Statements EFTA00200893

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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 | | JEFFREY EPSTEIN STATEMENT PERIOG December 1,2005 THROUGH December 30, 2005 account xumecr = Wess dsssbosdl bse TAXPAYER NUMBER On File LAST STATEMENT Novernber 30, 2005 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 ie Pursuant to your previously issued instructions, Bear Stearns Securities Corp, provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements, Third Party EPSTEIN INTERESTS AVC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 12/31108;08:00 001 vasa EFTA00200894

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS _—-<—" ‘°° ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary .. Your Portfolio Holdings Transaction Detail .......sssessessessseseersnee Fund Activity sisssesssssserssscsesstessssseanssneneses YOUr M@SSAQ@S ...essseessessseesseeseesseaesaeesees NODS Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,199,568 Cash & Equivalent CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Steans Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2005 THROUGH December 30, 2005 Mhullaselllsl ST — LAST STATEMENT November 30, 2005 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 If any information regarding 200Sinterest, dividends, $618,814 miscellaneous income, gross $596,278 proceeds or original issue MONEY MARKET FUND BALANCE 618,814 Equities $4,199,568 discount is required to be $4,316,247 reported to the IAS for this NET EQUITY THIS PERIOD $4,818,382 NET EQUITY LAST STATEMENT 4,912,525 CHANGE SINCE LAST STATEMENT 94,143 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report any difference or nomreceipt of checks or stocks, indicated as delivered to you, % Client Senices at 800-624-1428; or write to Clont Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3659. account, a Consolidated Form HE current market value 1099will be mailed to you by BBB Last statements market value January 31,2006or a 1042S by March 15,2006. This summary §s for informational purposes only. It Is not intended as a tax document ‘This statemem should be retained for your records. See reverse side for important information, 027 12/31/08;08:00 001 vasa EFTA00200895

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 12/31/08;09:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vasa EFTA00200896

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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 OpeningBalance $0.00 Money Fund 1,881.43 Dividends/Interest 20,653.82 Amount Credited $22,535.25 -22,535.25 Money Fund Amount Debited Closing Balance $0.00 Income Summary THIS PERIOD YEAR TO DATE Dividends 22,535.25 128,395.83 Credit Balance Int. 0.00 13.43 Total Portfolio Composition Cash/Cash Equivalent 618,814 4.199.568 Equities 027 12/31/05;08:00 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp One Metrotech Center North Brockln, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1, 2005 THROUGH December 30, 2005 accoust numecr | (EIB 72 TAXPAYER NUMBER On File LAST STATEMENT November 30,2005 Your Portfolio Allocation Cash & Equivalent 13% . Equities 87% Unshaded portions denote debt balance andlor short market values. The allocation percemage is derived from the absokte market value of your porttollo. vasa EFTA00200897

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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 BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New _ New York 10179 Pe JEFFREY EPSTEIN 4oar STATEMENT PERIOO December 1, 2005 THROUGH December 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT Novernber 30, 2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED = CURRENT DESCRIPTION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD [%} DREYFUS CASH MANAGEMENT-CL A DICKK 618,813.54 1.0000 618,814 23,515 3.8000 INSTITUTIONAL SHARES EST. 30 DAY AVG YIELD _4,1100% TOTAL CASH & CASH EQUIVALENTS $618,814 $23,515 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, AoCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRIE VALUE _ ANNUAL INCOME YELD [%} FELCOR LODGING TRUST INC FCH CASH 2,000 17.2100 34,420 1,200 3.4863 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 18.1000 36,200 2,800 7.7348 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 24.3200 48,640 3,846 7.9071 8.1159 HRPT PROPERTIES TR-SBI HRP CASH 10,000 10.3500 103,500 o27 12/31/0509:00 001 vasa EFTA00200898

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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 a JEFFREY EPSTEIN 5 a7 STATEMENT PERIOO December 1, 2005 THROUGH December 30, 2005 Your Portfolio Holdings (continued) rccomr weer SNM <2 TAXPAYER NUMBER On File November 30,2005 Equities & Options (continued) LAST STATEMENT a ACCT NANRKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD [%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 40.1000 80,200 5,840 7.2818 SBI JOHNSON & JOHNSON JNJ CASH 57,800 60.1000 3,473,780 76,296 2.1963 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.5650 133 EXP 12/10/2007 NAYARIT GOLD INC NYRTF CASH 19 0.3440 7 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.8900 29,164 1,029 3.5283 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 37.3600 67,024 4,090 6.1023 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 26.6500 319,800 21,000 6.5666 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.7000 6,700 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,199,568 $124,501 TOTAL EQUITIES $4,199,568 $124,501 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $148,016 YOUR PRICED PORTFOLIOHOLDINGS $4,818,382 027 12/31/08;09:00 001 vasa EFTA00200899

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOO December 1, 2005 THROUGH December 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Transaction Detail MONEY FUND ACTIVITY LAST STATEMENT November 30, 2005 DATE MO'DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT (CREDIT AMOUNT 12/01/05 OPENINGBALANCE 596,278.29 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 12/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 1,279.82 1.0000 1,279.82 INSTITUTIONAL SHARES 12/30/05 CLOSINGBALANCE 618,813.54 TOTAL $-22,535.25 $1,881.43 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT (CREDIT AMOUNT 12/01/05 FELCOR LODGING TRUST INC FCH 2,000 0.1500 300.00 REC 11/15/05 PAY 12/01/05 12/13/05 JOHNSON& JOHNSON - oN) 57.800 03500 So REC 11/22/05 PAY 12/13/05 {2/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0/5900 3724S INC REC 11/23/05 PAY 12/15/05 027 12/31/0509:00 001 vasa EFTA00200900

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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 7 of? , STATEMENT PERIOO December 1, 2005 THROUGH December 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Transaction Detail (continued) DIVIDENDS (continued) LAST STATEMENT November 30, 2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (8) OEBIT AMOUNT (CREDIT AMOUNT 12/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST-SBI REC 12/01/05 PAY 12/15/05 TOTAL $20,653.82 Your messages ice As part of the National Association of Securities Dealer's (NASD) Investor TZ Florida residents who own, manage, or control stocks, bonds, money market or Education Program, you may obtain information on the NASD's Public mutual funds having a value of $250,000 or more for individuals or $500,000 Disclosure Program by contacting the NASD at telephone number for married couples filing jointly must pay a tax on these items, called (800) 289-9999 or via the intemet address which is www,nasdr.com, In "Intangible Tax", by June 30 to avoid increased penalties. For Tax Returns and addition, a brochure explaining the Public Disclosure Program is available from information, call the Department of Revenue at 1-800-352-3671, the NASD upon request. oz? 12/81/08;09:00 001 vasa EFTA00200901

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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 179 TevePHonc = VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Whalledaldbaoalll Financial Summary ,. » 3 JEFFREY EPSTEIN Your Portfolio Holdings . - C/O FINANCIAL TRUST COMPANY Transaction Detail weenie 6 ATTN JEANNE BRENAN Fund ACKIVILY wissen 6 6100 RED HOOK QUATER B-3 ST THOMAS Vi 00802 Your Portfolio at a Glance Market Value of Your Portfolio $596,278 TOTAL VALUE OF SECURITIES THIS PERIOD «4,316,247 Sash & Equivalent $590.898 MONEY MARKET FUND BALANCE 596,278 $4,316,247 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $4,912,525 4,948,917 CHANGE SINCE LAST STATEMENT -36,392 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report amy diference or nor-receigt of checks or stocks, indicated as delivered 10 you, {© Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Corp., One Matotoch Center North, Brmokiyn N.Y. 11201-3859. HE Current market value SESY Last statements market value $4,358,019 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 November 1, 2005 November 30,2005 ACCOUNT NUMBER FY x72 TAXPAYER NUMBER On File October 31, 2005 THROUGH LAST STATEMENT ‘This statemem should be retained for your records. See reverse side for important information. 027 12/01/0507:35 001 vasa EFTA00200902

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 12/01/0507:35 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vasa EFTA00200903

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BEAR STEARNS 3 of6 Cash Flow Analysis OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Income Summary THIS PERIOD nee ret Balance $0.00 Dividends 5,380.42 Credit Balance Int. 0.00 Dividends/Interest 3,560.00 OR cstnemeeeeenernenneet come $5,380.42 YEAR TO DATE 105,860.58 13.43 Money Fund 6,300.42 Portfolio Composition Amount Debited $-5,380.42 Cash/Cash Equivalent 596,278 Equities 4,316,247 Closing Balance $0.00 Total $4,912,525 027 12/01/0507:35 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO November 1, 2005 THROUGH November 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT October 31, 2005 Your Portfolio Allocation Cash & Equivalent, 13% — Equities 87% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vase EFTA00200904

