EFTA00195093

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





<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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>1,670,494</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,670,494</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,868,542</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-198,048</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.*</td></tr></table>

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

EPSTEIN INTERESTS

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File

STATEMENT PERIOD January 26, 2002

THROUGH February 22, 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.

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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EFTA00195094



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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EFTA00195095



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>$1,868,542.04</td></tr><tr><td>Dividends/Interest</td><td>1,952.18</td></tr><tr><td>Amount Credited</td><td>$1,952.18</td></tr><tr><td>Funds Withdrawn</td><td>-200,000.00</td></tr><tr><td>Amount Debited</td><td>$-200,000.00</td></tr><tr><td>Net Cash Activity</td><td>-198,047.82</td></tr><tr><td>ClosingBalance</td><td>$1,670,494.22</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,868,542.04</td><td>1,670,494.22</td></tr><tr><td>Net Cash Balance</td><td>$1,868,542.04</td><td>$1,670,494.22</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>1,952.18</td><td>3,931.71</td></tr><tr><td>Total</td><td>$1,952.18</td><td>$3,931.71</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,670,494</td></tr><tr><td>Total</td><td>$1,670,494</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 | January 26, 2002 |
| :--- | :--- |
| THROUGH | February 22, 2002 |

<table><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>January 25, 2002</td></tr></table>



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

EFTA00195096



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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,670,494</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,670,494</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>$1,670,494</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 January 26, 2002

THROUGH February 22, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

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EFTA00195097



BEAR
STEARNS


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

5 of 5



Transaction Detail


DEPOSITS AND WITHDRAWALS



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



<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>02/12/02</td><td>FND WIRED</td><td>MDA CHASE MANHATTAN BANK N.A. 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>



INTEREST




Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



<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>02/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 01/21 THRU 02/20</td><td></td><td></td><td>1.2500</td><td></td><td>1,952.18</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$1,952.18</td></tr></tbody></table>

EPSTEIN INTERESTS

ACCOUNT NUMBER

STATEMENT PERIOD January 26, 2002



| LAST STATEMENT | January 25, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH February 22, 2002



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


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