EFTA Document EFTA01324532

Statements CONFIDENTIAL SDNY,,00355777 EF7A_0022R4. EFTA01324532 OLP8ZZOO- V1.43 OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Now York. New York 10179 STEARNS (212) 272-2000 ACCOUNT EXECUTIVE DCHEMAAN.TRA TELEPHONE (212)272-4189 VISIT CUR WEBSRE wowbecusteams.com What's In This Statement Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE 8RENAN Fund Activity 6 6100 RED HOOK QUATER B-3 O Your Messages 8 ST THOMAS VI 00802 TZ T I m Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD' 4.559.197 eau Equi valent Market Value of Your Portfolio $434.785 $415.505 NET CREDIT &NANCE 9 EVIAS S4.559.197 14,331,737 MONEY MARKET !MO BALANCE 434,776 Current market yaw r NET EQUITY 1141S OtR100 NET EQUITY UST STATEMENT 44,993.982 4,748.242 a lost staternmEs wankel who CHANGE SWCE LAST STATEMENT 245,740 _ 8LLSS£00 IND ANGS mr paYria KO.dets one tt non trortadi toasts est n rot rums ht. Tole Woe U Seturtes ow ve Nei Fehr Trie MM There are no 'Stop Loss* orders or other pending buy a sell open orders on Ale for your account. nue 'pert as, dnonrco a nweemiN et a.d or Mal. 6••Spleci as osi.erro to es, b <rW Sans. 603434-stn. or .ITS 5> art Swat at Ma Syr. tecutin Coe. Cm la•teln. Coto ton. &town Y 4410 amino oweccio nor W4«.. °AWED VASIMARY BUY &OM Seaga:. Grp. Ors lAatteCh Carat Surma Ni. Yet 11201.3859 JEFFREY EPSION STATEirthl YVII00 December 1.2004 THROUGH Ceeember 31.7004 mcceert kmatn 0313-212825 X72 boxPAKR WWII On Fie LAST STATEMENT Nwemter 30.2004 sErff Tor*every br hierrninot anew, Lot. o n fl unces sr Nor COWTsift. W.10 ee wow fa wee meow see revers. tide Sl.porbel Simons 027 01:01105.00'111 COI Important Message If any intonation regarding 2004interest. dr4dends. mIscelanecus income, gross proceeds a Signal &sue discount is required to be reported to the IRS for this account. a Consoltlated Form 1099 we be welled m you by January 31.200sor a 1042Sby Mardi 15.2005. EFTA01324533 0.1ARED 111/10JCal n WWOUX WACO SIASPARY tow Swarm Season Co',. One Wetter), Grit WS trod)" New York 11201.49 0212) 2724030 JEFFREY EPSTEIN 2 ce 6 I LV8ZZOO- Vida 0 0 F I C in z -H r _ 6LLSS£00 IN 9 ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 02> 01010600'.19 OM 91)61 EFTA01324534 O z ii5 m z -H r 08LSSEOCIN9- ANGS I8 b.) 1, ) 00 —J Is) BEAR STEARNS OFFICE SER.I1CM YOUR ACCOUNT Bear. Steams 6 Co. Inc. 3133 /Amason Avenue Now Yoh. New Yoh 10179 (212) 212-2000 3 oft Cash Flow Analysis Income Summary rum IlltS PER= XIM 10 DATE OpenIngBalance $3.540.00 CASOW433 18,271.11 105.627.30 Money Fund 592.82 emit Balance Ire 9.12 852.52 Dividenisinterest 17487.41 Total $18,280.23 9106.479.82 knoumCredited 918,280.23 Money Fund -21.811.11 Portfolio Composition Amount Debited S-21.811.11 CastVCaSh Egon-ant 434.785 Net Cash Activity -3.530.88 Equines 4,559,197 ciosin9Balance 59.12 Total 34.993.982 Cash Balance Summary ova acetic Cash 3.540.00 9.12 Net Cos/II:Salome $3,540.00 99.12 027 01/0105.00 II 001 o.wtD TIPIOKsh ITS VolinCLY OW1/203 StRataNARY Sac Stuns Stones Cap. AI mama tem NWT Omer Idat Yen 11201.3859 010 272.10:0 JEFFREY EPSTEI4 STAXestesa PrACO CeCernber 1.2004 THROJ:. December 31.2004 A0000.7 sihlea 038-28025 X72 'COP.:MR nouttr, On Flo LAST STATrueser Nosenstec 30.2034 Your Portfolio Allocation Cash a Eq.agaktgn 8% Equitres 92% WV.1.1 [wives 01.04 ONJ bin nee ten marce tocarba °menage derrnd Iron its 4020b runty vie.* yn Orreo vOSS EFTA01324535 rn IS IJ 00 -J U.) 0 ii C in r T8LSSEOCIND- ANGS BEAR STEARNS OFFICE SERVICING YOLK ACCOUNT Bow. Stearns & Co. Inc. 383 Madison Avenue New York. Now York 10179 (212) 272.2000 4 et Your Portfolio Holdings CASH & CASH EQUIVALENTS mono CASH BALANCE SYMBOL/CUSP 'unit ESTWAITO asREIC rzyt vALLE WHAM. tora YtU) 9 alAlittb notOUGH ITS WHOLLY awl® SUSSIDAIW Ow. Swim Saba, Cap. Ow trap! Caw Nap Itreektis. w Vat 11201.3839 PIP 2724000 JEFFREY EPSTEIN STATIOADif Pence Decanter 1.2C04 THROWN Defender 31.2001 ACCOuNT mallIM 038-20325 X72 TAWAYra mite On FL ;Air swear &Meter 30.2034 DREYFUS CASH MANAGEMENT-CL A Dtla miSMunDHAL SHARES EST. 30 DAY AVG YIELD 2.0100% TOTAL CASH & CASH EOUWALENTS 434.776.19 1.0000 430.776 7.391 1.7000 5434.785 57.391 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are Shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total tarn relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 — 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 a BSC rating is present. the name of an Independent. third-parry research provider and their rating may also be displayed. where such research is available. The various providers have normalized their ratings systems as follows: B - Buy: H - Hold: $ — Sell. 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 or 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 evadable to customers of Bear Stearns at no cost. Customers can access this research at w.w.bearsteann.com or can cal (800) 517.2327 to request that a copy of this research be sent to them. MAASS ACCT CSMATED MSS Xi DISCRIriThi SYYSCOMISIP rot MI ka WIC MS MO SELO W rig OlAVOITY P CANHORN CHEMICAL CORP CNCPF CASH 19 uniwiced FELCOR LODGING TRUST INC FCH CASH 2.000 14.6500 29.300 027 0101.05:0•11 001 ssis7 EFTA01324536 fLt8ZZOO- V.L.43 0 -n C in r _ Z8LSSECIO INS ANGS BEAR STEARNS OFFICE SEFMCNG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison MI MS New York, New York 10179 (212) 272-2030 S as Your Portfolio Holdings (continued) Equities & Options (continued) DESCRIPTOR SYMPOtILMSIP ACCT T11r COMM TRU MARKET VALUE ESTRUM) WPM ISCOME CURRENT REID IV GLENBOROUGH REALTY TRUST NC GUI CASH 2.000 21.2800 42.560 2.800 6.5789 BSC RAW: STOCK P/SECTOR IAN MOMENT SYSTEMS. L.LC. RATING: S COACHER REALTY TRUST-SBI GRT CASH 2.000 27.7100 55,420 3.846 6.9397 HRPT PROPERTIES TR•S81 HRP CASH 10.000 12.8300 128,303 8.400 6.5472 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 48.0000 92.000 5.760 6.2809 Sal JOHNSON& JOHNSON CASH 57.800 63.4200 3,665.676 85.892 1.7975 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH EATING: It KRAMONT REALTY TRUST KRT CASH 2.030 23.4000 46.800 2.800 5.5556 WTS LUCENT TECHNOLOGIES INC WTHW CASH 235 1.5800 371 DTP 12/102007 Pm PACIFIC RETAIL PROPERTIES PIP CASH 436 62.7000 27.337 946 3.4605 NC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 42.8000 76.783 3.875 5.0467 INVESTMENT TRUST-581 RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 32.2500 387.003 20.160 5.2093 TRUSTMO SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 7.6500 7.850 BSC RATING: STOCK PISECTOR In ATLANTIS RESEARCH RATING: 8 Total Equities& Options 54.559.197 5114.279 TOTAL EQUITIES 54.569.197 5110.279 CLF-ARE0 THROUCP. ITS %MOLLY OWNED 941SCARY leacSians Swain cos. ore Ilatobsch GPM MT IrOdtp, New Re 20 .MIS 1212/ 272.1003 JEFFREY EPSTEIN STATEMENT P1 00 DeCterber 1.2004 TPROLCIN DeCtintOr 31.2004 stomas RARER 030-280125 272 TAXPAYER PARA?Ot On nue LAST rrarrower roamers 30.2004 C417 01/01106:03171 COI wov EFTA01324537 0 m C in r E8LSSEOCIN9- ANGS IS b.) INJ 00 Lo Lo BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Wm Stearns & Co. Inc. 383 Waal Avenue New York. New York 10179 (212) 272-2000 60$ Your Portfolio Holdings (continued) YOUR PORTED: IONOLOINGSESTIMATED ANNUAL INCOME 5121.670 YOUR PRICED PORTFOLIOHOLDINGS 54.993.982 Transaction Detail INVESTMENT ACTIVITY 53171D104 PTE DAR lekklAC11011 OISCRPTKIK 511/80UCUSP 12(10104 .CJRNAt MS LUCENT TECHNOLOGIES VIC 11JIHN COP 12/1022007 WE 12/10107 CLASS ACTION SETTLEMENT TOTAL CLEARED 151110.30.4 rte Y8CA Cm1820 SIJISTOMRY Feu. Yawn SARA% 098 Ott 1.18:5388 Levy Ail Iroonr. Yort 1120.3859 012I 272.1000 JEFFREY EPSTEIN sunken Pt Wenn* 1.2004 151'083.4 Wert 31.2004 *Gown PA 038-28825 272 WAWA Age On Flo 11.83 825.11290/1 Nowerter 30.2004 0390 81.131;92 CR1CC 1.5.88110 235 MONEY FUND ACTIVITY POE 5.30.43 mask-nom DESCR1102.11 1201(01 OPENINGEWANCE 521/80UCUS. affirm FAlfL OM AMOUNT CREW 1.1011111 412.985.08 12/01(04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC7oc 3.540 1.0000 9540.00 DISTrtUTIONAL 92885% 12(01/04 DIVIDEND DREYFUS CASH MANAGEMENT-CL A MCI 592.82 PISTRUITONAL SHARES MONTHLY DNiDENO 027 OuOtakterin 001 VII? EFTA01324538 9LV8ZZOO- V1.43 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madiscm Avenue New Wyk, Ncw Yak 10179 (212) 272.2000 7 at Transaction MONEY FUND OUT Detail (continued) ACTIVITY (conned) natamcnow OF4209101 STIMOVOPLIP Tow 12/01/04 REIRIVEST DREYFUS CASH WJIAGEMENT-CL A Dia( INSTMJTCNAL SHARES EINCENO REINVEST 0 12/21/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A INSTITUTONAL SHARES OICU 12/31/04 CLOSINGBALANCE m C in r _ P8LSSECIO IND ANGS CUP® 1mR012304 ITS VAPOU.Y OPI.ED 90112.01ARY Ow. Shen Secullet 020+ Ore wereitcn Opus 1421T IledOrt. Nn It:n.11201-3859 Ixlb 232.1000 JEFFREY EPSTEIN PrArtmocr PPROO DeCtenbef 1.2004 71410‘UM OeCC"T 31. 