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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 46 STATEMENT PERIOG November 1, 2005 THROUGH November 30,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT October 31, 2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 596,278.29 1.0000 596,278 22,062 3.7000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3 9000% TOTAL CASH & CASH EQUIVALENTS $596,278 $22,062 EQUITIES Equities & Options The research ratings for Bear 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, AgcT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TAUST ING FCH CASH 2,000 16.9800 33,960 1,200 3.5336 GLENBOROUGH "REALTY “TRUST | INC GLB CASH 2,000 18.9700 37,940 2,800 7.3801 BSC RATING: STOCK P/SECTOR MW ‘NED DAVIS RESEARCH RATING: a GLMCHER REALTY ‘TRUsT- sa GAT CASH 2,000 25. ‘6800 51,360 “3 846 7. 4883 HRPT “PROPERTIES. Tr ‘SBI HRP CASH 10,000 tO. 9400 109,400 "B. 400 = "6782 027 12/01/08;07:35 001 vasa EFTA00200905

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOO November 1, 2005 THROUGH November 30, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File eas . LAST STATEMENT October 31, 2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOLCUSIP TYPE QUANTITY PRKE VALUE __ ANNUAL INCOME YELD [X} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.1900 82.380 5,840 7.0891 SBI JOHNSONS JOHNSON JNJ CASH 57,800 61.7500 3,569,150 76,296 21377 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6200 146 EXP 12/10/2007 NAYARIT GOLD INC 4S 19 0.3170 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 67.3000 29,343 1,029 3.5068 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 36.9300 66,252 4,090 6.1734 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.4300 329,160 21,000 6.3799 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 7.1500 7,150 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,316,247 $124,501 TOTAL EQUITIES $4,316,247 $124,501 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $146,563 YOUR PRICED PORTFOLIOHOLDINGS $4,912,525 027 12/01/08;07:35 001 vase EFTA00200906

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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 a" 10179 JEFFREY EPSTEIN 6 of6 STATEMENT PERIOO November 1, 2005 THROUGH November 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT October 31, 2005 Transaction Detail DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 11/01/05 OPENINGBALANCE 590,897.87 11/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 1,820.42 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 11/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKK 2100 1.0000 2.100.00 INSTITUTIONAL SHARES 11/30/05 CLOSINGBALANCE 596,278.29 TOTAL $-5,380.42 $1,820.42 DIVIDENDS OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 11/17/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 1,460.00 SBI REC 10/21 0,000 rm : 0.2100 REC 10/21/05 PAY 11/22/05 TOTAL $3,560.00 027 12/01/0507:35 001 vase EFTA00200907

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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 179 TeverHone | VISIT OUR WEBSITE wwww.bearstearns.com What's In This Statement Whadledildbetill Financial Summary ,. » 3 JEFFREY EPSTEIN Your Portfolio Holdings . 4 C/O FINANCIAL TRUST COMPANY Transaction Detail wouter 6 ATTN JEANNE BRENAN Fund ACtiVILY ditt 6 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Your Portfolio at a Glance Market Value of Your Portfolio $590,898 TOTAL VALUE OF SECURITIES THIS PERIOD 4,358,019 Cash & Equivalent $582.366 MONEY MARKET FUND BALANCE 590,898 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $4,948'917 5,028,874 CHANGE SINCE LAST STATEMENT -79,957 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report any difference of non-receipt of checks of stocks, indicated as delivered to you, % Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Corp., One Matotoch Center North, Brmokiyn N.Y. 11201-3859. $4,358,019 HE Current market value py Last statements market value ‘This summary is 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 PERIOO October 1, 2005 October 31, 2005 ACCOUNT NUMBER Fs x72 TAXPAYER NUMBER On File September 30, 2005 THROUGH LAST STATEMENT ‘This statemem should be retained for your records. See reverse side for important information. o27 11/01/0506:34 001 vas? EFTA00200908

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 11/01/0506:34 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200909

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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 $0.00 1,620.50 Money Fund Dividends/Interest 6,911.60 $8,532.10 Money Fund -8,532.10 Amount Debited $-8,532.10 Closing Balance $0.00 Income Summary THiS PERIOD YEAR TO DATE Dividends 8,532.10 100,480.16 Credit Balance Int. 0.00 13.43 Total Portfolio Composition Cash/Cash Equivalent 590,898 Equities 4,358,019 Total $4,948,917 027 11/01/05;06:24 001 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, 2005 October 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File September 30, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent. 12% — Equities 88% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vas? EFTA00200910

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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 PERIOO October 1, 2005 THROUGH October 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT September 30, 2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 590,897.87 1.0000 590,898 20,091 3.4001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,7500% TOTAL CASH & CASH EQUIVALENTS $590,898 $20,091 EQUITIES Equities & Options The research ratings for Bear 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, AgcT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TAUST ING FCH CASH 2,000 14.9200 29,840 GLENBOROUGH "REALTY “TRUST | INC GLB CASH 2,000 19.1300 38,260 2,800 7.3183 BSC RATING: STOCK P/SECTOR MW ‘NED DAVIS RESEARCH RATING: a GLMCHER REALTY ‘TRUsT- sa GAT CASH 2,000 22. ‘9700 “as. 340 “3 846 “8 3718 HRPT “PROPERTIES. Tr ‘SBI HRP CASH 10,000 tO. 9100 “tos. 100 "B. 400 = "6994 027 11/01/0506:34 001 vas? EFTA00200911

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of? , STATEMENT PERIOD October 1, 2005 THROUGH October 31, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File ember 30, 2005 Equities & Options (continued) LAST STATEMENT September ACCT MARKET ESTIMATED CURRENT DESCRETION SYMBOLCUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD 1%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 39.7000 79,400 5,840 7.3552 SBI JOHNSONS JOHNSON JNJ CASH 57,800 62.6200 3,619,436 76,296 2.1080 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6900 162 EXP 12/10/2007 NAYARIT GOLD INC 4S 19 0.3080 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 63.5000 27,686 1,029 3.7167 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 38.5000 69,069 4,090 5.9216 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.7400 332,880 21,000 6.3086 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.2400 6,240 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,358,019 $123,301 TOTAL EQUITIES $4,358,019 $123,301 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $143,392 YOUR PRICED PORTFOLIOHOLDINGS $4,948.917 027 11/01/05;06:24 001 vas? EFTA00200912

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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 6 of? JEFFREY EPSTEIN STATEMENT PERIOO October 1, 2005 THROUGH October 31,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT — September 30, 2005 Transaction Detail DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRIGE DeSIT AMOUNT CAEDIT AMOUNT 10/01/05 OPENINGBALANCE 582,365.77 10/03/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 5,250 1.0000 5,250.00 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND 10/03/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 1,620.50 1,620.50 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 10/31/05 CLOSINGBALANCE 590.897.87 TOTAL $-8,532.10 $1,620.50 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CERT AMOUNT CAEDIT AMOUNT 10/03/05 RAMCO GERSHENSON PROPERTIES APT 12,000 0.4375 5,250.00 TRUST-MD SBI REC 09/20/05 PAY 10/03/05 10/14/05 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 10/01/05 PAY 10/14/05 027 11/01/05;06:24 001 vas? EFTA00200913

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 7 ot? Transaction Detail (continued) DIVIDENDS (continued) QUANTITY RATE (8) 2,000 0.4808 CEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD October 1, 2005 THROUGH October 31, 200! ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File i} LAST STATEMENT September 30, 2005 CREDIT AMOUNT 961.60 $6,911.60 DATE DESCRIPTION SYMBOUCUSIP 10/17/05 GLIMCHER REALTY TRUST-SBI GRT REC 09/30/05 PAY 10/15/05 TOTAL /—™ —~ stop] **e*** End of Statement™***** V7 11/01/0806:34 001 vas? EFTA00200914

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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 New York, New York 10179 | | JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 account xumecr = Wess dsssbosdl bse TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 ie Pursuant to your previously issued instructions, Bear Stearns Securities Corp, provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements, Third Party EPSTEIN INTERESTS AVC JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 10/01/08;11:80 001 Vass EFTA00200915

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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 SUMMALY sscssrssscsssersecase erence Your Portfolio Holdings Transaction Detail Fund Activity sun Your Me@sSageS ssssssossssscrsasesssnasnscnensans Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,446,508 MONEY MARKET FUND BALANCE 582,366 NET EQUITY LAST STATEMENT 5,023,342 5,532 CHANGE SINCE LAST STATEMENT There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report amy diference or nor-receigt of checks or stocks, indicated as delivered to you, % Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Comp., One Metotech Center North, Brooklyn, N.Y. 11201-3859. aonnr w 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 $582,366 Cash & Equivalent 7 $560,453 $4,446,508 HE Current market value Py Last statements market value 027 10/01/08;11:80 001 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 PERIOD September 1, 2005 THROUGH September 30, 2005 ACCOUNT NUMBER FY x72 TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 vase EFTA00200916

