EFTA00200893

Statements EFTA00200893 CLEARED THROUGH ITS WHOLLY ODIVED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT SRN. Reams Sennies Cat. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York New York 10179 One Metaled, Conk. North 9taldin. Nov York 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER IIIIIIIIIIIIIIIIII I II TAXPAYER AMMER On File LAST STATEMENT November 30.2005 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 1212110509:CO 001 V899 EFTA00200894 CLEARED TNAOUGN RS 11O1CtLY ONTJED SUSSIDIAFtv OFFICE SERVICING YOUR ACCOUNT END. SleentS seances cap Beat. Stearns 8 Co. Inc. BffiR 383 Madison Avenue New York New York 10179 oio Meeotoch COMef North Brocktro. Now York 11201.2859 STMRNS JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERMAN,IRA STATEMENT PERIOD December 1.2005 TELEPHONE TICROUG11 December 30,2005 VISIT OUR WEGSITE uearstearrts.com ACCOUVT NU/ABER k72 What's In This Statement IIIIIIIIIIIIIIIIII I II TAXPAVER NUUMER On File LAST STATEMENT November 30.2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C,1O FINANCIAL TRUST COMPANY Transaction Detail 6 MIN JEANNE BRENAN Fund Actiyity 6 6100 RED HOOK (WATER B-3 Your Massages 7 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio II any information regarding 2005interest. dividends. Cash & Ecawaleni _Eli 5618.814 miscellaneous income. gross TOTAL VALDE OF SECURffIES THIS PERIOD 4,199.568 $596.278 proceeds or original issue MONEY MARKET FUND BALANCE 618,814 $4.199.568 discount is required to be Equities $4.316.247 reported to the IRS lor this NET EOUITY THIS PERIOD $4,818,382 account, a Consolidated Form Current merkel vak* 1099wi11 be mailed to you by NET EOUITY LAST STATEMENT 4,912,525 is Last statements makel value January 31,20D6or a 10425 by March 15,2006. CHANGE SINCE LAST STATEMENT -94,143 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Fiom' ropcm erg OM/ron» or rswec ol Credit Of SIOCkS. •1000100 as dahtfed lto >to. neS ernrY fs Re ~ooi Recroses Wy It Is ra Med./d natel dcarners lo Geer amine al 800€34.14211: or ~to lo Mom Sorocos ar Boot. Stoom accumos nes timmer« should W retaned tor your records Se* reven* sa to- ~nart neconarce Ca,.. Ona LIcendech Come, Not. 13rookbn, NY. 112014859 027 1221MS:09:00 001 V899 EFTA00200895 CLEARED THROUGH ITS YmCuy ORYJED SUSSICHAriy Rev. Reams SeOudOel Cat. Ono Alevotech Corder HORN 8reck/gn. liar York 11201.3859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 1231,05:1S:00 001 V899 EFTA00200896 CLEARED THROUGH ITS 1MICUY (AWED SLISSIDMAY OFFICE SERVICING YOUR ACCOUNT SW. sown secwieet CYO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York Nee York 10179 One Metaled, Conk. North erodnln. Nov York 11201.3859 STEARNS JEFFREY EPSTEIN 3 rl STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER KINSER On File THIS PERIOD 11-15 PERIOD YEAR TO DATE LAST STATEMENT NW/Kilter 30.2005 Opening Balance $0.00 Dividends 22.535.25 128,395.83 Credit Balance Int. 0.00 13.43 Money Fund 1,881.43 Total $22,535.25 $128.409.26 Dividends/Interest 20.653.82 Amount Credited $22.535.25 Money Fund -22.535.25 Portfolio Composition Amount Debited $-22,535.25 Cash!Cash Equivalent 618.814 Equities 4.199,568 Closing Balance $0.00 Total $4,818,382 Your Portfolio Allocation Cash & Equivalent 111 13% % Equities 87% Un*Oeeti Preen, denote 000* OttenOD omit, shod Ticket Vitali alocama warm": es clawed from to amok*, (radon maw os pxe ActlWm. 027 12,31O5O9:00 001 Y899 EFTA00200897 CLEARED THROUGH ITS IMICUY OUNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Seel. sown SOLARI COO Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cue Metaled, Cantu North 13mcklin. Nov York 11201.3859 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCCUNT NUMBER x72 TAXPAYER MAUER On File LAST STATEMENT ROMERO( 30.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARRS ESTIMATED CAMAS DESCROYOM SYMECUCVSIP ou4trnw PACE VALUE MNUAL INCOME YELD DREYFUS CASH MANAGEMENT-CL A DICA 618413.54 1.0000 618.814 23.515 3.8000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.1100% TOTAL CASH & CASH EQUIVALENTS $618.814 323.515 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 Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at www.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. ADC! IMM(E! ESTMATE0 CURFEW DESCRPTION MIKA/MIA TYPE OUATIRTY PRCE VALUE ANNUAL INCOME YEW IR) FELCOR LODGING TRUST INC FCH CASH 2,000 17.2100 34,420 1,200 3.4883 GLENBOROUGH REALTY TRUST INC GUI CASH 2.000 18.1000 36.200 2,800 7.7348 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: H GUMCHER REALTY TRUST-SBI GRT CASH 2.000 24.3200 48.640 3.846 7.9071 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.3500 103.500 8.400 8.1159 027 1231,05SY):00 001 V899 EFTA00200898 CLEARED THROUGH ITS WHOLLY ODIVED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT SRN. Reams SMARM Cat. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York Nen York 10179 One Mewled, Conk. North 9taltlin. Nov York 11201.3859 STEARNS JEFFREY EPSTEIN 5 o STATEMENT PERIOD December 1.2005 THROUGH December 30.2006 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER WEBER On File LAST STATEMENT November 30.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURROVT DESCRPTION SYMBOUOISIP TYPE 001:211'1' PACE VALUE ANNUAL INCOME YELL/ IS) HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 40.1000 80.200 5,840 7.2818 581 JOHNSON& JOHNSON JNJ CASH 57.800 60.1000 3.473.780 76.296 2.1963 BSC RATING: STOCK II/SECTOR MW NED DAVIS RESEARCH RATING: MS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.5650 133 ET 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.3440 7 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.8900 29,164 1.029 3.5283 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 37.3600 67.024 4.090 6.1023 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 26.6500 319.800 21,000 6.5666 TRUST-MD SIN SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 6.7000 6.700 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.199.568 $124.501 TOTAL EQUITIES $4.199,568 $124.501 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $148.016 YOUR PRICEDPORTFOLIOHOLDINGS $4.818.382 027 1231,1Z09:CO 001 EFTA00200899 CLEARED THROUGH ITS WHOU.Y OMED SUBIC/MEW OFFICE SERVICING YOUR ACCOUNT SRN. Sown secwivet CYO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue One Motrotoch Conk. North bcdtlin. Nov York 11201.3859 STEARNS New YY New York 10179 JEFFREY EPSTEIN 6 STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 Transaction Detail ACCOUNT NUMBER (72 TAXPAYER AMMER CO File MONEY FUND ACTIVITY LAST STATEMENT NOYETTYMI 30.2005 DATE mavAr TRANSACTION DESCRIPTICN SYMBOUGUSIP OUANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 12/01/05 OPENINGBALANCE 596,278.29 12/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 300 1.0000 300.00 INSTITUTIONAL SHARES 12/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 1,881.43 INSTITUTIONAL SHARES MONTHLY DIVIDEND 12/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICA 1.881.43 1,881.43 INSTITUTIONAL SHARES DIVIDEND REINVEST 12/13/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 19.074 1.0000 19,074.00 INSTITUTIONAL SHARES 1015/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1,279.82 1.0000 1,279.82 INSTITUTIONAL SHARES 12/30/05 CLOSINGBALANCE 618,813.54 TOTAL 522,535.25 91.881.43 DIVIDENDS DATE DESCRIPTION SYMEIWCUSIP CUN4MY RATE (Si DENT AMOUNT OREM AMOUR 12/01/05 FELCOR LODGING TRUST INC FCH 2.000 0.1500 300.00 REC 11/15105 PAY 12/01/05 12/13/05 JOHNSON& JOHNSON JNJ 57.800 0.3300 19,074.00 REC 11/22/05 PAY 12113105 12/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 11/23/05 PAY 12/15105 027 1231,05:09:00 001 V899 EFTA00200900 CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 8081. Warns Secudike Cat. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York New York 10179 One MORINO Conic. North bccItlin. Nov York 11201.3859 STEARNS JEFFREY EPSTEIN 7 Cl STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 Transaction Detail (continued) ACCCUNT NUMBER X72 TAXPAYER KAMER On File DIVIDENDS (continued) LAST STATEMENT November 30.2005 DATE DESCRPTION SYMEICIALISIP cunany RATE (S1 DEBIT AMOUNT CREDIT AMOUNT 12/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST-SBI REC 1201:05 PAY 12/5105 TOTAL $20,653.82 Your messages As part of the National Association of Securities Dealer's (NASD) Investor Florida residents who own, manage, or control stocks, bonds, money market or Education Program, you may obtain information on the NASD's Public mutual funds having a value of $250,000 or more for individuals or $500,000 Disclosure Program by contacting the NASD at telephone number for married couples filing jointly must pay a tax on these items, called (800) 289.9999 or via the intemet address which is wmv,nasdr,com, In 'Intangible Tax". by June 30 to avoid increased penalties, For Tax Returns and addition, a brochure explaining the Public Disclosure Program is available from information, call the Department of Revenue at 1.800.352.3671, the NASD upon request, End of Statement 027 1212110509:CO 001 V898 EFTA00200901 CLEARED IHRWOH ITS wittily 0"EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. &lea, " SOCustr, DOW. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York New York 10179 Ore Meortech Comet HMO BCCCi0011. NOY VC* 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD NOYEMIlef 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH Novernter 30.2005 VISIT OUR WEBSITE O. IA1 uearstearns.coM ACCCUNIT NUMBER X72 What's In This Statement III111111111111111 I ll TAXPAYER NUSSER On Fee LAST STATEMENT OCTObef 31.2005 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 Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD 4,316,247 Cash & Equvalent s $596.278 $590.898 MONEY MARKET FUND BALANCE 596,278 Equities — $4.316.247 54,358.019 NET EQUITY THIS PERIOD $4,912,525 Current market vaue tal Last statements market value NET EQUITY LAST STATEMENT 4,948,917 CHANGE SINCE LAST STATEMENT -36,392 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. THE94."MMY H Re ntommberal papaws ortly Pis rot gonad natio downer Plena report err Ortnerce ✓ rcertrown of netts or sIxIoM, indicoled as ammo lo b Client Swum ol to)O634O428 ✓ ',re W Clem Sennos at Be.'. SUOMI Swains Cap.. Ono Noumea Comer Honk BewoUrt" N.Y. 11201-3859. Sit Pit statiewn should be Maned for your words Sot mom Ss for ',porton rrtortnatan 02? 12.01.05:07:35 001 EFTA00200902 CLEARED 1HROUGH RS 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Itkl COO. Ceolkescitech Cantet North Beccklln• New VC* I I201.38S9 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 MOMS:07:35 001 20911 EFTA00200903 CLEARED 1HRWGH 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bar. Screams SON, t4i1 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Cite IAebelech Cora NOM ettdOon. Hew Year 11201.3859 STEARNS JEFFREY EPSTEIN 3 c. STATEMENT PERIOD November 1.2005 THROUGH November 30.