Statements EFTA00195171

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings . Transaction Detail ......ssesssessseresseeerees Fund Activity ,, 1 Your Messages ust & WwW Your Portfolio at a Glance MONEY MARKET FUND BALANCE NET EQUITY THIS PERIOD $829,424 NET EQUITY LAST STATEMENT 828,308 CHANGE SINCE LAST STATEMENT 1,116 "This pertiolio includes one or mom ungriced securties that are not reflected in the Total Value of Securties and tha Not Equity This Period. There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Corp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio HM Current market value $883 Last statements market value This summary is for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOO December 1, 2004 THROUGH December 31, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT Novernber 30, 2004 Important Message if any information regarding 2004 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31,20050r a 1042Sby March 15,2005. ‘This statemem should be retained for your records. See reverse side for important information, o27 01/01/08;09:18 001 vas? EFTA00195172

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/01/08;09:18 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS EFTA00195173

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of Cash Flow Analysis THIS PERIOD $0.00 1,115.84 $1,115.84 Amount Credited 1,115.84 Money Fund Amount Debited Closing Balance Your Portfolio Holdings CASH & CASH EQUIVALENTS Income Summary THIS PERIOD 1,115.84 YEAR TO DATE 8,614.72 Dividends Portfolio Composition Cash/Cash Equivalent 829,424 Total $829,424 NAABKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRIKE VALUE ANNUAL INCOME YELD (‘} DREYFUS CASH MANAGEMENT-CL A DICXX 829,424.02 1.0000 829,424 14,100 1.7000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _2,0100% TOTAL CASH & CASH EQUIVALENTS $829,424 $14,100 o27 01/01/08;09:18 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOG December 1, 2004 THROUGH December 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT November 30, 2004 Your Portfolio Allocation Cash & Equivalent 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vas? EFTA00195174

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metatech Canter North BEAR 383 Madison Avenue Brockln, New York 11201-2859 STEARNS New York. New York 10179 | Le EPSTEIN INTERESTS 4 ofS STATEMENT PERIOO December 1, 2004 THROUGH December 31, 2004 Your Portfolio Holdings (continued) account xumccr = EQUITIES TAXPAYER NUMBER On File sas . LAST STATEMENT Novernber 30, 2004 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. ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SERL SHS Total Equities& Options $0 $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $14,100 YOUR PRICED PORTFOLIOHOLDINGS $829,424 Transaction Detail MONEY FUND ACTIVITY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OESIT AMOUNT (CREDIT AMOUNT OPENINGBALANCE 828,308.18 INSTITUTIONAL SHARES MONTHLY DIVIDEND 027 01/01/08;09:18 001 vas? EFTA00195175

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 fl Le EPSTEIN INTERESTS 5 os STATEMENT PERIOO December 1, 2004 THROUGH December 31,2004 accout nuvecr TAXPAYER NUMBER On File Transaction Detail (continued) MONEY FUND ACTIVITY (continued) LAST STATEMENT November 30, 2004 OATE MOVDAY TRANSACTION DESCAIPTION SYMBOLCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 12/01/04 REINVEST OREYFUS CASH MANAGEMENT-CL A DICK 1,115.84 1,115.84 INSTITUTIONAL SHARES DIVIDEND REINVEST 12/31/04 CLOSINGBALANCE 829,424.02 TOTAL $-1,115.84 $1,115.84 Your messages i As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www,.nasdr.com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request, / STOP ****** End of Statement*™***** VY —_ 027 01/01/05,08:18 001 vas? EFTA00195176

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BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings Transaction Detail ......s.sesseseresseeerees OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 - Fk wOwW Your Portfolio at a Glance MONEY MARKET FUND BALANCE NET EQUITY THIS PERIOD $828,308 NET EQUITY LAST STATEMENT 827,146 CHANGE SINCE LAST STATEMENT 1,162 "This portfolio indudes one of more ungriced seourties that are not reflected in he Total Value of Securties and tha Net Equity This Period There are no "Stop Loss’ orders or other pending buy EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio HE Current market value S888 Last statements market value CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOO October 30, 2004 THROUGH November 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 or sell open orders on file for your account. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-634-1428; cr write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. This summary is for informational purposes only. It ts not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. oz? 12/01/04;14:42 001 Va6SA EFTA00195177

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 12/01/04;14:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS Va65A EFTA00195178

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BEAR STEARNS 3 of Cash Flow Analysis Amount Credited OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 THIS PERIOD $829,398.07 Money Fund -829.398.07 Amount Debited . $-829,.398.07 . Closing Balance Your Portfolio Holdings CASH & CASH EQUIVALENTS Income Summary THIS PERIOD 1,161.83 YEAR TO DATE Dividends 7,498.88 Portfolio Composition Cash/Cash Equivalent 828,308 Total $828,308 NAABKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRIKE VALUE ANNUAL INCOME YELD (‘} DREYFUS CASH MANAGEMENT-CL A DICXX 828,308.18 1.0000 828,308 13,253 1.6000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD_1,8400% TOTAL CASH & CASH EQUIVALENTS $828,308 $13,253 o27 12/01/04;14:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 Your Portfolio Allocation Cash & Equivalent 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. Va65A EFTA00195179

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York New York 10179 as | EPSTEIN INTERESTS 405 STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 Your Portfolio Holdings (continued) ow | EQUITIES TAXPAYER NUMBER On File eas . LAST STATEMENT October 29, 2004 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. ACCT NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options $0 $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $13,253 YOUR PRICED PORTFOLIOHOLDINGS $828,308 Transaction Detail MONEY FUND ACTIVITY DATE MO;DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OESIT AMOUNT (CREDIT AMOUNT 10/30/04 OPENINGBALANCE 827,146.35 DIVIDEND REINVEST o27 12/01/04;14:42 001 Va65A EFTA00195180

