EFTA00195396

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 ... 7





<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

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>378,400</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>265,585</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$643,985</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>679,418</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-35,433</td></tr></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.

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

Market Value of Your Portfolio

STATEMENT PERIOD March 1, 2007

EPSTEIN INTERESTS

ACCOUNT NUMBER

TAXPAYER NUMBER On File

THROUGH March 30, 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. 11201-3859.





03/31/07;06:43 001


V008

EFTA00195397



CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY





2 of 9


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

EPSTEIN INTERESTS

STATEMENT BACKER IS PRINTED ON THIS PAGE

027



03/31/07;06:43 001


EFTA00195398



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



3 of 9


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>26,141.88</td></tr><tr><td>Dividends/Interest</td><td>875.00</td></tr><tr><td>Amount Credited</td><td>$27,016.88</td></tr><tr><td>Money Fund</td><td>-2,016.88</td></tr><tr><td>Funds Withdrawn</td><td>-25,000.00</td></tr><tr><td>Amount Debited</td><td>$-27,016.88</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>2,016.88</td><td>3,274.73</td></tr><tr><td>Total</td><td>$2,016.88</td><td>$3,274.73</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>265,585</td></tr><tr><td>Equities</td><td>378,400</td></tr><tr><td>Total</td><td>$643,985</td></tr></table>

027



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD March 1, 2007

EPSTEIN INTERESTS

THROUGH March 30, 2007

Your Portfolio Allocation



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

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



03/31/07;06:43 001


EFTA00195399



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 9

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 5.1700%</td><td>DICXX</td><td>265,585</td><td>1.0000</td><td>265,585</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$265,585</td></tr></tbody></table>

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

EPSTEIN INTERESTS

STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

## EQUITIES

## Equities & Options

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.

<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>75.6800</td><td>378,400</td><td>3,500</td><td>0.9249</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>$378,400</td><td>$3,500</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$378,400</td><td>$3,500</td><td></td></tr></tbody></table>

027



03/31/07;06:43 001


EFTA00195400



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



5 of 9





CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## Your Portfolio Holdings (continued)

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$3,500</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$643,985</td></tr></table>



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859





Transaction Detail


## DEPOSITS AND WITHDRAWALS

## MONEY FUND ACTIVITY

EPSTEIN INTERESTS

STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

<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>03/01/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>288,568.12</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>03/01/07</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td>1,141.88</td></tr></table>

027



03/31/07;06:43 001


EFTA00195401



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

6 of 9

EPSTEIN INTERESTS

## **Transaction Detail** (continued)

STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007

## MONEY FUND ACTIVITY (continued)



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

<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>03/01/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,141.88</td><td></td><td>1,141.88</td><td></td></tr><tr><td>03/15/07</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>03/27/07</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>875</td><td>1.0000</td><td>875.00</td><td></td></tr><tr><td>03/30/07</td><td></td><td>CLOSINGBALANCE</td><td></td><td>265,585</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-2,016.88</td><td>$26,141.88</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>03/27/07</td><td>ABERCROMBIE &amp; FITCH CO-CL A<br>REC 03/06/07 PAY 03/27/07</td><td>ANF</td><td>5,000</td><td>0.1750</td><td></td><td>875.00</td></tr><tr><td colspan="6">TOTAL</td><td>$875.00</td></tr></tbody></table>

027



03/31/07;06:43 001


EFTA00195402



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



7 of 9



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



At November 30, 2006 and January 31, 2007, the Company's net capital of approximately $4.0 billion and $4.0 billion was approximately 6.8% and 6.7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1.2 billion by approximately $2.8 billion and $2.8 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.

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

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.



EPSTEIN INTERESTS

## Your messages



STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007



AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

## SPECIAL NOTICE FOR MARGIN CUSTOMERS

If you are a customer with a margin account, you consent to Bear Stearns's right to use, lend or pledge any securities held by Bear Stearns in your margin account. In certain circumstances, such loans or other use may limit, in whole or in part, your ability to receive dividends directly from the issuing company and/or your right to exercise voting and other attendant rights of ownership with respect to the loaned, sold or pledged securities. Such circumstances include, but are not limited to, loans of securities that you own in your margin account that continue over record dates for voting purposes and ex-dividend dates for dividend distributions. If you do not receive dividends directly from the issuing company, you may receive payments-in-lieu of dividends which could cause you to lose the benefit of the preferential tax treatment accorded to dividends.