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2 of9 STATEMENT BACKER IS PRINTED ON THIS PAGE 10/01/05;11:80 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vase EFTA00200917

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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 $0.00 1,558.59 20,353.82 Money Fund Dividends/Interest $21,912.41 Money Fund -21,912.41 Amount Debited $-21,912.41 Closing Balance $0.00 Income Summary THiS PERIOD YEAR TO DATE Dividends 21,912.41 91,948.06 Credit Balance Int. 0.00 13.43 Total Portfolio Composition Cash/Cash Equivalent 582,366 Equities 4,446,508 Total $5,028,874 027 10/01/05;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 September 1, 2005 September 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File August 31, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent. 12% — Equities 88% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. Vass EFTA00200918

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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, 2005 THROUGH September 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 582,365.77 1.0000 582,366 19,800 3.3999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3 .6200% TOTAL CASH & CASH EQUIVALENTS $582,366 $19,800 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, AgcT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TAUST ING FCH CASH 2,000 15.1500 30,300 GLENBOROUGH "REALTY “TRUST | INC GLB CASH 2,000 19.2000 38,400 2,800 7.2917 BSC RATING: STOCK P/SECTOR MW ‘NED DAVIS RESEARCH RATING: a GLMCHER REALTY ‘TRUsT- sa GAT CASH 2,000 24. 4700 “a8, 340 “3 846 inane HRPT “PROPERTIES. Tr ‘SBI HRP CASH 10,000 12. 4100 24, 100 "B. 400 "6.7687 027 10/01/08;11:80 001 vas EFTA00200919

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of9 STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 Equities & Options (continued) ™ ACCT MARKET ESTIMATED CURRENT DESCRETION SYMBOLCUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD 1%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.8600 85,720 5,760 6.7196 SBI JOHNSONS JOHNSON JNJ CASH 57,800 63.2800 3,657,584 76,296 2.0860 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.9500 223 EXP 12/10/2007 NAYARIT GOLD INC 4S 19 0.3960 8 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 65.9000 28,732 1,029 3.5814 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 42.1800 75,671 4,090 5.4050 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 29.1900 350,280 21,000 5.9952 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.5500 6,550 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.446,508 $123,221 TOTAL EQUITIES $4,446,508 $123,221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $143,021 YOUR PRICED PORTFOLIOHOLDINGS $5,028,874 027 10/01/05;11:80 001 Vass EFTA00200920

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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 6 of9 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT = August 31, 2005 Transaction Detail DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 09/01/05 OPENINGBALANCE 560,453.36 09/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 1,558.59 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 09/30/05 CLOSINGBALANCE 582,365.77 TOTAL $-21,912.41 $1,558.59 DIVIDENDS OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 09/13/05 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 08/23/05 PAY 09/13/05 09/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 08/26/05 PAY 09/15/05 027 10/01/05;11:80 001 Vass EFTA00200921

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 7 of9 Transaction Detail (continued) DIVIDENDS (continued) DATE DESCRIPTION SYMBOUCUSIP 09/15/05 PENNSYLVANIA REAL ESTATE PEI INVESTMENT TRUST-SBI REC 09/01/05 PAY 09/15/05 QUANTITY RATE (8) 1,794 0.5700 CEBIT AMOUNT CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-2859 JEFFREY EPSTEIN STATEMENT PERIOD September 1, 2005 THROUGH September 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 CREDIT AMOUNT 1,022.58 TOTAL $20,353.82 10/01/08;11:80 001 Vass EFTA00200922

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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, 2005 and July 31, 2005, the Company's net capital of approximately $4,1 billion and $3,9 billion was approximately 6% and 7% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.3 billion and $1,1 billion by approximately $2,8 billion and $2,8 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, 2005 September 30,2005 a? On File August 31, 2005 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT 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 10/01/08;11:80 001 vase EFTA00200923

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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, 2005 THROUGH September 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT August 31,2005 TZ Pursuant to SEC Rule 11Ac1-6, please note the following: Bear, Stearns & Co, Inc, will post its quarterly routing statistics at the following web link: http:/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 10/01/08;11:80 001 Vass EFTA00200924

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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 VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , : Your Portfolio Holdings . Transaction Detail ......sssssessseresseeerees Fund Activity .,ssesssssssrssnesessctenessecaneseensars ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 560,453 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $5,023,342 5,083,397 CHANGE SINCE LAST STATEMENT -60,055 There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report amy diference or nor-receigt of checks or stocks, indicated as delivered 10 you, % Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Comp., One Matrotoch Center North, Brmokiyn N.Y. 11201-3859. 4,462,889 Cash & Equivalent ee 179 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 $560,453 $555,437 HE Current market value py Last statements market value $4,462,889 $4,527,960 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 30, 2005 August 31,2005 a «ee On File July 29, 2005 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT ‘This statemem should be retained for your records. See reverse side for important information. 027 09/01/05;13:27 001 vases EFTA00200925

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 08/01/08;13:27 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vases EFTA00200926

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BEAR STEARNS 3 of6 Cash Flow Analysis OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Income Summary THIS PERIOD pes PERO Balance $0.00 Dividends 5,016.81 Credit Balance Int. 0.00 Dividends/Interest 3,540.00 OR cstnemeeeeenernenneet come $5,016.81 YEAR TO DATE 70,035.65 13.43 Money Fund $016.81 Portfolio Composition Amount Debited $-5,016.81 Cash/Cash Equivalent 560,453 Equities 4.462.889 Closing Balance $0.00 Total $5,023,342 027 08/01/05;13:27 001 CLEARI ED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brookhy m, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO July 30, 2005 THROUGH ACCOUNT NUMBER TAXPA\ LAST STATEMENT August 31, 2005 a «ee YER NUMBER On File July 29, 2005 Your Portfolio Allocation Cash & Equivalent. 12% — Equities 88% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vases EFTA00200927

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS 4 o6 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO July 30, 2005 August 31,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File July 29, 2005 THROUGH LAST STATEMENT NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 560,453.36 1.0000 560,453 17,935 3.2001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3.3400% TOTAL CASH & CASH EQUIVALENTS $560,453 $17,935 EQUITIES Equities & Options The research ratings for Bear 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, company is temporarily not available due to legal reasons, The symbol! indicates that continuing coverage of the subject 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, ACT DESCRIPTION SYMBOUCUSIP TRE FELCOR LODGING TAUST ING FCH CASH GLENBOROUGH "REALTY “TRUST | INC GLB BSC RATING: STOCK P/SECTOR MW ‘NED DAVIS RESEARCH RATING: a GLMCHER REALTY ‘TRUsT- sa GAT HRPT “PROPERTIES. Tr ‘SBI HRP CASH CASH CASH QUANTITY 2,000 2,000 10,000 PRKE 15.2500 26. ‘0000 12. 8000 2,000 20.0500 MARKET ESTIMATED CURRENT VALUE ANNUAL INCOME YELD [%} 3% 500 "40. 100 2,800 6.9825 52,000 “3 846 ane 128,000 "B. 400 6.5625 o27 08/01/08;13:27 001 vases EFTA00200928

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Soar, Stewme Securities Co r 7 Bear, Stearns & Co. Inc. One Metatech Center Nort BEAR nf ereinp one ee ala STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOO July 30, 2005 THROUGH August 31, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File an . LAST STATEMENT duly 29, 2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRETION SYMBOLCUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD 1%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.3600 86,720 5,760 6.6421 SBI JOHNSONS JOHNSON JNJ CASH 57,800 63.3900 3,663,942 76,296 2.0823 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.8300 195 EXP 12/10/2007 NAYARIT GOLD INC 4S 19 0.3540 7 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.2700 28,894 1,029 3.5613 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 43.1500 77411 4,090 5.2835 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 29.0200 348,240 21,000 6.0303 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.8800 6,880 BSC RATING: STOCK O/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.462,889 $123,221 TOTAL EQUITIES $4,462,889 $123,221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $141,156 YOUR PRICED PORTFOLIOHOLDINGS $5,023,342 027 08/01/05;13:27 001 vases EFTA00200929

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. One Metrotech Center North 383 Madison Avenue Brooklyn, New York 11201-2859 STEARNS a" 10179 6 of6 JEFFREY EPSTEIN STATEMENT PERIOO July 30, 2005 THROUGH August 31,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Transaction Detail MONEY FUND ACTIVITY LAST STATEMENT — July 29, 2005 DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 07/30/05 OPENINGBALANCE 555.436.55 08/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 1,476.81 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 08/31/05 CLOSINGBALANCE 560,453.36 TOTAL $-5,016.81 $1,476.81 DIVIDENDS OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 08/18/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 SBI 0,000 0.2100 $3,540.00 027 08/01/05;13:27 001 Vass EFTA00200930

