EFTA01324532

EFTA01324532 Statements SDNY,,00355777 CONFIDENTIAL EF7A_0022R4. amino oweccio nor W4«.. °AWED VASIMARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. BUY &OM Seaga:. Grp. BEAR 383 Madison Avenue Ors lAatteCh Carat Surma Ni. Yet 11201.3859 STEARNS Now York. New York 10179 (212) 272-2000 JEFFREY EPSION ACCOUNT EXECUTIVE DCHEMAAN.TRA STATEirthl YVII00 December 1.2004 TELEPHONE (212)272-4189 THROUGH Ceeember 31.7004 VISIT CUR WEBSRE wowbecusteams.com mcceert kmatn 0313-212825 X72 What's In This Statement boxPAKR WWII On Fie LAST STATEMENT Nwemter 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE 8RENAN Fund Activity 6 6100 RED HOOK QUATER B-3 Your Messages ST THOMAS VI 00802 O 8 Z T T I Your Portfolio at a Glance Market Value of Your Portfolio m TOTAL VALUE OF SECURITIES THIS PERIOD' 4.559.197 eau Equi valent $434.785 $415.505 Important Message If any intonation regarding 2004interest. dr4dends. mIscelanecus NET CREDIT &NANCE 9 S4.559.197 EVIAS income, gross proceeds a 14,331,737 MONEY MARKET !MO BALANCE 434,776 Signal &sue discount is required to be reported to Current market yaw the IRS for this account. a NET EQUITY 1141S OtR100 44,993.982 a lost staternmEs wankel who r NET EQUITY UST STATEMENT 4,748.242 Consoltlated Form 1099 we be welled m you by January 31.200sor a CHANGE SWCE LAST STATEMENT 245,740 1042Sby Mardi 15.2005. mr paYria KO.dets one tt non trortadi toasts est n rot rums ht. Tole Woe U Seturtes ow ve Nei Fehr Trie MM _ There are no 'Stop Loss* orders or other pending buy a sell open orders on Ale for your account. 8LLSS£00 IND ANGS nue 'pert as, dnonrco a nweemiN et a.d or Mal. 6••Spleci as osi.erro to es, sErff Tor*every br hierrninot anew, Lot. n flo unces sr Nor COWTsift. b <rW Sans. 603434-stn. or .ITS 5> art Swat at Ma Syr. tecutin W.10 ee wow fa wee meow see revers. tide Sl.porbel Simons Coe. Cm la•teln. Coto ton. &town Y 4410 027 01:01105.00'111 COI OLP8ZZOO- V1.43 EFTA01324533 0.1ARED 111/10JCal n WWOUX WACO SIASPARY tow Swarm Season Co',. One Wetter), Grit WS trod)" New York 11201.49 0212) 2724030 JEFFREY EPSTEIN 2 ce 6 0 0 F I STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ 6LLSS£00 IN9 ANGS 02> 01010600'.19 OM 91)61 I LV8ZZOO- Vida EFTA01324534 o.wtD TIPIOKsh ITS VolinCLY OW1/2 03 StRataNARY OFFICE SER.I1CM YOUR ACCOUNT Bear. Steams 6 Co. Inc. Sac Stuns Stones Cap. BEAR 3133 /Amason Avenue AI mama tem NWT Omer Idat Yen 11201.3859 STEARNS Now Yoh. New Yoh 10179 (212) 212-2000 010 272.10:0 JEFFREY EPSTEI4 3 oft STAXestesa PrACO CeCernber 1.2004 THROJ:. December 31.2004 A0000.7 sihlea Cash Flow Analysis Income Summary 'COP.:MR nouttr, 038-28025 X72 On Flo rum IlltS PER= XIM 10 DATE LAST STATrueser Nosenstec 30.2034 OpenIngBalance $3.540.00 CASOW433 18,271.11 105.627.30 emit Balance Ire 9.12 852.52 Money Fund 592.82 Dividenisinterest Total $18,280.23 9106.479.82 17487.41 knoumCredited 918,280.23 O z Money Fund -21.811.11 Portfolio Composition Amount Debited S-21.811.11 ii CastVCaSh Egon-ant 434.785 5 Net Cash Activity -3.530.88 Equines 4,559,197 ciosin9Balance Total m 59.12 34.993.982 z -H Cash Balance Summary Your Portfolio Allocation ova acetic Cash 3.540.00 9.12 r Net Cos/II:Salome $3,540.00 99.12 Cash a Eq.agaktgn 8% 08LSSEOCIN9- ANGS Equitres 92% WV.1.1 [wives 01.04 ONJ bin nee ten marce tocarba °menage derrnd Iron its 4020b runty vie.* yn Orreo 027 01/0105.00 II 001 vOSS I8 b.) 1, ) 00 —J Is) EFTA01324535 alAlittb notOUGH ITS WHOLLY awl® SUSSIDAIW OFFICE SERVICING YOLK ACCOUNT Ow. Swim Saba, Cap. Bow. Stearns & Co. Inc. BEAR 383 Madison Avenue Ow trap! Caw Nap Itreektis. w Vat 11201.3839 STEARNS New York. Now York 10179 (212) 272.2000 PIP 2724000 JEFFREY EPSTEIN 4 et STATIOADif Pence Decanter 1.2C04 THROWN Defender 31.2001 ACCOuNT mallIM 038-20325 X72 TAWAYra mite On FL Your Portfolio Holdings ;Air swear &Meter 30.2034 CASH & CASH EQUIVALENTS 'unit ESTWAITO asREIC mono SYMBOL/CUSP rzyt vALLE WHAM. tora YtU) CASH BALANCE 9 0 DREYFUS CASH MANAGEMENT-CL A miSMunDHAL SHARES EST. 30 DAY AVG YIELD 2.0100% Dtla 434.776.19 1.0000 430.776 7.391 1.7000 ii TOTAL CASH & CASH EOUWALENTS 5434.785 57.391 C EQUITIES in Equities & Options The research ratings for Bear Stearns (BSC) are Shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total tarn relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 — Outperform: P — Peer Perform: U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO ••• Market Overweight: MW Market Weight: MU = Market Underweight. In cases where a BSC rating is present. the name of an Independent. third-parry research provider and their rating may also be displayed. where such research is available. The various providers have normalized their ratings systems as follows: B - Buy: H - Hold: $ — Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax. legal or investment advice. Bear Stearns is neither soliciting any action based on such information. nor r endorsing any recommendation or opinion expressed by any independent. third-party research provider. The symbol indicates that continuing coverage or the subject company is temporarily not available due to legal reasons. Independent. third-party research on certain companies covered by the Firm's research Is evadable to customers of Bear Stearns at no cost. Customers can access this research at w.w.bearsteann.com or can cal (800) 517.2327 to request that a copy of this research be sent to them. ACCT MAASS CSMATED MSSXi DISCRIriThi SYYSCOMISIP rot OlAVOITY Pka WIC MIMS MOW SELO rig CANHORN CHEMICAL CORP CNCPF CASH 19 uniwiced T8LSSEOCIND- ANGS FELCOR LODGING TRUST INC FCH CASH 2.000 14.6500 29.300 027 0101.05:0•11 001 ssis7 rn I S IJ 00 -J U.) EFTA01324536 CLF-ARE0 THROUCP. ITS %MOLLY OWNED 941SCARY OFFICE SEFMCNG YOUR ACCOUNT Bear. Steams & Co. Inc. leacSians Swain cos. BEAR 383 Madison MIMS ore Ilatobsch GPM MT IrOdtp, New Re 20 .MIS STEARNS New York, New York 10179 (212) 272-2030 1212/ 272.1003 JEFFREY EPSTEIN S as STATEMENT P1 00 DeCterber 1.2004 TPROLCIN DeCtintOr 31.2004 Your Portfolio Holdings (continued) stomas RARER 030-280125 272 TAXPAYER PARA?Ot On nue LAST rrarrower roamers 30.2004 Equities & Options (continued) ACCT MARKET ESTRUM) CURRENT DESCRIPTOR SYMPOtILMSIP T11r COMM TRU VALUE WPM ISCOME REID IV GLENBOROUGH REALTY TRUST NC GUI CASH 2.000 21.2800 42.560 2.800 6.5789 BSC RAW: STOCK P/SECTOR IAN MOMENT SYSTEMS. L.LC. RATING: S 0 COACHER REALTY TRUST-SBI GRT CASH 2.000 27.7100 55,420 3.846 6.9397 HRPT PROPERTIES TR•S81 HRP CASH 10.000 12.8300 128,303 8.400 6.5472 -n HOSPITALITY PROPERTIES TRUST Sal HPT CASH 2,000 48.0000 92.000 5.760 6.2809 C JOHNSON& JOHNSON BSC RATING: STOCK P/SECTOR MW CASH 57.800 63.4200 3,665.676 85.892 1.7975 in BUCKINGHAM RESEARCH EATING: It KRAMONT REALTY TRUST KRT CASH 2.030 23.4000 46.800 2.800 5.5556 WTS LUCENT TECHNOLOGIES INC WTHW CASH 235 1.5800 371 DTP 12/102007 Pm PACIFIC RETAIL PROPERTIES PIP CASH 436 62.7000 27.337 946 3.4605 NC r PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-581 PEI CASH 1.794 42.8000 76.783 3.875 5.0467 RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 32.2500 387.003 20.160 5.2093 TRUSTMO SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 7.6500 7.850 BSC RATING: STOCK PISECTOR In ATLANTIS RESEARCH RATING: 8 _ Total Equities& Options 54.559.197 5114.279 TOTAL EQUITIES 54.569.197 5110.279 Z8LSSECIO INS ANGS C417 01/01106:03171 COI wov fLt8ZZOO- V.L.43 EFTA01324537 CLEARED 151110.30.4 rte Y8CA Cm1820 SIJISTOMRY OFFICE SERVICING YOUR ACCOUNT Feu. Yawn SARA% 098 Wm Stearns & Co. Inc. BEAR 383 Waal Avenue Ott 1.18:5388 Levy Ail Iroonr. Yort 1120.3859 STEARNS New York. New York 10179 (212) 272-2000 012I 272.1000 JEFFREY EPSTEIN 60$ sunken Pt Wenn* 1.2004 151'083.4 Wert 31.2004 *Gown PA 038-28825 272 WAWA Age On Flo 11.83 825.11290/1 Nowerter 30.2004 Your Portfolio Holdings (continued) YOUR PORTED:IONOLOINGSESTIMATED ANNUAL INCOME 5121.670 YOUR PRICED PORTFOLIOHOLDINGS 54.993.982 0 Transaction Detail m INVESTMENT ACTIVITY C in 53171D104 PTE DAR lekklAC11011 OISCRPTKIK 511/80UCUSP 0390 81.131;92 CR1CC 1.5.88110 12(10104 .CJRNAt MS LUCENT TECHNOLOGIES VIC 11JIHN 235 COP 12/1022007 WE 12/10107 CLASS ACTION SETTLEMENT TOTAL r MONEY FUND ACTIVITY POE 5.30.43 mask-nom DESCR1102.11 521/80UCUS. affirm FAlfL OM AMOUNT CREW 1.1011111 1201(01 OPENINGEWANCE 412.985.08 E8LSSEOCIN9- ANGS 12/01(04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC7oc 3.540 1.0000 9540.00 DISTrtUTIONAL 92885% 12(01/04 DIVIDEND DREYFUS CASH MANAGEMENT-CL A MCI 592.82 PISTRUITONAL SHARES MONTHLY DNiDENO 027 OuOtakterin 001 VII? I S b.) INJ 00 Lo Lo EFTA01324538 CUP® 1mR012304 ITS VAPOU.Y OPI.ED 90112.01ARY OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Ow. Shen Secullet 020+ BEAR 383 Madiscm Avenue Ore wereitcn Opus 1421T IledOrt. Nn It:n.11201-3859 STEARNS New Wyk, Ncw Yak 10179 (212) 272.2000 Ixlb 232.1000 JEFFREY EPSTEIN 7 at PrArtmocr PPROO DeCtenbef 1.2004 71410‘UM OeCC"T 31. 2004 Transaction Detail (continued) ICOX1111 imam 038-28825 172 TAXPAPOR Puusut On Fie MONEY FUND ACTIVITY (conned) LAST SIP.TEueNT lit/.Br-0w 30.2004 OUT Tow natamcnow OF4209101 STIMOVOPLIP Otr PACE MO MOW MOO APOON1 12/01/04 REIRIVEST DREYFUS CASH WJIAGEMENT-CL A Dia( 592.82 592.82 INSTMJTCNAL SHARES EINCENO REINVEST 0 12/21/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A INSTITUTONAL SHARES OICU 17.678.29 1.0000 17,678.29 12/31/04 CLOSINGBALANCE 434,77/3.19 m TOTAL 5.21.811.11 5592.82 C DIVIDENDS in OAR CESCIMION roams, 01WITITI MR RI OEIrl 41401/111 MEER POMO 12/07/04 JOHNSON& JOHNSON JNI 57.800 0.2850 16.473.00 REC 11/18104 PAY 12/07/04 12(15/04 PM PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC 11/26/04 PAY 12/15/04 r 12(15/04 PENNSYLVANIA REAL ESTATE INVESMENT TRUSIGIN REC 12/01/04 PAY 12/15434 PEI 1394 0.5400 968.76 TOTAL 517.678.29 _ P8LSSECIO IND ANGS 027 01/01.05.00 1.1 001 VIII 9LV8ZZOO- V1.43 EFTA01324539 WARE° 11.40-C44 RS Ala.LY OwNED $uBSOITAY OFFICE SERvICING YOUR ACCOUNT M. San Sauna Can Beer. Steams & Co. Inc. BEAR 383 Madden Avenue Oee manta After NanT 11,04” Nat 01 1201 3.52 STEARNS New York. New Yon 10179 (212) 272-2000 c2In 2>2.1000 JEFFREY EPSTEIN 8 ao STATEITEAT AIRCO December 1.2004 TATROutal COCembee 31.2004 Transaction Detail (continued) AC0O)C Roma 038-28825 022 TAWAVER TAMER On nk INTEREST Vii rrAregurr Alvorseet 30.2004 CIAO DESOWITON SevaiTUCUSP OUENTRY RATE IV otter — CREDO NAOMI 12/21/04 INTEREST ONCREOIT BALANCE 9.12 ACCT 038-28825 01.37(40% 11121 12/20 0 TOTAL 59.12 -n Your messages C in Florida residents who own. manage, or control stocks, bonds. money market or mutual funds having a value of $250.000 or more for individuals or 5500.000 As part of the National Association of Securities Dealers (NASD) Investor Education Program. you may obtain information on the NASels Public for married couples figng jointly must pay a tax on these items, called Disclosure Program by contacting the NASD at telephone number (800) intangible Tat. by June 30 to avoid increased penalties. For Tax Returns and 289-9999 or via the intemet address which is winv.nasdr.com. In addition, a information. call the Department of Revenue at 1.800-352.3671. brochure explaining the Public Disclosure Program is ayaaable from the NASD upon request. r End of Statemnt S8LSSE00- 019- ANGS 021 0031.0509. 10 001 EFTA01324540 CLEARED ISMCItal 11 ANCALY MOLD SLMSCMAY OFFICE SFSMCM YOUR ACCOUNT Se Simms Starts. Cap. Bear. Steams IS Co. Inc. BEAR 383 Madison Avenue Neer York, New Tot 10179 ON MAntecn Cart NCTS eroMAN New NA 11201.814 STEARNS (212) 272.2000 Rib 2224eco JEFFREY EPSTEIN ACCOUNT EXECUTIVE DCHERMAN.RA STATEMENT SUMO OCMINE 30.2004 TELEPHONE (212)272.4189 THROWN 575.venber 30.2004 VISIT Out WEBSTIE wawbrwrstrams con ACCOUNT PluteER 038-28825 X72 What's In This Statement 7MPAYM muweel1 Cn Fp LAST STATEMENT October 29. 2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CM FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN TOiNaGUNO0 Fund Activity 6 6100 RED HOOK OUMIR B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cam a Ecwwient 1416.505 TOTAL VALUE OF manta nos PERIOD' 4.331,737 5412.417 NET CREDIT BALANCE 3,640 Cowries 54.331.737 54,151,910 MONEY MARKET FUND BALANCE 412,965 Current market take INT ROWTY INti PERIOD $4.748,242 OE Last statements market yaw NET SNIT( LAST STATEMENT 4.564.327 CHANGE SINCE LAST STATEMENT 161915 paible Adam or a vested teas wan Na MAAS n We eel ma 0 Sauna awl PA Net Earn Tim •e 98LSSEOCIN9-ANCIS There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. aceas NAM AN an a tiesacem al Swab a mem MEOW at Mamma Nu nts Inniry is fty ww-owei Nepatm by. Win% Medea as a tax Saallast 874-4 areas M .0041.44I : a vain GUN Sasso* We Stows Swim Pt lesser void be reamM' ?COW Matt SOO Men Y1 e, nowt Mannabm Cap. COm Sams. Car NAT IftemM. NY. 1120, 340 027 12A1/04;1442 MI warm I8 IJ 00 -J 00 EFTA01324541 CW. THROLGm ITS A40Cu.)