EFTA00198651



BEAR
STEARNS


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

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| :--- | :--- |

| ACCOUNT EXECUTIVE | CAYNE,JAMES E. |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Important Message

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.





# INSTITUTIONAL INTERESTS

C/O J EPSTEIN & CO

ATTN JEANIE BRENNAN

6100 RED HOOK QUARTER STE B-3

ST THOMAS VI 00802

## Premise or Third Party Repurchase Agreements with Bear, Stearns& Co.Inc. outstanding as of date of statement



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table><thead><tr><th>PURCHASE/ START DATE</th><th>REPURCHASE/ END DATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>PRICING RATE</th><th>REPO/ ACCRUED INTEREST*</th><th>NET AMOUNT</th></tr></thead><tbody><tr><td>05/22/01</td><td>OPEN</td><td>25,400,000.00</td><td>3.770000</td><td>208,008.50</td><td>25,608,008.50</td></tr></tbody></table>

<table><thead><tr><th>04/26/01</th><th>OPEN</th><th>2,846,031.76</th><th>3.770000</th><th>89,504.82</th><th>2,935,536.58</th></tr></thead><tbody><tr><td colspan="5">TOTAL REPURCHASE AGREEMENTS</td><td>$28,543,545.08</td></tr></tbody></table>

| LAST STATEMENT | April 27, 2001 |

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*As of statement date*

The above positions do not appear in any other section of this statement.

ACCOUNT NUMBER

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File



INSTITUTIONAL INTERESTS





THROUGH May 25, 2001

STATEMENT PERIOD April 28, 2001



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



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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EFTA00198652



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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