Statements EFTA00200811

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10 BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevepHone wow.bearstearns.com VISIT OUR WEBSITE 179 What's In This Statement Masalbassdeclsllsnadil Financial Summary , 3 JEFFREY EPSTEIN Your Portfolio Holdings . 4 C/O FINANCIAL TRUST COMPANY Transaction Detail ...cuseseeeeeees 6 ATTN JEANNE BRENAN Fund Activity ,, . 6 6100 RED HOOK QUATER B-3 Your Messages 8 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $434,785 TOTAL VALUE OF SECURMIES THIS PERIOD* 4,559,197 Sash & Equivalent $416,505 NET CREDIT BALANCE 9 MONEY MARKET FUND BALANCE 434,776 SS NET EQUITY LAST STATEMENT 4,748,242 CHANGE SINCE LAST STATEMENT 245,740 “This portfolio indudes one or more 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, % Clent Senices at 800-634-1428; or write to Clont Services at Bear, Steams Securities Comp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. $4,559,197 HE Current market value SESY Last statements 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 December 1, 2004 December 31, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT November 30, 2004 Important Message if any information regarding 2004 interest, dividends, miscellaneous income, gross proceeds or original issue discount is required to be reported to the IRS for this account, a Consolidated Form 1099 will be mailed to you by January 31,20050r a 1042Sby March 15,2005. ‘This statemem should be retained for your records. See reverse side for important information, o27 01/01/08;09:18 001 vas? EFTA00200812

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/01/08;09:18 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200813

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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 Balance $3,540.00 592.82 Money Fund Dividends/Interest 17,687.41 $18,280.23 Money Fund -21,811.11 Amount Debited $-21,811.11 Net Cash Activity -3,530.88 Cash Balance Summary OPENING Cash 3,540.00 9.12 Net Cash Balance Income Summary ToS PERIOD YEAR TO DATE Dividends 18,271.11 105,627.30 Credit Balance Int. 9.12 852.52 Total Portfolio Composition Cash/Cash Equivalent 434,785 Equities 4,559,197 Total $4,993,982 027 01/01/08;09:18 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2004 December 31, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT November 30, 2004 Your Portfolio Allocation Cash & Equivalent 8% — Equities 92% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vas? EFTA00200814

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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 BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 oe STATEMENT PERIOO December 1, 2004 THROUGH December 31,2004 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT November 30, 2004 CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} CASH BALANCE 9 DREYFUS CASH MANAGEMENT-CL A DICXX 434,776.19 1.0000 434,776 7,391 1.7000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _2,0100% TOTAL CASH & CASH EQUIVALENTS $434,785 $7,391 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOLCUSIP TRE QUANTITY PRKE VALUE ANNUAL INCOME YELD [%} CANHORN CHEMICAL CORP CNCPF CASH 19 Uny d 027 01/01/08;09:18 001 vae? EFTA00200815

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 5 of@ Your Portfolio Holdings (continued) Equities & Options (continued) NAARKET VALUE 42,560 ACCT SYMBOLICUSIP TPE GLB CASH DESCRIPTION GLENBOROUGH REALTY TRUST INC BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C, RATING: S QUANTITY 2,000 PRICE 21.2800 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2004 December 31, 2004 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT November 30, 2004 CURRENT YELD (%) 6.5789 ESTIMATED ANNUAL INCOME 2,800 GLIMCHER REALTY TRUST-SBI GAT HRPT PROPERTIES TR-SBI HOSPITALITY PROPERTIES TRUST SBI CASH HRP CASH 10,000 HPT CASH 2,000 2,000 27.7100 55.420 12.8300 128,300 46.0000 92,000 3,846 6.9397 6.5472 6.2609 8,400 5,760 JOHNSONS JOHNSON JNJ BSC RATING: STOCK P/SECTOR MW. BUCKINGHAM RESEARCH RATING: B KRAMONT REALTY TRUST KRT CASH 2,000 WTS LUCENT TECHNOLOGIES INC LUTHW CASH EXP 12/10/2007 CASH 57,800 63.4200 3,665,676 23.4000 46,800 1.5800 371 65,892 1.7975 2,600 5.5556 PAN PACIFIC RETAIL PROPERTIES INC PENNSYLVANIA REAL ESTATE PEI CASH INVESTMENT TRUST-SBI PNP CASH 62.7000 27,337 42.8000 76,783 RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 32.2500 387,000 946 3.4605 3,875 5.0467 20,160 5.2093 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 7.6500 7,650 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,559,197 TOTAL EQUITIES $4,559,197 $114,279 $114,279 01/01/08;09:18 001 vas? EFTA00200816

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 6 of8 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $121,670 YOUR PRICED PORTFOLIOHOLDINGS $4,993,982 Transaction Detail CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2004 THROUGH December 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT November 30, 2004 INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP DEBIT AMOUNT GREDMT AMOUNT 12/10/04 JOURNAL WTS LUCENT TECHNOLOGIES INC LUTHW EXP 12/10/2007 DUE 12/10/07 CLASS ACTION SETTLEMENT TOTAL MONEY FUND ACTIVITY DATE MOUDAY TRANSACTION DESCAIPTION SYMBOUCUSIF QUANTITY DEBIT AMOUNT CREDIT AMOUNT 12/01/04 OPENINGBALANCE 412,965.08 12/01 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 3,540 INSTITUTIONAL SHARES {201/04 DIVIDEND OREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND 3,540.00 592.82 027 01/01/08;09:18 001 vas? EFTA00200817

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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 a" 10179 7 of6 JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2004 THROUGH December 31, 2004 Transaction Detail (continued) accouvt xumcce TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT November 30, 2004 DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRIGE DeSIT AMOUNT CAEDIT AMOUNT 12/01/04 REINVEST OREYFUS CASH MANAGEMENT-CL A DICK 592.82 592.82 INSTITUTIONAL SHARES DIVIDEND REINVEST {2/21/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A BGK T7e7e29" INSTITUTIONAL SHARES “T0000 1767829 12/31/04 CLOSINGBALANCE 434,776.19 TOTAL $-21,811.11 $592.82 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CREDIT AMOUNT EE OEE Ee ee 12/07/04 JOHNSON& JOHNSON JNJ 57,800 0.2850 16,473.00 REC 1 04 PAY 12/07, 42/15/04 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC 1 (04 PAY 12/15/04 {2/15/04 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI REC 12/01/04 PAY 12/15/04 TOTAL $17,678.29 1794 ”"0'5400 968.76 027 01/01/08;09:18 001 vas? EFTA00200818

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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 fl a JEFFREY EPSTEIN 8 of8 STATEMENT PERIOO December 1, 2004 THROUGH December 31, 2004 accout nuvecr TAXPAYER NUMBER On File Transaction Detail (continued) INTEREST LAST STATEMENT November 30, 2004 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT (CREDIT AMOUNT 12/21/04 INTEREST ONCREDIT BALANCE 9.12 ACCT AT OI, fe 11/21 - 12/20 TOTAL $9.12 Your messages i Florida residents who own, manage, or control stocks, bonds, money market or TZ As part of the National Association of Securities Dealer's (NASD) Investor mutual funds having a value of $250,000 or more for individuals or $500,000 Education Program, you may obtain information on the NASD's Public for married couples filing jointly must pay a tax on these items, called Disclosure Program by contacting the NASD at telephone number (800) "Intangible Tax", by June 30 to avoid increased penalties. For Tax Returns and 289-9999 or via the internet address which is www.nasdr.com, In addition, a information, call the Department of Revenue at 1-800-352-3671, brochure explaining the Public Disclosure Program is available from the NASD upon request, ****** End of Statement™***** 027 01/01/08;09:18 001 vas? EFTA00200819

