Statements EFTA00200731

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York, New York 10179 a STEARNS — JEFFREY EPSTEIN ACCOUNT EXECUTIVE ZICHERMAN, IRA STATEMENT PERIOD November 29, 2003 TevePHonc || THROUGH December 31, 2003 VISIT OUR WEBSITE www.bearstearns.com : . account xumccr = What’s In This Statement || PP | Per end eee TAXPAYER NUMBER On File LAST STATEMENT November 28, 2003 Financial Summary , . 3 JEFFREY EPSTEIN Your Portfolio Holdings . . 3 C/O FINANCIAL TRUST COMPANY Transaction Detail viii 5 ATTN JEANNE BRENAN Your Me@SSaQeS .,ssssssssreserssresesuensveseensase 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio Important Message $69,695 if any information regarding TOTAL VALUE OF SECURMIES THIS PERIOD* 4,004,413 Ca8h & Equralent A goes 2003interest, dividends, miscellaneous income, NET CREDIT BALANCE 69,695 Equities $4,004,413 gross proceeds or original $3,846,787 issue discount is required soseeenseneneensesssonnensuneensensnsenesessensesensesensensuseesessenounsennace to be reported to the IRS for NET EQUITY THIS PERIOD .074,108 i srclsisasellnjnstens aol saeeeeeneenee HE Current market value this account, a Consolidated Form 1099 NET EQUITY LAST STATEMENT 3,902,362 HEBEL Last statements market value will be mailed to you by February 2,20040r a 1042S CHANGE SINCE LAST STATEMENT 171,746 by March 15,2004. “This portfolio indudes one of more unpriced securties tat are not reflected in the Total Value of Securtios and the Net Equity This Period There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any difference or nomracaipt of checks of stocks, indicated as delivered to you, ‘This summary is for informational purposes only. It Is not intended as a tax document, %© Client Senices at 800-634-1428; cr write to Clem Services at Bear, Steams Securities ‘Ths statemem should be retamed for your records See reverse side for important information. Comp. One Metroiech Center North, Brooklyn. N.Y. 11201-3859. 02? 01/01/04:12:84 001 vara EFTA00200732

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/01/04;12:84 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200733

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of6 Cash Flow Analysis THIS PERIOD Balance $55,574.84 Dividends/Interest 14,119.80 Amount Credited $14,119.80 Net Cash Activity 14,119.80 ClosingBalance . . $69,694.64 Cash Balance Summary OPENING CLOSING Cash 55,574.84 69,694.64 Net Cash Balance $55,574.84 $69,694.64 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION CASH BALANCE TOTAL CASH & CASH EQUIVALENTS SYMBOUCUSIP QUANTITY Income Summary THiS PERIOD YEAR TO DATE Dividends 14,094.36 96,064.38 Other Dividends 0.00 3,162.50 Muni Bond Int. 0.00 9,162.43 Credit Balance Int. 25.44 548.95 Total $14,119.80 Portfolio Composition Cash/Cash Equivalent 69,695 Equities 4.004.413 Total $4,074,108 MARKET ESTIMATED §— CURRENT PRICE VALUE ANNUAL INCOME YIELD ('} 69.695 $69,695 027 01/01/04;12:84 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 29, 2003 THROUGH December 31,2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT November 28, 2003 Your Portfolio Allocation Cash & Equivalent — 1% _ Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vars EFTA00200734

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 4 of6 Your Portfolio Holdings (continued) EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 11.0800 22,160 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.9500 39,900 2,800 7.0175 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 22.3800 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.0900 100,900 8,000 7.9286 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.2800 82.560 5,760 6.9767 SBI JOHNSON& JOHNSON JNJ CASH 57,800 51.6600 2,985,948 55,488 1.8583 KRAMONT REALTY TRUST KRT CASH 2,000 18.1000 36,200 2,600 7.1823 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 47.6500 20,775 889 4.2792 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 36.3000 65,122 3,875 5.9504 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 28.3000 339,600 20,160 5.9364 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.1600 3,160 TOO INC Too CASH 15,600 16.8800 263,328 Total Equities& Options $4,004,413 $103,418 TOTAL EQUITIES $4,004,413 $103,418 027 01/01/04;12:84 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 29, 2003 THROUGH December 31,2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT November 28, 2003 vars EFTA00200735

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Your Portfolio Holdings (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD November 29,2003 December 31,2003 account uncer TAXPAYER NUMBER On File THROUGH LAST STATEMENT November 28,2003 YOUR TOTAL ESTIMATED ANNUAL INCOME $103,418 YOUR PRICED PORTFOLIOHOLDINGS $4,074,108 Transaction Detail DIVIDENDS DATE OESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 12/09/03 JOHNSON& JOHNSON JNJ 57,800 0.2400 13,872.00 REC 1 (03 PAY 12/09/03 15/03 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5100 222.36 INC REC 11/28/03 PAY 12/15/03 TOTAL $14,094.36 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [%) CEBIT AMOUNT CREDIT AMOUNT 12/22/03 INTE! DIT BALANCE 25.44 ACCT AT 00, % 11/21 - 12/20 TOTAL $25.44 o27 01/01/04;12:84 001 vara EFTA00200736

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BEAR STEARNS 6 of6 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Your messages ‘i Florida residents who own, manage, or control stocks, bonds, money market or mutual funds having a value of $20,000 or more for individuals or $40,000 for married couples filing jointly must pay a tax on these items, called "Intangible Tax", by June 30 to avoid increased penalties, For Tax Returns and information, call the Department of Revenue at 1-800-352-3671, Excess SIPC Account Protection Update Bear, Stearns Securities Corp, (‘BSSC"), a member of the Securities Investor Protection Corporation ("SIPC"), provides account protection for the net equity of a customer's funds and securities positions, SIPC provides $500,000 of primary net equity protection, including $100,000 for claims for cash ("SIPC Coverage"), Visit www,sipc,org for more information about SIPC Coverage, BSSC provides the additional protection ("Excess SIPC") through a commercial insurer, Effective February 16, 2004, the commercial insurer for Excess SIPC will change to Customer Asset Protection Company ("CAPCO"), a licensed New York insurance company, Account protection applies when a SIPC member firm fails financially and is unable to meet its obligations to its securities customers, but does not apply to losses from the rise or fall in the market value of investments or to SIPC ineligible assets such as options, futures, foreign exchange transactions, or any investment contracts that are not registered as securities, ~***** End of Statement™***** CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 29, 2003 THROUGH December 31,2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT November 28, 2003 ZS As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD’s Public Disclosure Program by contacting the NASD at telephone number (800) 289-9999 or via the internet address which is www,nasdr,com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request. 027 01/01/04;12:84 001 vars EFTA00200737

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 Pe ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE — wwnw.bearstearns.com What's In This Statement Financial Summary .. » 3 Your Portfolio Holdings . . 4 Transaction Detail .....sscssseeeenees 5 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 3,846,787 NET CREDIT BALANCE 55,575 NET EQUITY LAST STATEMENT 3,891,902 CHANGE SINCE LAST STATEMENT 10,460 “This portfolio includes one or mom unpriced securties that are not reflected in the Total Value of Securties and the Net Equity This Period. There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $55,575 Cash & Equivalent $51,021 HE Current market value py Last statements market value 027 This summary bs for informational purposes only. It Is mot intended as a tax document This statement should be retained for your records. See reverse side for important information 11/29103;08:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 1, 2003 THROUGH November 28, 2003 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 31, 2003 vars EFTA00200738

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 11/28/03;06:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200739

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 a JEFFREY EPSTEIN 3 of 6 STATEMENT PERIOD November 1, 2003 THROUGH November 26, 2003 . account xumccr = Cash Flow Analysis Income Summary TANPAVER NUMBER On File THis PERIOD ToS PERIOD YEAR TO DATE LAST STATEMENT October 31, 2003 Dividends 4,515.00 81,970.02 Balance Openi: Other Dividends 0.00 3,162.50 Dividends/Interest 4,537.19 . Muni Bond Int. 0.00 9,162.43 Miscellaneous 16.90 Credit Balance Int. 22.19 523.51 Amount Cr Total $4,537.19 ited Net Cash Activity 4,554.09 Closing Balance $55,574.84 Portfolio Composition Cash/Cash Equivalent 55,575 Equities 3,846,787 Cash Balance Summary innit mn OPENING CLOSING Total $3,902,362 Cash 51,020.75 55,574.84 Your Portfolio seeeeeneennens ses anennenennennenneness satan 1 eosesceeee Allocation Net Cash Balance $51,020.75 $55,574.84 Cash & Equivalent — 1% Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. 027 11/2903,06:43 001 vars EFTA00200740

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 4 of6 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED © CURRENT DESCRIPTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) CASH BALANCE 55,575 TOTAL CASH & CASH EQUIVALENTS $55,575 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD (%) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 10.5700 21,140 19.6500 39,300 2,800 71247 GLENBOROUGH REALTY TRUST INC GLB CASH GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 21.8100 43,620 3,846 8.8171 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.7000 97,000 8,000 8.2474 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 39.5500 79,100 5,760 7.2819 SBI JOHNSONS JOHNSON JNJ CASH 57,800 49.2900 2,848,962 55.488 1.9477 KRAMONT REALTY TRUST KRT CASH 2,000 18.0800 36,160 2,600 7.1903 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 46.4500 20,252 889 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 34.5000 61,893 3,875 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 26.0500 312,600 20,160 6.4491 TRUST-MD SBI 027 11/28/03;06:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 1, 2003 THROUGH November 28, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 31, 2003 vars EFTA00200741