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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 179 TeverHone VISIT OUR WEBSITE www.bearstearns.com What's In This Statement Walbedildletill Financial Summary ,. » 3 JEFFREY EPSTEIN Your Portfolio Holdings . - C/O FINANCIAL TRUST COMPANY Transaction Detail vee 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 $555,437 TOTAL VALUE OF SECURITIES THIS PERIOD «4,527,960 “8h & Equivalent -_ $547,211 MONEY MARKET FUND BALANCE 555,437 $4,527,960 NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT $5,083,397 5,114,479 CHANGE SINCE LAST STATEMENT -31,082 There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account. Please report amy diference or non-receipt of checks or stocks, indicated as delivered to you, % Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Corp., One Matrotoch Center North, Brmokiyn N.Y. 11201-3859. HE Current market value py Last statements market value $4,567,268 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 1,2005 July 29, 2005 a «ee On File June 30, 2005 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT ‘This statemem should be retained for your records. See reverse side for important information. 027 07/3005;10:03 001 Vass EFTA00200931

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2 of 6 STATEMENT BACKER IS PRINTED ON THIS PAGE 07/30008;10:03 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vases EFTA00200932

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BEAR STEARNS 3 of6 Cash Flow Analysis OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Income Summary THIS PERIOD TMS PERIOD Balance $0.00 Dividends 8,225.15 Credit Balance Int. 0.00 Money Fund 1,313.55 sesnueteeeeensueanuen Dividends/Interest 6,911.60 OR cstnemeeeeenernenneet come $8,225.15 8,225.15 Portfolio Composition YEAR TO DATE 65,018.84 13.43 Amount Debited $-8,225.15 Cash/Cash Equivalent 555,437 Equities 4,527,960 Closing Balance $0.00 Total $5,083,397 027 07/3005;10:09 001 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, 2005 July 29, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File June 30, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent, 10% — Equities 90% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vases EFTA00200933

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 BEAR STEARNS 4 o6 Your Portfolio Holdings CASH & CASH EQUIVALENTS CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO July 1,2005 July 29, 2005 a? On File June 30, 2005 THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 555,436.55 1.0000 555,437 16,108 2.9001 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3 2000% TOTAL CASH & CASH EQUIVALENTS $555,437 $16,108 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, company is temporarily not available due to legal reasons, The symbol! indicates that continuing coverage of the subject 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, ACT DESCRIPTION SYMBOUCUSIP TRE FELCOR LODGING TAUST ING FCH CASH GLENBOROUGH "REALTY “TRUST | INC GLB BSC RATING: STOCK P/SECTOR MW ‘NED DAVIS RESEARCH RATING: io GLMCHER REALTY ‘TRUsT- sa GAT HRPT “PROPERTIES. Tr ‘SBI HRP CASH CASH CASH QUANTITY 2,000 2,000 10,000 PRKE 15.5500 28. ‘8500 12. 3900 2,000 20.9600 MARKET ESTIMATED CURRENT VALUE ANNUAL INCOME YELD ('} ide 100 at "920 2,800 6.6794 57,700 “3 846 “ei 6655 128,900 "3. 400 "8: S167 oz? 07/90008;10:08 001 wags EFTA00200934

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Soar, Stewme Securities Co r 7 Bear, Stearns & Co. Inc. One Metatech Center Nort BEAR nf ereinp one ee ala STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of6 STATEMENT PERIOO July 1, 2005 THROUGH July 29, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File sas . LAST STATEMENT June 30, 2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRETION SYMBOLCUSIP TPE QUANTITY PRICE VALUE ANNUAL INCOME YELD 1%} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.4000 88,800 5,760 6.4865 SBI JOHNSONS JOHNSON JNJ CASH 57,800 63.9600 3,696,888 76,296 2.0638 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7300 172 EXP 12/10/2007 NAYARIT GOLD INC 4S 19 0.4570 9 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.5100 30,306 1,029 3.3954 INC PENNSYLVANIA REAL ESTATE PEL CASH 1,794 48.9100 87,745 4,090 4.6612 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 29.8000 357,600 21,000 5.8725 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.8200 6,820 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,527,960 $123,221 TOTAL EQUITIES $4,527,960 $123,221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $139,329 YOUR PRICED PORTFOLIOHOLDINGS $5,083,397 027 07/3008;10:03 001 Vass EFTA00200935

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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 a" 10179 JEFFREY EPSTEIN 6 of6 STATEMENT PERIOO July 1, 2005 THROUGH July 29, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Transaction Detail MONEY FUND ACTIVITY LAST STATEMENT —_ June 30, 2005 DATE MOVDAY TRANSACTION DESCAIFTION SYMBOUOUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 07/01/05 OPENINGBALANCE 547,211.40 07/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 5,250 1.0000 5,250.00 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND 07/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICKX 1,313.55 1,313.55 INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 07/29/05 CLOSINGBALANCE 555.436.55 TOTAL $-8.225.15 $1,313.55 DIVIDENDS OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 07/01/05 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4375 5,250.00 TARUST-MD SBI REC (05 PAY 07/15/05 Li 2,000 0.3500 ‘00.00 iL Ui! REC 07/01/05 PAY 07/15/05 O7/15/05 GLIMCHER REALTY TRUST-SBI GAT 20000-4808 961.60 REC 06/30/05 PAY 07/15/05 TOTAL $6,911.60 027 07/3008;10:03 001 Vass EFTA00200936

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BEAR STEARNS ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , Your Portfolio Holdings Transaction Detail ......s.sssssesseresseeerees Fund Activity .. Your Messages OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 NODS Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE NET EQUITY THIS PERIOD NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 4,567,268 Cash & Equivalent 547,211 $5,114,479 5,175,849 61,370 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 $547,211 $525,589 $4,567,268 HE Current market value SESY Last statements market value There are no "Stop Loss” orders or other pending buy or sell open orders on file for your account. Please report amy diference or non-receipt of checks or stocks, indicated as delivered I you, {© Client Services at 800-614-1428; or write to Clent Services at Bear, Steams Securities Comp., One Mewotech Center North, Brooklyn, N.Y. 11201-3859 ‘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 PERIOO June 1,2005 June 30, 2005 ACCOUNT NUMBER FY x72 TAXPAYER NUMBER On File THROUGH LAST STATEMENT May 31, 2005 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. ‘This statemem should be retained for your records. See reverse side for important information. o27 07/01/05;10:42 001 vasaiP EFTA00200937

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 07/01/08;10:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vasalP EFTA00200938

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BEAR STEARNS 3 of? Cash Flow Analysis THIS PERIOD ToS PERIOD Balance $0.00 Dividends 21,622.03 Credit Balance Int. 0.00 Dividends/Interest 20,353.82 Tota ss sermernereernennese sone DOSS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Income Summary $21,622.03 21,622.03 Portfolio Composition YEAR TO DATE 56,793.69 13.43 56,807.12 Amount Debited $-21,622.03 Cash/Cash Equivalent 547,211 Equities 4,567,268 Closing Balance $0.00 Total $5,114,479 027 07/01/05;10:42 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1, 2005 June 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File May 31, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent, 10% — Equities 90% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vasaiP EFTA00200939

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BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New = New York 10179 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN 4oar STATEMENT PERIOO June 1,2005 THROUGH June 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT May 31,2005 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 547,211.40 1.0000 547,211 15,869 2.9000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3.0400% TOTAL CASH & CASH EQUIVALENTS $547,211 $15,869 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, AgcT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TAUST ING FCH CASH 2,000 14.4800 2B 960 GLENBOROUGH "REALTY “TRUST | INC GLB CASH 2,000 20.5900 "Al. "180 2,800 6.7994 BSC RATING: STOCK P/SECTOR MW Sohail SYSTEMS, L.L.C, GLIMCHER REALTY ‘RUST- sa GAT CASH 2,000 27. "7500 58. 500 3,846 “6 9297 HReT ‘PROPERTIES TR sal HRP CASH 10,000 12. 4300 “124, 300 8,400 “6. 7578 027 07/01/05;10:42 001 vasalP EFTA00200940

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of? STATEMENT PERIOD June 1, 2005 THROUGH June 30, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File ons * LAST STATEMENT May 31, 2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.0700 88,140 5,760 6.5351 SBI JOHNSONS JOHNSON JNJ CASH 57,800 65.0000 3,757,000 76,296 2.0308 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C. RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7700 181 EXP 12/10/2007 NAYARIT GOLD INC cs: 19 0.5130 10 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.3800 28,942 1,029 3.5554 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 47.5000 85,215 4,090 4.7996 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 29.2800 351,360 21,000 5.9768 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.4800 6.480 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,567,268 $123,221 TOTAL EQUITIES $4,567,268 $123,221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $139,090 YOUR PRICED PORTFOLIOHOLDINGS $5,114,479 o27 07/01/08;10:42 001 vasaiP EFTA00200941