2004 ICOX1111 imam 038-28825 172 TAXPAPOR Puusut On Fie LAST SIP.TEueNT lit/.Br-0w 30.2004 Otr PACE MO MOW 592.82 592.82 MOO APOON1 17.678.29 1.0000 17,678.29 434,77/3.19 TOTAL 5.21.811.11 5592.82 DIVIDENDS OAR CESCIMION roams, 01WITITI MR RI OEIrl 41401/111 MEER POMO 12/07/04 JOHNSON& JOHNSON JNI 57.800 0.2850 16.473.00 REC 11/18104 PAY 12/07/04 12(15/04 PM PACIFIC RETAIL PROPERTIES INC PNP 436 0.5425 236.53 REC 11/26/04 PAY 12/15/04 12(15/04 PENNSYLVANIA REAL ESTATE PEI 1394 0.5400 968.76 INVESMENT TRUSIGIN REC 12/01/04 PAY 12/15434 TOTAL 517.678.29 027 01/01.05.00 1.1 001 VIII EFTA01324539 WARE° 11.40-C44 RS Ala.LY OwNED $uBSOITAY 0 -n C in r S8LSSE00- 019- ANGS BEAR STEARNS OFFICE SERvICING YOUR ACCOUNT Beer. Steams & Co. Inc. 383 Madden Avenue New York. New Yon 10179 (212) 272-2000 8 a o Transaction Detail (continued) INTEREST CIAO DESOWITON 12/21/04 INTEREST ONCREOIT BALANCE ACCT 038-28825 01.37(40% 11121 12/20 TOTAL SevaiTUCUSP OUENTRY RATE IV M. San Sauna Can Oee manta After NanT 11,04” Nat 01 1201 3.52 c2In 2>2.1000 JEFFREY EPSTEIN STATEITEAT AIRCO December 1.2004 TATROutal COCembee 31.2004 AC0O)C Roma 038-28825 022 TAWAVER TAMER On nk Vii rrAregurr Alvorseet 30.2004 otter — CREDO NAOMI 9.12 59.12 Your messages Florida residents who own. manage, or control stocks, bonds. money market or mutual funds having a value of $250.000 or more for individuals or 5500.000 for married couples figng jointly must pay a tax on these items, called intangible Tat. by June 30 to avoid increased penalties. For Tax Returns and information. call the Department of Revenue at 1.800-352.3671. End of Statemnt As part of the National Association of Securities Dealers (NASD) Investor Education Program. you may obtain information on the NASels Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the intemet address which is winv.nasdr.com. In addition, a brochure explaining the Public Disclosure Program is ayaaable from the NASD upon request. 021 0031.0509. 10 001 EFTA01324540 TOiNaGUNO0 98LSSEOCIN9-ANCIS I8 IJ 00 -J 00 BEAR STEARNS OFFICE SFSMCM YOUR ACCOUNT Bear. Steams IS Co. Inc. 383 Madison Avenue Neer York, New Tot 10179 (212) 272.2000 CLEARED ISMCItal 11 ANCALY MOLD SLMSCMAY Se Simms Starts. Cap. ON MAntecn Cart NCTS eroMAN New NA 11201.814 Rib 2224eco JEFFREY EPSTEIN ACCOUNT EXECUTIVE DCHERMAN.RA TELEPHONE (212)272.4189 VISIT Out WEBSTIE wawbrwrstrams con What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF manta nos PERIOD' 4.331,737 NET CREDIT BALANCE 3,640 MONEY MARKET FUND BALANCE 412,965 STATEMENT SUMO OCMINE 30.2004 THROWN 575.venber 30.2004 ACCOUNT PluteER 038-28825 X72 7MPAYM muweel1 Cn Fp LAST STATEMENT October 29. 2004 JEFFREY EPSTEIN CM FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUMIR B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cam a Ecwwient 1416.505 5412.417 Cowries 54.331.737 54,151,910 INT ROWTY INti PERIOD $4.748,242 NET SNIT( LAST STATEMENT 4.564.327 CHANGE SINCE LAST STATEMENT 161915 paible Adam or a vested teas wan Na MA AS n We eel ma 0 Sauna awl PA Net Earn Tim •e There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. aceas NAM AN an a tiesacem al Swab a mem MEOW at Mamma Nu 874-4 areas M .0041.44I : a vain GUN Sasso* We Stows Swim Cap. COm Sams. Car NAT IftemM. NY. 1120, 340 Current market take OE Last statements market yaw nts Inniry is fty ww-owei Nepatm by. Win% Medea as a tax Saallast Pt lesser void be reamM' ?COW Matt SOO Men Y1 e, nowt Mannabm 027 12A1/04;1442 MI warm EFTA01324541 CW. THROLGm ITS A40Cu.)? Ci,ED 84.1804.AY 86r. Swans St0J/COS co.l) Cnt1Atuouch Croy Net Ilmotbr) /18.? Yon 11201.3869 (212) 272.10:0 JEFFREY EPSTEIN 2 6/AIZZOO- V.L.43 0 0 T I C in z -H r _ aLSSECIO IN9 ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 12101/01:14,82 001 4168 EFTA01324542 08178ZZOO- V1.43 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New Yak. New Yoh 10179 (212) 272.2000 3 Cash Flow Analysis MIS PRIG° Income Summary nil NO AM 10 OAK OpeningEtalance Maley Fund $653.29 548.28 Ceriderds 4.088.28 Credit Balance Int. 0.00 87.356.19 843.40 C) Deiderdsenterest 3.540.00 Total $4.088.28 $88,199.59 0 Amount Credited $4.088.28 z Money Fund 1.201.57 Portfolio Composition m Amount Debited 11.201.57 CasNCasn Equealent 416,505 Net Cash kelt 2.888.71 Ecaates 4.331.737 C rn z -H Closin98alance Cash Balance Summary $3,540.00 Total $4,748,242 OPOOK CtOSINO r Cash 853.29 3.540.00 Net Cash Balance $853.29 $3,540.03 _ 88LSSECIO INS ANGS 027 12/01/06:1•>42 001 =AIMS THROUOM ITS ',MOLLY OVMED SIJOSOARY Owe Poem Se0Sbn cOne. RIM Ileattech Car WU WOW" Kew Yet 112014259 (2121272.1059 JEFFREY EPSTEIN STATIONAT PERKO October 30.2004 THROUGH Novernber 30.2004 Whet, mutate 018.28025 172 TeAPArtft NIA/UR On File LAST STATDALAT October 29.2004 Your Portfolio Allocation Otln& Egismient-, 8% Equities U-s603.4 pt.WARI Rani* 001 RHAtOt mite net rya! wallas. The sillea, p.r. teas,' 4eReol cure otesoMe maRRI %W» e4 rat error. LUSA EFTA01324543 Igt8ZZOO-V.L43 0 -n C in r _ 68LSSE00 IN9 ANGS BEAR STEARNS OFFICE SERWCING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madisen Avorue New York, Nov York 10179 (212)272.2000 Your Portfolio Holdings CASH & CASH EQUIVALENTS DITSCRIPPON CASH BALANCE SRASCIUCUSEP WAICET ISM= CURRENT CANXITTE MICE VALUE AMC4L &CAE REED Oa 3,540 MIMEO TwROVIET rts WHOLLY ONINO cssgwn Bac sires Sparta; Cap. OM METES. Cars NEAP B000tlyrt Nat Net 11201.3859 04+04 212-1COD JEFFREY EPSTEIN STATE:MET PRRIO0 amber 30.2004 WON Pbsnbe 30.2004 ACCOUNT RASPS 038-29825 172 TAXPAYER nurAlet On rile EAST STATOTENT WOW 29. zoo< DREYFUS CASH MANAGEMENT-CL A DICXX INSMUTIONAL SHARES EST. 30 DAY AVG YIELD 1,8400% TOTAL CASH & CASH EQUIVALENTS 412,965.08 412.965 6.607 1.5999 $416.505 S6.607 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's 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: 0 — 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 065N/eight MW // Market Weight: MU Market Underweight. In cases where a 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 have normalized their ratings systems as folows: B Buy: H Hold: S - Sell. The ratings information contained herein is for infomiaticnal 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 mwtbearstearns.corn or can cal (800) 517.2327 to request that a copy of this research be sent to them. DESOUPPON CANHORN CHEMICAL CORP Pal MIRA° ESTlienttD CLIVIENT STRIBOIXTESP nH °LWOW EWE V.111( MOOS INCOME TRU 00 CNYF CASH 19 Uteri:so FELCOR LODGING TRUST INC FCH CASH 2,000 12.9400 25,880 027 12/D101;1402 COI wait EFTA01324544 1, 1 IJ IJ 00 00 IJ TZ 1 1 in r 06L55£00- IND- ANGS BMR STMRNS OFFICE SERVICING YOUR ACCOUNT Beet. Steent & Co. Inc. 383 Madison Avenue New York New Twit 10179 (212) 272-2000 Sal Your Portfolio Holdings (continued) swag.