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Statements EFTA00200893 CLEARED THROUGH ITS WHOLLY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 I II IIIIIIIIIIIIIII I II JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 SRN. Reams Sennies Cat. One Metaled, Conk. North 9taldin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER TAXPAYER AMMER On File LAST STATEMENT November 30.2005 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 1212110509:CO 001 V899 EFTA00200894 CLEARED TNAOUGN RS 11O1CtLY ONTJED SUSSIDIAFtv BffiR STMRNS OFFICE SERVICING YOUR ACCOUNT Beat. Stearns 8 Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEGSITE ZICHERMAN,IRA uearstearrts.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Actiyity 6 Your Massages 7 Your Portfolio at a Glance TOTAL VALDE OF SECURffIES THIS PERIOD MONEY MARKET FUND BALANCE 4,199.568 618,814 IIIIIIIIIIIIIIIIII I II JEFFREY EPSTEIN C,1O FINANCIAL TRUST COMPANY MIN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & Ecawaleni _Eli 5618.814 $596.278 NET EOUITY THIS PERIOD $4,818,382 NET EOUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 4,912,525 -94,143 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities Fiom' ropcm erg OM/ron» or rswec ol Credit Of SIOCkS. •1000100 as dahtfed lto >to. lo Geer amine al 800€34.14211: or ~to lo Mom Sorocos ar Boot. Stoom accumos Ca,.. Ona LIcendech Come, Not. 13rookbn, NY. 112014859 Current merkel vak* is Last statements makel value $4.199.568 $4.316.247 END. SleentS seances cap oio Meeotoch COMef North Brocktro. Now York 11201.2859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 TICROUG11 December 30,2005 ACCOUVT NU/ABER k72 TAXPAVER NUUMER On File LAST STATEMENT November 30.2005 neS ernrY fs Re ~ooi Recroses Wy It Is ra Med./d natel dcarners nes timmer« should W retaned tor your records Se* reven* sa to- ~nart neconarce 027 1221MS:09:00 001 II any information regarding 2005interest. dividends. miscellaneous income. gross proceeds or original issue discount is required to be reported to the IRS lor this account, a Consolidated Form 1099wi11 be mailed to you by January 31,20D6or a 10425 by March 15,2006. V899 EFTA00200895 CLEARED THROUGH ITS YmCuy ORYJED SUSSICHAriy Rev. Reams SeOudOel Cat. Ono Alevotech Corder HORN 8reck/gn. liar York 11201.3859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 1231,05:1S:00 001 V899 EFTA00200896 CLEARED THROUGH ITS 1MICUY (AWED SLISSIDMAY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York Nee York 10179 3 rl Cash Flow Analysis Income Summary THIS PERIOD 11-15 PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 22.535.25 128,395.83 Credit Balance Int. 0.00 13.43 Money Fund 1,881.43 Dividends/Interest 20.653.82 Total $22,535.25 $128.409.26 Amount Credited $22.535.25 Money Fund -22.535.25 Portfolio Composition Amount Debited $-22,535.25 Cash!Cash Equivalent 618.814 Equities 4.199,568 Closing Balance $0.00 Total $4,818,382 SW. sown secwieet CYO. One Metaled, Conk. North erodnln. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER X72 TAXPAYER KINSER On File LAST STATEMENT NW/Kilter 30.2005 Your Portfolio Allocation Cash & Equivalent 13% 111 % Equities 87% Un*Oeeti Preen, denote 000* OttenOD omit, shod Ticket Vitali alocama warm": es clawed from to amok*, (radon maw os pxe ActlWm. 027 12,31O5O9:00 001 Y899 EFTA00200897 CLEARED THROUGH ITS IMICUY OUNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCROYOM SYMECUCVSIP DREYFUS CASH MANAGEMENT-CL A DICA INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 4.1100% TOTAL CASH & CASH EQUIVALENTS ou4trnw 618413.54 MARRS ESTIMATED CAMAS PACE VALUE MNUAL INCOME YELD 1.0000 618.814 23.515 3.8000 $618.814 323.515 EQUITIES Seel. sown SOLARI COO Cue Metaled, Cantu North 13mcklin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCCUNT NUMBER x72 TAXPAYER MAUER On File LAST STATEMENT ROMERO( 30.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market 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 Steams 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. DESCRPTION MIKA/MIA ADC! TYPE OUATIRTY PRCE IMM(E! VALUE ESTMATE0 ANNUAL INCOME CURFEW YEW IR) FELCOR LODGING TRUST INC FCH CASH 2,000 17.2100 34,420 1,200 3.4883 GLENBOROUGH REALTY TRUST INC GUI CASH 2.000 18.1000 36.200 2,800 7.7348 BSC RATING: STOCK P(SECTOR MW NED DAVIS RESEARCH RATING: H GUMCHER REALTY TRUST-SBI GRT CASH 2.000 24.3200 48.640 3.846 7.9071 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.3500 103.500 8.400 8.1159 027 1231,05SY):00 001 V899 EFTA00200898 CLEARED THROUGH ITS WHOLLY ODIVED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York Nen York 10179 5 o SRN. Reams SMARM Cat. One Mewled, Conk. North 9taltlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 Your Portfolio Holdings (continued) THROUGH ACCOUNT NUMBER TAXPAYER WEBER LAST STATEMENT December 30.2006 X72 On File November 30.2005 Equities & Options (continued) ACCT MARKET ESTIMATED CURROVT DESCRPTION SYMBOUOISIP TYPE 001:211'1' PACE VALUE ANNUAL INCOME YELL/ IS) HOSPITALITY PROPERTIES TRUST HPT CASH 2.000 40.1000 80.200 5,840 7.2818 581 JOHNSON& JOHNSON JNJ CASH 57.800 60.1000 3.473.780 76.296 2.1963 BSC RATING: STOCK II/SECTOR MW NED DAVIS RESEARCH RATING: MS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.5650 133 ET 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 RPT CASH 12.000 26.6500 319.800 21,000 6.5666 TRUST-MD SIN SIRIUS SATELLITE RADIO INC SIRI CASH 1.000 6.7000 6.700 BSC RATING: STOCK 0/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 PRICEDPORTFOLIOHOLDINGS $4.818.382 027 1231,1Z09:CO 001 EFTA00200899 CLEARED THROUGH ITS WHOU.Y OMED SUBIC/MEW BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail MONEY FUND ACTIVITY DATE mavAr TRANSACTION DESCRIPTICN 12/01/05 OPENINGBALANCE SYMBOUGUSIP SRN. Sown secwivet CYO. One Motrotoch Conk. North bcdtlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCOUNT NUMBER (72 TAXPAYER AMMER CO File LAST STATEMENT NOYETTYMI 30.2005 OUANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 596,278.29 12/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 300 1.0000 300.00 INSTITUTIONAL SHARES 12/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 1,881.43 INSTITUTIONAL SHARES MONTHLY DIVIDEND 12/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST DICA 1.881.43 1,881.43 12/13/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 19.074 1.0000 19,074.00 INSTITUTIONAL SHARES 1015/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1,279.82 1.0000 1,279.82 INSTITUTIONAL SHARES 12/30/05 CLOSINGBALANCE 618,813.54 TOTAL 522,535.25 91.881.43 DIVIDENDS DATE DESCRIPTION SYMEIWCUSIP CUN4MY RATE (Si 12/01/05 FELCOR LODGING TRUST INC FCH 2.000 0.1500 REC 11/15105 PAY 12/01/05 DENT AMOUNT OREM AMOUR 300.00 12/13/05 JOHNSON& JOHNSON REC 11/22/05 PAY 12113105 JNJ 57.800 0.3300 19,074.00 12/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 11/23/05 PAY 12/15105 027 1231,05:09:00 001 V899 EFTA00200900 CLEARED THROUGH ITS VOICUY OMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York New York 10179 7 Cl Transaction Detail (continued) DIVIDENDS (continued) DATE DESCRPTION SYMEICIALISIP cunany 12/15/05 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI REC 1201:05 PAY 12/5105 PEI 1,794 TOTAL RATE (S1 0.5700 DEBIT AMOUNT 8081. Warns Secudike Cat. One MORINO Conic. North bccItlin. Nov York 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD December 1.2005 THROUGH December 30.2005 ACCCUNT NUMBER X72 TAXPAYER KAMER On File LAST STATEMENT November 30.2005 CREDIT AMOUNT 1,022.58 $20,653.82 Your messages As part of the National Association of Securities Dealer's (NASD) Investor Education Program, you may obtain information on the NASD's Public Disclosure Program by contacting the NASD at telephone number (800) 289.9999 or via the intemet address which is wmv,nasdr,com, In addition, a brochure explaining the Public Disclosure Program is available from the NASD upon request, End of Statement Florida residents who own, manage, or control stocks, bonds, money market or mutual funds having a value of $250,000 or more for individuals or $500,000 for married couples filing jointly must pay a tax on these items, called 'Intangible Tax". by June 30 to avoid increased penalties, For Tax Returns and information, call the Department of Revenue at 1.800.352.3671, 027 1212110509:CO 001 V898 EFTA00200901 CLEARED IHRWOH ITS wittily 0"EO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE LICHERMAN.IRA O. IA1 uearstearns.coM What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,316,247 MONEY MARKET FUND BALANCE 596,278 III111111111111111 I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Market Value of Your Portfolio s $590.898 $596.278 Cash & Equvalent NET EQUITY THIS PERIOD $4,912,525 NET EQUITY LAST STATEMENT 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. Plena report err Ortnerce rcertrown of netts or sIxIoM, indicoled as ammo lo b Client Swum ol to)O634O428 ',re W Clem Sennos at Be.'. SUOMI Swains Cap.. Ono Noumea Comer Honk BewoUrt" N.Y. 11201-3859. Equities — Current market vaue tal Last statements market value $4.316.247 54,358.019 808r. &lea, " SOCustr, DOW. Ore Meortech Comet HMO BCCCi0011. NOY VC* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD NOYEMIlef 1.2005 THROUGH Novernter 30.2005 ACCCUNIT NUMBER X72 TAXPAYER NUSSER On Fee LAST STATEMENT OCTObef 31.2005 Sit THE94."MMY H Re ntommberal papaws ortly Pis rot gonad natio downer Pit statiewn should be Maned for your words Sot mom Ss for ',porton rrtortnatan 02? 12.01.05:07:35 001 EFTA00200902 CLEARED 1HROUGH RS 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Itkl COO. Ceolkescitech Cantet North Beccklln• New VC* I I201.38S9 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 MOMS:07:35 001 20911 EFTA00200903 CLEARED 1HRWGH 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, Nee York 10179 3 c. Cash Flow Analysis Income Summary THIS PERIOD MS PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 5,380.42 105,860.58 Credit Balance Int. 0.00 13.43 Money Fund 1,820.42 Total $5,380.42 $105,874.01 Dividends/Interest 3,560.00 Amount Credited $5.380.42 Money Fund -5380.42 Portfolio Composition Amount Debited $-5.380.42 CastiCash Equivalent 596,278 Equities 4.316.247 Closing Balance $0.00 Total $4.912,525 027 120145:07:35 001 Bar. Screams SON, t4i1 COO. Cite IAebelech Cora NOM ettdOon. Hew Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD November 1.2005 THROUGH November 30.2005 ACCOUNT NUMBER X72 TAXPAYER MASER On File LAST STATEMENT October 31.2005 Cash & Eckmale IS: Your Portfolio Allocation — Equities 87% UnWOCled POMO, ' eon,* oar aro" *nay.. ino•I male *Vets T O elorahr mien:sr ormo from to 001,01.te market rat), (11 >CV Pirko" V898 EFTA00200904 CLEARED THROUGH ITS wHOLLY CA1T,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, Nen York 10179 4 or Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESORPTION SIMBOJCUSIP OUANDTY PRICE VALUE *NS NOM YELO IV DREYFUS CASH MANAGEMENT-CL A DICXX 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 Beer. Neon Seceemr COO. Otto Mevalech Cone “ North &Warn. New York 1201.38S9 JEFFREY EPSTEIN STATEMENT PERIOD NOveMINN 1.2005 THROUGH Novernter 30.2005 ACCCUNIT NUMBER X72 TAXPAYER MASER OTI File LAST STATEMENT OCTOOM 31.