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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>18,109,771</td></tr><tr><td>NET CREDIT BALANCE</td><td>207,043</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>2,000,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$20,316,814</td></tr><tr><td colspan="2"></td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,568,112</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,251,298</td></tr></table>



INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | June 1, 2002 |

| :--- | :--- |

| THROUGH | June 28, 2002 |

| LAST STATEMENT | May 31, 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.

| SIPC | 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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INSTITUTIONAL INTERESTS A/C #2


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>$1,446,139.08</td></tr><tr><td>Securities Sold</td><td>717,799.46</td></tr><tr><td>Dividends/Interest</td><td>43,104.72</td></tr><tr><td>Amount Credited</td><td>$760,904.18</td></tr><tr><td>Money Fund</td><td>-2,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-2,000,000.00</td></tr><tr><td>Net Cash Activity</td><td>-1,239,095.82</td></tr><tr><td>Closing Balance</td><td>$207,043.26</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,446,139.08</td><td>207,043.26</td></tr><tr><td>Net Cash Balance</td><td>$1,446,139.08</td><td>$207,043.26</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>42,860.00</td><td>147,607.50</td></tr><tr><td>Credit Balance Int.</td><td>244.72</td><td>2,056.48</td></tr><tr><td>Total</td><td>$43,104.72</td><td>$149,663.98</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>2,207,043</td></tr><tr><td>Equities</td><td>18,109,771</td></tr><tr><td>Total</td><td>$20,316,814</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





STATEMENT PERIOD June 1, 2002



INSTITUTIONAL INTERESTS A/C #2



THROUGH June 28, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

Your Portfolio Allocation



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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.

EFTA00197733



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>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>207,043</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>2,000,000</td><td>1.0000</td><td>2,000,000</td><td>35,600</td><td>1.7800</td></tr><tr><td>MARKET PORTFOLIO CL Y DIVIDEND REINVESTED</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$2,207,043</td><td>$35,600</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>68.2300</td><td>1,364,600</td><td>3,760</td><td>0.2755</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>70.3600</td><td>1,759,000</td><td>60,000</td><td>3.4110</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>38.7500</td><td>1,060,781</td><td>19,710</td><td>1.8581</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>73.3500</td><td>880,200</td><td>5,760</td><td>0.6544</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>72.0000</td><td>720,000</td><td>6,000</td><td>0.8333</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>52.2600</td><td>2,613,000</td><td>41,000</td><td>1.5691</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>60,000</td><td>33.0700</td><td>1,984,200</td><td>24,000</td><td>1.2096</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>35.0000</td><td>2,625,000</td><td>39,000</td><td>1.4857</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>89.3000</td><td>2,232,500</td><td>38,000</td><td>1.7021</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>44.3700</td><td>1,641,690</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

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## 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>WYETH COM</td><td>WYE</td><td>CASH</td><td>24,000</td><td>51.2000</td><td>1,228,800</td><td>22,080</td><td>1.7969</td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$18,109,771</td><td>$259,310</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$18,109,771</td><td>$259,310</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$294,910</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$20,316,814</td></tr></table>



## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002



ACCOUNT 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>06/06/02</td><td>06/03/02</td><td>BOUGHT</td><td>SMUCKER J M COMPANY<br>NEW<br>SPINOFF ON 25000 SHS<br>PROCTER &amp; GAMBLE CO<br>SPIN-OFF F/R P748365<br>REC 05/29/02 PAY 06/03/02</td><td>SJM</td><td>500</td><td></td><td></td><td></td></tr><tr><td>06/06/02</td><td>06/03/02</td><td>SOLD</td><td>SMUCKER J M COMPANY<br>NEW<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>SJM</td><td>-500</td><td>35.07340</td><td></td><td>17,273.14</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

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BEAR
STEARNS


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 1, 2002

## INVESTMENT ACTIVITY (continued)

<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>06/07/02</td><td>06/04/02</td><td>SOLD</td><td>BRISTOL MYERS SQUIBB CO<br>WITH RIGHTS TO PURCHASE PREFRD<br>STK UNDER CERTAIN CIRCUMSTANCE<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>DISCRETIONARY ORDER</td><td>BMY</td><td>-25,000</td><td>28.21220</td><td></td><td>700,526.32</td></tr></tbody></table>

## MONEY FUND ACTIVITY

$$717,799.46$$

<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>06/01/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td>06/11/02</td><td>BOUGHT</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>2,000,000</td><td>1.0000</td><td>2,000,000.00</td><td></td></tr><tr><td>06/28/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>2,000,000</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td colspan="3">$-2,000,000.00</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>06/03/02</td><td>WYETH COM REC 05/13/02 PAY 06/01/02</td><td>WYE</td><td>24,000</td><td>0.2300</td><td></td><td>5,520.00</td></tr><tr><td>06/06/02</td><td>PFIZER INC REC 05/17/02 PAY 06/06/02</td><td>PFE</td><td>75,000</td><td>0.1300</td><td></td><td>9,750.00</td></tr></tbody></table>

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BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


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INSTITUTIONAL INTERESTS A/C #2



## **Transaction Detail** (continued)

STATEMENT PERIOD June 1, 2002

DIVIDENDS (continued)

THROUGH June 28, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

<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>06/10/02</td><td>INTERNATIONAL BUSINESS MACHINES CORP REC 05/10/02 PAY 06/10/02</td><td>IBM</td><td>10,000</td><td>0.1500</td><td></td><td>1,500.00</td></tr><tr><td>06/11/02</td><td>JOHNSON &amp; JOHNSON REC 05/21/02 PAY 06/11/02</td><td>JNJ</td><td>50,000</td><td>0.2050</td><td></td><td>10,250.00</td></tr><tr><td>06/14/02</td><td>AMERICAN INTERNATIONAL GROUP INC REC 06/07/02 PAY 06/14/02</td><td>AIG</td><td>20,000</td><td>0.0420</td><td></td><td>840.00</td></tr><tr><td>06/28/02</td><td>BANK OF AMER CORP REC 06/07/02 PAY 06/28/02</td><td>BAC</td><td>25,000</td><td>0.6000</td><td></td><td>15,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$42,860.00</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>06/21/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 05/21 THRU 06/20</td><td></td><td></td><td>0.2500</td><td></td><td>244.72</td></tr><tr><td colspan="7">TOTAL</td><td>$244.72</td></tr></tbody></table>





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


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