EFTA00195087

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

Your Messages 6





<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 SUBSIDIARY



Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>1,472,118</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,472,118</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,670,494</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-198,376</td></tr></table>

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.

Market Value of Your Portfolio

EPSTEIN INTERESTS

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

STATEMENT PERIOD February 23, 2002

ACCOUNT NUMBER

THROUGH March 28, 2002

TAXPAYER NUMBER On File

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




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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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EFTA00195089



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$1,670,494.22</td></tr><tr><td>Dividends/Interest</td><td>1,624.09</td></tr><tr><td>Amount Credited</td><td>$1,624.09</td></tr><tr><td>Funds Withdrawn</td><td>-200,000.00</td></tr><tr><td>Amount Debited</td><td>$-200,000.00</td></tr><tr><td>Net Cash Activity</td><td>-198,375.91</td></tr><tr><td>ClosingBalance</td><td>$1,472,118.31</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,670,494.22</td><td>1,472,118.31</td></tr><tr><td>Net Cash Balance</td><td>$1,670,494.22</td><td>$1,472,118.31</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>1,624.09</td><td>5,555.80</td></tr><tr><td>Total</td><td>$1,624.09</td><td>$5,555.80</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,472,118</td></tr><tr><td>Total</td><td>$1,472,118</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

| STATEMENT PERIOD | February 23, 2002 |
| :--- | :--- |
| THROUGH | March 28, 2002 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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

EFTA00195090



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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,472,118</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,472,118</td><td></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><thead><tr><th>YOUR PRICED PORTFOLIOHOLDINGS</th><td>$1,472,118</td></tr></thead></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD February 23, 2002

THROUGH March 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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STEARNS


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

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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>03/27/02</td><td>FND WIRED</td><td>MDA FNDS WIRED TO CHASE MANHATTAN BANK N.A.<br>F#</td><td>200,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-200,000.00</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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>03/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 02/21 THRU 03/20</td><td></td><td></td><td>1.2500</td><td></td><td>1,624.09</td></tr><tr><td colspan="7">TOTAL</td><td>$1,624.09</td></tr></tbody></table>



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

STATEMENT PERIOD February 23, 2002

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

ACCOUNT NUMBER

THROUGH March 28, 2002

TAXPAYER NUMBER On File

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



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Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

## Your messages

Pursuant to SEC Rule 11Ac1-6, Bear, Stearns & Co., Inc will publicly post its quarterly routing statistics at the following web link: http://www.bearstearns.com/corporate/business/equities/orp.htm

| STATEMENT PERIOD | February 23, 2002 |

| :--- | :--- |

| THROUGH | March 28, 2002 |



TAXPAYER NUMBER On File



| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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

At November 30,2001 and January 31,2002,the Company's net capital of approximately $2,6 billion and $2,6 billion was approximately 9% and 8% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $604.1 million and $648.0 million by approximately $2.0 billion and $2.0 billion,all respectively.

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.



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


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