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market 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 Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESORPTION SYMBWCUSIP ACC! 11Ft °VANITY PRICE MARKET VALLE ESTRIME0 ANNA. 'COME CURIINT YELD FELCOR LODGING TRUST INC FOR CASH 2,000 16.9800 33,960 1,200 3.5336 GLEN8OROUGH 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: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.6800 51.360 3246 7.4883 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.9400 109.400 8.400 7.6782 02/ 12014S:07:35 001 V898 EFTA00200905 CLEARED THROUGH ITS vniCkLY CA1nE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 v. Beer. SZetrns SON, 14,1 Cory. Ore Mon:tech Contm North Beano. New To* 11201'3$S9 JEFFREY EPSTEIN STATEMENT PERIOD Noventer 1.2005 Your Portfolio Holdings (continued) Equities & Options (continued) THROUGH Novernter 30.2005 ACCCUNT NUMBER X72 TAXPAYER WEBER On Fee LAST STATEMENT 0010bet 31.2005 ACCT MARKET ESTSAMED CURRGN1T DESCRPTION SYMBOUCUSIP TYPE OUAYEITY PRCC VALLE ANMJAL INCOIAE YELD HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.1900 82.380 5,840 7.0891 SBI JOHNSON& JOHNSON JNJ CASH 57.800 61.7500 3.569.150 76.296 2.1377 BSC RATING: STOCK PISECTOR MW NED DAVIS RESEARCH RATING: 8 MS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6200 146 D37 12/10/2007 NAYARIT GOLD INC CASH 19 0.3170 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 67.3000 29.343 1.029 3.5068 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 36.9300 66.252 4.090 6.1734 INVESTMENT TRUST-SBI RA/.4C0 GERSHENSON PROPERTIES APT CASH 12,000 27.4300 329.160 21.000 6.3799 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1,000 7.1500 7.150 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.316.247 $124.501 TOTAL EQUITIES 54.316.247 $124.501 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $146,563 YOUR PRICEDPORTFOLIOHOLDINGS 54.912.525 027 MOMS:07:3S 001 YOBS EFTA00200906 CLEARED THR000H nS wilekLY CAM‘.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 STATEMENT PERU/ NOYOMINN 1.2005 THROUGH Novernter 30.2005 Transaction Detail MONEY FUND ACTIVITY DATE ACCOUNT NUMBER X72 TAXPAYER WEBER On File LAST STATEMENT October 31.2005 IADDAY W01;14101 DESCRIPTION SYMBOUCVSIP mammy PRIDE DEBIT AMOUNT CREDIT AMOUNT 11/01/05 OPENINGBALANCE 590.897.87 11/01/05 DIVIDEND 11/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C( MCA 1,820.42 1,820.42 1.820.42 INSTITUTIONAL SHARES DIVIDEND REINVEST 11/17/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 1.460 1.0000 1.460.00 INSUTUTIONAL SHARES 11/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 2.100 1.0000 2.100.00 11/30/05 INSTITUTIONAL SHARES CLOSINGSALANCE 596,278.29 TOTAL $.5380A2 $1.820.42 DIVIDENDS Beer. szeirns socv,ht, COO. CcoMetselech CeMet North Beccidon. Nev. Ye* I1201.3SS9 JEFFREY EPSTEIN DATE DESORPTION SMIDOMOUSIP OuANTITY RATE (S) CENT AMOUNT CREDIT AMOUNT 11/17/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7300 1.460.00 SEC REC 10/21105 PAY 11/17/05 11/22/05 HRPT PROPERTIES TR-Sal HRP 10,000 0.2100 2.100.00 REC 10/21105 PAY 11/22/05 TOTAL $3.560.00 027 12010S07:3S 001 VS9S EFTA00200907 CLEARED THRCOGH nS WHOU.Y 01W E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York, Nen York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE LICHERMAN.IFIA 6.mv.uearstearrts.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 4358.019 590.898 IIIIIIIIIIIIIIIIII I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash S EqSvalent $590.898 $582-368 NET EQUITY THIS PERIOD $4.948.917 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 5.028.874 -79.957 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities — Please mood Offererce a meneaal of **Om or OxIct, mdivokd as *Orem' Is you. to Clvnl Sonwes el $00.(04.142IS a wee to Cleo! Savcee M Bow. SICIWO &conics Cap.. Ono Monica Conlor North. BiooNot N.Y. II201,395. Current market vane Efil Last statements market value 54.358.019 $4.446.508 Bee,. ROAMS SOCuiliti CaO. Coo elevated+ Conte( Noah etCCidoll. km. Yak 112013859 JEFFREY EPSTEIN STATEMENT PERKO October 1.2005 THROUGH October 31.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER On File LAST STATEMENT Septeoter 30.2005 Sir an suTITurY kr Wohnshrosol WPM, only It Illondod n a he do t no. cutworm shookl DIE nand for your row& Sn roma oft for hoodoo atormatoon 027 11/01.05:00:34 001 Ya97 EFTA00200908 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns Seca0k1 COO. Ore Momloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 11,01,05:08:34 001 Y897 EFTA00200909 CLEARED 1HRWGH ITS niCkLY 0"E0 SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 1O179 3 Cash Flow Analysis THIS PERI00 Income Summary 116 PERIOD YEAS TO DATE Opening Balance $O.OO Dividends 8,532.1O 1OO,48O.16 Credit Balance Int. O.OO 13.43 Money Fund 1,62O.5O Total $8,532.1O $1OO.493.59 Dividends/Interest 6,911.6O Amount Credited $8.532.1O Money Fund -8.532.1O Portfolio Composition Amount Debited $-8.532.1O CashiCash Equivalent 59O.898 Equities 4.358.O19 Closing Balance $O.OO Total $4.948.917 07/ II/01,05:06:34 001 Beer. Steens Sec.r.t.ti COO. 0 -4 Mosetech Conte North BredOp. Hew Tuft 11201.3859 JEFFREY EPSTEIN STATEMENT PERO00 October 1,2005 THROUGH °doter 31.2005 ACCCUNT NUMBER 102 TAXPAYER WESER On hie LAST STATEMENT September 3O.2O05 Your Portfolio Allocation Cash 8 Equ,valent 12% Equities 88% UnWooecl croons emcee oar Deena *nee Or, male aye, The Mtn:0m ;event'', is awed from Va 00101.te market rat), al ITV POrtkal. '897 EFTA00200910 CLEARED THROUGH ITS OW,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 vi Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPRON SITaBarCUSIP DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,7500% TOTAL CASH & CASH EQUIVALENTS OUANTITT 590.897.87 MARKET ESTIMATED CURRENT PRICE VALUE AMY. . Ise:Clo YIELD I%) 1.0000 590.898 20.091 3.4001 $590,898 $20.091 EQUITIES Beer. Szea•ns SON, t4,1 Cap. 0 -4 Monloch Contot North Bro:kron. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PER100 OCtober 1,2005 THROUGH October 31.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT September 30.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, 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 Steams at no cost. Customers can access this research at wvv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them. DESCRPRON SIMBWCUSIP ACCT Tiff INANITY PRCE IMMO VALUE EsIMATB) ANNUAL INCOME CURRENT YEW INT FELCOR LODGING TRUST INC FOR CASH 2,000 14.9200 29,840 GLEN8OROUGH 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: H GLIMCHER REALTY TRUST-SBA GRT CASH 2,000 22.9700 45.940 3,846 8.3718 HRPT PROPERTIES TR-SBI HRP CASH 10.000 10.9100 109,100 8,400 7.6994 02? 1101,05:06:34 001 V897 EFTA00200911 CLEARED THROUGH ITS witMY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 , Beer. SZeirns SON, t4,1 COrD. CeoLlevalech Center NOM Beccioon. New Ye* I I20I.38S9 JEFFREY EPSTEIN STATEMENT PERK* °Clete( 1,2005 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRPTION SYMBOUCUSIP TIDE OUAYCITY PACE MARKET VALUE ESTIMATED ANNUAL INCOIAE THROUGH October 31.2005 ACCCUNT NUMBER X72 TAXPAYER nAm3ER On File LAST STATEMENT September 30.2005 CURFEW YELD I.44 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 39.7000 79.400 5.840 7.3552 S8I JOHNSON& JOHNSON JNJ CASH 57.800 62.6200 3.619.436 76.296 2.1080 BSC RATING: STOCK Ft/SECTOR MW NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6900 162 W 12/10/2007 NAYARIT GOLD INC CASH 19 0.3080 6 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 63.5000 27.686 1.029 3.7167 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 38.5000 69.069 4,090 5.9216 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES APT CASH 12,000 27.7400 332.880 21.000 6.3086 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1,000 6.2400 6.240 BSC RATING: STOCK 0/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.358.019 $123.301 TOTAL EQUITIES 54.358.019 5123.301 YOUR PORTFOLIOHOUDINGSESTIMATED ANNUAL INCOME $143.392 YOUR PRICEDPORTFOLIOHOLDINGS 54,948.917 027 II OI <11,26,4 001 V897 EFTA00200912 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 808f. Saee•ns SON, t4,1 Corp. Cc* Mon:tech Contm North 0eock11n. New Ye* 11201.3859 JEFFREY EPSTEIN 6 vi STATEMENT PERIOD October 1.2005 THROUGH October 31.2005 Transaction Detail ACCOUNT NUMBER X72 TAXPAYER NUMBER On File MONEY FUND ACTIVITY LAST STATEMENT September 30.2005 DATE Hawn. TRA,JEACTON DESOTIPTIDN SYMMS:Cyan, WANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 10/01/05 OPENINGBALANCE 582.365.77 10/03/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 5.250 1.0000 5.250.00 INSTITUTIONAL SHARES 10/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 1.620.50 INSTITUTIONAL SHARES MONTHLY DIVIDEND 10103/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 1,620.50 1,620.50 INSTITUTIONAL SHARES DIVIDEND REINVEST 10/14/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 700 1.0000 700.00 INSTITUTIONAL SHARES 10117/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 961.60 1.0000 961.60 INSTITUTIONAL SHARES 10/31/05 CLOSINGBALANCE 590.897.87 TOTAL S-8.532.10 $1.620.50 DIVIDENDS DATE DESCRPTKIN SvMDOL.CuSk OUANTITY PATES) DENT AMOUNT Dena AMOUNT 10/03/05 FIASCO GERSHENSON PROPERTIES RPT 12.000 0.4375 5.250.00 TRUST-MD S81 REC 09/20/05 PAY 10/03/05 10/14/05 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 10/01105 PAY 10/14MS 021 III/IDS:0834 001 V897 EFTA00200913 CLEARED THRWGH ITS WNW? 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS (continued) DVE DESCRIPTION SYMEIOLAWSIP OUNIPITY RATE (S) 10117/05 GLIMCHER REALTY TRUST-Sal GRT 2,000 0.4808 REC 09/30/05 PAY 10/16/0.4 TOTAL OEM! AMOUNT Beer. SZeirn5 SON, t4,1 COO. OtoLletioloch Contof North Becck//n. New Year 11201.3959 JEFFREY EPSTEIN STATEMENT PERK* October 1,2005 THROUGH °doter 31.2005 ACCOUNT NUMBER (72 TAXPAYER KINSER On FIk LAST STATEMENT September 30.2005 MEM AMOUNT 961.60 96.911.60 End of Statement 027 11/01105,30:24 001 V007 EFTA00200914 CLEARED THROUGH ITS vnrOLLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 I II IIIIIIIIIIIIIII I II JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Beer. Ste9•ns Seor.t.ti Cap. 0 -41km:tech Coma North Beccidon. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER TAXPAYER KAMER Co File LAST STATEMENT August 31.2005 Pursuant to your previously issued instructions, Bear Steams Securities Corp. provides duplicate monthly statements and/or transaction confirmations to the third parties listed on the cover page of this statement. If you wish to modify or cease distribution to any of the recipients indicated, please contact your Account Executive. This reminder notice will continue to be provided to you on your quarterly statements. Third Party EPSTEIN INTERESTS A/C JEFFREY EPSTEIN ATTN HARRY BELLER 457 MADISON AVE 4TH FLR NEW YORK NY 10022 027 1010110S:11:W 001 YOBS EFTA00200915 CLEARED IIIRCO3H ITS WHI34.1.Y OVMED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPICCE VISIT OUR WEBSITE LICHERMAN.IRA wuw.uearstearrts.