EFTA00195405

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

Transaction Detail ... 5

Fund Activity ... 5





<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 SUBSIDIARY



## Your Portfolio at a Glance

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>390,850</td></tr><tr><td>MONEY MARKET FUND BALANCE</td><td>288,568</td></tr><tr><td colspan="2">NET EQUITY THIS PERIOD $679,418</td></tr><tr><td colspan="2">NET EQUITY LAST STATEMENT 685,010</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-5,592</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

| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

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

TAXPAYER NUMBER On File

STATEMENT PERIOD February 1, 2007

Market Value of Your Portfolio

EPSTEIN INTERESTS

ACCOUNT NUMBER

THROUGH February 28, 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.





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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

3 of 5

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>1,257.85</td></tr><tr><td>Amount Credited</td><td>$1,257.85</td></tr><tr><td>Money Fund</td><td>-1,257.85</td></tr><tr><td>Amount Debited</td><td>$-1,257.85</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>1,257.85</td><td>1,257.85</td></tr><tr><td>Total</td><td>$1,257.85</td><td>$1,257.85</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>288,568</td></tr><tr><td>Equities</td><td>390,850</td></tr><tr><td>Total</td><td>$679,418</td></tr></table>

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY


Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD February 1, 2007

EPSTEIN INTERESTS

THROUGH February 28, 2007

<table><thead><tr><th>ACCOUNT NUMBER</th><td></td></tr></thead><tbody><tr><td>TAXPAYER NUMBER</td><td>On File</td></tr><tr><td>LAST STATEMENT</td><td>January 31, 2007</td></tr></tbody></table>

Your Portfolio Allocation

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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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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

4 of 5

## Your Portfolio Holdings



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY



## 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>ESTIMATED YIELD (%)</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>288,568.12</td><td>1.0000</td><td>288,568</td><td>15,294</td><td>5.3000</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$288,568</td><td>$15,294</td><td></td></tr></tbody></table>

## Equities & Options

## 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.

Bear, Steams Securities Corp.

One Metrotech Center North Brooklyn, New York 11201-3859

STATEMENT PERIOD February 1, 2007

EPSTEIN INTERESTS



ACCOUNT NUMBER



| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

*Note: The table is not present in the provided image.*

TAXPAYER NUMBER On File

<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>78.1700</td><td>390,850</td><td>3,500</td><td>0.8955</td></tr></tbody></table>

THROUGH February 28, 2007

<table border="1"><tr><td>BANPAIS SA-SPONSOREDADRREPSTG6SERLSHS</td><td>BPIBY</td><td>CASH</td><td>20,000</td><td>Unpriced</td><td></td><td></td></tr><tr><td>Total Equities&amp;Options</td><td></td><td></td><td></td><td></td><td>$390,850</td><td>$3,500</td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$390,850</td><td>$3,500</td></tr></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



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EPSTEIN INTERESTS

STATEMENT PERIOD February 1, 2007

Your Portfolio Holdings (continued)

THROUGH February 28, 2007



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | January 31, 2007 |

| :--- | :--- |

*Note: The table is not present in the provided image.*

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$18,794</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$679,418</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>02/01/07</td><td></td><td>OPENINGBALANCE</td><td></td><td>287,310.27</td><td></td><td></td><td></td></tr><tr><td>02/01/07</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>1,257.85</td></tr><tr><td>02/01/07</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>1,257.85</td><td></td><td>1,257.85</td><td></td></tr><tr><td>02/28/07</td><td></td><td>CLOSINGBALANCE</td><td></td><td>288,568.12</td><td></td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td></td><td></td><td>-$1,257.85</td><td>$1,257.85</td></tr></tbody></table>

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