EFTA00195159

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





<table border="1"><tr><td>EPSTEIN INTERESTS</td></tr><tr><td>DTD 12/26/91</td></tr><tr><td>JEFFERY E EPSTEIN &amp; MARK L *</td></tr><tr><td>EPSTEIN &amp; WILLIAM ELKUS TTEES</td></tr><tr><td>457 MADISON AVENUE 4TH FLR</td></tr><tr><td>NEW YORK NY 10022-6843</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>23,439</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>914,360</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$937,799</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>936,812</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>986</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 | January 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File



ACCOUNT NUMBER



EPSTEIN INTERESTS

Market Value of Your Portfolio

STATEMENT PERIOD February 1, 2003

THROUGH February 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.



SPC 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>$23,423.40</td></tr><tr><td>Money Fund</td><td>970.80</td></tr><tr><td>Dividends/Interest</td><td>15.13</td></tr><tr><td>Amount Credited</td><td>$985.93</td></tr><tr><td>Money Fund</td><td>-970.80</td></tr><tr><td>Amount Debited</td><td>$-970.80</td></tr><tr><td>Net Cash Activity</td><td>15.13</td></tr><tr><td>ClosingBalance</td><td>$23,438.53</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>23,423.40</td><td>23,438.53</td></tr><tr><td>Net Cash Balance</td><td>$23,423.40</td><td>$23,438.53</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>970.80</td><td>970.80</td></tr><tr><td>Credit Balance Int.</td><td>15.13</td><td>30.25</td></tr><tr><td>Total</td><td>$985.93</td><td>$1,001.05</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>937,799</td></tr><tr><td>Total</td><td>$937,799</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>23,439</td><td></td><td></td></tr></tbody></table>

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CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD February 1, 2003

THROUGH February 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 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.

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EFTA00195162



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>914,359.73</td><td>1.0000</td><td>914,360</td><td>11,064</td><td>1.2100</td></tr><tr><td>MARKET PORTFOLIO CL Y 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>$937,799</td><td>$11,064</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>$11,064</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$937,799</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 February 1, 2003

THROUGH February 28, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2003 |

| :--- | :--- |

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EFTA00195163



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 February 1, 2003

THROUGH February 28, 2003

## MONEY FUND ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 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>02/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>913,388.93</td><td></td><td></td><td></td></tr><tr><td>02/03/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 01/31/03 PAY 01/31/03</td><td>BSMXX</td><td></td><td></td><td></td><td>970.80</td></tr><tr><td>02/03/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>970.80</td><td></td><td>970.80</td><td></td></tr><tr><td>02/28/03</td><td></td><td>CLOSINGBALANCE</td><td></td><td>914,359.73</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-970.80</td><td>$970.80</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>02/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 3/4% 01/21 THRU 02/20</td><td></td><td></td><td>0.7500</td><td></td><td>15.13</td></tr><tr><td colspan="6">TOTAL</td><td>$15.13</td></tr></tbody></table>





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



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