EFTA00200811

Statements EFTA00200811 CLEARED IHRCOOH ITS YesGI? 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Somas Sehriser CMS Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Cam Mcoolech Center HORN eeCCidon. New Taft 112013559 STEARNS JEFFREY EPSTEIN STATEMENT Pucci December 1.2004 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH December 31.2004 VISIT OUR WESSITE O.IA1.uearstearns.com ACCOUNT NUMBER What's In This Statement IIIIIIIIIIIIIIIII II TAXPAYER NUMER OR File LAST STATEMENT November 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Your Messages 8 Your Portfolio at a Glance Market Value of Your Portfolio Important Message U any information Cash & EqUvalent $434-785 regarding 2004interest. TOTAL VALUE OF SECURITIES THIS PERIOD' 4.559.197 $116.505 dividends. miscellaneous NET CREDIT BALANCE 9 Equities ........ 54.559.197 income, gross proceeds or ...... MONEY MARKET FUND BALANCE 434,776 Lastim,, aaa,— $4.331.737 original issue discount is required to be reported to Current markel vas.* the IRS for this account, a NET EQUITY THIS PERIOD $4,993,982 gm Last statements market value Consolidated Form 1099 will be mailed to you by NET EQUITY LAST STATEMENT 4,748.242 January 31.2005or a CHANGE SINCE LAST STATEMENT 245.740 1042Sby March 15.2005. -on cafe* meiotic,' re gm mom vrpnoed teowtees Past ere not 'elected rite Taal *fug of Seamen ad the Net Epee/ The Portal There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza rood on/ Mate a Doormat:I of Chid% or MOCKS. ntlicolod as &Orme to p5u. Ada. i areMTY fa mT0TmatenalptYp0ses only I Is ra Herded natal &one b Gent Swan of 800611.1128: a yet to Clem SOMCOS a Bow. Steam &pumas nn Ratan r5 should be maned for your records Soo mune ode he fl uorin acesnatce Cap.. One Metokwl, Cooler North. Brooeyn. NY 112014859 027 01.01.0509:18 001 Y447 EFTA00200812 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns Seca0k1 COO. Ceol.letsolech Cantot North Broeklln• New Ye* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 01,01,05:09:18 001 Y867 EFTA00200813 CLEARED THROUGH ITS vniCkLY Ot‘a.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Stearns S0C,rititl Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mevolech Cola North Becck/on. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On Ale THIS PERIOD TICS PERIOD YEAR TO DATE LAST STATEMENT Novernter 30.2004 Opening Balance $3,540.00 Dividends 18.271.11 105.627.30 Credit Balance Int. 9.12 852.52 Money Fund 592.82 Total $18,280.23 $106.479.82 Dividends/Interest 17,687.41 Amount Credited $18,280.23 Money Fund -21.811.11 Portfolio Composition Amount Debited $-21,811.11 CashtCash Equivalent 434,785 Net Cash Activity -3,530.88 Equities 4.559.197 ClosingBalance $9.12 Total $4,993,982 Your Portfolio Cash Balance Summary Allocation OPENING CLOSING Cash 3,540.00 9.12 Cash & Equivalem Net Cash Balance $3,540.00 $9.12 8% Equities 92% Uativotal Frown °ono* dealt botance anat. 'hal male wive, Ra ;slot:aim percomaria is clewed Iron to ebsol.te market value of yota 02/ 01,01,05,39:18 001 V867 EFTA00200814 CLEARED THROUGH ITS wisCo.Y OOT,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SONTIMI COP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mmsolmh CoMm North Beccmon. New Ye* 112013869 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCCUNT NUMBER TAXPAYER NLISSER 011FIk LAST STATEMENT NW/MIMI 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRPTION S.-Mkt 0,SIP QUANTITY PRICE VALUE ANNUAL INCOME vac) 0.4 CASH BALANCE 9 DREYFUS CASH MANAGEMENT-CL A DICXX 434.776.19 1.0000 434.776 7.391 1.7000 INSTITUTIONAL SHARES EST, 30 DAY AVG M.0 2.0'00% TOTAL CASH & CASH EQUIVALENTS $434,785 97.391 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. fi e 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 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 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 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACC! WRNS ESTEMTED CUKOR DESCRPNON SYMBOJCUSIP TYPE OUANNTY PRCE VALIK ANOVA& INCOME YEW I%) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 14.6500 29.300 027 I/TUTUS:09:78 001 V86/ EFTA00200815 CLEARED THROUGH ITS niCkLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 144 Cory. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 0 -4 Mem:tech Cella North BredOp. New Year 1201.3869 STEARNS JEFFREY EPSTEIN 5 ri STATEMENT PEF000 December 1.2004 THROUGH December 31.2000 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER MASER On File LAST STATEMENT November 30. 2004 Equities & Options (continued) ACCT AWKET ESTIMATED CURRENT DESCRPRON SYMBOUCUSIP TYPE OUATITY VALLE ANMJAL INCOME YELD1144 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 21.2800 42.560 2.800 6.5789 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: S GLIMCHER REALTY TRUST-SS' GRT CASH 2,000 27.7100 55.420 3,846 6.9397 HRPT PROPERTIES TR-SBI HRP CASH 10.000 12.8300 128.300 8,400 6.5472 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 46.0000 92.000 5,760 6.2609 S8I JOHNSON& JOHNSON JNJ CASH 57.800 63.4200 3.665.676 65.892 1.7975 BSC AMINO: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KRT CASH 2.000 23.4000 46.800 2.600 5.5556 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 1.5800 371 IDT 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 62.7000 27.337 946 3.4605 INC PENNSYLVANLA REAL ESTATE PEI CASH 1.794 42.8000 76,783 3.875 5.0467 INVESTMENT TRUST-581 RAMC° GERSHENSON PROPERTIES RPT CASH 12,000 32.2500 387.000 20,160 5.2093 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIM CASH 1,000 7.6500 7.650 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.559.197 $114.279 TOTAL EQUITIES $4.559.197 $114.279 02/ 0101 0!,:9:18 EFTA00200816 CLEARED THRWGH ITS niCkLY 0OnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef. 31e9•n5 Seceet.1 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevolech Canto North BecciOon. New VC* I1201.38S9 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 ACCOUNT NUMBER TAXPAYER WESER On File LAST STATEMENT November 30. 2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $121.670 YOUR PRICED PORTFOLIOHOLDINGS $4.993.982 Transaction Detail INVESTMENT ACTIVITY SET'LEMEM TRADE CICE 0.4"E -RANSACDON DESCRIPTION STMBOXUSP OVANTITe PRICE DEBIT AMOUNT CREPT AMOUNT 12,10/04 JOURNAL OUTS LUCENT TECHNOLOGIES INC LUTHW 235 EXP 12/10/2007 DUE 12/10107 CLASS ACTION SETTLEMENT TOTAL MONEY FUND ACTIVITY DATE MOAT TRANSACTION DESCRIPTION SYMEWCWIP QUANTITY PRE DEBIT MOM CREDIT AMOUNT 12/01/04 OPENINGBALANCE 412.965.08 12101/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 3.540 1.0000 3,540.00 INSTITUTIONAL SHARES 12/01/04 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICTe< 592.82 INSTITUTIONAL SHARES MONTHLY DIVIDEND 027 DI 014S:09:18 001 V867 EFTA00200817 CLEARED THROUGH ITS APICkLY 0%P.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Szeirns Secv, tei Core Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Dec Momtech Center North Beccidon. New Teat 11201 3959 STEARNS JEFFREY EPSTEIN 7 v./ r, STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER AMMER OR File MONEY FUND ACTIVITY (continued) LAST STATEMENT November 30.2004 DATE MOAT TRANSACTION DESORIPTCN SYMBOUOvSIP OJANiry psiCE Oen AMOUNT CREDIT AMOUNT 12/01/04 REINVEST DREYFUS CASH MANAGEMENT-CL A DICTO( 592.82 592.82 INSTITUTIONAL SHARES DIVIDEND REINVEST 12/21/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 17.678.29 1.0000 17.678.29 INSTITUTIONAL SHARES 12/31/04 CLOSINGBALANCE 434,776.19 TOTAL $-21.811.11 $592.82 DIVIDENDS DATE DESORPTION Svh1801.0uve QUANTITY RATE IS) DENT AMOUNT WELT AMOUNT 12/07/04 JOHNSON& JOHNSON JNJ 57.800 0.2850 16,473.00 REC 11/16/04 PAY 12(07/04 12/15/04 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC 11126'04 PAY 12,1904 12/15/04 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5400 968.76 INVESTMENT TRUST-S8I REC 1301204 PAY 12(1504 TOTAL $17,678.29 027 01.010S:09:18 001 7867 EFTA00200818 CLEARED THROUGH ITS niCkLY OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. SZeirns SON•44,1 COP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York Non York 10179 Ore Monlech Cantm North 8cmfoon. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 8 vi STATEMENT PERIOD December 1.2004 THROUGH December 31.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAPER On File INTEREST LAST STATEMENT November 30.2004 DATE DESORPTION SYMBOAUSIP GAUNTRY RATE I%4 DEEM AMOUNT MEDD AMOUNT 12/21/04 INTERS T N REDIT BALANCE 9.12 ACCT AT 01. 1/21 - 12/20 TOTAL $9.12 Your messages Florida residents who own, manage, or control stocks, bonds, money market or As part of the National Association of Securities Dealer's (NASD) Investor mutual funds having a value of $250,000 or more for individuals or $500,000 fige Education Program, you may obtain information on the NASD's Public for married couples filing jointly must pay a tax on these items, called Disclosure Program by contacting the NASD at telephone number (800) 'Intangible Tax", by June 30 to avoid increased penalties. For Tax Returns and 289.9999 or via the intemet address which is wrinv,nasdr,com. In addition, a information, call the Department of Revenue at 1.800352.3671. brochure explaining the Public Disclosure Program is available from the NASD upon request, End of Statement 027 01,01,05:0918 001 Y867 EFTA00200819 CtEARED THROUGH nS ~MY 0"E0 SUESIDIAAY OFFICE SERVICING YOUR ACCOUNT 868f. Stetrnt. SOC,ritiel DerP. Bøar. Stearns 8 Co. Inc. BffiR 383 Madison Avenue New York New York 10179 Ore Metrelech Center North Beccid,n. New Te" 11201.2859 STffiRNS JEFFREY EPSTEIN STATEMENT PER« OCIOOSI 30.2004 ACCOUNT EXECUTIVE ZICHERMAN,IRA TELEPHONE THFICIUGH Novemter 30.2004 VISIT OUR WESSITE ,..ww.uearstearns.coni ACCCLINT NUMEER What's In This Statement 11111111111111111 II TAXPAYER ØMMER Ofl File LAST STATEMENT OCIOOSI 29.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK MATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent $4 16-505 TOTAL VALDE OF SECURffIES THIS PERIOD' 4,331.737 $112.417 NET CREDIT 8.r.LANCE 3,540 Equibes ........ ...... ........... $4.331.737 Øn $4.151.910 MONEY MARKET FUND BAIANCE 412,965 Current merket vaue HET EOUITY THIS PERIOD $4,748,242 øle Last statemenis merket valt» NET Eourry LAST STATEMENT 4,564,327 CHANGE SINCE LAST STATEMENT 163,915 -nn meidd eNlecles me or r”re vrenoed eecurtfee east are not releet«, a te Total Varue ot Securttee and the NN &BM/ TNs Perixt Thore are no 'Stop Loss' orders or other pending buy or seil open orders on file for your account. Flowa MO011 ant ClibtOre0 Of nantoceige ot datas or slacks, ad/colod wdalatOCI lo >to. fln ltawarl N Hr 40:04~ moms caly. i Is ra Illended anla. docat b Clbell SOMCOO Gl 800(34.1428: a ~to lo Glem SOMCOS at BOW. Stoarrn Steam.» Tros statoenero ORM G retained l,r your rocordo Sot inta Se fot orpcebut nronmpn On. Co. Melrelecti Cent« Hot. 8rotAba NY 11201~ 027 1201.04:14:42 001 1.18654 EFTA00200820 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. SZeirns SON, 14,1 COO. Ceol.letioloch Cantot North Brock/on. New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 1201.DO:14:42 001 Y865A EFTA00200821 CLEARED THRWGH ITS ?RIMY O"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams S0N, 14,1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 OtoLlevelech Cella North Becci0on. New VC* I t201.3SS9 STEARNS JEFFREY EPSTEIN 3 cl STATEMENT PERO) October 30.2004 THROUGH November 30.2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KINSER On File PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT October 29.2004 Opening Balance $653.29 Dividends 4.088.28 87.356.19 Credit Balance Int. 0.00 843.40 Money Fund 548.28 Total 54.088.28 $88.199.59 Dividends/Interest 3.540.00 Amount Credited $4,088.28 Money Fund -1.201.57 Portfolio Composition Amount Debited $-1.201.57 Cashreash Equivalent 416,505 Net Cash Activity 2.886.71 Equities 4.331.737 ClosingBalance $3.540.00 Total $4.748.242 Your Portfolio Cash Balance Summary Allocation OPENING CLOSNO Cash 653.29 3,540.00 Cash & Equivalent Net Cash Balance $653.29 $3.540.00 8% — Equities 92% Untivoecl prooR denolo debit babnce emit, shat male wive, Rd elocabco peecenlar is &rued from to etnol.te mrket 'due of yoto Paden'! 027 12,01D4:14:42 001 V865A EFTA00200822 CLEARED THROUGH ITS CA11,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Secv, t4,1 Cory. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momloch Contm North BrodCon. New Ye* 11201.3559 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD OCTODef 30.2004 THROUGH Noventer 30.2004 ACCCUNT NUMBER TAXPAYER MASSER On File LAST STATEMENT OCTOOM 29.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS PAARKET ESTIMATED CURREPTI DESCRSTON SIMBOLCUSIP QUANTITY PRICE VALUE MINS INCOME YELD III CASH BALANCE 3.540 DREYFUS CASH MANAGEMENT-CL A DICXX 412.965.08 1.0000 412.965 6,607 1.5999 INSTITUTIONAL SHARES EST 30 DAY AVG VELD 1.8400% TOTAL CASH & CASH EQUIVALENTS $416.505 $6.607 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms Equity Research Department. fi e 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 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 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 subject company is temporarily not available due to legal reasons, Independent, third party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTIMTED CURFEW DESCRPRON SYMECVWSIP TYPE 0UINRTY PRCE VPLLE ANKIAL INCOME YEW N4 CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.9400 25.880 027 1201D4:14:42 001 1(86511 EFTA00200823 CLEARED THROUGH ITS O‘M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 Cory. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 CeoLlevetech Conem North BecciCon. New VC* 1201.3869 STEARNS JEFFREY EPSTEIN 5 ri STATEMENT PERIOD October 30.2004 THROUGH November 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER WEBER On File LAST STATEMENT October 29.2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCROION SYMBOUCUSIP TIDE Ot.tATIT‘ PACE VALLE ANMJAL INCOIAE YELD I%4 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 21.8400 43.680 2.800 6.4103 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 26.9500 53.900 3,846 7.1354 HRPT PROPERTIES TR-SBI 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 581 JOHNSON& JOHNSON JNJ CASH 57,800 60.3200 3.486.496 65.892 1.8899 BSC RATING: STOCK PISECTOR MW BUCKINGIAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2,000 20.1200 40.240 2,600 6.4612 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 59.3000 25.855 946 3.6589 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.7500 73.106 3,875 5.3005 INVESTMENT TRUST-Sal RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 30.4300 365,160 20,160 5.5209 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR' CASH 1.000 6.6400 6.640 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.331.737 $114,279 TOTAL EQUITIES $4.331.737 $114.279 02/ 12.01.04:14:42 001 YeSSA EFTA00200824 CLEARED 'DAMON ITS wisCALY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 C0,0 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Momlea Cantet North 8A:cidon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 6 vi STATEMENT PERIOD OCtOber O. 2004 THROUGH Noventer 30.2004 ACCOUNT NUMBER TAXPAYER KISSER On File LAST STATEMENT October 29.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $120,886 YOUR PRICED PORTFOLIOHOLDINGS $4.748.242 Transaction Detail MONEY FUND ACTIVITY DATE AIDDAT TRANSACTKAI DESCRIPTION SYMEWCUSIP QUANTITY PRFCE Cell AMOUNT CREDIT AMOUNT 10/30/04 OPENINGBALANCE 411.763.51 11/01/04 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 548.28 INSTITUTIONAL SHARES MONTHLY DIVIDEND 11/01/04 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 548.28 548.28 INSTITUTIONAL SHARES DIVIDEND REINVEST 1V02/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 653.29 1.0000 653.29 INSTITUTIONAL SHARES 11/341.04 CLOSINGBALANCE 412.965.08 TOTAL $.1.201.57 $548.28 027 1201.134:14:42 001 'eSEAA EFTA00200825 CLEARED THROUGH ITS 095.EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Saea•ns SO8,449 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 Ore Momtech Cantm North 88:cioon. New Teat 11201.3859 STEARNS JEFFREY EPSTEIN 7 vl STATEMENT PERIOD 081063f 30.2004 THROUGH Noventer 30.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER AILIUSER 011File DIVIDENDS LAST STATEMENT OCTOOM 29.2004 DATE DESORPTION SYMBC1AUSIP owner RATE (Sll DEBIT AMOUNT CREDIT AMOUNT 11/19/04 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7200 1,440.00 581 REC 10/22/04 PAY 11/19/04 11/22/04 HRPT PROPERTIES TA-SRI HRP 10.000 0.2100 2,100.00 REC 10/22/04 PAY 11/2204 TOTAL $3,540.00 End o1 Statement 027 12,0104:14:42 001 9866A EFTA00200826 CLEARED THRCOGH 11S vniCkLY 0"E0 SUOSICHAFIv OFFICE SERVICING YOUR ACCOUNT Beef. SZeirns SOCwititi CaP Bear. Stearns 8 CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -4Mo:elan Center North &Wart New Tent 11201.3959 STEARNS JEFFREY EPSTEIN STATEMENT PERK* Octoter 1.2004 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE THROUGH Octeeer 29.2004 VISIT OUR WEBSITE www.uearstearns.com ACCOUNT NUMBER What's In This Statement IIIIIIIIIIIIIIIII II TAXPAYER NUMER OR File LAST STATEMENT September 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash& EqMvalent $412' 417 TOTAL VALUE OF SECURITIES THIS PERIOD' 4,151.910 ns?a $404.613 NET CREDIT BALANCE 653 Equales 4,0421!il 1° MONEY MARKET FUND BALANCE 411,764 Current market value NET EQUITY THIS PERIOD $4,564,327 ism Last statements market value NET EQUITY LAST STATEMENT 4,426.431 CHANGE SINCE LAST STATEMENT 137.897 -on cafe* ncludes ore or more arra& washes Hat are not related nix Taal Yew of Seasbes and the Net Equity The Penal There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza masa any Mama a rowans al dud's or sKKks. summed as datroroa io fa sermilenal proosn aly It is ret Handedmato. &minors lo Clem Sonia. ai 800614142B: a vat to mom Services a Bow. Steam Saumas Cap.. One lAelm1ali Carla Nat. 8rodlyn NY 112014859 t TR. PenmMY The stateroom should Ns rearanl to your records Soo mono see for mmeart ricensaton 02? 103004:11:S0 001 7864 EFTA00200827 CLEARED 1HROUGH NS vriseklY O"EO S0BSIDIARY 808r. Saee•ns S0N, t4,1 COO. CeolActsolech Cantot North Broeklln• New Tuft 11201.3859 JEFFREY EPSTEIN 2 or 7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,3004:11:50 001 V8E4 EFTA00200828 CLEARED 1HRWGH nS niCkLY 0Mt•E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seceemr COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 Ore Memtech Conte NOM 8mcidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 3 al STATEMENT PERIOO °MON 1.2004 THROUGH OCIOIXI 29. 2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AILM3ER On File THIS PERIOD 116 PERIOD YEAR TO DATE LAST STATEMENT SEDIElltet 30.2004 Opening Balance $115.78 Dividends 7,800.84 83,267.91 Credit Balance Int. 3.29 843.40 Money Fund 449.24 Total $7.804.13 $84.111.31 Dividends/Interest 7,354.89 Amount Credited $7.804.13 Money Fund -7,266.62 Portfolio Composition Amount Debited $-7.266.62 CashtCash Equivalent 412,417 Net Cash Activity 537.51 Equities 4.151,910 ClosingBalance $653.29 Total 84.564.327 Your Portfolio Cash Balance Summary Allocation OPEN AG CLOSING Cash 115.78 653.29 Cash & Equiratero Net Cash Balance $115.78 $653.29 9% - Equities 91% UnWooecl crown cantle debit bebop, ants male wives Tha elocauco perceMar m Owed Iran Vo otnal.te market value of y01/ palbm 027 10,3004:11:50 001 1864 EFTA00200829 CLEARED THRWGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 144 Cory. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Meesetech Center North BredCon. New Year 11201.3559 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD OCIOter 1,2004 THROUGH Otiose( 29.2004 ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT September 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS /ARKS ESTIMATED CURRENT DESCR.110/1 S.-MO.0,Sr? QUANTITY PRICE VALUE ANNUAL INCOME YELD 141 CASH BALANCE 653 DREYFUS CASH MANAGEMENT-CL A DICXX 411.763.51 1.0000 411.764 5,765 1.4001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 1.6300% TOTAL CASH & CASH EQUIVALENTS 5412.417 $5.765 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 Overweight; 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 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 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MO(ET ESTIMIED CLIFIFENT DESCRPRON SYMBWCUSIP TYPE QUAIERTY PRCE VALUE ANKIAL INCOME VELD r4) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 11.6200 23.240 BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S 07/ 10,3004:11:S0 001 EFTA00200830 CLEARED THRWGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Saee•ns S0N, 14,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Momtech CarrIN North Beccidon. New Ye* 11201 3959 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD October 1.2004 THROUGH °CMOS! 29.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER AILMA3ER On File LAST STATEMENT September 30.2004 Equities & Options (continued) ACCT IMRKET ESTIMATED CURRENT DESCROION SYMBOUCuSIP PIPE OUATITY PACE vALUE ANNUAL INCOME VELD GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 21.0000 42.000 2.800 6.6667 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H GLIMCHER REALTY TRUST-SS' GRT CASH 2,000 25.8200 51.640 3,846 7.4477 HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.1900 111.900 8,400 7.5067 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.8500 85.700 5,760 6.7211 581 JOHNSON& JOHNSON JNJ CASH 57,800 58.3800 3.374.364 65.892 1.9527 BSC RATING: STOCK P1SECTOR MW BUCKING IAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2,000 18.8600 37.720 2,600 6.8929 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 3,875 5.3267 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.0000 324,000 20,160 6.2222 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1.000 3.9000 3.900 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $4.151.910 $114.279 TOTAL EQUITIES 84.151.910 $114.279 027 10 3004:11:50 001 EFTA00200831 CLEARED THR0OOH ITS ?RIMY 0"ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns S0C."44.1 Cap. BEAR Bear. Stearns & Co. Inc. Cr.