Brokerage statement for an Epstein-linked institutional account, January 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
Fund Activity	6
Your Messages	7

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.¶

TOTAL VALUE OF SECURITIES THIS PERIOD	17,410,713
NET CREDIT BALANCE	879,945
MONEY MARKET FUND BALANCE	675,680
NET EQUITY THIS PERIOD	$18,966,338
NET EQUITY LAST STATEMENT	19,529,785
CHANGE SINCE LAST STATEMENT	-563,447

AGCOUNT NUMBER¶

| LAST STATEMENT | December 31, 2002 |¶

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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¶

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

Cash Balance Summary¶

	OPENING	CLOSING
Cash	738,561.03	879,944.72
Net Cash Balance	$738,561.03	$879,944.72

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	6,300.00	6,300.00
Credit Balance Int.	2,569.41	2,569.41
Total	$8,869.41	$8,869.41

Portfolio Composition¶

Cash/Cash Equivalent	1,555,625
Equities	17,410,713
Total	$18,966,338

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 |¶

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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				879,945
BEAR STEARNS PRIME MONEY	BSMXX	675,680.07	1.0000	675,680	8,311	1.2300
MARKET PORTFOLIO CL Y DIVIDEND REINVESTED
TOTAL CASH & CASH EQUIVALENTS				$1,555,625	$8,311

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	11.6600	1,166,000
AMERICAN INTERNATIONAL GROUP INC	AIG	CASH	25,000	54.1200	1,353,000	4,700	0.3474
BANK OF AMER CORP	BAC	CASH	30,000	70.0500	2,101,500	76,800	3.6545
CITIGROUP INC	C	CASH	27,375	34.3800	941,153	21,900	2.3269
GOLDMAN SACHS GROUP INC	GS	CASH	12,000	68.1000	817,200	5,760	0.7048
INTERNATIONAL BUSINESS MACHINES CORP	IBM	CASH	20,000	78.2300	1,564,600	12,000	0.7670
JOHNSON & JOHNSON	JNJ	CASH	50,000	53.6100	2,680,500	41,000	1.5296
MBNA CORP	KRB	CASH	90,000	16.8300	1,514,700	28,800	1.9014
PFIZER INC	PFE	CASH	75,000	30.3600	2,277,000	45,000	1.9763
PROCTER & GAMBLE CO	PG	CASH	25,000	85.5700	2,139,250	41,000	1.9166

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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BEAR STEARNS¶

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(%)
VIACOM INC-CL B	VIAB	CASH	22,200	38.5500	855,810
Total Equities&Options					$17,410,713	$276,960
TOTAL EQUITIES					$17,410,713	$276,960

CLEARED THROUGH ITS¶

WHOLLY OWNED SUBSDIARY¶

YOUR TOTAL ESTIMATED ANNUAL INCOME	$285,271
YOUR PRICED PORTFOLIOHOLDINGS	$18,966,338

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 |¶

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THROUGH January 31, 2003¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
01/06/03	12/31/02	SOLD	TYCO INTERNATIONAL LTD AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	TYC	-12,500	17.01650		211,449.84
01/06/03	12/31/02	SOLD	TYCO INTERNATIONAL LTD AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	TYC	-12,500	17.15090		213,129.79
01/07/03	01/02/03	SOLD	TYCO INTERNATIONAL LTD AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	TYC	-25,000	16.98250		422,049.72

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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)¶

SETTLEMENT DATE	TRADE DATE	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
01/10/03	01/07/03	BOUGHT	AOL TIME WARNER INC AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT DISCRETIONARY ORDER	AOL	50,000	14.16000	714,115.07
TOTAL						-714,115.07	$846,629.35

MONEY FUND ACTIVITY¶

DATE MOV/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
01/01/03		OPENINGBALANCE		674,926.45
01/02/03	REINVEST	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00	BSMXX	753.62		753.62
01/02/03	DIVIDEND	BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 12/31/02 PAY 12/31/02 INCLUDED IN 2002 1099	BSMXX				753.62
01/31/03		CLOSINGBALANCE		675,680.07
TOTAL						-753.62	$753.62

DIVIDENDS¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
01/02/03	MBNA CORP REC 12/13/02 PAY 01/01/03	KRB	90,000	0.0700		6,300.00
TOTAL						$6,300.00

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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¶

INTEREST¶

Transaction Detail (continued)¶

STATEMENT PERIOD January 1, 2003¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
01/08/03	ADJ CRINT 6/21/02 -12/20/02 TO C 1 1/2%					1,999.69
01/21/03	INTEREST ON CREDIT BALANCE AT 0 1/8% 12/21 THRU 12/30			0.1250		25.24
01/21/03	INTEREST ON CREDIT BALANCE AT 0 3/4% 12/31 THRU 01/20			0.7500		418.28
01/22/03	ADJ CR INT 12/21-12/30/02 TO 3/4%					126.20
TOTAL						$2,569.41

THROUGH January 31, 2003¶

AGCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | December 31, 2002 |¶

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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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