EFTA00195098

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 ... 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

<table><tr><td>NET CREDIT BALANCE</td><td>1,868,542</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$1,868,542</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>1,916,563</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-48,020</td></tr></table>

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

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

EPSTEIN INTERESTS



ACCOUNT NUMBER



STATEMENT PERIOD January 1, 2002

TAXPAYER NUMBER On File

Market Value of Your Portfolio

THROUGH January 25, 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


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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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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>$1,916,562.51</td></tr><tr><td>Dividends/Interest</td><td>1,979.53</td></tr><tr><td>Amount Credited</td><td>$1,979.53</td></tr><tr><td>Funds Withdrawn</td><td>-50,000.00</td></tr><tr><td>Amount Debited</td><td>$-50,000.00</td></tr><tr><td>Net Cash Activity</td><td>-48,020.47</td></tr><tr><td>ClosingBalance</td><td>$1,868,542.04</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>1,916,562.51</td><td>1,868,542.04</td></tr><tr><td>Net Cash Balance</td><td>$1,916,562.51</td><td>$1,868,542.04</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Credit Balance Int.</td><td>1,979.53</td><td>1,979.53</td></tr><tr><td>Total</td><td>$1,979.53</td><td>$1,979.53</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>1,868,542</td></tr><tr><td>Total</td><td>$1,868,542</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

STATEMENT PERIOD January 1, 2002

EPSTEIN INTERESTS

THROUGH January 25, 2002



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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

EFTA00195101



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 border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>1,868,542</td><td></td><td></td></tr><tr><td>TOTAL CASH&amp;CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$1,868,542</td><td></td><td></td></tr></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><th>$1,868,542</th></tr></thead></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

STATEMENT PERIOD January 1, 2002

THROUGH January 25, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

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BEAR
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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th colspan="2">DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/23/02</td><td>FND WIRED</td><td>MDA<br>CHASE MANHATTAN BANK N.A.</td><td>DS WIRED TO FD</td><td>50,000.00</td><td></td></tr><tr><td colspan="4">TOTAL</td><td>-$50,000.00</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>01/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 12/21 THRU 12/30</td><td></td><td></td><td>1.2500</td><td></td><td>582.04</td></tr><tr><td>01/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 12/31 THRU 01/20</td><td></td><td></td><td>1.2500</td><td></td><td>1,397.49</td></tr><tr><td colspan="6">TOTAL</td><td>$1,979.53</td></tr></tbody></table>



## Your messages

The interest, if any, charged to your account during December 2001 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2002 is computed from December 31, 2001.

EPSTEIN INTERESTS

ACCOUNT NUMBER

STATEMENT PERIOD January 1, 2002

| LAST STATEMENT | December 31, 2001 |

| :--- | :--- |

THROUGH January 25, 2002

TAXPAYER NUMBER On File





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


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