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Messages 8 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 4.446.508 582.366 JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash 8 Equvalent $582-366 $560.453 Equities NET EQUITY THIS PERIOD $5.028.874 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 5,023.342 5,532 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please 'sped any dfference cc naweceact of *eats or skrffra midland ae dernerwl Is no. lo Clem Semen el 110904.1429: a wen Is Clete Savwes at Dew. Stearns &voiles Cap.. Ono lArremoch Conn Hoak BrooeHrL N.Y. 11201,395a llllllll ,,,,,,, llllllll Current market value ME Last statements market value $4.446.508 $4.462.889 Eleer. Steams SOOffIlle1 Corp Ono Metrotech Center NOM EIrcodrn, New York 1120/.3959 JEFFREY EPSTEIN STATEMENT PERIOD &pewter 1.2005 THROUGH Septenter 30.2005 ACCOLNT NUMBER X72 TAXPAYER NUMBER On Fee LAST STATEMENT hen 31.2005 Ab• tin SWWWY 16 for nffnenOnSI Winn, Is not fended inlet dowered tin staternere nosed be retained for your records See reverse ode for wooden normal= 027 1001.05:11:60 001 VISE EFTA00200916 CLEARED 1HROUGH nS vriseklY 0"E0 SUBSIDIARY 808r. Saee•ns SON, t4,1 Oa0. Ore lActsolech Cora ot North Brocklln• New VC* 11201.0858 JEFFREY EPSTEIN 2 or $ STATEMENT BACKER IS PRINTED ON THIS PAGE 027 10O105:11:50 001 V896 EFTA00200917 CLEARED 1HRWGH ITS ?RIMY CMX.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 1O179 3 01 Beer. Sown& Seor.mi Cook CeoLlevetech Conte North 8eccilon. New Max 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD THROUGH September 1.2005 September 30.2005 Cash Flow Analysis Income Summary ACCOUNT NUMBER TAXPAYER NLAA3ER X72 Co File THIS PERIOD RC REM® YEAR TO DATE LAST STATEMENT AUgust 31.2005 Opening Balance $O.OO Dividends 21.912.41 91,948.06 Credit Balance Int. O.OO 13.43 Money Fund 1,558.59 Total $21,912.41 $91$61.49 Dividends/Interest 20,353.82 Amount Credited $21,912.41 Money Fund -21,912.41 Portfolio Composition Amount Debited $-21,912.41 Cash,Cash Equivalent 582.366 Equities 4.446.5O8 Closing Balance $O.OO Total $5,O28,874 Your Portfolio Allocation Cash & Equivalent- 12% 027 100105:11:50 001 Equities 88% Um/vex, croons oenme oat Dion°, onto* Orr male wive, The olorehm ;event'', to owed ken to otneXte mole: rat), oi ycv palkno Y896 EFTA00200918 CLEARED THRWGH ITS ?RIMY OW,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPRON SYMBCC/CuSIP OUANTITY FREE IVA;If Et ESTIMATED CURIUM pe:cmc YIELD I%) DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 3,6200% TOTAL CASH & CASH EQUIVALENTS 582,365.77 1.0000 582.366 19.800 3.3999 $582.366 $19.800 EQUITIES Beer. SZeirns SOC,r,htl Cory. Ore Metselech Center North Beccidon. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER x72 TAXPAYER AILIMER Co Fite LAST STATEMENT August 31.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPRON STMEWCUSIP ACCT TIPS OUANTITY PRCE MARKET VALUE ammo ANNUAL INCOIAE CURRENT YEW 1%) FELDOR LODGING TRUST INC FOR 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: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 24.4700 48.940 3,846 7.8586 HRPT PROPERTIES TR-Sal HRP CASH 10.000 12.4100 124,100 8,400 6.7687 02? 1001,05:11:S0 001 Y896 EFTA00200919 CLEARED THROUGH IM OME0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 Beet. Stotons SOOrthel OAP Ore Mettoiech Canton North Beccortn. New Trak 11201.3$59 JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRPTION SYMBOUCUSIP TOE OUANTITT PRCC MARKET VALLE MIMEO ANNUAL INCOME THROUGH September 30.2005 ACCOUNT NUMBER X72 TAXPAYER MASSER On File LAST STATEMENT AuguM 31.2005 CURFENT YEW IAt/ HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 42.8600 85.720 5,760 6.7196 S8I JOHNSON& JOHNSON JNJ CASH 57.800 63.2800 3.657.584 76.296 2.0860 BSC RATING: STOCK NSECTOR MW NED DAVIS RESEARCH RATING: 8 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.9500 223 DP 12/10/2007 NAYARIT GOLD INC CASH 19 0.3960 8 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 65.9000 28.732 1.029 3.5814 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 42.1800 75.671 4.090 5.4050 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.1900 350.280 21,000 5.9952 TRUST-MD SIN SIRIUS SATELLITE RADIO INC SR CASH 1,000 6.5500 6.550 BSC RATING: STOCK 0/SECTOR MN ATLANTIS RESEARCH RATING: B Total Equities& Options $4.446.508 $123.221 TOTAL EQUITIES 54.446.508 $123.221 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $143.021 YOUR PRICEDPORTFOLIOHOLDINGS $5.028.874 027 100105:11:50 001 V896 EFTA00200920 CLEARED THRWGH ITS Yosem.Y ODV,.E0 SUBSIDIARY BUR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail MONEY FUND ACTIVITY Beer. SZeirns SOC,r,htl COO. O-4 Momtech Cella North Deo:kW% New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER X72 TAXPAYER FUSSER OR File LAST STATEMENT AuguSt 31.2005 DATE MODAY TRANSACTION DESCRIPTION SYMBOUCVSIP WANTRY PRICE DEBIT AMOUNT CREDIT AMOUNT 09/01/05 OPENINGBALANCE 560,453.36 09/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DIC)C( 1,558.59 INSTITUTIONAL SHARES MONTHLY DIVIDEND 09/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MCA 1.558.59 1.558.59 INSTITUTIONAL SHARES DIVIDEND REINVEST 09/13/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 19.074 1.0000 19.07400 INSTITUTIONAL SHARES 09/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DIC)C( 1.279.82 1.0000 1.279.82 INSTITUTIONAL SHARES 09/30/05 CLOSINGBALANCE 582.365.77 TOTAL $-21.912.41 $1.558.59 DIVIDENDS DATE DESCRIPTION 09/13/05 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 0802345 PAY 09/3105 STIABOLCUSIP OUANTITY RATE FS) DENT AMOUNT CREDIT AMOUNT 09/15/05 PAN PACIFIC RETAIL PROPERTIES INC REC 0802645 PAY 09/5/05 PNP 436 0.5900 257.24 027 100105:11:S0 001 EFTA00200921 CLEARED THROUGH ns Balmy OMEO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS (continued) DVE DESCRIPTION 09/15/05 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-S8I REC 09/01105 PAY 09/15105 swearcusr PEI COWRY RATE tEl 1,794 0.5700 DEBIT AMOUNT Beer. Strums Sebrthel Cap. Cep Metretecb Center North Beccidon. New To* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIO0 September 1.2005 THROUGH September 30.2005 ACCOUNT NUMBER X72 TAXPAYER KAMER Cn File LAST STATEMENT AUQUM 31.2005 ca0)11 AMOUNT 1,022.58 TOTAL $20.353.82 027 NIM 05:i T:50 001 V896 EFTA00200922 CLEARED THROUGH ITS niCkLY OW,.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 8 Your messages 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 wtvw,bearsteams,com, Alternatively, to request a free printed copy please call • toll free 1.866.299.9331. Beer. SZeirns S0C,r,htl Pap. 0 -4 Momtech Cantm North Beccidon. New Year I1201.3SS9 JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER x72 TAXPAYER WESER OR File LAST STATEMENT August 31.2005 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 100105:11:S0 001 VS96 EFTA00200923 CLEARED THROUGH ITS witCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 9 Bar 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 (NBB0), 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 Ear Beer. SZeirns SON, t4,1 Dap. Ore Momtech Cantm North Beccidon. New Tuft 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD September 1.2005 THROUGH September 30.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On Foe LAST STATEMENT August 31.2005 Pursuant to SEC Rule 11Ac1-6, please note the following: Bear, Steams & Co. Inc. will post its quarterly routing statistics at the following web link: http://www.bearsteams.com/. Click on Individual Investor, Click on Equities, Click on Order Routing Practices. Customers of Bear, Steams & 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 10101108:11:60 001 Y800 EFTA00200924 CLEARED THRCOGH ITS WNW.? OME0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York. New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WESSITE LICHERMAN.IRA 6IAV uearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD 4,462,889 MONEY MARKET FUND BALANCE 560,453 IIII,Illllllllllll I ll JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 8-3 ST THOMAS VI 00802 Market Value of Your Portfolio $560.453 Cash & Equvalent • $555.437 NET EQUITY THIS PERIOD $5,023,342 NET EQUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 5,083,397 -60,055 There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities — Phone WPM any dffererce ncenecect al Slade o sixlcM, macakd m deltrefetl Is yai. b Chats Somas 51800404.1428: wwte to Mal Savbes Seas Neon &curium Cap.. Ono lAolcoloth Genitor TRAP,. BeaShp. N.Y. II201-3E69. Current market yak* gm Last statements market value $4462.889 $4.527.960 Beef. Szeon $00,i0t1 00,1). Ce4 Meal:tech Center HORN 8t0:i001. New Tait 11201.1859 JEFFREY EPSTEIN STATELIER, PERK* Jul/ 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER X72 TAXPAYER MAWR OR He LAST STATEMENT Jul/ 29.2005 SpC TM. SubnuY is fa efanbteaal pawns only a ls not banded as &can Was stalwart shard be Nonni for your records. Set roars* S. fro mown rernatom 027 0901.05:13:27 001 7895 EFTA00200925 CLEARED 1HROUGH RS 0"E0 SUBSIDIARY Beer. SZeirns SON, t4,1 COO. Ceolkescitech Cantet North Beccioon. New VC* 11201.0859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 0201MS:10:27 001 Y895 EFTA00200926 CLEARED TNROOOH WHOLLY ORtLEO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 c, Cash Flow Analysis THIS PERIOD Income Summary 71.8S PERIOD THROUGH ACCOUNT NUMBER TAXPAYER sysiMER YEAR TO DATE LAST STATEMENT Opening Balance $0.00 Dividends 5,016.81 70,035.65 Credit Balance Int. 0.00 13.43 Money Fund 1,476.81 Total $5,016.81 $70.049.08 Dividends/Interest 3,540.00 Amount Credited $5,016.81 Money Fund -5,016.81 Portfolio Composition Amount Debited $-5,016.81 CastirCash Equivalent 560,453 Equities 4.462.889 Closing Balance $0.00 Total $5.023.342 027 0201A3S:13:27 001 Beer. SZeirhs SOC,r44,1 Dap. 0-41km:tech Cella North Breda/A. New Year 112013959 JEFFREY EPSTEIN STATEMENT PERK* Jug 30.2005 August 31.2005 X72 On FIk Jul 29. 2005 Your Portfolio Allocation Cash & Equivalent- 12% Equities 88% UnWocied ronons 0en,* Oar Dion°, *nee 'Mel male wive, The olorobr ;event'', to owed Icon to otool.te market rat), of )eft porli00 Y895 EFTA00200927 CLEARED THROUGH RS vngX1Y ODNE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 4 vi Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPRON SIGIBCMOJSIP DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 3,3400% TOTAL CASH & CASH EQUIVALENTS MARRS ESTIMATED CURRENT OUANTRY PRICE YN.UE MALIN. INCOME MO I%4 560,453.36 1.0000 560,453 17,935 3.2001 $560,453 $17,935 EQUITIES Beer. SZeirns SON, 14,1 COD‘ Ore Mevolech Car:Ng North Beccnon. New Ye* 1201.38S9 JEFFREY EPSTEIN STATEMENT PERK* Jug 30.2005 THROUGH August 31.2005 ACCOUNT NUMBER X72 TAXPAYER PAM3ER On File LAST STATEMENT JUN 29.