EFTA00195032

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

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr></table>







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



STATEMENT PERIOD December 30, 2000



THROUGH January 26, 2001

| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |

## Your Portfolio at a Glance

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>643,566</td></tr><tr><td>NET CREDIT BALANCE</td><td>7,780</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$651,346</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>743,183</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-91,837</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.

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.



Decimal Trading is Coming!

Decimal Trading is the shift from fractional pricing (e.g.,21 1/2) to decimal pricing (e.g.,$21.50) for equities and options.



All trading on NYSE, AMEX, and regional exchanges will be in decimals effective as of 1/29/01.

## Important Message

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

027

EFTA00195033

2 of 5

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

027



01/27/01;13:44 001


EFTA00195034



BEAR
STEARNS


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

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$7,742.34</td></tr><tr><td>Funds Deposited</td><td>100,000.00</td></tr><tr><td>Dividends/Interest</td><td>38.06</td></tr><tr><td>Amount Credited</td><td>$100,038.06</td></tr><tr><td>Funds Withdrawn</td><td>-100,000.00</td></tr><tr><td>Amount Debited</td><td>$-100,000.00</td></tr><tr><td>Net Cash Activity</td><td>38.06</td></tr><tr><td>ClosingBalance</td><td>$7,780.40</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>7,742.34</td><td>7,780.40</td></tr><tr><td>Net Cash Balance</td><td>$7,742.34</td><td>$7,780.40</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>38.06</td><td>38.06</td></tr><tr><td>Total</td><td>$38.06</td><td>$38.06</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>7,780</td></tr><tr><td>Equities</td><td>643,566</td></tr><tr><td>Total</td><td>$651,346</td></tr></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.



01/27/01;13:44 001


EFTA00195035



BEAR
STEARNS


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

4 of 5

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<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>7,780</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$7,780</td><td></td></tr></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>7,000</td><td>91.9380</td><td>643,566</td><td>8,960</td><td>1.3922</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$643,566</td><td>$8,960</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$643,566</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>$651,346</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

027



01/27/01;13:44 001


EFTA00195036



BEAR
STEARNS


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

**5 of 5**



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Transaction Detail


## DEPOSITS AND WITHDRAWALS

<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>01/18/01</td><td>FND WIRED</td><td>MDA#MB031429FNDS WIRED TO J P MORGAN BANK<br>AC00138912 FD#04603<br>$ COMING FROM CTC</td><td>100,000.00</td><td></td></tr><tr><td>01/18/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ<br>F06101800B5501</td><td></td><td>100,000.00</td></tr><tr><td colspan="3">TOTAL</td><td>-100,000.00</td><td>$100,000.00</td></tr></tbody></table>



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859





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>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6,000% 12/29 THRU 01/02</td><td></td><td></td><td>6.0000</td><td></td><td>6.45</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6,000% 12/21 THRU 12/28</td><td></td><td></td><td>6.0000</td><td></td><td>10.32</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 5 1/2% 01/03 THRU 01/20</td><td></td><td></td><td>5.5000</td><td></td><td>21.29</td></tr><tr><td colspan="7">TOTAL</td><td>$38.06</td></tr></tbody></table>

EPSTEIN INTERESTS





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


027

EFTA00195037