EFTA00195164

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



ACCOUNT EXECUTIVE

TELEPHONE

VISIT OUR WEBSITE www.bearstearns.com



## What’s In This Statement

<table><tr><td>Transaction Detail</td><td>5</td></tr></table>

Fund Activity 5

Your Messages ... 6





457 MADISON AVENUE 4TH FLR

NEW YORK NY 10022-6843





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>23,423</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>913,389</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$936,812</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>935,778</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,034</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

Market Value of Your Portfolio

EPSTEIN INTERESTS



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003

TAXPAYER NUMBER On File

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.

SIPC

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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EFTA00195166



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$23,408.28</td></tr><tr><td>Money Fund</td><td>1,018.73</td></tr><tr><td>Dividends/Interest</td><td>15.12</td></tr><tr><td>Amount Credited</td><td>$1,033.85</td></tr><tr><td>Money Fund</td><td>-1,018.73</td></tr><tr><td>Amount Debited</td><td>$-1,018.73</td></tr><tr><td>Net Cash Activity</td><td>15.12</td></tr><tr><td>ClosingBalance</td><td>$23,423.40</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>23,408.28</td><td>23,423.40</td></tr><tr><td>Net Cash Balance</td><td>$23,408.28</td><td>$23,423.40</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Credit Balance Int.</td><td>15.12</td><td>15.12</td></tr><tr><td>Total</td><td>$15.12</td><td>$15.12</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>936,812</td></tr><tr><td>Total</td><td>$936,812</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>23,423</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 Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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.

EFTA00195167



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

4 of 6

## 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>913,388.93</td><td>1.0000</td><td>913,389</td><td>11,235</td><td>1.2300</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>$936,812</td><td>$11,235</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>$11,235</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$936,812</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 January 1, 2003

THROUGH January 31, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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EFTA00195168



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 January 1, 2003

THROUGH January 31, 2003

## MONEY FUND ACTIVITY



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

<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>01/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>912,370.20</td><td></td><td></td><td></td></tr></tbody></table>

<table><thead><tr><th>01/02/03</th><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>1,018.73</td><td>1,018.73</td><td></td></tr></thead><tbody><tr><td>01/02/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>RECORD 12/31/02 PAY 12/31/02<br>INCLUDED IN 2002 1099</td><td>BSMXX</td><td></td><td></td><td>1,018.73</td></tr></tbody></table>

<table border="1"><tr><td>01/31/03</td><td>CLOSINGBALANCE</td><td colspan="2">913,388.93</td></tr><tr><td>TOTAL</td><td></td><td>-1,018.73</td><td>$1,018.73</td></tr></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>01/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 12/21 THRU 12/30</td><td></td><td></td><td>0.7500</td><td></td><td>4.88</td></tr><tr><td>01/21/03</td><td>INTEREST ON CREDIT BALANCE<br>AT 0 3/4% 12/31 THRU 01/20</td><td></td><td></td><td>0.7500</td><td></td><td>10.24</td></tr><tr><td colspan="6">TOTAL</td><td>$15.12</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


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## Your messages



The interest, if any, charged to your account during December 2002 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2003 is computed from December 31, 2002.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

STATEMENT PERIOD January 1, 2003

THROUGH January 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2002 |

| :--- | :--- |

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