EFTA00195018

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>





<table border="1"><tr><td>EPSTEIN INTERESTS</td></tr><tr><td>DTD 12/26/91</td></tr><tr><td>JEFFERY E EPSTEIN &amp; MARK L *</td></tr><tr><td>EPSTEIN &amp; WILLIAM ELKUS TTEES</td></tr><tr><td>457 MADISON AVENUE 4TH FLR</td></tr><tr><td>NEW YORK NY 10022-6809</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Your Portfolio at a Glance



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>667,660</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,126</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$677,786</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>622,378</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>55,409</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.

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

Market Value of Your Portfolio

EPSTEIN INTERESTS



ACCOUNT NUMBER



STATEMENT PERIOD March 31, 2001

THROUGH April 27, 2001

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.

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EFTA00195019

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.
One Mebrotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

2 of 4

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00195020



BEAR
STEARNS


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

3 of 4

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$10,087.71</td></tr><tr><td>Dividends/Interest</td><td>38.67</td></tr><tr><td>Amount Credited</td><td>$38.67</td></tr><tr><td>Net Cash Activity</td><td>38.67</td></tr><tr><td>ClosingBalance</td><td>$10,126.38</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>10,087.71</td><td>10,126.38</td></tr><tr><td>Net Cash Balance</td><td>$10,087.71</td><td>$10,126.38</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>2,240.00</td></tr><tr><td>Credit Balance Int.</td><td>38.67</td><td>144.04</td></tr><tr><td>Total</td><td>$38.67</td><td>$2,384.04</td></tr></table>

CASH & CASH EQUIVALENTS

Portfolio Composition

## Your Portfolio Holdings

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>10,126</td></tr><tr><td>Equities</td><td>667,660</td></tr><tr><td>Total</td><td>$677,786</td></tr></table>

<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>10,126</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,126</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

STATEMENT PERIOD March 31, 2001

THROUGH April 27, 2001



ACCOUNT NUMBER



| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

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.

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EFTA00195021



BEAR
STEARNS


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

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">7,000</td><td rowspan="2">95.3800</td><td>667,660</td><td>8,960</td><td>1.3420</td></tr><tr><td>$667,660</td><td>$8,960</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$667,660</td><td>$8,960</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$8,960</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$677,786</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>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4.000% 04/18 THRU 04/20</td><td></td><td></td><td>4.0000</td><td></td><td>3.36</td></tr><tr><td>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/21 THRU 04/17</td><td></td><td></td><td>4.5000</td><td></td><td>35.31</td></tr><tr><td colspan="6">TOTAL</td><td>$38.67</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD March 31, 2001

EPSTEIN INTERESTS

THROUGH April 27, 2001



ACCOUNT NUMBER



| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

TAXPAYER NUMBER On File

027



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