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER MASER On File THIS PERIOD MS PERIOD YEAR TO DATE LAST STATEMENT October 31.2005 Opening Balance Dividends 5,380.42 105,860.58 $0.00 Credit Balance Int. 0.00 13.43 Money Fund 1,820.42 Total $5,380.42 $105,874.01 Dividends/Interest 3,560.00 Amount Credited $5.380.42 Money Fund -5380.42 Portfolio Composition Amount Debited $-5.380.42 CastiCash Equivalent 596,278 Equities 4.316.247 Closing Balance $0.00 Total $4.912,525 Your Portfolio Allocation Cash & Eckmale IS: — Equities 87% UnWOCled POMO, ' eon,* oar aro" *nay.. ino•I male *Vets T O elorahr mien:sr ormo from to 001,01.te market rat), (11 >CV Pirko" 027 120145:07:35 001 V898 EFTA00200904 CLEARED THROUGH ITS wHOLLY CA1T,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seceemr COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nen York 10179 Otto Mevalech Cone “ North &Warn. New York 1201.38S9 STEARNS JEFFREY EPSTEIN 4 or STATEMENT PERIOD NOveMINN 1.2005 THROUGH Novernter 30.2005 ACCCUNIT NUMBER X72 TAXPAYER MASER OTI File LAST STATEMENT OCTOOM 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESORPTION SIMBOJCUSIP OUANDTY PRICE VALUE *NS NOM YELO IV DREYFUS CASH MANAGEMENT-CL A DICXX 596,278.29 1.0000 596.278 22,062 3.7000 INSTITUTIONAL SHARES EST 30 DAY AVG YIELD 3 9000% TOTAL CASH & CASH EQUIVALENTS $596,278 $22.062 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 Steams 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! MARKET ESTRIME0 CURIINT DESORPTION SYMBWCUSIP 11Ft °VANITY PRICE VALLE ANNA. 'COME YELD FELCOR LODGING TRUST INC FOR CASH 2,000 16.9800 33,960 1,200 3.5336 GLEN8OROUGH REALTY TRUST INC GLB CASH 2,000 18.9700 37,940 2,800 7.3801 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.6800 51.360 3246 7.4883 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.9400 109.400 8.400 7.6782 02/ 12014S:07:35 001 V898 EFTA00200905 CLEARED THROUGH ITS vniCkLY CA1nE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SON, 14,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mon:tech Contm North Beano. New To* 11201'3$S9 STEARNS JEFFREY EPSTEIN 5 v. STATEMENT PERIOD Noventer 1.2005 THROUGH Novernter 30.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER X72 TAXPAYER WEBER On Fee LAST STATEMENT 0010bet 31.2005 Equities & Options (continued) ACCT MARKET ESTSAMED CURRGN1T DESCRPTION SYMBOUCUSIP TYPE OUAYEITY PRCC VALLE ANMJAL INCOIAE YELD HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.1900 82.380 5,840 7.0891 SBI JOHNSON& JOHNSON JNJ CASH 57.800 61.7500 3.569.150 76.296 2.1377 BSC RATING: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: 8 MS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6200 146 D37 12/10/2007 NAYARIT GOLD INC CASH 19 0.3170 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 67.3000 29.343 1.029 3.5068 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 36.9300 66.252 4.090 6.1734 INVESTMENT TRUST-SBI RA/.4C0 GERSHENSON PROPERTIES APT CASH 12,000 27.4300 329.160 21.000 6.3799 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1,000 7.1500 7.150 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.316.247 $124.501 TOTAL EQUITIES 54.316.247 $124.501 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $146,563 YOUR PRICEDPORTFOLIOHOLDINGS 54.912.525 027 MOMS:07:3S 001 YOBS EFTA00200906 CLEARED THR000H nS wilekLY CAM‘.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. szeirns socv,ht, COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CcoMetselech CeMet North Beccidon. Nev. Ye* I1201.3SS9 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERU/ NOYOMINN 1.2005 THROUGH Novernter 30.2005 Transaction Detail ACCOUNT NUMBER X72 TAXPAYER WEBER On File MONEY FUND ACTIVITY LAST STATEMENT October 31.2005 DATE IADDAY W01;14101 DESCRIPTION SYMBOUCVSIP mammy PRIDE DEBIT AMOUNT CREDIT AMOUNT 11/01/05 OPENINGBALANCE 590.897.87 11/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C( 1,820.42 INSTITUTIONAL SHARES MONTHLY DIVIDEND 11/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MCA 1,820.42 1.820.42 INSTITUTIONAL SHARES DIVIDEND REINVEST 11/17/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1.460 1.0000 1.460.00 INSUTUTIONAL SHARES 11/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 2.100 1.0000 2.100.00 INSTITUTIONAL SHARES 11/30/05 CLOSINGSALANCE 596,278.29 TOTAL $.5380A2 $1.820.42 DIVIDENDS DATE DESORPTION SMIDOMOUSIP OuANTITY RATE (S) CENT AMOUNT CREDIT AMOUNT 11/17/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 1.460.00 SEC REC 10/21105 PAY 11/17/05 11/22/05 HRPT PROPERTIES TR-Sal HRP 10,000 0.2100 2.100.00 REC 10/21105 PAY 11/22/05 TOTAL $3.560.00 027 12010S07:3S 001 VS9S EFTA00200907 CLEARED THRCOGH nS WHOU.Y 01W E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bee,. ROAMS SOCuiliti CaO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue Coo elevated+ Conte( Noah etCCidoll. km. Yak 112013859 STEARNS New York, Nen York 10179 JEFFREY EPSTEIN STATEMENT PERKO October 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IFIA TELEPHONE THROUGH October 31.2005 VISIT OUR WEBSITE 6.mv.uearstearrts.com ACCOUNT NUMBER X72 What's In This Statement IIIIIIIIIIIIIIIIII I ll TAXPAYER NUMBER On File LAST STATEMENT Septeoter 30.2005 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 OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cash S EqSvalent $590.898 TOTAL VALUE OF SECURITIES THIS PERIOD 4358.019 $582-368 MONEY MARKET FUND BALANCE 590.898 Equities — 54.358.019 $4.446.508 NET EQUITY THIS PERIOD $4.948.917 Current market vane Efil Last statements market value NET EQUITY LAST STATEMENT 5.028.874 CHANGE SINCE LAST STATEMENT -79.957 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please mood Offererce a meneaal of **Om or OxIct, mdivokd as *Orem' Is you. to Clvnl Sonwes el $00.(04.142IS a wee to Cleo! Savcee M Bow. SICIWO &conics Cap.. Ono Monica Conlor North. BiooNot N.Y. II201,395. Sir an suTITurY kr Wohnshrosol WPM, only It Illondod n a he do t no. cutworm shookl DIE nand for your row& Sn roma oft for hoodoo atormatoon 027 11/01.05:00:34 001 Ya97 EFTA00200908 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns Seca0k1 COO. Ore Momloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 11,01,05:08:34 001 Y897 EFTA00200909 CLEARED 1HRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steens Sec.r.t.ti COO. Bear. Stearns 8 Co. Inc. BUR 383 Madison Avenue New YY New York 1O179 0 -4 Mosetech Conte North BredOp. Hew Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERO00 October 1,2005 THROUGH °doter 31.2005 ACCCUNT NUMBER 102 Cash Flow Analysis Income Summary TAXPAYER WESER On hie 116 PERIOD YEAS TO DATE THIS PERI00 LAST STATEMENT September 3O.2O05 Opening Balance Dividends 8,532.1O 1OO,48O.16 $O.OO Credit Balance Int. O.OO 13.43 Money Fund 1,62O.5O Total $8,532.1O $1OO.493.59 Dividends/Interest 6,911.6O Amount Credited $8.532.1O Money Fund -8.532.1O Portfolio Composition Amount Debited $-8.532.1O CashiCash Equivalent 59O.898 Equities 4.358.O19 Closing Balance $O.OO Total $4.948.917 Your Portfolio Allocation Cash 8 Equ,valent 12% Equities 88% UnWooecl croons emcee oar Deena *nee Or, male aye, The Mtn:0m ;event'', is awed from Va 00101.te market rat), al ITV POrtkal. 07/ II/01,05:06:34 001 '897 EFTA00200910 CLEARED THROUGH ITS OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szea•ns SON, t4,1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -4 Monloch Contot North Bro:kron. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 4 vi STATEMENT PER100 OCtober 1,2005 THROUGH October 31.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT September 30.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESCRPRON SITaBarCUSIP OUANTITT PRICE VALUE AMY. . Ise:Clo YIELD I%) DREYFUS CASH MANAGEMENT-CL A DICXX 590.897.87 1.0000 590.898 20.091 3.4001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,7500% TOTAL CASH & CASH EQUIVALENTS $590,898 $20.091 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 Steams 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 IMMO EsIMATB) CURRENT DESCRPRON SIMBWCUSIP Tiff INANITY PRCE VALUE ANNUAL INCOME YEW INT FELCOR LODGING TRUST INC FOR CASH 2,000 14.9200 29,840 GLEN8OROUGH REALTY TRUST INC GLB CASH 2,000 19.1300 38.260 2,800 7.3183 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBA GRT CASH 2,000 22.9700 45.940 3,846 8.3718 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.9100 109,100 8,400 7.6994 02? 1101,05:06:34 001 V897 EFTA00200911 CLEARED THROUGH ITS witMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 COrD. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 CeoLlevalech Center NOM Beccioon. New Ye* I I20I.38S9 STEARNS JEFFREY EPSTEIN 5 , STATEMENT PERK* °Clete( 1,2005 THROUGH October 31.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER X72 TAXPAYER nAm3ER On File LAST STATEMENT September 30.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURFEW DESCRPTION SYMBOUCUSIP TIDE OUAYCITY PACE VALUE ANNUAL INCOIAE YELD I.44 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 39.7000 79.400 5.840 7.3552 S8I JOHNSON& JOHNSON JNJ CASH 57.800 62.6200 3.619.436 76.296 2.1080 BSC RATING: STOCK Ft/SECTOR MW NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6900 162 W 12/10/2007 NAYARIT GOLD INC CASH 19 0.3080 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 63.5000 27.686 1.029 3.7167 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 38.5000 69.069 4,090 5.9216 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES APT CASH 12,000 27.7400 332.880 21.000 6.3086 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1,000 6.2400 6.240 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.358.019 $123.301 TOTAL EQUITIES 54.358.019 5123.301 YOUR PORTFOLIOHOUDINGSESTIMATED ANNUAL INCOME $143.392 YOUR PRICEDPORTFOLIOHOLDINGS 54,948.917 027 II OI <11,26,4 001 V897 EFTA00200912 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. Saee•ns SON, t4,1 Corp. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Mon:tech Contm North 0eock11n. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 6 vi STATEMENT PERIOD October 1.2005 THROUGH October 31.2005 Transaction Detail ACCOUNT NUMBER X72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT September 30.2005 DATE Hawn. TRA, JEACTON DESOTIPTIDN SYMMS:Cyan, WANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 10/01/05 OPENINGBALANCE 582.365.77 10/03/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 5.250 1.0000 5.250.00 INSTITUTIONAL SHARES 10/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 1.620.50 INSTITUTIONAL SHARES MONTHLY DIVIDEND 10103/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 1,620.50 1,620.50 INSTITUTIONAL SHARES DIVIDEND REINVEST 10/14/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 700 1.0000 700.00 INSTITUTIONAL SHARES 10117/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 961.60 1.0000 961.60 INSTITUTIONAL SHARES 10/31/05 CLOSINGBALANCE 590.897.87 TOTAL S-8.532.10 $1.620.50 DIVIDENDS DATE DESCRPTKIN SvMDOL.CuSk OUANTITY PATES) DENT AMOUNT Dena AMOUNT 10/03/05 FIASCO GERSHENSON PROPERTIES RPT 12.000 0.4375 5.250.00 TRUST-MD S81 REC 09/20/05 PAY 10/03/05 10/14/05 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 10/01105 PAY 10/14MS 021 III/IDS:0834 001 V897 EFTA00200913 CLEARED THRWGH ITS WNW? 