EFTA00197828

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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 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



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>18,252,609</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,109,497</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>677,712</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,039,818</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>19,186,804</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>853,014</td></tr></table>

| STATEMENT PERIOD | March 29, 2003 |

| :--- | :--- |

| THROUGH | April 25, 2003 |

ACCOUNT NUMBER

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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>$943,713.80</td></tr><tr><td>Securities Sold</td><td>897,057.20</td></tr><tr><td>Money Fund</td><td>682.95</td></tr><tr><td>Dividends/Interest</td><td>7,676.74</td></tr><tr><td>Amount Credited</td><td>$905,416.89</td></tr><tr><td>Securities Bought</td><td>-738,950.51</td></tr><tr><td>Money Fund</td><td>-682.95</td></tr><tr><td>Amount Debited</td><td>$-739,633.46</td></tr><tr><td>Net Cash Activity</td><td>165,783.43</td></tr><tr><td>Closing Balance</td><td>$1,109,497.23</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>943,713.80</td><td>1,109,497.23</td></tr><tr><td>Net Cash Balance</td><td>$943,713.80</td><td>$1,109,497.23</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>7,882.95</td><td>78,196.69</td></tr><tr><td>Credit Balance Int.</td><td>476.74</td><td>4,150.23</td></tr><tr><td>Total</td><td>$8,359.69</td><td>$82,346.92</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,787,209</td></tr><tr><td>Equities</td><td>18,252,609</td></tr><tr><td>Total</td><td>$20,039,818</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | March 29, 2003 |
| :--- | :--- |
| THROUGH | April 25, 2003 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

EFTA00197831



BEAR
STEARNS


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

4 of 7

## 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>1,109,497</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>677,711.76</td><td>1.0000</td><td>677,712</td><td>7,658</td><td>1.1300</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>$1,787,209</td><td>$7,658</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>13.3200</td><td>1,332,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>54.7500</td><td>1,368,750</td><td>4,700</td><td>0.3434</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>72.5800</td><td>2,177,400</td><td>76,800</td><td>3.5271</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>38.4500</td><td>1,052,569</td><td>21,900</td><td>2.0806</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>75.8700</td><td>910,440</td><td>5,760</td><td>0.6327</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>83.8800</td><td>1,677,600</td><td>12,000</td><td>0.7153</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>60,000</td><td>56.2100</td><td>3,372,600</td><td>57,600</td><td>1.7079</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>100,000</td><td>18.5500</td><td>1,855,000</td><td>32,000</td><td>1.7251</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>30.3700</td><td>2,277,750</td><td>45,000</td><td>1.9756</td></tr><tr><td rowspan="2">PROCTER &amp; GAMBLE CO Total Equities&amp; Options</td><td rowspan="2"></td><td rowspan="2">CASH</td><td rowspan="2">25,000</td><td rowspan="2">89.1400</td><td>2,228,500</td><td>41,000</td><td>1.8398</td></tr><tr><td>$18,252,609</td><td>$296,760</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$18,252,609</td><td>$296,760</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

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EFTA00197832




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



## Your Portfolio Holdings (continued)

STATEMENT PERIOD March 29, 2003

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$304,418</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$20,039,818</td></tr></table>

THROUGH April 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

## INVESTMENT ACTIVITY



Transaction Detail


<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>04/04/03</td><td>04/01/03</td><td>BOUGHT</td><td>JOHNSON &amp; JOHNSON DISCRETIONARY ORDER</td><td>JNJ</td><td>10,000</td><td>58.23000</td><td>585,688.58</td><td></td></tr><tr><td>04/04/03</td><td>04/01/03</td><td>BOUGHT</td><td>MBNA CORP DISCRETIONARY ORDER PART OF 10000 SHR</td><td>KRB</td><td>3,900</td><td>15.19000</td><td>59,796.51</td><td></td></tr><tr><td>04/04/03</td><td>04/01/03</td><td>BOUGHT</td><td>MBNA CORP DISCRETIONARY ORDER PART OF 10000 SHR</td><td>KRB</td><td>6,100</td><td>15.18000</td><td>93,465.42</td><td></td></tr><tr><td>04/10/03</td><td>04/07/03</td><td>SOLD</td><td>VIACOM INC-CL B AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER</td><td>VIAB</td><td>-5,550</td><td>41.33440</td><td></td><td>227,845.40</td></tr><tr><td>04/15/03</td><td>04/10/03</td><td>SOLD</td><td>VIACOM INC-CL B AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER</td><td>VIAB</td><td>-8,325</td><td>39.75470</td><td></td><td>328,774.04</td></tr></tbody></table>

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




6 of 7



INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD March 29, 2003

THROUGH April 25, 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>04/16/03</td><td>04/11/03</td><td>SOLD</td><td>VIACOM INC-CL B<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>VIAB</td><td>-8,325</td><td>41.16230</td><td></td><td>340,437.76</td></tr><tr><td colspan="6">TOTAL</td><td>$-738,950.51</td><td>$897,057.20</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>03/29/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>677,028.81</td><td></td><td></td><td></td></tr><tr><td>04/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 03/31/03 PAY 03/31/03</td><td>BSMXX</td><td></td><td></td><td></td><td>682.95</td></tr><tr><td>04/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>682.95</td><td></td><td>682.95</td><td></td></tr><tr><td>04/25/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>677,711.76</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-682.95</td><td>$682.95</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>04/01/03</td><td>MBNA CORP<br>REC 03/15/03 PAY 04/01/03</td><td>KRB</td><td>90,000</td><td>0.0800</td><td></td><td>7,200.00</td></tr><tr><td colspan="6">TOTAL</td><td>$7,200.00</td></tr></tbody></table>

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BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



7 of 7





INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



<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>04/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 03/21 THRU 04/20</td><td></td><td></td><td>0.7500</td><td></td><td>476.74</td></tr><tr><td colspan="7">TOTAL</td><td>$476.74</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |





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



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