EFTA00195198

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 |

| :--- | :--- |

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>821,106</th></tr></thead></table>







NET EQUITY THIS PERIOD $824,564



CHANGE SINCE LAST STATEMENT 622

| NET EQUITY LAST STATEMENT | 823,942 |

| :--- | :--- |

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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

ACCOUNT NUMBER

EPSTEIN INTERESTS

STATEMENT PERIOD July 1, 2004

THROUGH July 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


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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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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>621.75</td></tr><tr><td>Amount Credited</td><td>$621.75</td></tr><tr><td>Money Fund</td><td>-621.75</td></tr><tr><td>Amount Debited</td><td>$-621.75</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>621.75</td><td>3,754.46</td></tr><tr><td>Total</td><td>$621.75</td><td>$3,754.46</td></tr></table>

Portfolio Composition

Cash Balance Summary

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>824,564</td></tr><tr><td>Total</td><td>$824,564</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>

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

EPSTEIN INTERESTS

STATEMENT PERIOD July 1, 2004

THROUGH July 30, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

EFTA00195201



BEAR
STEARNS


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

4 of 5



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>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 1,1300%</td><td>BSMXX</td><td>821,105.70</td><td>1.0000</td><td>821,106</td><td>9,032</td><td>1.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$824,564</td><td>$9,032</td><td></td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## 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>$9,032</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$824,564</td></tr></table>

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

STATEMENT PERIOD July 1, 2004

AGCOUNT NUMBER

EPSTEIN INTERESTS

THROUGH July 30, 2004

TAXPAYER NUMBER On File

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BEAR
STEARNS


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

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>07/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>820,483.95</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>07/01/04</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY FUND MONTHLY DIVIDEND</td><td>BSMXX</td><td></td><td></td><td>621.75</td></tr><tr><td>07/01/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY FUND DIVIDEND REINVEST</td><td>BSMXX</td><td>621.75</td><td>621.75</td><td></td></tr><tr><td>07/30/04</td><td></td><td>CLOSINGBALANCE</td><td colspan="3">821,105.70</td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td>-621.75</td><td>$621.75</td></tr></table>





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


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