EFTA00195147

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.

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>836,135</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$839,593</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>938,664</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-99,071</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.

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

Market Value of Your Portfolio

EPSTEIN INTERESTS

TAXPAYER NUMBER On File



ACCOUNT NUMBER



STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003

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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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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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>$23,452.20</td></tr><tr><td>Money Fund</td><td>80,923.27</td></tr><tr><td>Dividends/Interest</td><td>5.86</td></tr><tr><td>Amount Credited</td><td>$80,929.13</td></tr><tr><td>Money Fund</td><td>-923.27</td></tr><tr><td>Funds Withdrawn</td><td>-100,000.00</td></tr><tr><td>Amount Debited</td><td>$-100,923.27</td></tr><tr><td>Net Cash Activity</td><td>-19,994.14</td></tr><tr><td>Closing Balance</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>23,452.20</td><td>3,458.06</td></tr><tr><td>Net Cash Balance</td><td>$23,452.20</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>923.27</td><td>2,746.47</td></tr><tr><td>Credit Balance Int.</td><td>5.86</td><td>49.78</td></tr><tr><td>Total</td><td>$929.13</td><td>$2,796.25</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>839,593</td></tr><tr><td>Total</td><td>$839,593</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, 2003</td></tr></thead><tbody><tr><td>THROUGH</td><td>April 25, 2003</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, 2003</td></tr></tbody></table>



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Your Portfolio Allocation

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

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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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## 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>3,458</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>836,135.40</td><td>1.0000</td><td>836,135</td><td>9,448</td><td>1.1300</td></tr><tr><td>MARKET PORTFOLIO CLY DIVIDEND REINVESTED</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$839,593</td><td>$9,448</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>$9,448</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$839,593</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, 2003

THROUGH April 25, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

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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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CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Transaction Detail


DEPOSITS AND WITHDRAWALS



EPSTEIN INTERESTS

STATEMENT PERIOD March 29, 2003

THROUGH April 25, 2003



ACCOUNT NUMBER



| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

## MONEY FUND ACTIVITY

<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>03/29/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>915.</td><td></td><td></td><td></td></tr><tr><td>04/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 03/31/03 PAY 03/31/03</td><td>BSMXX</td><td></td><td></td><td></td><td>923.27</td></tr><tr><td>04/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>923.27</td><td></td><td>923.27</td><td></td></tr><tr><td>04/02/03</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-30,000</td><td>1.0000</td><td></td><td>30,000.00</td></tr><tr><td>04/22/03</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>-50,000</td><td>1.0000</td><td></td><td>50,000.00</td></tr><tr><td>04/25/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>836,135.40</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-923.27</td><td>$80,923.27</td></tr></tbody></table>

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EFTA00195152



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

## **Transaction Detail** (continued)

STATEMENT PERIOD March 29, 2003



INTEREST


THROUGH April 25, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 28, 2003 |

| :--- | :--- |

<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>04/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 03/21 THRU 04/20</td><td></td><td></td><td>0.7500</td><td></td><td>5.86</td></tr><tr><td colspan="7">TOTAL</td><td>$5.86</td></tr></tbody></table>





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



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