EFTA00197414

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary ... 3

Your Portfolio Holdings ... 4

Transaction Detail 4

Fund Activity ... 5





# HEALTH & SCIENCE INTERESTS II

TRUST JEFFREY E EPSTEIN TTEE

DTD 8/18/93

6100 RED HOOK QUARTER STE B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



HEALTH & SCIENCE INTERESTS II

ACCOUNT NUMBER

TAXPAYER NUMBER On File

STATEMENT PERIOD June 1, 2002

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

## Your Portfolio at a Glance

THROUGH June 28, 2002

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

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>439,529</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>320,450,523</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$320,890,052</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>334,210,523</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-13,320,470</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




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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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EFTA00197416



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$15,141.93</td></tr><tr><td>Securities Sold</td><td>313,982,989.00</td></tr><tr><td>Money Fund</td><td>8,641.32</td></tr><tr><td>Dividends/Interest</td><td>1,181,398.52</td></tr><tr><td>Amount Credited</td><td>$315,173,028.84</td></tr><tr><td>Money Fund</td><td>-314,748,641.32</td></tr><tr><td>Amount Debited</td><td>$-314,748,641.32</td></tr><tr><td>Net Cash Activity</td><td>424,387.52</td></tr><tr><td>Closing Balance</td><td>$439,529.45</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>15,141.93</td><td>439,529.45</td></tr><tr><td>Net Cash Balance</td><td>$15,141.93</td><td>$439,529.45</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>1,182,391.32</td><td>1,275,270.97</td></tr><tr><td>Credit Balance Int.</td><td>7,648.52</td><td>8,452.94</td></tr><tr><td>Total</td><td>$1,190,039.84</td><td>$1,283,723.91</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>320,890,052</td></tr><tr><td>Total</td><td>$320,890,052</td></tr></table>

027

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

HEALTH & SCIENCE INTERESTS II

| STATEMENT PERIOD | June 1, 2002 |
| :--- | :--- |
| THROUGH | June 28, 2002 |

<table><thead><tr><th>ACCOUNT NUMBER</th><th></th></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>May 31, 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.

EFTA00197417



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>439,529</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 1,8000%</td><td>DICXX</td><td>220,450,522.70</td><td>1.0000</td><td>220,450,523</td><td>3,968,109</td><td>1.8000</td></tr><tr><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y DIVIDEND REINVESTED</td><td>BSMXX</td><td>100,000,000</td><td>1.0000</td><td>100,000,000</td><td>1,780,000</td><td>1.7800</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$320,890,052</td><td>$5,748,109</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$5,748,109</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$320,890,052</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## INVESTMENT ACTIVITY



Transaction Detail


Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

HEALTH & SCIENCE INTERESTS II

<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>06/11/02</td><td></td><td>DELIVERED</td><td>LIMITED BRANDS INC DEL TO 00005</td><td>LTD</td><td>-5,000,000</td><td></td><td></td><td>99,996,952.36</td></tr><tr><td>06/13/02</td><td></td><td>DELIVERED</td><td>LIMITED BRANDS INC DEL TO 00005</td><td>LTD</td><td>-3,500,000</td><td></td><td></td><td>71,747,835.04</td></tr><tr><td>06/17/02</td><td></td><td>DELIVERED</td><td>LIMITED BRANDS INC DEL TO 00005</td><td>LTD</td><td>-2,250,000</td><td></td><td></td><td>45,628,621.79</td></tr></tbody></table>

STATEMENT PERIOD June 1, 2002

THROUGH June 28, 2002

AGCOUNT NUMBER

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

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06/29/02;10:49 001


EFTA00197418



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** (continued)

STATEMENT PERIOD June 1, 2002

## INVESTMENT ACTIVITY (continued)

| LAST STATEMENT | May 31, 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>06/25/02</td><td>06/20/02</td><td>SOLD</td><td>LIMITED BRANDS INC<br>AVG PRICE SHOWN-DETAILS ON REQ<br>ACTUAL CONFIRM TO YOUR AGENT<br>UNSOLICITED</td><td>LTD</td><td>-1,900,000</td><td>20.50000</td><td></td><td>38,711,325.10</td></tr><tr><td>06/27/02</td><td>06/24/02</td><td>SOLD</td><td>LIMITED BRANDS INC<br>NET PRICE OF $19,30 EQUALS<br>GROSS PRICE OF $20 LESS<br>.70 STRUCTURING FEE<br>AS OF 06/24/02</td><td>LTD</td><td>-3,000,000</td><td>19.30000</td><td></td><td>57,898,254.71</td></tr></tbody></table>

## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MOLDAY</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>06/01/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>5,701,881.38</td><td></td><td></td><td></td></tr><tr><td>06/03/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>8,641.32</td></tr><tr><td>06/03/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES<br>DIVIDEND REINVESTED</td><td>DICXX</td><td>8,641.32</td><td></td><td>8,641.32</td><td></td></tr><tr><td>06/12/02</td><td>BOUGHT</td><td>BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y</td><td>BSMXX</td><td>100,000,000</td><td>1.0000</td><td>100,000,000.00</td><td></td></tr><tr><td>06/14/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>71,740,000</td><td>1.0000</td><td>71,740,000.00</td><td></td></tr><tr><td>06/18/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>46,000,000</td><td>1.0000</td><td>46,000,000.00</td><td></td></tr><tr><td>06/26/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>39,000,000</td><td>1.0000</td><td>39,000,000.00</td><td></td></tr><tr><td>06/28/02</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>58,000,000</td><td>1.0000</td><td>58,000,000.00</td><td></td></tr></tbody></table>

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EFTA00197419



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 Metratech Center North

Brooklyn, New York 11201-3859



6 of 6

HEALTH & SCIENCE INTERESTS II

## **Transaction Detail** (continued)

STATEMENT PERIOD June 1, 2002

MONEY FUND ACTIVITY (continued)

THROUGH June 28, 2002

TAXPAYER NUMBER On File

| LAST STATEMENT | May 31, 2002 |

| :--- | :--- |

<table border="1"><tr><td>DATE
MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>06/28/02</td><td></td><td>CLOSINGBALANCE</td><td></td><td>320,450,522.70</td><td></td><td></td><td></td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>-314,748,641.32</td><td>$8,641.32</td></tr></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>06/18/02</td><td>LIMITED BRANDS INC<br>15650000,00000 SHS<br>REC 06/07/02 PAY 06/18/02</td><td>LTD</td><td></td><td>0.0750</td><td></td><td>1,173,750.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,173,750.00</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>06/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 05/21 THRU 06/20</td><td></td><td></td><td>1.2500</td><td></td><td>7,648.52</td></tr><tr><td colspan="6">TOTAL</td><td>$7,648.52</td></tr></tbody></table>





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



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