EFTA00195231

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

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



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

## Your Portfolio at a Glance

<table border="1"><tr><td>NET CREDIT BALANCE</td><td>3,458</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>842,351</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$845,809</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>845,156</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>653</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>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

EPSTEIN INTERESTS

Market Value of Your Portfolio



ACCOUNT NUMBER



STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004

TAXPAYER NUMBER On File

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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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>653.47</td></tr><tr><td>Amount Credited</td><td>$653.47</td></tr><tr><td>Money Fund</td><td>-653.47</td></tr><tr><td>Amount Debited</td><td>$-653.47</td></tr><tr><td>ClosingBalance</td><td>$3,458.06</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>3,458.06</td></tr><tr><td>Net Cash Balance</td><td>$3,458.06</td><td>$3,458.06</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>845,809</td></tr><tr><td>Total</td><td>$845,809</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>CASH BALANCE</td><td></td><td></td><td></td><td>3,458</td><td></td><td></td></tr><tr><td>BEAR STEARNS PRIME MONEY<br>MARKET PORTFOLIO CL Y<br>DIVIDEND REINVESTED</td><td>BSMXX</td><td>842,351.24</td><td>1.0000</td><td>842,351</td><td>7,581</td><td>0.9000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$845,809</td><td>$7,581</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Stearns Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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EPSTEIN INTERESTS

STATEMENT PERIOD January 1, 2004

THROUGH January 30, 2004



01/31/04;09:43 001




ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

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

4 of 5

## Your Portfolio Holdings (continued)

EQUITIES

Equities & Options

<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$7,581</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$845,809</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## MONEY FUND ACTIVITY



Transaction Detail


<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>01/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>841,697.77</td><td></td><td></td><td></td></tr></tbody></table>

EPSTEIN INTERESTS

STATEMENT PERIOD January 1, 2004



ACCOUNT NUMBER



| LAST STATEMENT | December 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH January 30, 2004

<table border="1"><tr><td>01/02/04</td><td>REINVEST</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
REINVEST PRICE $ 1,00</td><td>BSMXX</td><td>653.47</td><td>653.47</td><td></td></tr><tr><td>01/02/04</td><td>DIVIDEND</td><td>BEAR STEARNS PRIME MONEY
MARKET PORTFOLIO CL Y
RECORD 12/31/03 PAY 12/31/03
INCLUDED IN 2003 1099</td><td>BSMXX</td><td></td><td></td><td>653.47</td></tr></table>

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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
CLEARLY WOUNDED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

<table><thead><tr><th>DATE</th><th>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>01/30/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>842,351.24</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="6">TOTAL</td><td>-$653.47</td><td colspan="2">$653.47</td></tr></tbody></table>

## Your messages



Excess SIPC Account Protection Update

Effective February 16, 2004, the commercial insurer through which Bear, Stearns Securities Corp. obtains excess SIPC protection will change to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company. CAPCO has an A+ financial strength rating from Standard and Poor's.



The interest, if any, charged to your account during December 2003 was computed on the net debit balance through December 30. The interest, if any, charged to your account during January 2004 is computed from December 31, 2003.





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


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