EFTA00195243

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>613,200</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>72,068</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$685,268</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>591,746</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>93,522</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

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

Market Value of Your Portfolio

| LAST STATEMENT | October 31, 2005 |

| :--- | :--- |

STATEMENT PERIOD November 1, 2005

TAXPAYER NUMBER On File

EPSTEIN INTERESTS

ACCOUNT NUMBER

THROUGH November 30, 2005

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, Stearns Securities Corp., One Matteroch 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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EFTA00195245



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><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>221.76</td></tr><tr><td>Amount Credited</td><td>$221.76</td></tr><tr><td>Money Fund</td><td>-221.76</td></tr><tr><td>Amount Debited</td><td>$-221.76</td></tr><tr><td>ClosingBalance</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>221.76</td><td>14,697.99</td></tr><tr><td>Total</td><td>$221.76</td><td>$14,697.99</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>72,068</td></tr><tr><td>Equities</td><td>613,200</td></tr><tr><td>Total</td><td>$685,268</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD November 1, 2005

EPSTEIN INTERESTS

THROUGH November 30, 2005



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2005 |

| :--- | :--- |

EFTA00195246



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>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,9000%</td><td>DICXX</td><td>72,068.02</td><td>1.0000</td><td>72,068</td><td>2,667</td><td>3.7007</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$72,068</td><td>$2,667</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



## 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 Meterotech Center North Brooklyn, New York 11201-3859



STATEMENT PERIOD November 1, 2005



ACCOUNT NUMBER



EPSTEIN INTERESTS

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2005 |

| :--- | :--- |

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.

THROUGH November 30, 2005

<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-CL A BSC RATING: STOCK O/SECTOR MW CATHAY FINANCIAL, INC.</td><td>ANF</td><td>CASH</td><td>10,000</td><td>61.3200</td><td>613,200</td><td>7,000</td><td>1.1416</td></tr></tbody></table>

<table border="1"><tr><td>BANPAIS SA-SPONSOREDADRREPSTG 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>$613,200</td><td>$7,000</td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$613,200</td><td>$7,000</td></tr></table>

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EFTA00195247



BEAR
STEARNS


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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



5 of 5

Bear, Steams Securities Corp.

One Meterotech Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD November 1, 2005

Your Portfolio Holdings (continued)

THROUGH November 30, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$9,667</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$685,268</td></tr></table>

| LAST STATEMENT | October 31, 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>11/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>71,846.26</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>11/01/05</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td>221.76</td></tr><tr><td>11/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>221.76</td><td>221.76</td><td></td></tr></table>

<table border="1"><tr><td>11/30/05</td><td>CLOSINGBALANCE</td><td>72,068.02</td><td></td></tr><tr><td>TOTAL</td><td></td><td>-221.76</td><td>$221.76</td></tr></table>

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