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 | a JEFFREY EPSTEIN ACCOUNT EXECUTIVE —_ZICHERMAN, IRA STATEMENT PERIOD October 30, 2004 TecepHone = THROUGH Novernber 30, 2004 VISIT OUR WEBSITE www.bearstearns.com ; . account xumccr = What’s In This Statement | PP | Pry end eee TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 Financial Summary ,. » 3 JEFFREY EPSTEIN Your Portfolio Holdings . 4 C/O FINANCIAL TRUST COMPANY Transaction Detail voices 6 ATTN JEANNE BRENAN Fund ACtiVILY Autti 6 6100 RED HOOK QUATER B-3 ST THOMAS Vi 00802 Your Portfolio at a Glance Market Value of Your Portfolio $416,505 TOTAL VALUE OF SECURITIES THIS PERIOD* 4,331,737 Sash & Equivalent $412,417 NET CREDIT BALANCE 3,540 $4,331,737 MONEY MARKET FUND BALANCE 412,965 sssaneseeeeennnnsseeeessossaunneneeetennnnessensses antes ssuesaannnnaseneneen HE Current market value NET EQUITY THIS PERIOD $4,748,242 BBB Last statement's market value NET EQUITY LAST STATEMENT 4,564,327 CHANGE SINCE LAST STATEMENT 183,915 “This portfolio indudes one or more unpriced securties that are not reflected in the Total Vaiue 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. Please report any difference or nomraceipt 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 Clont Services at Bear, Steams Securities ‘This statemem should be retained for your records. See reverse side for important information. Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3869. 02? 12/01/04;14:42 001 Va65A EFTA00200820

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 12/01/04;14:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN Va65A EFTA00200821

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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 $653.29 548.28 Money Fund Dividends/Interest 3,540.00 $4,088.28 Money Fund 1,201.57 Amount Debited $-1,.201.57 Net Cash Activity 2,886.71 Cash Balance Summary OPENING CLOSING Cash 653.29 3,540.00 Net Cash Balance $653.29 $3,540.00 Income Summary ToS PERIOD Dividends 4,088.28 Credit Balance Int. 0.00 Total Portfolio Composition Cash/Cash Equivalent Equities Total 027 YEAR TO DATE 87,356.19 843.40 416,505 4,331,737 $4,748,242 12/0104;14:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 Your Portfolio Allocation Cash & Equivalent 8% — Equities 92% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. Va65A EFTA00200822

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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 BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4oar STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings last sTaTeMeNT = October 29, 2004 CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} CASH BALANCE 3,540 DREYFUS CASH MANAGEMENT-CL A DICKX 412,965.08 1.0000 412,965 6,607 1.5999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _1,8400% TOTAL CASH & CASH EQUIVALENTS $416,505 $6,607 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOLCUSIP TRE QUANTITY PRKE VALUE ANNUAL INCOME YELD [%} CANHORN CHEMICAL CORP CNCPF CASH 19 Uny d 027 12/01/04;14:42 001 VE65A EFTA00200823

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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 JEFFREY EPSTEIN 5 of? STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 Your Portfolio Holdings (continued) wen TAXPAYER NUMBER On File October 29, 2004 Equities & Options (continued) LAST STATEMENT ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%} GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 21.8400 43,680 2,800 6.4103 BSC RATING: STOCK P/SECTOR MW SENT SYSTEMS, LLC. RATING: GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 26.9500 53,900 3,846 7.1354 JOHNSONS JOHNSON JNJ CASH 57,800 60.3200 3.486.496 65.892 1.8899 BSC RATING: STOCK P/SECTOR an BUCKINGHAM RESEARCH RATINI KRAMONT REALTY TRUST KRT CASH 2,000 20.1200 40,240 2,600 6.4612 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 59.3000 25,855 946 3.6589 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.7500 73,106 3,875 5.3005 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 30.4300 365,160 20,160 5.5209 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.6400 6,640 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,331,737 $114,279 TOTAL EQUITIES $4,331,737 $114,279 oz? 12/0104;14:42 001 VaBSA EFTA00200824

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, 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 | Pe JEFFREY EPSTEIN 6 of? STATEMENT PERIOD October 30, 2004 THROUGH November 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT October 29, 2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $120,886 YOUR PRICED PORTFOLIOHOLDINGS $4,748,242 Transaction Detail MONEY FUND ACTIVITY MO;DAY TRANSACTION DESCAIFTION SYMBOL/OUSIP QUANTITY PRIGE DEBIT AMOUNT CREDIT AMOUNT 10/30/04 OPENINGBALANCE 411,763.51 {101/04 DIVIDEND DREYFUS CASH MANAGEMENT.CL A DICKX INSTITUTIONAL SHARES MONTHLY DIVIDEND 11/01/04 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 548.28 548.28 INSTITUTIONAL SHARES DIVIDEND REINVEST {T02i04 BOUGHT DREYFUS CASH MANAGEMENT-CL A BGK 653.29 10000 INSTITUTIONAL SHARES 11/30/04 CLOSINGBALANCE 412,965.08 TOTAL $-1,.201.57 $548.28 027 12/01/04;14:42 001 Va65A EFTA00200825

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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 October 30,2004 THROUGH November 30,2004 accout nuvecr TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT October 29, 2004 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 11/19/04 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 sBl REC 10/22/04 PAY 11/19/04 {T2204 HAT PROPERTIES TA-SBi HAP 10,000" "62700 2100.00 REC 10/22/04 PAY 11/22/04 TOTAL $3,540.00 f-™ _ VY stop] ****** End of Statement****** 12/01/04;14:42 001 EFTA00200826

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 | a JEFFREY EPSTEIN ACCOUNT EXECUTIVE —_ZICHERMAN, IRA STATEMENT PERIOD October 1, 2004 TecepHone = THROUGH October 29, 2004 VISIT OUR WEBSITE www.bearstearns.com ; . account xumccr = What’s In This Statement | PP | ery en eee TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 Financial Summary ,. » 3 JEFFREY EPSTEIN Your Portfolio Holdings . 4 C/O FINANCIAL TRUST COMPANY Transaction Detail vo. 6 ATTN JEANNE BRENAN Fund ACtiVILY Autumn 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $412,417 TOTAL VALUE OF SECURITIES THIS PERIOD* 4,151,910 S@sh & Equivalent $404,613 vers “ EEE o2.8i8 Equities $4,021,818 MONEY MARKET FUND BALANCE 411,764 sssaneseeeeennnnsseeeessossaunneneeetennnnessensses antes ssousaannnnaseneneen HE Current market value NET EQUITY THIS PERIOD $4,564,327 HBB Last statement's market value NET EQUITY LAST STATEMENT 4,426,431 CHANGE SINCE LAST STATEMENT 137,897 “This portfolio indudes one or more unpriced securties that are not reflected in the Total Vaiue 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. Please report any diference or nomreceipt of checks of stocks, indicated as delivered to you, ‘This summary 5 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. 11201-3869. 02? 10/3004;11:80 001 vaes EFTA00200827

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 10/3004;11:80 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vaes EFTA00200828

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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 $115.78 449.24 Money Fund Dividends/Interest 7,354.89 $7,804.13 Money Fund -7,266.62 Amount Debited $-7,266.62 Net Cash Activity 537.51 Cash Balance Summary OPENING CLOSING Cash 115.78 653.29 Net Cash Balance $653.29 $115.78 Income Summary ToS PERIOD Dividends 7,800.84 Credit Balance Int. 3.29 Total $7,804.13 Portfolio Composition YEAR TO DATE 83,267.91 843.40 $84,111.31 Cash/Cash Equivalent 412,417 Equities 4,151,910 Total $4,564,327 027 10/3004;11:80 001 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, 2004 October 29, 2004 accout nuvecr TAXPAYER NUMBER On File September 30, 2004 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivatent. *% — Equities 91% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vaes EFTA00200829

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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 STEARNS New = New York 10179 | JEFFREY EPSTEIN 4oar STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED (CURRENT DESCRIETION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [) CASH BALANCE 653 DREYFUS CASH MANAGEMENT-CL A DICXX 411,763.51 1.0000 411,764 5,765 1.4001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD_1,6300% TOTAL CASH & CASH EQUIVALENTS $412,417 $5,765 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE __ ANNUAL INCOME YELD (% CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 11.6200 23,240 BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S o27 10/30/04;11:80 001 vaes EFTA00200830

