EFTA00197655

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></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 April 28, 2001

THROUGH May 25, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>22,675,850</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,604</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$22,686,454</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,174,225</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>512,229</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

In an effort to deliver statements to you more efficiently, Bear Stearns has enhanced the distribution of statements to household accounts.

Beginning in June, all statements with the same Address and Social Security number / Taxpayer identification number will be mailed in a single 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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EFTA00197657



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>$949,949.76</td></tr><tr><td>Securities Sold</td><td>17,424.41</td></tr><tr><td>Dividends/Interest</td><td>28,245.21</td></tr><tr><td>Amount Credited</td><td>$45,669.62</td></tr><tr><td>Securities Bought</td><td>-985,015.13</td></tr><tr><td>Amount Debited</td><td>$-985,015.13</td></tr><tr><td>Net Cash Activity</td><td>-939,345.51</td></tr><tr><td>Closing Balance</td><td>$10,604.25</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>949,949.76</td><td>10,604.25</td></tr><tr><td>Net Cash Balance</td><td>$949,949.76</td><td>$10,604.25</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>27,000.00</td><td>114,470.00</td></tr><tr><td>Credit Balance Int.</td><td>1,245.21</td><td>6,023.79</td></tr><tr><td>Total</td><td>$28,245.21</td><td>$120,493.79</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>10,604</td></tr><tr><td>Equities</td><td>22,675,850</td></tr><tr><td>Total</td><td>$22,686,454</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 | April 28, 2001 |
| :--- | :--- |
| THROUGH | May 25, 2001 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |



05/26/01;10:08 001


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

EFTA00197658



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>10,604</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,604</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>61.0000</td><td>1,220,000</td><td>18,400</td><td>1.5082</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>82.3100</td><td>1,646,200</td><td>3,360</td><td>0.2041</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>58.7100</td><td>1,467,750</td><td>56,000</td><td>3.8154</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>20,000</td><td>54.2000</td><td>1,084,000</td><td>22,000</td><td>2.0295</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>10,000</td><td>97.9600</td><td>979,600</td><td>4,800</td><td>0.4900</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>117.8000</td><td>1,178,000</td><td>5,600</td><td>0.4754</td></tr><tr><td>JP MORGAN CHASE &amp; CO</td><td>JPM</td><td>CASH</td><td>37,500</td><td>48.7000</td><td>1,826,250</td><td>51,000</td><td>2.7926</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>25,000</td><td>97.2500</td><td>2,431,250</td><td>36,000</td><td>1.4807</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>70,000</td><td>36.8600</td><td>2,580,200</td><td>25,200</td><td>0.9767</td></tr><tr><td>MORGAN STANLEY DEAN WITTER &amp; CO</td><td>MWD</td><td>CASH</td><td>20,000</td><td>69.4800</td><td>1,389,600</td><td>18,400</td><td>1.3241</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>41.8600</td><td>3,139,500</td><td>33,000</td><td>1.0511</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>63.5000</td><td>1,587,500</td><td>35,000</td><td>2.2047</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 April 28, 2001

THROUGH May 25, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

027



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EFTA00197659



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>58.0000</td><td>2,146,000</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$22,675,850</td><td>$308,760</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$22,675,850</td><td>$308,760</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$308,760</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$22,686,454</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 April 28, 2001

THROUGH May 25, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

<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>05/08/01</td><td>05/03/01</td><td>BOUGHT</td><td>GOLDMAN SACHS GROUP INC<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>GS</td><td>10,000</td><td>96.58750</td><td>971,015.13</td><td></td></tr><tr><td>05/25/01</td><td>05/21/01</td><td>BOUGHT</td><td>PEABODY ENERGY CORPORATION<br>SOLICITED<br>PROSPECTUS UNDER SEPARATE MAIL<br>AS OF 05/21/01</td><td>BTU</td><td>500</td><td>28.00000</td><td>14,000.00</td><td></td></tr><tr><td>05/25/01</td><td>05/22/01</td><td>SOLD</td><td>PEABODY ENERGY CORPORATION<br>SOLICITED<br>AS OF 05/22/01</td><td>BTU</td><td>-500</td><td>35.00000</td><td></td><td>17,424.41</td></tr><tr><td colspan="6">TOTAL</td><td>$-985,015.13</td><td>$17,424.41</td></tr></tbody></table>

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

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EFTA00197660



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 April 28, 2001

## DIVIDENDS

THROUGH May 25, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 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>04/30/01</td><td>J P MORGAN CHASE &amp; CO<br>REC 04/06/01 PAY 04/30/01</td><td>JPM</td><td>37,500</td><td>0.3400</td><td></td><td>12,750.00</td></tr><tr><td>05/01/01</td><td>BRISTOL MYERS SQUIBB CO<br>REC 04/06/01 PAY 05/01/01</td><td>BMY</td><td>20,000</td><td>0.2750</td><td></td><td>5,500.00</td></tr><tr><td>05/15/01</td><td>PROCTER &amp; GAMBLE CO<br>REC 04/20/01 PAY 05/15/01</td><td>PG</td><td>25,000</td><td>0.3500</td><td></td><td>8,750.00</td></tr><tr><td colspan="6">TOTAL</td><td>$27,000.00</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>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 2 1/2% 05/15 THRU 05/20</td><td></td><td></td><td>2.5000</td><td></td><td>2.47</td></tr><tr><td>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3,000% 04/21 THRU 05/14</td><td></td><td></td><td>3.0000</td><td></td><td>1,242.74</td></tr><tr><td colspan="6">TOTAL</td><td>$1,245.21</td></tr></tbody></table>





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


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