EFTA00197408

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



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><tr><td>Fund Activity</td><td>5</td></tr></table>





<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 | June 29, 2002 |

| :--- | :--- |

| THROUGH | July 26, 2002 |

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

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>33,140,000</td></tr><tr><td>NET CREDIT BALANCE</td><td>213,483</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>233,976,751</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$267,330,234</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>320,890,052</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-53,559,819</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.

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




2 of 6


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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EFTA00197410



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$439,529.45</td></tr><tr><td>Money Fund</td><td>86,886,227.52</td></tr><tr><td>Dividends/Interest</td><td>7,263.09</td></tr><tr><td>Amount Credited</td><td>$86,893,490.61</td></tr><tr><td>Securities Bought</td><td>-35,797,910.00</td></tr><tr><td>Money Fund</td><td>-206,227.52</td></tr><tr><td>Funds Withdrawn</td><td>-51,115,400.00</td></tr><tr><td>Amount Debited</td><td>$-87,119,537.52</td></tr><tr><td>Net Cash Activity</td><td>-226,046.91</td></tr><tr><td>Closing Balance</td><td>$213,482.54</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>439,529.45</td><td>213,482.54</td></tr><tr><td>Net Cash Balance</td><td>$439,529.45</td><td>$213,482.54</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>206,227.52</td><td>1,481,498.49</td></tr><tr><td>Credit Balance Int.</td><td>7,263.09</td><td>15,716.03</td></tr><tr><td>Total</td><td>$213,490.61</td><td>$1,497,214.52</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>234,190,234</td></tr><tr><td>Equities</td><td>33,140,000</td></tr><tr><td>Total</td><td>$267,330,234</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD June 29, 2002

HEALTH & SCIENCE INTERESTS II

THROUGH July 26, 2002

<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>June 28, 2002</td></tr></tbody></table>

Your Portfolio Allocation



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

EFTA00197411



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>213,483</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,7000%</td><td>DICXX</td><td>133,883,436.72</td><td>1.0000</td><td>133,883,437</td><td>2,276,018</td><td>1.7000</td></tr><tr><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y DIVIDEND REINVESTED</td><td>BSMXX</td><td>100,093,313.50</td><td>1.0000</td><td>100,093,314</td><td>1,771,652</td><td>1.7700</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$234,190,234</td><td>$4,047,670</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>BANK ONE CORP</td><td>ONE</td><td>CASH</td><td>100,000</td><td>34.6500</td><td>3,465,000</td><td>84,000</td><td>2.4242</td></tr><tr><td>BEAR STEARNS COMPANIES INC</td><td>BSC</td><td>CASH</td><td>100,000</td><td>57.8500</td><td>5,785,000</td><td>60,000</td><td>1.0372</td></tr><tr><td>INTERNATIONAL BUSINESS MACHINES CORP</td><td>IBM</td><td>CASH</td><td>100,000</td><td>66.4000</td><td>6,640,000</td><td>60,000</td><td>0.9036</td></tr><tr><td>MBNA CORP</td><td>KRB</td><td>CASH</td><td>1,000,000</td><td>17.2500</td><td>17,250,000</td><td>280,000</td><td>1.6232</td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$33,140,000</td><td>$484,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$33,140,000</td><td>$484,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$4,531,670</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$267,330,233</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD June 29, 2002

HEALTH & SCIENCE INTERESTS II

THROUGH July 26, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

027



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EFTA00197412



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



**5 of 6**

HEALTH & SCIENCE INTERESTS II



Transaction Detail


STATEMENT PERIOD June 29, 2002

THROUGH July 26, 2002

## INVESTMENT ACTIVITY

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

<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>07/22/02</td><td>07/17/02</td><td>BOUGHT</td><td>BANK ONE CORP<br>UNSOLICITED<br>SEE NOTE "S" ON BACK</td><td>ONE</td><td>100,000</td><td>38.35600</td><td>3,841,602.50</td><td></td></tr><tr><td>07/22/02</td><td>07/17/02</td><td>BOUGHT</td><td>BEAR STEARNS COMPANIES INC<br>UNSOLICITED</td><td>BSC</td><td>100,000</td><td>58.09900</td><td>5,815,902.50</td><td></td></tr><tr><td>07/22/02</td><td>07/17/02</td><td>BOUGHT</td><td>INTERNATIONAL BUSINESS<br>MACHINES CORP<br>UNSOLICITED</td><td>IBM</td><td>100,000</td><td>71.13900</td><td>7,119,902.50</td><td></td></tr><tr><td>07/23/02</td><td>07/18/02</td><td>BOUGHT</td><td>MBNA CORP<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED</td><td>KRB</td><td>1,000,000</td><td>18.96050</td><td>19,020,502.50</td><td></td></tr></tbody></table>

## 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>07/01/02</td><td>FND WIRED</td><td>MDA# CHASE MANHATTAN ACQ-</td><td>FNDS WIRED TO BANK N A FD#07204</td><td>1,115,400.00</td><td></td></tr><tr><td>07/24/02</td><td>FND WIRED</td><td>MDA CHASE MANHATTAN</td><td>NDS WIRED TO BANK N A FD#03192</td><td>50,000,000.00</td><td></td></tr><tr><td colspan="4">TOTAL</td><td>-$51,115,400.00</td><td></td></tr></tbody></table>

## 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>06/29/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>320,450,522.70</td><td></td><td></td><td></td></tr></tbody></table>

027

EFTA00197413



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



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

STATEMENT PERIOD June 29, 2002

## **Transaction Detail** (continued)

## MONEY FUND ACTIVITY (continued)

TAXPAYER NUMBER On File

| LAST STATEMENT | June 28, 2002 |

| :--- | :--- |

<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>07/01/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-680,000</td><td>1.0000</td><td></td><td>680,000.00</td></tr><tr><td>07/01/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>112,914.02</td></tr><tr><td>07/01/02</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 06/28/02 PAY 06/28/02</td><td>BSMXX</td><td></td><td></td><td></td><td>93,313.50</td></tr><tr><td>07/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICXX</td><td>112,914.02</td><td></td><td>112,914.02</td><td></td></tr><tr><td>07/01/02</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>93,313.50</td><td></td><td>93,313.50</td><td></td></tr><tr><td>07/17/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-17,000,000</td><td>1.0000</td><td></td><td>17,000,000.00</td></tr><tr><td>07/19/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-19,000,000</td><td>1.0000</td><td></td><td>19,000,000.00</td></tr><tr><td>07/24/02</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-50,000,000</td><td>1.0000</td><td></td><td>50,000,000.00</td></tr></tbody></table>

<table border="1"><tr><td>07/26/02</td><td>CLOSINGBALANCE</td><td colspan="2">233,976,750.22</td></tr><tr><td>TOTAL</td><td></td><td>-206,227.52</td><td>$86,886,227.52</td></tr></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>07/22/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 06/21 THRU 07/20</td><td></td><td></td><td>1.2500</td><td></td><td>7,263.09</td></tr><tr><td colspan="6">TOTAL</td><td>$7,263.09</td></tr></tbody></table>

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