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market 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 Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPTION STMEWCUSIP ACCT Tin OUANTITT PRCE PAARXE1 VALUE ammo ANNUAL INCOME CURRENT VELD IN) FELDOR LODGING TRUST INC FOR CASH 2,000 15.2500 30.500 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.0500 40.100 2.800 6.9825 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 26.0000 52.000 3.846 7.3962 HRPT PROPERTIES TR-Sal HRP CASH 10.000 12.8000 128,000 8.400 6.5625 027 0001.05:12:27 001 Y805 EFTA00200928 CLEARED THROUGH RS mom', CAMEO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 vi Beer. Neon Seonmi COO. Ore Metsclech Contm North Beccidon. New Ye* I1201.3859 JEFFREY EPSTEIN STATEMENT PERK* Jul/ 30.2005 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRPTION SYMBOUCUSIP ME OUANTITT PACE MARKET VALLE ESTATATE0 ANNUAL INCOME THROUGH August 31.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER On File LAST STATEMENT Jug 29.2005 CURFENT TED N HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.3600 86.720 5,760 6.6421 S8I JOHNSON& 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 DP 12/10/2007 NAYARIT GOLD INC CASH 19 0.3540 7 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 66.2700 28,894 1.029 3.5613 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 43.1500 77.411 4,090 5.2835 INVESTMENT TRUST-S8I RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.0200 348.240 21.000 6.0303 TRUST-MD SIN SIRIUS SATELLITE RADIO INC Sift CASH 1,000 6.8800 6,880 BSC RATING: STOCK 0/SECTOR MIV ATLANTIS RESEARCH RATING: B Total Equities& Options $4.462.889 $123.221 TOTAL EQUITIES $4.462.889 $123.221 YOUR PORTFOLIOHOUDINGSESTIMATED ANNUAL INCOME $141.156 YOUR PRICEDPORTFOLIOHOLDINGS $5.023.342 027 09.01.05:13:27 001 Y895 EFTA00200929 CLEARED THROUGH ITS CA1T.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 STATEMENT PERK* Jul/ 30.2005 Transaction Detail MONEY FUND ACTIVITY DATE THROUGH August 31.2005 ACCOUNT NUMBER X72 TAXPAYER AVUSER OR PIM LAST STATEMENT Jut/ 29.2005 MaDAT TRANSICM3N DESCRIPTION SYMBOUVAIP OUJARRY PRICE DEBIT AMOUNT GREW AMOUNT 07/30/05 OPENINGBALANCE 555.436.55 08/01/05 DIVIDEND 08/01/06 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX MCA 1,476.81 1,476.81 1.476.81 INSTITUTIONAL SHARES DIVIDEND REINVEST 08/18/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.440 1.0000 1.440.00 INS11TUTIONAL SHARES 08/25/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 2.100 1.0000 2.100.00 08131/05 INSTITUTIONAL SHARES CLOSING8ALANCE 560,453.36 TOTAL 8-6.016.81 $1.476.81 DIVIDENDS Beer. szeirns soc,nbei COO. CcoMetiotech Center North Beccidon. New TR* 11201.3559 JEFFREY EPSTEIN DATE DESCRI4Kii SIDIDOutteiP ODANnly RATE (2) DENT AMOUNT CREW AMOUNT 08/18/05 HOSPITALITY PROPERTIES TRUST HPT 2,000 0.7200 1,440.00 REC 07/21105 PAY OEV18105 08/25/05 HRPT PROPERTIES TR-Sal HRP 10,000 0.2100 2.100.00 REC 07/26/05 PAY 08/26905 TOTAL $3.540.00 027 020p0523:27 001 2595 EFTA00200930 CLEARED IIIRWMI 11S vniCtiv OunX0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York Nee York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEEISITE ZICHERMAN.IRA ived5v.oearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD MONEY MARKET FUND BALANCE 4,527,960 555,437 Cash S Equvalent NET EQUITY THIS PERIOD $5,083,397 NET EOUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 5,114,479 -31,082 There are no 'Stop Lose orders or other pending buy or sell open orders on file for your account. llllllllllllllllll I ll JEFFREY EPSTEIN C/O FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Equities — Please WPM wry 0fkrace a canaeot of dupe or Maas. indiceled as Memo is mt. to d wl atones el 800404.1481. a pr. lo Mtn Savnas M Bea. Stare Sectunas Cap.. Ono 1A0Volati Corner Honk. B808.5. N.Y. 11201-385a Market Value of Your Portfolio $555,437 $547.211 Current market value gm Last statements market value $4.527.960 84.567.268 808f. 518985 S08",581 COO. Cc* Mem:Ian Coati HMO &Wort New Yak 11201.3859 JEFFREY EPSTEIN STATEMENT PERK* Jul/ 1.2005 THROUGH Jul/ 29. 2005 ACCOUNT NUMBER TAXPAYER MAWR On File LAST STATEMENT June 30.2005 St TM, comae a forNtmaannal papaws coly It Is TEl &loaded aS U. 000.01881 Maternal should BoMadkr ever records See revers* cede for rnporlal agamatim 027 07,3005:10:09 001 V895 X72 EFTA00200931 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t44 COO. 0 -4 Momloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07,0005:10:09 001 Y895 EFTA00200932 CLEARED 1HRWGH 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 3 c, Cash Flow Analysis Income Summary THIS PERIOD TIC PEN® YEAR TO DATE Opening Balance $0.00 Dividends 8,225.15 65,018.84 Credit Balance Int. 0.00 13.43 Money Fund 1.313.55 Total $8,225.15 $65,032.27 Dividends/Interest 6.911.60 Amount Credited $8.225.15 Money Fund -8.225.15 Portfolio Composition Amount Debited $4,225.15 CastirCash Equivalent 555,437 Equities 4.527,960 Closing Balance $0.00 Total $5.083.397 027 07,3005:10:09 001 Beer. Szeom Seonmr Gook OtoMetsolech Contm North eecci0on. New Tuft 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2005 THROUGH Ju9 29.2005 ACCOUNT NUMBER X72 TAXPAYER AMBER On File LAST STATEMENT June 30.2005 Your Portfolio Allocation Cash & Equivalent 10% — Equities 90% Ut•JvoeS ronoos 0onole Oar bloom onto* 'Mel male vela, Tho olocoho, re oentor to de•aed ham Va otool.te market rat), of >v.? palkno Y895 EFTA00200933 CLEARED THROUGH ITS niCkLY CAM,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York, New York 10179 4 ri Your Portfolio Holdings CASH & CASH EQUIVALENTS DESORPTION SIMABCUCUSIP DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG VELD 3,2000% TOTAL CASH & CASH EQUIVALENTS MARRS ESTIMATED CURRENf GUMMY PRICE VALUE MNILIN. PICOT& YELO I*4/ 555,436.55 1.0000 555.437 16,108 2.9001 5555.437 $16,108 EQUITIES Beer. Saea•ns S0N, t4,1 GNP. Ore Metsclech CoMN North BecciOon. Nev. Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2005 THROUGH Juk 29.2005 ACCCUNT NUMBER X72 TAXPAYER WEISER On File LAST STATEMENT June 30.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stocks total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, 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 Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPRON SIMBC4/CUSIP AOCT TYPE GUMMY PRCE IMNCE1 VALUE ammo ANNUAL INCOME CURRENT YEW IN) FELDOR LODGING TRUST INC FOR CASH 2,000 15.5500 31,100 GLEN8OROUGH REALTY TRUST INC GLB CASH 2,000 20.9600 41.920 2,800 6.6794 BSC RATING: STOCK P/SECTOR MW NED DAVIS RESEARCH RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 28.8500 57.700 3,846 6.6655 HRPT PROPERTIES TR-SBI HRP CASH 10.000 12.8900 128,900 8.400 6.5167 02? 07/30,05:10:09 001 EFTA00200934 CLEARED THROUGH DS 'rankly °ME° SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 c/ Your Portfolio Holdings (continued) Equities & Options (continued) DESCRPTION SYMBOUCUSIP ACCT TYPE OUNEITY PACE IMAKET VALUE ESTIMATED ANNUAL INCOME CURRENT YELD I*44 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.4000 88.800 5,760 6.4865 SBI JOHNSON& JOHNSON JNJ CASH 57.800 63.9600 3.696.888 76.296 2.0638 BSC RATING: STOCK NSECTOR MW NED DAVIS RESEARCH RATING: B WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7300 172 Dal 12/10/2007 NAYARIT GOLD INC CASH 19 0.4570 9 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 69.5100 30.306 1.029 3.3954 INC PENNSYLVANIA REAL ESTATE PEI CASH 1,794 48.9100 87.745 4.090 4.6612 INVESTMENT TRUST-SBI RAMCO GERSHENSON PROPERTIES APT CASH 12,000 29.8000 357.600 21.000 5.8725 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1,000 6.8200 6.820 BSC RATING: STOCK NSECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 84.527.960 $123.221 TOTAL EQUITIES $4.527.960 $123.221 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $139,329 YOUR PRICEDPORTFOLIOHOLDINGS $5.083.397 Beer. Saea•ns SON, t4,1 COrP. Ore Mon:tech Cone m NOM Beccidon. New VC* 11201.38S9 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2005 THROUGH Ju9 29.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER OR File LAW STATEMENT June 30.2005 027 07.300S:IOCe) 001 "895 EFTA00200935 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail Beer. Szeirns Sec,m4,1 C.00. 0-4 Momtech Cent“ North Beccidon. New Ye* I1201.3SS9 JEFFREY EPSTEIN STATEMENT PERIOD Juk 1.2005 THROUGH Juk 29.2005 ACCOUNT NUMBER X72 MONEY FUND ACTIVITY DATE M0DAY TRANSACION DESCRIPTION SYMEIOUCVSIP %marry PRICE TAXPAYER KINSER On File LAST STATEMENT June 30.2005 DEBIT AMOUNT CREDIT AMOUNT 07/01/05 OPENINGBALANCE 547,211.40 07/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICA 5.250 1.0000 5.250.00 INSTITUTIONAL SHARES 07/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 1,313.55 INSTITUTIONAL SHARES MONTHLY DIVIDEND 07/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A MOO( 1.313.55 1.313.55 INSTITUTIONAL SHARES DIVIDEND REINVEST 07/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1.661.60 1.0000 1.661.60 INSTITUTIONAL SHARES 07/29/05 CLOSING8ALANCE 555.436.55 TOTAL $4,225.15 $1.313.55 DIVIDENDS DATE DESCRIPTION SYMBOUCUSIP OUNYTITY PATE4S) CENT AMOUNT CREDIT AMCWIT 07/01/05 RAMCO GERSHENSON PROPERTIES RPT 12,000 0.4375 5.250.00 TRUST-MD 381 REC 06,2005 PAY 07/01/05 07/15/05 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC 07/01105 PAY 07/15105 07/15/05 GLIMCHER REALTY TRUST-Sal GRT 2000 0.4808 961.60 REC 0600105 PAY 07/1505 TOTAL $6.911.60 027 07,3005:10:09 001 ve% EFTA00200936 GLEARED IHRG0311 11S Yrisekly 09%80 51.18901AFer BffiR STffiRNS OFFICE SERVICING YOUR ACCOUNT Boar. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEEISITE ZICHERMAN,IRA i' i' I 4\1 ue a r st sams .com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Messagas 7 Your Portfolio at a Glance TOTAL VAWE OF SECURRIES THIS PERIOD MONEY HARKET FUND BAIANCE 4,567,268 547,211 Cash & Equvalent NET EOUITY DOS PERIOD $5,114,479 NET EOUITY LAST STATEMENT CHANGE SINCE LAST STATEMENT 5,175,849 -61,370 There are no 'Stop Loss' orders or other pending buy or seil open orders on file for your account. I II JEFFREY EPSTEIN CrO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Equibes — %Vite WPVI rf Ort~ a nanaeot el ~a P eØ adicakd 44 delaeral le yoo. Clieni Sen•cas el ~.1428 a a* lo Glan, Savces Sea. Star. kcal'« Cap.. Ono Movelab Genia Honb. BrooMpt N.Y. 11201-3M9 Market Value of Your Portfolio $547.211 $525.589 . . . Current merket vakle ffielf Last statements merket verlue $4.567.268 $4.650.260 Beef. SZ488b SO8,1941 Ø. Gr.