? Ci,ED 84.1804.AY 86r. Swans St0J/COS co.l) Cnt1Atuouch Croy Net Ilmotbr) /18.? Yon 11201.3869 (212) 272.10:0 JEFFREY EPSTEIN 2 0 0 T I STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ aLSSECIO IN9 ANGS 027 12101/01:14,82 001 4168 6/AIZZOO- V.L.43 EFTA01324542 =AIMS THROUOM ITS ',MOLLY OVMED SIJOSOARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Owe Poem Se0Sbn cOne. BEAR 383 Madison Avenue New Yak. New Yoh 10179 RIM Ileattech Car WU WOW" Kew Yet 112014259 STEARNS (212) 272.2000 (2121272.1059 JEFFREY EPSTEIN 3 STATIONAT PERKO October 30.2004 THROUGH Novernber 30.2004 Cash Flow Analysis Income Summary Whet, mutate TeAPArtft NIA/UR 018.28025 172 On File MIS PRIG° nil NO AM 10 OAK LAST STATDALAT October 29.2004 OpeningEtalance $653.29 Ceriderds 4.088.28 87.356.19 Credit Balance Int. 0.00 843.40 Maley Fund 548.28 Total $4.088.28 $88,199.59 C) Deiderdsenterest 3.540.00 0 Amount Credited Money Fund $4.088.28 1.201.57 z Portfolio Composition m Amount Debited Net Cash kelt 11.201.57 CasNCasn Equealent Ecaates 416,505 4.331.737 2.888.71 C rn Closin98alance $3,540.00 Total $4,748,242 z -H Cash Balance Summary OPOOK Your Portfolio Allocation CtOSINO Cash r Net Cash Balance 853.29 $853.29 3.540.00 $3,540.03 Otln& Egismient-, 8% _ Equities 88LSSECIO INS ANGS U-s603.4 pt.WARI Rani* 001 RHAtOt mite net rya! wallas. The sillea, p.r. teas,' 4eReol cure otesoMe maRRI %W» e4 rat error. 027 12/01/06:1•>42 001 LUSA 08178ZZOO- V1.43 EFTA01324543 MIMEO TwROVIET rts WHOLLY ONINO cssgwn OFFICE SERWCING YOUR ACCOUNT Bac sires Sparta; Cap. Bear. Steams & Co. Inc. BEAR 383 Madisen Avorue New York, Nov York 10179 OM METES. Cars NEAP B000tlyrt Nat Net 11201.3859 STEARNS (212)272.2000 04+04 212-1COD JEFFREY EPSTEIN STATE:MET PRRIO0 amber 30.2004 WON Pbsnbe 30.2004 ACCOUNT RASPS 038-29825 172 TAXPAYER nurAlet On rile WOW 29. zoo< Your Portfolio Holdings EAST STATOTENT CASH & CASH EQUIVALENTS WAICET ISM= CURRENT DITSCRIPPON SRASCIUCUSEP CANXITTE MICE VALUE AMC4L &CAE REED Oa CASH BALANCE 3,540 0 DREYFUS CASH MANAGEMENT-CL A INSMUTIONAL SHARES EST. 30 DAY AVG YIELD 1,8400% DICXX 412,965.08 412.965 6.607 1.5999 -n TOTAL CASH & CASH EQUIVALENTS $416.505 S6.607 C EQUITIES in Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 — Outperform: P - Peer Perform: U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO — market 065N/eight MW // Market Weight: MU Market Underweight. In cases where a BSC rating is present, the name of an independent. third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as folows: B Buy: H Hold: S - Sell. The ratings information contained herein is for infomiaticnal purposes only and is not intended to provide tax. legal or investment advice. Bear Stearns Is neither soliciting any action based on such information, nor r endorsing any recommendation or opinion expressed by any independent. third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent. third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at mwtbearstearns.corn or can cal (800) 517.2327 to request that a copy of this research be sent to them. Pal MIRA° ESTlienttD CLIVIENT DESOUPPON STRIBOIXTESP nH °LWOW EWE V.111( MOOS INCOME TRU 00 CANHORN CHEMICAL CORP CNYF CASH 19 Uteri:so _ FELCOR LODGING TRUST INC FCH CASH 2,000 12.9400 25,880 68LSSE00 IN9 ANGS 027 12/D101;1402 COI wait Igt8ZZOO-V.L43 EFTA01324544 CUARLO n«01.ral RS nMOLLY Cij011). SMOORY OFFICE SERVICING YOUR ACCOUNT Beet. Steent & Co. Inc. Bet. Sun Swan Corp. BMR 383 Madison Avenue One Yeas& Cann, Pilknh BaNIL Piet Tot 11202.3149 STMRNS New York New Twit 10179 (212) 272-2000 WO 272.1000 JEFFREY EPSTEIN Sal swag.« PeP3O2 CRopixt 3O.2OO4 ~MGM Weber 3O.2OO4 Your Portfolio Holdings (continued) ACOCOrt MAAR 038-28825 X72 TAXPAVC, ~A On re Lair nArcwrwr Wet« 29.2OO4 Equities & Options (continued) ACCT WARICR 15MA= CURACHT DESOPPTION 511.01.00151P lYPE OUAITTY POKE YAI.Ut ièrek PCOW TKIanN GLEN80ROUGH REALTY TRUST WC GIB CASH 2.000 21.8400 43,680 2.800 6.4103 BSC RATING: STOCK P/SECTCR MW SABRIENT SYSTEMS. L.LC. RATING: H GLSACHER REALTY TRUST-SW GRT CASH 2.000 26.9500 53.900 3.846 7.1354 Z T HRPT PROPERTIES TR461 HRP CASH 10.000 12.0900 120.900 8,400 6.9479 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 44.9400 89.880 5.760 6.4085 11 Sst JOHNSON& JOHNSON 110 CASH 57.800 60.3200 3,486,496 65.892 1.8899 BSC RATING: STOCK P/SECTOR MW in 81.ICKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 20.1200 40.240 2,600 6.4612 PAN PACIFIC RETAIL PROPERTIES PAW CASH 438 59.3000 25.855 946 3.6589 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.7500 73.106 3.875 5.3005 emalmEm TRUST-S8t r RAACO GERSHENSON PROPERTIES TRUST-MO Sal RPT CASH 12.000 30.4300 365,160 20,160 5.5209 SIRIUS SATELLITE RADIO WC SIRI CASH 1.000 6.6400 6.840 BSC RATING: STOCK 0SECTOR MW ATUNTIS RESEARCH RATING: Et Total Equities& Options 54,331.737 5114.279 TOTAL EQUITIES $4.331.737 $114.279 06L55£00- IND- ANGS OPT 12081/04:14:42 001 110615A 1, 1 IJ IJ 00 00 IJ EFTA01324545 CLEARED TI4ROUG4 ITS WHOLLY GANES Suinsaunv OFFICE SERVICING YOUR ACCOUNT Y. Sand Searbes Cap. Be& Steams b Co. Inc. BEAR 383 Madison Avenue New Yoe*. New Tom 10179 are SernetcS Cove MCA It000n. Now Valt 112014059 STEARNS (212) 272.2000 1212) 272.1003 JEFFREY EPSTEIN 6or STATISAOrt KIM° WOWS 30. 2004 11100001 *vette 30. 2004 ACCCtie .2.0ISER 038.28.825 X72 TAX/001R mantes On PI* UST irrAmme October 29.2004 Your Portfolio Holdings (continued) YOUR PORTFOL IOHOLDINGSESTIMATE D ANNUAL INCOME $120.886 YOUR PRICED PORTFOLIOHOLDINGS S4.748.242 0 ii Transaction Detail MONEY FUND ACTIVITY C in RATE wow tweneenas DESOIIMICN SVMSOLCUSIP OUANTrx KC( CENT lA10011 CSOAT MOUNT 10130/04 OPENINGBALANCE 411,763.51 11101104 DMDEND DREYFUS CASH MANAGEMENECL A DIGS 548.28 INSTITUTIDNAL SHARES MONTHLY DAADEND r 11811/04 REINVEST DREYFUS CASH MANAGEMENT-CI. A INSrtrunDNAL SNARES DIVIDEND REINVEST Den 548.28 548.28 11/02104 BOUGHT DREYFUS CASH MANAGEMENT-Ct A 09:10I 653.29 1.0000 653.29 945ITIUTIONAL seines 11130104 CLOSINGBALANCE 412,965.08 _ TOTAL 5-1.201.57 5548.28 T6LSSECIO INS ANGS 027 12.01/34:14:41 001 £8178ZZOO- V.L.43 EFTA01324546 GEARED memo. Its yneXaY °MAW Su1SAXARY OFFICE SERVICINS YOUR ACCOUNT Sew. Steam Seo.rtleS cop Bear. Steens & Co Inc. BEAR 383 MarMon Avenue Nov York. New York 10179 One Pletntecn Cron Math SrectO" Ape Ten 1120'3959 STEARNS (212) 272.2000 .2121272.1020 JEFFREY EPSTDN 7 el STATEbtEla PERM 02102.1 30. 2004 THROVE*. Noardner 10.2004 Transaction Detail (continued) preemter 74./111W 038-28825 X72 TAXPAYER MASER On Fle DIVIDENDS tAST ;TAMA"? Weber 29.2c04 OA1E CIESCRI111011 STIAIOUCUSIP WHIM ROE IA 0W MAW CREW APP12/1 11/19104 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7200 1.440.00 Sal RE 10/22/04 PAY 11/19104 0 1122/04 TOTAL HRPT PROPERTIES TR-SBI REC 10/22(C4 PAY 1122.04 HRP 10.000 0.2100 2.100.00 $3.540.00 -n C rn STOPI End of Statemon r _ Z6LSSECIO IND ANGS 022 12/01/04:14:42 001 YEW t8P8ZZOO-V.L43 EFTA01324547 =ARID THROWN Ill VnielLY OWNED SLeStiAllY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. 005 Steen SONOW. Corp BEAR 383 %/Mason Avenue New York. New York 10179 Ote lailtIOSedi Was abnn &vat" me. York 11201•$19 STEARNS (2121 272-2000 12121212.1000 JEFFREY EPSTEIN ACCOUNT ExECUTNE EICHER:MANTRA Frog VT Pace October 1,2004 TELEPHONE (212)272.4189 itwOuOti October 29. 2004 VISIT OUR wEBSITE nww.bearstearns.com ,bear SNSLR 038-28825 372 What's In This Statement 11...11.,.1..1.11 III TAY/AVM WOW. On F4e LAST STATTaltsi Septeirter 30.2004 Financial Summary 3 JEFFREY EPSTMN Volt Portfolio Holdings 4 010 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Aaivity 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 O m C Your Portfolio at a Glance Market Value of Your Portfolio m TOTAL VAWE OF SECURRES THIS PEROO• 4.151.910 Cash & u miak,* 5412.417 $404,613 NET CREDIT BALANCE 653 C— 54.151.910 54.021.818 MONEY MARKET FUND BALANCE 411364 D r NET ZOOM TIM PEMOD NET EQUITY LAST STATEMENT $4,564,327 4,426,431 Mil U Current market Sue LOU stateranrs market ...IL* CHANGE SINCE LAST STATEMENT 137,897 "Psi conim rotas ena w amen star warns Swann needle/re. Total vita d Sisotaie ad IM Ml To.* ml Prod There are no 'Stop toss' ceders or other pending buy _ or sell open orders on file for your account. £6LSS£00 IND ANGS Wes* ,or. *Ay <AA tAce VwortA d awn sr .ass Nolo, as stanza ss rob Tha yarn ,c ro• iforinaloui tuasola OS kb rot Seed at S las Cant ti Ott Osman M I10.5.14-142t co tan z Otte &woos M kw, Sroaris Setartzs The vr men wear et manta ft vat ream* See rewre •Oefeentntun coz. Ora V..vsn Conw soli, emir. Nv. ,,:o,.3nsa 017 13.3004 11 50 COI 1984 S8P8ZZOO-V.L.43 EFTA01324548 CLEARED atm ITS WHOLLY OVINED SUISOMRY Nat San Smells - Olt iletretech a Myth Omit" Kea Yart 11201-31739 0!1D 2721WD JEFFREY EPSTEIN 2 ca O z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ t6LSS£00 IND ANGS 027 lOrKtilll 100 001 %IN 98t8ZZOO- V.L43 EFTA01324549 MIMEO *Hawn trl) WA= 0010 909.140011E OFFICE SERVICING 'NOR ACCOUNT Bor. Swim Savlin Cap. Bear. Stearns a Co. Inc. BEAR 303 Aladison Avenue New Yak. Nee York 10179 Cot 14ttetetch Ca Molt 0,70" New Ton 112014859 STEARNS (212) 272-2000 COO 272.1031) JEFFREY EPSTEIN 3>p STATSION P01103 October 1.204 "es 00.0bet 79.2004 ACCOJIrt MAIM 035-28825 x72 Cash Flow Analysis Income Summary roman" roan On Fit mG H900 110511011C0 YEAR TO DATE LAST STATE9ENT September 30. 2004 OpeningBalance 5115.78 Cimdends 7.800.84 83267.91 Credit Balance Inc. 3.29 843.40 Money Fund 449.24 Total $7.804.13 584.111.31 Dinclends/Inutest 7.354.89 0 Amount Credited Money Fund 57.804.13 -7.266.62 Portfolio Composition z -n Amount Debited Net Cash Acton). 5-7.266.62 537.51 Cash/Cash Equivalent Equities 412.417 4.151.910 C Total 54 564 327 in Closirig8alaace 5653.29 z Your Portfolio Cash Balance Summary Allocation OF0010 CLOSING 115.78 653.29 r Net Cash Balance 5115.78 5653.29 _ 91% U-savded pence. elowee OS balms. (4b Col S6LSS£00 INS ANGS mnti *as 'Pm Norte peeuelme a dame, kw, Ire .0400,4 wawa wake a Ye/ cattle 027 10/3004:11.50 001 L8P8ZZOO- V.L43 EFTA01324550 0.EAREO THROLM ITS Orent0 MUMMY cfnCE SERVICING YOUR ACCOUNT Ow. Sums Saville Cap. hew, Stearns a Co. Inc. BEAR 383 ',radix= Mime New vorit New York 10179 Cat Weemen Carew 14tne Itecirre Nes at 201 S859 STEARNS (212) 272-2000 Ina ZY01CCO JEFFREY EPSTEIN STAIIMPIT PEROD October 1.2004 991100314 October 29.2004 ACCOURT hIACIPS 038-28825 X72 TAXPAYER µ1W On Eie Your Portfolio Holdings tar eratorert swamp% 3o 2004 CASH & CASH EQUIVALENTS MUCCI I318MTtD CU NT 0 DESCRIMON CASH BALANCE SYMOUCU90 CAUAN110 MU VeLUE 653 MNIMOCOM TEED 00 0 DREYFUS CASH MANAGEMENTCL A INSTMJnormi. SHARES EST 30 Oa Ave vino 1.6300% (ECU 411.763.51 1.0000 411.764 5.765 1.4001 -n TOTAL CASH 5 CASH EQUIVALENTS 5412.417 45.765 C EQUITIES rn Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 - Outperform; P - Peer Perform: U = Undercerfam. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO — Market Ovenrright MW - Market Weight MU = Market Underweight. In cases where a BSC rating is present, the name of an independent. third-party research provider and their rating may also be displayed. where such research is avaiable. The various providers have normalized their ratings systems as follows: B - Buy: H Hold: S Sell. The ratings information contained herein is for informational purposes only and Is not intended to provide tax, legal or Investment advice. Bear Steams is neither soliciting any action based on such information, nor r endorsing any recommendation or opinion expressed by any independent. third-party research provider. The syrribol indicates that continuing coverage of the sut*ect company is temporary not available due to legal reasons, Independent. third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers Can access this research at twiethearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. MET WRICET ISMATED EtfeRINT OESC0PM11 M11010190 ME M0V 001 MCI VALVE A/0111AL MEOW 11,10 OP CANHORN CHEMICAL CORP CNCPF CASH 19 Unpiced _ FELCOR LODGING TRUST NC FCH CASH 2.000 11.6200 23.240 BSC RAMC: STOCK 0/SECTOR NW GREEN STREET ADVISORS. NC. RATING: S 96LSS£00 IND ANUS NTT 1000KM:11SO 001 88P8ZZOOV.L43 EFTA01324551 GEARED MACMA, re. mOtLY 0153RD ALSSMART Cilia SERVICING YOUR ACCOUNT Beet. Steams & Co. Inc. ear. Mans Semt4s Co.. BEAR 383 Mattson Avenue New York. New York 10179 Ox Yertnech Cora NM lirontr we. 00 20 11159 STMRNS (212) 272.2000 M21272.1000 JEFFREY EPSTEIN 5 Cit MAP-Wm reROo OCM.tt 1.2004 ¶t*Cun Or.oxr 29.2004 Your Portfolio Holdings (continued) Accouut rouse, 03828425 472 TAXPAYER AMMER on He LAST STATMENT Segember 30.2004 Equities 8 Options (continued) ACCT waxtf ESIMATED CURRENT CCEMPTAN SIESOUCLISP ME OtIMArt PRICE VMIA AANJA1PcC011t TEM 00 GLENBOROUGH REALTY TRUST INC GL8 CASH 2.000 21.0000 42.000 2.800 6.6667 65C RATING: ST= ThSECTOR MN SAPIENT SYSTEMS. LLC. RATING: H 0 GLIMCHER REALTY TRUST-SBI HRPT PROPERTIES TR•SEll GRT HP CASH CASH 2.000 10.000 25.8200 11.1900 51.640 111.900 3.846 8,400 7.4477 7.5067 -n HOSPITAUTY PROPERTIES TRUST Sal HPT CASH 2.000 42.8500 85,700 5.760 6.7211 JCHNSON& JOHNSON 3Nl CASH 57.800 58.3800 3.374.364 65.892 1.9527 C BSC RATING: STOCK PMECTOR MW in BUCKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 18.8600 37.720 2.600 6.8928 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 56.6500 24,699 946 3.8301 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.5500 72.747 3.075 5.3267 RIVESTME101RUST.S8I r RAMCO GERSHENSONPROPERTTES TRuST.mD SFS RFT CASH 12.000 27.0000 324.000 20.160 6.2222 SIMUS SATEUTTE RADIO INC SIRI CASH 1.000 3.9000 3.900 BSC RUNG: STOCK OIECTOR NW mums RESEARCH RATING: H Total Equities& Opt iom 54.151.910 4114,219 TOTAL EQUITIES $4,151,910 $114,279 _ L6LSS£00 INS ANGS 021' 10/3004.1110 001 VI64 68178ZZOO- V.L.43 EFTA01324552 CLEARS) TWIOurin ITS WHOLLY OWNED Sullf00000 DIME StRVCING YOUR ACCOUNT Bear, Steams & Co. Inc. w. — SEtallies cap. BEAR 383 kamison Atilt* aN lAsted1CArresier0 4A:000‘ New Tort 11201.1109 STEARNS Nes York. New Yak 10179 1212) 272-2000 RIZ 272.1070 JEFFREY EPSTEIN 6 of? STAIIETITO Irfar00 OROS 1.2004 DEPTC0on OCIEDEt 70, 2001 eeccuke Maw 038-2882$ X72 7.00•AYEA PAIEEDI On Ile LAST STATEMENT Sweater 30.