Bear Stearns brokerage statement for an institutional interests account, June 2003

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| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |¶

| TELEPHONE | |¶

| VISIT OUR WEBSITE | www.bearstearns.com |¶

What’s In This Statement¶

Financial Summary 3¶

Your Portfolio Holdings … 4¶

Transaction Detail … 5¶

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

Fund Activity … 6¶

INSTITUTIONAL INTERESTS A/C #2¶

C/O FINANCIAL TRUST COMPANY¶

ATTN LARRY KEMP¶

6100 RED HOOK QUARTER¶

SUITE B-3¶

ST THOMAS VI 00802¶

INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT PERIOD May 31, 2003¶

AGCOUNT NUMBER¶

THROUGH June 27, 2003¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | May 30, 2003 |¶

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Your Portfolio at a Glance¶

TOTAL VALUE OF SECURITIES THIS PERIOD	20,275,749
NET CREDIT BALANCE	21,630
MONEY MARKET FUND BALANCE	611,991
NET EQUITY THIS PERIOD	$20,909,370
NET EQUITY LAST STATEMENT	20,677,883
CHANGE SINCE LAST STATEMENT	231,487

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

Market Value of Your Portfolio¶

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.¶

Important Message¶

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.¶

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.¶

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INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT BACKER IS PRINTED ON THIS PAGE¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$2,032,811.00
Money Fund	67,642.13
Dividends/Interest	50,112.00
Amount Credited	$117,754.13
Securities Bought	-2,128,293.12
Money Fund	-642.13
Amount Debited	$-2,128,935.25
Net Cash Activity	-2,011,181.12
Closing Balance	$21,629.88

Cash Balance Summary¶

	OPENING	CLOSING
Cash	2,032,811.00	21,629.88
Net Cash Balance	$2,032,811.00	$21,629.88

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	49,867.13	145,865.92
Credit Balance Int.	887.00	6,090.21
Total	$50,754.13	$151,956.13

Portfolio Composition¶

Cash/Cash Equivalent	633,621
Equities	20,275,749
Total	$20,909,370

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT PERIOD May 31, 2003¶

THROUGH June 27, 2003¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

06/28/03;12:00 001¶

| LAST STATEMENT | May 30, 2003 |¶

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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.¶

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BEAR STEARNS¶

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

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Your Portfolio Holdings¶

CASH & CASH EQUIVALENTS¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				21,630
BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CLY DIVIDEND REINVESTED	BSMXX	611,990.99	1.0000	611,991	6,304	1.0301
TOTAL CASH & CASH EQUIVALENTS				$633,621	$6,304

EQUITIES¶

Equities & Options¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
AOL TIME WARNER INC	AOL	CASH	100,000	15.8200	1,582,000
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	25,000	55.6900	1,392,250	5,200	0.3735
BANK OF AMER CORP	BAC	CASH	30,000	79.6100	2,388,300	96,000	4.0196
CITIGROUP INC	C	CASH	27,375	43.0100	1,177,399	21,900	1.8600
E I DU PONT DE NEMOURS & CO	DD	CASH	25,000	41.8300	1,045,750	35,000	3.3469
FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP)	FRE	CASH	20,000	50.0000	1,000,000	20,800	2.0800
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	20,000	83.4200	1,668,400	12,800	0.7672
JOHNSON& JOHNSON	JNJ	CASH	60,000	51.5400	3,092,400	57,600	1.8626
MBNA CORP	KRB	CASH	100,000	20.7500	2,075,000	32,000	1.5422

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT PERIOD May 31, 2003¶

THROUGH June 27, 2003¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | May 30, 2003 |¶

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

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Your Portfolio Holdings (continued)¶

Equities & Options (continued)¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
PFIZER INC	PFE	CASH	75,000	35.0000	2,625,000	45,000	1.7143
PROCTER & GAMBLE CO Total Equities& Options	PG	CASH	25,000	89.1700	2,229,250	41,000	1.8392
					$20,275,749	$367,300
TOTAL EQUITIES					$20,275,749	$367,300

YOUR TOTAL ESTIMATED ANNUAL INCOME	$373,604
YOUR PRICED PORTFOLIOHOLDINGS	$20,909,370

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

INVESTMENT ACTIVITY¶

Transaction Detail¶

INSTITUTIONAL INTERESTS A/C #2¶

STATEMENT PERIOD May 31, 2003¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
06/09/03	06/04/03	BOUGHT	E I DU PONT DE NEMOURS & CO DISCRETIONARY ORDER PART OF 25000 SHR	DD	200	43.30000	8,711.96
06/09/03	06/04/03	BOUGHT	E I DU PONT DE NEMOURS & CO DISCRETIONARY ORDER PART OF 25000 SHR	DD	1,500	43.32000	65,369.70
06/09/03	06/04/03	BOUGHT	E I DU PONT DE NEMOURS & CO DISCRETIONARY ORDER PART OF 25000 SHR	DD	23,300	43.45000	1,018,439.30

ACCOUNT NUMBER¶

| THROUGH | June 27, 2003 |¶

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TAXPAYER NUMBER On File¶

| LAST STATEMENT | May 30, 2003 |¶

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BEAR STEARNS¶

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

CLEARED THROUGH ITS WHOLLY OWNED SUBSDIARY¶

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INSTITUTIONAL INTERESTS A/C #2¶

Transaction Detail (continued)¶

STATEMENT PERIOD May 31, 2003¶

INVESTMENT ACTIVITY (continued)¶

THROUGH June 27, 2003¶

| LAST STATEMENT | May 30, 2003 |¶

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SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
06/13/03	06/10/03	BOUGHT	FREDDIE MAC-VOTING COMMON (FORMERLY FEDERAL HOME LOAN MORTGAGE CORP) AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	FRE	20,000	51.49010	1,035,772.16

MONEY FUND ACTIVITY¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/31/03		OPENINGBALANCE		678,348.86

06/02/03	DIVIDEND	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 05/30/03 PAY 05/30/03	BSMXX				642.13
06/02/03	REINVEST	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $1,00	BSMXX	642.13		642.13
06/12/03	SOLD	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y	BSMXX	-67,000	1.0000		67,000.00
06/27/03		CLOSINGBALANCE		611,990.99
TOTAL						-642.13	$67,642.13

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BEAR STEARNS¶

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

CLEARED THROUGH ITS CLEARLY WOUNDED SUBSIDIARY¶

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INSTITUTIONAL INTERESTS A/C #2¶

Transaction Detail (continued)¶

STATEMENT PERIOD May 31, 2003¶

DIVIDENDS¶

THROUGH June 27, 2003¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | May 30, 2003 |¶

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DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
06/05/03	PFIZER INC REC 05/16/03 PAY 06/05/03	PFE	75,000	0.1500		11,250.00
06/10/03	INTERNATIONAL BUSINESS MACHINES CORP REC 05/09/03 PAY 06/10/03	IBM	20,000	0.1600		3,200.00
06/10/03	JOHNSON & JOHNSON REC 05/20/03 PAY 06/10/03	JNJ	60,000	0.2400		14,400.00
06/20/03	AMERICAN INTERNATIONAL GROUP INC REC 06/06/03 PAY 06/20/03	AIG	25,000	0.0470		1,175.00
06/27/03	BANK OF AMER CORP REC 06/06/03 PAY 06/27/03	BAC	30,000	0.6400		19,200.00
TOTAL						$49,225.00

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
06/23/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 05/21 THRU 06/20			0.7500		887.00
TOTAL							$887.00

******* End of Statement*******¶

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