« PeP3O2 ~MGM CRopixt 3O.2OO4 Weber 3O.2OO4 ACOCOrt MAAR 038-28825 X72 TAXPAVC, ~A On re Equities & Options (continued) Lair nArcwrwr Wet« 29.2OO4 ACCT WARICR 15MA= CURACHT DESOPPTION 511.01.00151P lYPE OUAITTY POKE YAI.Ut ièrek PCOW TKIanN GLEN80ROUGH REALTY TRUST WC GIB CASH 2.000 21.8400 43,680 2.800 6.4103 BSC RATING: STOCK P/SECTCR MW SABRIENT SYSTEMS. L.LC. RATING: H GLSACHER REALTY TRUST-SW GRT CASH 2.000 26.9500 53.900 3.846 7.1354 HRPT PROPERTIES TR461 HRP CASH 10.000 12.0900 120.900 8,400 6.9479 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 44.9400 89.880 5.760 6.4085 Sst JOHNSON& JOHNSON 110 CASH 57.800 60.3200 3,486,496 65.892 1.8899 BSC RATING: STOCK P/SECTOR MW 81.ICKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 20.1200 40.240 2,600 6.4612 PAN PACIFIC RETAIL PROPERTIES PAW CASH 438 59.3000 25.855 946 3.6589 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.7500 73.106 3.875 5.3005 emalmEm TRUST-S8t RAACO GERSHENSON PROPERTIES RPT CASH 12.000 30.4300 365,160 20,160 5.5209 TRUST-MO Sal SIRIUS SATELLITE RADIO WC SIRI CASH 1.000 6.6400 6.840 BSC RATING: STOCK 0SECTOR MW ATUNTIS RESEARCH RATING: Et Total Equities& Options 54,331.737 5114.279 TOTAL EQUITIES $4.331.737 $114.279 CUARLO n«01.ral RS nMOLLY Cij011). SMOORY Bet. Sun Swan Corp. One Yeas& Cann, Pilknh BaNIL Piet Tot 11202.3149 WO 272.1000 JEFFREY EPSTEIN OPT 12081/04:14:42 001 110615A EFTA01324545 CLEARED TI4ROUG4 ITS WHOLLY GANES Suinsaunv £8178ZZOO- V.L.43 0 ii C in r _ T6LSSECIO INS ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Be& Steams b Co. Inc. 383 Madison Avenue New Yoe*. New Tom 10179 (212) 272.2000 6or Your Portfolio Holdings (continued) YOUR PORTFOL IOHOLDI NGSESTI MATE D ANNUAL INCOME $120.886 YOUR PRICED PORTFOLIOHOLDINGS S4.748.242 Transaction Detail MONEY FUND ACTIVITY RATE wow tweneenas DESOIIMICN SVMSOLCUSIP OUANTrx KC( CENT lA10011 CSOAT MOUNT 10130/04 OPENINGBALANCE 411,763.51 11101104 DMDEND DREYFUS CASH MANAGEMENECL A DIGS 548.28 INSTITUTIDNAL SHARES MONTHLY DAADEND 11811/04 REINVEST DREYFUS CASH MANAGEMENT-CI. A Den 548.28 548.28 INSrtrunDNAL SNARES DIVIDEND REINVEST 11/02104 BOUGHT DREYFUS CASH MANAGEMENT-Ct A 09:10I 653.29 1.0000 653.29 945ITIUTIONAL seines 11130104 CLOSINGBALANCE 412,965.08 TOTAL 5-1.201.57 5548.28 Y. Sand Searbes Cap. are SernetcS Cove MCA It000n. Now Valt 112014059 1212) 272.1003 JEFFREY EPSTEIN STATISAOrt KIM° WOWS 30. 2004 11100001 *vette 30. 2004 ACCCtie .2.0ISER 038.28.825 X72 TAX/001R mantes On PI* UST irrAmme October 29.2004 027 12.01/34:14:41 001 EFTA01324546 t8P8ZZOO-V.L43 0 -n C rn r _ Z6LSSECIO IND ANGS BEAR STEARNS OFFICE SERVICINS YOUR ACCOUNT Bear. Steens & Co Inc. 383 MarMon Avenue Nov York. New York 10179 (212) 272.2000 7 el Transaction Detail (continued) DIVIDENDS OA1E CIESCRI111011 11/19104 HOSPITALITY PROPERTIES TRUST Sal RE 10/22/04 PAY 11/19104 STIAIOUCUSIP HPT GEARED memo. Its yneXaY °MAW Su1SAXARY Sew. Steam Seo.rtleS cop One Pletntecn Cron Math SrectO" Ape Ten 1120'3959 .2121272.1020 JEFFREY EPSTDN STATEbtEla PERM 02102.1 30. 2004 THROVE*. Noardner 10.2004 preemter 74./111W 038-28825 X72 TAXPAYER MASER On Fle tAST ;TAM A"? Weber 29.2c04 WHIM ROE IA 0W MAW CREW APP12/1 2.000 0.7200 1.440.00 1122/04 HRPT PROPERTIES TR-SBI HRP 10.000 0.2100 2.100.00 REC 10/22(C4 PAY 1122.04 TOTAL $3.540.00 STOPI End of Statemon 022 12/01/04:14:42 001 YEW EFTA01324547 S8P8ZZOO-V.L.43 O m C m D r _ £6LSS£00 IND ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 %/Mason Avenue New York. New York 10179 (2121 272-2000 ACCOUNT ExECUTNE EICHER:MANTRA TELEPHONE (212)272.4189 VISIT OUR wEBSITE nww.bearstearns.com What's In This Statement Financial Summary 3 Volt Portfolio Holdings 4 Transaction Detail 6 Fund Aaivity 6 11...11.,.1..1.11 III JEFFREY EPSTMN 010 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VAWE OF SECURRES THIS PEROO• 4.151.910 NET CREDIT BALANCE 653 MONEY MARKET FUND BALANCE 411364 Cash & umiak,* 5412.417 $404,613 NET ZOOM TIM PEMOD $4,564,327 NET EQUITY LAST STATEMENT 4,426,431 CHANGE SINCE LAST STATEMENT 137,897 "Psi conim rotas ena w amen star warns Swann needle/re. Total vita d Sisotaie ad IM Ml To.* ml Prod There are no 'Stop toss' ceders or other pending buy or sell open orders on file for your account. C— Wes* ,or. *Ay <AA tAce VwortA d awn sr .ass Nolo, as stanza ss rob ti Ott Osman M I10.5.14-142t co tan z Otte &woos M kw, Sroaris Setartzs coz. Ora V..vsn Conw soli, emir. Nv. ,,:o,.3nsa 54.151.910 54.021.818 Mil Current market Sue U LOU stateranrs market ...IL* Tha yarn ,c ro• iforinaloui tuasola OS kb rot Seed at S las Cant The vr men wear et manta ft vat ream* See rewre •Oefeentntun 017 13.3004 11 50 COI =ARID THROWN Ill VnielLY OWNED SLeStiAllY 005 Steen SONOW. Corp Ote lailtIOSedi Was abnn &vat" me. York 11201•$19 12121212.1000 JEFFREY EPSTEIN Frog VT Pace October 1,2004 itwOuOti October 29. 2004 ,bear SNSLR 038-28825 372 TAY/AVM WOW. On F4e LAST STATTaltsi Septeirter 30.2004 1984 EFTA01324548 CLEARED atm ITS WHOLLY OVINED SUISOMRY Nat San Smells - Olt iletretech a Myth Omit" Kea Yart 11201-31739 0!1D 2721WD JEFFREY EPSTEIN 2 ca 98t8ZZOO- V.L43 O z -n C in z -H r _ t6LSS£00 IND ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 lOrKtilll 100 001 %IN EFTA01324549 MIMEO *Hawn trl) WA= 0010 909.140011E L8P8ZZOO- V.L43 BEAR STEARNS OFFICE SERVICING 'NOR ACCOUNT Bear. Stearns a Co. Inc. 303 Aladison Avenue New Yak. Nee York 10179 (212) 272-2000 3>p Cash Flow Analysis mG H900 Income Summary 110511011C0 YEAR TO DATE Opening Balance 5115.78 Cimdends 7.800.84 83267.91 Credit Balance Inc. 3.29 843.40 Money Fund 449.24 Dinclends/Inutest 7.354.89 Total $7.804.13 584.111.31 0 z -n Amount Credited Money Fund Amount Debited 57.804.13 -7.266.62 5-7.266.62 Portfolio Composition Cash/Cash Equivalent 412.417 Net Cash Acton). 537.51 Equities 4.151.910 C in z Closirig8alaace 5653.29 Total 54 564 327 r _ S6LSS£00 INS ANGS Cash Balance Summary OF0010 CLOSING 115.78 653.29 Net Cash Balance 5115.78 5653.29 027 10/3004:11.50 001 Bor. Swim Savlin Cap. Cot 14ttetetch Ca Molt 0,70" New Ton 112014859 COO 272.1031) JEFFREY EPSTEIN STATSION P01103 October 1.204 "es 00.0bet 79.2004 ACCOJIrt MAIM 035-28825 x72 roman" roan On Fit LAST STATE9ENT September 30. 2004 Your Portfolio Allocation 91% U-savded pence. elowee OS balms. (4b Col mnti *as 'Pm Norte peeuelme a dame, kw, Ire .0400,4 wawa wake a Ye/ cattle EFTA01324550 0.EAREO THROLM ITS Orent0 MUMMY 88P8ZZOOV.L43 0 0 -n C rn r _ 96LSS£00 IND ANUS BEAR STEARNS cfnCE SERVICING YOUR ACCOUNT hew, Stearns a Co. Inc. 383 ',radix= Mime New vorit New York 10179 (212) 272-2000 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIMON CASH BALANCE SYMOUCU90 MUCCI I318MTtD CU NT CAUAN110 MU VeLUE MNIMOCOM TEED 00 653 Ow. Sums Saville Cap. Cat Weemen Carew 14tne Itecirre Nes at 201 S859 Ina ZY01CCO JEFFREY EPSTEIN STAIIMPIT PEROD October 1.2004 991100314 October 29.2004 ACCOURT hIACIPS 038-28825 X72 TAXPAYER µ1W On Eie tar eratorert swamp% 3o 2004 DREYFUS CASH MANAGEMENTCL A (ECU INSTMJnormi. SHARES EST 30 Oa Ave vino 1.6300% TOTAL CASH 5 CASH EQUIVALENTS 411.763.51 1.0000 411.764 5.765 1.4001 5412.417 45.765 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's 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: 0 - Outperform; P - Peer Perform: U = Undercerfam. 