Financial record, 2003-05

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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¶

TOTAL VALUE OF SECURITIES THIS PERIOD	17,966,723
NET CREDIT BALANCE	2,032,811
MONEY MARKET FUND BALANCE	678,349
NET EQUITY THIS PERIOD	$20,677,883
NET EQUITY LAST STATEMENT	20,039,818
CHANGE SINCE LAST STATEMENT	638,065

| LAST STATEMENT | April 25, 2003 |¶

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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¶

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

Cash Balance Summary¶

	OPENING	CLOSING
Cash	1,109,497.23	2,032,811.00
Net Cash Balance	$1,109,497.23	$2,032,811.00

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	17,802.10	95,998.79
Credit Balance Int.	1,052.98	5,203.21
Total	$18,855.08	$101,202.00

Portfolio Composition¶

Cash/Cash Equivalent	2,711,160
Equities	17,966,723
Total	$20,677,883

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 |¶

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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¶

DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CASH BALANCE				2,032,811
BEAR STEARNS PRIME MONEY	BSMXX	678,348.86	1.0000	678,349	7,462	1.1000
MARKET PORTFOLIO CLY DIVIDEND REINVESTED
TOTAL CASH & CASH EQUIVALENTS				$2,711,160	$7,462

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	15.2200	1,522,000
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	25,000	57.8800	1,447,000	5,200	0.3594
BANK OF AMER CORP	BAC	CASH	30,000	74.2000	2,226,000	76,800	3.4501
CITIGROUP INC	C	CASH	27,375	41.0200	1,122,923	21,900	1.9503
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	20,000	88.0400	1,760,800	12,800	0.7269
JOHNSON & JOHNSON	JNJ	CASH	60,000	54.3500	3,261,000	57,600	1.7663
MBNA CORP	KRB	CASH	100,000	20.0500	2,005,000	32,000	1.5960
PFIZER INC	PFE	CASH	75,000	31.0200	2,326,500	45,000	1.9342
PROCTER & GAMBLE CO Total Equities& Options	PG	CASH	25,000	91.8200	2,295,500	41,000	1.7861
					$17,966,723	$292,300
TOTAL EQUITIES					$17,966,723	$292,300

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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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¶

STATEMENT PERIOD April 26, 2003¶

Your Portfolio Holdings (continued)¶

THROUGH May 30, 2003¶

YOUR TOTAL ESTIMATED ANNUAL INCOME	$299,762
YOUR PRICED PORTFOLIOHOLDINGS	$20,677,883

TAXPAYER NUMBER On File¶

LAST STATEMENT April 25, 2003¶

Transaction Detail¶

INVESTMENT ACTIVITY¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/02/03	04/29/03	SOLD	GOLDMAN SACHS GROUP INC AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	GS	-12,000	75.84430		905,095.79
TOTAL								$905,095.79

MONEY FUND ACTIVITY¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
04/26/03		OPENINGBALANCE		677,711.76
05/01/03	DIVIDEND	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 04/30/03 PAY 04/30/03	BSMXX				637.10

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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 April 26, 2003¶

MONEY FUND ACTIVITY (continued)¶

THROUGH May 30, 2003¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

LAST STATEMENT April 25, 2003¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
05/01/03	REINVEST	BEAR_STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00	BSMXX	637.10		637.10

05/30/03	CLOSINGBALANCE	678,348.86
TOTAL		-637.10	$637.10

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
05/15/03	PROCTER & GAMBLE CO REC 04/17/03 PAY 05/15/03	PG	25,000	0.4100		10,250.00
05/23/03	CITIGROUP INC REC 05/05/03 PAY 05/23/03	C	27,375	0.2000		5,475.00
05/29/03	GOLDMAN SACHS GROUP INC REC 04/29/03 PAY 05/29/03	GS	12,000	0.1200		1,440.00
TOTAL						$17,165.00

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
05/21/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 04/21 THRU 05/20			0.7500		1,052.98
TOTAL						$1,052.98

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