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 5 of 6 Your Portfolio Holdings (continued) Equities & Options (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD November 1, 2003 November 28, 2003 account uncer TAXPAYER NUMBER On File THROUGH LAST STATEMENT October 31,2003 ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYRE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) SIRIUS SATELLITE RADIO INC SIRI CASH 0600 2,060 TOO INC TOO CASH 15,600 18.2500 284,700 Total Equities& Options $3.846,787 $103,418 TOTAL EQUITIES $3,846,787 $103,418 YOUR TOTAL ESTIMATED ANNUAL INCOME $103,418 YOUR PRICED PORTFOLIOHOLDINGS $3,902,362 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE OATE TRANSACTION DCESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 14/21/03 EXCHANGE CROWN AMERICAN REALTY TRUST [| -5,000 0621722 TO MERGER @.,3! REAL {12103 EXCHANGE "BENNSYLVANIA REAL ESTATE BEI ™ 1.794 ™ . = , NT TRUST-SBI FROM 621722 (@.3589 PENN REAL TOTAL o27 11/290306:43 001 vata EFTA00200742

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Con Bear, Stearns & Co. Inc. One Mebane preg hers 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS a" 10179 6 of6 JEFFREY EPSTEIN STATEMENT PERIOD November 1, 2003 THROUGH Transaction Detail (continued) ACCOUNT NUMBER TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT DATE DESCRIPTION SYMBOUCUSIP QUANTITY () OEBIT AMOUNT CREDIT AMOUNT 11/0703 CROWN AMERICAN REALTY TAUST 5,000 0.2150 1,075.00 PAY 11/07/03 {7/20/03 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 sBl REC 10/28/03 PAY 11/20/03 siren seman enn ann REC 10/22/03 PAY 11/21/03 TOTAL $4,515.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 11/21/03 INTEREST ONCREDIT BALANCE 0.5000 22.19 AT O 1/2% 10/21 THRU 11/20 TOTAL $22.19 MISCELLANEOUS DATE MODAY TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 11/21/03 CASH-LIEU PENNSYLVANIA AEAL ESTATE 16.90 INVESTMENT TRUST-SBI MERGER @,3589 PENN REAL TOTAL $16.90 027 11/2903,06:43 001 vars November 28, 2003 October 31, 2003 EFTA00200743

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 | | STEARNS _——" 10179 ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE — wwww.bearstearns.com What’s In This Statement Financial Summary , » 3 Your Portfolio Holdings . . 3 Transaction Detail .....ssssseseeenees 5 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 3.840.881 NET CREDIT BALANCE 51,021 NET EQUITY LAST STATEMENT 3,817,213 CHANGE SINCE LAST STATEMENT 74,689 “This portfolio includes one of mom unpriced securties that are not reflected in the Total Value of Securties and the Net Equity This Period. There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Bear, Stearns Securities Corp. One Metrotech Center North JEFFREY EPSTEIN STATEMENT PERIOD October 1, 2003 THROUGH October 31,2003 account xumccr = Hasalbssbealsllssrahil TAXPAYER NUMBER On File LAST STATEMENT September 30, 2003 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $51,021 Cash & Equivalent $43,651 $3,840,881 coe: — me 937.2 HE Current market value 2 Last statements market value Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, ‘This summary is for informational purposes only. It Is not intended as a tax document, % Client Senices at 800-634-1428; cr write to Clant Services at Boar, Steams Securities ‘This statemem should be retained for your records. See reverse side for important information. Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. o27 11/01/03;14:02 001 vara EFTA00200744

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 11/01/03;14:02 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200745

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of Cash Flow Analysis THIS PERIOD Balance $43,650.82 Dividends/Interest 7,369.93 Amount Credited $7,369.93 Net Cash Activity 7,369.93 $51,020.75 Closing Balance Cash Balance Summary OPENING CLOSING Cash 43,650.82 51,020.75 Net Cash Balance $43,650.82 $51,020.75 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP QUANTITY CASH BALANCE TOTAL CASH & CASH EQUIVALENTS Income Summary THiS PERIOD YEAR TO DATE Dividends 7,351.60 77,455.02 Other Dividends 0.00 3,162.50 Muni Bond Int. 0.00 9,162.43 Credit Balance Int. 18.33 501.32 Total $7,369.93 Portfolio Composition Cash/Cash Equivalent 51,021 Equities 3,840,881 Total $3,891,902 MARKET ESTIMATED (QURRENT PRICE VALUE ANNUAL INCOME YELD (%} 51,021 $51,021 027 11/01/03;14:02 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO October 1, 2003 THROUGH October 31,2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2003 Your Portfolio Allocation Cash & Equivalent — 1% _ Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vars EFTA00200746

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 405 Your Portfolio Holdings (continued) EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced CROWN AMERICAN REALTY TRUST CWN CASH 5,000 11.9800 59,900 FELCOR LODGING TRUST INC FCH CASH 2,000 10.1900 20,380 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.5000 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 21.1800 42,360 3,846 9.0793 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.3600 93,600 8,000 8.5470 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 36.6700 73,340 5,760 7.8538 SBI JOHNSONS JOHNSON JNJ CASH 57,800 50.3300 2,909,074 55,488 1.9074 KRAMONT REALTY TRUST KRT CASH 2,000 17.1700 34,340 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 44.3500 19,337 INC RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI 4.5974 12,000 24.1500 289,800 20,160 6.9565 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.3500 2,350 TOO INC TOO CASH 15,600 16.5000 257,400 Total Equities& Options $3,840,881 $103,843 TOTAL EQUITIES $3,840,881 $103,843 YOUR TOTAL ESTIMATED ANNUAL INCOME $103,843 YOUR PRICED PORTFOLIOHOLDINGS $3,891,902 027 11/01/03;14:02 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD October 1, 2003 THROUGH October 31,2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2003 vars EFTA00200747

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 5 os Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD October 1, 2003 THROUGH Transaction Detail ACCOUNT NUMBER October 31,2003 TAXPAYER NUMBER On File DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 10/15/03 = GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 10/01/03 PAY 10/15/03 (03 PAY 10/15/03 TOTAL $7,351.60 INTEREST DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (Se) DEBIT AMOUNT CREDIT AMOUNT 10/21/03 INTEREST ONCREDIT BALANCE 0.5000 18.33 AT 0 1/2% 09/21 THRU 10/20 TOTAL $18.33 STOP **e*** End of Statement"***** oz? 11/01/03;14:02 001 LAST STATEMENT September 30, 2003 vais EFTA00200748

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE wow.bearstearns.com What’s In This Statement Financial Summary ,. . 3 Your Portfolio Holdings . . 3 Transaction Detail voices 5 Your M@SS2Q@5 Aiwa 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 3,773,562 NET CREDIT BALANCE 43,651 a NET EQUITY LAST STATEMENT 3,807,979 CHANGE SINCE LAST STATEMENT 9,234 “This perttolio indudes one or more unpriced securties that are not refected in the Total Value of Securties and the Net Equity This Period There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securities Comp., One Metrotlech Center North, Brooklyn, N.Y. 11201-3859, Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $43,651 $28,467 $3,773,562 HE Current market value SESY Last statements market value Cash & Equivalent o27 10/01/03;11:21 001 ‘This summary is for informational purposes only. It Is not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO August 30,2003 September 30, 2003 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT August 29, 2003 Important Message Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective this month, your account statement reflects all activity and account valuation up to and including the last business day of the month. vara EFTA00200749

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 10/01/03;11:21 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200750

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of? Cash Flow Analysis THIS PERIOD Balance $28,466.85 Dividends/Interest 15,183.97 Amount Credited $15,183.97 Net Cash Activity 15,183.97 Closing Balance $43,650.82 Cash Balance Summary OPENING CLOSING Cash 28,466.85 43,650.82 Net Cash Balance $28,466.85 $43,650.82 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP QUANTITY CASH BALANCE TOTAL CASH & CASH EQUIVALENTS Income Summary THiS PERIOD YEAR TO DATE Dividends 15,169.36 70,103.42 Other Dividends 0.00 3,162.50 Muni Bond Int. 0.00 9,162.43 Credit Balance Int. 14.61 482.99 Total $15,183.97 Portfolio Composition Cash/Cash Equivalent 43,651 Equities 3,773,562 Total $3,817,213 MARKET ESTIMATED §— CURRENT PRICE VALUE ANNUAL INCOME YIELD ('} 43,651 $43,651 027 10/01/03;11:21 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO August 30,2003 THROUGH September 30, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 29, 2003 Your Portfolio Allocation Cash & Equivalent — 1% _ Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vara EFTA00200751

