EFTA01324614

Statements SDNYGM,355859 CONFIDENTIAL EFTA_00228551 EFTA01324614 082.NED 81110123.4 rta ?met. °MAD SlASIDIARY °TICE 5ERVICisiG YOUR ACCOUNT Sew. Sterns SeCulUeS Ca'. Beat. Stearns a Co. Inc. Cnesionctoch Ceres, North BEAR 383 Madison Avenue I/ Yon 112014559 New York. New York 10179 STEARNS JEFFREY EPSTEIN STATEMENT PERCO December 1.2005 THROW:ei December 30.2005 Ai:000w NU8SEJ1 IIIndLlrLd11I I II TOPAYER NUMMI Oen* 147 STATEmEV1 Neverrter 30.2004 JEFFREY EPSTEIN C./0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER 8-3 ST THOMAS VI 00802 O -n Pursuant to your previously issued instructions. Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your C Account Executive. This reminder notice will continue to be provided to you on put quarterly statements. in Third Party EPSTEIN INTERESTS Art JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4114 Ft/ NEW YORK NY 10022 r 027 120318509 00 e01 1899 098SSEOCIN9- ANGS rn 8 b.) 00 10 1.0 EFTA01324615 CLEARED T/11=0.1 ITS Were MHO SUMMARY OFFICE SERVICING YOUR ACCOUNT Sul. Stunt Sean*. Cap. Sere. Stearns b Co. Inc. One Mernath Crew Okra BEAR 383 mAoison Aven.e aaithaa. Kew TOM 112014859 STEARNS JEFFREY EPSTEIN ACCOUNT ExECIONF ZICHERMANJRA STATDAPIT PIP$00 Docents 1.2005 TELEPHONE riaccoh Detente' 30.2005 VISIT OUR WESSITE weralearstoarns.en- ACCOUVT NAILER What's In This Statement Hindi...L.1.1i Ill 'ASAP Hares On Fib LAST STATEVENT Neterriter 30.2035 Financial Summary 3 JEFFREY EPSTEIN Your Portfdio Holdings 4 CJO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Whey 6 6100 RED HOOK WATER 8.3 0 Your Messages 7 ST THOMAS VI 00802 0 C Your Portfolio at a Glance Market Value of Your Portfolio If any information regarding 2005 irAccest. chridends. in Curt & &hamlet MI $618.814 mocellaneouS interne. gross TOTAL W.LuE Or SECURITIES THIS PERIM 4.199.568 $596.278 proceeds or OrIgnal issue MONEY IMRXET F110 8AGINCE 618.814 Ea ices — $4.199.568 discount IS required TO be 54.316.247 reported to the IRS for ths NET Bourn nos mace 84,818,382 account. a Consolidated Form Coyest market vaiut 1099w1 be marled to you by NET EQUITY LAST STATEMENT 4.912.525 Last maternerrs menet value January 31.2006or a 10425 by March 15.2006. r CHANGE SINCE LAST STATEMENT .94,143 There are no 'Stop Loss' orders or other pending buy a sell open goers on file fa your account. ul na newt ry a pc theaan sato; fouled as Ott...a b yr. Thi somafy art letnikasal;Spews raY.174 nt w707•4 *7a 1Y dried. Cava Sanas vat i• :a Cari Sown at War ,Or4 Saari. nn (Werner, no-A1 be "caned br you' tetras See muse Ole let II•Ceta Cza". On* IhteA.A canoe %ten. teccor, • Y T•nt.3449 027 12.3705 C900 001 VII99 T98SSEOCIN9- ANGS tr 8 IJ V.2 00 EFTA01324616 to 2 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 02? 12,11.O5.09O3 001 „K9 Z98SS£00 IA1D ANDS EFTA01324617 VSS8ZZOO-V133 CLEASMS alaatAM ITS arntur OAT= suntoyav OFFICE SEFmCING NOM ACCotan Hear. Yaws Sammie. ca Bear. Steams 5 Co. Inc. One kleinaah Caw an BEAR 383 ?Jalisco menJe Orcsaha. Meg York 112014559 STEARNS JEFFREY EPSTEIN 3 0, STAIT)/Esr fl K0 Decent, 1.2005 neC4.444 DOCerrter 30.200S ACCLUSY WARM Cash Flow Analysis Income Summary Ns Thachwrea MANE Oral. nes Pt 9B OD 9144 TO DATE WT STATD(IT Noverreer 30.2005 Opening Balance 50.00 Dation& 22535.25 128.395.83 Ueda Balance Int. 0.00 13.43 Morey Fund 1,881.43 DMdendsanterest Total 522.535.25 5128.409.26 20.65182 Amount Credited 522,535.25 0 Money Fund -22.535.25 Portfolio Composition Amount Debited 5-22635.25 Cash/Usti EqAmknt 0318.814 -n Closing Balance 50.00 Nulls 4.199.588 C Total 54.818.382 rn z Your Portfolio -H Allocation r Cash aE 13% EiPtios _ 87% tbinSK OW. CM)* Oat Cara Arab Y.Y. este, oan4 TN, *XS.", MN:attar a OMM1 P>f, 14 •t .K rrurtet of rar petals Sal '213105090S SO, MX, £9855£00 IND ANGS EFTA01324618 5558ZZOO- V.L.43 Ctlefte0 TAOISM ITS WPIOLLY 061CD SIALSOYRY OFFTCE SERVICING YOUR ACCOUNT Bert. Steams & Co. Inc. Stet Site-e Senates c Oat vetroieth ever None BUR 383 MaLinos M'enue jos . 10179 STEARNS JEFFREY EPSTEIN 4 et / ST Tear room Detente 1.2005 THROUGH Deeenter 30.2005 ACCOX47 eutellft TAXPAYER .om On Re Your Portfolio Holdings MST STATDiestr tioternbet 30, 2005 CASH & CASH EQUIVALENTS IMAM CPII4VID CURRENT CESCS3PTION SvelICISAIS9 CVANIM MC( mitt ANNUAL WOK MOOR DREYFUS CASH MANAGEMENT-CI. A C4C-XX 610813.54 1.0000 618.814 23.515 3.8000 INSTITUTIONAL SNARES EST. 30 DAY AVG YIELD 4.1100% TOTAL CASH & CASH EQUIVALENTS 5618.814 $23.515 EQUMES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain secaities covered by the Frm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that AntilySt. 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 unnerse relative to the regional broader market index. The key for the sector rating is as follows: MO — Market Overweight: MW Market Weight: MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research praricler 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 sobering any action based on such information. nor endorsing any recommendation or opinion expressed by any independent. third-party research provider. The symbol Indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research o • T4iNaGUNO0 s covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at invw.bearsteams.com or can call to request that a copy of this research be sent to them. ACC1 wan, ISMATED C4SCRIIION 511MOL/CUS, MC ClUINMY Pea VAlUt MOOS WOK YOE (IQ FELCOR LODGING TRUST INC FCH CASH 2.000 17.2100 34A20 1.200 3.4863 GLEN8OROUGH REALTY TRUST PlC GIB CASH 2.000 18.1000 38203 2,800 7.7348 BSC !aim: mac PfSECTOR MN NED DAVIS RESEARCH RATING: H GUMCHER REALTY TRUST-SEM GRT CASH 2.000 24.3200 48.840 3.848 7.9071 HRPT PROPERTIES TR-SBI HRP CASH 1cc000 10.3500 103,500 8,400 8.1159 02/ 12I3LE6 CO 001 Via P9855£00-019-ANCIS EFTA01324619 9558ZZOO-V.L.43 =ARM MOAN 77S mcwe M1E0 SUBSOURy OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. laws Swum Cm. Cr* aMelech Crow Rath BEAR 383 Madison Avenue once" Nee Mt 11201.3130 New York, New York 10179 STEARNS JEFFREY EPSTEIN 5 en STATIVIIWT .c.co Detenicei 1.2005 THROV)H DeCemter 30.2005 Your Portfolio Holdings (continued) AMP-NT WYSE" TAXPAYE, ways On Me LAST stATENENT NO71.71bet 30.2035 Equities & Options (COndnuet0 AOCr WWI MINATIO Can OfSERMON MEOWS 111E QUANTITY 9uM YAW( NORA PODIA! m0.0 TN HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 40.1000 80.200 5.840 7.2818 SRI JOHNSON& JOHNSON • JNJ CASH 57.8030 60.1000 3.473.780 78.296 2.1963 BSC ROW: STOCK P/SECTOR IRS 0 NED DAYS RESEARCH RATD1G: MS LUCENT TECHNOIDILIFS INC WTHW CASH 235 0.5650 133 EiP 12/102007 -n NAYARIT COLD INC NYRW CASH 19 0.3440 7 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.8900 29.164 1.029 3.5283 C roc in PENNSYLVANIA REAL ESTATE PEI CASH 1.794 37.3600 67.024 4.090 6.1023 INVESTMENT TRUST-SELL RAMCO GERSHENSONPROPERTIES ROT CASH 12,000 26.6500 319,800 21.000 6.5666 TRUST-M0 SN SIRIUS SATELLITE RADIO INC SIM CASH 1,000 6.7000 6,700 BSC RATING STOCK &SECTOR PAN ATLANTIS RESEARCH RATING: B r Total Equities& Options 54.199,568 5124.501 TOTAL FOLIITIES 54.199.568 5124,501 VCt, R 0. LOH0,_DI i.;,SES- 1,,IA TEL) ANNUA_ $148.016 YOUR PRICE() PORTFOLIOHOLDINGS 54,818,382 _ 027 12/31.05.0900 001 S98SS£00 IND ANGS EFTA01324620 LSS8ZZOO- Vida CLEARED THROuOm IR M are csomE0 SVISCLARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. eta Sewn 5ccurbesC*. 0- t Mt/troth Cow Sem BEAR 383 Madison Avenue 112014859 oT9 10179 STERNS JEFFREY EPSTEIN 6 aT STATTYLMT Pi ILO December 1.2005 notovon Deana 30.2005 Transaction Detail APEOuNT Numileit Donn* Kann ET11118 MONEY FUND ACTIVITY LAST STATEMENT NOverribtf 30.2005 att 100110T TRANSICION cetainiat STIMOUCUSIT OIONTITT EWE OW AMOUNT COICIT AMOUNT 12/01/05 OPENINGBALANCE 596.278.29 12/01/05 BOUGHT DREYFUS CASH MANAGEMENT-a. A CCM 300 1.0000 300.00 0 INSTITUTIONAL SHARES 12/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-a. A MOO 10,1.43 mstm.moNAL SNARES MONTHLY OIVIDFNO -n 12/01/05 REINVEST DREYFUS CASH MANAGEMENT-a. A NsintrilDNAL sHARES Dida 1,881.43 1.881.43 amino RONYEST 12113/05 BOUGHT CREITuS cAsH mANAGFurfa-CL A sica 19.074 1.0000 19,074.00 rn IMMUTON/J. SNARES 12f15/05 BOUGHT OREYTUS CASH MANAGEmENT-a. A 1,279.82 1.0000 1,279.82 z INsTrturOmAL SHARES 12/30/05 CLOSINGBALANCE 818.873.54 TOTAL S-22.535.25 51.881.43 r DIVIDENDS Din cescurnm sumoUCIMP Otptmn MTE (S) 000 AMOUNT CREW AMOUNT 12/01/05 FEUD3R LODGING TRUST INC Fat 2.000 0.1500 300.00 REC 11/15/05 PAY 12101/05 12/13/05 JOHNSON& JOHNSON NU 57.900 0.3300 19.074.00 REC i/22/06 PAY 12/13/05 12/15/05 PAN PACIFIC REIM. PROPERTIES RIP 436 0.6900 257.24 INC REG 11/72/05 PAY 12,15105 _ 99855£00 N19 ANUS 017 1201/04.0R00 001 flit 8558ZZOO- V.L43 EFTA01324621 CUAJNE0 TARCACH NT NACU OWACD SuMONS OFFICE SERVICING YOUR /ACCENT GUN Stars LUNY Cap. Bear. Steams a Co. Inc. on. .Yana Cat Moth BEAR 383 Madison Meru° avian Nor Yot 11201.3859 New Yak. New vork 10179 STEARNS JEFFREY EPSTEIN 7 a7 813.1190ENT ACA CO Detente 1. 2003 THROUGH December 30.2006 Transaction Detail (continued) ACCOUNT MANNER TATOATOR Due On nor DIVIDENDS (conUritiod) WIT STATIDANT Neolmbe 30, 2005 OAT( DESCIONION 511430.0.618 WANTON WI (SI DINT WCAST MOW ASC0111 12/15/05 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5700 1,022.58 INVESTMENT TeusT-sel REC 12/01405 PAY 12/15/05 C) TOTAL 520.653.82 0 Z T I I Your messages As part of the National Association of Sonsities Doles (NASD) Investor Florida residents who own. manage. or control stocks, bonds, money market or m Education Program, you may obtain Information on the NASCYs Public mutual funds having a value of $250,000 or more for individuals or $500.000 Pr m by contacting the NASD at telephone number for married couples fling Jointly must pay a tax on these items. called or via the internet address which is www.nasdr.cm. In intangible Tax', by lune 30 to avoid Increased nalties For Tax Returns and addition, a brochure explaining the Public Disclosure Program 6 available from information, call the Department of Revenue at the NASD upon request. r End or Staternen, _ 027 1211090900 001 V899 L98SSECIO INS ANGS EFTA01324622 6558ZZOO- V.L43 CLEM= THROUGH RS WHOLLY on,z SUESIOn CCM SERVICING YOUR ACCOUNT Eat Cann Spann Cap. Beer. Stearns & Co. Inc. Intecn Cage Nort BEAR 383 Madsen Avenue 11201.3,19 NEVI York. New Yak 10179 STEARNS JEFFREY EPSTEIN ACCOUNT VICURVE Ir..HERAIANIRA STATEMENT Pettno Nownreet 1.2005 TELEPHONE THOICV0.1 Nowerrow 30.2005 VISIT OUR MOSER vmvo.bearsteams.corn ACCOUNT WINO What's In This Statement I II TAXPAYER IO.W On Da LAST STATEMENT October 31. 2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 00 FINANCIAL TRUST COMPANY Transaction Detail ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER B.3 ST THOMAS VI 00802 -n C Your Portfolio at a Glance Market Value of Your Portfolio in caw & ca m,e, t 3498.228 TOTAL VALUE OF SECURITIES THIS PERIOD 4.316.247 1590.898 WWI MARKET RIND BALANCE 596,278 EWERS 54,316.247 14.358.019 NET MATT TM NERCO $4.912.525 MI Currant Tan Yaks NET EQUITY LAST STATEMENT 4,948.917 IN/ Last HaternenES MOM Yalue r CHANGE SNCE LAST STATEMENT -36.392 There are no 'Stop Loss' Wets or 00w pending buy a sell open orders on file for your account. Pots* noel HI deleraopror-tot e axot. r<trze < :dwno u Ho., Tin Any 9n001.0 et. 1It set kern as slat ctootnelt. sa Cunt Sarnen R to 0 tot Simon now slum He-m4 stE TM Natanett WAYS be reawd Cu yearn". Sm nem ade IN Moan Afornadm COH, O. MOOHHA Crier telt. OnoVr, NY. 117V.1.115; 027 120105.07 35 001 89855£00- 019- ANGS En I S IJ 00 v, O EFTA01324623 =ARCO natOoGe ITS %HOW( OWED SUSSOWer Suss. Saves; Ca, Ore Venues Cosa Ws leeddr. III vat 11231-18$9 JEFFREY EPSTEIN 2 se 0 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ 027 Ij,01,0507:35 COI V898 698SS£00 W9 ANDS I 9S8ZZOOV1.43 EFTA01324624 CLEARED Tilitoural RS W/C-LY 00510 SLIISID‘Ort OMCE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. eat Warn Sant Cap One 1.1/421accrt tatty /1002, BEAR 383 Artacison Avenue 112014150 ak 10179 s STEARNS JEFFREY EPSTEIN 3 as seamen rwroo NOirb21 1, 2005 1111023.1 NO5r1021 30.2005 ACCCUNT MAIM a Cash Flow Analysis Income Summary TAXPAYER woo. On (le "C P0000 illtS 'COCO Haan LAST STATMENT October 31, 2005 Opening 8a lance $0.00 Divilends 5,380.42 10.5,860.58 WS Solar Ft 0.00 13,43 Money Fund 1.820.12 Dividendsilnterest Total 55,380.42 5105.874.01 1560.00 0 Amount Credited 55.380.42 0 Money Find -5.380.12 Portfolio Composition Amount Debited 5.5,380.42 CasneCash EquUalem 596,278 m Egan ClosingBeene* 4,316.247 50.00 C Total $4,912,525 rn Your Poitfolio Allocation r Cosh 5 (Owlet...- 13% 1— tomes 87% laaada Mina tans Nat Ulna rate Nal neat want. Tar Macaw teasnap dyad Mn ea raga* maga .alka M vau. esable 027 '.201,11,4))3 COI OL8SSEOCIA19- ANCIS rn 8 b.) IJ 00 CT 15) EFTA01324625 0-EARED 71•ROUGH int Ww0.6.6 0.6•660 MuCtar OFFICE SERVICING YOUR Account Bear Saline Sorbet to fleet Stearns & Co. Inc. Olt Pkirtfeth Cote Nati BEAR 383 Manson Avenue "war. Keg York 1120161259 10179 STURNS JEFFREY EPSTEIN 0, 6 STATVADir PertO> Umerter 1.2005 THROuGe. Uperrter 30.2005 ACCOLV, rumen TwiceAr2R 6ronlIM On Fie LAST STAmen 06-10000 31.