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BEAR STEARNS 5 os OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE MOVDAY TRANSACTION 11/03/04 BOUGHT 11/03/04 DIVIDEND DESCAIPTION OREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES "BEAR STEARNS PRIME MONEY FUND” BEAR STEARNS PRIME MONEY FUND RESIDUAL DIVIDEND SYMBOL/OUSIP QUANTITY PRICE DICK 828,236.24 1.0000 BSMXXx CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 EPSTEIN INTERESTS STATEMENT PERIOD October 30,2004 THROUGH November 30,2004 accoust numecr [S TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 DEBIT AMOUNT 828,236.24 (CREDIT AMOUNT 828,236.24 71.94 INSTITUTIONAL SHARES 11/30/04 CLOSINGBALANCE 828,308.18 TOTAL $829,398.07 $829,398.07 /—™ [stop] *+-*+* Endot Statement™***** \ A o27 12/01/04;14:42 001 VO65A EFTA00195181

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BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary ,. Your Portfolio Holdings Transaction Detail ......s.ssssessesesseeerees OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 ans wo Your Portfolio at a Glance MONEY MARKET FUND BALANCE NET EQUITY THIS PERIOD $827,146 NET EQUITY LAST STATEMENT 826,201 CHANGE SINCE LAST STATEMENT 945 “This portfolio indudes one or more unpriced securties that are not reflected in the Total Value of Securties and tha Net Equity This Period There are no "Stop Loss” orders or other pending buy EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio HE Current market value $888 Last statements market value CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 or sell open orders on file for your account. Please report any difference or nomrecaipt of checks or stocks, indicated as delivered to you, % Cllent Senices at 800-634-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. This summary is for informational purposes only. It ts not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. oz? 10/3004;11:80 001 vaes EFTA00195182

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 10/3004;11:80 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vaes EFTA00195183

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of Cash Flow Analysis THIS PERIOD CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD October 1, 2004 October 29, 2004 accout nuvecr TAXPAYER NUMBER On File September 30, 2004 THROUGH Income Summary THIS PERIOD 945.71 YEAR TO DATE 6,337.05 LAST STATEMENT Dividends Amount Credited Money Fund -4,403.77 Amount Debited Net Cash Activity $-4,403.77 3,458.06 Cash Balance Summary OPENING 3,458.06 CLOSING Cash 0.00 Net Cash Balance $3,458.06 $0.00 Portfolio Composition Cash/Cash Equivalent 827,146 Total $827,146 Your Portfolio Allocation Cash & Equivalent 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. 027 10/3004;11:80 001 vaes EFTA00195184

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a of § a Your Portfolio Holdings CASH & CASH EQUIVALENTS NAABKET ESTIMATED — CURRENT DESCRETION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME —_YELD (%} BEAR STEARNS PRIME MONEYFUND =BSMXX 827,146.35 1.0000 827,146 12,986 1.5700 DIVIDEND REINVESTED EST, 30 DAY AVG YIELD Se TOTAL CASH & CASH EQUIVALENTS $827,146 $12,986 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, ACCT MANAKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP _TYPE QUANTITY PRKE VALUE _ ANNUAL INCOME YELD (%} BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options $0 $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $12,986 YOUR PRICED PORTFOLIOHOLDINGS $827,146 02? 10/30)04;11:80 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOO October 1, 2004 THROUGH October 29, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 vaes EFTA00195185

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS a" 10179 5 os EPSTEIN INTERESTS STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 accout nuvecr TAXPAYER NUMBER On File Transaction Detail MONEY FUND ACTIVITY LAST STATEMENT September 30, 2004 DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 10/01/04 OPENINGBALANCE 822,742.58 10/01/04 DIVIDEND BEAR STEARNS PRIME MONEY FUND BSMXXx 945.71 MONTHLY DIVIDEND 10/29/04 CLOSINGBALANCE 827,146.35 TOTAL $-4,403.77 $945.71 (stor ****** End of Statement*™***** VY 027 10/3004;11:80 001 vases EFTA00195186

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS _——" 10179 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings . Transaction Detail ......ssessesseresseesrees Fund Activity ,, ‘ Your Messages oun fF & Your Portfolio at a Glance CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERKOO September 1, 2004 THROUGH September 30, 2004 accout nuvecr sell lclleslebadlbadoballallaldbalall TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio $826,201 MONEY MARKET FUND BALANCE 822,743 NET EQUITY THIS PERIOD $826,201 NET EQUITY LAST STATEMENT 825,326 CHANGE SINCE LAST STATEMENT 875 “This portfolio includes one of mom unpriced securties that are not refected in the Total Value of Securties 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. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; cr write to Clont Services at Bear, Steams Socuritios Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. HME Current market value $85 Last statement's market value This summary is for informational purposes only. It is not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. oz? 10/01/04;07:49 001 vaes EFTA00195187

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 10/01/04;07:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vae3 EFTA00195188

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of? Cash Flow Analysis THIS PERIOD Amount Credited Money Fund Amount Debited $-874.51 Closing Balance $3,458.06 Cash Balance Summary OPENING CLOSING Cash 3,458.06 3,458.06 Net Cash Balance Income Summary Dividends Portfolio Composition Cash/Cash Equivalent Total 027 YEAR TO DATE 5,391.34 826,201 $826,201 10/01/04,07:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 Your Portfolio Allocation Cash & Equivalent 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vae3 EFTA00195189

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York. New York 10179 fl | EPSTEIN INTERESTS 4a STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 Your Portfolio Holdings ACCOUNT NUMBER fs CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE ANNUAL INCOME YELD (%} CASH BALANCE BEAR STEARNS PRIME MONEYFUND BSMXX 822,742.58 1.0000 822,743 12,094 1.4700 DIVIDEND REINVESTED EST, 30 DAY AVG YIELD ES TOTAL CASH & CASH EQUIVALENTS $826,201 $12,094 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. ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP__ TYPE QUANTITY PRICE VALUE __ ANNUAL INCOME YELD [%4) BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SERL SHS Total Equities& Options $o $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $12,094 YOUR PRICED PORTFOLIOHOLDINGS $826,201 027 1a/01104,07:49 001 vasa EFTA00195190