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, Stearns Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS a" 10179 5 a7 JEFFREY EPSTEIN STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 Your Portfolio Holdings (continued) wen TAXPAYER NUMBER On File 30, 2004 Equities & Options (continued) LAST STATEMENT September ACCT NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 21.0000 42,000 2,800 6.6667 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C. RATING: H GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 25.8200 51,640 3,846 7AATT HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.1900 111,900 8,400 7.5067 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.8500 85,700 5,760 6.7211 SBI JOHNSONS JOHNSON JNJ CASH 57,800 58.3800 3,374,364 65.892 1.9527 BSC RATING: STOCK P/SECTOR an BUCKINGHAM RESEARCH RATINI KRAMONT REALTY TRUST KRT CASH 2,000 18.8600 37,720 2,600 6.8929 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 56.6500 24.699 946 3.8301 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.5500 72,747 3,875 5.3267 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.0000 324,000 20,160 6.2222 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.9000 3,900 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $4,151,910 $114,279 TOTAL EQUITIES $4,151,910 $114,279 027 10/3004;11:80 001 vaes EFTA00200831

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Beas, 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 | Pe JEFFREY EPSTEIN 6 of? STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings (continued) cast sateen September 90,2008 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $120,044 YOUR PRICED PORTFOLIOHOLDINGS $4,564,327 Transaction Detail MONEY FUND ACTIVITY MO;DAY TRANSACTION DESCAIFTION SYMBOL/OUSIP QUANTITY PRIGE DEBIT AMOUNT CREDIT AMOUNT 10/01/04 OPENINGBALANCE 404,496.89 {0/01/04 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX INSTITUTIONAL SHARES MONTHLY DIVIDEND 10/01/04 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 449.24 449.24 INSTITUTIONAL SHARES DIVIDEND REINVEST {0120104 BOUGHT DREYFUS CASH MANAGEMENT-CL A BGK “6.81738 110000 6817.38 INSTITUTIONAL SHARES 10/29/04 CLOSINGBALANCE 411,763.51 TOTAL $-7,266.62 $449.24 027 10/3004;11:80 001 vaes EFTA00200832

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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) DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF 10/01/04 RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI REC 09/20/04 PAY 1 REC 10/01/04 PAY 1 10/15/04” GLIMCHER REALTY TRUST-SBI REC 09/30/04 PAY 1 QUANTITY RATE (8) 12,000 0.4200 3000 sence 2,600 ""O:4808 CEBIT AMOUNT "0.3500 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD October 1, 2004 THROUGH October 29, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT September 30, 2004 CREDIT AMOUNT 5,040.00 700.00 961.60 TOTAL $7,351.60 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 10/21/04 aa 3.29 ACCT ATO, me U9/21 TOTAL $3.29 / \ (stor) ****** End of Statement*™***** \/ oz? 10/3004;11:80 001 vase EFTA00200833

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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 TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings . Transaction Detail .......s.sesssesseresseeerees Fund Activity ,, . Your Messages aonnr Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD‘ 4,021,818 — Ca8h & Equivalent CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 accor nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 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 $404,613 $386,819 vers ve ie ED 03 Equities $4,120,376 MONEY MARKET FUND BALANCE 404,497 NET EQUITY LAST STATEMENT 4,507,195 CHANGE SINCE LAST STATEMENT -80,764 “This portfolio indudes one or more unpriced securties that are not reflected in the Total Vatue 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 Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. HE Current market value SESY Last statements market value This summary i 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 oz? 10/01104;07:49 001 vae3 EFTA00200834

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2 of9 STATEMENT BACKER IS PRINTED ON THIS PAGE 10/01/04;07:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vae3 EFTA00200835

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 3 of9 Cash Flow Analysis THIS PERIOD Balance $386,818.60 Dividends/Interest 17,794.07 Amount Credited $17,794.07 Money Fund -404,496.89 Amount Debited Net Cash Activity $-404,496.89 -386,702.82 Cash Balance Summary OFENING CLOSING Cash 386,818.60 115.78 Net Cash Balance $386,818.60 $115.78 Income Summary ToS PERIOD YEAR TO DATE Dividends 17,678.29 75,467.07 Credit Balance Int. 115.78 840.11 Total $17,794.07 Portfolio Composition Cash/Cash Equivalent 404,613 Equities 4,021,818 Total $4,426,431 027 10/01/04,07:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2004 September 30, 2004 accout nuvecr TAXPAYER NUMBER On File August 31,2004 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivatent. *% — Equities 91% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vae3 EFTA00200836

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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 STEARNS New = New York 10179 | JEFFREY EPSTEIN 4g STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED (CURRENT DESCRIETION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [) CASH BALANCE 116 DREYFUS CASH MANAGEMENT-CL A DICXX 404,496.89 1.0000 404,497 5,258 1.2999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _1,5500% TOTAL CASH & CASH EQUIVALENTS $404,613 $5,258 EQUITIES Equities & Options The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE __ ANNUAL INCOME YELD (% CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 11.3100 22,620 BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S 027 10/01/04;07:49 001 va63 EFTA00200837

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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 JEFFREY EPSTEIN 5 of9 STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 Your Portfolio Holdings (continued) wen TAXPAYER NUMBER On File August 31,2004 Equities & Options (continued) LAST STATEMENT gu ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%} GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.7700 41,540 2,800 6.7405 BSC RATING: STOCK P/SECTOR MW SENT SYSTEMS, LLC. RATING: GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 24.3000 48,600 3,846 7.9136 JOHNSONS JOHNSON JNJ CASH 57,800 56.3300 3.255.874 65.892 2.0238 BSC RATING: STOCK P/SECTOR an BUCKINGHAM RESEARCH RATINI KRAMONT REALTY TRUST KRT CASH 2,000 18.6000 37,200 2,600 6.9892 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 54.1000 23,588 946 4.0105 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 38.6600 69,356 3,875 5.5871 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.0800 324,960 20,160 6.2038 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.2000 3,200 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $4,021,818 $114,279 TOTAL EQUITIES $4,021,818 $114,279 oz? 10/01/04;07:49 001 vaea EFTA00200838

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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 fl a JEFFREY EPSTEIN 6 of9 STATEMENT PERIOD September 1, 2004 THROUGH September 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $119,537 YOUR PRICED PORTFOLIOHOLDINGS $4,426,431 Transaction Detail MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION, DESCAIPTION SYMBOUCUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/01/04 OPENINGBALANCE 0.00 09102104 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 386,818.60 1.0000 386,818.60 INSTITUTIONAL SHARES 09/15/04 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 17,678.29 1.0000 17,678.29 INSTITUTIONAL SHARES 09/30/04 CLOSINGBALANCE 404,496.89 TOTAL $-404,496.89 027 10/01/04,07:49 001 vae3 EFTA00200839

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS a" 10179 Transaction Detail (continued) DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF 09/07/04 JOHNSON& JOHNSON JNJ REC 0% (04 PAY 09/07) INC REC 08/27/04 PAY 15/04 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO September 1, 2004 THROUGH September 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 QUANTITY RATE (S$) DEBIT AMOUNT CREDIT AMOUNT 57,800 0.2850 16,473.00 INVESTMENT TRUST-SBI REC 09/01/04 PAY 09/15/04 TOTAL $17,678.29 INTEREST DATE DESCRIPTION SYMBOUGUSIF QUANTITY RATE ("eb DEBIT AMOUNT CREDIT AMOUNT 09/21/04 a BALANCE 115.78 ACCT AT 00.) % U8/21 - 09/20 TOTAL $115.78 oz? 10/01104:07:49 001 aes EFTA00200840

