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## What’s In This Statement

<table><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>3</td></tr><tr><td>Transaction Detail</td><td>4</td></tr></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>NET CREDIT BALANCE</td><td>632</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$632</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>629</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>2</td></tr></table>





INSTITUTIONAL INTERESTS



Market Value of Your Portfolio

| STATEMENT PERIOD | April 28, 2001 |

| :--- | :--- |

| THROUGH | May 25, 2001 |



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>$629.47</td></tr><tr><td>Dividends/Interest</td><td>2.05</td></tr><tr><td>Amount Credited</td><td>$2.05</td></tr><tr><td>Net Cash Activity</td><td>2.05</td></tr><tr><td>ClosingBalance</td><td>$631.52</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>629.47</td><td>631.52</td></tr><tr><td>Net Cash Balance</td><td>$629.47</td><td>$631.52</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>0.00</td><td>3,068.13</td></tr><tr><td>Credit Balance Int.</td><td>2.05</td><td>3,293.03</td></tr><tr><td>Total</td><td>$2.05</td><td>$6,361.16</td></tr><tr><td>Margin Int. Paid</td><td>0.00</td><td>-13.16</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>632</td></tr><tr><td>Total</td><td>$632</td></tr></table>

## 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>632</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$632</td><td></td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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INSTITUTIONAL INTERESTS



Your Portfolio Allocation



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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.

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BEAR
STEARNS


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

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CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





## Your Portfolio Holdings (continued)

YOUR PRICEDPORTFOLIOHOLDINGS



INSTITUTIONAL INTERESTS





Transaction Detail




INTEREST


<table><thead><tr><th>DATE</th><th colspan="3">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>INT CR</td><td></td><td>MAY 01</td><td></td><td></td><td></td><td></td><td>2.05</td></tr><tr><td colspan="8">TOTAL</td><td>$2.05</td></tr></tbody></table>





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


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