## Statements

EFTA00195038

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



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 ... 5

Fund Activity 5

## 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 10022-6843</td><td></td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

TAXPAYER NUMBER On File

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

Your Portfolio at a Glance



ACCOUNT NUMBER



THROUGH December 31, 2002

STATEMENT PERIOD November 30, 2002

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

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>23,408</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>912,370</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$935,778</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>934,645</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,134</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not</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

If any information regarding 2002 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31, 2003 or a 1042Sby March 17, 2003.

## 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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EFTA00195039



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 5

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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EFTA00195040



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 5

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$23,393.66</td></tr><tr><td>Money Fund</td><td>1,119.47</td></tr><tr><td>Dividends/Interest</td><td>14.62</td></tr><tr><td>Amount Credited</td><td>$1,134.09</td></tr><tr><td>Money Fund</td><td>-1,119.47</td></tr><tr><td>Amount Debited</td><td>$-1,119.47</td></tr><tr><td>Net Cash Activity</td><td>14.62</td></tr><tr><td>ClosingBalance</td><td>$23,408.28</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>23,393.66</td><td>23,408.28</td></tr><tr><td>Net Cash Balance</td><td>$23,393.66</td><td>$23,408.28</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>1,119.47</td><td>12,370.20</td></tr><tr><td>Credit Balance Int.</td><td>14.62</td><td>6,845.77</td></tr><tr><td>Total</td><td>$1,134.09</td><td>$19,215.97</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>935,778</td></tr><tr><td>Total</td><td>$935,778</td></tr></table>

## Your Portfolio Holdings

CASH & CASH EQUIVALENTS

<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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>23,408</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

| STATEMENT PERIOD | November 30, 2002 |
| :--- | :--- |
| THROUGH | December 31, 2002 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

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.

EFTA00195041



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 5

## Your Portfolio Holdings (continued)

## CASH & CASH EQUIVALENTS (continued)

<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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>912,370.20</td><td>1.0000</td><td>912,370</td><td>11,861</td><td>1.3000</td></tr><tr><td>MARKET PORTFOLIO CL Y DIVIDEND REINVESTED</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$935,778</td><td>$11,861</td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><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>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$11,861</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$935,778</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD November 30, 2002

THROUGH December 31, 2002

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

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01/01/03;09:30 001


EFTA00195042



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

**5 of 5**

EPSTEIN INTERESTS



Transaction Detail


STATEMENT PERIOD November 30, 2002

## MONEY FUND ACTIVITY

THROUGH December 31, 2002



ACCOUNT NUMBER



| LAST STATEMENT | November 29, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE MO/DAY</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>11/30/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>911,250.73</td><td></td><td></td><td></td></tr><tr><td>12/02/02</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 11/29/02 PAY 11/29/02</td><td>BSMXX</td><td></td><td></td><td></td><td>1,119.47</td></tr><tr><td>12/02/02</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1.00</td><td>BSMXX</td><td>1,119.47</td><td></td><td>1,119.47</td><td></td></tr><tr><td>12/31/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>912,370.20</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-1,119.47</td><td>$1,119.47</td></tr></tbody></table>



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>12/23/02</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 11/21 THRU 12/20</td><td></td><td></td><td>0.7500</td><td></td><td>14.62</td></tr><tr><td colspan="7">TOTAL</td><td>$14.62</td></tr></tbody></table>

## Your messages



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.

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