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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 6 of? JEFFREY EPSTEIN STATEMENT PERIOD June 1, 2005 THROUGH June 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT = May 31, 2005 Transaction Detail DATE MOVDAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DeSIT AMOUNT CAEDIT AMOUNT 06/01/05 OPENINGBALANCE 525,589.37 06/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 1,268.21 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES INSTITUTIONAL SHARES 06/30/05 CLOSINGBALANCE 547,211.40 TOTAL $-21.622.03 $1,268.21 DIVIDENDS OATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CAEDIT AMOUNT 06/07/05 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 05/17/05 PAY 06/07/05 06/15/05 PAN PACIFIC AETAIL PAOPERTIES PNP 436 0/5900 257.24 INC REC 05/27/05 PAY 06/15/05 o27 07/01/08;10:42 001 vasaiP EFTA00200942

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 7 ot? 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 June 1, 2005 THROUGH June 30, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT May 31, 2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) OEBIT AMOUNT (CREDIT AMOUNT 06/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5700 1,022.58 INVESTMENT TRUST-SBI REC 06/01/05 PAY 06/15/05 TOTAL $20,353.82 Your messages ie Bear Stearns receives payments or other remuneration from the advisers, distributors or other affiliates of certain of the mutual funds available through Bear Stearns, Such payments or remuneration are for administrative, technological or other services provided in connection with fund accounts and are generally calculated based on the amount of assets held in the accounts, Such payments or other remuneration are in addition to shareholder servicing and distribution fees that Bear Stearns may receive, Funds whose affiliates do not make payments to Bear Steams, including funds that may pay a higher or lower return, may be available to you, STOP: ****** End of Statement™***** —/ 027 07/01/08;10:42 001 wasaiP EFTA00200943

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New _ New York 10 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , ‘ Your Portfolio Holdings . Transaction Detail ......s.ssessesseresseeerees Fund Activity .,ssessssssersssessssctensssecaneseensans ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 4,650,260 MONEY MARKET FUND BALANCE 525,589 ——— | T7, NET EQUITY LAST STATEMENT 5,243,578 CHANGE SINCE LAST STATEMENT -67,729 “This portfolio indudes one of more unpriced securties that are not refected in the Total Value of Securties and the Net Equity This Period There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report amy diference or non-receipt of checks or stocks, indicated as delivered 10 you, { Client Services at 800-614-1428; or write to Clent Services at Bear, Steams Securities Corp., One Matrotoch Center North, Brmokyn N.Y. 11201-3859. 179 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 $525,589 $520,691 $4,650,260 HE Current market value SESY Last statements market value ‘This summary is 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 April 30,2005 THROUGH May 31,2005 ACCOUNT NUMBER FY x72 TAXPAYER NUMBER On File LAST STATEMENT April 29, 2005 ‘This statemem should be retained for your records. See reverse side for important information. 027 (06/01/05;09:08 001 EFTA00200944

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE (06/01/05;09:03 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vara EFTA00200945

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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 $0.00 Money Fund 1,069.61 Funds Deposited 288.51 Dividends/Interest 3,540.00 Amount Credited $4,898.12 Money Fund -4,898.12 Closing Balance $0.00 Income Summary ToS PERIOD Dividends 4,609.61 Credit Balance Int. 0.00 Total Portfolio Composition Cash/Cash Equivalent Equities Total 027 YEAR TO DATE 35,171.66 13.43 525,589 4,650,260 $5,175,849 (06/01/05;09:03 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 30,2005 May 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File April 29, 2005 THROUGH LAST STATEMENT Your Portfolio Allocation Cash & Equivalent, 10% — Equities 90% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. vara EFTA00200946

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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 4o7 STATEMENT PERIOO April 30,2005 THROUGH May 31,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT April 29, 2005 CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 525,589.37 1.0000 525,589 13,665 2.5999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,9000% TOTAL CASH & CASH EQUIVALENTS $525,589 $13,665 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, AgcT MARKET ESTIMATED CURRENT DESCRIPTION SYMBOUCUSIP TE QUANTITY PRE VALUE ANNUAL INCOME YELD (%} FELCOR LODGING TAUST ING FCH CASH 2,000 13.9200 2 840 GLENBOROUGH "REALTY “TRUST | INC GLB CASH 2,000 20.2100 40. 420 2,800 6.9273 BSC RATING: STOCK P/SECTOR MW Sohail SYSTEMS, L.L.C, GLIMCHER REALTY ‘RUST- sa GAT CASH 2,000 2s. "7500 51,500 3,846 7. “4680 HReT ‘PROPERTIES TR sal HRP CASH 10,000 ti 1.8300 118,300 8,400 7 1006 o27 (06/01/05;09:03 001 va7Ta EFTA00200947

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 5 of? , STATEMENT PERIOO April 30,2005 THROUGH May 31, 2005 Your Portfolio Holdings (continued) account sumer EE 72 TAXPAYER NUMBER On File | 29, 2005 Equities & Options (continued) LAST STATEMENT = Apri ACCT MARKET ESTIMATED CURRENT DESCRIPTION ‘SYMBOU'CUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD ('} HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.9200 87,840 5,760 6.5574 SBI JOHNSONS JOHNSON JNJ CASH 57,800 67.1000 3,878,380 76,296 1.9672 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C. RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7000 165 EXP 12/10/2007 NAYARIT GOLD INC cs: 19 Un id PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 63.8500 27,839 1,029 3.6963 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 44.0000 78,936 4,090 5.1814 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.7500 333,000 21,000 6.3063 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.0400 6,040 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,650,260 $123,221 TOTAL EQUITIES $4,650,260 $123,221 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $136,886 YOUR PRICED PORTFOLIOHOLDINGS $5,175,849 o27 (06/01/05;09:03 001 vara EFTA00200948

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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 fl Pe JEFFREY EPSTEIN 6 of? STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail accouvt xumecn (EE 372 TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT — April 29, 2005 SETTLEMENT TRADE DATE OATE TRANSACTION DESCRIPTION SYMBOLCUSIP QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 05/27/05 EXCHANGE CANHOAN CHEMICAL CORP 137913109 -19 a, EXCHANGE NAVARIT GOLD ING eo fi MNT@ 1- a i ie TOTAL DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRPTION DEBIT AMOUNT CREDIT AMOUNT 05/20/05 DEPOSIT LUCENT TECH 00 EPSTEIN 288.51 SIGNATURE TOTAL $288.51 MONEY FUND ACTIVITY DATE MO/DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE DEBIT AMOUNT CAEDIT AMOUNT 04/30/05 OPENINGBALANCE 520,691.25 05102105 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 1,069.61 INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 027 (06/01/08,09:03 001 vara EFTA00200949

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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 JEFFREY EPSTEIN 7 of? STATEMENT PERIOD April 30,2005 THROUGH May 31, 2005 Transaction Detail (continued) scour weer EN 2 TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT — April 29, 2005 DATE MONDAY TRANSACTION DESCAIPTION SYMBOUUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 05/24/05 BOUGHT OREYFUS CASH MANAGEMENT-CL A DICK 2,388.51 1.0000 2,388.51 INSTITUTIONAL SHARES 05/31/05 CLOSINGBALANCE 525,589.37 TOTAL $-4.898.12 $1,069.61 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 05/19/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 BI 19/05 REC 04/22/05 PAY 05/23/05 TOTAL $3,540.00 / (stor ****** End of Statement*** \_/ 027 06/01/05;08:08 001 vara EFTA00200950

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New _ New York 10 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , ‘ Your Portfolio Holdings . Transaction Detail ........sssssessserssseeerees Fund Activity .,ssesssssserssessssstenessecanestensaes ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 4,722,887 MONEY MARKET FUND BALANCE 520,691 ——— co, NET EQUITY LAST STATEMENT 5,133,480 CHANGE SINCE LAST STATEMENT 110,098 “This pertiolio indudes one or more unpriced sccurties that are not refected in the Total Value of Securties and the Net Equity This Period. There are no "Stop Loss’ orders or other pending buy or sell open orders on file for your account. Please report amy diference or non-receipt of checks or stocks, indicated as delivered 0 you, {© Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Corp., One Matrotoch Center North, Brooklyn, N.Y. 11201-3869. 179 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 $520,691 $465,818 $4,722,887 cues — meme 57 HE Current market value py Last statements market value ‘This summary is 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 PERIOO April t, 2005 THROUGH April 29, 2005 ACCOUNT NUMBER FY x72 TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 ‘This statemem should be retained for your records. See reverse side for important information, 027 (04/3008;11:24 001 EFTA00200951

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE (04/90/08;11:24 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN EFTA00200952