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirn5 SON, t4,1 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 OtoLletioloch Contof North Becck//n. New Year 11201.3959 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERK* October 1,2005 THROUGH °doter 31.2005 Transaction Detail (continued) ACCOUNT NUMBER (72 TAXPAYER KINSER On FIk DIVIDENDS (continued) LAST STATEMENT September 30.2005 DVE DESCRIPTION SYMEIOLAWSIP OUNIPITY RATE (S) OEM! AMOUNT MEM AMOUNT 10117/05 GLIMCHER REALTY TRUST-Sal GRT 2,000 0.4808 961.60 REC 09/30/05 PAY 10/16/0.4 TOTAL 96.911.60 End of Statement 027 11/01105,30:24 001 V007 EFTA00200914 CLEARED THROUGH ITS vnrOLLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Ste9•ns Seor.t.ti Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -41km:tech Coma North Beccidon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER IIIIIIIIIIIIIIIIII I II TAXPAYER KAMER Co File LAST STATEMENT August 31.2005 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 1010110S:11:W 001 YOBS EFTA00200915 CLEARED IIIRCO3H ITS WHI34.1.Y OVMED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Eleer. Steams SOOffIlle1 Corp Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Ono Metrotech Center NOM EIrcodrn, New York 1120/.3959 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD &pewter 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPICCE THROUGH Septenter 30.2005 VISIT OUR WEBSITE wuw.uearstearrts.com ACCOLNT NUMBER X72 What's In This Statement TAXPAYER NUMBER On Fee LAST STATEMENT hen 31.2005 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 OUATER B-3 ST THOMAS VI 00802 Your Messages 8 Your Portfolio at a Glance Market Value of Your Portfolio Cash 8 Equvalent $582-366 TOTAL VALUE OF SECURITIES THIS PERIOD 4.446.508 $560.453 MONEY MARKET FUND BALANCE 582.366 Equities llllllll ,,,,,,, llllllll $4.446.508 $4.462.889 NET EQUITY THIS PERIOD $5.028.874 Current market value ME Last statements market value NET EQUITY LAST STATEMENT 5,023.342 CHANGE SINCE LAST STATEMENT 5,532 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please 'sped any dfference cc naweceact of *eats or skrffra midland ae dernerwl Is no. Ab• tin SWWWY 16 for nffnenOnSI Winn, Is not fended inlet dowered lo Clem Semen el 110904.1429: a wen Is Clete Savwes at Dew. Stearns &voiles tin staternere nosed be retained for your records See reverse ode for wooden normal= Cap.. Ono lArremoch Conn Hoak BrooeHrL N.Y. 11201,395a 027 1001.05:11:60 001 VISE EFTA00200916 CLEARED 1HROUGH nS vriseklY 0"E0 SUBSIDIARY 808r. Saee•ns SON, t4,1 Oa0. Ore lActsolech Cora ot North Brocklln• New VC* 11201.0858 JEFFREY EPSTEIN 2 or $ STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10O105:11:50 001 V896 EFTA00200917 CLEARED 1HRWGH ITS ?RIMY CMX.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sown& Seor.mi Cook Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 1O179 CeoLlevetech Conte North 8eccilon. New Max 11201.3859 STEARNS JEFFREY EPSTEIN 3 01 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER NLAA3ER Co File RC REM® YEAR TO DATE THIS PERIOD LAST STATEMENT AUgust 31.2005 Opening Balance Dividends 21.912.41 91,948.06 $O.OO Credit Balance Int. O.OO 13.43 Money Fund 1,558.59 Total $21,912.41 $91$61.49 Dividends/Interest 20,353.82 Amount Credited $21,912.41 Money Fund -21,912.41 Portfolio Composition Amount Debited $-21,912.41 Cash,Cash Equivalent 582.366 Equities 4.446.5O8 Closing Balance $O.OO Total $5,O28,874 Your Portfolio Allocation Cash & Equivalent- 12% Equities 88% Um/vex, croons oenme oat Dion°, onto* Orr male wive, The olorehm ;event'', to owed ken to otneXte mole: rat), oi ycv palkno 027 100105:11:50 001 Y896 EFTA00200918 CLEARED THRWGH ITS ?RIMY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,r,htl Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metselech Center North Beccidon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER x72 TAXPAYER AILIMER Co Fite LAST STATEMENT August 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS IVA;If Et ESTIMATED CURIUM DESCRPRON SYMBCC/CuSIP OUANTITY FREE pe:cmc YIELD I%) DREYFUS CASH MANAGEMENT-CL A DICXX 582,365.77 1.0000 582.366 19.800 3.3999 INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 3,6200% TOTAL CASH & CASH EQUIVALENTS $582.366 $19.800 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 Steams 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 ammo CURRENT DESCRPRON STMEWCUSIP TIPS OUANTITY PRCE VALUE ANNUAL INCOIAE YEW 1%) FELDOR LODGING TRUST INC FOR CASH 2,000 15.1500 30.300 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.2000 38.400 2,800 7.2917 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 24.4700 48.940 3,846 7.8586 HRPT PROPERTIES TR-Sal HRP CASH 10.000 12.4100 124,100 8,400 6.7687 02? 1001,05:11:S0 001 Y896 EFTA00200919 CLEARED THROUGH IM OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Stotons SOOrthel OAP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mettoiech Canton North Beccortn. New Trak 11201.3$59 STEARNS JEFFREY EPSTEIN 5 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER MASSER On File LAST STATEMENT AuguM 31.2005 Equities & Options (continued) ACCT MARKET MIMEO CURFENT DESCRPTION SYMBOUCUSIP TOE OUANTITT PRCC VALLE ANNUAL INCOME YEW IAt/ HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.8600 85.720 5,760 6.7196 S8I JOHNSON& JOHNSON JNJ CASH 57.800 63.2800 3.657.584 76.296 2.0860 BSC RATING: STOCK NSECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.9500 223 DP 12/10/2007 NAYARIT GOLD INC CASH 19 0.3960 8 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 65.9000 28.732 1.029 3.5814 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.1800 75.671 4.090 5.4050 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.1900 350.280 21,000 5.9952 TRUST-MD SIN SIRIUS SATELLITE RADIO INC SR CASH 1,000 6.5500 6.550 BSC RATING: STOCK 0/SECTOR MN ATLANTIS RESEARCH RATING: B Total Equities& Options $4.446.508 $123.221 TOTAL EQUITIES 54.446.508 $123.221 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $143.021 YOUR PRICEDPORTFOLIOHOLDINGS $5.028.874 027 100105:11:50 001 V896 EFTA00200920 CLEARED THRWGH ITS Yosem.Y ODV,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,r,htl COO. Bear. Stearns & Co. Inc. BUR 383 Madison Avenue New YY New York 10179 O-4 Momtech Cella North Deo:kW% New Year 11201.3859 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 Transaction Detail ACCCUNT NUMBER X72 TAXPAYER FUSSER OR File MONEY FUND ACTIVITY LAST STATEMENT AuguSt 31.2005 DATE MODAY TRANSACTION DESCRIPTION SYMBOUCVSIP WANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/01/05 OPENINGBALANCE 560,453.36 09/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C( 1,558.59 INSTITUTIONAL SHARES MONTHLY DIVIDEND 09/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MCA 1.558.59 1.558.59 INSTITUTIONAL SHARES DIVIDEND REINVEST 09/13/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 19.074 1.0000 19.07400 INSTITUTIONAL SHARES 09/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 1.279.82 1.0000 1.279.82 INSTITUTIONAL SHARES 09/30/05 CLOSINGBALANCE 582.365.77 TOTAL $-21.912.41 $1.558.59 DIVIDENDS DATE DESCRIPTION STIABOLCUSIP OUANTITY RATE FS) DENT AMOUNT CREDIT AMOUNT 09/13/05 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 0802345 PAY 09/3105 09/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 0802645 PAY 09/5/05 027 100105:11:S0 001 EFTA00200921 CLEARED THROUGH ns Balmy OMEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Strums Sebrthel Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cep Metretecb Center North Beccidon. New To* 11201.3859 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIO0 September 1.2005 THROUGH September 30.2005 Transaction Detail (continued) ACCOUNT NUMBER X72 TAXPAYER KAMER Cn File DIVIDENDS (continued) LAST STATEMENT AUQUM 31.2005 DVE DESCRIPTION swearcusr COWRY RATE tEl DEBIT AMOUNT ca0)11 AMOUNT 09/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST-S8I REC 09/01105 PAY 09/15105 TOTAL $20.353.82 027 NIM 05:i T:50 001 V896 EFTA00200922 CLEARED THROUGH ITS niCkLY OW,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns S0C,r,htl Pap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0 -4 Momtech Cantm North Beccidon. New Year I1201.3SS9 STEARNS JEFFREY EPSTEIN 8 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER x72 TAXPAYER WESER OR File Your messages LAST STATEMENT August 31.2005 Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account At May 31, 2005 and July 31, 2005, the Company's net capital of decline in value, so does the value of the collateral supporting your loan, and, approximately $4,1 billion and $3,9 billion was approximately 6% and 7% of as a result, the firm can take action, such as issue a margin call and/or sell 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 $1.3 billion and $1.1 billion by approximately order to maintain the required equity in the account. it is important that you $2,8 billion and $2,8 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 wtvw,bearsteams,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 100105:11:S0 001 VS96 EFTA00200923 CLEARED THROUGH ITS witCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 Dap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momtech Cantm North Beccidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 9 STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On Foe LAST STATEMENT August 31.2005 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 10101108:11:60 001 Y800 EFTA00200924 CLEARED THRCOGH ITS WNW.? OME0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef. Szeon $00,i0t1 00,1). Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York. New York 10179 Ce4 Meal:tech Center HORN 8t0:i001. New Tait 11201.1859 STEARNS JEFFREY EPSTEIN STATELIER, PERK* Jul/ 30.2005 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH August 31.2005 VISIT OUR WESSITE 6IAV uearstearns.com ACCOUNT NUMBER X72 What's In This Statement IIII,Illllllllllll I ll TAXPAYER MAWR OR He LAST STATEMENT Jul/ 29.2005 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 8-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $560.453 Cash & Equvalent TOTAL VALUE OF SECURITIES THIS PERIOD 4,462,889 • $555.437 MONEY MARKET FUND BALANCE 560,453 Equities — $4462.889 $4.527.960 NET EQUITY THIS PERIOD $5,023,342 Current market yak* NET EQUITY LAST STATEMENT 5,083,397 gm Last statements market value CHANGE SINCE LAST STATEMENT -60,055 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Phone WPM any dffererce ✓ ncenecect al Slade o sixlcM, macakd m deltrefetl Is yai. SubnuY is fa efanbteaal pawns only a ls not banded as &can b Chats Somas 51800404.1428: ✓ wwte to Mal Savbes ✓ Seas Neon &curium SpC TM. Was stalwart shard be Nonni for your records. Set roars* S. fro mown rernatom Cap.. Ono lAolcoloth Genitor TRAP,. BeaShp. N.Y. II201-3E69. 027 0901.05:13:27 001 7895 EFTA00200925 CLEARED 1HROUGH RS 0"E0 SUBSIDIARY Beer. SZeirns SON, t4,1 COO. Ceolkescitech Cantet North Beccioon. New VC* 11201.0859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0201MS:10:27 001 Y895 EFTA00200926 CLEARED TNROOOH WHOLLY ORtLEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirhs SOC,r44,1 Dap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0-41km:tech Cella North Breda/A. New Year 112013959 STEARNS JEFFREY EPSTEIN 3 c, STATEMENT PERK* Jug 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER sysiMER On FIk 71.8S PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT Jul 29. 2005 Opening Balance Dividends 5,016.81 70,035.65 $0.00 Credit Balance Int. 0.00 13.43 Money Fund 1,476.81 Total $5,016.81 $70.049.08 Dividends/Interest 3,540.00 Amount Credited $5,016.81 Money Fund -5,016.81 Portfolio Composition Amount Debited $-5,016.81 CastirCash Equivalent 560,453 Equities 4.462.889 Closing Balance $0.00 Total $5.023.342 Your Portfolio Allocation Cash & Equivalent- 12% Equities 88% UnWocied ronons 0en,* Oar Dion°, *nee 'Mel male wive, The olorobr ;event'', to owed Icon to otool.te market rat), of )eft porli00 027 0201A3S:13:27 001 Y895 EFTA00200927 CLEARED THROUGH RS vngX1Y ODNE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 COD‘ Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mevolech Car:Ng North Beccnon. New Ye* 1201.38S9 STEARNS JEFFREY EPSTEIN 4 vi STATEMENT PERK* Jug 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER X72 TAXPAYER PAM3ER On File LAST STATEMENT JUN 29.