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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 |

Important Message

Decimal Trading is Coming!

Decimal Trading is the shift from fractional pricing (e.g.,21 1/2) to decimal pricing (e.g.,$21.50) for equities and options.

All trading on NYSE, AMEX, and regional exchanges will be in decimals effective as of 1/29/01.

For details, visit our website at www.bearstearns.com.





<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>5.950000</td><td>1,730.46</td><td>966,972.57</td></tr><tr><td colspan="5">TOTAL REPURCHASE AGREEMENTS</td><td>$966,972.57</td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

*As of statement date*

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

| LAST STATEMENT | December 29, 2000 |

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EPSTEIN INTERESTS

| STATEMENT PERIOD | December 30, 2000 |

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| THROUGH | January 26, 2001 |





ACCOUNT NUMBER

TAXPAYER NUMBER





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



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

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

EPSTEIN INTERESTS



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