EFTA00197351

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





ACCOUNT EXECUTIVE

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><tr><td>Your Messages</td><td>7</td></tr></table>

## What’s In This Statement





<table><tr><td>HEALTH &amp; SCIENCE INTERESTS II</td></tr><tr><td>TRUST JEFFREY E EPSTEIN</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 | February 24, 2001 |

| :--- | :--- |

| THROUGH | March 30, 2001 |

| LAST STATEMENT | February 23, 2001 |

| :--- | :--- |

Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>14,618,369</td></tr><tr><td>NET CREDIT BALANCE</td><td>754,527</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$15,372,896</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>17,317,213</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-1,944,317</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 Notice

Decimal Trading is Here for Nasdaq!

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

Nasdaq securities have been phased in during March and the remaining securities are scheduled to be trading in decimals in April.

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

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

HEALTH & SCIENCE INTERESTS II

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00197353



BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$64,805.18</td></tr><tr><td>Securities Sold</td><td>952,337.08</td></tr><tr><td>Dividends/Interest</td><td>55,924.80</td></tr><tr><td>Miscellaneous</td><td>681,460.42</td></tr><tr><td>Amount Credited</td><td>$1,689,722.30</td></tr><tr><td>Funds Withdrawn</td><td>-1,000,000.00</td></tr><tr><td>Amount Debited</td><td>$-1,000,000.00</td></tr><tr><td>Net Cash Activity</td><td>689,722.30</td></tr><tr><td>ClosingBalance</td><td>$754,527.48</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>64,805.18</td><td>754,527.48</td></tr><tr><td>Net Cash Balance</td><td>$64,805.18</td><td>$754,527.48</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>52,500.00</td><td>75,488.17</td></tr><tr><td>Credit Balance Int.</td><td>3,424.80</td><td>5,882.57</td></tr><tr><td>Total</td><td>$55,924.80</td><td>$81,370.74</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>754,527</td></tr><tr><td>Equities</td><td>14,618,369</td></tr><tr><td>Total</td><td>$15,372,896</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

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.

EFTA00197354



BEAR
STEARNS


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

4 of 7

## 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>754,527</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$754,527</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>15.7200</td><td>11,004,000</td><td>210,000</td><td>1.9084</td></tr><tr><td>MEDTRONIC INC</td><td>MDT</td><td>CASH</td><td>63,320</td><td>45.7400</td><td>2,896,257</td><td>12,664</td><td>0.4373</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>CASH</td><td>10,267</td><td>67.7500</td><td>695,589</td><td>19,713</td><td>2.8340</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>521</td><td>43.2300</td><td>22,523</td><td>26</td><td>0.1154</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$14,618,369</td><td>$242,403</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$14,618,369</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>$15,372,896</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



HEALTH & SCIENCE INTERESTS II

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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





Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



5 of 7

HEALTH & SCIENCE INTERESTS II



Transaction Detail


## INVESTMENT ACTIVITY

<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</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>03/05/01</td><td></td><td>DELIVERED</td><td>TOO INC<br>DEL TO 00005</td><td>TOO</td><td>-50,001</td><td></td><td></td><td>952,337.08</td></tr><tr><td colspan="8">TOTAL</td><td>$952,337.08</td></tr></tbody></table>

## DEPOSITS AND WITHDRAWALS

<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>03/15/01</td><td>FND WIRED</td><td>MDA# NDS WIRED TO CUSTODIAL TRUST COMPANY FD#01143</td><td>1,000,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-1,000,000.00</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>03/20/01</td><td>LIMITED INC<br>REC 03/09/01 PAY 03/20/01</td><td>LTD</td><td>700,000</td><td>0.0750</td><td></td><td>52,500.00</td></tr><tr><td colspan="6">TOTAL</td><td>$52,500.00</td></tr></tbody></table>



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>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 4 1/2% 03/20 THRU 03/20</td><td></td><td></td><td>4.5000</td><td></td><td>93.89</td></tr></tbody></table>

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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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

6 of 7

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

STATEMENT PERIOD February 24, 2001



INTEREST (continued)



THROUGH 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>03/21/01</td><td>INTEREST ON CREDIT BALANCE AT 5,000% 02/21 THRU 03/19</td><td></td><td></td><td>5.0000</td><td></td><td>3,330.91</td></tr><tr><td colspan="7">TOTAL</td><td>$3,424.80</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/01/01</td><td>JOURNAL</td><td>FROM: XPK/102-16490-2-USD<br>* JRL *</td><td></td><td>681,460.42</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td>$681,460.42</td></tr></tbody></table>

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BEAR
STEARNS


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

7 of 7

## Your messages



Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements:

At November 30, 2000 and January 26, 2001, the Company's net capital of $2,620,960,000 and $2,761,817,000 was approximately 9% and 10% of aggregate debit items and exceeded the minimum regulatory net capital requirement of $572,456,000 and $559,381,000 by $2,048,504,000 and $2,202,436,000, all respectively.

A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call toll free 1-866-299-9331.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





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



HEALTH & SCIENCE INTERESTS II

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