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARRS ESTIMATED CURRENT DESCRPRON SIGIBCMOJSIP OUANTRY PRICE YN.UE MALIN. INCOME MO I%4 DREYFUS CASH MANAGEMENT-CL A DICXX 560,453.36 1.0000 560,453 17,935 3.2001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,3400% TOTAL CASH & CASH EQUIVALENTS $560,453 $17,935 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 Steams 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 PAARXE1 ammo CURRENT DESCRPTION STMEWCUSIP Tin OUANTITT PRCE VALUE ANNUAL INCOME VELD IN) FELDOR LODGING TRUST INC FOR CASH 2,000 15.2500 30.500 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.0500 40.100 2.800 6.9825 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 26.0000 52.000 3.846 7.3962 HRPT PROPERTIES TR-Sal HRP CASH 10.000 12.8000 128,000 8.400 6.5625 027 0001.05:12:27 001 Y805 EFTA00200928 CLEARED THROUGH RS mom', CAMEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seonmi COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metsclech Contm North Beccidon. New Ye* I1201.3859 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER NUMBER On File LAST STATEMENT Jug 29.2005 Equities & Options (continued) ACCT MARKET ESTATATE0 CURFENT DESCRPTION SYMBOUCUSIP ME OUANTITT PACE VALLE ANNUAL INCOME TED N HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.3600 86.720 5,760 6.6421 S8I JOHNSON& JOHNSON JNJ CASH 57.800 63.3900 3.663.942 76.296 2.0823 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.8300 195 DP 12/10/2007 NAYARIT GOLD INC CASH 19 0.3540 7 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.2700 28,894 1.029 3.5613 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 43.1500 77.411 4,090 5.2835 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.0200 348.240 21.000 6.0303 TRUST-MD SIN SIRIUS SATELLITE RADIO INC Sift CASH 1,000 6.8800 6,880 BSC RATING: STOCK 0/SECTOR MIV ATLANTIS RESEARCH RATING: B Total Equities& Options $4.462.889 $123.221 TOTAL EQUITIES $4.462.889 $123.221 YOUR PORTFOLIOHOUDINGSESTIMATED ANNUAL INCOME $141.156 YOUR PRICEDPORTFOLIOHOLDINGS $5.023.342 027 09.01.05:13:27 001 Y895 EFTA00200929 CLEARED THROUGH ITS CA1T.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. szeirns soc,nbei COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CcoMetiotech Center North Beccidon. New TR* 11201.3559 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERK* Jul/ 30.2005 THROUGH August 31.2005 Transaction Detail ACCOUNT NUMBER X72 TAXPAYER AVUSER OR PIM MONEY FUND ACTIVITY LAST STATEMENT Jut/ 29.2005 DATE MaDAT TRANSICM3N DESCRIPTION SYMBOUVAIP OUJARRY PRICE DEBIT AMOUNT GREW AMOUNT 07/30/05 OPENINGBALANCE 555.436.55 08/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 1,476.81 INSTITUTIONAL SHARES MONTHLY DIVIDEND 08/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A MCA 1,476.81 1.476.81 INSTITUTIONAL SHARES DIVIDEND REINVEST 08/18/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.440 1.0000 1.440.00 INS11TUTIONAL SHARES 08/25/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 2.100 1.0000 2.100.00 INSTITUTIONAL SHARES 08131/05 CLOSING8ALANCE 560,453.36 TOTAL 8-6.016.81 $1.476.81 DIVIDENDS DATE DESCRI4Kii SIDIDOutteiP ODANnly RATE (2) DENT AMOUNT CREW AMOUNT 08/18/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 REC 07/21105 PAY OEV18105 08/25/05 HRPT PROPERTIES TR-Sal HRP 10,000 0.2100 2.100.00 REC 07/26/05 PAY 08/26905 TOTAL $3.540.00 027 020p0523:27 001 2595 EFTA00200930 CLEARED IIIRWMI 11S vniCtiv OunX0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808f. 518985 S08",581 COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York Nee York 10179 Cc* Mem:Ian Coati HMO &Wort New Yak 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERK* Jul/ 1.2005 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE THROUGH Jul/ 29. 2005 VISIT OUR WEEISITE ived5v.oearstearns.com ACCOUNT NUMBER X72 What's In This Statement llllllllllllllllll I ll TAXPAYER MAWR On File LAST STATEMENT June 30.2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O 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 S Equvalent $555,437 TOTAL VALUE OF SECURITIES THIS PERIOD 4,527,960 $547.211 MONEY MARKET FUND BALANCE 555,437 Equities — $4.527.960 84.567.268 NET EQUITY THIS PERIOD $5,083,397 Current market value NET EOUITY LAST STATEMENT 5,114,479 gm Last statements market value CHANGE SINCE LAST STATEMENT -31,082 There are no 'Stop Lose orders or other pending buy or sell open orders on file for your account. Please WPM wry 0fkrace a canaeot of dupe or Maas. indiceled as Memo is mt. St TM, comae a forNtmaannal papaws coly It Is TEl &loaded aS U. 000.01881 to d wl atones el 800404.1481. a pr. lo Mtn Savnas M Bea. Stare Sectunas Maternal should BoMadkr ever records See revers* cede for rnporlal agamatim Cap.. Ono 1A0Volati Corner Honk. B808.5. N.Y. 11201-385a 027 07,3005:10:09 001 V895 EFTA00200931 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t44 COO. 0 -4 Momloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,0005:10:09 001 Y895 EFTA00200932 CLEARED 1HRWGH 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeom Seonmr Gook Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 OtoMetsolech Contm North eecci0on. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 3 c, STATEMENT PERIOD Juk 1.2005 THROUGH Ju9 29.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER AMBER On File TIC PEN® YEAR TO DATE THIS PERIOD LAST STATEMENT June 30.2005 Opening Balance Dividends 8,225.15 65,018.84 $0.00 Credit Balance Int. 0.00 13.43 Money Fund 1.313.55 Total $8,225.15 $65,032.27 Dividends/Interest 6.911.60 Amount Credited $8.225.15 Money Fund -8.225.15 Portfolio Composition Amount Debited $4,225.15 CastirCash Equivalent 555,437 Equities 4.527,960 Closing Balance $0.00 Total $5.083.397 Your Portfolio Allocation Cash & Equivalent 10% — Equities 90% Ut•JvoeS ronoos 0onole Oar bloom onto* 'Mel male vela, Tho olocoho, re oentor to de•aed ham Va otool.te market rat), of >v.? palkno 027 07,3005:10:09 001 Y895 EFTA00200933 CLEARED THROUGH ITS niCkLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns S0N, t4,1 GNP. Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Metsclech CoMN North BecciOon. Nev. Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 4 ri STATEMENT PERIOD Juk 1.2005 THROUGH Juk 29.2005 ACCCUNT NUMBER X72 TAXPAYER WEISER On File LAST STATEMENT June 30.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARRS ESTIMATED CURRENf DESORPTION SIMABCUCUSIP GUMMY PRICE VALUE MNILIN. PICOT& YELO I*4/ DREYFUS CASH MANAGEMENT-CL A DICXX 555,436.55 1.0000 555.437 16,108 2.9001 INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 3,2000% TOTAL CASH & CASH EQUIVALENTS 5555.437 $16,108 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 Steams 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, AOCT IMNCE1 ammo CURRENT DESCRPRON SIMBC4/CUSIP TYPE GUMMY PRCE VALUE ANNUAL INCOME YEW IN) FELDOR LODGING TRUST INC FOR CASH 2,000 15.5500 31,100 GLEN8OROUGH REALTY TRUST INC GLB CASH 2,000 20.9600 41.920 2,800 6.6794 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 28.8500 57.700 3,846 6.6655 HRPT PROPERTIES TR-SBI HRP CASH 10.000 12.8900 128,900 8.400 6.5167 02? 07/30,05:10:09 001 EFTA00200934 CLEARED THROUGH DS 'rankly °ME° SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, t4,1 COrP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mon:tech Conem NOM Beccidon. New VC* 11201.38S9 STEARNS JEFFREY EPSTEIN 5 c/ STATEMENT PERIOD Juk 1.2005 THROUGH Ju9 29.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER NUMBER OR File LAW STATEMENT June 30.2005 Equities & Options (continued) ACCT IMAKET ESTIMATED CURRENT DESCRPTION SYMBOUCUSIP TYPE OUNEITY PACE VALUE ANNUAL INCOME YELD I*44 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.4000 88.800 5,760 6.4865 SBI JOHNSON& JOHNSON JNJ CASH 57.800 63.9600 3.696.888 76.296 2.0638 BSC RATING: STOCK NSECTOR MW NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7300 172 Dal 12/10/2007 NAYARIT GOLD INC CASH 19 0.4570 9 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.5100 30.306 1.029 3.3954 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 48.9100 87.745 4.090 4.6612 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.8000 357.600 21.000 5.8725 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1,000 6.8200 6.820 BSC RATING: STOCK NSECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 84.527.960 $123.221 TOTAL EQUITIES $4.527.960 $123.221 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $139,329 YOUR PRICEDPORTFOLIOHOLDINGS $5.083.397 027 07.300S:IOCe) 001 "895 EFTA00200935 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirns Sec,m4,1 C.00. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-4 Momtech Cent“ North Beccidon. New Ye* I1201.3SS9 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD Juk 1.2005 THROUGH Juk 29.2005 Transaction Detail ACCOUNT NUMBER X72 TAXPAYER KINSER On File MONEY FUND ACTIVITY LAST STATEMENT June 30.2005 DATE M0DAY TRANSACION DESCRIPTION SYMEIOUCVSIP %marry PRICE DEBIT AMOUNT CREDIT AMOUNT 07/01/05 OPENINGBALANCE 547,211.40 07/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 5.250 1.0000 5.250.00 INSTITUTIONAL SHARES 07/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 1,313.55 INSTITUTIONAL SHARES MONTHLY DIVIDEND 07/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MOO( 1.313.55 1.313.55 INSTITUTIONAL SHARES DIVIDEND REINVEST 07/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.661.60 1.0000 1.661.60 INSTITUTIONAL SHARES 07/29/05 CLOSING8ALANCE 555.436.55 TOTAL $4,225.15 $1.313.55 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP OUNYTITY PATE4S) CENT AMOUNT CREDIT AMCWIT 07/01/05 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4375 5.250.00 TRUST-MD 381 REC 06,2005 PAY 07/01/05 07/15/05 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 07/01105 PAY 07/15105 07/15/05 GLIMCHER REALTY TRUST-Sal GRT 2000 0.4808 961.60 REC 0600105 PAY 07/1505 TOTAL $6.911.60 027 07,3005:10:09 001 ve% EFTA00200936 GLEARED IHRG0311 11S Yrisekly 09%80 51.18901AFer OFFICE SERVICING YOUR ACCOUNT Beef. SZ488b SO8,1941 Ø. Boar. Stearns & Co. Inc. BffiR 383 Madison Avenue New York, New York 10179 Gr.