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 Ovenrright MW - Market Weight MU = Market Underweight. In cases where a BSC rating is present, the name of an independent. third-party research provider and their rating may also be displayed. where such research is avaiable. The various providers have normalized their ratings systems as follows: B - Buy: H Hold: S Sell. The ratings information contained herein is for informational purposes only and Is not intended to provide tax, legal or Investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent. third-party research provider. The syrribol indicates that continuing coverage of the sut*ect company is temporary 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 twiethearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. OESC0PM11 CANHORN CHEMICAL CORP MET WRICET ISMATED EtfeRINT M11010190 ME 001M0V MCI VALVE A/0111AL MEOW 11,10 OP CNCPF CASH 19 Unpiced FELCOR LODGING TRUST NC FCH CASH 2.000 11.6200 23.240 BSC RAMC: STOCK 0/SECTOR NW GREEN STREET ADVISORS. NC. RATING: S NTT 1000KM:11SO 001 EFTA01324551 GEARED MACMA, re. mOtLY 0153RD ALSSMART 68178ZZOO- V.L.43 0 -n C in r _ L6LSS£00 INS ANGS BEAR STMRNS Cilia SERVICING YOUR ACCOUNT Beet. Steams & Co. Inc. 383 Mattson Avenue New York. New York 10179 (212) 272.2000 5 Cit Your Portfolio Holdings (continued) MAP-Wm reROo ¶t*Cun OCM.tt 1.2004 Or.oxr 29.2004 Accouut rouse, TAXPAYER AMMER 03828425 472 on He LAST STATMENT Segember 30.2004 Equities 8 Options (continued) ACCT waxtf ESIMATED CURRENT CCEMPTAN SIESOUCLISP ME OtIMArt PRICE VMIA AANJA1PcC011t TEM 00 GLENBOROUGH REALTY TRUST INC GL8 CASH 2.000 21.0000 42.000 2.800 6.6667 65C RATING: ST= ThSECTOR MN SAPIENT SYSTEMS. LLC. RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 25.8200 51.640 3.846 7.4477 HRPT PROPERTIES TR•SEll HP CASH 10.000 11.1900 111.900 8,400 7.5067 HOSPITAUTY PROPERTIES TRUST HPT CASH 2.000 42.8500 85,700 5.760 6.7211 Sal JCHNSON& JOHNSON 3Nl CASH 57.800 58.3800 3.374.364 65.892 1.9527 BSC RATING: STOCK PMECTOR MW BUCKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 18.8600 37.720 2.600 6.8928 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 56.6500 24,699 946 3.8301 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.5500 72.747 3.075 5.3267 RIVESTME101RUST.S8I RAMCO GERSHENSONPROPERTTES RFT CASH 12.000 27.0000 324.000 20.160 6.2222 TRuST.mD SFS SIMUS SATEUTTE RADIO INC SIRI CASH 1.000 3.9000 3.900 BSC RUNG: STOCK OIECTOR NW mums RESEARCH RATING: H Total Equities& Opt iom 54.151.910 4114,219 TOTAL EQUITIES $4,151,910 $114,279 ear. Mans Semt4s Co.. Ox Yertnech Cora NM lirontr we. 00 20 11159 M21272.1000 JEFFREY EPSTEIN 021' 10/3004.1110 001 VI 64 EFTA01324552 0 z ii C in z r 86LSSE00- 019- ANGS IS IJ V.) 00 8 BEAR STEARNS DIME StRVCING YOUR ACCOUNT Bear, Steams & Co. Inc. 383 kamison Atilt* Nes York. New Yak 10179 1212) 272-2000 6 of? Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUM. INCOME $120.044 YOUR PRICED PORTFOLIONOLDINGS $4,584,327 Transaction Detail MONEY FUND ACTIVITY CLEARS) TWIOurin ITS WHOLLY OWNED Sullf00000 w. — SEtallies cap. aN lAsted1CArresier0 4A:000‘ New Tort 11201.1109 RIZ 272.1070 JEFFREY EPSTEIN STAIIETITO Irfar00 OROS 1.2004 DEPTC0on OCIEDEt 70, 2001 eeccuke Maw 038-2882$ X72 7.00•AYEA PAIEEDI On Ile LAST STATEMENT Sweater 30.2004 DATE MOSS IlLANSACIIDN IXECRIPIION SWIMMER WARN AtiOUNT CRICrt AMOUNT 10101/04 OPENINGEIALANCE 404.496.89 1001/04 DIVIDEND DREYFUS CASH MANAGEMENTCL A INSTITUTONAL eamect 449.24 MONTHLY ONCEND 10101/04 REINVEST DREYFUS CASH MANAGEMENT.CL A CCM 449.24 449.24 IHS1TTUT1OHAL sun/ OMOEND REIWEST 10/20104 BOUGHT DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL cHLICS DIEM 6.817.38 1.0000 8.817.38 10/29104 CLOSINGBALANCE 411.763.51 TOTAL $-7.266.62 3449.24 027 10•1004:1.10 CO1 Yen EFTA01324553 I 6r8ZZOO- Vida BEAR STEARNS OFFICE SERvICDJG YOUR ACCOUNT Bear. Steams & Co. Me 383 Madison Avenue Now Yak. Now York 10179 (212) 272-2000 7 4, Transaction Detail (continued) DIVIDENDS CUOMO TaRODOM ITS wapav OWMED ErarDaRY Bw. Suers Sean°, Cap. Ore moretech Corte Norm Duna% New Yet ¶1201.3119 am 272.1000 JEFFREY EPSTEIN STATFuE4T ;TACO 0c10ber 1.2004 nattatt. Weber 29. 2004 ACCOuNT rtaltit 038.28825 X72 lAxPAYER Huron Ca rAe LAST STAIIMINT Septiarter 3O.2OO4 0 -n DUE OFSOR/101 STIMMICUSP eumarn me n) aeon MOM MCC 11434011 10/01/04 RAMCO GERSHENSON PROPERTIES TRUST4AD SEU RFC 0920104 PAY 1091104 10/15/04 GLENBOROUGH REALTY TRUST INC SIC 10,01/04 PAY 1011S/04 10/15/04 GUMCHER REALTY TRUST-Sal MC 09/3044 PAY 10115/04 10)22/04 KRAMONT REALTY TRUST RECc0/24/04PAY1o32/04 RPT GLB GRT KRT 12.000 2.000 2,000 2.000 0.4200 0.3500 0.4808 0.3250 5.040.00 700.00 951.50 650.00 C rn z -H TOTAL 57.351.60 INTEREST DATE DESEDIPTION S11MEUCUSP Gummy DIX DEW MOM ERE,rt AD04141 10/21/04 INTEREST ONCREDIT BALANCE ACCT 03%26925 AT 01.12500% 09121 10120 3.29 r TOTAL 53.29 _ 66LSS£00 IND ANC'S End of Statement WO 1000041140001 V&A EFTA01324554 rn IS b.) 00 ,f; IJ -n C in r 008SSEOCIN9- ANGS BEAR STEARNS orra SERVICING YOUR ACCOUNT Boar. Steams & Co. Inc. 383 Madison Avenue New Yak. Now York 10179 (212) 272.2000 0.1MtE0 THROWN ITS vel4XLY 04,1(0 ELS140.49Y Bev Son Searlies fen kleinOte. Unit Wen Oroothil. 110.4 Yost 112014859 an; 272.10:0 JEFFREY EPSTEIN ACCOUNT EFECUTNE ZICHERIMMIRA STATEmBer PEF000 September 1.2004 TELEPHONE (212)272.4189 114001.40.14 September 30, 2004 vlSIT OUR WEBSRE www.tearsteams.com What's In This Statement Illrrlllrlllrllll I I At001101 MUMMA 038.28025 )(72 TAXPAYER 4.1414•014 On no Financial Summary 3 JEFFREY EPSTEIN VAT STATEliErT 01.9.nt 31.2004 Your Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund ActMty 6 6100 RED HOOK QUATER B-3 Your Messages 8 ST THOMAS VI 00802 Your Portfolio at a Glance TOTAL VALUE OF SECURMES THIS PERIOD' 4.021.818 Market Value of Your Portfolio EqAyIn 2404.613 $386.819 NET CREDIT BALANCE 116 EpulDel S4$.02128; 8 MONEY MARKET RAND BALANCE 404.497 4. 076 M i Gwent manic vibe NET EOUllY THIS PERIOD 54.426.431 SO Last statemenrs market yaks NET EQUITY UST STATEMENT 4,507.195 CHANGE SINCE LAST STATEMENT -80.764 4fha %ble Minn cno a non untool monks %V Na nfocio4 on. %us Vous et Swan oN W tyro Flury ny4 MW There are no "Stop Loss' cedes or other pending buy or sell open orders on tile for your account. Mom .4401 aryOreerto co no.N.ecste of cteon or aorta edeolodustNin< b you in Mon Bran 440-434.3421. at woo a CNN Somas yr ear Sin Santa CRP. 0.4 news. Carom wh. OtoNeyN 201-339) Pis s.rfray b be 1/14/0184.34•1 pates gay. a. r44 wonted ants, cloproot TN. lastante Medd be al/i4 brat Teats S44 meta 444 tee erpourt Ifannal.34 027 1001.'0407 40 COI ‘163 EFTA01324555 CLUJ'S° TWROL014 %WWI 01040 SuSSOMY Ow. Steam SKultin 0e wrote°, Orter P4Orth .",30" Mgr Vie 112010559 012127200W JEFFREY EPSTEIN 2 0 0 Tz C rn z r TO8SSEOCIA19- ANGS IS IJ 00 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 100104.07'0 001 V163 EFTA01324556 t6r8ZZOO-V.L.43 BEAR STEARNS OFFICE SERVICNG YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York, New York 10179 (212) 272-2000 3 a o Cash Flow Analysis NIS PERKO Income Summary Ns NM* KM TOOKE Oponing8alance $356,818.60 OMCKCIES 17,678.29 75,467.07 Credit Balance Mt. 115.78 840.11 DM:lends/interest 17394.07 Total $17,794.07 576,307.18 Amount Credited 51 7,794.07 0 Money Find .404.496.89 z -n Amount Debited Net Cash Active), 5-404.496.89 -386.702.82 Portfolio Composition Cash/Cash Equeelent 404.613 Equities 4.021.818 C rn z Closin9Balance Cash Balance Summary $115.78 Total $4.426.431 04CAPIC MENG Cash 386,818.60 115.78 r Net Cash Balance 5386.818.60 5115.78 _ ZO8SS£00 IND ANGS 027 1001 /OROS 49 341 MURK) 7/ *CORM ITS YeliCti.Y OAHE° 914/0/01ARY Best Sams Stoat. co.S On* 14•Uctecs Ceres Nan tottlys Moo York 11201.355.0 42121 