EFTA00197756

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| :--- | :--- |

| ACCOUNT EXECUTIVE | GREENBERG,ALAN C. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What's In This Statement

<table><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></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.

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>19,623,120</td></tr><tr><td>NET CREDIT BALANCE</td><td>2,081,411</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$21,704,531</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,141,283</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-436,752</td></tr></table>

Market Value of Your Portfolio





INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | January 26, 2002 |

| :--- | :--- |

| THROUGH | February 22, 2002 |

| LAST STATEMENT | January 25, 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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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>Opening Balance</td><td>$2,402,194.72</td></tr><tr><td>Dividends/Interest</td><td>28,530.47</td></tr><tr><td>Amount Credited</td><td>$28,530.47</td></tr><tr><td>Securities Bought</td><td>-349,314.11</td></tr><tr><td>Amount Debited</td><td>$-349,314.11</td></tr><tr><td>Net Cash Activity</td><td>-320,783.64</td></tr><tr><td>Closing Balance</td><td>$2,081,411.08</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>2,402,194.72</td><td>2,081,411.08</td></tr><tr><td>Net Cash Balance</td><td>$2,402,194.72</td><td>$2,081,411.08</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>28,070.00</td><td>34,370.00</td></tr><tr><td>Credit Balance Int.</td><td>460.47</td><td>784.78</td></tr><tr><td>Total</td><td>$28,530.47</td><td>$35,154.78</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>2,081,411</td></tr><tr><td>Equities</td><td>19,623,120</td></tr><tr><td>Total</td><td>$21,704,531</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 26, 2002

THROUGH February 22, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

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

EFTA00197759



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>2,081,411</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$2,081,411</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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>AMERICAN HOME PRODUCTS CORP</td><td>AHP</td><td>CASH</td><td>24,000</td><td>63.9800</td><td>1,535,520</td><td>22,080</td><td>1.4379</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>70.3300</td><td>1,406,600</td><td>3,360</td><td>0.2389</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>61.3200</td><td>1,533,000</td><td>60,000</td><td>3.9139</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>42.4000</td><td>1,160,700</td><td>17,520</td><td>1.5094</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>79.0000</td><td>948,000</td><td>5,760</td><td>0.6076</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>98.4500</td><td>984,500</td><td>5,600</td><td>0.5688</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>59.4000</td><td>2,970,000</td><td>36,000</td><td>1.2121</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>60,000</td><td>32.5500</td><td>1,953,000</td><td>24,000</td><td>1.2289</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>41.1100</td><td>3,083,250</td><td>39,000</td><td>1.2649</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>85.6000</td><td>2,140,000</td><td>38,000</td><td>1.7757</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>10,000</td><td>27.5000</td><td>275,000</td><td>500</td><td>0.1818</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>44.1500</td><td>1,633,550</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$19,623,120</td><td>$251,820</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$19,623,120</td><td>$251,820</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 26, 2002

THROUGH February 22, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 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



## Your Portfolio Holdings (continued)

STATEMENT PERIOD January 26, 2002

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$251,820</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$21,704,531</td></tr></table>

THROUGH February 22, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 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>02/01/02</td><td>01/29/02</td><td>BOUGHT</td><td>TYCO INTERNATIONAL LTD<br>DISCRETIONARY ORDER</td><td>TYC</td><td>10,000</td><td>34.70000</td><td>349,314.11</td><td></td></tr><tr><td colspan="6">TOTAL</td><td colspan="3">$-349,314.11</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>01/31/02</td><td>J P MORGAN CHASE &amp; CO<br>REC 01/04/02 PAY 01/31/02</td><td>JPM</td><td>37,500</td><td>0.3400</td><td></td><td>12,750.00</td></tr><tr><td>02/15/02</td><td>PROCTER &amp; GAMBLE CO<br>REC 01/18/02 PAY 02/15/02</td><td>PG</td><td>25,000</td><td>0.3800</td><td></td><td>9,500.00</td></tr><tr><td>02/21/02</td><td>GOLDMAN SACHS GROUP INC<br>REC 01/22/02 PAY 02/21/02</td><td>GS</td><td>12,000</td><td>0.1200</td><td></td><td>1,440.00</td></tr></tbody></table>

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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** (continued)

STATEMENT PERIOD January 26, 2002



DIVIDENDS (continued)



THROUGH February 22, 2002

AGCOUNT NUMBER

<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">02/22/02</td><td>CITIGROUP INC</td><td>C</td><td>27,375</td><td>0.1600</td><td></td><td>4,380.00</td></tr><tr><td>REC 02/04/02 PAY 02/22/02</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$28,070.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |



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>02/21/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 01/21 THRU 02/20</td><td></td><td></td><td>0.2500</td><td></td><td>460.47</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$460.47</td></tr></tbody></table>





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


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