* 1,1eveleal Genier North Beeckn. Hex re" 11201.3859 JEFFREY EPSTEIN STATEMENT PER« June 1.2005 TH000CH June 30.2005 ACCOUNT HOMSER TAXPAYER WhieER On Ale LAST STATEMENT May 31.2005 SIK ISS 9~ 818OO« effOr8919:441pseeaers only nis na irlended an la. O0Cullart staternere should W refaned for your rocords Sao inn Se fa rroorlat WanlaCKel 027 07/01.0530:42 001 X72 Confinnation: Unless sve hear from you to the conlrary. it is cia understanding that any Iree medl balances in your account are Deing maintained to lacilitate your intention lo inest such amounts Ihrough US. Y89312 EFTA00200937 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Itkl COO. Ceol.letioloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 07'01.135:10:42 001 Y89218 EFTA00200938 CLEARED THROOOH ?RIMY O"EO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis Income Summary THIS PERICO 71.8S PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 21,622.03 56,793.69 Credit Balance Int. 0.00 13.43 Money Fund 1,268.21 Dividends/Interest 20,353.82 Total $21,622.03 $56.807.12 Amount Credited $21.622.03 Money Fund -21.622.03 Portfolio Composition Amount Debited $-21,622.03 Cashtash Equivalent 547.211 Equities 4.567.268 Closing Balance $0.00 Total $5,114,479 027 07'01.135:10:42 001 Beer. Screams S0N, t4,1 COO. OtoLlevoloch Cella North Beccidon. New Tuft 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 ACCOUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT May 31.2005 Your Portfolio Allocation Cash 8 Equivalent. 10% — Equities 90% UnWooed pone, ' coma oa0r Dee, ce onto* earl male aye, The Mtn:0m revenur awed Irom Va 00101.te market rat), 01 >v.? palloo Y893tP EFTA00200939 CLEARED THROUGH ITS WHOLLY OW,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRCTION STEITSCUCUSIP DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG WELD 3,0400% TOTAL CASH & CASH EQUIVALENTS QUANTITY 547,211.40 PMEXET MISTED CURRENT PRICE VALUE NZ&ML WOW YELO Iii 1.0000 547,211 15,869 2.9000 $547,211 $15.869 EQUITIES Beer. Srea•ns SON, 14,1 Cory. Cc* Momloch Contof North BrodCon. New Ye* I1201.38S9 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 ACCCUNT NUMBER X72 TAXPAYER MASER On Fee LAST STATEMENT May 31.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market 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 Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons, Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPRON STAMCIAVSIP ACCT 111.£ QUANTITY PRCE IMAM VALUE ammo ANNUAL INCOIAE CURRENT YEW 1^4 FELDOR LODGING TRUST INC FOR CASH 2,000 14.4800 28,960 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.5900 41.180 2.800 6.7994 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS. L,L,C, RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 27.7500 55.500 3.846 6.9297 HRPT PROPERTIES TR-SBI HRP CASH 10,000 12.4300 124.300 8.400 6.7578 027 07,0105:10:42 001 1,893IP EFTA00200940 CLEARED THROUGH nS vntOtlY OntvE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, Nee York 10179 5 vi Beer. Saea•rs SONYhtl CUP. Ore Metniech Cantu North Bei:dor% New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2005 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRPTION SYMBOUCUSIP TYPE OUANTITY >RCE MARKET VALUE ESTATATE0 ANNUAL INCO1AE THROUGH June 30.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER On File LAST STATEMENT May 31.2005 CURFENT TED Ivy) HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 44.0700 88.140 5,760 6.5351 S81 JOHNSON& JOHNSON JNJ CASH 57.800 65.0000 3.757.000 76.296 2.0308 BSC RATING: STOCK PiSECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.7700 181 DP 12/1012007 NAYARIT GOLD INC CASH 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-Sal RAW° GERSHENSON PROPERTIES RPT CASH 12.000 29.2800 351.360 21.000 5.9768 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SR CASH 1.000 6.4800 6.480 BSC RATING: STOCK PiSECTOR 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 $5.114.479 027 07i01.135:10:42 001 1/11B3IP EFTA00200941 CLEARED THROUGH ITS Yriseirl 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail Beer. SZeirns SON, t4,1 SOO. Ore Mevolech Cantof North &Woo. New Year 11201.3/59 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2005 THROUGH June 50.2005 ACCOUNT NUMBER Y72 TAXPAYER MiNSER On FIk MONEY FUND ACTIVITY DATE LAST STATEMENT May 31.2005 MODAY TRANSACION DESCRIPTION SYMBOUCVSIP ouniany PRICE DEBIT AMOUNT CREDIT AMOUNT 06/01/05 OPENINGBALANCE 525.589.37 06/01/05 DIVIDEND 06/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX MCA 1.268.21 1.268.21 1,268.21 06/07/05 BOUGHT INSTITUTIONAL SHARES DIVIDEND REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 19.074 1.0000 19.07400 06/15/05 BOUGHT INSTITUTIONAL SHARES DREYFUS CASH MANAGEMENT-CL A DICXX 1.279.82 1.0000 1.279.82 06/30/05 INSTITUTIONAL SHARES CLOSINGBALANCE 547,211.40 TOTAL $-21.622.03 $1.268.21 DIVIDENDS DATE DESCRIPTION STIABOLCUSIP OUAMITY RATE (S) DENT AMOUNT OREM AMOUNT 06/07/05 JOHNSON& JOHNSON JNJ 57,800 0.3300 19,074.00 REC 05/17105 PAY 06107/05 06/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 05/27105 PAY 06115105 027 07'01.13S:10:42 001 Y8931P EFTA00200942 CLEARED THROUGH ITS 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 7 vi Transaction Detail (continued) DIVIDENDS (continued) DATE DESCRIPTION 06/15/05 PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-S81 REC 06010S PAY 08115105 SYMEICIALISIP PEI cum:rm. RATE (Sll 1,794 0.5700 OEBIT AMOUNT Beet. SZeirns SON, t4,1 COO. Cc* Mevolech Cant“ North Beccioon. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD June 1.2005 THROUGH June 30.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On FIk LAST STATEMENT May 31.2005 COEDIT AMOUNT 1,022.58 TOTAL $20.353.82 Your messages Bear Steams receives payments or other remuneration from the advisers, distributors or other affiliates of certain of the mutual funds available through Bear Steams. 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, End of Statement 027 07101105;10:Q 001 Y89312 EFTA00200943 CLEARED THRWGH ITS witekLY 0‘11,.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE LICHERMAN.IFIA 67A1 ue ar st earns .com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* 4,650,260 MONEY MARKET FUND BALANCE 525,589 Cash 8 Equvalent NET EQUITY THIS PERIOD $5,175,849 NET EQUITY LAST STATEMENT 5,243,578 CHANGE SINCE LAST STATEMENT -67,729 Mt portfolio oicludos as or mow unwed socuraos eat ate not related mix Taal vale of Seco•bes ad the Net ErletY TMs Pakot There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equines Please moon any dffererce a nawepaot of clwase Roam ivicatal Yf (Nowa° lo >vv. Chent Somas al 800-034.1428: a wit, to ChM SavMeo at Bea% ‘mfro Stcvmats Cap.. Ono lAoYoloth Conlor North. BroahrL N.Y. II201-3169. IIIIIII1111111111 I I JEFFREY EPSTEIN C.I0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio $525.589 $520.691 z Current market value ME Last statements market value $4.690.280 $4.722.887 Beer. Sown& SON, Pht Can. Ore Movolech Cadet North 8mck/on. New Yak 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD *11 30.2005 THROUGH May 31.2005 ACCOUNT NUMBER TAXPAYER M.INSER On File LAST STATEMENT *11 29.2005 TM PamMlY 11 fa mT0TmaOnal pulXism only n ecce blended as a tar dcoacce Tres ustesnere should be titans to your records See reverses.* for main neconetuel 027 DE01.05:09:03 001 YSTS X72 EFTA00200944 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SBN•Ilkl COO. Ceol.letioloch Cantot North Broeklln• New Volt 11201.3859 JEFFREY EPSTEIN 2 of STATEMENT BACKER IS PRINTED ON THIS PAGE 027 06005:09:M 001 Y878 EFTA00200945 CLEARED THROOOH nS vniCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis Income Summary THIS PERI00 116 PERIOD YEAR TO DATE Opening Balance $0.00 Dividends 4,609.61 35,171.66 Credit Balance Int. 0.00 13.43 Money Fund 1,069.61 Total $4,609.61 $35.185.09 Funds Deposited 288.51 Dividends/Interest 3.540.00 Amount Credited $4,898.12 Portfolio Composition Money Fund -4.898.12 Cashtash Equivalent 525.589 Amount Debited $4.898.12 Equities 4.650.260 ClosingBalance $0.00 Total $5.175.849 027 0901.06:09:03 001 Beer. SZeirns S0ewititl COO. Ore Mevolech Cella North Beccidon. New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD PPM 30. 2005 THROUGH May 31.2005 ACCOUNT NUMBER X72 TAXPAYER KAMER On File LAST STATEMENT *11 29.2005 Your Portfolio Allocation Cash 8 Equiyalera 10% — Equities 90% UnWooed drown coma oa0r 014, m enter d+o•1 male aye, The ohms", reventro is dewed from to 00101.te market rat), oi 'CV POrtkal. V928 EFTA00200946 CLEARED THROUGH DS vsiCkLY CA1nE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPDOM SYEIBOJDUSIP DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2,9000% TOTAL CASH & CASH EQUIVALENTS DUANTRY 525,589.37 IMMO ESTIMATED CURPENT PRICE VALUE NWJAL sitCME 410 1.0000 525.589 13.665 2.5999 $525,589 $13665 EQUITIES Beer. SZetrns SON, 14,1 C0,0 Cc* Meesetech Cora et North Betatron. New Ye* 112014559 JEFFREY EPSTEIN STATEMENT PERIOD *11 30. 2005 THROUGH May 31.2005 ACCCUNT NUMBER X72 TAXPAYER NURSER On File LAST STATEMENT *11 29.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market 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 Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvv.bearsteams.com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPRON SIMBWCVSIP ACC! 111.£ DUANTITY PRCE IMRXE1 VALUE ESTIMATED ANNUAL INCOME DARROW imp I%4 FELCOR LODGING TRUST INC FOR CASH 2,000 13.9200 27,840 GLENBOROUGH REALTY TRUST INC GLB CASH 2,000 20.2100 40,420 2,800 6.9273 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS. L.L,C, RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.7500 51.500 3,846 7.4680 HRPT PROPERTIES TR-SEll HRP CASH 10,000 11.8300 118.300 8,400 7.1006 027 06014S:09:C0 001 V878 EFTA00200947 CLEARED THROUGH DS 'roomy °ME° SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 vi Beer. Neon Seortmr C0,1‘ Ore Mem:tech Cerra NOM Beccidon. New VC* 11201.313S9 JEFFREY EPSTEIN STATEMENT PERIOD April 30. 2005 THROUGH May 31.2005 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRPTION SYMBOUCUSIP TYPE OUAYEITY PACE MARKET VALUE ESTAIATED ANNUAL INCOME ACCOUNT NUMBER X72 TAXPAYER NUMBER On FM LAST STATEMENT April 29.2005 CURRINT YELD IN HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 43.9200 87.840 5,760 6.5574 S81 JOHNSON& 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 DP 12/1012007 NAYARIT GOLD INC CASH 19 Unprticed 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 RAMC° GERSHENSON PROPERTIES RPT CASH 12.000 27.7500 333.000 21,000 6.3063 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR' CASH 1.000 6.0400 6.040 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 54.650.260 $123.221 TOTAL EQUITIES $4.650.260 $123.221 YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $136.886 YOUR PRICED PORTFOLIOHOLDINGS $5.175.849 027 0601GS:09:C0 001 1,878 EFTA00200948 CLEARED THROUGH ITS wilekLY O‘M.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail INVESTMENT ACTIVITY SETTLEMENT TRADE DATE DATE TRANSACTION DESORPTION 05/27/05 EXCHANGE CANHORN CHEMICAL CORP um TO MNTIRIRIT 05/27/05 EXCHANGE NAYARIT GOLD INC FE FROM MMT(101-MI 808r. SZeirns S0N, 14,1 COO. Dec Meet I cc h Center NOM Beccidon. New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD *11 30. 2005 THROUGH May 31.