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS WHOM (61Wat0 osen 02300,110.4 MISOIJCUSI6 tumefy Peet YOWL ANNUM. WOK YIELD C) DREYFUS CASH MANAGEMENT-CL A DIM% 596,278.29 1.0000 596.278 22.062 3.7000 INSTITUTIONAL SHARES EST. 30 DAY AVG MD 3.500016 TOTAL CASH & CASH EQUIVALENTS 5596.276 522.062 0 -n EQUITIES C 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 in relative to the Other stocks covered by that Analyst. The key for the stock rating values is as lotions: 0 - Outperform; P = Peer Perform; U Underperform. The second rating represents the rating of the coverage uneerse relative to the regional broader market index. The key for the Sector rating is as foibles: MO - Market Overweight: MW is Market Weight: MU = Market Underweight. In cases where a BSC rating is present. the name of an independent third-party research provider and their rating may also be displayed. where such research is available. The various providers have normalized their ratings systems as follows: B — Buy: H - Hold; S - Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Steams is neither soliciting any action based on such Information, nor endorsing any recommendation or opinion expressed by any independent, thrdparty research provider. The symbol indiCateS that continuing coverage at the subject company is temporarily not available due to legal reasons. Independent. third-party research on in ni s covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research r at vnin,bearsteams,corn or can call to request that a copy of this research be sent to them. ACC UMW insane canon 06.9C9911011 STIMOUCULP nM away Oft.= V.N.Ut APAKIM. WOVE 6111.0 FELCOR LODGING TRUST INC FPI CASH 2,000 16.9800 33.960 1.200 3.5336 GLENBOROUGH REALTY TRUST INC GL8 CASH 2000 18.9700 37.940 2,800 7.3801 MC RATING: STOCK PiSECTOR MW NED DAVIS RESEARCH RAMC: H GUICIER REALTY TRUST.SEll GRT CASH 2.000 25.6900 51.360 3.846 7.4883 HRPT PROPERTIES TR-581 HPP CASH 10.000 10.9400 109,400 8.400 7.6782 027 120100607•35 OM vex IL8SSEOCIA19- ANGS to I S IJ 00 0'6 EFTA01324626 0.EAREO n WHCALY 00.140 8014100.88 OFFICE SERYCIVG YOUR ACCOUNT Sem, Steams & Co. Inc. Sm. Ream SeonUt3 IMmecn Caw Math BEAR 383 Matirson Avenue yee. 11101.1859 10179 i STEARNS JEFFREY EPSTEIN 5 ore STATEMM 8M00 8tOveenter 1. 2005 man.. Nwerter 30. 2005 Your Portfolio Holdings (continued) ACCOuta MA la TAXPAYER ruse On Fie Equities & Options (continued) LAST streserer October 31,2005 AC blifeaT UM.= °MOO OESCIIP11311 SMICEMISIP MECT EIMMEt MCE VALUE Mit* 510014 110.D no HOSPITALITY PROPERTIES TRUST IPT CASH 2,000 41.1900 82.380 5.840 7.0891 58i JOHNSON& JOHNSON JNJ CASH 57.800 61.7500 3.569.150 76.296 2.1377 EtSC RATING: STOCK 9/SECTOR IN/ 0 NED DAYS RESEARCH RATING: 8 Z WTS LUCENT TECHNOLOGIES INC LUTIM CASH 235 0.6200 146 OCP 12/1072007 T e l NAYARIT GOLD INC 639347103 CASH 19 0.3170 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 67.3000 29.343 1.029 3.5068 NC m PENNSYLVANIA REAL ESTATE PEI CASH 1.794 36.9300 66,252 4.090 6.1734 WESTER/ TRUST-SET RAMCO GERSHENSONPROPERRES RPT CASH 12.000 27.4300 329.160 21.000 8.3799 TiluST4.0 561 SIRKJS SATELLITE RADIO INC SP I CASH 1,000 7.1500 7,150 MC RATING: STOCK &SECTOR MW ATLANTIS RESEARCH RATING: B r Total Equities& Options 54,316,247 S124.501 TOTAL EQUITIES $4.316,247 $124,501 YOUR PORTFOLIOHOLDINGSEST IMATE 0 ANNUAL INCOME $146,563 YOUR PRICED PORTFOLIO HOLDINGS 54.912.525 017 11811/110)?:11 001 8898 ZL8SSE00- 019- ANGS rE1 8 IJ 00 U a EFTA01324627 OUSE 1208,a1 ITS wyEtLY CrATEO 808310Wri OFFICE SEFMONG TWA AO3Ouvr Bear. Steams & Co. Inc. We. Sown Swots CoT. Ow FATIntecn WV, Sot BEAR 383 Madison Avenue WAS" WI Yert 112014859 New Yak, New Yak 10179 STEARNS JEFFREY EPSTEIN 6 aF STATEIRDIT PERIOD Nrember 1. 2D35 TiEtWOM IRTWIlter 30.2005 Transaction Detail *WOW WARM TAXPAye. twits On CIO MONEY FUND ACTIVITY LAST STATEW/f Water 31, 2005 DATE WIMP MWSWIOR cescarnoN SNIASOUOJW WOODY eRfE Cal;wort CREDIT WOW 11101105 OPENINGBALANCE 590.897.87 11101/05 DIVIDEND DREYFUS CASH ININAGEMENT.CL A DICOC 1.820.42 INSTITUTONAL SIURES 0 MONTHLY DNEEND z 11/01/05 REINVEST DREYFUS CASH MANA6EMENT41. A DION 1.820.42 1.820.42 iNSTMAONAL SHARES DIVIDEND REINVEST - 11/17/05 BOUGHT DREYFUS CASH MANAGEMENT431. A DION 1.460 1.0000 1.44000 RiSTITuTONAL SNARES C 11/22/05 BOUGHT DREYFUS CASH MANAGEMENT-11 A DICU 2.100 1.0000 2.100.00 wismunotim. CRAWS rn z 11/3005 CLOSINGBALANCE 596.278.29 TOTAL 5.5.380.42 51.82042 DIVIDENDS r OAST DESCRIPTOR SIWOLIOPOP WARM WI CS) DIM WOW CREW AM0010 1117/05 HOSPITALITY PROPERTIES TRUST IWT 2.000 0.7300 1.460.00 S81 REC ionuos PAY 11/17/05 11/22/05 HRPT PROPERTIES TR.58i HRP 10.000 0.2100 2.103.00 REC 1421(05 PAY 11/22/05 TOTAL $3.560.00 _ O2 12.01/0522145 001 7888 £L8SS£00 IN9 ANGS EFTA01324628 5958ZZOO-V.L43 4S no rrstOu04 rte %HOW OWIECI SUSSOMY OFFICE SERVICING YOUR ACCOUNT Rear. Steams a Co. Ire. lhar SWIM SCA/MO COO OS Wintech Cann Inn BEAR 383 Madison Avenue i llikatan 11On 4169 New Y New York 10179 STEARNS JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERMAN.IRA summon rye= Woke 1. 2005 TELEPHONE notouom Octoter 31.2005 VISIT OUR wE RSV, Ayrotearslearnscom AO:Ouvr NumBER What's In This Statement I II 122055,01R 'tweet On filei WT STATEWENT Septernne 30. 2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfoki Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detal 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 O E I Your Portfolio at a Glance Market Value of Your Portfolio m can w omen1. S590.898 TOTAL VALUE OF SECURMES TMS PeRIO0 4.358.019 5,582.366 MONEY MARKET FUND IIMMICE 590.898 54.358.019 Elea, 54.448.508 NET mire Da5 Mum 54,948.917 CuTent Market OW NET COURT LAST STA1DAENT 5,028.874 a Last Stoterrats mane: lake r CHANGE MACE LAST STATEAIENT -79.957 There are no 'Stop Loss orders or other pending buy or sell open orders on file for your account. _ nine Men e/weciaacr iona. k. a ZOOMS' A. 7/n sterna it WOnalat3IOWDOSes b eta on a In dean ID Ore SoMes at .o ten to One Sown M Me Wawa Satan grc 714 Ottenett *Inn De relined fte yur none. St mane et foe ripartal ~INA Pe Ventan cent two wenn. NY 1120140/9. 027 11/01.05.013 031 OLBSS£00 IN9 ANGS EFTA01324629 9958ZZOO-V.Ld3 04A1140 1, 41101.01 In 14.44041.r OWnED SU0SC444.R1 Dew. 214:41ts Sautes Cap Me 14.40,40, Celia Meth 6. 447171. 144m Tat 11201.3260 JEFFREY EFSTEIN 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ 027 11/01435.00 34 001 1/107 SL8SS£00 IND ANGS EFTA01324630 L9S8ZZOO- V.L43 CLEAN= TNTAVON ITS YAC.L °AWED SLISTMATTY OFFICE SERYCING YOUR ACCOUNT Be., Steams A Co. Inc. Ow Steers Stan ITS One WITMCO, cotta Not BEAR 383 Madson ;weft* et 112014859 10179 St STEARNS JEFFREY EPSTEIN 3 e STATEmea 010t00 October 1.2005 Wriatost October 31 2005 ACCO.A7 wing! Cash Flow Analysis Income Summary TAXPAYER MAW On Fie MS P0800 NES PERIOD WAR 10 CM LAST STATEMENT 5140Ieter 30. 2005 Opening Balance $0.00 DMclends 8.532.10 100.480.16 Croft Silence Int 0.00 13.43 Money Fund 1.620.50 Mideretsfinterest Total $8,532.10 $100.493.59 6.911.60 amount Credited $8,532.10 0 Money Fuld -8.532.10 z Portfolio Composition Amount Debited 34,532.10 CashICeon Equwalent 590.898 ii EZPIC142 4.358.019 Closing Balance 30.00 C Total $4,948.917 in z Your Portfolio -H Allocation r 01611 12% _ uswess >Mom any* TTb• tobva SINSW PP. .will Tikes TM ob..... Toran-Szo uee....e Sabi Mlle. .r..a' 9L8SS£00 IN9 ANGS 027 110, 65.011 34 COI '497 EFTA01324631 89S8ZZOO- V.Ld3 =ha Taa 173 761CtLY OVOrED 99B80a OFFICE SERVICING YOUR ACCOUNT 1w. Sas Sates Cap. Bear. Steams & Co. Inc. Ors Mara Car Ma BEAR aM dison enue Betty Yet 11201.3659 10179 STEARNS JEFFREY EPSTEIN 4 re 7 STAMIEr.T 90000 Canter I 2005 DIROuGH OCI0196 31.2005 Aaren %NKR 753953901 short On Ce0 51.97 STATEMENT Saga* 30.2005 Your Portfolio Holdings CASH 8 CASH EQUIVALENTS WRFC" CSINATED =RIX OtSCRIMON 37.4001.62.619 OVUM, 76Ct YALU( AMIAL *WE 7117D tla DREYFUS CASH MANAGEMDITCL A DICxx 590.897.87 1.0000 590.898 20.097 3.4001 NSIMMONAL SNARES EST. non AVG YIELD 3.7500% 0 TOTAL CASH & CASH EQUIVALENTS 5590.898 520.091 -n EQUMES C Equities 8 Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Fiats 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 f011owS: 0 — Outperform: P = Peer Perfam: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 wince 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 fclknys: B - Buy; H - Hold; S — Sell. The ratings information contained herein is for infornati0nal ptrposes only and is not intended to provide tax. legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company Is temporarily not available due to legal reasons. Independent, third-party research on in m nieS covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research r at www.bearstearns.com or can cal to request that a copy of this research be sent to them. MXT &all CSTIVARD 0.MEICI C459391.9101 snow:ow TYPE Warr Ma VAUX Ma NM/ MO mi FELCOR LODGING TRUST INC FCH CASH 2.000 14.9200 29.840 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.1300 38.280 2.800 7.3183 esc RATING: 5100c PISECTC8 IAN NED DAIS liFSEARCH RATING: N GLIMCHER REALTY TRUST-SIN GRT CASH 2.000 22.9700 45.940 3,846 8.3718 FMK PRCeERTIES TR-SBI IMP CASH 10000 10.9100 109.100 8.400 7.6994 027 iirouokopm cc, van LLBSS£00 LAID ANGS EFTA01324632 6958ZZOO-V1.43 WARGO 714.44%.04 n ?MOLLY MOPED SISSICApiry OFFICE sawariG YOUR ACCOUNT Bear. Steams & Co. Inc. Oar. Stows Sennett Cap. Cr* Nome. Una Math BEAR 383 Madson Avenue Vol 11201.3615 erk 10179 STEARNS isak JEFFREY EPSTEIN 5 o• Surepen POMO OclObet 1.2005 11.0,JC•1 oath. 31.2005 Your Portfolio Holdings (continued) ACCOV1.1 Kla4PER TAXPAYER M On Fib LAST STATEMENT Septette 30.2006 Equities 8 Options (continued) ACCT 144.M1 MAURO town DILIOWTINI SYSIICOCUS0 COWRY PPICE YAW! ISM WOK YEW /19 HOSPITALITY PROPERTIES 'UST HPT CASH 2.000 39.7000 79.400 5,840 7.3552 SBI JOHNSON& JOHNSON JNJ CASH 57.800 62.6200 3.619,436 76.296 2.1080 8SC RAMO: STOCK PSECTOR MW 0 AEO DAVIS RESEARCH RAM: 8 WES LUCENT 1ECHNOLOGIES INC LUTHIN CASH 235 0.6900 162 12/10/2037 -n NAYARIT GOLD INC 639347103 CASH 19 0.3080 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 63.5000 27.686 1.029 3.7167 C INC in PENNSYLVANIA REAL ESTATE PEI CASH 1.794 38.5000 69.069 4.090 5.9216 PANSWENT TRUST.S8i RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 27.7400 332.880 21.000 6.3086 TRUST-MD Sal SIRIUS SATELLITE RADIO INC SRI CASH 1.000 6.2400 6.240 BSC RATING: STOCK &SECTOR MN AnANTS RESEARCH RAM*: B r Total Equines& Options 54.358.019 5123.301 TOTAL EQUITIES 54.358.019 5123.301 YOUR PORTFOLIOHOLOINGSESTimATED ANNUAL INCOME 5143.392 YOUR PRICED PORTFOLIOHOLDINGS 54.948.917 _ 8L8SS£00 IN9 ANGS 02> 1101.03.08 34 001 V•97 EFTA01324633 OL58ZZOO- V.L43 GLUM nexn n %MOAT OM= $L SOAPY OFFICE SERVICING YOUR ACCOUNT tee. Mrs WASS COP Bear. Stearns 6 Co. Inc. Oro Parton Term Seth BEAR 383 Madison Avenue ireomm. ore Welt 112114/159 New Yak. New York 10179 STURNS JEFFREY EPSTEIN 6 an summer wwoo Canby 1.2026 TI4401/08 OMEN 31.2005 Transaction Detail ACCOLIR PRAMS TAAPAYER NvIRLCII CM FE* MONEY FUND ACTIVITY LAST STAMMER? SmOTTOH 30.2005 DATE /AWAY measecnow wane stmeueuse oumtnw May own MOM' CI CO AVOW' 10/01/05 OPENINGBALANCE 582.365.77 10/03/05 BOUGHT DREYFUS CASH MANAGEMENT-EL A DIG° 5.250 1.0000 5.21900 0 NSTMMONAL SHARES 106105 DIVIDEND DREYFUS CASH MANAGEMENT-CL A OICOI 1,620.50 INSTITUTIONAL SHARES MONTHLY DMOEND E I DREYFUS CASH MANAGEMENT°. A DOI 1,620.50 1,620.50 10(03105 REINVEST INSTITUT/DUAL SHARES CARDEN° REAMEST 10/14/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICU 700 1.0000 700.00 tismunom SHARES m 10/17/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A MOM 961.60 1.0000 961.60 z INSTITUTIONAL SHARES 10/31/05 CLOSINGBAJARCE 590.897.87 TOTAL 5-R532.10 31.620.50 r DIVIDENDS 0.12E reseewnow BRICLATOSP WARM RATE En OBIT WAR CREW MORO 10103/05 RAMC° GERSHENSON PROPERTIES RPT 12.000 0.4375 5,250.00 TRuST4A0 SBI REC 09/20/05 PAY 1010305 10,14/05 MINBOROUGH REALTY TRUST MG GIB 2.000 0.3500 700.00 REC 1001/05 PAY 10/14/06 _ 027 11101/0610634 001 YO/37 6L8SS£00 O19 ANC'S I LS8ZZ00- Vida EFTA01324634 C D 00042:01 RB Ware ovOtED SUBSOARY OFFICE SERVICING YOUR ACCaiNT Bear. Steams 6 Co. Inc. MMu.%parrs Seosbes Co* — — Ur* NI* BEAR 383 Madison Avenue Omatin Nes heli 112014059 New Yak. New Yogic 10179 STEARNS JEFFREY EPSTEIN 7 a STATELVIS MCC OROS 2C05 THROu011 Garner 31.2006 Transaction Detail (continued) =OW' -MEN TAIGA ER WISER 10 0 1.111 DIVIDENDS (CONNO* IASI swoon September 30.2005 OAR OLSCRPCON SYSBOUCUSTI ouvarrY MR IN COO MOW( MDR AMNIA 10/17/05 °WAGNER REALTY TRUST.SBI GRT 2.000 0.4806 SIC 03/30/05 PATIO/1550s 961.60 0 TOTAL 66911.60 0 z m End of Statement m z -H r 027 II/0145,111:34 00I V•07 088SSE00- O19- ANGS rn I S b.) 00 -J IJ EFTA01324635 MEMO TWICUSH rr5 wnou 0AAEO SLEMIOMAY OFFICE SERVICING ?CIA ACCOUNT — Slumt &Mut.. Co,. Dew. Stearns & Co. Int. Cnt AMI/tOmh [tow 10214 BEAR 383 Madison Avenue Moatr. NO. Yon 11201-3559 Now York. New Yo•Ic 1 0179 STEARNS JEFFREY EPSTEIN STATEMENT Pt.000 Septeirobte 1.2005 11.*V.1"..M seseember 30 2005 ACCOUNT µNM Illmll tilmll I II TAXPAYER NUMBER Girt LAST STATE'S? Ao4ust 31. 2005 JEFFREY EPSTEIN C/0 FINANCIAL TRUST COMPANY ATTN JEANNE 8RENAN 6100 RED HOOK QUATER B-3 (-) ST THOMAS VI 00802 0 m Pursuant to you previously issued instructions. Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties 'sled on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact year ci Account Executive, This reminder notice wit continue to be provided to you on your quarterly statements. Thed Party m EPSTEIN INTERESTS NC JEFFREY EPSTEIN ATTN MARRY BELLER 457 MADISON AVE 4TH FIR H NEW YORK NY 10022 r 027 1061.05.i I50 001 V1196 T88SSE00- O1D- ANGS rn I S IJ 00 --J EFTA01324636 CALMED TAITICIAN ITS YaM.EY CAMEO SLESTOMAY OFFICE SERVCITTG YOUR ACCOUNT SEM 500n MCLEAN. Cup. Bear. Steams & Co. Inc. One Mentea, Cuter No?, BEAR 383 MaCulon Avenue 11201.3859 New V York 10179 STDIRNS JEFFREY EPSTEIN ACCOUNT EXECUTIVE DCHERMANTRA STATEMENT mato Seccemw 1.2005 TELEPHONE = 3 TA0u0.4 Sectember 30.2005 VISIT OUR al BUTE www.beasteams.com Ora MAW What's In This Statement IIILIII..elnlellee Milli NC wit KAMM On ne WT STATEMENT EMOTE 31.2005 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CJO FINANCIAL TRUST COMPANY Transaction Detail 6 ATM JEANNE BRENMI Fund Activity 6 6100 RED HOOK (WATER B•3 0 Your Messages 8 ST THOMAS VI 00802 0 m C Your Portfolio at a Glance Market Value of Your Portfolio in Cash& Equaalvt $582•366 TOTAL VALVE CC SECURITIES TICS PERIOD 4.446.508 5560,453 MONEY TAROT RIND BALANCE 582.366 Cepa $4,446.508 54.462.889 NET EMMY TINS PERIOD $5.028.874 Current market value NET Win UST STATEMENT 5023.342 Last statemax's market value r OUTAGE SINCE LAST STATEMENT 5.532 There are no 'Stop Lose orders or other pending dry or sell open Orders on file for your account. Amu mat rye -rtaaNT of TANTA or mat. raataTM at Muria lo Anvil" a e , rWrruenl pwbeies wry. ea ra acinded COINS Cant AT Met &mon al or A-16 to Carl Setve.4 t M. Sums Sons f~ 141 Y /Mat EMIT be remissft yes Hew* Ss tans ode of remetan revelatel Cm, Cm latent^ Came A.m. SAXAM NN ”attatag 021 100106.11EO 001 Z8855£00- 019- ANGS I8 IJ V.) 00 /Aft -J EFTA01324637 CLEARV) 71.000M nil YMOLLY OnNED SWAMOre pecr. steams Seams Cap. Cne Maple". ONON NOM 0. Noe net 11001.5159 JEFFREY EPSTEIN 2 0 -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r _ 02? 100105.1150 OM VHS ENSSECIO IN9 ANGS EFTA01324638 5L58ZZOOV.L.43 =ARCO TW1003.4 YAKUT °AND) SLISSIDVAY OFFICE SERVICING YOUR ACCOUNT Belt, Stearns 8, Co. Inc. OM. Sierra Sena. Cap. One Mercian Cove ?Koh BEAR 3B3 Median Avenue Y 11201-3859 10179 aja STEARNS JEFFREY EPSTEIN 3 oil a-wren r43000 Senlembe 1.2005 THIKOC*4 September 30.2005 ACCOula Nab% MEM Cash Flow Analysis Income Summary TAXPAYER Wad On Fla PSIOD THIS 110A0 TIAlt TOW( LAST STATE/ANT MOUS 31.2005 Opening BeItt nce Dvidends 21.912.41 91.946.06 $0.00 Dade Galante Inc 0.00 13.43 Mime; Fund 1,558.59 Dieidentfriterest Total $21,912.41 $91,961.49 20.35382 Amount Credited $21,912.41 0 Money Fund -21.912.41 Portfolio Composition Amount Debited 5-21.912.41 CulVtash Equivalent 582.366 ii EqUtles 4.446.508 Closing Selena $0.00 C . Total $5.028.874 rn Your Portfolio Allocation r Cain & 12% _ linkisise colon, Own*" Ma blw ..d Nan •-I stk.*. The bleatOs owtronn d•Ontal atm ISe —at sNartet neat pu. toga. PHSSECIO IN9 ANGS 027 104110011 SO 001 WOG 9LS8ZZOO- V.L43 EFTA01324639 WARM TMOX.w rrS mar O" E0 Sts3244ARy OFFICE SERVICING YU" ACCOUNT Bear. Steams I. Co. Inc. Be bum Starnes Cap Ow PAIMX•Ch came sum BEAR 383 Maass., Avenue asisioat 11101-3239 10179 STURNS JEFFREY EPSTEIN 4 e STAM.EuT MOOD Sege-rt., 1.2055 MtOt?3,.. Septembu• 30.2[05 AOCCuM -Mat TAXPANIDR MAID! on Fla Your Portfolio Holdings ter STATINEM August 31.2005 CASH & CASH EQUIVALENTS IAMK11 E311.16010 CURRENT DISCRIM311 SWA801.0JM OUMMY MCI VALUE ANNUAL RiCOPAE 'IMO 00 DREYFUS CASH MANAGEMENT-CL A DICK( 582.365.77 1.0000 582.366 19,800 3.3999 arSniunONAL SHARES EST, 30 DAY AVG VELD 3.6200% 0 TOTAL CASH & CASH EQUIVALENTS 5582.366 119903 -n EQUITIES C Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities cowxed 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; U = Underputorm. 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. ttird-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 inftxmation contained heroin Is for Infcemational purposes only and is not intended to provide tax, legal or imminent advice. Bear Stearns is neither soliciting any action based an such information, nor endorsing any recommendation or opinion expressed by any independent. thid-party research provider. The symbol irX1RetetS that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent. third-party research "es covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research r at wormtearstearns.com or can call to request that a copy of this research be sent to them. ACC? WM? COWED CURREM CESCAWTON SYUSCUCUSP Mt CIUMTRY PWCF Y.YLL MOM DOM YES (%) FELCOR I006616 TRUST INC FCH CASH 2.000 15.1500 30,300 GLENBOROUGH REALTY TRUST INC GIB CASH 2000 19.2030 38,400 2.800 7.2917 EISC RAMC: STOCK ASECTOR MA NED DAMS RESEARCH RAM: H GUMCHER REALTY TRUST-SM GRT CASH 2.030 24.4700 48.940 3.846 7.8586 _ HRPT PROPERTIES IR-SIN HRP CASH 10.000 12.4100 124.100 8.400 6.7687 027 10.01/03:1130 001 MI6 S88SS£00 IN9 ANGS EFTA01324640 LLS8ZZOO-V.L43 =ARM imam ITS Mt.LV MRAGO SUMMARY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. No. Arm Swain Cm One MM->e Cow NM BEAR 383 Madison Avenue IrceIM PM TM 11201-31,0 New York. New York 10179 STEARNS JEFFREY EPSTEIN Sc" STA-MENT OFF000 September 1.2035 THROuGN *muter 30.2005 Your Portfolio Holdings (Continued) At0, 0" vIAKR TAVAYER MlAlaall CIIne UST ' ,MUM AUfat 31.2036 Equities 8. Options (continued) Asa MRSIT iSIWARO WSW DESCRIPTM SVIMOLIOSIP nw °WITTY MKS WIDE WM/ mem nation HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 42.8600 85,720 5,760 8.7196 SLIII JOHNSON& JOHNSON JNJ CASH 57.800 83.2800 3.657.584 76.296 2.0660 BSC RATING: STOCK PJSECTOR MW 0 NED OAVt5 RESEARCH RATING: B MS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.9500 223 DP SADO/2007 -n NAYARIT GOLD INC 639347103 CASH 19 0.3960 8 PAN PACIFIC RETAIL PROPERTW.S PNP CASH 436 65.9000 28.732 1.029 3.5814 C INC in PENNSYLVANIA REAL ESTATE PEI CASH 1.794 42.1800 75,671 4.090 5.4050 INVESTMENT TRUST-SRI RAMC° GERSHENSON PROPERTIES RPT CASH 12.000 29.1900 350.280 21,000 5.9952 TRUST4A3 SBI SIRIUS SATELLITE RADIO INC CASH 1,000 6.5500 6.550 BSC RATING: STOCK OiSECTOR MW ATLANTIS RESEARCH RATING: r Total Equities& Options 54.446.508 5123221 TOTAL EQUITIES $4.446.508 5123.221 YOUR PORTFOLIOHOLOINGSESTIMAT ED AA,. JAL INCO?.'i. $143,021 YOUR PRICEDPORTFOLIOHOLDINGS 55,028.874 _ 98855£00 IND ANGS 017 ICAMM:11.60 001 11196 EFTA01324641 8L58ZZOO- V.L.43 ~MO lnimmn rs wRO-LY 0M4110 SUMMARY OFFICE SERvICING117UR ACCOUNT Bear. Stearn & Co. Inc. N. Mann Semen COT Alenotoch 2— MT BBNIZ 383 Madison Avenue Moog" Pro Mt 11201.3•59 Now York. New Yeti( 10179 STURNS JEFFREY EPSTEIN 6 e$ STAMAIM RE1000 Swearreer 1.2005 TIMM* *awls 30. 2005 Transaction Detail ACCCM7 KRAMER UMPAY01 WSW On Flo MONEY FUND ACTIVITY LAST STATOMNT Anus, 31.2,305 art 1201DM OPMACTIOR CESOIRTON SnineuSw COAMM MCC DOM AMMO MOM MOUNT 09/01/05 OPENINGBALANCE 560.453.36 09/01/05 DIVIDEND DREYFUS CASH MANAGEMEHOOL A DICOC 1.558.59 INSITRMONAL »RES 0 MONMLY =DENO 09/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MC« 1,558.59 1.558.59 nsmvnoeim. SHARES ONICOM REIMS! L I 09/13/05 BOUGHT DREYFUS CASH LONAGEMENT.O. A INC:01 10.074 1.01:03 19.074.00 eisnivroun SHARES 09/15/05 BOUGHT DREYFUS CASH MANAGEMENTCL A MC( 1.279.82 1.0000 1.279.82 INSTITLITORR SHARES in z 0913005 CLOSINGBALANCE 582.365.77 TOTAL 5.21.912.41 51.558.59 DIVIDENDS r OtSCRPIIM SY...MUCUS.> ~MY Mrt CF1 OEM MORR attlf ~Uhl 09/13/05 JOHNSON& JOHNSON JNI 57.800 0.3300 19.074.00 REC 08/23/05 PAY 09/13/05 09/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 435 0.5900 257.24 MC REC 08/26/05 PAY 09/15/05 _ 027 101)1.53110 L8855£00 OW ÅNGS EFTA01324642 6LS8ZZOO- V1-43 Ciskseo notor-pc its miO.Lv CrAten stasioloav OFFICE StImCluG YOUR ACCOUNT Be. %urn Swims. 009. Bear. Stearns & Co. Inc. On IA*dadv Crow Ilatti BEAR 383 Mackson Avenue New nn 11201,31Se '0179 STEARNS JEFFREY EPSTEIN 7 Pt 070.70.2Wf PER= September 1.2005 THROLKel Septenter 30.2005 Transaction Detail (continued) Accoutr renew TAXPAYER Nument On Ft DIVIDENDS (continued) LAST sTAMAP27 August 31.2005 MIE Paatten004 SYWEICUCUSP 07Atill/v &ATt II OM mi0Uor OlIC0 Maker 09/15/05 PENNSYLVANM REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST.SBI REC 09:01105 PAY 09115/05 TOTAL $20,353.82 0 z -n C rn z -H r _ 888SSE00 IA19 ANC'S 027 1001225,1110 eel EFTA01324643 0858ZZOO-V.L43 “EAREO THROSCH rta VOIOLLY Dm40 SIASIDWRY orrice SERVICING YOUR ACCOUNT arr. Seers Snows can Bear. Steams & Co. Ire. One %Unto* Cortv Mani BEAR 383 Madison Avenue Yon 11201.36S9 10179 STEARNS JEFFREY EPSTEIN 8 ea STAM/PiT PERCO 54grAntnttn 1.2005 smnOtIOn Seplemter 30.2005 ntrOuvi NUMBER TAXPAWR WAWA On File Your messages LAST s-A7ceorr &sum 31.2005 Securities and other assets in your account are the firm's C011ateral for any OW' Bear. Steams Securities Corp. Net Capital and Net Capital Requirements: margin loan made to you. If the securities and other assets in your account At May 31. 2005 and July 31. 2005, the Company's net capital of decline in value. so does the value of the collateral supporting your loan, and, approximately S4.1 Dillon and S3.9 bition was approximately 6% and 7% of as a result, the firm can take action, such as Issue a margin call and/or sell aggregate debit items and exceeded the minimum regulatory net capital securities or other assets in any of your accounts held with the member, in 0 requirement of approximately 51.3 billion and 51.1 billion by approximately order to maintain the required equity in the account. It is important that you S2.8 billion and S2.8 billion, all respectively. fully understand the risks involved in trading securities on margin. These risks include the following: A complete copy of the Bear. Stearns Securities Corp. Statement of Financial -n Condition is available on the web site vmw.bear tively, to - You can lose more funds than you deposit in the margin account. request a free printed copy please call - toll free - The firm can force the sale of securities or other assets in your account(s). C - The firm can sell your securities or other assets without contacting you. rn • You are not entitled to choose which securities or other assets in your account(s) are liquidated or sob to meet a margin can, - The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you atiVenCe written notice, r - You are not entitled to an extension of time on a margin call. _ 021 .C41.051130 031 '1S36 68855£00 IN9 ANGS EFTA01324644 I 858ZZOO- V.L43 CltARED TROUGH RS WNC(LY OM'(O SOISCHRY WIC( SERVICING YOUR ACCOUNT ter. Stan Smarm cap. Bear, Stearns & Co. Inc. One Mentor Grow Wath BUR 3B3 Nilsson Avenue isaar 11201-3,10 dk 10179 e STD2RNS JEFFREY EPSTEIN STATZUFier HEHOO September 1.2005 THIC(CR September 30. 2001 KGGOUNT MIS TA/GAYER N,PJ& On Fre LOT STATVIGHT Auguv 31. 2005 This statement is provided to explain Bear. Steams & Co. Inc.'s CBSC) Pirsuant to SEC Rule 11Ac1-6. please note the following: payment for order flow practices. BSC routes a majority of orders for customer securities transactions to the Bear. Steams & Co. Inc. will post its quarterly routing statistics at the following primal)/ market for such securities. Orders may also be routed to other market web link: http:Thinwr.bearsteamS.comf. Click on Individual Investor, Click on service velikii that assure executions pursuant to complex mathematical Equities. Click on Order Routing Practices. O formulas at better than the national best bid or best offer (N880). BSC receives no cash payment or other consideration for such order routing other Customers of Bear. Stearns & Co. Inc. may request information on any order z than favorable executions or executions of limit orders at no additional charge. executed within the prior six months from the time of the request. Spetilicaly, you may request the identity of the venue to which the identified orders were m 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. ci m z STOP End of Statemen H r Oil 100106.1110 001 YU. 068SSE00- IND- ANGS IT1 > I 00 00 00 IJ EFTA01324645 CLEAREO 11001915 1.000139 081430 SLINSIOARY OFFICE SERVICING ITTUR accouter Rear. Steams IS Co. Inc. Gov Sterns Sccumon 590 One 1.189991, CIO/ With BEAR 383 Madison Avenue New Von 11201.3859 New Y Ne W Neck 10179 STEARNS JEFFREY EPSTEIN ACCOUNT ELECuINE EICHERMAKIRA STATTUE1.7 PER/00 My 30.2006 TELEPHONE ■ THROUGH Swum 31, 2005 VISIT OUR MOSHE W.W.beanteamS COrn " ni p What's In This Statement 111.11..1..1.1i 111 193:5AYLIR .LAMER OR nie WT STATEVEM7 14 29.2006 FIrmnCT8I Summary 3 JEFFREYBPs7Buf You Portfolio Holdings 4 WO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 0 m Your Portfolio at a Glance Market Value of Your Portfolio ett, a boner $580.453 TOTAL VALUE OF SECURTTES THIS PERM m 4.462.889 — 5555.487 HONEY IMRKET FUND BALANCE 560.453 64.462.999 $4.627.960 NET MOWN THIS PERIO0 55.023.342 Current market St NET COUCH UST STATEMENT 5.083.397 OM Last statements market raw r CHANGE SINCE UST STATEMENT -60.055 There are no *Stop Low orders or other pending buy or sell open orders on file fa your account. Pone ran rye et 090s a Itch. *Wall &caeca° s nu. Asr 711s 'any" It sr Mortimal onoves O . II m Mr 'orate 81 a in mane% Cien 69‘591 co tomo 9 C* Samoa or but Sian Soars. ^tt •et of role It rtrarecI ler sour mores Ste Moen PM Sy 'vows Misname, Cor60o usres9 Cons Nom. One" I SI .31.4 027 CO0105 IS 21 COI 9395 T68SSEOCIA19- ANGS En I8 IJ 00 to 00 EFTA01324646 CLWW THROUGH ITS WOOLLY PASEO GALWAY Bur. Sus SS Cs Cr* Ss Cs? s Vent 1120141M JEFFREY EPSTEIN 2 as 0 z -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z r _ Z68SS£00 IN9 ANGS 027 06,01/0671337 CO7 EFTA01324647 t8S8ZZOO- Vida CUOMO TIIMUCOr ITS YO1C114 DAVID WOMORY OFFCF SERvICWG YOUR ACCOUNT am Stan Snuibes COY- Boar. Steams 6 Co. Inc. Coo - Corby 1401/1 BEAR 383 Madison Menu° disidecri 112014859 10179 STEARNS JEFFREY EPS1EnJ 3 STATIMM M114:0 My 30. 