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| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Fund Activity</td><td>6</td></tr><tr><td>Trades Not Yet Settled</td><td>7</td></tr></table>





# INSTITUTIONAL INTERESTS A/C #2

C/O FINANCIAL TRUST COMPANY

ATTN LARRY KEMP

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802

Your Portfolio at a Glance



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,506,720</td></tr><tr><td>NET CREDIT BALANCE</td><td>9,694</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>100,421</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,616,835</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,613,766</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>3,070</td></tr></table>



| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File



INSTITUTIONAL INTERESTS A/C #2



Market Value of Your Portfolio

THROUGH November 28, 2003

STATEMENT PERIOD November 1, 2003

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., Brooklyn, N.Y. 11201-3859.

| SIPC | This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for your records. See reverse side for important information. |
| :--- | :--- |
| 027 | 11/29/03;09:04 001 |

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STATEMENT BACKER IS PRINTED ON THIS PAGE

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$328,764.63</td></tr><tr><td>Money Fund</td><td>12,678.90</td></tr><tr><td>Dividends/Interest</td><td>21,069.17</td></tr><tr><td>Amount Credited</td><td>$33,748.07</td></tr><tr><td>Securities Bought</td><td>-352,731.81</td></tr><tr><td>Money Fund</td><td>-86.72</td></tr><tr><td>Amount Debited</td><td>$-352,818.53</td></tr><tr><td>Net Cash Activity</td><td>-319,070.46</td></tr><tr><td>Closing Balance</td><td>$9,694.17</td></tr></table>

## Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>328,764.63</td><td>9,694.17</td></tr><tr><td>Net Cash Balance</td><td>$328,764.63</td><td>$9,694.17</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>21,042.97</td><td>283,025.34</td></tr><tr><td>Credit Balance Int.</td><td>112.92</td><td>6,265.42</td></tr><tr><td>Total</td><td>$21,155.89</td><td>$289,290.76</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>110,115</td></tr><tr><td>Equities</td><td>21,506,720</td></tr><tr><td>Total</td><td>$21,616,835</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00197780



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.

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## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>9,694</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>100,420.73</td><td>1.0000</td><td>100,421</td><td>904</td><td>0.9002</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$110,115</td><td>$904</td><td></td></tr></tbody></table>

## EQUITIES

Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>57.9500</td><td>1,448,750</td><td>6,500</td><td>0.4487</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>40,000</td><td>75.4300</td><td>3,017,200</td><td>128,000</td><td>4.2423</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>47.0400</td><td>1,287,720</td><td>38,325</td><td>2.9762</td></tr><tr><td>FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)</td><td>FRE</td><td>CASH</td><td>30,000</td><td>54.4200</td><td>1,632,600</td><td>31,200</td><td>1.9111</td></tr><tr><td>FANNIE MAE (FEDERAL NATL MTG ASSN)</td><td>FNM</td><td>CASH</td><td>5,000</td><td>70.0000</td><td>350,000</td><td>9,000</td><td>2.5714</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>90.5400</td><td>1,810,800</td><td>12,800</td><td>0.7069</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>60,000</td><td>49.2900</td><td>2,957,400</td><td>57,600</td><td>1.9477</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>100,000</td><td>24.5200</td><td>2,452,000</td><td>40,000</td><td>1.6313</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>33.5500</td><td>2,516,250</td><td>45,000</td><td>1.7884</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2





STATEMENT PERIOD November 1, 2003



THROUGH November 28, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

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OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



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## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>96.2400</td><td>2,406,000</td><td>45,500</td><td>1.8911</td></tr><tr><td>TIME WARNER INC NEW</td><td>TWX</td><td>CASH</td><td>100,000</td><td>16.2800</td><td>1,628,000</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$21,506,720</td><td>$413,925</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,506,720</td><td>$413,925</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$414,829</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$21,616,835</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2





STATEMENT PERIOD November 1, 2003



THROUGH November 28, 2003



ACCOUNT NUMBER



<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/12/03</td><td>11/06/03</td><td>BOUGHT</td><td>FANNIE MAE<br>(FEDERAL NATL MTG ASSN)<br>DISCRETIONARY ORDER<br>PART OF 5000 SHR</td><td>FNM</td><td>1,000</td><td>70.07000</td><td>70,482.30</td><td></td></tr></tbody></table>

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




6 of 9



INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)



