## Statements

EFTA00195104

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Your Portfolio Holdings ... 4

Financial Summary 3

## What’s In This Statement

Transaction Detail ... 5

Fund Activity 5

Your Messages 6





# EPSTEIN INTERESTS

DTD 12/26/91

JEFFERY E EPSTEIN & MARK L

* EPSTEIN & WILLIAM ELKUS TTEES

457 MADISON AVENUE 4TH FLR

NEW YORK NY 10022-6843



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

EPSTEIN INTERESTS

## Your Portfolio at a Glance

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

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>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>841,698</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$845,156</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>844,527</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>629</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

Market Value of Your Portfolio

## Important Message

If any information regarding 2003 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by February 2, 2004 or a 1042S by March 15, 2004.

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.

<table border="1"><tr><td colspan="3">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.</td></tr><tr><td>027</td><td>01/01/04:12:54</td><td>001</td></tr></table>

EFTA00195105



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00195106



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><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>$3,458.06</td></tr><tr><td>Money Fund</td><td>629.25</td></tr><tr><td>Amount Credited</td><td>$629.25</td></tr><tr><td>Money Fund</td><td>-629.25</td></tr><tr><td>Amount Debited</td><td>$-629.25</td></tr><tr><td>ClosingBalance</td><td>$3,458.06</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>3,458.06</td><td>3,458.06</td></tr><tr><td>Net Cash Balance</td><td>$3,458.06</td><td>$3,458.06</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>629.25</td><td>8,308.84</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>49.78</td></tr><tr><td>Total</td><td>$629.25</td><td>$8,358.62</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>845,156</td></tr><tr><td>Total</td><td>$845,156</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| STATEMENT PERIOD | November 29, 2003 |
| :--- | :--- |
| THROUGH | December 31, 2003 |

EPSTEIN INTERESTS



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

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

EFTA00195107



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>CURRENТ YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>3,458</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CLY<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>841,697.77</td><td>1.0000</td><td>841,698</td><td>7,744</td><td>0.9200</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$845,156</td><td>$7,744</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>BANPAIS SA-SPONSORED ADR REPSTG 6 SER L SHS</td><td>BPIBY</td><td>CASH</td><td>20,000</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>Total Equities &amp; Options</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$0</td><td>$0</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$7,744</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$845,156</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD November 29, 2003

THROUGH December 31, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

027



01/01/04;12:54 001


EFTA00195108



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**

EPSTEIN INTERESTS



Transaction Detail


STATEMENT PERIOD November 29, 2003

## MONEY FUND ACTIVITY

THROUGH December 31, 2003

| LAST STATEMENT | November 28, 2003 |

| :--- | :--- |

<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>11/29/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>841,068.52</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>12/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 11/28/03 PAY 11/28/03</td><td>BSMXX</td><td></td><td></td><td>629.25</td></tr><tr><td>12/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $1.00</td><td>BSMXX</td><td>629.25</td><td>629.25</td><td></td></tr><tr><td colspan="2">12/31/03</td><td>CLOSINGBALANCE</td><td colspan="4">841,697.77</td></tr><tr><td colspan="2">TOTAL</td><td></td><td></td><td></td><td>-629.25</td><td>$629.25</td></tr></table>

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EFTA00195109



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



6 of 6

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.

EPSTEIN INTERESTS

## Your messages

STATEMENT PERIOD November 29, 2003



Excess SIPC Account Protection Update

Bear, Stearns Securities Corp. ("BSSC"), a member of the Securities Investor Protection Corporation ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions. SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash ("SIPC Coverage"). Visit www.sipc.org for more information about SIPC Coverage.

BSSC provides the additional protection ("Excess SIPC") through a commercial insurer. Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company ("CAPCO"), a licensed New York insurance company. Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities.



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


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