2005 150101.01 4...cm 31.2005 ACCCOM *MISER Cash Flow Analysis Income Summary MOM,* Mato On MO DG PC4100 1145 P0050 itiri ID C41£ LAST MATEUMT Jay 29.2006 OpeningBalance $0.00 Oiiden0s 5.016.81 70.035.65 Creak Babrcs Int. 0.00 13.43 Money Fund 1.476.81 DMdemIsArtereet Total 35 018.81 370049 08 3.540.00 Amount Credited 55.016.81 0 Money Fund -5.016.81 Portfolio Composition z Amount Debited 34 018.81 EasinCasit Equnatem 560.453 -n ClosingBalance $0.00 (woes 4,462.889 C Total $5.023.342 in z J Your Portfolio Allocation r _ theado4 pradi Prele feta NIILMS /KM SKr, mite yal.M. U. osorgat ;swum a els...4 — Ste Rea Meet .we or yr, tololo. 027 COO /756.13 27 C01 VIM £6855£00IN9 ANGS EFTA01324648 5858ZZOO- V.L43 CLUMO THROuroi In Wstisr OwnED SUISOVJtY OFFICE SERVICING Mat ACCOUNT w. — Soatila. Cow Beer. Stearns 8 Co. Inc. One Iferelech Corlsr Nedb BUR 383 Madison Avenue Wash% *we nn II201.uss Mark 10179 STEARNS JEFFREY EPSTEIN 4 ea STAMM, rum Jay 30.2005 nwouael Weal 31.2005 ACCOVDIT 10.0131 ?WATER Mate On Fie LAST Currant...I' lUly 29.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS WOW MOWED WHIM DESCOPFON SaletuSe COMM VAUR MOM *C ?KID OA DREYFUS CASH NIANAGEMENT4X A DI= 560.453.36 1.0000 560.453 17.935 3.2001 INSTUUDONAL SHARES EST, 30 DAY AVG YIELD 3.3400% 0 TOTAL CASH & CASH EQUIVALENTS $560.453 $17.935 -n EQUITIES C Equities It Options The research ratings for Bear Stearns (BSC) are shown for certan 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:lb° key for the stock rating values is as follows: 0 - Outperform: P - Peer Perform: U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO -. Market Overweight: MW Market Weight MU - Market Underweight. In cases where a BSC rating is present, the name of an independent. third-party research provider and their rating may also be displayed. where such research is available. The various providers have normalized their ratings systems as follows: 8 - Buy; H - Hold: S - Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or iwestment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not avail hie due to legal reasons, Independent. third-party research on in n. covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research r at wabearstearns.com of can call to request that a copy of this research be sent to them. ACC? MOW ISTINATE0 CURRI/0 cesanos SYMOOLOS TYPE QUANTITY NM MOE HAM. MOW .me 00 FELCOR LOOGWG TRUST NC FCH CASH 2.000 15.2500 30.500 GLEN8OROuGH REALTY TRUST WC GU) CASH 2.000 20.0500 40,100 2.800 6.9825 BSC RATING: STOCK P/SECTOR MA' MO DAVIS RESEARCH RATING: H GLIMCHEFt REALM TRUST-SW GRT CASH 2.000 26.0000 52.000 3.846 7.3962 _ HRPT PROPERTIES TR-SBI HAP CASH 10,000 12.0000 128.000 8.400 6.5625 027 OW01/05:1327 001 VIM U68SS£00 IN9 ANGS EFTA01324649 9858ZZOO-V.L43 CLCARC3 711401X01 ITS WHO,LY °AHED Sle40)99‘. OFFICE SERVICING WuR ACCOLPIT Sea Rams Secuniti C011. Bear, Steams & Co. Inc. OR Phottecn Caw 1401, BEAR 383 Madison Avenue 600.09 Igo Yen 11201-3059 New Yolk. New Yot ,0179 STEARNS JEFFREY EPSTEIN 5 o• sTflw).' 8€,000 )u 30.2005 MAC4XIN August 31. 2005 Your Portfolio Holdings (Continued) ACCCUKT 00.096it TAXPAYIA rotate On rIP LAST 31011wINT hit; 29.2005 Equities & Options (corxinJea) ACC MWNEI (51WATED Ofln DESCRPDON 511.400010.191. TWE OOWTOr 9092 WWUE AIMS 81001E 11(10 HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.3600 86,720 5.760 6.8421 $81 0 JOHNSON& JOHNSON JNJ CASH 57.800 63.3900 3.683.942 76,298 2.0823 BSC RATING: STOCK WSECTOR /AV 0 NW DAVIS RESEARCH RAMS: B MS LUCENT TECHNOLOGIES INC LUTNW CASH 235 0.8300 195 DM 12n 012d07 m NAYARIT GOLD INC 639347103 CASH 19 0.3540 7 PAN PACIFIC RETAIL PROPERTIES PPM CASH 436 66.2700 28.894 1.029 3.5613 C IJC in PENNSYLVANIA REAL ESTATE PEI CASH 1.794 43.1500 77,411 4.090 5.2835 INVESTMENT TRUST-Std RAMC° GERSHENSON PROPERTIES RPT CASH 12.000 29.0200 348.240 21.000 6.0303 TRUST-MO S& SIRIUS SATELLITE RADIO NC SIRI CASH 1.030 6.8800 6.880 BSC PATNG: STOCK OJSECTOR Mw ATLANTIS RESEARCH RAMC: B r Total Equities& Options 14.462.889 $123,221 TOTAL EQUITIES 54.462.889 $123.221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 5141.156 YOUR PRICED PORTFOLIOHOLDINGS 55.023.342 _ 027 Oftn.105,13:22 001 VOSS S68SS£00 IN9 ANGS EFTA01324650 L858ZZOO- V1.43 0.EARED 11010X... I-S V41•OLLY ODKO suesoury OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. ex. Bear. Souse Stoson CaD. Ole lAelsaech CAM* Moll BEAR 383 Madison Avenue BrOYthri. Paw York 1110148511 New York New York 10179 STEARNS JEFFREY EPSTEIN 6 et e STATIYMWD PerOOO lay 30.2005 THROUGH MIPS( 31.2005 Transaction Detail AD:O1.41' TAXPAYER !TIMBER Qt Ft MONEY FUND ACTIVITY LIST TrATAINT My 29. 2005 DUE WWI 111a 12430110110/ SEMI/CUSP <MIMI N1Bf NM Ati0:10 CIttert MOUNT 07(30/05 OPENINGBALANCE 555.436.55 C) 08/01/05 DMDEND DREYFUS CASH MANAGEMENT-CL A DICXX 1,476.81 0 DISTRuTiONAL SHARES MONTHLY WORM) 08/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A 1,476,81 1.476.81 MSTITUTIONAL SHSTARES -n ONMEA0 REMVE 08/18/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A 1.440 1.0000 1.440.00 INSTIRMONAL SNARES C 08/25/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A 2.100 1.0000 2.100.00 in leSTITUTIONAL SHARES z 08/31/05 CLOSINGBALANCE 560 453.36 TOTAL 5-5.016.81 51.478.81 DIVIDENDS r orscAmnoN DAN THHICuOtip CRIANIITY WEN MIFF MnOu 00XF AMOUNT 08/18A)5 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7200 1.440.00 SW REC 07/21/05 PAY 08/1895 08/25/05 HRPT PROPERTIES 111-58I HRP 10.000 0.2100 2.10000 REC 07/25/05 PAY 001/25/05 TOTAL 53.540.00 _ 96855£00 INS ANGS 017 01101/1101027 001 VIII EFTA01324651 8858ZZOO- V.L43 CLEARED mama ns ?MOLLY OM= 8908109.RY OFFICE SERVICING YOUR ACCOUNT Be. loam Swan, Cap. Bear. Stearns & Co. Inc. Motetocn Or North BEAR 383 Madison Avenue vM 112014995 New Yen( A' Yon 10179 STEARNS JEFFREY EPSTEIN ACCOUNT ErECHIGE ZICHERIAAN.IRA STATEmExT PE*100 My 1.2005 TELEPHONE THROUCrl My 29.2005 VISIT OUR NEWT( waw.bemsteams.com Arcerwr NumilUi What's In This Statement TMOM'S% mama on Me LAST ITATEWIT Jule 30.2005 Financial Summary 3 JEFFREY EPSTEiN Your Portfolio Holdings 4 CAD FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED NOOK QUATER B-3 C) ST THOMAS VI 00802 0 z m C Your Portfolio at a Glance Market Value of Your Portfolio in Cash A basilica: —e " 65•437 TOTAL VALUE OF SECURMES EMS PERM 4.527.960 8547211 z MONEY MARKET FEND BALANCE 555.437 14.527.960 EgudieS 54.567.268 NET EQUITY THIS PERi00 55,083.397 Cum:amen( nine NET EQUITY LAST STATEMENT 5.114.479 IIIII Last statements mane( value r *LANGE SINCE LAST STATEMENT -31.082 There are no Stop Loss' orders or other pending buy or sell open orders on file for your account. _ reOVI air 4, to, otos to axis ea.ral es esinen: TH1 snowy is vu kritimiliVt P.m*. My. Finn,' Needed 5, a to 099net la Chet Savo,. r Cu-9 Stearn if 0a% Sawn. Sotsr+44 Thn szewav abldde rttanee tonOut MOM See mars* 'defer rebt4tt Scernstne Ora Ow Yeawr C.9. heti &War. NV 112;1409 02/ 07,30%1009 0,' it95 L68SS£00 IN9 ANGS EFTA01324652 6858ZZOO- V.L43 CLEARED twROVOM nt AWCW, 00, 4CD SAISOVAY Bea. SUrs Semites Cap. Cfre Vented, Carta M3*t eadir, 11201.1lill JEFFREY EPSTEIN 2 & 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE 0 m z -H r pD C7'3005100 CC 'US 86855£00- 019- ANGS I S IJ U00 8 EFTA01324653 CLEARY° anCLOn fl at OnTO) SUMMARY OFFICE SERVICING TWA *Mawr Bea Sawn Stranal Can Sear. Steams & Co. Inc. Cnt IMMO Cenlei Nat, BEAR 383 Madison Avenue liroSat We Yon 11201.3869 New Vcrie New York '0179 STEARNS JEFFREY EPSTEIN 3 d 8TATIMENT 8911100 Ay 1.2005 THROWN My n. 2005 ACCOUNT MASER Cash Flow Analysis Income Summary TOXPAYM 10~ On Fit MS 'VICO MS P0900 YU! JO PA LOST stmewort kn. 30.2005 Openingthelance Ontlends 8.225.15 65.018.84 30.00 Crock Balance WC 0.00 13.43 Money Fund 1.313.55 Total 38 225.15 165 032.27 Ohidends/Interesi 6.911.60 C) Amount Credited 58.225.15 0 Money Fund -8.225.15 Portfolio Composition z Amount Debited 3-8.225.15 CasIVCash Equivalent 555,437 m Equities 4.527,960 Closing Saltine* 30.00 C Total 35,083.397 rn z J Your Portfolio Allocation r Cash & E 10% _ Inn ne& Minx 0.-ca Oat Mina Nano ..al nano scut The Inman notenine meant Km Ow tonao nann rato et nos %elan 027 onions10CP 001 1189$ 66855£00 IND ANGS I 658ZZOO- V.L43 EFTA01324654 =Anti netOutoi valour OWNED 0.4.80 Y OFFICE SERVICING YOUR ACCOUNT Beer. Stearns & Co. Irc. kw Sian Seames Cap DAR Wettern Gnu Wei BUUR 383 Madison Avenue NIed Yen 11201.3.1$0 ilialideck 10179 STMRNS JEFFREY EPSTEIN 4 sc STATE/ENT PEMOO kb 1.2005 714botxm lu/y 29.2005 Aernart TAxemn KaAKet On hie Your Portfolio Holdings tAs7 TARNS w7 June 10, 2005 CASH & CASH EQUIVALENTS WSW EltleAMD CUeehil [COMM SYNOWOJS, Ctmein YALU( MIMI NW* TED 04 DREYFUS CASH MANAGEMENT-CL A DICSOC 555.436.55 1.0000 555.437 16,106 2.9001 INSTITUT/NAL SNARES EST, 30 DAY AVG YIELD 3.2000% 0 TOTAL CASH & CASH EQUIVALENTS 5555.437 516,106 m EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the rem's Equity Research Department, The first rating represents the stock's total return m relatNe to the other stocks catered by that Analyst. The key for the stock rating values is as follows: 0 . Outperform; P .. Peer Perform; U = Underperfam. 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 - Merkel Overweight MW - Market Weight: MU e Market Underweight. In cases where a BSC rating is present. the name of an independent third-party research provider and their rating may also be displayed. where such research is available. The various providers have normalized their ratings systems as follows: B is Puy; H - Hold S - Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. r Independent, third-party research 0 "es covered by the Firm's research is available to customersof Bear Stearns at no cost. Customers can access this research at ymw.bearstearns.com or can call to request that a copy of this research be sent to them. wan ESTAWID OltStyl DISCRIMON PIAIOUCUSP sec INTI 010/117I Plea VALUE MILK 040:04 MU to FELCOR LODGING TRUST INC FCH CASH 2.000 15.5500 31,100 CLENBOROUGH REALTY TRUST INC GLB CASH 2.000 20.9600 41.920 2,800 6.6794 85C RATNG: STOCK NSECTOR MW NED DAVtS RESEARCH RAVING: S GLIMCHER REALTY TRUST-581 CRT CASH LOCO 28.8500 57.700 3,848 13.8855 HRPT PROPERTES 1R-Sal IMP CASH 10.003 12.8900 128.900 8.400 8.51137 027 07/30051009 001 Via 006SSEOCIA19- ANGS rn I S IJ IJ DO 10 IJ EFTA01324655 CLEARED TSTICoGn ITS voiCtl 0A140 StaStVARY OFFICE SERVICING YOUR ACONAVT Bear. SteamS & Co. Inc. Sex — 5.0-on C07 Metnisch Cote BEAR 383 Madison Artrme Von 1120..3559 New York N ri Yeck 10179 STEARNS JEFFREY EPSTEIN 5 N5 STATEWk7 PERKO .L 1. 2005 11/ROUGH Jay 29.2005 Your Portfolio Holdings (continued) Af", ‘" NT swan TAKPAYEA AVAIR Cn nN LAST STATEMET.1 JUne 10. 2005 Equities & Options (continued) ACCI NU BMA= CU NT oesessmoN SWAKIL/CUSIP TIPS dally 11011 MKES ut WAIN. INCOIlf TITIO RRE HOSPITALITY PROPERTIES TRUST Mn CASH 2.000 44.4000 88.800 5.760 6.4865 SBI JCNNSONE. JOHNSON 1W CASH 57.800 63.9600 3.696,888 76.296 2.0638 BSC RATING: STOCK NSECTOR MW 0 NED EWAS RESEARCH RATING: WTS LUCENT TECHNINPGIES INC LUPIN CASH 235 0.7300 172 OP 12110/2007 ii NAYARIT GOLD NC 639347103 CASH 19 0.4570 9 PAN PACW1C RETAIL PROPERTIES PNP CASH 436 69.5100 30,306 1.029 3.3954 C NC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 48.9100 87,745 4.090 4.6612 in INVESTMENT TRUST-SBI RAMCO GERSHENSONPROPERTES RPT CASH 12.000 29.8000 357.600 21.000 5.8725 TRUST4/0 SRI SIRIUS SATELLITE RADIO INC SIRI CASH • cce 6.8200 6.820 BSC ROW: STOCK P/SECTOR MW ATLANTIS RESEARCH RATNG: 8 Total Equities& Options 54.527.960 5123.221 r TOTAL EQUITIES 54.527.960 Si 23.221 YOUR PORTFOUOHOLDINGSESTIMATED ANNUAL INCOME $139.329 YOUR PRICEOPORTFOLIONOLDINGS 55.083.397 027 07/30057000 001 SUS TO6SSEOCIA19- ANGS I8 IJ V.2 00 EFTA01324656 EA 0-EARED noieue, as ve,OLLY 001.40 Sue&D.AitY OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Ine. Btu Stearn Secolfes Cop Crie MetioUpch Claw MID BEAR 383 Madison Avenue Orme% Mew Yea 11014850 New Yea New York 10179 STEARNS JEFFREY EPSTEIN 6 a STATE: MKT PERICO AAJ 1. 2035 TmROUGH AO/ 26. 