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUM. INCOME $120.044 YOUR PRICED PORTFOLIONOLDINGS $4,584,327 0 z ii Transaction Detail MONEY FUND ACTIVITY C in DATE z MOSS 10101/04 IlLANSACIIDN IXECRIPIION OPENINGEIALANCE SWIMMER WARN 404.496.89 AtiOUNT CRICrt AMOUNT 1001/04 DIVIDEND DREYFUS CASH MANAGEMENTCL A 449.24 INSTITUTONAL eamect MONTHLY ONCEND r 10101/04 REINVEST DREYFUS CASH MANAGEMENT.CL A IHS1TTUT1OHAL sun/ CCM 449.24 449.24 OMOEND REIWEST 10/20104 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIEM 6.817.38 1.0000 8.817.38 INSTITUTIONAL cHLICS 10/29104 CLOSINGBALANCE 411.763.51 86LSSE00- 019- ANGS TOTAL $-7.266.62 3449.24 027 10•1004:1.10 CO1 Yen I S IJ V.) 00 8 EFTA01324553 CUOMO TaRODOM ITS wapav OWMED ErarDaRY OFFICE SERvICDJG YOUR ACCOUNT Bw. Suers Sean°, Cap. Bear. Steams & Co. Me BEAR 383 Madison Avenue Now Yak. Now York 10179 Ore moretech Corte Norm Duna% New Yet ¶1201.3119 STEARNS (212) 272-2000 am 272.1000 JEFFREY EPSTEIN 7 4, STATFuE4T ;TACO 0c10ber 1.2004 nattatt. Weber 29. 2004 Transaction Detail (continued) ACCOuNT rtaltit 038.28825 X72 lAxPAYER Huron Ca rAe DIVIDENDS LAST STAIIMINT Septiarter 3O.2OO4 DUE OFSOR/101 STIMMICUSP eumarn me n) aeon MOM MCC 11434011 10/01/04 RAMCO GERSHENSON PROPERTIES RPT 12.000 0.4200 5.040.00 TRUST4AD SEU RFC 0920104 PAY 1091104 10/15/04 GLENBOROUGH REALTY TRUST INC 0 10/15/04 SIC 10,01/04 PAY 1011S/04 GUMCHER REALTY TRUST-Sal GLB GRT 2.000 2,000 0.3500 0.4808 700.00 951.50 MC 09/3044 PAY 10115/04 -n 10)22/04 TOTAL KRAMONT REALTY TRUST RECc0/24/04PAY1o32/04 KRT 2.000 0.3250 650.00 57.351.60 C rn INTEREST z -H DATE 10/21/04 DESEDIPTION INTEREST ONCREDIT BALANCE ACCT 03%26925 S11MEUCUSP Gummy DIX DEW MOM ERE,rt AD04141 3.29 AT 01.12500% 09121 10120 TOTAL 53.29 r End of Statement _ 66LSS£00 IND ANC'S WO 1000041140001 V&A I 6r8ZZOO- Vida EFTA01324554 0.1MtE0 THROWN ITS vel4XLY 04,1(0 ELS140.49Y orra SERVICING YOUR ACCOUNT Bev Son Searlies fen Boar. Steams & Co. Inc. BEAR 383 Madison Avenue kleinOte. Unit Wen Oroothil. 110.4 Yost 112014859 STEARNS New Yak. Now York 10179 (212) 272.2000 an; 272.10:0 JEFFREY EPSTEIN ACCOUNT EFECUTNE ZICHERIMMIRA STATEmBer PEF000 September 1.2004 TELEPHONE (212)272.4189 114001.40.14 September 30, 2004 vlSIT OUR WEBSRE www.tearsteams.com At001101 MUMMA 038.28025 )(72 What's In This Statement Illrrlllrlllrllll II TAXPAYER 4.1414•014 On no VAT STATEliErT 01.9.nt 31.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund ActMty 6 6100 RED HOOK QUATER B-3 Your Messages 8 ST THOMAS VI 00802 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURMES THIS PERIOD' 4.021.818 EqAyIn 2404.613 $386.819 NET CREDIT BALANCE 116 EpulDel S4$.02 4.128; 0768 MONEY MARKET RAND BALANCE 404.497 Mi Gwent manic vibe NET EOUllY THIS PERIOD 54.426.431 SO Last statemenrs market yaks r NET EQUITY UST STATEMENT 4,507.195 CHANGE SINCE LAST STATEMENT -80.764 4fha %ble Minn cno a non untool monks %V Na nfocio4 on. %us Vous et Swan oN W tyro Flury ny4 MW 008SSEOCIN9- ANGS There are no "Stop Loss' cedes or other pending buy or sell open orders on tile for your account. Mom .4401 aryOreerto co no.N.ecste of cteon or aorta edeolodustNin< b you Pis s.rfray b be 1/14/0184.34•1 pates gay. a. r44 wonted ants, cloproot in Mon Bran 440-434.3421. at woo a CNN Somas yr ear Sin Santa TN. lastante Medd be al/i4 brat Teats S44 meta 444 tee erpourt Ifannal.34 CRP. 0.4 news. Carom wh. OtoNeyN 201-339) 027 1001.'0407 40 COI ‘163 rn I S b.) 00 , f; IJ EFTA01324555 CLUJ'S° TWROL014 %WWI 01040 SuSSOMY Ow.Steam SKultin 0e wrote° ,Orter P4Orth ." " Mgr Vie 112010559 ,30 012127200W JEFFREY EPSTEIN 2 0 0 z T STATEMENT BACKER IS PRINTED ON THIS PAGE C rn z r TO8SSEOCIA19- ANGS 027 100104.07'0 001 V163 I S IJ 00 EFTA01324556 MURK) 7/*CORM ITS YeliCti.Y OAHE° 914/0/01ARY OFFICE SERVICNG YOUR ACCOUNT Best Sams Stoat. co.S Bear. Steams & Co. Inc. BEAR 383 Madison Avenue On* 14•Uctecs Ceres Nan tottlys Moo York 11201.355.0 STEARNS New York, New York 10179 (212) 272-2000 42121 272.10:0 JEFFREY EPSTEIN 3 ao STANYENT PEROO Septerrta 1.2004 NROUGH SOINKTOK 30.2004 ACCOst47 MAKER 018-281125 1'72 Cash Flow Analysis Income Summary TAXPAYER KAMER On flit NIS PERKO Ns NM* KM TOOKE MST rrArruner AKust 31.2034 OMCKCIES 17,678.29 75,467.07 Oponing8alance $356,818.60 Credit Balance Mt. 115.78 840.11 DM:lends/interest 17394.07 Total $17,794.07 576,307.18 Amount Credited 51 7,794.07 0 Money Find .404.496.89 z Amount Debited 5-404.496.89 Portfolio Composition -n Net Cash Active), -386.702.82 Cash/Cash Equeelent Equities 404.613 4.021.818 C Closin9Balance $115.78 rn Total $4.426.431 z Cash Balance Summary Your Portfolio 04CAPIC MENG Allocation Cash 386,818.60 115.78 r Net Cash Balance 5386.818.60 5115.78 _ ZO8SS£00 IND ANGS 1.14:4611: PeekV4 Mane Ns, TA] aMOCV NH. nine nun rti aloat r... c. 027 1001/OROS 49 341 ‘183 t6r8ZZOO-V.L.43 EFTA01324557 =Tara 1140003,4 WNOtLY °MED ElLeSCLOTt OFFICE SERI/ICING YOUR ACCOUNT Om. Steen Stant co.p Bear. Steams & Co. Inc. BEAR 383 Madison Avenue New York. Nett York 10179 ore 14.0t4n term liner Ilivol0. mos net 112010859 STEARNS (212) 272.2000 pia 272.10:0 JEFFREY EPSTEIN 4 d9 STATEMENT Pelb:0 Septeente 1.2004 THROutlx SI/Diener 30.2001 ADedrcT WL,14301 03a.TeeTS 472 TAXPAYER i4446ER On file Your Portfolio Holdings LAST STATtmeST Auctilt 31, 2004 CASH & CASH EQUIVALENTS WW1 ESTIMATED Oltift0 OESCISItei SIMIOL/COSP 0064/111Y Met YEAS NAM NOME YEW MI CASH BALANCE 116 0 DREYFUS CASH MANAGEMENT-CI. A INSTM1710NN. SHARES EST. 30 DAY AvG YEW 1.5500% DID= 404,496.89 1.0000 404.497 5.258 1.2999 -n TOTAL CASH & CASH EQUIVALENTS 5404,613 55.258 C EQUITIES in Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 — Outperform: P — Peer Perform: U - Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO - Market Overweight: MW — Market Weight: MU Market Under eight. In cases Mee a BSC rating is present the name of an independent. third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B Buy: H - Hold: S — Sell. The ratings information contained herein is for informational purposes only and is not Intended to provide tax, legal or investment advice. Bear Steams Is neither soliciting any action based on such information, nor r endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the sutyect company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the rim's research is available to customers c4 Bear Stearns at no cost. Customers can access this research at vmw.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. KC, MARKET 1311MATED 0.titen DESCASIXIN STMIKUCLISIP Mt PRICE VALUE MIPS INCJOME YIDD (IM CANHORN CHEMICAL CORP CHCPF CASH 19 Unpriced _ FELCOR LODGING TRUST INC FCH CASH 2.000 11.3100 22.620 BSC RAliNGi STOCK WSECTOR IN! GREET: STREET ADVISORS. INC. RATING: S £08SS£00 INS ANGS 027 100,04.0449 001 YW S6178ZZOO-V.L.43 EFTA01324558 CLGARED 1140:40.4 ITS ymc4IY 0%.410 SOSSOLay OFFICE SERVICING YOUR ACCOUNT Rem. Steams & Co. Inc. bur Winn Stoat. Carp. BEAR 383 Madison Avenue New Yak. New Yost 10179 0-e titeoRtn Caner Rol, armor. Pam Tart 112014969 STEARNS (212) 272-2000 12121272.10:0 JEFFREY EPSTEIN S STARbiewr psnICO 540440044 1.2004 THR0L0x SeVentle 30.2004 Your Portfolio Holdings (Continued) At'et.ta NLPASER 038.28825 172 TAXPAYER u.I.ER On He µST STATEMEXT ALepst 31.2004 Equities & Options (continued) par MARKET ESTPLAITA CURRENT DESCRVION 10490L0.391 nfl C00101,r MCC UWE &WM ,a MELON) GLENEIOROUGH REALTY TRUST INC GLB CASH 2.000 20.7700 41,540 2.800 6.7405 BSC RATING: STOCK P/SECTOR Lew SABRIENT SYSTEMS. L.L.C. RATING: H 0 GLIACHER REALTY TRUST-SBI GRT CASH 2.000 24.3000 48.600 3.846 7.9136 HRPT PROPERTIES TR-S81 HPP CASH 10,000 10.9900 109.900 8.400 7.6433 -n I+DSPITALITY PROPERTIES TRUST STU HPT CASH 2.000 42.4900 84.980 5.760 6.7781 C JOHNSON& JOHNSON BSC RATIC: STOCK P/SECTCR MW HU CASH 57.800 56.3300 3,255,874 65,892 2.0238 in BUCKINGHAM RESEARCH RAMO H KRAMONT REALTY TRUST KRT CASH 2,000 18.6000 37.200 2,600 6.9892 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 54.1000 23.588 946 4.0105 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 38.6600 69,356 3,875 5.5871 INVESTMENT IRUST-SBI r RAMCO GERSHENSONPROPERDES TRUST.MD Sal RPT CASH 12.000 27.0800 324,960 20,160 6.2038 SIMUS SATEWTE RADIO INC SARI CASH 1.000 3.2000 3,200 BSC RAMC: STOCK 0/SECTOR MN ARAMS RESEARCH RATING: H Total Equities& Options 44.021.818 S114.279 TOTAL EQUITIES _ 44.021,818 5114.279 PO8SSE00 INS ANGS 071 1001040149 001 1163 96178ZZOO- V.L.43 EFTA01324559 0.EAREO IVACQ0.1 era vnt0.1.2 Date Sultencon9 OFFICE SERVICING VOA ACCOUNT Bete Steams & Co. Inc. 8997. Seen Swann On BEAR 383 Madsen Avenue New York, New Yoh 10179 One PANnescio Cann Awn hoe" Kew York 112014/59 STBMINS (212) 272-2000 (27ZI 273.120) JEFFREY EPSTEIN 6m swerwerr PER7t0 Sancta 1.3005 71.193tKoo Sepernow 3D. 2004 ACCOUstt PeatieR 031928825 912 TaxrAvet 7.7A4bOt On Fit US' STA7047/T August 31.2004 Your Portfolio Holdings (continued) YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME 5119.537 YOUR PRICED PORTFOLIOHOLDINGS 54,426.431 0 z ii Transaction Detail MONEY FUND ACTIVITY C in DATE MOW TOPANSCIM OtS099110,4 SMAIOLCUS, Ow= P t z J 00/01104 OPENINGBAIANCE 0.00 OW MOW MOM MOW 09/02104 BOUGHT DREYFUS CASH MANAGEmENTCL A DICIOt 366.919.60 1.0000 386.818.60 MSMuitiwit SHARES r 09/15104 FOUGHT DREYFUS CASH MANAGEMENT-CL A INSInutreat SHARES 0 1.1-• 17.678.29 1.= 17,678.29 09/3004 CLOSINGBALANCE 404.496.89 TOTAL 5404 496 89 SOBSSECIO INS ANGS 027 1001/0907 49 CO1 1163 L6V8ZZOO-V.L43 EFTA01324560 ==INFO n*otgn ITS WHOLLY OWNED SuBSIOWtY OFFICE SERVICING YOUR ACCOUNT Ow. Stews Sautes tap. Bear Steams & Co. Inc. BEAR 383 Madison Avenue New York. New Tot 10179 Owl wtaxech Cats Haw WpolOy4 Has vat 1120140S9 STEARNS (212) 272-2000 RID 7771000 JEFFREY EPSTEIN 7 n9 STATEMENT PERM September 1. 2004 11140V0H Seerrber 30.2004 Transaction Detail (continued) ACCONfr ,aac 038, 28825 X72 TAXpAYER MAWR On tie DIVIDENDS tar smerneur AWOM 31, 2004 DATE OtSCRIODDII SYWOUCUSIP OAWITY WE IS) car NAOMI CREDO MOW 09/07/04 JCOINSON & JOHNSON .841 57200 0.2850 16.473.00 REC 08/17/04 PAY 09/07)04 09)15/04 PAN PACIFIC RETAIL PROPERTIES PNP 438 0.5425 236.53 0 09/15/04 INC REG 08127/04 PAY CAM Me PENNSYLVANIA REAL ESTATE Pa 1.794 0.5400 968.78 PNESTNENT1RUST.SBI -n TOTAL REC 09/01/04 PAY 09/15/04 f17,678.29 C in INTEREST z J DATE 09/21/04 OLSCRIWKIN INTEREST ON CREDIT BALANCE 4 Oa101- 4 RATE (10 DEW AMOUNT MOO AIPCONT 115.78 ACCT 038.28825 AT 00.81500% 08/21 . 09/20 70't_ 5115.78 r _ 908SSE00 IND ANGS IN7 1001/01.01419 001 YOU 86t8ZZOO- V.L43 EFTA01324561 =MOD rssoucar rrs NMOLLY OW993 SUSSOW79 017CE SERviMuG YOUR ACCOUNT Sam Sten Socvnes Corp. Bear. Steams a Co. Inc. BUR 383 Madman Avenue New Yak. New York 10179 Pre MaPetit!, Crieutv nee froclitr. reew Vat 11201.383, CM) :mime STUARNS (212) 272-2000 JEFFREY EPSTEIN 8 :is $797EuEN7 r:EriOD Sememeer 1.2004 :warm syscriar 30.2004 ACCOLlir WISER 018-2882S X72 Tonvalt warm On Fie Your messages LA81 STATEMe.74, Auam 31.2004 Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements: Securities and other assets in your account are the frm's collateral for any margin loan made to you. If the securities and other assets in you account At May 31. 2004 and July 31. 