EFTA00197363

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



ACCOUNT EXECUTIVE

TELEPHONE

VISIT OUR WEBSITE www.bearstearns.com





CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>





<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>ATTN LARRY KEMP</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 | December 30, 2000 |

| :--- | :--- |

| THROUGH | January 26, 2001 |

## Your Portfolio at a Glance

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>18,858,430</td></tr><tr><td>NET CREDIT BALANCE</td><td>62,759</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$18,921,189</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>21,580,952</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-2,659,764</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.



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.

## Important Message



SIPC

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

HEALTH & SCIENCE INTERESTS II

STATEMENT BACKER IS PRINTED ON THIS PAGE

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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>$53,450.31</td></tr><tr><td>Securities Sold</td><td>4,589,917.87</td></tr><tr><td>Funds Deposited</td><td>300,000.00</td></tr><tr><td>Dividends/Interest</td><td>23,399.40</td></tr><tr><td>Miscellaneous</td><td>3,755,991.06</td></tr><tr><td>Amount Credited</td><td>$8,669,308.33</td></tr><tr><td>Funds Withdrawn</td><td>-8,660,000.00</td></tr><tr><td>Amount Debited</td><td>$-8,660,000.00</td></tr><tr><td>Net Cash Activity</td><td>9,308.33</td></tr><tr><td>Closing Balance</td><td>$62,758.64</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>53,450.31</td><td>62,758.64</td></tr><tr><td>Net Cash Balance</td><td>$53,450.31</td><td>$62,758.64</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>22,494.16</td><td>22,494.16</td></tr><tr><td>Credit Balance Int.</td><td>905.24</td><td>905.24</td></tr><tr><td>Total</td><td>$23,399.40</td><td>$23,399.40</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>62,759</td></tr><tr><td>Equities</td><td>18,858,430</td></tr><tr><td>Total</td><td>$18,921,189</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.



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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>62,759</td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$62,759</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>19.6250</td><td>13,737,500</td><td>210,000</td><td>1.5287</td></tr><tr><td>MEDTRONIC INC</td><td>MDT</td><td>CASH</td><td>63,320</td><td>54.9380</td><td>3,478,674</td><td>12,664</td><td>0.3640</td></tr><tr><td>PNC FINANCIAL SVCS GROUP INC</td><td>PNC</td><td>CASH</td><td>10,267</td><td>74.3130</td><td>762,972</td><td>19,713</td><td>2.5837</td></tr><tr><td>TYCO INTERNATIONAL LTD</td><td>TYC</td><td>CASH</td><td>521</td><td>62.1250</td><td>32,367</td><td>26</td><td>0.0803</td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>50,001</td><td>16.9380</td><td>846,917</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$18,858,430</td><td>$242,403</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$18,858,430</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>$18,921,188</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

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 7**



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



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/CURSOR</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>01/02/01</td><td>12/29/00</td><td>SOLD</td><td>CALL TYCO INTL JAN 055 **** EXP 01/20/2001 CUSIP NUMBER TO FOLLOW. UNSOLICITED OPEN CONTRACT AS OF 12/29/00</td><td>9021249A6</td><td>-300</td><td>3.10420</td><td></td><td>92,070.40</td></tr><tr><td>01/02/01</td><td>12/29/00</td><td>SOLD</td><td>CALL MEDTRONIC JAN 055 **** EXP 01/20/2001 CUSIP NUMBER TO FOLLOW. UNSOLICITED OPEN CONTRACT</td><td>5850559A6</td><td>-200</td><td>6.46320</td><td></td><td>128,557.19</td></tr><tr><td>01/02/01</td><td>12/29/00</td><td>SOLD</td><td>CALL PNC FINL GRP JAN 070PBW EXP 01/20/2001 CUSIP NUMBER TO FOLLOW. OPEN CONTRACT</td><td>6934759A5</td><td>-300</td><td>4.32920</td><td></td><td>128,819.17</td></tr><tr><td>01/03/01</td><td>01/02/01</td><td>SOLD</td><td>CALL TYCO INTL JAN 050 **** EXP 01/20/2001 UNSOLICITED CUSIP NUMBER TO FOLLOW. OPEN CONTRACT AS OF 01/02/01</td><td>9021249A6</td><td>-90</td><td>4.62500</td><td></td><td>41,306.11</td></tr><tr><td>01/22/01</td><td></td><td>JOURNAL</td><td>CALL TYCO INTL JAN 050 **** EXP 01/20/2001 A/E QTYCA50 ASSIGNED 02330</td><td>9021249A6</td><td>90</td><td></td><td></td><td></td></tr><tr><td>01/22/01</td><td></td><td>JOURNAL</td><td>CALL TYCO INTL JAN 055 **** EXP 01/20/2001 A/E QTYCA55 ASSIGNED 02335</td><td>9021249A6</td><td>300</td><td></td><td></td><td></td></tr><tr><td>01/22/01</td><td></td><td>JOURNAL</td><td>CALL PNC FINL GRP JAN 070PBW EXP 01/20/2001 A/E OPNOAN ASSIGNED 01680</td><td>6934759A5</td><td>300</td><td></td><td></td><td></td></tr><tr><td>01/24/01</td><td>01/22/01</td><td>SOLD</td><td>PNC FINCIAL SYCS GROUP INC A/E OPNOAN ASSIGNED 300</td><td>PNC</td><td>-30,000</td><td>70.00000</td><td></td><td>2,099,627.50</td></tr><tr><td>01/24/01</td><td>01/22/01</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD A/E QTYCA50 90 ASSIGNED</td><td>TYC</td><td>-9,000</td><td>50.00000</td><td></td><td>449,892.50</td></tr></tbody></table>