2005 Transaction Detail AOSCIII7 101•1/R TAXPAYER POW On nil MONEY FUND ACTIVITY 1AST STATEMENT ANN 32.2005 DUE 1/30AY IROISACDON OLSOWTON SMIESUCLISP Cowan P OM MOM CREW mourn 07/01/05 OPENINGBALANCE 547,211.40 07/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC4C 5,250 1.0000 5.250.00 0 INSTiTIAMNAL SHARES 07/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIGO( 1,313.55 z INSTiTuTICNAL SHARES MONTHLY DMTIO4D m 07/01/05 REINVEST OREYFUS CASH MANAGEMENT-CL A DIC)3( 1,313.55 1,313.55 parrrunota. SHARES DIVIDEND REINVEST C 07/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DOM 1561 60 1.0000 1,661.60 in INSTITUTETML SHARES z 07/29/05 SINGBALANCE 555.436.55 TOTAL 5.8,725.15 51 ,313.55 DIVIDENDS r DATE DESCOPIDI SDIMOLICIISIP DWAIN DAN 01 OMIT AMOUNT CREW MOM 07/01105 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4375 5250.00 TRUST-1.10 S211 REC 06/2005 PAY 07/01/05 07/15/05 GLENBOROUGH REALTY TRUST INC cis 2,000 0.3500 700.00 REC 07AM/05 PAY 07/15/75 07/15/05 GLIMCHER REALTY TRUST-SBI GRT 2.000 0.4°08 961.60 REC 06,30175 PAY 07/1S175 _ TOTAL S6.911.60 ZO6SSECIO IN9 ANGS 0741006:10C. 611 %105 EFTA01324657 17658ZZOO-V.L.43 =ARCO 1140101/04 IM va•OLLv OvANE0 SUBSIOARY COX( Sad/CM YOUR ACCOUNT Sear. Stearns b Co. Inc. Na.Slats Seaebee COT One liteviecn Cuall Nene BEAR 353 Madsen Avenue WA sok 112014419 10179 STEARNS Mar JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZEIRRMANTRA STATDANT (IMOD lune 1.2005 RICRIONC 11410.4et lune 30.2035 YEN OUR ViESSITE worrAteasstearns.corn ACCOLAIT µMISR What's In This Statement 11111111/11111111111111! 11I TexeAre. KAMM On Fle LAST STAT.:NEWT ;My 31.200$ Financial Summary 3 JEFFREY EPSTEIN Your Portfolio HOldings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATM JEANNE BRENAN Fund Activity 6 6100 RED HOOK OUATER B-3 Your Messages ST THOMAS Y1 00802 7 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio COOrflo00011: Unless lee hear from you to the contrary, it is in oast a (Omen 3547211 our understanding that any TOTAL vAUJE OF SECURITIES TH5 PERIOD 4.567.268 S525.519 Tree credit balances in pis MONEY MARKET FUND BALANCE 547.211 54.567.268 account aro being mairrianed Chas 54.660.260 to facilitate you ntention to MET IECIUOY MIS PERIOD $5.114.479 invest such amounts through NS Current market Yak* us. NET EQUITY LAST STATEMENT 5.176649 Last statements market vaisro r CHANGE MICE LAST STATEMENT -61.370 There are nO 'Stop Loss' orders a 0(1w pending buy of sell open afters on file for your account. PUNA ry .. Nati c‘opra. war a c'ers 0 vols. eeteete n ile, e9111) eve 'annalsA els—aboul vaepeett coy. II n net menlel as 3Ines:net A. two Seem a e• Age Le Cleo Sava.f Ow Sart Soon. •revere eeo .e Wsneeex ee.r feCoeln Sr. moose We hr meow* dine., Cues. 0-4 LiSeetece CA MX M, eaten yv E•12,4110 027 07.21,O1.10 42 or £0655£00 INS ANGS EFTA01324658 5658ZZOO-V.L43 CLUAtO 2.4201004 08 Yairy..2Y C00.ED SVISOVAY Beet Sten Seckrititt Cbbbb ee 0.0021201 fear 14010 olt 20 4039 JEFFREY EPSTEIN (-) 0 z m STATEMENT SACKER IS PRINTED ON THIS PAGE ci m z H r 027 07101006.1*42 COI VINIP 1706SSEOCIND- ANGS EFTA01324659 WARM THROUGH 773 31404.57 0.5330 SullSOVRY OFFICE SERviCiNG YOUR ACCOUNT Bar. Stan. Sams Corp. Bear. Steams & Co. Inc. Ow welter On Noll BEAR 383 Madison Avenue Saclays Pam Yea 11201.0350 New York Neei ''; 10179 STEARNS JEFFREY EPSTEIN 3 017 maven PERCO 3.113 1. 2005 THROWS in 30.2006 ACCOUNT NUMMI Cash Flow Analysis Income Summary na TOJCPAY1E3 MAW On ne nos POMO MA 10 aut tar sintroien May 31.2005 Oniderxls 21.622.03 56,793.69 OpeningBalance $0.00 Credit Bala Ira. 0.00 13.43 Money Fund 1,268.21 Total $21.622.03 356.807.12 Dieidends/Intarest 20.35322 0 Amount Crecliterd 321.622.03 0 Money Fund -21.622.03 Portfolio Composition z Amount Debited 3-21.622.03 Cashier:oh Equtralent 547.211 m Ecadtles 4267.268 ClosingBalance 30.00 C Total 3.5 114,479 in z Your Portfolio Allocation r Cash 4 faunae 10% 90% _ nova aonas Ord* oat lain vote Vol gni roan. 77 Scans perwras N derMs1 tan ths aOsola nano Ma d td oantia 027 07/01.0541342 001 50655£00 IN9 ANGS EFTA01324660 L658ZZOO- V.L43 =MED TIOIOLGIN WHOLLY 06•14a SIAVOILAY OFEICE SERVICING YOUR ACCOUNT Bear. Steams b Co Inc. be. fens Stunt Co Ono Moment Come men BEAR 383 Madsen Avenue yet 112014859 Milligork 10179 ads STEARNS JEFFREY EPSTEIN 4 at 7 STATE/4%7 PERM An 1, 2005 THSCrJON Are 30. 2035 CLOW` NAM* TA7PAY22 724141741 On Fae Your Portfolio Holdings LAST STATELCIT Way 31. 2005 CASH 8 CASH EQUIVALENTS tate Mum° CLOSEST oLscrtrnar ST)ASX/CUSIP 6.1.7CITY Pau VALUE MIWM. FOAL Vino ne 0 DREYFUS CASH MANAGEMENT-CL A MOO( 547.211.40 1.0300 547.211 15.869 2.9000 INSTITUTIONAL SHARES EST. 30 DAY AVG VELD 3.0400% 0 TOTAL CASH & CASH EQUIVALENTS 5547,211 515.869 Z T r l EQUITIES C Equities 8 Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Finn's Equity Research Department. The first rating represents the stock's total return rn relative to the other stocks covered by that Analyst. The key for the stock rating values is es 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 (or the sector rating is as follows: MO - Market Overnight 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 varlets providers have normalized their ratings systems as follows: B - Bur H - Hold: S - Sell. The ratings information contained herein is fa informational purposes only and is not intended to provide tax, legal or iwestment acNice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent. third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available duo to legal reasons. r Independent. third-party research " covered by the rim's research is available to customers of Bear Stearns at no cost. Customers can access this research at www.bearSteams.com or can call to request that a copy of this research be sent to them, Aca IMACT ESTIMUD3 cunrm Ct$02,11CN SYMBOULLSP 11)f CILcumry matt wall MAP. NCO YiEl0 flit FELCOR LODGING TRUST INC FCH CASH 2.000 14.4800 28.960 GLENBOROUGH REALTY TRUST INC GIS CASH 2.000 20.5900 41.180 2.800 6.7994 BSC RATING: STOCK PESECTOR Mw SABRIENT SYSTEMS. L.LC. RATING: H GUMCHER REALTY 1RUSTZBI GRT CASH 2.000 27.7500 55.500 3.846 6.9297 HRPT PROPERTIES TR-581 HRP _ CASH 10.000 12.4300 124.300 8.400 6.7578 906SSE00 IN9 ANGS 027 07101/06:1*42 COI VIII3P EFTA01324661 8658ZZOO- V1d3 CLEARED THROUGH ITS va•Stsv Oswalt SUISCARY CCM( SERVICING YOUR ACCOUNT he. Swan Scones On Bear. Stearns & Co. Inc. on Ansa Ora, WM BEAR 383 MaOrson Avenue luxe" NW Vas 112014149 New 'fork New York 10179 STEARNS JEFFREY EPSTEIN S c. STATEuEs1 PERO> Are 1.2005 is/10u0.., Are 30.2005 Your Portfolio Holdings (continued) steCusT swag" TAXPAYCR MAWR on Fie LAST STATniewr May 31.2006 Equities & Options (continued) 1.4.1500 [ ATED 0.05coa CESOUPTCW STMOOLCAP Tit Owen Peet VALUE AllWalM MCCUE MO PAI HOSPITAUTY PROPERTIES TRUST HPT CASH 2.000 44.0700 88,140 5.760 6.5351 SBI 13HNSON& JCHNSON JNI CASH 57.800 65.0500 3.757.000 76.296 2.0308 BSC RATING: Sl:XX FYSECTOR MW 0 SJU3RIENT SYSTEMS. L.L.C. RAYING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7700 181 DIP 12/10/2007 -n HAVARTI GC4D INC 639347103 CASH 19 0.5130 10 C PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.3800 28.942 1.029 3.5554 INC rn PENNSYLVANIA REAL ESTATE iNvEsmort TRUST-Sal PEI CASH 1.794 47.5000 85.215 4.090 4.7996 RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 29.2800 351.380 213:00 5.9768 TRUST-MO 581 SIRIUS SATELLITE RADIO INC 506 CASH 1.000 6.4800 6.480 BSC PAGNG: STOCK PSECTOR MW ATLANTIS RESEARCH RAMC: B r Total Equities& Options $4.567,268 5123.221 TOTAL EQUITIES $4567.268 $123.221 YOUR PORTFOLIO HOLDIP4GSESTIMATED ANNUAL INCOME 5139.090 YOUR PRICED PORTFOLIOHOLDINGS 55.114.479 _ 07.01.01/10012 001 WOW LOGSSECIO IN9 ANGS EFTA01324662 6658ZZOO- V.L43 CAMEO Isft0 is as vs/0r M.40 summit,/ OFNCE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. Elar Mrs Skirts Ca One IAssiits, Cruv Muttt Ma Madsen Avenue BEAR Isms's, . New se( II 2014149 New York. New Yak 10179 STBNRNS JEFFREY EPSTEIN 6>2 STATEsain Fir= June 1.2005 114t0Q3ii lune 30.2005 Transaction Detail sCcouST rixASER twAYIDS KASSEIt MONEY FUND ACTIVITY VAT STATtiena SW/ 31.2005 MEE I/ODAY IPASSACTON COISCRIPIIM SIMPOIJOISP MAIMS PRICE OttlIT AvOtall MAXI MOUNT 06/01/05 OPENING BALANCE 52%589.37 06/01/05 DOADEND DREYFUS CASH MANAGEMENTCL A 1.268.21 wsimmou. SHARES MONTHLY DIVIDEND 0 06/01/05 REINVEST DREYFUS CASH MANAGEMENTX1 A DION 1.268.21 1.268.21 INSTITUTIORAL SHARES ONDEND REINVEST -n 06/07/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC0( 19.074 1.0000 19.074.00 INSTITUTENAL SHARES C 06/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.279.82 1.0000 1.279.82 NSTITIMOtal. SHARES in 06/30/05 CLOSINGBALANCE 547211.40 TOTAL 5.21422.03 51.268.21 DIVIDENDS r DATE OlISCRIM3si SYMOUCLISP 011iMiff IGIEM KM NOUN Offlir AMOUNT 06/07/05 JOHNSON& JOHNSON JNJ 57.800 0.3300 1%074.00 MC 05/17/05 PAY 06/07/D5 06/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 arc REC 0527/05 PAY 06/15105 027 OTED1/00:14t42 cot NNW 806SSEOCIN9- ANGS I S IJ 00 8 EFTA01324663 CLWID 11410.40. rT WHOLLY OWNED SUMMARY OFFICE SERVICING YOUR ACCOUNT Dee. WAYS SeCulteS Cap. Bear. Stearns & Co. Inc. Ore seemed. C41011 Mn BEAR 383 Madison Avenue thee^ We es 0 USD New York. New York 10179 STEARNS JEFFREY EPSTEIN 7 cer STATERIENT 1111100 LW 1.2005 neouor. Aro 30.2005 Transaction Detail (condnued) AODOUNT 111.11.091 TAXPAYER KAMER Oar* DMDENDS (continuer° LAST STAIR...PT li ly 31.2006 SPANN4.06. DAR CEREPIXT1 CRWYRIT RUT 121 Call MOUNT Moir MOLAR 06115105 PENNSYLVANIA REAL ESTATE PEI 1.794 0.5700 1.022.58 INVESTMENT TRUST.S8A REG 06/01/05 PAY CCM S0.5 TOTAL 520.353.82 0 -n Your messages C Bear Stearns receives payments or other remuneration from the advisers. in Kt' distributors or other affiliates of certain of the mutual funds evadable through Bear Stearns. Such payments a remuneration are for acInknisUltive. technological or other services provided in connection with fund accounts and are generally calculated based on the amotra of assets held in the accounts. Such payments or other remuneration are it addition to shareholder servicing and distribution fees that Bear Stearns may receive. Funds whose affiliates do not make payments to Bear Stearns, including funds that may pay a higher or r lower return, may be available to you. End of Statement _ 021 07.01/051042 OX 1.1013X 606SSE00 IN9 ANC'S I098ZZOOVL43 EFTA01324664 CLLOW.0 reeerwle vas WriOU.11 OvateD 5.8413811T OFFICE SERVICING YOUR ACCOUNT Be. Stew-'. Senates Cory Beat, Stearns b Co. Inc. Ore Werreirch Cretre Mn BEAR 383 Madison Avenue .0012p. Nes at 201 343.9 Net York, Nett Yak 10179 IMMO STERNS JEFFREY EPSTEIN ACCOUNT EXECUTNE TICHERMANTRA STATEYENT PEF000 AO 30.2005 TELEPHONE nolOUON mry 31. 2005 VISIT OUR WEITSHE wincteargeams.com We* NT NIAN1111 What's In This Statement Iltttlltnlllllll Ill Texeenit KAMER LAST STATENDR Apt 29.2005 Financial Surnmary 3 JEFFREY EPSTEIN Your Portfolio Holdings 4 CIO FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 0 E I C Your Portfolio at a Glance Market Value of Your Portfolio m en , i cuyse , _II S525.589 TOTAL VAWE OF SECURITIES THIS PERKM• 4.650.260 $520.691 MONEY MARKET FUND BALV10E 525,589 54,650.260 "van 54.722,887 NET EQUITY THIS PERIOD $5.175,849 MN Gwent market value NET EQUITY LAST STATEMENT 5,243.579 MI Last unarm:Ma market Tabs r CIWIGE SINCE LAST STATEMENT -67,729 •IM NOW* Pads wren. Weald Newts Owen nit rebate e Ted VA* if I. M1 teak/ MY Patel There are Ile Stop loss' orders or other pending buy orsell open orders on Ale for yotr account. Pease meet wry Ovener cr weeecepr n dwelt et exote tiltred et derma bee,. lY sterrery ite ieerItlefel powers ray. IIP Mt Vt4,0•0 01111.110CcuWit b Ours Swots Y ane at Derr Senn Iferr. eery Searies SIK MS sniff et rasa es neared boar wets See mane wet br wpatart Cent. Ore veand, settee T 11211112.4 027 C481/1519 03 001 157E 0T6SSE00- O19- ANGS rn 8 b.) 00 1.0 EFTA01324665 CAAREC /14IOUGH ITS OANEO SAISICLANY Sete. Wart$ Salelfaslap Cre WtrO)eth WIN P.M 11201.3159 JEFFREY EPSTEIN 2 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE 0 m z H r 011 C60106:09 Oa WI V$70 Ti6SS£00 IND ANUS .098ZZOO- V1-43 EFTA01324666 REAM MROV014 rrs YAROX MOW PURSORRY OFFICE &WONG MAR AMOUR Am Sitars Sec to 0 Bear. Stearns 8 Co. Inc. • vomedi Catler ATM BEAR 383 Madison Avenue nY 112014*S0 is usiscrk 10179 STEARNS JEFFREY EPSTEIN 3 d+ r MARTS PER00 Ape 30.2005 114ROLCoM May 31. PODS m:coulri WARR Cash Flow Analysis Income Summary TAXPAYER wait On Fie MS %R101) INS ROOD VIM TO OAR LAST RAMPANT April 29.2005 Opening Balance 10.00 De/tends 4.609.61 35.171.66 Crodk Balance Int 0.00 13.43 Money Fund 1.06361 Funds Deposited Total $4.609.61 S3.5.185.09 288.51 DIvidendsenterest 3640.00 Amount Credited 0 54.898.12 z Portfolio Composition Money Rod -4.898.12 ii CasIVCash Equnalent 525.589 Amount Debited 5-4.8916.12 Equities 4.650.260 C Closing Balance $0.00 Total 55.175.949 in z Your Portfolio -H Allocation r Casa 10% 41~63 Ketioas d d4 bane* new Vol "vein r44.ss The alocase [etee-YT n ARRA lon tie aficAnt rue.* »ha el ye/ %Mei, 021 06010501M 001 N178 ZI6SSE00- 019- ANGS 8 b.) 00 U.) 2 EFTA01324667 C.E.Aitt 0 0440UOM ITS )11-0.-L 094LO 22.004)Wity MICE SERVICING YOUR ACCOUNT Beer Sltdrit Seosites Cep. Bear. Stearns & Co. Inc. 0-c leartsech Cenor Ibt BEAR 383 Madsen Avenue Ovvoltre. Now Yak 11201.3450 N NY N vevo-s, "0179 STEARNS JEFFREY EPSTEIN 4 err surperr FE000 April 30.2005 114404C44 May 31.2026 ACCOuva 7441PArtit MAIN, On ift LAST STAMEN, ' Nxi 49.