* 1,1eveleal Genier North Beeckn. Hex re" 11201.3859 STffiRNS JEFFREY EPSTEIN STATEMENT PER« June 1.2005 ACCOUNT EXECUTIVE ZICHERMAN,IRA TELEPHONE TH000CH June 30.2005 VISIT OUR WEEISITE i'i'I 4\1 uea r st sams.com ACCOUNT HOMSER X72 What's In This Statement I II TAXPAYER WhieER On Ale LAST STATEMENT May 31.2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CrO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER B-3 Your Messagas 7 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Confinnation: Unless sve hear from you to the conlrary. it is Cash & Equvalent $547.211 cia understanding that any TOTAL VAWE OF SECURRIES THIS PERIOD 4,567,268 $525.589 Iree medl balances in your MONEY HARKET FUND BAIANCE 547,211 $4.567.268 account are Deing maintained Equibes — ... $4.650.260 to lacilitate your intention lo NET EOUITY DOS PERIOD $5,114,479 inest such amounts Ihrough Current merket vakle US. NET EOUITY LAST STATEMENT 5,175,849 ffielf Last statements merket verlue CHANGE SINCE LAST STATEMENT -61,370 There are no 'Stop Loss' orders or other pending buy or seil open orders on file for your account. %Vite WPVI rf Ort~ a nanaeot el ~a P eØ adicakd 44 delaeral le yoo. SIK ISS 9~ 818OO« effOr8919:441 pseeaers only nis na irlended an la. O0Cullart Clieni Sen•cas el ~.1428 a a* lo Glan, Savces ✓ Sea. Star. kcal'« staternere should W refaned for your rocords Sao inn Se fa rroorlat WanlaCKel Cap.. Ono Movelab Genia Honb. BrooMpt N.Y. 11201-3M9 027 07/01.0530:42 001 Y89312 EFTA00200937 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Itkl COO. Ceol.letioloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07'01.135:10:42 001 Y89218 EFTA00200938 CLEARED THROOOH ?RIMY O"EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams S0N, t4,1 COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 OtoLlevoloch Cella North Beccidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER WESER On File 71.8S PERIOD YEAR TO DATE THIS PERICO LAST STATEMENT May 31.2005 Opening Balance Dividends 21,622.03 56,793.69 $0.00 Credit Balance Int. 0.00 13.43 Money Fund 1,268.21 Total $21,622.03 $56.807.12 Dividends/Interest 20,353.82 Amount Credited $21.622.03 Money Fund -21.622.03 Portfolio Composition Amount Debited $-21,622.03 Cashtash Equivalent 547.211 Equities 4.567.268 Closing Balance $0.00 Total $5,114,479 Your Portfolio Allocation Cash 8 Equivalent. 10% — Equities 90% UnWooed pone, ' coma oa0r Dee, ce onto* earl male aye, The Mtn:0m revenur awed Irom Va 00101.te market rat), 01 >v.? palloo 027 07'01.135:10:42 001 Y893tP EFTA00200939 CLEARED THROUGH ITS WHOLLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Srea•ns SON, 14,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Momloch Contof North BrodCon. New Ye* I1201.38S9 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 ACCCUNT NUMBER X72 TAXPAYER MASER On Fee LAST STATEMENT May 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS PMEXET MISTED CURRENT DESCRCTION STEITSCUCUSIP QUANTITY PRICE VALUE NZ&ML WOW YELO Iii DREYFUS CASH MANAGEMENT-CL A DICXX 547,211.40 1.0000 547,211 15,869 2.9000 INSTITUTIONAL SHARES EST, 30 DAY AVG WELD 3,0400% TOTAL CASH & CASH EQUIVALENTS $547,211 $15.869 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 Steams 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 IMAM ammo CURRENT DESCRPRON STAMCIAVSIP 111.£ QUANTITY PRCE VALUE ANNUAL INCOIAE YEW 1^4 FELDOR LODGING TRUST INC FOR CASH 2,000 14.4800 28,960 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.5900 41.180 2.800 6.7994 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS. L,L,C, RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 27.7500 55.500 3.846 6.9297 HRPT PROPERTIES TR-SBI HRP CASH 10,000 12.4300 124.300 8.400 6.7578 027 07,0105:10:42 001 1,893IP EFTA00200940 CLEARED THROUGH nS vntOtlY OntvE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•rs SONYhtl CUP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, Nee York 10179 Ore Metniech Cantu North Bei:dor% New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER NUMBER On File LAST STATEMENT May 31.2005 Equities & Options (continued) ACCT MARKET ESTATATE0 CURFENT DESCRPTION SYMBOUCUSIP TYPE OUANTITY >RCE VALUE ANNUAL INCO1AE TED Ivy) HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.0700 88.140 5,760 6.5351 S81 JOHNSON& JOHNSON JNJ CASH 57.800 65.0000 3.757.000 76.296 2.0308 BSC RATING: STOCK PiSECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7700 181 DP 12/1012007 NAYARIT GOLD INC CASH 19 0.5130 10 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.3800 28.942 1.029 3.5554 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 47.5000 85.215 4.090 4.7996 INVESTMENT TRUST-Sal RAW° GERSHENSON PROPERTIES RPT CASH 12.000 29.2800 351.360 21.000 5.9768 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1.000 6.4800 6.480 BSC RATING: STOCK PiSECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,567,268 $123.221 TOTAL EQUITIES $4,567,268 $123.221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $139.090 YOUR PRICED PORTFOLIOHOLDINGS $5.114.479 027 07i01.135:10:42 001 1/11B3IP EFTA00200941 CLEARED THROUGH ITS Yriseirl 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 SOO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevolech Cantof North &Woo. New Year 11201.3/59 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD June 1.2005 THROUGH June 50.2005 Transaction Detail ACCOUNT NUMBER Y72 TAXPAYER MiNSER On FIk MONEY FUND ACTIVITY LAST STATEMENT May 31.2005 DATE MODAY TRANSACION DESCRIPTION SYMBOUCVSIP ouniany PRICE DEBIT AMOUNT CREDIT AMOUNT 06/01/05 OPENINGBALANCE 525.589.37 06/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 1,268.21 INSTITUTIONAL SHARES MONTHLY DIVIDEND 06/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MCA 1.268.21 1.268.21 INSTITUTIONAL SHARES DIVIDEND REINVEST 06/07/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 19.074 1.0000 19.07400 INSTITUTIONAL SHARES 06/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.279.82 1.0000 1.279.82 INSTITUTIONAL SHARES 06/30/05 CLOSINGBALANCE 547,211.40 TOTAL $-21.622.03 $1.268.21 DIVIDENDS DATE DESCRIPTION STIABOLCUSIP OUAMITY RATE (S) DENT AMOUNT OREM AMOUNT 06/07/05 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 05/17105 PAY 06107/05 06/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 05/27105 PAY 06115105 027 07'01.13S:10:42 001 Y8931P EFTA00200942 CLEARED THROUGH ITS 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. SZeirns SON, t4,1 COO. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Cc* Mevolech Cant“ North Beccioon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 7 vi STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 Transaction Detail (continued) ACCCUNT NUMBER X72 TAXPAYER WESER On FIk DIVIDENDS (continued) LAST STATEMENT May 31.2005 DATE DESCRIPTION SYMEICIALISIP cum:rm. RATE (Sll OEBIT AMOUNT COEDIT AMOUNT 06/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST-S81 REC 06010S PAY 08115105 TOTAL $20.353.82 Your messages Bear Steams receives payments or other remuneration from the advisers, distributors or other affiliates of certain of the mutual funds available through Bear Steams. Such payments or remuneration are for administrative, technological or other services provided in connection with fund accounts and are generally calculated based on the amount of assets held in the accounts, Such payments or other remuneration are in addition to shareholder servicing and distribution fees that Bear Stearns may receive. Funds whose affiliates do not make payments to Bear Steams, including funds that may pay a higher or lower return, may be available to you, End ofStatement 027 07101105;10:Q 001 Y89312 EFTA00200943 CLEARED THRWGH ITS witekLY 0‘11,.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Sown& SON, Pht Can. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Movolech Cadet North 8mck/on. New Yak 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD *11 30.2005 ACCOUNT EXECUTIVE LICHERMAN.IFIA TELEPHONE THROUGH May 31.2005 VISIT OUR WEBSITE 67A1 uear st earns.com ACCOUNT NUMBER X72 What's In This Statement IIIIIII1111111111 II TAXPAYER M.INSER On File LAST STATEMENT *11 29.2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C.I0 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 8 Equvalent $525.589 TOTAL VALUE OF SECURITIES THIS PERIOD* 4,650,260 $520.691 MONEY MARKET FUND BALANCE 525,589 Equines $4.690.280 z $4.722.887 NET EQUITY THIS PERIOD $5,175,849 Current market value ME Last statements market value NET EQUITY LAST STATEMENT 5,243,578 CHANGE SINCE LAST STATEMENT -67,729 Mt portfolio oicludos as or mow unwed socuraos eat ate not related mix Taal vale of Seco•bes ad the Net ErletY TMs Pakot There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please moon any dffererce a nawepaot of clwase Roam ivicatal Yf (Nowa° lo >vv. TM PamMlY 11 fa mT0TmaOnal pulXism only n ecce blended as a tar dcoacce Chent Somas al 800-034.1428: a wit, to ChM SavMeo at Bea% ‘mfro Stcvmats Tres ustesnere should be titans to your records See reverses.* for main neconetuel Cap.. Ono lAoYoloth Conlor North. BroahrL N.Y. II201-3169. 027 DE01.05:09:03 001 YSTS EFTA00200944 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Ilkl COO. Ceol.letioloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06005:09:M 001 Y878 EFTA00200945 CLEARED THROOOH nS vniCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns S0ewititl COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevolech Cella North Beccidon. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD PPM 30. 2005 THROUGH May 31.2005 ACCOUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER KAMER On File 116 PERIOD YEAR TO DATE THIS PERI00 LAST STATEMENT *11 29.2005 Opening Balance Dividends 4,609.61 35,171.66 $0.00 Credit Balance Int. 0.00 13.43 Money Fund 1,069.61 Total $4,609.61 $35.185.09 Funds Deposited 288.51 Dividends/Interest 3.540.00 Amount Credited $4,898.12 Portfolio Composition Money Fund -4.898.12 Cashtash Equivalent 525.589 Amount Debited $4.898.12 Equities 4.650.260 ClosingBalance $0.00 Total $5.175.849 Your Portfolio Allocation Cash 8 Equiyalera 10% — Equities 90% UnWooed drown coma oa0r 014, m enter d+o•1 male aye, The ohms", reventro is dewed from to 00101.te market rat), oi 'CV POrtkal. 027 0901.06:09:03 001 V928 EFTA00200946 CLEARED THROUGH DS vsiCkLY CA1nE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZetrns SON, 14,1 C0,0 Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Meesetech Cora et North Betatron. New Ye* 112014559 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD *11 30. 2005 THROUGH May 31.2005 ACCCUNT NUMBER X72 TAXPAYER NURSER On File LAST STATEMENT *11 29.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS IMMO ESTIMATED CURPENT DESCRPDOM SYEIBOJDUSIP DUANTRY PRICE VALUE NWJAL sitCME 410 DREYFUS CASH MANAGEMENT-CL A DICXX 525,589.37 1.0000 525.589 13.665 2.5999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,9000% TOTAL CASH & CASH EQUIVALENTS $525,589 $13665 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 Steams 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! IMRXE1 ESTIMATED DARROW DESCRPRON SIMBWCVSIP 111.£ DUANTITY PRCE VALUE ANNUAL INCOME imp I%4 FELCOR LODGING TRUST INC FOR CASH 2,000 13.9200 27,840 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.2100 40,420 2,800 6.9273 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS. L.L,C, RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.7500 51.500 3,846 7.4680 HRPT PROPERTIES TR-SEll HRP CASH 10,000 11.8300 118.300 8,400 7.1006 027 06014S:09:C0 001 V878 EFTA00200947 CLEARED THROUGH DS 'roomy °ME° SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seortmr C0,1‘ Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Mem:tech Cerra NOM Beccidon. New VC* 11201.313S9 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD April 30. 