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 47 Your Portfolio Holdings (continued) EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced CROWN AMERICAN REALTY TRUST CWN CASH 5,000 11.9000 59,500 FELCOR LODGING TRUST INC FCH CASH 2,000 10.3600 20,720 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 18.8600 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 21.0700 42,140 3,846 9.1267 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.1400 91,400 8,000 8.7527 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 35.0800 70,160 5,760 8.2098 SBI JOHNSONS JOHNSON JNJ CASH 57,800 49.5200 2,862,256 55,488 1.9386 KRAMONT REALTY TRUST KRT CASH 2,000 16.9500 33,900 4.7418 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 43.0000 18,748 INC 12,000 25.4500 305,400 20,160 6.6012 RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 1.8300 1,830 TOO INC TOO CASH 15,600 14.7300 229.788 Total Equities& Options $3,773,562 $103,843 TOTAL EQUITIES $3,773,562 $103,843 YOUR TOTAL ESTIMATED ANNUAL INCOME $103,843 YOUR PRICED PORTFOLIOHOLDINGS $3,817,213 027 10/01/03;11:21 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT vara August 30, 2003 September 30, 2003 On File August 29, 2003 EFTA00200752

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BEAR STEARNS 5 of? Transaction Detail OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP 09/09/03 JOHNSON& JOHNSON IN) REC 08/19/03 PAY 09/09/03 09/12/03” CROWN AMERICAN REALTY Taust "CAN REC 08/29/03 PAY 09/12/03 QUANTITY RATE (8) 57,800 0.2400 $,000" 0.2150" CEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO August 30,2003 THROUGH accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 29, 2003 CREDIT AMOUNT 13,872.00 1,075.00 INC REC 08/29/03 PAY 09/15/03 TOTAL $15,169.36 INTEREST DATE DESCRIPTION SYMBOUUSIF QUANTITY RATE ("eb CEBIT AMOUNT CREDIT AMOUNT 09/22/03 INTEREST ONCREDIT BALANCE 0.5000 14.61 AT 0 1/2% 08/21 THRU 09/20 TOTAL $14.61 oz? 10/01/03;11:21 001 vara September 30, 2003 EFTA00200753

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BEAR STEARNS 6 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 Your messages ‘i Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At May 31, 2003 and July 31, 2003, the Company's net capital of approximately $2.4 billion and $3.0 billion was approximately 6% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $799.5 million and $904.4 million by approximately $1.6 billion and $2.1 billion, all respectively, A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearsteams,com, Alternatively, to request a free printed copy please call - toll free 1-866-299-9331, CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO August 30,2003 THROUGH September 30, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 29, 2003 ZT Securities and other assets in your account are the firm's collateral for any margin loan made to you. If the securities and other assets in your account decline in value, so does the value of the collateral supporting your loan, and, as a result, the firm can take action, such as issue a margin call and/or sell securities or other assets in any of your accounts held with the member, in order to maintain the required equity in the account, It is important that you fully understand the risks involved in trading securities on margin, These risks include the following: * You can lose more funds than you deposit in the margin account, * The firm can force the sale of securities or other assets in you account(s), * The firm can sell your securities or other assets without contacting you. * You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call, * The firm can increase its “house” maintenance margin requirements at any time and is not required to provide you advance written notice, * You are not entitled to an extension of time on a margin call, 027 10/01/03;11:21 001 vara EFTA00200754

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BEAR STEARNS Tor OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 ES This statement is provided to explain Bear, Stearns & Co, Inc,’s ("BSC") payment for order flow practices. BSC routes a majority of orders for customer securities transactions to the primary market for such securities, Orders may also be routed to other market service vendors that assure executions pursuant to complex mathematical formulas at better than the national best bid or best offer (NBBO). BSC receives no cash payment or other consideration for such order routing other than favorable executions or executions of limit orders at no additional charge. ****** End of Statement™***** CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO August 30,2003 THROUGH September 30, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 29, 2003 TZ Pursuant to SEC Rule 11Ac1-6, please note the following: Bear, Stearns & Co, Inc, will post its quarterly routing statistics at the following web link: http://www,bearstearns,com/, Click on Individual Investor, Click on Equities, Click on Order Routing Practices, Customers of Bear, Stearns & Co, Inc, may request information on any order executed within the prior six months from the time of the request. Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders, 027 10/01/03;11:21 001 vaia EFTA00200755

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE wew.bearstearns.com What’s In This Statement Financial Summary , ‘ 3 Your Portfolio Holdings . . 38 Transaction Detail .....ssssseseneneres 5 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE 3,779,512 28,467 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $3,807,979 4,001,864 CHANGE SINCE LAST STATEMENT -193,885 “This portfolio includes one or mom ungriced securties that are not reflected in the Total Value of Securties sand the Net Equity This Period. There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr nee-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Comp., One Metotech Center North, Brooklyn, N.Y. 11201-3859. Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $28,467 $25,016 779,512 HE Current market value Py Last statements market value Cash & Equivalent o27 (08/30103;13:45 001 ‘This summary 5 for informational purposes only. It Is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steans Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD July 26, 2003 August 29, 2003 accout nuvecr TAXPAYER NUMBER On File July 25, 2003 THROUGH LAST STATEMENT Important Message Bear Stearns is pleased to announce our conversion to a calendar month-end statement. Effective September 2003, your account statement will reflect all activity and account valuation up to and including the last business day of the month. var2 EFTA00200756

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE (08/3003;13:45 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200757

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of Cash Flow Analysis THIS PERIOD Balance Dividends/Interest 3,450.77 Amount Credited $3,450.77 Net Cash Activity 3,450.77 Closing Balance . . $28,466.85 Income Summary THiS PERIOD YEAR TO DATE Dividends 3,440.00 54,934.06 Other Dividends 0.00 3,162.50 Muni Bond Int. 0.00 9,162.43 Credit Balance Int. 10.77 468.38 Total $3,450.77 Portfolio Composition Cash/Cash Equivalent 28.467 Cash Balance Summary Eoulien 3.779.512 OPENING CLOSING Cash 25,016.08 28,466.85 Total . $3,807,979 Net Cash Balance $25,016.08 $28,466.85 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED (QURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (*%) CASH BALANCE 28 467 TOTAL CASH & CASH EQUIVALENTS $28,467 o27 08/3003;13:45 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD July 26, 2003 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER On File LAST STATEMENT Your Portfolio July 25, 2003 Allocation Cash & Equivalent — <1% August 29, 2003 _ Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vai2 EFTA00200758

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 405 Your Portfolio Holdings (continued) EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced CROWN AMERICAN REALTY TRUST CWN CASH 5,000 11.2800 56.400 FELCOR LODGING TRUST INC FCH CASH 2,000 9.6400 19,280 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 18.3500 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 20.6600 41,320 3,846 9.3078 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.0700 90,700 8,000 8.8203 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 31.1400 62,280 5,760 9.2486 SBI JOHNSONS JOHNSON JNJ CASH 57,800 49.5800 2,865,724 55,488 1.9363 KRAMONT REALTY TRUST KRT CASH 2,000 17.1500 34,300 4.8431 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 42.1000 18,356 INC RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 1.6600 1,660 12,000 24.9800 299,760 20,160 6.7254 TOO INC TOO CASH 15,600 16.2200 253,032 Total Equities& Options $3,779,512 $104,483 TOTAL EQUITIES $3,779,512 $104,483 YOUR TOTAL ESTIMATED ANNUAL INCOME $104,483 YOUR PRICED PORTFOLIOHOLDINGS $3,807,979 027 (08/3003;13:45 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT vai2 July 26, 2003 August 29, 2003 On File July 25, 2003 EFTA00200759

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BEAR STEARNS 5 os Transaction Detail OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD July 26, 2003 THROUGH August 29, 2003 account uncer TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT — July 25, 2003 DATE CESCRIPTION SYMBOUCUSIP (CREDIT AMOUNT 08/21/03 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 SBI REC 07/23/03 PAY 08/21/03 REC 07/25/03 PAY 08/25/03 TOTAL $3,440.00 INTEREST DATE CESCRIPTION SYMBOUCUSIF QUANTITY RATE (%) OEBIT AMOUNT (CAEDIT AMOUNT 08/21/03 INTEREST ONCREDIT BALANCE 0.5000 10.77 AT 0 1/2% O7/21 THRU 08/20 TOTAL $10.77 /-~\ {stop} C 027 (08/3003;13:45 001 vai2 EFTA00200760

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE wew.bearstearns.com What’s In This Statement Financial Summary .. . 3 Your Portfolio Holdings . . 3 Transaction Detail .....sssseseenees 5 Your Portfolio at a Glance 3,976,848 25,016 TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $4,001,864 3,944,973 CHANGE SINCE LAST STATEMENT 56,891 “This portfolio includes one or mom unpriced securties that are not reflected in the Total Value of Securties and the Net Equity This Period. There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Corp., One Metrotech Center North, Brooklyn, N.Y 11201-3859. Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $25,016 $17,496 $3,976,848 HE Current market value py Last statements market value Cash & Equivalent 027 (07/26/03;10:09 001 This summary is for informational purposes only. It Is mot intended as a tax document This statement should be retained for your records. See reverse side for important information CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN June 28, 2003 July 25, 2003 On File STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT June 27, 2003 EFTA00200761

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE 07/26/03;10:09 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200762

