EFTA00198655

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

| ACCOUNT EXECUTIVE | CAYNE,JAMES E. |

| :--- | :--- |

Important Message

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.

# 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

<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>03/27/01</td><td>OPEN</td><td>25,000,000.00</td><td>5.250000</td><td>49,845.83</td><td>25,049,845.83</td></tr></tbody></table>

<table><thead><tr><th>03/27/01</th><th>OPEN</th><th>7,846,031.76</th><th>5.250000</th><th>53,733.28</th><th>7,899,765.04</th></tr></thead><tbody><tr><td colspan="5">TOTAL REPURCHASE AGREEMENTS</td><td>$32,949,610.87</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



*As of statement date*

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



INSTITUTIONAL INTERESTS



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

<table><thead><tr><th>STATEMENT PERIOD</th><th>February 24, 2001</th></tr></thead><tbody><tr><td>THROUGH</td><td>March 30, 2001</td></tr></tbody></table>

AGCOUNT NUMBER

| LAST STATEMENT | February 23, 2001 |

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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.

TAXPAYER NUMBER 31-6412006

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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STEARNS


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

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## 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 Metratech Center North

Brooklyn, New York 11201-3859



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





INSTITUTIONAL INTERESTS



| STATEMENT PERIOD | February 24, 2001 |

| :--- | :--- |

| THROUGH | March 30, 2001 |

ACCOUNT NUMBER

TAXPAYER NUMBER 31-6412006

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

INSTITUTIONAL INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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