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BEAR STEARNS 8 of9 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, 2004 and July 31, 2004, the Company's net capital of approximately $3,6 billion and $3,6 billion was approximately 6,8% and 6,5% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.1 billion and $1,1 billion by approximately $2,5 billion and $2,5 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, = CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2004 September 30, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT August 31,2004 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 your account(s), “ The firm can sell your securities or other assets without contacting you. * You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold to meet a margin call, * The firm can increase its "house" maintenance margin requirements at any time and is not required to provide you advance written notice. * You are not entitled to an extension of time on a margin call, 027 10/01/04;07:49 001 va63 EFTA00200841

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BEAR STEARNS 9 of9 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 i 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 PERIOD September 1, 2004 THROUGH September 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT August 31,2004 ie 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:/Avww,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 10/01/04;07:49 001 vaea EFTA00200842

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , . 38 Your Portfolio Holdings . 4 Transaction Detail ....usssseeeeneres 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE 4,120,376 386,819 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $4,507,195 4,288,232 CHANGE SINCE LAST STATEMENT 218,963 “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 800-634-1428; or write to Clont Services at Bear, Steams Socuritios Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. Cash & Equivalent 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 $386,819 $383,017 $4,120,376 HE Current market value SESY Last statements market value This summary i 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 PERIOD July 31, 2004 August 31,2004 accout nuvecr TAXPAYER NUMBER On File July 30, 2004 THROUGH LAST STATEMENT ‘This statemem should be retained for your records. See reverse side for important information. 027 08/01/0406:31 001 vaé2 EFTA00200843

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 08/01/04,06:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vaé2 EFTA00200844

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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 Brocklyn, New York 11201-2859 STEARNS New York New York 10179 as a JEFFREY EPSTEIN 3 of6 STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 . account xumccr = Cash Flow Analysis Income Summary SaxpaveR NUMBER On File Tis PERIOD ToS PERIOD YEAR TO DATE LAST STATEMENT July 30, 2004 Balance $383,016.57 Dividends 3,540.00 87,788.78 Credit Balance Int. 262.03 724.33 Dividends/Interest 3,802.03 cssnensnenenecsssaenen Total Amount Credited $3,802.03 Net Cash Activity 3,802.03 aa wenn euneeneiiie Portfolio Composition Cash/Cash Equivalent 386,819 Equities 4,120,376 Cash Balance Summary Total . $4,507,195 OPENING CLOSING Cash 383,016.57 386,818.60 sevssnennenntnnenesssatnntnnee setnnnesssenennennnnnne sie Your Portfolio Net Cash Balance $383,016.57 $386,818.60 Allocation Cash & Equivalent 8% — Equities 92% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. 027 08/01/04,06:31 001 vaé2 EFTA00200845

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 4 of6 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} CASH BALANCE 386.819 TOTAL CASH & CASH EQUIVALENTS $386,819 EQUITIES Equities & Options CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERWOO July 31, 2004 THROUGH August 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT July 30, 2004 The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT DESCRIFTION SYMBOUCUSIP TYPE QUANTITY CANHORN CHEMICAL CORP CNCPF CASH 19 FELCOR LODGING TRUST INC FCH CASH 2,000 BSC RATING: STOCK L/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S GLENBOROUGH REALTY TRUST INC GLB CASH BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C. 2,000 PRIE MARKET VALUE Unpriced 11.7100 20.4800 ESTIMATED OURRENT ANNUAL INCOME YELD [%} 23,420 40,960 2,800 6.8359 RATING: H 027 09/01/04;08:31 001 vaé2 EFTA00200846

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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 Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | Pe JEFFREY EPSTEIN 5 of6 STATEMENT PERIOD July 31, 2004 THROUGH August 31,2004 Your Portfolio Holdings (continued) accout numece | TAXPAYER NUMBER On File an . LAST STATEMENT July 30, 2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} GLIMCHER REALTY TRUST-SBI GAT CASH 10.7800 107,800 8,400 7.7922 41.9500 83,900 5,760 6.8653 HRPT PROPERTIES TA-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH SBI JOHNSON& JOHNSON JNJ CASH 57,800 58.1000 3,358,180 65,892 1.9621 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KAT CASH 2,000 18.4800 36,960 2,600 7.0346 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 53.3900 23,278 946 4.0639 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 38.2600 68,638 3,875 5.6456 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.0200 324,240 20,160 6.2176 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.3200 2,320 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $4,120,376 $114,279 TOTAL EQUITIES $4,120,376 $114,279 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $114,279 YOUR PRICED PORTFOLIOHOLDINGS $4,507,195 027 08/01/04,06:31 001 vaé2 EFTA00200847

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 6 of6 Transaction Detail CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERWOO July 31, 2004 THROUGH August 31,2004 accout nuvecr TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT July 30, 2004 DATE DESCRIPTION SYMBOUIOUSIF QUANTITY RATE (S$) DEBIT AMOUNT CAEDIT AMOUNT 08/20/04 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 2/04 PAY 08/20/04 08/25/04 HAPT PROPERTIES TR-SBI HAP 10,000 0.2100 2,100.00 REC 07/23/04 PAY 08/25/04 TOTAL $3,540.00 INTEREST DATE CESCRIPTION SYMBOUCUSIF QUANTITY RATE (%) OEBIT AMOUNT (CAEDIT AMOUNT 08/23/04 INTE! DIT BALANCE 262.03 ACCT AT 00, i /21 - 08/20 TOTAL $262.03 /—™ (stop) - \_/ 027 09/01/04,06:31 001 vaé2 EFTA00200848

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement 383 Madison Avenue Financial Summary , . 38 Your Portfolio Holdings . 4 Transaction Detail .....usssseseeneres 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE 3,905,215 383,017 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $4,288,233 4,294,063 CHANGE SINCE LAST STATEMENT 5,832 “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; cr write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859. Bear, Stearns & Co. Inc. Cash & Equivalent 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 $383,017 $375,451 HE Current market value oy Last statements market value $3,905,215 $3,918,612 ‘This summary 5 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 July 1, 2004 July 30, 2004 On File THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT June 30, 2004 ‘This statemem should be retained for your records. See reverse side for important information. o27 07/3110406:41 001 vasa EFTA00200849

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 07/31/04;08:41 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vasa EFTA00200850

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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 3 of 6 STATEMENT PERIOO July 1, 2004 THROUGH July 30, 2004 Cash Flow Analysis Income Summary recon wnece me ToS PERIOD YEAR TO DATE HIS PERIOD LAST STATEMENT June 30, 2004 Balance $375,451.48 Dividends 7,351.60 54,248.78 Credit Balance Int. 213.49 462.30 Dividends/Interest 7,565.09 cssnensnenenecsssaenen Total Amount Credited $7,565.09 Net Cash Activity 7,565.09 aa “emma r euneeneiiie Portfolio Composition Cash/Cash Equivalent 383,017 Equities 3,905,215 Cash Balance Summary Total $4,288,232 OPENING CLOSING Cash 375,451.48 383,016.57 seneeneeness Your Portfolio Net Cash Balance $375,451.48 $383,016.57 Allocation Cash & Equivalent 8% — Equities 92% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. 027 07/31104,06:41 001 vasa EFTA00200851

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 4 of6 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} CASH BALANCE 383,017 TOTAL CASH & CASH EQUIVALENTS $383,017 EQUITIES Equities & Options CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO July 1, 2004 THROUGH July 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT June 30, 2004 The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm's Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available, The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost, Customers can access this research at www.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. ACCT DESCRIFTION SYMBOUCUSIP TYPE QUANTITY CANHORN CHEMICAL CORP CNCPF CASH 19 FELCOR LODGING TRUST INC FCH CASH 2,000 BSC RATING: STOCK L/SECTOR MW GREEN STREET ADVISORS, INC, RATING: S GLENBOROUGH REALTY TRUST INC GLB CASH BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C. 2,000 PRIE 11.4000 18.2800 MARKET VALUE Unpriced ESTIMATED OURRENT ANNUAL INCOME YELD [%} 22,800 36,560 2,800 7.6586 RATING: H 027 07/31/04;08:41 001 vasa EFTA00200852