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On FIM LAST STATEMENT *II 29.2005 STMEIOUCUSIP GUMMY PRICE EOM AMOUNT CRECO MORO 137913109 -19 19 IOTA_ DEPOSITS AND WITHDRAWALS DATE TRANSACT1G, DESCRPRON 05/20/05 DEPOSIT LUCENT TECH 00 EPSTEIN SIGNATURE DEBIT MACIUNF CREDIT AMOUNT 288.51 TOTAL $288.51 MONEY FUND ACTIVITY DATE MOAT TRANSACTION DESDAIPTON STAIDDIJOUSIP OUANTITY PRICE Pfeil AMOUNT CREDIT AMOUNT 04/30/05 05/02/05 05/02/05 05/19/05 DIVIDEND REINVEST BOUGHT OPENINGBALANCE DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIC)C( DICXX DIC)C( 520,691.25 1.06961 1.440 1.0000 1.06961 1.440.00 1.069.61 027 DE0165:09:03 001 VETS EFTA00200949 CLEARED THROUGH ITS niCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE MOAT TRANSACTICN 05/24/05 BOUGHT DESCRIPTIM DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES SYMEAJCUSIP DOC( open), PRICE 2,388.51 1.0000 Beer. SZeirns SON, t4,1 COO. Cc* Mevolech Contm North Beccidon. New Year 11201.3559 JEFFREY EPSTEIN STATEMENT PERIOD *11 30. 2005 THROUGH May 31.2005 ACCOUNT NUMBER TAXPAYER AMBER On File LAST STATEMENT April 29.2005 003ITAmouwr CREDIT AMOUNT 2,388.51 X72 05/31/05 CLOSINGBALANCE 525,589.37 TOTAL 8-4,898.12 $1,069.61 DIVIDENDS DATE DESCRIPTION SnAKIJCUSIP OUMRITY PAX (S) DENT AMOUNT OIEOIT AMOUNT 05/19105 HOSPITALITY PROPERTIES TRUST HPT 2,000 0/200 1,440.00 S8I REC 04/19105 PAY 05/19105 05/23/05 HRPT PROPERTIES TR-SBI HRP 10,000 0.2100 2,100.00 REC 04/22/05 PAY 05/23/06 TOTAL $3.540.00 End of Statement 027 06/01/0530:03 001 YS7S EFTA00200950 CLEARED THRCOGH nS WHOU.Y OWNED SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New York New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE ZICAEHMAN.IRA IWAV ue ntear rs .c cm What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD' 4,722.887 MONEY MARKET FUND BALANCE 520.691 11111111111111111 I I JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK OUATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash Equvalent I NET EQUITY THIS PERIOD $5.243.578 NET EQUITY LAST STATEMENT 5.133.480 CHANGE SINCE LAST STATEMENT 110.098 'Rd portfolio melodies ono or mom urpneod socurDos rat ro not relented Me Taal YON, of Semabos and Om Nee (poly This Remo& There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Mame moan offl 0naerce of ixofecoOt of *etas endMakd as cletNerett to Clem Senwee el b)O434.142e: tens to CNN Se at Bow. Sloane &cantos Cap.. Ono Movoloch Conlor North. Brooebn. NY. 112013959. Equities e $520.69 $465.818 Current market value ifflE Last statement's market value 14.722.887 $4.667.662 seer. Steams SOC‘ollkeS Cap. Ono Mettotech Center Noah OreckIgn. New Vcrk 11201.3859 JEFFREY EPSTEIN STATEMENT PERK* April I. 2005 THROUGH April 29.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER On Fee EAST STATEMENT Wirth 31.2005 ST tin EmYwarY a lot re'sneebenel pewees My els fa trended an tat dOWTMet Tin cutworm shield de nitanied to, yaw records SO Warta ode for modest Seeman:a 027 040005:11:24 001 van EFTA00200951 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t4,1 COO. Ceol.letioloch Cantot North Broeklln• New Volt 11201.38$9 JEFFREY EPSTEIN 2 or STATEMENT BACKER IS PRINTED ON THIS PAGE 027 O43005:11:24 001 1/877 EFTA00200952 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis Cash Balance Summary THIS PERIOD CLCsr.c. Opening Balance $5.60 Cash 5.60 0.00 Securities Sold 47,000.00 Net Cash Balance $5.60 $0.00 Money Fund 962.47 Dividends Interest 6.911.60 Amount Credited $54,874.07 Income Summary THM PERIOD YEAR TO DATE Money Fund -54,879.67 Dreidenus 7.874.07 30,562.05 Amount Debited $-54.879.67 Credit Balance Ire. 0.00 13.43 Net Cash Activity -5.60 Total $7.874.07 $30.575A8 Closing Balance $0.00 Portfolio Composition CashiCash Equivalent 520,691 Equities 4,722,887 Total $5 243 578 027 043005:11:24 001 Beer. Screams SON,14,1 Dap. Ore Meesetech CaMeg NOM BredCon. hew Yak 11201.3559 JEFFREY EPSTEIN STATEMENT PERIOD * 11 1. 2005 THROUGH April 29.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT MATO 31.2005 Your Portfolio Allocation Cash & Equrea'ent 9% \\*9 — Equities 91% Unthned Grown cantle debt balm, *NW Or, male wive, Re mocauco percents-0 is dt'sed Iron VO Mnol.te market value. 01 y01/ palioo V877 EFTA00200953 CLEARED THROUGH ITS wilDLLY OWLE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS MARKET ESTIMATED CURRENT DESORPTION SYMBOUCUSIP DUMMY PRICE VALUE PAPAW. INCOME YEW IIAt DREYFUS CASH MANAGEMENT -CL A DICXX 520,691 25 1.0000 520,691 13,017 2.4999 INSTITUTIONAL SHARES EST, 30 DAY AVG WELD 2$900% TOTAL CASH & CASH EQUIVALENTS $520,691 $13,017 EQUITIES Beer. SZeirns SONALRI CMP CA* Mem:1mA Cantu North Beccidon. New VC* 11201.3559 JEFFREY EPSTEIN STATEMENT PERIOD April 1. 2005 THROUGH April 29.2005 ACOCUNT NUMBER X72 TAXPAYER MAKER On File LAST STATEMENT MEMO 31.2005 Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department, The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform.The second rating represents the rating of the coverage universe relative to the regional broader market index, The key for the sector rating is as follows: MO = Market 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 Steams is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider, The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons. Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Steams at no cost. Customers can access this research at wvv.bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPTION SYAISCUCVSIP ACCT TIPS OUANNTY PRCE IMINCET VALUE ESTIMATED ANNUAL INCOME CURRIBYT YEW IM CANHORN CHEMICAL CORP CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.2400 24.480 GLENBOROUGH REALTY TRUST INC GLa CASH 2,000 20.5400 41.080 2,800 6.8160 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: H GLIMCHER REALTY TRUST-SSI GRT CASH 2.000 25.1700 50.340 3.846 7.6400 027 0430,05:11:24 001 111077 EFTA00200954 CLEARED THRWGH ITS niCkLY OMnE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New YY New York 10179 5 Beer. SZeirns SON, t4,1 Cory. Cc* Mon:tech CarrIN North BecciCon. New Ye* 1201.38S9 JEFFREY EPSTEIN STATEMENT PERIOD April 1.2005 THROUGH April 29.2005 Your Portfolio Holdings (continued) Equities & Options (continued) ACCT DESCRPRON SYMBOUCUSIP TYPE °MOTT PRCE MARKET VALLE ESTIMATED ANMJAL INCOME ACCCUNT NUMBER X72 TAXPAYER AMBER On File LAST STATEMENT Much 31.2005 CURFENT YELD HRPT PROPERTIES TR-SBI HRP CASH 10,000 11.7500 117.500 8,400 7.1489 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.7800 83.560 5.760 6.8933 S81 JOHNSON& 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 TM0(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 MAMMA GERSHENSON PROPERTIES RPT CASH 12.000 27.6900 332.280 21,000 6.3200 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIN 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 PORTFOLIONOLDINGSESTIMATED ANNUAL INCOME $136,023 YOUR PRICEDPORTFOLIOHOLDINGS $5,243,578 027 04/30A3B:11:24 001 s.87/ EFTA00200955 CLEARED THROUGH ITS witekLY CAMPO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 6 Transaction Detail INVESTMENT ACTIVITY Beer. SZeirns SOC,r4M1 COP Ore Mem:tech Cantm North Beccidon. New Tuft 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD *it 1.2005 THROUGH April 29.2005 ACCOUNT NUMBER X72 TAXPAYER WIPER CR File LAST STATEMENT Mann 31.2005 SETTLEMENT TRADE DATE DATE TRANSACTION CESCRPTION STIMOUCUSIP GUMMY PRICE CENT AMOUNT CREDIT AMOUNT 04/21/05 MERGER K G REALTY T ST 500750107 -2,000 47.000.00 TO ER , PS TOTAL $47,000.00 MONEY FUND ACTIVITY DATE MOVAY TRANSACTION DESCRIPTION STMECtirt/SIP DUANTRY AKE DEBIT AMOUNT CREDIT AMOUNT 04/01/05 OPENINGBALANCE 465.811.58 04/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 962.47 INSTITUTIONAL SHARES MONTHLY DIVIDEND 04/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 962.47 962.47 INSTITUTIONAL SHARES DIVIDEND REINVEST 04/04/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 5,255.60 1.0000 5,255.60 INSTITUTIONAL SHARES 04/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 1,661.60 t0000 1,661.60 INSTITUTIONAL SHARES 04/22/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 47,000 1.0000 47,000.00 INSTITUTIONAL SHARES 04/29/05 CLOSINGBALANCE 520,691.25 TOTAL $-54.879.67 $962.47 027 04/30135:11:24 001 Y877 EFTA00200956 CLEARED THROUGH ITS niCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS Beer. SZeirns SON, t4,1 COO. Ore Mevolech Cantm North BecciOon. New Year 1201.38S9 JEFFREY EPSTEIN STATEMENT PERIOD PPM 1.2005 THROUGH April 29.2005 ACCCUNT NUMBER X72 TAXPAYER WEBER On File LAST STATEMENT March 31.2005 or'E DESORPTION SYMBOUCUSIP DUMMY RATE MI DEBIT AMOUNT CREDIT AMOUNT 04/01/05 RAMCO GERSHENSON PROPERTIES APT 12,000 0.4375 5,250.00 TRUST-MD MI REC 03/20105 PAY 04/01/05 04/15/05 GLENBOROUGH REALTY TRUST INC GLB 2,000 0.3500 700.00 REC 04/01105 PAY 04/15105 04/15/05 GLIMCHER REALTY TRUST-SBI GRT 2,000 0.4808 961.60 REC 03/31105 PAY 04115/05 TOTAL 36.911.60 End of Statement 027 04130(06;11:24 001 1,877 EFTA00200957 CLEARED THRCOGH its ~MY OHn.E0 SUBSIDIARY BffiR STffiRNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York. New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE LICHERMAN.IRA ii/A1 near stearrts.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Messages 8 Your Portfolio at a Glance TOTAL VAWE OF SECURITIES THIS PERIOD' NET CREDIT BALANCE MONEY MARKET FUND BALANCE 4.667.662 6 465,812 I I JEFFREY EPSTEIN CIO FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio le $447.341 $465.818 Cash & Equvalent NET EQUITY THIS PERIOD $5,133,480 NET EQUITY LAST STATEMENT 5,054,929 CHANGE SINCE LAST STATEMENT 78,551 ~So educles one or more 'synced "Ores Owl are not release nee Taal Vale el Seaside; and sie Net Emery The Petri There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities — Neon moat any Offerer« a ncerrearot of *ears er ekram nclicekd ere dearer« lo you. to Clem Banras el 800-614.1428: a pros lo ChM Seedas M Be.,. Stcorro &Kurile, Cap.. Ono Mammoth Conior Nall. Broolho. N.Y. II201-3959. Current market value tes Last statements market value $4.667.862 $4.607.588 Best. Steams SOC.mhel Cal>. Oro kietteleCh Center North Orecioon. Hex Tat 112014859 JEFFREY EPSTEIN STATEMENT PERIOD March 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER X72 TAXPAYER 81.0113ER On File LAST STATEMENT Fetruary 28.2005 glec neg almolnY for nermasenal imposes coly Is ree deeded natal decennial Tin ~Win should be for your records Soo roam Sofa rroodart SWmat 027 0601.0509519 001 V876 EFTA00200958 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. SZeirns SON, 14,1 COO. Ceol.letioloch Cantot North Beccidon. New Ye* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 Oa,D1.05:09A9 001 11878 EFTA00200959 CLEARED 1HRWGH wilekLY OMN.