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EFTA00197368



BEAR
STEARNS


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

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

6 of 7

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

## INVESTMENT ACTIVITY (continued)

<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>01/24/01</td><td>01/22/01</td><td>SOLD</td><td>TYCO INTERNATIONAL LTD<br>A/E QTYCA55 300 ASSIGNED</td><td>TYC</td><td>-30,000</td><td>55.00000</td><td></td><td>1,649,645.00</td></tr><tr><td>01/24/01</td><td></td><td>EXPIRED</td><td>CALL MEDTRONIC JAN 055****<br>EXP 01/20/2001</td><td>5850559A6</td><td>200</td><td></td><td></td><td></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>01/03/01</td><td>FND WIRED</td><td>MDA MORGAN BANK J P MORGAN BANK 6 FD#05809 (BALANCE COMING FROM CTC)</td><td>4,345,000.00</td><td></td></tr><tr><td>01/03/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>150,000.00</td></tr><tr><td>01/04/01</td><td>FND WIRED</td><td>IDA# MORGAN BANK FNDS WIRED TO J P MORGAN BANK FD#06421</td><td>115,000.00</td><td></td></tr><tr><td>01/04/01</td><td>FUNDS REC</td><td>FNDS WIRED TO CITIBANK FROM CTC NJ</td><td></td><td>150,000.00</td></tr><tr><td>01/26/01</td><td>FND WIRED</td><td>MDA CUSTOMER TRUST COMPANY FD#00622</td><td>4,200,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-8,660,000.00</td><td>$300,000.00</td></tr></tbody></table>

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EFTA00197369



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 Metratech Center North

Brooklyn, New York 11201-3859

7 of 7

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

STATEMENT PERIOD December 30, 2000

## DIVIDENDS

THROUGH January 26, 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>01/24/01</td><td>PNC FINANCIAL SVCS GROUP INC<br>REC 01/12/01 PAY 01/24/01</td><td>PNC</td><td>40,267</td><td>0.4800</td><td></td><td>19,328.16</td></tr><tr><td>01/26/01</td><td>MEDTRONIC INC<br>REC 01/05/01 PAY 01/26/01</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>$22,494.16</td></tr></tbody></table>

| LAST STATEMENT | December 29, 2000 |
| :--- | :--- |



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>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6.000% 12/21 THRU 12/28</td><td></td><td></td><td>6.0000</td><td></td><td>71.27</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 5 1/2% 01/03 THRU 01/20</td><td></td><td></td><td>5.5000</td><td></td><td>105.19</td></tr><tr><td>01/22/01</td><td>INTEREST ON CREDIT BALANCE AT 6.000% 12/29 THRU 01/02</td><td></td><td></td><td>6.0000</td><td></td><td>728.78</td></tr><tr><td colspan="6">TOTAL</td><td>$905.24</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>01/02/01</td><td>JOURNAL</td><td>FR 102-16490PER LOA</td><td></td><td>3,755,991.06</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td>$3,755,991.06</td></tr></tbody></table>



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




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