EFTA00197904

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

<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></table>





## What’s In This Statement

# INSTITUTIONAL INTERESTS

FINANCIAL TRUST CO TTEE *

ATTN JEANIE BRENNEN

6100 RED HOOK QUARTER

SUITE B-3

ST THOMAS VI 00802

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



STATEMENT PERIOD April 28, 2001

THROUGH May 25, 2001



ACCOUNT NUMBER

TAXPAYER NUMBER



| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

## 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>6,334,072</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,306,531</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$16,640,603</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>17,144,007</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-503,403</td></tr></table>

Market Value of Your Portfolio

In an effort to deliver statements to you more efficiently, Bear Stearns has enhanced the distribution of statements to household accounts. Beginning in June, all statements with the same Address and Social Security number / Taxpayer identification number will be mailed in a single envelope. For further details, please contact your account executive.

## Important Message

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., One Metrotech Center North, 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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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197906



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$10,671,069.52</td></tr><tr><td>Funds Deposited</td><td>600,000.00</td></tr><tr><td>Dividends/Interest</td><td>35,461.97</td></tr><tr><td>Amount Credited</td><td>$635,461.97</td></tr><tr><td>Funds Withdrawn</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,000,000.00</td></tr><tr><td>Net Cash Activity</td><td>-364,538.03</td></tr><tr><td>ClosingBalance</td><td>$10,306,531.49</td></tr></table>

Same day transfers of cash between account types are not included in this section; such transfers, as well as details for all other transactions this period, appear in Transaction Detail.

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>198,815.95</td><td>0.00</td></tr><tr><td>Margin</td><td>378,240.00</td><td>24,732.89</td></tr><tr><td>Short</td><td>10,094,013.57</td><td>10,281,798.60</td></tr><tr><td>Net Cash Balance</td><td>$10,671,069.52</td><td>$10,306,531.49</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>805.84</td><td>113,041.26</td></tr><tr><td>Credit Balance Int.</td><td>2,692.10</td><td>36,714.82</td></tr><tr><td>Total</td><td>$3,497.94</td><td>$149,756.08</td></tr></table>

Portfolio Composition

<table border="1"><tr><td></td><td>SHORT</td><td>LONG</td></tr><tr><td>Cash/Cash Equivalent</td><td></td><td>10,306,531</td></tr><tr><td>Equities</td><td>10,124,750</td><td>16,458,822</td></tr><tr><td>Total</td><td>$10,124,750</td><td>$26,765,353</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS


Your Portfolio Allocation

EFTA00197907



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

4 of 6

## 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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>10,306,531</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,306,531</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>BANK PLUS CORP</td><td>■</td><td>CASH</td><td>10,000</td><td>5.1500</td><td>51,500</td><td></td><td></td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>CASH</td><td>191,410</td><td>42.5000</td><td>8,134,925</td><td>38,282</td><td>0.4706</td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>SHRT</td><td>-75,300</td><td>42.5000</td><td>-3,200,250</td><td>-15,060</td><td>0.4706</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>CASH</td><td>66,723</td><td>69.1500</td><td>4,613,895</td><td>128,108</td><td>2.7766</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>SHRT</td><td>-55,000</td><td>69.1500</td><td>-3,803,250</td><td>-105,600</td><td>2.7766</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>CASH</td><td>64,467</td><td>56.7500</td><td>3,658,502</td><td>3,223</td><td>0.0881</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>SHRT</td><td>-55,000</td><td>56.7500</td><td>-3,121,250</td><td>-2,750</td><td>0.0881</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$6,334,072</td><td>$46,203</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,334,072</td><td>$46,203</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$46,203</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$16,640,603</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD April 28, 2001



INSTITUTIONAL INTERESTS



THROUGH May 25, 2001

| LAST STATEMENT | April 27, 2001 |
| :--- | :--- |

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EFTA00197908



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.
One Metrotech Center North Brooklyn, New York 11201-3859

**5 of 6**



INSTITUTIONAL INTERESTS





Transaction Detail


## INVESTMENT ACTIVITY

<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>05/22/01</td><td></td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>■</td><td>-64,467</td><td></td><td></td><td></td></tr><tr><td>05/22/01</td><td></td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 1 TO 2</td><td>■</td><td>64,467</td><td></td><td></td><td></td></tr><tr><td>05/23/01</td><td></td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>■</td><td>64,467</td><td></td><td></td><td></td></tr><tr><td>05/23/01</td><td></td><td>JOURNAL</td><td>TYCO INTERNATIONAL LTD<br>JOURNAL FROM TYPE 2 TO 1</td><td>■</td><td>-64,467</td><td></td><td></td><td></td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/22/01</td><td>FND WIRED</td><td>MDA#MB107062FNDS WIRED TO CUSTODIAL TRUST COMPANY<br>FD#03210</td><td>1,000,000.00</td><td></td></tr><tr><td>05/22/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ<br>F07114200FA501</td><td></td><td>600,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-1,000,000.00</td><td>$600,000.00</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>05/02/01</td><td>TYCO INTERNATIONAL LTD<br>REC 04/02/01 PAY 05/02/01</td><td>■</td><td>64,467</td><td>0.0125</td><td></td><td>805.84</td></tr><tr><td colspan="7">TOTAL</td><td>$805.84</td></tr></tbody></table>

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05/26/01;10:08 001


EFTA00197909



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 6



INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD April 28, 2001

THROUGH May 25, 2001

<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>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/15 THRU 05/20</td><td></td><td></td><td>3.5000</td><td></td><td>663.36</td></tr><tr><td>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 04/21 THRU 05/14</td><td></td><td></td><td>4.0000</td><td></td><td>2,028.74</td></tr><tr><td>05/21/01</td><td>SHT ACCT FEE 04/21-05 20 01</td><td></td><td></td><td></td><td></td><td>31,964.03</td></tr><tr><td colspan="6">TOTAL</td><td>$34,656.13</td></tr></tbody></table>

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

TAXPAYER NUMBER

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/30/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>164,738.00</td></tr><tr><td>04/30/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>164,738.00</td><td></td></tr><tr><td>05/07/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>82,562.00</td></tr><tr><td>05/07/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>82,562.00</td><td></td></tr><tr><td>05/14/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>312,021.00</td></tr><tr><td>05/14/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>312,021.00</td><td></td></tr><tr><td>05/21/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>715,142.00</td><td></td></tr><tr><td>05/21/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>715,142.00</td></tr><tr><td>05/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>1,000.00</td></tr><tr><td>05/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>796,686.11</td></tr><tr><td>05/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>1,000.00</td><td></td></tr><tr><td>05/22/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>796,686.11</td><td></td></tr><tr><td>05/23/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td>600,000.00</td><td></td></tr><tr><td>05/23/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 1 TO 2</td><td></td><td>600,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-$2,672,149.11</td><td>$2,672,149.11</td></tr></tbody></table>

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