EFTA00195000

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

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| :--- | :--- |

| 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

EPSTEIN INTERESTS

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>737,940</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,003,623</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,741,563</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,742,962</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,399</td></tr></table>

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

STATEMENT PERIOD July 28, 2001

ACCOUNT NUMBER

THROUGH August 31, 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 803-634-1428; 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. |
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EFTA00195001



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

027

EFTA00195002



BEAR
STEARNS


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



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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,000,821.96</td></tr><tr><td>Dividends/Interest</td><td>2,800.73</td></tr><tr><td>Amount Credited</td><td>$2,800.73</td></tr><tr><td>Net Cash Activity</td><td>2,800.73</td></tr><tr><td>ClosingBalance</td><td>$1,003,622.69</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,000,821.96</td><td>1,003,622.69</td></tr><tr><td>Net Cash Balance</td><td>$1,000,821.96</td><td>$1,003,622.69</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>0.00</td><td>4,760.00</td></tr><tr><td>Credit Balance Int.</td><td>2,800.73</td><td>4,025.70</td></tr><tr><td>Total</td><td>$2,800.73</td><td>$8,785.70</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,003,623</td></tr><tr><td>Equities</td><td>737,940</td></tr><tr><td>Total</td><td>$1,741,563</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>1,003,623</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,003,623</td><td></td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD July 28, 2001

027

THROUGH August 31, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 27, 2001 |

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Your Portfolio Allocation

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

V496



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EFTA00195003



BEAR
STEARNS


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

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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">52.7100</td><td>737,940</td><td>10,080</td><td>1.3660</td></tr><tr><td>$737,940</td><td>$10,080</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$737,940</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>$1,741,562</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





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>08/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/4% 07/21 THRU 08/20</td><td></td><td></td><td>3.2500</td><td></td><td>2,800.73</td></tr><tr><td colspan="6">TOTAL</td><td>$2,800.73</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD July 28, 2001

THROUGH August 31, 2001

AGCOUNT NUMBER

| LAST STATEMENT | July 27, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

027



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