EFTA00195426

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
245 Park Avenue
New York, New York 10167

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| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

What's In This Statement

Your Messages ... 1





<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 FL</td></tr><tr><td>NEW YORK NY 10022-6809</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Premise or Third Party Repurchase Agreements with Bear, Stearns& Co.Inc.outstanding as of date of statement

<table><thead><tr><th>PURCHASE/ START DATE</th><th>REPURCHASE/ END DATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>PRICING RATE</th><th>REPO/ ACCRUED INTEREST*</th><th>NET AMOUNT</th></tr></thead><tbody><tr><td>01/18/01</td><td>OPEN</td><td>965,242.11</td><td>5.350000</td><td>5,825.24</td><td>971,067.35</td></tr><tr><td colspan="5">TOTAL REPURCHASE AGREEMENTS</td><td>$971,067.35</td></tr></tbody></table>

*As of statement date
The above positions do not appear in any other section of this statement.



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



## Your messages



The interest, if any, charged to your account during December 2000 was computed on the net debit balance through December 28. The interest, if any, charged to your account during January 2001 is computed from December 29, 2000.

| LAST STATEMENT | January 26, 2001 |

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EPSTEIN INTERESTS



ACCOUNT NUMBER

TAXPAYER NUMBER



| STATEMENT PERIOD | January 27, 2001 |

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| THROUGH | February 23, 2001 |

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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EFTA00195427

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

EPSTEIN INTERESTS



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