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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 Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | Pe JEFFREY EPSTEIN 5 of6 STATEMENT PERIOD THROUGH Your Portfolio Holdings (continued) ACCOUNT MUMEER TAXPAYER NUMBER LAST STATEMENT Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} GLIMCHER REALTY TRUST-SBI GAT CASH 10.0700 100,700 8,400 8.3416 39.8800 79,760 5,760 7.2217 HRPT PROPERTIES TA-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH SBI JOHNSON& JOHNSON JNJ CASH 57,800 55.2700 3,194,606 65,892 2.0626 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: H KRAMONT REALTY TRUST KRT CASH 2,000 15.9000 31,800 2,600 8.1761 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 50.6000 22,062 946 4.2879 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 34.8700 62,557 3,875 6.1944 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 25.7100 308,520 20,160 6.5344 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.5300 2,530 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: H Total Equities& Options $3,905,215 $114,279 TOTAL EQUITIES $3,905,215 $114,279 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $114,279 YOUR PRICED PORTFOLIOHOLDINGS $4,288,232 027 07/31/04;08:41 001 vase July 1, 2004 July 30, 2004 On File June 30, 2004 EFTA00200853

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BEAR STEARNS 6 of6 Transaction Detail DIVIDENDS DATE DESCRIPTION SYMBOUCUSIF 07/01/04 RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI REC 06/20/04 PAY 07/01 REC 0) 1/04 PAY 07/15/04 07/15/04 GLIMCHER REALTY TRUST-SBI REC 06/30/04 PAY 07/15/04 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 QUANTITY 12,000 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO July 1, 2004 THROUGH July 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT June 30, 2004 S000 sence 2,000" RATE ($) DEBIT AMOUNT CREDIT AMOUNT 0.4200 5,040.00 6.4808 961.60 TOTAL $7,351.60 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 07/21/04 a BALANCE 213.49 ACCT AT 00.) i 21 - 07/20 TOTAL $213.49 / \ (stor) ****** End of Statement*™***** \/ 027 07/31/04,06:41 001 vasa EFTA00200854

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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 . . 4 Transaction Detail vo. 5 Your M@SSA9@5 wiuusei 7 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 3,918,612 NET CREDIT BALANCE 375,451 —— NET EQUITY LAST STATEMENT 4,280,455 CHANGE SINCE LAST STATEMENT 13,609 “This porticlio includes one or mom unericed securties that aro not relected 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 Comp., One Metrolech 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 $375,451 Cash & Equivalent fs 13 13,918.612 HE Current market value SESY Last statements market value o27 07/01/04;13:31 001 ‘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 May 29, 2004 June 30, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 28, 2004 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. vaa2 EFTA00200855

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 07/01/04;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vaa2 EFTA00200856

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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 $108,112.58 Securities Sold 249,597.25 Dividends/Interest 17,741.65 Amount Cr ited $267,338.90 Net Cash Activity 267,338.90 Closing Balance $375,451.48 Cash Balance Summary OPENING CLOSING Cash 108,112.58 375,451.48 Net Cash Balance $108,112.58 $375,451.48 Income Summary ToS PERIOD YEAR TO DATE Dividends 17,678.29 46,897.18 Credit Balance Int. 63.36 248.81 Total Portfolio Composition Cash/Cash Equivalent 375,451 Equities 3,918,612 Total $4,294,063 027 07/01/04;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 Your Portfolio Allocation Cash & Equivalent — 8% — Equities 92% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vaa2 EFTA00200857

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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 VALUE ANNUAL INCOME YELD [%) CASH BALANCE 375.451 TOTAL CASH & CASH EQUIVALENTS $375,451 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 12.1000 24,200 18.3500 36,700 2,800 7.6294 GLENBOROUGH REALTY TRUST INC GLB CASH GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 22.1200 44,240 3,846 8.6935 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.0100 100,100 8,000 7.9920 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.3000 84.600 5,760 6.8085 SBI JOHNSONS JOHNSON JNJ CASH 57,800 55.7000 3.219.460 65,892 2.0467 KRAMONT REALTY TRUST KRT CASH 2,000 16.0000 32,000 2,600 8.1250 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 50.5200 22,027 946 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 34.2500 61.445 3,875 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 24.2300 290,760 20,160 6.9336 TRUST-MD SBI 027 07/01104;13:31 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 vaa2 EFTA00200858

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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) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 29, 2004 June 30, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH eae . LAST STATEMENT May 28, 2004 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP__TYPE QUANTITY PRKE VALUE _ ANNUAL INCOME YELD [X} SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.0800 3,080 Total Equities& Options $3,918,612 $113,879 TOTAL EQUITIES $3,918,612 $113,879 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $113,879 YOUR PRICED PORTFOLIOHOLDINGS $4,294,063 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 06/17/04 06/14/04 SOLD TOO ING TOO -15,600 16.06020 249,597.25 UNSOLICITED TOTAL $249,597.25 DIVIDENDS DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 06/08/04 JOHNSON& JOHNSON JNJ 57,800 0.2850 16,473.00 REC 05/18/04 PAY 06/08/04 027 07/01/04;13:31 001 Vva32 EFTA00200859

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS a" 10179 Transaction Detail (continued) DIVIDENDS | (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 29, 2004 THROUGH June 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 06/15/04 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5425 236.53 INC REC 05/28/04 PAY 06/15/04 06/15/04” PENNSYLVANIA BEAL Estate" “BEI” Vise Osa" INVESTMENT TRUST-SBI REC 06/01/04 PAY 06/15/04 TOTAL $17,678.29 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [%) CEBIT AMOUNT CREDIT AMOUNT 06/21/04 _ INTE DIT BALANCE 63.36 ACCT AT 00,50000% 05/21 - 06/20 TOTAL $63.36 027 07/01/04;13:31 001 vaa2 EFTA00200860

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS 7 of8 Your messages ‘i Notice Regarding a Change in The Statement of Interest Charges Pursuant to the “Truth-in-Lending” Rule 10 (b)-16 Regarding Short Sales And Marking-To-The-Market Effective no earlier than thirty (30) days from your receipt of this statement, we will compute interest regarding your short sales and marking-to-the market as follows: The credit that appears on your statement due to short sales (including short sales against the box) is offset by a debit of like amount because Bear Steams Securities has to borrow the same security in order to deliver it to the buying broker and has to provide its lender additional collateral of up to 105% of the settled short market value of the borrowed securities to secure such loan, This means that the debit balance on which interest is computed will be the difference between (i) up to 105% of the settled short market value of such short sales (across all currencies), which shall be calculated daily, and (ii) the proceeds of such short sales, = CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 29, 2004 June 30, 2004 accout nuvecr TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 28, 2004 Any short positions in your account will be kept "marked-to-the market", This means that periodically the balance maintained in the short account will be adjusted to equal the market value of the short securities, Securities that are priced below five dollars per share may be valued at five dollars per share for short marking-to-the market purposes, If a security has been sold short (or sold short against the box) and has appreciated in market price over the selling price, interest will be charged on the amount of appreciation; if it depreciates in market price, interest will be correspondingly reduced by the drop in value, The appreciation or depreciation of securities sold short will be determined by Bear Stearns Securities based upon daily closing prices or quotations provided by pricing services, as applicable, or upon such factors as Bear Stearns Securities in its sole judgement deems pertinent. Please note that the other sections of the "Truth-in-Lending” disclosure previously provided to you remain unchanged. 027 07/01/04;13:31 001 Vva32 EFTA00200861

