMENT 05/10/01 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 4,741,651 in sum MK SERIES 322 Ci. PO 3,260,000.00 0,001 Out 03/01/32 MU F1203206 AZ TERM REPO AGREEMENT 05/10101 JOURNAL FOX HOME LOAN MTG CORPMS03602 3128)41/A135 2,734.215 226000.00 SERIES 223 CLASS PO DUE 120102 Fnm F1253259 AZ NAM REPO AGREEMENT r 05/10/01 JOURNAL FEOL NOME LOAN MTG CORPOS03602 312816/A85 -2.734.215 SERIES 221CLASS P0 715.030.00 Out 12/01/32 NMI F1313227 Al REPO AGMMENT 05/10104 JOURNAL GOVERNMENT NA110104. MTG ASSN 38374F087 44.000.000 SERFS 2004-5 CLASS PS 5.533.000.00 5,850 DUE 02/2003 FRIA F1313225 Al REPO AGREEMENT 027 06428/04:1832 001 nil TE8OSEOCIA19- ANGS I8 IJ IJ IJ EFTA01321018 CLEARED Ti4tOtrom ITS ware Oas,a) SUSSIOWSY OFFICE SERMCING YOUR ACCOUNT Bay. Stan Seartel Cap. Bear. Stearns & Co. Inc. Ow kitOttlith Lew kash 383 MeOwn Avenue r 111014810 BEAR 10179 STEARNS FINANCIAL TRUST CO INC 14 • strimisT reap me, 1.2004 114.303.4 May 28, 2034 Transaction Detail (continued) ACCOuNT WOE. IssaaVt. MASER On FM LAST STsitursT APB 30. 2004 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (ccetinued) SEITESIDIT TRAM SIMIOUISIMP 01.81481Y DEVI &MUNI 0108 WOLIN! Den OATt IlaNSACTON DaPIPOCAI 05/10/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 383741007 44.000.000 5.907.000.00 SERB 2004.5 CUSS PS 5.850 DUE 02/20/33 MIA F0993096 AZ TERM REPO AGREEMENT 0 05110104 INTEREST FEDERAL NATIONAL IATG ASSN 3136FALC11 1,294.94 STRIP MTG SERIES 322 CL PO DUE 030112032 0.001 Rim 71203206 AZ -n REPO INTEREST 05/10104 INTEREST FEDL HOME LOAN MTG CORPA1S03502 3129HVABS 48.75 SUES 223 CUSS PO C DUE 12/01/2032 0.000 FITM F1253259 AZ in REPO INTEREST 05/10104 MEREST GOVERNMENT NATIONAL KM ASSN 38374FDB7 6.825.97 SERIES 2004 5 CUSS PS CUE 02/20/2033 5.850 FRI4 F099 96 AZ REPO MEREST 05(14404 DEUVERED USTREASURY NOTE 912928a8 45,000406. 24,500,000.00 DuE 04/IS/2009 3.125 3.125 CUE 04/15.43 FRIA P1280880 A2 r TERM RESALE AGREEMENT 05r17/04 RECEIVED UNITED STATES TREASURY NOTE 912828011 25,000.000 25.000.00040 DUE 05/15/20:03 3.875 3,975 DUE 05/15/09 Wm 11380881 Al RESALE AGREEMENT 05121/04 JOURNAL FEDL HOME LOAN MTG CORPAS03602 3128HVABS 2.734.215 715,000.00 SOWS CUSS PO /223/32 DUE 1201 FITM 11313227 A.2 TERM REPO AGREEMDIT 027 alvel.04.0x32 001 vaai ZE805£OO- O19- ANGS Tn 8 b.) S.) EFTA01321019 WAN= 7144OVOn ns OFFICE SERYIMG YOUR ACCOUNT wolCsa DATED Summar Bear. Steams 8 Co. Inc By Suers Secuila Sap BEAR 383 Marton Avenue One vereito Grua Win New Yak, New Yu* 10179 Ets0tp). Nw 001, 112014139 STMRNS FINANCIAL TRUST CO INC 15 of • r StsTEurNT 00.00 May 1.2004 n.u.occl May 28.2004 Transaction Detail (continued) ACC0LIST NORMA ISOM/A MYER Cr, Fk REPURCHASE AND REVERSE REPURCHASE TRANSACTION S (conUnued) LAST sumac Aid 30.2004 SE—111.010 MCC DATE WE IWISACTION CCSIS0PTVIS ST10101/01411, °wenn 05/21/04 INTEREST FEOL NM LOAN MTG CORN/503602 Mal,a, coma ATOM 3128SIVA85 SERIES 223 CLASS PO 284.01 DUE 12/0102032 0.000 Tom F1313227 A2 REPO MEREST 05/24/04 JOURNAL FEOL NOME LOAN MTG CORP4S03802 0 312811VA85 -2,734,215 SERIES 223 MSS PO ME 12/01/32 FILM F1453171 Al REPO AGREEMENT -n 05/24/04 OELNERED UNITED STATES TREASURY NOTE 912828041 -25.000000 25,004000,00 DUE 05/151009 3.875 3,815 DUE 05/15/09 C FTDA F13801181 A2 TERM RESALE AGREEMENT in 05/24/04 INTEREST UNITED STATES TREASURY NOTE 912828011 DUE 05115/2009 3.875 2.979.17 FITM F1380881 At RESALE MEREST 05/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 -44,000.000 SERIES 20044 CUSS PS 4.300.000.00 5.850 DUE 02420/33 FILM F1483236 Al REPO AGREEMENT r 05/25/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN SERFS 20044 CLASS PS 38374F087 44.000.000 5.533.000.00 5.850 DUE 02/20/33 RDA F1313225 A2 TERM REPO AGREEMENT 05/25/04 INTEREST GOVERNMENT NATIONAL FRG ASSN 38374FO87 2,997.04 SERIES 2004.5 CLASS PS DUE 02/20/2033 5.850 FM F1313225 A2 REPO MEREST Oh asinotia32 001 VI31 E£805£00- O19- ANGS I8 b.) b.) b.) EFTA01321020 CLEARED THROWN ITS W130-LY OA, SIAISICYARY can SERVICAG YOUR ACCOUNT Our SWAM 300,254e/ COT Bear. Sten & Co. ix. One Como I 383 Madison Avenue U.. at 20 .343 BEAR New Yak. New Volt 10179 STEARNS FINANCIAL TRUST CO INC 16 a •? STATEMENT PEW.° WI 1.2004 MRCVS. ;Any 28.2004 Transaction Detail (continued) ACCOoer 3.22.3KR TionvEll NNW On Flo LAST STAIIIMENT WI 30. 2004 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) unlearn In WORRY 02011 AVOW CREDIT AMODIO out out mosmnon otsommer SYSICILICUSIP 05127104 DELIVERED METED STATES TREASURY NOTE 912828CF5 -75.0O3.000 75.000.000.00 013E 04/30/2006 2.250 2.250 DUE 04/30/06 17114 F1270769 A4 TERM RESALE AGREEMENT 0 05/27/04 INTEREST UNITED STATES TREASURY NOTE 91282ECF5 10483.33 DUE 04/302006 2.250 FONT 11270769 IA RESALE INTEREST 5-140.576.508.39 5188.756.701.39 TOTAL -n C MISCELLANEOUS rn IHn IRMISACTION OtSCRP11011 DEBIT *MUNI 03W WOOst IRIDAY z 05/12/04 JOURNAL APR 04 SPEC CLEARING FEES 1.500.00 05/13104 JOURNAL FNMA-30YR(FNMA)GTO 32,031.25 SETT.0504 5.500 DUE 05/01/34 MBS NET 05/13/04 TOTAL S-1.500.00 532.031.25 r 027 052904 12 32 COI V931 PE805£00- 019- ANGS 17 7 8 IJ U.) U.) EFTA01321021 0.1.1110 11.0004 ITS OFFICE SERVICING YOUR ACCOUNT WHOLLY 0*.4= WS:SCARY Bear. Steams 6 Co. Inc. Ow Sams 54cistes COP BEAR 383 Madison Avenue 014 Mentech ton* Kali New Yak NOY York 1C179 .4eu Yon 112014/50 STEARNS FINANCIAL TRUST CO INC Slatimper PflaCO May 1, 2004 "McKim May 28. 2004 Trades Executed Pending Settlement ACCOUNT •0.440ER TAXIMNTSI KAMER On rile LAST STATDADC Apti 30. 2004 SE1110A(K1 TUX OUR tort TRANSACTION CESCISPON SNIODUCUSI, 0110/arr eta 06/01/04 05/2604 LfBO Audfin CREW AMOUI0 SOLD UNITED STATES TREASURY NOTE .25,000.000.00 100.1140 DUE05/31/2006 02.500% MN 31 25,030,207.65 0988016192099 YIELD 2.441 % TO MOURN`, GVER REV *G1471007 A3 0 06701/04 05/26/04 SOW UNITED STATES TREASURY NOTE -50400.003.00 100.1140 DUE 05/31/2006 02.500% PM 31 50.060.415.30 z 0989016192099 VELD 2.441 % TO MATURITY GAR REF • G1471007 63 m TOTAL 376.090.622.95 TS KA" Tidos 4* ROI ROOS 11a7 OM MOM Ili Mb sisionien, ci m z STOP End of Statement H r SESOSE00- 019- ANGS I8 IJ IJ IN) EFTA01321022 CLOSED beietaieb re weer Ow19 SteSSeAfre CSTICE SFAvERIG YOUR ACCOUNT bug burns Stesoes Cob Bear, Steams & Co. Inc. Oro labotebh Coma Nov, 383 Madison Avenue . Yen 11201-3359 BEAR New York. NOW YOrk 10179 STEARNS FINANCIAL TRUST CO INC STATSVENT Pfeb00 *11.2004 ACCOUNT oxcart( GNMA GOVT BONO winv.bearsteams can THROu0.4 Ape 30.2004 VISIT OUR LYCEUM A000tH7 NUYINER What's In This Statement 1111111111IIIIIII ibsPAVER MAZER on hp LAST STATDIPC Werth 31. 2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Trades Not Yet Settled 18 STE 83 ST THOMAS VI 00802 O m Your Portfolio at a Glance Market Value of Your Portfolio m Clio Equran S-12.163 TOTAL VALUE OF SECURITES DES PERIOD 13.163.012 $20.136 LONG ACCRUED *DIREST 212,890 allir incor sit: 6 37 1 .04 3.021E NET DE8IT BAUNCE -12.163 El asmm market rite xrr mum THIS PERIOD Si 3.363339 MI UM cants menet value C Short menet value r NET EMMY LAST STATEMENT 12,961.281 CHANGE SPICE UST STATEMENT 402.458 There are na 'Stop loss orders a other pending buy a sell open orders on file for your account. Tbs r4- bery lee be hlembiloree primes ettc.1:4 nb brad brae Oxubtric TS rabbet nt.10 to mannTor mw man sm re.n• 4. er rpnrt nemebebb 027 05101p4:13:17 001 V830 9£805£00- 019- ANGS 8 b.) IJ b.) 00 EFTA01321023 CLEARED 1L00001 NOSY C7AM.0 SASSI0LARY Bev. Stan Socu5Des CAA MYJMYA Cane North &RR" Nit Ret 11201.3449 FINANCIAL TRUST CO INC 2 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 077 05.101/04.13 17 001 V830 LESOSE00- 019- ANGS EFTA01321024 rtca.o mixouGm ITS 0/04.0 STASSARY OFFICE SERVICING YOUR ACCOUNT Bea, Sten SKulteS On. Bear. Steams & Co. Inc. one NN-S01 C•ne Main 383 Madison Avenue Now YW 112014859 BEAR New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 3 a •I stAreicEs7 PEA00 4r1 1.2004 TARETUCIT Avo 39 2004 4COCVNT WAND! Cash Flow Analysis Income Summary TAXPAYER %want On Fit FESICO YGOI TO an nes Nalco LAST STATOR/NT March 31, 2004 U.S. Govt. Bond Int. 167.034.09 167.034.09 OpeningBa lance 529.336.35 Got Agency Ire. 1.006.614.64 3.376.410.66 Securities Sold 262,416,355.93 Corp. Bond Int 202,418.63 832.120.57 Ohldends/Interest 1.376.137.05 69.69 69.69 Credit Balance Inc 0 Reverse Repurchase 1.534.74 1307.52 Amount Credited $283.792.492.98 0 -263.737.814.70 Total 51.377,671 79 54 378 942.73 Z Securities Bought Bond Purchase Int. -16.393.44 .219.193.47 T Funds Withdrawn -70.695.00 I I &broil Inc. Pald 0.00 .1.770.70 (*Mends/Interest Charged -16.393.44 Repurchase Int. Eqa. -29.010.01 .47.617.49 lacellancots -9.089.06 C in Amount Debited 5.263.833.992.20 Net CM Actlyey .41.499.22 Portfolio Composition slam LCIE Your Portt011o ClosingBalance S-12.162.87 Allocation CashiCash Eqavalent 12.163 Fixed Income 13.163.012 r snort Cash 8r EOMVale01—? Total 512.163 513.163.012 c1% Cash Balance Summary OPO4,4 Margie 29.336.35 .12.162.87 Net CashBalance 529.336.35 5.12.162.87 FaaG Income 99% LP...Wed xn-ors bK14 aei ben mitt AT.AI now vSaa. TN *Taw nfistrIKill lert,s1 Na Y.ARTYV "We wue aWY WU* 027 CiSolt4.13:17 001 Y830 8£805£00- IND- ANGS m 8IJ EFTA01321025 MLitt° ThROV3H rtS OFFICE SERYCMG YOUR ACCOUNT mato , Owt.40 WesCao Bear. Steams & Co. Inc. bar. Swan Scones Cat BEAR 383 Mattison Ayenue Ox uorrxech Censor lool, New Yak. New York 10179 bay,. Kew Yon 11701.3859 STEARNS FINANCIAL TRUST CO INC 4 one 3- mtwor Ft- ROO WI 1. 2004 Two - Apo! 30.2004 Your Portfolio Holdings ACCOU.0 swain CASH & CASH EQUIVALENTS Toxionft wtwate On Fie Lost TroTtWorr Muth 31. 2004 Disc-I"., 513.13CUCUSP /WM 03110.MITO CURRENT COMM PaCE VALUE Mit0.1.4 iikta.l 01110 t% CASH BALANCE .12.163 TOTAL CASH & CASH EOUIVALE NTS 5.12.163 FIXED INCOME Government & Agency Obligations -n DES07414101i SYNICVOUSP ACC! ACOWED 13110441113 014:411tt MA/OLIT YALIg alittfair 'MEM AMU& 1110314 TOM 09 FEDERAL HOME LOAN KITS CORP 31393FAF3 MRON WC 2530 CLASS SE 20.810.689 9.9449 2.069.594 54.630 1.311.073 63.3493 DATED DATE 10/11/02 in 80011 ENTRY ONLY DUE 02115/2032 6.300% FACTOR - .34684482 FEDERAL HOME LOAN MTG CORP 31393F086 MON 8.926.805 8.9198 796.254 SERIES 2526 CUSS SI 21.943 526,681 66.1448 DATED DATE 10.01/02 803IC ENTRY ONLY DUE 02/15122 5.9C0% FACTOR • .34 03684481 r FEDERAL HOME LOAN MTG CORP CFO'S 2488 CLASS SO 313927J32 MRGN 15.708.067 11.3318 1.780.011 45.160 1.083.857 DATED DATE 07108/02 80.8905 BOOK ENTRY ONLY DUE 03/15/2032 6.900% FACTOR - .31416139 •••- FEDERAL NOME LOAN MT6 CORP 3139216E2 MRGN SEWS 2483 CL SI. 18.122977 8.8592 1.605,493 44,550 1.069.220 66.5976 DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03/15/2032 5.900% FACTOR . .31416137 027 05/01/04:13:17 001 YB30 6£805£00- O19- ANCIS EFTA01321026 ammo nnouol rrs %%ICUS 0-0 SUBSOwlv OFFICE SERVICING YOUR ACCOUNT 114e. Sion Smote, Cap Beat Steams & Co. Inc. One 1Amoloro Cocoa North BEAR 383 Madison Annie AM 20 480 New Tort New `Ark 10179 STEARNS FINANCIAL TRUST CO INC 5 0.-r STATIPST P01;00 Apf11 1, 2004 nob:41W Awl 30, 2004 Your Portfolio Holdings (Continued) ACCOUPer NuweER TASK* NINSER Co File WIT IITATEL/ENT Mte01 31. 