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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>Trades Not Yet Settled</td><td>7</td></tr><tr><td>Your Messages</td><td>8</td></tr></table>









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

Your Portfolio at a Glance

Market Value of Your Portfolio



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>21,955,500</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,255,202</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$23,210,702</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,704,531</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,506,171</td></tr></table>



INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | February 23, 2002 |

| :--- | :--- |

| THROUGH | March 28, 2002 |

| LAST STATEMENT | February 22, 2002 |

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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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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$2,081,411.08</td></tr><tr><td>Securities Sold</td><td>164,615.23</td></tr><tr><td>Dividends/Interest</td><td>41,917.10</td></tr><tr><td>Amount Credited</td><td>$206,532.33</td></tr><tr><td>Securities Bought</td><td>-1,032,741.72</td></tr><tr><td>Amount Debited</td><td>$-1,032,741.72</td></tr><tr><td>Net Cash Activity</td><td>-826,209.39</td></tr><tr><td>Closing Balance</td><td>$1,255,201.69</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>2,081,411.08</td><td>1,255,201.69</td></tr><tr><td>Net Cash Balance</td><td>$2,081,411.08</td><td>$1,255,201.69</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>41,510.00</td><td>75,880.00</td></tr><tr><td>Credit Balance Int.</td><td>407.10</td><td>1,191.88</td></tr><tr><td>Total</td><td>$41,917.10</td><td>$77,071.88</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,255,202</td></tr><tr><td>Equities</td><td>21,955,500</td></tr><tr><td>Total</td><td>$23,210,702</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD February 23, 2002

THROUGH March 28, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | February 22, 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.

EFTA00197751



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>1,255,202</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,255,202</td><td></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>72.1400</td><td>1,442,800</td><td>3,360</td><td>0.2329</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>68.0200</td><td>1,700,500</td><td>60,000</td><td>3.5284</td></tr><tr><td>BRISTOL MYERS SQUIBB CO</td><td>BMY</td><td>CASH</td><td>25,000</td><td>40.4900</td><td>1,012,250</td><td>28,000</td><td>2.7661</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>49.5200</td><td>1,355,610</td><td>17,520</td><td>1.2924</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>90.2500</td><td>1,083,000</td><td>5,760</td><td>0.5319</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>104.0000</td><td>1,040,000</td><td>5,600</td><td>0.5385</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>64.9500</td><td>3,247,500</td><td>36,000</td><td>1.1085</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>60,000</td><td>38.5700</td><td>2,314,200</td><td>24,000</td><td>1.0371</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>39.7400</td><td>2,980,500</td><td>39,000</td><td>1.3085</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>90.0900</td><td>2,252,250</td><td>38,000</td><td>1.6872</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>5,000</td><td>32.3200</td><td>161,600</td><td>250</td><td>0.1547</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>48.3700</td><td>1,789,690</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD February 23, 2002

THROUGH March 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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Bear, Stearns & Co. Inc.

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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>65.6500</td><td>1,575,600</td><td>22,080</td><td>1.4014</td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$21,955,500</td><td>$279,570</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$21,955,500</td><td>$279,570</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$279,570</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$23,210,701</td></tr></table>



## INVESTMENT ACTIVITY



Transaction Detail




INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD February 23, 2002

<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>03/11/02</td><td></td><td>NAME CHG</td><td>AMERICAN HOME PRODUCTS CORP<br>A397519 TO W003167<br>N/C WYETH</td><td>026609107</td><td>-24,000</td><td></td><td></td><td></td></tr><tr><td>03/11/02</td><td></td><td>NAME CHG</td><td>WYETH<br>COM<br>W003167 FROM A397519<br>N/C WYETH</td><td>WYE</td><td>24,000</td><td></td><td></td><td></td></tr><tr><td>03/21/02</td><td>03/18/02</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>AS OF 03/18/02</td><td>TYC</td><td>-5,000</td><td>33.16710</td><td></td><td>164,615.23</td></tr></tbody></table>

THROUGH March 28, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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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** (continued)

STATEMENT PERIOD February 23, 2002

## INVESTMENT ACTIVITY (continued)

THROUGH March 28, 2002

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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>03/25/02</td><td>03/20/02</td><td>BOUGHT</td><td>BRISTOL MYERS SQUIBB CO WITH RIGHTS TO PURCHASE PREFRD STK UNDER CERTAIN CIRCUMSTANCE AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>BMY</td><td>25,000</td><td>41.06070</td><td>1,032,741.72</td><td></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>03/01/02</td><td>AMERICAN HOME PRODUCTS CORP<br>REC 02/13/02 PAY 03/01/02</td><td>026609107</td><td>24,000</td><td>0.2300</td><td></td><td>5,520.00</td></tr><tr><td>03/07/02</td><td>PFIZER INC<br>REC 02/15/02 PAY 03/07/02</td><td>PFE</td><td>75,000</td><td>0.1300</td><td></td><td>9,750.00</td></tr><tr><td>03/11/02</td><td>INTERNATIONAL BUSINESS MACHINES CORP<br>REC 02/08/02 PAY 03/09/02</td><td>IBM</td><td>10,000</td><td>0.1400</td><td></td><td>1,400.00</td></tr><tr><td>03/12/02</td><td>JOHNSON &amp; JOHNSON<br>REC 02/19/02 PAY 03/12/02</td><td>JNJ</td><td>50,000</td><td>0.1800</td><td></td><td>9,000.00</td></tr><tr><td>03/15/02</td><td>AMERICAN INTERNATIONAL GROUP INC<br>REC 03/01/02 PAY 03/15/02</td><td>AIG</td><td>20,000</td><td>0.0420</td><td></td><td>840.00</td></tr><tr><td>03/22/02</td><td>BANK OF AMER CORP<br>REC 03/01/02 PAY 03/22/02</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>$41,510.00</td></tr></tbody></table>

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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 February 23, 2002

THROUGH March 28, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 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>03/21/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 02/21 THRU 03/20</td><td></td><td></td><td>0.2500</td><td></td><td>407.10</td></tr><tr><td colspan="6">TOTAL</td><td>$407.10</td></tr></tbody></table>

## Trades Executed Pending Settlement

<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>04/01/02</td><td>03/26/02</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>-5,000.00</td><td>32.4404</td><td></td><td>161,450.01</td></tr><tr><td colspan="7">TOTAL</td><td>$0.00</td><td>$161,450.01</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.

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BEAR
STEARNS


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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


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Pursuant to SEC Rule 11Ac1-6, Bear, Stearns & Co., Inc will publicly post its quarterly routing statistics at the following web link: http://www.bearstearns.com/corporate/business/equities/orp.htm



INSTITUTIONAL INTERESTS A/C #2



## Your messages



| STATEMENT PERIOD | February 23, 2002 |

| :--- | :--- |

| THROUGH | March 28, 2002 |

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |



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

At November 30,2001 and January 31,2002,the Company's net capital of approximately $2,6 billion and $2,6 billion was approximately 9% and 8% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $604.1 million and $648.0 million by approximately $2.0 billion and $2.0 billion,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.



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


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