EFTA00195077

OFFICE SERVICING YOUR ACCOUNT

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 5





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Your Portfolio at a Glance



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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>23,250</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>1,201,529</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,224,779</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,473,210</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-248,431</td></tr></table>

EPSTEIN INTERESTS

Market Value of Your Portfolio

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

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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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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EFTA00195079



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>$73,209.83</td></tr><tr><td>Money Fund</td><td>201,529.38</td></tr><tr><td>Dividends/Interest</td><td>39.76</td></tr><tr><td>Amount Credited</td><td>$201,569.14</td></tr><tr><td>Money Fund</td><td>-1,529.38</td></tr><tr><td>Funds Withdrawn</td><td>-250,000.00</td></tr><tr><td>Amount Debited</td><td>$-251,529.38</td></tr><tr><td>Net Cash Activity</td><td>-49,960.24</td></tr><tr><td>Closing Balance</td><td>$23,249.59</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>73,209.83</td><td>23,249.59</td></tr><tr><td>Net Cash Balance</td><td>$73,209.83</td><td>$23,249.59</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>1,529.38</td><td>1,529.38</td></tr><tr><td>Credit Balance Int.</td><td>39.76</td><td>6,687.08</td></tr><tr><td>Total</td><td>$1,569.14</td><td>$8,216.46</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,224,779</td></tr><tr><td>Total</td><td>$1,224,779</td></tr></table>

027

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

| STATEMENT PERIOD | April 27, 2002 |
| :--- | :--- |
| THROUGH | May 31, 2002 |

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |



06/01/02;15:46 001


Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00195080



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

## 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>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>23,250</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>1,201,529.38</td><td>1.0000</td><td>1,201,529</td><td>22,228</td><td>1.8500</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,224,779</td><td>$22,228</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>$22,228</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$1,224,778</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

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V559


EFTA00195081



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



5 of 5



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



EPSTEIN INTERESTS



Transaction Detail


DEPOSITS AND WITHDRAWALS

STATEMENT PERIOD April 27, 2002

THROUGH May 31, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | April 26, 2002 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<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>04/27/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>1,400,000</td><td></td><td></td><td></td></tr><tr><td>04/30/02</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-200,000</td><td>1.0000</td><td></td><td>200,000.00</td></tr><tr><td>05/01/02</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 04/30/02 PAY 04/30/02</td><td>BSMXX</td><td></td><td></td><td></td><td>1,529.38</td></tr><tr><td>05/01/02</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1.00</td><td>BSMXX</td><td>1,529.38</td><td></td><td>1,529.38</td><td></td></tr><tr><td>05/31/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>1,201,529.38</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-$-1,529.38</td><td>$201,529.38</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>05/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 04/21 THRU 05/20</td><td></td><td></td><td>1.2500</td><td></td><td>39.76</td></tr><tr><td colspan="7">TOTAL</td><td>$39.76</td></tr></tbody></table>

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