2004. the Cunpanys net capital of decline in value. so does the value of the collateral supporting your loan. and, approximately 53.6 billion and 53.6 billion was approximately 6.8% and 6.5% as a result, the firm can take action, such as issue a margin call and/or sell of aggregate debit items and exceeded the minimum regulatory net capital securities or other assets in any of your accounts held with the member. in 0 requitement or approximately S1.1 billion and 51.1 billion by approximately 52.5 billion and S2.5 billion. all respectively. order to maintain the required equity in the attain. It is important that you fully understand the risks involved in trading securities on margin. These risks include the folowing: m A complete copy of the Beak Stearns Securities Corp. Statement of Financial Condition is available on the web site www.bearstearns.com. Alternatively. to request a free printed copy please call - toe free 1-866-299-9331. • You can lose more funds than you deposit in the margin account. • The firm can force the sale of securities or other assets in your account(s). ci m • The firm can sell you securities or other assets without contacting you. • You are not entitled to choose which securities or other assets in you account(S) are liquidated or sold to meet a margin cal. H • the lint can increase its 'house' maintenance margin requirements at any time and is not required to prOviCe you advance written notice. r • You are not entitled to an extension of time on a margin call. LO8SS£00 IA1D ANDS 027 10•31391 07 49 031 V9S3 66t8ZZOO- V1,43 EFTA01324562 CLEARED traOvOs rs wriCus 09)./..0 stia$O1ARY OFFICE SERVICING YOUR ACCOUNT tm. Swamp Seam's Cap. Bear, Stearns & Co. Inc. BEAR 383 Mackson Avenue New York, New Yolk 10179 CROMPPROch Crag ISM &tab*. Mai Yang 1121)148S9 STEARNS (212) 272-2000 0 121 272.1000 JEFFREY EPSTEIN 9 of fassesta Pasco SOptOrbet 1.2004 THROUGH Sepwater 30. 2004 Acoomyr NISSER 018.2892s X72 TAXPAYER mimeo, On No MST STATEREST 4144V51 31.2004 This statement is provided to explain Bear. Stearns & Co. Inc.'s MSC') Pursuant to SEC Rule 11Act .6. please note the following: payment for order Sow practices. 0 BSC routes a majority of orders for customer securities transactions to the primary market for such securities. Orders may also be routed to other market Bear. Stearns & Co. Inc. will post its quarterly routing statistics at the following web link: http://www.bearsteams.com. Click on Individual Investor. Click on 0 service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBB0). BSC receives no cash payment or other consideration for such order rixtmg other Equities. Click on Order Routing Practices. zT than favorable executions or executions of limit orders at no additional charge. Customers of Bear, Stearns & Co. Inc. may request information on any order executed within the prior six months from the time of the request. Specifically. you may request the Identity of the venue to which the identified orders were r l 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. C in z End of Statement r 808SSEOCIA19- ANCIS 021 10001,0407s9 COI Val 8 b.) 00 lr EFTA01324563 CLEARED ToolOuOm as wiOu. ovaeo SUESWOW OFFICE SERVING YOUR ACCOUNT Sm. Sul/MIS StenTlei ORR Bear. Steams & Co. kic. BEAR 3B3 Mattson Avenue Neer York. New York 10179 OS klartath Coto ktie, froc Now en 113014868 STEARNS (212) 272.2000 RIZ 272.1000 JEFFREY EPSTEIN ACCOUNT EXECUTNE IICHERMANIRA sweat.? PO= July 31.2004 TELEPHONE (212)272-4189 114104C41 Atqusl 31.2004 VISIT OUR WEITSITE wAw.bearsteams.com A0C.Oura ratite 038-2882S X72 What's In This Statement llI.IlI,IIIIuIuIl II TAXPAYER MAIM On FIB LAST STATOgra July 3D. 2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN 6100 RED HOOK WATER 8-3 ST THOMAS VI 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VAUJE OF SECURMES TH6 PERIOD' 4.120.376 Cilh &Ft 18:1 411.0 617 9 NET CREDIT 8.tithrt 386,819 was 54.120.376 33.905.215 kET EQUITY THIS PERIOD $4.507,195 Curfew market vain NET MATT LAST STATEMENT 4.288,232 VA teat marmots market eNue r DOME SINCE IAST STATEMENT TAR OATS inane tonna* VIVelad curs en an nu 218,963 SWAM RDA on Van of 134/301n em Tit 1431 ER* Tin Pent mere are no 'Stop Loss' orders or other pending buy or sell open orders on He for your account. _ 608SSE00 IN9 ANC'S Pone rept, re Ofere, « r fl eet O. redo o liaCk), ree.i64 Cleeevete4 V eta. Lev Tres sarenny IS In r/C/V.ibefeW 0.16.V60 ary 11 6 nX Tenn4 as a In la Girt Seneeali r K0418, 128 o nr• U Cloy Sen44.• it Ito </Can" Ssnen3 Soars. VOL 'II @Rent VOA, be marks Ice y:to r«0 - 03 Set myna An for metre itnranar. Coy. On Wynn Ono ?Any 0•006yee NV 112:14 1 40 027 c001,04 38 31 CO' 1883 I 058ZZOO-V.L.43 EFTA01324564 CLENIE0 neam ITS %MOW OvniED buSSOWly bet Saes &whin Cs. ON linflown Cott Nem wade. Wit Tn 11201-3169 1712) 22L1000 JEFFREY EPSTEIN O z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 0T8SSE00- O19- ANGS 027 040104.09'.31 OO1 V062 EFTA01324565 ',tow() THA0vOn (TS VEMEELLY MENTES SMESPANY MICE SERYCsiG YOUR ACCOUNT MN AIMS SoMiles Ca Beer. Stearns & Co. Inc. BEAR 383 Ma6non MONA New Yolk. New Yak 10179 0-e ikamdi — I Irecatp. ftn rye 11201.3859 STEARNS (212) 272-2000 I2121272.1CCO JEFFREY EPSTEIN 3 ale STATEMENT PINO3 Jul) 31.2004 TMONCEEE koust 31.2004 ACCOUNT ramBER 03%22821 X72 Cash Flow Analysis Income Summary TMPAVER *MS4R On 1 /4 TIC PERIOD ma. WAR TONT& MST STATMENT )80 30.2004 OpeningBalance $383,016.57 OlwdenOs 3.540.00 57.78878 Credit Balance lrit 282.03 724.33 CaNdendsanterest 3.802.03 Total 33,802.03 $58 513 11 Amount Credited 53.802 03 0 Net Cash Activity 3.802.03 z CIOSin9Etalanco $386,818.60 Portfolio Composition CasIVCash Equivalent 386,819 m Eqtaties 4.120.376 C Cash Balance Summary Total 14.507.195 in Cash OPUMG 363.016.57 ammo 386.818.60 z Your Portfolio NetCash Balance 5383.016.57 5388.818.80 Allocation r Case & EquIngen4n, 8% IT8SSEOCIN9- ANGS L Eµioes 92% Urshidlid pert0.4 04el• debt bare. Wilts 401 7.i4.1 Vita The rowan 70174400 seMe hen IN imam nat. ...74e 4 no, &NAM 027 DA0104.C41111 COT V862 I8 IJ 00 EFTA01324566 GEARED TITIOJOH ere mOLL OMICO SLBS/OMY MCC SERVICING YOUR ACCOUNT Bear. Stearns & Co. Mc. Sew Mans SetudiesCaP BEAR 383 Madison Avenue New York, New York 10179 Olt FAMOsch Catat 100SM. Mr Ton 112014859 STEARNS (212) 272.2000 272/1COD JEFFREY EPSTEIN 4 Sc STATOREur Pam July 31. 2004 ne3uOm Augm 31.2001 ACOOlte NUIMIR 038.28825 X72 TosaweLR so.RER G Rik Your Portfolio Holdings UST STAMM! Ay so. 2004 CASH & CASH EQUIVALENTS WREST ESTI/AM ClIte0/1 DESCRIPOCT: SYMOLCUSIP auNITY PRIM VYIR WM WOK TM nu CASH BALANCE 386,819 TOTAL CASH & CASH EQUIVALENTS $386.819 -n EQUMES Equities & Options C The research ratings fa Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return in relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P - Peer Perform; Ti - Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO - Market Overweight: MW - Market Weight: MU - Market Underweight. In cases etere a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed. where such research Is available. The various providers have normalized their ratings systems as follows: B - Buy: H - Hold: S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation a opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage or the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research r at www.bearsteams.com or can call (800) 517.2327 to request that a copy of this research be sent to them. MOM UrstnED NT DISCRIMON SNIANCRXIAR. 40:1 nPE <AWRY Ott MLR NOJUM. INCOME C1/1110 URREco CANHORN CHEMICAL CORP CNCIIF CASH 19 Urpdced FELCOR LODGING TRUST INC FCH CASH 2,000 11,7100 23,420 BSC RATING: STOCK WSECTOR MW GREEN STREET ADVISORS, INC. ZT8SSEOCIN9- ANGS RATA*: S GLENBOROUGH REALTY TRUST INC 01.8 CASH 2,000 20.4800 40,980 2.800 8.8359 BSC RATING: STOCK P/SECTOR MW saRlENT SYSTEMS, LLC, RATsiG: 027 C601/040831 COT 1162 I S b.) 00 EFTA01324567 Ct/ARCO SIROI1371 Ra ?ACV. SASSO SUOSTOMY OFFICE SERVICING YOUR ACCCONT Boar. Steams & Co. Inc. Ilew Suomi socumes Cap. BEAR 383 Madison MOM* New Yak, Now York 10179 One memo Crum Mn New PPII 11201.10.1 STEARNS (212) 272.2000 1212) 27201:00 JEFFREY EPSTEIN 5 :et STATENENT PERIOD My 31.2004 TMAISJOAI Saga 31.2004 Your Portfolio Holdings (contintod) ACCOltif pA 038-26625 102 TAXPAYER Ma= CM Tie LAST STATU/CT My 36.2004 Equities 8 Options (continuer!) ACC ESTIMATED CURRENT CESZATTGN SIIIICUCOIP WPC comely IMESIT VAUX YAWL tO MID(%) GUMCHER REALTY TRUST-S81 GRT CASH 2.000 25.3400 50.680 3.848 7.5888 HRPT PROPERTIES IW CASH 10.000 10.7800 107.800 8.400 7.7922 0 HOSPITALITY PROPERTIES TRUST sal IPT CASH 2.000 41.9500 83.900 5.780 6.8653 JOHNSON& JOHNSON JNJ CASH 57.800 58.1000 3.358.180 65,892 1.9621 -n BSC RATING: 5100C PISECTOR MW ITUCKloGHTM RESEARCH PANG: H KRMIONT REALTY TRUST KRT CASH 2.000 18.4800 36.960 2.600 7.0346 C PAN PACIFIC RETAIL PROPERTIES PIP CASH 436 53.3900 23.278 946 4.0639 in NC PENNSYLVANIA REAL ESTATE IWESTMENT TRUST-581 PEI CASH 1.794 38.2600 88.638 3,875 5.6456 RMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.0200 324.240 20,160 6.2176 TRLIST4.40SBI SIRIUS SATELLITE RADIO INC SIM CASH 1.000 2.3200 2.320 BSC RATING: STOCK A/SECTOR MN r ATLANRS RESEARCH RATING: H Total Equities& Options 34,120.376 3114279 TOTAL EQUITIES 34.t20.376 3114279 YOUR PORTFOLIO HOLOINGSESTIMTED ANNUAL INCOME 4114.279 _ YOUR PRICED PORTFOLIOHOLDINGS $4.507.195 ET8SSECIO IN9 ANGS 027 OS0104.00 31 001 5058ZZOO- VIda EFTA01324568 0 -EARED THROUGH MS WHOLLY Owe SUEODIART OFFICESECNICING YOUR ACCOUNT Sew Stens Saturda QYP Bear. Steams & Co. Mc. BEAR 383 Madison Avenue New Vogt New York 10179 QM Martoth WAR WAN Wooltp. Mu YRS 11201-3(00 STEARNS (21 2) 272.2000 12121 272.1COD JEFFREY EPSTEIN 6 as sulfur PCRCO API 31.2004 Aupat 31.2404 Transaction Detail AGDOIRO wain 034-28825 72 TARRAYEle TWIASER On M DIVIDENDS LAST STATIMENT Ay 30.2004 DATE DESCRIPTOR SHASOUCLISIP GUMMY ROE (V OM PROM On, maw 08/20)04 HOSPITALITY PROPERTIES TRUST len 2.000 0.7200 1.440.00 SBI REC 07/22/04 PAY 082004 0 08/25/04 TOTAL HRPT PROPERTIES TR.SBI REC 07/23104 PAY 0825/04 14RP 10 230 0.2100 2.100.00 53.540.00 a l INTEREST C in DATE tESCRIPIOd STWOJO., OU4Orry RATE CM DISH MOM COCC MORO 08/23/04 INTEREST ON CREDIT BALANCE 262.03 ACCT 03B-28825 At 00 .79436% 07/21 .CW20 TOTAL $262.03 r _ OT8SS£00 INS ANGS 027 05O1O4D431 001 W62 9058ZZOO-V.L43 EFTA01324569 CLEARED THROU0/4 as -Aim. OM ID SullSOMY OFFICE SERVICING YOUR ACCOUNT tear Stan Scullin Corn Bear. Steams & Co. Inc. BEAR 383 Madison Avenue Cc* Neal Cons Yon &wenn New tot 1120141M STEARNS New York. Now York 10179 (212) 272-2CCO 016 CWICCO JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERMAN.IRA STATEMENT MOW My 1.2004 TELEPHONE (212)272-4189 THROWN My 30.2004 VISIT OUR vaBSITE wartbearsteams.com Artotfra %Atm 038.28825172 What's In This Statement II TAYfrAYIR MAWR Fie LIST STATIWZNT /a 30. 2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 GO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN 6100 RED HOOK WATER B-3 ST THOMAS VI 00802 0 z m C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURMES THIS PERCO* 3005.215 cash 6 EctivaltoN $383417 S375.451 z NET atE08 BALANCE 383.017 Equals $3.906.215 53,916.612 NOT UNITY Nils PERIOD 54.288,232 MO Data Merkel wax Ian SLIICITICCIrS rriattIX aloe NET EQUITY UST STATEMENT 4.294.063 r MANGE SINCE LAST STATEMENT realsao edafin Cedi a era uecard Nora. no an rot -5.832 newer, or an Tow Vane of Starner ant to Nal FOS./ TaS PM 01 There are no *Stop LOSS' orders a other pending buy Or Sell open orders on file for your account. ST8SSEOCIN9- ANGS P10.110 rearl Dy drefeVe 0, /01-lea ig vas 0, Toth. Kano as anon! nu aa Can &Nat t .603411, 101 era b awl se....c.s oat Mons &WIWI COIL One Naas, test NN.. arsar. NY 11X1.14Z0 gtc Trn torrnry it IxMarmatnnal pfloses cny. b Mt neat as a lax Occunart anteranat troan to rotundIn nor nottros sr. nye...* tar rental ononnenn 02/ 07:31.04.05 41 COI VISe I S IJ 00 trn 0 EFTA01324570 ve rso Twouspi WNOLLY 006.0) SUBSIOVSY Bar. Sian Peruitin Cap. Oro 11001.10, Cotter Moth &WO" New Vet 11201.3419 (2123 222.1000 JEFFREY EPSTEIN a es 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C rn z -H r _ 9T8SS£00 IA19 ANC'S 027 07,11/0401.41 C01 0969 8058ZZOOV.L.43 EFTA01324571 <ASARCO TW0XICIR ITS WrIOLL 0VOIED SLISSOMY OFFICE SERVICING YOUR ACCOUNT Ow. Stews Swain Cop. Bear. Steams & Co. Inc. BEAR 383 Madison Avenue New York. Nen York 10179 Ore Werotem Coeur morn Ortoen New Vol 1120b380 STEARNS (212) 272-2CCO manna* JEFFREY EPSTVN STAISIahT PERKO My 1.21)04 notouc. My 30. 2004 AccotyrY SVP/BER 018.28425 En Cash Flow Analysis Income Summary I/LIMNER MASER GI Ft NIS PERIOD THIS POMO TIMID OATC LIST sTArcura An 70.2004 OpeningBalance 5375.451.48 Dividends 7.351.60 54.248.78 Credit [(Sera Inc 213.49 462.30 DUldedLITIteltIt 7.565.09 — Total $7.565.09 554.711.08 Amount Credited 57.565.09 0 Net Cash Actinly 7.565.08 Portfolio Composition z -••••- ClosingBatanoe $383.016.57 -n CasMCash EquNalenl Equities 383.017 3.905.215 C Cash Balance Summary Total $4.288.232 in CROING CLISSIG z J Cash Net Cash Balance 315.451.48 5375.451.48 381016.57 5383.016.57 Your Portfolio Allocation r LT8SSEOCIND- ANGS U-4•Sa coe.ra WON Litt 'awe eab . mirk* ?Sat ne M. a' prsetime• PAM Pe 'NOM ___l 0 'Cur garble OPT 07131/04:06.41 001 I S IJ V.) 00 S EFTA01324572 MARCO THROven :TS MOLLY Owl° SuSSIOVJV OFFICE SERVICING YOUR ACCOUNT Beer. Stearns & Co. Inc. Gm. Slam Servitor Corp BEAR 383 Madisco Avenue New York, New Yak 10179 Ons Mooted' Cods ran lloPOn. Not Tot 1120t-M39 STEARNS (212) 272-2000 12121 272.1000 JEFFREY EPSTEIN 4 e /RAMON, PEROD Jury 1.2004 TIOIOU004 Jutj 30, 2004 xeccurr Kum 038-28825 X72 mxpAYDI MASSA On Cie Your Portfolio Holdings IASI STA7TWNT June 30. 