272.10:0 JEFFREY EPSTEIN STANYENT PEROO Septerrta 1.2004 NROUGH SOINKTOK 30.2004 ACCOst47 MAKER 018-281125 1'72 TAXPAYER KAMER On flit MST rrArruner AKust 31.2034 Your Portfolio Allocation 1.14:4611: PeekV4 Mane Ns, TA] aMOCV NH. nine nun rti aloat r... c. ‘183 EFTA01324557 S6178ZZOO-V.L.43 0 -n C in r _ £08SS£00 INS ANGS BEAR STEARNS OFFICE SERI/ICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. Nett York 10179 (212) 272.2000 4 d9 Your Portfolio Holdings CASH & CASH EQUIVALENTS OESCISItei CASH BALANCE SIMIOL/COSP WW1 ESTIMATED Oltift0 0064/111Y Met YEAS NAM NOME YEW MI 116 =Tara 1140003,4 WNOtLY °MED ElLeSCLOTt Om. Steen Stant co.p ore 14.0t4n term liner Ilivol0. mos net 112010859 pia 272.10:0 JEFFREY EPSTEIN STATEMENT Pelb:0 Septeente 1.2004 THROutlx SI/Diener 30.2001 ADedrcT WL,14301 03a.TeeTS 472 TAXPAYER i4446ER On file LAST STATtmeST Auctilt 31, 2004 DREYFUS CASH MANAGEMENT-CI. A DID= INSTM1710NN. SHARES EST. 30 DAY AvG YEW 1.5500% TOTAL CASH & CASH EQUIVALENTS 404,496.89 1.0000 404.497 5.258 1.2999 5404,613 55.258 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's 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: 0 — 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 Under eight. In cases Mee a 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 have normalized their ratings systems as follows: B Buy: H - Hold: S — Sell. The ratings information contained herein is for informational purposes only and is not Intended to provide tax, legal or investment advice. Bear Steams 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 sutyect company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the rim's research is available to customers c4 Bear Stearns at no cost. Customers can access this research at vmw.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. KC, DESCASIXIN STMIKUCLISIP Mt CANHORN CHEMICAL CORP CHCPF CASH 19 MARKET 1311MATED 0.titen PRICE VALUE MIPS INCJOME YIDD (IM Unpriced FELCOR LODGING TRUST INC FCH CASH 2.000 11.3100 22.620 BSC RAliNGi STOCK WSECTOR IN! GREET: STREET ADVISORS. INC. RATING: S 027 100,04.0449 001 YW EFTA01324558 CLGARED 1140:40.4 ITS ymc4IY 0%.410 SOSSOLay 96178ZZOO- V.L.43 0 -n C in r _ PO8SSE00 INS ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Rem. Steams & Co. Inc. 383 Madison Avenue New Yak. New Yost 10179 (212) 272-2000 S STARbiewr psnICO 540440044 1.2004 THR0L0x SeVentle 30.2004 Your Portfolio Holdings (Continued) At'et.ta NLPASER 038.28825 172 TAXPAYER u.I.ER On He µST STATEMEXT ALepst 31.2004 Equities & Options (continued) par MARKET ESTPLAITA CURRENT DESCRVION 10490L0.391 nfl C00101,r MCC UWE &WM ,a MELON) GLENEIOROUGH REALTY TRUST INC GLB CASH 2.000 20.7700 41,540 2.800 6.7405 BSC RATING: STOCK P/SECTOR Lew SABRIENT SYSTEMS. L.L.C. RATING: H GLIACHER REALTY TRUST-SBI GRT CASH 2.000 24.3000 48.600 3.846 7.9136 HRPT PROPERTIES TR-S81 HPP CASH 10,000 10.9900 109.900 8.400 7.6433 I+DSPITALITY PROPERTIES TRUST HPT CASH 2.000 42.4900 84.980 5.760 6.7781 STU JOHNSON& JOHNSON HU CASH 57.800 56.3300 3,255,874 65,892 2.0238 BSC RATIC: STOCK P/SECTCR MW BUCKINGHAM RESEARCH RAMO H KRAMONT REALTY TRUST KRT CASH 2,000 18.6000 37.200 2,600 6.9892 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 54.1000 23.588 946 4.0105 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 38.6600 69,356 3,875 5.5871 INVESTMENT IRUST-SBI RAMCO GERSHENSONPROPERDES RPT CASH 12.000 27.0800 324,960 20,160 6.2038 TRUST.MD Sal SIMUS SATEWTE RADIO INC SARI CASH 1.000 3.2000 3,200 BSC RAMC: STOCK 0/SECTOR MN ARAMS RESEARCH RATING: H Total Equities& Options 44.021.818 S114.279 TOTAL EQUITIES 44.021,818 5114.279 bur Winn Stoat. Carp. 0-e titeoRtn Caner Rol, armor. Pam Tart 112014969 12121272.10:0 JEFFREY EPSTEIN 071 1001040149 001 1163 EFTA01324559 L6V8ZZOO-V.L43 BEAR STBMINS OFFICE SERVICING VOA ACCOUNT Bete Steams & Co. Inc. 383 Madsen Avenue New York, New Yoh 10179 (212) 272-2000 6 m Your Portfolio Holdings (continued) 0.EAREO IVACQ0.1 era vnt0.1.2 Date Sultencon9 8997. Seen Swann On One PANnescio Cann Awn hoe" Kew York 112014/59 (27ZI 273.120) JEFFREY EPSTEIN swerwerr PER7t0 Sancta 1.3005 71.193tKoo Sepernow 3D. 2004 ACCOUstt PeatieR 031928825 912 TaxrAvet 7.7A4bOt On Fit US' STA7047/T August 31.2004 0 z ii YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME 5119.537 YOUR PRICED PORTFOL IOHOL DI NGS 54,426.431 Transaction Detail MONEY FUND ACTIVITY C in DATE MOW TOPANSCIM OtS099110,4 SMAIOLCUS, Ow= P t OW MOW MOM MOW z J 00/01104 OPENINGBAIANCE 0.00 09/02104 BOUGHT DREYFUS CASH MANAGEmENTCL A DICIOt 366.919.60 1.0000 386.818.60 MSMuitiwit SHARES r 09/15104 FOUGHT DREYFUS CASH MANAGEMENT-CL A INSInutreat SHARES 0 17.678.29 1.= 17,678.29 1.1-• 09/3004 CLOSINGBALANCE 404.496.89 TOTAL 5404 496 89 SOBSSECIO INS ANGS 027 1001/0907 49 CO1 1163 EFTA01324560 ==INFO n*otgn ITS WHOLLY OWNED SuBSIOWtY 86t8ZZOO- V.L43 0 -n C in z J r _ 908SSE00 IND ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear Steams & Co. Inc. 383 Madison Avenue New York. New Tot 10179 (212) 272-2000 7 n9 Transaction Detail (continued) Ow. Stews Sautes tap. Owl wtaxech Cats Haw WpolOy4 Has vat 1120140S9 RID 7771000 JEFFREY EPSTEIN STATEMENT PERM September 1. 2004 11140V0H Seerrber 30.2004 ACCONfr ,aac 038,28825 X72 TAXpAYER MAWR On tie DIVIDENDS tar smerneur AWOM 31, 2004 DATE OtSCRIODDII SYWOUCUSIP OAWITY WE IS) car NAOMI CREDO MOW 09/07/04 JCOINSON & JOHNSON .841 57200 0.2850 16.473.00 REC 08/17/04 PAY 09/07)04 09)15/04 PAN PACIFIC RETAIL PROPERTIES INC REG 08127/04 PAY CAM Me PNP 438 0.5425 236.53 09/15/04 PENNSYLVANIA REAL ESTATE PNESTNENT1RUST.SBI REC 09/01/04 PAY 09/15/04 TOTAL f17,678.29 INTEREST DATE OLSCRIWKIN 4 Oa101-4 RATE (10 DEW AMOUNT MOO AIPCONT 09/21/04 INTEREST ON CREDIT BALANCE ACCT 038.28825 AT 00.81500% 08/21 . 09/20 70't_ 5115.78 Pa 1.794 0.5400 968.78 115.78 IN7 1001/01.01419 001 YOU EFTA01324561 66t8ZZOO- V1,43 0 m cim H r LO8SS£00 IA1D ANDS BUR STUARNS 017CE SERviMuG YOUR ACCOUNT Bear. Steams a Co. Inc. 383 Madman Avenue New Yak. New York 10179 (212) 272-2000 8 :is Your messages Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements: At May 31. 2004 and July 31. 2004. the Cunpanys net capital of approximately 53.6 billion and 53.6 billion was approximately 6.8% and 6.5% of aggregate debit items and exceeded the minimum regulatory net capital requitement or approximately S1.1 billion and 51.1 billion by approximately 52.5 billion and S2.5 billion. all respectively. A complete copy of the Beak 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 - toe free 1-866-299-9331. =MOD rssoucar rrs NMOLLY OW993 SUSSOW79 Sam Sten Socvnes Corp. Pre MaPetit!, Crieutv nee froclitr. reew Vat 11201.383, CM) :mime JEFFREY EPSTEIN $797EuEN7 r:EriOD Sememeer 1.2004 :warm syscriar 30.2004 ACCOLlir WISER 018-2882S X72 Tonvalt warm On Fie LA81 STATEMe.74, Auam 31.2004 Securities and other assets in your account are the frm's collateral for any margin loan made to you. If the securities and other assets in you account decline in value. so does the value of the collateral supporting your loan. and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member. in order to maintain the required equity in the attain. It is important that you fully understand the risks involved in trading securities on margin. These risks include the folowing: • You can lose more funds than you deposit in the margin account. • The firm can force the sale of securities or other assets in your account(s). • The firm can sell you securities or other assets without contacting you. • You are not entitled to choose which securities or other assets in you account(S) are liquidated or sold to meet a margin cal. • the lint can increase its 'house' maintenance margin requirements at any time and is not required to prOviCe you advance written notice. • You are not entitled to an extension of time on a margin call. 027 10•31391 07 49 031 V9S3 EFTA01324562 CLEARED traOvOs rs wriCus 09)./..0 stia$O1ARY 0 0 Tz r l C in z r 808SSEOCIA19- ANCIS 8 b.) 00 lr BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Mackson Avenue New York, New Yolk 10179 (212) 272-2000 9 of This statement is provided to explain Bear. Stearns & Co. Inc.'s MSC') payment for order Sow 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 (NBB0). BSC receives no cash payment or other consideration for such order rixtmg other than favorable executions or executions of limit orders at no additional charge. End of Statement tm. Swamp Seam's Cap. CROMPPROch Crag ISM &tab*. Mai Yang 1121)148S9 0 121 272.1000 JEFFREY EPSTEIN fassesta Pasco SOptOrbet 1.2004 THROUGH Sepwater 30. 