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BEAR STEARNS 8 of8 OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 ie Pursuant to the terms of the equity research settlement that was entered into by Bear Stearns and other major investment banks, we will soon make available to our customers, independent third-party research ("Independent Research’), at no cost, on the common stock of certain companies covered by the Firm's Equity Research Department (‘Covered Company”), Customers will be able to access this research at www,bearstearns com or can call (800) 517-2327 to request that a copy of this research be sent to them, Further, Bear Stearns will notify certain of our customers, at the time of each solicited order to buy or sell the common stock of a Covered Company, of the availability of Independent Research, and will provide, on the confirmations and statements that are generated for these customers, the rating(s) on such Covered Company(s) by the Firm's Equity Research Department, as well as the corresponding rating(s) by the applicable Independent Research provider(s), where available, These notice provisions become effective in the near future and, to the extent applicable, will be included in your next monthly statement, Please note, Bear Stearns is not responsible or liable for (i) decisions relating to the procurement of Independent Research, (ii) Independent Research or its content, (iii) customer transactions, to the extent based on Independent Research, or (iv) claims arising from or in connection with access provided by the Firm and/or the inclusion of Independent Research ratings in trade confirmations, periodic account statements or www.bearsteams.com. Bear Stearns is not required to supervise the production of Independent Research and has no responsibility to comment on the content of such Research, ***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 PERIOD May 29, 2004 THROUGH June 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT May 28, 2004 TZ Please be advised of the following changes regarding account service fees: Beginning September 1, 2004, accounts will be subject to a $20,00 processing fee for each outgoing wire transfer and for each check issued by Bear Stearns at the request of a customer, You may wish to speak to your Account Executive to inquire about the availability of check writing privileges for your brokerage account, Beginning January 1, 2005, accounts will be subject to an annual account charge of $75.00 applicable for households that maintain less than $100,000 in net equity in related accounts or that generated less than $500 in brokerage commissions and/or fees paid to Bear Stearns in those accounts in the prior calendar year, 027 07/01/04;13:31 001 vax2 EFTA00200862

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York New York 10179 | a JEFFREY EPSTEIN ACCOUNT EXECUTIVE — ZICHERMAN, IRA STATEMENT PERIOD May 1, 2004 TeepHone = THROUGH May 28, 2004 VISIT OUR WEBSITE www.bearstearns.com ; . account xumccr = What’s In This Statement || Pe | ery end eee TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 Financial Summary , . 3 JEFFREY EPSTEIN Your Portfolio Holdings . . 3 C/O FINANCIAL TRUST COMPANY Transaction Detail vices 5 ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS Vi 00802 Your Portfolio at a Glance Market Value of Your Portfolio $108,113 TOTAL VALUE OF SECURMIES THIS PERIOD* 4,172,942 Cash & Equivalent “7 eo “ers moos Kwa (086387 Equities $4,066,367 NET EQUITY THIS PERIOD .280,455 ar OY a Pe OAS HE current market value NET EQUITY LAST STATEMENT 4,170,996 HEE] Last statement's market value CHANGE SINCE LAST STATEMENT 109,459 “This portfolio includes one or mom unpriced securties that are not refiected 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. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, ‘This summary §s for informational purposes only. It Is not intended as a tax document. % Client Senices at 800-634-1428; cr write to Clont 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. 11201-3869. 02? 06/29104;12:22 001 vaat EFTA00200863

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2 of 5 STATEMENT BACKER IS PRINTED ON THIS PAGE (06/29104;12:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200864

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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 Amount Credited Net Cash Activity Closing Balance $108,112.58 Cash Balance Summary OPENING CLOSING Cash 104,629.07 108,112.58 Net Cash Balance $104,629.07 $108,112.58 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP QUANTITY CASH BALANCE TOTAL CASH & CASH EQUIVALENTS Income Summary THiS PERIOD YEAR TO DATE Dividends 3,440.00 29,218.89 Credit Balance Int. 43.51 185.45 Total $3,483.51 $29.404.34 Portfolio Composition Cash/Cash Equivalent 108,113 Equities 4172,342 Total $4,280,455 MARKET ESTIMATED §— CURRENT PRICE VALUE ANNUAL INCOME YIELD ('} 108.113 $108,113 027 (06/2904;12:32 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD May 1, 2004 May 28, 2004 accout nuvecr TAXPAYER NUMBER On File April 30, 2004 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent 2% _ Equities 98% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vast EFTA00200865

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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 FELCOR LODGING TRUST INC FCH CASH 2,000 10.6400 21,280 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.0100 38,020 2,800 7.3645 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 22.3300 9.8500 98,500 8,000 8.1218 HRPT PROPERTIES TR-SBI HRP CASH HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 40.9300 81,860 5,760 7.0364 SBI JOHNSON& JOHNSON JNJ CASH 57,800 55.7100 3,220,038 65,892 2.0463 KRAMONT REALTY TRUST KRT CASH 2,000 16.1200 32,240 2,600 8.0645 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 46.0000 20,056 946 4.7168 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 33.3000 59,740 3,875 6.4864 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 24.2000 290,400 20,160 6.9421 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.0000 3,000 TOO INC Too CASH 15,600 16.8300 262.548 Total Equities& Options $4.172,342 $113,879 TOTAL EQUITIES $4,172,342 $113,879 027 (06/2904;12:32 001 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 vast May 1, 2004 May 28, 2004 On File April 30, 2004 EFTA00200866

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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 May 1, 2004 THROUGH May 28, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT April 30, 2004 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $113,879 YOUR PRICED PORTFOLIOHOLDINGS $4,280,455 Transaction Detail DIVIDENDS DATE OESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) CEBIT AMOUNT CREDIT AMOUNT 05/20/04 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 SBI REC 05/04/04 PAY 05/20/04 HAPT PROPERTIES TR-SBI a HAP . 40,000 0.2000 a ‘ REC 04/23/04 PAY 05/24/04 TOTAL $3,440.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE [%) CEBIT AMOUNT CREDIT AMOUNT 05/21/04 _ INTEI DIT BALANCE 43.51 ACCT AT 00, : /21 - 05/20 TOTAL $43.51 027 (06/29'04;12:32 001 ves) EFTA00200867

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York. New York 10179 | a JEFFREY EPSTEIN ACCOUNT EXECUTIVE — ZICHERMAN, IRA STATEMENT PERIOD April 1, 2004 TeepHone = THROUGH April 30, 2004 VISIT OUR WEBSITE www.bearstearns.com ; . account xumccr = What’s In This Statement | PP | ery end eee TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 Financial Summary ,. . 3 JEFFREY EPSTEIN Your Portfolio Holdings . . 3 C/O FINANCIAL TRUST COMPANY Transaction Detail vo. 5 ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $104,629 TOTAL VALUE OF SECURITIES THIS PERIOD‘ 4,066,967 —S@8h & Equivalent $97,235 “eons roses EEE 1.055.854 Equities $4,053,854 NET EQUITY THIS PERIOD .170,996 prchsisasellninstens al saneseaneenee HE Current market value NET EQUITY LAST STATEMENT 4,151,089 HEH] Last statement's market value CHANGE SINCE LAST STATEMENT 19,907 “This portfolio includes one or mom ungriced 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. Please report any diference or nomraceipt of checks or stocks, indicated as delivered to you, ‘This summary §s for informational purposes only. It Is not intended as a tax document, % Client Senices at 800-634-1428; cr write to Clont 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. 11201-3869. ® Mawnan fant Nemo 027 05/01/04:13:17 001 v830 EFTA00200868

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN 2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 05/01/04:13:17 O01 830 EFTA00200869

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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 $97,235.43 Dividends/Interest 7,393.64 Amount Credited $7,393.64 Net Cash Activity 7,393.64 $104,629.07 Closing Balance Cash Balance Summary OPENING CLOSING Cash 97,235.43 104,629.07 Income Summary THiS PERIOD Dividends 7,351.60 Credit Balance Int. 42.04 Total $7,393.64 Portfolio Composition Cash/Cash Equivalent Equities Total YEAR TO DATE 25,778.89 141.94 $25,920.83 104.629 4,066,367 $4,170,996 Net Cash Balance $97,235.43 $104,629.07 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED (QURRENT DESCRIPTION SYMBOUCUSIP PRICE VALUE ANNUAL INCOME YELD (%) CASH BALANCE 104.629 TOTAL CASH & CASH EQUIVALENTS $104,629 027 05/01/04;13:17 O01 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 1, 2004 THROUGH April 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT March 31,2004 Your Portfolio Allocation Cash & Equivalent 2% _ Equities 98% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. 830 EFTA00200870

