EFTA00201142

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

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN,IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Important Message

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.





JEFFREY EPSTEIN

457 MADISON AVENUE 4TH FLR

NEW YORK NY 10022-6809



## Premise or Third Party Repurchase Agreements with Bear, Stearns& Co.Inc.outstanding as of date of statement

<table><thead><tr><th>PURCHASE/ START DATE</th><th>REPURCHASE/ END DATE</th><th>PURCHASE PRICE/ PRINCIPAL</th><th>PRICING RATE</th><th>REPO/ ACCRUED INTEREST*</th><th>NET AMOUNT</th></tr></thead><tbody><tr><td>01/19/01</td><td>OPEN</td><td>14,000,000.00</td><td>5.950000</td><td>22,823.89</td><td>14,022,823.89</td></tr><tr><td>01/12/01</td><td>OPEN</td><td>1,615,816.50</td><td>5.950000</td><td>4,492.87</td><td>1,620,309.37</td></tr><tr><td colspan="5">TOTAL REPURCHASE AGREEMENTS</td><td>$15,643,133.26</td></tr></tbody></table>

*As of statement date

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





CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





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



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

| STATEMENT PERIOD | December 30, 2000 |

| :--- | :--- |

| THROUGH | January 26, 2001 |

| LAST STATEMENT | December 29, 2000 |

| :--- | :--- |



ACCOUNT NUMBER

TAXPAYER NUMBER



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.

027

EFTA00201143

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

JEFFREY EPSTEIN



2 of 2


STATEMENT BACKER IS PRINTED ON THIS PAGE

027



01/27/01;15:33 00:


EFTA00201144