EFTA00195153

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 ... 3

Transaction Detail ... 5

Fund Activity 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 SUBSDIARY



Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>23,452</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>915</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$938,664</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>937,799</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>866</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>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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

TAXPAYER NUMBER On File

EPSTEIN INTERESTS



ACCOUNT NUMBER



Market Value of Your Portfolio

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 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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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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EFTA00195155



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>$23,438.53</td></tr><tr><td>Money Fund</td><td>852.40</td></tr><tr><td>Dividends/Interest</td><td>13.67</td></tr><tr><td>Amount Credited</td><td>$866.07</td></tr><tr><td>Money Fund</td><td>-852.40</td></tr><tr><td>Amount Debited</td><td>$-852.40</td></tr><tr><td>Net Cash Activity</td><td>13.67</td></tr><tr><td>ClosingBalance</td><td>$23,452.20</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>23,438.53</td><td>23,452.20</td></tr><tr><td>Net Cash Balance</td><td>$23,438.53</td><td>$23,452.20</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>852.40</td><td>1,823.20</td></tr><tr><td>Credit Balance Int.</td><td>13.67</td><td>43.92</td></tr><tr><td>Total</td><td>$866.07</td><td>$1,867.12</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>938,664</td></tr><tr><td>Total</td><td>$938,664</td></tr></table>

## 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>23,452</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Stearns Securities Corp.

One Metrotech Center North

Brocklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD March 1, 2003

THROUGH March 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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.

EFTA00195156



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 (continued)

## CASH & CASH EQUIVALENTS (continued)

<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>BEAR STEARNS PRIME MONEY</td><td>BSMXX</td><td>915.</td><td>1.0000</td><td>915.</td><td>10,708</td><td>1.1700</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>$938,664</td><td>$10,708</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>$10,708</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$938,664</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 March 1, 2003

THROUGH March 28, 2003

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

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EFTA00195157



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 6**

EPSTEIN INTERESTS



Transaction Detail


STATEMENT PERIOD March 1, 2003

## MONEY FUND ACTIVITY

| LAST STATEMENT | February 28, 2003 |

| :--- | :--- |

<table><thead><tr><th>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>03/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>914,359.73</td><td></td><td></td><td></td></tr><tr><td>03/03/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 02/28/03 PAY 02/28/03</td><td>BSMXX</td><td></td><td></td><td></td><td>852.40</td></tr><tr><td>03/03/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>852.40</td><td></td><td>852.40</td><td></td></tr><tr><td>03/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>915.</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-852.40</td><td>$852.40</td></tr></tbody></table>



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>03/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 02/21 THRU 03/20</td><td></td><td></td><td>0.7500</td><td></td><td>13.67</td></tr><tr><td colspan="7">TOTAL</td><td>$13.67</td></tr></tbody></table>

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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



6 of 6

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

## Your messages

At November 30, 2002 and January 31, 2003, the Company's net capital of approximately $2.4 billion and $2.4 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $716.3 million and $684.1 million by approximately $1.7 billion and $1.7 billion, all respectively.

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



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.

| STATEMENT PERIOD | March 1, 2003 |

| :--- | :--- |

| THROUGH | March 28, 2003 |

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>February 28, 2003</td></tr></tbody></table>



Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders.



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


Pursuant to SEC Rule 11Ac1-6, please note the following:

Bear Stearns & Co, Inc. will post its quarterly routing statistics at the following web link: http://www.bearstearns.com/.

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