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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 10.0000 20,000 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 18.7900 37,580 2,800 7.4508 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 21.1500 HRPT PROPERTIES TR-SBI HRP CASH 10,000 9.5500 95,500 8,000 8.3770 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 39.0800 78,160 5,760 7.3695 SBI JOHNSON& JOHNSON JNJ CASH 57,800 54.0300 3,122,934 65,892 2.1099 KRAMONT REALTY TRUST KRT CASH 2,000 15.8100 31,620 2,600 8.2226 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 43.9300 19,153 946 4.9392 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 32.3500 58,036 3,875 6.6769 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 23.6800 284.160 7,896 2.7787 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.3000 3,300 TOO INC Too CASH 15,600 17.5400 273,624 Total Equities& Options $4,066,367 $101,615 TOTAL EQUITIES $4,066,367 $101,615 027 05/01/04;13:17 O01 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 April 1, 2004 April 30, 2004 On File March 31,2004 830 EFTA00200871

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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 STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $101,615 YOUR PRICED PORTFOLIOHOLDINGS $4,170,996 Transaction Detail DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) OEBIT AMOUNT CREDIT AMOUNT 04/15/04 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 04/01/04 PAY 04/15/04 04/15/04 GLIMCHER REALTY TRUST-SBI SRT “3000 0.4808 _— 961.60 REG 03/31/04 PAY 04/15/04 04/20/04 RAMCO GEASHENSON PROPERTIES APT 12,000 0.4200 ‘ 5,040.00 TRUST-MD SBI REC 03/31/04 PAY 04/20/04 04/22/04 KRAMONT REALTY TRUST KAT 2.000 REC 03/26/04 PAY 04/22/04 TOTAL 027 05/01/04:13:17 O01 JEFFREY EPSTEIN LAST STATEMENT April 1, 2004 April 30, 2004 On File March 31,2004 830 EFTA00200872

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 | 6 of6 Transaction Detail (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 t, 2004 THROUGH April 30, 2004 accout nuvecr TAXPAYER NUMBER On File INTEREST LAST STATEMENT = March 31,2004 DATE DESCRIPTION SYMBOUOUSIP QUANTITY RATE (Se) DEBIT AMOUNT CAEDIT AMOUNT 04/21/04 INTEREST ONCREDIT BALANCE 42.04 ACCT AT 00, 5 21 - 04/20 TOTAL $42.04 /—™, (stop) ****** End of Statement™***** ay, 027 05/01/04;13:17 O01 Vv830 EFTA00200873

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BEAR STEARNS ACCOUNT EXECUTIVE —ZICHERMAN, IRA TELEPHONE VISIT OUR WEBSITE wew.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings . Transaction Detail ......s.sesssesseresseeerees Your Me@SSage@S sissssssssessseresaaciane OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 ounw w Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE 4,053,854 Cash & Equivalent NET EQUITY THIS PERIOD $4,151,089 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 4,275,042 123,952 “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. 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. 11201-3659. 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 $97,235 $82,123 HE Current market value | Last statements market value This summary is for informational purposes only. It Is mot intended as a tax document CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 ‘This statemem should be retained for your records. See reverse side for important information. 027 04/01/04;12:85 001 waza EFTA00200874

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 04/01/04;12:85 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vaza EFTA00200875

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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 $82,122.74 Openi Dividends/Interest 15,112.69 Amount Credited $15,112.69 Net Cash Activity 15,112.69 Closing Balance . . $97,235.43 Cash Balance Summary OPENING CLOSING Cash 82,122.74 97,235.43 Net Cash Balance $82,122.74 $97,235.43 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP QUANTITY CASH BALANCE TOTAL CASH & CASH EQUIVALENTS Income Summary THiS PERIOD YEAR TO DATE Dividends 15,077.29 18,427.29 Credit Balance Int. 99.90 Total Portfolio Composition Cash/Cash Equivalent 97,235 4,053,854 Equities Total $4,151,089 NAARKET ESTIMATED §— CURRENT PRICE VALUE ANNUAL INCOME YIELD ('} 97,235 $97,235 027 04/01/04;12:85 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 Your Portfolio Allocation Cash & Equivalent 2% _ Equities 98% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portioiio. vaz3 EFTA00200876

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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 FELCOR LODGING TRUST INC FCH CASH 2,000 10.4200 20,840 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 22.3500 44,700 2,800 6.2640 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 27.1000 HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.3000 113,000 8,000 7.0796 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 46.4000 92,800 5,760 6.2069 SBI JOHNSON& JOHNSON JNJ CASH 57,800 50.7200 2,931,616 55,488 1.8927 KRAMONT REALTY TRUST KRT CASH 2,000 18.9000 37,800 2,600 6.8783 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 52.1000 22,716 946 4.1645 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 37.6600 67,562 3,875 5.7355 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 28.2000 338,400 7,896 2.3333 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 3.4000 3,400 TOO INC Too CASH 15,600 20.9500 326,820 Total Equities& Options $4,053,854 $91,211 TOTAL EQUITIES $4,053,854 $91,211 027 04/01/04;12:85 001 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 vaz3 February 28, 2004 March 31,2004 On File February 27,2004 EFTA00200877

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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 a" 10179 JEFFREY EPSTEIN STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 accout nuvecr TAXPAYER NUMBER On File Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $91,211 YOUR PRICED PORTFOLIOHOLDINGS $4,151,089 Transaction Detail DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) DEBIT AMOUNT CREDIT AMOUNT 03/09/04 JOHNSON& JOHNSON JNJ 57,800 0.2400 13,872.00 REC 0: (04 PAY 03/09/04 03/15/04 PAN PACIFIC RETAIL PROPERTIES PNP 236.53 INC REC 02/27/04 PAY 03/15/04 03/15/04 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5400 968.76 INVESTMENT TRUST-SBI REC 03/01/04 PAY 03/15/04 TOTAL $15,077.29 027 04/01/04;12:85 001 LAST STATEMENT February 27,2004 vaz3 EFTA00200878

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 6 of? Transaction Detail (continued) INTEREST CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 03/22/04 INTEREST ONCREDIT BALANCE ACCT AT 00, i /21 - 03/20 TOTAL Your messages LZ Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard and Poor's, 35.40 $35.40 TZ Bear, Stearns Securities Corp. Net Capital and Net Capital Requirements: At November 30, 2003 and January 31, 2004, the Company's net capital of approximately $3.3 billion and $3.2 billion was approximately 7% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $930,3 million and $967,8 million by approximately $2.4 billion and $2.2 billion, all respectively. A complete copy of the Bear, 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, 027 04/01/04;12:85 001 vaz3 EFTA00200879

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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 as JEFFREY EPSTEIN Tor STATEMENT PERIOD February 28,2004 THROUGH March 31,2004 accor nuvecr TAXPAYER NUMBER On File LAST STATEMENT February 27,2004 ice The Firm believes it is of the utmost importance that clients who purchase or hold mutual funds fully understand the intricacies of the pricing structures and rules which govern these investments, Recently, a joint Industry/NASD Task Force collaborated to create a Disclosure Statement to address these issues, We are providing this Disclosure Statement to you for the purpose of reinforcing these concepts and to initiate the opportunity for further discussion of these issues to the extent you have questions, You are encouraged to contact your financial professional with any questions you have regarding your investments, Additionally, you may review this information online at the following NASD web site: http://www. nasdr.com/breakpoints_statement.asp * End of Statement** 027 04/01/04;12:85 001 waza EFTA00200880

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS 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 .....usssseeeeenees 5 Your M@SS89@5 Aiwa 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 4,192,919 NET CREDIT BALANCE 82,123 aicaunt uu pao ganyeow NET EQUITY LAST STATEMENT 4,167,113 CHANGE SINCE LAST STATEMENT 107,929 “This portfolio includes one or mom unpriced 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 noe-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clan Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. 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 $82,123 $80,089 $4,192,919 HE Current market value py Last statements market value Cash & Equivalent 027 022804;11:57 001 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 STATEMENT PERIOO January 31,2004 THROUGH February 27,2004 accouwt wuvccr TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 vaza EFTA00200881

