EFTA00195082

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 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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Your Portfolio at a Glance

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

*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.

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>73,210</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>1,400,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,473,210</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,472,118</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,092</td></tr></table>

EPSTEIN INTERESTS

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD March 29, 2002

THROUGH April 26, 2002

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.

| SIPC | 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. |
| :--- | :--- |
| 027 | 04/27/02;12:01 001 |

EFTA00195083



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

027

EFTA00195084



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>Opening Balance</td><td>$1,472,118.31</td></tr><tr><td>Dividends/Interest</td><td>1,091.52</td></tr><tr><td>Amount Credited</td><td>$1,091.52</td></tr><tr><td>Money Fund</td><td>-1,400,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,400,000.00</td></tr><tr><td>Net Cash Activity</td><td>-1,398,908.48</td></tr><tr><td>Closing Balance</td><td>$73,209.83</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,472,118.31</td><td>73,209.83</td></tr><tr><td>Net Cash Balance</td><td>$1,472,118.31</td><td>$73,209.83</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>1,091.52</td><td>6,647.32</td></tr><tr><td>Total</td><td>$1,091.52</td><td>$6,647.32</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,473,210</td></tr><tr><td>Total</td><td>$1,473,210</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

<table><thead><tr><th>STATEMENT PERIOD</th><td>March 29, 2002</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 26, 2002</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>March 28, 2002</td></tr></tbody></table>

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

EFTA00195085



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 5

## 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>73,210</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>1,400,000</td><td>1.0000</td><td>1,400,000</td><td>26,460</td><td>1.8900</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,473,210</td><td>$26,460</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>$26,460</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$1,473,209</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 March 29, 2002

THROUGH April 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2002 |

| :--- | :--- |

027



04/27/02;12:01 001


V557

EFTA00195086



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 March 29, 2002

THROUGH April 26, 2002

## MONEY FUND ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 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>03/29/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>04/10/02</td><td>BOUGHT</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CLY</td><td>BSMXX</td><td>1,400,000</td><td>1.0000</td><td>1,400,000.00</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>

<table border="1"><tr><td>04/26/02</td><td>CLOSINGBALANCE</td><td>1,400,000</td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td>-1,400,000.00</td></tr></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>04/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 03/21 THRU 04/20</td><td></td><td></td><td>1.2500</td><td></td><td>1,091.52</td></tr><tr><td colspan="7">TOTAL</td><td>$1,091.52</td></tr></tbody></table>





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




04/27/02;12:01 001


027

V557