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS want ISTP4Alt0 PARDO ortscarnyr SvirtiVJWSP 0.10.17M, Met V1111R wiwt MOW 111ID (I4 C) DREYFUS CASH MANAGEMENT-CL A DIM 525.589.37 1.0000 525,589 13.665 2.5999 INSTITUTIONAL SHARES Est. 30 DO AVG YEW 2,1000E 0 TOTAL CASH & CASH EQUIVALENTS 5525.589 $13.665 m EQUITIES C 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 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; 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 8 BSC rating is present, the name of an independent, third-party research provider and thee 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 a 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 of the subject company is temporarily not available due to legal reasons. Independent. thid-party research on " covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research r at www.bearne8MSSOM a can cal to request that a copy of this research be sent to them. kCCT YAW O/AM 0.M170 DESOMPTION STPAIOUOUSP TYPE 011.71741, ISKF VALUI AMA/ WINCOIX 1160 Oil FELCOR LODGING TRUST INC FCH CASH LOW 13.9200 27.840 GLENEIOROUGH REALTY TRUST INC GIB CASH 2.000 20.2100 40,420 2,800 6.9273 BSC RATING: STOCK PfSECTCR WAY SMARM SYSTEMS. LLC. RATING: H GUMCHER REALTY TRUST-S81 GRT CASH 2.000 25.7500 51.500 3.846 7.4680 HRPT PROPERTIES TR-SBI IMP CASH 10,000 11.8300 118.300 8,400 7.1005 027 08101/040001 001 vNa ET6SSE00- 019- ANGS fn I S b.) OO EFTA01324668 CLEARED NEW>, KM DWELL, OMED SUSSOERy OFFICE SERVICING YOUR ACCOUNT Our. Stearns & Co. Inc. Sew Mewls StOarbeS ow Nemeth COINS WI, BEAR 383 Madison Avenue &Mar. lass Yak 11201-3559 New York New York 10179 STEARNS JEFFREY EPSTEIN 5 T STATEKer PERIOD ADM 30.2005 Tm•CUTo May31.2055 Your Portfolio Holdings (continued) ACCOuTI tAXPAYIlt WNW On lb LAST STATIVENT Ain 29.2006 Equities /I Options (cas te) ILO MARKET ESTIMATED CEMENT DESCOPTO1 MEOWS ME OWN= war mAIM. MOVE IMO rm HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 43.9200 87.840 5,760 6.5574 $61 JOHNSON& JOHNSON JNJ CASH 57.600 67.1000 3.678.380 76.296 1.9672 BSC RATING: STOCK NSEETOR IAN 0 SABRIENT SYSTEMS. L.L.C. RATING: H Z T Y/TS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7000 165 UP 12/1012001 E I NAYARIT GOLD INC 639347103 CASH 19 Unpricee PAN PACIFIC RETAIL PROPERTIES ONO CASH 436 63.6500 27.839 1.029 3.8963 NC m PENNSYLVANIA REAL ESTATE PEI CASH 1.794 44.0000 78,938 4.090 5.1814 INVESTMENT TRUST-Sal RAMCO GERSHENSONPROPERTES ROT CASH 12.000 27.7500 333,000 21.000 6.3063 TRUST-MO 561 SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 6.0400 6.040 EISE RAMC: STOCK FISECTER IAN *RANTS RESEARCH RATING: El r Total EquitiesS, Options 54.650.260 5123.221 TOTAL EQUITIES 54.650.260 5123.221 YOUR PORTFOLIO HOLDINGSESTIMATED ANNUAL INCOME 5136.886 YOUR PRICEDPORTFOLIOHOLDINGS 55.175.849 _ VT6SSECIO IN9 ANGS Oil CE/01,03:0003 COI 1818 9098ZZOO- V.L43 EFTA01324669 REARED 017105414 Ind Cno7E0 SuALIXAR7 wet SERVICING Yea Account Bear. Stearns a Co. Inc. Bev. kerns &tenet Cup Oit menonn crew Ore BEAR 383 Madison Avenue ereotio. Me. Vol 11201.1859 STURNS JEFFREY EPSTEIN N7 sTATflawr mace Ape 30. 2005 renewed May 31.2005 Transaction Detail Aoccuer 197cPA907 oPeCt On HO INVESTMENT ACTIVITY 1.747 CATTP7E777 Apnl 29.2005 SETTU17415147 MOE DATE DATE 010195/0011 CIESCOPTION SVWCIT/0.511 CILIUM MCC OLIO AVOW CAM MOW 0572770.5 EXCHANGE CANHORN CHEMICAL CARP 137913109 -19 C346575 10 N009876 PUARMG1/181,1.1NAYARR 05/27/05 EXCHANGE NAYARIT GOLD INC 639347103 19 NO09878 FROM C348$75 O PUARRNGIANT081-1NAYARIT TOTAL -n DEPOSITS AND WITHDRAWALS GIS TIPPOACTION DrACTIPMCO Dart MOW OtIOTI AMUR in 05/20/05 DEPOSIT LUCENT TECH 00 EPSTEIN 288.51 SIGNATURE TOTAL $288.51 MONEY FUND ACTIVITY DATE r uorcev TRANSAC1109 DESCRIPTICH seA3OXAS8 01.990177 MCI al AMMO CACCO MONO 04/30/05 OPENINGBALANCE 520.691.26 05/02/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICTA 1,069.61 NSITTUDONAL SHARES mONINLY DIVIDEND 05/02/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICE% 1,069.61 1,069.61 INSTITUTIONAL SNARES DIVIDEND REINVEST 65/19/05 BOUGHT DREYFUS CASH MUMGEMENTCL A DICC4 1.440 1.0000 1,44000 INSTITUTIDNAL SHARES On 0601/06,29.03 COI Yen ST6SSE00-019-ANGS EFTA01324670 °AARE(' 7440,J0.4 rtn wi.O.Lr Omit° SletaCcore orna SERVICIIG YOUR ACCOUNT Ow. keens Sau•tts Cop. Bear. Steams & Co. Inc. Cot 7ANNOY.0 Cots Nat, BEAR 383 Madison Avenue Nor Yon 11201.3550 New Y k cN w York 10179 STEARNS JEFFREY EPSTEIN 7..7 STATENEN7 PERIOD Avi 30.2005 THROUON May 31. 2005 Transaction Detail (continued) ACCOUNT OWNER TASMAN NOMA CO Re MONEY FUND ACTIVITY (continued) LAST STATOUINT Art9 29.2005 an 1.400ar 714.43.0101. DIESOISMON AY9pAOSP Custom pact oElla MOM Caarl MOST 05/24)05 BOUGHT DREYFUS CASH MANAGEMENT-CL A CCM 2.388.51 1.0000 2.388.51 DISTM.MONAL SHARES 0 05/31/05 CLOSINGBALANCE 525.589.37 0 TOTAL S-4.898.12 $1.069.61 DIVIDENDS m C DAT! 06TAMCN saiecucuse ouuanY AVE m COO MOW MCAT wawa 05/19/05 HOSPITALITY PROPERTIES TRUST HPT 2.000 0.7200 1.440.00 in SS MC O4719.'OS PAY 05/1905 05/23/05 HRPT PROPERTIES TR-SCI IMP 10.000 0.2100 2.100.00 REG 042205 PAY 05/2305 TOTAL 53.540.00 r STOP F End of Statement 027 cY0103:09O3 021 %In 9T6SSEOCIA19- ANGS I8 ba 00 EFTA01324671 O, 0 Cl..4301 THROUGH Na WHOULY OWNED 41.411.04AT Oince SUFFICING YOUR ACCOUNT &a. Sion Siarlief 044 Bear. Steams & Co. Inc. On lierfnefli Coln 1441. BEAR 383 Madison Avenue fotaffn. Now Ten 11201.24.14 New York. New York 10179 STEARNS JEFFREY EPSTEIN ZICHERMANIRA ff14/44144 1141110 AO 1.2005 ACCOUNT EXECUTNE TELEPHONE Twouom Apri 29.2005 VISIT OUR MOSHE www.bearsrearns.com acopuyr PlIania1 What's In This Statement Ilrrtllta.111l II l.1 TIX•AKA MAWR Cel elle CAST STritsitirt Peen" 31. 2005 Financial Summary 3 JEFFREYEPSTEIN You' Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATM JEANNE BRENAN Fund Activity 6 6100 RED HOOK WATER 84 ST THOMAS VI 00802 -n C Your Portfolio at a Glance Market Value of Your Portfolio in Cash a Eoliatem 1520401 TOTAL PALM OF SECURINS THIS PERIOD' 4.722.887 6166.616 MONEY MARKET FUND BALANCE 520.691 $4,722,887 $4,667,662 ter tourer nil PONOti $5,243.578 III current maid value NET EQUITY LAST STATEMENT 5.133.480 liltLAM staienienrs marker vaa.* r CHANGE SECE LAST STATEMENT 110.098 - me foriblo Tads reason .441:41 movies 'WI nsI refine 2.1.14.1 Valor of Seattle ons e• Ne telly llq Ifinod. There are no Stop Loss' orders or other pending b or sell open orders on file for your account. Reese reoce. erg*? . 4.4444.0c crecas et axes. beicanca C.C.Ated tOrAk he manning' "nisei any. 1 ref rt4044 as a tax 04:tntre Calett Sfexas of fob to Cart Saws t Ogee Wary Soon,. gec TYI ntrofft $24.10 In MIMIrot fl u' Wats See race side fr rpteterlislonnater. Ceep Cr* Vasa. C4444. NOT, maser. NY 1124144Ia 02/ Carl:435.11 24 001 11177 LI6SSE00-019-ANGS I8 IJ 00 EFTA01324672 ctsato ThROuOR Ils AnDLLY WOW WUC0/41, kr. Sun Sstaras Oro Vet Cain tan at 11201.3859 JEFFREY EPSTEIN 2 ✓I 0 -n STATEMENT BACKER IS PRINTED ON THIS PAGE C rn z r 022 003005.11 24 001 9921 8T6SS£00 IN9 ANDS EFTA01324673 Ol98ZZOO- V.L.43 =ARAD TnA0uCri ITS ?Matt,' OwyED SAMSOWAY OFFICE SERYMG YOUR ACCOUNT eta. Seen SCartel. Ca. Bear. Steams & Co. Inc. Ore veroust, Cur NerTh BEAR 383 Madison Avenue Frown New net 11201-3839 New York New Tort 10179 STEARNS JEFFREY EPSTEIN 3 a7 STATEI/EAT PEA)00 Icri 1,2005 NRO4.O4 Aprl 29.2005 Attn NT Walt Cash Flow Analysis Cash Balance Summary TAAPArrest M)ac On Fit nes mato °MAK ctosoC LAST 'PATE/ENT NINO 31.2005 OpeningBalance $5.60 Cash 5.60 0.00 Searles Sold 47.000.02 Net CashBalance $5.60 $0.00 Money Fund 982.47 Divdendsolnterest 6.911.60 0 Amount Credited 554.874.07 Income Summary TN* NaI70 vtArt TOOATI z Money Fund -54.879.67 -n Dhiclends 7,874.07 30.562.05 Amot.nt Debited S-54.879.67 Credit Balarce M. 0.00 13.43 C Net Cash Acthity -5.60 Total 57.874.07 330.575.48 rn ClosInoBalance $0.00 z J Your Portfolio Portfolio Composition Allocation Cash/Cash Equivalent 520.691 Equides 4.722.887 r Cash & TOIAI 55.243.578 91% _ 0.1m.140. ar. *MOW Oat 'One anOt, Int 1W WIWI R. aloud. waselap a Maid Iran, P*4010.4 rnired .We rxr MAN*. 021 010001.11 24 0)1 VS77 6T6SS£00 IA19 ANC'S I 198ZZOO- V.L43 EFTA01324674 aunts IMMO. nY %%MOLLY CAINID MICE SERVICING YCuR ACCOUSrt Brut WITS SesAnTA Com Bear. Steams 8, Co. Inc. 0.• Womb Unite Ate BEAR 383 Madsen Avenue SOMA TM at 20 1059 New York, New Sock STEARNS i0179 JEFFREY EPSTEw 4 aT STATErEAS nsi00 AO 1.2005 natoU0A AO 29.2005 ACCOvAT WANE, TAVTATES suuM1 Your Portfolio Holdings LAST STATEMerf Muth 31. 2005 CASH & CASH EQUIVALENTS WITASI E.511WATED CURRENT 01.SCR•110el SMOOLICUSP rummy MU( WNW. MOM( 11ttona DREYFUS CASH MANAGEMENT-CL A DK= 520.691.25 1.0000 520.691 13.017 2.4999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2.5900% TOTAL CASH & CASH EQUIVALENTS O 5520.691 513,017 -n EQUITIES C 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 stork'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: 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, thid•party research provider and their rating may also be displayed, where such research is evadable. 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 cr investment advice. Bear Stearns is neither soliciting any action based on such information. nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent. thkl-party research on certain concompanies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research r at wwr.bearsteams.corn or can call to request that a copy of this research be sent to them, KO MARKET STPATT50 OESCSITOON TOMOLCUSIP Mt OtOMITY MCC VALLS AMTUAL E INCOM CUMM hm U) o 00 CANHORN CHEMICAL CARP CNCPF CASH 19 UnFtIced FELCOR LODGING TRUST INC FCH CASH 2.000 12.2400 24.480 GLEN8OROUGH REALTY TRUST INC GIS CASH 2.000 20.5400 41.080 2.800 6.8180 5SC RATING: ST= P/SICTOR MW SAMOS SYSTEMS, L.L.C. RATING- H CUMCHER REALTY TRUST-S81 GRT CASH 2.000 25.1700 50.340 3.846 7.6400 027 01/3005.1124 051 VS77 OZ6SSEOCIA19- ANGS rn I S b.) 00 b.) 00 I'O EFTA01324675 CLEARED 1149C0381 ITS VmC449 0804E0 Su8SOLOts MICE SERVICING YOUR ACCOLINT Sear Son Sorties Cop Bear. Stearns & Co. Inc. On Montsch Covet Sam BEAR 383 Madison Avenue 1888001. Km Tort 112014859 New York New York 10179 STEARNS JEFFREY EPSTEIN 5o• .! STATPAP4T MOOD APR 1.2005 nog.. Ap9 29.2005 Your Portfolio Holdings (Continued) Accouwr roam TOCPAYER NOOSES On FL LAST STATSIENT WO 31.2005 Equities & Options (continued; ACCT wan ISTS4110) COMM cESCANTO. SYSOOLICUW IYK 01.19MIN 881E SCUM AMYL INCOD ID HRPT PROPERTIES TR-SBI IW CASH 10.000 11,7500 117,500 8,400 7.1489 HOSPITALITY, PROPERTIES TRUST IPT CASH 2.030 41.7800 83.560 5.760 6.8933 Sal 0 JOHNSON& JOHNSON DU CASH 57.800 68.6300 3.966.814 76,296 1.923E BSC RATING: STOCK RSECTOR MW SARRIEM SYSTEMS. L.L.C. RAMC: H z m WES LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.4800 113 FYD 12/10/2007 C PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 60.4200 26.343 1.029 3.9062 INC in PENNSYLVANIA REAL ESTATE INVESTMENT TRUSISEll PEI CASH 1.794 42.1500 75.617 3.875 5.1245 z RAMCO GERSHENSONPROPERI1ES RP7 CASH 12.000 27.6900 332.280 21.000 6.3200 TRUST-ml) Sal SIMUS SATELLITE RADIO INC SIRI CASH 1.003 4.7800 4.780 85C RATING: STOCK NSECTOR PAN ATLANTIS RESEARCH RATING: r Total Equities& Options 54.722,887 5123.008 TOTAL EQUITIES S4,722.887 $123,006 YOUR POR1FOLIONOLOINGSESTINIAIED ANNUAL INCOME 5136.023 YOUR PRICED PORTFOLIOHOLOINGS 55.2:3.578 04000511'24 CO1 TZ6SSECIO IND ANDS EFTA01324676 I:I98ZZOO- V.L43 cum> nolOoM rrS wore Mee SMIMARI OFFICE SERVICING YOUR ACCOUNT Beat. Steams & Co. Inc. em sums Semen Com Ilonsoth Com MO BEAR 383 Madison Avenue 117014659 ork 10179 STEARNS JEFFREY EPSTEIN 6 s7 STAMAEPAT AVM April 1. 2005 notourad 1.011 29. 2005 Transaction Detail ACCOUNT NuweER TAVAYER KAM Co FM INVESTMENT ACTIVITY LAST STATEMT Moth 31. 2035 WIIIPAINI TAM wrt CATE MitSACTIM axiom:el SYINOIAMSIP CREDIT NAOMI 04/21/05 MERGER KRAM3N7 REALTY TRUST 500750107 -2.000 47.000.00 KCO2293 TO X002293 CASH MERGER 41.523.50 RS TOTAL 547.030.00 0 MONEY FUND ACTIVITY -n art MOO TAMGACTDN OISCROMN SYMOLOM COMM IeR DOD NAOMI OMIT AM UNI 04/01/05 OPENINGIMLANCE 465.811.58 C rn 04/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-O. A DICOC 962.47 INSTITIMONALHARES ITCOTTILY DIVIDEND 04/01/05 REINVEST DREYFUS CASH IAMIAGEMENT.CL A DC* 962.47 962.47 INSTITUTIONAL SHARES (MOEN° REINVEST 04/04405 BOUGHT DREYFUS CASH MANAGEMENT-CE A DICCI 5,255.50 1.0000 5.255.60 INSTM.ITIOILAL SHARES r 04/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A MOOT 1.55160 1.0000 1661.60 MSMUTIOtML SHARES 04/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A C4C)0( 47.000 1.0000 47,000.00 INSTITUTIONAL SHARES 04/29/05 CLOSINGRALANCE 520.691.25 TOTAL 5.54.879.67 5962.47 _ ZZ6SS£00 IN9 ANGS Oil 04,3095.11M V/371 EFTA01324677 tI98ZZOO-V.Ld3 0.EARED NEMO. ITS w,04.. 0-NCO SUESVARE OFFICE SERVICING YOUR ACCOUNT Beer, Stearn b CO. Inc. flam. Son Swan co.p. One IAMEobich Cersm Nal5 BEAR 383 MNSon AVE111.. von 117014.59 New York York 10179 STEARNS JEFFREY EPSTEIN STATEMENT PEThOO Apnl 1.2005 notouem Aprd 29. 