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 3 of Cash Flow Analysis Income Summary THis PERIOD ToS PERIOD YEAR TO DATE OpeningBalance $17,496.11 Dividends 7,511.60 51,494.06 . Other Dividends 0.00 3,162.50 Dividends/Interest 7,519.97 . Muni Bond Int. 0.00 9,162.43 smn mmm nnn smn vm credit Balance Int. 9.37 457.61 Net Cash Activity 7,519.97 TORN aasseasensssenneeneenennense ELD conse Clo: ing Balance . . $25,016.08 Portfolio Composition c h B | Ss Cash/Cash Equivalent 25,016 as! alance ummary Equities 3,976,848 OPENING. CLOSING Cash 17,496.11 25,016.08 Total . $4,001,864 Net Cash Balance $17,496.11 $25,016.08 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED §— CURRENT DESCRIPTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD (%} CASH BALANCE 25.016 TOTAL CASH & CASH EQUIVALENTS $25,016 o27 07/26/03;10:08 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD June 28, 2003 THROUGH July 25, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT June 27, 2003 Your Portfolio Allocation Cash & Equivalent — <1% _ Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vant EFTA00200763

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 405 Your Portfolio Holdings (continued) EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced CROWN AMERICAN REALTY TRUST CWN CASH 5,000 11.2300 56,150 FELCOR LODGING TRUST INC FCH CASH 2,000 8.5900 17,180 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.9000 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 20.9000 41,800 3,846 9.2010 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.2600 92,600 8,000 8.6393 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 30.7500 61,500 5,760 9.3659 SBI JOHNSONS JOHNSON JNJ CASH 57,800 52.2300 3,018,894 55,488 1.8380 KRAMONT REALTY TRUST KRT CASH 2,000 16.9500 33,900 4.8897 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 41.7000 18,181 INC 12,000 24.2900 291,480 20,160 6.9164 RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 1.6310 1,631 TOO INC TOO CASH 15,600 19.4700 303,732 Total Equities& Options $3.976,848 $104,483 TOTAL EQUITIES $3,976,848 $104,483 YOUR TOTAL ESTIMATED ANNUAL INCOME $104,483 YOUR PRICED PORTFOLIOHOLDINGS $4,001,864 027 07/26/03;10:03 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT June 28, 2003 July 25, 2003 On File June 27, 2003 EFTA00200764

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York. New York 10179 fl Pe JEFFREY EPSTEIN 5 of 5 STATEMENT PERIOD June 28, 2003 THROUGH July 25, 2003 accoumt nuvecr TAXPAYER NUMBER On File Transaction Detail DIVIDENDS LAST STATEMENT —_ June 27, 2003 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) OEBIT AMOUNT (CREDIT AMOUNT 07/15/03 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.4300 860.00 REC 07/01/03 PAY 07/15/03 0.4808 961.60 2,000" 67/15/03” GLIMCHER REALTY TRUST-SBI REC 06/30/03 PAY 07/15/03 TRUST-MD SBI REC 06/30/03 PAY 07/15/03 REC 06/26/03 PAY 07/18/03 TOTAL $7,511.60 INTEREST DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE [%) DEBIT AMOUNT CREDIT AMOUNT 07/21/03 INTEREST ONCREDIT BALANCE 0.7500 1.45 AT 0 3/4% O6/21 THRU 06/24 INTEREST ON CREDIT BALANCE 0.5000 6.92 AT 0 1/2% 06/25 THRU 07/20 TOTAL $8.37 m—, (sr0P) ****** End of Statement****** / —/ 027 07/26/03;10:08 001 vant EFTA00200765

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE — www.bearstearns.com What's In This Statement Financial Summary . . $8 Your Portfolio Holdings . . 4 Transaction Detail ...useseeeeeees 5 YOU M@SSAQES ...useserssseseeees 8 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 3,927,477 NET CREDIT BALANCE 17,496 alco uurene"" gaeiaera NET EQUITY LAST STATEMENT 5,799,343 CHANGE SINCE LAST STATEMENT -1,854,370 “This porticlio includes one or mom ungriced securties that aro not reflected in the Total Value of Securties and the Net Equity This Period There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio 17,496 $546.819 13,927,477 Fixed 2 Income $1,200,000 HB current market value GG Last statements market value Cash & Equivalent 027 (06/28/03;12:00 001 ‘This summary is for informational purposes only. It Is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information. CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERKOO May 31,2003 June 27, 2003 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 30, 2003 Important Message Confirmation: Unless we hear from you to the contrary, it is our understanding that any free credit balances in your account are being maintained to facilitate your intention to invest such amounts through us. vaoa EFTA00200766

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE (06/28/03;12:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vaoa EFTA00200767

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BEAR STEARNS 3 of8 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Cash Flow Analysis THIS PERIOD OpeningBalance $123,298.47 Securities Sold 1,200,000.00 Money Fund 424,487.67 Dividends/Interest 17,093.62 Amount Credited $1,641,581.29 Money Fund -383.65 Funds Withdrawn -1,747,000.00 Amount Debited Net Cash Activity $-1,747,383.65 -105,802.36 Cash Balance Summary OPENING. CLOSING Cash 123,298.47 17,496.11 Net Cash Balance $123,298.47 $17,496.11 Income Summary THiS PERIOD YEAR TO DATE Dividends 15,169.36 43,982.46 Other Dividends 583.22 3,162.50 Muni Bond Int. 1,842.74 9,162.43 Credit Balance Int. 81.52 449.24 seman sveeneenesessansnneseneens Portfolio Composition Cash/Cash Equivalent 17,496 Equities 3,927,477 Total . $3,944,973 027 (06/28/03;12:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 31, 2003 THROUGH June 27, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 30, 2003 Your Portfolio Allocation Cash & Equivalent — <1% Equities 99% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vaos EFTA00200768

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 4 of8 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED © CURRENT DESCRIPTION ‘SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) CASH BALANCE 17,496 TOTAL CASH & CASH EQUIVALENTS $17,496 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD (%) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced CROWN AMERICAN REALTY TRUST CWN CASH 5,000 10.4800 52.400 7.8000 15,600 FELCOR LODGING TRUST INC FCH CASH GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.4800 38,960 3,440 8.8296 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 22.5100 45,020 3,846 8.5429 9.2000 92,000 HAPT PROPERTIES TA-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 31.1400 62,280 5,760 9.2486 SBI JOHNSONS JOHNSON JNJ CASH 57,800 51.5400 KRAMONT REALTY TRUST KRT CASH on PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 39.6900 17,305 889 55.488 1.8626 INC RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 23.1900 278,280 20,160 7.2445 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 1.6400 1,640 027 (06/28/03;12:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT vaos May 31, 2003 June 27, 2003 On File May 30, 2003 EFTA00200769

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRETION SYMBOLICUSIP TPE TOO INC TOO CASH Total Equities& Options CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD May 31,2003 THROUGH June 27, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT May 30, 2003 MARKET ESTIMATED CURRENT VALUE ANNUAL INCOME YELD ('} 311,220 $3,927,477 $104,483 TOTAL EQUITIES $3,927,477 $104,483 YOUR TOTAL ESTIMATED ANNUAL INCOME $104,483 YOUR PRICED PORTFOLIOHOLDINGS $3,944,973 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION 06/18/03 06/18/03 SOLD REV RFDG-SER D-2 METROPOLITAN TRANSN AUTH NY QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 100.00000 1,200,000.00 DUE 11/01/2032 01,000% ACCR. INT. 540.82 SUBJ TO EXTRA ORD CALL FF OPT PUT 7D YIELD 1,000 % TO MATURITY TOTAL $1,200,540.82 o27 06/2803;12:00 001 vaoa EFTA00200770

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS _—€€ 10179 6 of8 JEFFREY EPSTEIN STATEMENT PERIOD May 31, 2003 THROUGH June 27, 2003 Transaction Detail (continued) TAXPAYER NUMBER On File DEPOSITS AND WITHDRAWALS LAST STATEMENT = May 30, 2003 DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 06/18/03 END WIRED 1,047,000.00 TOTAL $-1,747,000.00 MONEY FUND ACTIVITY DATE MO'DAY TRANSACTION: DESCRIPTION SYMBOUCUSIP QUANTITY PRICE OESIT AMOUNT (CREDIT AMOUNT 05/31/03 OPENINGBALANCE 423,520.80 06/02/03” DIVIDEND DREYFUS TAX EXEMPT CASH DEIXX 383.65 MANAGEMENT INSTL SH MONTHLY DIVIDEND 06/02/03 REINVEST DREYFUS TAX EXEMPT CASH DEIXX 383.65 383.65 MANAGEMENT INSTL SH DIVIDEND REINVESTED 06/19/03 SOLD DREYFUS TAX EXEMPT CASH DEIXX -423,904.45 1.0000 423,904.45 MANAGEMENT INSTL SH MASAGEMENT INSTL SH 06/27/03 CLOSINGBALANCE 0.00 TOTAL $-383.65 $424,487.67 027 (06/28/03;12:00 001 vaos account uncer EFTA00200771