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York. New York 10179 as Le EPSTEIN INTERESTS 5 of? STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 Transaction Detail account numccr TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT = August 31, 2004 DATE MONDAY TRANSACTION DESCAIPTION SYMBOUUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/01/04 OPENINGBALANCE 821,868.07 09/01/04 DIVIDEND BEAR STEARNS PRIME MONEY FUND BSMXXx 874.51 MONTHLY DIVIDEND 09/30/04 CLOSINGBALANCE 822,742.58 TOTAL $-874.51 $874.51 o27 10/01/04;07:49 001 vaea EFTA00195191

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BEAR STEARNS 6 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Your messages i Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At May 31, 2004 and July 31, 2004, the Company's net capital of approximately $3,6 billion and $3,6 billion was approximately 6,8% and 6,5% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.1 billion and $1,1 billion by approximately $2,5 billion and $2,5 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, = CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD September 1, 2004 September 30, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT August 31,2004 Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account. It is important that you fully understand the risks involved in trading securities on margin, These risks include the following: * You can lose more funds than you deposit in the margin account, * The firm can force the sale of securities or other assets in your account(s), “ The firm can sell your securities or other assets without contacting you. * You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call, * The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice. * You are not entitled to an extension of time on a margin call, 027 10/01/04;07:49 001 va63 EFTA00195192

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BEAR STEARNS Tor OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 i This statement is provided to explain Bear, Stearns & Co, Inc.'s ("BSC") payment for order flow practices. BSC routes a majority of orders for customer securities transactions to the primary market for such securities, Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO), BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge. ****** End of Statement****** CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 ie Pursuant to SEC Rule 11Ac1-6, please note the following: Bear, Stearns & Co, Inc, will post its quarterly routing statistics at the following web link: http:/Avww,bearstearns.com, Click on Individual Investor, Click on Equities, Click on Order Routing Practices, Customers of Bear, Stearns & Co, Inc, may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders, 027 10/01/04;07:49 001 vaea EFTA00195193

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS a" 10179 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , : Your Portfolio Holdings . Transaction Detail ......ssessessseresseeerees Fund ACtivity q,ssesssesserssnssessstenssvesaceseensans ans w Your Portfolio at a Glance CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERWOO July 31, 2004 THROUGH August 31,2004 accout nuvecr seall[Docldesccdebddlbedlelolalbaldbialalel TAXPAYER NUMBER On File LAST STATEMENT duly 30, 2004 EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio $825,326 MONEY MARKET FUND BALANCE 821,868 NET EQUITY THIS PERIOD $825,326 NET EQUITY LAST STATEMENT 824,564 CHANGE SINCE LAST STATEMENT 762 “This portfolio includes one of mom unpriced securties that are not refected in the Total Value of Securties 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. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. HH Current market value $888 Last statements market value This summary is for informational purposes only. It ts not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. 027 08/01/04,06:31 001 vae2 EFTA00195194

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 08/01/04,06:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vaé2 EFTA00195195

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 3 of Cash Flow Analysis Income Summary THIS PERIOD THIS PERIOD Dividends 762.37 Amount Credited Money Fund “762.37 Portfolio Composition Amount Debited $-762.37 Cash/Cash Equivalent $762.37 Closing Balance $3,458.06 Total Cash Balance Summary OPENING CLOSING Cash 3,458.06 3,458.06 Net Cash Balance 027 YEAR TO DATE 4,516.83 825,326 $825,326 08/01/04,06:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT July 30, 2004 Your Portfolio Allocation Cash & Equivalent 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vaé2 EFTA00195196

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 405 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT July 30, 2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE ANNUAL INCOME YELD (%} CASH BALANCE BEAR STEARNS PRIME MONEY FUND BSMXX 821,868.07 1.0000 821,868 10,684 1.3000 DIVIDEND REINVESTED EST, 30 DAY AVG YIELD_1,3400% TOTAL CASH & CASH EQUIVALENTS $825,326 $10,684 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. ACCT MARKET ESTIMATED DESCRIPTION SYMBOLOUSIP_TYPE QUANTITY PRIGE VALUE __ ANNUAL INCOME BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SERL SHS Total Equities& Options $o $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $10,684 YOUR PRICED PORTFOLIOHOLDINGS $825,326 027 09/01/04;06:31 001 vaé2 EFTA00195197

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 EPSTEIN INTERESTS 5 os STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 Transaction Detail account wucce | TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT July 30, 2004 DATE MODAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT CREDIT AMOUNT 07/31/04 OPENINGBALANCE 821,105.70 08/02/04 DIVIDEND BEAR STEARNS PRIME MONEY FUND BSMXXx 762.37 MONTHLY DIVIDEND 08/31/04 CLOSINGBALANCE 821,868.07 TOTAL $-762.37 $762.37 stop] **e*** End of Statement™***** VY — 027 08/01/04;08:31 001 vae2 EFTA00195198

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS a" 10179 ACCOUNT EXECUTIVE =ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , ' Your Portfolio Holdings . Transaction Detail ......s.sssssessesesseeerees Fund Activity .,ssesssssserssnesessctenssecaneseensars ant w Your Portfolio at a Glance CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD July 1, 2004 THROUGH July 30, 2004 account xumccr = seallDcaleslebdlbdlalolalbaldbalalel TAXPAYER NUMBER On File LAST STATEMENT June 30, 2004 EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio $824,564 Neco xan a.4s5 (on + Conant — ee soc: MONEY MARKET FUND BALANCE 821,106 NET EQUITY THIS PERIOD $824,564 NET EQUITY LAST STATEMENT 823,942 CHANGE SINCE LAST STATEMENT 622 “This portfolio includes one of mam ungriced securties that are not refected in the Total Value of Securties 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. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-634-1428; cr write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. HH Current market value $888 Last statements market value This summary is for informational purposes only. It ts not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. 027 07/3110406:41 001 vasa EFTA00195199