2004 Government & Agency Obligations (continued) ACC! ACCPUD3 ES1WATI:0 CURRENT DESOUPTION ST10801AUSIP nn OttiearlY Ka MAN '1111(51 P041 VIFID N FEDERAL NATiONAL MTG ASSN 313930206 MRGN 17.125,930 10.8689 1,851.402 14,032 1,010,430 54.2833 SERIES 2003.49 CLASS SW DATED DATE 04/3003 800K ENTRY ONLY DUE 01/2512033 5.900% O FACTOR - .70457480 Total Government& Agency Obligations 58.112.754 5180.315 55.001.261 B I Corporate Bonds 5 ACC! ALOUD ISTINATED 01451011 OLSCIPTY4 Sy1.10000.61P nPE OUANNTY Pea Mani Vial EVRNESI MOPS INCONE VOID MN m FANNIE 1AAE CMO/SERIES 2003-13 3139210K2 MRGN 33.990.953 14.8577 5.050.258 32.575 2,345,376 46.4407 SRCR-VO FUR DATED DATE 02/25/03 BOOK ENTRY ONLY DUE 03/25/2033 8.900% FACTOR . .67981909 Total CaporateBOods 55.050,258 532.575 52.345.376 TOTAL FiXEDINCOME 513,163,012 5212.890 57.346.637 r YOUR PORTFOLIOHOLOINGSACCRUED INTEREST 5212.890 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME 57.346.637 YOUR PRICED PORTFOLIOHOLDINGS 513.150,849 027 05/01/04:13:17 001 w330 017805£00- 019- ANGS rn I S b.) IJ 10 1.0 EFTA01321027 CiEulED niRouGH viNOLve 00.41:0 SUISOLOW OFFICE SERVICING YOUR Ara, 'NT Bear. Steams & Co. Ix. See. Sawn Swett. Cup. 383 Madison Avenue 0 Meinumn Croy Noll BEAR ow 10179 Omer. New Yen 11201.3859 STEARNS FINANCIAL TRUST CO INC 6 •It STAMENT ?Moo April 1.2004 notp."314 Aare 30.2004 Repurchase and Reverse Repurchase Transactions N:COUNT MAMA Tonven ram111111 On Fla with Bear,Steams& Co.Inc. outstanding as of date of statement usl errAresancr sawn 31.2004 PURL 1.50 RP1.11 04k54 PRIMO 11.110.11.51 Oftel/ ACOUD APO Cuwn11 SUM DAR DATE RATE pRINCIPA1 nntnsi- Ca DESCRIPRON YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 0408/04 05/10.04 1.300 .5,907.000 -5.332 -44,000.000 38374FDB7 SERIES 2004-5 CLASS P 5.8500 02/20/33 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC 0 (REPO) 04/08/04 07/08/04 1.340 -1712.000 -3.454 -44,389.962 38374F044 SERIES 2004.2 CRASS S 6.1000 01116/34 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC E I (REPO) 0408/04 07108/04 1.340 -8,258,000 -7.684 -10,000.000 38374FCN2 SERIES 2004-2 CLASS S 12.2000 01/16/34 YOU SOLO FHLMC• STRIP PRINCIPAL ONLY C (REPO) 04/26/04 05/10104 1.300 -200.000 -SO -5.000.000 3128HVABS in YOU SOLD FNMA-SANS PRINCIPAL ONLY z (REPO) 04/29/04 05/1004 1.300 4.260.000 -470 .15.ocaoao 3136FAU)1 SERIES 322 CLASS PO 03/01/32 YOU BOUGHT USER 2.25000030106 (REVERSE) 04/30/04 OPEN 0A50 50.000.000 1.875 50.000.000 912828CF5 TOTAL REVERSE REPURCHASE TRANSACTIONS 550.003.000 51475 r TOTAL REPURCHASE TRANSACTIONS 1-21.337.000 5.16.990 Ai of steren asap 027 05501.04.13 17 00I '.830 T17805£00- O19- ANGS EFTA01321028 CLEARED THROUCAT EFS was TETANE0 SuISCAARY OFFICE SEIWICANG YOUR ACCOUNT Dar Suns Sscultes C40. Bear. Stearns 8 Co. Inc. pat VOWS, taro tab 303 Mediu(' Avenue NEAT Yet 112010419 BEAR New YOlIk. New York 10179 STMRNS FINANCIAL TRUST CO INC 7 ells STATiteNT onto Apni 1.2004 THROWN API 30.2004 Transaction Detail 403DUNT SOBER TAXPAttlit MAMA On RI. INVESTMENT ACTIVITY LAST STATUISNI Match 31.2004 SETTUND/1 TRAM 531AIOUCUPT COMM Pea OW MONT CREDIT MOM DATE DATE DUSSACTON OLICRIPTION 04/02/04 SOLO UNITED STATES TREASURY NOTE 912828891 -10.000GO° 100.60158 10.060.156.25 04/05/04 DUE 01/15/2039 03.250% Al 15 ACCR. INT. 72.321.43 0988280293099 YIELD 3.113 %TOIMTURITY OVER REF • 60931017 Al 0 UNITED STATES TREASURY NOTE 912828822 -20.000.000 99.39063 19.878.125.00 04/05/04 04/02/04 SOLD DIE 02115/200903.000% FA 15 ACCR. WT. 82.417.58 z 0988280293099 YEW 3.136 %TO ARA Y ii GVER REF a 40931099AlA 04105.04 SOLD UNITED STATES TREASURY NOTE 912828000 .50.000,000 99.25000 49.625.000.00 04/06404 DUE 01/31/2005 01.500% MS 31 ACOL INT. 12295.08 C 0988016192099 YIELD 1.887%10 MAMMY OVER REF or G0961031 Al rn 04/08/04 04/07/04 BOUGHT UNITED STATES TREASURY NOTE 912828000 50.000.000 99.38281 49.691.406.25 z DUE 03/31/200601.500% MS 31 ACCR. WT. 16.393.44 0988016192099 YIELD 1.819 % TO MATURITY OVER REF • 60981006 Al 04/08/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31392R6U0 1 SERIES 2471 CLASS YT 1,000 DUE 03/15/32 ADJUST POSITEN r 04/08/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31392R600 1 SIRES 2471 CUSS Y1 1,000 DUE 03/15/32 04/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN 31393C2C6 1 SERIES 2003.49 CLASS SW 5610 CUE 01/2543 ADJUST POWTON 04/08/04 JOURNAL FEDERAL NATIONAL AEG ASSN 31393C2C6 1 SIRES 2003-49 CLASS SW 5.910 DUE 0125/33 027 05/01,04:13:17 001 V830 MOSE00- 019- ANGS EFTA01321029 CLEARED 72010e.n. rn OFFICE SERVICING YOUR ACCOUNT %Monty 020202 SuBSIONNv Bear. Steams & Co. Inc. Ow. Sion Secullan Cap. BEAR 383 Madson Avenue On Nented, Cony Nan lavOrter. New NN 20 INS New Yak, Nee Yea 10179 STEARNS FINANCIAL TRUST CO INC 8 's STAnbiENT mow %a 1.2004 .H4ouom Api 30.2004 Transaction Detail (continued) ACCalra mama TAXPAVM POSER On NO INVESTMENT ACTIVITY (cortinucce µ4T nuessmy Nam 31.2001 2111204170 WOE Can DAN MANSACI1ON DESCRPTIO2 st703.CuS• @WNW PRAT MM MOM etadi swum 04/1904 JOURNAL FEDERAL HOME LOAN MTG CORP 31392R6U0 SERIFS 2471 PASS Yr 1.000 DUE 03/18/32 04/15/04 04/06104 CANCEL SELL. FNMA-303994444)6TO 51197224 25,000,000 101.44922 25,362,304.69 SET104/03 0 CUE 04/01/2033 05.500% 0997260211332 REF • 2C04040557890:00 85 PS OF 0608/04 TO 01 PREVIOUS SEAL -n 04/15/04 04/02/04 BOUGHT FNMA-3011(9•49GTO 51197224 25.000,000 101.46438 25,371,093.75 SETT.04/03 DUE 04/01/2033 05.500% 0987280211332 REF # X04040258110030 8$ in 04/1904 04/06/04 SOLD FNMA.30YR(FNMA)G11) 5/197224 .25,000.000 101.44922 25,382,304.69 SETT.04/03 DUE 049112033 05.500% 0987280211332 REF 41 200404065788:000 B$ 04/15/04 04/0294 CANCEL BUY FNMA-30YR(FNMA)GTO 5N97224 .25,000.000 101.48438 25,371,093.75 5511.0403 OUE 04/01/2033 05,90% 0957280211332 RASEF • 2004040258110000 BS r OF 000204 TO 01 PREVIOUS BUY 04/15/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31392T6E2 -1.104.000 SEARS 2483 CI. 51. 5 910 UE RED03415432 So Du. UCTN 04.15-04 04/15)04 PRINCP/U. FEDERAL HOME LOAN MEG CORP 3139216E2 -120 SERIES 2483 CL SL 5.910 DUE 01/15/32 PRINCIPAL REDUCER 04.15.04 027 OG0104:13:17 001 V830 £17805£00- IN9- ANGS EFTA01321030 CLF.ARE0 1119000m ITS WsOLLY OwNED SVILSOLNW OFFICE SERVICING YOUR ACCOUNT Br. Sawn Sewires Carp. Beat. Stearns 6 Co. Inc. pR Mettiecii Cow Wen 383 Madison Arne Irtot1r. New York 112014859 BEAR Now York. New Yak 10179 STERNS FINANCIAL TRUST CO INC VAINEST PER00 AO 1.2004 n49O-.H AO 30.2004 Transaction Detail (continued) An* NT KLAIBER TAXPAYER wet On Fie LOT EITATOMWE Myth 31.2004 INVESTMENT ACTIVITY (continued) ETTLEMENT TRAM SILIOCt/CLIS, OMIT ow AMOUNT CAW AMOUNT S DM E IIMPWCTO1 INSCR.11CM 04/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -957.025 SERFS 2488 CUSS Se 6.910 DUE 03/1932 PRINCIPAL REDUCTN 04.15-04 04/15/04 PRINCIPAL FEDERAL HOME LOAN NTS CORP 31393FAF3 -1.214.000 SERES 2530 CUSS SE 6.310 DIE 02/15/32 PRINCPAL REDUCTN 04-15-04 0415104 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -164 ii SERIES 2530 CLASS SE 6.310 DUE 02/1932 PRINCPAL REDUCTN 04-15-04 C 04/15)04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F036 -620.819 SERIES 2526 CLASS SI rn 5.910 DUE 02/15(32 PRINCIPAL MUM 04-1544 PRINCIPAL FEDL HOME LOAN NTS CORPOS03602 3128141/AB5 126.480.85 0415/04 SERFS 223 CLASS PO DUE 12/01132 PRN R/D 03-04 P/0 04-16-04 REPO P o I 0.0000 PRINCIPAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 71.29390 04/16/04 r SERIES 2004-2 CLASS SG 12.220 DUE 0116134 PRP/ PM 04-04 IM) 04-16-04 REPO P I 12.2200 PRINCIPAL FEDERAL NATIONAL MTG ASSN 3136FAL01 286.865.75 Oisizeiee STRIP MTG SERIES 322 CL PO 0001 DUE 03/01/32 PAN RE/ 03-04 P/D 04-25-04 REPO P 6I 0.0000 04/2604 PRINCIPAL FANME MAE CMO)SERIES 2003-13 31392101(2 .1.161.000 S RCR-PO FUR 6.910 DUE 0325/33 PRINCIPAL REDUCTN 04-25-04 027 05/01/0413:17 001 9830 tr17805£00- 019- ANGS rEl 8 b.) IJ EFTA01321031 0.LOMO TW10.01 wriCt.tY DATED P-11310LARY OFFICE SERVICING YOUR ACCOUNT Beet Steams & CO. Inc. BAP. Sinn, SePellst Carp 383 Mattson Avenue On. APP5PCP COW North BEAR Nee YOrk. New Yak 10179 9. v /1201.1619 STEARNS FINANCIAL TRUST CO INC 10 ;, STATEVENT PIRCO AEA 1.2004 THRCYJP.1 VI 30.2004 Transaction Detail (continued) ACCOUNT MAIIRR TAXPAYER MAW On He INVESTMENT ACTIVITY (continued) LAST grArEuEin MVO 31.2004 SEMAIENT DUDE DATE DMt muscnou COMPTON STIAK40.60 FAJANmv PR= MKT AVOLIP(1 PACUP(1 04/26/04 PRINOPAL FANNIE MAE 04/SERIES 2003.13 31392J0K2 -340 S R044/0 FLTR 1910 DUE 03/25/33 PRINCIPAL REDUCTN 04.25.04 04/26/04 PRINCIPAL FEDERAL NATIONAL MT6 ASSN 31393C2C6 -585,127 0 SERIES 2003-49 CLASS Sw 5.910 DUE 01/25133 PRMCPAL REOUCIN 04-25-04 04/30/04 04/28/04 SOLD UNITED STATES TREASURY NOTE 912828CF5 -50.000.000 99.96700 DUE040012005 02.250%4 30 49.983.500.00 m 0988016192099 VIEW 2.267 TOmmultrY GvER NET r G1191005 A3 ci 701/.1 E.-100,441.198.13 5180,931,855.28 DEPOSITS AND WITHDRAWALS H DATE mos/troy MS /sync* oEm 41/C010 c pan MOAT 04/02/04 IND WIRED MDMEGV129522FNOSWIFIED TO 70695.00 FLEET NATIONAL BANK AC2387644020 042544. 4 r TOTAL 5.70.695.00 INTEREST PATE OESCRIP3.4 STIFOOLCAPP WHEW RATE DP DIr IMOUNI CREDO ANOXIC 04401/04 AVGBAL 245.10CRT 0.341 021 OFFICE WTEREST 0304 69.69 027 0901/04:13:17 001 11630 S17805£00 LAID ANDS EFTA01321032 LEM:ZOO-Via CLEARED TAMAN In TROLLY ONNE0 SUMO0Urr OFFICE SERVICING YOUR ACCOUNT M. Siam Senna Cart Dear. Steams & Co Inc. On Moen" woe nn 383 Madison Avenue Nat Yolt 11201.3859 BEAR New York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 11 Not STATEMENT MSC° Apt 92001 TIMOUDI API 30. 2004 Transaction Detail (continued) ACCOUNT MANS MAMMA MAMA Co in LAST STATEMENT MOTO 31.2008 INTEREST (commtect) DESCRENON SYMMUOJEIP 0.122411n pall OM DM MOUNT MDR mom DATE FEDERAL HOME LOAN NOG CORP 3139216E2 5.9100 94,69030 04/15/04 SERIES 2403 CL SL CM 03/15/2032 5.910 MEREST PAYMENT 04-15-04 313921332 6.9100 95,963.17 O 04/15104 FEDERAL HOME LOAN MEG COPP SERIES 2488 CLASS SO DUE Gm 5/2032 6.910 MEREST PAYMENT 04-15-04 31393FAF3 6.3100 115,814.02 -n 04/15/04 FEDERAL HOME LOAN MTG CORP SERFS 2530 CLASS SE DUE 02/15/2032 6.310 C MEREST PAYmENT 0445-04 FEDERAL HOME LOAN MEG CORP 313931'G86 5.9100 46,529.55 04/15/04 rn SERIES 2526 CUSS SI DUE 02/15/2032 5.910 INTEREST PAYMENT 04-15-04 FEDERAL HOME LOAN MEG CORD 313920643 1.0000 27.590.79 04f16/04 - 1 SERIES 2471 CLASS Yr DUE 03/1512032 1.000 4/15 Pfr TOW 04/16/04 GOVERNMENT NAMNAL MEG ASSN 39374FCM4 6.1100 221315.59 SERIES 2004-2 CLASS SR r COE 0116/2034 6.110 NT R/004-04 RD 04-16-04 REPO P &I 6.1100 38374FCM2 12.22® 100.617.41 04/16/04 GOVERNMENT NATIONAL MEG ASSN SERIES 2004-2 CLASS SG DUE 01H6/2034 12.220 M RA) 04-04 PO 04-16-04 REPO P 6I 12.2200 38374FD97 5.8600 214366.67 04/20/04 GOVERNMENT NATIONAL WIG ASSN SERIES 2004-5 CUSS PS CUE 0200/2033 5.660 R/D 03-04 M) 04-2044 REPO P 4I 5.8600 021 05/01/04:13:17 001 V830 917805£00- O19- ANGS 231 1 8 b.) IJ LA 1.0 0 EFTA01321033 GUAM TNIOUOn Rs OFFICE SERVICING YOUR ACCOUNT v4.0we GAM/ SUletture Bear. Steams a Co. Inc. Par. SUM* Semliki Cap. BU\IR 383 Madson Averwe One 1044.06r- Cater Net New Yo& New York 10179 mouses. STEARNS FINANCIAL TRUST CO INC amps!! P41400 April 1. 2004 TPROvOs Apr. 30.2004 Transaction Detail (continued) ACCOuNT NUMMI INTEREST (03etAluee) TAXPAYEll Klee on Cie VAT STATEMENT With 31.2004 OM OLSOPPROP. SIIRM.C.L6I0 Oaten" 411E ‘14.1 04/28404 FANNIE MAE CMOISERJES 2003-13 Can MOW OWN AMOUNT 31392.6382 6.9100 S RCR.vo FLTR 202.418.63 DUE 03/250033 6.910 iNTEREST PAYMENT 0425434 04/26404 FEDERAL NATIONAL MTG ASSN SERIES 200349 CUSS SW 31393=6 5.9100 DUE 01/25/1033 87.226.95 5.910 INTEREST PAYMENT 04-25-04 TOTAL 51,209,102.96 m REPURCHASE AND REVERSE REPURCHASE TRANSACTION with Bear,Stearns& Co.Inc. S ci suarmian (DAM m Ulf OM 1100ACTICI4 OESCIMICe. STI40/0.80 MURRY 04/05/04 DON PAO3u4T C R c.) ' AWL .I JOURNAL FEDERAL HOME LOAN MEG CORP 31392R6U0 -33.108.931 SERIES 2471 CUSS YE 1 000 DUE 03/15/32 H 4TIMARGN F0953142 Al REPO AGRED.0 04/0544 JOURNAL UNITED STATES TREASURY NOTE EOM 70040567 At 912828891 10.000.000 10.275.000.03 r 3250 DUE 01/1549 TERM REPO AGREEMENT 04/05404 JOURNAL UNITED STATES TREASURY NOTE rnm FC8601370 A2 912828822 20.000.000 20.250.03040 3003 EME 02/1/09 Meal REPO AGREEMENT 04/05/04 INTEREST UNITED STATES TREASURY NOTE 912828891 DUE 01/15/2009 A23.250 2.902.89 FIRA F0860657 REDO INTEREST 027 0541/04:13:17 001 1/930 L17805£00- O1D- ANGS ET1 8 IJ IJ EFTA01321034 atatED /MOAN ITS Waal 0111117 SLYISOW1Y arra SERVED/0 YOUR ACCOUNT Mw. Sara Santa Cap. Boar. Steams & Co. Inc. or. mosso caws Nom 383 MadIson Avenue ends" New wa 11201.3/“.9 BEAR New Yak. New Yak 10179 a STERNS FINANCIAL TRUST CO INC 13 an STArEUEV, PinX) Apr 1.2004 max*, Ata 30.2034 Transaction Detail (continued) ACCOaa saes 7.4/0aFR NUMMI On Fie 1/..51 Statata Mum 31.2004 REPURCHASE AND REVERSE REPURCHASETRANSACTIONS (crewed) 30310/041 TUN smactrcusw Mann+ DCW1 MGM 0111111 ALUM DM1 MANISACION mammon INTEREST UNITED STATES TREASURY NOTE 912828822 4.055.63 04/05/04 DUE 02/15/2009 3.000 FinA 10860670 A2 REPO EGOTIST RECEIVED UNITED STATES TREASURY NOTE 912828000 50.000.000 49,875,000.00 0 04/06104 DU5E 1.500 03/31120063/31/05 1. 00 COE 0 z NW P0971111 Al RESALE AGREEMENT ii JOURNAL FEDERAL NATIONAL MEG ASSN 31393C2C6 -17.711.056 1.492.000.00 04/07/04 SERFS 2003-49 CLASS SW 5910 DUE O1/25/33 C NW 10983225 Al REPO AGREEMENT rn JOURNAL FEDERAL NATIONAL MEG ASSN 3136FALO7 -5.054.105 3.906.000.00 04/08/04 ARP MEG SERIES 322 CL PO z 0.001 DUE 0301132 PIRA 10993098 81 REPO AGREEMENT JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 5.054.105 4.340.000.00 04/06104 STRP MTG SERIES 322 CL PO 0.001 DUE 0301132 FM 10843132 AZ r TERM REPO AGREEMENT JOURNAL EEC( NOME LOAN MEG 00/011503602 3128HVABS -2.930.616 2.157.000.00 04/06/04 crews 223 CLASS PO DuE 12/01132 ITIM 10993098 Al REPO AGREWENT JOURNAL FEDL HOME LOAN MTG CORNIS03602 3128HVA85 2.930616 2.376.000.00 04/08/04 <MCC 223 CLASS PO CAR 12/0102 arm 10683174 Al TERM REPO AGREEMENT _ 027 C6/01/04:13:17 001 Y830 817805£00 IN9 ANGS EFTA01321035 OtSiZZOO- V1.43 O.F.AR1D ilaasstri ITS orra sERViCAG YOUR ACCOUNT wiguy MECO DAMMAM Bear, Stearns & Co. Inc. Seas Suers SADastats Cap. BUR 383 Madson Meru, On Verpan Carat NAAS Nes York. New Yolk 10179 WadOr. 14e. Yoh 11201.1M STEARNS iMENNEN. FINANCIAL TRUST CO WC SEATTaahe PEROD API 1.2004 me:4.nm WI 30.2034 Transaction Detail (continued) ACOPEAST Nownst REPURCHASE AND REVERSE REPURCHASE YDCPAyER Na.,, On Fee TRANSACTIONS (continued) LAST STATFutor Mach 31.200E Sf 1Iltatra TIA31 DATE DATE IRMSECI101. DESCRPTION snmoLoar 04108/04 DAM 01ST MC141 JOURNAL FEDERAL NATIONAL MTG ASSN CREPT NA01r1 31393C2C6 17.711,056 SERIES 2003-49 CLASS SW 1,492,000.00 5. 