EFTA00195027

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 border="1"><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>





<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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>668,430</td></tr><tr><td>NET CREDIT BALANCE</td><td>7,815</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$676,245</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>651,346</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>24,899</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.

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

Market Value of Your Portfolio

| LAST STATEMENT | January 26, 2001 |

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ACCOUNT NUMBER

TAXPAYER NUMBER



STATEMENT PERIOD January 27,2001

EPSTEIN INTERESTS

THROUGH February 23, 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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EFTA00195028

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

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STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00195029



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>$7,780.40</td></tr><tr><td>Dividends/Interest</td><td>34.57</td></tr><tr><td>Amount Credited</td><td>$34.57</td></tr><tr><td>Net Cash Activity</td><td>34.57</td></tr><tr><td>ClosingBalance</td><td>$7,814.97</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>7,780.40</td><td>7,814.97</td></tr><tr><td>Net Cash Balance</td><td>$7,780.40</td><td>$7,814.97</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Credit Balance Int.</td><td>34.57</td><td>72.63</td></tr><tr><td>Total</td><td>$34.57</td><td>$72.63</td></tr></table>

CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>7,815</td></tr><tr><td>Equities</td><td>668,430</td></tr><tr><td>Total</td><td>$676,245</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>7,815</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$7,815</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

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.



02/24/01;20:42 001


EFTA00195030



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-SPONSOREDADR 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>7,000</td><td>95.4900</td><td>668,430</td><td>8,960</td><td>1.3405</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$668,430</td><td>$8,960</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$668,430</td><td>$8,960</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$8,960</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$676,244</td></tr></table>



INTEREST





Transaction Detail


<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>02/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5 1/2% 01/21 THRU 01/30</td><td></td><td></td><td>5.5000</td><td></td><td>11.88</td></tr><tr><td>02/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5.000% 01/31 THRU 02/20</td><td></td><td></td><td>5.0000</td><td></td><td>22.69</td></tr><tr><td colspan="7">TOTAL</td><td>$34.57</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

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EFTA00195031



BEAR
STEARNS


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



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## Your messages



The interest, if any, charged to your account during December 2000 was computed on the net debit balance through December 28. The interest, if any, charged to your account during January 2001 is computed from December 29, 2000.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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





EPSTEIN INTERESTS

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02/24/01;20:42 001