* Mon:tech Cont“ North 383 Madison Avenue Beccidon. New Ye* 11201.3859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 6 ci STATEMENT PERIOD Octote! 1.2004 THROUGH °CMOS! 29.2004 ACCOUNT NUMBER TAXPAYER AILMA3ER On File LAST STATEMENT September 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $120,044 YOUR PRICED PORTFOLIOHOLDINGS $4,564,327 Transaction Detail MONEY FUND ACTIVITY DATE MD DAY TRANSACTION OESCRIPTO3N SYMEWCUSIP QUANTITY PRICE Cell AMOUNT CREDIT AMOUNT 10/01/04 OPENINGBALANCE 404,496.89 10/01/04 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 449.24 INSWIUTIONAL SHARES MONTHLY DIVIDEND 10/01/04 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 449.24 449.24 INSTITUTIONAL SHARES DIVIDEND REINVEST 10/20/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 6.817.38 1.0000 6,817.38 INSTITUTIONAL SHARES 10129104 CLOSINGBALANCE 411,763.51 TOTAL $.7.266.62 $449.24 027 103000:11:50 001 EFTA00200832 CLEARED THROUGH ITS miserly 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Stearns SOC,M*1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Ore MetroImh Center HMO etCCk/01. New re* 11201.3859 STEARNS New York, Non York 10179 JEFFREY EPSTEIN 7 vi STATEMENT PERO° CCIODef 1.2004 THROUGH October 29.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER OR File DIVIDENDS LAST STATEMENT September 30.2004 DATE DESORPTION STIABOUCUSIP OUN4MY RATE MI DEBIT AMOUNT OTEDIT AMOUNT 10/01/04 RAMCO GERSHENSON PROPERTIES APT 12.000 0.4200 5.040.00 TRUST-MD S81 REC 09/20+04 PAY 10/01/04 10115/04 GLENBORO1JGH REALTY TRUST INC GIB 2,000 0.3500 700.00 REC 10,01104 PAY 10/15104 10/15/04 GLIMCHER REALTY TRUST-SIN GRT 2,000 0.4808 961.60 REC 0913694 PAY 10/15/04 10/22/04 KFUWONT REALTY TRUST KAT 2,000 0.3250 650.00 REC 09124104 PAY 10/22/04 TOTAL $7,351.60 INTEREST DATE DESORPTION STMOCIJDUSIP OUANTITY RATE I%) CEBU AMOUNT CREDIT AMOUNT 10/21/04 INTE ACCT INT BALANCE 3.29 ATOP . 1 - 10/20 TOTAL $3.29 End of Statement 027 10/30r0431:80 001 1884 EFTA00200833 CLEARED THRCOGH nS witekLY 0He.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steams SON'ititi COO. Bear. Stearns 8. Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore liCOOICCh Center North Beak/on. Hew Tont 11201.1859 STEARNS JEFFREY EPSTEIN STATEMENT PERKIO Sept...reef 1.2004 ACCOUNT EXECUTIVE LI3HaRtvIAN,IRA TELEPHONE THROUGH Septerntrer 30.2004 VISIT OUR WEBSITE ewe.Luearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER KAMER On File LAST STATEMENT August 31.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Your Messages 8 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD' 4.021.818 Cash a Eqiivalent ill 34°4' 613 ugrivrz; $306.910 NET CREDIT BALANCE 116 Equities $4.021.818 84.120.378 MONEY MARKET FUND BALANCE 404.497 Current market value NET EOUITY THIS PERIOD $4,426,431 isE Last statement's market value NET EQUITY LAST STATEMENT 4,507,195 CHANGE SINCE LAST STATEMENT -80,764 -nu mane ,dotes ere or mere vrpnoed oeowbes Prat are not rented Hex Taal Wive of Seowbes and He Net (poly The Period There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Plena room oaf diNronn a pontoon( of Chid% or MOCKS, oldIC0100 as &Oran to rou. lo Clem Senior: at 800044428: a veto to Clem SONIC.. a Bow. Eamon &comas Cad.. One Irehokrob Center North. BrooNyn NY. 112014859 SIM ThS arnin". HTOnntrObal pants say I Is fa eland natal doan,n Tin stateenara should be retailed for your records Soo mom ads for ITIPOdirt aconatco 027 1001.04:07:49 001 EFTA00200834 CLEARED 'THROUGH ns OW,;(0 SUBSIOIARY 808r. Saee•ns Secoalkl COO. Otto lActsolech Cantot North Broeklln• New Tuft 11201.3859 JEFFREY EPSTEIN 2 or s STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10,01GO:07:49 001 V863 EFTA00200835 CLEARED 1HRWGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r44,1 Dap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mem:tech Cola NOM Beccidon. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 3 cis STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KAMER Co File DC PEN® YEAS TO DATE THIS PERICO LAST STATEMENT August 31.2004 OpeningBalance $386.818.60 Dividends 17.678.29 75.467.07 Credit Balance Int. 115.78 840.11 [Addends/Interest 17,794.07 Total $17,794.07 $76.307.18 Amount Credited $17.794.07 Money Fund -404.496.89 Amount Debited $-404,496.89 Portfolio Composition Net Cash Activity -386.702.82 CastirCash Equivalent 404.613 Equities 4.021.818 Closing Balance $115.78 Total 54.426.431 Cash Balance Summary Your Portfolio OPEr,hG CLOSING Allocation Cash 386.818.60 115.78 Net Cash Balance $386,818.60 $115.78 Cash 8 Equivalent - 9% — Equities 91% Unthnecl pororis °ono* debit bebop, *NW No•I male wive, Tha elocalico percents-0 ts de•ued hem Va etnel.te market value of y01/ patio, 027 100104:07:49 001 Y883 EFTA00200836 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, t4,1 COO. BEAR Bear. Stearns & Co. Inc. Cc* Mon:tech Cella North 383 Madison Avenue Beccidon. New Ye* I 1201.38S9 STEARNS New York, Non York 10179 JEFFREY EPSTEIN 4 ri 1 STATEMENT PERIOD September 1, 2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER WIESER Co File LAST STATEMENT August 31.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED (A,RFENT DESCRIPTION S•AISCL0;Sti QUANTITY PRICE VALUE MNJAL PC.WE Yes (%, CASH BALANCE 116 DREYFUS CASH MANAGEMENT-CL A DICXX 404.496.89 1.0000 404,497 5.258 1.2999 INSTITUTIONAL SHARES EST, 30 DAY AVG YELD 1.5500% TOTAL CASH & CASH EQUIVALENTS 5404.613 55.258 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 stocks 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 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 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 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTEEM CM:ENT DESCRPSON SYMSOLCUSIP TYPE OUANSTY NICE VALIK MOJA& SCONE VELD NT CANHORN CHEMICAL CORP CNCPF CASH 19 Unprioed FELCOR LODGING TRUST INC FCH CASH 2,000 11.3100 22.620 BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S 027 10,01,04:07:49 001 VEIG:1 EFTA00200837 CLEARED THRWGH ITS ?RIMY OWED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SOC,M*1 COrP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -4 Meesetech Center North BredOp. New Year I1201.38S9 STEARNS JEFFREY EPSTEIN 5 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER AILMA3ER Co File LAST STATEMENT August 31. 2004 Equities & Options (continued) ACCT MARKET ESTRUM CURRENT DESCRO1ON SYMBOUCUSIP TYPE OUATITY VALUE ANNUAL NCERAE YELD 151 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 20.7700 41.540 2.800 6.7405 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L,C, RATING: H GLIMCHER REALTY TRUST-SS' GRT CASH 2,000 24.3000 48.600 3,846 7.9136 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.9900 109.900 8,400 7.6433 HOSPITALITY PROPERTIES TRUST HP1 CASH 2,000 42.4900 84.980 5,760 6.7781 SBI JOHNSON& JOHNSON JNJ CASH 57,800 56.3300 3.255.874 65,892 2.0238 BSC RATING: STOCK PISECTOR MW BUCKINGI4AM RESEARCH RATING: 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 TRLtST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.0800 324,960 20,160 6.2038 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR' CASH 1.000 3.2000 3.200 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $4.021.818 $114.279 TOTAL EQUITIES $4.021.818 $114.279 027 10,01GO:07:49 001 '.1163 EFTA00200838 CLEARED THRWGH ITS ?RIMY 0"ED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Boor. Stools S0C,nt*1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Neste York 1O179 0 -41.1evetech Contm North Beccidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 6 cl STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCOUNT NUMBER TAXPAYER AILIMER Co File LAST STATEMENT August 31.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $119,537 YOUR PRICED PORTFOLIOHOLDINGS $4,426,431 Transaction Detail MONEY FUND ACTIVITY DATE LICI'DAY TRMISACTION DESCRIPTION SYMEAXUSIP (tarry proCE Cell AMOUNT CREDIT AMOUNT O9/O1/O4 OPENINGBALANCE O.OO O9/O21O4 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 386,818.6O 1.OOOO 386,818.6O INSTITUTIONAL SHARES O9115/O4 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 17.678.29 1.OOOO 17,678.29 INSTITUTIONAL SHARES O9/3O/O4 CLOSINGBALANCE 4O4,496.89 TOTAL $.4O4.496.89 027 1001,04:07:49 001 V863 EFTA00200839 CLEARED THRWGH ITS ?RICO.? 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 Cap. Bear. Stearns 8 Co. Inc. BUR 383 Madison Avenue New YY New York 10179 Ore Momtech Cella North Beccidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIOD &Venter 1,2004 THROUGH September 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER KAMER Co File DIVIDENDS UST STATEMENT August 31.2004 DVE DESORPTION SY1.10WCUSIP OUNVTITY RATE (Q OEB1T AMOUNT CREW AMOUNT 09/07/04 JOHNSON& JOHNSON JNJ 57,800 0.2850 16,473.00 REC cot7104 PAY 09107/04 09/15/04 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC cie27:04 PAY 09/15/04 09/15/04 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5400 968.76 INVESTMENT TRUST-S8I REC 09101104 PAY 09/15104 TOTAL 617,678.29 INTEREST DATE OESCAPTI0n SYMECtICUSIP OUMMTY RATE IV OEM! AMOUNT CREW AMOUNT 09/21/04 INTE T N REDIT BALANCE 115.78 ACCT AT 00, 0920 TOTAL $115.78 027 100104:07:49 001 V863 EFTA00200840 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT ear. 508MS SOOrIORS COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ono Mavotech Center Hann Brecklin. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 8 c/ STATEMENT PERK* Sepieffeet 1.2004 THROUGH Septerrter 30.2004 ACCOUNT NUMBER TAXPAYER WEISER On File Your messages LAST STATEMENT August 31.2004 Bear. Stearns Securities Corp, Net Capital and Net Capital Requirements: Securities and other assets in your account are the firm's collateral for any Bar margin loan made to you. If the securities and other assets in your account At May 31, 2004 and July 31. 