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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 $5.60 Securities Sold 47,000.00 Money Fund 962.47 Dividends/Interest 6,911.60 Amount Credited Money Fund $54,874.07 -54,879.67 Amount Debited Net Cash Activity $-54.879.67 -5.60 Cash Balance Summary OPENING CLOSING Cash 5.60 0.00 Net Cash Balance $5.60 $0.00 Income Summary THIS PERIOD YEAR TO DATE Dividends 7,874.07 30,562.05 Credit Balance Int. 0.00 13.43 $7874 OT, aaeee SOS TEAS, Total Portfolio Composition Cash/Cash Equivalent 520,691 Equities 4,722,887 027 (04/30105;11:24 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN April 1, 2005 April 29, 2005 a «ee On File March 31,2005 STATEMENT PERIOD THROUGH ACCOUNT NUMBER TAXPAYER NUMBER 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. var? EFTA00200953

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New = New York 10179 4o7 Your Portfolio Holdings CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} DREYFUS CASH MANAGEMENT-CL A DICKX 520,691.25 1.0000 520,691 13,017 2.4999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,.6900% TOTAL CASH & CASH EQUIVALENTS $520,691 $13,017 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 PERIOD April 1, 2005 THROUGH April 29, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT March 31,2005 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 indicates that continuing coverage of the subject endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol 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 DESCRIPTION SYMBOUCUSIP TE CANHORN CHEMICAL CORP CNCPF CASH FELCOR LODGING TRUST INC FCH CASH GLENBOROUGH REALTY TRUST INC GLB CASH BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C. RATING: H GLIMCHER REALTY TRUST-SBI GAT CASH , QUANTITY 19 2,000 2,000 2,000 PRIKEE Unpriced 20.5400 25.1700 12.2400 MARKET VALUE o27 41,080 ESTIMATED CURRENT ANNUAL INCOME YELD [%} (04/90/08;11:24 001 24.480 2,800 6.8160 50,340 3,846 7.6400 var? EFTA00200954

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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 | | JEFFREY EPSTEIN 5 of? , STATEMENT PERIOD April t, 2005 THROUGH April 29, 2005 Your Portfolio Holdings (continued) account numer RE 72 TAXPAYER NUMBER On File sas . LAST STATEMENT March 31,2005 Equities & Options (continued) ACCT NAARKET ESTIMATED CURRENT DESCRIPTION SYMBOLICUSIP TYPE QUANTITY PRICE VALUE ANNUAL INCOME YELD (%) HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.7500 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.7800 83,560 5,760 SBI JOHNSONS JOHNSON JNJ CASH 57,800 68.6300 3.966.814 76,296 1.9234 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C, RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.4800 113 EXP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 60.4200 26,343 1,029 3.9062 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.1500 75,617 3,875 5.1245 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.6900 332,280 21,000 6.3200 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 4.7600 4,760 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,722,887 $123,006 TOTAL EQUITIES $4,722,887 $123,006 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $136,023 YOUR PRICED PORTFOLIOHOLDINGS $5,243,578 027 04/°3008;11:24 001 var? EFTA00200955

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North 383 Madison Avenue Brocklyn, New York 11201-3859 STEARNS a" 10179 6 of? JEFFREY EPSTEIN STATEMENT PERIOD April 1, 2005 THROUGH April 29, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File INVESTMENT ACTIVITY LAST STATEMENT = March 31,2005 Transaction Detail SETTLEMENT TRADE DATE DATE TRANSACTION DESCRIPTION SYMBOLICUSIP QUANTITY PRICE DEBIT AMOUNT GREOIT AMOUNT 04/21/05 MERGER KRAMONT REALTY TRUST 500750107 -2,000 47,000.00 TO ER 20 PIS TOTAL $47,000.00 MONEY FUND ACTIVITY MOVDAY TRANSACTION DESCRIPTION SYMBOUUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 04/01/05 OPENINGBALANCE 465,811.58 04/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKK 962.47 INSTITUTIONAL SHARES MONTHLY DIVIDEND 04/01/05 REINVEST OREYFUS CASH MANAGEMENT-CL A DICKK 962.47 INSTITUTIONAL SHARES DIVIDEND REINVEST 64/04/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A” BGK 5.255.601.0000 5,255.60 INSTITUTIONAL SHARES: 04/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKX 1,661.60 ™ INSTITUTIONAL SHARES "Tloaa0 1,661.60 04/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICKK 47,000 1.0000 47,000.00 INSTITUTIONAL SHARES 04/29/05 CLOSINGBALANCE 520,691.25 TOTAL $-54.879.67 $962.47 027 04/°3008;11:24 001 var? EFTA00200956

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 BEAR STEARNS 7 ot? Transaction Detail (continued) CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOD April 1, 2005 April 29, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File THROUGH DIVIDENDS LAST STATEMENT = March 31,2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) OEBIT AMOUNT (CREDIT AMOUNT 04/01/05 RAMCO GERSHENSON PROPERTIES APT 12,000 0.4375 5,250.00 TRUST-MD SBI REC 03/20/05 PAY 04/01/05 REC 04/01/05 PAY 15/05 REC 03/31/05 PAY 04/15/05 TOTAL $6,911.60 (stor) **ee** End of Statement™***** VY (04/90105;11:24 001 Var? EFTA00200957

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams 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 March 1, 2005 TecepHone = THROUGH March 31, 2005 VISIT OUR WEBSITE www.bearstearns.com . ACCOUNT NUMBER FY x72 What's In This Statement Hava deseloclslleanselil TAXPAYER NUMBER On File LAST STATEMENT February 28,2005 Financial Summary ,.. 3 JEFFREY EPSTEIN Your Portfolio Holdings . - C/O FINANCIAL TRUST COMPANY Transaction Detail veer 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 $465,818 TOTAL VALUE OF SECURITIES THIS PERIOD* 4,667,662 °#8h & Equivalent $447,341 NET CREDIT BALANCE 6 $4,667,662 cues — me 5.07 MONEY MARKET FUND BALANCE 465,812 sees ansennusecenneseeennessssaenneensenneensennsnsoscanees seseesaeeeennnenssene HE Current market value NET EQUITY THIS PERIOD $5,133,480 SERB Last statement’s market value NET EQUITY LAST STATEMENT 5,054,929 CHANGE SINCE LAST STATEMENT 78,551 “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. Please report amy difference or non-receipt of checks of stocks, indicated as delivered to you, ‘This summary 6s for informational purposes only. It bs mot intended as a tax document © Client Sernices at 800-634-1428; or write to Clent Services at Bear, Steams Securities ‘Ths statemem should be retamed for your records See reverse side for important information. Corp., One Mewoloch Center North, Brooklyn, N.Y. 11201-3859. 027 04101/08;08:49 001 va7e EFTA00200958

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 04/01/05;09:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN va7ré EFTA00200959

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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 Le JEFFREY EPSTEIN 3 of8 STATEMENT PERIOD March 1, 2005 THROUGH March 31, 2005 . ACCOUNT NUMBER | x72 Cash Flow Analysis Income Summary SaxpaveR NUMBER On File Tis PERIOD TS PERIOD YEAR TO DATE ; LAST STATEMENT February 28, 2005 Balance $2,103.58 Dividends 18,471.15 22,687.98 Credit Balance Int. 5.60 13.43 Dividends/Interest 17,704.60 A Amount Credited $18,476.75 Money Fund 20,574.73 Portfolio Composition Amount Debited $-20,574.73 Cash/Cash Equivalent 465,818 Net Cash Activity -2,097.98 Equities 4,667,662 Total $5,133,480 Your Portfolio Cash Balance Summary Allocation OPENING. CLOSING Cash 2,103.58 5.60 Net Cash Balance $2,103.58 $5.60 Cash & Equivalent. *% — Equities 91% Unshaded portions denote debt balance andicr short market values, The allocation percentage is derived from the absohte market value of your portiatio. 027 04/01/05;09:49 001 va7é EFTA00200960

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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 March 1, 2005 THROUGH March 31,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT February 26, 2005 CASH & CASH EQUIVALENTS MARKET ESTIMATED (CURRENT DESCRIETION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [) CASH BALANCE 6 DREYFUS CASH MANAGEMENT-CL A DICXX 465,811.58 1.0000 465,812 9,782 2.1000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _2,6700% TOTAL CASH & CASH EQUIVALENTS $465,818 $9,782 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 o27 04/01/05;09:49 001 va7é EFTA00200961

