EFTA00195286

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

Your Messages 6





# 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

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

<table border="1"><tr><td>MONEY MARKET FUND BALANCE</td><td>808,681</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$808,681</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>832,238</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-23,557</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

TAXPAYER NUMBER On File

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



ACCOUNT NUMBER



EPSTEIN INTERESTS

Market Value of Your Portfolio

STATEMENT PERIOD March 1, 2005

THROUGH March 31, 2005

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.

027 04/01/05:09:49 001

V876



EFTA00195287




CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




2 of 6


Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

027

EFTA00195288



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><th>THIS PERIOD</th></tr><tr><td>Opening Balance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>26,443.37</td></tr><tr><td>Amount Credited</td><td>$26,443.37</td></tr><tr><td>Money Fund</td><td>-1,443.37</td></tr><tr><td>Funds Withdrawn</td><td>-25,000.00</td></tr><tr><td>Amount Debited</td><td>$-26,443.37</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>1,443.37</td><td>2,906.27</td></tr><tr><td>Total</td><td>$1,443.37</td><td>$2,906.27</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>808,681</td></tr><tr><td>Total</td><td>$808,681</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 2,6700%</td><td>DICXX</td><td>808,681.30</td><td>1.0000</td><td>808,681</td><td>16,982</td><td>2.1000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$808,681</td><td>$16,982</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrobate Center North Brooklyn, New York 11201-3859

027

EPSTEIN INTERESTS

STATEMENT PERIOD March 1, 2005

THROUGH March 31, 2005



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 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.



04/01/05;09:49 001


EFTA00195289



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 6

## 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>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$16,982</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$808,681</td></tr></table>

## DEPOSITS AND WITHDRAWALS



Transaction Detail


<table><thead><tr><th>DATE</th><th>TRANSACTION</th><th colspan="2">DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/28/05</td><td>FND WIRED</td><td>MDA#</td><td>FNDS WIRED TO IPMORGAN CHASE BANK, NA FD#05600</td><td>25,000.00</td><td></td></tr><tr><td colspan="4">TOTAL</td><td>-25,000.00</td><td></td></tr></tbody></table>

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD March 1, 2005

EPSTEIN INTERESTS

THROUGH March 31, 2005

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

027



04/01/05;09:49 001


EFTA00195290



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 6**

EPSTEIN INTERESTS

## Transaction Detail (continued)

<table border="1"><tr><td>DATE
MO/DAY</td><td>TRANSACTION</td><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>DEBIT AMOUNT</td><td>CREDIT AMOUNT</td></tr><tr><td>03/01/05</td><td></td><td>OPENINGBALANCE</td><td></td><td>832,237.93</td><td></td><td></td><td></td></tr></table>

<table border="1"><tr><td>03/01/05</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>1,443.37</td></tr><tr><td>03/01/05</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,443.37</td><td></td><td>1,443.37</td><td></td></tr><tr><td>03/28/05</td><td>SOLD</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>-25,000</td><td>1.0000</td><td></td><td>25,000.00</td></tr><tr><td>03/31/05</td><td></td><td>CLOSINGBALANCE</td><td></td><td colspan="3">808,681.30</td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-1,443.37</td><td colspan="2">$26,443.37</td></tr></table>

027



04/01/05;09:49 001


EFTA00195291



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

6 of 6

## Your messages



Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements:

At November 30, 2004 and January 31, 2005, the Company's net capital of approximately $3.8 billion and $3.8 billion was approximately 6.4% and 6.3% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1.2 billion by approximately $2.6 billion and $2.6 billion, all respectively.

A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively, to request a free printed copy please call - toll free 1-866-299-9331.



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY





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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

STATEMENT PERIOD March 1, 2005

AGCOUNT NUMBER

THROUGH March 31, 2005

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2005 |

| :--- | :--- |

027



04/01/05;09:49 001


V876