200:5 Transaction Detail (continued) ACCCUMT matt TAXPAYER Oa On P.19 DIVIDENDS tat stunta 14nEdi 31.2005 OAR CESCRIPTEM STIAICSROSM OANIETE RATE Oa min AND.. tenon &tun 04/01/05 RMACO GERSHENSON PROPERTIES RPT 12.000 0.4375 5.250.00 TRUST-MD $81 REC 03/20MS PAY 04101405 04115105 GLENBOROUGH REALTY TRUST INC (-) REC 04/01105 PAY 04115405 GLB 2.000 0.3500 700.00 0 04/15/05 GUMCHER REALTY TRUST-S81 GRT 2.000 0.4908 961.60 REC OHM tOS PAY 04115105 z TOTAL 96,911.60 m ci m STOP' ENS of Statement z H r 017 09.000511:24 CO1 9117T £Z6SS£00 IND ANDS EFTA01324678 cl98ZZOO-Vin CLEARED moue.. MS Moat OMEO SteSS4ARY OFFICE SERVICING YOUR ACCOUNT Sem Seestme CEP Bear. Steams & Co. Inc. Ole Alettlach Ent /Rot BEAR 383 Madison Avenue IMO" Mee York 1120144159 New Nark. New TOM 10179 STEARNS JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERTMN.IRA STATEMENT PERM MVO 1.2005 TELEPHONE TARC00.1 Marche 31.2005 VISIT OUR WEBSRE www.beersteenn.com AC00420 MAWR What's In This Statement 'OAHU FI SUMARER maw CO File LAST PAVEMENT Ritual 25.2006 Tic1.5OCial Summary 3 JEFFREYEPSTEIN Your Portfolio Holdings 4 Cr0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BREN/J4 Fund Activity 6 61CO RED HOOK OUATER 8-3 Your Messages 8 ST THOMAS VI 00802 0 -n C Your Portfolio at a Glance Market Value of Your Portfolio in cut & Ea t ient AR $465.818 TOTAL VALUE OF SECURTTES THIS PERIOD' 4.667.662 $447.341 NET CREDIT BALANCE 6 $4,567,662 Ecuttirs S4.607.588 MONEY MARKET FUND BALANCE 465.812 OM Ctntn market rise NET ROUEN THIS MOOD $5,133,480 last summates marts value r NET EQUITY CAST STATEMENT 5.054,929 CHANGE SINCE IAST STATEMENT 78.551 "MS ratio roam ceer rros ~roc WOODS nee are ra 9tarsed aDai DV aloe r Seceloe to 141, ILOAS Teat Att. There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Paws. maw, red co Metes v stcas Kitittl a lotted t roa gm IN unary N Ay Intettlitnalperntees v.v.:mama memo: n EDe Occenint. Cite Seabee a co at la Oat Senna a Ur. Sun Seca. sietenee eRtAlal de nib SO bet yaw row* See reopen tale /r0003.11114019104a Coma On toteomil Crew eset nebrer M Rai C27 04411.0S.D9 49 001 V•76 VZ6SSECIO IND ANDS EFTA01324679 9I98ZZOO- V.L.43 CLEARED THII2u0n V ap. °YARD WESICIMY /ear. Slane Stank. Co. Ono Metrtemn C— WS Ilmaktin. Nat York 11201413/ JEFFREY EPSTEIN 0 -n STATEMENT BACKER IS PRINTED ON THIS PAGE C in z -H r 027 04.01rJSCO 19 001 VIM SZ6SSE00- 019- ANGS I S IJ 00 EFTA01324680 CLAW 0 TKROVOM IB voCILLY OMB) SLISSOULAY arra SERVICING YOUR ACCOUNT Bear. Steams & Co. Va. See. Rom Stens 0297. One Llsintech terns hall BEAR 383 Madison Avenue STOW" Ilse Yee 112074159 New York. New York 10179 STEARNS JEFFREY EPSTEIN 3 ns STerELFEKT PERI00 Mach 1.2005 n7A0U074 Mirth 31.2005 ACCOIAIT 1•1-AIM Cash Flow Analysis Income Summary ie.:SAYER NVIJKA MS MOD MS MOM ma 'abet LAST STATIWNT Fatten 2a. 2005 Opening Ela lance 52.103.58 DvIderds 18.471.15 22.687.98 Credt Balance Int 5.60 13.43 Money Fund 772.15 DevIdentsenterest Total $18476.75 522.701.41 17.704.60 0 Amount Credited 518.476.75 0 Money Find -20.574.73 z Portfolio Composition Amount Debited 5-20.574.73 CasIVCasts Equhelent 465.818 m Edities Na Cash Activity -2.097.98 4,667.662 C Closing ClosirgBalance 55.60 Total $5 133 480 in z Your Portfolio -H Cash Balance Summary Allocation 040494 CLOS% Cash 2.103.58 5.60 r Net Cash Balance 52.103.58 $5.60 - U.D.J.9 snare Lens tete tare. robe %ALA mew nee. Ile Sestet Deretage A donee nee P. mocha prose niit et yew 74,144e. 027 0401.0S 09 49 COI 1.176 9Z6SSEOCIA19- ANGS 8 IJ 00 EFTA01324681 CLEARED ratan ITS %YAM OMEE0 SulitaaMIY OFFICE SERMCING YOUR ACCOUNT 5e. Sun Senn cn Beer, Stearns & Co. Inc. ow Month Ent WV BEAR 383 Mason Avenue Omni Hew ta all 7169 New York. New Yak 10179 STERNS JEFFREY EPSTEIN 4 we STAMMER 00000 Marco 1,2005 - MEKOGY. Math 31, 2C05 Actor Ma002 Tani, imam On Fie LAST stereo TOW, 28.2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS WARM' EnEATED tUEREM otscrtencei 5-nrecLcusir osinmy V1KE ;Am M141/4 01COUE YEW I% CASH BALANCE 6 0 DREYFUS CASH MANAGEMENT-CL A DICXX 465.811.58 1.0000 465.812 9.782 2.1003 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD 2.6100% TOTAL CASH & CASH EQUIVALENTS 5465.818 59.782 -n C EQUMES in Equities IS 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 setter rating is as follows: MO Market Overweight MW - Market Weight MU = Market Underweight. In cases where a BSC rating is present. the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized thee ratings systems as follows: 8 — Buy: H — Hold: S - Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject r company is temporarily not available due to legal reasons. Independent, third-party research on P in m hies covered by the Fan's research is available to customers of Bear Steam!. at no cost. Customers can access this research at vany.bearsteams.com or can call to request that a copy of this research be sent to them. ACCT EMMET LSIMATED CJREW OCMRIMME SMODUCUSIP TPf QUM010 MKn YAWS Mon WORE vaari CANHORN CHEMICAL CORP CHCPF CASH 19 Unpoced FELCOR LODGING TRUST INC F04 CASH 2,000 12.4300 24,860 027 0410106,00:0 001 cane LZ6SS£00 IND ANDS 6I98ZZOO- V.L.43 EFTA01324682 ClOREO tsebOuen ITS YMOIAV Ove%F.D SufsairmaY 02710E SERVICING MLR ACCOUNT BLW. Steams & Co. Inc. Szers Senessei Ces bateuxs, Gets Mans BUkft 383 Ms:We Avenue ~irk 11101-3559 ~Nock 10179 STMRNS JEFFREY EPSTEIN 5 iy TTATILWsrr P0100 March 1.2025 neasari Marsh 31. ?COS Your Portfolio Holdings (continued) ACCam subedit IMINEL TASP.svek Kaant On nle STATUENT Teensy 28.2005 Equities 8 Options (contklued) OCT LIARCET ESTIM110 COMM« SYMBOUCUSIP THE CUmirTlY Nta Wag !APISwat CORM« M ID (19 GLENBOROUGH REALTY TRUST INC GIB CASH 2.000 19.1200 38.240 2.800 7.3222 BSC RATING: STOCK A/SECTOR KM SABPSIIT SYSTEMS. L.L.C. RATING: H 0 MEAGHER REALTY TRUST-S81 GRT CASH 2.000 23.7000 47.400 3.846 8.1139 HRPT PROPERTIES TIOSBI HRP CASH 10.000 11.9100 119,100 8400 7.0529 Z T HOSPITALITY PROPERTIES TRUST Mn CASH 2,003 40.3800 80.760 5.760 7.1322 I I 581 JOHNSON& JOHNSON 641 CASH 57,800 67.1600 3.881.848 65.892 1.6974 MC RATING: STOCK FYSECTOR MN BUCK.4634APA RESEARCH RATING: 8 in KRAMONT REALTY TRUST KRT CASH 2.000 23.4000 46.800 2.600 5.5556 VAS LUCENT TECHNOLOGIES INC LUIT* CASH 235 0.6700 157 DIP 12/102037 PAN PACIFIC RETNL PROPERTIES PNP CASH 436 56.7500 24.743 1.029 4.1588 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.3200 72,334 3.875 5.3571 r PIVESTIAENT TRUST-SW RAMCO GERSHEMONPROPERDES TIPT CASH 12.000 27.1500 325.800 21.000 6.4457 TRUST-T/O SBI SIRIUS SATELLITE RADIO MC SIM CASH 1.000 5.6200 5.620 MC RATING STOCK P/SECTOR MW MUTTS RESEARCH RATITC: B Total Equities& Options 54.667.662 1115.202 TOTAL EOUMES 54,667.662 5115,202 021 0001.0k011:40 001 1.011 8Z655£00- IND- ANGS tn IJ IJ 00 IN) EFTA01324683 CLLRW TWOOCon rtS YMOtLV 0MFD 8068.10nOro OEMS SERVICING YOUR ACCOUNT Bear. Steams 6 CO. Inc. Oa Swans Wine Ca,. Cm MIMICS Lena Not BEAR 383 Madison Arenue EiroolOn. MT Von 11201.3159 New Yak. New Yak 10179 STEARNS JEFFREY EPSTEIN 6 STATEMENT TEA/00 441th 1.2005 04101.701, Math 31.2005 ACCOArt MAMA ToxInnil Kona on no LAST Amber rebury 28.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME YOUR PRICEDPORTFOLIOHOLDINGS 0 ii Transaction Detail MONEY FUND ACTIVITY C in OATS MOW TRAMSAL17011 menu 50.8101/00/ Ouioniry 4NI DWI MOM CREDIT MOINE 0301/05 OPENINGBALANCE 445.238.85 03/01/05 BOUGHT DREYFUS CASH MANAGEMEHT.Ct A 0100C 2.103.58 1.0000 2.103.58 INSTITUMNAL SHARES 03101/05 OMOEND DREYFUS CASH MANAGEMENT-CL A DIG01 772.15 r NSi11NONAL SHARES MONTHLY °MEND 03/01/05 REINVEST DREYFUS CASH IAANAGEMENT-0. A DIC30 772.15 772.15 iNSTRullOmm. SNARES DEVIDEND REINVEST 03715105 BOUGHT DREYFUS CASH MANAGENENT.CL A DOOM 17.699 1.0300 17.800.00 INSTRUMNAL SHARES 03/31105 CLOSINGBALANCE 465.811.58 TOTAL S-20.574.73 5772.15 027 01.0191COSS COI 6Z6SSE00- 019- ANGS rn I S IJ 00 1,3 EFTA01324684 766060 naleueln as •••••07.07 OvevE0 SuS30,7Ar Of TICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Bat. SSG Ssesika CA. Cbt litetted, Neat Ian BEAR 383 Madison Avenue ja M 112014469 N Y York 10179 STEARNS JEFFREY EPSTEIN 7 a0 MAW SEAM Math 1.2005 netouoil Math 31.2006 Transaction Detail (continued) ACCCLte smiles IIII TAX77AveR Maient a. nil DIVIDENDS LAST STATEMENT Fittnary 28.2005 SATE DESCRIPTCM STLIktottry OLIIIIMY YIE CS OM MOM OUST MAX/KT 03/013/05 JOHNSON& JOHNSON HO 57.800 0.2850 15.473.00 RIC 02/15/05 PAY 03/C8/05 03/15/05 PM PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 NC REC 02/25/05 PAY 03/15/05 0 03/15/05 PENNSYLVANIA REAL ESTATE PO 1.794 0.5400 968.76 PNESTMEMMUS REc 03/0905 PAYT-SELL ONI605 -n TOTAL 517 699.00 C INTEREST rn DATE oncrienta >F BI: AVC.I.NT z 03/21/05 INTE ACC1 EMT BALANCE 5 ft AT 011112/21 03/20 TOTAL 55.60 r 027 an)/ os CS 79 991 v076 0E6SSEOO- O19-ANGS 8 ,..) IJ 00 IJ IJ EFTA01324685 CLUALO THROLnrc rtS YACtLY 01041) SUSSIDWIT (Una SERVICING YOUR ACCOUNT Oar. Steams Seckiltet Cte0. Bear. Steams & Co. inc. C.* Mnacch Ceres Morn BEAR 383 Madison Avenue IS lat :sin 20 10179 STEARNS JEFFREY EPSTEIN 8 op £TATELEM Acme Mtech 1.2005 yunouou math 31.2005 otCOUNT MAIM TWAYalt Ka. Cri Fife Your messages LAST STAltleNT ...bruit" 28. 2005 1M' Bear, Steams Securities Corp. Net Capital and Net Capital Requirements: At November 30. 2004 and January 31. 2005. the Company's net capital of approximately 43.8 billion and $3.8 billion was approximately 6.4% and 6.3% of aggregate debit Items and exceeded the minimum regulatory net capital requirement of approximately 51.2 billion and 51.2 billion by approximately 52.6 bilion and 52.6 billion• all respectively. A complete copy of the Bear, Steams Secarities Corp. Statement of Financial -n Condition is available on the web site ynny.beafreollialtaively t . to request a free printed copy please call - toll C rn End of Statement r 02/ 0401°SWAB oat Ytle TE6SSE00-019-ANGS EFTA01324686 CLEARED MOOS.. !Ts *MOLLY OWNED SUSSIStMtv OFFICE SERVICING YOUR ACCOUNT Belf Simms Smulies Bear. Stearns & Co. Inc. Ore Ittaeleth Crew North BEAR 383 Mat Mm* e NOW Vat 11201DASS) bscn N eee York 10179 STBRNS JEFFREY EPSTEIN ACCOUNT EXECUTOR DCNERMAN.IRA STATEMENT renoo February T. 2005 TELEPHONE 11440U314 Fwuary 28 2005 VISIT OUR WEBSSE waw.boysteoms.com It-COUIC MANOR What's In This Statement ll...11...I..1.11 .1 TAXPAYDI MAW On Fie LAST STA/DIENT January 31. 2005 Financial Summary 3 JEFFREY EPSTEN Tom Portfolio Holdings 4 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER B3 ST THOMAS VI 00802 -n C Your Portfolio at a Glance Market Value of Your Portfolio in CanaEcr,„,„ntAi $441,341 TOTAL VALUE CC SECURITIES 1145 OFRI001 4.607.588 $444,470 NET CREME BALANCE 2.104 54.601.588 Ettioes $4,550,830 MONEY MARKET FUND BALANCE 445,237 Oaten market nee NET EQUITY THIS PERIOD $5.054,929 SI last statertents mania value r NET EMMY EAST STATEMENT 4.995.300 CHANGE SINCE LAST STATEMENT 59,629 11e wee° ether see ae area erase menet NI T..r enema Tee TAM VAN a Stamm aro Ntt 88,5 Me Note There are no 'Stop Loss' orders or other pending buy or $61 open orders on File for your account. rem nose rry p stamen cr =Oa EdErel se sewer/ u ses. stpc,s ern, a for efelniteshl snows ANA E YOa MONNE sloth eEmOsert ler Ore'. Seven . CA fete so Ors SANS Y Bar Saws Scsare sletersti Nose rs ta me) sr yea reewda. Ste Writ Nate VrOalaft MICenaelOrr Cot, pa arentsch Cr seek Orecites. 20 42140 027 03/0105.11 OE COI ZE6SSEOCIA19- ANGS En I8 b.) IJ EFTA01324687 CLEARED 11.0.0V0H ITS mare CwriE0 StreSCWIY Sem. Sawn Suss 0”. One *Meth Caw Not isal 11201-3SS9 arn JEFFREY EPSTEIN 2e• (-) 0 z m STATEMENT BACKER IS PRINTED ON THIS PAGE ci m z H r 027 0101131,11,01 031 •raft EE6SSE00- O1D- ANGS 8 b.) IJ DD IJ EFTA01324688 0.2A22.0 7mitOuGH ITS 7A273t10, OW.0 SiLitientY OFFICE SERVICING YOUR ACCOUNT 9nat San S2c.con GYP Bear. Steams & Co. inc. Cfle2 krn O,cItstrtrach BEAR 383 Madison Avenue Bred Ne2 YW7 II 7014550 Y N r York 10179 STEARNS JEFFREY EPSTEIN S aar STATEMENT PEP= rebury 1.7005 MR01.0.1 F0truby 78.2005 AccatNT qUidefft IS' Cash Flow Analysis Income Summary TAX17AYER maoSER On File nes Keno fit M11100 WA TO DAlt tan 3100TVENT Inter,. 31. 2005 OpeningBalance $9.003.80 Dedends 2.668.83 4.216.83 Credit Balance Inc 3.58 7,83 Money Find 766.83 Okidandsenterest Total $2,870.41 54.224.86 2.103.58 Amount Credited 52.870.41 Money Fund -9.770.63 z Portfolio Composition Arn0unt oeOited 5.9.770.63 Cash/Cash Equivalent 447.341 m feinted Net Cash Activity 4.900.22 4.807.588 C ClosingBalance $2,103.58 Total 15.054.929 in z Your Portfolio -H Cash Balance Summary Allocation cot.% apses Cash 9.003.80 2.103.58 r Net CashBalance 59,003.80 Cash & Weser*, 52.103.58 8% 92% tamnthy :atom 020207 Nb• Wires row 07,221 nave vat,* Me *bung, 14402414p 4 04,44 Pr N 0:04,444 ,MR CI — panto* 027 0101705110 001 ‘1177 PE6SSEOCIA19- ANGS 8 IJ IJ EFTA01324689 CLF.ARM TAROLMI /TS vmoLtY CHACO SUMMARY OFFICE SERVICING YOUR ACCCANT Bear. Steams & Co. Inn. Mar Suns Sows= Gm. Me W Metro Noel BEAR 383 Madison Avenue .112.01.1M9 rk 10179 STEARNS e JEFFREY EPSTEIN 4 ti STATWIRT PIM° Sanely I. 2005 THROWN February 28.2005 AMOL•C Munn TAXPAYER wan On Fee Your Portfolio Holdings LAST STAMM° laruiri 31.2005 CASH & CASH EQUIVALENTS SET ISMANTO Coen OESCRIPTOX SfklICUCUSIS CIUMTITT PRICE Mil WM& WOVE TEE (III CASH BALANCE 2,104 DREYFUS CASH1AANAGEMENT-CE A ACID! 445,236.85 1.0000 445,237 9.350 2.1000 0 erStiluTiomm. SHARES ESE 30 DAY AVG110.0 2.3400% Z T TOTAL CASH & CASH EQUIVALENTS $447,341 59.350 E I 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 frst 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 = Underpetform. 