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 07/31/04;08:41 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vasa EFTA00195200

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York. New York 10179 fl Le EPSTEIN INTERESTS 3 ofS STATEMENT PERIOO July 1, 2004 THROUGH July 30, 2004 Cash Flow Analysis Income Summary recor ween THIS PERIOD THIS PERIOD YEAR TO DATE LAST STATEMENT June 30, 2004 Dividends 621.75 3,754.46 Amount Credited Money Fund “621.75 Portfolio Composition Amount Debited $-621.75 Cash/Cash Equivalent 824,564 $621.75 Closing Balance $3,458.06 Total $824,564 Cash Balance Summary OPENING CLOSING Your Portfolio Cash 3,458.06 3,458.06 Allocation Net Cash Balance Cash & Equivalent 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. 027 07/31104,06:41 001 vasa EFTA00195201

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 405 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE ANNUAL INCOME YELD (%} CASH BALANCE CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT BEAR STEARNS PRIME MONEYFUND BSMXX 821,105.70 1.0000 821,106 9,032 1.1000 DIVIDEND REINVESTED EST, 30 DAY AVG YIELD_1,1300% TOTAL CASH & CASH EQUIVALENTS $824,564 $9,032 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. ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP__ TYPE QUANTITY PRICE VALUE __ ANNUAL INCOME YELD [%4) BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SERL SHS Total Equities& Options $o $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $9,032 YOUR PRICED PORTFOLIOHOLDINGS $824,564 027 07/31/04;06:41 001 vasa July 1, 2004 July 30, 2004 On File June 30, 2004 EFTA00195202

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 EPSTEIN INTERESTS 5 os STATEMENT PERIOO July 1, 2004 THROUGH July 30, 2004 Transaction Detail account wucce | TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT June 30, 2004 DATE MODAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT CREDIT AMOUNT 07/01/04 OPENINGBALANCE 820,483.95 MONTHLY DIVIDEND 07/30/04 CLOSINGBALANCE 821,105.70 TOTAL $-621.75 $621.75 stop] **e*** End of Statement™***** VY — 027 07/31/04,08:41 001 Vass EFTA00195203

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE What’s In This Statement www.bearstearns.com Financial Summary , Your Portfolio Holdings . . Transaction Detail ......s.ssesssessseresseeesees Fund Activity ,, . Your Messages ouuwn fF w Your Portfolio at a Glance 3,458 820,484 NET CREDIT BALANCE MONEY MARKET FUND BALANCE NET EQUITY THIS PERIOD $823,942 NET EQUITY LAST STATEMENT 823,316 CHANGE SINCE LAST STATEMENT 626 “This portfolio includes one or mor ungriced securties that are not reflected in the Total Value of Securties 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. Ploase mport any difference or noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 EPSTEIN INTERESTS DTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio ME Current market value S88 Last statements market value 027 $823,942 $823,316 This summary is for informational purposes only. It Is mot intended as a tax document This statement should be retained for your records. See reverse side for important information 07/01104;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 29, 2004 June 30, 2004 accor nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 28, 2004 Important Message Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us. vaa2 EFTA00195204

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 07/01/04;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vaa2 EFTA00195205

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BEAR STEARNS 3 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Cash Flow Analysis Openi: Money Fund Amount Credited Money Fund Amount Debited Closing Balance THIS PERIOD Balance $3,458.06 625.49 $625.49 -625.49 $-625.49 $3,458.06 Cash Balance Summary OPENING CLOSING 3,458.06 Cash Net Cash Balance Income Summary THS PERIOD YEAR TO DATE Dividends 625.49 3,132.71 Portfolio Composition Cash/Cash Equivalent 823,942 Total $823,942 027 07/01/04;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 Your Portfolio Allocation Cash & Equivalent — 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vaa2 EFTA00195206

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 47 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE ANNUAL INCOME YELD (%} CASH BALANCE BEAR STEARNS PRIME MONEYFUND BSMXX 820,483.95 1.0000 820,484 7,631 0.9301 DIVIDEND REINVESTED EST, 30 DAY AVG YIELD_1,1200% TOTAL CASH & CASH EQUIVALENTS $823,942 $7,631 EQUITIES Equities & Options ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP Tre QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) BANPAIS SA-SPONSORED ADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options $O $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $7,631 YOUR PRICED PORTFOLIOHOLDINGS $823,942 oz? 07/01104;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT vaa2 May 29, 2004 June 30, 2004 On File May 28, 2004 EFTA00195207

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 5 of? Transaction Detail MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION DESCAIFTION 05/29/04 OPENINGBALANCE 06/01/04 DIVIDEND BEAR STEARNS PRIME MONEY FUND MONTHLY DIVIDEND SYMBOUCUSIP QUANTITY PRICE 819.858.46 BSMXXx OEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 29, 2004 June 30, 2004 accoust numecr [S TAXPAYER NUMBER On File May 28, 2004 THROUGH LAST STATEMENT CAEDIT AMOUNT 06/30/04 CLOSINGBALANCE 820,483.95 TOTAL 07/01/04;13:31 001 $-625.49 $625.49 vaa2 EFTA00195208

