## Statements

EFTA00194979

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Financial Summary 3

Your Portfolio Holdings 4

Transaction Detail ... 5

Your Messages ... 6

## What’s In This Statement





<table border="1"><tr><td colspan="2">EPSTEIN INTERESTS</td></tr><tr><td>DTD 12/26/91</td><td></td></tr><tr><td>JEFFERY E EPSTEIN &amp; MARK L</td><td>$\cdot$</td></tr><tr><td>EPSTEIN &amp; WILLIAM ELKUS TTEES</td><td></td></tr><tr><td>457 MADISON AVENUE 4TH FLR</td><td></td></tr><tr><td>NEW YORK NY 10022-6843</td><td></td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File

EPSTEIN INTERESTS



ACCOUNT NUMBER



THROUGH December 31, 2001

STATEMENT PERIOD December 1, 2001

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>1,916,563</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,916,563</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,827,378</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>89,184</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</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 Message

If any information regarding 2001 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31, 2002 or 1042S by March 15, 2002.

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.

027 01/03/02:08:34 001

EFTA00194980



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00194981



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,011,878.22</td></tr><tr><td>Securities Sold</td><td>800,965.37</td></tr><tr><td>Funds Deposited</td><td>100,000.00</td></tr><tr><td>Dividends/Interest</td><td>3,718.92</td></tr><tr><td>Amount Credited</td><td>$904,684.29</td></tr><tr><td>Net Cash Activity</td><td>904,684.29</td></tr><tr><td>ClosingBalance</td><td>$1,916,562.51</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,011,878.22</td><td>1,916,562.51</td></tr><tr><td>Net Cash Balance</td><td>$1,011,878.22</td><td>$1,916,562.51</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>2,520.00</td><td>9,800.00</td></tr><tr><td>Credit Balance Int.</td><td>1,198.92</td><td>10,960.15</td></tr><tr><td>Total</td><td>$3,718.92</td><td>$20,760.15</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,916,563</td></tr><tr><td>Total</td><td>$1,916,563</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD December 1, 2001

## EPSTEIN INTERESTS

THROUGH December 31, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

EFTA00194982



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 6

## 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>1,916,563</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,916,563</td><td></td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>BANPAIS SA-SPONSORED ADR REPSTG 6 SER L SHS</td><td>BPIBY</td><td>CASH</td><td>20,000</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr></table>

<table><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><td>$1,916,562</td></tr></thead></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD December 1, 2001

THROUGH December 31, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

027



01/03/02;08:34 001


EFTA00194983



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



5 of 6

EPSTEIN INTERESTS



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/24/01</td><td>12/19/01</td><td>SOLD</td><td>JOHNSON &amp; JOHNSON AVG PRICE SHOWN-DETAILS ON REQ ACTUAL CONFIRM TO YOUR AGENT UNSOLICITED</td><td>JNJ</td><td>-14,000</td><td>57.27390</td><td></td><td>800,965.37</td></tr><tr><td colspan="8">TOTAL</td><td>$800,965.37</td></tr></tbody></table>

## 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>12/20/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM JPMORGAN CHASE BANK</td><td></td><td>100,000.00</td></tr><tr><td colspan="4">TOTAL</td><td>$100,000.00</td></tr></tbody></table>

## 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>12/11/01</td><td>JOHNSON &amp; JOHNSON<br>REC 11/20/01 PAY 12/11/01</td><td>JNJ</td><td>14,000</td><td>0.1800</td><td></td><td>2,520.00</td></tr><tr><td colspan="6">TOTAL</td><td>$2,520.00</td></tr></tbody></table>



INTEREST


<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>12/21/01</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 12/11 THRU 12/20</td><td></td><td></td><td>1.2500</td><td></td><td>355.69</td></tr></tbody></table>

027



01/03/02;08:34 001


EFTA00194984



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 6

EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD December 1, 2001



INTEREST (continued)



THROUGH December 31, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<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>12/21/01</td><td>INTEREST ON CREDIT BALANCE AT 1 1/2% 11/21 THRU 12/10</td><td></td><td></td><td>1.5000</td><td></td><td>843.23</td></tr><tr><td colspan="7">TOTAL</td><td>$1,198.92</td></tr></tbody></table>

| LAST STATEMENT | November 30, 2001 |

| :--- | :--- |

## Your messages



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.





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



027



01/03/02;08:34 001


V519