EFTA00194989

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

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail 4

Your Messages ... 5





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

EPSTEIN INTERESTS

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

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File



ACCOUNT NUMBER



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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>821,380</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,010,349</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,831,729</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,784,198</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>47,531</td></tr></table>

STATEMENT PERIOD September 29, 2001

THROUGH October 26, 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.

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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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00194991



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,008,597.73</td></tr><tr><td>Dividends/Interest</td><td>1,751.03</td></tr><tr><td>Amount Credited</td><td>$1,751.03</td></tr><tr><td>Net Cash Activity</td><td>1,751.03</td></tr><tr><td>ClosingBalance</td><td>$1,010,348.76</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,008,597.73</td><td>1,010,348.76</td></tr><tr><td>Net Cash Balance</td><td>$1,008,597.73</td><td>$1,010,348.76</td></tr></table>

Income Summary

<table><thead><tr><th></th><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr></thead><tbody><tr><td>Dividends</td><td>0.00</td><td>7,280.00</td></tr><tr><td>Credit Balance Int.</td><td>1,751.03</td><td>8,231.77</td></tr><tr><td>Total</td><td>$1,751.03</td><td>$15,511.77</td></tr></tbody></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,010,349</td></tr><tr><td>Equities</td><td>821,380</td></tr><tr><td>Total</td><td>$1,831,729</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>1,010,349</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,010,349</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

EPSTEIN INTERESTS

027

STATEMENT PERIOD September 29, 2001

| THROUGH | October 26, 2001 |

| :--- | :--- |



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

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

V502



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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## 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">58.6700</td><td>821,380</td><td>10,080</td><td>1.2272</td></tr><tr><td>$821,380</td><td>$10,080</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$821,380</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>$1,831,728</td></tr></table>



Transaction Detail




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>10/22/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 1 1/2% 09/21 THRU 09/23</td><td></td><td></td><td>1.5000</td><td></td><td>126.07</td></tr><tr><td>10/22/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 2 1/2% 09/24 THRU 10/01</td><td></td><td></td><td>2.5000</td><td></td><td>560.33</td></tr><tr><td>10/22/01</td><td>INTEREST ON CREDIT BALANCE<br>AT 2,000% 10/02 THRU 10/20</td><td></td><td></td><td>2.0000</td><td></td><td>1,064.63</td></tr><tr><td colspan="6">TOTAL</td><td>$1,751.03</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD September 29, 2001

EPSTEIN INTERESTS

THROUGH October 26, 2001



ACCOUNT NUMBER



| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

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BEAR
STEARNS




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




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## Your messages



We are pleased to announce that we have moved our world headquarters, previously located at 245 Park Avenue, to:



383 Madison Avenue

New York, New York 10179





CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



While our telephone numbers and e-mail addresses remain the same, some fax numbers have changed. Please check with your Account Executive.

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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



EPSTEIN INTERESTS



ACCOUNT NUMBER



STATEMENT PERIOD September 29, 2001

TAXPAYER NUMBER On File

THROUGH October 26, 2001

| LAST STATEMENT | September 28, 2001 |

| :--- | :--- |

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