EFTA00197917

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><tr><td>Your Messages</td><td>7</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 Metratech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>6,569,992</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,849,603</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$17,419,595</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>18,980,473</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,560,878</td></tr></table>

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

Market Value of Your Portfolio

## Important Notice

Decimal Trading is Here for Nasdaq!

Decimal Trading is the shift from fractional pricing (e.g. 21 1/2) to decimal pricing (e.g.$21.50) for equities and options.

Nasdaq securities have been phased in during March and the remaining securities are scheduled to be trading in decimals in April.

For details, visit our website at www.bearstearns.com.

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.

EFTA00197918

CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



2 of 7


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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EFTA00197919



BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$11,936,796.91</td></tr><tr><td>Funds Deposited</td><td>79,506.00</td></tr><tr><td>Dividends/Interest</td><td>50,492.68</td></tr><tr><td>Miscellaneous</td><td>1,982,806.98</td></tr><tr><td>Amount Credited</td><td>$2,112,805.66</td></tr><tr><td>Funds Withdrawn</td><td>-3,200,000.00</td></tr><tr><td>Amount Debited</td><td>$-3,200,000.00</td></tr><tr><td>Net Cash Activity</td><td>-1,087,194.34</td></tr><tr><td>Closing Balance</td><td>$10,849,602.57</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>0.00</td><td>382,603.35</td></tr><tr><td>Margin</td><td>812,968.92</td><td>1,235,124.00</td></tr><tr><td>Short</td><td>11,123,827.99</td><td>9,231,875.22</td></tr><tr><td>Net Cash Balance</td><td>$11,936,796.91</td><td>$10,849,602.57</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>1,147.00</td><td>70,637.88</td></tr><tr><td>Credit Balance Int.</td><td>8,579.45</td><td>29,076.57</td></tr><tr><td>Total</td><td>$9,726.45</td><td>$99,714.45</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>10,849,603</td></tr><tr><td>Equities</td><td>9,548,122</td><td>16,118,114</td></tr><tr><td>Total</td><td>$9,548,122</td><td>$26,967,717</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

EFTA00197920



BEAR
STEARNS


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

4 of 7

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>10,849,603</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,849,603</td><td></td></tr></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>5.5630</td><td>55,630</td><td></td><td></td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>CASH</td><td>191,410</td><td>45.7400</td><td>8,755,093</td><td>38,282</td><td>0.4373</td></tr><tr><td>MEDTRONIC INC</td><td>■</td><td>SHRT</td><td>-75,300</td><td>45.7400</td><td>-3,444,222</td><td>-15,060</td><td>0.4373</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>CASH</td><td>66,723</td><td>67.7500</td><td>4,520,483</td><td>128,108</td><td>2.8339</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>■</td><td>SHRT</td><td>-55,000</td><td>67.7500</td><td>-3,726,250</td><td>-105,600</td><td>2.8339</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>CASH</td><td>64,467</td><td>43.2300</td><td>2,786,908</td><td>3,223</td><td>0.1156</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>■</td><td>SHRT</td><td>-55,000</td><td>43.2300</td><td>-2,377,650</td><td>-2,750</td><td>0.1157</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$6,569,992</td><td>$46,203</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$6,569,992</td><td>$46,203</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$46,206</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$17,419,594</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



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BEAR
STEARNS


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

**5 of 7**



Transaction Detail


## 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>03/15/01</td><td>FND WIRED</td><td>MDA#MB065781FNDS WIRED TO CUSTODIAL TRUST COMPANY<br>FD#01502</td><td>3,200,000.00</td><td></td></tr><tr><td>03/30/01</td><td>DEPOSIT</td><td>LIPPER CONVERTIBLES OO INSTITUTIONAL INTEREST REP NAT BK OF NY</td><td></td><td>79,506.00</td></tr><tr><td colspan="3">TOTAL</td><td>-3,200,000.00</td><td>$79,506.00</td></tr></tbody></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