## NOTICE OF CHANGE PURSUANT TO TRUTH-IN-LENDING SEC RULE 10b-16

The purpose of this notice is to advise you of certain changes in the manner in which interest will be charged on any U.S. dollar-denominated credit extended to you by Bear, Stearns Securities Corp. ("BSSC") for the purpose of purchasing, carrying or trading in any security. Interest will continue to be based on either the BSSC Margin Basis Rate, or a London Interbank Offered Rate ("LIBOR") as specified in the chart below. The BSSC Margin Basis Rate will be quoted each business day by BSSC at our main office in New York. Factors affecting the determination of the BSSC Margin Basis Rate will include the short-term market interest rates quoted by money center banks and the Federal Reserve and the rate that BSSC is charged for borrowing money.

027



03/31/07;06:43 001


EFTA00195403



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

8 of 9

CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY

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

1. The annual rate of interest charged to you on U.S. dollar-denominated credit will not exceed the specified percentage over the applicable rate, as indicated in the following chart:

Effective no earlier than thirty (30) days from your receipt of this statement:

<table border="1"><tr><td>Debit_Size_Range</td><td>Index</td><td>Spread_to_Index</td></tr><tr><td>Up to $499,999</td><td>Margin Basis</td><td>+3,000%</td></tr><tr><td>$500,000-$999,999</td><td>Margin Basis</td><td>+2,000%</td></tr><tr><td>$1,000,000-$2,499,999</td><td>Margin Basis</td><td>+1,500%</td></tr><tr><td>$2,500,000-$4,999,999</td><td>LIBOR</td><td>+3,000%</td></tr><tr><td>$5,000,000-$9,999,999</td><td>LIBOR</td><td>+2,250%</td></tr><tr><td>$10,000,000and above</td><td>LIBOR</td><td>+1,750%</td></tr></table>



Debits in currencies other than U,S. dollars will not be taken into account in computing the debit size for purposes of determining the applicable interest rate. The rate corresponding to the debit size range in which your U.S. dollar denominated debit falls will apply to the entire amount of your U.S. dollar denominated debit. The actual rate charged to you at any given time will be notified to you on request, and the amount charged to you will appear on your monthly statements.

EPSTEIN INTERESTS

STATEMENT PERIOD March 1, 2007



2. Interest may be charged to your account at varying rates during the month to reflect any changes in such interest rates that have occurred during the month as well as any changes in the applicable rate caused by a change in the size of your debit balance.

3. The rate of interest charged to you on any credit extended to you in a currency other than U.S. dollars shall continue to be based on either (i) a LIBOR, as such rate is compiled by the British Bankers Association and published on Bloomberg or Reuters, or (ii) any other rate quoted by Reuters that is applicable to the currency in which the obligation is denominated or, if a rate for such currency is not quoted by Reuters, the rate provided by Bear Stearns Securities' local bank. In either case, the annual rate of interest on such non-U.S. dollar denominated debit will continue to not exceed 5% above either a LIBOR, any rate quoted by Reuters or the rate provided by Bear Stearns Securities' local bank, and will appear on your monthly statements. The actual rate charged to you at any given time will be notified to you on request and the amount charged to you will appear on your monthly statements.

4. Unless otherwise agreed, the BSSC Fed Funds Rate will no longer be an available option for computing interest.

027



03/31/07;06:43 001


EFTA00195404



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



9 of 9





If BSSC makes changes in any of the credit terms and conditions described herein or if a change is required by law, we will notify you of such change within a reasonable period of time, unless such change results in the same or a higher rate to you, in which case we will provide you at least 30 days' prior written notice. The annual rate of interest you are charged may fluctuate with changes in the BSSC Margin Basis Rate, a LIBOR, any of the rates quoted by Reuters or the rate provided by BSSC's local bank. The changes in rates resulting from this fluctuation will be made without prior notice to you (as contrasted with changes in the credit terms and conditions, notice of which will be provided as described above).

The Truth-in-Lending disclosure previously provided to you shall continue to apply except as specifically noted above.



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859





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



EPSTEIN INTERESTS



ACCOUNT NUMBER



STATEMENT PERIOD March 1, 2007

THROUGH March 30, 2007

TAXPAYER NUMBER On File

| LAST STATEMENT | February 28, 2007 |

| :--- | :--- |

027



03/31/07;06:43 001