EFTA00195022

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 |

<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><tr><td>Your Messages</td><td>5</td></tr></table>

## What’s In This Statement







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<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>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS



ACCOUNT NUMBER

TAXPAYER NUMBER



STATEMENT PERIOD February 24, 2001

THROUGH March 30, 2001

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>612,290</td></tr><tr><td>NET CREDIT BALANCE</td><td>10,088</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$622,378</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>676,245</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-53,867</td></tr></table>

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

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

Market Value of Your Portfolio

## Important Notice

Decimal Trading is Here for Nasdaq!

Decimal Trading is the shift from fractional pricing (e.g. 211/2) to decimal pricing (e.g.$21.50) for equities and options.

Nasdaq securities have been phased in during March and the remaining securities are scheduled to be trading in decimals in April.

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.

For details, visit our website at www.bearstearns.com.

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00195024



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>$7,814.97</td></tr><tr><td>Dividends/Interest</td><td>2,272.74</td></tr><tr><td>Amount Credited</td><td>$2,272.74</td></tr><tr><td>Net Cash Activity</td><td>2,272.74</td></tr><tr><td>ClosingBalance</td><td>$10,087.71</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>7,814.97</td><td>10,087.71</td></tr><tr><td>Net Cash Balance</td><td>$7,814.97</td><td>$10,087.71</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>2,240.00</td><td>2,240.00</td></tr><tr><td>Credit Balance Int.</td><td>32.74</td><td>105.37</td></tr><tr><td>Total</td><td>$2,272.74</td><td>$2,345.37</td></tr></table>

CASH & CASH EQUIVALENTS

Portfolio Composition

## Your Portfolio Holdings

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>10,088</td></tr><tr><td>Equities</td><td>612,290</td></tr><tr><td>Total</td><td>$622,378</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>10,088</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$10,088</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

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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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">7,000</td><td rowspan="2">87.4700</td><td>612,290</td><td>8,960</td><td>1.4634</td></tr><tr><td>$612,290</td><td>$8,960</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$612,290</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>$622,377</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Transaction Detail


## DIVIDENDS

<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>03/13/01</td><td>JOHNSON &amp; JOHNSON<br>REC 02/20/01 PAY 03/13/01</td><td>JNJ</td><td>7,000</td><td>0.3200</td><td></td><td>2,240.00</td></tr><tr><td colspan="6">TOTAL</td><td>$2,240.00</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

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EFTA00195026



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

## **Transaction Detail** (continued)



INTEREST


STATEMENT PERIOD February 24, 2001

<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>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/20 THRU 03/20</td><td></td><td></td><td>4.5000</td><td></td><td>1.26</td></tr><tr><td>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5,000% 02/21 THRU 03/19</td><td></td><td></td><td>5.0000</td><td></td><td>31.48</td></tr><tr><td colspan="6">TOTAL</td><td>$32.74</td></tr></tbody></table>

THROUGH March 30, 2001

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

## Your messages



Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2000 and January 26, 2001, the Company's net capital of $2,620,960,000 and $2,761,817,000 was approximately 9% and 10% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $572,456,000 and $559,381,000 by $2,048,504,000 and $2,202,436,000, all respectively.

A complete copy of the Bear, Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call toll free 1-866-299-9331.

STOP



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


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