2005 THROUGH May 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER NUMBER On FM LAST STATEMENT April 29.2005 Equities & Options (continued) ACCT MARKET ESTAIATED CURRINT DESCRPTION SYMBOUCUSIP TYPE OUAYEITY PACE VALUE ANNUAL INCOME YELD IN HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.9200 87.840 5,760 6.5574 S81 JOHNSON& JOHNSON JNJ CASH 57.800 67.1000 3.878.380 76.296 1.9672 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7000 165 DP 12/1012007 NAYARIT GOLD INC CASH 19 Unprticed PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 63.8500 27.839 1.029 3.6963 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 44.0000 78.936 4.090 5.1814 INVESTMENT TRUST-SBI RAMC° GERSHENSON PROPERTIES RPT CASH 12.000 27.7500 333.000 21,000 6.3063 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR' CASH 1.000 6.0400 6.040 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 54.650.260 $123.221 TOTAL EQUITIES $4.650.260 $123.221 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $136.886 YOUR PRICED PORTFOLIOHOLDINGS $5.175.849 027 0601GS:09:C0 001 1,878 EFTA00200948 CLEARED THROUGH ITS wilekLY O‘M.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. SZeirns S0N, 14,1 COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Dec Meet I cch Center NOM Beccidon. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD *11 30. 2005 THROUGH May 31.2005 Transaction Detail ACCCUNT NUMBER X72 TAXPAYER WESER On FIM INVESTMENT ACTIVITY LAST STATEMENT *II 29.2005 SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION STMEIOUCUSIP GUMMY PRICE EOM AMOUNT CRECO MORO 05/27/05 EXCHANGE CANHORN CHEMICAL CORP 137913109 -19 um TO MNTIRIRIT 05/27/05 EXCHANGE NAYARIT GOLD INC 19 FE FROM MMT(101-MI IOTA_ DEPOSITS AND WITHDRAWALS DATE TRANSACT1G, DESCRPRON DEBIT MACIUNF CREDIT AMOUNT 05/20/05 DEPOSIT LUCENT TECH 00 EPSTEIN 288.51 SIGNATURE TOTAL $288.51 MONEY FUND ACTIVITY DATE MOAT TRANSACTION DESDAIPTON STAIDDIJOUSIP OUANTITY PRICE Pfeil AMOUNT CREDIT AMOUNT 04/30/05 OPENINGBALANCE 520,691.25 05/02/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C( 1.069.61 INSTITUTIONAL SHARES MONTHLY DIVIDEND 05/02/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 1.06961 1.06961 INSTITUTIONAL SHARES DIVIDEND REINVEST 05/19/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 1.440 1.0000 1.440.00 INSTITUTIONAL SHARES 027 DE0165:09:03 001 VETS EFTA00200949 CLEARED THROUGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mevolech Contm North Beccidon. New Year 11201.3559 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIOD *11 30. 2005 THROUGH May 31.2005 Transaction Detail (continued) ACCOUNT NUMBER X72 TAXPAYER AMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT April 29.2005 DATE MOAT TRANSACTICN DESCRIPTIM SYMEAJCUSIP open), PRICE 003ITAmouwr CREDIT AMOUNT 05/24/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DOC( 2,388.51 1.0000 2,388.51 INSTITUTIONAL SHARES 05/31/05 CLOSINGBALANCE 525,589.37 TOTAL 8-4,898.12 $1,069.61 DIVIDENDS DATE DESCRIPTION SnAKIJCUSIP OUMRITY PAX (S) DENT AMOUNT OIEOIT AMOUNT 05/19105 HOSPITALITY PROPERTIES TRUST HPT 2,000 0/200 1,440.00 S8I REC 04/19105 PAY 05/19105 05/23/05 HRPT PROPERTIES TR-SBI HRP 10,000 0.2100 2,100.00 REC 04/22/05 PAY 05/23/06 TOTAL $3.540.00 End of Statement 027 06/01/0530:03 001 YS7S EFTA00200950 CLEARED THRCOGH nS WHOU.Y OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT seer. Steams SOC‘ollkeS Cap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New York New York 10179 Ono Mettotech Center Noah OreckIgn. New Vcrk 11201.3859 STEARNS JEFFREY EPSTEIN ZICAEHMAN.IRA STATEMENT PERK* April I. 2005 ACCOUNT EXECUTIVE TELEPHONE THROUGH April 29.2005 VISIT OUR WEBSITE IWAV uentear rs.c cm ACCOUNT NUMBER X72 What's In This Statement 11111111111111111 II TAXPAYER NUMBER On Fee EAST STATEMENT Wirth 31.2005 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 OUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD' MONEY MARKET FUND BALANCE 4,722.887 520.691 Cash Equvalent e $520.69 I $465.818 14.722.887 Equities $4.667.662 NET EQUITY THIS PERIOD $5.243.578 Current market value ifflE Last statement's market value NET EQUITY LAST STATEMENT 5.133.480 CHANGE SINCE LAST STATEMENT 110.098 'Rd portfolio melodies ono or mom urpneod socurDos rat ro not relented Me Taal YON, of Semabos and Om Nee (poly This Remo& There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Mame moan offl 0naerce of ixofecoOt of *etas Se Clem Senwee el b)O434.142e: tens to CNN at Cap.. Ono Movoloch Conlor North. Brooebn. NY. 112013959. endMakd as cletNerett to Bow. Sloane &cantos ST tin EmYwarY a lot re'sneebenel pewees My els fa trended an tat dOWTMet Tin cutworm shield de nitanied to, yaw records SO Warta ode for modest Seeman:a 027 040005:11:24 001 van EFTA00200951 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t4,1 COO. Ceol.letioloch Cantot North Broeklln• New Volt 11201.38$9 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 O43005:11:24 001 1/877 EFTA00200952 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Screams SON,14,1 Dap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Meesetech CaMeg NOM BredCon. hew Yak 11201.3559 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD * 11 1. 2005 THROUGH April 29.2005 ACCCUNT NUMBER X72 Cash Flow Analysis Cash Balance Summary TAXPAYER WESER On File THIS PERIOD CLCsr.c. LAST STATEMENT MATO 31.2005 Opening Balance $5.60 Cash 5.60 0.00 Securities Sold 47,000.00 Net Cash Balance $5.60 $0.00 Money Fund 962.47 Dividends Interest 6.911.60 Amount Credited $54,874.07 Income Summary THM PERIOD YEAR TO DATE Money Fund -54,879.67 Dreidenus 7.874.07 30,562.05 Amount Debited $-54.879.67 Credit Balance Ire. 0.00 13.43 Net Cash Activity -5.60 Total $7.874.07 $30.575A8 Closing Balance $0.00 Your Portfolio Portfolio Composition Allocation CashiCash Equivalent 520,691 Equities 4,722,887 Cash & Equrea'ent Total $5 243 578 9% \\*9 — Equities 91% Unthned Grown cantle debt balm, *NW Or, male wive, Re mocauco percents-0 is dt'sed Iron VO Mnol.te market value. 01 y01/ palioo 027 043005:11:24 001 V877 EFTA00200953 CLEARED THROUGH ITS wilDLLY OWLE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SONALRI CMP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CA* Mem:1mA Cantu North Beccidon. New VC* 11201.3559 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD April 1. 2005 THROUGH April 29.2005 ACOCUNT NUMBER X72 TAXPAYER MAKER On File LAST STATEMENT MEMO 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESORPTION SYMBOUCUSIP DUMMY PRICE VALUE PAPAW. INCOME YEW IIAt DREYFUS CASH MANAGEMENT -CL A DICXX 520,691 25 1.0000 520,691 13,017 2.4999 INSTITUTIONAL SHARES EST, 30 DAY AVG WELD 2$900% TOTAL CASH & CASH EQUIVALENTS $520,691 $13,017 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 Steams 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 IMINCET ESTIMATED CURRIBYT DESCRPTION SYAISCUCVSIP TIPS OUANNTY PRCE VALUE ANNUAL INCOME YEW IM CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.2400 24.480 GLENBOROUGH REALTY TRUST INC GLa CASH 2,000 20.5400 41.080 2,800 6.8160 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H GLIMCHER REALTY TRUST-SSI GRT CASH 2.000 25.1700 50.340 3.846 7.6400 027 0430,05:11:24 001 111077 EFTA00200954 CLEARED THRWGH ITS niCkLY OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Cc* Mon:tech CarrIN North BecciCon. New Ye* 1201.38S9 STEARNS JEFFREY EPSTEIN 5 STATEMENT PERIOD April 1.2005 THROUGH April 29.2005 Your Portfolio Holdings (continued) ACCCUNT NUMBER X72 TAXPAYER AMBER On File LAST STATEMENT Much 31.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURFENT DESCRPRON SYMBOUCUSIP TYPE °MOTT PRCE VALLE ANMJAL INCOME YELD HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.7500 117.500 8,400 7.1489 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.7800 83.560 5.760 6.8933 S81 JOHNSON& JOHNSON JNJ CASH 57.800 68.6300 3.966.814 76.296 1.9234 BSC RATING: STOCK P(SECTOR MW SABRIENT SYSTEMS. L,L,C, RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.4800 113 EXP TM0(2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 60.4200 26.343 1,029 3.9062 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.1500 75.617 3,875 5.1245 INVESTMENT TRuST-SBI MAMMA GERSHENSON PROPERTIES RPT CASH 12.000 27.6900 332.280 21,000 6.3200 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIN CASH 1.000 4.7600 4.760 BSC RATING: STOCK P(SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.722.887 $123,006 TOTAL EQUITIES $4.722.887 $123,006 YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $136,023 YOUR PRICEDPORTFOLIOHOLDINGS $5,243,578 027 04/30A3B:11:24 001 s.87/ EFTA00200955 CLEARED THROUGH ITS witekLY CAMPO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC,r4M1 COP Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mem:tech Cantm North Beccidon. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 6 STATEMENT PERIOD *it 1.2005 THROUGH April 29.2005 Transaction Detail ACCOUNT NUMBER X72 TAXPAYER WIPER CR File INVESTMENT ACTIVITY LAST STATEMENT Mann 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION STIMOUCUSIP GUMMY PRICE CENT AMOUNT CREDIT AMOUNT 04/21/05 MERGER K GREALTY T ST 500750107 -2,000 47.000.00 TO ER , PS TOTAL $47,000.00 MONEY FUND ACTIVITY DATE MOVAY TRANSACTION DESCRIPTION STMECtirt/SIP DUANTRY AKE DEBIT AMOUNT CREDIT AMOUNT 04/01/05 OPENINGBALANCE 465.811.58 04/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 962.47 INSTITUTIONAL SHARES MONTHLY DIVIDEND 04/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 962.47 962.47 INSTITUTIONAL SHARES DIVIDEND REINVEST 04/04/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 5,255.60 1.0000 5,255.60 INSTITUTIONAL SHARES 04/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1,661.60 t0000 1,661.60 INSTITUTIONAL SHARES 04/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 47,000 1.0000 47,000.00 INSTITUTIONAL SHARES 04/29/05 CLOSINGBALANCE 520,691.25 TOTAL $-54.879.67 $962.47 027 04/30135:11:24 001 Y877 EFTA00200956 CLEARED THROUGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 COO. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevolech Cantm North BecciOon. New Year 1201.38S9 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIOD PPM 1.2005 THROUGH April 29.2005 Transaction Detail (continued) ACCCUNT NUMBER X72 TAXPAYER WEBER On File DIVIDENDS LAST STATEMENT March 31.2005 or'E DESORPTION SYMBOUCUSIP DUMMY RATE MI DEBIT AMOUNT CREDIT AMOUNT 04/01/05 RAMCO GERSHENSON PROPERTIES APT 12,000 0.4375 5,250.00 TRUST-MD MI REC 03/20105 PAY 04/01/05 04/15/05 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 04/01105 PAY 04/15105 04/15/05 GLIMCHER REALTY TRUST-SBI GRT 2,000 0.4808 961.60 REC 03/31105 PAY 04115/05 TOTAL 36.911.60 End of Statement 027 04130(06;11:24 001 1,877 EFTA00200957 CLEARED THRCOGH its ~MY OHn.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Best. Steams SOC.mhel Cal>. BffiR Bear. Stearns & Co. Inc. Oro kietteleCh Center North 383 Madison Avenue Orecioon. Hex Tat 112014859 STffiRNS New York. New York 10179 JEFFREY EPSTEIN STATEMENT PERIOD March 1.2005 ACCOUNT EXECUTIVE LICHERMAN.IRA TELEPHONE THROUGH March 31.2005 VISIT OUR WEBSITE ii/A1 near stearrts.com ACCOUNT NUMBER X72 What's In This Statement II TAXPAYER 81.0113ER On File LAST STATEMENT Fetruary 28.2005 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 $465.818 Cash & Equvalent TOTAL VAWE OF SECURITIES THIS PERIOD' 4.667.662 le $447.341 NET CREDIT BALANCE 6 Equities — $4.667.862 $4.607.588 MONEY MARKET FUND BALANCE 465,812 Current market value NET EQUITY THIS PERIOD $5,133,480 tes Last statements market value NET EQUITY LAST STATEMENT 5,054,929 CHANGE SINCE LAST STATEMENT 78,551 ~So educles one or more 'synced "Ores Owl are not release nee Taal Vale el Seaside; and sie Net Emery The Petri There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Neon moat any Offerer« a ncerrearot of *ears er ekram nclicekd ere dearer« lo you. to Clem Banras el 800-614.1428: a pros lo ChM Seedas M Be.,. Stcorro &Kurile, Cap.. Ono Mammoth Conior Nall. Broolho. N.Y. II201-3959. glec neg almolnY for nermasenal imposes coly Is ree deeded natal decennial Tin ~Win should be for your records Soo roam Sofa rroodart SWmat 027 0601.0509519 001 V876 EFTA00200958 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. SZeirns SON, 14,1 COO. Ceol.letioloch Cantot North Beccidon. New Ye* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 Oa,D1.05:09A9 001 11878 EFTA00200959 CLEARED 1HRWGH wilekLY OMN.