EFTA00195181

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 ... 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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>827,146</th></tr></thead></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |



ACCOUNT NUMBER



CHANGE SINCE LAST STATEMENT 945

| NET EQUITY LAST STATEMENT | 826,201 |

| :--- | :--- |

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

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

STATEMENT PERIOD October 1, 2004

EPSTEIN INTERESTS

Market Value of Your Portfolio

THROUGH October 29, 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.

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 10/30/04:11:50 001

V864

EFTA00195182



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

EFTA00195183



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><th>THIS PERIOD</th></tr><tr><td>Opening Balance</td><td>$3,458.06</td></tr><tr><td>Money Fund</td><td>945.71</td></tr><tr><td>Amount Credited</td><td>$945.71</td></tr><tr><td>Money Fund</td><td>-4,403.77</td></tr><tr><td>Amount Debited</td><td>$-4,403.77</td></tr><tr><td>Net Cash Activity</td><td>-3,458.06</td></tr><tr><td>Closing Balance</td><td>$0.00</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>0.00</td></tr><tr><td>Net Cash Balance</td><td>$3,458.06</td><td>$0.00</td></tr></table>

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>945.71</td><td>6,337.05</td></tr><tr><td>Total</td><td>$945.71</td><td>$6,337.05</td></tr></table>

Income Summary

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>827,146</td></tr><tr><td>Total</td><td>$827,146</td></tr></table>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

STATEMENT PERIOD October 1, 2004

THROUGH October 29, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

EFTA00195184



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>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>BEAR STEARNS PRIME MONEY FUND DIVIDEND REINVESTED EST, 30 DAY AVG YIELD %</td><td>BSMXX</td><td>827,146.35</td><td>1.0000</td><td>827,146</td><td>12,986</td><td>1.5700</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$827,146</td><td>$12,986</td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

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 border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>ACCT TYPE</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><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></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$12,986</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$827,146</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD October 1, 2004

THROUGH October 29, 2004

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

027



10/30/04;11:50 001


V864

EFTA00195185



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


## MONEY FUND ACTIVITY

<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>10/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>822,742.58</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>10/01/04</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY FUND MONTHLY DIVIDEND</td><td>BSMXX</td><td></td><td></td><td></td><td>945.71</td><td></td></tr><tr><td>10/01/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY FUND DIVIDEND REINVEST</td><td>BSMXX</td><td>945.71</td><td></td><td>945.71</td><td></td><td></td></tr><tr><td>10/21/04</td><td>BOUGHT</td><td>BEAR STEARNS PRIME MONEY FUND</td><td>BSMXX</td><td>3,458.06</td><td>1.0000</td><td>3,458.06</td><td></td><td></td></tr><tr><td>10/29/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>827,146.35</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-4,403.77</td><td>$945.71</td><td></td></tr></table>





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




10/30/04;11:50 001


027