STATEMENT PERIOD November 1, 2003



THROUGH November 28, 2003

INVESTMENT ACTIVITY (continued)

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/12/03</td><td>11/06/03</td><td>BOUGHT</td><td>FANNIE MAE<br>(FEDERAL NATL MTG ASSN)<br>DISCRETIONARY ORDER<br>PART OF 5000 SHR</td><td>FNM</td><td>4,000</td><td>70.15000</td><td>282,249.51</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-352.731.81</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>112,926.19</td><td></td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th>11/03/03</th><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 10/31/03 PAY 10/31/03</td><td>BSMXX</td><td></td><td></td><td></td><td>86.72</td></tr></thead><tbody><tr><td>11/03/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>86.72</td><td></td><td>86.72</td><td></td></tr><tr><td>11/21/03</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-12,592.18</td><td>1.0000</td><td></td><td>12,592.18</td></tr><tr><td>11/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>100,420.73</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-86.72</td><td>$12,678.90</td></tr></tbody></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td rowspan="2">11/14/03</td><td>PROCTER &amp; GAMBLE CO</td><td rowspan="2">PG</td><td rowspan="2">25,000</td><td rowspan="2">0.4550</td><td rowspan="2"></td><td rowspan="2">11,375.00</td></tr><tr><td>REC 10/24/03 PAY 11/14/03</td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


7 of 9





INSTITUTIONAL INTERESTS A/C #2



## Transaction Detail (continued)

STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003



DIVIDENDS (continued)



ACCOUNT NUMBER

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td rowspan="2">11/26/03</td><td>CITIGROUP INC</td><td>C</td><td>27,375</td><td>0.3500</td><td></td><td>9,581.25</td></tr><tr><td>REC 11/03/03 PAY 11/26/03</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$20,956.25</td></tr></tbody></table>

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |



INTEREST


<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 10/21 THRU 11/20</td><td></td><td></td><td>0.5000</td><td></td><td>112.92</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$112.92</td></tr></tbody></table>

## Trades Executed Pending Settlement

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>AMERICAN INTERNATIONAL GROUP INC UNSOLICITED AS OF 11/25/03</td><td>AIG</td><td>-25,000.00</td><td>57.4500</td><td></td><td>1,428,087.56</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>BANK OF AMER CORP AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>BAC</td><td>-40,000.00</td><td>74.8254</td><td></td><td>2,976,864.73</td></tr></tbody></table>

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BEAR
STEARNS




CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


8 of 9



INSTITUTIONAL INTERESTS A/C #2



## Trades Executed Pending Settlement (continued)



STATEMENT PERIOD November 1, 2003



THROUGH November 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>CITIGROUP INC<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>C</td><td>-27,375.00</td><td>46.8701</td><td>1,275,478.72</td><td></td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>FRE</td><td>-30,000.00</td><td>54.7427</td><td>1,632,899.05</td><td></td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>FANNIE MAE (FEDERAL NATL MTG ASSN) UNSOLICITED</td><td>FNM</td><td>-5,000.00</td><td>69.5500</td><td>345,685.25</td><td></td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>INTERNATIONAL BUSINESS MACHINES CORP<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>IBM</td><td>-20,000.00</td><td>89.5320</td><td>1,781,111.76</td><td></td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>JOHNSON&amp; JOHNSON<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>JNJ</td><td>-60,000.00</td><td>50.8640</td><td>3,034,341.12</td><td></td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>MBNA CORP<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>KRB</td><td>-100,000.00</td><td>24.1996</td><td>2,403,223.60</td><td></td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>PRIZER INC WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUUMSTANCE<br>AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>PFE</td><td>-75,000.00</td><td>33.4013</td><td>2,489,313.66</td><td></td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





9 of 9







INSTITUTIONAL INTERESTS A/C #2



## Trades Executed Pending Settlement (continued)

STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>PROCTER &amp; GAMBLE CO<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>PG</td><td>-25,000.00</td><td>96.9260</td><td></td><td>2,410,434.82</td></tr><tr><td>12/01/03</td><td>11/25/03</td><td>SOLD</td><td>TIME WARNER INC<br>NEW<br>UNSOLICITED</td><td>TWX</td><td>-100,000.00</td><td>16.0800</td><td></td><td>1,595,009.31</td></tr><tr><td colspan="7">TOTAL</td><td>$0.00</td><td>$21,372,449.58</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.





******* End of Statement*******





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