EFTA00195276

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 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



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## Your Portfolio at a Glance

LAST STATEMENT April 29, 2005

TAXPAYER NUMBER On File

<table border="1"><tr><td>MONEY MARKET FUND BALANCE</td><td>662,207</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$662,207</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>810,425</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-148,218</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>

ACCOUNT NUMBER

EPSTEIN INTERESTS

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

STATEMENT PERIOD April 30, 2005

THROUGH May 31, 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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EFTA00195278



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><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>151,781.58</td></tr><tr><td>Amount Credited</td><td>$151,781.58</td></tr><tr><td>Money Fund</td><td>-1,781.58</td></tr><tr><td>Funds Withdrawn</td><td>-150,000.00</td></tr><tr><td>Amount Debited</td><td>$-151,781.58</td></tr><tr><td>ClosingBalance</td><td>$0.00</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>1,781.58</td><td>6,432.03</td></tr><tr><td>Total</td><td>$1,781.58</td><td>$6,432.03</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>662,207</td></tr><tr><td>Total</td><td>$662,207</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 2,9000%</td><td>DICXX</td><td>662,207.06</td><td>1.0000</td><td>662,207</td><td>17,217</td><td>2.5999</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$662,207</td><td>$17,217</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



027

Bear, Steams Securities Corp.

One Metrobate Center North Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD April 30, 2005

THROUGH May 31, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | April 29, 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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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 SUBSDIARY



## Your Portfolio Holdings (continued)

EQUITIES

Equities & Options

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>



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$17,217</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$662,207</td></tr></table>

## DEPOSITS AND WITHDRAWALS

<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>05/31/05</td><td>FND WIRED</td><td>MDA# FNDS WIRED TO JPMORGAN CHASE BANK, NA E#306978</td><td>150,000.00</td><td></td></tr><tr><td colspan="3">TOTAL</td><td>-150,000.00</td><td></td></tr></tbody></table>



Transaction Detail


STATEMENT PERIOD April 30, 2005

EPSTEIN INTERESTS

THROUGH May 31, 2005

AGCOUNT NUMBER

| LAST STATEMENT | April 29, 2005 |

| :--- | :--- |

TAXPAYER NUMBER On File

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EFTA00195280



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

**5 of 5**

EPSTEIN INTERESTS

## **Transaction Detail** (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>04/30/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>810,425.48</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>05/02/05</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>1,781.58</td></tr><tr><td>05/02/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,781.58</td><td></td><td>1,781.58</td><td></td></tr><tr><td>05/31/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-150,000</td><td>1.0000</td><td></td><td>150,000.00</td></tr><tr><td>05/31/05</td><td></td><td>CLOSINGBALANCE</td><td></td><td>662,207.06</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>$-1,781.58</td><td>$151,781.58</td></tr></table>





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


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