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS 6 of? Your messages ‘i Notice Regarding a Change in The Statement of Interest Charges Pursuant to the “Truth-in-Lending” Rule 10 (b)-16 Regarding Short Sales And Marking-To-The-Market Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows: The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amount because Bear Steams Securities has to borrow the same security in order to deliver it to the buying broker and has to provide its lender additional collateral of up to 105% of the settled short market value of the borrowed securities to secure such loan, This means that the debit balance on which interest is computed will be the difference between (i) up to 105% of the settled short market value of such short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales, = CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 29, 2004 June 30, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 28, 2004 Any short positions in your account will be kept "marked-to-the market", This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the short securities, Securities that are priced below five dollars per share may be valued at five dollars per share for short marking-to-the market purposes, If a security has been sold short (or sold short against the box) and has appreciated in market price over the selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the drop in value, The appreciation or depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily closing prices or quotations provided by pricing services, as applicable, or upon such factors as Bear Stearns Securities in its sole judgement deems pertinent. Please note that the other sections of the "Truth-in-Lending” disclosure previously provided to you remain unchanged. 027 07/01/04;13:31 001 Vva32 EFTA00195209

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BEAR STEARNS Tor OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 ie Pursuant to the terms of the equity research settlement that was entered into by Bear Stearns and other major investment banks, we will soon make available to our customers, independent third-party research ("Independent Research’), at no cost, on the common stock of certain companies covered by the Firm's Equity Research Department (‘Covered Company”), Customers will be able to 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, Further, Bear Stearns will notify certain of our customers, at the time of each solicited order to buy or sell the common stock of a Covered Company, of the availability of Independent Research, and will provide, on the confirmations and statements that are generated for these customers, the rating(s) on such Covered Company(s) by the Firm's Equity Research Department, as well as the corresponding rating(s) by the applicable Independent Research provider(s), where available, These notice provisions become effective in the near future and, to the extent applicable, will be included in your next monthly statement, Please note, Bear Stearns is not responsible or liable for (i) decisions relating to the procurement of Independent Research, (ii) Independent Research or its content, (iii) customer transactions, to the extent based on Independent Research, or (iv) claims arising from or in connection with access provided by the Firm and/or the inclusion of Independent Research ratings in trade confirmations, periodic account statements or www.bearsteams.com. Bear Stearns is not required to supervise the production of Independent Research and has no responsibility to comment on the content of such Research, ***e** End of Statement™***** CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 TZ Please be advised of the following changes regarding account service fees: Beginning September 1, 2004, accounts will be subject to a $20,00 processing fee for each outgoing wire transfer and for each check issued by Bear Stearns at the request of a customer, You may wish to speak to your Account Executive to inquire about the availability of check writing privileges for your brokerage account, Beginning January 1, 2005, accounts will be subject to an annual account charge of $75.00 applicable for households that maintain less than $100,000 in net equity in related accounts or that generated less than $500 in brokerage commissions and/or fees paid to Bear Stearns in those accounts in the prior calendar year, 027 07/01/04;13:31 001 vaa2 EFTA00195210

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE wow.bearstearns.com What’s In This Statement Financial Summary ,. . 3 Your Portfolio Holdings . . 4 Transaction Detail viernes 5 Your Portfolio at a Glance NET CREDIT BALANCE 3,458 MONEY MARKET FUND BALANCE 819,858 nT} NET EQUITY LAST STATEMENT 822.709 CHANGE SINCE LAST STATEMENT 607 “This portfolio includes one or mom unpriced securties that are not refected in the Total Value of Securties 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. Please report any difference or nomreceipt of checks or stocks, indicated as deltverad to you, % Client Senices at 800-634-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 1, 2004 THROUGH ACCOUNT NUMBER sell MDccldesclebadllbdlalolalbaldbalall TAXPAYER NUMBER On File LAST STATEMENT EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio $823.316 HE Current market value S883 Last statements market value This summary is for informational purposes only. It is not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. 027 06/2904;12:32 001 vast May 28, 2004 April 30, 2004 EFTA00195211

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE (06/29104;12:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS EFTA00195212

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR STEARNS 383 Madison Avenue Cash Flow Analysis THIS PERIOD OpeningBalance $3,458.06 Money Fund 606.99 Amount Credited $606.99 Money Fund -606.99 Amount Debited $-606.99 Closing Balance $3,458.06 Cash Balance Summary OPENING CLOSING Cash Net Cash Balance New York, New York 10179 3 of Income Summary THIS PERIOD YEAR TO DATE Dividends 606.99 2,507.22 Portfolio Composition Cash/Cash Equivalent 823,316 Total $823,316 027 (06/2904;12:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 Your Portfolio Allocation Cash & Equivalent — 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vast EFTA00195213

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Con Bear, Stearns & Co. Inc. One Mebane preg hers 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 | | EPSTEIN INTERESTS 4 ofS STATEMENT PERIOD THROUGH Your Portfolio Holdings ACCOUNT NUMBER CASH & CASH EQUIVALENTS TAPAYER WOMEGR LAST STATEMENT NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE ANNUAL INCOME YELD (%) CASH BALANCE BEAR STEARNS PRIME MONEYFUND = BSMXX 819,858.46 1.0000 819,858 7,379 0.9000 DIVIDEND REINVESTED EST, 30 DAY AVG YIELD_.9100% TOTAL CASH & CASH EQUIVALENTS $823,316 $7,379 EQUITIES Equities & Options ACCT WAARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRIEE VALUE ANNUAL INCOME YELD [%} BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options $O $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $7,379 YOUR PRICED PORTFOLIOHOLDINGS $823,316 027 (06/2904;12:32 001 vast May 1, 2004 May 28, 2004 On File April 30, 2004 EFTA00195214