2004 Acoomyr NISSER 018.2892s X72 TAXPAYER mimeo, On No MST STATEREST 4144V51 31.2004 Pursuant to SEC Rule 11Act .6. please note the following: Bear. Stearns & Co. Inc. will post its quarterly routing statistics at the following web link: http://www.bearsteams.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. 021 10001,0407s9 COI Val EFTA01324563 I 058ZZOO-V.L.43 0 -n C in r _ 608SSE00 IN9 ANC'S BEAR STEARNS OFFICE SERVING YOUR ACCOUNT Bear. Steams & Co. kic. 3B3 Mattson Avenue Neer York. New York 10179 (212) 272.2000 ACCOUNT EXECUTNE IICHERMANIRA TELEPHONE (212)272-4189 VISIT OUR WEITSITE wAw.bearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Your Portfolio at a Glance TOTAL VAUJE OF SECURMES TH6 PERIOD' 4.120.376 NET CREDIT 8.tithrt 386,819 llI.IlI,IIIIuIuIl I I JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK WATER 8-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cilh &Ft 81:1411.061197 kET EQUITY THIS PERIOD $4.507,195 NET MATT LAST STATEMENT 4.288,232 DOME SINCE IAST STATEMENT 218,963 TAR OATS inane tonna* VIVelad curs en an nu SWAM RDA on Van of 134/301n em Tit 1431 ER* Tin Pent mere are no 'Stop Loss' orders or other pending buy or sell open orders on He for your account. Pone rept, re Ofere, « r fl eet O. redo o liaCk), ree.i64 Cleeevete4 V eta. la Girt Seneeali r K0418, 128 o nr• U Cloy Sen44.• it Ito Ssnen3 Soars. Coy. On Wynn Ono ?Any 0•006yee NV 112:14 140 was 54.120.376 33.905.215 Curfew market vain VA teat marmots market eNue CLEARED ToolOuOm as wiOu. ovaeo SUES WOW Sm. Sul/MIS StenTlei ORR OS klartath Coto ktie, froc Now en 113014868 RIZ 272.1000 JEFFREY EPSTEIN sweat.? PO= July 31.2004 114104C41 Atqusl 31.2004 A0C.Oura ratite 038-2882S X72 TAXPAYER MAIM On FIB LAST STATOgra July 3D. 2004 Lev Tres sarenny IS In r/C/V.ibefeW 0.16.V60 ary 11 6 nX Tenn4 as a In </Can" VOL 'II @Rent VOA, be marks Ice y:to r«0 -03 Set myna An for metre itnranar. 027 c001,04 38 31 CO' 1883 EFTA01324564 CLENIE0 neam ITS %MOW OvniED buSSOWly bet Saes &whin Cs. ON linflown Cott Nem wade. Wit Tn 11201-3169 1712) 22L1000 JEFFREY EPSTEIN O z m cim z H r 0T8SSE00- O19- ANGS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 040104.09'.31 OO1 V062 EFTA01324565 0 z m C in z r IT8SSEOCIN9- ANGS I8 IJ 00 BEAR STEARNS MICE SERYCsiG YOUR ACCOUNT Beer. Stearns & Co. Inc. 383 Ma6non MONA New Yolk. New Yak 10179 (212) 272-2000 3 ale Cash Flow Analysis TIC PERIOD Income Summary ma. WAR TONT& Opening Balance $383,016.57 OlwdenOs 3.540.00 57.78878 Credit Balance lrit 282.03 724.33 CaNdendsanterest 3.802.03 Total 33,802.03 $58 513 11 Amount Credited 53.802 03 Net Cash Activity 3.802.03 CIOSin9Etalanco $386,818.60 Portfolio Composition Cash Balance Summary OPUMG ammo Cash 363.016.57 386.818.60 NetCash Balance 5383.016.57 5388.818.80 Your Portfolio Allocation CasIVCash Equivalent Eqtaties 386,819 4.120.376 Total 14.507.195 ',tow() THA0vOn (TS VEMEELLY MENTES SMESPANY MN AIMS SoMiles Ca 0-e ikamdi — I Irecatp. ftn rye 11201.3859 I2121272.1CCO JEFFREY EPSTEIN STATEMENT PINO3 Jul) 31.2004 TMONCEEE koust 31.2004 ACCOUNT ramBER 03%22821 X72 TMPAVER *MS4R On 1/4 MST STATMENT )80 30.2004 027 Case & EquIngen4n, 8% L Eµioes 92% Urshidlid pert0.4 04el• debt bare. Wilts 401 7.i4.1 Vita The rowan 70174400 seMe hen IN imam nat. ...74e 4 no, &NAM DA0104.C41111 COT V862 EFTA01324566 GEARED TITIOJOH ere mOLL OMICO SLBS/OMY -n C in r ZT8SSEOCIN9- ANGS IS b.) 00 BEAR STEARNS MCC SERVICING YOUR ACCOUNT Bear. Stearns & Co. Mc. 383 Madison Avenue New York, New York 10179 (212) 272.2000 4 Sc Your Portfolio Holdings CASH & CASH EQUIVALENTS WREST ESTI/AM ClIte0/1 DESCRIPOCT: SYMOLCUSIP auNITY PRIM VYIR WM WOK TM nu CASH BALANCE 386,819 TOTAL CASH & CASH EQUIVALENTS $386.819 EQUMES Sew Mans SetudiesCaP Olt FAMOsch Catat 100SM. Mr Ton 112014859 272/1COD JEFFREY EPSTEIN STATOREur Pam July 31. 2004 ne3uOm Augm 31.2001 ACOOlte NUIMIR 038.28825 X72 TosaweLR so.RER G Rik UST STAMM! Ay so. 2004 Equities & Options The research ratings fa Bear Stearns (BSC) are shown for certain securities covered by the Firm's 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: 0 = Outperform; P - Peer Perform; Ti - 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 etere a 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 have normalized their ratings systems as follows: B - Buy: H - Hold: S = Sell. 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 a opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage or 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 Steams at no cost. Customers can access this research at www.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. MOM URRE UrstnED NT DISCRIMON SNIANCRXIAR. 40:1 <AWRY nPE Ott MLR NOJUM. INCOME C 1/1110 co CANHORN CHEMICAL CORP CNCIIF CASH 19 Urpdced FELCOR LODGING TRUST INC FCH CASH 2,000 11,7100 23,420 BSC RATING: STOCK WSECTOR MW GREEN STREET ADVISORS, INC. RATA*: S GLENBOROUGH REALTY TRUST INC 01.8 CASH 2,000 20.4800 40,980 2.800 8.8359 BSC RATING: STOCK P/SECTOR MW saRlENT SYSTEMS, LLC, RATsiG: 027 C601/040831 COT 1162 EFTA01324567 5058ZZOO- VIda 0 -n C in r _ ET8SSECIO IN9 ANGS BEAR STEARNS OFFICE SERVICING YOUR ACCCONT Boar. Steams & Co. Inc. 383 Madison MOM* New Yak, Now York 10179 (212) 272.2000 5 :et Your Portfolio Holdings (contintod) Equities 8 Options (continuer!) CESZATTGN SIIIICUCOIP ACC WPC comely V IMESIT AUX ESTIMATED YAWL tO CURRENT MID(%) GUMCHER REALTY TRUST-S81 GRT CASH 2.000 25.3400 50.680 3.848 7.5888 HRPT PROPERTIES IW CASH 10.000 10.7800 107.800 8.400 7.7922 HOSPITALITY PROPERTIES TRUST sal IPT CASH 2.000 41.9500 83.900 5.780 6.8653 JOHNSON& JOHNSON JNJ CASH 57.800 58.1000 3.358.180 65,892 1.9621 BSC RATING: 5100C PISECTOR MW ITUCKloGHTM RESEARCH PANG: H KRMIONT REALTY TRUST KRT CASH 2.000 18.4800 36.960 2.600 7.0346 PAN PACIFIC RETAIL PROPERTIES PIP CASH 436 53.3900 23.278 946 4.0639 NC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 38.2600 88.638 3,875 5.6456 IWESTMENT TRUST-581 RMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.0200 324.240 20,160 6.2176 TRLIST4.40SBI SIRIUS SATELLITE RADIO INC SIM CASH 1.000 2.3200 2.320 BSC RATING: STOCK A/SECTOR MN ATLANRS RESEARCH RATING: H Total Equities& Options 34,120.376 3114279 TOTAL EQUITIES 34.t20.376 3114279 YOUR PORTFOLIO HOLOINGSESTIMTED ANNUAL INCOME 4114.279 YOUR PRICED PORTFOLIOHOLDINGS $4.507.195 027 OS0104.00 31 001 Ct/ARCO SIROI1371 Ra ?ACV. SASSO SUOSTOMY Ilew Suomi socumes Cap. One memo Crum Mn New PPII 11201.10.1 1212) 27201:00 JEFFREY EPSTEIN STATENENT PERIOD My 31.2004 TMAISJOAI Saga 31.2004 ACCOltif pA 038-26625 102 TAXPAYER Ma= CM Tie LAST STATU/CT My 36.2004 EFTA01324568 9058ZZOO-V.L43 BEAR STEARNS OFFICE SECNICING YOUR ACCOUNT Bear. Steams & Co. Mc. 383 