EFTA00197642

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 SUBSDIARY







# 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.



INSTITUTIONAL INTERESTS A/C #2



## Your Portfolio at a Glance

| STATEMENT PERIOD | June 30, 2001 |

| :--- | :--- |

| THROUGH | July 27, 2001 |

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

ACCOUNT NUMBER

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,847,255</td></tr><tr><td>NET CREDIT BALANCE</td><td>282,579</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$22,129,834</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,726,863</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>402,971</td></tr></table>

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.

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EFTA00197643



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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


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EFTA00197644



BEAR
STEARNS


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

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>Opening Balance</td><td>$540,053.06</td></tr><tr><td>Dividends/Interest</td><td>9,699.31</td></tr><tr><td>Amount Credited</td><td>$9,699.31</td></tr><tr><td>Securities Bought</td><td>-267,172.88</td></tr><tr><td>Amount Debited</td><td>$-267,172.88</td></tr><tr><td>Net Cash Activity</td><td>-257,473.57</td></tr><tr><td>Closing Balance</td><td>$282,579.49</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>540,053.06</td><td>282,579.49</td></tr><tr><td>Net Cash Balance</td><td>$540,053.06</td><td>$282,579.49</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>9,060.00</td><td>161,520.00</td></tr><tr><td>Credit Balance Int.</td><td>639.31</td><td>6,706.29</td></tr><tr><td>Total</td><td>$9,699.31</td><td>$168,226.29</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>282,579</td></tr><tr><td>Equities</td><td>21,847,255</td></tr><tr><td>Total</td><td>$22,129,834</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 | June 30, 2001 |
| :--- | :--- |
| THROUGH | July 27, 2001 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 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.

EFTA00197645



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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>282,579</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$282,579</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>20,000</td><td>58.0600</td><td>1,161,200</td><td>18,400</td><td>1.5846</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>81.7200</td><td>1,634,400</td><td>3,360</td><td>0.2056</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>63.5000</td><td>1,587,500</td><td>56,000</td><td>3.5276</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>25,000</td><td>56.4300</td><td>1,410,750</td><td>27,500</td><td>1.9493</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>10,000</td><td>84.8200</td><td>848,200</td><td>4,800</td><td>0.5659</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>104.7000</td><td>1,047,000</td><td>5,600</td><td>0.5349</td></tr><tr><td>J.P. MORGAN CHASE &amp; CO</td><td>JPM</td><td>CASH</td><td>37,500</td><td>44.2100</td><td>1,657,875</td><td>51,000</td><td>3.0762</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>53.0100</td><td>2,650,500</td><td>36,000</td><td>1.3582</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>70,000</td><td>35.5800</td><td>2,490,600</td><td>25,200</td><td>1.0118</td></tr><tr><td>MORGAN STANLEY DEAN WITTER &amp; CO</td><td>MWD</td><td>CASH</td><td>12,000</td><td>59.5900</td><td>715,080</td><td>11,040</td><td>1.5439</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>39.8400</td><td>2,988,000</td><td>33,000</td><td>1.1044</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>70.4700</td><td>1,761,750</td><td>38,000</td><td>2.1569</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 June 30, 2001

THROUGH July 27, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

027



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EFTA00197646



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><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>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>51.2000</td><td>1,894,400</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$21,847,255</td><td>$309,900</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,847,255</td><td>$309,900</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$309,900</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$22,129,834</td></tr></table>



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS A/C #2



## INVESTMENT ACTIVITY



Transaction Detail


STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 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>07/10/01</td><td>07/05/01</td><td>BOUGHT</td><td>BRISTOL MYERS SQUIBB CO WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUMSTANCE DISCRETIONARY ORDER</td><td>BMY</td><td>5,000</td><td>53.10000</td><td>267,172.88</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-267,172.88</td></tr></tbody></table>

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EFTA00197647



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 June 30, 2001

## DIVIDENDS

THROUGH July 27, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 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>07/02/01</td><td>MBNA CORP<br>REC 06/15/01 PAY 07/01/01</td><td>KRB</td><td>70,000</td><td>0.0900</td><td></td><td>6,300.00</td></tr><tr><td>07/27/01</td><td>MORGAN STANLEY DEAN WITTER &amp; CO<br>REC 07/06/01 PAY 07/27/01</td><td>MWD</td><td>12,000</td><td>0.2300</td><td></td><td>2,760.00</td></tr><tr><td colspan="6">TOTAL</td><td>$9,060.00</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>07/23/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 2 1/2% 06/21 THRU 06/26</td><td></td><td></td><td>2.5000</td><td></td><td>36.28</td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 2 1/4% 06/27 THRU 07/20</td><td></td><td></td><td>2.2500</td><td></td><td>603.03</td></tr><tr><td colspan="6">TOTAL</td><td>$639.31</td></tr></tbody></table>





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



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