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | EPSTEIN INTERESTS 5 os STATEMENT PERIOD May 1, 2004 THROUGH May 28, 2004 accout nuvecr TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT — April 30, 2004 Transaction Detail DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 05/01/04 OPENINGBALANCE 819,251.47 05/03/04 DIVIDEND BEAR STEARNS PRIME MONEY 073921819 606.99 MARKET PORTFOLIO CL ¥ RECORD 04/30/04 PAY 04/30/04 MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00 JARKET PORTFOLIO CL Y Mi CUSIP CHANGE 05/03/04 EXCHANGE BEAR STEARNS PRIME MONEY 073921819 -819,251.47 MARKET PORTFOLIO CL Y A000886 TO AN00S42 SI ANGE osi03/04 JOURNAL BEAR STEARNS PRIME MONEY FUND BSMXXx 606.99 CUSIP CHANGE 05/03/04 EXCHANGE BEAR STEARNS PRIME MONEY FUND BSMKx 819.251.47 A000942 FROM A000886 CUSIP CHANGE 05/28/04 CLOSINGBALANCE 819.858.46 TOTAL $-606.99 $606.99 ****** End of Statement****** 027 (06/2904;12:22 001 vaa1 EFTA00195215

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York New York 10179 | | EPSTEIN INTERESTS ACCOUNT EXECUTIVE —ZICHERMAN, IRA STATEMENT PERIOD April 1, 2004 TeepHone = THROUGH April 30, 2004 VISIT OUR WEBSITE wow.bearstearns.com account numccr = What’s In This Statement sell Dccldesclebdllbedbalolalbaldbatalel TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 Financial Summary ,. ‘ 3 EPSTEIN INTERESTS Your Portfolio Holdings . . 4 DTD 12/26/91 Transaction Detail .......sscessseessseseseeees 5 JEFFERY E EPSTEIN & MARKL * Fund Activity ssssssssssesssssessesssesaniaes 5 EPSTEIN & WILLIAM ELKUS TIEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Your Portfolio at a Glance Market Value of Your Portfolio $822.709 MONEY MARKET FUND BALANCE 819,251 WM conentmakctve = t—“‘i‘sS*S*~™” corres sn BEB Last ae oements sreket value NET EQUITY LAST STATEMENT 822.068 CHANGE SINCE LAST STATEMENT 641 “This portfolio includes one of mom ungriced securties that are not refected in the Total Value of Securties 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. Ploase report any difference or nomrocaipt of checks of stocks, indicated as delivered to you, ‘This summary is for informational purposes only. It Is not intended as a tax document, % Client Senices at 800-634-1428; cr write to Clont Services at Bear, Steams Securities ‘This statemem should be retained for your records. See reverse side for important information. Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3869. Menten fants Ne won 027 05/01/04:13:17 001 v830 EFTA00195216

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS 2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05/01/04:13:17 O01 v830 EFTA00195217

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BEAR STEARNS 3 of OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Cash Flow Analysis Openi: Money Fund Amount Credited Money Fund THIS PERIOD Balance $3,458.06 641.38 $641.38 -641.38 Amount Debited . . $-641.38 Closing Balance $3,458.06 Cash Balance Summary OPENING CLOSING Cash 3,458.06 3,458.06 Net Cash Balance Income Summary THIS PERIOD YEAR TO DATE Dividends 641.38 1,900.23 Portfolio Composition Cash/Cash Equivalent 822,709 Total $822,709 027 05/01/04:13:17 O01 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 Your Portfolio Allocation Cash & Equivalent — 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. 830 EFTA00195218

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 405 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED ANNUAL INCOME (QURRENT DESCRIPTION PRICE YELD (%} CASH BALANCE SYMBOU'CUSIP QUANTITY BSMXX 1.0000 7,291 BEAR STEARNS PRIME MONEY 0.8900 MARKET PORTFOLIO CL ¥ DIVIDEND REINVESTED TOTAL CASH & CASH EQUIVALENTS 819,251.47 819,251 $822,709 $7,291 EQUITIES Equities & Options ACCT WAARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRIEE VALUE ANNUAL INCOME YELD [%} BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options TOTAL EQUITIES g $0 $0 g YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME YOUR PRICED PORTFOLIOHOLDINGS $7,291 $822,709 05/01/04:13:17 O01 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOO April 1, 2004 April 30, 2004 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT March 31,2004 EFTA00195219

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 5 os Transaction Detail MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION DESCAIFTION 04/01/04 OPENINGBALANCE 04/01/04 DIVIDEND BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y RECORD 03/31/04 PAY 0: 04 SYMBOUCUSIP QUANTITY PRICE 818,610.09 BSMXXx OEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 EPSTEIN INTERESTS STATEMENT PERIOD April 1, 2004 April 30, 2004 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT March 31,2004 (CREDIT AMOUNT MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00 04/30/04 CLOSINGBALANCE 819,251.47 TOTAL $-641.38 $641.38 f_™ (stop) ****** End of Statement*™***** 027 05/01/04;13:17 001 v830 EFTA00195220

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Soar, Stewme Securities Co a 7 Bear, Stearns & Co. Inc. One Metratech Center Nor BEAR nf orsinp one ae ala STEARNS New York. New York 10179 | | EPSTEIN INTERESTS ACCOUNT EXECUTIVE ZICHERMAN, IRA STATEMENT PERIOO February 28,2004 TELEPHONE THROUGH March 31,2004 VISIT OUR WEBSITE www.bearstearns.com . account xumccr = What's In This Statement walllliadhaobdalddbalalolslallalddbalald TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 Financial Summary . 3 EPSTEIN INTERESTS Your Portfolio Holdings . . 4 OTD 12/26/91 Transaction Detail .....ssssseeneres 5 JEFFERY E EPSTEIN & MARKL * Fund Activity ,, , 5 EPSTEIN & WILLIAM ELKUS TTEES Your Messages 6 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Your Portfolio at a Glance Market Value of Your Portfolio $822,068 neToREDT BALANCE 3.459 5 nn Ie eco. MONEY MARKET FUND BALANCE 818,610 HE current value mcr comry nes penoo ER {GBB Last statement’s market value NET EQUITY LAST STATEMENT 846,460 CHANGE SINCE LAST STATEMENT ~24,392 “This porticlio includes one or mom ungriced securties that are not reflected in the Total Value of Securties sand the Net Equity This Period. There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any difference cr nomreceipt of checks or stocks, indicated as delivered to you, ‘This summary is for informational purposes only. It Is not intended as a tax document, % Client Senices at 800-634-1428; cr write to Clont Services at Bear, Steams Securities ‘This statemem should be retained for your records. See reverse side for important information. Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-9869. 027 04/01/04;12:85 001 waza EFTA00195221

