EFTA00195115

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

ACCOUNT EXECUTIVE



VISIT OUR WEBSITE www.bearstearns.com



## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 5

Fund Activity 5





# 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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>840,423</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$843,881</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>843,254</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>627</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>

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

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

EPSTEIN INTERESTS



ACCOUNT NUMBER



TAXPAYER NUMBER On File

Market Value of Your Portfolio

THROUGH October 31, 2003

STATEMENT PERIOD October 1, 2003

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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EFTA00195116



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


2 of 5

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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EFTA00195117



BEAR
STEARNS


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

3 of 5

## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$3,458.06</td></tr><tr><td>Money Fund</td><td>627.31</td></tr><tr><td>Amount Credited</td><td>$627.31</td></tr><tr><td>Money Fund</td><td>-627.31</td></tr><tr><td>Amount Debited</td><td>$-627.31</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><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>627.31</td><td>7,034.11</td></tr><tr><td>Credit Balance Int.</td><td>0.00</td><td>49.78</td></tr><tr><td>Total</td><td>$627.31</td><td>$7,083.89</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>843,881</td></tr><tr><td>Total</td><td>$843,881</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD October 1, 2003

EPSTEIN INTERESTS

THROUGH October 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

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

EFTA00195118



BEAR
STEARNS


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

4 of 5

## 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>840,423.04</td><td>1.0000</td><td>840,423</td><td>7,648</td><td>0.9100</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$843,881</td><td>$7,648</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>$7,648</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$843,881</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD October 1, 2003

THROUGH October 31, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2003 |

| :--- | :--- |

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EFTA00195119



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 5**

EPSTEIN INTERESTS



Transaction Detail


STATEMENT PERIOD October 1, 2003

## MONEY FUND ACTIVITY

| LAST STATEMENT | September 30, 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>10/01/03</td><td></td><td>OPENINGBALANCE</td><td></td><td>839,795.73</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>10/01/03</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 09/30/03 PAY 09/30/03</td><td>BSMXX</td><td></td><td></td><td>627.31</td></tr><tr><td>10/01/03</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $1,00</td><td>BSMXX</td><td>627.31</td><td>627.31</td><td></td></tr><tr><td colspan="2">10/31/03</td><td>CLOSINGBALANCE</td><td></td><td>840,423.04</td><td></td><td></td></tr><tr><td colspan="2">TOTAL</td><td></td><td></td><td></td><td>-627.31</td><td>$627.31</td></tr></table>



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



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