EFTA00195054

OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Portfolio Holdings ... 3

| Transaction Detail | 5 |

| :--- | :--- |

Fund Activity 5

## What’s In This Statement

Your Messages ... 6





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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

STATEMENT PERIOD August 31, 2002

Your Portfolio at a Glance

THROUGH September 27, 2002

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.

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>23,349</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>1,108,403</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,131,752</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,130,110</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,642</td></tr></table>

Market Value of Your Portfolio

Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.

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.

## Important Message

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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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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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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EFTA00195056



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

3 of 8

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$23,323.94</td></tr><tr><td>Money Fund</td><td>1,616.06</td></tr><tr><td>Dividends/Interest</td><td>25.11</td></tr><tr><td>Amount Credited</td><td>$1,641.17</td></tr><tr><td>Money Fund</td><td>-1,616.06</td></tr><tr><td>Amount Debited</td><td>$-1,616.06</td></tr><tr><td>Net Cash Activity</td><td>25.11</td></tr><tr><td>ClosingBalance</td><td>$23,349.05</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>23,323.94</td><td>23,349.05</td></tr><tr><td>Net Cash Balance</td><td>$23,323.94</td><td>$23,349.05</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>1,616.06</td><td>8,402.53</td></tr><tr><td>Credit Balance Int.</td><td>25.11</td><td>6,786.54</td></tr><tr><td>Total</td><td>$1,641.17</td><td>$15,189.07</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,131,752</td></tr><tr><td>Total</td><td>$1,131,752</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>23,349</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Stearns Securities Corp.

One Metrotech Center North

Brocklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD August 31, 2002

| THROUGH | September 27, 2002 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 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.

EFTA00195057



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## 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>1,108,402.53</td><td>1.0000</td><td>1,108,403</td><td>18,510</td><td>1.6700</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>$1,131,752</td><td>$18,510</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>$18,510</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$1,131,752</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

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EFTA00195058



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 8**

EPSTEIN INTERESTS



Transaction Detail


STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

## MONEY FUND ACTIVITY

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

<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>08/31/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>1,106,786.47</td><td></td><td></td><td></td></tr><tr><td>09/03/02</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 08/30/02 PAY 08/30/02</td><td>BSMXX</td><td></td><td></td><td></td><td>1,616.06</td></tr><tr><td>09/03/02</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>1,616.06</td><td></td><td>1,616.06</td><td></td></tr><tr><td>09/27/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>1,108,402.53</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-1,616.06</td><td>$1,616.06</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>09/23/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 08/21 THRU 09/20</td><td></td><td></td><td>1.2500</td><td></td><td>25.11</td></tr><tr><td colspan="7">TOTAL</td><td>$25.11</td></tr></tbody></table>

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EFTA00195059



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



6 of 8

EPSTEIN INTERESTS

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.

## Your messages

At May 31, 2002 and July 31, 2002, the Company's net capital of approximately $2.5 billion and $2.0 billion was approximately 7% and 6% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $679.9 million and $644.8 million by approximately $1.8 billion and $1.3 billion, all respectively.

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



STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File



| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin. These risks include the following:

> The firm can force the sale of securities or other assets in your account(s).

> You can lose more funds than you deposit in the margin account.

> The firm can sell your securities or other assets without contacting you.

> You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call.

> The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice.

> You are not entitled to an extension of time on a margin call.

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EFTA00195060



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


7 of 8



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

## This statement is provided to explain Bear, Stearns & Co., Inc.'s ("BSC") payment for order flow practices.

STATEMENT PERIOD August 31, 2002

BSC routes a majority of orders for customer securities transactions to the primary market for such securities. Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO). BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge.

| THROUGH | September 27, 2002 |

| :--- | :--- |

AGCOUNT NUMBER

TAXPAYER NUMBER On File



| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |

## Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear, Stearns & Co., Inc. will post its quarterly routing statistics at the following web link:



http://www.bearstearns.com/bearstearns/individualinvestor/equititesord

erroutingpractices.htm



Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.

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EFTA00195061



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



8 of 8

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

The following account service fees will be charged to applicable accounts as of November 1, 2002:



The service charge per transaction will be $5.00. Accounts transferred from Bear Stearns will be charged a $75.00 account transfer fee. There will be a $50.00 fee for each stock certificate that is sent out in registered form at the customer's request. We strongly recommend against holding stock certificates in physical form due to the possibility of theft, loss or damage.

STATEMENT PERIOD August 31, 2002

THROUGH September 27, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | August 30, 2002 |

| :--- | :--- |



## NOTICE OF CHANGE PURSUANT TO THE TRUTH IN LENDING SEC RULE 10b-16

Effective as of November 15, 2002, the annual rate of interest charged on any credit extended to you by Bear Stearns Securities for the purpose of purchasing, carrying or trading in any security or other property shall be based on either the Bear Stearns Margin Basis Rate, the Bear Stearns Securities Fed Funds Rate or the London Interbank Offering Rate ("LIBOR"). The Bear Stearns Margin Basis Rate will be quoted daily by Bear Stearns at our main office in New York. Factors affecting the determination of the Bear Stearns Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that Bear Stearns is charged for borrowing money. The Bear Stearns Securities Fed Funds Rate is the rate for U,S, dollar funds, as quoted by an independent broker of such funds selected by Bear Stearns Securities for the last transaction completed prior to 9:30 a.m. (Eastern Time) on the business day on which such rate is determined. The annual rate of interest will be no more than 3% above the Bear Stearns Margin Basis Rate or 4% above either the Bear Stearns Securities Fed Funds Rate or LIBOR and will appear on your monthly statements. Since the rate of interest charged is related to the Bear Stearns Margin Basis Rate, the Bear Stearns Securities Fed Funds Rate or LIBOR, any changes in these rates will cause corresponding changes in the rate charged to your account, which changes will be made without prior notice to you. If for any other reason Bear Stearns Securities changes the rate of interest it charges you, we will give you at least 30 days prior notice.

The "Statement of Interest Charges Pursuant to the "Truth-in-Lending" SEC Rule 10b-16" previously provided to you remains in effect except to the extent specifically amended by this notice.

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