## 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>03/08/01</td><td>PFIZER INC<br>REC 02/16/01 PAY 03/08/01</td><td>PFE</td><td>900</td><td>0.1100</td><td></td><td>99.00</td></tr><tr><td>03/09/01</td><td>ELI LILLY &amp; CO<br>REC 02/15/01 PAY 03/09/01</td><td>LLY</td><td>500</td><td>0.2800</td><td></td><td>140.00</td></tr><tr><td>03/12/01</td><td>UNITED TECHNOLOGIES CORP<br>REC 02/16/01 PAY 03/10/01</td><td>UTX</td><td>600</td><td>0.2250</td><td></td><td>135.00</td></tr><tr><td>03/13/01</td><td>JOHNSON &amp; JOHNSON<br>REC 02/20/01 PAY 03/13/01</td><td>JNJ</td><td>650</td><td>0.3200</td><td></td><td>208.00</td></tr><tr><td>03/14/01</td><td>E I DU PONT DE NEMOURS &amp; CO<br>REC 02/15/01 PAY 03/14/01</td><td>DD</td><td>200</td><td>0.3500</td><td></td><td>70.00</td></tr><tr><td>03/16/01</td><td>DUKE ENERGY CORP<br>FORMERLY DUKE POWER CO<br>REC 02/16/01 PAY 03/16/01</td><td>DUK</td><td>1,800</td><td>0.2750</td><td></td><td>495.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,147.00</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



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EFTA00197922



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



6 of 7



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





INSTITUTIONAL INTERESTS



## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD February 24, 2001

THROUGH March 30, 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>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/20 THRU 03/20</td><td></td><td></td><td>4.5000</td><td></td><td>156.13</td></tr><tr><td>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5,000% 02/21 THRU 03/19</td><td></td><td></td><td>5.0000</td><td></td><td>8,423.32</td></tr><tr><td>03/21/01</td><td>SHT ACCT FEE 02/21-03 20 01</td><td></td><td></td><td></td><td></td><td>40,766.23</td></tr><tr><td colspan="6">TOTAL</td><td>$49,345.68</td></tr></tbody></table>

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

## 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>02/26/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>698,742.00</td></tr><tr><td>02/26/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>698,742.00</td><td></td></tr><tr><td>03/01/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>1,511,710.92</td></tr><tr><td>03/01/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>1,902,806.98</td></tr><tr><td>03/01/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>1,511,710.92</td><td></td></tr><tr><td>03/01/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>1,902,806.98</td><td></td></tr><tr><td>03/01/01</td><td>JOURNAL</td><td>FROM: XPK-2-USD * JRL *</td><td></td><td>1,982,806.98</td></tr><tr><td>03/02/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td></td><td>80,000.00</td></tr><tr><td>03/02/01</td><td>JOURNAL</td><td>JOURNAL FROM TYPE 2 TO 1</td><td>80,000.00</td><td></td></tr><tr><td>03/05/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td>89,250.00</td><td></td></tr><tr><td>03/05/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td></td><td>89,250.00</td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>39,085.00</td></tr><tr><td>03/12/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>39,085.00</td><td></td></tr><tr><td>03/19/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>1,003,550.00</td></tr><tr><td>03/19/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>1,003,550.00</td><td></td></tr></tbody></table>

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BEAR
STEARNS


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

7 of 7

## **Transaction Detail** (continued)

MISCELLANEOUS (continued)

<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>03/26/01</td><td>JOURNAL</td><td>MARK TO MARKET</td><td></td><td>280,592.00</td></tr><tr><td>03/26/01</td><td>JOURNAL</td><td>MARK TO MARKET SHORT POS</td><td>280,592.00</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-$-5,605,736.90</td><td>$7,588,543.88</td></tr></tbody></table>

## Your messages



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

At November 30, 2000 and January 26, 2001, the Company's net capital of $2,620,960,000 and $2,761,817,000 was approximately 9% and 10% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $572,456,000 and $559,381,000 by $2,048,504,000 and $2,202,436,000, 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.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



INSTITUTIONAL INTERESTS



STOP



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


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