0 DUE01125/33 I F0983225 Al TERM REPO AGREEMENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 0 38374FCM4 43.859,035 SERIES 2004-2 CUSS SB 100.000.00 6.110 DUE 01/16/34 z FILM F0853301 AZ TERM REPO AGREEMENT m 04108/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 SOWS 2004-2 CLASS SB -43.859.035 3.712.000.00 6,710 DUE 01/16134 MIA F0993100 Al REPO AGREEMENT 04/08/04 JOURNAL GOVERNMENT NATIONAL MFG ASSN 38374FCN2 m SERIES 2C04-2 LASS .9.880.598 8.258.000.00 12.220 DUE 0111 C 434 SG z FITIA F0993102 Al REPO AGREEMENT H ovoercur JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.880.596 Y 8.523.000.00 SERFS 2004.2 CUSS SG 12.220 DUE 01/1644 1171A F0843050 AZ TERM REPO AGREEMENT r 04/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 39374067 -44.000.000 SERFS 2034-5 CUSS PS 5.907.000.00 5.860 DUE 02/20133 FRIA F0993098 Al REPO AGREEMENT 04/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F0$7 44000000 SERIES 2004-5 CLASS PS 7.107.000.00 5.860 DUE 02RO33 TIM F0683172 Al TERM REPOAGREEMENT 027 05.131/04:13:17 001 V930 6780S£00 IND ANDS I tSEZOO- V.Li3 EFTA01321036 CLEARED THROUGH Re winILY Owe $4MSOMRY ocnCE SERVICII4 YOUR ACCOUNT Bun Sorra "nem ORR Bear, Steams & Co. lac. One Vane* G— Norin 383 Madison Avenue Row Tat 11201-3430 BEAR New Yeek, New York 10179 STEARNS NCIAL FINA TRUST C0 INC 15 NH STATE:Lea intROO Apal 1.2004 rmn0u0H WI 30 2004 Transaction Detail (continued) Accouvi mm602 Tonannen taUweER On fie LAST STATEUENT Wert. 31.2034 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (swarmed) STITUUMNI RUDE STVIOUCUS• OuvinTW OM /MOW CREDO WOW OM Del IIWISAG11011 OSSoremor; DELIVERED UNITED STATES TREASURY NOTE 912828CD0 -50.000,000 49.875.000.03 04106/04 CUE oit3u2006 1.500 1.500 DUE 03/31/06 FITM F0971111 A2 MINA RESALE AGREEMENT INTEREST FEDERAL NATIONAL MTG ASSN 3136FAL01 2.350.83 0008A34 MTG SERIES Ct STRIP CU 0.001PO E 03/01/2032 322 FIIFA F0843132 AZ -n MEN priltREST INTEREST FEOL HOME LOAN MTG CORP#503602 3128HVAB5 2659.80 04106104 SERIES 223 CUSS Po C DUE 1mi/2032 0.000 mu F0683174 /2 in REPO MEREST INTEREST FEDERAL NATIONAL MTG ASSN 31393C2C6 53.68 04/08/04 SEREs .49 CUSS SW DUE 01/20035/2033 5.910 R1 11.1 F0983225 AZ EPO MEREST INTEREST GOVERNMENT NATIONAL MTG ASSN 36374ECIA4 5058 0408/04 SERIES 2004-2 CUSS 58 DUE 01/16/2034 6.110 r FITM 10853301 AZ REPO INTEREST INTEREST GOVERNMENT NATIONAL MID ASSN 38374FCN2 4.618.63 04108104 SEREs 2004.2 CLASS SG DUE 12.220 (nut/2034050 A2 FM 104343 REPO INTEREST INTEREST GOVERNMENT NATIONAL MTG ASSN 38374F0B7 7.955.89 04/08/04 SERFS 2004-5 CUSS PS DUE 02/2W2033 5.860 FRIA 10683172 AZ REPO INTEREST 027 OW01/04;13:17 001 V830 OSSOSEOCIA19- ANCIS I8 b.) IJ 10 IJ EFTA01321037 0.CARED MOICarGar ITS OFFICE SETNICNG YOUR ACCOUNT WPM _1880 StAISCIARY Bear. Steams 6 Co. Inc. Be., Stara Sacularn Carp. BEAR 383 Madsen AvenLe one Verarerarn Caner WV, New York, New York 0179 paw n it 11201.1140 STURNS FINANCIAL TRUST CO VC 16 , • r STAIIPAINT ratiraDD Apra 1.2031 nerov09 499 30.2004 Transaction Detail (continued) ALCOIMT %Met REPURCHASE AND REVERSE REPURCHASE TRANSACTION TAXPAYCP Newt On He S (continued) LAST JITAIIPCNT March 31.2004 SETTLIMOIT :RACE DATE DATE IRINSACTKIN orscftwects 04/08104 SYPAPPLO.CPP CANTU DM APIXHI INTEREST UNITED STATES TREASURY NOTE CREW MACAW? 912828C00 CUE 00/3112006 1.500 1.177 60 FITm F0971111 A2 RESALE MEREST 04/16104 JOURNAL ADP CD FIDA-PR T1073248011 8888888 1.300.030.00 0 8.625 DuE 12/31/49 2074420692 04/26/04 JOURNAL FEDI. HOME LOAN MEG CORP4103602 3128111/ABS -2.930.616 m SERFS 223 CUSS PO 200,000.00 DUE 12/01/32 mM F1173164 AS REPO AGREEMENT ci 04/26/04 JOURNµ FEOL HOME LOAN MEG CORP*S03602 3128HVABS SERIES 223 CLASS PO -2,930,616 1,583,000.00 m DUE 12/01/32 RIM Mt73164 Al REPO AGREEMENT 04/2604 JOURNAL FEDL HOME LOAN MTG CORPOS03602 H SERIES 223 CLASS PO 3128IIVA8S 2,930,616 1.583.000.00 DUE 12/01132 Frtm F1173164 A2 REPO AGREEMENT 04/28104 JOURNAL FEOL HOME LOAN MEG CORPOS03802 r 3128HVA85 2.930.616 2,157,000.00 SERIES 223 CLASS PO DUE 1201/32 HIM F0993098 A2 TERM REPO AGREEMENT 04/26/04 JOURNAL ADP CO 8888888 MaPIP F1073248013 1.300.000.00 8.625 WEI V31/49 2074420692 04/26/04 INTEREST FEDI. HOME LOAN MTG CCRP.S03602 3128HVABS 1,402.05 SERES 223 CLASS PO DUE 7201/2032 0.000 FITM Fo993098 A2 REPO MEREST 027 05/01/04:13:17 001 V830 TS8OS£00 IND ANDS £PSEZZOO-Vin EFTA01321038 MIMEO TIMM RI PPM CMYLD SAMMAMPY OFFICE SEFMCING YOUR ACCOUNT Ohm Stem S400428. Cup. Bete. Steams & Co. Inc. OM lieutonn 0.44e Wei 383 Madison Avenue Wdof 112014259 BEAR New YCO New York 10179 STEARNS FINANCIAL TRUST CO INC 17 a al STATEMENT PEItC0 *1 1.2004 THROWN Apo 30.2004 Transaction Detail (continued) ACCOM N% 1R TAXPAYER MOM On He icon! nuece LAST STATOMP March 31. 2004 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS sonAmext Tux SMPOLCUSIP owner air MOM CREC41 /MOURN arc *Alt MAYS/41M OESCRIAMY4 04/28004 INTEREST ADP CO 8888888 357.14 DUE 12/31/2049 8.625 FIT/A-PR F1073248113 2074420692 04/29/04 JOURNAL FEDERAL NATIONAL PEG ASSN 3136FAU31 -5.054.105 3280.000.00 STIP FAG SERIES 322 a. PO 0001 DM 03/01/32 MA F1203206 Al REPO AGREEMENT m 04/29/04 ADURNAL FEDERAL NATIONAL MG ASSN 3136FALI11 5.054.105 3.906.000.00 STRIP TAM SERIES 122 CL PO 0.001 DUE 03/01/32 C FRM F0993098 82 TERM REPO AGREEMENT in 0029104 MEREST FEDERAL NATIONAL MTG ASSN 3136FAUH 2,962.05 STRP M1G SERIES 322 CL PO DUE 03/01/2032 0.001 MIA F0993098 62 REPO INTEREST RECEIVED UNITED STATES TREASURY NOTE 912828CF5 50.000.000 50.000.000.00 MOAN DUE 04/30/2008 2.250 2.250 WE 04/30006 FIDA F1210865 Al RESALE AGREEMENT r TOTAL 1-163.313.010 01 191 651 534.74 MISCELLANEOUS art 00111 MOM Cal MOM MOM TRANsAcoM OESCRPTON 0411404 JOURNAL FNMA-30YR(FNMA)GTEI 9,789.06 SETT.04/03 5.500 DUE 04401/33 M8S NET 04/14/04 027 05(01(04:13:17 001 v830 ZSBOSE00- 019- ANGS ITS 8 b.) 1,) U IO EFTA01321039 OLEAREo TAROV014 ITS OFFICE SERVICING YOUR ACCOUNT 1-0t&v °ANDO 1.10NCEUre Boar. Steams & Co. Inc. Am Stun, Sentra.. Co% BEAR 383 Madison Avenue One MAIEUton Coen Math York, New York 10179 lb NE. •On 11201-3659 STEARNS FINA NCIAL TRUST CO INC 18 • •• 8TATE242.7 PERICO AEril 1, 2004 En1100Cai AvIl 30. 2004 Transaction Detail (continued) ACC05242 MASA TAXPA9ER Wail On Fte MISCELLANEOUS (continued) LOT swain" WACO 31. 2001 OAR 59IDAY IROMEAC11010 015011/10/ OM MOUNT CREW AVIOuirl 04/21/04 JOURNAL MAR 04 SPEC CLEARING FEES 300.00 TOTAL 5-9.089.06 Trades Executed Pending Settlement sErnDAISI MADE DATE OAR TWASA0112111 0450011110N soectscuso OLOMIEI PIECE DEW WW1 05/13/04 04/7604 BOUGHT FNMA-30YR(FNMA)GTO MIT Hoerr 5/78487 25.000.000.00 101.1093 SETT.05/04 25.277.343.75 DUE 05/01/2034 05.500% 0987280211332 REF • 2034040657900020 BS 05/13/04 0407/04 SOLD FNMA-30YR(FNMAIGTEI 5/78467 -15.000.000.00 101.5825 SETT-0504 15.234.375.00 DUE 05/01/2034 05.500% 0987000510332 REF 0 2004040757540000 8$ T4iNaGUNO0 051130E 04/16/04 SOLD FNMA-JOTIqPNMA)GED 5/78467 -10.000.000.00 100.7500 SETT.05/04 µ 10.075.000.00 OUEDSM1/2034 05.500% 0987280211332 REF • 2004041857470000 BS TOTAL 25,277,343.75 325,309,375.00 rt. eta. noes to -a 0:M• M ary Ow soda, 41 em 027 05/01/04:13:17 001 V830 MOSEOCMANCIS EFTA01321040 CLtAltfil 110tOLCA ITS WSW, 04040 sus:UMW.. OFFICE SERVICING YOUR ACCOUNT Ow. Sheens Stosoes cm Bear. Steams & Co. Inc. Cne 14400)Kh Callow Win 383 Wason Avenue Ns. 03 20 3159 BEAR *v. Yak. New York 10179 STEARNS FINANCIAL TRUST CO INC STATEMENT PERIM rebury 26. 2034 ACCOUNT EXECUTIVE GINA GOUT BOND THROWN March 31. 2004 VISIT CUR WEBSITE wom.boarAteams.com ACCOVPIT laJtatil What's In This Statement II 70101•AVIlt Waal On Fee uST STAR-UM ASA., 27.2074 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holcangs 4 CAQ JEFFREY EPSTEIN Transaction Oetaa 7 6100 RED HOOK QUARTER Your Messages 16 STE B3 ST THOMAS V1 00802 O Z T T I Your Portfolio at a Glance Market Value of Your Portfolio m ,„„sa,„.„ .1 S29.336 TOTAL VALUE OF SECURITIES THIS PERIOD 12.671.042 7237.245 LONG ACCRUED INTEREST 260.903 2 671,042 ram 514,05.660 NET CREDIT SAUK( 29.336 Curren 01800 V3IJe NET EQUITY DeS PERIOD S12,961.281 Via Last steam:Ars market vale r NET EQUITY LAST STATEMENT 14,891.267 DIANGE SINCE LAST STATEMENT .1.929.986 There are no Stop Loss orders OF other pending buy or sell open orders on file for your account. gm TM unitary for literalnall00900tt c00.11. 0411440 III Mx Occ•nont Uattets103)00 es manta iv ygit Ma. 5« 500 ream a I/100tWS ininascs 027 040104.12 31 031 v929 VSSOSEOCIND- ANGS En I S IJ IJ EFTA01321041 OSARED ♦rtllhnn tIS ViMpux Oneato Stani0ORY Sc.. Steers ann., 8913 1)3t Ilcreuch C8ner .49Th PM. itt4 1+201.3819 FINANCIAL TRUST CO INC 2. 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE z r C27 04,11O1 12 31 CO1 8828 SS805£00- 019- ANGS EFTA01321042 WARE° 11410U0/1111 CRPRD SUBSCPRY OFFICE SERVICING TPA ACCOUNT Sew. Steams Swann Cap. Bum Stearns & Co. Inc. Ow Maraca) Corte Math BEAR 383 Madison Avenue linnahn Mn Tom 11201.3859 New Tort New Yak 10179 STEARNS FINANCIAL TRUST CO ANC 3 st swearer PERIM Feteuary 28.2004 naown March 31.2004 ACCOura WRIER Cash Flow Analysis Income Summary no. TAXPAYER Waal On FIt nes P0000 YEAR TOQUE LAST sr mesa Fatter, 27.2004 5237,245.02 Goat. Agency ht. 925.34142 2.369.796.22 Opening Eta lance Corp. Bond Int. 207.331.92 629,701.94 Securities Sold 79.344.186.00 Reverse Repurchase It. 0.00 1,772.78 DMdends/kterest 1.132.673.44 C) Total 51.132.673.44 53.001.270.94 Miscellaneous 431344.36 Bond Puchase Ire -26.831.32 -202.800.03 0 Amount Credited 580.908.703.80 Margin Int. Paid 436.94 .1370.70 -50.162.398.32 Repurchase Inc. Em. -13.749.27 -18.607.48 Semitic., Bought -n Olvdendsanterest Charged -27.368.26 Miscellaneous 40.926.845.89 C Portfolio Composition Amount Debited 541.116.612.47 in Net Cash Actinty -207.90367 Ca:AI/Cash Egtivalent 29.336 Fixed Income 12.671.042 ClosingBalance $23336.35 Your Portfolio Total 512.700.378 Allocation r Cosh & fault/Ant Cash Balance Summary <1% Ma,,' 237.24542 29.336.35 NetCashBalarce 5237.245.02 529.336.35 Flood MCOm0 _ 99% UnINCOS %Rea dexce. ORA Para mow eon now "Apes 1 acskr. oa Canoe Poe Pt *Plan nand at of not melba 9S8OS£00 IN9 ANGS 0401/04:1231 COI 1129 EFTA01321043 StSiZZOO- Vid3 Cantl.11 nalOuG/4 ITS mare (AWED SUPSOar OFFICE SERVICING MR ArnCOVI Bear, Steams & Co. Inc. bur Slums Stoats Cot. Cre Utett.teh Cote hoer BEAR 383 Madison Avenue Broaljn, kw York 11291.385.0 New York, New York 10179 STEARNS FINANCIAL TRUST CO INC 4 n•1 STATILHAT PTR*0 February 28.2004 THROJCAT Match 31. 2004 Your Portfolio Holdings ACCOUNT WARM CASH & CASH EQUIVALENTS TAXPAYER MAW On Fie LAST STATEMENT Fetruary 27. 2004 /WM IS111MTED CURRENT OISCIVICIN snazoruso CUAN117, PRICE VALUE Mt4ML *CO& PM 00 CASH BALANCE 29.336 TOTAL CASH & CASH EQUIVALENTS 529.336 C) 0 FIXED INCOME Government & Agency Obligations m att owns SVIABOLOJCIP ACCAUCO ESTWAIE0 CURRUIT no CLIAPIIITY MCI Ian VALUE MAW MINN. 'WINE VOID Oa FEDERAL HOME LOAN MTG CORP 31393FAF3 MRGN 22.024.853 8.5574 1.884.745 61.764 1.389.768 73.7377 SERFS 2530 CUSS SE DATED DATE 10111/02 rn BOOK ENTRY ONLY DUE 02/15/2032 6.310% FACTOR - .36708039 FEDERAL. HOME LOAN NOG CORP 31393FG86 MRGN 9.447.624 7.8198 738.786 24.816 558355 76.5774 SERIES 2526 CLASS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5.910% FACTOR - .36708088 r FEDERAL HOME LOAN MTG CORP 31392RBUO MRGN 33.108.930 1.8536 613.709 14.710 331,089 53.9489 SERIES 2471 CUSS YI DATED DATE 06/07/02 BOOK ENTRY ONLY DUE 03/15/2032 1.000% FACTOR . .33108931 FEDERAL HOME LOAN MTG CORP 313927132 MRGN 16.665,093 9.2678 1,544.495 51,180 1.151.558 74.5589 SERFS 2488 CLASS SO DATED DATE 07/08/02 BCPC ENTRY ONLY DUE 03/15/2032 6.910% FACTOR - .33330190 0•01/041231 COI V129 LS805£00- O19-ANGS EFTA01321044 0.69009 *ROUGH ITS 4140L1S Ova60 SUISSOvar OrriCE SEEMING YOUR ACCOUNT Bear. Steams & Co. Inc. Bat Sidra Sault:a C . One Memel On Nent. BEAR 383 Madison An Nat 112014459 New Yak Rea. Yak 10179 STBIRNS FINANCIAL TRUST CO INC $ STATEkEk7 PEPOCO reenter) 28.2004 am0v0. Myth 31.2004 Your Portfolio Holdings (continued) ACOCAPFT . 0.1ER TAxPiol, .1.4001 On Fie LAST STATMENT F1094.9 27. 