EFTA00197848

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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>Your Messages</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



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.

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>17,410,713</td></tr><tr><td>NET CREDIT BALANCE</td><td>879,945</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>675,680</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$18,966,338</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>19,529,785</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-563,447</td></tr></table>

AGCOUNT NUMBER

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File



INSTITUTIONAL INTERESTS A/C #2



Market Value of Your Portfolio

THROUGH January 31, 2003

STATEMENT PERIOD January 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.

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>$738,561.03</td></tr><tr><td>Securities Sold</td><td>846,629.35</td></tr><tr><td>Money Fund</td><td>753.62</td></tr><tr><td>Dividends/Interest</td><td>8,869.41</td></tr><tr><td>Amount Credited</td><td>$856,252.38</td></tr><tr><td>Securities Bought</td><td>-714,115.07</td></tr><tr><td>Money Fund</td><td>-753.62</td></tr><tr><td>Amount Debited</td><td>$-714,868.69</td></tr><tr><td>Net Cash Activity</td><td>141,383.69</td></tr><tr><td>Closing Balance</td><td>$879,944.72</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>738,561.03</td><td>879,944.72</td></tr><tr><td>Net Cash Balance</td><td>$738,561.03</td><td>$879,944.72</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>6,300.00</td><td>6,300.00</td></tr><tr><td>Credit Balance Int.</td><td>2,569.41</td><td>2,569.41</td></tr><tr><td>Total</td><td>$8,869.41</td><td>$8,869.41</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,555,625</td></tr><tr><td>Equities</td><td>17,410,713</td></tr><tr><td>Total</td><td>$18,966,338</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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

EFTA00197851



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>879,945</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>675,680.07</td><td>1.0000</td><td>675,680</td><td>8,311</td><td>1.2300</td></tr><tr><td>MARKET PORTFOLIO CL Y 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>$1,555,625</td><td>$8,311</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>11.6600</td><td>1,166,000</td><td></td><td></td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>25,000</td><td>54.1200</td><td>1,353,000</td><td>4,700</td><td>0.3474</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>30,000</td><td>70.0500</td><td>2,101,500</td><td>76,800</td><td>3.6545</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>34.3800</td><td>941,153</td><td>21,900</td><td>2.3269</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>68.1000</td><td>817,200</td><td>5,760</td><td>0.7048</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>20,000</td><td>78.2300</td><td>1,564,600</td><td>12,000</td><td>0.7670</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>53.6100</td><td>2,680,500</td><td>41,000</td><td>1.5296</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>90,000</td><td>16.8300</td><td>1,514,700</td><td>28,800</td><td>1.9014</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>30.3600</td><td>2,277,000</td><td>45,000</td><td>1.9763</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>85.5700</td><td>2,139,250</td><td>41,000</td><td>1.9166</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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STEARNS


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

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## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>22,200</td><td>38.5500</td><td>855,810</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$17,410,713</td><td>$276,960</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$17,410,713</td><td>$276,960</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$285,271</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$18,966,338</td></tr></table>





Transaction Detail


## INVESTMENT ACTIVITY



ACCOUNT NUMBER





INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 1, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

THROUGH January 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>01/06/03</td><td>12/31/02</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>TYC</td><td>-12,500</td><td>17.01650</td><td></td><td>211,449.84</td></tr><tr><td>01/06/03</td><td>12/31/02</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>TYC</td><td>-12,500</td><td>17.15090</td><td></td><td>213,129.79</td></tr><tr><td>01/07/03</td><td>01/02/03</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>TYC</td><td>-25,000</td><td>16.98250</td><td></td><td>422,049.72</td></tr></tbody></table>

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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 January 1, 2003

THROUGH January 31, 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>01/10/03</td><td>01/07/03</td><td>BOUGHT</td><td>AOL TIME WARNER INC<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>AOL</td><td>50,000</td><td>14.16000</td><td>714,115.07</td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-714,115.07</td><td>$846,629.35</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MOV/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>01/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>674,926.45</td><td></td><td></td><td></td></tr><tr><td>01/02/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>753.62</td><td></td><td>753.62</td><td></td></tr><tr><td>01/02/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 12/31/02 PAY 12/31/02<br>INCLUDED IN 2002 1099</td><td>BSMXX</td><td></td><td></td><td></td><td>753.62</td></tr><tr><td>01/31/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>675,680.07</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-753.62</td><td>$753.62</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>01/02/03</td><td>MBNA CORP<br>REC 12/13/02 PAY 01/01/03</td><td>KRB</td><td>90,000</td><td>0.0700</td><td></td><td>6,300.00</td></tr><tr><td colspan="6">TOTAL</td><td>$6,300.00</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 7





INSTITUTIONAL INTERESTS A/C #2





INTEREST


## **Transaction Detail** (continued)

STATEMENT PERIOD January 1, 2003

<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>01/08/03</td><td>ADJ CRINT 6/21/02 -12/20/02 TO C 1 1/2%</td><td></td><td></td><td></td><td></td><td>1,999.69</td></tr><tr><td>01/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/8% 12/21 THRU 12/30</td><td></td><td></td><td>0.1250</td><td></td><td>25.24</td></tr><tr><td>01/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 12/31 THRU 01/20</td><td></td><td></td><td>0.7500</td><td></td><td>418.28</td></tr><tr><td>01/22/03</td><td>ADJ CR INT 12/21-12/30/02 TO 3/4%</td><td></td><td></td><td></td><td></td><td>126.20</td></tr><tr><td colspan="6">TOTAL</td><td>$2,569.41</td></tr></tbody></table>

THROUGH January 31, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

## Your messages



The interest, if any, charged to your account during December 2002 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2003 is computed from December 31, 2002.



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


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