EFTA00200737

OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

| | |

| :--- | :--- |

| ACCOUNT EXECUTIVE | ZICHERMAN, IRA |

| TELEPHONE | |

| VISIT OUR WEBSITE | www.bearstearns.com |

## What’s In This Statement

Financial Summary 3

Your Portfolio Holdings ... 4

Transaction Detail ... 5





# JEFFREY EPSTEIN

C/O FINANCIAL TRUST COMPANY

ATTN JEANNE BRENAN

6100 RED HOOK QUATER B-3

ST THOMAS VI 00802



CLEARED THROUGH ITS

WHOLLY OWNED SUBSIDIARY





Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



## Your Portfolio at a Glance

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,846,787</td></tr><tr><td>NET CREDIT BALANCE</td><td>55,575</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$3,902,362</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>3,891,902</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>10,460</td></tr></table>

There are no "Stop Loss" orders or other pending buy or sell open orders on file for your account.

*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.

ACCOUNT NUMBER

JEFFREY EPSTEIN

STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003

Market Value of Your Portfolio

Please report any difference or non-receipt of checks or stocks, indicated as delivered to you, to Client Services at 800-634-1428; or write to Client Services at Bear, Steams Securities Corp., One Metrotech Center North, Brooklyn, N.Y. 11201-3859.

This summary is for informational purposes only. It is not intended as a tax document. This statement should be retained for your records. See reverse side for important information.

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CLEARED THROUGH ITS
WHOLLY OWNED SUBSIDIARY




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Bear, Steams Securities Corp.
One Metrotech Center North
Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT BACKER IS PRINTED ON THIS PAGE

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EFTA00200739



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$51,020.75</td></tr><tr><td>Dividends/Interest</td><td>4,537.19</td></tr><tr><td>Miscellaneous</td><td>16.90</td></tr><tr><td>Amount Credited</td><td>$4,554.09</td></tr><tr><td>Net Cash Activity</td><td>4,554.09</td></tr><tr><td>ClosingBalance</td><td>$55,574.84</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>51,020.75</td><td>55,574.84</td></tr><tr><td>Net Cash Balance</td><td>$51,020.75</td><td>$55,574.84</td></tr></table>

Income Summary

<table border="1"><tr><td></td><td>THIS PERIOD</td><td>YEAR TO DATE</td></tr><tr><td>Dividends</td><td>4,515.00</td><td>81,970.02</td></tr><tr><td>Other Dividends</td><td>0.00</td><td>3,162.50</td></tr><tr><td>Muni Bond Int.</td><td>0.00</td><td>9,162.43</td></tr><tr><td>Credit Balance Int.</td><td>22.19</td><td>523.51</td></tr><tr><td>Total</td><td>$4,537.19</td><td>$94,818.46</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>55,575</td></tr><tr><td>Equities</td><td>3,846,787</td></tr><tr><td>Total</td><td>$3,902,362</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrobate Center North Brooklyn, New York 11201-3859

JEFFREY EPSTEIN

STATEMENT PERIOD November 1, 2003

THROUGH November 28, 2003



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

Your Portfolio Allocation

Unshaded portions denote debit balance and/or short market values. The allocation percentage is derived from the absolute market value of your portfolio.

EFTA00200740



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

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## Your Portfolio Holdings

## CASH & CASH EQUIVALENTS

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>55,575</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$55,575</td><td></td><td></td></tr></tbody></table>

## EQUITIES

## Equities & Options

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>CANHORN CHEMICAL CORP</td><td>CNCPF</td><td>CASH</td><td>19</td><td>Unpriced</td><td></td><td></td><td></td></tr><tr><td>FELCOR LODGING TRUST INC</td><td>FCH</td><td>CASH</td><td>2,000</td><td>10.5700</td><td>21,140</td><td></td><td></td></tr><tr><td>GLENBOROUGH REALTY TRUST INC</td><td>GLB</td><td>CASH</td><td>2,000</td><td>19.6500</td><td>39,300</td><td>2,800</td><td>7.1247</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>21.8100</td><td>43,620</td><td>3,846</td><td>8.8171</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>9.7000</td><td>97,000</td><td>8,000</td><td>8.2474</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>39.5500</td><td>79,100</td><td>5,760</td><td>7.2819</td></tr><tr><td>JOHNSON &amp; JOHNSON</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>49.2900</td><td>2,848,962</td><td>55,488</td><td>1.9477</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>18.0800</td><td>36,160</td><td>2,600</td><td>7.1903</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>46.4500</td><td>20,252</td><td>889</td><td>4.3897</td></tr><tr><td>PENNSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>34.5000</td><td>61,893</td><td>3,875</td><td>6.2608</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>26.0500</td><td>312,600</td><td>20,160</td><td>6.4491</td></tr></tbody></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD November 1, 2003