2004 Government & Agency Obligations (ccntswed) ACCT ACCRUCO trP41710 CURRENT CCSOVIRON snmoucuser mt MCI MARKET VIII 110011777 MAW WOVE (%) FEDERAL HOME LOW MEG CORP 31392T6E2 MRGN 19,226,497 7.5582 1.455.093 50.503 1,136.286 76.0903 SERIES 2453 CL SI. DATED DATE 07/02/02 800K ENTRY ONLY MO36192032 5.910% FACTOR - .33330189 o FEDERAL NATIONAL MTG ASSN 31393C2C6 MRGN 17.711.055 10.1397 1.795.843 17,445 1,046.723 58.2859 z SERIES 2003-49 CLASS SW DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 0112562033 5.910% FACTOR - .72864740 Total Government& Agency Obligations $8.032.671 5220,418 $5.613.779 o in z Corporate Bonds sat AONVED 131141110 CURROIT DESOWIX.1 SIMOLCIAP "Of NC( Phalan "AWE entrasi MOM NCOME MD ea FANNIE MAE CMO/SEINES 2C034 3 313921042 IARGN 35,152.293 13.1951 4.638.371 40.485 2.429.023 52.3680 S RCR-VO FLTR DATED DATE 02625103 800K ENTRY ONLY r CAR 03/2 3 0% FACTOR -.7.70304589 Total ComorateBonds $4.638.371 $40.485 52.429.023 TOTAL FIXEDINCOME $12.671.042 5250.903 58.042.802 YOUR PORTFOLIOHOLDINGSACCRUED INTEREST 5260 903 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $8.042.802 YOUR PRICEOPORTFOLIOHOLOINGS 512.700.378 02/ 0401/04:1231 CO1 85805£00- IND- ANGS 171 8 IJ IJ Ln O EFTA01321045 MOM TAROUCEN rts %HOLLY OWNED EDMOND' OFFICE SERVICING YOUR ACCouNr Bete. Stearns & Co. Inc. F... Sietms SO:utei Cana 0-e PiefrotEch Caw Wm BEAR 383 Madison Avenue 1201.3859 Nes TA. New Ycsk 10'.79 STEARNS FINANCIAL TRUST CO INC 6 • c STATENENT KRICO TeDlyery 25.7004 THRODCA AWED 31. 2004 Repurchase and Reverse Repurchase Transactions ADOCANT AtAISER ?AVATAR NINU9 on me with Bear,Stearnsand Co.Inc. outstanding as of date of statement LAST ETATIDETTE Fetnagy 27.2004 PURCIUDV SIRAICITESt PAIDE4 TURCIALSE P I ACCAVED APO ounarry START DATE MD RATE PITTOPAL INRREST• DACE MOND OS, DESCRITOD‘ YOU SOLD GOVERNMENT NAT ONAL MIT ASSOC (REPO) 03418/04 04108/04 1.300 4.107000 4.159 44.0:0.000 38374F087 SERIES 2004-5 CLASS P 5.8600 02/20/33 YOU SOLD F H L M C • STRIP PRINCIPAL ONLY 0 (REPO) 03/08/04 0008/04 1.300 -2.376,000 -2.059 4.000.000 3128111085 YOU SOLD GOVERNMENT NATIONAL MTG ASSOC m (REPO) 03/24/04 04/08/04 1.300 8.523,000 -2.462 -10.000.000 38.374FCN2 SERIES 2004.2 CLASS S 12.2200 01/16/34 C YOU SOLD FNMA-SM8S PRNCIPAL ONLY (REPO) 03/24/04 04/08/04 1.300 4.340.000 -1.253 -15.000.000 3136FAL01 SERIES 122 CLASS PO 03/01/32 m YOU SOLD GOVERNMENT NATIONAL 1470 ASSOC (R010) 03/25/04 04/08104 1.300 -100.000 -25 44.389.962 383741044 SERIES 2004-2 CLASS S 6.1100 01/16/34 H YOU SOLD USTR 3.2500 01115.09 (REPO) 03/26/04 OPEN 1.000 .10.275.000 -1,751 -10.000.000 912828891 r YOU SOLD USER 3.000002115/09 (REPO) 03/26/04 OPEN 0.940 -20.250.000 -2.947 -20.000.000 912828822 TOTAL REVERSE REPURCHASE TRANSACTIONS so SO TOTAL REPURCHASETRANSACTIONS S-52071.000 545.666 I1W alsiari 65805£00 IND ANOS EFTA01321046 I SSEZZOCIL.43 CLEARER TICLON ITS verCIA9 GAD SuILSODWIr OFFICE SERVICING YOUR ACCOUNT Be c Scams s it cap. Boot. Steams & Co. Inc. One Afrivace. On NOT 383 MadImo Avarua liate 11201.309 BEAR New Yak. New York 10179 STEARNS FINANCIAL TRUST CO INC 7 errt ALAMEIN' PIRKO IRtnIlly 28.2004 TORLottl. Minh 31.2004 Transaction Detail scow, NviterN 'NORMA Nulieen On Ft INVESTMENT ACTIVITY LAM BTATOIENT Fans, 27.2004 StRIDAINT It.0 omit OAR mmeacroi DESCRPTIYI 01•XLCUSIP OW= Ma Mil AXIOM Char Nan! 03/05/04 PRINCIPAL FEDL HOME LOAN MFG CORPOS03602 3128HVAS5 -26.911 SERIES 223 CIASS PO CUE 1801/32 PRINCPAL REDUCTN 03-15-04 03)15/04 PRINCIPAL FEDERAL HOME LOAN MFG CORP 31392R6U0 -1.439.000 SERIES 2471 CLASS YT 1.030 DUE 03/15132 PRINCPAL REDUCTN 03-15-04 03415/04 PRINCIPAL FEDERAL HOME LOAN IATG CORP 31392R6U0 -543 ii SERIES 2471 CUSS Tr 1.000 DUE 03115/32 PRINCIPAL MUM/03.15-04 C 03/15/04 PRMCWAL FEDERAL HOME LOAN MTG CORP 31392T6E2 -835,948 SERIES 2483 CL SL in 5.910 DUE 0385/32 PRINCPAL SIMMER 03-15-04 03/15/04 PRINCIPAL FEDERAL HOME LOAN MFG CORP 313927/32 -724.581 SERIES 2488 CUSS SO 6.910 DUE 03/15/32 PRINCIPAL REDUCTN 03-1544 03/15/04 PRINCIPAL FEDERAL HOW LOAN MTG CORP 31393FAF3 -900.106 SERIES 2530 CUSS SE 6.310 DUE 02/15/32 r PRMICIPAL REOUCTI403-75-04 03115/04 PRINCIPAL FEDERAL HOME LOAN FRG CORP 31393F086 -386.103 SERIES 2526 CLASS SI 5.910 DUE 0V15132 PRLYCSIAL REDUCTN 03-1644 03/15/04 PRINCIPAL FEDL HOME LOAN Pac CORPOS03602 3128HVAB5 26.911.30 SERIES 223 CLASS P0 DOE 1201132 PRINCPAL PAYMENT 03-15.04 On ommotizal cm YNP 0980SEOCIN9- ANGS 8 b.) IJ LA In IJ EFTA01321047 owner IHROLvor Os WHOLLY Overela SAAGOARY OFFICE SERVICING TOM Afnry Wr Bear. Stearns 6 Co. Inc. By Mom Season COM 014 lAterrach Lerner ONO BEAR 383 Madison Avenue ereerto. Nor York 1120/.3859 New York. New York 10179 STERNS FINANCIAL TRUST CO INC 87ATEVEL1 IVACO FebnOly 28. 2D3I THROWN March 31. 2004 Transaction Detail (continued) .Lemon ILLAVER TOONOTA MASER al Fle INVESTMENT ACTIVITY (continued) LAST STAreirorr February 27.2004 90111MINT IRAK per DAR TIOAIICHY4 OESCRODOW SYMIOUCIOrn OuvalY MCI Oac Aµ:LNT MOH AUG VT 03/15/04 PRINCIPAL FEDL HOME LOAN MEG CORP/503802 3128HVA85 SERIES 223 CLASS PO 55.386.25 WE 12/01/32 PRIN R/0 02-04 PM 03-15-04 REPO P 6I 0.0000 03/2404 03/19/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 38374FCN2 9.880596 100.37500 9.917.849.04 SEWS 2004-2 CLASS SG DUE 01/1612034 12.220% ACCR. INT. 26431.31 0987022111332 REF • 2004031957100000 BS m 032504 PRINCIPAL FEDERAL NATIONAL MEG ASSN STRP MTG SERES 322 CL PO 31360101 210881145 0.001 DUE 03/01/32 ci PM 800244 P/003-25-04 REPO P 6I 0.0000 m 03/25/04 PRINCIPAL FANNIE RUE CMCVSERES 2003-13 313924)82 453.249 S R0140 RV 6.910 DUE 03/25/33 PRINCIPAL REDUC1N 03-25-04 H 032504 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 -429.899 SERIES 2CO3-49 CUSS SW 5.910 DUE 01/25/33 PRNCPAL REDuCni 03-25-04 r 0328104 03/2904 BOUGHT UNITED STATES TREASURY NOTE 9128288V1 utmost' CUE Dins/moo 03.250% 11 15 SPECIAL r4STRUCTIONS ACCR INT. 0.01 GVER REF • GO/351009 A3 AS OF 03/25104 03/26/04 03/25/04 BOUGHT UMTED STATES TREASURY NOTE 912826922 20.000.000 0.01 DUE 02/15/2009 03.000% FA 15 SPECIAL INSTRUCTIONS OVER REF • 608.51011 A' 5.9 944.480.37 5293.186.00 T980SEOCIND- ANGS rn 8 IJ IJ EFTA01321048 lA CLEARED 114NOUGH ITS NHJµV °AWED SJOSIYARY OFFICE SERVICING YOUR ACCOUNT Seer SW. SeCureSel CoS Bear, Stearns & Co. Inc. Ore Merobech Oven MEM BEAR 383 Madison Avenue SIS et 20 .use New York, New Yak 10179 STEARNS FINANCIAL TRUST CO INC 9 a .6 STATEMENT PteLl00 February 28. 2004 SEROWE Minh 31.2004 Transaction Detail (continued) ACOCAert NOME TAXPAWA SWAM On Flo INTEREST tint STATOMMT Ettaurry 27. 2004 0121 OLSCRODOS SYMIOUCUSI. WAMITI MR 09 01ST SWUM MET AMOUNT 03:0104 AVG BAL 161.125RT 4.137 536.94 021 OFFICE INTEREST 0204 03/15/04 FEDERAL HOME LOAN MTGCCRP 31392R6U0 1.0000 28,790.40 SERIES 2471 CUSS YT O CUE 03n5/2032 1.000 INTEREST PAYMENT 03-1504 03/15/04 FEDERAL HOME LOAN AEG CORP 31392T6E2 5.9100 98.73431 SERIES 2483 CL St DUE 03/152032 5.910 -n a4TEREST PAYMENT 03-15-04 03/15/04 FEDERAL HOME LOAN MTG CORP 313927/32 6.9100 100072.08 C SUES 2488 CUSS SO DuE 03/15/2032 6,910 INTEREST PAYMENT 03.1544 in 03/15/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.3100 120,46340 SERIES 2530 CLASS SE DUE 02/15/2032 6.310 INTEREST PAYMENT 03.15-04 03/15/04 FEDERAL HOME LOAN AEG CORP 31393FG86 5.9100 48.395.21 SERIES 2526 CLASS SI DUE 02/15/2032 5.910 *MEW PAYMENT 03-15-04 r 03/16/04 GOVERNMENT NATIONAL AITG ASSN 38374FCM4 6.1050 224.721.09 SERIES 2004.2 CUSS S8 DUE 01/16/2034 6.105 INT RA> 03-04 PO 03-16-04 REPO P 6I 6.1056 03/22/04 GOVERNMENT NATIONAL PATG ASSN 38374FD87 5.8580 214.620.63 SERIES 2004-5 CLASS PS CUE OV20/2033 5.858 NT RD 02-04 ND 03-20-04 REPO P 6I 5.6567 03/25/04 FANNIE MAE CMO/SERIES 2CO3-13 313921062 6.9100 207.331.92 S RCR4'O FOR DUE 03/25/2033 6.910 INTEREST PAYMENT 03.2544 OTC 04.01/04:1231 001 VS29 Z980SEOCIN9- ANGS EFTA01321049 0.244E2 TW00Lmi rtF ',wage MOM, Sulam...iv MICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Mat Sten Swinton Cup 0e Weraedi Min Mann BEAR 383 Mattison Avenue Romp New you 112014Ma Now York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 10 re •t mAmamT PEMO Fotruity 28.2004 m30004 Myth 31.2004 Transaction Detail (continued) AMORY? AMMER TAAAMt MAMA On Fik INTEREST (=timed) LAST enamor Feiner/ 27.2004 OAR ocsanenae STIOMUtuSP parry RAT[ CCM ALCM MEM MONT 03/25/04 FEDERAL NATIONAL MTG ASSAI 31393C2C6 5.9100 89.344.20 SERFS 2003-49 CLASS SW DUE 01125/2033 5.910 0 INTEREST PATIADTT 03-25-04 TOTAL 5.536.94 51.132.673.44 0 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Steams 8, Co.Inc. L I SETROAMT TARE qR fltuiSACTIN CMCRIMON MAJOUCUSI OUONTITT ow MOUNT CAECA 1410.na C 03/01/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3135FALCI1 5.551.880 4.362.000.00 STRIP AEG SERIES 322 CI PO in 0,C01 DUE OW01/32 PAM F0583100 82 TERM REPO AGREEMENT 03/01104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAU:ll .5.551.860 4.382.000.00 STRIP MTG SERIES 322 CL PO 0.001 DUE 03001132 FITM F0613264 81 REPO AGREEMENT 03/01/04 JOURNAL FEDI HOME LOAN MTG CORPArS03602 3128HVA84 2.112.812 1480.000.00 r USES 223 CLASS PO DUE 12/01/32 RDA F0563100 AZ TERM REPO AGREEMENT 03/01/04 JOURNAL FEDL HOME LOAN MTG CORPOS03602 3128115%85 -2.112.812 1.591.030.W SERIFS 223 CIASS PO WE 12/011 FM F0613 32 264 Al REPO AGREEMENT 03/01/04 INTEREST FEDERAL NATIONAL MI6 ASSN 3136FALQ1 472.55 STRIP TAM SERIES 322 CL PO DUE 03/01/2032 0,001 FMA F0583100 BZ REPO WTEREST 027 0410144.12-3I VIM £9805£00- IN9- ANGS EFTA01321050 r. AssAn TEOTOLOTE ETS yAIDLEY OwneD SueS0vav OFFICE SEFMCING YOUR ACCOUNT Bet. Swans SAATATTE Cap. Be.:. Stearns A Co. Inc. Ono IATA-Asch Cant /dam BEAR 383 Madison Mena &cone% kat rat 11201.3.969 New York. New Ycek 10179 STEARNS FINANCIAL TRUST CO INC 11 cc STATEWSY PERETO reteutry 28.2004 TE•tou3a March 31.2004 Transaction Detail (continued) AcccuAT Aram EmpAren NAST On FM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAS7 STATDeT rebury 27.2004 9.011.003if TRADE DUE DATE litEASACTON DESOWITOTE SIUOUCUSAT EPAVITIEY DEBIT AMOUNT CREDIT AMUR 03/01/04 INTEREST FEOL HOME LOAN IATG CORP, S03802 3128IIVA85 171.17 SERIES 223 CLASS PO DUE 12/01/2032 ELCOO FIIIA F0583100 AZ REPO INTEREST 0 03108/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 -5.340.971 307.000.00 SNP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 WM F0683174 83 REPO AGREEMENT -n 03/08.04 JOURNAL FEDERAL NATIONAL MTG ASSN 313601.01 -5.340.971 0 4.37.030.00 SNIP MFG SERIES 322 a PO 0001 DUE 03/01/32 C FinA 10583174 B1 REPO AGREEMENT in 03/08/04 JOURNAL FEDERAL NATIONAL MTG ASSN SNIP MTG SETtIES 322 a PO 3136FAL01 5.340.971 4,307,000.00 0.001 DUE 03/01/32 am F0683174 82 REPO AGREEMENT 03/0804 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 5.340.971 4,382,000.00 STRIP MIG SERIES 322 CL PO 0.001 DUE 0301/32 FRU F0613264 82 r TERM REPO AGREEMENT 03/08/04 JOURNAL FEDL HOME LOAN MTG CORPeS03602 3128HVA85 2.057.426 1.591.000.00 SERIES 223 CLASS PO DUE 12,01/32 HIM F0413254 AZ TERM REPO AGREEMENT 03,09/04 JOURNAL FEDL HOME LOAN MTG CORPeS03602 3128NVA85 4.057,097 2,378,000.00 SERIES 223 CUSS PO DUE 12431/32 MN F0683174 Al REPO AGREEMENT 027 04/01134:1Z31 C01 VU) P9805£OO- O19- ANGS In 8 IJ IJ LEI a'T EFTA01321051 0-Lunio TraCcOM VINOLLY OmPLO SUPS/PAW OFFICE &ERVEN& YOUR ACCOUNT Bear. Steams & Co. Inc. Ilear. Sperm Si.o.nneS Co. ON 1APULOXII Una Rath BEAR 383 Madtson Avenue &WWI Mee York 11201.3859 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 12 t• STAMM."' PERM Feetvacy 28.7004 11111C00.1 March 31.7004 Transaction Detail (continued) ACCOUNT PVARIR TAXPAYER WARRR On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COMMAS) LAST STA:Melt Fotrue9 77,2004 SETTLEMX1 TRAM DATE art IRAX94110.4 OESOIMMON STNIEUCUSIP °WRIT IMO PACJIT CAM/ MOM 03/08/04 JOURNAL FEN HOME LOAN MTG CORPES03602 3128KVABS 3.067.097 2.376.000.00 SERFS 223 CIASS PO DUE 1801132 C) nim F0683174 A2 REPO AGREEMENT 0 03/08/04 JOURNAL FEDL NOME LOAN MTG CORPeS03802 3128INAB5 4,057.097 2,376,000.03 SERIES 223 CUSS PO DUE 12/01/32 MEM F063174 A3 REPO AGREE8MENT m 03/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCm4 44,168,735 2.000.000.00 SERIES 2004-2 CLASS ST3 6.105 DuE 01 el 8/34 C FILM F0423194 AZ TERM REPO AGREEMENT m 03/00504 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 -44166,735 4,544,000.00 SERIES 2004-2 CUSS 58 6.105 Du( 01/3634 FITM F0683173 81 REPO AGREEMENT 03/08/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 44/200.CW 6.209.000.00 SEEKS 2004-5 CUSS PS 5.658 DUE 02/20/33 RIM P0373123 62 r TEAM REPO AGREEMENT 03638/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F067 44,000,000 7,107,000.00 SUES 2004-S CLASS PS 5.858 DUE 02/20/33 FPM F0683172 Al REPO AGREEMENT 0303/04 INTEREST FEDERAL NATIONAL MTG ASSN 3136FAL01 1,107.87 STIPP MPG SERFS 122 CE PO DUE 03/01/2032 0.001 FILM F0613264 BZ REPO INTEREST 072 04.01/04:1831 001 V829 S980SEOCIN9- ANGS rn I8 1,4 IJ 1-91 EFTA01321052 014840 11010tra 7$ VEMCUM OPTIE0 SUISOARY OFFICE SERVICING YOUR ACCOUNT M. Saes SEAMS Cap. B&&. Stearns & CO. Inc. 0* Ustalch C— Pt BEAR 3B3 Maclean Avenue treat!. Nw Tort 112014139 New York. New York 1017' STEARNS FINANCIAL TRUST CO INC 13 ow STArniam PERO° Febnary 28.2004 Papua, March 31. 