EFTA00197335

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Financial Summary 3

Your Portfolio Holdings ... 4

## What’s In This Statement

Transaction Detail ... 5

Fund Activity 5

Your Messages 6





<table border="1"><tr><td>HEALTH &amp; SCIENCE INTERESTS II</td></tr><tr><td>TRUST JEFFREY E EPSTEIN TTEE</td></tr><tr><td>DTD 8/18/93</td></tr><tr><td>6100 RED HOOK QUARTER STE B-3</td></tr><tr><td>ST THOMAS VI 00802</td></tr></table>

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD May 26, 2001

ACCOUNT NUMBER

THROUGH June 29, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>15,181,214</td></tr><tr><td>NET CREDIT BALANCE</td><td>135,710</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>6,700,000</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$22,016,924</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>15,199,774</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>6,817,149</td></tr></table>

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

Market Value of Your Portfolio

## Important Message

Please note: You may find more than one statement in this envelope. Beginning this month, all statements with the same Address and Social Security number / Taxpayer Identification number are being mailed in one envelope. For further details, please contact your account executive.

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.

027 06:30/01:23:28 001

EFTA00197336



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


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

STATEMENT BACKER IS PRINTED ON THIS PAGE

HEALTH & SCIENCE INTERESTS II

027

EFTA00197337



BEAR
STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$51,144.48</td></tr><tr><td>Money Fund</td><td>100,000.00</td></tr><tr><td>Funds Deposited</td><td>6,731,901.10</td></tr><tr><td>Dividends/Interest</td><td>52,664.35</td></tr><tr><td>Amount Credited</td><td>$6,884,565.45</td></tr><tr><td>Money Fund</td><td>-6,800,000.00</td></tr><tr><td>Amount Debited</td><td>$-6,800,000.00</td></tr><tr><td>Net Cash Activity</td><td>84,565.45</td></tr><tr><td>Closing Balance</td><td>$135,709.93</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>51,144.48</td><td>135,709.93</td></tr><tr><td>Net Cash Balance</td><td>$51,144.48</td><td>$135,709.93</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>52,500.00</td><td>136,088.84</td></tr><tr><td>Credit Balance Int.</td><td>164.35</td><td>9,563.25</td></tr><tr><td>Total</td><td>$52,664.35</td><td>$145,652.09</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>6,835,710</td></tr><tr><td>Equities</td><td>15,181,214</td></tr><tr><td>Total</td><td>$22,016,924</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

| STATEMENT PERIOD | May 26, 2001 |
| :--- | :--- |
| THROUGH | June 29, 2001 |

<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>May 25, 2001</td></tr></tbody></table>

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.



06/30/01;23:28 001


EFTA00197338



BEAR
STEARNS


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

4 of 6

## 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></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>135,710</td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICCX</td><td>6,700,000</td><td>1.0000</td><td>6,700,000</td><td>308,200</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$6,835,710</td><td>$308,200</td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</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>LIMITED INC</td><td>LTD</td><td>CASH</td><td>700,000</td><td>16.5200</td><td>11,564,000</td><td>210,000</td><td>1.8160</td></tr><tr><td>MEDTRONIC INC</td><td>MDT</td><td>CASH</td><td>63,320</td><td>46.0100</td><td>2,913,353</td><td>14,564</td><td>0.4999</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>CASH</td><td>10,267</td><td>65.7900</td><td>675,466</td><td>19,713</td><td>2.9184</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>521</td><td>54.5000</td><td>28,395</td><td>26</td><td>0.0916</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$15,181,214</td><td>$244,303</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$15,181,214</td><td>$244,303</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$552,503</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$22,016,923</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD May 26, 2001

THROUGH June 29, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

027



06/30/01;23:28 001


EFTA00197339



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



**5 of 6**



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



HEALTH & SCIENCE INTERESTS II



Transaction Detail


STATEMENT PERIOD May 26, 2001

## DEPOSITS AND WITHDRAWALS

THROUGH June 29, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>06/25/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ F</td><td></td><td>6,731,901.10</td></tr><tr><td colspan="4">TOTAL</td><td>$6,731,901.10</td></tr></tbody></table>

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |

## MONEY FUND ACTIVITY

<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>05/26/01</td><td></td><td>OPENINGBALANCE</td><td></td><td>0.00</td><td></td><td></td><td></td></tr><tr><td>06/25/01</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>S/D BUY</td><td>DICCX</td><td>6,000,000</td><td>1.0000</td><td>6,000,000.00</td><td></td></tr><tr><td>06/26/01</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>BUY<br>FD</td><td>DICCX</td><td>800,000</td><td>1.0000</td><td>800,000.00</td><td></td></tr><tr><td>06/29/01</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>S/D SELL</td><td>DICCX</td><td>-100,000</td><td>1.0000</td><td></td><td>100,000.00</td></tr><tr><td>06/29/01</td><td></td><td>CLOSINGBALANCE</td><td></td><td>6,700,000</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>-6,800,000.00</td><td>$100,000.00</td></tr></tbody></table>

027



06/30/01;23:28 001


EFTA00197340



BEAR
STEARNS


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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 6

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

STATEMENT PERIOD May 26, 2001

## DIVIDENDS

THROUGH June 29, 2001

AGCOUNT NUMBER

<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 rowspan="2">06/19/01</td><td>LIMITED INC</td><td>LTD</td><td>700,000</td><td>0.0750</td><td></td><td>52,500.00</td></tr><tr><td>REC 06/08/01 PAY 06/19/01</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>$52,500.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | May 25, 2001 |

| :--- | :--- |



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>06/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/21 THRU 06/20</td><td></td><td></td><td>3.5000</td><td></td><td>164.35</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$164.35</td></tr></tbody></table>

## Your messages



Confirmation:

Unless we hear from you to the contrary. It is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us.





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



027



06/30/01;23:28 001