JEFFREY EPSTEIN

THROUGH November 28, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

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EFTA00200741



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179

5 of 6

## Your Portfolio Holdings (continued)

Equities & Options (continued)

<table><thead><tr><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>ACCT TYPE</th><th>QUANTITY</th><th>PRICE</th><th>MARKET VALUE</th><th>ESTIMATED ANNUAL INCOME</th><th>CURRENT YIELD (%)</th></tr></thead><tbody><tr><td>SIRIUS SATELLITE RADIO INC</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>2.0600</td><td>2,060</td><td></td><td></td></tr><tr><td>TOO INC</td><td>TOO</td><td>CASH</td><td>15,600</td><td>18.2500</td><td>284,700</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,846,787</td><td>$103,418</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,846,787</td><td>$103,418</td><td></td></tr></tbody></table>

<table border="1"><tr><td>YOUR TOTAL ESTIMATED ANNUAL INCOME</td><td>$103,418</td></tr><tr><td>YOUR PRICED PORTFOLIO HOLDINGS</td><td>$3,902,362</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY





Bear, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



## INVESTMENT ACTIVITY



Transaction Detail


STATEMENT PERIOD November 1, 2003

JEFFREY EPSTEIN



ACCOUNT NUMBER



<table><thead><tr><th>SETTLEMENT DATE</th><th>TRADE DATE</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>PRICE</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/21/03</td><td></td><td>EXCHANGE</td><td>CROWN AMERICAN REALTY TRUST<br>C621722 TO MERGER @,3589 PENN REAL</td><td></td><td>-5,000</td><td></td><td></td><td></td></tr><tr><td>11/21/03</td><td></td><td>EXCHANGE</td><td>PENNSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI<br>FROM C621722 MERGER @,3589 PENN REAL</td><td>PEI</td><td>1,794</td><td></td><td></td><td></td></tr></tbody><tfoot><tr><td colspan="9">TOTAL</td></tr></tfoot></table>

THROUGH November 28, 2003

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

TAXPAYER NUMBER On File

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EFTA00200742



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT
Bear, Stearns & Co. Inc.
383 Madison Avenue
New York, New York 10179



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



6 of 6

JEFFREY EPSTEIN

## Transaction Detail (continued)

STATEMENT PERIOD November 1, 2003

## DIVIDENDS

THROUGH November 28, 2003

AGCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | October 31, 2003 |

| :--- | :--- |

<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE ($)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/07/03</td><td>CROWN AMERICAN REALTY TRUST<br>REC 10/27/03 PAY 11/07/03</td><td></td><td>5,000</td><td>0.2150</td><td></td><td>1,075.00</td></tr><tr><td>11/20/03</td><td>HOSPITALITY PROPERTIES TRUST<br>SBI<br>REC 10/28/03 PAY 11/20/03</td><td>HPT</td><td>2,000</td><td>0.7200</td><td></td><td>1,440.00</td></tr><tr><td>11/21/03</td><td>HRPT PROPERTIES TR-SBI<br>REC 10/22/03 PAY 11/21/03</td><td>HRP</td><td>10,000</td><td>0.2000</td><td></td><td>2,000.00</td></tr><tr><td colspan="6">TOTAL</td><td>$4,515.00</td></tr></tbody></table>



INTEREST


<table><thead><tr><th>DATE</th><th>DESCRIPTION</th><th>SYMBOL/CUSIP</th><th>QUANTITY</th><th>RATE (%)</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td>11/21/03</td><td>INTEREST ON CREDIT BALANCE AT 0 1/2% 10/21 THRU 11/20</td><td></td><td></td><td>0.5000</td><td></td><td>22.19</td></tr><tr><td colspan="7">TOTAL</td><td>$22.19</td></tr></tbody></table>

## MISCELLANEOUS

<table><thead><tr><th>DATE MO/DAY</th><th>TRANSACTION</th><th>DESCRIPTION</th><th>DEBIT AMOUNT</th><th>CREDIT AMOUNT</th></tr></thead><tbody><tr><td rowspan="3">11/21/03</td><td rowspan="3">CASH-LIEU</td><td>PENNSYLVANIA REAL ESTATE</td><td></td><td>16.90</td></tr><tr><td>INVESTMENT TRUST-SBI</td><td></td><td></td></tr><tr><td>MERGER @.3589 PENN REAL</td><td></td><td></td></tr><tr><td colspan="4">TOTAL</td><td>$16.90</td></tr></tbody></table>

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