EFTA00195009

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail ... 4

## What’s In This Statement

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 10022-6809</td><td></td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

ACCOUNT NUMBER

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>700,000</td></tr><tr><td>NET CREDIT BALANCE</td><td>12,712</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$712,712</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>690,909</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>21,803</td></tr></table>

*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.

Market Value of Your Portfolio

Please note: You may find more than one statement in this envelope. Beginning this month, all statements with the same Address and Social Security number / Taxpayer Identification number are being mailed in one envelope. For further details, please contact your account executive.

## Important Message

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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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>$10,159.29</td></tr><tr><td>Dividends/Interest</td><td>2,552.82</td></tr><tr><td>Amount Credited</td><td>$2,552.82</td></tr><tr><td>Net Cash Activity</td><td>2,552.82</td></tr><tr><td>ClosingBalance</td><td>$12,712.11</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>10,159.29</td><td>12,712.11</td></tr><tr><td>Net Cash Balance</td><td>$10,159.29</td><td>$12,712.11</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>4,760.00</td></tr><tr><td>Credit Balance Int.</td><td>32.82</td><td>209.77</td></tr><tr><td>Total</td><td>$2,552.82</td><td>$4,969.77</td></tr></table>

CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>12,712</td></tr><tr><td>Equities</td><td>700,000</td></tr><tr><td>Total</td><td>$712,712</td></tr></table>

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>12,712</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$12,712</td><td></td></tr></table>

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WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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EPSTEIN INTERESTS

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

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.

EFTA00195012



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">50.0000</td><td>700,000</td><td>10,080</td><td>1.4400</td></tr><tr><td>$700,000</td><td>$10,080</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$700,000</td><td>$10,080</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$10,080</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$712,712</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

## INVESTMENT ACTIVITY



Transaction Detail


EPSTEIN INTERESTS

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

ACCOUNT NUMBER

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

<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>06/18/01</td><td>06/13/01</td><td>BOUGHT</td><td>JOHNSON &amp; JOHNSON<br>STK SPLIT ON 7000 SHS<br>REC 05/22/01 PAY 06/12/01</td><td>JNJ</td><td>7,000</td><td></td><td></td><td></td></tr></tbody></table>

TAXPAYER NUMBER On File

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BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD May 26, 2001

## DIVIDENDS

THROUGH June 29, 2001

AGCOUNT NUMBER

<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 rowspan="2">06/12/01</td><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>7,000</td><td>0.3600</td><td></td><td>2,520.00</td></tr><tr><td>REC 05/22/01 PAY 06/12/01</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$2,520.00</td></tr></tbody></table>

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File



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>06/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/21 THRU 06/20</td><td></td><td></td><td>3.5000</td><td></td><td>32.82</td></tr><tr><td colspan="7">TOTAL</td><td>$32.82</td></tr></tbody></table>

## Your messages



Confirmation:

Unless we hear from you to the contrary. It is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.





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



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