EFTA00197648

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

<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>Your Messages</td><td>7</td></tr></table>

## What’s In This Statement





# 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



INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 26, 2001

ACCOUNT NUMBER

THROUGH June 29, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,186,810</td></tr><tr><td>NET CREDIT BALANCE</td><td>540,053</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,726,863</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,686,454</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-959,591</td></tr></table>

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

Market Value of Your Portfolio

Please note: You may find more than one statement in this envelope. Beginning this month, all statements with the same Address and Social Security number / Taxpayer Identification number are being mailed in one envelope. For further details, please contact your account executive.

## Important Message

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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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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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>OpeningBalance</td><td>$10,604.25</td></tr><tr><td>Securities Sold</td><td>491,415.62</td></tr><tr><td>Dividends/Interest</td><td>38,033.19</td></tr><tr><td>Amount Credited</td><td>$529,448.81</td></tr><tr><td>Net Cash Activity</td><td>529,448.81</td></tr><tr><td>ClosingBalance</td><td>$540,053.06</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>10,604.25</td><td>540,053.06</td></tr><tr><td>Net Cash Balance</td><td>$10,604.25</td><td>$540,053.06</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>37,990.00</td><td>152,460.00</td></tr><tr><td>Credit Balance Int.</td><td>43.19</td><td>6,066.98</td></tr><tr><td>Total</td><td>$38,033.19</td><td>$158,526.98</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>540,053</td></tr><tr><td>Equities</td><td>21,186,810</td></tr><tr><td>Total</td><td>$21,726,863</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



<table><thead><tr><th>STATEMENT PERIOD</th><td>May 26, 2001</td></tr></thead><tbody><tr><td>THROUGH</td><td>June 29, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>May 25, 2001</td></tr></tbody></table>

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.

EFTA00197651



BEAR
STEARNS


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

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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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>540,053</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$540,053</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>58.4400</td><td>1,168,800</td><td>18,400</td><td>1.5743</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>86.0000</td><td>1,720,000</td><td>3,360</td><td>0.1953</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>60.0300</td><td>1,500,750</td><td>56,000</td><td>3.7315</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>20,000</td><td>52.3000</td><td>1,046,000</td><td>22,000</td><td>2.1033</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>10,000</td><td>85.8000</td><td>858,000</td><td>4,800</td><td>0.5594</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>113.0000</td><td>1,130,000</td><td>5,600</td><td>0.4956</td></tr><tr><td>JP MORGAN CHASE &amp; CO</td><td>JPM</td><td>CASH</td><td>37,500</td><td>44.6000</td><td>1,672,500</td><td>51,000</td><td>3.0493</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>50.0000</td><td>2,500,000</td><td>36,000</td><td>1.4400</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>70,000</td><td>32.9500</td><td>2,306,500</td><td>25,200</td><td>1.0926</td></tr><tr><td>MORGAN STANLEY DEAN WITTER &amp; CO</td><td>MWD</td><td>CASH</td><td>12,000</td><td>64.2300</td><td>770,760</td><td>11,040</td><td>1.4324</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>40.0500</td><td>3,003,750</td><td>33,000</td><td>1.0986</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>63.8000</td><td>1,595,000</td><td>35,000</td><td>2.1944</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 May 26, 2001

THROUGH June 29, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

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BEAR
STEARNS


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

5 of 7

## 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-CLB</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>51.7500</td><td>1,914,750</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$21,186,810</td><td>$301,400</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,186,810</td><td>$301,400</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$301,400</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$21,726,863</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

AGCOUNT NUMBER

<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>06/18/01</td><td>06/13/01</td><td>BOUGHT</td><td>JOHNSON &amp; JOHNSON<br>STK SPLIT ON 25000 SHS<br>REC 05/22/01 PAY 06/12/01</td><td>JNJ</td><td>25,000</td><td></td><td></td><td></td></tr><tr><td>06/26/01</td><td>06/21/01</td><td>SOLD</td><td>MORGAN STANLEY DEAN WITTER &amp;<br>CO<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>MWD</td><td>-4,000</td><td>61.54960</td><td></td><td>244,659.25</td></tr><tr><td>06/29/01</td><td>06/26/01</td><td>SOLD</td><td>MORGAN STANLEY DEAN WITTER &amp;<br>CO<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>MWD</td><td>-4,000</td><td>62.07630</td><td></td><td>246,756.37</td></tr><tr><td colspan="8">TOTAL</td><td>$491,415.62</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

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EFTA00197653



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 7



INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

## DIVIDENDS

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 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>06/01/01</td><td>AMERICAN HOME PRODUCTS CORP<br>REC 05/11/01 PAY 06/01/01</td><td>AHP</td><td>20,000</td><td>0.2300</td><td></td><td>4,600.00</td></tr><tr><td>06/07/01</td><td>PFIZER INC<br>REC 05/18/01 PAY 06/07/01</td><td>PFE</td><td>75,000</td><td>0.1100</td><td></td><td>8,250.00</td></tr><tr><td>06/11/01</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>REC 05/10/01 PAY 06/09/01</td><td>IBM</td><td>10,000</td><td>0.1400</td><td></td><td>1,400.00</td></tr><tr><td>06/12/01</td><td>JOHNSON &amp; JOHNSON<br>REC 05/22/01 PAY 06/12/01</td><td>JNJ</td><td>25,000</td><td>0.3600</td><td></td><td>9,000.00</td></tr><tr><td>06/15/01</td><td>AMERICAN INTERNATIONAL GROUP<br>INC<br>REC 06/01/01 PAY 06/15/01</td><td>AIG</td><td>20,000</td><td>0.0370</td><td></td><td>740.00</td></tr><tr><td>06/22/01</td><td>BANK OF AMER CORP<br>REC 06/01/01 PAY 06/22/01</td><td>BAC</td><td>25,000</td><td>0.5600</td><td></td><td>14,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$37,990.00</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>06/21/01</td><td>INTEREST ON CREDIT BALANCE AT 2 1/2% 05/21 THRU 06/20</td><td></td><td></td><td>2.5000</td><td></td><td>43.19</td></tr><tr><td colspan="7">TOTAL</td><td>$43.19</td></tr></tbody></table>

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BEAR
STEARNS


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

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## Your messages



Confirmation:

Unless we hear from you to the contrary. It is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STOP



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





INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD May 26, 2001

ACCOUNT NUMBER

THROUGH June 29, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

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