Madison Avenue New Vogt New York 10179 (21 2) 272.2000 6 as 0 -EARED THROUGH MS WHOLLY Owe SUEODIART Sew Stens Saturda QYP QM Martoth WAR WAN Wooltp. Mu YRS 11201-3(00 12121 272.1COD JEFFREY EPSTEIN sulfur PCRCO API 31.2004 Aupat 31.2404 0 a l Transaction Detail DIVIDENDS DATE DESCRIPTOR SHASOUCLISIP GUMMY ROE (V OM PROM AGDOIRO wain 034-28825 72 TARRAYEle TWIASER On M LAST STATIMENT Ay 30.2004 On, maw 08/20)04 08/25/04 HOSPITALITY PROPERTIES TRUST SBI REC 07/22/04 PAY 082004 HRPT PROPERTIES TR.SBI REC 07/23104 PAY 0825/04 len 14RP 2.000 10 230 0.7200 0.2100 1.440.00 2.100.00 TOTAL 53.540.00 INTEREST DATE tESCRIPIOd STWOJO., OU4Orry RATE CM DISH MOM COCC MORO C in 08/23/04 INTEREST ON CREDIT BALANCE ACCT 03B-28825 At 00 .79436% 07/21 .CW20 262.03 r _ OT8SS£00 INS ANGS TOTAL $262.03 027 05O1O4D431 001 W62 EFTA01324569 0 z m C in z r ST8SSEOCIN9- ANGS IS IJ 00 trn 0 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. Now York 10179 (212) 272-2CCO ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE (212)272-4189 VISIT OUR vaBSITE wartbearsteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Your Portfolio at a Glance TOTAL VALUE OF SECURMES THIS PERCO* 3005.215 NET atE08 BALANCE 383.017 I I JEFFREY EPSTEIN GO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio cash 6 EctivaltoN $383417 S375.451 NOT UNITY Nils PERIOD 54.288,232 NET EQUITY UST STATEMENT 4.294.063 MANGE SINCE LAST STATEMENT -5.832 realsao edafin Cedi a era uecard Nora. no an rot newer, or an Tow Vane of Starner ant to Nal FO S./ TaS PM 01 There are no *Stop LOSS' orders a other pending buy Or Sell open orders on file for your account. P10.110 rearl Dy drefeVe 0, /01-lea ig vas 0, Toth. Kano as anon! nu aa Can &Nat t .603411, 101 era b awl se....c.s oat Mons &WIWI COIL One Naas, test NN.. arsar. NY 11X1.14Z0 Equals MO Data Merkel wax Ian SLIICITICCIrS rriattIX aloe $3.906.215 53,916.612 CLEARED THROU0/ 4 as -Aim. OM ID SullSOMY tear Stan Scullin Corn Cc* Neal Cons Yon &wenn New tot 1120141M 016 CWICCO JEFFREY EPSTEIN STATEMENT MOW My 1.2004 THROWN My 30.2004 Artotfra %Atm 038.28825172 TAYfrAYIR MAWR Fie LIST STATIWZNT /a 30. 2004 gtc Trn torrnry it IxMarmatnnal pfloses cny. b Mt neat as a lax Occunart anteranat troan to rotund In nor nottros sr. nye...* tar rental ononnenn 02/ 07:31.04.05 41 COI VISe EFTA01324570 ve rso Twouspi WNOLLY 006.0) SUBSIOVSY Bar. Sian Peruitin Cap. Oro 11001.10, Cotter Moth &WO" New Vet 11201.3419 (2123 222.1000 JEFFREY EPSTEIN a es 8058ZZOOV.L.43 0 z -n C rn z -H r _ 9T8SS£00 IA19 ANC'S STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,11/0401.41 C01 0969 EFTA01324571 BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 383 Madison Avenue New York. Nen York 10179 (212) 272-2CCO Cash Flow Analysis NIS PERIOD Income Summary THIS POMO TIMID OATC Opening Balance 5375.451.48 Dividends 7.351.60 54.248.78 Credit [(Sera Inc 213.49 462.30 DUldedLITIteltIt 7.565.09 — Total $7.565.09 554.711.08 Amount Credited 57.565.09 0 z -n Net Cash Actinly ClosingBatanoe 7.565.08 - • • • • - $383.016.57 Portfolio Composition CasMCash EquNalenl 383.017 Equities 3.905.215 C in Cash Balance Summary CROING CLISSIG Total $4.288.232 z J Cash 315.451.48 381016.57 Net Cash Balance 5375.451.48 5383.016.57 r LT8SSEOCIND- ANGS IS IJ V.) 00 S OPT 07131/04:06.41 001 <ASARCO TW0XICIR ITS WrIOLL 0VOIED SLISSOMY Ow. Stews Swain Cop. Ore Werotem Coeur morn Ortoen New Vol 1120b380 manna* JEFFREY EPSTVN STAISIahT PERKO My 1.21)04 notouc. My 30. 2004 AccotyrY SVP/BER 018.28425 En I/LIMNER MASER GI Ft LIST sTArcura An 70.2004 Your Portfolio Allocation U-4•Sa coe.ra WON Litt 'awe eab . mirk* ?Sat ne M. a' prsetime• PAM Pe 'NOM ___l 0 'Cur garble EFTA01324572 MARCO THROven :TS MOLLY Owl° SuSSIOVJV 0 I 58ZZOO- V1.43 0 -n C in r 8T8SS£00 INS ANDS BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Beer. Stearns & Co. Inc. 383 Madisco Avenue New York, New Yak 10179 (212) 272-2000 4 e Your Portfolio Holdings CASH & CASH EQUIVALENTS OILSCOPT:01 CASH BALANCE TOTAL CASH L CASH COUR/ALMS $383.017 S7VSOLCuSP Awecci CSOIMII0 CURMINT Cluralry PW "AWE AMPLY/ 'AC ',HID I%) 383.017 EQUITIES Gm. Slam Servitor Corp Ons Mooted' Cods ran lloPOn. Not Tot 1120t-M39 12121 272.1000 JEFFREY EPSTEIN /RAMON, PEROD Jury 1.2004 TIOIOU004 Jutj 30, 2004 xeccurr Kum 038-28825 X72 mxpAYDI MASSA On Cie IASI STA7TWNT June 30. 2004 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The fist 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: 0 = Outperform: P = Peer Pedant. U — Underperform. The second rating represents the rating of the coverage universe relatNe to the regional broader market index. The key For the sector rating is as follows: MO in Market Overweight: MW = Market Weight: MU — Market Undenveight. In cases where a 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 prodders have normalized their ratings systems as fOlCrtvS: B — Buy: H Hold: S = Sell, The ratings information contained herein is fa infamational purposes only and is not intended to provide tax. legal or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation a 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 mim.bearSteams.corn or can cal (800) 517.2327 to request that a copy of this research be sent to them. ACM EMOTED mem COMMON 311010113.50 Queirin "U ▪ ZI' Alia *COW VIELO N CAMIORN CHEMACAL CORP CNCPF CASH IS Uncricad FELCOR LODGING TRUST INC FCH CASH 2.000 11.4000 22.800 BSC RATING: STOCK U/SECTOR MY/ GREEN STREET ADVISORS, INC. ROM: S GLENBOROUGH REALTY TRUST INC GUS CASH 2,000 18.2800 36.560 2.800 7.8586 BSC RAnNG: STOCK P/SECTOR MW SABRENT SYSTEMS, LAS. RATIJG: 027 0701/04Alt41 CO? YMe EFTA01324573 I I 58ZZOO-V.L.43 0 -n C in r 6T8SS£00 INS ANDS BEAR OFFICE SERVICING YOUR ACCOUNT Bear, Steams & Co. Inc. 383 Maclean Avenue CLEARED 17000471 RS %nay OWnD SaiSOARY Beet Stirs nuns On Ora 11•004CJI One? N:071 DDRORt. Nn at 20 3515 STEARNS Now York. New York 1C 1 7 9 (212) 272.2000 I2127 272.1000 JEFFREY EPSTEIN 5 a e STAMEN! IMOD 1 71.2004 THROWN lute 3D, 2034 Your Portfolio Holdings (continued) ACCOONT Wad 038-2082S X72 Tannin MAMA On Fre Equities & Options (otetnueo) LAST Burner Jus 30.2004 ACCt wartr MIRIAM CURRTN1 MSC:WM MUMS tin OWNI174 Pen wag WAS INCOme YEW 01) GUMCHER REALTY TRJST.SB4 GRT CASH 2.000 21.6600 43.320 3.846 8.8781 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.0700 100.700 8.400 8.3418 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 39.8800 79.760 5.760 7.2217 Sal JOHNSON& JOHNSON JNJ CASH 57.800 55.2700 3,194,606 65.892 2.0626 85C RATING: STOCK FYSECTOR MR 131.1034GHANI RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 15.9000 31.800 2.600 8.1761 PAN PACIFIC RETAIL PROPERTIES Pte CASH 436 50.6000 22.062 946 4.2879 PC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 34.8700 62,557 3.875 6.1944 DNESTMENT TRUST-S81 RAMCO GERSHENSON PROPERTIES ROT CASH 12.000 25.7100 308.520 20,160 6.5344 TRUST-MO 581 SIRIUS SATELLITE RADIO INC SIN CASH 1.000 2.5300 2.530 BSC RATING: STOCK P/SECTOR MW ARANTIS RESEARCH PATNG: H Total Equities& Options 53.905.215 5114.279 TOTAL EQUITIES 53.905215 5114279 YOUR PORTFOLIO HOLDINGSESTIMATED ANNUAL INCOME $114,279 YOUR PRICEDPORTFOLI0,40L DINGS 54.288,232 027 07731/04011141 001 VSSI1 EFTA01324574 MEM= INEAMME %%4C..0~43 SuSINDVAY rn 8 b.) V.) 00 BEAR STEARNS MICE SERVICING YOUR ACCOI.Avi Bear. Steams b Co. Inc. 383 Madison Avenue New York. New Tat 10179 (212) 272-2000 6 d4 Transaction Detail DIVIDENDS Sm. Sian UNMAN c_ Ore IMMINN Corder PPM MEM. MA T44 11201.3$$$ I212) 272.1000 JEFFREY EPSTEIN STATIST Pfle00 APT 1.2004 TINACAME MS 30.2004 Accower wet 03S-28825 X72 TAXPAYER AMMER On Fie LAST STATEMENT NM 30.2004 0 -n