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis Income Summary THIS PERIOD 116 PERIOD YEAR TO DATE Opening Balance $2,103.58 Dividends 18.471.5 22,687.98 Credit Balance Int. 5.60 13.43 Money Fund 772.15 Total $18,476.75 $22.701.41 Dividends/Interest 17,704.60 Amount Credited $18,476.75 Money Fund -20.574.73 Portfolio Composition Amount Debited $-20,574.73 CashtCash Equivalent 465.818 Net Cash Activity -2.097.98 Equities 4.667.662 ClosingBalance $5.60 Total $5.133.480 Cash Balance Summary OPENTNO CLOSNO Cash 2,103.58 5.60 Net Cash Balance $2,103.58 $5.60 027 DADIDS:09:42 001 Beer. Steens Seentet COON Ore Momtech Card“ North Beo:non. New VC* 11201 3959 JEFFREY EPSTEIN STATEMENT PERIOD March 1.2005 THROUGH Mardi 31.2005 ACCCUNT NUMBER X72 TAXPAYER KAMER On File LAST STATEMENT Fe&uasy 28.2005 Your Portfolio Allocation Cash 8 Equres'ent 9% — Equities 91% UnthvRKI prow,' °ono* debit bebop, *NW Pm•I male wive, The otocauco percemar m Owed Iron Ve MnoNte market value of y01/ NNW, , YET6 EFTA00200960 CLEARED THROUGH ITS ORnE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESORPTION S•NTECLO-Sti MARKS ESTIMATED OURREIVI QUANTITY PRICE VALUE /ANS INCOME vac) 0.4 CASH BALANCE 6 Beer. SZeirns SON, 14,1 COO. Ore Mevolech Cora et North Bei:doom New Ye* 1201.38S9 JEFFREY EPSTEIN STATEMENT PERM Myth 1.2005 THROUGH March 31.2005 ASCCUST NUMBER X72 TAXPAYER MAGER On File LAST STATEMENT PEGruEuy 28.2005 DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG YIELD 2.6700% TOTAL CASH & CASH EQUIVALENTS 465.811.58 1.0000 465.812 9.782 2.1000 $465,818 59.782 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. fi e first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Steams is neither soliciting any action based on such information. nor endorsing any recommendation or opinion expressed by any independent, 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESORPTION CANHORN CHEMICAL CORP AOCT MARKET ESTEEMED CURFEW SYMECVWSIP TYPE OLIANSTY PRCE VALIK ROOM INCOME YEW DH CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.4300 24.860 027 0•01.05:09:49 001 '.876 EFTA00200961 CLEARED THROUGH ITS 0Mt,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Beer. Saea•ns SON, 14,1 Cory. Ore Llevalech CarrIN NOM Beccidon. New Ye* 112013959 JEFFREY EPSTEIN 5 vi STATEMENT PERIOD Meth 1.2005 THROUGH Mardi 31.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER NIMSER On File LAST STATEMENT February 28.2005 Equities & Options (continued) ACCT MOM ESTIMATED CURFEW DESCRIPTION S1MBOUCUSIP TIDE OUATiT‘ PACE VALLE ANNUAL INCOME YELD IV GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.1200 38.240 2.800 7.3222 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L,L,C, RATING: H GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 23.7000 47.400 3,846 8.1139 HRPT PROPERTIES TR-SBI HRP CASH 10.000 11.9100 119.100 8,400 7.0529 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 40.3800 80.760 5,760 7.1322 SEII JOI.INSON& JOHNSON JNJ CASH 57.800 67.1600 3.881.848 65.892 1.6974 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KR? CASH 2.000 23.4000 46.800 2,600 5.5556 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.6700 157 UP 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-581 RAMCO GERSHENSON PROPERTIES RPT CASH 12,000 27.1500 325.800 21.000 6.4457 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIR' CASH 1,000 5.6200 5.620 BSC RATING: STOCK PeSECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options 64.667.662 6115.202 TOTAL EQUITIES $4.667.662 $115.202 02/ 0401GS:09:4S 001 '.1176 EFTA00200962 CLEARED THROUGH DS 'roomy CAM.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 6 ri Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLOINGSESTIMATED ANNUAL INCOME $124.984 YOUR PRICED PORTFOLIOHOLDINGS $5.133.480 Transaction Detail MONEY FUND ACTIVITY Beer. Neon Seonmi GNP 0 -41.1evalech Center North Beccidon. New Ye* I 1201.313S9 JEFFREY EPSTEIN STATEMENT PERIOD MAPCI1 1.2005 THROUGH Mardi 31.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER on FM LAST STATEMENT February 28.2005 DATE LICIDAY TRANSACTION DESCRIPTION SYMEWCUSIP cowry PRCE Cell AMOUNT CREDIT AMOUNT 03/01/05 OPENINGBALANCE 445,236.85 03/01/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 2.103.58 1.0000 2,103.58 INS11TUTIONAL SHARES 03/01/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICXX 772.15 INSTITUTIONAL SHARES MONTHLY DIVIDEND 03/01/05 REINVEST DREYFUS CASH MANAGEMENT-CL A DICXX 772.15 772.15 INSTITUTIONAL SHARES DIVIDEND REINVEST 03/15/05 BOUGHT DREYFUS CASH MANAGEMENT-CL A DICXX 17.699 1.0000 17,699.00 INSMUTIONAL SHARES 03/31/05 CLOSINGBALANCE 465,811.58 TOTAL $.20.574.73 $772.15 027 0401.05:09:4S 001 '.176 EFTA00200963 CLEARED THROUGH IM YAgX1Y CAM,PO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS BOP. SZPAns SOC,M*1 COP Ore Mem:Icon Contof North Beccicon. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD Mardi 1.2005 THROUGH March 31.2005 ACCOUNT NUMBER X72 TAXPAYER NUMBER 00 FM LAST STATEMENT February 28.2005 Dc E DESORPTION STMEICUOUSIP OJWTITY RATE CS) DEBIT AMOUNT CREW AMOUNT 03/08/05 JOHNSON& JOHNSON JNJ 57,800 0.2850 16,473.00 REC 02/15/05 PAY 03/0805 03/15/05 PAN PACIFIC RETAIL PROPERTIES PNP 436 0.5900 257.24 INC REC 0225/05 PAY 03/15105 03/15/05 PENNSYLVANIA REAL ESTATE PEI 1,794 0.5400 968.76 INVESTMENT TRUST-S8I REC 03/01/05 PAY 03/15105 TOTAL $17,699.00 INTEREST DATE OESOFOPTION 03/21/05 INTE DIT BALANCE ACCT AT 01. 1 - 03/20 TOTAL $5.60 STIABCIJOUSIP OUMFT111( RATE IY4 DEBT AMOUNT CREW AMOUNT 5.60 027 0.0165:09:49 001 Y878 EFTA00200964 CLEARED THROUGH ITS YrisekLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 8 vi Your messages 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 wtvw,bearsteams,com, Alternatively, to request a free printed copy please call - toll free 1.866.299.9331. End of Statement Beer. Neon Seceemr Dap. 0 -4 Momloch Contm North Brock/on. New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERM Mardi 1.2005 THROUGH Match 31.2005 ACCCUNT NUMBER x72 TAXPAYER WESER OR File LAST STATEMENT PeDruEuy 28.2005 027 040145:09:49 001 Y878 EFTA00200965 CLEARED THRCOGH ITS wriCkLY OHe.EO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York. New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE ZICHERMAN.IRA owwbearstearns.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE MONEY MARKET FUND BALANCE 4,607,588 2,104 445,237 I I JEFFREY EPSTEIN C.I0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER 5-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & EqLovalent _mop $447.341 OAF; $444.470 NET EQUITY THIS PERIOD $5,054,929 NET EOUITY LAST STATEMENT 4,995,300 CHANGE SINCE LAST STATEMENT 59,629 -on macro ncludes one or more tapered mashes Taal are not Waned rite Taal Yew of Sewing, and the NH Epee/ nn Perot There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Please meal on, darrerce a moment of dyers or sixes. caroled as deonemo lo le doe' Some, el WO-634142C a ote to Clear S(4,1000 at Beer. Means Sesames Cap.. One Llormioch Comer Noah. Bomar % N.Y. M201-3169. Equities — Current market value go Last statements market Sue $4.607.588 $4.550.830 Best. 5188.06 $00,00k! Cf80). Cr4 LIctsolcch Center North Beceidon. Nee TM 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 mmnary H Ia cremataml purposes rely n is rot canard nate. CICanwe Tam Motorcars should be Maned Mt yea records Sea room cede Tar rportart cremator 027 0301005:11:09 001 1872 EFTA00200966 CLEARED IHROUGH ITS vriseklY 0"E0 SUBSIDIARY 808r. Saee•ns SON, t4,1 Oa0. Ore Mem:loch Cantot North Broeklln• New Tuft 11201.3859 JEFFREY EPSTEIN 2 or 7 STATEMENT BACKER IS PRINTED ON THIS PAGE 027 OOOLO5:11:09 001 van EFTA00200967 CLEARED THROUGH ITS wilekLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis THIS PERIOD Income Summary 16 PERIOD YEAR TO DATE Opening Balance $9,003.80 Dividends 2.866.83 4,216.83 Credit Balance Int. 3.58 7.83 Money Fund 766.83 Total $2.870.41 $4.224.66 Dividends/Interest 2.103.58 Amount Credited $2,870.41 Money Fund -9.770.63 Portfolio Composition Amount Debited $-9,770.63 CashiCash Equivalent 447,341 Net Cash Activity -6.900.22 Equities 4,607,588 ClosingBalance $2,103.58 Total $5.054.929 Cash Balance Summary MEMO cumwo Cash 9,003.80 2,103.58 Cash & Equivalem Net Cash Balance $9,003.80 $2,103.58 8% Beef. Snuffle Secwititi Ore Ore Mevoloch Cola North BrodCon. New To* 112D1 3959 JEFFREY EPSTEIN STATEMENT PERIOD Pathan. 1.2005 THROUGH February 28.2005 ACCCUNT NUMBER X72 TAXPAYER AVUBER On Ale LAST STATEMENT January 31.2005 Your Portfolio Allocation 027 OGVIDS:11:09 001 Equities 92% Untivoed crown cantle debt bobnce omit. shol male wive, TN/ Dime", pe.oenla is &twee Ben Vo etnot8e menet value of vote ouifoo V872 EFTA00200968 CLEARED THROUGH ITS wilekLY OMnE0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCPSMION SYEITSCUCUSIP /WOO ESTIMATED DREW °LONNY PRICE VALUE PANS INCOME vac) 0.4 CASH BALANCE 2.104 Beer. SZeirns SOC.,44.1 COP. 0-4 Mottoloch CoMoc North &Wool. New Year I1201 .38S9 JEFFREY EPSTEIN STATEMENT PERIOD Fethary 1.2005 THROUGH February 28.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On PIM LAST STATEMENT January 31.2005 DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST, 30 DAY AVG YtELD 2.3400% TOTAL CASH & CASH EQUIVALENTS 445,236.85 1.0000 445.237 9.350 2.1000 $447.341 59.350 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firm's Equity Research Department. fi e first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Steams is neither soliciting any action based on such information. nor endorsing any recommendation or opinion expressed by any independent, 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPEON CANHORN CHEMICAL CORP ACCT WRNS ESTEACIED CURFEW SYMBOJCUSIP TYPE °IMPIETY PRCE VALUE ANATOL INCOME YEW I%) CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 12.5400 25.080 027 0101.05:11:09 001 "872 EFTA00200969 CLEARED THROUGH ITS ~MY 0‘19.E0 SUBSIDIARY BffiR STffiRNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 Beer. SZ9994 SOC/9991 COP. Cr.* Metsalech Conte< North 8..