2004 CASH & CASH EQUIVALENTS Awecci CSOIMII0 CURMINT OILSCOPT:01 S7VSOLCuSP Cluralry PW "AWE AMPLY/ 'AC ',HID I%) CASH BALANCE 383.017 0 TOTAL CASH L CASH COUR/ALMS $383.017 -n EQUITIES Equities & Options C The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The fist rating represents the stock's total return in relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform: P = Peer Pedant. U — Underperform. The second rating represents the rating of the coverage universe relatNe to the regional broader market index. The key For the sector rating is as follows: MO in Market Overweight: MW = Market Weight: MU — Market Undenveight. In cases where a BSC rating Is present the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various prodders have normalized their ratings systems as fOlCrtvS: B — Buy: H Hold: S = Sell, The ratings information contained herein is fa infamational purposes only and is not intended to provide tax. legal or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation a opinion expressed by any independent. third-party research provider. The symbol indicates that continuing coverage of the subject company Is temporarily not available due to legal reasons. Independent. third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research r at mim.bearSteams.corn or can cal (800) 517.2327 to request that a copy of this research be sent to them. ACM EMOTED mem COMMON 311010113.50 Queirin ▪ "U ZI' Alia *COW VIELO N CAMIORN CHEMACAL CORP CNCPF CASH IS Uncricad FELCOR LODGING TRUST INC FCH CASH 2.000 11.4000 22.800 BSC RATING: STOCK U/SECTOR MY/ GREEN STREET ADVISORS, INC. 8T8SS£00 INS ANDS ROM: S GLENBOROUGH REALTY TRUST INC GUS CASH 2,000 18.2800 36.560 2.800 7.8586 BSC RAnNG: STOCK P/SECTOR MW SABRENT SYSTEMS, LAS. RATIJG: 027 0701/04Alt41 CO? YMe 0 I 58ZZOO- V1.43 EFTA01324573 CLEARED 17000471 RS %nay OWnD SaiSOARY OFFICE SERVICING YOUR ACCOUNT Beet Stirs nuns On Bear, Steams & Co. Inc. BEAR 383 Maclean Avenue Ora 11•004CJI One? N:071 DDRORt. Nn at 20 3515 STEARNS Now York. New York 1C17 9 (21 2) 272.2000 I2127 272.1000 JEFFREY EPSTEIN 5 ae STAMEN! IMOD 1 71.2004 THROWN lute 3D, 2034 Your Portfolio Holdings (continued) ACCOONT Wad 038-2082S X72 Tannin MAMA On Fre LAST Burner Jus 30.2004 Equities & Options (otetnueo) ACCt wartr MIRIAM CURRTN1 MSC:WM MUMS tin OWNI174 Pen wag WAS INCOme YEW 01) GUMCHER REALTY TRJST.SB4 GRT CASH 2.000 21.6600 43.320 3.846 8.8781 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.0700 100.700 8.400 8.3418 0 HOSPITALITY PROPERTIES TRUST Sal HPT CASH 2.000 39.8800 79.760 5.760 7.2217 JOHNSON& JOHNSON JNJ CASH 57.800 55.2700 3,194,606 65.892 2.0626 -n 85C RATING: STOCK FYSECTOR MR 131.1034GHANI RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2.000 15.9000 31.800 2.600 8.1761 C PAN PACIFIC RETAIL PROPERTIES Pte CASH 436 50.6000 22.062 946 4.2879 in PC PENNSYLVANIA REAL ESTATE DNESTMENT TRUST-S81 PEI CASH 1.794 34.8700 62,557 3.875 6.1944 RAMCO GERSHENSON PROPERTIES ROT CASH 12.000 25.7100 308.520 20,160 6.5344 TRUST-MO 581 SIRIUS SATELLITE RADIO INC SIN CASH 1.000 2.5300 2.530 BSC RATING: STOCK P/SECTOR MW r ARANTIS RESEARCH PATNG: H Total Equities& Options 53.905.215 5114.279 TOTAL EQUITIES 53.905215 5114279 YOUR PORTFOLIO HOLDINGSESTIMATED ANNUAL INCOME 6T8SS£00 INS ANDS $114,279 YOUR PRICEDPORTFOLI0,40L DINGS 54.288,232 027 07731/04011141 001 VSSI1 I I 58ZZOO-V.L.43 EFTA01324574 MEM= INEAMME %%4C..0~43 SuSINDVAY MICE SERVICING YOUR ACCOI.Avi Sm. Sian UNMAN c_ BEAR Bear. Steams b Co. Inc. 383 Madison Avenue Ore IMMINN Corder PPM MEM. MA T44 11201.3$$$ STEARNS New York. New Tat 10179 (212) 272-2000 I212) 272.1000 JEFFREY EPSTEIN 6 d4 STATIST Pfle00 APT 1.2004 TINACAME MS 30.2004 Transaction Detail Accower wet 03S-28825 X72 TAXPAYER AMMER On Fie DIVIDENDS LAST STATEMENT NM 30.2004 DATE OISCRIDNI 91610110.5, Wynn RATE IS/ DOM MOUNT CMOS AVON! 07/01/04 RAJACO GERSHENSON PROPERTIES RPT 12.COT) 0.4200 5.040.00 TRUST4AD 583 REC 00/20104 PAY 07/01/04 0 07/15/04 07/15/04 GLENBOROUGH REALTY TRUST INC REC 07/01/04 PAY 07/15/04 GLIMCHER REALTY TRUSTS:6 GU3 GRT 2.000 2.000 0.3500 0.4906 700.00 961.60 RE 06/30104 PAY 07/15104 -n 07/2201 KRAWONT REALTY TRUST REC 06025/04 PAY 0722/04 KRT 2.000 0.3250 650.00 C TOTAL $7.351.60 rn INTEREST z -H OAR 07/21/01 CESCRIETEN MEREST ON CREW' BALANCE ACCT 036.28525 SOMOUCLISIS COMM £41E 1111 DONE MICOXI LINER MOW 213.49 AT 00.67573%06/21 • 07/20 r TOTAL S213.49 STOPI End of Statement ONSSEOCIND- ANGS 027 07,31.W:0641 C0E rn 8 b.) V.) 00 EFTA01324575 CLEARED THROuGe ETD ?MOLLY OWNED SU/130JAN ormx SERvICIVG YOUR ACCOUNT Bear. Steams & Co. km. smvv4 scorn en BEAR 383 Madden Avenue Nett York. New York 10179 One Velroteen Urge Nen Twat, Ni. 01% 201 ISO 1210 3/01CCO STEARNS (212) 272-2000 JEFFREY EPSTEIN ACCOUNT EXECUINE 2ICHERMANIRA S'AratENT ee000 Play 219.2004 TELEPHONE (212)272.4189 T4ROLICel ISM 30.2004 VW OUR wERSUE wew.beersteams.com ACOOseir nwel8EN 038.28825 572 What's In This Statement 1111111.11IIIIIII 11 null tweenlet NoW3011 On Fib LAST STAITeENT MS 28.2004 Financial Summary 3 JEFFREYEPSTE01 Your Portfolio Holdings 4 CJO FINANCIAL TRUST COMPANY Transaction Detail ATTN JEANNE BRENAN 0 Your Messages 7 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 0 r l C Your Portfolio at a Glance Market Value of Your Portfolio Important Messe9e in TOTAL YAW( Ct SECURITIES nes P01130* 3.918.612 Cosh& rquhbin 7 5.451 11,10135.3113 Con&mation: Unless we hear from you to the contrary. it is our NET CREW 881.AuCE 375.451 Covent 4118412 on:Neste:Icing that any free $4.172.342 credit balances in your account are being NET EQUITY DNS PERIOD 54,294.063 maintained to facilitate IM Current new wawa your intention to invest NET EQUITY LEST STATESEENT 4280.455 last staternertrs market value such amounts through us. r DANCE SPACE LAST STATEMENT Tee int* leolefoo one or note ~bee store. nal wen en 13.609 rebid Ire Yele Yew of Secultes are tee Tan Nuke Tie hest There are no 'Stop Loss' orders or other pending buy or sell open orders on Me for your account. TZ8SSEOCIA19- ANGS Please revue an elevens o- weneolot or weos or noon. e0Telee it <tree.: tra TN, %ninny is InIncenetene peseets oey. 11 nn1 wren as s W eoczemee In Ciet Sewers e I00434-1-401. or =nes, Cket Sweets et Be., Sewn S.wltn Mil tit yen Wald be Mew, te nest mess See nevem tide for realm itnnawn Can. Ono netnen. Come wow Itl.M$0 02/ C701.04.13 31 CC'. VS32 En IJ 00 1./1 EFTA01324576 CLEW.° 'TROUGH rtS WICtLY 0001D SIASSIOARY BY.Simms Siocuties 022 CY* Verotedi Cale Sn Evocatrk 221a at ZO 3819 1212) 2/2.1000 JEFFREY EPSTEIN 2 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z r ZZ8SS£00 IA19 ANDS 027 07.01,04.1311 001 V822 VIS8ZZOO- V1,43 EFTA01324577 CREEREO imik0u0E US %Peter OEN= SueStory OFFICE SERViCavG YOUR ACCOUNT Dew. Sin Matales Oxp. Bear. Steams & Co. kin BEAR 383 Madison Avenue New Yak. New York 10179 Ore Matacch Carter MN, lociar. New atra 11201.3659 STEARNS (212) 272-2000 T21 2) 272.1000 JEFFREY EPSTEIN 3 NI STAIIMMT 'coM Mr 29.2004 TmROUOM aft 30.2034 Rci:WET NIAJUR 038-28825172 Cash Flow Analysis Income Summary Trxemtpi hovacR On Re DIS PERIOD INS PERIOD 'Ti. Ecook US? MATEI/Ear May 28.2004 OpeningBalance 5108,112.58 Ctilderds 17.678.29 48.897.18 Cridk Bane kit. 63.36 248.81 Securities Seed 249,597.25 Total 517,741.85 547.145.99 DMdends/Interest 17.741 55 0 Amount Credited 5267.338.90 z Net Cash Activity ClosingBalance 287.338.90 5375.451.48 Portfolio Composition CashICash Equivalent 375.451 m Ecaities 3,918,612 C Total in 54.294063 Cash Balance Summary z J CIS OPINING 108,112.58 aaf•fr 375,461.48 Your Portfolio Allocation NatCash Balance $108.112.58 5375.451.48 r Cash a Eqpiadeitt 8% _ Ep Ms 92% EZ8SSE00 IN9 ANGS VIT4C44 P040.4 0.4:40 OW: 71.,c• OV.4., Vet ,..nit num TM ameaste, papaws 4 0444.4 656 It 054,56* asset OSA Ct YO4 avOab 027 0701,0613 r col va32 SI 58ZZOO- V.L43 EFTA01324578 ClEME0 1a 91 ~BUY OM» ,.sower OFF/CE SERVICING IVA ACCOUNI Bear. Stearns 6 Co. Inc. Bftt. Sun Sacnb« Cora BBNII 383 Madison Avenue On Lame& Cann New ~pin. New Yen 11201.~ STBNIZNS New Yak New York 10179 (212) 272-2000 1212) 272-1C00 JEFFREY EPSTEIN 4 «a STATPANT ~DO May 29.2004 711,131/3M June 30 2004 Your Portfolio Holdings attCual maw 038-28825 470 CASH & CASH EQUIVALENTS 14/0/N01 ~Ca On Ile LAST STATIverrt May 28.2004 5/41911 1119.4O1) CulaaNT DIS091710N SYm&M.0191 09»117, 11911 aka( Banal ntain. VELD (111 CASH BALANCE 375,451 TOTAL CASH 6 CASH EQUIVALENTS 5375.451 0 EQUITIES -n Equities 8 Options orscernes ACC1 Ian EMI/AM COMM ~CS> MI CIUM/MY P02E 11119 ANN111NCOBE 9110 NI CANHORN CHEMICAL CORP CNCPF CASH 19 Unprimel rn FELCOR LOOGING TRUST INC FCH CASH 2.000 12.1003 24,200 GLEN8OROUGH REALTY TRUST INC GL8 CASH 2.000 18.3503 36.700 2.800 7.6294 GLPACHER REALTY TRUSTS& GRT CASH 2.000 22.1200 44,240 3.846 8.6935 HRPT PROPERTIES TR-SBI IWP CASH 10.000 10.0100 100.100 8,000 7.9920 HOSPITALITY PROPERTIES TRUST HOT r SBI JOHNSON& JOHNSON JNJ CASH CASH 2.000 42.3000 84.600 5.760 6.8085 57,800 55.7000 3,219.460 65.892 2.0467 KRAMONT REALTY TRUST KRT CASH 2.000 16.0000 32.000 2.600 8.1250 PAN PACIFIC RETAIL PROPERTIES PAW CASH 436 50.5200 22.027 946 4.2947 INC _ PENNSYLVANIA REAL ESTATE PEI CASH 1,794 34.2500 61.445 3.875 6.3065 INvESTIADIT TRUST-WI RAMCO GERSHENSONPROPERITES RPT CASH 12.000 24.2300 290.760 20,160 6.9338 TRUST-MO 581 tZ8SS£00 IN9 ANGS 027 070104:1331 001 11132 9ISSZZOO- V1.43 EFTA01324579 =ARM neOuGH vmCur Cmt.E.0 SuntOvate OFFICE SERVICING YOUR ACCOUNT Bal. Scans SICSOIS Cep Bear. Stamm & Co. Inc. BEAR 383 Madson Avenue New York. New York 10179 011 1.1tucoicb Curs Win PookIn kr Tort 112014859 STEARNS (212) 272-2000 R12) 272.10:0 JEFFREY EPSTEIN 5 0- T STATE:Wm PERICO May 29. 2034 Deans June 30.2004 Your Portfolio Holdings (continued) ACCOJIC WISER 038-28825 X72 TAXPAYER NutiBER On Tie LAST STATENENT May 28.2004 Equities & Options (COnlin1+010 ACCT PAPAW [SOWED CURSINT DESC0PRON SY1.801.411.19P WPC OU.0/111v PRICE 1.0.1.1.11 AAIUN. MOM REM ns SIRIUS SATELLITE RADIO INC SIRI CASH 1.0O3 3.0800 3.080 Total Equities& Options $3.918.612 $113.879 0 TOTAL EQUITIES 53.918.612 5113.879 -n YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME YOUR PRICED PORTFOLIOHOLDINGS 5113.879 54.294 063 C in z Transaction Detail INVESTMENT ACTIVITY r SETTEMENT DATE 06117iO4 TONE OUT 08/14104 TEVISAMY1 SOLD orsaaPnca TOO INC TOO 0A0/11T/ .15.600 PRICE 16.06020 01W ASICIXT CROZ0 AVOW 249.597.25 UNSOUCITED TOTAL 5249.597.25 DMDENDS SZ8SS£00 IND ANDS GR mamma STIMOL/EUSIP OUNIIITY MR tt) DUO MONT MDR MAMA' 06106J04 JOHNSON& JOHNSON JAI 57,800 0.2850 16.473.00 MC 05/18/04 PAY 06)08)04 027 07/01/04:1311 001 V032 LI 58ZZOO-V.L43 EFTA01324580 OSARED MAGOON ITS YOCCLY Oil® SLOSAROW OrricE SERVICING YOUR ACCOUNT Ow. Rehm Staten Ca Bear. Steams & Co. he. BEAR 383 Madsen Avenue oN Inconn Cent NOT Omen In• Vat 11701.3859 STEARNS New York. New York 10179 (212) 272-2000 (212) 212.10:0 JEFFREY EPSTEIN 6 ere STATZURAT Mani Met 29.2004 Tannall Ana 30.2034 Transaction Detail (continued) ACCOUNT rowel 030.2e825 X72 TAXPAYER M.AW On Fen DIVIDENDS (continued) LAST stweveNY nay za 2004 OAR DESCRPTIOti SPOSOLCUS, son m 00117 MOAT CMOS MANN! 06/15/04 PAN PACIFIC RETAIL PRO/Mr/MS PEP 436 0.5425 236.53 NC REC 06/2604 PAY 06/16,04 0 06/15/04 PENNSYLVANIA REAL ESTATE riVESTmENT TRUST•581 REC 06/01/04 PAY Oa15/04 PEI 1,794 0.5400 968.76 TOTAL S17.678.29 -n INTEREST C rn art 06/21/04 etscapnoN INTEREST ONCREDIT BA1ANCE ACCT 03a-26825 SOPICUCUSP Online RATE 00 One MOST COCO MOW 63.36 AT 00.50000% 05/21 • 06/20 TOTAL 563.36 r 9Z8SSEOCIN9- ANGS 021 OM/04n el COT ant I8 IJ 00 EFTA01324581 GUAM° 11.04.1311 128 •VM0..LY 08,81) 8811848(Av OFFICE SERVICING EMIR ACCOUNT Bear• Steams a Co. Inc. ON. Stearns Saustin Cap. BEAR 383 Madison Avenue New York. New York 10179 One Litman Crow Nash Stoor. PO. vat 11201.3869 (21212781003 STEARNS (212) 272.2030 JEFFREY EPSTEIN 7 4B STATElle(.7 nit= May 29, 2004 ThROUCH Arc 30.2004 ACCCOR 818111111 038-28925 112 TAXPMfl kukars On File Your messages LAST 818Temera May 28, 2034 ne Notice Regarding a Change in The Statement of Interest Charges Any short positions in your account will be kept 'marked-to-the market, This Pursuant to the Truth-in-Lending7 Rule 10 (b)..18 Regarding Short Sales means that periodically the balance maintained in the short account will be And Marking-To-The-Market adjusted to equal the market value of the short securities. Securities that are priced below five deters per share may be valued at Ewe dollars per share for 0 Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows: short marking-to-the market purposes• If a security has been sold short (or sold short against the box) and has appreciated ii market price over the selling price, interest MI be charged on the amount of appreciation: if it depreciates in market price. interest will be correspondingly reduced by the -n The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amouM because Bear Stearns Securities has to borrow the same security in order to deliver it to the buying drop in value. The appreciation a depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily closing prices or quotations provided by pricing services, as applicable, or upon such factors as C Peter and has to provide its lender additional collateral of up to 105% of the Bear Steams Securities in its sae judgement deems pertinent• in settled short market value of the borrowed securities to score such ban• This means that the debit balance on which Interest Is computed will be the difference between () up to 105% of the settled short market value of such Please note that the other sections of the Truth-in-lending' disclosure previously provided to you remain unchanged. short sales (across all currencies), wtrich shall be calculated daily. and (b) the proceeds of such short sales. r LZ8SSECIO INS ANDS 023 0/43184:13-31 Om 3332 6I S8ZZOO- V1.43 EFTA01324582 CLEARED THROUtot ns VRODU. GMCD SuSSOARY OFFICE SERWING 311118 ACCOIRIr Sus Slams Sostila COP Bear. Steams 8 Co. Ire. BEAR 383 Madison Avenue New York. New York 10179 Ons kistleSch Oren Nein tooktr. Yett 11201-311SI STEARNS (212) 272.2000 1212I 2721000 JEFFREY EPSTEiN 8 as STATEMENT PERKO May 29.2004 nes2439 June 30.2004 AA:COAST VIAM4R 038-28825 372 MO.MIR MASER Ort Re LAST STAY-WEST MO 28.2004 Pursuant to the terms of the equity research settlement that was entered into by Bear Stearns and other major investment banks, we wig soon make Car Please be advised of the following changes regarding account service fees: available to our customers, independent third-party research (independent Beginning September 1. 