EFTA00197822

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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

Fund Activity 5





# INSTITUTIONAL INTERESTS A/C #2

C/O FINANCIAL TRUST COMPANY

ATTN LARRY KEMP

*

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio at a Glance



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



INSTITUTIONAL INTERESTS A/C #2



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>17,966,723</td></tr><tr><td>NET CREDIT BALANCE</td><td>2,032,811</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>678,349</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,677,883</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>20,039,818</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>638,065</td></tr></table>

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

STATEMENT PERIOD April 26, 2003

AGCOUNT NUMBER

THROUGH May 30, 2003

Market Value of Your Portfolio

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

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,109,497.23</td></tr><tr><td>Securities Sold</td><td>905,095.79</td></tr><tr><td>Money Fund</td><td>637.10</td></tr><tr><td>Dividends/Interest</td><td>18,217.98</td></tr><tr><td>Amount Credited</td><td>$923,950.87</td></tr><tr><td>Money Fund</td><td>-637.10</td></tr><tr><td>Amount Debited</td><td>$-637.10</td></tr><tr><td>Net Cash Activity</td><td>923,313.77</td></tr><tr><td>Closing Balance</td><td>$2,032,811.00</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,109,497.23</td><td>2,032,811.00</td></tr><tr><td>Net Cash Balance</td><td>$1,109,497.23</td><td>$2,032,811.00</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>17,802.10</td><td>95,998.79</td></tr><tr><td>Credit Balance Int.</td><td>1,052.98</td><td>5,203.21</td></tr><tr><td>Total</td><td>$18,855.08</td><td>$101,202.00</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>2,711,160</td></tr><tr><td>Equities</td><td>17,966,723</td></tr><tr><td>Total</td><td>$20,677,883</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD April 26, 2003

THROUGH May 30, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |



05/31/03;15:30 001


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

EFTA00197825



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>2,032,811</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>678,348.86</td><td>1.0000</td><td>678,349</td><td>7,462</td><td>1.1000</td></tr><tr><td>MARKET PORTFOLIO CLY DIVIDEND REINVESTED</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$2,711,160</td><td>$7,462</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>AOL TIME WARNER INC</td><td>AOL</td><td>CASH</td><td>100,000</td><td>15.2200</td><td>1,522,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>57.8800</td><td>1,447,000</td><td>5,200</td><td>0.3594</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>74.2000</td><td>2,226,000</td><td>76,800</td><td>3.4501</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>41.0200</td><td>1,122,923</td><td>21,900</td><td>1.9503</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>88.0400</td><td>1,760,800</td><td>12,800</td><td>0.7269</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>60,000</td><td>54.3500</td><td>3,261,000</td><td>57,600</td><td>1.7663</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>100,000</td><td>20.0500</td><td>2,005,000</td><td>32,000</td><td>1.5960</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>31.0200</td><td>2,326,500</td><td>45,000</td><td>1.9342</td></tr><tr><td rowspan="2">PROCTER &amp; GAMBLE CO Total Equities&amp; Options</td><td rowspan="2">PG</td><td rowspan="2">CASH</td><td rowspan="2">25,000</td><td rowspan="2">91.8200</td><td>2,295,500</td><td>41,000</td><td>1.7861</td></tr><tr><td>$17,966,723</td><td>$292,300</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$17,966,723</td><td>$292,300</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD April 26, 2003

THROUGH May 30, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 25, 2003 |

| :--- | :--- |

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05/31/03;15:30 001


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EFTA00197826



BEAR
STEARNS


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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





5 of 6







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD April 26, 2003

## Your Portfolio Holdings (continued)

THROUGH May 30, 2003

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$299,762</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$20,677,883</td></tr></table>

TAXPAYER NUMBER On File

LAST STATEMENT April 25, 2003



Transaction Detail


## INVESTMENT ACTIVITY

<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>05/02/03</td><td>04/29/03</td><td>SOLD</td><td>GOLDMAN SACHS GROUP INC<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>GS</td><td>-12,000</td><td>75.84430</td><td></td><td>905,095.79</td></tr><tr><td colspan="8">TOTAL</td><td>$905,095.79</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>04/26/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>677,711.76</td><td></td><td></td><td></td></tr><tr><td>05/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 04/30/03 PAY 04/30/03</td><td>BSMXX</td><td></td><td></td><td></td><td>637.10</td></tr></tbody></table>

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BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





6 of 6



INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD April 26, 2003

## MONEY FUND ACTIVITY (continued)

THROUGH May 30, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

LAST STATEMENT April 25, 2003

<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>05/01/03</td><td>REINVEST</td><td>BEAR_STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>637.10</td><td></td><td>637.10</td><td></td></tr></tbody></table>

<table border="1"><tr><td>05/30/03</td><td>CLOSINGBALANCE</td><td colspan="2">678,348.86</td></tr><tr><td>TOTAL</td><td></td><td>-637.10</td><td>$637.10</td></tr></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>05/15/03</td><td>PROCTER &amp; GAMBLE CO<br>REC 04/17/03 PAY 05/15/03</td><td>PG</td><td>25,000</td><td>0.4100</td><td></td><td>10,250.00</td></tr><tr><td>05/23/03</td><td>CITIGROUP INC<br>REC 05/05/03 PAY 05/23/03</td><td>C</td><td>27,375</td><td>0.2000</td><td></td><td>5,475.00</td></tr><tr><td>05/29/03</td><td>GOLDMAN SACHS GROUP INC<br>REC 04/29/03 PAY 05/29/03</td><td>GS</td><td>12,000</td><td>0.1200</td><td></td><td>1,440.00</td></tr><tr><td colspan="6">TOTAL</td><td>$17,165.00</td></tr></tbody></table>



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>05/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 04/21 THRU 05/20</td><td></td><td></td><td>0.7500</td><td></td><td>1,052.98</td></tr><tr><td colspan="6">TOTAL</td><td>$1,052.98</td></tr></tbody></table>

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