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 a JEFFREY EPSTEIN 7 of 8 STATEMENT PERIOD May 31, 2003 THROUGH June 27, 2003 Transaction Detail (continued) account xumccr = TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT = May 30, 2003 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 06/10/03 JOHNSON& JOHNSON JNJ 57,800 0.2400 13,872.00 REC 05/20/03 PAY 06/10/03 REC 06/02/03 PAY 06/13/03 INC REC 05/23/03 PAY 06/13/03 TOTAL $15,169.36 INTEREST DATE DESCRIPTION SYMBOUUSIF QUANTITY RATE ("eb CEBIT AMOUNT CREDIT AMOUNT 06/02/03 METROPOLITAN TRANSN AUTH NY | 1,200,000 1,301.92 REV RFDG-SER D-2 QUE 11/01/2032 1,150 REG INT ON 1200000 BND REC 05/30/03 PAY 06/02/03 SUES TSWHEREST NRE BR eee mene anne ceenennenntnneesomnntnnmnnennee sameness AT 0 3/4% 05/21 THRU 06/20 TOTAL $1,383.44 027 (06/28/03;12:00 001 vao8 EFTA00200772

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York New York 10179 8 of8 Your messages ‘i With interest rates at their lowest in 45 years, income oriented clients are reminded of the risks inherent in attempting to maintain or increase the average yield on a fixed income portfolio, Generally, securities carrying a higher yield come with some combination of added credit risk, extended maturities, reduced liquidity, or special call features, Rising interest rates can cause a decline in the market value of your portfolio, which will impact your principal if securities are sold prior to maturity, Please consult your Bear Stearns account executive if you would like to discuss your fixed income portfolio, As a leader in Fixed Income, Bear Steams can analyze any portfolio, held here or elsewhere and make recommendations such that your portfolio is aligned within your tolerance for risk, * End of Statement** 027 (06/28/03;12:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT vaoa May 31,2003 June 27, 2003 On File May 30, 2003 EFTA00200773

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Masalbaasdeclallsadil Financial Summary .. . 38 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail Jussusssssaes 6 sab lianlehdhestetigphein Fund Activi 6 6100 RED HOOK QUATER B-3 Nd Activity ssjsssesenssreeeensanenenee ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD* 5,251,448 — Cash & Equivalent Set aaa NET CREDIT BALANCE 123,298 $4,138,756 MONEY MARKET FUND BALANCE 423,521 —_—_ $1,200,000 Income $1,200,000 NET EQUITY THIS PERIOD $5,799,343 NET EQUITY LAST STATEMENT 5,881,585 CHANGE SINCE LAST STATEMENT -82,242 “This portfolio indudes one or more unpriced securties that are not refected in he Total Value of Seourties and the Not Equity This Period There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Ploase mport any difference or noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securities Corp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, HE current market value $888 Last statement's market value This summary is for informational purposes only. It Is mot intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO April 26, 2003 May 30, 2003 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT April 25, 2003 ‘This statemem should be retained for your records. See reverse side for important information, 027 06/31/03;15:20 001 ved EFTA00200774

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 06/31/03;15:20 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN veds EFTA00200775

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of? Cash Flow Analysis THIS PERIOD Balance Openi Money Fund 363.57 Dividends/Interest Amount Credited Money Fund Amount Debited Net Cash Activity Cash Balance Summary OPENING CLOSING Cash 118,592.07 123,298.47 Net Cash Balance $118,592.07 $123,298.47 Income Summary THS PERIOD YEAR TO DATE Dividends 3,440.00 28,813.10 Other Dividends 363.57 2,579.28 Muni Bond Int. 1,191.78 7,319.69 Credit Balance Int. 74.62 367.72 Portfolio Composition Cash/Cash Equivalent 546,819 Equities 4.051.448 Fixed Income 1,200,000 Total $5,798,267 027 06/31/03;15:20 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 26,2003 THROUGH May 30, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT April 25, 2003 Your Portfolio Allocation Cash & Equivalent — 9% Fixed Income 21% Equi 70% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. Weds EFTA00200776

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 4a? Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED == CURRENT DESCRIPTION ‘SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) CASH BALANCE DREYFUS TAX EXEMPT CASH DEIXX 423,520.80 1.0000 423,521 4,235 1.0000 MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD _1,0400% TOTAL CASH & CASH EQUIVALENTS $546,819 $4,235 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD |) CNCPF CASH 19 Unpriced CANHORN CHEMICAL CORP HRPT PROPERTIES TR-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 31.5900 63,180 5,760 9.1168 SBI KRAMONT REALTY TRUST KRT PAN PACIFIC RETAIL PROPERTIES PNP 436 17,130 INC RAMCO GERSHENSON PROPERTIES RPT 12,000 23.3900 280,680 20,160 7.1826 TRUST-MD SBI 027 06/31/03;15:30 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 26,2003 May 30, 2003 accoumt nuvecr TAXPAYER NUMBER On File April 25, 2003 THROUGH LAST STATEMENT veds EFTA00200777

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BEAR STEARNS 5 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Your Portfolio Holdings (continued) Equities & Options (continued) DESCRIPTION SIRIUS SATELLITE RADIO INC ACCT SYMBOU'CUSIP TYPE CASH CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 26,2003 THROUGH May 30, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT April 25, 2003 MARKET ESTIMATED CURRENT QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} 6000 1,600 TOO INC CASH 15,600 17.4300 271,908 Total Equities& Options $4,051,448 $104,483 TOTAL EQUITIES $4,051,448 $104,483 FIXED INCOME Municipal Bonds ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) METROPOLITAN TRANSN AUTH NY cts: 1,200,000 100.0000 ~—- 1,200,000 1,076 13,800 1.1500 REV RFDG-SER D-2 DATED DATE 05/30/02 BOOK ENTRY ONLY FSA INSURED DUE 11/01/2032 _1,150% RATING: SAP A-t+ Total MunicipalBonds $1,200,000 $1,076 $13,800 TOTAL FIXED INCOME $1,200,000 $1,076 $13,800 YOUR TOTAL ACCRUED INTEREST $1,076 YOUR TOTAL ESTIMATED ANNUAL INCOME $122,518 YOUR PRICED PORTFOLIOHOLDINGS $5,798,267 o27 06/31/03;15:20 001 Weds EFTA00200778

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York. New York 10179 fl JEFFREY EPSTEIN 6 of? . STATEMENT PERIOD April 26,2003 THROUGH May 30, 2003 accoumt nuvecr TAXPAYER NUMBER On File Transaction Detail MONEY FUND ACTIVITY LAST STATEMENT — April 25, 2003 DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 04/26/03 OPENINGBALANCE 423,157.23 inet 4 MONTHLY DIVIDEND 3 REINVEST DREYFUS TAX EXEMPT CASH DEIXX 363.57 363.57 MANAGEMENT INSTL SH 05/30/03 CLOSINGBALANCE 423,520.80 TOTAL $-363.57 $363.57 DIVIDENDS DATE DESCRIPTION SYMBOUUSIF QUANTITY RATE (8) DEBIT AMOUNT CREDIT AMOUNT 05/22/03 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 REC 04/23/03 PAY 05/23/03 TOTAL $3,440.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (4) CEBIT AMOUNT CREDIT AMOUNT 05/01/03 METROPOLITAN TRANSN AUTH NY | 1,200,000 1,191.78 DORR a, 027 06/31/03;15:20 001 ve4s EFTA00200779

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BEAR STEARNS 7 ot? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Transaction Detail (continued) INTEREST (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD April 26,2003 THROUGH May 30, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT April 25, 2003 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 05/21/03 INTEREST ONGREDIT BALANCE 0.7500 74.62 AT 0 3/4% 04/21 THRU 05/20 TOTAL $1,266.40 /—™ [stop] ***+* Endof Statement"***** 027 (06/31/03;18:20 001 veda EFTA00200780

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 29, 2003 TELEPHONE THROUGH April 25, 2003 VISIT OUR WEBSITE — www.bearstearns.com . account numccr = What's In This Statement Waa deseloelsleanselil TAXPAYER NUMBER On File Financial summary ; ; 3 JEFFREY EPSTEIN LAST STATEMENT March 28, 2003 Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail Jussusssssneee 6 pili Aaanleldhestetiaphein Fund Activi 6 6100 RED HOOK QUATER B-3 urd ACKIVItY sessesesnsnseeststsnsensrseses ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VALUE OF SECURITIES THIS PERIOD* 5,338,756 Cash & Equivalent ose NET CREDIT BALANCE 118,592 $4,165,479 MONEY MARKET FUND BALANCE 423,157 —_—_ $1,200,000 Income $1,200,000 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $5,881,585 5,899,263 CHANGE SINCE LAST STATEMENT “17,678 “This portfolio indudes one or more unpriced securtias that are not refected in he Total Value of Seourties and the Not Equity This Period There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securities Comp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, HE current market value $888 Last statement's market value ‘This summary is for informational purposes only. It Is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information, 027 (04/26/03;12:12 001 v643 EFTA00200781

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE (04/26/03;12:12 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN v643 EFTA00200782

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BEAR STEARNS 3 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Cash Flow Analysis THIS PERIOD OpeningBalance $109,974.19 Money Fund 349.64 Dividends/Interest 8,617.88 Money Fund Amount Debited Amount Credited $8,967.52 Net Cash Activity 8,617.88 Cash Balance Summary Cash OPENING CLOSING 109,974.19 118,592.07 Net Cash Balance $109,974.19 $118,592.07 Income Summary THiS PERIOD YEAR TO DATE Dividends 7,511.60 25,373.10 Other Dividends 349.64 2,215.71 Muni Bond Int. 1,033.97 6,127.91 Credit Balance Int. 72.31 293.10 Portfolio Composition Cash/Cash Equivalent 541,749 Equities 4.138.756 Fixed Income 1,200,000 Total $5,880,505 027 (04/26/03;12:12 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 29, 2003 THROUGH April 25, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT March 28, 2003 Your Portfolio Allocation Cash & Equivalent — 9% Fixed Income 20% Equities 71% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. v643 EFTA00200783