2004, accounts will be subject to a 220.00 Research", at no cost, on the common stock of certain companies covered by processing fee for each outgoing wee transfer and for each check Issued by 0 the Firm's Equity Research Department ('Covered Company). Customers will be able to access this research at mwebearsteams.com or can cal (800) 517.2327 to request that a copy of this research be sent to them. Bear Steams at the request of a customer. You may wish to speak to your Account Executive to inquire about the availability of check writing privileges for your brokerage account. Further. Bear Stearns will notify certain of our customers. at the time of each -n solicited order to buy Cr sell the common stock of a Covered Company. of the availability of Independent Research. and will provide, on the con frmadons and statements that are generated for these customers, the rating(S) on such Beginning January 1. 2005. accounts will be subject to an annual account charge of $75.00 applicable for househokis that maintain less than $100,000 in net equity in related accounts or that generated less than $500 in C Covered Company(s) by the Firm's Equity Research Department, as well as the corresponding rating(s) by the applicable Independent Research provider(s), brokerage commissions and/or fees paid to Bear Steams in those accounts in in where available. These notice provisions become effective in the near future and, to the extent applicable. WI be included in your next monthly statement. the prior calendar year. Please note. Bear Stearns is not responsible or liable for (i) decisions relating to the procurement of Independent Research, (ii) Independent Research or its content. rig customer transactions, to the extent based on Independent Research. or (Iv) claims arising from or in connection with access provided by the Frm and/or the inclusicn of Independent Research ratings in trade r confirmations. periodic account statements or worectearstearns.cmn. Bear Steams is not required to supervise the production of Independent Research and has no responsibility to comment on the content of such Research. End of Statement 8Z8SSEOCIND- ANGS 027 0709104:1231 001 1/432 8 IJ S.) 00 S.) O EFTA01324583 0.EArteb leaCUGM ITS Wear( PAC SUSPOORY OITICE SEFMCING YOUR ACCOUNT Bar. Seems Scoots Oar. Bear, Steams & Co. Inc. BEAR 383 Mackton Avenue New York, New York 10179 are letecaele Caw NTT tECC40r. Non Vat 112014tall STEARNS (212) 272-2000 a@1272.1000 JEFFREY EPSTEIN STATEMENT PIRO° May 1. 2004 ACCOUNT EXECUTIVE ZICHERIMMIRA TELEPHONE (212)272-4189 leltOuGet ?lay 78. 2004 Mir OUR WE MITE www.bearsteams.corn ACCCANT nutmeg 03846025 X72 What's In This Statement IlrrrllrlJ II ll III TAXPAYER mann. On Fie LAST STATEmEsT AO 30.2004 Financial Summary 3 JEFFREY EPSTEIN YOIS Portfolio Holdings 3 C/0 FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN 6100 RED HOOK WATER ST THOMAS VI 00802 O z ii 5 Your Portfolio at a Glance Market Value of Your Portfolio m TOTAL VALUE OF SECURITIES TICS PERM' 4,172242 oag, a w en $108.113 3104.629 z NET CREDIT BALANCE 108,113 $4.172.342 $4,066,367 NET EOUITT nee PERIOD S4.280.455 In Cement marks< value Last statement's market volt NET EQUITY LAST STATEMENT 4.170.996 r CHANGE SINCE LAST STATEMENT elm ,aUe bairn tam r nere Ma10W waxen M a w 109.469 meow MM Ted Yerme ce Searles ens tie Me Reg Pire Peel There are no 'Stop Loss' orders or other pending buy or sell open orders on Ole for your account. 6Z8SSEOCIN9- ANGS Pits mew a" dawn, ce rea•cabt a Pada ansaas. Yawed a ceiveres yr. Tis *Jerry is Ter Alernaters' seems say. It a ?IN Redd as • Mn dealt is cwt Screen a 10:444, 41S. et mho is CM Stara/saw Sam 80001111. 1‘n •memo van, Ca realer:ear pa-r MORS See reverse smie br moon IlltellabTA Oak. Ce* Romeo Caner yam. esceen NY. nasioese C17 C673,04.12 32 COI I S IJ 00 Tn Um) EFTA01324584 =MID 21010904 rti lath. ONNC0 SJOSOARY best. Sein Stone) 043 One iistrct4sh Cerner tar 0.4410. gm Veit 112014439 272.1020 JEFFREY EPSTEIN 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r OESSSE00- 019- ANGS 027 65421104:1242 001 VIll rn I S b.) 00 1.41 IJ 1.2 EFTA01324585 CLE/AED 19910U0n wiceLe CoGnE0 Staisidaire OFFICE SERVICING YOuR ACCOuNT Bear. Steams & Co. Inc. Oar. Sterns 5449/4/n Cop. BEAR 383 Madsen Avenue New York New Yak 10179 Ont Metnisc5 Coto Nero, Ilmotlyt Sty VIA 11201.3/159 STEARNS (212) 272.2000 COO 272/1000 JEFFREY EPSTEIN 3 11 STAMEN" PSINO0 WS 1.2004 114tOGli Ian 28. 2004 4cooten rumen 038-28025 112 Cash Flow Analysis Income Summary TAXPAYER MAWR On File IINSPODCO PERIO0 VFAIII0 coo LAST STATtutIt7 AVII 30. 2004 OpenIngBalance $104,629.07 Diriderds 3.440.00 29.218.89 Credit Marco U. 43.61 185.45 omnenee/etteren 3,483.51 Total 53 483 51 329,404.34 Ann* Credited 53.483.51 0 Net Cash Acttety 3.483.51 Portfolio Composition z ClosingBalance 3108,112.58 -n CasIVCash Equwalent Equities 108,113 4,172,342 C Cash Balance Summary Total 34.280.455 in OGNIN5 CLOSING z J Cash Net CashEtalance 104.629.07 $104,629.07 108,112.58 5108,112.58 Your Portfolio Allocation r Your Portfolio Holdings CASH & CASH EQUIVALENTS IALR1(41 15105MW CURRENT TE8SSEOCIN9- ANGS CLS0/147101/ SYMBOUGISP ClAx- /-9 POCC /MIA !YAWL IMCOPAI LILO 011 CASH BALANCE 108,113 TOTAL CASH & CASH EQUIVALENTS $108.113 lavoces pay. area lit' tuna *MC/ 001 vine vatet The 'kW}, trv,Ine a Onsa Pea 4 'Yd..* rite +OA >onblo 017 044211I04.123.2 001 1031 I8 b.) 00 In EFTA01324586 WARM -Ogia-rw iTS vacs ONWJ) SONJOIARY OFFICE SERVICISD YOUR ACCOUNT Beat. Steams & Co. Inc. 94w Sewn Swath° Coo. BEAR 383 Madison Avenue New York. New York 10179 One lAtintach Ca, Rpq On:01Ort Ike York 112014850 STEARNS (212) 272-2000 1212)272.1000 JEFFREY EPSTEIN 4 a FITAMiENT etl030 May 1.2002 THROUGH May 28. 2004 Your Portfolio Holdings (Continued) Acca.wr NAM° 018-28825 172 EOUMES TAX•AVER e1.44848 On File tAST 5741124Fer Ap40 30. 2004 Equities & Options Aen IFARXET EST8AUDD CURRDN DESCRIPTCN SYMIOLCUSIF 111E GUMMY NICE vwu AMIUAL KOK VIEW 00 CANHORN CHEMICAL CORP CNCPF CASH 19 UnrOced FELCOR LODGING TRUST INC ECM CASH 2.000 10.6400 21.280 0 GLENBOROUGH REALTY TRUST IBC BLEACHER REALTY TRUST-SBI GL8 GRT CASH 2.000 19.0100 38.020 2.800 7.3645 CASH 2.000 22.3300 44.660 3.846 8.6117 HRPT PROPERTIES TR.SBI HRP CASH 10.000 9.8500 98.500 8.000 8.1218 I I HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 40.9300 81.860 6.760 7.0364 381 m JOHNSON& JOHNSON KRAMONT REALTY TRUST KRT CASH CASH 57.800 2.000 55.7100 16.1200 3.220.038 32.240 65.892 2.600 2.0463 8.0645 PAN PACIFIC RETAIL PROPERTIES PNP CASH 435 46.0000 20,056 946 4.7168 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 33.3000 69,740 3.875 6.4884 INVESTMENT TRUST-56I r RAMCO GERSHENSONPROPERTIES TRUST-MD 581 RIFT CASH 12.000 24.2000 290.400 20.160 8.9421 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 3.0000 3.000 TOO INC TOO CASH 15.600 16.8300 262.548 TOW &WIGS& Options 54.172.342 5113.879 TOTAL EQUITIES 54,172.342 5113.879 ZE8SSEOCIN9- ANGS 027 01021040222 001 Nat rn IJ EFTA01324587 0..1AnD THA01/004 ITS map' Obbt4D) wastocarr. OFFICE SERVICING YOUR ACCOUNT Bora. Stearns 8 Co. Inc. Dew. Siects Stones Coy. BEAR 383 Madson Avenue Now York. Now Yak 10179 De Melnecn Lew I 9WOR. kw Tat 112014859 STURNS (212) 272.2000 (2121 222.1020 JEFFREY EPSTEIN 5 0, STAW PARKA Mby 1.2004 11410ues May 28.2004 Accosan mAbleR 038.28825 112 roacbm1211 WADER On fie LAP sTATTVCNT AO 30. 2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $113.879 YOUR PRICEOPORTFOLIOHOLDINGS $4.280.455 0 z ii Transaction Detail DIVIDENDS C rn DAN OCSavn:P1 SMADOUCUSIP z 1:00.111112 SWF II) WAMdIIT CREDIT WPM 05(20/04 HOSPITAUTY PROPERTIES TRUST HPT 2.000 0.7200 1.440.00 581 REC 05.04/04 PAY MOON 05124/04 HRPT PROPERTIES TR-SBI /VP 10,000 02000 2.030.00 REC 04/23/04 PAY 05.24t04 TOTAL r 51440.00 INTEREST 012E DESCRP11311 014MRTI MR 861 scan wawa Una WOW 05/21/04 INTEREST ON CREDff BALArCE 43.51 ACCT 038-28825 AT CO.SOCOOS 04/21 05/20 TOTAL 543.51 ££855£00 W9 027 05Rp4:1t32 COI rn N 00 Tn EFTA01324588 CAMEO 7/4401.0074 08 wmOLLY On%F.0 81.3401ARY OFFICE SERVICING YOUR ACCOUNT 89.35 Stunt Secubbs Lift Bear. Steams & Co. Inc. BEAR 383 Madison Avenue New Yak. New York 10179 Ent lattatteCh Cone Math "map ,4e. 70. 11201-3059 STEARNS (212) 272-2000 12121 2724420, JEFFREY EPSTEIN ACCOUNT EXECUTNE ZICHERMAN.IRA STATE1M47 PFR100 471 1.2004 NISMONE (212)272.4189 no108051 fort 30.2004 Man OUR WESSIN nweatearstearris.oxn otoottr volMeR 038-28025 /02 What's In This Statement II TAXPAITR faMigt .00 The LAST 518111142-47 WW1 31. 20)4 Financial Summary 3 JEFFREY EPSTETN Your Portfolio Holdings 3 CV FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in TOTAL VALUE OF SECURITES THIS PERIOD' 4.065.367 cum & tonsi l $104.629 $97.135 NET CREDO 84LrarC4 104.629 34.066.367 Eames 34.053.854 NET WWI TES PERIOD $4.170.996 CuTem mane value last suittnnenrs marker wee r NET EDEN LAST STATEMENT CHANGE SINCE LAST STATEMENT 4.151.089 19.907 me mama irsbabo ono e rev obtoot wanes VW re act pests n. C an ts Sown. W to be e."..0 TIa Obobt There are no 'Stop Loss' orders or other pending buy or sell open orders on Me fa your account. VESSSE00- 019- ANCIS t om twin a." 61 .nor rowobto or Nos et sbbto caned as oancenycb. fi r. —No surinare Is I interobcoal 'abate 910/ lb 59 19. 1994 as • lax 007ament b CM &ran s 800491442b or a b Mot Sow. b Nov. bows Stones To Wetmore Waal to nth90W ytinKOrtls See muse ade Sir "wart litmeraden Cot. Oro wierabon C— kola boobr 03 405 027 050104:13:17 001 V830 rn 8 IJ 00 eA $'• EFTA01324589 OLIN= THROUGH ITS %MOLLY Pole StM8111MY Bear. Sten Sturitis Corp. Or* Mtgetech Oterat North ORO* NOW net 11201.3110 121D zn.tow JEFFREY EPSTEIN 2 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r SESSSE00- IND- ANGS 027 05/01/04:13:17 001 V830 rn 8 IJ 00 IJ EFTA01324590 0.EAREO 114.10UON ITS *NOW PASEO ealaCtUrf OrricE SERVING YOUR ACCOUNT Bear. Steams & Co. Inc. Nab StearnS Steals Gib BEAR 3B3 Madsen Avenue New York. New Ycek 10179 QM 'Annum Cote Math e rcteleN New Vat 11201485, STEARNS (212) 272-2000 Qta 212.1133) JEFFREY EPSTEIN 3 e•s STA1ZWINT etet(10 ApI 1.2004 nractr.A4 Apra 30.200E Accourn atheist 038-28825 X72 Cash Flow Analysis Income Summary UMIAK, towelei On Fie 1143 PIRKO memo, NEAR Tome Ler STATENeber march 31,200E OpeningBa lance 597.235.43 Din:lends 7.361.60 25.778.89 Credit Balance It 42.04 141.94 DivdondsAnterest 7,393.64 Total 57.39164 525,920.83 Amount Credited 57.393.64 0 Net Cash Activity 7,393.64 z ClosIngBalance $104,629.07 Portfolio Composition m Cash/Cash Equivakkre Equities 104.629 4.066,367 C Cash Balance Summary Total $4,170.996 in 0.170C •••• z J Cash 97.235.43 104.629.07 Your Portfolio Not Casn Etalance 597,235.43 6104.629.07 Allocation r Casn & Egulralent 2% Your Portfolio Holdings CASH & CASH EQUIVALENTS 9E8SSEOCIN9- ANGS 410111 1311.0.41/D OJRREN1 DUCRIP11011 SYMNOLCAP CLA.CMI mKE YNu ANNUAL WOW MO ON CASH BALANCE 104.629 TOTAL CASH & CASH EQUIVALENTS 5104.629 Equities 98% l'esYde, WS. bee* 04.1)61,c• .rot tre- gyriet rat. T% alWilen telenKe fiend *tea.