FORM 4 [ ] Check box if no longer subject to Section 16. Form 4 or Form 5 obligations may con- tinue. See Instruction 1(b). U.S. SECURITIES AND EXCHANGE COMMISSION Washington, D.C., 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Sec. 16(a) of the Securities Exchange Act of 1934, Sec. 17(a) of the Public Utility Holding Company Act of 1935 or Sec. 30(f) of the Investment Company Act of 1940.

FORM 4 (continued)

Table II (continued) ------------ ---------- ---------- ------------ ------------ 1. Title of 8. Price 9. Number 10. Owner- 11. Nature Derivative of of Deriva- ship of De- of Securitiy Derivative tive rivative Indirect (Instr. 3) Security Securi- Security; Beneficial and ties Direct (D) Ownership (Instr.5) Benefi- or (Instr. 4) cially Indirect Owned at (I) end of (Instr. 4) Month (Instr. 4) ------------ ---------- ----------- ----------- ------------ Employee Common Stock Options (right to buy) 0 D ------------ ---------- ----------- ----------- ------------ Employee Common Stock Options (right to buy) 882,000 ------------ ---------- ----------- ----------- ------------ Employee Common Stock Options (right to buy) 0 D ------------ ---------- ----------- ----------- ------------ Employee Common Stock Options (right to buy) 0 D ------------ ---------- ----------- ----------- ------------ Explanation of Responses: ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a) /s/ Carmine Taglialatela, Jr. January 3, 2003 ---------------------------- --------------- ** Signature of Reporting Person Date Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

EPHONE TELECOM INC 4