EFTA00195350

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 SUBSDIARY



## Your Portfolio at a Glance

| TOTAL VALUE OF SECURITIES THIS PERIOD* | 607,300 |

| :--- | :--- |





<table><tr><td>MONEY MARKET FUND BALANCE</td><td>51,696</td></tr></table>

CHANGE SINCE LAST STATEMENT 24,489

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

| NET EQUITY LAST STATEMENT | 634,507 |

| :--- | :--- |

| NET EQUITY THIS PERIOD | $658,996 |

| :--- | :--- |

| ... | ... |

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 | March 31, 2006 |

| :--- | :--- |

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File

ACCOUNT NUMBER

STATEMENT PERIOD April 1, 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.

EPSTEIN INTERESTS

THROUGH April 28, 2006





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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY





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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00195352



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>Opening Balance</td><td>$0.00</td></tr><tr><td>Money Fund</td><td>189.21</td></tr><tr><td>Amount Credited</td><td>$189.21</td></tr><tr><td>Money Fund</td><td>-189.21</td></tr><tr><td>Amount Debited</td><td>$-189.21</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>189.21</td><td>2,399.93</td></tr><tr><td>Total</td><td>$189.21</td><td>$2,399.93</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>51,696</td></tr><tr><td>Equities</td><td>607,300</td></tr><tr><td>Total</td><td>$658,996</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 4.7100%</td><td>DICXX</td><td>51,696.05</td><td>1.0000</td><td>51,696</td><td>2,326</td><td>4.4994</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$51,696</td><td>$2,326</td><td></td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

027

STATEMENT PERIOD April 1, 2006

EPSTEIN INTERESTS

THROUGH April 28, 2006

Your Portfolio Allocation

| LAST STATEMENT | March 31, 2006 |

| :--- | :--- |

TAXPAYER NUMBER On File



ACCOUNT NUMBER





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

EFTA00195353



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


4 of 5

EPSTEIN INTERESTS

## Your Portfolio Holdings (continued)

EQUITIES

STATEMENT PERIOD April 1, 2006

Equities & Options

THROUGH April 28, 2006

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.



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | March 31, 2006 |

| :--- | :--- |

<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</td><td>ANF</td><td>CASH</td><td>10,000</td><td>60.7300</td><td>607,300</td><td>7,000</td><td>1.1526</td></tr><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>$607,300</td><td>$7,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$607,300</td><td>$7,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$9,326</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$658,996</td></tr></table>



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>04/01/06</td><td></td><td>OPENINGBALANCE</td><td></td><td>51,506.84</td><td></td><td></td><td></td></tr></tbody></table>

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04/29/06:08:33 001


EFTA00195354



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

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EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD  April 1, 2006

THROUGH April 28, 2006

## MONEY FUND ACTIVITY (continued)

| LAST STATEMENT | March 31, 2006 |

| :--- | :--- |

<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>04/03/06</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A<br>INSTITUTIONAL SHARES<br>MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>189.21</td></tr><tr><td>04/03/06</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A<br>INSTITUTIONAL SHARES<br>DIVIDEND REINVEST</td><td>DICXX</td><td>189.21</td><td></td><td>189.21</td><td></td></tr><tr><td>04/28/06</td><td></td><td>CLOSINGBALANCE</td><td></td><td>51,696.05</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-189.21</td><td>$189.21</td></tr></tbody></table>





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



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