EFTA00195193

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

| NET CREDIT BALANCE | 3,458 |

| :--- | :--- |

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>821,868</th></tr></thead></table>

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><th>762</th></tr></thead></table>





| NET EQUITY LAST STATEMENT | 824,564 |

| :--- | :--- |



NET EQUITY THIS PERIOD $825,326



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

| LAST STATEMENT | July 30, 2004 |

| :--- | :--- |

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

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD July 31, 2004

EPSTEIN INTERESTS

THROUGH August 31, 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


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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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EFTA00195195



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>$3,458.06</td></tr><tr><td>Money Fund</td><td>762.37</td></tr><tr><td>Amount Credited</td><td>$762.37</td></tr><tr><td>Money Fund</td><td>-762.37</td></tr><tr><td>Amount Debited</td><td>$-762.37</td></tr><tr><td>ClosingBalance</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>762.37</td><td>4,516.83</td></tr><tr><td>Total</td><td>$762.37</td><td>$4,516.83</td></tr></table>

Portfolio Composition

Cash Balance Summary

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>825,326</td></tr><tr><td>Total</td><td>$825,326</td></tr></table>

<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>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD July 31, 2004

| THROUGH | August 31, 2004 |

| :--- | :--- |



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | July 30, 2004 |

| :--- | :--- |



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EFTA00195196



BEAR
STEARNS


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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



4 of 5

## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

<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>CASH BALANCE</td><td></td><td></td><td></td><td>3,458</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY FUND<br>DIVIDEND REINVESTED<br>EST, 30 DAY AVG YIELD 1,3400%</td><td>BSMXX</td><td>821,868.07</td><td>1.0000</td><td>821,868</td><td>10,684</td><td>1.3000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$825,326</td><td>$10,684</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><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>$10,684</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$825,326</td></tr></table>

| LAST STATEMENT | July 30, 2004 |

| :--- | :--- |

STATEMENT PERIOD July 31, 2004

TAXPAYER NUMBER On File

ACCOUNT NUMBER

EPSTEIN INTERESTS

| THROUGH | August 31, 2004 |

| :--- | :--- |

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EFTA00195197



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>07/31/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>821,105.70</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>08/02/04</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY FUND MONTHLY DIVIDEND</td><td>BSMXX</td><td></td><td></td><td>762.37</td></tr><tr><td>08/02/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY FUND DIVIDEND REINVEST</td><td>BSMXX</td><td>762.37</td><td>762.37</td><td></td></tr><tr><td>08/31/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>821,868.07</td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-762.37</td><td>$762.37</td></tr></table>





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


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