EFTA00195384

OFFICE SERVICING YOUR ACCOUNT

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

| INVESTMENT PROFESSIONAL | ZICHERMAN, IRA |

| :--- | :--- |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

<table><tr><td>Transaction Detail</td><td>5</td></tr></table>

Fund Activity ... 5

Your Messages ... 6





<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

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>413,250</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>267,923</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$681,173</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>675,093</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>6,080</td></tr></table>

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

| LAST STATEMENT | April 30, 2007 |

| :--- | :--- |

TAXPAYER NUMBER On File

Market Value of Your Portfolio

ACCOUNT NUMBER

STATEMENT PERIOD May 1, 2007

EPSTEIN INTERESTS

THROUGH May 31, 2007

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. N.I.1201-3859.





SIPC This summary is for informational purposes only. It is not intended as a tax document.

This statement should be retained for our 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 Metratech Center North
Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

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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>1,129.27</td></tr><tr><td>Amount Credited</td><td>$1,129.27</td></tr><tr><td>Money Fund</td><td>-1,129.27</td></tr><tr><td>Amount Debited</td><td>$-1,129.27</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>1,129.27</td><td>5,612.24</td></tr><tr><td>Total</td><td>$1,129.27</td><td>$5,612.24</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>267,923</td></tr><tr><td>Equities</td><td>413,250</td></tr><tr><td>Total</td><td>$681,173</td></tr></table>

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

EPSTEIN INTERESTS

STATEMENT PERIOD May 1, 2007

THROUGH May 31, 2007

Your Portfolio Allocation

TAXPAYER NUMBER On File



ACCOUNT NUMBER



LAST STATEMENT April 30, 2007

Unhaded 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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EFTA00195387



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 6

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th></tr></thead><tbody><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 5.1900%</td><td>DICXX</td><td>267,922.51</td><td>1.0000</td><td>267,923</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$267,923</td></tr></tbody></table>

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

EPSTEIN INTERESTS

STATEMENT PERIOD May 1, 2007

THROUGH May 31, 2007

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | April 30, 2007 |

| :--- | :--- |

## EQUITIES

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the BSC Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market underweight. In cases where the BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers use different ratings systems and have normalized them as follows: B = Buy; H = Hold; S = Sell (this may not always correspond directly to the underlying rating system used by each provider or BSC). The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal, or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons.

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.

## Equities & Options

<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>ESTIMATED YIELD (%)</th></tr></thead><tbody><tr><td>ABERCROMBIE &amp; FITCH CO-CLA BSC RATING: STOCK O/SECTOR MW BUCKINGHAM RESEARCH RATING: B</td><td>ANF</td><td>CASH</td><td>5,000</td><td>82.6500</td><td>413,250</td><td>3,500</td><td>0.8469</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>$413,250</td><td>$3,500</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$413,250</td><td>$3,500</td><td></td></tr></tbody></table>

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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

5 of 6

EPSTEIN INTERESTS

STATEMENT PERIOD May 1, 2007

Your Portfolio Holdings (continued)

THROUGH May 31, 2007



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$3,500</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$681,173</td></tr></table>

LAST STATEMENT April 30, 2007



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>05/01/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>266,793.24</td><td></td><td></td><td></td></tr><tr><td>05/01/07</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>1,129.27</td></tr><tr><td>05/01/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,129.27</td><td></td><td>1,129.27</td><td></td></tr><tr><td>05/31/07</td><td></td><td>CLOSINGBALANCE</td><td></td><td>267,922.51</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td>-$1,129.27</td><td>$1,129.27</td><td></td></tr></tbody></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

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## Your messages



You are advised to promptly report any inaccuracy or discrepancy in your account to your broker and Bear, Stearns Securities Corp. ("BSSC") at the telephone numbers listed on the front of this statement. In order to protect your rights, including any rights under the Securities Investor Protection Act ("SIPA"), any such communications should be reconfirmed in writing to your broker and BSSC at the addresses which appear on the front of this statement.





CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





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





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



EPSTEIN INTERESTS

STATEMENT PERIOD May 1, 2007

027

ACCOUNT NUMBER

| LAST STATEMENT | April 30, 2007 |

| :--- | :--- |

THROUGH May 31, 2007

TAXPAYER NUMBER On File



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