* "Wt. ce war paella, 027 05.01t4:1317 CO1 .830 I S b.) 00 EFTA01324591 CLEARED THR0000 ITS "cliv PITIED 4.249/YARY CEFICE SERVICING YOUR ACCOUNT Sew Siert Seeeiles Cam Bear. Steams & Co. Inc. BEAR 383 Macfcion Avenue New Yak. New York 10179 Ot litnekth Cate, Nene .qtly. Nei at 20 4860 STEARNS (212) 272-2000 RIO M.1000 JEFFREY EPSTEIN 4 06 STATTAINT nen= AO 1, 2004 TH9Cl/Cit AO 30. 2004 Your Portfolio Holdings (continued) ACC01416 0A4IER 038.28825 372 EQUITIES TAXinvER %LAMER On Fie tai stArrucxy march 31. 2004 Equities & Options ACC, WIC anuAno 0.4100 CISOIMICH SnaCt/CUSIn MI CRUMMY F9Ct VFW( SHIM •4010 MID 00 CANHORN CHEMICAL CORP CNCPF CASH 19 Unpnced FELCOR LODGING TRUST INC FCH CASH 2.000 10.0000 20.000 0 GLENBOROUGH REALTY TRUST INC GUMCHER REALTY TRUST-SBI GLB GRT CASH CASH 2.000 2.000 18.7000 21.1500 37.580 42.300 2,800 3.846 7.4508 9.0922 HRPT PROPERTIES TR.S81 HRP CASH 10.000 9.5500 95.500 8.000 8.3770 m HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 39.0800 78.160 5.760 7.3695 Sea C JOHNSON& JOHNSON .1W CASH 57.800 54.0300 3,122.934 in 65.892 2.1099 KRAMONT REALTY TRUST KRT CASH 2.000 15.8100 31.620 2.600 8.2226 PAN PACIFIC RETAIL PROPERTIES NIP CASH 436 43.9300 19.153 946 4.9392 INC PENNSYLVANIA REAL ESTATE PO CASH 1.794 32.3500 68.036 3.875 6.6769 INVESTMENT TRUST-WI RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 23.6800 284,160 7.896 2.7787 r TRUST-MD S8I SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.3000 3.300 TOO INC TOO CASH 17.5400 273.624 Total Equities& Options 14.066.367 5101.615 TOTAL EQUITIES 54.066.367 $101.615 LE8SSEOCIN9- ANGS 027 050104:13:17 001 9$30 IJ DO In U.) EFTA01324592 05-at.0 it :is nNaLY dot SUSSOM, OFFICE SERVICING YCIJR ACCOUNT Bear. Steams & Co. Ix. but SLIM $104111. CO? BEAR 383 Madison Ayenue New Yak. New York 10179 trio WelfAlth Penny Atm erooltir4 Nes York 112014450 STEARNS (212) 272.2000 8121272.1040 JEFFREY EPSTEIN 5 ac STATEMENT PERM Apnl 1. 2004 114103.1011 Aptll 30. 204 ACcaaa NM*" 03848825 172 TWM1ER Kann On file UST STATEISSIT Meth 31. 20G4 Your Portfolio Holdings (continued) YOUR PORTFOLIO HOLDINOSESTIMATE D ANNUAL INCOME 5101.615 YOUR PRICEDPORTFOLIOHOLDINGS 54170096 ii Transaction Detail DIVIDENDS C in man. SYM00110.113P own, m7t MIR Maw cnow mom 04/15/04 GLEN8OROUGH REALTY TRUST INC GL8 2000 0.3500 700.00 REG 04/0101 PAY 04/15104 04/15/04 GUMCNER REALTY TRUST-S81 GRT 2.000 0.4808 961.60 REC 03/31/04 PAY 04/15/04 04/20/04 RAMCO GERSHENSON PROPERTIES RPT 12.000 0.4200 r TRUST-m0 581 REC 0301/04 PAY 04/20834 5.040.00 04/22/04 KRAMONT REALTY TRUST KRT 2.000 0.3250 650.00 KG 0326/04 PAY 04/22/04 TOTAL $7.351.60 8E8SSEOCIN9- ANGS 027 05,01/04:13:17 001 V830 rri 8 b.) O EFTA01324593 =MED MOWN RI MOLLY 01048 SullaiORAY OFFICE SERVICING YOUR ACCOUNT Bar. Steams Swim Cap. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue New Yak. New York 10179 One 1ArPacch Caw Mn &Cad" MA Yin 11201.3659 STEARNS (212) 272-2000 (11232/2.1CO3 JEFFREY EPSTEIN 6 8TATOJEla PEA= Ara 1.3004 THROals Ap'I 30.2004 Transaction Detail (Continued) .scant KweeR 018.28825 112 TAXPAYER PARSER On File INTEREST EAST statia1a Mach 31, 2004 an OESCRIPTIRI SYMR3UCESe curernry RATE 1111 NMI MACUP0 CRT O MAMMY 04/21/04 INTEREST ONCREOIT BALANCE 42.04 ACCT 038-26825 AT 00.50000% 03/21 - 04/20 TOTAL 0 $42.04 -n C KsT<>>. c^.3 in of Statement z -H r _ 6£8SS£00 IN9 ANGS 05101/04;13:17 001 '1830 I E58ZZOO- V.L.43 EFTA01324594 U4120 ntROunii Rs ntoOLLY Otte RAY CtARY OFFICE SERVICING YOUR ACCOUNT w. ko.t0CS cat Bear. Steams a Co. Irc. BEAR 383 Madison Arnie New Yea, New York 10179 MECTAKh Unto POI" Orteltr. sr. Ten 11201-3159 ato 272.1000 STEARNS (212) 272-2000 JEFFREY EPSTEIN ACCOUNT EXECUINE TICHERMANTRA STATBAINT POMO IttfulYy 28.2004 TELEPHONE (212)272.4189 114110.-73n Myth 31.2004 VISIT OUR WE IISI1F awm.tessteens.03m ACCWIT NUMen 030.28825 X72 What's In This Statement II TAWNIER NVAIER On Me LAST STA7TWNT Februlry 27.2001 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail $ ATTN JEANNE BRENAN Your Messages 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio rn TOTAL VALUE OF SEP-AMES nes POMO' 4.053.854 cosh a Lowerent $97135 $82.123 NET CREccr Mau 97.235 (woos NET EQUFTY THIS PEWS $4.151,089 Rumen MAK rake 4.275.042 IIII ISM statements market value r NET EOUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT -123.952 .na IO Mali w ce no, wp.t.60 sans nal a IN named n OW Van 01 Moines ire 7* NI Ina Tit POW. There are no 'Stop Loss' orders or other pending buy or sell open orders on file fa your account. 0178SSEOCIA/9- ANGS norm rept. •Pry Mora or 'amend 01 £t. a ncds. 7.4enn7 et dawns T. Cho Sanas 030.6.14.507 w sr,. M cn Sinn. new Penn Monks Warw., Ginn Neff. BetOer, NY 1129,4440 SI TM venni,IS In MMI DNbit ArMet env n ens annum Settle CeTunat. TN. runiere acJe be Mabel htt yr ?inn Sot tektou We Fr 00:ebirl knonrarcn. 027 01.01/04.1035 001 wag En I S IJ V.2 00 1.4 2.) EFTA01324595 O.EARED YhROUGH rtS 'wOsv Cott, SLISSOYARY Sea turn 5.zooes Cot O kititth Cann Not troolho. M. Yon 11201.3.59 '2123 212.1000 JEFFREY EPSTEIN (-) 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r TV8SS£00 IND ANUS On 04OutmotSS 001 n20 EESSZZOOV1.43 EFTA01324596 MOSSO THROWN ITS VaCtLY a'.. t$SUARY OFFICE SERVICING YOUR ACCOPF BEAR Bear. Stearns & Co. Inc. 383 Madison Avenue oa Ow. Skews Stoats Co. idermech Dew Writ ercalr. law vat 11201.3869 STEARNS New WA NEW Yolk 10179 (212) 272-2000 0121272.1000 JEFFREY EPSTEIN 3 ' sTmtverfr 6886:0 6888.8ey 28.2004 THROWN tarn 31.2004 ACO,,,NT NtNSER 038.28825 572 Cash Flow Analysis Income Summary la NIKO TA.VAV£R VAIBER PI Fre DISMICO VA IOWA LAST STATEMENT rebury 27. 2204 OpeningBalance $82,122.74 Dr8088815 16,077.29 18.427.29 0004 Balarate Im. 35.40 99.90 coridensinterest 15,112.69 Total $15 112 69 118.527.19 Amount Credited 515.11249 0 Net Cash Aahlty ClosingBalarat 15,112.69 Portfolio Composition $97,235.43 m Cash/Cash Equrtalent 97.235 Equities 4.053.854 C Cash Balance Summary in Cash WONG 82.122.74 CLOSING 97,235.43 Total $4.151.089 Net Cash Balance 562.122.74 597.235.43 Your Portfolio Allocation r Your Portfolio Holdings CASH & CASH EQUIVALENTS ZP8SSEOCIN9- ANGS orscR0006 ESTON0190 Carla SlIMCIALSIs OJANSTE PK( VALLI AW.1.4 este04 YIELD) CASH BALANCE 97.235 TOTAL CASH & CASH EQUIVALENTS 497.235 tt-eaSNI %elan Orne flet4. blab inf tal m✓YI rasa 7)S Startle prarCepe b 000nd eta, We abode nag" rola ray Went* 027 04431.04.12 SS 001 VS21 EFTA01324597 CLEARED 1100020 ITS vaatt CrAMO 0.000talv OFFICE SERMING YOUR ACCOUNT Sew. Steams & Co. Inc. kat Sams MOM On. BEAR 383 Macbon Avenue New Yoh. New Yak 10179 077 Uantsch Cater Nat Mate las Vat 11101.3659 STMRNS (212) 272-2000 12121 2721020 JEFFREY EPSTEIN 4 a> ETATEPADa PERIM Fetrun 28, 2004 /MOWN March 31.2004 Your Portfolio Holdings (continued) ACCOual wars 038.28825 X72 EQUITIES Movarfa ,..A On FM LOT STAMM' FM:fluty 27, 2004 Equities & Options *OCT PAIME7 13111447M 0222011 OESCRIPION 03410110.192 troC 01201710 FwGF %ME 01142% MOUE MO 1%1 CANHORN CHEMIC.N_ CORP CNCPF CASH 19 Unaked FELCOR LODGING TRUST NC FCH CASH 2.000 10.4200 20.840 0 GLENBOROUG/1 REALTY TRUST NC GUMCHER REALTY TRUST-S8I OLD GRT CASH CASH 2.000 2.000 22.3500 27.1000 44,700 54.200 2.800 3.846 6.2640 7.0959 -n HRPT PROPERTIES TR-581 HOSFITAUTY PROPERTIES TRUST 581 HRP IWT CASH CASH 10.003 2003 11.3000 46.4000 113.000 92.800 8.000 5760 7.0796 6.2069 C JOHNSON& JOHNSON JNJ CASH 57.803 50.7200 in 2,931.616 55.488 1.8927 KRAAAONT REALTY TRUST KRT CASH 2.000 18.9030 37.800 2.600 6.8783 PAN PACIFIC RETAIL PROPERTIES PNP CASH 438 52.1000 22.716 946 4.1645 PENNSYLVANIA REAL ESTATE PD CASH 1.794 37.6600 67,562 3.875 5.7355 icvESTMENT TRUST-S81 RA 403 GERSHENSON PROPERTIES RPT CASH r TRUST440 581 SIRIUS SATEUITE RADIO INC SARI CASH 12.000 1.000 28.2000 3.4000 338.400 3.400 7.896 2.3333 TOO INC TOO CASH 15.600 20.9500 326.820 Total Equities& Option.. 54.053.854 591.211 TOTAL ECIUMES 54.053.854 591.211 _ £4855£00IND ANGS 027 0401/041255 001 103211 5£58ZZOO- V.L.43 EFTA01324598 CLLW.13 7)101Ct)CM rrS wmare MHO SMESiVARE OFFICE SEFMCYLIG YOUR ACCOUNT Bea. Soon Stotts ens BEAR Bear. Steams & Co. Inc. 383 Mattson Avenue One 1.4Mrteach Craw veto acembe. Sao Tan 11201.3159 STEARNS New York. New York 10179 (212) 272-2000 272.1000 JEFFREY EPSTEIN 5 ell STATEMENT PElet00 February 28. 2004 NAOMI SUrrah 31.7004 Accourr MuuSEE 038.28825 /C72 TAXPAYER NOMA Cr Fie LAST sTATTMENT FebrLars 27.2004 Your Portfolio Holdings (Continued) TQUNR0UNO0 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME 591.211 Y0119 PRICED F'ORTFOLIOHOLDINGS 54.151.089 Transaction Detail DIVIDENDS DATE OESCRP11011 STIMOOLO.IMP EMMET PAN IS) LIMMI MOW? CROW MOW 03/0904 JOHNSON& JOHNSON JNJ 57.800 0.2400 13.872.00 REC 02n7/04 PAY03/09.04 03/15/04 PAN PACIFIC RETAIL PROPERTIES Pie 436 0.5425 236.53 roc REC 02/27/04 PAY 03(15/04 03/15/04 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5400 958.76 zwEsTmENT TRusT.S8I REC 030104 PAY ori 904 TOTAL 515.077.29 trIASSE00-019-ANCIS CZ> 0401/04:1235 CO1 Vt29 I8 b.) EFTA01324599 0.EARSO 71.ROvem n yrwOLLy 00.140 SUSSICtARr OFFICE SERVICING YOUR ACCOUNT Sew Sevens Swann Cola Sear. Steams 6 Co. Inc. BEAR 383 Alacison Avenue New York. New York 10179 Ov Winn, Gnu Pan arotOp. 'Na at 201.3*S9 STEARNS (212) 272.2000 I212) 272.1000 JEFFREY EPSTEIN 6 el 7 STATEMENT PER00 rotary 28.2004 notou....• liarch 31. 2004 Transaction Detail (continued) ACCCoNT ...NKR 038-22925 X72 TAXPAYER NURGER On rile INTEREST WT STATEIENT Fetxuary 27. 2004 OAR OCSCRIPMN USV Otimniv RAIL 04 CRSII AliCoN1 CREW AMOUNT 03/22/04 INTEREST ON CREDIT BALANCE 35.40 ACV 038413825 AT 00.50000% 02/21 •03/20 TOTAL 535.40 -n Your messages C in Excess SIPC Account Protection Update Effective February 16. 2004. the commercial insurer through which Bear, IThr Boar. Stoarns Securities Corp. Net Capital and Net Capital Requirements: Stearns &acuities Corp. obtains excess SIP/ protection changed to Customer At November 30. 2003 and January 31, 2004. the Companys net capital of Asset Protection Company CCAPCO1. a New Yak acensed insurance approximately 53.3 billion and 53.2 billion was approximately 7% and 7% of company. CAPCO has an A— financial strength rating from Standard and aggegate debit items and exceeded the minimum regulatory net capital Pools. requirement of approximately 5930.3 million and 5967.8 minion by approximately 52.4 billion and 52.2 billion, all respectively. r A complete copy of the Bear. Steams Securities Corp. Statement or Financial Condition is available on the web site www.bearsteams.com. Alternatively. to request a free printed copy please call - tel free 1-866-299-9331. SP8SSEOCIN9- ANGS 027 040104.12':S5 COI V829 I S IJ VO EFTA01324600 mean WAG.. rra wvcxx CANED SUBSCoxv orrict SEFNICING YOUR ACCOUNT Boar. Stearns b Co. Inc. BEAR 383 Madison Avenue New Yoh. New York 10179 Cne Yeomen Cots Main &FOOT% ate Yoe 11201.3859 (1133 272.1000 STEARNS (212) 272-2000 JEFFREY EPSTEIN 7 en STATEIFENT e0b00 rebury 28. 2004 nottekei Much 31.2004 ACCOuer µn0et 038-20825 x72 went.. tomtit On Fie LAST 8TATDJENT February 27. 2004 The Firm believes it is of the utmost importance that dents who purchase Of 0 hold mutual funds fully understand the intricacies of the pricing structires and rules which govern these investments. Recently. a joint Industry/NASD Task 0 Force collaborated to Create a Disclosure Statement to address these issues. We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for &Thu discussion z of these issues to the extent you have questions. You are encouraged to contact your financial professional with any questions you have regarding your m investments. Additionally. you may review this information online at the following NASD web site: C httplAwfw.nesdr.corrybreakpoints_statement asp in z End of Statement r _ 917855£00 IND ANUS ail 0101Te4:12ia 001 V829 8£58ZZOO- V1,43 EFTA01324601 CLEARED THROUGH rrs "HOLEY DATED SLISSICaltY OFFICE SERVICING YOUR ACCOUNT Soo. Sten Scotties Co. Sew. Stearns b Co. Inc. BEAR 383 Morison Avenue New York. New York 10179 Crie Mon:444h Comer No, BrOatfl IS art 11201a59 STEARNS (212) 272.2000 (2121 272.10:0 JEFFREY EPSTEIN ACCOUNT DICUTIVE DCHERMAN.IRA STAMeer PeobCO ker..eary 31. 2004 TELEPHONE (212)272-4189 TROUGH ROSS" 27. 2004 VISIT OUR MISR( www.bearsteams.ccen ACCOrat MAW 038-2882S X72 What's in This Statement II.H11.111..I.II.," TAXPAYER Wad On Flo LAST STATEMENT January 30.