EFTA00195004

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

<table><tr><td>Transaction Detail</td><td>5</td></tr></table>





<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 10022-6809</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

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

*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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>742,140</td></tr><tr><td>NET CREDIT BALANCE</td><td>1,000,822</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,742,962</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>712,712</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,030,250</td></tr></table>

ACCOUNT NUMBER

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 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 | 07/28/01;09:42 001 |

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 5

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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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>$12,712.11</td></tr><tr><td>Funds Deposited</td><td>987,094.65</td></tr><tr><td>Dividends/Interest</td><td>1,015.20</td></tr><tr><td>Amount Credited</td><td>$988,109.85</td></tr><tr><td>Net Cash Activity</td><td>988,109.85</td></tr><tr><td>ClosingBalance</td><td>$1,000,821.96</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>12,712.11</td><td>1,000,821.96</td></tr><tr><td>Net Cash Balance</td><td>$12,712.11</td><td>$1,000,821.96</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>1,015.20</td><td>1,224.97</td></tr><tr><td>Total</td><td>$1,015.20</td><td>$5,984.97</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,000,822</td></tr><tr><td>Equities</td><td>742,140</td></tr><tr><td>Total</td><td>$1,742,962</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

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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

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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,000,822</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,000,822</td><td></td></tr></tbody></table>

## 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>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>14,000</td><td>53.0100</td><td>742,140</td><td>10,080</td><td>1.3582</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$742,140</td><td>$10,080</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$742,140</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 PORTFOLIOHOLDINGS</td><td>$1,742,961</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD June 30, 2001

THROUGH July 27, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |

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EFTA00195008



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



**5 of 5**

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## DEPOSITS AND WITHDRAWALS



Transaction Detail


<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>07/10/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ F0611910081A01</td><td></td><td>987,094.65</td></tr><tr><td colspan="3">TOTAL</td><td></td><td>$987,094.65</td></tr></tbody></table>



INTEREST


EPSTEIN INTERESTS

<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>07/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 06/21 THRU 06/26</td><td></td><td></td><td>3.5000</td><td></td><td>7.42</td></tr><tr><td>07/23/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/4% 06/27 THRU 07/20</td><td></td><td></td><td>3.2500</td><td></td><td>1,007.78</td></tr><tr><td colspan="6">TOTAL</td><td>$1,015.20</td></tr></tbody></table>

ACCOUNT NUMBER

THROUGH July 27, 2001

STATEMENT PERIOD June 30, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | June 29, 2001 |

| :--- | :--- |





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



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