EFTA00197737

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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>3</td></tr><tr><td>Transaction Detail</td><td>5</td></tr></table>









CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



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>20,121,973</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,446,139</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,568,112</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,847,728</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-279,616</td></tr></table>



INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | April 27, 2002 |

| :--- | :--- |

| THROUGH | May 31, 2002 |

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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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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>$1,422,973.76</td></tr><tr><td>Dividends/Interest</td><td>23,165.32</td></tr><tr><td>Amount Credited</td><td>$23,165.32</td></tr><tr><td>Net Cash Activity</td><td>23,165.32</td></tr><tr><td>ClosingBalance</td><td>$1,446,139.08</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,422,973.76</td><td>1,446,139.08</td></tr><tr><td>Net Cash Balance</td><td>$1,422,973.76</td><td>$1,446,139.08</td></tr></table>

Income Summary

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Dividends</td><td>22,867.50</td><td>104,747.50</td></tr><tr><td>Credit Balance Int.</td><td>297.82</td><td>1,811.76</td></tr><tr><td>Total</td><td>$23,165.32</td><td>$106,559.26</td></tr></tbody></table>

Portfolio Composition

CASH & CASH EQUIVALENTS

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,446,139</td></tr><tr><td>Equities</td><td>20,121,973</td></tr><tr><td>Total</td><td>$21,568,112</td></tr></table>

## Your Portfolio Holdings

<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>1,446,139</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,446,139</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002



06/01/02;15:46 001


AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

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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## 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>CURREN YIELD (%)</th></tr></thead><tbody><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>66.9700</td><td>1,339,400</td><td>3,760</td><td>0.2807</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>75.8100</td><td>1,895,250</td><td>60,000</td><td>3.1658</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>25,000</td><td>31.1200</td><td>778,000</td><td>28,000</td><td>3.5990</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>43.1800</td><td>1,182,053</td><td>19,710</td><td>1.6674</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>75.4500</td><td>905,400</td><td>5,760</td><td>0.6362</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>80.4500</td><td>804,500</td><td>6,000</td><td>0.7458</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>61.3500</td><td>3,067,500</td><td>41,000</td><td>1.3366</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>60,000</td><td>36.2100</td><td>2,172,600</td><td>24,000</td><td>1.1047</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>34.6000</td><td>2,595,000</td><td>39,000</td><td>1.5029</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>89.5500</td><td>2,238,750</td><td>38,000</td><td>1.6974</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>48.9600</td><td>1,811,520</td><td></td><td></td></tr><tr><td>WYETH COM</td><td>WYE</td><td>CASH</td><td>24,000</td><td>55.5000</td><td>1,332,000</td><td>22,080</td><td>1.6577</td></tr><tr><td colspan="4">Total Equities&amp; Options</td><td></td><td>$20,121,973</td><td>$287,310</td><td></td></tr><tr><td colspan="4">TOTAL EQUITIES</td><td></td><td>$20,121,973</td><td>$287,310</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$287,310</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$21,568,112</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 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





Transaction Detail


STATEMENT PERIOD April 27, 2002

DIVIDENDS

THROUGH May 31, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

LAST STATEMENT April 26, 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>05/01/02</td><td>BRISTOL MYERS SQUIBB CO<br>REC 04/05/02 PAY 05/01/02</td><td>BMY</td><td>25,000</td><td>0.2800</td><td></td><td>7,000.00</td></tr><tr><td>05/15/02</td><td>PROCTER &amp; GAMBLE CO<br>REC 04/19/02 PAY 05/15/02</td><td>PG</td><td>25,000</td><td>0.3800</td><td></td><td>9,500.00</td></tr><tr><td>05/24/02</td><td>CITIGROUP INC<br>REC 05/06/02 PAY 05/24/02</td><td>C</td><td>27,375</td><td>0.1800</td><td></td><td>4,927.50</td></tr><tr><td>05/30/02</td><td>GOLDMAN SACHS GROUP INC<br>REC 04/30/02 PAY 05/30/02</td><td>GS</td><td>12,000</td><td>0.1200</td><td></td><td>1,440.00</td></tr><tr><td colspan="6">TOTAL</td><td>$22,867.50</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>05/21/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 04/21 THRU 05/20</td><td></td><td></td><td>0.2500</td><td></td><td>297.82</td></tr><tr><td colspan="6">TOTAL</td><td>$297.82</td></tr></tbody></table>





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


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