EFTA00201167



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614



VISIT OUR WEBSITE www.bearstearns.com



## What’s In This Statement

STATEMENT PERIOD January 1, 2002

Financial Summary 3

Your Portfolio Holdings 4

THROUGH January 25, 2002

Transaction Detail 4



ACCOUNT NUMBER 353-01417



TAXPAYER NUMBER Not Available

| LAST STATEMENT | December 31, 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>NET CREDIT BALANCE</td><td>8,820,256</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$8,820,256</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>7,800,000</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,020,256</td></tr></table>

Market Value of Your Portfolio

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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EFTA00201168

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STATEMENT BACKER IS PRINTED ON THIS PAGE

EFTA00201169



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

3 of 4

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$7,800,000.00</td></tr><tr><td>Dividends/Interest</td><td>12,331.48</td></tr><tr><td>Miscellaneous</td><td>1,007,925.00</td></tr><tr><td>Amount Credited</td><td>$1,020,256.48</td></tr><tr><td>Net Cash Activity</td><td>1,020,256.48</td></tr><tr><td>Closing Balance</td><td>$8,820,256.48</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>7,800,000.00</td><td>8,820,256.48</td></tr><tr><td>Net Cash Balance</td><td>$7,800,000.00</td><td>$8,820,256.48</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Credit Balance Int.</td><td>20,256.48</td><td>20,256.48</td></tr><tr><td>Total</td><td>$20,256.48</td><td>$20,256.48</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>8,820,256</td></tr><tr><td>Total</td><td>$8,820,256</td></tr></table>

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<table><tr><td>STATEMENT PERIOD</td><td>January 1, 2002</td></tr><tr><td>THROUGH</td><td>January 25, 2002</td></tr><tr><td>ACCOUNT NUMBER</td><td>353-01417</td></tr><tr><td>TAXPAYER NUMBER</td><td>Not Available</td></tr><tr><td>LAST STATEMENT</td><td>December 31, 2001</td></tr></table>



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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.

EFTA00201170



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear,Stearns International LTD
Regulated by the Security &
Futures Authority
1 Canada Square
London E14 5AD England
0207 516 6614

4 of 4

## 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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>8,820,256</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$8,820,256</td><td></td><td></td></tr></tbody></table>

STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002



ACCOUNT NUMBER 353-01417



<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><td>$8,820,256</td></tr></thead></table>

TAXPAYER NUMBER Not Available

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |



INTEREST




Transaction Detail


<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>01/22/02</td><td>INTEREST ON CREDIT BALANCE<br>J EPSTEIN , CASH COLLAT IN 2001-12-20 TO 2002-01-21</td><td></td><td></td><td></td><td></td><td>12,331.48</td></tr><tr><td colspan="6">TOTAL</td><td>$12,331.48</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th colspan="2">DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/03/02</td><td>JOURNAL</td><td colspan="2">INTEREST ON CREDIT BALANCE<br>COLL INT 11/20-12/19, J EPS</td><td></td><td>7,925.00</td></tr><tr><td>01/23/02</td><td>JOURNAL</td><td>FROM</td><td></td><td></td><td>1,000,000.00</td></tr><tr><td colspan="5">TOTAL</td><td>$1,007,925.00</td></tr></tbody></table>

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