## Statements

EFTA00195237

OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY



| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 5

## What’s In This Statement

Fund Activity ... 5

Your Messages ... 6





<table border="1"><tr><td>EPSTEIN INTERESTS</td></tr><tr><td>DTD 12/26/91</td></tr><tr><td>JEFFERY E EPSTEIN &amp; MARK L *</td></tr><tr><td>EPSTEIN &amp; WILLIAM ELKUS TTEES</td></tr><tr><td>457 MADISON AVENUE 4TH FLR</td></tr><tr><td>NEW YORK NY 10022-6843</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS



ACCOUNT NUMBER



STATEMENT PERIOD December 1, 2005

TAXPAYER NUMBER On File

THROUGH December 30, 2005

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |

Your Portfolio at a Glance

| TOTAL VALUE OF SECURITIES THIS PERIOD* | 651,800 |

| :--- | :--- |

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>74,046</th></tr></thead></table>

| NET EQUITY LAST STATEMENT | 685,268 |

| :--- | :--- |

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><th>40,578</th></tr></thead></table>

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

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

Market Value of Your Portfolio

If any information regarding 2005 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31,2006 or a 1042S by March 15,2006.

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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EFTA00195239



BEAR
STEARNS


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

3 of 6

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>228.25</td></tr><tr><td>Dividends/Interest</td><td>1,750.00</td></tr><tr><td>Amount Credited</td><td>$1,978.25</td></tr><tr><td>Money Fund</td><td>-1,978.25</td></tr><tr><td>Amount Debited</td><td>$-1,978.25</td></tr><tr><td>Closing Balance</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>1,978.25</td><td>16,676.24</td></tr><tr><td>Total</td><td>$1,978.25</td><td>$16,676.24</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>74,046</td></tr><tr><td>Equities</td><td>651,800</td></tr><tr><td>Total</td><td>$725,846</td></tr></table>

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

<table><thead><tr><th>STATEMENT PERIOD</th><td>December 1, 2005</td></tr></thead><tbody><tr><td>THROUGH</td><td>December 30, 2005</td></tr><tr><td>ACCOUNT NUMBER</td><td></td></tr><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>November 30, 2005</td></tr></tbody></table>

Your Portfolio Allocation

Unhaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00195240



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## 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 4.1100%</td><td>DICXX</td><td>74,046.27</td><td>1.0000</td><td>74,046</td><td>2,814</td><td>3.8003</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$74,046</td><td>$2,814</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Equities & Options

## EQUITIES

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm’s Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons.

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

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.

STATEMENT PERIOD December 1, 2005



ACCOUNT NUMBER



<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>ABERCROMBIE &amp; FITCH CO-CLA BSC RATING: STOCK O/SECTOR MW CATHAY FINANCIAL, INC.</td><td>ANF</td><td>CASH</td><td>10,000</td><td>65.1800</td><td>651,800</td><td>7,000</td><td>1.0739</td></tr></tbody></table>

EPSTEIN INTERESTS

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

THROUGH December 30, 2005

<table border="1"><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></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$651,800</td><td>$7,000</td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$651,800</td><td>$7,000</td></tr></table>

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EFTA00195241



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



5 of 6

EPSTEIN INTERESTS

STATEMENT PERIOD December 1, 2005

Your Portfolio Holdings (continued)

THROUGH December 30, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$9,814</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$725,846</td></tr></table>

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |



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>12/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>72,068.02</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>12/01/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>228.25</td></tr><tr><td>12/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>228.25</td><td></td><td>228.25</td><td></td></tr><tr><td>12/20/05</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,750</td><td>1.0000</td><td>1,750.00</td><td></td></tr><tr><td>12/30/05</td><td></td><td>CLOSINGBALANCE</td><td colspan="4">74,046.27</td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-1,978.25</td><td>$228.25</td></tr></table>

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EFTA00195242



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 6

EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD December 1, 2005

## DIVIDENDS

THROUGH December 30, 2005

AGCOUNT NUMBER

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>12/20/05</td><td>ABERCROMBIE &amp; FITCH CO-CLA REC 11/29/05 PAY 12/20/05</td><td>ANF</td><td>10,000</td><td>0.1750</td><td></td><td>1,750.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,750.00</td></tr></tbody></table>

TAXPAYER NUMBER On File

| LAST STATEMENT | November 30, 2005 |

| :--- | :--- |

## Your messages



As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request.



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



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