EFTA00195176

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 |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 3

Transaction Detail 4

Fund Activity 4





# 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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>828,308</th></tr></thead></table>

TAXPAYER NUMBER On File

ACCOUNT NUMBER

| NET EQUITY LAST STATEMENT | 827,146 |

| :--- | :--- |

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

STATEMENT PERIOD October 30, 2004

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

CHANGE SINCE LAST STATEMENT 1,162

EPSTEIN INTERESTS

THROUGH November 30, 2004

Market Value of Your Portfolio

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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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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EFTA00195178



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><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>829,398.07</td></tr><tr><td>Amount Credited</td><td>$829,398.07</td></tr><tr><td>Money Fund</td><td>-829,398.07</td></tr><tr><td>Amount Debited</td><td>$-829,398.07</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>1,161.83</td><td>7,498.88</td></tr><tr><td>Total</td><td>$1,161.83</td><td>$7,498.88</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>828,308</td></tr><tr><td>Total</td><td>$828,308</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 1.8400%</td><td>DICXX</td><td>828,308.18</td><td>1.0000</td><td>828,308</td><td>13,253</td><td>1.6000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$828,308</td><td>$13,253</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 October 30, 2004

EPSTEIN INTERESTS

THROUGH November 30, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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.



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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



Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859



## Your Portfolio Holdings (continued)

Equities & Options

EQUITIES

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>$13,253</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$828,308</td></tr></table>

EPSTEIN INTERESTS

AGCOUNT NUMBER



Transaction Detail


| LAST STATEMENT | October 29, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

STATEMENT PERIOD October 30, 2004

## MONEY FUND ACTIVITY

THROUGH November 30, 2004

<table border="1"><tr><td>DATE MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>10/30/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>827,146.35</td><td></td><td></td><td></td></tr><tr><td>11/01/04</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY FUND MONTHLY DIVIDEND</td><td>BSMXX</td><td></td><td></td><td></td><td>1,089.89</td></tr><tr><td>11/01/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY FUND DIVIDEND REINVEST</td><td>BSMXX</td><td>1,089.89</td><td></td><td>1,089.89</td><td></td></tr></table>



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EFTA00195180



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

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EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD October 30, 2004

THROUGH November 30, 2004

## MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 29, 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>11/03/04</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>828,236.24</td><td>1.0000</td><td>828,236.24</td><td></td></tr><tr><td>11/03/04</td><td>SOLD</td><td>BEAR STEARNS PRIME MONEY FUND</td><td>BSMXX</td><td>-828,236.24</td><td>1.0000</td><td></td><td>828,236.24</td></tr><tr><td>11/03/04</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY FUND RESIDUAL DIVIDEND</td><td>BSMXX</td><td></td><td></td><td></td><td>71.94</td></tr><tr><td>11/04/04</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>71.94</td><td>1.0000</td><td>71.94</td><td></td></tr><tr><td colspan="2">11/30/04</td><td>CLOSINGBALANCE</td><td></td><td>828,308.18</td><td></td><td></td><td></td></tr><tr><td colspan="2">TOTAL</td><td></td><td></td><td></td><td></td><td>-829,398.07</td><td>$829,398.07</td></tr></tbody></table>





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





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