2001 Transaction Detail (continued) ACCOLN- .ELVIMR taaALTR mann/ 01 Pb REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST SIAM Pea retina, 27.2034 SETTLDADR MICE DATE DATE EP/AMAMI OLSCRIPPON Symeoueuse WWIEY DEM AMOUNT CREW AI/Olta 03/08/04 INTEREST FED(. HOME LOAN MTG CORP*S03502 312810/A85 402.17 SERE% 223 CUSS PO DUE 1V01(2032 0.001 FRA1 10613254 AT REPO INTEREST 0 03/08/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 38374FCM4 1.87738 SERIES 2004-2 CLASS 58 DUE matzos 6.106 film 10423194 AZ REPO INTEREST -n 03/C6/04 INTEREST GOVERNMENT NATIONAL MTG ASSN 383741097 6.950.63 SERFS 20044 CLASS PS DUE 02/20/2033 5.858 C RDA F0373123 B2 REPO NTEREST in 03/19/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 5.340.971 307.000.00 SNP MTG SERIES 322 CI. PO 0.001 DUE 03/01/32 FILM 10683174 B4 TERM REPO AGREEMENT 03/19/04 NTEREST FEDERAL NATIONAL MTG ASSN 3136FALQ1 121.95 STMP MFG SERIES 322 Cl. PO CUE 03431/2032 0.001 F1TM F0583174 64 r REPO INTEREST 03/24/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 -5,340,971 4.340.000.00 SIRP MG SERIES 322 CL PO 0001 DUE 03/01/32 FRM F0843132 Al REPO AGREEMENT 03/2404 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374R:144 .43.859.035 552.000.00 SERIES 2024-2 CLASS SO 6.110 DUE 0116/34 F111.1 /0643136 Al REPO AGREEMENT 027 04/0034.12:31 Dal via 9980SEOCIND- ANGS 171 8 IJ LJ LA 00 00 EFTA01321053 =ARCO THROUGH ITS WHOLLY Gate SUMMARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams b Ca Inc. NW. germ Sabin CO,. ale *MUCK CRIB Math BEAR 383 Madison Avenue 11201.38 Nevi Yak. New York 10179 STEARNS FINANCIAL TRUST CO INC 14 one STATEUFHT PER= Pattaly 28.2004 THROUGH Wirth 31.2004 Transaction Detail (continued) /Otani, TAXPAYER humw0 On Ne REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) vat STATDIENT Fetquery 27. 2004 smarm Ina DATE OAR ntrasMnai DE5CF4PnON 804824=50 0010007 DWI AVOW MCC evOoro 03424/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 43.859.035 4.544.030170 SERIES 2C04-2 CLASS SO 6.110 DUE 01/18/34 nu' F0683172 82 TERM REPO AGREEMENT 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FC62 4.880,596 9.021.000.00 SERIES 2004-2 CUSS SG 12.220 DUE 01/16/34 FITIA F0843060 Al REPO P4RUPADET -n 0324/04 JOURNAL GOVERMIAENT NATIONAL MTG ASSN SERIES 2004-2 CUSS SG 38371/7/02 9.880196 6.021.00.6.00 12.220 DUE01/16/34 C F014 F0843050 42 REPO AGREEMENT in 03/24/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCN2 -9.1.3.596 8.523.000.00 SERFS 2034- USS 12.220 DUE 021/C 16/34 SG FIlM F0843050 A3 REPO AGREEMENT 0324/04 DETEREST GOVERNMENT NATIONAL MTG ASSN 38374P,A4 2.625.42 SERIES 2004-2 CUSS 58 DUE 0166/2034 6.110 FMA F0683172 82 r REPO /MEREST 03/25/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCM4 43,859.035 700,000,00 SERIES 2004-2 CLASS 58 6.11000E 01/16/34 FITIA F0853301 Al REPO AGREEMENT 032504 JOURNAL GOVERNMENT NATIONAL NM ASSN 38374R:114 43.859.035 S52.000.00 SERIES 2004-2 CLASS 58 6110 DUE 01/16/34 FM F0843136 A2 TERM REPO AGREEMENT 027 04101.04.121I 001 NM L980SEOCIA19- ANGS rn I8 b.) IJ EFTA01321054 to LEO= Tnectra. Is W.I0.17 OARED SUBSIDIARY OFFICE SERVICING MAI ACCOUNT km. Sten WWI* Cop. Sem. Steams 8 Co. Inc. Or 1Aelnach Dols Nat BEAR 383 Madsen Avenue Ise WO 1120, 0350 New Yock. New Ycik 10179 STURNS FINANCIAL TRUST CO INC 15 or in armee, Poem Fetruwy 2&2004 DIADUCI4 march 31, 2304 Transaction Detail (continued) ACCOuPrt Wan TAXPAYER MASER CO Fro REPURCHASEAND REVERSE REPURCHASETRANSACTIONS (continued) LAST STATOWINT Febnary 27.2004 Similar MSC 040 DATE DIPASACTON DESCRIPTOR SYMBOUOAIP ouNalre or MOM OMIT wane 03425/04 INTEREST GOVERNMENT NATIONAL MEG ASSN 38374FCM4 19.93 SERIES 20048 CLASS 56 MX 0111642034 6.110 F1TM F0943136 A2 REPO MEREST 03/26404 JOURNAL UNITED STATES TREASURY NOTE 9128288V1 .10.CC0803 10.275.000.00 F1TM F0860667 Al 3.250 DUE EMI VW REPO AGREEMENT -n 03/26/04 JOURNAL UNITED STATES TREASURY NOTE 912828822 -20.000.000 20.250.000.00 RIM F0860670 Al 3000 DUE 02415/39 REPO AGREEMENT C TOTAL 3.48244.749.27 179.051.000.00 in z MISCELLANEOUS J DAR Know DIANSACTION 0/33001011 DEW MOM CREW MOM 03/01/04 JOURNAL FITG RIM 38513.00 03102/04 JOURNAL FRG FIRM 222.355.00 r 036464 JOURNAL RTG FiTm 380 03/1164 JOURNAL MG FRM 58.30980 03/12404 JOURNAL MG Fine 113.00 0341564 JOURNAL FITG FRM 22800 03415404 JOURNAL FEB 04 SPEC CLEARING FEES 450.00 03419/04 JOURNAL FITG ATM 58.990.00 03/23/04 JOURNAL FRG TO ATM 431.728.00 03/2564 JOURNAL MISC ADJ TO CASH BAL 0.50 027 004044:12:31001 VSL 8980SEOCIN9- ANGS IJ IJ ,) U a O EFTA01321055 CUOMO 11010u0n ITS orncc SERVICING YOUR ACCOUNT SOOLLo INME0 SUSSICUJIY Bear. Steams a co. Inc W. Munn Stone. Cop. Cr* Mee eon Comet 11011 BEAR 383 Madison Avenue Illy Yon 112010859 Now Not New York 10179 STEARNS FINANCIAL 'must CO INC 16 one STATEUCC nro00 rebury 28.2004 wawa. Medi 31.2004 Transaction Detail (continued) ACCOvic1 MAO - ASSAYER µA.91 On ON MISCELLANEOUS (continued) LAST STATO/C/iT Feeva-y 27.2004 DATE MO AY nursAcTori murmur Can mann CREW SWUM 03/25104 JOURNAL MISC ADJ TO CASH 8AL 0.38 03/3004 JOURNAL Firm TO FITG 30,353,002.38 TOTAL S-30,926.845.88 $431,844.36 0 9 1 Your messages C in Excess SIPC Account Protection Update IOW Effective The Firm believes it is of the utmost Importance that clients who purchase or February 16, 2004, the commercial insurer through which Bear. hold mutual funds fully understand the intricacies of the pricing structures and Steams Secwities Corp. obtains excess SIPC protection changed to Customer rules which govern these investments. Recently. a joint Industry/NASD Task Asset Protection Company ("CARCO% a New York licensed instance Force colaborated to create a Disclosure Statement to address these issues, company. CAPCO has an A+ financial strength rating from Standard and We are providing this Disclostre Statement to you for the purpose of Poor's. reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your r Investments. Additionally, you may review this information online at the following NASD web site: hughtwriv.nasdr.com/breakpoints_statement.asp End of Statement _ 69805£00 INS ANGS 027 0411,4:12.31 001 1529 I9Sai:00V1.43 EFTA01321056 OZ CD notetno ITS v.O.TT anew wavelet.* cfnCE SOlyCeM YOUR ACCOUNT e.g Swann Scones Cn Beer. Stearns & Co. 0-• Liscrecon Cenete Abet ave, BEAR 383 Madrson Avenue &nee . Now Yen 112014659 A 10179 STEARNS IS FINANCIAL TRUST CO INC STATEuecT PE,00 lenity 31.2004 ACCOUNT D1CUTNE GNMA GOVT BONO DSO OUR YeteSTTE venebeatsteams.corn MIROUOI Febtvary 27.2004 ACCO-147 VIA/St R What's In This Statement Ilirillirrittllll II TAxeRerst vwrn Cn Tile LAST STATieveve Ana ry 30. 2004 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio HolrengS 4 OD JEFFREY EPSTEIN Trantanban Detail 7 6100 RED HOOK QUARTER Your Messages 18 STE 83 0 ST THOMAS VI 00802 0 Z T r l Your Portfolio at a Glance Market Value of Your Portfolio m Cash a Eq.netent 5231 24 5 TOTAL VALUE OF SECURII%S THIS MOO 14.475.669 I ) 5.13 933 518 LONG ACCRUED INTEREST 178.353 rzed $14,475,669 Itorra S32.720.098 NET CREDIT BALANCE 237.245 Cumit meat Ss IC EQUITY mei memo 514.891,267 in Mtwara meat Cj Sew wee Sue r NET EQUITY IAST STATEMENT 19,401,851 CHANGE UNCE LAST STATEMENT -4.510.584 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Ilk sumo" 1$1:(Orfarlebnel en..., MY.Tara Medea nolo iltonsat SIN nis Varner. Vold be Mimeo for >cur recolls See reverse V& for rue rt.:nine-A 027 02,21INTI I 12 001 1925 OROSEOCIN9- ANGS rn I S b.) IJ to 10 1.0 EFTA01321057 0-20120 11.1140C. rts 04040 SV0801.20 Bow Sure SeCulDp1 Cap. Crolareetec, Cam ikelh Mow up ino1.111.1.9 FINANCIAL TRUST CO INC 0 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 027 11240104.11:32 aol Pen IL805£00- O19- ANGS 8 IJ V.2 In CT W EFTA01321058 0..EARED Deal AI Amax OV&CO 101000ARY orricE sERVIcyc YOUR ACCOUNT 040 SNOTS Saes c_ Bear, Steams & Co. Inc. a.. lateue, Crow Nes BEAR 383 Madison Avenue ~i eet tot 112014469 New Matt. New York 10179 STEARNS 0.8.1981.= FINANCIAL. TRUST CO INC 3 a •I SWMunn stm00 Jaruary 31, 2004 1S110u0s creme, 27.2034 ACOOLIST SLUMS Cash Flow Analysis Income Summary Tssiseern htsant On NO DOS POIOD nu 042100 WARM OAR LAST /STATtvisT .larAuty 10. 2004 OpeningBalance 5.13.933.517.82 Goa. Agency Im. 935.62164 1,444,454.70 Corp. Bore Int 210,215.02 422.37102 Securities Sold 47.957.263.09 Reverse Reptrchese Int. 353.90 1,772.78 DIA.:lends/Inteest 1.163.014.99 Total 51,146,189.56 51.888.597.50 0 lAscelleneous 12,615.00 Bird Purchase Int. 0.00 -175.968.71 0 Amount Credited 549.132.893.08 Margin ke. Paid -1,233.76 -1.233.76 -34.888.580.15 Repurchase Ire- Exp. -4.858.21 -•158.21 Securities Bought e l Diddends/Interest Charged -18.413.09 Miscefamous -55,137.W C Amount OWited 5-34.982.130.24 Portfolio Composition in Net Cash Activity 14.170.762.84 Cash/Cash Equivalent 237.245 Filed Income 14,475.669 Closimy Balance 5237.245.02 Your Portfolio Total 514.712.914 Allocation r Cash Balance Summary COMM as wen -13.933.517.82 237.246.02 Net CashBalance 5-13.931517.82 5237.245.02 - ram hC011e 99% 11.01000 row• Oenalt 0.01 001•%1 it VIA inns: .44n TTe Monson taasouse denTO 027 02,2604.11.32 001 VSZS ZL805£00- O19-ANGS P1 IJ EFTA01321059 =ARLO intarai as w,asv 02020 $4.1190030 OFFICE SERVICS5 YOUR ACCOUNT Bear, Steams & Co. Inc. Bs. tors Serucust 022 Corte North BEAR 383 5.43chson Avenue atwo‘ Plat vas 1123218S9 New York, New York 10179 STEARNS FINANCIAL TRUST CO INC 4 0, 0. smo.r.ww• PereCO January 31. 2004 ThROLOn Ftttu 27.2004 Your Portfolio Holdings AceCtliT LAMP CASH & CASH EQUIVALENTS TAIPAYER MEMBER On File LAST STATVWMT lectors 30.2054 etsozonck ISTIVATED O. SnASOLCvSIP OutVens PRCE watt 0244 SCOW 11110 lw CASH BALANCE 237.245 TOTAL CASH & CASH EQUIVALENTS 5237.245 FIXED INCOME Government & Agency Obligations -n OESOISPTION ACV MCBAD [SWAM Waluer STIMOUCUSI mit 0(2111Tt VARSE7 VMLE 12702211 AMYL DIMAS 00.0 rW C FEDERAL HOME LOAN MTG CORP 31393FAF3 MRGN 22.924.959 8.8816 2.036.100 48.180 1.445.419 70.9896 SERIES 2530 CLASS SE DATED DATE 10/11/02 in BOOK ENTRY ONLY DUE 02/15/2032 6.305% FACTOR .19206265 FEDERAL HOME LOAN MEG CORP 31393FG86 MRGN 9.833.727 8.0878 795.328 19.357 590.682 73.0116 SERIFS 2526 CUSS SI DATED DATE 10101/02 BOOK ENTRY ONLY DUE 02/15/2032 5.905% FACTOR .38208264 r FEDERAL HOME LOAN MTG CORP 31392R6U0 MRGN 34,548.473 2.0083 693.849 11.520 345.485 49.7925 SUES 2471 CIASS YF DATED DATE 06/07/02 BOOK ENTRY ONLY COE 0115/2032 1.000% FACTOR . .3454%474 FEDERAL HONE LOAN MTG CORP 313927/32 1ARGN 17.389.674 9.7269 1.691,474 40,025 1,200.757 70.9888 SERIES 2488 CUSS SO DATED DATE 07/08102 BOOK (WRY ONLY DUE 03/15/2032 6.905% FACTCR .• .34779352 027 02,2004.11:32 081 EL805£00- O19- ANGS EFTA01321060 CLEARED nOTOLGIT ITS WITO.LY ONO) SURSOARY OFFICE SERVICING YOUR ACCOUNT Mee Remo sotto Coo Bette. Steams & Co. Inc. OR IleTnOch Wier Tat BEAR 383 Madison Avenue boar. Nor Tot 11201.3$39 No. York New York 10179 STEARNS FINANCIAL TRUST CO INC 5 a .4 STATOTOTT PORT00 lovely 31.2004 oiRoubi Feenag 27.2004 Your Portfolio Holdings (continued) ACCotrir TRATTINR moovirit NumER On no lAST sTATELTENT /anon 30 2004 Government & Agency Obligations (continued) /cc ACCRUED ESTOOTED CURRENT DESCRIPTOR rivecmcus• Tin PRICE MARKET YALU( MEREST NIRO TICOME YIELD 09 FEDERAL HOME LOAN MTG CORP 3139276E2 PARGN 20,062,445 7.8695 1.578.811 39.491 1.184.687 75.0367 SERIES 2483 Cl. Si. DATED DATE 07/02/02 BOOK ENTRY ONLY DUE 03115/2012 5.905% FACTOR . .34779351 FEOL HOME WAN MTG CORPOS03602 3128HVA85 MRGN 1,026.582 83.1875 853.988 SERIFS 221CLASS PO DATED DATE 12/01/02 -n BOOK ENTRYONL DUE 12/01/2032 Y FACTOR . 62787892 C FEDERAL NATIONAL MTG ASSN 31393C206 IARGN 18.140.954 10.8000 1.959.214 5.955 1.072.130 54.7225 SERFS 2003-49 CLASS SW in DATED DATE 04/30/03 BOOK ENTRY ONLY DUE 01/25/2013 5.910% FACTOR . .74633379 Total Government& Agency Obligations 59.608.764 5164,528 55.829.160 Corporate Bonds r °MOMS SOMDLCUSIT ACC! no( COVOITT MEE LOOS OWE ACCRUED INTEREST (SITUATED AXIOAL 'RECCE CURRENT VELD OR FANNIE MAE CMOISERIES 2003.13 31392113K? MRGN 36,005.542 13.5171 4.868905 13.825 2.487.983 51.1204 S RCR.V0 FUR DATED DATE 02125/03 BOOK ENTRY ONLY DUE 03/25/2033 6.910% FACTOR - .72011086 Total Cmporate8onds $4,888,905 513.825 52.487.983 TOTAL FIXEDINCOME $14,475,669 5178,353 58.317,143 027 DnitO4.11 32 col OOP VLSOSEOCIN9- ANGS Tn 8 b.) IJ EFTA01321061 LA 0-EARED 11.0tOlCal rs VrtOcin, 040 SIAISIVARy OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Row. SWAM Stara/ UM. One Mentucs Ono NaM BEAR 383 Madison Avenue Be New Vnt. 11201.3839 New Yon'. New York 10179 STEARNS FINANCIAL TRUST CO INC ScA11:40ENT PE/COD January 31. 2004 11•COUGH FeOyary 27.2004 Ifrat, NT /MAIER MJCPAYOt MAIER cm nk IASI smarmy, Jewry 30.2004 Your Portfolio Holdings (continued) YOUR PORTFO.IOHOLDINGSACCRUED INTEREST 5178.353 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 58.317143 YOUR PRICEDPORTFOUOHOLDINGS $14,712.914 m Repurchase and Reverse Repurchase Transactions with Bear.Stearnsand Co.Inc. outstanding asof date of statement C POKMASE, Inn.PC.0.