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 4a? Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD (%} CASH BALANCE DREYFUS TAX EXEMPT CASH DEDX 423,157.23 1.0000 423,157 4,232 1.0001 MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD_1,1400% TOTAL CASH & CASH EQUIVALENTS $541,749 $4,232 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD |) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced HRPT PROPERTIES TR-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 28.5500 57,100 5,760 10.0876 SBI KRAMONT REALTY TRUST KRT PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 17,048 INC TRUST-MD SBI 027 (04/26/03;12:12 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT v643 March 29, 2003 April 25, 2003 On File March 28, 2003 EFTA00200784

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BEAR STEARNS 5 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Your Portfolio Holdings (continued) Equities & Options (continued) DESCRIPTION SIRIUS SATELLITE RADIO INC ACCT SYMBOU'CUSIP TYPE CASH CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 29, 2003 THROUGH April 25, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT March 28, 2003 MARKET ESTIMATED CURRENT QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} 7000 700 TOO INC CASH 15,600 18.0000 280,800 Total Equities& Options $4,138,756 $104,416 TOTAL EQUITIES $4,138,756 $104,416 FIXED INCOME Municipal Bonds ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) METROPOLITAN TRANSN AUTH NY cts: 1,200,000 100.0000 ~—- 1,200,000 1,080 16,200 1.3500 REV RFDG-SER D-2 DATED DATE 05/30/02 BOOK ENTRY ONLY FSA INSURED DUE 11/01/2032 1,350% RATING: SAP A-t+ Total MunicipalBonds $1,200,000 ‘$1,080 $16,200 TOTAL FIXED INCOME $1,200,000 $1,080 $16,200 YOUR TOTAL ACCRUED INTEREST $1,080 YOUR TOTAL ESTIMATED ANNUAL INCOME $124,848 YOUR PRICED PORTFOLIOHOLDINGS $5,880,505 o27 (04/26/03;12:12 001 v643 EFTA00200785

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. a 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 6 of? STATEMENT PERIOD March 29, 2003 THROUGH April 25, 2003 Transaction Detail accoumt nuvecr TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT March 28, 2003 DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/29/03 OPENINGBALANCE 422,807.59 inet 4 MONTHLY DIVIDEND REINVEST DREYFUS TAX EXEMPT CASH DEIXX 349.64 349.64 MANAGEMENT INSTL SH 04/25/03 CLOSINGBALANCE 423,157.23 TOTAL $-349.64 $349.64 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 04/15/03 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.4300 860.00 REC 04/01/03 PAY 04/18/03 ER REALTY YRUS 8 760 REC 03/31/03 PAY 04/18/03 BaTSGT RES SASS ROR na FETT RARELY 777 EERE TRUST-MD SBI (03 PAY 04/15/03 04/21/03 KRAMONT REALTY TRUST REC 03/31/03 PAY 04/18/03 0.3250 650.00 TOTAL $7,511.60 027 (04/26/03;12:12 001 643 EFTA00200786

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BEAR STEARNS 7 ot? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Transaction Detail (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD March 29, 2003 THROUGH April 25, 2003 account uncer TAXPAYER NUMBER On File INTEREST LAST STATEMENT March 28, 2003 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (%) DEBIT AMOUNT CAEDIT AMOUNT 04/01/03 METROPOLITAN TRANSN AUTH NY 1,200,000 1,033.97 REV iyouens D-2 Fes AN Pl BROSEED A INTEREST ON CREDIT BALANCE 0.7500 72.31 AT 0 3/4% 03/21 THRU 04/20 TOTAL $1,106.28 /—™, [stop] ****** End of Statement™***** \_/ o27 (04/26/03;12:12 001 v643 EFTA00200787

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary ,. . 3 Your Portfolio Holdings . . 4 Transaction Detail .....uscssseeeneres 6 Fund ACtiVILY Autti 6 YOU M@SSAQES ...useseresseeeeees 8 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 5,365,479 — Cash & Equivalent LONG ACCRUED INTEREST 1,002 NET CREDIT BALANCE 109,974 MONEY MARKET FUND BALANCE NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $5,899,263 6,066,943 CHANGE SINCE LAST STATEMENT -167,680 "This portfolio indudes one or mor unpriced seourties that aro not rofected in the Total Value of Securties and tha Not Equity This Period. There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Corp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2003 March 28, 2003 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER On File JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 LAST STATEMENT Market Value of Your Portfolio $532,782 $618,125 Equities $4,165,479 $3,847,404 Income $1,600,000 HE current market value $888 Last statement's market value ‘This summary 5 for informational purposes only. It is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information. 027 (04/2903;11:19 001 V642 February 28,2003 EFTA00200788

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE (0@/2903;11:19 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN W642 EFTA00200789

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR STEARNS 3 of8 383 Madison Avenue Cash Flow Analysis THIS PERIOD OpeningBalance $195,638.74 Securities Sold 400,000.00 Money Fund 321.74 Dividends/Interest 14,335.45 Amount Credited $414,657.19 Money Fund -321.74 Funds Withdrawn -§00,000.00 Amount Debited $-500,321.74 Net Cash Activity -85.664.55 Cash Balance Summary OPENING CLOSING Cash 195,638.74 109,974.19 Net Cash Balance $195,638.74 $109,974.19 New York, New York 10179 Income Summary THiS PERIOD YEAR TO DATE Dividends 12,911.50 17,861.50 Other Dividends 321.74 1,866.07 Muni Bond Int. 1,335.87 5,093.94 Credit Balance Int. 88.08 220.79 Total Portfolio Composition Cash/Cash Equivalent 532,782 Equities 4.165.479 Fixed Income 1,200,000 Total $5,898.261 027 (04/2903;11:19 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2003 THROUGH March 28, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT February 28, 2003 Your Portfolio Allocation Cash & Equivalent — 9% Fixed Income 20% Equities 71% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. W642 EFTA00200790

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 4 of8 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED == CURRENT DESCRIPTION ‘SYMBOU'CUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [%) CASH BALANCE DREYFUS TAX EXEMPT CASH DEIXX 422,807.59 1.0000 422,808 3,805 0.8999 MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD _1,0200% TOTAL CASH & CASH EQUIVALENTS $532,782 $3,805 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD |) CNCPF CASH 19 Unpriced CANHORN CHEMICAL CORP HRP CASH HRPT PROPERTIES TR-SBI HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 30.9500 61.500 5,760 ‘ 9.3053 SBI KRAMONT REALTY TRUST KRT PAN PACIFIC RETAIL PROPERTIES PNP 436 38.1300 16,625 872 5.2451 INC TRUST-MD SBI 027 (04/2903;11:19 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2003 March 28, 2003 accoumt nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT W642 February 28,2003 EFTA00200791

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BEAR STEARNS 5 of6 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Your Portfolio Holdings (continued) Equities & Options (continued) DESCRIPTION SIRIUS SATELLITE RADIO INC ACCT SYMBOU'CUSIP TYPE CASH QUANTITY PRKE 6700 MARKET ESTIMATED VALUE ANNUAL INCOME 670 CURRENT YIELD [') CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD March 1, 2003 March 28, 2003 account uncer TAXPAYER NUMBER On File THROUGH LAST STATEMENT TOO INC CASH 15,600 16.8000 262,080 Total Equities& Options $4,165,479 $97,524 TOTAL EQUITIES $4,165,479 $97,524 FIXED INCOME Municipal Bonds ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) METROPOLITAN TRANSN AUTH NY cts: 1,200,000 100.0000 ~—- 1,200,000 1,002 13,800 1.1500 REV RFDG-SER D-2 DATED DATE 05/30/02 BOOK ENTRY ONLY FSA INSURED DUE 11/01/2032 _1,150% RATING: SAP A-t+ Total MunicipalBonds $1,200,000 $1,002 $13,800 TOTAL FIXED INCOME $1,200,000 $1,002 $13,800 YOUR TOTAL ACCRUED INTEREST $1,002 YOUR TOTAL ESTIMATED ANNUAL INCOME $115,129 YOUR PRICED PORTFOLIOHOLDINGS $5,898,261 o27 04/2903;11:19 001 W642 February 28,2003 EFTA00200792

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 6 of8 STATEMENT PERIOD March 1,2003 THROUGH March 28, 2003 account uncer TAXPAYER NUMBER On File Transaction Detail INVESTMENT ACTIVITY LAST STATEMENT —- February 28, 2003 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/07/03 03/07/03 SOLD METROPOLITAN TRANSN AUTH NY -400,000 100.00000 400,000.00 REV RFDG-SER D-2 ACCR. INT. 47.12 DUE 11/01/2032 01,000% SUBJ TO EXTRA ORD CALL THIS SECURITY HAS PUT FEATURES ADDITIONAL INFORMATION WILL BE PROVIDED UPON REQUEST TOTAL $400,047.12 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 03/07/03 FND WIRED WIRED TO 500,000.00 TOTAL $-500,000.00 MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/01/03 OPENINGBALANCE 422,485.85 SAOSIN a SNe . ras + varemeatetenmnet on asserenentemenetetnt1eemmnteemnetntt sernnernenetnt tt eenenterneteatntteneterenetent eet teem MONTHLY DIVIDEND ee eC a sy caneeennensnneeenseeenssssaunenenneenneessneetestssaunereanersnneeenneensesssenneeennesenee DIVIDEND REINVESTED 027 (04/2903;11:19 001 W642 EFTA00200793

