EFTA00197346

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

<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>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<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

TAXPAYER NUMBER On File



ACCOUNT NUMBER



| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

STATEMENT PERIOD March 31, 2001

THROUGH April 27, 2001

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

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>15,451,394</td></tr><tr><td>NET CREDIT BALANCE</td><td>650,246</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$16,101,640</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>15,372,896</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>728,743</td></tr></table>

Market Value of Your Portfolio

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



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HEALTH & SCIENCE INTERESTS II

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EFTA00197348



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>$754,527.48</td></tr><tr><td>Dividends/Interest</td><td>10,718.19</td></tr><tr><td>Amount Credited</td><td>$10,718.19</td></tr><tr><td>Funds Withdrawn</td><td>-115,000.00</td></tr><tr><td>Amount Debited</td><td>$-115,000.00</td></tr><tr><td>Net Cash Activity</td><td>-104,281.81</td></tr><tr><td>Closing Balance</td><td>$650,245.67</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>754,527.48</td><td>650,245.67</td></tr><tr><td>Net Cash Balance</td><td>$754,527.48</td><td>$650,245.67</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>8,094.16</td><td>83,582.33</td></tr><tr><td>Credit Balance Int.</td><td>2,624.03</td><td>8,506.60</td></tr><tr><td>Total</td><td>$10,718.19</td><td>$92,088.93</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>650,246</td></tr><tr><td>Equities</td><td>15,451,394</td></tr><tr><td>Total</td><td>$16,101,640</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

HEALTH & SCIENCE INTERESTS II

<table><tr><td>STATEMENT PERIOD</td><td>March 31, 2001</td></tr><tr><td>THROUGH</td><td>April 27, 2001</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>March 30, 2001</td></tr></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.

EFTA00197349



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>650,246</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$650,246</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>17.0600</td><td>11,942,000</td><td>210,000</td><td>1.7585</td></tr><tr><td>MEDTRONIC INC</td><td>MDT</td><td>CASH</td><td>63,320</td><td>44.2500</td><td>2,801,910</td><td>12,664</td><td>0.4520</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>CASH</td><td>10,267</td><td>66.1800</td><td>679,470</td><td>19,713</td><td>2.9012</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>521</td><td>53.7700</td><td>28,014</td><td>26</td><td>0.0928</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$15,451,394</td><td>$242,403</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$15,451,394</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>$16,101,639</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD March 31, 2001

HEALTH & SCIENCE INTERESTS II



ACCOUNT NUMBER



THROUGH April 27, 2001

TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 2001 |

| :--- | :--- |

027



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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





Transaction Detail


## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th></th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>04/02/01</td><td>FND WIRED</td><td>MDA# J.P. MORGAN BANK</td><td>NDS WIRED TO FD#02728</td><td>115,000.00</td><td></td></tr><tr><td colspan="4">TOTAL</td><td>-115,000.00</td><td></td></tr></tbody></table>

## DIVIDENDS

<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>04/24/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>REC 04/13/01 PAY 04/24/01</td><td>PNC</td><td>10,267</td><td>0.4800</td><td></td><td>4,928.16</td></tr><tr><td>04/27/01</td><td>MEDTRONIC INC<br>REC 04/06/01 PAY 04/27/01</td><td>MDT</td><td>63,320</td><td>0.0500</td><td></td><td>3,166.00</td></tr><tr><td colspan="6">TOTAL</td><td>$8,094.16</td></tr></tbody></table>

HEALTH & SCIENCE INTERESTS II

STATEMENT PERIOD March 31, 2001

ACCOUNT NUMBER

THROUGH April 27, 2001



INTEREST


TAXPAYER NUMBER On File

| LAST STATEMENT | March 30, 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>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4,000% 04/18 THRU 04/20</td><td></td><td></td><td>4.0000</td><td></td><td>213.18</td></tr><tr><td>04/23/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/21 THRU 04/17</td><td></td><td></td><td>4.5000</td><td></td><td>2,410.85</td></tr><tr><td colspan="6">TOTAL</td><td>$2,624.03</td></tr></tbody></table>

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