DATE OISCRIDNI 91610110.5, Wynn RATE IS/ DOM MOUNT CMOS AVON! 07/01/04 07/15/04 07/15/04 07/2201 RAJACO GERSHENSON PROPERTIES TRUST4AD 583 REC 00/20104 PAY 07/01/04 GLENBOROUGH REALTY TRUST INC REC 07/01/04 PAY 07/15/04 GLIMCHER REALTY TRUSTS:6 RE 06/30104 PAY 07/15104 KRAWONT REALTY TRUST REC 06025/04 PAY 0722/04 RPT GU3 GRT KRT 12.COT) 2.000 2.000 2.000 0.4200 0.3500 0.4906 0.3250 5.040.00 700.00 961.60 650.00 C rn z -H TOTAL $7.351.60 INTEREST OAR CESCRIETEN SOMOUCLISIS COMM £41E 1111 DONE MICOXI LINER MOW 07/21/01 MEREST ON CREW' BALANCE ACCT 036.28525 AT 00.67573%06/21 • 07/20 213.49 r TOTAL S213.49 ONSSEOCIND- ANGS STOPI End of Statement 027 07,31.W:0641 C0E EFTA01324575 CLEARED THROuGe ETD ?MOLLY OWNED SU/130JAN En IJ 00 1./1 0 0 r l C in Your Portfolio at a Glance TOTAL YAW( Ct SECURITIES nes P01130* 3.918.612 Market Value of Your Portfolio Cosh& rquhbin 11,10135.31 7 1 5 3 .451 NET CREW 881.AuCE 375.451 Covent 4118412 $4.172.342 NET EQUITY DNS PERIOD 54,294.063 IM Current new wawa r NET EQUITY LEST STATESEENT DANCE SPACE LAST STATEMENT 4280.455 13.609 last staternertrs market value BEAR STEARNS ormx SERvICIVG YOUR ACCOUNT Bear. Steams & Co. km. 383 Madden Avenue Nett York. New York 10179 (212) 272-2000 ACCOUNT EXECUINE 2ICHERMANIRA TELEPHONE (212)272.4189 VW OUR wERSUE wew.beersteams.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail Your Messages 7 1111111.11IIIIIII 11 null JEFFREYEPSTE01 CJO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 TZ8SSEOCIA19- ANGS Tee int* leolefoo one or note ~bee store. nal wen en rebid Ire Yele Yew of Secultes are tee Tan Nuke Tie hest There are no 'Stop Loss' orders or other pending buy or sell open orders on Me for your account. Please revue an elevens o- weneolot or weos or noon. e0Telee it <tree.: tra In Ciet Sewers e I00434-1-401. or =nes, Cket Sweets et Be., Sewn S.wltn Can. Ono netnen. Come wow Itl.M$0 smvv4 scorn en One Velroteen Urge Nen Twat, Ni. 01% 201 ISO 1210 3/01CCO JEFFREY EPSTEIN S'AratENT ee000 Play 219.2004 T4ROLICel ISM 30.2004 ACOOseir nwel8EN 038.28825 572 tweenlet NoW3011 On Fib LAST STAITeENT MS 28.2004 Important Messe9e Con&mation: Unless we hear from you to the contrary. it is our on:Neste:Icing that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us. TN, %ninny is InIncenetene peseets oey. 11 nn1 wren as s W eoczemee Mil tit yen Wald be Mew, te nest mess See nevem tide for realm itnnawn 02/ C701.04.13 31 CC'. VS32 EFTA01324576 CLEW.° 'TROUGH rtS WICtLY 0001D SIASSIOARY BY. Simms Siocuties 022 CY* Verotedi Cale Sn Evocatrk 221a at ZO 3819 1212) 2/2.1000 JEFFREY EPSTEIN 2 VIS8ZZOO- V1,43 0 z m cim z r ZZ8SS£00 IA19 ANDS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07.01,04.1311 001 V822 EFTA01324577 CREEREO imik0u0E US %Peter OEN= SueStory SI 58ZZOO- V.L43 BEAR STEARNS OFFICE SERViCavG YOUR ACCOUNT Bear. Steams & Co. kin 383 Madison Avenue New Yak. New York 10179 (212) 272-2000 3 NI Cash Flow Analysis DIS PERIOD Income Summary INS PERIOD 'Ti. Ecook Opening Balance 5108,112.58 Ctilderds 17.678.29 48.897.18 Cridk Bane kit. 63.36 248.81 Securities Seed 249,597.25 DMdends/Interest 17.741 55 Total 517,741.85 547.145.99 0 z Amount Credited Net Cash Activity 5267.338.90 287.338.90 Portfolio Composition m Closing Balance 5375.451.48 CashICash Equivalent 375.451 Ecaities 3,918,612 C in Cash Balance Summary Total 54.294063 OPINING aaf•fr z J CIS 108,112.58 375,461.48 r NatCash Balance $108.112.58 5375.451.48 _ EZ8SSE00 IN9 ANGS Dew. Sin Matales Oxp. Ore Matacch Carter MN, lociar. New atra 11201.3659 T212) 272.1000 JEFFREY EPSTEIN STAIIMMT 'coM Mr 29.2004 TmROUOM aft 30.2034 Rci:WET NIAJUR 038-28825172 Trxemtpi hovacR On Re US? MATEI/Ear May 28.2004 Your Portfolio Allocation Cash a Eqpiadeitt 8% Ep Ms 92% VIT4C44 P040.4 0.4:40 OW: 71.,c• OV.4., Vet ,..nit num TM ameaste, papaws 4 0444.4 656 It 054,56* asset OSA Ct YO4 avOab 027 0701,0613 r col va32 EFTA01324578 9ISSZZOO- V1.43 0 -n rn r _ tZ8SS£00 IN9 ANGS ClEME0 1a 91 ~BUY OM» ,.sower OFF/CE SERVICING IVA ACCOUNI BBNII Bear. Stearns 6 Co. Inc. 383 Madison Avenue Bftt. Sun Sacnb« Cora On Lame& Cann New ~pin. New Yen 11201.~ STBNIZNS New Yak New York 10179 (212) 272-2000 1212) 272-1C00 JEFFREY EPSTEIN 4 «a STATPANT ~DO May 29.2004 711,131/3M June 30 2004 Your Portfolio Holdings attCual maw 038-28825 470 CASH & CASH EQUIVALENTS 14/0/N01 ~Ca On Ile LAST STATIverrt May 28.2004 DIS091710N SYm&M.0191 09»117, 11911 5/41911 aka( 1119.4O1) CulaaNT Banal ntain. VELD (111 CASH BALANCE 375,451 TOTAL CASH 6 CASH EQUIVALENTS 5375.451 EQUITIES Equities 8 Options orscernes ACC1 ~CS> MI CIUM/MY P02E Ian 111119 EMI/AM ANN111NCOBE COMM 9110 NI CANHORN CHEMICAL CORP CNCPF CASH 19 Unprimel FELCOR LOOGING TRUST INC FCH CASH 2.000 12.1003 24,200 GLEN8OROUGH REALTY TRUST INC GL8 CASH 2.000 18.3503 36.700 2.800 7.6294 GLPACHER REALTY TRUSTS& GRT CASH 2.000 22.1200 44,240 3.846 8.6935 HRPT PROPERTIES TR-SBI IWP CASH 10.000 10.0100 100.100 8,000 7.9920 HOSPITALITY PROPERTIES TRUST HOT CASH 2.000 42.3000 84.600 5.760 6.8085 SBI JOHNSON& JOHNSON JNJ CASH 57,800 55.7000 3,219.460 65.892 2.0467 KRAMONT REALTY TRUST KRT CASH 2.000 16.0000 32.000 2.600 8.1250 PAN PACIFIC RETAIL PROPERTIES PAW CASH 436 50.5200 22.027 946 4.2947 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 34.2500 61.445 3.875 6.3065 INvESTIADIT TRUST-WI RAMCO GERSHENSONPROPERITES RPT CASH 12.000 24.2300 290.760 20,160 6.9338 TRUST-MO 581 027 070104:1331 001 11132 EFTA01324579 LI 58ZZOO-V.L43 0 -n C in z r SZ8SS£00 IND ANDS =ARM neOuGH vmCur Cmt.E.0 SuntOvate OFFICE SERVICING YOUR ACCOUNT Bear. Stamm & Co. Inc. BEAR 383 Madson Avenue Bal. Scans SICSOIS Cep 011 1.1tucoicb Curs Win PookIn kr Tort 112014859 New York. New York 10179 STEARNS (212) 272-2000 R12) 272.10:0 JEFFREY EPSTEIN 5 0- T STATE:Wm PERICO May 29. 2034 Deans June 30.2004 Your Portfolio Holdings (continued) ACCOJIC WISER 038-28825 X72 TAXPAYER NutiBER On Tie LAST STATENENT May 28.2004 Equities & Options (COnlin1+010 ACCT PAPAW [SOWED CURSINT DESC0PRON SY1.801.411.19P WPC OU.0/111v PRICE 1.0.1.1.11 AAIUN. MOM REM ns SIRIUS SATELLITE RADIO INC SIRI CASH 1.0O3 3.0800 3.080 Total Equities& Options $3.918.612 $113.879 TOTAL EQUITIES 53.918.612 5113.879 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 5113.879 YOUR PRICED PORTFOLIOHOLDINGS 54.294 063 Transaction Detail INVESTMENT ACTIVITY SETTEMENT TONE DATE OUT TEVISAMY1 orsaaPnca 06117iO4 08/14104 SOLD 0A0/11T/ PRICE 01W ASICIXT CROZ0 AVOW TOO INC UNSOUCITED TOO .15.600 16.06020 249.597.25 TOTAL 5249.597.25 DMDENDS GR mamma STIMOL/EUSIP OUNIIITY MR tt) DUO MONT MDR MAMA' 06106J04 JOHNSON& JOHNSON JAI 57,800 0.2850 16.473.00 MC 05/18/04 PAY 06)08)04 027 07/01/04:1311 001 V032 EFTA01324580 0 -n C rn r 9Z8SSEOCIN9- ANGS I8 IJ 00 BEAR STEARNS OrricE SERVICING YOUR ACCOUNT Bear. Steams & Co. he. 383 Madsen Avenue New York. New York 10179 (212) 272-2000 6 ere Transaction Detail (continued) DIVIDENDS (continued) OAR DESCRPTIOti 06/15/04 PAN PACIFIC RETAIL PRO/Mr/MS NC REC 06/2604 PAY 06/16,04 SPOSOLCUS, PEP OSARED MAGOON ITS YOCCLY Oil® SLOSAROW Ow. Rehm Staten Ca oN Inconn Cent NOT Omen In• Vat 11701.3859 (212) 212.10:0 JEFFREY EPSTEIN STATZURAT Mani Met 29.2004 Tannall Ana 30.2034 ACCOUNT rowel 030.2e825 X72 TAXPAYER M.AW On Fen LAST stweveNY nay za 2004 son m 00117 MOAT CMOS MANN! 436 0.5425 236.53 06/15/04 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5400 riVESTmENT TRUST•581 REC 06/01/04 PAY Oa 15/04 TOTAL 968.76 S17.678.29 INTEREST art etscapnoN 06/21/04 INTEREST ONCREDIT BA1ANCE ACCT 03a-26825 AT 00.50000% 05/21 • 06/20 TOTAL 563.36 SOPICUCUSP Online RATE 00 One MOST COCO MOW 63.36 021 OM/04n el COT ant EFTA01324581