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 02/2804;11:57 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vaza EFTA00200882

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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 6 Cash Flow Analysis Income Summary THIS PERIOD THIS PERIOD YEAR TO DATE OpeningBalance $80,088.52 Dividends 2,000.00 3,350.00 _ . Credit Balance Int. 34.22 64.50 Dividends/Interest 2,034.22 Total $2,034.22 $3,414.50 Amount Credited $2,034.22 Net Cash Activity 2,034.22 Closing Balance $82,122.74 Portfolio Composition Cash/Cash Equivalent 82,123 Equities 4.192.919 Cash Balance Summary Total $4,275,042 OPENING CLOSING Cash 80,088.52 82,122.74 Net Cash Balance $80,088.52 $82.122.74 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED §— CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [*%} CASH BALANCE 82.123 TOTAL CASH & CASH EQUIVALENTS $82,123 o27 02/2804;11:87 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD January 31,2004 THROUGH February 27,2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 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. vaza EFTA00200883

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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 10.7400 21,480 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 21.0000 42,000 2,800 6.6667 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 25.7700 HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.0800 110,800 8,000 7.2202 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.5000 87,000 5,760 6.6207 SBI JOHNSON& JOHNSON JNJ CASH 57,800 53.9100 3,115,998 55,488 1.7807 KRAMONT REALTY TRUST KRT CASH 2,000 19.6700 39,340 2,600 6.6090 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 49.5000 21,582 946 4.3833 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 36.4500 65,391 3,875 5.9259 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.9700 335,640 7,896 2.3525 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.9400 2,940 TOO INC Too CASH 15,600 19.1800 299,208 Total Equities& Options $4,192,919 $91,211 TOTAL EQUITIES $4,192,919 $91,211 027 (02/2804;11:57 001 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 vaza January 31, 2004 February 27,2004 On File January 30, 2004 EFTA00200884

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 5 of6 Your Portfolio Holdings (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $91,211 YOUR PRICED PORTFOLIOHOLDINGS $4,275,042 Transaction Detail DIVIDENDS DATE OESCRIPTION SYMBOUCUSIP RATE (8) CEBIT AMOUNT CREDIT AMOUNT 02/23/04 HAPT PROPERTIES TR-SBI HRP 0.2000 2,000.00 REC 01/21/04 PAY 02/23/04 TOTAL $2,000.00 INTEREST DATE CESsci jON SYMBOUCUSIP RATE (%) CEBIT AMOUNT CREDIT AMOUNT 02/23/04 INTE DIT BALANCE 34.22 ACCT AT 00, % O21 - 02/20 TOTAL $34.22 o27 02/2804;11:87 001 vaza January 31, 2004 February 27,2004 On File January 30, 2004 EFTA00200885

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 6 of6 Your messages ie Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection changed to Customer Asset Protection Company ("CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard & Poor's, (stor ****** End of Statement™***** VY 027 (02/2804;11:57 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD January 31, 2004 THROUGH February 27,2004 accor nuvecr TAXPAYER NUMBER On File LAST STATEMENT January 30, 2004 vaza EFTA00200886

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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 wew.bearstearns.com What’s In This Statement Financial Summary , ' Your Portfolio Holdings . . Transaction Detail ......ssesseseresseeerees Your M@SSAQCS yussrsessssnesetessacesaseneanniees ouw w Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 4,087,024 NET CREDIT BALANCE 80,089 NET EQUITY LAST STATEMENT 4,074,108 CHANGE SINCE LAST STATEMENT 93,005 “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. 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 Securitios Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. 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 Cash & Equivalent Sev .cos HE Current market value 2 Last statements market value 027 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. 01/31/04,09:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO January 1, 2004 THROUGH January 30, 2004 accor nuvecr TAXPAYER NUMBER On File LAST STATEMENT December 31,2003 vas EFTA00200887

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 01/31/04;09:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200888

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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 $69,694.64 Dividends/Interest 10,393.88 Amount Credited $10,393.88 Net Cash Activity Closing Balance $80,088.52 10,393.88 Cash Balance Summary OPENING CLOSING Cash 69,694.64 80,088.52 Net Cash Balance $69,694.64 $80,088.52 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRIPTION SYMBOUCUSIP QUANTITY CASH BALANCE Income Summary THiS PERIOD YEAR TO DATE Dividends 1,350.00 1,350.00 Credit Balance Int. 30.28 30.28 Total $1,380.28 $1,380.28 Portfolio Composition Cash/Cash Equivalent 80,089 Equities 4,087,024 Total $4,167,113 TOTAL CASH & CASH EQUIVALENTS MARKET ESTIMATED §— CURRENT PRICE VALUE ANNUAL INCOME YIELD ('} 80.089 $80,089 027 01/31/04,09:43 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO January 1, 2004 THROUGH January 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT December 31, 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. va2s EFTA00200889

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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 11.7500 23,500 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 19.4100 38,820 2,800 7.2128 GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 25.1900 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.6000 106,000 8,000 7.5472 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.8500 83,700 5,760 6.8817 SBI JOHNSON& JOHNSON JNJ CASH 57,800 53.4200 3,087,676 55,488 1.7971 KRAMONT REALTY TRUST KRT CASH 2,000 18.6000 37,200 2,600 6.9892 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 51.1100 22,284 889 3.9894 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 37.3600 67,024 3,875 5.7815 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.4200 329,040 7,896 2.3997 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 2.7200 2,720 TOO INC Tao CASH 15,600 15.3000 238,680 Total Equities& Options $4,087,024 $91,154 TOTAL EQUITIES $4,087,024 $91,154 027 01/31/04;09:43 001 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 va2s January 1, 2004 January 30, 2004 On File December 31, 2003 EFTA00200890

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $91,154 YOUR PRICED PORTFOLIOHOLDINGS $4,167,113 Transaction Detail DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) OEBIT AMOUNT 01/15/04 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 REC 01/01/04 PAY 01/15/04 01/15/04 GLIMCHER REALTY TRUST-SBI GRT CASH DIV ON 2000 SHS REC 12/31/03 PAY 01/15/04 AMOUNT INCLUDED ON 2003-1099. 01/20/04 RAMCO GERSHENSON PROPERTIES RPT TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/31/03 PAY 01/20/04 AMOUNT INCLUDED ON 2003-1099. 01/22/04 KRAMONT REALTY TRUST KAT REG 01/02/04 PAY 01/22/04 027 01/31/04;09:43 001 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, 2004 THROUGH January 30, 2004 accout nuvecr TAXPAYER NUMBER On File LAST STATEMENT December 31, 2003 CREDIT AMOUNT 700.00 961.60 6,612.00 650.00 va2s EFTA00200891

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN 6 of 6 STATEMENT PERIOD January 1, 2004 THROUGH January 30, 2004 Transaction Detail (continued) ACCOUNT NUMBER fs TAXPAYER NUMBER On File DIVIDENDS (continued) LAST STATEMENT December 31,2003 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) OEBIT AMOUNT CREDIT AMOUNT 01/30/04 HOSPITALITY PROPERTIES TRUST HPT 1,440.00 SBI CASH DIV ON 2000 SHS AEC 12/31/03 PAY 01/30/04 AMOUNT INCLUDED ON 2003-1099 TOTAL $10,363.60 INTEREST DATE OESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CREDIT AMOUNT 01/21/04 INTEREST ONCREDIT BALANCE 30.28 ACCT AT 00, me T2i21 - 01/20 TOTAL $30.28 Your messages | Excess SIPC Account Protection Update Effective February 16, 2004, the commercial insurer through which Bear, Steams Securities Corp, obtains excess SIPC protection will change to Customer Asset Protection Company (‘CAPCO"), a New York licensed insurance company, CAPCO has an A+ financial strength rating from Standard and Poor's. TS The interest, if any, charged to your account during December 2003 was computed on the net debit balance through December 30, The interest, if any, charged to your account during January 2004 is computed from December 31, 2003. 027 01/31/04,08:43 001 va24 EFTA00200892