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 04/01/04;12:85 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vaza EFTA00195222

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR STEARNS 3 of6 383 Madison Avenue Cash Flow Analysis THIS PERIOD Openi: Money Fund 25,608.09 Balance $3,458.06 Amount Credited $25,608.09 Money Fund -608.09 Funds Withdrawn -25.000.00 Amount Debited $-25,608.09 Closing Balance $3,458.06 Cash Balance Summary OPENING CLOSING Cash 3,458.06 3,458.06 Net Cash Bal: New York, New York 10179 Income Summary THIS PERIOD YEAR TO DATE Dividends 608.09 1,258.85 Portfolio Composition Cash/Cash Equivalent 822,068 Total $822,068 027 04/01/04;12:85 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD February 28,2004 THROUGH March 31, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 Your Portfolio Allocation Cash & Equivalent — 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vaz3 EFTA00195223

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York. New York 10179 fl | EPSTEIN INTERESTS 4 of6 STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 Your Portfolio Holdings account numccr CASH & CASH EQUIVALENTS TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 NAARKET ESTIMATED (QURRENT DESCRIPTION SYMBOU'CUSIP QUANTITY PRICE ANNUAL INCOME YELD (%} CASH BALANCE BEAR STEARNS PRIME MONEY BSMXX 818,610.09 1.0000 818,610 7,449 0.9100 MARKET PORTFOLIO CL ¥ DIVIDEND REINVESTED TOTAL CASH & CASH EQUIVALENTS $822,068 $7,449 EQUITIES Equities & Options ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP Tre QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) BANPAIS SA-SPONSORED ADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options $O $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $7,449 YOUR PRICED PORTFOLIOHOLDINGS $822,068 oz? 04/01104;12:85 001 waa EFTA00195224

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 fl Le EPSTEIN INTERESTS 5 of 6 STATEMENT PERIOD February 28.2004 THROUGH March 31,2004 Transaction Detail account wucce | TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT —- February 27, 2004 DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 03/17/04 END WIRED 25,000.00 TOTAL $-25,000.00 MONEY FUND ACTIVITY DATE MOrDAY TRANSACTION DESCAIFTION SYMBOUCUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/28/04 OPENINGBALANCE 843,002 DIVIDEND BEAR STEARNS PRIME MONEY BSMXXx MARKET PORTFOLIO CL ¥ RECORD 02/27/04 PAY 02: 03/04 REINVEST BEAR STEARNS PRIME MONEY MARKET PORTFOLIO CL Y REINVEST PRICE $ 1.00 em nn nnn MARKET PORTFOLIO CL Y 608.09 03/17, 03/31/04 CLOSINGBALANCE 818,610.09 TOTAL $-608.09 $25,608.09 027 04/01/04;12:85 001 vaz3 EFTA00195225

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BEAR STEARNS 6 of6 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Your messages ‘i Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard and Poor's, The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments, Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues, We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your investments, Additionally, you may review this information online at the following NASD web site: http//veww nasdr,com/breakpoints_statement,asp ****** End of Statement™***** CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 ZT Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3.2 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $930.3 million and $967.8 million by approximately $2.4 billion and $2.2 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, o27 04/01/04;12:85 001 vaz3 EFTA00195226

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BEAR STEARNS ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE wew.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings . Transaction Detail ......s.ssesssesseresseeesees Fund Activity ,, Your Messages OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 uoann & w& Your Portfolio at a Glance NET CREDIT BALANCE MONEY MARKET FUND BALANCE 843,002 NET EQUITY THIS PERIOD $846,460 NET EQUITY LAST STATEMENT 845,809 CHANGE SINCE LAST STATEMENT 651 “This portfolio indudes one or more unpriced securties that are not refected in the Total Value of Securties 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. Please mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; of write to Clomt Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. EPSTEIN INTERESTS OTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio MME Current market value $883 Last statements market value ‘This summary is for informational purposes only. It is not intended as a tax document, CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 ‘This statemem should be retained for your records. See reverse side for important information. 027 022804;11:87 001 vaza EFTA00195227

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 02/2804;11:57 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS vaza EFTA00195228

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. a 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 EPSTEIN INTERESTS 3 of STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 accout nuvecr TAXPAYER NUMBER On File Cash Flow Analysis Income Summary THis PERIOD YEAR TO DATE — LAST STATEMENT January 30, 2004 OpeningBalance $3,458.06 Dividends 650.76 650.76 Money Fund 650.76 Amount Credited $650.76 Money Fund -650.76 Portfolio Composition $-650.76 Cash/Cash Equivalent 846,460 Amount Debited Closing Balance $3,458.06 Terrence Cash Balance Summary OPENING CLOSING Your Portfolio Cash Allocation Net Cash Balance Cash & Equivalent — 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. 027 (02/2804;11:57 001 va28 EFTA00195229