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CiO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Your Messages 6 6100 RED HOOK WATER B-3 ST THOMAS Vi 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio rn TOTAL VALUE OF SECURMES THIS PERIM* 4.192.919 Cash & Eroiralent —1 682.123 1.80.089 NET CREDO BALANCE 82,123 Corkin S4,192.919 $4.067.024 tin MITT TICS PIA100 64,276,042 anent mita raw NET EQUITY LAST STATDAENT 4.167.113 mu tat StilternertS mast vast r CHARGE SINCE LAST STATEMENT TN Pablo Ratw a, 6 nay "robot moan w a 107.929 eared rt la Tat Vas of Saran W1v Not fear TINA Pored. There are no 'Stop loss' orders or other pending buy or sell open orders on file for your account. _ L178SSECIO INS ANGS Pomo Ala soy errew or reAreast el area or acts roan, N ettAred s ter to Cron Novas at ece,43e4eas or Arlo to art Sean Ca OA* *awn amen ti me wren. 10 4491 ON art Tana gic 'tieno urrmapositerlo--oo4foiosror.44 - taterrattiaJd a rata b nM Memel as a In oxsrves. ranee ref yea cocoa See mars we be rm.:alert of:erica+ 027 0129p:1157 al VS2t 6£58ZZOO- V1.43 EFTA01324602 ettJate 39420tro ?MOLLY WOAD Weave Bor.Sirs karats cap cn 10•Toron one twin becitr, Wee at 2 3859 au) 231.1000 JEFFREY EPSTEIN 2 0, t 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z r _ 8178SSECIO IN9 ANGS 027 02,260.31.37 OJ1 Ytal OtS8ZZOO- V1,43 EFTA01324603 CtD. TFROU3I1 ITS %MOLLY Daa.t0 SullSiOuJav OFFICE SERVICING YOUR ACCOUNT Oar, Swim Steam Cap. Ileac Steams & Co. Inc. BEAR 383 Madison Attu! New York. New York 10179 One 1At000:Ch On Mach Oman Nee York 11201.3959 STEARNS (212) 272.2003 (21212724030 JEFFREY EPSTEIN 3 a stareinsT Pt loco January 31.2004 THROUGH Falvey 27.2004 AiTh NT SUMER 038.28825 YI2 Cash Flow Analysis Income Summary TAXPAYER W1/41.:Ot OR Fie IC MOO TEAR TO OA7E PC4101) LAST STA•EVEA1 lzewery 30. 2004 OpeningEtalance 580.089.52 (Wands 2.000.00 3,350.00 Creek Balance et 34.22 64.50 DhiclendlantereSt 2.034.22 Total 52.034.22 53.414.50 Amount Credited 32.034.22 0 Net Cash Acta*/ 2.034.22 Portfolio Composition z CIOSinR Want* 582.122.74 -n Cash/Cash Equivalent Equties 82.123 4,192.979 C Cash Balance Summary Total 54 275 042 rn COOING 0.0514 z Cash 80.088.62 82.12274 382.122.74 Your Portfolio Net Cash Balance 580.088.52 Allocation r Cash & Equholent 1% Your Portfolio Holdings CASH & CASH EQUIVALENTS WAND CL9REN: _ [MUM DESPOPIIC•4 SYVDOUCUSP 00.th/re rim( VA= ONWL Kan 1110 (SI CASH BALANCE 82.123 TOTAL CASH & CASH EQUIVALENTS 582.123 L cubes 99% 6178SSE00 INS ANGS Onholod 'Deices dingo opt., Wars irate ten moral naas. T Akeittn GrvItisce • dorm., nom we *WOW mate n..• of nu Col* 027 02/2104.11.51 CO1 VS1S I PS8Z. ZOO- V.L.43 EFTA01324604 CLEARER 714ROURn rs WROUT &MAO StAS:DtARY OFFICE SlevaNs YOUR ACCOUNT Bear. Stearns & Co. Inc. Beat, Swarm Sear les Ca,. BEAR 383 madson Avenue Cm %octants Carew kit OncERR. Not Vert 11201-3853 STEARNS Now York. New York 10179 (212) 272-2000 Q1212720000 JEFFREY EPSTEIN 4 to 6 STAIT-laNT OCROD January 31. 2CC4 711*Ctrec EREENNy 27.2004 Your Portfolio Holdings (continued) AGLOW," rae, 038.29825 272 EQUITIES TAXPAYER NJ on Fee Equities & Options LAST STATEIJENT January 30.2004 ACK WW1 ISTIKARD CLIMOR OESOSPTEN SINIOLCUSIP TYK Oman Pect VALUE ANNUM. MCOK '110 CANHORN CHEMICAL CORP CNCPF CASH 19 unpiced FELCOR LODGING TRUST INC FCH CASH 2.000 10.7400 21.480 0 GLENBOROUGH REALTY TRUST PIC GUIACHER REALTY TRUST-SBI GLB CRT CASH CASH 2.000 2.000 21.0000 25.7700 42.000 51.540 2.800 3.846 6.6667 7.4622 HRPT PROPERTIES TR.S8I HRP CASH 10.000 11.0800 110.800 8,000 7.2202 m HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.5000 87,000 5.760 6.6207 SEK C in JOHNSON& JOHNSON KRAMONT REALTY TRUST Al) KRT CASH CASH 57.800 2.000 53.9100 19.6700 3.115.998 39.340 55.488 2.600 1.7807 6.6090 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 49.5000 21.582 946 4.3833 NC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 36.4500 65.391 3.875 5.9259 KNESTMDrt TRUST-58I RAMCO GERSHENSON PROPERTIES RPT CASH r TRUST-MD 50 12.000 27.9700 335.640 7.896 2.3525 SSRIUS SATELLITE RADIO INC 51111 CASH 1.003 2.9400 2.940 TOO INC TOO CASH 15.6® 19.1800 299.208 Total Equities& Options 54.192.919 591.211 TOTAL EQUITIES 54.192.919 591.211 0S8SSEOCIN9- ANGS 021 02/2&01:11 57 COI %In rri IJ V.) t.11 10 IJ EFTA01324605 04..E.A30 Thei0u3K09 WHCLLY Deal, SUBSIOMY OFFICE SERVICING YCUR Wet qqy Beat. SWIMS 6 CO. Inc. 111t). SOW'S Scotus Cap. BEAR 383 Madison Arena ON 1.1100101 Wow 1101/1 51101:011 NW Tort 11201.3359 STEARNS New Yak. New York 10179 (212) 272-2C00 12123 2724000 JEFFREY EPSTEIN 5 Y4 STAM1/1/01 .F91,00 Ji101.01Y 31.2004 notauC01 Fetn.ary 27. 2034 el eOuvr vuustA 018-28825 172 7Ax1mvIA Numpert Con* LAST STATELIE111 .100131C1 30.2004 Your Portfolio Holdings (continued) YOUR PORTEOLIONOI.DINGSESTIMATED ANNUAL INCOME S91.211 0 YOUR PRICED PORTFOLIONOLDINGS $4.275.042 0 Transaction Detail m DIVIDENDS C in DATE 0113,0AIPTIGN 5.1.11 ,01.402, COAIllitt RATE a) Dart ANOLver MOO meCotil 02/23104 HRPT PROPERTIES TR-S81 HOP 10.000 0.2000 2.000.00 REC 01121/04 PAY 02/21104 TOTAL $2,000.00 INTEREST r OAK CE.501.110N 0.A1.11, 1,11 Cite /4/0.1111 CR1.011 02/23/04 INTEREST ON CREDIT BALANCE 34.22 ACCT 038-28825 AT 00.50000% 01/21 02/20 TOTAL 534.22 TS8SSEOCIN9- ANGS 017 0212104.11 5> 001 1128 EFTA01324606 CLEARED TOOLS, In WHOLLY OM= SUOZ/OtAity arra SERVICING YOUR ACCOUNT faun Sates Coy. Bear. Stearns & Co. Inc. BEAR 383 Madison Avenue Now York. New York 10179 01. IMitach c- lIeth Orcotbrx Nor Yon 11201.3859 alb 272.1CCO STEARNS (212) 2724000 JEFFREY EPSTEIN 6 a6 STAIOMNY POMO Jailor 31.2004 ThROUGH FitAUty 24.2004 ACC.Ctie N1.4041411 038.28825 ric TAXPAvIDI •11441ER On rila Your messages UST STATEMENIT Jana" 30.2004 Frrims SIPC Account Protection Update Effective February 16. 2004. the commercial insurer through which Bear. 0 Stearns Securities Cap. obtains excess SIPC protection changed to Customer ASSet Protection Company CCAPC01. a New York licensed insurance company. 0 CAPCO has an A. financial strength rating from Standard & Poor's, z End of Statement m C in z -H r ZS8SSE00- 019- ANGS 02T 02/21104:11:57 031 1411211 EFTA01324607 CLIAPSO ToOPPV314 rI8 *HOLLY OMED V.SSOVAY OFFICE SERVICE% YOUR ACCOUNT But Aerie Sean' Cap. Bear. Steams & Co. Inc. BEAR 383 Madison AVenUe Ora Wrap" Oteur Win Wooer New vol 11301.3859 STEARNS New Yea. New Yolk 10179 (212) 272-2000 E21b T2.1000 JEFFREY EPSTEIN ACCOUNT EXECUTNE ZIGIERMAN.IRA STAMM:, 010,00 ;scram 1.2004 TELEPHONE (212)272-4189 llat1Dinar Jena.) 30.2004 MU OUR WE Miff www.bearsteems.com E.000‘,0 sunEER 038-28025 X72 What's in This Statement 1.1 incoratR Wei On rat LAST rarnirar Defeat , 31. 2003 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 3 CIO FINANCIAL TRUST COMPANY Transaction Detail 5 ATTN JEANNE BRENAN T4iNROUNO0 Your Messages 8 6100 RED 1400K ;WATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Cab 4 Evanert spoon TOTAL VALUE OF SECURITIES 114 5 PERIOD' 4.087.024 ; 369.695 NET CREDIT &MANCE 80.089 Equtos $4.007.024 S4.034.413 MET MUTE T1 PERIOD 54,167,113 Cider( mutat value NET ;puny LAST STATEMENT 4,074.108 EN Last statement's market vat* *LANCE SNCE LAST STATEMENT 93.006 me wee ease. OM non inn orrann ati ono nal nano, In In wi Woe of Matte we int me. Nun DE9Wei There are no 'Stop Loss' orders or other pending buy or sell open orders on the for your account. MSSECICMANCIS Pain rwal .-, dean* or re -trapt or ran or SIX03. rdnin n donne a on No nerrnry h for Ofa/roam& papaw. Pay. II * na nand as 4 to none on Cirri Sear. or 1.004.144429 or an a Carr Sean or Ewe Swann Stain.. Can. Car Ware CAP.( NOM. arenonN V 10014,54 gill Ton Catena acorn be reared far Oar rnOISS. Set Mane iint br YVON,* laterialan 027 01311040913 001 Vt24 5t58ZZOO- V1.43 EFTA01324608 CLEARED 114.2O3.4 n .Mai EARNED SuBSCHARA Ow Sure SecteEa Cap. Cre DerxecA Coat North Bower Ph,. Yale 11/01.385.1 12121VE.1CO3 JEFFREY EPSTEIN 2 e 0 -n STATEMENT BACKER IS PRINTED ON THIS PAGE in z -H r _ PS8SSECIO IN9 ANGS 099 elinOuRSsi WI vut 9tS8ZZOO- V.L43 EFTA01324609 CLEARED enleun ITS WHOLLY OWPOD SLISCAARY OFFa SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. ear. Stars Saunas Cap. BEAR 383 Madison Arena New Yak. New York 10179 Oa lawns ow. en Owen - Rea 11201.3410 STEARNS (212) 272-2000 Rla 312.10:0 JEFFREY EPSTEIN 3 as STATIOCYT MOOD January 1.2004 TARCLIO.4 January 30.2004 Cash Flow Analysis Income Summary ACCOUNT Luken 038.283325 572 TAXPAYER HAMA On Fie 11415 KISCO 11aS PERM YEAR JO DAII LAST STATEMENT Decanter 31. 2003 OpenIngBalance 369.694.84 Dindends 1,350.00 1.330.00 Credk Balance let 30.28 30.28 Dividends/Wettest 10.393.88 Total $1,380.28 $1,380.28 0 Amount Credited $10.393.88 0 Net Cash Acthty 10.393.88 Portfolio Composition z ClosInglilalanCe $80,088.52 CasNCash Equealent 80.089 m Equities 4.087.024 C Cash Balance Summary Total 34.167.113 in c -c z [rah Net Cash Balance 69.694.64 169.894.64 80.088.52 380.068.52 Your Portfolio Allocation r Cash & (entrain% — I % Your Portfolio Holdings CASH & CASH EQUIVALENTS YAatR Mom contort _ DOCaPTION Sr.180v.".re il ) CuOlna arCE VALUE &Wilt MOM ellO DO CASH BALANCE 80.089 TOTAL CASH &CASH EQUIVALENTS $80.089 — banns 99% SS8SS£00 IN9 ANC'S L-NAAWO %non too. Oete baRros wow Vol "SAS. VOC44•4 11% alleAlreen Ara,. 4. Anne ton >e *MOW, It. 44141 G 501. 40.1440 027 01.7 04 04400 1 v0.24 LtS8ZZOO-V.L.43 EFTA01324610 mate ITS MAIM OM4O SLIMPStWARY OFFICE SERVICING YOUR ACCOUNT Beer. Stearn Startles 400 Bear. Steams & Co. Inc. BEAR 383 Madison Avenue New York. New York 10179 Ere 14entech Gam WIT Breen" Item Tea 112014459 (21212724403 STEARNS (212)272.2000 JEFFREY EPSTEIN ;TAMAN' Aeraco Januwy I. 2004 THRC4414 January 30. 2C04 Your Portfolio Holdings (continued) Accann ware 038.28825 X72 EQUITIES 74xn4.44, taaw On Fie INT STAMM-NT December 11. 2003 Equities & Options WAKES TIMATED can oeustsmos snmouctni. rat ODOM PISTE NOVAL ES 114014 YEW OR CANHORN CHEMICAL CORP CNCPF CASH 19 unpriced FELCOR LODGING TRUST INC FCH CASH 2.000 11.7500 23.500 0 GLEN8OROUGH REALTY TRUST INC GL8 CASH 2.000 19.4100 38.820 2.800 7.2128 GLOACHER REALTY TRUST.SEII GRT CASH 2.000 25.1900 50.380 3.846 7.6340 m MAT PROPERTIES TR.S8I HOSPITALITY PROPERTIES TRUST HRP HAT CASH CASH 10.000 2.000 10.6000 41.8500 106.000 83.700 B. 5.760 7.5472 6.8817 Sal ci m JOHNSON& JOHNSON KRAMONT REALTY TRUST JNJ KR1 CASH CASH 57.800 2.000 53.4200 18.6000 3.087.676 37,200 55.488 2.600 1.7971 6.9892 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 51.1100 22.284 889 3.9894 NC H PENNSYLVANIA REAL ESTATE PEI CASH 1.794 37.3600 67.024 3,875 5.7815 *NEMER( TRUST.SSI r RWCO GERSHENSON PROPERTIES PtUST4A0 581 RAT CASH 12.003 27.4200 329.040 7.896 2.3997 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 2.7200 2.720 TOO INC TOO CASH 15.600 15.3000 238.680 Total Equities& Options 54.087.024 591.154 TOTAL EQUITIES 54 C97.024 591,154 95855£00 IND ANUS 0',31GI 09 33 001 W24 8tS8ZZOO- VI.A3 EFTA01324611 WARD INRCIP3xIR AACtlY Omid SUIISMORY OFFICE SERVICING YOUR ACCOST Bear. Stearns & Co. Inc. BOY. Sugar/ Sffiuffin Cap. BEAR 383 Madison Avenue New York. New York 10179 Cnt meow — Nat theffiffin. We Von 11201.3815 STEARNS (212)272.2000 (212) orn OCO JEFFREY EPSTDN [IC STATEWIW POMO vuae 1 200 TI•ROUGx 110.131) 30.2004 AteCtRiT 401181.1 038.28825 X12 TAXAMTA KAMER 0, File LAST STATEMEST Winter 31. 2003 Your Portfolio Holdings (continued) YOUR PORTFOLIO HOLDINGSEST [MATED ANNUAL INCOME $91.154 YOUR PRICED PORTFOLIOHOLDINGS $4,167113 0 z ii Transaction Detail DIVIDENDS C rn z OAIE OCSCRIPTICH STAKtOCUSP 01.10MITI RISE DOM ANOINT CRWT AIIOUNI 01t15/04 GLENBOROUGH REALTY TRUST NC GLEI 2.000 0.3500 700.00 REC 01/01/04 PAY 01/15/04 01/1904 GLIPACHER REALTY TRUST-S@ GRT 961.60 CASH DIV ON 2003 SHS REC 12/31/03 PAY 01/15/04 AMOUNT INCLUOED ON 2003.1099 r 0112010E RAMCO GEFSHENSON PROPERTIES TRUST-MD SN CASH ON ON 12000 SFS RPT 6.612.00 REC 12/31/03 PAY 01/2004 AMOUNT INCLUDED ON 2003-1099 01/22/04 KRMMONT REALTY TRUST KRT 2.000 0.3250 650.00 REC 0102/04 PAY 0112204 LS8SSEOCIA19- ANGS 02, 01.014/401443 COI 3424 I8 IJ 00 EFTA01324612 CLEWS INROLCA as 19440w( Omar. SuSSOARY OFFICE SERVICING YCUI Ann aR is. Sun Se/wiles COP. Bete. Steams & Co. Inc. BUR 383 Madison Arent New York. New Tat 10179 on loarsech Ore. Norin Creclitp. Hex Yet 11201.SOSS I212) 272.1000 STURNS (212) 272-2000 JEFFREY EPSTEIN 6 e6 STATIMIN7 Pirse00 January 1, 2004 Thitou074 Jenuary 30.2004 Transaction Detail (continued) ACCOUNT 'Jae 038.28825 x72 'MOAN!, Nada On Fit DIVIDENDS (continued) CAR STA790ENT Decanter 31, 2003 wn OLSCRIMON SnitIWCUS, QUANTITY WI In Cell AMMO CR= WONT 01130/04 HOSPITALITY PROPERTIES TRUST NPT 1,440.00 S81 CASm ON ON 2000 516 KC 120103 PAY 0100/04 0 TOTAL AMOUNT *MOW ON 2003-1099 $10.363.60 INTEREST m DUE DISCISIPT3N SYMPOUVUSP WE DO tfr 4170.ea GRIM AVOW C in 01/21/04 INTEREST ON CREDIT BALANCE ACCT 038-28825 AT 00 50030%12/21 - 01/20 30.28 TOTAL $30.28 r Your messages Excess SIPC Account Protection Update The interest, if any, charged to your account during December 2003 was Effective February 16. 2004. the commercial insurer through which Bear. computed on the net debit balance through December 30. The interest, if any. Stearns Securities Corp. obtains excess SIPC protection will change to charged to your account during January 2004 is computed from December 31. Customer Asset Protection Company fCAPC01. a New York licensed insurance 2003. _ company. CAPCO has an A. financial strength rating from Standard and Poor's. 8S8SS£00 INS ANGS 022 Cirri:77.04747 COI V824 0558ZZOO- V1d3 EFTA01324613