‘f MGM latIrAASE nnel: ;COILED ;CPO GUMMY m START DATE CATE RAR PRICOA.N. POIRLST* IHa mown caw DESCRIPTION YOU SOLO GOVERNMENT NATIONAL WC ASSOC (REPO) 02/06/04 03/08/04 1.300 -6,209.000 -5.381 44.000.000 383741067 SERIES 2004.5 CLASS P 5.8587 02/20/33 H YOU SOLD GOVERNMENT NATIONAL MTG ASSOC (REPO) 02/11/04 03/08/04 1.300 -2.030t00 -1.372 44.389.962 38374F044 SERIES 2004.2 CUSS S 6.1056 oine/34 r YOU SOLD FNMA-SA(8S PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 4.362,000 -472 -15.000.000 3136FALQ1 SERIES 322 CUSS PO 03/01/32 YOU SOLD F HLMC• STMT PRINCIPAL ONLY (REPO) 02/27/04 03/01/04 1.300 -1.580.000 -171 -3.365.000 3121391:ABS TOTAL REVERSE REPURCHASE TRANSACTIONS SO SO TOTAL REPURCHASE TRANSACTIONS S-14,151.000 5-7.396 nanlneWnnet ono SLSOSE00- 019- ANGS I IJ IJ EFTA01321062 MOM TPROLG“ ITS MOLLY DMCD BuSSOVAY OFFICE SERVICING YOUR ACCOUNT Beet Sierra SeculleS Boar. Steams & Co. Inc. DN ustotern Colo Nann BEAR 383 313.disec Avenue Sisia. Ytet 11201.3450 New Volk ,;(.../ York 10179 STMRNS FINANCIAL 1RUST CO INC STAIWEra PEF0C0 laruzry 31.2004 *SOWN Carla, 27. 2004 Transaction Detail ACCOUIO TAXPAYPI Nana On ne INVESTMENT ACTIVITY VST STA10/017 January 30.2004 SET1M104T 18.10E DM DAM lit4MACTON DISCIMMON SnAlCIALISP OLMMTTI pkaF OM /MOUNT CREW MOW 02/06/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 3138FAL01 -51.286 STRP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 PRMICPAL REDUCTN 02-25.04 02/06/04 PRINCIPAL FEDL HOME LOAN MTG CORPOIS03602 3128HVAB5 48,368 0 SERFS 223 CUSS PO DUE 1201/32 PRINCIPAL REDUCTN 02-15-04 02/0904 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 51.288 -n STRIP MTG SEEKS 322 CI. PO 0.001 DUE 03/01/32 ADJ POS NO 21204 C 02/09/04 JOURNAL FEDL HOME LOAN MTGCCRPRS03602 31281/0485 48,366 SERIES 223 CLASS PO in CUE 12/01132 ADJ POS MO 2/2/04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31392R6U0 -995.748 SERIES 2471 CLASS IT 1.000 DUE 03/15/32 PRINCPAL REDUCTN 02.15.04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 3139276E2 -578.234 SERFS 2483 Cl. St 5,935 DUE 03115/32 r PRINCIPAL REDUCTN 02-1544 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313927/32 -501.201 SERIES 2489 CLASS 93 6.95 UE 0215/32 PRINCIPAL REDUCTN 02-15.04 02117/04 PRINCIPAL FEDERAL HOME LOAN MFG CORP 31393FAF3 -60L327 SERIES 2530 CLASS SE 6.305 ME 02/15/32 PRINCIPAL REDUCTN 02.15.04 02/17/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 31393F088 -258.370 SERIES 2526 CLASS SI 5.905 OLIE 02/1932 PROICPAL REDUCTN 02.1904 027 02/2•04:11-32 401 Sate 9L805£00- 019- ANGS rn 8 IJ IJ to 00 00 EFTA01321063 C0-04, 040004 ITS ~0.0 044443 Sunemiry OFFICE SERVICING YOUR ACCCVNI Bear. Steams & Co. Inc. Su "am 244,405 0" Ov 9440040 Cent hat BBNIZ 383 Madison Avenue Bro20n. Nun Y40 1120,4059 New Ted. New York 10179 STBNIZNS FINANCIAL TRUST CO INC 8 a •• STATTY0.7 P00) kris/ 31.2004 01.004.4 February 21. 2004 Transaction Detail (continued) AØ ~01 TAX1041.12 NuU00 01244 INVESTMENT ACTIVITY (untrue 03T STAITNENT January 30. 2004 summon rum 001E DATE TRAWSACTION DESCRIPTOR STIAKIJCUSIP QUA.VIRY PRICE Mir 43040 MCC 4MOUKT 02117/04 PR./OPAL FOX HOME LOAN MTG CORNIS03602 3128111/A85 48.366.15 SERIES 223 CLASS PO DUE 12/01/32 PRINCPAL PAYMENT 02-15-04 02125/04 PRINCIPAL FEDERAL NATIONAL MTGASSN 31360101 O STRP MTG SERIES 322 CL PO 51.285.95 0.001 DUE 03/01112 PRNCPAL PAYMENT 02-25-04 02/25/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003.13 31392982 -553.592 I I S RCR-DO FLOR 6.900 DUE 03/25)33 PRINCPM. REDUC1110245-04 022504 PRINCIPAL FEDERAL NATIONAL MEG ASSN 31393C2C6 -278.921 SERIES 20949 CUSS SW m 5.900 DuE01 /25.433 Pita:PAL RE131101H 02.25-04 02/27/04 02/25/04 BOUGHT FEDERAL NATIONAL MTG ASSN 3136FALQ1 3.701.240 87.87500 3.252.464.83 STRIP MTG SERIES 322 CL PO CUE 01/01/2032 00.001% 0987000510 2 REF 0 20040122 3 546210000 BS TOTAL 5.3.252.464.83 599,652.10 r INTEREST OATE OLSCRIPIICA SnAllOUCUIP WARM RAX (10 NW AMOUNT CREW! Paw 02102/04 AVG BAL 828.258RT 1.730 1.233.76 021 OFFICE 441~70104 02417/04 FEDERAL HOME LOAN MTG CORP 31392R6U0 1.0000 29.620.18 SERIES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 02-15-04 021 01/20,01:1140 001 LL805£00- IN9- ANGS En I 8 IJ 1, ) fn C• ,1) EFTA01321064 CLEMED THACmiti In maw mac Ma./ aft( SERVICING YOUR ACCOUNT Ye. Sion Siloam Cop. Bear. Steams S. Co. Inc. lagnioth Caw Mae BEAR 383 Maclean Avenue New Vat I I ter13158 New York. New York 10179 STEARNS FINA NCIAL TRUST CO INC 9 o rAniumrr moo Newry 31.2004 yrecuevi fetnery 21.2004 Transaction Detail (continued) ACCOLNY MAIM Done Noma cri FM INTEREST (=Grunt) LAST EAltletwr Ana, 30. 2004 0All OLSCRIKIN STIMOJCL6. OLIMMIY tat ern OM As3LINT CREDIT /MUNI 02/17/04 FEDERAL NOME LOAN MTG CORP 31392T6E2 5.9050 101,483.34 SERIES 2483 CL SL CUE 03/15/2032 5.905 MEREST PA174ENT 02-15-04 02/17/04 FEDERAL HOME LOAN MTG CORP 313927132 6.9050 102.872.54 SERIES 2488 CUSS SO DUE 03/197032 005 INTEREST PAYMENT 02-15434 02/17/04 FEDERAL NOME LOAN MTG CORP 31393FAF3 6.3050 17,179.33 -n SERIES 2530 CLASS SE DUE 02/1512032 6.305 IM ND 01-04 P/D 02-15-04 REPO PA I 6.3000 02117/04 FEDERAL HOME LOAN MTG CORP 31393FAF3 6.3050 123,518.25 rn SERIES 2530 CLASS SE CUE 02t15/2032 6.306 MEREST PAYMENT 02.15-04 02,17/04 FEDERAL NOME LOAN MEG CORP 313931688 5.9050 49,619.48 SERIES 2526 CUSS SI DUE 02/15/8032 5.905 INTEREST PAYMENT 024544 02/17/04 GOVERNMENT NATIONAL MTG ASSN 38374F044 6.0800 224,909.14 SERFS 2004-2 CLASS S8 r DUE 01/16/2034 6.080 INT R/D 02-04 ND 024404 REPO a Al 6.0800 02/18/04 FEDERAL HOME LOAN MTGCORP 31393FAF3 6.3050 17,179.33 SERFS 2530 CLASS SE DUE 0211512032 6.305 REV ENTRY NO 217 02120/04 GOVERNMENT NATIONAL MTG ASSN 38374FD87 5.8100 213.033.33 SERIES 2004-5 CLASS PS DUE 02/20/2033 5.910 INT RID 01-04 PM024404 REPO P 4 I 5.8100 1:27 02/2004:1112 COI 8L805£00- O19- ANGS I8 b.) IJ EFTA01321065 to =MAD U410.01 TI ANA4.1.Y CM14.1) SAMMY OFFICE SERVICING YOUR ACCOUNT Beer. Steams 6 Co. Inc. Om Sure. Sondem 0o 1420-- tamer NOM BEAR 383 Mattison Avenue OcoOm. Now York 11201.3140 New York. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 10 a 9 TAT 4T Ma00 sway 31.2004 111101014 rebut" 27.2004 Transaction Detail (Continued) ACCOUNT 'Man TATONON MANOR On Tile INTEREST (ccoUnued) LAST STATIMMT lanai 30.2004 DAR cesonercee STIMOUCDSO Gowen RATE IN OEM AMOUNT OM MOM 02125/04 FANNIE AM CMO/SERIES 2003-13 31392/062 6.9000 210.215.02 RCR-VO FUR DUE 03125/2033 6.900 C) INTEREST PAVVIDIT 02-25-04 02/25/04 FEDERAL NATIONAL MTG ASSN 31393C2C6 5.9000 90.564.38 0 SERIES 200349 CLASS SW DUE 012512033 5.900 INTEREST PAYMENT 02.25-04 z TOTAL S-18.413.09 11,163,014.99 ii REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Step mS8 CO. inc. m UnUmever tma DAN DAM 1.4.14.141101 DISCRFSION 5YealeaCuSO alawniv ono man en MOST z 02/02/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 -1.901.906 1.477.000.00 5112P MTG SERIES 322 CL PO 0.001 DUE 03/01/32 NW F0333206 Al REPO AGREEMENT 02102/01 JOURNAL FEDERAL NATIONAL MTG ASSN 31360101 1.901.906 1,477,000.00 STRIP MEG SERFS 322 a PO r 0001 WE 03/01/32 FITM F0333206 A2 REPO AGREEMENT 02/12/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FALQ1 -1.001.906 1.477.000.00 STRIP MTG SERIES 322 Ct. PO 0.001 DUE 03/01/32 NW F0333206 A3 REPO AGREEMENT 02/02/01 JOURNAL FEDERAL HOME LOAN MTG COPP 31393FAF3 20.255.032 SERFS 2530 CLASS SE 6.300 DUE 02/15/32 FTTM F2963142 A2 _ TWA REPO AGREEMENT 6L805£00 IN9 ANGS 037 02/2011:11732 001 Mm EFTA01321066 I LS1:1700-V.L.43 CLEARED THROUGH ITS M1QµY OWNW SUMMARY OFFICE SERVICING YOUR ACCOUNT Sew SNOTS Swats Car0 Beet. Steens b Co. he. ON. INOONO. Comer 1441, BEAR 383 Mattson Avenue we Vert 117014839 v Y rk 10179 STEARNS FINANCIAL TRUST CO INC STATTNENT NEROC January 31. 2004 n•NOUN1 rebury 27. 2004 Transaction Detail (continued) ACCOUNT TAMAR WINTER NUIAICA On SSA REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATCANNT )(Muggy 30,2004 St11111400 MADE 08* OM MAMAC113.1 OlSOMIM $11.40311013, WSW! DOM ate Dem AMOUNT 02/02/04 JOURNAL FEDERAL HOME LOAN MEG CORP 31393FAF3 3.272.253 SERES 2530 CLASS SE 6.300 DUE 02/1532 FTIIMRGN 12963144 A2 TERM REPO AGREEMENT 020204 JOURNAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -649.960 48.635.95 SEWS 2530 CUSS SE 6.300 DUE 02/15/32 FTDA 10333204 A1 TT REPO AGREEMENT -n 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -646.960 48,635.95 SERFS 2530 CUSS SE 6.300 DUE 02/15/32 C RIM 10333204 *38 REPO AGREEMENT rn 02/02/04 JOURNAL FEDERAL NOME LOAN MFG CORP SERIES 2530 CLASS SE 31393MF3 4.272.253 245,000.00 6.300 CUE 02115/32 FIRM E0313210 AT REPO AGREEMENT =02/04 JOURNAL FEDERAL HOVE LOAN MTG CORP 31393FAF3 3.272.253 245.0:0.00 SERIES 2530 CLASS SE 6 300 DUE 02/15/32 FRIA F0333210 A2 r REPO AGREEMENT 02102/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31393FAF3 -19.606.071 1.469.364.04 SEWS 7.130 ClASS SE 6.300 DUE ozn 5f32 nun F0333204 ATA REPO AGREEMENT 0202/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31393013 -19.606.071 1,469,384.04 SERFS 2530 CUSS SE 6.300 DUE 02/15132 !UM /0333204 A3A REPO AGREEMENT 027 02.120904:112.2 CM 104 08805£00- O19- ANGS rn I S IJ IJ -J IJ EFTA01321067 0.1./M0 NeDuCa/ ITS WOW, OWNED SIJOSCSA/W OFFICE SERVICING YOUR ACCOUVr Seat Stearns 8 Co. Inc. Net Wenn Soosbn CaR. C7e Vevccech Cever BEAR 383 Madison Mance 11201.3159 New 707 10179 STEARNS FINANCIAL TRUST CO INC 12 a is STATWENT SERIE° Imary 31.2904 TsROUGH February 21.2034 Transaction Detail (continued) ACCOUNT MAIM TAXPAYER musics On File REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STRIEMNT WSSICE 30. 2004 SITTIM(7O roux art GM! TROMMON Mummy, Snasoticusar OLWOM 0180 WUXI CRWIT MOW 02/02/04 JOURNAL FEDERAL HOME LOAN MTG CORP 31393FAF3 20.255.032 1.518.000.00 Sat 2530 CLASS SE 8300 DUE 02)15/32 Firm F0333204 0 Ripe AGREDAENT 0 02/02104 JOURNAL FEDL HOME LOAN MTG CORP•503602 3128111/A80 -3.187.760 2.338.000.00 SERIES 223 CLASS PO WE 12101/32 Fly F0333206 61 En AGREEMENT -n 02/0204 JOURNAL FEDL HOME LOAN MTG CORP#S03602 3128HVA85 3,187.760 2.336.000.00 SERIES 223 CLASS PO DUE 12)01/32 C Rim F0313206 B2 REPO AGREEMENT 02/02/04 in JOURNAL FEDL HOME LOAN MTG CORPIPS03602 SERIES 223 MASS PO 3128HVA85 .3.187.760 2.338.000.00 DUE 12/01/32 FILM F0333206 83 REPO AGREEMENT 02102)04 JOURNAL FEDERAL NATIONAL MTG ASSN 31393=6 -18.419,876 1.551.000.00 SERIES 2003-49 CLASS SW 6900 DUE 01/25, 33 EOM F0333212 Al r REPO AGREEMENT 02.02/04 JOURNAL FEDERAL NATIONAL M ASSN 313930206 18419,876 1.551.000.00 SEMIS 2c03-49 CLASS 5.900 DU CE 01/25/33 m WM F0133212 A2 REPO AGREEMENT 02/02/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374F087 -44,000.000 6.336.000.00 SERIES 2004.5 CUSS PS 5.810 DIE 02/20133 FEW F0333265 Al REPO AGREEMENT 027 0300/001:0 001 3120 THOSE00- 019- ANGS En I S IJ IJ —J EFTA01321068 CLEAN] Mb:Wm ITS 11040µY am= SuBSOIMV OFFICE SERVICING YOUR ACCOUNT Beer. Steams 8 Co. Inc. We. ken Socultes CRP 691Meint•ch tem Novi BEAR 383 Madison Avenue Mn yen 11201.3859 10179 STERNS FINANCIAL TRUST CO INC 13 e ts STATIMINT PERKO Jamey 11.2004 moots' Fetni 27.2008 Transaction Detail (continued) ACCOUNT MAW TAXPAYER MAN Oil RN REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (COn181000) mrt austmort January 30,2034 srmostxt 11140( DAR DATE 1110045.1410. OCSCRIPTC14 5/01101/Cite 0119111112 OEM MOJNI alert mown 02/02/04 JOURNAL ADP CD 8888888 2.075.000.00 FITM-PR F2753181019 8.625 CUE 12131/49 C) 2074420692 02/D2104 INTEREST ADP CO 8888888 353.90 WE 1213112049 8.625 11114-PR 12753161010 2074420692 02//0104 JOUR/JAL GOVERNMENT NATIONAL MTG ASSN 38374R:1.44 -44.389.962 193.000.00 -n Welt 2004-2 CLASS SS 6.080 DUE 0016134 FDA F0353186 Al REPO AGREEMENT C 02/06104 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAU31 .1.850.620 1.424.000.00 in STRIP MTG SERIES 322 Cl. PO 0,001 DUE 0101/32 TIM 10373120 Al REPO AGREEMENT 02/08/04 JOURNAL FEDERAL NATIONAL FRG ASSN 3136FAL01 1.850.620 1,477,000.W STRIP MTG SERIES 322 CL PO 0.001 CUE 03/01132 FILM /0333206 Al TERM REPO AGREEMENT r 02/06/04 JOURNAL FEDERAL HOME LOAN MFG CORP 31393FAF3 648.960 48.635.96 SERIES 2530 CLASS SE 6.300 DUE 02/15/32 FITM 10333204 .428 TERM REDO AGREEMENT 02/06104 JOURNAL FEDERAL NOME LOAN MTG CORP 31393FAF3 1%606.071 1.46%364.04 SERFS 2530 CLASS SE 6.300 DUE 02/15/32 FlT/A 10333204 AlA TERM REPO ACRE/INERT 02/06/04 JOURNAL FEN. HOME LOAN MTG CORPMS03602 3128HVA85 -3.139.394 2.277.000.00 SERIES 223 CLASS PO DUE 1101/32 FILM F0373120 81 REPO AGREEMENT 027 02/3809m32 cm ven Z8805£00- O19- ANGS 8 IJ IJ .9- EFTA01321069 [WACO TRROVOM ITS VIRCRLY OWNED SLASADARY orncE SEAMING YOUR ACCOUNT Rear, Stearns & Co. Inc. Ow. Surd Sec/0n Cap. 383 Vadson AVM.. Car Merman Cow Wm BUR ab jes' t 11201.3859 STBIRNS FINANCIAL TRUST CO INC 14 STATEMINT FIRICO January 31.2004 TARCUOR TtErlar/ 27.2004 Transaction Detail (continued) ACCaNT mate TAXPAYER MAW On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) MT STATtabrt luxury 30. 