EFTA00195132

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

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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>838,480</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$841,938</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>841,206</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>732</td></tr></table>

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

EPSTEIN INTERESTS

ACCOUNT NUMBER

THROUGH July 25, 2003

STATEMENT PERIOD June 28, 2003

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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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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EFTA00195134



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>$3,458.06</td></tr><tr><td>Money Fund</td><td>731.99</td></tr><tr><td>Amount Credited</td><td>$731.99</td></tr><tr><td>Money Fund</td><td>-731.99</td></tr><tr><td>Amount Debited</td><td>$-731.99</td></tr><tr><td>ClosingBalance</td><td>$3,458.06</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>3,458.06</td><td>3,458.06</td></tr><tr><td>Net Cash Balance</td><td>$3,458.06</td><td>$3,458.06</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>731.99</td><td>5,090.86</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>49.78</td></tr><tr><td>Total</td><td>$731.99</td><td>$5,140.64</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>841,938</td></tr><tr><td>Total</td><td>$841,938</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD June 28, 2003

THROUGH July 25, 2003

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

EFTA00195135



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>3,458</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>838,479.79</td><td>1.0000</td><td>838,480</td><td>7,714</td><td>0.9200</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$841,938</td><td>$7,714</td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</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>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></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$7,714</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$841,938</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 June 28, 2003

THROUGH July 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

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EFTA00195136



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 June 28, 2003

## MONEY FUND ACTIVITY

| LAST STATEMENT | June 27, 2003 |

| :--- | :--- |

<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>06/28/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>837,747.80</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>07/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 06/30/03 PAY 06/30/03</td><td>BSMXX</td><td></td><td></td><td>731.99</td></tr><tr><td>07/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $1,00</td><td>BSMXX</td><td>731.99</td><td>731.99</td><td></td></tr><tr><td colspan="2">07/25/03</td><td>CLOSINGBALANCE</td><td></td><td>838,479.79</td><td></td><td></td></tr><tr><td colspan="2">TOTAL</td><td></td><td></td><td></td><td>-731.99</td><td>$731.99</td></tr></table>



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



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