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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) ACCT NAARKET SYMBOLICUSIP TE QUANTITY PRICE VALUE CASH 2,000 19.1200 38,240 ESTIMATED ANNUAL INCOME 2,800 CURRENT YELD (%) 7.3222 DESCRIPTION GLENBOROUGH REALTY TRUST INC GLB BSC RATING: STOCK P/SECTOR MW SENT SYSTEMS, LLC CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO March 1, 2005 March 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File February 28,2005 THROUGH LAST STATEMENT RATING: GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 23.7000 47,400 3,846 8.1139 SBI JOHNSONS JOHNSON JNJ CASH 57,800 67.1600 3.881.848 65.892 1.6974 BSC RATING: STOCK P/SECTOR MW. BUCKINGHAM RESEARCH RATING: B KRAMONT REALTY TRUST KRT CASH 2,000 23.4000 46,800 2,600 5.5556 WTS LUCENT TECHNOLOGIES INC 0.6700 157 LUTHW CASH 235 EXP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 56.7500 24,743 1,029 4.1588 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.3200 72,334 3,875 5.3571 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.1500 325,800 21,000 6.4457 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.6200 5.620 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,667,662 $115,202 TOTAL EQUITIES $4,667,662 $115,202 027 04/01/05,09:49 001 EFTA00200962

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Steams Securities Corp. Bear, Stearns & Co. Inc. ne Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 STEARNS New York, New York 10179 JEFFREY EPSTEIN 6 of8 STATEMENT PERIOD March 1, 2005 THROUGH March 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Your Portfolio Holdings (continued) LAST STATEMENT February 28, 2005 YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $124,984 YOUR PRICED PORTFOLIOHOLDINGS $5,133,480 Transaction Detail MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION, DESCAIPTION SYMBOUCUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 03/01/05 OPENINGBALANCE 445,236.85 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST INSTITUTIONAL SHARES 03/31/05 CLOSINGBALANCE 465,811.58 TOTAL $-20.574.73 $772.15 027 04/01/08,09:49 001 va7é EFTA00200963

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BEAR STEARNS 7 of6 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, Steams Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO March 1, 2005 THROUGH March 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT —- February 28, 2005 DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CEBIT AMOUNT CREDIT AMOUNT 03/08/05 JOHNSON& JOHNSON JNJ 57,800 0.2850 16,473.00 REC 0: 05 PAY INC REC 02/25/05 PAY INVESTMENT TRUST-SBI REC 03/01/05 PAY 03/15/05 TOTAL $17,699.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 03/21/05 aa 5.60 ACCT ATOR, % U2/21 - 03/20 TOTAL $5.60 027 04/01/08,09:49 001 va7ré EFTA00200964

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 a 8 of8 Your messages i Bear, Stearns Securities Corp, Net Capital and Net Capital Requirements: At November 30, 2004 and January 31, 2005, the Company's net capital of approximately $3,8 billion and $3,8 billion was approximately 6,4% and 6,3% of aggregate debit items and exceeded the minimum regulatory net capital requirement of approximately $1.2 billion and $1,2 billion by approximately $2,6 billion and $2,6 billion, all respectively, A complete copy of the Bear, Stearns Securities Corp, Statement of Financial Condition is available on the web site www,bearstearns,com, Alternatively, to request a free printed copy please call - toll free 1-866-299-9331, STOP ****** End of Statement™***** 027 04/01/05;09:49 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOG March 1,2005 THROUGH March 31,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT February 28,2005 EFTA00200965

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS _——" 10179 ACCOUNT EXECUTIVE = ZICHERMAN, IRA TevePHone VISIT OUR WEBSITE www.bearstearns.com What’s In This Statement Financial Summary , ' Your Portfolio Holdings . Transaction Detail ......ssesssessseresseessees Fur Activity .,ssessssssesssnesessctensssscanestensars ons Ww Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 4,607,588 NET CREDIT BALANCE 2,104 MONEY MARKET FUND BALANCE 445,237 NET EQUITY LAST STATEMENT 4,995,300 CHANGE SINCE LAST STATEMENT 59,629 “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. Please report amy difference of nor-receipt of checks of stocks, indicated as delivered to you, % Client Services at 800-614-1428; of write to Clent Services at Bear, Steams Securities Corp., One Matrotoch Center North, Brmokyn N.Y. 11201-3859. JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK QUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & Equivalent $447,341 $444,470 $4,607,588 ces — mm 5.5 HE Current market value SESY Last statements market value ‘This summary is 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 February 1, 2005 THROUGH February 28, 2005 ACCOUNT NUMBER ; x72 TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 ‘This statemem should be retained for your records. See reverse side for important information. 027 04/01/08;11:09 001 EFTA00200966

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2 of? STATEMENT BACKER IS PRINTED ON THIS PAGE 0@/01/05;11:08 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN var2 EFTA00200967

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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 $9,003.80 766.83 2,103.58 Money Fund Dividends/Interest $2,870.41 Money Fund -9,770.63 Amount Debited $-9,770.63 Net Cash Activity -6,900.22 Cash Balance Summary OPENING CLOSING 2,103.58 Cash 9,003.80 Net Cash Balance $9,003.80 $2,103.58 Income Summary THiS PERIOD Dividends 2,866.83 Credit Balance Int. 3.58 Total Portfolio Composition Cash/Cash Equivalent Equities Total 027 YEAR TO DATE 4,216.83 7.83 447,341 4,607,588 $5,054,929 04/01/05;11:09 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO February 1, 2005 February 28,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File January 31, 2005 THROUGH LAST STATEMENT 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. var2 EFTA00200968

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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 February 1, 2005 THROUGH February 28,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT January 31,2005 CASH & CASH EQUIVALENTS MARKET ESTIMATED (CURRENT DESCRIETION SYMBOUCUSIP QUANTITY PRICE VALUE ANNUAL INCOME YELD [) CASH BALANCE 2,104 DREYFUS CASH MANAGEMENT-CL A DICXX 445,236.85 1.0000 445,237 9,350 2.1000 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,3400% TOTAL CASH & CASH EQUIVALENTS $447,341 $9,350 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 o27 04/01/08;11:08 001 varT2 EFTA00200969

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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) ACCT NAARKET SYMBOLICUSIP TE QUANTITY PRICE VALUE CASH 2,000 19.7300 39,460 ESTIMATED ANNUAL INCOME 2,800 CURRENT YELD (%) 7.0958 DESCRIPTION GLENBOROUGH REALTY TRUST INC GLB BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN STATEMENT PERIOO February 1, 2005 February 28,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File January 31, 2005 THROUGH LAST STATEMENT RATING: S GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 25.7200 51,440 1,280 2.4883 SBI JOHNSONS JOHNSON JNJ CASH 57,800 65.6000 3,791,680 65.892 1.7378 BSC RATING: STOCK P/SECTOR MW. BUCKINGHAM RESEARCH RATING: B KRAMONT REALTY TRUST KRT CASH 2,000 23.3100 46,620 2,600 5.5770 WTS LUCENT TECHNOLOGIES INC 0.8900 209 LUTHW CASH 235 EXP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 58.1500 25,353 1,029 4.0587 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.6000 72,836 3,875 5.3202 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 28.3000 339,600 7,332 2.1590 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.5700 5.570 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,607,588 $98,968 TOTAL EQUITIES $4,607,588 $98,968 027 0@/01/05;11:08 001 EFTA00200970

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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 fl Pe JEFFREY EPSTEIN 6 of? STATEMENT PERIOO February 1, 2005 THROUGH February 28,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT January 31, 2005 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $108,318 YOUR PRICED PORTFOLIOHOLDINGS $5,054,929 Transaction Detail MONEY FUND ACTIVITY DATE MOVDAY TRANSACTION, DESCAIPTION SYMBOUCUSIF QUANTITY PRICE DEBIT AMOUNT CREDIT AMOUNT 02/01/05 OPENINGBALANCE 435,466.22 INSTITUTIONAL SHARES INSTITUTIONAL SHARES MONTHLY DIVIDEND INSTITUTIONAL SHARES DIVIDEND REINVEST 02/28/05 CLOSINGBALANCE 445,236.85 TOTAL $-9,770.63 $766.83 02? 08/01/08;11:09 001 ware EFTA00200971

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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 PERIOO February 1,2005 THROUGH February 28,2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File DIVIDENDS LAST STATEMENT —_ January 31, 2005 DATE DESCRIPTION SYMBOUCUSIF QUANTITY RATE (S$) DEBIT AMOUNT CAEDIT AMOUNT 02/23/05 HAPT PROPERTIES TR-SBI HAP 10,000 0.2100 2,100.00 REC 01/21/05 PAY 02/23/05 TOTAL $2,100.00 INTEREST DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) CEBIT AMOUNT CAEDIT AMOUNT 02/22/05 INTEREST ONCREDIT BALANCE 3.58 AOCT AT O1,' % UI/21 - 02/20 TOTAL $3.58 f—™, (stop) ***** End of Statement™***** / o27 0@/01/05;11:08 001 var2 EFTA00200972

