## Statements

EFTA00195171

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 |



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## What’s In This Statement

Your Portfolio Holdings ... 3

Financial Summary 3

Transaction Detail 4

Fund Activity 4

Your Messages 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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859





ACCOUNT NUMBER



EPSTEIN INTERESTS

TAXPAYER NUMBER On File

THROUGH December 31, 2004

STATEMENT PERIOD December 1, 2004

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

## Your Portfolio at a Glance

<table border="1"><tr><td>MONEY MARKET FUND BALANCE</td><td>829,424</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$829,424</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>828,308</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>1,116</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.

Market Value of Your Portfolio

## Important Message

If any information regarding 2004 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 January 31, 2005 or a 1042Sby March 15, 2005.

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.

027 01/01/05;09:18 001

EFTA00195172



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

027

V867

EFTA00195173



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>$0.00</td></tr><tr><td>Money Fund</td><td>1,115.84</td></tr><tr><td>Amount Credited</td><td>$1,115.84</td></tr><tr><td>Money Fund</td><td>-1,115.84</td></tr><tr><td>Amount Debited</td><td>$-1,115.84</td></tr><tr><td>ClosingBalance</td><td>$0.00</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>1,115.84</td><td>8,614.72</td></tr><tr><td>Total</td><td>$1,115.84</td><td>$8,614.72</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>829,424</td></tr><tr><td>Total</td><td>$829,424</td></tr></table>

## 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>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,0100%</td><td>DICXX</td><td>829,424.02</td><td>1.0000</td><td>829,424</td><td>14,100</td><td>1.7000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$829,424</td><td>$14,100</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



027

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD December 1, 2004

EPSTEIN INTERESTS

THROUGH December 31, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

Your Portfolio Allocation

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



01/01/05;09:18 001


V867

EFTA00195174



BEAR
STEARNS


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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



4 of 5

## Your Portfolio Holdings (continued)

EQUITIES

Equities & Options

Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859

Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

<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 PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$14,100</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$829,424</td></tr></table>

EPSTEIN INTERESTS



Transaction Detail


## MONEY FUND ACTIVITY



ACCOUNT NUMBER



STATEMENT PERIOD December 1, 2004

THROUGH December 31, 2004

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

<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>12/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>828,308.18</td><td></td><td></td><td></td></tr><tr><td>12/01/04</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>1,115.84</td></tr></tbody></table>

027



01/01/05;09:18 001


EFTA00195175



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** (continued)

STATEMENT PERIOD December 1, 2004

THROUGH December 31, 2004

## MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2004 |

| :--- | :--- |

<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>12/01/04</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,115.84</td><td></td><td>1,115.84</td><td></td></tr><tr><td>12/31/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>829,424.02</td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-1,115.84</td><td>$1,115.84</td></tr></tbody></table>

## Your messages



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.





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



027



01/01/05;09:18 001


V867