2004. the Company's net capital of decline in value, so does the value of the collateral supporting your loan, and, approximately $3,6 billion and $3,6 billion was approximately 6,8% and 6,5% as a result, the firm can take action, such as issue a margin call and/or sell of aggregate debit items and exceeded the minimum regulatory net capital securities or other assets in any of your accounts held with the member, in requirement of approximately $1.1 billion and $1,1 billion by approximately order to maintain the required equity in the account. it is important that you $2,5 billion and $2,5 billion, all respectively, fully understand the risks involved in trading securities on margin, These risks include the following: A complete copy of the Bear. Stearns Securities Corp, Statement of Financial Condition is available on the web site mvw,bearstearns,com, Alternatively, to ' You can lose more funds than you deposit in the margin account, request a free printed copy please call - toll free 1-866.299-9331, ▪ 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 1001.04:07:49 001 V863 EFTA00200841 CLEARED THROUGH ITS witCkLY 0"E0 SUBSIDIARY OFFICE SERI/ICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 Dap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momloch Contof North Beccidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 9 STATEMENT PERIOD September 1,2004 THROUGH September 30.2004 ACCCUNT NUMBER TAXPAYER WESER On Foe LAST STATEMENT August 31.2004 This statement is provided to explain Bear, Stearns & Co. Inc.'s ("BSC) Bar payment for order flow practices. Ear Pursuant to SEC Rule 11Ac1.6, please note the following: BSC routes a majority of orders for customer securities transactions to the Bear, Steams & Co. Inc. will post its quarterly routing statistics at the following primary market for such securities. Orders may also be routed to other market web link: http://www.bearsteams.com. Click on Individual Investor, Click on service vendors that assure executions pursuant to complex mathematical Equities, Click on Order Routing Practices. formulas at better than the national best bid or best offer (NBB0), BSC receives no cash payment or other consideration for such order routing other Customers of Bear, Steams & Co. Inc. may request information on any order than favorable executions or executions of limit orders at no additional charge. 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. End of Statement 027 latit04:07:49 001 VIM EFTA00200842 CLEARED THROUGH ITS WIIOU.Y 01ThED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT aeon. Steams SOOwilt Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Coe liatotech Cooler Noah Becck/on, No* Tak 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD Jul" 31.2004 ACCOUNT EXECUTIVE ZI3HEHMAN.IRA TELEPICCE THROUGH August 31.2004 VISIT OUR WEBSITE 6.hw.uea'stearrs.com ACCOUNT NUMBER What's In This Statement 11.1,111111111111 II TAXPAYER NUMBER On File LAST STATEMENT Jul, 30. 2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash S Equvalent $386.819 TOTAL VALUE OF SECURITIES THIS PERIOD' 4.120.376 $363.017 NET CREDIT BALANCE 386.819 Equines $4.120.376 ........ SS....... tii....... 555........iii....... 555.......iii ....... 83.905.215 NET EQUITY THIS PERIOD $4.507.195 Current market value Last statement's market value NET EQUITY LAST STATEMENT 4.288.232 CHANGE SINCE LAST STATEMENT 218.963 9115 portfolio dicludas ono or mm emceed sacurees rat 1.0 rice retorted n Pe Taal Yea of Securbes and Ole Plot Cooly The Peered There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Roza copal Oaf cllbronoo a rawoula of torn or socks, mdicolal as clolfroma lo p5u. St TME asTomoN a fornreemaesnal amens orEy els ra "'eroded as taw docaenert lo ClOol Simian of 800(04.1428: a yet lo ChM Santos a 8020. Steam &canes stateraere NNW be retard for your mans Ste reverse Sr for anaemia IIVOIThatKa Cap. Co. Maul...I, Cala Honk Brodbn, NY. II20, 4059 027 Crat1.04:08:31 001 Y862 EFTA00200843 CLEARED 1HROUGH RS YrisekLY 0"E0 S0BSIDIARY 808r. SZeirns SON, 14,1 COO. Ceol.letioloch Cantot North BrodCon. New Ye* 11201.0859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 09,01,04:06:21 001 7862 EFTA00200844 CLEARED IHRWOH ITS wuCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns Sec , 14,1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 OtoMetsolech Cola North Becci0on. New To* 112013959 STEARNS JEFFREY EPSTEIN 3 ci STATEMENT PERIOD Jut) 31.2004 THROUGH August 31.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MASER On File 116 PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT Jul 30.2004 OpeningBalance $383,016.57 Dividends 3.540.00 57,788.78 Credit Balance Int. 262.03 724.33 Dividends/Interest 3.802.03 Total $3.802.03 $58,513.11 Amount Credited $3,802.03 Net Cash Activity 3,802.03 Closing Balance $386,818.60 Portfolio Composition CastirCash Equivalent 386.819 Equities 4.120.376 Cash Balance Summary Total $4.507.195 OPOONG CLO31, 4 Cash 383,016.57 386.818.60 Your Portfolio Net Cash Balance $383.016.57 $386.818.60 Allocation Cash & Equwaleal 8:: — Equities 92% Untivoecl prow,' cantle debt babnce Amite shal male wive, TN/ elcaahco percomar is &rued Icon Vo etnalas markt., value of soy oaiscaa 027 090104:06:21 001 1862 EFTA00200845 CLEARED THROUGH ITS niCkLY ORREO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BAAL SZeirns SON, Rt1 Dap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mevolech Cantof North Becdoon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD Juk 31.2004 THROUGH August 31.2004 ACCCUNT NUMBER TAXPAYER PAIRBER On File LAST STATEMENT Jul/ 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCFDPTION SYMBOLCUSIP DUMMY PRICE VALUE *NS NOM Yet/ IV CASH BALANCE 386,819 TOTAL CASH & CASH EQUIVALENTS $386,819 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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 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 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 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 wmv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. AOCT MARKET ESTIMATED CURRDIT DESCRFRON SYM%IJWSIP IYPE QUANTITY PRICE VALLE ANATOL INCOME YEW I%4 CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 11.7100 23.420 BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.4800 40.960 2.800 6.8359 BSC RATING: STOCK P(SECTOR MW SABRIENT SYSTEMS. L.L.C. RATING: H 02/ 0901,04R6:31 001 V862 EFTA00200846 CLEARED IHRWOH ITS OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saee•ns SON, 14,1 COrP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Llevalech Cora et North Beccnon. New Max 11201 3959 STEARNS JEFFREY EPSTEIN 5 v/ STATEMENT PERIOD Jug 31.2004 THROUGH August 31.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER TAXPAYER WESER On Fee LAST STATEMENT Jug 30.2004 Equities & Options (continued) ACC, MARKET ESTMATED CURFEW DESCRPTION SYMBOUCUSIP TrPE WANED/ PRCE VALLE ANNUAL INCOIAE yap N GLIMCHER REALTY TRUST-SS! GRT CASH 2,000 25.3400 50.680 3,846 7.5888 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.7800 107,800 8,400 7.7922 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 41.9500 83.900 5.760 6.8653 JOHNSON& JOHNSON JNJ CASH 57.800 58.1000 3.358.180 65.892 1.9621 BSC RATING: STOCK PiSECTOR MW BUCKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2,000 18.4800 36.960 2.600 7.0346 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 53.3900 23.278 946 4.0639 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 38.2600 68.638 3.875 5.6456 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.0200 324,240 20,160 6.2176 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR! CASH 1.000 2.3200 2,320 BSC RATING: STOCK PiSECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $4,120,376 $114.279 TOTAL EQUITIES $4,120,376 $114.279 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $114,279 YOUR PRICED PORTFOLIOHOLDINGS 64.507.195 027 090104:06:31 001 •Y862 EFTA00200847 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns S0N, 14,1 COrP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevolech Contm North Beccidon. New Yuk I1201.38S9 STEARNS JEFFREY EPSTEIN 6 c/ STATEMENT PERIOD Juk 31.2000 THROUGH Auguu 31.2000 Transaction Detail ACCOUNT NUMBER TAXPAYER CAMBER Cfl File DIVIDENDS LAST STATEMENT JU 30.2004 DATE DESCRPTION STMEICIUCUSIP WWII, RATE (S) DEBIT AMOUNT CREDIT AMOUNT 08/20/04 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7200 1,440.00 881 REC 07/22104 PAY 08/20/04 08/25/04 HRPT PROPERTIES TR-SBI HRP 10.000 0.2100 2,100.00 REC 07,23.404 PAY 0812504 TOTAL $3.540.00 INTEREST DrE CESCF P110`1 SYMBCVCVSIP OWARITY RATE IV*/ DEBIT AMOUNT CREDIT AMOUNT OB23,04 INTEI EDIT BALANCE 262.03 ACCT AT 00, .r .21 - 08/20 TOTAL $262.03 End of Statement 027 09,01,04:06:21 001 Y862 EFTA00200848 CLEARED THRCOGH nS WHCU.Y OWNED $UBSIDIAAY OFFICE SERVICING YOUR ACCOUNT 1308f.SleaMS SOOYMild Can Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue Ono Matotech Coma Noah Oftelgn. New Yak 1120/3859 STEARNS New York New York 10179 JEFFREY EPSTEIN STATEMENT PERK) Jul/ 1.2004 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE THROUGH J111/ 30.2004 VISIT OUR WEBSITE WM% uearstearns.com ACCCUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER NUMBER On Pus LAST STATEMENT June 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equivalent $383.017 TOTAL VALUE OF SECURITIES THIS PERIOD' 3,905.215 Kozo 3375.461 —ff ili NET CREDIT BALANCE 383.017 Equines — $3.906,215 $3.918.612 NET EQUITY THIS PERIOD $4.288.232 Current market wdue ME Last statements market value NET EQUITY LAST STATEMENT 4.294.063 CHANGE SINCE LAST STATEMENT -5.832 'MS portfolio mcludos an of moro wafted seculars rat me not related mix Taal *foe of Semabos and Om Na (poly Ths Para& There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Ple.mie mood oaf dilbronoe a pontoon:1 of crocks or mocks, macolod as do/AM lo nakemwmqmgor elicHeMoncl dowses ally. rc4 Mended as a Um docmvert To Gant Sonic*. of 800044428: a ono lo clam Santos a Boa. Stan &conics 13 4 Iles solemn sheaf Es retained for your records See revers* sale for Malan rdormmon Coup.. Co. lAelmk•di Carla North. 13rooN>n, NY 11201.3859 027 07,31.04:08:41 001 vase EFTA00200849 CLEARED 'THROUGH ns WI$OUV OMIE0 SUBSIOIARY 808r. Saee•ns Secoalkl COO. Ore lActsolech Cantot North Brocklln• New VC* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07310408:01 001 V858 EFTA00200850 CLEARED 1HRWGH vnsOUv O"EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns Sec , 14,1 SNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York. New York 10179 Ore Mem:tech Cola North Beccidon. New To* 112013959 STEARNS JEFFREY EPSTEIN 3 ci STATEMENT PERIOD Juk 1.2004 THROUGH Ju, 30.2000 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KAISER On File THIS PERIOD TIC PERIOD YEAS TO DATE LAST STATEMENT June 30.2004 OpeningBalance $375,451.48 Dividends 7.351.60 54.248.78 Credit Balance Int. 213.49 462.30 Dividends/Interest 7.565.09 Total $7.565.09 $54,711.08 Amount Credited $7,565.09 Net Cash Activity 7.565.09 Closing Balance $383,016.57 Portfolio Composition Cash/Cash Equivalent 383.O17 Equities 3.905.215 Cash Balance Summary Total $4.288.232 OPERAND CLO3III5 Cash 375,451.48 383.016.57 Your Portfolio Net Cash Balance $375,451.48 $383,016.57 Allocation Cash & EquwaleM at: — Equities 92% Untivoecl prow,' cantle debt babnce Amite shat male wive, TN/ elocabco percemys Oe•ue0 Icon to Op1$.ho emrst0 Mu0 in soy nano» 027 0a3104O6:41 001 Y858 EFTA00200851 CLEARED THROUGH ITS niCkLY CAMEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r44,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0 -41km:tech Center North Beccidon. New Ye* 11201.3869 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD Juk 1.2004 THROUGH Juk 30.2004 ACCOUNT NUMBER TAXPAYER MASER On Fee LAST STATEMENT June 30.