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OFFICE SERVICING YOUR ACCOUNT BEAR STEARNS ZICHERMAN, IRA 383 Madison Avenue ACCOUNT EXECUTIVE TevepHone wow.bearstearns.com VISIT OUR WEBSITE Bear, Stearns & Co. Inc. New — New York 10179 What's In This Statement Macalbassdeclallsnadil Financial Summary , ‘ 3 JEFFREY EPSTEIN Your Portfolio Holdings . 4 C/O FINANCIAL TRUST COMPANY Transaction Detail ...ueesseeeenees 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 $444,470 TOTAL VALUE OF SECURITIES THIS PERIOD‘ 4,550,830 — Sa#h & Equivalent $434,785 NET CREDIT BALANCE 9,004 $4,550,830 MONEY MARKET FUND BALANCE 435,466 sect Coane wee eeaoe $885.30 NET EQUITY LAST STATEMENT 4,993,982 CHANGE SINCE LAST STATEMENT 1,318 HE Current market value a Last statements market value 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, 2005 January 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File THROUGH LAST STATEMENT December 31,2004 “This portfolio indudes one or more unpriced securties that are not rofected 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 nce-roceigt of checks or stocks, indicated as delivered to you, © Client Senices at 800-624-1428; or write to Clam Services at Bear, Steams Securitios Corp., One Metrolech Center North, Brooklyn, N.Y. 11201-3859, ‘This summary is for informational purposes only. It Is not intended as a tax document, ‘This statemem should be retained for your records. See reverse side for important information. o27 02/01/05;07:85 001 EFTA00200973

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2 of8 STATEMENT BACKER IS PRINTED ON THIS PAGE 02/01/08;07:85 001 CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY Bear, Stearns Securities Corp. One Metrotech Center North Brooklyn, New York 11201-3859 JEFFREY EPSTEIN vara EFTA00200974

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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 BEAR 383 Madison Avenue Brooklyn, New York 11201-3859 STEARNS New York, New York 10179 | | JEFFREY EPSTEIN 3 of@ STATEMENT PERIOD January 1, 2005 THROUGH January 31, 2005 . ACCOUNT NUMBER | x72 Cash Flow Analysis Cash Balance Summary aay THIS PERIOD _— LAST STATEMENT December 31, 2004 Balance $9.12 Cash 9.12 9,003.80 Money Fund on0.08 Net Cash Balance $9.12 $9,003.80 Dividends/Interest 8,795.85 aiineniannonnen anil Income Summai Money Fund -690.03 ry THIS PERIOD YEAR TO DATE sess anennneea esos anneneeeneeeeensensnessssanesnnnannesssentneesssssaaee sveennessiin Dividends 1,350.00 1,350.00 Amount Debited .. sassssssssssseessss+ssssssssssssssssssee0111oc oo oso cosssssee site Credit Balance Int. 4.25 4.25 31,354.25 Net Cash Activity 8,994.68 Total $1,354.25 . sa: Your Portfolio Portfolio Composition Allocation Cash/Cash Equivalent 444.470 Equities 4,550,830 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. 027 02/01/08;07:85 001 vara EFTA00200975

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CLEARED THROUGH ITS WHOLLY OWNED SUBSIDIARY OFFICE SERVICING YOUR ACCOUNT Bear, Stearns Securities Corp. Bear, Stearns & Co. Inc. One Metratech Center North BEAR 383 Madison Avenue Brocklyn, New York 11201-2859 New York New York 10179 a STEARNS — JEFFREY EPSTEIN 4 oe STATEMENT PERIOD January 1, 2005 THROUGH January 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File Your Portfolio Holdings LAST STATEMENT December 31, 2004 CASH & CASH EQUIVALENTS NAARKET ESTIMATED CURRENT DESCRICTION SYMBOLICUSIP QUANTITY PRICE VALUE ANNUAL INCOME YIELD ('%} CASH BALANCE 9,004 DREYFUS CASH MANAGEMENT-CL A DICKX 435,466.22 1.0000 435,466 8,709 1.9999 INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD _2,1700% TOTAL CASH & CASH EQUIVALENTS $444,470 $8,709 EQUITIES Equities & Options The research ratings for Bear 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 PRICE VALUE ANNUAL INCOME YELD [%) CANHORN CHEMICAL CORP CNCPF CASH 19 Uny d 027 02/01/08;07:85 001 vara EFTA00200976

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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) ACCT NAARKET SYMBOLICUSIP TE QUANTITY PRICE VALUE CASH 2,000 19.2600 38,520 ESTIMATED ANNUAL INCOME 2,800 CURRENT YELD (%) 7.2690 DESCRIPTION GLENBOROUGH REALTY TRUST INC GLB BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L.C 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, 2005 January 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File THROUGH LAST STATEMENT December 31,2004 RATING: S GLIMCHER REALTY TRUST-SBI GAT CASH 2,000 25.5900 51,180 1,280 2.5010 HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.9100 119,100 8,400 7.0529 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.6500 85,300 5,760 6.7526 SBI JOHNSONS JOHNSON JNJ CASH 57,800 64.7000 3,739,660 65.892 1.7620 BSC RATING: STOCK P/SECTOR MW. BUCKINGHAM RESEARCH RATING: B KRAMONT REALTY TRUST KRT CASH 2,000 23.4100 46,820 2,600 5.5532 WTS LUCENT TECHNOLOGIES INC 1.1650 274 LUTHW CASH 235 EXP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 57.8900 25,240 939 3.7203 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 40.0200 71,796 2,569 3.5782 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 28.2000 338,400 7,332 2.1667 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.6200 6,620 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4,550,830 $97,572 TOTAL EQUITIES $4,550,830 $97,572 027 02/01/08;07:85 001 EFTA00200977

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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 | Pe JEFFREY EPSTEIN 6 of8 STATEMENT PERIOD January 1, 2005 THROUGH January 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File LAST STATEMENT December 31, 2004 Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $106,281 YOUR PRICED PORTFOLIOHOLDINGS $4,995,300 Transaction Detail DEPOSITS AND WITHDRAWALS DATE TRANSACTION DESCRIPTION DEBIT AMOUNT CREDIT AMOUNT 01/07/05 DEPOSIT LUCENT TECH 00 J EPSTEIN SI 198.83 NATURE BK TOTAL $198.83 MONEY FUND ACTIVITY OATE MO;DAY TRANSACTION DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT CREDIT AMOUNT 01/01/05 OPENINGBALANCE 434,776.19 690.03 01/03/05 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST 01/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICKX 690.03 INSTITUTIONAL SHARES AMT INCLUDED IN 2004 - 1099 027 02/01/08,07:55 001 va7o EFTA00200978

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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 a" 10179 JEFFREY EPSTEIN STATEMENT PERIOD January 1, 2005 THROUGH January 31, 2005 ACCOUNT NUMBER | x72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY (continued) LAST STATEMENT December 31, 2004 Transaction Detail (continued) OATE MO'DAY TRANSACTION: DESCAIPTION SYMBOUCUSIP QUANTITY PRICE OEBIT AMOUNT CREDIT AMOUNT 01/31/05 CLOSINGBALANCE 435,466.22 TOTAL $-690.03 $690.03 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP QUANTITY RATE ($) CERT AMOUNT CAEDIT AMOUNT 01/03/05 RAMCO GERSHENSON PROPERTIES RPT 5,040.00 TRUST-MD SBI CASH DIV ON 12000 SHS REC 12/20/04 PAY 01/03/05 AMOUNT INCLUDED ON 2004-1099 01/14/05 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 01/01/05 PAY 01/14/05 01/18/05 GLIMCHER REALTY TRUST-SBI GRT 961.60 CASH DIV ON 2000 SHS REC 12/31/04 PAY 01/18/05 AMOUNT INCLUDED ON 2004-1099. 01/21/05 KRAMONT REALTY TRUST KAT 2000 REC 01/03/05 PAY 01/21/05 01/31/05 HOSPITALITY PROPERTIES TRUST Her . . . ™ "1440.00 SBI GASH DIV. ON 2000 SHS REC 12/30/04 PAY 01/31/05 AMOUNT INCLUDED ON 2004-1099 TO 8 "0.3250 650.00 027 02/01/05,07:85 001 va7o EFTA00200979

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OFFICE SERVICING YOUR ACCOUNT Bear, Stearns & Co. Inc. BEAR 383 Madison Avenue STEARNS New York, New York 10179 | 8 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 PERIOO THROUGH ACCOUNT NUMBER TAXPAYER NUMBER LAST STATEMENT INTEREST DATE CESCRIPTION SYMBOUCUSIP QUANTITY RATE (%) OEBIT AMOUNT CREDIT AMOUNT 01/21/05 INTEREST ONCREDIT BALANCE 4.25 ACCT ATO, % 12/21 - 01/20 TOTAL $4.25 /—™, (stop) **e*** End of Statement™***** oz? 02/01/05;07:85 001 vara January 1, 2005 January 31, 2005 a: On File December 31,2004 EFTA00200980