EFTA00195355

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* | 583,000 |

| :--- | :--- |





| MONEY MARKET FUND BALANCE | 51,507 |

| :--- | :--- |

| NET EQUITY LAST STATEMENT | 722,758 |

| :--- | :--- |

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><td>-88,251</td></tr></thead></table>

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

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 | February 28, 2006 |

| :--- | :--- |

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

TAXPAYER NUMBER On File

STATEMENT PERIOD March 1, 2006

ACCOUNT NUMBER

EPSTEIN INTERESTS

THROUGH March 31, 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.

| SIPC | 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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EFTA00195356



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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EFTA00195357



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>198.60</td></tr><tr><td>Dividends/Interest</td><td>1,750.00</td></tr><tr><td>Amount Credited</td><td>$1,948.60</td></tr><tr><td>Money Fund</td><td>-1,948.60</td></tr><tr><td>Amount Debited</td><td>$-1,948.60</td></tr><tr><td>Closing Balance</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>1,948.60</td><td>2,210.72</td></tr><tr><td>Total</td><td>$1,948.60</td><td>$2,210.72</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>51,507</td></tr><tr><td>Equities</td><td>583,000</td></tr><tr><td>Total</td><td>$634,507</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 4.5500%</td><td>DICXX</td><td>51,506.84</td><td>1.0000</td><td>51,507</td><td>2,060</td><td>3.9995</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$51,507</td><td>$2,060</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

STATEMENT PERIOD March 1, 2006

EPSTEIN INTERESTS

THROUGH March 31, 2006



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2006 |

| :--- | :--- |

Your Portfolio Allocation



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

V906

EFTA00195358



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

## 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.

STATEMENT PERIOD March 1, 2006

THROUGH March 31, 2006



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 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>58.3000</td><td>583,000</td><td>7,000</td><td>1.2007</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>$583,000</td><td>$7,000</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$583,000</td><td>$7,000</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$9,060</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$634,507</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>03/01/06</td><td></td><td>OPENINGBALANCE</td><td></td><td>49,558.24</td><td></td><td></td><td></td></tr></tbody></table>

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EFTA00195359



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 March 1, 2006

## MONEY FUND ACTIVITY (continued)

| LAST STATEMENT | February 28, 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>03/01/06</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>198.60</td></tr><tr><td>03/01/06</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>198.60</td><td></td><td>198.60</td><td></td></tr><tr><td>03/21/06</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>1,750</td><td>1.0000</td><td>1,750.00</td><td></td></tr><tr><td>03/31/06</td><td></td><td>CLOSINGBALANCE</td><td></td><td>51,506.84</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-1,948.60</td><td>$198.60</td></tr></tbody></table>

## DIVIDENDS

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>03/21/06</td><td>ABERCROMBIE &amp; FITCH CO-CL A REC 02/28/06 PAY 03/21/06</td><td>ANF</td><td>10,000</td><td>0.1750</td><td></td><td>1,750.00</td></tr><tr><td colspan="6">TOTAL</td><td>$1,750.00</td></tr></tbody></table>





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


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