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCFDPTION SYMBOLCUSIP QUANTITY PRICE VALUE *NS INCOME YELO DU CASH BALANCE 383.017 TOTAL CASH & CASH EQUIVALENTS $383.017 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms 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 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 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 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 wmv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ?OCT MARKET ESTIMATED CURRDIT DESCRPRON SYMBWCUSIP IYPE OUANnTY PRICE VALUE ANKIAL INCOME YEW l%) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 11.4000 22.800 BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS. INC. RATING: S GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 18.2800 36.560 2.800 7.6586 BSC RATING: STOCK P(SECTOR MW SABRIENT SYSTEMS. L.L.C. RATING: H 027 07)3104:06:41 001 ?WA EFTA00200852 CLEARED THROUGH nS OM t,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SON, 14,1 GNP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metsolmh Oardm North Seccidon. New To* I1201.3659 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD Juk 1.2004 THROUGH Ju, 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER TAXPAYER MASER On File LAST STATEMENT June 30.2004 Equities & Options (continued) ACC, IMRICE1 ESTEACIED CURFEW DESORPTION SYMBOUCLISIP TrPE MIAOW PRCE VALLE ANNUAL MOVE YELD GLIMCHER REALTY TRUST-SS! GRT CASH 2,000 21.6600 43.320 3,846 8.8781 HRPT PROPERTIES TR-SRI HRP CASH 10.000 10.0700 100,700 8,400 8.3416 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 39.8800 79.760 5,760 7.2217 SBI JOHNSON& JOHNSON JNJ CASH 57.800 55.2700 3.194.606 65.892 2.0626 BSC RATING: STOCK PiSECTOR MW BUCKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2,000 15.9000 31.800 2.600 8.1761 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 50.6000 22.062 946 4.2879 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 34.8700 62.557 3.875 6.1944 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 25.7100 308.520 20.160 6.5344 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR! CASH 1,000 2.5300 2.530 BSC RATING: STOCK PiSECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $3.905.215 $114.279 TOTAL EQUITIES $3.905.215 $114.279 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $114,279 YOUR PRICED PORTFOLIOHOLDINGS 54,288.232 027 07,31D4:08:41 001 V858 EFTA00200853 CLEARED THRWGH ITS vniCkLY OW•E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mevolech Cantm North BecciOon. New VC* 11201.3855 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD Juk 1.2004 THROUGH Juk 30.2004 Transaction Detail ACCCUNT NUMBER TAXPAYER WEBER On File DIVIDENDS LAST STATEMENT June 30.2004 DATE DESORPTION SYMBOUCUSIP GUMMY RATE MI DEBIT AMOUNT CREDO AMOUNT 07/01/04 RAMCO GERSHENSON PROPERTIES APT 12,000 0.4200 5.040.00 TRUST-MD MI REC 06/20/04 PAY 07/01/04 07/15/04 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 07/01/04 PAY 07/15/04 07/15/04 GLIMCHER REALTY TRUST-SBI GAT 2,000 0.4808 961.60 REC 06/30/04 PAY 07/15/04 07/22/04 KRAMONT REALTY TRUST KAT 2,000 0.3250 650.00 REC 0612904 PAY 07/22/04 TOTAL $7,351.60 INTEREST DATE CESCRIPTION STME/WCUSIP OUANTITT RATE I ceen AMOUNT CREDIT AMOUNT 07/21/04 ACCT 'NM OIT BALANCE 213.49 AT 00, 1 - 07/20 TOTAL $213.49 End of Statement 027 07,31D4:08:01 001 V858 EFTA00200854 CLEARED 1HRCO3H ITS WHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 8081. SOMAS Segyllild Corp. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Ono Meettech Center Noah Breeklgn. New Ywk 1120/.3859 STEARNS JEFFREY EPSTEIN ZICHEHMAN.IRA STATEMENT PERK* May 29.2004 ACCOUNT EXECUTIVE TELEPICCE THROUGH June 30.2004 VISIT OUR WEBSITE wiew.uentearrs.com ACCOUNT NUMBER What's In This Statement II TAXPAYER WEISER Co File LAST STATEMENT May 28.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN Your Messages 7 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Important Message Confirmation: Unless we Cash 8 Equvalent $375,451 hear from you to the TOTAL VALUE OF SECURITIES THIS PERIOD' 3.918.612 ST 08.113 contrary. it is our NET CREDIT BALANCE 375.451 $3.918.612 understanding that any free Equities $4,172,342 credit balances in your account are being NET EQUITY THIS PERIOD $4.294.063 maintained to facilitate Current market Ya_ue your intention to invest ME Last statements market value such amounts through us. NET EOUITY LAST STATEMENT 4.280.455 CHANGE SINCE LAST STATEMENT 13.609 'Ms portfolio melodies ono or mom urpelcod socurnos rat me as relecIed rite TOM Wee of Sowings and the Na Ewe/ nw Penal There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Nemo mood ant clIforonoe a rontocoig of totes or Mocks. or:Pooled as darts lo p5u. TM. ssermarY forreconabona osmoses only Is as a lit donned lo GAN Senior; al 80004-1428: a yet* to ChM Sank.. M Boor. Steam &conies Coup.. One lActokKli Carte, North. 0,o Nn. NY. I wolears St Iles not Mended scatemers shood be reamed for your records Su worn ssfs for mama stoma= 027 07,0104:13:31 001 van EFTA00200855 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t4,1 COO. Ceol.letsolech Cantot North Beoeklln• New Ye* 1120/3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OL0Ltl0:13:31 001 Y832 EFTA00200856 CLEARED 1HRWGH YrisC5LY 005.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szea•rs S00,440 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevoiech Cantof North Betatron. New To* 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD May 29.2004 THROUGH June O. 2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File DC MECO YEAR TO DATE THIS PERIOD LAST STATEMENT May 28.2004 Opening Balance Dividends 17.678.29 46,897.18 $108.112.58 Credit Balance Int. 63.36 248.81 Securities Sold 249,597.25 Total $17,741.65 $47.145.99 Dividends/Interest 17,741.65 Amount Credited $267,338.90 Net Cash Activity 267,338.90 Portfolio Composition Closing Balance $375,451.48 CastirCash Equivalent 375,451 Equities 3.918.612 Total $4,294,063 Cash Balance Summary OPERUG CLOSMG Cash 108.112.58 375,451.45 Your Portfolio Allocation Net Cash Balance $108.112.58 $375,451.48 C350 & EquYalErlt 8% — Equities 92% Unthylecl potions ocnoto debt bobnce omit. Owl male vela, T e elocabco peecenlar is (le•ued icon to obsoLte ....4,591 'due of yoto palioo 027 07)01,04:13:31 001 1832 EFTA00200857 CLEARED 1HROUGH ITS Yn10LLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r44,1 C0,0 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-41km:tech Center North Betatron. New Ye* 11201.3559 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD May 29.2004 THROUGH June SO. 2004 Your Portfolio Holdings ACCCUNT NUMBER CASH & CASH EQUIVALENTS TAXPAYER SUMMER CR File LAST STATEMENT May 28.2004 MARRS ESTIMATED CURPENT DESCRPRON SYMBOLCUSIP DUMMY PRICE YALU ANWOL INCOME YELD CASH BALANCE 375.451 TOTAL CASH & CASH EQUIVALENTS $375.451 EQUITIES Equities & Options ACC! MARRE1 ESTRIATE0 CURRENT [PESCI:0,110N SIMBOUCUSIP TYPE WANTON PRICE VALUE ANNUAL INCOME VELD I%) CANIORN CHEMICAL CORP CNCPF CASH 19 Worked FELCOR LODGING TRUST INC FCH CASH 2.000 12.1000 24.200 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 18.3500 36.700 2.800 7.6294 GLIMCHER REALTY TRUST-SBI GRT CASH 2.000 22.1200 44.240 3.846 8.6935 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.0100 100.100 8.000 7.9920 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 42.3000 84.600 5,760 6.8085 S81 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 PNP 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 INVESTMENT TROST-S8I MASCO GERSHENSON PROPERTIES RPT CASH 12.000 24.2300 290.760 20.160 6.9336 TRUST-MD 027 07i01,04:13:31 001 Y832 EFTA00200858 CLEARED THRaiGH lis ?mew, OunED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef. SZetrns 00,8 Bear. Stearns & Co. Inc. BffiR 383 Madison Avenue New York, New York 10179 Ceol,levalech Conte< North Beccidp. New Yetk 11201.3859 STffiRNS JEFFREY EPSTEIN 5 vi STATEMENT PERM May 29.2000 THROUGH June 30.2004 Your Portfolio Holdings (continued) Acccon NUMBER TAXPAYER MYKER On File LAST STATWENT May 28.2004 Equities & Options (continued) ACCT MARKET ESTATATED CURPSNIT DESCRIPTION SYMBOUCuSIP PIPE OLIANTITY PACE VALLE ANNUAL INCOME YELD N SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.0800 3.080 Total Equities& Options $3.918.612 $113.879 TOTAL EQUITIES $3.918.612 $113.879 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $113.879 YOUR PRICED PORTFOLIOHOLDINGS $4.294.063 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACT/DN OESCRPTION SVM60,..CuSp %TARDY PRCE DEBIT AMOUNT CREDIT AhMuNT 06.117104 06/14/04 SOLD TOO INC TOO -1&600 16.06020 249.597.25 UNSOUCIIED TOTAL $249.597.25 DIVIDENDS DATE DESCRSTION SINIOCIJCUSIP Gummy Mit ($3 DENT AMOUNT CREDIT AMOUNT 06.10EVO4 JOHNSON& JOHNSON JNJ 57.800 0.2850 16.473.00 REC 05.(l8+04 PAY 0610,2104 027 07,01.04:13:31 001 '41932 EFTA00200859 CLEARED THRWGH ITS WHOLLY OHBE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns SON, t4,1 CND Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Dec MomNcA DAMN NOM Snxicon. New Yak I1201.38S9 STEARNS JEFFREY EPSTEIN 6 th/ STATEMENT PERO) May 29.2004 THROUGH June SO. 2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER MAYSER On File DIVIDENDS (continued) LAST STATEMENT May 28.2004 DATE DESCRPTION STMECLICWW DUMMY RATE (S1 DEBIT AMOUNT CREW AMOUNT 06115/04 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC 092894 PAY 06/15.04 06/15/04 PENNSYLVANIA REAL ESTATE PEI 1.790 0.5400 968.76 INVESTMENT TRUST-S8I REC 06/0194 PAY 06/15104 TOTAL $17.678.29 INTEREST DATE OESCRPTION STMOCIJCVSIP DUMMY RATE l%/ OEM( AMOUNT CREW AMOUNT 06/21/04 INTE DIT BALANCE 63.36 ACCT AT 00 1 - 06/20 TOTAL $63.36 027 07)01,04:13:31 001 Y832 EFTA00200860 CLEARED THROUGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeiree Secvehti Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 OtoLlevalech Cana North Beccidon. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIOD May 29.2000 THROUGH June 30.2000 ACCOUNT NUMBER TAXPAYER AR/USER On File Your messages LAST STATEMENT May 28.2000 Any short positions in your account will be kept "marked-to-the market, This Notice Regarding a Change in The Statement of Interest Charges ir&? Pursuant to the "Truth-in-Lending" Rule 10 (b)-16 Regarding Short Sales ra" means that periodically the balance maintained in the short account will be And Marking-To-The-Market 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 Effective no earlier than thirty (30) days from your receipt of this statement, we short marking-to-the market purposes. If a security has been sold short (or will compute interest regarding your short sales and marking-to-the market as sold short against the box) and has appreciated in market price over the follows: selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the fi e credit that appears on your statement due to short sales (including short drop in value, The appreciation or depreciation of securities sold short will be sales against the box) is offset by a debit of like amount because Bear Steams determined by Bear Steams Securities based upon daily dosing prices or Securities has to borrow the same security in order to deliver it to the buying quotations provided by pricing services, as applicable, or upon such factors as broker and has to provide its lender additional collateral of up to 105% of the Bear Stearns Securities in its sole judgement deems pertinent, 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 Please note that the other sections of the "Truth-in-Lending" disclosure difference between (i) up to 105% of the settled short market value of such previously provided to you remain unchanged, short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales, 027 07)01,04:13:31 001 Y832 EFTA00200861 CLEARED THROUGH ITS ?RIMY 0%M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mem:tech CarrIN North Beccidon. New Yak 11201.3859 STEARNS JEFFREY EPSTEIN 8 STATEMENT PERIOD May 29.2004 THROUGH June SO. 2004 ACCOUNT NUMBER TAXPAYER AMBER 011 file LAST STATEMENT May 28.2004 Pursuant to the terms of the equity research settlement that was entered into Please be advised of the following changes regarding account service fees: by Bear Stearns and other major investment banks, we will soon make available to our customers, independent third-party research ('Independent Beginning September 1, 2004, accounts will be subject to a $20.00 Research'), at no cost, on the common stock of certain companies covered by processing fee for each outgoing wire transfer and for each check issued by the Firm's Equity Research Department ('Covered Company). Customers will Bear Stearns at the request of a customer. You may wish to speak to your be able to access this research at wwgv,bearsteams,com or can call (800) Account Executive to inquire about the availability of check writing privileges for 517-2327 to request that a copy of this research be sent to them. your brokerage account. Further, Bear Steams 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 Beginning January 1, 2005, accounts will be subject to an annual account availability of Independent Research, and will provide, on the confirmations charge of $75.00 applicable for households that maintain less than $100,000 and statements that are generated for these customers, the rating(s) on such in net equity in related accounts or that generated less than $500 in Covered Company(s) by the Firm's Equity Research Department, as well as the brokerage commissions and/or fees paid to Bear Stearns in those accounts in corresponding rating(s) by the applicable Independent Research provider(s), the prior calendar year. 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 vfimv,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. End of Statement 027 07)01,04:13:31 001 Y832 EFTA00200862 0 -EARED 1NRCOON ITS MOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BM. Stearns SO.:At Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Ono Movotoch Conlin North Broddgn. Neer York 1120/3859 STEARNS JEFFREY EPSTEIN STATEMENT PERK* May 1.2004 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPECCE THROUGH May 28.2004 VISIT OUR WEBSITE omo..uenteams.com ACCOUNT NUMBER What's In This Statement II TAXPAYER NUMBER On Fee LAST STATEMENT April 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash & Equvalent $108.113 TOTAL VALUE OF SECURITIES THIS PERIOD' 4,172.342 ti $104.629 NET CREDIT BALANCE 108.113 Equates — 14.172.342 $.4.066.367 NET EQUITY THIS PERIOD $4.280.455 Current market vabe Last statement's market value NET EQUITY LAST STATEMENT 4.170.996 CHANGE SINCE LAST STATEMENT 109.459 •This portfolio dud ao or more ureescoa wanes rat No ra related n to Total Yew of Seasbos and the Not Ewe/ This ahead There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Plo.vo tope ony drrororoo a ft:croon% of tacks or stocks. coacoiod as doltroral to you. g ir tin smTaTarYNEor W0ORIB0rtal panes a Is fa rowed as a tag docwort to Gaol Sonic*. of 800134-1428: a at to ChM Swam a Bow. Seam &canes 11n statemere skald be retained for your records Soo reverses,* tot Malan Samna% Cap.. Caw 1.1e*olea, Cool, North. Swear, NY 112014059 027 052004:12:32 001 Yra31 EFTA00200863 CLEARED IHROUGH nS vriseklY 0"E0 S0BSIDIARY 808r. Saee•ns SON, t4,1 Oa0. Ore lActsolech Cora ot North Brocklln• New VC* 11201.3859 JEFFREY EPSTEIN 2 oi STATEMENT BACKER IS PRINTED ON THIS PAGE 027 052804:12:32 001 •real EFTA00200864 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,M4,1 COrP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mebolech Centm North Becck/on. New To* 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File THIS PERIOD 116 PERIOD YEAR TO DATE LAST STATEMENT AO 30.2004 Opening Balance $104.629.07 Dividends 3,440.00 29,218.89 Credit Balance Int. 43.51 185.45 Dividends/Interest 3,483.51 Total $3.483.51 $29,404.34 Amount Credited $3.483.51 Net Cash Activity 3,483.51 ClosingBatance $108,112.58 Portfolio Composition CastirCash Equivalent 108,113 Equities 4.172,342 Cash Balance Summary Total $4,280,455 OPOONG CLOSING Cash 104,629.07 108,112.58 Your Portfolio Net Cash Balance $104,629.07 $108,112.58 Allocation Cash 8 EqMalent 2% Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT COMPTON SYMBOL'CUSIP OUANTITY PRICE VALUE PANUPL INCOME VELD ITN CASH BALANCE 108.113 TOTAL CASH & CASH EQUIVALENTS $108,113 I— &rites 98% Unteulecl preens emcee debt beionce emit, shal ma lee veLeo TEc sloe bon percernor is deemed Iron tre etnaLte market value of .tv oak.), 027 052900402:32 001 Y831 EFTA00200865 CLEARED THROUGH ns ?mow, OMNE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 CO,P Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mem:tech Contm North BecciCon. New VC* 112012859 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD May 1.2004 THROUGH May 28.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER EQUITIES TAXPAYER PANSER On File LAST STATEMENT *11 30.2004 Equities & Options ACCT MARKET ESTIMATED CURRENT Dt,.LP ifiu SYMBOUCUSIP IYPE °IMPIETY PRCE VALLE ANNUAL INCOME YEW DA/ CANICRN CHEMICAL CORP CNCPF CASH 19 Worked FELCOR LODGING TRUST INC FCH CASH 2,000 10.6400 21,280 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.0100 38,020 2,800 7.3645 GLIMCHER REALTY TRUST-SSI GRT CASH 2,000 22.3300 44,660 3,846 8.6117 HRPT PROPERTIES TR-SBI HRP CASH 10.000 9.8500 98.500 8.000 8.1218 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 40.9300 81.860 5.760 7.0364 SBI JOHNSON& JOHNSON JNJ CASH 57.800 55.7100 3.220.038 65.892 2.0463 KRAMONT REALTY TRUST KRT CASH 2.000 16.1200 32.240 2.600 8.0645 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 46.0000 20.056 946 4.7168 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 33.3000 59,740 3.875 6.4864 INVESTMENT TRUST-S8I MASCO GERSHENSON PROPERTIES RPT CASH 12.000 24.2000 290.400 20,160 6.9421 TRUST-MD SW SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 3.0000 3.000 TOO INC TOO CASH 15.600 16.8300 262,548 Total Equities& Options $4.172,342 $113,879 TOTAL EQUITIES $4.172,342 $113,879 027 052900402:32 001 Y831 EFTA00200866 CLEARED THROUGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef. Neon Seceebel COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue 0-41km:tech Cella North Beccidon. New Ye* II2DI.38S9 STEARNS New York, Non York 10179 JEFFREY EPSTEIN 5 v/ STATEMENT PERIOD May 1.2004 THROUGH May 28.2000 ACCCUNT NUMBER TAXPAYER WESER OR File LAST STATEMENT *11 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $113.879 YOUR PRICED PORTFOLIOHOLDINGS $4,280,455 Transaction Detail DIVIDENDS DATE DESORPTION STMBOLCUSIP WNW( RATE (5) DEBIT AMOUNT CREDIT AMOUNT 05.120/04 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7200 1,440.00 881 REC 05104104 PAY 05120/00 05/24/04 HRPT PROPERTIES TR-SBI HRP 10.000 0.2000 2.000.00 REC 04/23104 PAY 05124/00 TOTAL $3.440.00 INTEREST DATE DESORPTION SYMEICUCUSIP OWertITY RATE l:4 CEBU AMOUNT CREDIT AMOUNT 05/21/04 INTElilt EDIT BALANCE 43.51 ACCT MOO. . /21 - 05/20 TOTAL $43.51 027 03,2204:12:32 001 Y831 EFTA00200867 CLEARED THROUGH nS WHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams Scants Corp. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue Ono Meettech Center Noah Elrecklgn. New Vod' 11201.3869 STEARNS New York• Nee York 10179 JEFFREY EPSTEIN STATEMENT PERK* AO I. 2004 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH April 30.2004 VISIT OUR WEBSITE 61A1 bear st earrts.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER NUMBER On File LAST STATEMENT March 31.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash S Equvalent $104.629 TOTAL VALUE OF SECURITIES THIS PER/OD' 4,066.367 i4 $97.235 NET CREDIT BALANCE 104.629 Equities — 84.066.367 54.053.854 NET EQUITY THIS PERIOD $4.170.996 Current markel vane NET EQUITY LAST STATEMENT 4.151.089 sm Last statements market value CHANGE SINCE LAST STATEMENT 19.907 Mid portfolio melodies ao or mom urpelced moats rat me at miocted mix TOM Wu, of Semabos and Um Net (poly Tin Penal There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Ple.mir moon ony Oferonoe a pontoon:1 of crocks or socks. mdicolod as &Mena lo you. TO Clani Sone*, of 8001344128: a ymto lo CNN Sento. at Boot Stowe &conies Cap.. One Lleholtmh Coolly North. BrooMyn, NY 112014859 et Tin sinews shard be Mamawpm, ITekeuTommYmiel mkonaMINI coly B isTOnand as sum Poona for nor records Soo worn scAr for mortars Adamson 027 05101r04:13:17 001 V830 EFTA00200868 CLEARED 1HRCO3H nS WHOLLY OWNED SUBSIDIARY BOB,. SOMAS SeaNIM Cw0. Ono Llevotech Center Hann BreaIgn. Hew Ywk 11201.3859 JEFFREY EPSTEIN 2 al IS STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OSn1100:13:17 001 V830 EFTA00200869 CLEARED THROUGH ITS niCkLY ODPEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeIrns SOC,nbtl 004). Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Mem:leen Centet North Becck//n. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PE1030 *4 1.2004 THROUGH April 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER WESER On File NIS PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT Muth 31.2004 Opening Balance $97.235.43 Dividends 7.351.60 25,778.89 Credit Balance Int. 42.04 141.94 Dividends/Interest 7,393.64 Total $7.393.64 $25,920.83 Amount Credited $7.393.64 Net Cash Activity 7.393.64 ClosingBatance $104,629.07 Portfolio Composition CashtCash Equivalent 104.629 Equities 4.066.367 Cash Balance Summary Total $4,170,996 OPft.r,G CI PIG Cash 97,235.43 104,629.07 Your Portfolio Net Cash Balance $97.235.43 5104.629.07 Allocation Cash & Eqevalent 2% Your Portfolio Holdings CASH & CASH EQUIVALENTS MONET ESTIMATED GWENT DESCRP'1011 SYSIBOLICUSIP OUMITITY PRICE VALUE AMMAL INCOME VELD IP4 CASH BALANCE 104.629 TOTAL CASH & CASH EQUIVALENTS $104,629 98% UnsPadatl potions deo* debt betance an5a ;Pal menet vacs. The Omaha, percemar clr/sed Item to absolute market value of sty ;roam 027 05101/04:13:17 001 V830 EFTA00200870 CLEARED THROUGH DS vniptiv OMNE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mon:tech Corer North BecciOon. New VC* 112014869 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD PPM 1.2004 THROUGH April 30.