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | Pe JEFFREY EPSTEIN 7 off STATEMENT PERIOD March 1, 2003 THROUGH March 28, 2003 Transaction Detail (continued) ACCOUNT NUMBER fs TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT DATE MONDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/28/03 CLOSINGBALANCE 422,807.59 TOTAL $-321.74 $321.74 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 03/11/03 JOHNSON& JOHNSON JNJ 57,800 0.2050 11,849.00 REC 02/18/03 PAY 03/11/03 03/14/03 CROWN AMERICAN REALTY TRUST CWN 5,000 0.2125 1,062.50 REC 03/03/03 PAY 03/14/03 TOTAL $12,911.50 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CAEDIT AMOUNT 03/03/03 METROPOLITAN TRANSN AUTH NY 1,600,000 1,288.75 Pee ER oad 02/28/03 PAY 03/03/03 AT 0 3/4% 02/21 THRU 03/20 TOTAL $1,376.83 o27 0a/29103;11:19 001 W642 February 28,2003 EFTA00200794

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 8 of8 Your messages ‘i Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At November 30, 2002 and January 31, 2003, the Company's net capital of approximately $2.4 billion and $2.4 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $716.3 million and $684.1 million by approximately $1.7 billion and $1.7 billion, all respectively. A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www.bearstearns.com_. Alternatively, to request a free printed copy please call - toll free - 1-866-299-9331, **e*** End of Statement™***** CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO March 1, 2003 THROUGH March 28, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 28, 2003 ZT Pursuant to SEC Rule 11Ac1-6, please note the following: Bear Stearns & Co, Inc, will post its quarterly routing statistics at the following web link: http://Wwww,bearstearns com’, Customers of Bear, Stearns & Co, Inc, may request information on any order executed within the prior six months from the time of the request, Specifically, you may request the identity of the venue to which the identified orders were routed for execution, whether the order was directed by you to that venue, and the time of the executions, if any, that resulted from such orders, 027 (04/2903;11:19 001 V642 EFTA00200795

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE — wwnw.bearstearns.com What's In This Statement Financial Summary ,. . 3 Your Portfolio Holdings . . 4 Transaction Detail .....ssssseeeneres 6 Fund ACtiVILY Autti 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 5,447,404 LONG ACCRUED INTEREST 1,414 NET CREDIT BALANCE 195,639 MONEY MARKET FUND BALANCE 422,486 ——— a CT NET EQUITY LAST STATEMENT 6,441,591 CHANGE SINCE LAST STATEMENT ~374,649 "This pertiolio indudes one or mor unpriced seourties that aro not rofected in the Total Value of Securties and tha Not Equity This Period. There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Ploase mport any difference cr noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Corp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER Masalesdeslallaelil TAXPAYER NUMBER JEFFREY EPSTEIN “AST STATEMENT C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $618,125 Cash & Equivalent = $511,271 Equities $3,847,404 $3,928,546 Income $2,000,000 HE current market value $283) Last statement's market value ‘This summary 5 for informational purposes only. It Is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information. 027 0301/03;13:32 001 vest February 1, 2003 February 28,2003 On File January 31, 2003 EFTA00200796

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 0301/03;13:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200797

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR STEARNS 383 Madison Avenue Cash Flow Analysis THIS PERIOD OpeningBalance $90,329.37 Securities Sold 400,000.00 Money Fund 1,544.33 Dividends/Interest 5,309.37 Amount Credited $406,853.70 Money Fund -1,544.33 Funds Withdrawn -300,000.00 Amount Debited $-301,544.33 Net Cash Activity 105,309.37 Cash Balance Summary OPENING CLOSING Cash 90,329.37 195,638.74 Net Cash Balance $90,329.37 $195,638.74 New York, New York 10179 3 of? Income Summary THIS PERIOD YEAR TO DATE Dividends 3,440.00 4,950.00 Other Dividends 1,544.33 1,544.33 Muni Bond Int. 1,789.58 3,758.07 Credit Balance Int. 79.79 132.71 Portfolio Composition Cash/Cash Equivalent 618,125 Equities 3,847,404 Fixed Income 1,600,000 Total $6,065,529 027 03/01/03;13:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD February 1, 2003 THROUGH February 28, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT January 31, 2003 Your Portfolio Allocation Cash & Equivalent—, 10% Fixed Income Equities 64% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. ves1 EFTA00200798

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 4a? Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD (%} CASH BALANCE DREYFUS TAX EXEMPT CASH DEDX 422,485.85 1.0000 422,486 4,225 1.0000 MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD .9800% TOTAL CASH & CASH EQUIVALENTS $618,125 $4,225 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD |) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced HRPT PROPERTIES TR-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 30.5600 61,120 5,760 9.4241 SBI KRAMONT REALTY TRUST KRT PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 INC RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 21.0700 252,840 20,160 7.9734 TRUST-MD SBI 027 0301/03;13:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO February 1, 2003 THROUGH February 28, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 31, 2003 ves EFTA00200799

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BEAR STEARNS 5 of? OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Your Portfolio Holdings (continued) Equities & Options (continued) DESCRIPTION SIRIUS SATELLITE RADIO INC ACCT SYMBOL/CUSIP TYPE CASH CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO February 1, 2003 THROUGH February 28, 2003 accoumt nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 31, 2003 MARKET ESTIMATED CURRENT QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} 7600 760 TOO INC CASH 15,600 15.2500 237,900 Total Equities& Options $3,847,404 $97,524 TOTAL EQUITIES $3,847,404 $97,524 FIXED INCOME Municipal Bonds ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) METROPOLITAN TRANSN AUTH NY cts: 1,600,000 100.0000 —- 1,600,000 1,414 17,600 1.1000 REV RFDG-SEA D-2 DATED DATE 05/30/02 BOOK ENTRY ONLY PAR CALL 03/24/2003 FSA INSURED DUE 11/01/2032 1,100% RATING: SAP A+ Total MunicipalBonds $1,600,000 $1,414 $17,600 TOTAL FIXED INCOME $1,600,000 $1,414 $17,600 YOUR TOTAL ACCRUED INTEREST $1,414 YOUR TOTAL ESTIMATED ANNUAL INCOME $119,349 YOUR PRICED PORTFOLIOHOLDINGS $6,065,529 027 03/01/03;13:32 001 ves) EFTA00200800

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 6 of? . STATEMENT PERIOO February 1, 2003 THROUGH February 28, 2003 account uncer TAXPAYER NUMBER On File Transaction Detail INVESTMENT ACTIVITY LAST STATEMENT = January 31, 2003 SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBT AMOUNT CREDIT AMOUNT 02/11/03 02/11/03 SOLD METROPOLITAN TRANSN AUTH NY -400,000 100.00000 400,000.00 REV RFDG-SER D-2 ACCR. INT. 90.96 DUE 11/01/2032 01,000% SUBJ TO EXTRA ORD CALL THIS SECURITY HAS PUT FEATURES ADDITIONAL INFORMATION WILL BE PROVIDED UPON REQUEST TOTAL $400,090.96 DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 02/11/03 FND WIRED WIRED TO 300,000.00 TOTAL $-300,000.00 MONEY FUND ACTIVITY DATE MONDAY TRANSACTION, DESCAIPTION SYMBOUCUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/01/03 OPENINGBALANCE 420,941.52 02/03/03 DIVIDEND PRAKEUR GX RaMEL CASH PARKER ERE Reni GH DIVIDEND REINVESTED 027 03/01/03;13:32 001 v641 EFTA00200801

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 7 ot? Transaction Detail (continued) MONEY FUND ACTIVITY (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD February 1, 2003 THROUGH February 28, 2003 account uncer TAXPAYER NUMBER On File LAST STATEMENT DATE MO'DAY TRANSACTION DESCRIPTION SYMBOUCUSIP QUANTITY PRICE OESIT AMOUNT (CREDIT AMOUNT 02/28/03 CLOSINGBALANCE 422,485.85 TOTAL $-1,544.33 $1,544.33 DIVIDENDS DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) OEBIT AMOUNT CREDIT AMOUNT 02/20/03 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 SBI AEC 01/23/03 PAY 02/20/03 spies SO SS rc REC 01/17/03 PAY 02/21/03 TOTAL $3,440.00 INTEREST DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE [%) OEBIT AMOUNT CREDIT AMOUNT 02/03/03 METROPOLITAN TRANSN AUTH NY 2,000,000 1,698.62 Boe Wo FERPA 9,000 Reg UVa ta PAY OBS emerson tmnt emonnnmnnnnsnmmnnnnnnnmnnt, AT 0 3/4% 01/21 THRU 02/20 TOTAL $1,778.41 o27 03/01/03;13:32 001 ves January 31, 2003 EFTA00200802

