EFTA00197341

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 |

<table border="1"><tr><td>Financial Summary</td><td>3</td></tr><tr><td>Your Portfolio Holdings</td><td>4</td></tr><tr><td>Transaction Detail</td><td>5</td></tr></table>

## What’s In This Statement





<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 Metrotech Center North

Brooklyn, New York 11201-3859



HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD April 28, 2001

THROUGH May 25, 2001

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>15,148,630</td></tr><tr><td>NET CREDIT BALANCE</td><td>51,144</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$15,199,774</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>16,101,640</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-901,865</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

In an effort to deliver statements to you more efficiently, Bear Stearns has enhanced the distribution of statements to household accounts.

Beginning in June, all statements with the same Address and Social Security number / Taxpayer identification number will be mailed in a single envelope. For further details, please contact your account executive.

## Important Message

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


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

STATEMENT BACKER IS PRINTED ON THIS PAGE

HEALTH & SCIENCE INTERESTS II

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EFTA00197343



BEAR
STEARNS


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

3 of 5

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$650,245.67</td></tr><tr><td>Dividends/Interest</td><td>898.81</td></tr><tr><td>Amount Credited</td><td>$898.81</td></tr><tr><td>Funds Withdrawn</td><td>-600,000.00</td></tr><tr><td>Amount Debited</td><td>$-600,000.00</td></tr><tr><td>Net Cash Activity</td><td>-599,101.19</td></tr><tr><td>Closing Balance</td><td>$51,144.48</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>650,245.67</td><td>51,144.48</td></tr><tr><td>Net Cash Balance</td><td>$650,245.67</td><td>$51,144.48</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>6.51</td><td>83,588.84</td></tr><tr><td>Credit Balance Int.</td><td>892.30</td><td>9,398.90</td></tr><tr><td>Total</td><td>$898.81</td><td>$92,987.74</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>51,144</td></tr><tr><td>Equities</td><td>15,148,630</td></tr><tr><td>Total</td><td>$15,199,774</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD April 28, 2001

THROUGH May 25, 2001



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Your Portfolio Allocation

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00197344



BEAR
STEARNS


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

4 of 5

## 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>51,144</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$51,144</td><td></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>16.7400</td><td>11,718,000</td><td>210,000</td><td>1.7921</td></tr><tr><td>MEDTRONIC INC</td><td>MDT</td><td>CASH</td><td>63,320</td><td>42.5000</td><td>2,691,100</td><td>12,664</td><td>0.4706</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>CASH</td><td>10,267</td><td>69.1500</td><td>709,963</td><td>19,713</td><td>2.7766</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>521</td><td>56.7500</td><td>29,567</td><td>26</td><td>0.0879</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$15,148,630</td><td>$242,403</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$15,148,630</td><td>$242,403</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$242,403</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$15,199,774</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD April 28, 2001

HEALTH & SCIENCE INTERESTS II

THROUGH May 25, 2001

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

027



05/26/01;10:08 001


EFTA00197345



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 5



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859



DEPOSITS AND WITHDRAWALS



Transaction Detail


<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>05/02/01</td><td>FND WIRED</td><td>MDA CUSTODIAL TRUST COMPANY F#102491</td><td>600,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-600,000.00</td><td></td></tr></tbody></table>

## DIVIDENDS

HEALTH & SCIENCE INTERESTS II

<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>05/02/01</td><td>TYCO INTERNATIONAL LTD<br>REC 04/02/01 PAY 05/02/01</td><td>TYC</td><td>521</td><td>0.0125</td><td></td><td>6.51</td></tr><tr><td colspan="7">TOTAL</td><td>$6.51</td></tr></tbody></table>

STATEMENT PERIOD April 28, 2001

THROUGH May 25, 2001

ACCOUNT NUMBER



INTEREST


TAXPAYER NUMBER On File

| LAST STATEMENT | April 27, 2001 |

| :--- | :--- |

<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>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 3 1/2% 05/15 THRU 05/20</td><td></td><td></td><td>3.5000</td><td></td><td>29.31</td></tr><tr><td>05/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 04/21 THRU 05/14</td><td></td><td></td><td>4.0000</td><td></td><td>862.99</td></tr><tr><td colspan="6">TOTAL</td><td>$892.30</td></tr></tbody></table>





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


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