2004 St111.0/00 1MOE DAZE DATE 11/AIISACD0/1 DIESCRIP11CN 591480titat90 GUMMY OMIT MOUNT CREW /MOUNT 02/06/04 MOW FEDL HOME LOAN MTG CORP/403602 3128HVABS 3,139,394 2.336.00000 SERIES 223 CUSS PO DUE 12/01/32 RIM F0333206 82 TERM REPO AGREEMENT 0 02/06/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 44.389.962 193.000.00 SERIES 2004-2 CUSS SB 6.080 DUE 01116/34 FEW F0353186 Al TERM REPO AGREEMENT m 02106434 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 .44.389.962 1.952.000.00 SERIES 2004-2 CUSS SB 6.060 DUE01116/34 C MIA F0373123 Al REPO AGREEMENT m 02/06/04 JOURNAL GOVERNMENT NATIONAL WC ASSN 39374FDB7 -44,000.000 6.200.000.00 SERIES 2004-S CUSS PS 5.810 DUE 02/20133 RIM F0373123 Bt H REPO AGREEMENT 0206/04 JOURNAL GOVERNMENT NATIONAL MTO ASSN 38374F007 14,000,000 6.336.030.03 SERIES 2004-5 CLASS PS 5.810 DUE 02/20133 FTDA F0333266 AZ r TERM REPO AGREEMENT 02/06/04 INTEREST FEDERAL NATIONAL WC ASSN 3136FAL01 213.34 STRP TAG SERIES 322 CL PO OM 03/01)2032 0.001 mki F0333206 AZ REPO MEREST 0206604 INTEREST FEDERAL HOME LOAN 1410 CORP 31393FAF3 7.03 SERIFS 2530 CLASS SE CUE 02/15/2032 6.300 RIM F0333204 A2B REPO INTEREST 027 02121164:11,2 001 1628 £8805£00-O19-ANGS I8 b.) IJ to -J EFTA01321070 CLEARED OIRCUSH OS vrinose WILD SLOS/CaRY OFFICE SERMCING YOUR ACCOUNT Bey. Start SeosOes Cain Beer. Stearns & Co. Inc. 011.10=0 Carew WI, BEAR 383 Ma6son Avant* Omar. Ma 'tort 11201.3859 New Yoh, New Yak 10179 STEARNS FINANCIAL TRUST CO INC 15 one STAITWUT PER500 lan,Ory 31. 2004 4•01.13.1 retcutcy 27.2004 Transaction Detail (continued) ACCOora run...ER TµPArER NAIRER On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATENee Lanny 30.2004 SETROJOI7 TRADE DADS TPJASACTON CESCCOMOn SOMOUCutir OLIANTAY OOIf /4•20NT MECO WOW 0203/04 INTEREST FEDERAL HOME LOAN MTG CORP 31393FAF3 212.24 SERIES 2530 CLASS SE CUE 02/15/2032 6.300 FIlM F0333204 ASA REPO MEREST 0 07/06104 INTEREST FEDL HOME LOAN MTGCORPOS03602 3128HVAB5 337.42 kFoIFS 223 CLASS PO CUE 12/01/2032 0.000 Him F0 TERE 333T206 82 REPO M S m 02/06104 INTEREST GOVERNMENT NATIONAL MEG ASSN 38374FCM4 13.94 SERIES 2004-2 CLASS S8 DUE 01/16/2034 6.080 C FTIM F0353186 AZ REPO INTEREST in 02/06704 INTEREST GOVERNMENT NATIONAL MTG ASSN SIRES 2004.5 CLASS PS 38374FDB7 915.20 DUE 02/202033 5.810 FITM 10333266 AZ REPO INTEREST 02/11/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FA1.01 1.850.620 1.424.00000 STRIP PATO SE 322 CL PO 0.001 DUE 03/0RVS1/32 MIA F0373120 A2 r TERM REPO AGREEMENT 02/11/04 JOURNAL FEDERAL NATIONAL mTG ASSN 3136FAU21 -1.850.820 1,424,000.00 STRIP LOG SERIES 322 CL PO 0.001 DUE 03/01/32 FITM F0373120 A3 TERM REPO AGREEMENT 02/11/04 JOURNAL GOVERNMENT NATIONAL MEG ASSN 38374FCM4 44,389.982 1.952.000.00 SERIES 2C04-2 CLASS 68 LOBO DUE 01118134 FTIM F0373123 A2 TERM REPO AGREEMENT 017 OIL0004.1111 041 ma V8805£00- IN9- ANGS EFTA01321071 CLEARED TAROuts. as ?MOLLY PALED SUSSILLARY OFFICE SERVICNGICUR ACCOLAIT Bear. Steams & Co. Inc. Bea. Sten. Swan Cas. Cse Idevollet Unto I . BEAR 383 Madison Avenue /1scatin. New 11st 112014120 New Y N Yrrk 10179 STEARNS FINANCIAL TRUST CO INC 16 a •ip STATESENT KS= MSS; 31.2004 2111101/0.1 Fabowy 27. 2004 Transaction Detail (continued) ACCCon MAW TPA:PAM POISES On Flo REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LAST STATOAP1T J.. 30.200E SITTLDADIT OAK Lint 111171SALMON OtS011•10. SYMECILIbill• 01111111Y OW SOW CAW MOM 02n 1/04 JOURNAL GOVERNMENT NATIONAL MTG ASSN 38374FCM4 -44.399,982 2.000.000.00 URNS 2004-2 CLASS SG 6.080 DUE 01/1634 RDA F0423194 Al REPO AGREEMENT 0 02C11704 INTEREST FEDERAL NATIONAL MTG ASSN 3138FALCI1 µ 257.11 STRIP MIS MRCS 322 CI. PO CUE 03/01/2032 0.001 Firm F0373120 A2 REPO INTEREST -n 02/11/04 iNTEREST FEDERAL NATIONAL MTG !SSA 3136FAL011 257.11 STRIP MTG SERIES 322 CL PO DUE 0101/2032 0.001 C FM4 F0373120 A3 REPO INTEREST 02/11/04 rn INTEREST GOVERNMENT NATIONAL MTG ASSN SEPSES 2004.2 CLASS 58 383700.44 352.44 DUE 01/162034 8.080 HIM F0373123 A2 REPO MEREST 02/27/04 ./OUFSNAL FEDERAL NATIONAL MTG ASSN 3136FALOI 1.850,620 1.424.000.00 STRP MTG SERIES 322 CL PO 0 CO1 DUE 03/01/32 FRU F0373120 Al r TERM REPO AGREEMENT 02127/04 JOURNAL FEDERAL NATIONAL MFG ASSN 3136FALoi 4.551,860 4.382,000.W STRP MTG SERIES 322 CL PO 0.001 DUE 03/01/32 REM F0583100 81 REPO AGREEMENT 0227/04 JOURNAL FEDERAL NATIONAL MTG ASSN 3136FAL01 5.551,860 4.362.000.00 STRP MEG SERIES 322 CL PO 0.001 OUE03/01/32 Rai F0583100 82 REPO AGREEMENT 027 0:1121104:1182 001 VMS SHOSEOCIN9- ANGS rn I S b.) Ia La --J -Al EFTA01321072 MUSED IMPOufai rrS %bar( o.we 0.0Simay OFFICE SERVCP4G YOUR ACCOUNT Dw. Sian Swabs Cep. Bear. Steams & Co. Inc. ltatreerch sin BEAR 363 Machson Avenue . ries Yen I I201.3130 New York. New York 10179 STEARNS FINANCIAL TRUST CO INC 17 is le STATEmert .e1000 January It X04 114110VOM February 21.2004 Transaction Detail (continued) COMM MANES TAxPAYElt eiusraVi PIM REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (tattooed) LAST STATI,ST laruhri 30.2004 !Emmen 1RWC DAM 0A1E MANSICTION OESOSPTION SAIKNJOAIP QUANTITY OOR /MINT GAM Meal 02/27.134 JOURNAL FEDERAL NMICNAL MEG ASSN 3136FAL(11 -5.551.860 4.382.000.00 S7RP SERIES 322 CL PO 0.001 DUE DUE D3101/32 0 MIA F0583100 B3 REPO AGREEMENT 0 02/27/04 JOURNAL FEDI. HOME LOAN MTG CORPAIS03602 312MTVABS .1,610,509 1.205.000.00 SUMS 223 CUSS P0 DUE 12/01/32 FILM FOS831C0 Al REPO AGREEMENT 02/27/04 JOURNAL FEDI. NOME LOAN MFG CORPIPS03602 3128HVA85 1.610.509 1,205,000.00 SERFS 223 CLASS PO DUE 12/01/32 C EWA /0683100 A2 REPO AGREEMENT in 02/27/04 JOURNAL FEDL HOME LOAN IMO CORPWS03602 SERIFS 223 CUSS PO 3128HVABS -2.112.812 1.580.000.00 DUE 12/01/32 FiTM F0583100 A3 REPO AGREDAENT 02/27104 JOURNAL FEDL HOME LOAN MTG CORP•S03802 3128NVA85 3.139.394 2.277.000.00 SERIES 223 CUSS P0 WE 12101/32 RDA F0373120 82 r TERM REPO AGREEMENT 02/27/04 INTEREST FEDERAL NATIONAL WIG ASSN 3138F/L01 1,079.87 SIRP LOG SERIES 322 CL PO OUE 03/01/2032 0.001 1111.4 F0373120 A4 REPO NTEREST 02/27/04 INTEREST FEDI. HOME LOAN MfG CORP4S031302 3128HVARS 1.728.73 SERFS 223 CLASS PO DUE 12/0112032 0.000 EOM F0373120 B2 REPO INTEREST TOTAL 5-31 636 115.32 547 857 610 99 ez,224. .11 32 CC1 NUB 98805£00-019-ANGS EFTA01321073 cwato TWO:Wm 73 Wrraay OvniE0 SueSOMY OfFICE SERVICING YOUR ACCOUNT Beer. Steams & Co. Inc. Oar. Steen Secant Cap. Ore I/Oman CoMa Nara BEAR 383 Mattson Avenue Paw not 11201-1139 New York New York 10179 STMRNS FINANCIAL TRUST CO INC 18 cr STATIPAPer PEFo00 lanury 31. 2004 THRCOPim Petra:ay 27. 2004 Transaction Detail (continued) PAPC4V47 xvieep toaate4 %veep On Re MISCELLANEOUS it47 ITTATPWErr liras" 30.2004 w1 E MOMAT TRONS4411011 CESCONTOPI Ot$14...umeir CREW AMOUNT 02/05/04 JOURNAL RTG FITM 12.615.00 02/09/04 JOURNAL FITM FRO 54.687.00 0 02/12/04 JOURNAL JAN.04 SPEC CLEARING FEES 450.00 0 TOTAL 5-55.137.00 512.61540 r l C Your messages in Excess SIPC Account Protection Update z J ER? Effective Fel:fluky 16. 2004. commercial insurer through the MINN Bear, Stearns Securities Corp. obtains excess SIPC protection changed to Customer Asset Protection Company MAPCO"), a New York licensed insuance company. CAPCO has an A+ financial strength rating from Standard & Pools. r End of Statement 027 02i2304;11,32 001 L8805£00- O19- ANGS IJ IJ J EFTA01321074 bl_o TNIOUGn wa0U. OvaaD SuSSOLVEY OFFICE SERVICING 'CUR ACCOUNT 3fears Spann Cap. Bear. Stearns & Co. Inc. One user Cn Math BEAR 383 Madison Menus BMW" Nes an 11201.3115. Now York, New Yea 10179 STEARNS FINANCIAL TRUST CO INC STAID/ENT PERKO loran 1. 2004 ACCCUNT EXECUTIVE GNMA GOVT BONO viSrr OUR Mesa w.m.bearstearns.com THROUCni January 30.2004 ACCaarr asaNER What's In This Statement I I al all a lull TAxP&YER MAIM On Fee LAST anal:Kw 0•Camble 31.2003 Financial Summary 3 FINANCIAL TRUST CO INC Your Portfolio Holdings 4 C/0 JEFFREY EPSTEIN Transaction Detail 7 6100 RED HOOK QUARTER Your Messages 13 STE B3 ST THOMAS VI 00802 z -n C Your Portfolio at a Glance Market Value of Your Portfolio in Cash a Equident 343.931.618 TOTAL VALUE Of SECURITIES THU PERIOD 32,720.098 $380.860 z LONG ACCRUED MEREST 615.271 Had 532.720.098 kiOara 518.601.283 NET DEBIT BALANCE -13,933.518 Current Nadu value NET mum nes PEIDOO 619.401,851 Last statement's market value Stun market vat* r NET MUDS UST STAID/Eta 19.197.920 (MANGE SINCE LAST STATEMENT 203.931 There are no 'Stop Lose orders or other pending buy or sell open orders on file for your account. t , as sunray is la rfrapnat pawns ovy mesa rt enseS n a In eccannt dental W0.10 PP reached lot ya.r ncoeiv see rant We $7, la:O1Pa .rf0rralan 027 obitW.0O2o DOI vki24 88805£00- 019- ANGS rn 8 IJ IJ so 00 O EFTA01321075 CLLan.0 nelOvG14 WEED ~WAY 8... Summit Secuiret 000 SNOUT crw MOM •ree n 11201.1859 Si EINANCAL TRUST CO INC 2 0• C) z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 027 01.01.000020 011 ‘1120 68805£00 W9 I S IJ IJ EFTA01321076 fLisee0 TIROUGH ITS vatStLY 0.sert0 WSW:oar OFFICE sERviaVG YOUR ACCOUNT Bear. Steams & Co. Inc. ate. Sita Swam Cap Ore WeenNtal Ono tent BEAR 383 Madison Avenue away, Ma et 20 NIS New York. Now York 10179 STEARNS FINANCIAL TRUST CO INC 3 a.3 &TAMAN? Sts500 1 nuary 1.2004 wiecuon Jimmy 30. 2004 Accotag wain Cash Flow Analysis Income Summary TwAvER weed On Fie TIC 10100 THIS KRCO YIAR TO AT( LAst 3/Aina DOC0rnber 31. 2003 OpeningBa lance 5380.859.92 Gait Agency Int. 508834.06 508.834.06 Corp. Bend Int. 212.155.00 212.155.00 Securities Sold 9.844.310.88 Reverse Repurchase Int. 1,418.88 1.418.88 Dlyidendsnriterest 720989.06 Total 5722.407.94 5722.407.94 Miscellaneous 219,564.00 Bond Purchase kit. .17896871 -175.968.71 0 Amount Credited $10.784.863.94 Securities Bought -24.567.419.97 -n Furels WOO-am 42,716.00 Portfolio Composition Dividenisenterest Charged -178968.71 snom C Miscellaneous -293.137.00 Cash/Cash Eqtralent 13,933.518 in Amount Debited 5-25.099.241.68 Fixed Income 32.720,098 Not Cash Perkily -14,314,377.74 Total 513.933.518 532.720.098 Your Portfolio Allocation ClosingBalance 5-13,933.517.82 r Cash Balance Summary Short Cash a Ego/talent °KIANG CLOSING 29% Margin 380,859.92 -13,933,517.82 Net Cash Balance $380.859.92 5.13,933,517.82 Filed Income 71% Ifien.O34 :otos. dew* 41I noira wen, no. noels ninon it* alooKa term} n Owned Yon ••• sboata ma.( a. a yo.• Xnbna 027 01110100 20 C01 N1124 06805£00- O19- ANGS rn 8 IJ IJ so 00 IJ EFTA01321077 CLWE0 TnR0u0n !Ts Mgr" OwNE0 SuSSOARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. teat. Men Seeman Cap 0, e uet Carat Wen BEAR 383 Madison Avenue Na Yot 11201-3.59 New YOrk. New Yak 10179 STEARNS FINANCIAL TRUST CO INC 4 or la STArniewr PEAS00 /wary 1.2004 retoLerm lorry 30, 2004 Your Portfolio Holdings Acc0A1 kumafR CASH & CASH EQUIVALENTS TA>a•AYEA KAISER On rue UST aFATruorr Decanter 31.2003 IMRKET 131116010 CURROR Of StlePTIted SvvOOLCJSP 0-Ahlrff MCI VICUI Moira DiCONE YIELD (P.) CASH BALANCE .13.933.518 TOTAL CASH & CASH EQUIVALENTS 5-13.933.51B FIXED INCOME Government & Agency Obligations m ICU Cum [SWARD 0. MY Caaa0104 VI...MUCUS() NE oLviony PM(( MANZI YHA MEC MIWAL WOVE MOS CAI C FEDERAL HOME LOAN MEG CORP 31393FG86 FARCE 10.092.097 10.5957 1.089.327 24.811 595.434 55.8831 SERIES 2526 CLASS SI in DATED DATE 10/01/02 BOOK ENTRY OVLY DUE 02/15/2032 5%00% FACTOR • .39212142 FEDERAL NATIONAL MTG ASSN 3136FAL01 SARGN 1.901,906 85.5000 1.628.130 2 19 0.0012 STRIP MTG SERFS 322 CL PO DATED DATE 03.0102 BOOK ENTRY ONLY DUE 0301/2032 .001% FACTOR • 1.00000000 r FEDERAL HOME LOAN AUG CORP 3139286110 MRGN 36544.219 3.6201 1.288.725 14,810 355,442 27.6238 SERES 2471 CLASS DATED DATE 06.07/02 BOOK ENTRY ONLY DUE 03/112032 1.000% FACTOR - .35544220 FEDERAL NOME LOAN MTG CORP 313921/32 MRGN 17.890875 11.3612 2.032.628 51.435 1.234.470 60.7328 SERIES 2488 CLASS SO DATED DATE 0303/02 BOOK ENTRY ONLY FACTDUE3/15/2032 6.900% 0OR • .35781753 0/0 01431/04.0•20 COI T6805£00- O19-ANGS En I S IJ IJ JO EFTA01321078 CLWIO DiftCtrag v.i.CtLY bielaD Su•SOKRY OFFICE SERVICING YOUR ACCOUNT Bet Sawn Starnes Cap. Bear. Steams & Co. Inc. Ono hieptich Oren NOM BEAR 383 Madison MCMIJO 0,301.1,n New nik 11201.3•30 New TM. New York 10179 STEARNS FINANCIAL TRUST CO INC 5 a.1 STATEIST Ppm, emery 1.7004 MA0u04 laruary 30.2004 Your Portfolio Holdings (Continued) ACCOUNT *MIMI 7.03, AKR nvkinct On Fie LaST STATE3400 Decerntr./ 31.2003 Government & Agency Obligations (continued) ACC, [SWA DESCRIF03311 511.00/0.6. rot MCC tea Mut ACCauE0 rOIRI.31 /ANAL WOMVE CLO200 W10 IL FEDERAL NOME LOAN MTG CORP 31392T6E2 MRGN 20.640.679 10.7112 2210,868 50.740 1.217.800 55.0824 SERIES 2483 CL SL DATED DATE 07102/02 BOOK ENTRY ONLY DUE 5.900% .35781752 FACTOR -5/2 0 FEDL HOME LOAN MTG CORPOS03802 3126HVABS MRGN 3.187.760 80.2031 2.556.683 SERIES 223 CUSS PO DATED DATE 12/01/02 BCCe ENTRY ONLY -n OE 12/01/2032 FACTOR . .63755215 C FEDERAL NATIONAL MTG ASSN 31393C2C6 MRGN 18,419,875 11.4264 2.104.727 15.092 1.086,773 51.6349 SERFS 200349 CUSS SW DATED DATE 04/30/03 in 9008 ENTRY ONLY DUE 01/25120.339.5 964% FACTOR - .75780681 GOVERNMENT NATIONAL MTG ASSN 383742087 MRGN 44,000.000 18.0000 7.920,000 205,933 2.556.40D 32.2778 SERFS 2004.5 CLASS PS INTEREST FROM DA1t 01/20/04 DATED DATE 01/23/04 FIRST COUPON 02/20/2004 BOOK ENTRY ONLY DUE 02/201033 5.810% r FACTOR . 