EFTA00197724

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| :--- | :--- |

| 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><tr><td>Fund Activity</td><td>6</td></tr></table>









Your Portfolio at a Glance

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



Market Value of Your Portfolio

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>14,636,568</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,035,294</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>2,001,964</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$17,673,826</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>20,316,814</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,642,988</td></tr></table>



INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | June 29, 2002 |

| :--- | :--- |

| THROUGH | July 26, 2002 |

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

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., 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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STATEMENT BACKER IS PRINTED ON THIS PAGE

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$207,043.26</td></tr><tr><td>Securities Sold</td><td>822,177.88</td></tr><tr><td>Money Fund</td><td>1,964.40</td></tr><tr><td>Dividends/Interest</td><td>6,072.88</td></tr><tr><td>Amount Credited</td><td>$830,215.16</td></tr><tr><td>Money Fund</td><td>-1,964.40</td></tr><tr><td>Amount Debited</td><td>$-1,964.40</td></tr><tr><td>Net Cash Activity</td><td>828,250.76</td></tr><tr><td>Closing Balance</td><td>$1,035,294.02</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>207,043.26</td><td>1,035,294.02</td></tr><tr><td>Net Cash Balance</td><td>$207,043.26</td><td>$1,035,294.02</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>7,964.40</td><td>155,571.90</td></tr><tr><td>Credit Balance Int.</td><td>72.88</td><td>2,129.36</td></tr><tr><td>Total</td><td>$8,037.28</td><td>$157,701.26</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>3,037,258</td></tr><tr><td>Equities</td><td>14,636,568</td></tr><tr><td>Total</td><td>$17,673,826</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





STATEMENT PERIOD June 29, 2002



INSTITUTIONAL INTERESTS A/C #2



THROUGH July 26, 2002



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |



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

EFTA00197727



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.

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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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,035,294</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>2,001,964.40</td><td>1.0000</td><td>2,001,964</td><td>35,435</td><td>1.7700</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$3,037,258</td><td>$35,435</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>CURREN YIELD (%)</th></tr></thead><tbody><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>56.8200</td><td>1,136,400</td><td>3,760</td><td>0.3309</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>61.6500</td><td>1,541,250</td><td>60,000</td><td>3.8929</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>30.7400</td><td>841,508</td><td>19,710</td><td>2.3422</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>69.5800</td><td>834,960</td><td>5,760</td><td>0.6899</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>66.4000</td><td>664,000</td><td>6,000</td><td>0.9036</td></tr><tr><td>JOHNSON&amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>49.6100</td><td>2,480,500</td><td>41,000</td><td>1.6529</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>90,000</td><td>17.2500</td><td>1,552,500</td><td>25,200</td><td>1.6232</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>29.4600</td><td>2,209,500</td><td>39,000</td><td>1.7651</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>84.2000</td><td>2,105,000</td><td>41,000</td><td>1.9477</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>34.3500</td><td>1,270,950</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$14,636,568</td><td>$241,430</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$14,636,568</td><td>$241,430</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



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INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 29, 2002

## Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$276,865</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$17,673,826</td></tr></table>

THROUGH July 26, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

## INVESTMENT ACTIVITY



Transaction Detail


<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>07/12/02</td><td>07/09/02</td><td>SOLD</td><td>WYETH<br>COM<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>WYE</td><td>-12,000</td><td>39.72150</td><td></td><td>474,243.65</td></tr><tr><td>07/19/02</td><td>07/16/02</td><td>BOUGHT</td><td>MBNA CORP<br>STK SPLIT ON 60000 SHS<br>REC 07/01/02 PAY 07/15/02</td><td>KRB</td><td>30,000</td><td></td><td></td><td></td></tr><tr><td>07/24/02</td><td>07/19/02</td><td>SOLD</td><td>WYETH<br>COM<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>WYE</td><td>-12,000</td><td>29.24540</td><td></td><td>347,934.23</td></tr><tr><td colspan="8">TOTAL</td><td>$822,177.88</td></tr></tbody></table>

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OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


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INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

## MONEY FUND ACTIVITY

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE MO/DAY</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>06/29/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>2,000,000</td><td></td><td></td><td></td></tr><tr><td>07/01/02</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 06/28/02 PAY 06/28/02</td><td>BSMXX</td><td></td><td></td><td></td><td>1,964.40</td></tr><tr><td>07/01/02</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>1,964.40</td><td></td><td>1,964.40</td><td></td></tr><tr><td>07/26/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>2,001,964.40</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-1,964.40</td><td>$1,964.40</td></tr></tbody></table>

## DIVIDENDS

<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 rowspan="2">07/01/02</td><td>MBNA CORP</td><td rowspan="2">KRB</td><td rowspan="2">60,000</td><td rowspan="2">0.1000</td><td rowspan="2"></td><td rowspan="2">6,000.00</td></tr><tr><td>REC 06/14/02 PAY 07/01/02</td></tr><tr><td colspan="7">TOTAL</td><td>$6,000.00</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>07/22/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 06/21 THRU 07/20</td><td></td><td></td><td>0.2500</td><td></td><td>72.88</td></tr><tr><td colspan="7">TOTAL</td><td>$72.88</td></tr></tbody></table>

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