EFTA00194985

OFFICE SERVICING YOUR ACCOUNT

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## 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



<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

## Your Portfolio at a Glance

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

EPSTEIN INTERESTS

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>815,500</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,011,878</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,827,378</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,831,729</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-4,351</td></tr></table>

STATEMENT PERIOD October 27,2001

TAXPAYER NUMBER On File



ACCOUNT NUMBER



THROUGH November 30, 2001

Market Value of Your Portfolio

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.

| 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. |
| :--- | :--- |
| | 027 | 12/01/01:10:46 001 |

EFTA00194986



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 4

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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00194987



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 4

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,010,348.76</td></tr><tr><td>Dividends/Interest</td><td>1,529.46</td></tr><tr><td>Amount Credited</td><td>$1,529.46</td></tr><tr><td>Net Cash Activity</td><td>1,529.46</td></tr><tr><td>ClosingBalance</td><td>$1,011,878.22</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,010,348.76</td><td>1,011,878.22</td></tr><tr><td>Net Cash Balance</td><td>$1,010,348.76</td><td>$1,011,878.22</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>7,280.00</td></tr><tr><td>Credit Balance Int.</td><td>1,529.46</td><td>9,761.23</td></tr><tr><td>Total</td><td>$1,529.46</td><td>$17,041.23</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,011,878</td></tr><tr><td>Equities</td><td>815,500</td></tr><tr><td>Total</td><td>$1,827,378</td></tr></table>

## 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>1,011,878</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,011,878</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

027

EPSTEIN INTERESTS

STATEMENT PERIOD October 27, 2001

THROUGH November 30, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

V513



12/01/01;10:46 001


EFTA00194988



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 4

## Your Portfolio Holdings (continued)

EQUITIES

Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</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>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 rowspan="2">JOHNSON &amp; JOHNSON Total Equities&amp; Options</td><td rowspan="2">JNJ</td><td rowspan="2">CASH</td><td rowspan="2">14,000</td><td rowspan="2">58.2500</td><td>815,500</td><td>10,080</td><td>1.2361</td></tr><tr><td>$815,500</td><td>$10,080</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$815,500</td><td>$10,080</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$10,080</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$1,827,378</td></tr></table>



Transaction Detail




INTEREST




CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<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>11/21/01</td><td>INTEREST ON CREDIT BALANCE AT 1 1/2% 11/06 THRU 11/20</td><td></td><td></td><td>1.5000</td><td></td><td>631.47</td></tr><tr><td>11/21/01</td><td>INTEREST ON CREDIT BALANCE AT 2,000% 10/21 THRU 11/05</td><td></td><td></td><td>2.0000</td><td></td><td>897.99</td></tr><tr><td colspan="6">TOTAL</td><td>$1,529.46</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD October 27, 2001

EPSTEIN INTERESTS

THROUGH November 30, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 26, 2001 |

| :--- | :--- |

027



12/01/01;10:46 001


V513