1,00000000 GOVERNMENT NATIONAL MTG ASSN 383742044 IMIGN 44,389,962 14.5833 6,473,526 217,413 2.698.910 41.6915 SIRES 20042 CLASS 58 INTEREST FROM DATE 01/16/01 DATED DATE 01/23/04 FIRST COuPON 0216/2004 BOOK ENTRY ONLY DUE 01/16/2034 6.080% FACTOR - 1.00700030 Total Govemmem& Agency Obligations 527.280.612 8580.236 59.745.248 027 010, 04 0123 001 3124 Z680SEOCIND- ANGS rn I S ba Ia La EFTA01321079 CtEARED THRGJOH 118 0.' ED ELESCcAny OFFICE SEFNICING YOUR Annnieg leo. Steams Swats Co,. Beer. Reams 8. Co. Inc. 0-4 litmegetri Ct'w Wa BEAR 383 Madison Arent ass.. 20 -3.59 New Y Now Yak 10179 STMRNS FINANCIAL TRUST CO INC 6 0-3 STATD.3,47 PEF0C0 UMW, 1 2004 net.:03.4 init." 30.2004 Your Portfolio Holdings (continued) ACC0.Pil 'HAGER TAXPAYER PAAERCH OA Me lAST VATEREMI December 31.2003 Corporate Bonds ACC1 ACCRUED CSMIATED CURRENT 0ESCEPTDrc Sna30..V.S0 Ml MARTEN. " Ki w." ." saw( IRREIST P.n.'s& INCOME reo FANNIE MAE CMO/SERIES 2003.13 31392J0K2 IARGN 36.559.134 14.8786 5.439.486 35.035 2.522.580 46.3753 RCR4I0 FLTR DATED DATE 02125.'03 BOOK ENTRY ONLY CUE 03/25/2033 8.900% FACTOR - .73118269 0 TotalCOrporate:orOs 55.439.486 535.035 52.522.580 TOTAL FIXEDINCOME 532.720.098 5615.271 512,267.828 -n C YOUR PORTFOLIOHOLDINGSACCRUEO INTEREST 5815.271 in YOUR PORTFOLIOHOI.DINGSESTIMATED ANNUAL INCOME 512,267.828 YOUR PRICEOPORTFOLIOHOLDINGS 518.788.580 Repurchase and Reverse Repurchase Transactions r with Bear,Steamsand Co.inc. outstanding as of date of statement PLIECHASEI REPURCHASE pescriC PURCHASE Mai ACCRUED 91PO OUANDIY SIAM DATE DATE WE FAIMCP/A. velour oAct MOW) CUS1P oucornew YOU PROVIDED FEDERAL HOME LOAN MTG CORP (MARGIN) 10/23/03 OPEN 0.000 -51,655.000 31393FAF3 SERIES 2530 CLASS SE 6.3000 02/15132 TOTAL REVERSE REPURCHASE TRANSACTIONS s0 s0 TOTAL REPURCHASE TRANSACTIONS SO s0 As d sisiermst bet £6805£00 W9 022 0',11.04A19 ?0 00, %1324 8 IJ V.2 00 EFTA01321080 CLVACO T.41011314 rte MAXI, Ont.C.0 SLISSWAY OFFICE SERVICING W)UR ACCOUNT Bear. Steam Se0.0021 Cap. Beer. Stearns & Co. Inc. DI PAntehxn Orme Nati BEAR 383 Madison Avenue lee Yet i 11201.3851 New Yea. New Yak 10179 W STEARNS FINANCIAL TRUST CO INC 7 a s SUMMIT PERKO lanai 1.2004 nilmuccri unary 30.2004 Transaction Detail 0.0201A4T NUMBER TAPPM10% MAW On Me INVESTMENT ACTIVITY MST rrArcutur December 31.2003 9117LES4P7 MCC OAR TIONSACTIOP CCSCIIPTCN 20.610U0.04P 01.0,011Y Dui float CREDO AVOW 01/08/04 PRINCIPAL FEDERAL NATIONAL MFG ASSN 3136FALQ1 -69,335 STRIP MG SERIES 322 CL PO 0.001 DUE 03/01/32 PRINCIPAL REDUC1N 01-25-04 01/DEVO4 PRINCIPAL FEDL HOME LOAN MTG CORP/503602 3128HVABS -61.567 0 SERIES 223 CUSS PO DUE 12/01/32 PRINCIPAL REDUCIN 01.1504 01/15404 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31392R6U0 .1,222.000 -n SERIES 2471 CUSS YT 1.003 DUE 03/15/32 PRINCIPAL REDUCTN 01-15-04 C 01115/04 PRINCIPAL FEDERAL HOME LOAN WO CORP 3139286110 -23 SE 2 C VT in 1.0R03 IESDUE71 LASS 03/1S/32 PRINCIPAL REDUC1N 01.1644 01115/04 PRINCIPAL FEDERAL HOME LOAN WC CORP 31392T6E2 -708.634 SERIES 2483 CL SL 5.837 DUE 03./15132 PRINCIPAL REDUCTN01-15-04 01/15/04 PRINCIPAL FEDERAL HOME LOAN MTG CORP 313921/32 -615.096 SERIES 2486 CLASS SQ 6.837 DUE 03/15/32 r PRINCIPAL REDUCIN 01.1544 01/15/04 PRINCIPAL FEDERAL HOME LOAN MEG CORP 31393F686 -364,849 SERIES 2526 CLASS SI 5.837 DUE 02115/32 PRINCIPAL REDUC1N 01.15-04 01/15104 PRINCIPAL FEDL HOME LOAN MTG CORP8S03602 3128HVASS 61.556.80 SERIES 223 CLASS PO WE 12/01/32 PRINCIPAL PAYMENT 01-15-04 01/26/04 PRINCIPAL FEDERAL NATIONAL TAG ASSN 3136FALQ1 69,335.20 STRIP MEG SERFS 322 C1. PO 0,001 DUE 03/01/32 PRITCPAL PAYMENT 01.25-04 027 eintleketie 001 vets V6805£00- O19- ANGS En I8 b.) IJ LP. 00 EFTA01321081 0.LARCIS nwoucm rR VemOuy CNN= SUMEICANNY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Sem. Merl ScONINA Co AINANANA Omer NOT BEAR 383 Madison Melia E. Wm US 11301.3459 New Y New York 10179 STEARNS FINANCIAL TRUST CO INC 8 a •1 stAntaw pro= burr 1.2004 imitOuGH MOAN" 30.2004 Transaction Detail (continued) Arewmr LAMER TAXPAYER maostn On rile INVESTMENT ACTIVITY (corciruee) µ5T STATEMENT Detente 31. 2003 stionert Ma DAM OAA INAIISACACM DESCRPTOM Visatuon• OUMGTTY KMI OW n.wic CSICIS WWII 01/26/04 PRINCIPAL FANNIE MAE CMO/SERIES 2003-13 3139210K2 -559,291 5 RCR-VO FUR 6.858 OLE 03/25/33 0 PRIVatAL REOUCTN 01.2544 01/26/04 PRINCIPAL FEDERAL NATIONAL MTG ASSN 31393C2C6 .281.792 0 SERIES 2003.49 CUSS SW 5.858 OLE 01/25113 PRP4CAPAL REDUCTS 01-25-04 01/30/04 01/16/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 38374FCM4 44,389.962 13.25000 5.881.669.97 E I SERIES 2004 2 CUSS SB OIN 01116/2034 06.080% ACCR. INT. 104.95739 0987021011332 REF • 2034011646030000 SS C AS OF 01/16/04 in 01/30/04 01/08/04 BOUGHT GOVERNMENT NATIONAL MTG ASSN 38374F067 22.000.000 17.81250 3.918.750.00 SERIES 2004-5 CUSS PS ACCR. M. 35.505.56 OuE 02/20/2033 05.810% 0987022118332 REF • 21704010846380800 8S AS OF 01008/04 ACCRUES ON 1ST. PAYS OM 20TH 01/30/04 0123/04 BOUGHT GOVERNMENT NATIONAL MFG ASSN 38374F067 22,030.000 18.00000 3,960403.03 SERIES 2004.5 CLASS PS DUE 07/20/2033 05.810% ACCR. M. 35,505.56 r 0987022118332 REF • 2004012346390000 85 AS OF 01/23/04 ACCRUES ON 1ST. PAYS ON 20TH TOTAL $-13036.388.68 5130092.03 027 01'31840920 341 13)24 56805£00 W9 m I8 IJ h.) to 00 --3 EFTA01321082 CLEO= , NOLGN RS voica WACO assay OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Ire. ear Berm StorlueS Cup. Ow MoraccP.c Mer0 BEAR 383 Madison Awmue 11201.38C9 New York. New Yak 10179 SIMMS FINANCIAL TRUST CO INC 9wo STATEMENT PER500 Amoy 1.2004 Iletouco. meaty 30.2004 Transaction Detail (continued) ACCOLNT 4umszy TAxPANIR mimes On Fle DEPOSITS AND WITHDRAWALS LAST STATZMINT Wen*. 31.7007 DATE MM4SACTION DISCRPTION 00Ir AMUR CROZ MOM 01102/04 END WIRED MDAOGV119949ENDS %WED TO 62.716.00 FLEET NAMNAL BANK AC2387604020 C•171961 C) TOTAL 1-62,716.00 0 INTEREST -n Ont ocancil STRISKRISP OCAMMY RATE (Y) OM SWUM CREPT ale 01/15/04 FEDERAL NOME LOAN MIS CORP 31392R6U0 1.0000 30.638.54 C SERIES 2471 CLASS YT DUE 03/15/2032 1.000 INTEREST PAYMENT 01-15-04 in 01/15/04 FEDERAL HOME LOAN MTGCORP 3139218.E2 5.8370 103.860.38 SERIES 2483 CL St 03/15/2032 5.837 INTEREST PAYMENT 01.15-04 011564 FEDERAL HOME LOAN MI6 CORP 313927/32 6.8370 105.445.48 SERIES 24888 CUSS SO DUE 03/1512032 6.837 INTEREST PAYMENT 01-15-04 r 01/15/04 FEDERAL NOME LOAN MI6 CORP 31393//1/3 6.2370 17,623 80 SERIES 2530 CLASS SE DUE OV15/2032 6.237 INT P.45 12-03 P/001-15-04 REPO P IS I 6.2375 01/15/04 FEDERAL HOME LOAN IATGCORP 31393//1/3 6.2370 109.09019 SERIES 2530 CLASS SE DUE 02/15/2032 6.237 INT IVO 12-03 P/001.1544 REPO P & I 6.2375 01/15/04 FEDERAL HOME LOAN MTG CORP 31393FG86 5.8370 50.868.68 SERIES 2526 CLASS SI 0215/2032 5.837 INTO MEREST PADADIT 01-15-04 02T 01elaE#w ODT vim 96805£00-019-ANGS En I Sb.) La 00 EFTA01321083 Cl.fARED 11.110.0. ITS W10.1 04103 SUMMARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams 6 Co. Inc. Sim SLIM &ONE. C.07. Ole 1.1•Inach Cote /loth BEAR 383 Madison Avenue BrO1t3i1. 110. York 1120148SP 10179 STEARNS FINANCIAL TRUST CO INC 10 STWISIDET MOOD Err 1.2004 nitOuaw Angry 3D. 2004 Transaction Detail (continued) .102µM ISAM•11 MIMS MAIGER On Die INTEREST (continue/0 UST STAlt1ODIT DOCArntet 31.2003 DATE OESCAVTITAI SYTAIOVONDP QUANTITY RATE MO OM IWACUM cam NAM 01/26/04 FANNIE MAE CM/3/SERIES 2003-13 313921062 6.6580 212.155.00 s RER1/0 FUR DUE 03/2512033 6.858 C) INTEREST PAYMENT 01.2544 0 01/26/04 FEDERAL NATIONAL MEG ASSN 313932226 5.8580 91.308.99 SERFS =03-49 CLASS SW DUE 01/25/2033 5.858 MEREST PAYMENT 01.25.04 TOTAL $720,989.06 REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS with Bear,Steams& Co.Inc. m sentoson nwx DATE TRATISACITON Dela:raw SDADOLATUSIP country DEW &TOME DOOR NAOMI z 01/02/04 JOURNAL ADP CD FITM-PR F225318101I 8888888 980.000.00 8.625 DUE 12/31/49 2074420692 01/02104 JOURNAL ADP CD 8888888 980.000.03 FIDA.PR F275318101g r 8.625 DUE 12131/49 2471420692 01/02.104 JOURNAL ADD CD 8888888 980.000.00 FTDA-PR F2753181019 8.625 DUE 12/31/49 2074420692 01/02/04 JOURNAL ADP CD 8888888 1,297.CC0.00 Fins% F2753181011 8.625 DUE 12/31/49 207/420692 01/02/04 INTEREST ADP CD 8888888 384.85 DUE 12/31/2049 6.625 Fume* F2753181011 2071420692 027 OVAI/Olart20 2/l YW L6805£OO- O19-ANGS rn I8 b.) EFTA01321084 La CLFJI/L0 1141000•4 tr3 114.1:1s °web Suesoace OFFICE SERVICLUG YOUR ACCOUNT Bar. Swarm Sonnet Cap. Bear. Steams 6 Co. Inc. One Meow. Oats Ham BEAR 383 MediSco AVON* r 11201-3459 New Yea. New Yak 10179 STEARNS FINANCIAL TRUST CO INC SIATIONNT PP= Thrum,' t. 2004 THROWN larwri 30. 2004 Transaction Detail (continued) ACCOLNY m.weep TAIOAVtlt NUMMI Oft Flip REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (ccounued) LAST STATeliewr Often*. 31.2003 SETTIDIENI 011E OME otooacnou ctSCAPTIN STIAMUOJIO ONION a MOM Ca /YOUNT 01/1604 JOURNAL ADP CO 8888888 1.297.000.00 FITIAAR F275316101) 8.625 DUE 12/31/49 2074428692 01/16104 JOURNAL ADP CO 8888888 1,207,000.00 0 FRILPR F275318101k 8.625 DUE 1201/49 2074420692 01(16104 JOURNAL ADP CD 8888888 1.297.003.00 -n FITMPR F2753181011 8.625 DUE 1201149 2074420692 C 01/18/04 JOURNAL ADP CD FDM.PR F275318101m 8888888 1.640.000.00 rn 9.625 OM 12/31/49 2074420692 01/16/04 INTEREST ADP CD 8888888 501.15 DUE 1201/2049 8625 F1DA.PR F275318101) 2074420892 01/21/04 JOURNAL ADP CD 8888888 1.659.00000 FIIM.PR F2753181010 8.625 DUE 12/31/49 r 2074420692 0021/04 JOURNAL ADP CD 8898888 1.840.000.00 FITIAAR F2753161018 8.625 DUE 12/31/49 2074420692 01/21834 INTEREST ADP CD 8688888 256.58 DUE 12/3112049 8,625 F1114-PR F275318101/1 2074420692 01/27/04 JOURNAL ADP CD 8888888 1.659800.03 FIDA.Plt F2753181018 8.625 DUE 12131/49 2074420692 027 0141440k20 an 1124 86805£00-019-ANGS Fn IJ IJ EFTA01321085 Cann nOVOR n4 noti.r One. SUBSOn °MCC SERvICIN6 YCIJR ACCOUNT Bear. Stearns & Co. Inc. Use Sun Sans Cap. 0-e In1401 Cni Pen BEAR 383 Madison kerma . Mt 11201.3869 New Yak. New York 10179 STBRNS FINANCIAL TRUST CO INC 12 d sulb.,O47 ofR100 Inn 1. 2004 TOTIIOLCH J.wy 30.2004 Transaction Detail (continued) AM.,. NT .46.013eR TAnvER ;OMER On Fie REPURCHASE AND REVERSE REPURCHASE TRANSACTIONS (continued) LIST STATnni D0C0Mbef 31. 2003 SETTIDA0R MAN DM DAM 1WISAC11001 OtSCIU011011 SYM•01P0USMI CIJAM0 DM MOUNT CAW wawa 01/2704 JOURNAL ADP CO 8888888 1.859.030.03 FITM-PR F275318101q 8.625 DUE 12/31/49 2074420692 01/27/04 JOURNAL ADP CO 8888888 1.659.000.00 0 F111.4-PR F275318101: 8.625 DUE 12/31/49 2074420692 01/27/04 JOURNAL ADP CO 8888888 2.075.000.00 -n F1114-PR F2753181019 8.625 ouE 12/31/49 2074420692 C 01/27/04 INTERF_ST ADP CD 8888888 276.50 Out 1201/2049 8.625 in FITIA-PR F2753181019 2074420692 TOTAL 5.10.807,000.00 $9.713.418.88 MISCELLANEOUS DA1t 1100.11' 11014SACTO11 COOS*01 Cart MflW CAM MOM r 01A)8/04 JOURNAL FRG FILM 155,420.00 01/17.04 JOURNAL FITG FITM 79.477.00 91/14004 JOURNAL FRG AIDA 19,611.00 01/16/04 JOURNAL DEC.03 SPEC CLEARING FEES Loom 01/15/04 JOURNAL FRG FILM 32.492.00 01/22/04 JOURNAL FTRA TO FRG 181.088.00 _ 66805£00 IN9 ANGS 092 01/1104.1141.20 C01 V824 loci:a-MO—V.83 EFTA01321086 GLEAM) T14.303H OFFICE SERvICING YOUR MULM wawa. CenED SAMOMY Sear. Stearns & Co. Inc. Sew. Sera Smiles CM 383 Madison Arenue M Meech Com Notin BEAR New York. New York 10179 MM. New Yet 11201.3449 STEARNS FINANOAL TRUST CO INC 13 a•3 STATEMer IMO° Marl I. 2004 mROUM Meaty 30.2004 Transaction Detail (continued) ACCONer TArPAYEA mare On FFe MISCELLANEOUS (Continued) LAST !RAMAPO Mamba 31. 2003 0Alt 0.40CAY MUSACIM COMP1131. 0:411 AuCtel MEM AMM 01/27/04 JOURNAL FRG F113.4 44.533.00 TOTAL 5.293.137.00 5219,564.00 0 0 -n Your messages C ExCOSS SIPC Account Protection Update Effective February 16. 2004. the commercial insurer through which Bear. in Steams Securities Corp. obtains excess SIPC protection will change to Customer ASSet Protection Company CCAPCO1, a New York licensed insurance company. CAPCO has an A. fnancial strength rating from Standard and Pools. End of Statement r 027 0, 131.04 09 20 CO1 1824 0060SEOCIN9- ANGS EFTA01321087 SDNY,M,350901 CONFIDENTIAL EFIA_00.3593 EFTA01321088