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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>Your Messages</td><td>6</td></tr></table>









Your Portfolio at a Glance



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



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>19,739,088</td></tr><tr><td>NET CREDIT BALANCE</td><td>2,402,195</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$22,141,283</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>22,405,902</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-264,620</td></tr></table>

Market Value of Your Portfolio



INSTITUTIONAL INTERESTS A/C #2



| STATEMENT PERIOD | January 1, 2002 |

| :--- | :--- |

| THROUGH | January 25, 2002 |

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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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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>$1,309,037.42</td></tr><tr><td>Securities Sold</td><td>1,707,729.70</td></tr><tr><td>Dividends/Interest</td><td>6,624.31</td></tr><tr><td>Amount Credited</td><td>$1,714,354.01</td></tr><tr><td>Securities Bought</td><td>-621,196.71</td></tr><tr><td>Amount Debited</td><td>$-621,196.71</td></tr><tr><td>Net Cash Activity</td><td>1,093,157.30</td></tr><tr><td>Closing Balance</td><td>$2,402,194.72</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,309,037.42</td><td>2,402,194.72</td></tr><tr><td>Net Cash Balance</td><td>$1,309,037.42</td><td>$2,402,194.72</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>6,300.00</td><td>6,300.00</td></tr><tr><td>Credit Balance Int.</td><td>324.31</td><td>324.31</td></tr><tr><td>Total</td><td>$6,624.31</td><td>$6,624.31</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>2,402,195</td></tr><tr><td>Equities</td><td>19,739,088</td></tr><tr><td>Total</td><td>$22,141,283</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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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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>2,402,195</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$2,402,195</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>63.0100</td><td>1,512,240</td><td>22,080</td><td>1.4601</td></tr><tr><td>AMERICAN INTERNATIONAL GROUP INC</td><td>AIG</td><td>CASH</td><td>20,000</td><td>78.0100</td><td>1,560,200</td><td>3,360</td><td>0.2154</td></tr><tr><td>BANK OF AMER CORP</td><td>BAC</td><td>CASH</td><td>25,000</td><td>63.3500</td><td>1,583,750</td><td>60,000</td><td>3.7885</td></tr><tr><td>CITIGROUP INC</td><td>C</td><td>CASH</td><td>27,375</td><td>49.6200</td><td>1,358,348</td><td>17,520</td><td>1.2898</td></tr><tr><td>GOLDMAN SACHS GROUP INC</td><td>GS</td><td>CASH</td><td>12,000</td><td>87.3000</td><td>1,047,600</td><td>5,760</td><td>0.5498</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>10,000</td><td>109.2800</td><td>1,092,800</td><td>5,600</td><td>0.5124</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>50,000</td><td>57.6500</td><td>2,882,500</td><td>36,000</td><td>1.2489</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>60,000</td><td>35.6000</td><td>2,136,000</td><td>24,000</td><td>1.1236</td></tr><tr><td>PFIZER INC</td><td>PFE</td><td>CASH</td><td>75,000</td><td>41.7000</td><td>3,127,500</td><td>39,000</td><td>1.2470</td></tr><tr><td>PROCTER &amp; GAMBLE CO</td><td>PG</td><td>CASH</td><td>25,000</td><td>79.1400</td><td>1,978,500</td><td>38,000</td><td>1.9206</td></tr><tr><td>VIACOM INC-CL B</td><td>VIAB</td><td>CASH</td><td>37,000</td><td>39.4500</td><td>1,459,650</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$19,739,088</td><td>$251,320</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$19,739,088</td><td>$251,320</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY







INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



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## Your Portfolio Holdings (continued)



INSTITUTIONAL INTERESTS A/C #2



STATEMENT PERIOD January 1, 2002

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$251,320</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$22,141,282</td></tr></table>

THROUGH January 25, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

## 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>01/04/02</td><td>01/03/02</td><td>SOLD</td><td>MBNA CORP<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>KRB</td><td>-10,000</td><td>36.15000</td><td></td><td>359,114.25</td></tr><tr><td>01/23/02</td><td>01/17/02</td><td>SOLD</td><td>J P MORGAN CHASE &amp; CO<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>JPM</td><td>-18,750</td><td>36.67440</td><td></td><td>683,283.17</td></tr><tr><td>01/24/02</td><td>01/18/02</td><td>BOUGHT</td><td>CITIGROUP INC<br>SEE NOTE "S" ON BACK</td><td>C</td><td>12,375</td><td>49.90000</td><td>621,196.71</td><td></td></tr><tr><td>01/24/02</td><td>01/18/02</td><td>SOLD</td><td>J P MORGAN CHASE &amp; CO<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT</td><td>JPM</td><td>-18,750</td><td>35.71260</td><td></td><td>665,332.28</td></tr><tr><td colspan="8">TOTAL</td><td>-621,196.71</td><td>$1,707,729.70</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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## **Transaction Detail** (continued)

## DIVIDENDS

STATEMENT PERIOD January 1, 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 rowspan="2">01/02/02</td><td>MBNA CORP</td><td>KRB</td><td>70,000</td><td>0.0900</td><td></td><td>6,300.00</td></tr><tr><td>REC 12/14/01 PAY 01/01/02</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$6,300.00</td></tr></tbody></table>

THROUGH January 25, 2002

AGCOUNT NUMBER

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

<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>01/22/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 12/21 THRU 12/30</td><td></td><td></td><td>0.2500</td><td></td><td>90.18</td></tr><tr><td>01/22/02</td><td>INTEREST ON CREDIT BALANCE AT 0 1/4% 12/31 THRU 01/20</td><td></td><td></td><td>0.2500</td><td></td><td>234.13</td></tr><tr><td colspan="6">TOTAL</td><td>$324.31</td></tr></tbody></table>



INTEREST


## Your messages



The interest, if any, charged to your account during December 2001 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2002 is computed from December 31, 2001.

STOP



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


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