EFTA00197431

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

<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><tr><td>Trades Not Yet Settled</td><td>6</td></tr><tr><td>Your Messages</td><td>7</td></tr></table>







CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table><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>

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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



Your Portfolio at a Glance

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD</td><td>281,024,630</td></tr><tr><td>NET CREDIT BALANCE</td><td>87,968</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>6,882,833</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$287,995,431</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>19,368,286</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>268,627,145</td></tr></table>

| STATEMENT PERIOD | February 23, 2002 |

| :--- | :--- |

| THROUGH | March 28, 2002 |

HEALTH & SCIENCE INTERESTS II

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




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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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EFTA00197433



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>$35,430.12</td></tr><tr><td>Money Fund</td><td>9,977.76</td></tr><tr><td>Dividends/Interest</td><td>52,538.09</td></tr><tr><td>Amount Credited</td><td>$62,515.85</td></tr><tr><td>Money Fund</td><td>-9,977.76</td></tr><tr><td>Amount Debited</td><td>$-9,977.76</td></tr><tr><td>Net Cash Activity</td><td>52,538.09</td></tr><tr><td>Closing Balance</td><td>$87,968.21</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>35,430.12</td><td>87,968.21</td></tr><tr><td>Net Cash Balance</td><td>$35,430.12</td><td>$87,968.21</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>62,477.76</td><td>73,831.58</td></tr><tr><td>Credit Balance Int.</td><td>38.09</td><td>493.65</td></tr><tr><td>Total</td><td>$62,515.85</td><td>$74,325.23</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>6,970,801</td></tr><tr><td>Equities</td><td>281,024,630</td></tr><tr><td>Total</td><td>$287,995,431</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

| STATEMENT PERIOD | February 23, 2002 |
| :--- | :--- |
| THROUGH | March 28, 2002 |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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.

EFTA00197434



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## 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>87,968</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1,8500%</td><td>DICCX</td><td>6,882,833.31</td><td>1.0000</td><td>6,882,833</td><td>117,008</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$6,970,801</td><td>$117,008</td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>LIMITED INC</td><td>LTD</td><td>CASH</td><td>15,699,700</td><td>17.9000</td><td>281,024,630</td><td>4,709,910</td><td>1.6760</td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$281,024,630</td><td>$4,709,910</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$281,024,630</td><td>$4,709,910</td><td></td></tr></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$4,826,918</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$287,995,431</td></tr></table>



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 February 23, 2002

THROUGH March 28, 2002

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

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EFTA00197435



BEAR
STEARNS


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

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

Bear, Stearns Securities Corp.
One Metratech 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>03/26/02</td><td></td><td>JOURNAL</td><td>LIMITED INC<br>FROM<br>PER LOA</td><td>LTD</td><td>4,999,700</td><td></td><td></td><td></td></tr><tr><td>03/26/02</td><td></td><td>JOURNAL</td><td>LIMITED INC<br>FROM<br>PER LOA</td><td>LTD</td><td>10,000,000</td><td></td><td></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>02/23/02</td><td></td><td>OPENINGBALANCE</td><td></td><td>6,872,855.55</td><td></td><td></td><td></td></tr><tr><td>03/01/02</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICCX</td><td></td><td></td><td></td><td>9,977.76</td></tr><tr><td>03/01/02</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVESTED</td><td>DICCX</td><td>9,977.76</td><td></td><td>9,977.76</td><td></td></tr></tbody></table>

<table border="1"><tr><td>03/28/02</td><td>CLOSINGBALANCE</td><td>6,882,833.31</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-9,977.76</td><td>$9,977.76</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>03/19/02</td><td>LIMITED INC<br>REC 03/08/02 PAY 03/19/02</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>

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EFTA00197436



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 7

HEALTH & SCIENCE INTERESTS II

## Transaction Detail (continued)

STATEMENT PERIOD February 23, 2002



INTEREST


| LAST STATEMENT | February 22, 2002 |

| :--- | :--- |

<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>03/21/02</td><td>INTEREST ON CREDIT BALANCE AT 1 1/4% 02/21 THRU 03/20</td><td></td><td></td><td>1.2500</td><td></td><td>38.09</td></tr><tr><td colspan="7">TOTAL</td><td>$38.09</td></tr></tbody></table>

## Trades Executed Pending Settlement

<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>04/02/02</td><td>03/27/02</td><td>SOLD</td><td>LIMITED INC</td><td>LTD</td><td>-49,700.00</td><td>17.5183</td><td></td><td>867,661.95</td></tr><tr><td colspan="6">TOTAL</td><td></td><td>$0.00</td><td>$867,661.95</td></tr></tbody></table>

The above trades do not appear in any other section of this statement.

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



7 of 7



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



HEALTH & SCIENCE INTERESTS II

## Your messages

Pursuant to SEC Rule 11Ac1-6, Bear, Stearns & Co., Inc will publicly post its quarterly routing statistics at the following web link: http://www.bearstearns.com/corporate/business/equities/orp.htm

| STATEMENT PERIOD | February 23, 2002 |

| :--- | :--- |

| THROUGH | March 28, 2002 |





| LAST STATEMENT | February 22, 2002 |

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

At November 30, 2001 and January 31, 2002, the Company's net capital of approximately $2.6 billion and $2.6 billion was approximately 9% and 8% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $604.1 million and $648.0 million by approximately $2.0 billion and $2.0 billion, 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.



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


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