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER EQUITIES TAXPAYER PAIN3ER OTI File LAST STATEMENT MVO 31.2004 Equities & Options ACCT ESTIMATED CURFENT Dt,.LP ifiu SYMBOUCUSIP TYPE OUANTITY PRCE VALLE ANNUAL INCOME YEW DA/ CANICRN CHEMICAL CORP CNCPF CASH 19 UN:Kited FELCOR LODGING TRUST INC FCH CASH 2,000 10.0000 20,000 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 18.7900 37.580 2,800 7.4508 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 21.1500 42.300 3,846 9.0922 HRPT PROPERTIES TR-SBI HRP CASH 10.000 9.5500 95.500 8.000 8.3770 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 39.0800 78.160 5.760 7.3695 SBI JOHNSON& JOHNSON JNJ CASH 57.800 54.0300 3.122.934 65.892 2.1099 KRAMONT REALTY TRUST KRT CASH 2.000 15.8100 31,620 2,600 8.2226 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 43.9300 19,153 946 4.9392 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 32.3500 58,036 3.875 6.6769 INVESTMENT TRUST-SBI MASCO GERSHENSON PROPERTIES RPT CASH 12.000 23.6800 284.160 7.896 2.7787 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 3.3000 3.300 TOO INC TOO CASH 15.600 17.5400 273.624 Total Equities& Options $4,066,367 $101.615 TOTAL EQUITIES $4,066,367 $101.615 027 OS01104:13:17 001 V830 EFTA00200871 CLEARED THROUGH NS vAg21Y 005E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 899. Szea•ns S00,440 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ore Mevolech Cantot North &Worn. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 5 c/ STATEMENT PERIOD April 1.2004 THROUGH April 30.2004 ACCOUNT NUMBER TAXPAYER NURSER On File LAST STATEMENT Minh 31.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $101.615 YOUR PRICED PORTFOLIOHOLDINGS 54.170.996 Transaction Detail DIVIDENDS DA'E OESCRIMON SYMEMCVSIP OVANDIY RATE III DEBIT AMOUNT CREDIT AMOUNT 04/15/04 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 04/01104 PAY 04/15104 04/15/04 GLIMCHER REALTY TRUST-Sal GRT 2.000 0.4808 961.60 REC 03/31/04 PAY 04/15/04 04/20/04 RAMO GERSHENSON PROPERTIES RPT 12.000 0.4200 5.040.00 TRUST-MD SRI REC 03131104 PAY 04/20/04 0422/04 KRAMONT REALTY TRUST KRT 2.000 0.3250 650.00 REC 03/26/04 PAY 04/22/04 TOTAL 57251.60 027 050N04:13:17 001 V830 EFTA00200872 CLEARED THROUGH RS ?nuke', CAM,;(0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet SZeirns Seoanks Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Non York 10179 OtoLletsolech Cent og North Becck/on. New To* 11201.3859 STEARNS JEFFREY EPSTEIN 6 c, STATEMENT PERIOD *41.2004 THROUGH April 30.2004 Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUNNER Cfl File INTEREST LAST STATEMENT March 31.2004 DATE DeSCrWrION SYMEMAUSIP MMMIN RATE I%) DEBIT AMOUNT CREDIT AMOUNT 04/21,04 INTEREST ONCREDIT BALANCE 42.04 ACCT AT 00.111113:21 - 04/20 TOTAL $42.04 End of Statement 027 05,01:04:13:17 001 V830 EFTA00200873 CLEARED IH0000H ITS YilIOLLY 01W.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bar. SleamS SOON*. Cad. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue Ono Matatech Corder Noah Back/in. Nee Yea 1120/3859 STEARNS New York New York 10179 JEFFREY EPSTEIN STATEMENT PERK* Fulsome 28.2004 ACCOUNT EXECUTIVE ZIC,REHMAN.IRA TELEPHONE THROUGH March 31.2004 VISIT OUR WEBSITE eehw.uea'stearrs.com ACCOUNT NUMBER What's In This Statement II TAXPAYER NUMBER On File LAST STATEMENT FeblUaly 27.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN Your Messages 6 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent 4 $97235 TOTAL VALUE OF SECURITIES THIS PER/OD' 4.053.854 $62.123 NET CREDIT BALANCE 97.235 Equities $4.053.&54 $4,192,919 NET EQUITY THIS PERIOD $4.151.089 Current market yoke NET EOUITY LAST STATEMENT 4.275.042 ism Last statement's market value CHANGE SINCE LAST STATEMENT -123.952 'Do p0(110110 dieludel ono or moro unload NeutODS rat we at reacted n ie Taal Yen of Smarms and tho Not Egoly TINS Penal There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Memo capon oaf direranoe a contacted of crams or stocks. mataiod as Clatiefed to p5u. To CIIMI SONIC*: at 8001114-142e: a yea to Clam Sanas a Boot Stara &comas Coup.. One lArhokai Carla North. Broollyn, N Y 112014959 t MNSMT•TerY is kt relaleelnal woo's, wry. k "leaded nate doomed Dos cute era ached ha reamed for your records Soo reverse seSt to, mortar< iiVOIMMKO 027 0•01.04:12:55 001 Y829 EFTA00200874 CLEARED 1HROUGH RS vrisekLY 0"E0 SUBSIDIARY Beer. SZeirns SON, t4,1 COO. Ceol.letioloch Cantot North Brock/on. New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0401,00:12:55 001 V829 EFTA00200875 CLEARED 1HRWGH ITS wisCsLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SeN•akl COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Met:Meth CeMet North BecckSn. New VC* 112013859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD February 28.2004 THROUGH Mardi 31.2004 ACCCUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER MAKER On File THIS PERIOD DC PERIOD YEAR TO DATE LAST STATEMENT February 27.2004 Opening Balance $82,122.74 Dividends 15,077.29 18,427.29 Credit Balance Int. 35.40 99.90 Dividends/Interest 15,112.69 Total $15,112.69 $18,527.19 Amount Credited $15,112.69 Net Cash Activity 15,112.69 ClosingBalance $97,235.43 Portfolio Composition CastirCash Equivalent 97,235 Equities 4.053,854 Cash Balance Summary Total $4,151,089 Ont. NG GLOMS Cash 82,122.74 97,235.43 Your Portfolio Net Cash Balance $82,122.74 $97,235.43 Allocation Cash & Eqiivalent 2% Your Portfolio Holdings CASH & CASH EQUIVALENTS MARRS ESTIMATED CURRENT COMMON SMIBCL•CJSIP OUANTITY PRICE VALUE MNUAL INCOME VELD I%) CASH BALANCE 97.235 TOTAL CASH & CASH EQUIVALENTS $97,235 I— &rites 98% UnsPadatl potions deo* debt Intanos any shal market vacs. The alocabs percemay.• is Cs•neU Ism ths absolute market value of sew ;roam 027 0.01.04:12:S6 001 V829 EFTA00200876 CLEARED THROUGH ITS vniCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. SZeirns S0N, 14,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 O-41.1evoloch Contof North Beccioon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 4 // STATEMENT PERIOD Feemuy 28.2004 THROUGH March 31.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER EQUITIES TAXPAYER WESER OR File LAST STATEMENT PeDruEuy 27.2004 Equities & Options ACCT MARKET ESTIMATED CURFEW DESCRPTION S1MBOUCUSIP DPE OUANIITY PRICE VALE ANMJAL INCOIAE YELL/ 01) CANICRN CHEMICAL CORP CNCPF CASH 19 Unprited FELCOR LODGING TRUST INC FCH CASH 2.000 10.4200 20.840 GLENBOROUGH REALTY TRUST INC GI B CASH 2.000 22.3500 44.700 2.800 6.2640 GLIMCHER REALTY TRUST-S8I GRT CASH 2.000 27.1000 54.200 3.846 7.0959 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.3000 113.000 8.000 7.0796 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 46.4000 92.800 5.760 6.2069 S8I JOHNSON& JOHNSON JNJ CASH 57.800 50.7200 2.931.616 55.488 1.8927 KRAMONT REALTY TRUST KRT CASH 2.000 18.9000 37.800 2.600 6.8783 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 52.1000 22.716 946 4.1645 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 37.6600 67,562 3.875 5.7355 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 28.2000 338,400 7.896 2.3333 TRUST-MD SW SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 3.4000 3,400 TOO INC TOO CASH 15.600 20.9500 326,820 Total Equities& Options $4.053,854 $91.211 TOTAL EQUITIES $4,053.854 $91,211 027 GIONO4:12:88 001 11829 EFTA00200877 CLEARED THROUGH RS 'roomy °Me> SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SeN•akl SOO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevolech Cantm North Beccidon. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD February 28.2004 THROUGH Mardi 31.2004 ACCCUNT NUMBER TAXPAYER WESER On File LAST STATEMENT PeDruEuy 27.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $91.211 YOUR PRICED PORTFOLIOHOLDINGS $4,151.089 Transaction Detail DIVIDENDS DATE CESCRIPTION STMEICLACVSIP CA:AMU RATE (5) MEAT AMOUNT CREDIT AMOUNT 03/09/04 JOHNSON& JOHNSON JNJ 57.800 0.2400 13.872.00 REC 02/17/04 PAY 03/09.04 03/15/04 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC 02/27/04 PAY 03/15/04 03/15/04 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5400 968.76 INVESTMENT TRUST-SEII REC oainvo4 PAY 03/1504 TOTAL $15.077.29 027 040104:IVA 001 EFTA00200878 CLEARED THROUGH ITS YrisekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Saea•ns Secaik1 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Dec Metsolech Cella North BecciOon. New Yee, 11201.3859 STEARNS JEFFREY EPSTEIN 6 vi STATEMENT PERI00 February 28.2004 THROUGH Mardi 31.2004 Transaction Detail (continued) ACCCUNT NUMBER TAXPAYER MASSER On File INTEREST LAST STATEMENT February 27.2004 DATE OESCRINION STOW-0115PP OUANMY RATE I% DEBIT AMOUNT CREDIT AMOUNT 03/22/04 INTEREST ON REDIT BALANCE 35.40 ACCT AT OD, 1 - 03,20 TOTAL $35.40 Your messages Excess SIPC Account Protection Update Bear. Steams Securities Corp. Net Capital and Net Capital Requirements: LW' Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp. obtains excess SIPC protection changed to Customer At November 30, 2003 and January 31, 2004, the Company's net capital of Asset Protection Company MAPCO", a New York licensed insurance approximately $3.3 billion and $3,2 billion was approximately 7% and 7% of company. CAPCO has an A+ financial strength rating from Standard and aggregate debit items and exceeded the minimum regulatory net capital Pools, 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, Steams Securities Corp. Statement of Financial Condition is available on the web site wabearsteams.com. Alternatively, to request a free printed copy please call • toll free 1.866.299-9331. 027 0801,04:1255 001 Y829 EFTA00200879 CLEARED THROUGH ITS ?RIMY CAM•E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Saea•ns SON, t4,1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 OtoLletiotech Cella North 0eock11n. New Tuk 11201.3859 STEARNS JEFFREY EPSTEIN 7 vi STATEMENT PERIOD February 28.2004 THROUGH Mardi 31.2004 ACCOUNT NUMBER TAXPAYER KAMER On File LAST STATEMENT February 27.2004 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 pint 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://vvw,nasdr,com/breakpoints_statement,asp End of Statement 027 04101104;12:68 001 V629 EFTA00200880 CLEARED IHRCOGH nS WHOLLY OWED $UBSIDIARY OFFICE SERVICING YOUR ACCOUNT ass.. Stearns SOOoilitd Corn. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Ono Matotoch Center Hone OreckIgn. Nev Ywk 1120/3859 STEARNS JEFFREY EPSTEIN ZIC,REHMAN.IRA STATEMENT PERIOD January 31.2004 ACCOUNT EXECUTIVE TELEPHONE THROUGH February 27.2004 VISIT OUR WEBSITE ie w.uea'stearns.com ACCOUNT NUMBER What's In This Statement 11.1MI111111111 II TAXPAYER NUMBER OH File LAST STATEMENT January 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN Your Messages 6 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equivalent 1 $82.123 TOTAL VALUE OF SECURITIES THIS PER/OD' 4,192.919 $80.089 NET CREDIT BALANCE 82.123 Equities — 14.192.919 $4.087.024 NET EQUITY THIS PERIOD $4.275.042 Current market value Efil Last statement's market value NET EQUITY LAST STATEMENT 4.167.113 CHANGE SINCE LAST STATEMENT 107.929 'Rs portfolio odudes ono of mom unwed socurnes ma me not related n Iv Taal Wu, of Sectabos and We Na &nay nn Para& There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Fle.o• noon oaf Mann a nantoceig of tooks or mocks. noicand as doltraoa 10 Ica. Glom Sonion 8006144428: a vet lo Clam Eamon a Boot Room Sccumas Cap.. One 1.10o1ali Calla Nam. 13codbn, NY 112014859 t nee swworYrsger Weanatanal pLeposes oily EH not fended anti. downed Dee stewed shale be Maned for your records Soo renew sea for Hewlett edormaeco 027 021804:11:V 001 Y828 EFTA00200881 CLEARED 'THROUGH ns WI$OUV OMIE0 SUBSIOIARY 808r. Saee•ns Secoalkl COO. Ore lActsolech Cantot North Brocklln• New VC* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 022804:11:57 001 Y828 EFTA00200882 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szekrs Sec.r.ter Core Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mebalech Centm North eeccidon. New To* 11201.3859 STEARNS JEFFREY EPSTEIN 3 c, STATEMENT PERIOD January 31.2004 THROUGH PebniEliy 27.