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 405 Your Portfolio Holdings CASH & CASH EQUIVALENTS MANRKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE ANNUAL INCOME _YELD (') CASH BALANCE BEAR STEARNS PRIME MONEY BSMXX 843,002 1.0000 843,002 7,671 0.9100 MARKET PORTFOLIO Ct ¥ DIVIDEND REINVESTED TOTAL CASH & CASH EQUIVALENTS $846,460 $7,671 EQUITIES Equities & Options ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP Tre QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) BANPAIS SA-SPONSORED ADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS Total Equities& Options $O $0 TOTAL EQUITIES $0 $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $7,671 YOUR PRICED PORTFOLIOHOLDINGS $846,460 oz? 02/28104;11:87 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD January 31,2004 February 27,2004 accoust numecr [S TAXPAYER NUMBER On File January 30, 2004 THROUGH LAST STATEMENT vaza EFTA00195230

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 EPSTEIN INTERESTS 5 os STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 Transaction Detail accout nuvecr TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT —_ January 30, 2004 DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 01/31/04 OPENINGBALANCE 842,351.24 MARKET PORTFOLIO CL Y RECORD 01/30/04 PAY 01/30) 02/02/04 REINVEST BEAR STEARNS PRIME MONEY SM 650.76 650.76 MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00 02/27/04 CLOSINGBALANCE 843,002 TOTAL $-650.76 $650.76 Your messages | Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard & Poor's, ** End of Statement** 027 02/28/04;11:57 001 va28 EFTA00195231

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE What’s In This Statement wow.bearstearns.com Financial Summary , Your Portfolio Holdings . . Transaction Detail ......s.sssseseseseeesees Fund Activity ,, ‘ Your Messages up & WwW Your Portfolio at a Glance NET CREDIT BALANCE 3,458 MONEY MARKET FUND BALANCE 842.351 NET EQUITY THIS PERIOD $845,809 NET EQUITY LAST STATEMENT 845,156 CHANGE SINCE LAST STATEMENT 653 “This portfolio includes one or mom unpriced securties that are not refected in the Total Value of Securties 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. Please report any difference or nomrecaipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-634-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 EPSTEIN INTERESTS DTD 12/26/91 JEFFERY E EPSTEIN & MARKL * EPSTEIN & WILLIAM ELKUS TTEES 457 MADISON AVENUE 4TH FLR NEW YORK NY 10022-6843 Market Value of Your Portfolio HE Current market value S888 Last statements market value This summary is for informational purposes only. It is not intended as a tax document ‘Ths statemem should be retamed for your records See reverse side for important imformation. oz? 01/31/04;09:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOO January 1, 2004 THROUGH January 30, 2004 account nuvecr TAXPAYER NUMBER On File LAST STATEMENT December 31,2003 va2s EFTA00195232

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/31/04;09:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS EFTA00195233

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of Cash Flow Analysis THIS PERIOD OpeningBalance $3,458.06 Money Fund 653.47 Amount Credited $653.47 Money Fund -653.47 Amount Debited $-653.47 Closing Balance $3,458.06 Your Portfolio Holdings CASH & CASH EQUIVALENTS Cash Balance Summary OPENING Cash 3,458.06 CLOSING 3,458.06 Net Cash Balance $3,458.06 Portfolio Composition Cast/Cash Equivalent $3,458.06 845,809 NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP PRICE VALUE ANNUAL INCOME YIELD (%} CASH BALANCE 3,458 BEAR STEARNS PRIME MONEY BSMXX 842,351.24 1.0000 842,351 7,581 0.9000 MARKET PORTFOLIO CL ¥ DIVIDEND REINVESTED TOTAL CASH & CASH EQUIVALENTS $845,809 $7,581 02? 01/31/04;09:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD January 1, 2004 THROUGH January 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT December 31, 2003 Your Portfolio Allocation Cash & Equivalent — 100% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. va2s EFTA00195234

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 405 Your Portfolio Holdings (continued) EQUITIES Equities & Options CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 EPSTEIN INTERESTS STATEMENT PERIOD January 1, 2004 THROUGH January 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT December 31, 2003 acct MARKET CURRENT DESCRIPTION SYMBOUCUSIP TYRE QUANTITY PRICE VALUE YELD (%) BANPAIS SA-SPONSOREDADR BPIBY CASH 20,000 Unpriced REPSTG 6 SER L SHS. Total Equities& Options $0 TOTAL EQUITIES $0 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $7,581 YOUR PRICED PORTFOLIOHOLDINGS $845,809 Transaction Detail MONEY FUND ACTIVITY DATE MODAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY OESIT AMOUNT (CREDIT AMOUNT 01/01/04 OPENINGBALANCE 841,697.77 01/02/04 REINVEST BEAR STEARNS PRIME MONEY BSMXXx 653.47 MARKET PORTFOLIO CL Y REINVEST PRICE $ 1,00 BEAR STEARNS PRIME MONEY BSMXx MARKET PORTFOLIO CL Y RECORD 12/31/03 PAY 12/31/03 INCLUDED IN 2003 1099 01/02/04 DIVIDEND 027 653.47 01/31/04,09:43 001 va2s EFTA00195235

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York. New York 10179 fl Le EPSTEIN INTERESTS 5 of 5 STATEMENT PERIOD January 1, 2004 THROUGH January 30, 2004 Transaction Detail (continued) ————— | TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT December 31, 2003 DATE MO'DAY TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT (CREDIT AMOUNT 01/30/04 CLOSINGBALANCE 842,351.24 TOTAL $-653.47 $653.47 Your messages | Excess SIPC Account Protection Update TZ The interest, if any, charged to your account during December 2003 was Effective February 16, 2004, the commercial insurer through which Bear, computed on the net debit balance through December 30, The interest, if any, Steams Securities Corp, obtains excess SIPC protection will change to charged to your account during January 2004 is computed from December 31, Customer Asset Protection Company (‘CAPCO"), a New York licensed insurance 2003. company. CAPCO has an A+ financial strength rating from Standard and Poor's, STOP ****** End of Statement™***** oz? 01/31/04;08:43 001 vaos EFTA00195236