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 Oraweight: MW Market Weight; MU id Market Underweight. In cases where a BSC rating is present. the name of an independent, third-patty research provider and their rating may also be displayed, where such research is evadable. The various providers have normalized their ratings systems as folows: 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 arty action based on such information, nor endorsing any recommendation or opinion expressed by any independent. third-party research provider. The symbol indicates that continuing coverage of the subject r company is temporarily not available due to legal reasons. Independent. third-party research es covered by the Firers research is available to customers of Bear Steams at no cost. Customers can access this research at www.bearsteams.com or can cal to request that a copy of this research be sent to them. *Ca mum IMMO OSERfni DESCRIMOM SYMMUCLOP net warm PRICE VALUE YOWL SCOW MUD tel CANHORN CHEMICAL COPP CNCPF CASH 19 Unpiced FELCOR LODGING TRUST INC ICH CASH 2.000 12.5400 25.080 037 03/010541100 001 SIM SE6SSEOCIA19- ANGS EFTA01324690 cif.APSD nin0,eni rn weOtre Owv60 SveSOARY OFFICE SERVICING YOUR ACCOUNT Seer. Sinn Swats On Bear. Steams & Co. Inc. 0,e uteoteen Center hnnn BEAR 383 Madison Avenue *coop. Nos Yak 11n14$39 New Walt New ?Ark 10179 STEARNS JEFFREY EPSTEIN 5 et / sr/racer RAW FOGruary 1.2005 71.00-Cal Fatruary 28.2005 Your Portfolio Holdings (continued) AOCCene wveei TAXPAYER Kneen On rio 81.70/Era Ira" 31. 2005 Equities & Options icceninuecli MIT 1/Anal 611WAIED 0.IRRENT OiSteritft STIOSIXOCUSP OJAhirr Kea vAtUr Walk WOK 1110 IAN GLENBOROUGH REALTY TRUST INC GL8 CASH 2.000 19.7300 39.460 2.800 7.0958 BSC RATING: STOCK BISECTOR MN C) SAPIENT SYSTEMS, L.L.C. RATING: S 0 GUMCHER REALTY TRUST•SEU GRT CASH 2.000 25.7200 51.440 1.280 2.4883 HRPT PROPERTIES TIBSBI HRP CASH 10.000 12,6800 126.800 8.400 6.6246 m HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 41.4700 82.940 5.700 6.9448 Sal JOHNSON& JOHNSON JNJ CASH 57,800 65.6000 3,791.680 65.892 1.7378 C SSC RATING: STOCK INSEC1Ce MN BUCKINGAMM RESEARCH RATING: B rn KRAMONT REALTY TRUST KAT CASH 2.000 23.3100 48,620 2,600 5.5770 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.8900 209 DP 12/102007 PAN PACIFIC RETAL PROPERTIES PNP CASH 436 58.1500 25,353 1.029 4.0587 INC PENNSYLVANIA REAL ESTATE PEI CASH 1.794 40.6000 72.836 3.875 5.3202 r INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES RPT CASH 12.000 28.3000 339.600 7.332 2.1590 TRUST-MD 581 SIRIUS SATELLITE RCP 9/C SIRI CASH 1,000 5.5700 5.570 BSC RATING: STOCK A/SECTOR JAW ATLANTIS RESEARCH RATING: B Total Equities& Options 54.607.588 $98.968 TOTAL EQUITIES 54.607.588 598.968 027 03101.00:11OP Col 1102 9E6SSE00- 019- ANGS rri IJ V.2 0 V.2 00 EFTA01324691 CLEARED THROWN ITS ware VANED SuBSIXARY OFFICE SERVICING YOUR ACCOUNT Btu Stern Satin Co. Sew. Steams b Co. Inc. moscosch Cth,w Rt. BEAR 383 Madison Fa* ercebn. MN Yen 11201.3550 New York. Now Yak 10179 STEARNS JEFFREY EPSTEIN Se, STATEmENT PEFOCO Fetcuwy 1.2035 THROUGH FIMI07 28. 2005 steam, PAVAN* nximnit mimeo. On Re LAST stamen January 31.2005 Your Portfolio Holdings (continued) YOUR PORTFOLIO HOLDINGSESTIMATED ANNUAL INCOME $108.318 YOUR PRICEDPORTFOLIOHOLDINGS S5.054.929 0 Transaction Detail ii MONEY FUND ACTIVITY C 0Att LOMAT TRAMS.CTO1 DISCOPININ rn COMM am MOUNT CREDO AMOUNT 02/01105 OPENINGSALANCE 436.46822 02101105 SOUGHT DREYFUS CASH MANAGEMENT-EL A MOM 9.003.80 1.0090 9.003.80 IIGMUnOtat SHARES 02101105 DIVIDEND DREYFUS CASH MANAGEmENTCL A MOM 766.83 r INSTITunONAL 0/Alst MONTHLY DIADEM) 02101105 REINVEST DREYFUS CASH MANAGEMENT-CL A ccx 766.83 766.83 INSTITUTIONAL SHARES DNIDEND REDNEST 0228105 CLOSINGBALANCE 445.236.85 TOTAL 5.9.770.63 $766.83 027 01O1O5II 00 001 N172 LE6SSE00- 019- ANGS EFTA01324692 CulAno 11.110001. PS Mawr OM= *SAY OFFICE SERVICING YOUR ACCOUNT **LAW+ Swebes Cola Boar. Steams & Co. Inc. Crop kle1y016ch C1tAn NES BDR 383 Madison Avenue xis vak 11201.340$ Now York 1O179 STD‘RNS ""Y MO JEFFREY EPSTEIN sunseLLT PIRKO filtrualy 1.2005 neousre retro*, 28.2005 Transaction Detail (continued) ACCOL.O WNW TAXPAYIE* Moat On Fat DIVIDENDS LAST STATEUENT Artery 31. 2005 DATE COMPTON snieoLrLsp OuA5r1v RA"( 3: Car ...cum awl par 02/23/05 HRPT PROPERTIES TR-SSI HRP 10,000 0.2100 2.100.00 REG 0121/05 PAY 02/23/05 TOTAL $2,100.00 INTEREST m DATE 0(SCP1Pr Cp. 501031./CUSP weary Set ow :off 51.02121 CAM AvOUPT 02022/05 INLET/ ' BALANCE 158 ACCT ci Al C' 21 • 02.70 TOTAL $3.58 m H STOP) r 5812 8E6SSE00-O1D-ANGS rn 8 IJ 1, 2 00 05 1,2 O EFTA01324693 =MEP 711101421 WOOLLY onto) SLISOCIARY OFFICE SERVICING Yale ACCOLNT W1. Slams Secedes Cap. Bear. Stearns 8 Co. Inc. One MietteCh Cape Kat BEAR 383 Madison Avenue OreOlan. New Vest 1120144SO New Yak. New Yuk '.0179 STEARNS JEFFREY EPSTEIN ACCOUNT EXECUTIVE ILCHERAIAN kr, STATE NT PEFOCO bray 1.2005 TELEPHONE THROL0.4 January 31, 2005 VISO OUR wEesaT waw.bearsteares.com osSOUNT KAMP What's In This Statement IIIIIIIIIIIIIIIII III TAIMANIM Want 00 Fie LAST STATtICHI Decentee 31.2004 Financial Summary 3 JEFFREY EPSTEIN Your Portfolio Holdings 1 C/0 FINANCIAL TRUST COMPANY Transaction Detail 6 ATTN JEANNE BRENAN Fund Activity 6 6100 RED HOOK QUATER 8-3 ST THOMAS VI 00802 O E I Your Portfolio at a Glance Market Value of Your Portfolio m Case 1, Equimlent —Ill $444.470 TOTAL VALUE CF SECURITIES THIS RER100* 4.550830 $434.785 NET CREW BALANCE 9.004 14.550.530 Eames Sii.SS9.197 MONEY LANCET FUND SNAKE 435.466 I. Oren 'meet value NET EQUITY MB PERM 54.995.300 MO tam stateeneres market vat. r NET EQUIP/ LAST STATEMENT 4.993.982 CHANGE SINCE LAST STATEMENT 1.318 Toe wale mans fl er nay vice'dd seoeffee 1Y sand o In Taa Won/Sear/a re Ow Net boey a Prot There are no 'Stop Loss' orders or other pending buy or sell open orders on fie for your account. _ Pease TOW re or <a tats uxu. rano, n taunts rx TM any" k kr mammon: pepOtot cely.11 • TA rtrotO ata tax 000rWee *COO Swore a a ear b Os" SnMoo et kr Swarm fietullee Res slab/yea shtuctee rstares too" mums See went we for Orpenent lift1711lbta Ceep 01e Meteleal Grip /ant. 0/90.2r. NY //201.04/0 02/ 02011/602 53 001 1410 6£6SS£00 IND ANGS EFTA01324694 I £98ZZOO-V.L43 STATEMENT BACKER IS PRINTED ON THIS PAGE SDNY_GM_00355940 CONFIDENTIAL EFTA_00228632 EFTA01324695 =ARCO THROWN ITS soNO-Lir 003.130 SISSOLARY OFFICE SERVICING YOt ACCOUNT Elem. Stearns b Co. Inc. Seq. Rent Serturber Or. 011 ritatasch toes Not BEAR 383 Madison Avenue Sort 11201.3859 crk 10179 STEARNS JEFFREY EPSTEIN 3 ea STATIMINT PERM January 1.2005 *wawa kirthity 31.2005 ACOOUST MASER Cash Flow Analysis Cash Balance Summary TAaNarajt SVASER On He De ,c onm,c SLCSING LAST STATritts7 Detente 31.2034 Oponing8alance $9.12 Cash 9.12 9.003.80 Money Fund 690.03 Net Cash Balance $9.12 $9.003.80 Funds Deposited 198.83 0 0MdandsAnterost 8795.85 0 Amount Credited $9.684.71 Income Summary z Money Fund 490.03 me MN* WAR MOMS Comdends 1350.00 1350.00 m AmmanDebited 6490.03 Credit Balance Int. 4.25 4.25 Net Ckth ActhAy 8.994.68 Total 51,354.25 C $1.354.25 in Closin9 Balance $9.003.80 z Your Portfolio Portfolio Composition Allocation CashCash Equnelem 444.470 Equities 4.550.830 r Cash a (cower*. Total 54.995.300 8% EQJASI 92% clads won. dean Cab: Sabra rote slial nowt *Mail TV alearkn lea-lap a Ortya ten ry at•CAA• Mattel AA Or yOos aletkaa 02 02013)60133 031 TP6SSEOCIA19- ANGS EFTA01324696 ("Rawl TeR0u0N ITS ?WOW OverE0 SuSSOWEr OFFICE SERVICING YOUR ACCOUNT Sear Mann So:wises Cop Bear. Stearns & Co. Ix. ONE SherreNth Cate trach BEAR 393 MadIsexi ANnue evelen. NIv Vat 11201.1859 New York, New York 10179 STEARNS JEFFREY EPSTEIN a ✓e STATEE.Ort Phi= UMW," 1.2005 neovcn January 31, 2005 ACCOUNT NUEEKR EsEPAY01 Parma On no Your Portfolio Holdings LAST STATIDIVIT DOCOrteW 31.2009 CASH 8 CASH EQUIVALENTS Esnbutto CURRENT tescaorcH SISIOCIASOP MOWN =RAE TRW 04 CASH BALANCE 9,004 0 DREYFUS CASH MANAGEMENT-CL A 0001 435.466.22 1.0000 435.466 8,709 1.9999 INSMUTOBAL SHARES EST. 30 DAY AVG HUD 2.1700% TOTAL CASH & CASH EQUIVALENTS 5444,470 58,709 m C EQUITIES in Equities 8 Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The fist rating represents the stock's total rettrn relative to the other stocks covered by that Analyst. The key for the stock rating values Is as follows: 0 - Outperform: P e Peer Perform: U - Underpedorm. 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 Overweigh[: MW - Market Weight MU = Market Underweight. In cases where a BSC rating is present. the name or 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 acNice. 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 symbd indicates that continuing coverage of the subject company is temporality not available due to legal reasons. Independent. third-party research on " covered by the Frm's research is available to customers of Bear Stearns at no cost. Customers can access this research at iswer.bearsteams.com or can call to request that a copy of this research be sent to them. ACCT WRICE1 ESIWATED CURRENT as nos ShISCUCUSR roc GOMM PREE WM NNW& .NONE VELD 00 CANHORN CHEMICAL CORP CNCPF CASH 19 unpriced FELCOR LODGING MUST PC FCH CASH 2.000 13.9600 27.920 027 03101106:07SS C01 Sne ZP6SSEOCIN9- ANGS EFTA01324697 CLEARED 11.1t01.0. ITS AMMAN DM50 001184344Ry OFFICE SERVICING YOUR ArcnJNT Bear. Stearns 6 Co. Inc. M. 1401.75 Roam cop. One metereen Cerra Mn BEAR 383 Madison Avenue tvestan Nal Y't 112014069 New York New Yolk 10179 STEARNS JEFFREY EPSTEIN S STATEWZAT 00000 Javan 1.2005 THROWN January 31.2035 Your Portfolio Holdings (continued) ....00Cvw7 mp.43ER TAXPAYER µAIM On Ile LAST STATEWNT OeCerntor 31. 2004 Equities & Options (continuee) /CO WPM, MnitATTO canon DESCRIPTION SHADOO.ISIP TYPE PANTRY HYDE ANNUM INCOME taus na GLENBOROUGH REALTY TRUST WC GLB CASH 2.000 19.2600 38.520 2.800 7.2690 BSC RARING: STOCK P/SECTOR AIW SABRIEM SYSTEMS. L.LC. RAING: S 0 GLDACI4ER REALTY IlkUST-SEll GRT CASH 2.000 25.5900 51,180 1.280 2.5010 HRPT PROPERTIES TR-SBI HAP CASH 10.000 11.9100 119,100 8,403 7.0529 HOSPITALITY PROPERTIES TRUST IWT CASH 2,000 42.6500 85.300 5.760 6.7526 -n SRI JOHNSON& JOHNSON 11,LI CASH 57.800 64.7000 3,739,660 65,892 1.7620 C 85C PATMG: STOCK P5ECTOR lae BUCKBAIHMA RESEARCH RATING: B in KRAMONT REALTY TRUST KRT CASH 2.000 23.4100 46,820 2800 5.5532 WTS LUCENT TECHNOLOGIES WC WTHW CASH 235 1.1650 274 ExP 12/10'2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 57.8900 25,240 939 3.7203 INC PENNSYLVANtA REAL ESTATE PEI CASH 1.794 40.0200 71,706 2.669 3.5782 r iNWSneEtrt TRuST.S8i RAMCO GERSHENSONPROPERTIES RPT CASH 12.(XIO 28.2000 338,400 7.332 2.1667 TRITSTaD SRI SIRIUS SATELLITE PAD13 INC SIRI CASH 1.000 6.6200 6.620 BSC RAMC: STOCK PISECTOR PAN ATLANTIS RESEARCH RATING: Total Equities& Options 54,550.830 597.572 TOTAL EQUITIES 54.550.830 597.572 _ 017 Ob01106:0714 001 ‘970 £176SSE00 IN9 ANGS EFTA01324698 5£98ZZOO-V.L43 =ARM ThIROUOn rte 2.1,00 Owr4ED 10600.0y OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. SOP. Sims Swett, Cog. Mecrae0 Cate tern BEAR 383 Madison Avenue . Mn von 112012359 allaiork 10179 STEARNS JEFFREY EPSTEIN 6 311•121Ma P0100 .Irux7 1.2005 11m0U04 la-wry 31.2003 NW. eal Pitmen T AW 14144001 (}1Fee WT STATI1aNT 11401mber 31. 2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME 1106.281 YOUR PRICEDPORTFOLIOHOLDINGS 14.996.300 0 ii Transaction Detail DEPOSITS AND WITHDRAWALS C in DIVE 111016/010; DESCRPT01 Clan MONO 0401MOM! 01107/05 DEPOSIT LUCENT TECH 001EPSTEIN SI 198.83 NATURE 8K TOTAL $198.83 MONEY FUND ACTIVITY r an MOW 1RMSACT011 MSCIIPTICH 5-0.410XLIP MAMMY PNta 0002.11000 0101/05 OPENINGBALANCE 434.778.19 01/03/05 REINVEST DREYFUS CASH MANAGEMENT-CI. A OICIIX 690.03 690.03 INSTITUTIONAL WARES DMDENO RZWVESI 01/03105 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICU 690.03 91511TIMONAL SNARES AMT INCLuDED IN 2004 -1099 _ trI76SSE00 IN9 ANGS oh 02.91/042:9:45 col .999 EFTA01324699 9£98ZZOO-V.L43 WARM THROUGH RS »ICU Osf.e0 Sul-Sway OFFICE SERVICING YOUR ACCOUNT Bear. Steams & Co. Inc. Bar &WS Starlit Cup One Merxce. Uttar limn BEAR 383 Mattson Avenue n 11201.1869 STEARNS Ma JEFFREY EPSTEIN .e 8TATElaxT PER= Attar/ 1.2005 THR0uto. mum 31.2005 Transaction Detail (continued) A001•UNT NoiSER Taal% HOMER On File MONEY FUND ACTIVITY (contiruca) LAST STATTute DOCember 31,2001 DATE 10)0AY TRAIISCI1ON DESCRP1,1,1 SYMIOUCUSP OURGITY Met Oar MOM C82061 MOM 01/316S CLOSINGBALANCE 435.466.22 TOTAL 5.690.03 5690.03 0 DIVIDENDS -n POE CESCRIP11011 SYWOOUCLISP OU0MMY M18 01 OUR ma7Mir CMG MOM 01/03/05 RAMCO GERSHENSON PROPERTIES RPT 5.040.00 TRUST4A0 Sal C CASH ON ON 12000 SHS REC 12/20M4 PAY 01/03/05 mourn IMMO ON 2004-1099 in 01/14/05 GLENEIOROUGH REALTY TRUST INC GtE 2.000 0.3500 700.00 AEC 01401105 PAY 07114/05 01/18/05 GUICNER REALTY TRUST-SBI GRT 961.60 CASH OW ON 2000 SHS RIC 12/31104 PAY 01/18405 ANCUM MCW0E0 ON 2004-1099 0121/05 KRAMONT REALTY TRUST KRT 2.000 0.3250 650.00 r RFC 01/03/05 PAY 01/21/05 01/31/05 HOSPITAUTY PROPERTIES TRUST NM 1.440.00 SW CASH ON OH 2000 MS REG 12/30(04 PAY 01131/05 NA0WO INCUJOEI) ON 2C04-1099 TOTAL MI 791 60 027 abotok07:5$ 001 V070 SP6SSEOCIN9- ANGS En I8 b.) O, --1 EFTA01324700 CLEARED THAC0:04 CTS wx0c.i.y OMLO SPASCIARY OFFICE SERRICROG YOUR ACCOUNT Pa Sten Sainas Cap. Bear. Steams & CO. Inc. Due Fairetecn Grew Math BEAR 383 Madison Avenue emataft lies Tan 112014869 New Yodc New York 10179 STEARNS JEFFREY EPSTEIN 8 ae STATEIJENT PERICO 1.2005 TmR0u04 Fruity 31.2005 Transaction Detail (continued) Ann- z ter .0.Anzia TAN:PAYER %µ5ER On File INTEREST LAST srArnargi DeCeniter 31.200E DAR P2C5CO3PTCN Sz1.00.0.5P CcANcTly RAR r%1 D(811 /0.00,i41 CRUX' MOW 01/21105 INTE ACCT EDIT BALANCE 4.25 AT 01. .01/20 TOTAL $4.25 0 c l End of Statement m z -H r _ 9176SSE00 IN9 ANGS CZ: 02•0! 05.07 55 021 "810 8E98ZZOOVL43 EFTA01324701