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER AMMER On Ale DC PERIOD YEAS TO DATE THIS PENCO LAST STATEMENT January 30.2004 Opening Balance Dividends 2,000.00 3,350.00 $80,088.52 Credit Balance Int. 34.22 64.50 Dividends Interest 2,034.22 Total $2,034.22 $3,414.50 Amount Credited $2.034.22 Net Cash Activity 2,034.22 ClosingBatance $82,122.74 Portfolio Composition CastirCash Equivalent 82.123 Equities 4.192.919 Cash Balance Summary Total $4,275,042 Ore. nG CLOSING Cash 80.08&52 82,122.74 Your Portfolio Net Cash Balance $80.088.52 $82.122.74 Allocation Cash & Equrea!eni IPv Your Portfolio Holdings CASH & CASH EQUIVALENTS MARRS ESTIMATED CURREN! COMMON SYMBOL'CISIP OUANTITY PRICE VALUE krevux INCOME Yell:11k4 CASH BALANCE 82.123 TOTAL CASH & CASH EQUIVALENTS $82,123 — Equities 99% Untaglecl proems deo* debt Wane" omit, OM male vaLea The Omar, percernar is Oe•ue4 Iron tre ebselAe marital value of LUGS palkno 027 0228,04:11:57 001 Y828 EFTA00200883 CLEARED THROUGH ns vngxlv ONIE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC."444 C04‘ Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momtech Cent“ North Beccidon. New Ye* 112012859 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERO) January 31.2004 THROUGH Pebniaiy 27.2004 Your Portfolio Holdings (continued) ACCOUNT NUMBER EQUITIES TAXPAYER WESER 01P114 LAST STATEMENT January 30.2004 Equities & Options ACCT MARKET ESTIMATED CURFEW Dt:..LP Qu SYMBOUCUS1P TYPE *JAUNTY PRCE VALLE ANNUAL iNCOIAE YEID1,4 CANICRN CHEMICAL CORP CNCPF CASH 19 Worked FELCOR LODGING TRUST INC FCH CASH 2,000 10.7400 21.480 GLENBOROUGH REALTY TRUST INC GI B CASH 2,000 21.0000 42,000 2,800 6.6667 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.7700 51,540 3,846 7.4622 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.0800 110,800 8,000 7.2202 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.5000 87,000 5,760 6.6207 SBI JOHNSON& JOHNSON JNJ CASH 57.800 53.9100 3.115.998 55.488 1.7807 KRAMONT REALTY TRUST KRT CASH 2.000 19.6700 39,340 2.600 6.6090 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 49.5000 21.582 946 4.3833 INC PENNSYLVANIA REAL ESTATE PO CASH 1.794 36.4500 65.391 3.875 5.9259 INVESTMENT TRUST-SBI MASCO GERSHENSON PROPERTIES RPT CASH 12.000 27.9700 335.640 7.896 2.3525 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 2.9400 2,940 TOO INC TOO CASH 15.600 19.1800 299,208 Total Equities& Options $4,192,919 $91,211 TOTAL EQUITIES $4,192,919 $91,211 027 0228.04:11:57 001 Y828 EFTA00200884 CLEARED THRWGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Secv, t4,1 COO. BEAR Bear. Stearns & Co. Inc. Ore Mevolech Contm North 383 Madison Avenue Beccidon. New Ye* 11201.3859 STEARNS New York, Non York 10179 JEFFREY EPSTEIN 5 c/ STATEMENT PERIOD January 31.2004 THROUGH February 27.2004 ACCOUNT NUMBER TAXPAYER AMBER OR PIM LAST STATEMENT January 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $91.211 YOUR PRICED PORTFOLIOHOLDINGS $4.275.042 Transaction Detail DIVIDENDS DrE DESCP PTION STMECIAUSIP OVANTiTe RATE IS/ ceen AMOUNT CREDIT AMOUNT 02;23104 HRPT PROPERTIES TR-SBI HRP 10.000 0.2000 2.000.00 REC 01:21.'04 PAY 02.2304 TOTAL $2.000.00 INTEREST DATE DESCRIPTION STAIDOLCUSIP OUNVTITY RATE I%/ cceiT AMOUNT CREDIT AMOUNT 02,23,04 INTE ACCT EDIT BALANCE 34.22 AT 00.OW % 1121 - 02,20 TOTAL $34.22 027 022804:11:57 001 7828 EFTA00200885 CLEARED THROUGH ITS ?RIMY 0\11,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seceemr Dap. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 CcoMetsolech Contm North Beccidon. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 6 c/ STATEMENT PERIOD January 31.2004 THROUGH February 27.2004 ACCCUNT Nemesia TAXPAYER WESER On PIM Your messages LAST STATEMENT January 30.2004 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 MAPCO", a New York licensed insurance company, CAPCO has an Ai- financial strength rating from Standard & Pool's, End of Statement 027 022804:11:57 001 Y828 EFTA00200886 CLEARED THRCOGH ViHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Seer. Stearns SOMAS.) Corp. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue Ono Mottotech Confer Noah Bro.:Alin. New York 1120/3859 STEARNS New York New York 10179 JEFFREY EPSTEIN STATEMENT PERIOD January 1.2004 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH January 30. 2004 VISIT OUR WEBSITE uearstearns.com ACCOUNT NUMBER What's In This Statement 11111111111111111 II TAXPAYER NUMBER On Fee LAST STATEMENT December 31.2003 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN Your Messages 6 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent $8" 89 TOTAL VALUE OF SECURITIES THIS PERIOD' 4.087.024 $69.695 NET CREDIT BALANCE 80.089 Equities — 1.4.087.024 $4.004.413 NET EQUITY THIS PERIOD $4.167,113 Current market value ME Last statement's market value NET EQUITY LAST STATEMENT 4.074.108 CHANGE SINCE LAST STATEMENT 93.005 •rto p0010110 didudOS ono or mm unlaced SOCutOOS rat No rem selected r ro TON Varue of Seciabos and the PR4 (poly The Parrott There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. P10.50 ream oaf dffororoo a morocco of finds or MOCKS, moron! as &Orono to p5u. lo Clem Sonion at 8006141428: a onto to nom SONIC.. a Boot Steam &comes Ca,.. One lAotrokKli Carlo. North. 13rooNri, NY 112014859. glIT 11.4 gaternera OHM011111110 44. 0147 11644 , HI papaws a rc4 handed as a 0. docterert be retained for your recant Su morn Sy Mar .Today Woman= 027 01,31.0449:43 001 Y824 EFTA00200887 CLEARED 1HROUGH RS WI$OUV 0"E0 SUBSIDIARY Beer. Saea•ns Secallkl COO. CcoMetioloch Cerra North Broeklln• New Ye* 11201.3859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 021 0141.04:09:42 001 11824 EFTA00200888 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON4bel COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Meeselech Centet North Seccidon. New To* 11201.3859 STEARNS JEFFREY EPSTEIN 3 ci STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCOUNT NUMBER Cash Flow Analysis Income Summary TAXPAYER KINSER On File THIS PERIOD TIC PERIOD YEAR TO DATE LAST STATEMENT December 31.2003 Opening Balance $69.694.64 Dividends 1,350.00 1,350.00 Credit Balance Int. 30.28 30.28 Dividends/Interest 10,393.88 Total $1,380.28 $1,380.28 Amount Credited $10.393.88 Net Cash Activity 10,393.88 ClosingBatance $80,088.52 Portfolio Composition CashtCash Equivalent 80,089 Equities 4.087.024 Cash Balance Summary Total $4.167.113 OPf,%nC CLOSIND Cash 69.694.64 80.088.52 Your Portfolio Net Cash Balance $69.694.64 $80.088.52 Allocation Cash 8, Equreaeni IPv Your Portfolio Holdings CASH & CASH EQUIVALENTS IMAMET ESTIMATED CURRENT MEGRIM(*) SYSIBOL'CUSIP OUANTITY FAKE VALUE JAW& INCOME VELD 114) CASH BALANCE 80.089 TOTAL CASH & CASH EQUIVALENTS $80,089 — Equities 99% UnsPaded Potions deo* debt bebop, omit., OM meet vacs Ths Moab", percemne is clewed Item te absolute market value of >Ta palkno 027 014144:09:43 001 V824 EFTA00200889 CLEARED THROUGH ns mom," °MED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 CAP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mon:tech Contm North BecciOon. New VC* 11201.3559 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 Your Portfolio Holdings (continued) ACCCUNT NUMBER EQUITIES TAXPAYER PAIN3ER On File LAST STATEMENT December 31.2003 Equities & Options ACCT MARKET ESTIMATED CURRENT Dt,.LP Qu SYMBOUCUSIP TYPE *JAUNTY PRCE VALUE ANNUAL /COME YEW DA/ CANICRN CHEMICAL CORP CNCPF CASH 19 Worked FELCOR LODGING TRUST INC FCH CASH 2,000 11.7500 23.500 GLENBOROUGH REALTY TRUST INC GI a CASH 2,000 19.4100 38,820 2,800 7.2128 GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.1900 50,380 3,846 7.6340 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.6000 106.000 8,000 7.5472 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 41.8500 83.700 5.760 6.8817 SBI JOHNSON& JOHNSON JNJ CASH 57.800 53.4200 3.087.676 55.488 1.7971 KRAMONT REALTY TRUST KRT CASH 2.000 18.6000 37.200 2.600 6.9892 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 51.1100 22.284 889 3.9894 INC PENNSYLVANIA REAL ESTATE PO CASH 1.794 37.3600 67.024 3.875 5.7815 INVESTMENT TRUST-SBI MASCO GERSHENSON PROPERTIES RPT CASH 12.000 27.4200 329.040 7,896 2.3997 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 2.7200 2,720 TOO INC TOO CASH 15.600 15.3000 238,680 Total Equities& Options $4,087,024 $91,154 TOTAL EQUITIES $4,087,024 $91.154 027 0141.0409:43 001 v524 EFTA00200890 CLEARED THROUGH DS vmouv ONIEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 COO. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 CeoLlevelech Cella North Beccidon. New Yak 11201.3859 STEARNS JEFFREY EPSTEIN 5 c/ STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 ACCCUNT NUMBER TAXPAYER WESER On File LAST STATEMENT December 31.2003 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $91.154 YOUR PRICED PORTFOLIOHOLDINGS $4.167.113 Transaction Detail DIVIDENDS DATE OESCRPTION STMISCIAVSIP OaNiire RATE (5) DEBIT AMOUNT OTEDIT AMOUNT 01/15:04 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 01/01/04 PAY 01/15/04 01/15/04 GLIMCHER REALTY TRUST-Sal GRT 961.60 CASH DIV ON 2000 MS REC 12/31103 PAY 01/15/04 AMOUNT INCLUDED ON 2003-1099 01/20/04 RAMCO GERSHENSON PROPERTIES RPT 6.612.00 TRUST-MD SI31 CASH DIV ON 12000 5115 REC 12/31103 PAY 01/20104 AMOUNT INCLUDED ON 2003-1099 01/22/04 KRAMONT REALTY TRUST KRT 2.000 0.3250 650.00 REC 01/02104 PAY 01/22,04 027 0141.04:09:42 001 EFTA00200891 CLEARED THROUGH ITS witekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet Neon Seemeo Cory. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 0-41km:tech Ow:1p North 0eock11n. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 6 c/ STATEMENT PERIOD January 1.2004 THROUGH January 30.2004 Transaction Detail (continued) AOCCUNT NUMBER TAXPAYER WESER On File DIVIDENDS (continued) LAST STATEMENT December 31.2003 DATE DESCRPTION SY/MAI/SIP °WPM' RATE MI DEBIT AMOUNT CREDIT AMOUNT 01/30/04 HOSPITALITY PROPERTIES TRUST HPT 1,440.00 SBI CASH DIV CH 2000 SHS REC 12/31103 PAY 01/30/04 AMOUNT ItCLUOED ON 2003-1099 TOTAL $10.363.60 INTEREST DATE DESCRIPTION STMECtiCUSIP OUNTRITt RATE IPti DEW AMOUNT CREDIT AMOUNT 01/21/04 INTEREST ONCREDIT BALANCE 30.28 V COTOMP2/21 - 01/20 TOTAL $30.28 Your messages Excess SIPC Account Protection Update 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-P financial strength rating from Standard and Poor's. 027 0112110409:49 001 EFTA00200892