EFTA00197667

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 |

## What’s In This Statement

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>3</td></tr><tr><td>Transaction Detail</td><td>5</td></tr><tr><td>Your Messages</td><td>6</td></tr></table>





# 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 February 24, 2001

THROUGH March 30, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER 31-6412006

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>20,425,390</td></tr><tr><td>NET CREDIT BALANCE</td><td>195,687</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,621,077</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,090,572</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,469,494</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

Decimal Trading is Here for Nasdaq!

Decimal Trading is the shift from fractional pricing (e.g. 21 1/2) to decimal pricing (e.g.$21.50) for equities and options.

Nasdaq securities have been phased in during March and the remaining securities are scheduled to be trading in decimals in April.

## Important Notice

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.

For details, visit our website at www.bearstearns.com.

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



INSTITUTIONAL INTERESTS A/C #2


STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197669



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>$158,276.50</td></tr><tr><td>Dividends/Interest</td><td>37,410.86</td></tr><tr><td>Amount Credited</td><td>$37,410.86</td></tr><tr><td>Net Cash Activity</td><td>37,410.86</td></tr><tr><td>ClosingBalance</td><td>$195,687.36</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>158,276.50</td><td>195,687.36</td></tr><tr><td>Net Cash Balance</td><td>$158,276.50</td><td>$195,687.36</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>36,890.00</td><td>74,090.00</td></tr><tr><td>Credit Balance Int.</td><td>520.86</td><td>4,175.78</td></tr><tr><td>Total</td><td>$37,410.86</td><td>$78,265.78</td></tr></table>

CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>195,687</td></tr><tr><td>Equities</td><td>20,425,390</td></tr><tr><td>Total</td><td>$20,621,077</td></tr></table>

<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>195,687</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$195,687</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

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



INSTITUTIONAL INTERESTS A/C #2



<table><thead><tr><th>STATEMENT PERIOD</th><th>February 24, 2001</th></tr></thead><tbody><tr><td>THROUGH</td><td>March 30, 2001</td></tr></tbody></table>

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>31-6412006</td></tr><tr><td>LAST STATEMENT</td><td>February 23, 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.

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BEAR
STEARNS


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

4 of 6

## Your Portfolio Holdings (continued)

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>58.7500</td><td>1,175,000</td><td>18,400</td><td>1.5660</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>80.5000</td><td>1,610,000</td><td>2,960</td><td>0.1839</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>54.7500</td><td>1,368,750</td><td>56,000</td><td>4.0913</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>20,000</td><td>59.4000</td><td>1,188,000</td><td>22,000</td><td>1.8519</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>96.1800</td><td>961,800</td><td>5,200</td><td>0.5407</td></tr><tr><td>J P MORGAN CHASE &amp; CO</td><td>JPM</td><td>CASH</td><td>37,500</td><td>44.9000</td><td>1,683,750</td><td>51,000</td><td>3.0290</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>25,000</td><td>87.4700</td><td>2,186,750</td><td>32,000</td><td>1.4634</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>72,000</td><td>33.1000</td><td>2,383,200</td><td>25,920</td><td>1.0876</td></tr><tr><td>MORGAN STANLEY DEAN WITTER &amp; CO</td><td>MWD</td><td>CASH</td><td>30,000</td><td>53.5000</td><td>1,605,000</td><td>27,600</td><td>1.7196</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>40.9500</td><td>3,071,250</td><td>33,000</td><td>1.0745</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>62.6000</td><td>1,565,000</td><td>35,000</td><td>2.2364</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>43.9700</td><td>1,626,890</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$20,425,390</td><td>$309,080</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$20,425,390</td><td>$309,080</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$309,080</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$20,621,077</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 February 24, 2001

THROUGH March 30, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER 31-6412006

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

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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



**5 of 6**



INSTITUTIONAL INTERESTS A/C #2





Transaction Detail


## DIVIDENDS

STATEMENT PERIOD February 24, 2001

THROUGH March 30, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER 31-6412006

| LAST STATEMENT | February 23, 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>03/01/01</td><td>AMERICAN HOME PRODUCTS CORP<br>REC 02/13/01 PAY 03/01/01</td><td>AHP</td><td>20,000</td><td>0.2300</td><td></td><td>4,600.00</td></tr><tr><td>03/08/01</td><td>PFIZER INC<br>REC 02/16/01 PAY 03/08/01</td><td>PFE</td><td>75,000</td><td>0.1100</td><td></td><td>8,250.00</td></tr><tr><td>03/12/01</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>REC 02/09/01 PAY 03/10/01</td><td>IBM</td><td>10,000</td><td>0.1300</td><td></td><td>1,300.00</td></tr><tr><td>03/13/01</td><td>JOHNSON &amp; JOHNSON<br>REC 02/20/01 PAY 03/13/01</td><td>JNJ</td><td>25,000</td><td>0.3200</td><td></td><td>8,000.00</td></tr><tr><td>03/16/01</td><td>AMERICAN INTERNATIONAL GROUP<br>INC<br>REC 03/02/01 PAY 03/16/01</td><td>AIG</td><td>20,000</td><td>0.0370</td><td></td><td>740.00</td></tr><tr><td>03/23/01</td><td>BANK OF AMER CORP<br>REC 03/02/01 PAY 03/23/01</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>$36,890.00</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>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 03/20 THRU 03/20</td><td></td><td></td><td>3.5000</td><td></td><td>17.61</td></tr><tr><td>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 02/21 THRU 03/19</td><td></td><td></td><td>4.0000</td><td></td><td>503.25</td></tr><tr><td colspan="6">TOTAL</td><td>$520.86</td></tr></tbody></table>

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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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## Your messages



Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2000 and January 26, 2001, the Company's net capital of $2,620,960,000 and $2,761,817,000 was approximately 9% and 10% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $572,456,000 and $559,381,000 by $2,048,504,000 and $2,202,436,000, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call toll free 1-866-299-9331.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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





INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | February 24, 2001 |

| :--- | :--- |

| THROUGH | March 30, 2001 |

| | |

| :--- | :--- |

| ACCOUNT NUMBER | |

| TAXPAYER NUMBER | 31-6412006 |

| LAST STATEMENT | February 23, 2001 |

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