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS ACCOUNT EXECUTIVE ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Haclbassdoslsllanadil Financial Summary .. . 38 JEFFREY EPSTEIN Your Portfolio Holdings 4 C/O FINANCIAL TRUST COMPANY Transaction Detail Jussieu 6 abla anlehdhestetigphein Fund Activi 6 6100 RED HOOK QUATER B-3 und Activity essenseseresrncensrese sense GT THOMAS 1 00802 YOU M@SSAQES ...useseresseneeeees 8 Your Portfolio at a Glance Market Value of Your Portfolio TOTAL VAWE OF SECURTES THIS PERIOD 5,928,546 Cans Equant ME 55. 400,171 NET CREDIT BALANCE 90,329 $4,046,710 MONEY MARKET FUND BALANCE 420,942 $2,000,000 Income $2,000,000 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $6,447,597 9,547,300 CHANGE SINCE LAST STATEMENT -3,105,709 "This perttolio indudes one or mor unpriced seourties that aro not rofected in the Total Value of Securties and tha Not Equity This Period. There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any difference or nomroceigt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clant Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. HM current market value 288] Last statement's market value ‘This summary &s for informational purposes only. It Is not intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD January 1, 2003 January 31,2003 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT December 31, 2002 ‘This statemem should be retained for your records. See reverse side for important information. 027 02101/03;15:36 001 ves0 EFTA00200803

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 0201/03;15:36 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200804

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of8 Cash Flow Analysis THIS PERIOD OpeningBalance $80,376.36 Money Fund 3,003,146.58 Dividends/Interest 9,953.01 Amount Credited $3,013,099.59 Money Fund -3,146.58 Funds Withdrawn -3,000,000.00 Amount Debited Net Cash Activity $-3.003.1 46.58 9,953.01 Cash Balance Summary OPENING CLOSING Cash 80,376.36 90,329.37 Net Cash Balance $80,376.36 $90,329.37 Income Summary ToS PERIOD YEAR TO DATE Dividends 1,510.00 1,510.00 Muni Bond Int. 1,968.49 1,968.49 Credit Balance Int. 52.92 52.92 Total $3,531.41 Portfolio Composition Cash/Cash Equivalent 511,271 Equities 3,928,546 Fixed Income 2,000,000 Total $6,439,817 027 02101/03;18:36 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD January 1, 2003 THROUGH ACCOUNT NUMBER January 31, 2003 TAXPAYER NUMBER On File LAST STATEMENT December 31, 2002 Your Portfolio Allocation Cash & Equivalent— 7% Fixed Incom: 31% Equities 62% Unshaded portions denote debt balance andicr short market values. The alocation percentage is derived from the absohte market value of your portioiio. vé40 EFTA00200805

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 4 of8 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP QUANTITY PRICE ANNUAL INCOME YIELD (%} CASH BALANCE DREYFUS TAX EXEMPT CASH DEDX 420,941.52 1.0000 420,942 4,630 1.0999 MANAGEMENT INSTL SH EST, 30 DAY AVG YIELD 1,0400% TOTAL CASH & CASH EQUIVALENTS $511,271 $4,630 EQUITIES Equities & Options ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YIELD |) CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced HRPT PROPERTIES TR-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 32.4000 64.800 5,760 8.8889 SBI KRAMONT REALTY TRUST KRT PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 15,958 INC TRUST-MD SBI 027 0201/03;15:36 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT ves0 January 1, 2003 January 31, 2003 On File December 31, 2002 EFTA00200806

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 5 of6 Your Portfolio Holdings (continued) Equities & Options (continued) DESCRIPTION SIRIUS SATELLITE RADIO INC ACCT TYPE CASH SYMBOLICUSIP SIRI CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN January 1, 2003 January 31, 2003 On File December 31, 2002 STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT ESTIMATED ANNUAL INCOME CURRENT YIELD [') MARKET VALUE 1,160 QUANTITY PRICE 1600 TOO INC Too CASH 15,600 16.6500 259,740 Total Equities& Options $3,928,546 $97,524 TOTAL EQUITIES $3,928,546 $97,524 FIXED INCOME Municipal Bonds ACCT ACCRUED ESTIMATED QURRENT DESCRIPTION SYMBOLCUSP TYPE QUANTITY PRICE MARKET VALUE INTEREST ANNUAL INCOME YELD (%) METROPOLITAN TRANSN AUTH NY cts: 2,000,000 100.0000 2,000,000 1,774 22,000 1.1000 REV RFDG-SEA D-2 DATED DATE 05/30/02 BOOK ENTRY ONLY PAR CALL 02/27/2003 FSA INSURED DUE 11/01/2032 1,100% RATING: SAP A+ Total MunicipalBonds $2,000,000 $1,774 $22,000 TOTAL FIXED INCOME $2,000,000 $1,774 $22,000 YOUR TOTAL ACCRUED INTEREST $1,774 YOUR TOTAL ESTIMATED ANNUAL INCOME $124,154 YOUR PRICED PORTFOLIOHOLDINGS $6,439,817 027 02101/03;18:36 001 vé40 EFTA00200807

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 6 of8 STATEMENT PERIOO January 1, 2003 THROUGH January 31,2003 account uncer TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT © December 31, 2002 Transaction Detail SETTLEMENT = TRADE DATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT EXCHANGE CENTER TR INC -2,000 C009S97 TO P004271 MERGER@,218 PAN PACIFIC 01/22/03 EXCHANGE PAN PACIFIC RETAIL PROPERTIES PNP 436 INC PO04271 FROM COO9S97 MERGER@,218 PAN PACIFIC TOTAL DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRETION DEBIT AMOUNT CREDIT AMOUNT 01/08/03 FND WIRED WIRED TO 2,000,000.00 WIRED TO 1/000,000.00 TOTAL $-3,000,000.00 MONEY FUND ACTIVITY DATE MO/DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE CEBIT AMOUNT CAEDIT AMOUNT N OPENINGBALANCE 3,417,794.94 ot REINVEST DREVFUS TAX EXEMPT CASH 3.14658 3.14658 —_ MANAGEMENT INSTL SH DIVIDEND REINVESTED 027 02/01/03;18:38 001 ves0 EFTA00200808

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 7 of6 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) OATE MOUDAY TRANSACTION 01/02/03 DIVIDEND DESCAIPTION SYMBOUCUSIP DEIXX QUANTITY PRICE CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD January 1, 2003 January 31, 2003 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT December 31, 2002 DEBIT AMOUNT CAEDIT AMOUNT 3,146.58 RARLEER ERE RSTM/ER CASH AMT INCLUDED IN 2002 - 1099 ° REDE See anwigy ASH oTsies SOLS DREYFUS TAX EXEMPT CASH MANAGEMENT INSTL SH "3.000000 "F-000-000"°°"" -0000 76000 2'660.600.66 1,000°000°66 01/31/03 CLOSINGBALANCE 420,941.52 TOTAL DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE ($) OEBIT AMOUNT $-3,146.58 $3,003,146.58 CREDIT AMOUNT 01/15/03 GLENBOROUGH REALTY TRUST INC GLB REC 01/01/03 PAY 0 GLIMC EALT - CASH DIV ON 2000 SHS REC 12/31/02 PAY 01/15/03 AMOUNT INCLUDED ON 2002-1099 CENTER TR INC CASH DIV ON 2000 SHS REC 12/31/02 PAY 01/17/03 AMOUNT INCLUDED ON 2002-1099 RAMON REALTY TRUS REC 01/02/03 PAY 01/20/03 RAMES EN TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/31/02 PAY 01/21/03 AMOUNT INCLUDED ON 2002-1099 N5/03 i GET PETES 2,000 0.4300 027 0201/03;15:36 001 860.00 I | 11 LK. 0) 5,040.00 vé40 EFTA00200809

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Con Bear, Stearns & Co. Inc. One Mebane ‘Center ‘eae 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS New York, New York 10179 | Pe JEFFREY EPSTEIN 8 of6 THROUGH Transaction Detail (continued) STATEMENT PERIOD January 1, 2003 January 31, 2003 accoumt nuvecr TAXPAYER NUMBER On File DIVIDENDS (continued) LAST STATEMENT December 31, 2002 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) OEBIT AMOUNT (CREDIT AMOUNT 01/31/03 FELCOR LODGING TRUST INC FCH 300.00 CASH DIV ON 2000 SHS REC 12/31/02 PAY 01/31/03 AMOUNT INCLUDED ON 2002-1099 TOTAL $7,931.60 INTEREST DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE ("et DEBIT AMOUNT CREDIT AMOUNT 01/02/03 METROPOLITAN TRANSN AUTH NY 2,000,000 1.5000 1,968.49 REV RDG Sen D-2 Fee Hels mart INTEREST ON CREDIT BALANCE 07500 AT 0 3/4% 12/21 THRU 12/30 i esi mannan AT 0 3/4% 12/31 THRU 01/20 TOTAL $2,021.41 Your messages The interest, if any, charged to your account during December 2002 was computed on the net debit balance through December 30, The interest, if any, charged to your account during January 2003 is computed from December 31, 2002, 027 02101/03;18:36 001 vé40 EFTA00200810