EFTA00195266

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





<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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

| LAST STATEMENT | June 30, 2005 |

| :--- | :--- |

<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>665,772</th></tr></thead></table>

TAXPAYER NUMBER On File

ACCOUNT NUMBER

EPSTEIN INTERESTS

| NET EQUITY LAST STATEMENT | 664,165 |

| :--- | :--- |

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

STATEMENT PERIOD July 1, 2005

CHANGE SINCE LAST STATEMENT 1,607

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

THROUGH July 29, 2005

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 600-634-1428; 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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EFTA00195268



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>$0.00</td></tr><tr><td>Money Fund</td><td>1,607.05</td></tr><tr><td>Amount Credited</td><td>$1,607.05</td></tr><tr><td>Money Fund</td><td>-1,607.05</td></tr><tr><td>Amount Debited</td><td>$-1,607.05</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>1,607.05</td><td>9,996.63</td></tr><tr><td>Total</td><td>$1,607.05</td><td>$9,996.63</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>665,772</td></tr><tr><td>Total</td><td>$665,772</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>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,2000%</td><td>DICXX</td><td>665,771.66</td><td>1.0000</td><td>665,772</td><td>19,307</td><td>2.8999</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$665,772</td><td>$19,307</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859

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STATEMENT PERIOD July 1, 2005

EPSTEIN INTERESTS

THROUGH July 29, 2005

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2005 |

| :--- | :--- |

Your Portfolio Allocation

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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EFTA00195269



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

Bear, Steams Securities Corp.

One Metratech 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.

## Your Portfolio Holdings (continued)

Equities & Options

EQUITIES

<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>

EPSTEIN INTERESTS

STATEMENT PERIOD July 1, 2005

AGCOUNT NUMBER

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$19,307</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$665,772</td></tr></table>

THROUGH July 29, 2005

| LAST STATEMENT | June 30, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File



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>07/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>664,164.61</td><td></td><td></td><td></td></tr><tr><td>07/01/05</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>1,607.05</td></tr></tbody></table>

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EFTA00195270



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

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EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD July 1, 2005

## MONEY FUND ACTIVITY (continued)

<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>07/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,607.05</td><td></td><td>1,607.05</td><td></td></tr><tr><td>07/29/05</td><td></td><td>CLOSINGBALANCE</td><td></td><td>665,771.66</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-1,607.05</td><td>$1,607.05</td></tr></tbody></table>





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



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