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Steens Seentet COON Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Momtech Card“ North Beo:non. New VC* 11201 3959 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD March 1.2005 THROUGH Mardi 31.2005 ACCCUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER KAMER On File THIS PERIOD 116 PERIOD YEAR TO DATE LAST STATEMENT Fe&uasy 28.2005 Opening Balance $2,103.58 Dividends 18.471.5 22,687.98 Credit Balance Int. 5.60 13.43 Money Fund 772.15 Total $18,476.75 $22.701.41 Dividends/Interest 17,704.60 Amount Credited $18,476.75 Money Fund -20.574.73 Portfolio Composition Amount Debited $-20,574.73 CashtCash Equivalent 465.818 Net Cash Activity -2.097.98 Equities 4.667.662 ClosingBalance $5.60 Total $5.133.480 Your Portfolio Cash Balance Summary Allocation OPENTNO CLOSNO Cash 2,103.58 5.60 Cash 8 Equres'ent Net Cash Balance $2,103.58 $5.60 9% — Equities 91% UnthvRKI prow,' °ono* debit bebop, *NW Pm•I male wive, The otocauco percemar m Owed Iron Ve MnoNte market value of y01/ NNW, , 027 DADIDS:09:42 001 YET6 EFTA00200960 CLEARED THROUGH ITS ORnE0 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 Ore Mevolech Cora et North Bei:doom New Ye* 1201.38S9 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERM Myth 1.2005 THROUGH March 31.2005 ASCCUST NUMBER X72 TAXPAYER MAGER On File LAST STATEMENT PEGruEuy 28.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKS ESTIMATED OURREIVI DESORPTION S•NTECLO-Sti QUANTITY PRICE VALUE /ANS INCOME vac) 0.4 CASH BALANCE 6 DREYFUS CASH MANAGEMENT-CL A DICXX 465.811.58 1.0000 465.812 9.782 2.1000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2.6700% TOTAL CASH & CASH EQUIVALENTS $465,818 59.782 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, AOCT MARKET ESTEEMED CURFEW DESORPTION SYMECVWSIP TYPE OLIANSTY PRCE VALIK ROOM INCOME YEW DH CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.4300 24.860 027 0•01.05:09:49 001 '.876 EFTA00200961 CLEARED THROUGH ITS 0Mt,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, 14,1 Cory. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 Ore Llevalech CarrIN NOM Beccidon. New Ye* 112013959 STEARNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD Meth 1.2005 THROUGH Mardi 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER NIMSER On File LAST STATEMENT February 28.2005 Equities & Options (continued) ACCT MOM ESTIMATED CURFEW DESCRIPTION S1MBOUCUSIP TIDE OUATiT‘ PACE VALLE ANNUAL INCOME YELD IV GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.1200 38.240 2.800 7.3222 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L,C, RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 23.7000 47.400 3,846 8.1139 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.9100 119.100 8,400 7.0529 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 40.3800 80.760 5,760 7.1322 SEII JOI.INSON& JOHNSON JNJ CASH 57.800 67.1600 3.881.848 65.892 1.6974 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KR? CASH 2.000 23.4000 46.800 2,600 5.5556 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6700 157 UP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 56.7500 24.743 1.029 4.1588 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.3200 72,334 3.875 5.3571 INVESTMENT TRUST-581 RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.1500 325.800 21.000 6.4457 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR' CASH 1,000 5.6200 5.620 BSC RATING: STOCK PeSECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 64.667.662 6115.202 TOTAL EQUITIES $4.667.662 $115.202 02/ 0401GS:09:4S 001 '.1176 EFTA00200962 CLEARED THROUGH DS 'roomy CAM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seonmi GNP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -41.1evalech Center North Beccidon. New Ye* I 1201.313S9 STEARNS JEFFREY EPSTEIN 6 ri STATEMENT PERIOD MAPCI1 1.2005 THROUGH Mardi 31.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER on FM LAST STATEMENT February 28.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $124.984 YOUR PRICED PORTFOLIOHOLDINGS $5.133.480 Transaction Detail MONEY FUND ACTIVITY DATE LICIDAY TRANSACTION DESCRIPTION SYMEWCUSIP cowry PRCE Cell AMOUNT CREDIT AMOUNT 03/01/05 OPENINGBALANCE 445,236.85 03/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 2.103.58 1.0000 2,103.58 INS11TUTIONAL SHARES 03/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 772.15 INSTITUTIONAL SHARES MONTHLY DIVIDEND 03/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 772.15 772.15 INSTITUTIONAL SHARES DIVIDEND REINVEST 03/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 17.699 1.0000 17,699.00 INSMUTIONAL SHARES 03/31/05 CLOSINGBALANCE 465,811.58 TOTAL $.20.574.73 $772.15 027 0401.05:09:4S 001 '.176 EFTA00200963 CLEARED THROUGH IM YAgX1Y CAM,PO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BOP. SZPAns SOC,M*1 COP Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mem:Icon Contof North Beccicon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIOD Mardi 1.2005 THROUGH March 31.2005 Transaction Detail (continued) ACCOUNT NUMBER X72 TAXPAYER NUMBER 00 FM DIVIDENDS LAST STATEMENT February 28.2005 Dc E DESORPTION STMEICUOUSIP OJWTITY RATE CS) DEBIT AMOUNT CREW AMOUNT 03/08/05 JOHNSON& JOHNSON JNJ 57,800 0.2850 16,473.00 REC 02/15/05 PAY 03/0805 03/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 0225/05 PAY 03/15105 03/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5400 968.76 INVESTMENT TRUST-S8I REC 03/01/05 PAY 03/15105 TOTAL $17,699.00 INTEREST DATE OESOFOPTION STIABCIJOUSIP OUMFT111( RATE IY4 DEBT AMOUNT CREW AMOUNT 03/21/05 INTE DIT BALANCE 5.60 ACCT AT 01. 1 - 03/20 TOTAL $5.60 027 0.0165:09:49 001 Y878 EFTA00200964 CLEARED THROUGH ITS YrisekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Neon Seceemr Dap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -4 Momloch Contm North Brock/on. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 8 vi STATEMENT PERM Mardi 1.2005 THROUGH Match 31.2005 ACCCUNT NUMBER x72 TAXPAYER WESER OR File Your messages LAST STATEMENT PeDruEuy 28.2005 Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At November 30, 2004 and January 31, 2005, the Company's net capital of approximately $3,8 billion and $3,8 billion was approximately 6,4% and 6,3% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1,2 billion and $1,2 billion by approximately $2,6 billion and $2,6 billion, all respectively, A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site wtvw,bearsteams,com, Alternatively, to request a free printed copy please call - toll free 1.866.299.9331. End of Statement 027 040145:09:49 001 Y878 EFTA00200965 CLEARED THRCOGH ITS wriCkLY OHe.EO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Best. 5188.06 $00,00k! Cf80). Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York. New York 10179 Cr4 LIctsolcch Center North Beceidon. Nee TM 11201.3859 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD February 1.2005 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE THROUGH February 28.2005 VISIT OUR WEBSITE owwbearstearns.com ACCOUNT NUMBER X72 What's In This Statement II TAXPAYER NUMBER On File LAST STATEMENT January 31.2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C.I0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD* 4,607,588 Cash & EqLovalent _mop OAF; $447.341 $444.470 NET CREDIT BALANCE 2,104 Equities — $4.607.588 $4.550.830 MONEY MARKET FUND BALANCE 445,237 Current market value NET EQUITY THIS PERIOD $5,054,929 go Last statements market Sue NET EOUITY LAST STATEMENT 4,995,300 CHANGE SINCE LAST STATEMENT 59,629 -on macro ncludes one or more tapered mashes Taal are not Waned rite Taal Yew of Sewing, and the NH Epee/ nn Perot There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please meal on, darrerce a moment of dyers or sixes. caroled as deonemo lo mmnary H Ia cremataml purposes rely n is rot canard nate. CICanwe le doe' Some, el WO-634142C a ote to Clear S(4,1000 at Beer. Means Sesames Tam Motorcars should be Maned Mt yea records Sea room cede Tar rportart cremator Cap.. One Llormioch Comer Noah. Bomar% N.Y. M201-3169. 027 0301005:11:09 001 1872 EFTA00200966 CLEARED IHROUGH ITS vriseklY 0"E0 SUBSIDIARY 808r. Saee•ns SON, t4,1 Oa0. Ore Mem:loch Cantot North Broeklln• New Tuft 11201.3859 JEFFREY EPSTEIN 2 or 7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OOOLO5:11:09 001 van EFTA00200967 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beef. Snuffle Secwititi Ore Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevoloch Cola North BrodCon. New To* 112D1 3959 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERIOD Pathan. 1.2005 THROUGH February 28.2005 ACCCUNT NUMBER X72 Cash Flow Analysis Income Summary TAXPAYER AVUBER On Ale 16 PERIOD YEAR TO DATE THIS PERIOD LAST STATEMENT January 31.2005 Opening Balance $9,003.80 Dividends 2.866.83 4,216.83 Credit Balance Int. 3.58 7.83 Money Fund 766.83 Total $2.870.41 $4.224.66 Dividends/Interest 2.103.58 Amount Credited $2,870.41 Money Fund -9.770.63 Portfolio Composition Amount Debited $-9,770.63 CashiCash Equivalent 447,341 Net Cash Activity -6.900.22 Equities 4,607,588 ClosingBalance $2,103.58 Total $5.054.929 Your Portfolio Cash Balance Summary Allocation MEMO cumwo Cash 9,003.80 2,103.58 Cash & Equivalem Net Cash Balance $9,003.80 $2,103.58 8% Equities 92% Untivoed crown cantle debt bobnce omit. shol male wive, TN/ Dime", pe.oenla is &twee Ben Vo etnot8e menet value of vote ouifoo 027 OGVIDS:11:09 001 V872 EFTA00200968 CLEARED THROUGH ITS wilekLY OMnE0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SOC.,44.1 COP. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 0-4 Mottoloch CoMoc North &Wool. New Year I1201.38S9 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERIOD Fethary 1.2005 THROUGH February 28.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On PIM LAST STATEMENT January 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS /WOO ESTIMATED DREW DESCPSMION SYEITSCUCUSIP °LONNY PRICE VALUE PANS INCOME vac) 0.4 CASH BALANCE 2.104 DREYFUS CASH MANAGEMENT-CL A DICXX 445,236.85 1.0000 445.237 9.350 2.1000 INSTITUTIONAL SHARES EST, 30 DAY AVG YtELD 2.3400% TOTAL CASH & CASH EQUIVALENTS $447.341 59.350 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, ACCT WRNS ESTEACIED CURFEW DESCRPEON SYMBOJCUSIP TYPE °IMPIETY PRCE VALUE ANATOL INCOME YEW I%) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.5400 25.080 027 0101.05:11:09 001 "872 EFTA00200969 CLEARED THROUGH ITS ~MY 0‘19.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZ9994 SOC/9991 COP. Bear. Stearns & Co. Inc. BffiR 383 Madison Avenue New York, New York 10179 Cr.* Metsalech Conte< North 8..