“44n. New re" 11201.3859 JEFFREY EPSTEIN 5 vi STATEMENT PERIOD February 1.2005 THROUGH February 28.2005 Your Portfolio Holdings (continued) ACCOUNT NUMBER X72 TAXPAYER MA93ER On PIN LAST STATEMENT January 31.2005 Equities & Options (continued) ACCT MARKET ESTMATED CURES« DESCRPTION svmeoucusie TYPE 01.IATITY PRCE VALLE ANNUAL INCOME YELD I14/ GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.7300 39,460 2.800 7.0958 BSC RATING: STOCK P/SECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: S GLIMCHER REALTY TRUST-SBI GRT CASH 2,000 25.7200 51.440 1,280 2.4883 HRPT PROPERTIES TR-SBI HRP CASH 10.000 12.6800 126.800 8,400 6.6246 HOSPITALITY PROPERTIES TRUST HPT CASH 2,000 41.4700 82.940 5,760 6.9448 S8I JOHNSON& JOHNSON JNJ CASH 57.800 65.6000 3.791.680 65.892 1.7378 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KRT CASH 2.000 23.3100 46.620 2,600 5.5770 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 0.8900 209 DP 12/10/2007 PAN PACIFIC RETAIL PROPERTIES PNP CASH 436 58.1500 25.353 1.029 4.0587 INC PENNSYLVANIA REAL ESTATE ÆI CASH 1,794 40.6000 72,836 3.875 5.3202 INVESTMENT TRUST-581 RØ GERSHENSON PROPERTIES RPT CASH 12,000 28.3000 339.600 7.332 2.1590 TRUST-MD S131 SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 5.5700 5.570 BSC RATING: STOCK A/SECTOR MW ATLANTIS RESEARCH RATING: B Total Equities& Options $4.607,588 $98,968 TOTAL EQUITIES $4,607,588 $98,968 027 030T05:11:09 001 "872 EFTA00200970 CLEARED THROUGH RS vn8X1Y ONnEO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New An New York 10179 6 ri Your Portfolio Holdings (continued) YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME $108.318 YOUR PRICED PORTFOLIOHOLDINGS $5.054.929 Transaction Detail MONEY FUND ACTIVITY 808r. Szea•ns S08,440 CUR 0 -4 Metniech Cantu North Beccioon. New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD REDRIary 1.2005 THROUGH February 28.2005 ACCOUVINUMSER X72 TAXPAYER NUMBER On FOE LAST STATEMENT January 31.2005 DATE LIDDAY TRANSACTION DESCRIPT0N SYTED:liCtISIP CVANIITT PRCE Cell AMOUNT CREDIT AMOUNT 02/01/05 OPENINGBALANCE 435.466.22 02/01/05 BOUGHT DREYFUS CASH MANAGEMENT.CL A DICXX 9.003.80 1.0000 9,003.80 INSTITUTIONAL SHARES 02/01/05 DIVIDEND DREYFUS CASH MANAGEMENT.CL A DICXX 766.83 INSTITUTIONAL SHARES MONTHLY DIVIDEND 024)1/05 REINVEST DREYFUS CASH MANAGEMENT.CL A DICXX 766.83 766.83 INSTITUTIONAL SHARES DIVIDEND REINVEST 02/280'05 CLOSINGBALANCE 445,236.85 TOTAL $-9.770.63 $766.83 027 OCTOL05:1 1:09 001 '.372 EFTA00200971 CLEARED THROUGH ITS wilekLY CAPPO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) DIVIDENDS DVE DESORPTION STIABOUCUSIP 02/23/05 HFIPT PROPERTIES TR-SBI HRP REC 01/21105 PAY 02/23.10S °LAWRY RATE IQ 10,000 0.2100 DEBIT AMOUNT BOP. SzeWns SOC.,449 00,9 Ore Mevolech Cantof North Betatron. New Year 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD FIROMary 1.2005 THROUGH Feentaly 28.2005 ACCCUNT NUMBER 072 TAXPAYER MASSER On File LAST STATEMENT January 31.2005 OREM AMOUNT 2,100.00 TOTAL $2,100.00 INTEREST 0.01E CESCRIPTH:IN 02/22/05 INTE Olt BALANCE ACCT AT 01 UR E 1/21 - 02/20 SYSIDOLCUSIP OUPBRITT RATE I* CESIT AMOUNT CREDIT AMOUNT 3.58 TOTAL $3.58 Endof Statement 027 02/01035:11:09 001 2872 EFTA00200972 CLEARED THRCOGH nS vniCkLY CAM.E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York. New York 10179 ACCOUNT EXECUTIVE TELEPHONE VISIT OUR WEBSITE ZICHERMAN.IRA 67A% near stearrts.com What's In This Statement Financial Summary 3 Your Portfolio Holdings 4 Transaction Detail 6 Fund Activity 6 Your Portfolio at a Glance TOTAL VALUE OF SECURITIES THIS PERIOD* NET CREDIT BALANCE MONEY MARKET FUND BALANCE 4,550,830 9,004 435,466 11111111111111111 II JEFFREY EPSTEIN C.I0 FINANCIAL TRUST COMPANY ATTN JEANNE BRENAN 6100 RED HOOK (WATER B-3 ST THOMAS VI 00802 Market Value of Your Portfolio Cash & EqLevalent $144.470 Mel $434.785 NET EOUITY THIS PERIOD $4,995,300 NET EQUITY LAST STATEMENT 4.993,982 CHANGE SINCE LAST STATEMENT 1.318 -Ths cafao nelmles one a more apnea: mashes tsar ere not related nix Taal Yew of &wins ay the Net Ewe/ The Pam( There are no 'Stop Loss' orders or other pending buy or sell open orders on file for your account. Equities *** **** """"zia ** *** 444.. Plaza room any cliforonoo a rawactim of ohm.s or stocks, cacaod as daltraoa to p5u. lo Clem Simon at 800E041428: a eau to Clam SONICOS a Boa Steam &comes Cap.. one lAflotali Carla Honk 8rooNri, NY 112014859 Current market value mg Last statements market value $4.550.830 $4 559 197 Beer. Stearns SON•ititt COrP. Cr4 Metsolech Center North BCCCi001. New Tait 11201-3869 JEFFREY EPSTEIN STATEMENT PERIOD January 1.2005 THROUGH January 31.2035 ACCOUNT NUMBER X72 TAXPAYER NULI3ER 011 FIk LAST STATEMENT December 31.2004 St TME MatuTY fa dOTIThabOwal rants only Risme Needed n tar clocuvers Iles stens should be retuned for your records See reverse ode for insecure ricernarcu 027 0200S:07:S6 001 7870 EFTA00200973 CLEARED 1HROUGH RS YrisekLY 0"E0 SUBSIDIARY Beer. Saea•ns SON, t4,1 COO. Ceol.letsolech Cantot North Broeklln• New Ye* 11201.3859 JEFFREY EPSTEIN 2 or e STATEMENT BACKER IS PRINTED ON THIS PAGE 027 02,01,05:07:55 001 Y870 EFTA00200974 CLEARED THRWOH ITS ChM•E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 3 Cash Flow Analysis Cash Balance Summary THIS PERIOD OPENING aosno Opening Balance $9.12 Cash 9.12 9.003.80 Money Fund 690.03 Net Cash Balance $9.12 $9,003.80 Funds Deposited 198.83 Dividends/Interest 8.795.85 Amount Credited $9,684.71 Income Summary 11-RS PERIOD YEAR 10 DATE Money Fund -690.03 Dreidenus 1,350.00 1,350.00 Amount Debited $-690.03 Credit Balance Int. 4.25 4.25 Net Cash Activity 8,994.68 Total $1,354.25 $1.354.25 Closing Balance $9,003.80 Portfolio Composition Cash/Cash Equivalent 444.470 Equities 4.550.830 Total $4 995 300 027 020105:07:55 001 Beer. Szeirrs Soc.r.tet Dap. CeoLletioloch Cola North Becck/on. New Tuft 11201.3859 JEFFREY EPSTEIN STATEMENT PERM enemy 1.2005 THROUGH January 31.2005 ACCCUNT NUMBER X72 TAXPAYER NURSER On Fee LAST STATEMENT December 31.2004 Your Portfolio Allocation Cash &Equivalem 8% Equities 92% Untivoecl crown cantle vent botwce anck, snag male vela, TN/ ;slot:own p0.0,01,? &rued from Va etnol.te market value of yoti palioo 1870 EFTA00200975 CLEARED THROUGH ITS wilekLY OW,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 4 Your Portfolio Holdings CASH & CASH EQUIVALENTS DESCRPTION S.-MOLD-SIP MARKET ESTIMATED CURREATI QUANTITY PRICE VALUE ANNUAL INCOME yap 0.4 CASH BALANCE 9.004 Beer. SZeirns SON, t4,1 Cory. Ore Mon:tech Car:tog North Becdoon. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERM January 1.2005 THROUGH January 31.2005 ACCCUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT December 31.2004 DREYFUS CASH MANAGEMENT-CL A DICXX INSTITUTIONAL SHARES EST 30 DAY AVG YIELD 2,1700% TOTAL CASH & CASH EQUIVALENTS 435.466.22 1.0000 435.466 8.709 1.9999 $444.470 $8.709 EQUITIES Equities & Options The research ratings for Bear Steams (BSC) are shown for certain securities covered by the Firms Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst, The key for the stock rating values is as follows: 0 = Outperform; P = Peer Perform; U = Underperform, The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell, The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice, Bear Steams is neither soliciting any action based on such information. nor endorsing any recommendation or opinion expressed by any independent, 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 wvv,bearsteams,com or can call (800) 517-2327 to request that a copy of this research be sent to them, DESCRPRON CANHORN CHEMICAL CORP ACCT MARKET ESTIACIED CURFEW SYMECVOUSIP TYPE QUANTITY PRCE VALIK ANATOL '<COME YEW DH CNCPF CASH 19 Unpriced FELCOR LODGING TRUST INC FCH CASH 2,000 13.9600 27.920 027 02,0I,057:S5 00I EFTA00200976 CLEARED THROUGH ITS vniCkLY CAM,E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 5 ri Your Portfolio Holdings (continued) Equities & Options (continued) DESCRPTI0N SYMB0UCUSIP ACCT TYPE 0UATITY PACE MARKET VALLE ESTIMATED ANNUAL INCOME CURPSIT YEW IS4 GLENBOROUGH REALTY TRUST INC GLB CASH 2.000 19.2600 38.520 2.800 7.2690 BSC RATING: STOCK NSECTOR MW SABRIENT SYSTEMS, L.L.C. RATING: S GLIMCHER REALTY TRUST-SBI GRT 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 HP1 CASH 2,000 42.6500 85.300 5,760 6.7526 581 JOI.INSON& JOHNSON JNJ CASH 57.800 64.7000 3,739,660 65.892 1.7620 BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: 8 KRAMONT REALTY TRUST KRT CASH 2.000 23.4100 46.820 2,600 5.5532 WTS LUCENT TECHNOLOGIES INC LUTHW CASH 235 1.1650 274 BOP 12/102007 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-581 RAMC° GERSHENSON PROPERTIES RPT CASH 12,000 28.2000 338.400 7.332 2.1667 TRUST-MD SBI SIRIUS SATELLITE RADIO INC SIRI CASH 1,000 6.6200 6.620 BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: Total Equities& Options $4,550,830 $97.572 TOTAL EQUITIES $4,550,830 $97.572 Beer. Saea•ns SON, 14,1 COrP OtoMetsolech Contm North BecciCon. New Year 11201 3959 JEFFREY EPSTEIN STATEMENT PERU/ January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT December 31.2004 027 02,01,05:07:55 001 '.1170 EFTA00200977 CLEARED THROUGH ITS ?RIMY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & Co. Inc. 383 Madison Avenue New York, New York 10179 6 ci Your Portfolio Holdings (continued) YOUR PORIFOLIOHOLDINGSESTIMAIED ANNUAL INCOME $106,281 YOUR PRICED PORTFOLIOHOLDINGS $4.995.300 Transaction Detail DEPOSITS AND WITHDRAWALS DA'E TRANSACT CC 01107105 DEPOSIT LUCENT TECH 00J EPSTEIN SI NATURE BK DESCRVICN DEBIT AMOung CREDIT wow 198.83 TOTAL $198.83 MONEY FUND ACTIVITY DATE MCIDAT TRANSACTKN DESCRIPTICN 01/01/05 OPENINGBALANCE SYMBOUUMP Beer. Saea•ns S0C,r44,1 Cap. 0 -41km:tech Contm North BredCon. New VC* I1201.38S9 JEFFREY EPSTEIN STATEMENT PERIOD January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER X72 TAXPAYER WESER On File LAST STATEMENT December 31.2004 CCANTrY PRICE PST AMOIMT CREDIT AMOUNT 434,776.19 01/03/05 REINVEST DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST DICXX 690.03 690.03 01/03/05 DIVIDEND DREYFUS CASH MANAGEMENT-CL A DICA 690.03 INSMUTIONAL SHARES AMT INCLUDED IN 2004 - 1099 027 0201,05:07:55 001 V870 EFTA00200978 CLEARED THRWGH ITS niCkLY 0"E0 SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns 8 Co. Inc. 383 Madison Avenue New YY New York 10179 7 Transaction Detail (continued) MONEY FUND ACTIVITY (continued) DATE MWDAY TRANSACTION DESCRIPTION SYIAECUCUSIP Beer. SZeirns SON, 14,1 COO. Cc* Neeclech Cent og NOM Beccidon. New Ye* 11201.3859 JEFFREY EPSTEIN STATEMENT PERU/ Jemmy 1.2006 THROUGH January 31.2005 ACCOUNT NUMBER X72 TAXPAYER MASSER On File LAST STATEMENT December 31.2004 OWARTTY PRCE DEBIT AMOUNT CREDIT AMOUNT 01/31/05 CLOSINGBALANCE 435,466.22 TOTAL $-690.03 $690.03 DIVIDENDS DATE DESCRIPTION STIADWCUSIP OUANTITY RATE (SI CENT AMOUNT CREDO AMOUNT 01/03105 RAMCO GERSHENSON PROPERTIES RPT 5.040.00 TRUST-MD St31 CASH DIV ON 12000 SHS REC 12/20104 PAY 0110305 AMOUNT PCLUDED ON 2004-1099 01/14/05 GLENBOROUGH REALTY TRUST INC GLB 2.000 0.3500 700.00 REC Ou01(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 KRAA4ONT REALTY TRUST KAT 2.000 0.3250 650.00 REC 01003105 PAY 01/21/05 01/31/05 HOSPITALITY PROPERTIES TRUST HPT 1.440.00 Sal CASH DIV ON 2000 SHS REC 12/30(04 PAY 01131005 AMOUNT PICLUOED ON 2004-1099 TOTAL $8.791.60 027 020105:07:55 001 7870 EFTA00200979 CLEARED THROUGH RS ?NNW, CAM,PO SUBSIDIARY BEAR STEARNS OFFICE SERVICING YOUR ACCOUNT Bear. Stearns & CO. Inc. 383 Madison Avenue New York, New York 10179 8 Transaction Detail (continued) INTEREST DATE DESORPTION 01/21/05 INTEREST ON CREDIT BALANCE ACCT AT 01.I.2 ,21 01220 TOTAL STLIDEUCVSIP 'EVASION RATE IN) DEBIT AMOUNT Beet. Deom Seortmr COP CeoLlevelech Cella North 0eock11n. New VC* 11201.3859 JEFFREY EPSTEIN STATEMENT PERIOD January 1.2005 THROUGH January 31.2005 ACCOUNT NUMBER X72 TAXPAYER MAWR On File LAST STATEMENT December 31.2004 CREW AMOUNT 4.25 $4.25 Ended Statement 027 020105:07:55 001 Y870 EFTA00200980

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Dates

01/01/05 01/03/05 01/03/05 01/14/05 01/14/05 01/18/05 01/18/05 01/21/05 01/21/05 01/21/05

Phone Numbers

1.800.352.3671 1.866.299.9331 1.866.299.9331 110904.1429 1212110509 1212110509 800) 289.9999 800) 517-2327 800) 517-2327 800) 517-2327

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Indexed	2026-02-11T11:13:44.266769