EFTA00197636

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

| | |

| :--- | :--- |

| 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></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



# INSTITUTIONAL INTERESTS A/C #2

C/O FINANCIAL TRUST COMPANY

ATTN LARRY KEMP

* 6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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

TAXPAYER NUMBER On File



INSTITUTIONAL INTERESTS A/C #2



## Your Portfolio at a Glance

STATEMENT PERIOD July 28, 2001

ACCOUNT NUMBER

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,132,200</td></tr><tr><td>NET CREDIT BALANCE</td><td>138,743</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,270,943</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,129,834</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-858,891</td></tr></table>

THROUGH August 31, 2001

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., One Metrotech Center North, 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.

027 09/01/01:10:37 001

EFTA00197637



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

STATEMENT BACKER IS PRINTED ON THIS PAGE



INSTITUTIONAL INTERESTS A/C #2


027

EFTA00197638



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$282,579.49</td></tr><tr><td>Securities Sold</td><td>71,060.74</td></tr><tr><td>Dividends/Interest</td><td>29,297.69</td></tr><tr><td>Amount Credited</td><td>$100,358.43</td></tr><tr><td>Securities Bought</td><td>-244,194.87</td></tr><tr><td>Amount Debited</td><td>$-244,194.87</td></tr><tr><td>Net Cash Activity</td><td>-143,836.44</td></tr><tr><td>Closing Balance</td><td>$138,743.05</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>282,579.49</td><td>138,743.05</td></tr><tr><td>Net Cash Balance</td><td>$282,579.49</td><td>$138,743.05</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>28,950.00</td><td>190,470.00</td></tr><tr><td>Credit Balance Int.</td><td>347.69</td><td>7,053.98</td></tr><tr><td>Total</td><td>$29,297.69</td><td>$197,523.98</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>138,743</td></tr><tr><td>Equities</td><td>21,132,200</td></tr><tr><td>Total</td><td>$21,270,943</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | July 28, 2001 |
| :--- | :--- |
| THROUGH | August 31, 2001 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

Your Portfolio Allocation

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

EFTA00197639



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

4 of 6

## 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>138,743</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$138,743</td><td></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>AMERICAN HOME PRODUCTS CORP</td><td>AHP</td><td>CASH</td><td>24,000</td><td>56.0000</td><td>1,344,000</td><td>22,080</td><td>1.6429</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>78.2000</td><td>1,564,000</td><td>3,360</td><td>0.2148</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>61.5000</td><td>1,537,500</td><td>56,000</td><td>3.6423</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>25,000</td><td>56.1400</td><td>1,403,500</td><td>27,500</td><td>1.9594</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>10,000</td><td>80.1000</td><td>801,000</td><td>4,800</td><td>0.5993</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>100.0000</td><td>1,000,000</td><td>5,600</td><td>0.5600</td></tr><tr><td>JP MORGAN CHASE &amp; CO</td><td>JPM</td><td>CASH</td><td>37,500</td><td>39.4000</td><td>1,477,500</td><td>51,000</td><td>3.4518</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>52.7100</td><td>2,635,500</td><td>36,000</td><td>1.3660</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>70,000</td><td>34.7600</td><td>2,433,200</td><td>25,200</td><td>1.0357</td></tr><tr><td>MORGAN STANLEY DEAN WITTER &amp; CO</td><td>MWD</td><td>CASH</td><td>12,000</td><td>53.3500</td><td>640,200</td><td>11,040</td><td>1.7245</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>38.3100</td><td>2,873,250</td><td>33,000</td><td>1.1485</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>74.1500</td><td>1,853,750</td><td>38,000</td><td>2.0499</td></tr></tbody></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

027



09/01/01;10:37 001


EFTA00197640



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

5 of 6

## 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>37,000</td><td>42.4000</td><td>1,568,800</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$21,132,200</td><td>$313,580</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,132,200</td><td>$313,580</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$313,580</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$21,270,943</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 112D1-3859

## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

<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>08/03/01</td><td>07/31/01</td><td>BOUGHT</td><td>AMERICAN HOME PRODUCTS CORP DISCRETIONARY ORDER</td><td>AHP</td><td>4,000</td><td>60.67000</td><td>244,194.87</td><td></td></tr><tr><td>08/10/01</td><td>08/07/01</td><td>BOUGHT</td><td>ZIMMER HOLDINGS INC SPINOFF ON 25000 SHS BRISTOL MYERS SQUIBB CO SPINOFF FROM SEC # REC 07/27/01 PAY 08/06/01</td><td>ZMH</td><td>2,500</td><td></td><td></td><td></td></tr><tr><td>08/10/01</td><td>08/07/01</td><td>SOLD</td><td>ZIMMER HOLDINGS INC AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT</td><td>ZMH</td><td>-2,500</td><td>28.68710</td><td></td><td>71,060.74</td></tr><tr><td colspan="6">TOTAL</td><td>$-244,194.87</td><td>$71,060.74</td></tr></tbody></table>

027



09/01/01;10:37 001


EFTA00197641



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

6 of 6



INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD July 28, 2001

DIVIDENDS

THROUGH August 31, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

<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>07/31/01</td><td>J P MORGAN CHASE &amp; CO<br>REC 07/06/01 PAY 07/31/01</td><td>JPM</td><td>37,500</td><td>0.3400</td><td></td><td>12,750.00</td></tr><tr><td>08/01/01</td><td>BRISTOL MYERS SQUIBB CO<br>REC 07/06/01 PAY 08/01/01</td><td>BMY</td><td>20,000</td><td>0.2750</td><td></td><td>5,500.00</td></tr><tr><td>08/15/01</td><td>PROCTER &amp; GAMBLE CO<br>REC 07/20/01 PAY 08/15/01</td><td>PG</td><td>25,000</td><td>0.3800</td><td></td><td>9,500.00</td></tr><tr><td>08/30/01</td><td>GOLDMAN SACHS GROUP INC<br>REC 07/31/01 PAY 08/30/01</td><td>GS</td><td>10,000</td><td>0.1200</td><td></td><td>1,200.00</td></tr><tr><td colspan="6">TOTAL</td><td>$28,950.00</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>08/21/01</td><td>INTEREST ON CREDIT BALANCE AT 2 1/4% 07/21 THRU 08/20</td><td></td><td></td><td>2.2500</td><td></td><td>347.69</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$347.69</td></tr></tbody></table>





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


027



09/01/01;10:37 001