“44n. New re" 11201.3859 STffiRNS JEFFREY EPSTEIN 5 vi STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER MA93ER On PIN LAST STATEMENT January 31.2005 Equities & Options (continued) ACCT MARKET ESTMATED CURES« DESCRPTION svmeoucusie TYPE 01.IATITY PRCE VALLE ANNUAL INCOME YELD I14/ GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.7300 39,460 2.800 7.0958 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.7200 51.440 1,280 2.4883 HRPT PROPERTIES TR-SBI HRP CASH 10.000 12.6800 126.800 8,400 6.6246 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.4700 82.940 5,760 6.9448 S8I JOHNSON& JOHNSON JNJ CASH 57.800 65.6000 3.791.680 65.892 1.7378 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KRT CASH 2.000 23.3100 46.620 2,600 5.5770 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.8900 209 DP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 58.1500 25.353 1.029 4.0587 INC PENNSYLVANIA REAL ESTATE ÆI CASH 1,794 40.6000 72,836 3.875 5.3202 INVESTMENT TRUST-581 RØ GERSHENSON PROPERTIES RPT CASH 12,000 28.3000 339.600 7.332 2.1590 TRUST-MD S131 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.5700 5.570 BSC RATING: STOCK A/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.607,588 $98,968 TOTAL EQUITIES $4,607,588 $98,968 027 030T05:11:09 001 "872 EFTA00200970 CLEARED THROUGH RS vn8X1Y ONnEO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT 808r. Szea•ns S08,440 CUR Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New An New York 10179 0 -4 Metniech Cantu North Beccioon. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 6 ri STATEMENT PERIOD REDRIary 1.2005 THROUGH February 28.2005 ACCOUVINUMSER X72 TAXPAYER NUMBER On FOE LAST STATEMENT January 31.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $108.318 YOUR PRICED PORTFOLIOHOLDINGS $5.054.929 Transaction Detail MONEY FUND ACTIVITY DATE LIDDAY TRANSACTION DESCRIPT0N SYTED:liCtISIP CVANIITT PRCE Cell AMOUNT CREDIT AMOUNT 02/01/05 OPENINGBALANCE 435.466.22 02/01/05 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICXX 9.003.80 1.0000 9,003.80 INSTITUTIONAL SHARES 02/01/05 DIVIDEND DREYFUS CASH MANAGEMENT.CL A DICXX 766.83 INSTITUTIONAL SHARES MONTHLY DIVIDEND 024)1/05 REINVEST DREYFUS CASH MANAGEMENT.CL A DICXX 766.83 766.83 INSTITUTIONAL SHARES DIVIDEND REINVEST 02/280'05 CLOSINGBALANCE 445,236.85 TOTAL $-9.770.63 $766.83 027 OCTOL05:11:09 001 '.372 EFTA00200971 CLEARED THROUGH ITS wilekLY CAPPO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT BOP. SzeWns SOC.,449 00,9 Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mevolech Cantof North Betatron. New Year 11201.3859 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERIOD FIROMary 1.2005 THROUGH Feentaly 28.2005 Transaction Detail (continued) ACCCUNT NUMBER 072 TAXPAYER MASSER On File DIVIDENDS LAST STATEMENT January 31.2005 DVE DESORPTION STIABOUCUSIP °LAWRY RATE IQ DEBIT AMOUNT OREM AMOUNT 02/23/05 HFIPT PROPERTIES TR-SBI HRP 10,000 0.2100 2,100.00 REC 01/21105 PAY 02/23.10S TOTAL $2,100.00 INTEREST 0.01E CESCRIPTH:IN SYSIDOLCUSIP OUPBRITT RATE I* CESIT AMOUNT CREDIT AMOUNT 02/22/05 INTE Olt BALANCE 3.58 ACCTUR E AT 01 1/21 - 02/20 TOTAL $3.58 Endof Statement 027 02/01035:11:09 001 2872 EFTA00200972 CLEARED THRCOGH nS vniCkLY CAM.E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Stearns SON•ititt COrP. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York. New York 10179 Cr4 Metsolech Center North BCCCi001. New Tait 11201-3869 STEARNS JEFFREY EPSTEIN STATEMENT PERIOD January 1.2005 ACCOUNT EXECUTIVE ZICHERMAN.IRA TELEPHONE THROUGH January 31.2035 VISIT OUR WEBSITE 67A% near stearrts.com ACCOUNT NUMBER X72 What's In This Statement 11111111111111111 II TAXPAYER NULI3ER 011FIk LAST STATEMENT December 31.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C.I0 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 & EqLevalent $144.470 TOTAL VALUE OF SECURITIES THIS PERIOD* 4,550,830 Mel $434.785 NET CREDIT BALANCE 9,004 Equities $4.550.830 MONEY MARKET FUND BALANCE 435,466 *** ****""""zia** ***444.. $4 559 197 Current market value NET EOUITY THIS PERIOD $4,995,300 mg Last statements market value NET EQUITY LAST STATEMENT 4.993,982 CHANGE SINCE LAST STATEMENT 1.318 -Ths cafao nelmles one a more apnea: mashes tsar ere not related nix Taal Yew of &wins ay the Net Ewe/ The Pam( There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Plaza room any cliforonoo a rawactim of ohm.s or stocks, cacaod as daltraoa to p5u. TME MatuTY fa dOTIThabOwal rants only Risme Needed n lo Clem Simon at 800E041428: a eau to Clam SONICOS a Boa Steam &comes Cap.. one lAflotali Carla Honk 8rooNri, NY 112014859 St tar clocuvers Iles stens should be retuned for your records See reverse ode for insecure ricernarcu 027 0200S:07:S6 001 7870 EFTA00200973 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t4,1 COO. Ceol.letsolech Cantot North Broeklln• New Ye* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,01,05:07:55 001 Y870 EFTA00200974 CLEARED THRWOH ITS ChM•E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Szeirrs Soc.r.tet Dap. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 CeoLletioloch Cola North Becck/on. New Tuft 11201.3859 STEARNS JEFFREY EPSTEIN 3 STATEMENT PERM enemy 1.2005 THROUGH January 31.2005 ACCCUNT NUMBER X72 Cash Flow Analysis Cash Balance Summary TAXPAYER NURSER On Fee THIS PERIOD OPENING aosno LAST STATEMENT December 31.2004 Opening Balance $9.12 Cash 9.12 9.003.80 Money Fund 690.03 Net Cash Balance $9.12 $9,003.80 Funds Deposited 198.83 Dividends/Interest 8.795.85 Amount Credited $9,684.71 Income Summary 11-RS PERIOD YEAR 10 DATE Money Fund -690.03 Dreidenus 1,350.00 1,350.00 Amount Debited $-690.03 Credit Balance Int. 4.25 4.25 Net Cash Activity 8,994.68 Total $1,354.25 $1.354.25 Closing Balance $9,003.80 Your Portfolio Portfolio Composition Allocation Cash/Cash Equivalent 444.470 Equities 4.550.830 Cash &Equivalem Total $4 995 300 8% Equities 92% Untivoecl crown cantle vent botwce anck, snag male vela, TN/ ;slot:own p0.0,01,? &rued from Va etnol.te market value of yoti palioo 027 020105:07:55 001 1870 EFTA00200975 CLEARED THROUGH ITS wilekLY OW,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, t4,1 Cory. Bear. Stearns 8 Co. Inc. BEAR 383 Madison Avenue New YY New York 10179 Ore Mon:tech Car:tog North Becdoon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 4 STATEMENT PERM January 1.2005 THROUGH January 31.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT December 31.2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURREATI DESCRPTION S.-MOLD-SIP QUANTITY PRICE VALUE ANNUAL INCOME yap 0.4 CASH BALANCE 9.004 DREYFUS CASH MANAGEMENT-CL A DICXX 435.466.22 1.0000 435.466 8.709 1.9999 INSTITUTIONAL SHARES EST 30 DAY AVG YIELD 2,1700% TOTAL CASH & CASH EQUIVALENTS $444.470 $8.709 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 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 ESTIACIED CURFEW DESCRPRON SYMECVOUSIP TYPE QUANTITY PRCE VALIK ANATOL '<COME YEW DH CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 13.9600 27.920 027 02,0I,057:S5 00I EFTA00200976 CLEARED THROUGH ITS vniCkLY CAM,E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns SON, 14,1 COrP Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 OtoMetsolech Contm North BecciCon. New Year 11201 3959 STEARNS JEFFREY EPSTEIN 5 ri STATEMENT PERU/ January 1.2005 THROUGH January 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT December 31.2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURPSIT DESCRPTI0N SYMB0UCUSIP TYPE 0UATITY PACE VALLE ANNUAL INCOME YEW IS4 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.2600 38.520 2.800 7.2690 BSC RATING: STOCK NSECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.5900 51.180 1,280 2.5010 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.9100 119.100 8,400 7.0529 HOSPITALITY PROPERTIES TRUST HP1 CASH 2,000 42.6500 85.300 5,760 6.7526 581 JOI.INSON& JOHNSON JNJ CASH 57.800 64.7000 3,739,660 65.892 1.7620 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KRT CASH 2.000 23.4100 46.820 2,600 5.5532 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 1.1650 274 BOP 12/102007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 57.8900 25.240 939 3.7203 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.0200 71,796 2.569 3.5782 INVESTMENT TRUST-581 RAMC° GERSHENSON PROPERTIES RPT CASH 12,000 28.2000 338.400 7.332 2.1667 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.6200 6.620 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: Total Equities& Options $4,550,830 $97.572 TOTAL EQUITIES $4,550,830 $97.572 027 02,01,05:07:55 001 '.1170 EFTA00200977 CLEARED THROUGH ITS ?RIMY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. Saea•ns S0C,r44,1 Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New York, New York 10179 0 -41km:tech Contm North BredCon. New VC* I1201.38S9 STEARNS JEFFREY EPSTEIN 6 ci STATEMENT PERIOD January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT December 31.2004 Your Portfolio Holdings (continued) YOUR PORIFOLIOHOLDINGSESTIMAIED ANNUAL INCOME $106,281 YOUR PRICED PORTFOLIOHOLDINGS $4.995.300 Transaction Detail DEPOSITS AND WITHDRAWALS DA'E TRANSACT CC DESCRVICN DEBIT AMOung CREDIT wow 01107105 DEPOSIT LUCENT TECH 00J EPSTEIN SI 198.83 NATURE BK TOTAL $198.83 MONEY FUND ACTIVITY DATE MCIDAT TRANSACTKN DESCRIPTICN SYMBOUUMP CCANTrY PRICE PST AMOIMT CREDIT AMOUNT 01/01/05 OPENINGBALANCE 434,776.19 01/03/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 690.03 690.03 INSTITUTIONAL SHARES DIVIDEND REINVEST 01/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 690.03 INSMUTIONAL SHARES AMT INCLUDED IN 2004 - 1099 027 0201,05:07:55 001 V870 EFTA00200978 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beer. SZeirns SON, 14,1 COO. Bear. Stearns 8 Co. Inc. Cc* Neeclech Cent og NOM BEAR 383 Madison Avenue New YY New York 10179 Beccidon. New Ye* 11201.3859 STEARNS JEFFREY EPSTEIN 7 STATEMENT PERU/ Jemmy 1.2006 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER X72 TAXPAYER MASSER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT December 31.2004 DATE MWDAY TRANSACTION DESCRIPTION SYIAECUCUSIP OWARTTY PRCE DEBIT AMOUNT CREDIT AMOUNT 01/31/05 CLOSINGBALANCE 435,466.22 TOTAL $--690.03 $690.03 DIVIDENDS DATE DESCRIPTION STIADWCUSIP OUANTITY RATE (SI CENT AMOUNT CREDO AMOUNT 01/03105 RAMCO GERSHENSON PROPERTIES RPT 5.040.00 TRUST-MD St31 CASH DIV ON 12000 SHS REC 12/20104 PAY 0110305 AMOUNT PCLUDED ON 2004-1099 01/14/05 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC Ou01(05 PAY 01/14/05 01/18/05 GLIMCHER REALTY TRUST-SBI GRT 961.60 CASH DIV ON 2000 SHS REC 12(31(04 PAY 01/18/05 AMOUNT INCLUDED ON 2004-1099 01/21/05 KRAA4ONT REALTY TRUST KAT 2.000 0.3250 650.00 REC 01003105 PAY 01/21/05 01/31/05 HOSPITALITY PROPERTIES TRUST HPT 1.440.00 Sal CASH DIV ON 2000 SHS REC 12/30(04 PAY 01131005 AMOUNT PICLUOED ON 2004-1099 TOTAL $8.791.60 027 020105:07:55 001 7870 EFTA00200979 CLEARED THROUGH RS ?NNW, CAM,PO SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beet. Deom Seortmr COP Bear. Stearns & CO. Inc. BEAR 383 Madison Avenue New York, New York 10179 CeoLlevelech Cella North 0eock11n. New VC* 11201.3859 STEARNS JEFFREY EPSTEIN 8 STATEMENT PERIOD January 1.2005 THROUGH January 31.2005 Transaction Detail (continued) ACCOUNT NUMBER X72 TAXPAYER MAWR On File INTEREST LAST STATEMENT December 31.2004 DATE DESORPTION STLIDEUCVSIP 'EVASION RATE IN) DEBIT AMOUNT CREW AMOUNT 01/21/05 INTEREST ON CREDIT BALANCE 4.25 ACCT AT 01.I.2 ,21 01220 TOTAL $4.25 Ended Statement 027 020105:07:55 001 Y870 EFTA00200980