EFTA00200826

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 ... 6

Fund Activity 6





# 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

| TOTAL VALUE OF SECURITIES THIS PERIOD* | 4,151,910 |

| :--- | :--- |

| NET CREDIT BALANCE | 653 |

| :--- | :--- |





<table><thead><tr><th>MONEY MARKET FUND BALANCE</th><th>411,764</th></tr></thead></table>

<table><thead><tr><th>CHANGE SINCE LAST STATEMENT</th><th>137,897</th></tr></thead></table>

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

| NET EQUITY THIS PERIOD | $4,564,327 |

| :--- | :--- |

| ... | ... |

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

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

| NET EQUITY LAST STATEMENT | 4,426,431 |

| :--- | :--- |

ACCOUNT NUMBER

TAXPAYER NUMBER On File

STATEMENT PERIOD October 1, 2004

JEFFREY EPSTEIN

THROUGH October 29, 2004

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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BEAR
STEARNS


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

3 of 7

Cash Flow Analysis

<table border="1"><tr><td></td><th>THIS PERIOD</th></tr><tr><td>OpeningBalance</td><td>$115.78</td></tr><tr><td>Money Fund</td><td>449.24</td></tr><tr><td>Dividends/Interest</td><td>7,354.89</td></tr><tr><td>Amount Credited</td><td>$7,804.13</td></tr><tr><td>Money Fund</td><td>-7,266.62</td></tr><tr><td>Amount Debited</td><td>$-7,266.62</td></tr><tr><td>Net Cash Activity</td><td>537.51</td></tr><tr><td>ClosingBalance</td><td>$653.29</td></tr></table>

Income Summary

<table border="1"><tr><td></td><th>THIS PERIOD</th><th>YEAR TO DATE</th></tr><tr><td>Dividends</td><td>7,800.84</td><td>83,267.91</td></tr><tr><td>Credit Balance Int.</td><td>3.29</td><td>843.40</td></tr><tr><td>Total</td><td>$7,804.13</td><td>$84,111.31</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>412,417</td></tr><tr><td>Equities</td><td>4,151,910</td></tr><tr><td>Total</td><td>$4,564,327</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>115.78</td><td>653.29</td></tr><tr><td>Net Cash Balance</td><td>$115.78</td><td>$653.29</td></tr></table>



CLEARED THROUGH ITS

WHOLLY OWNED SUBSDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

STATEMENT PERIOD October 1, 2004

JEFFREY EPSTEIN

THROUGH October 29, 2004

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

Your Portfolio Allocation

EFTA00200829



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

4 of 7

JEFFREY EPSTEIN

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

STATEMENT PERIOD October 1, 2004

THROUGH October 29, 2004

<table border="1"><tr><td>DESCRIPTION</td><td>SYMBOL/CUSIP</td><td>QUANTITY</td><td>PRICE</td><td>MARKET VALUE</td><td>ESTIMATED ANNUAL INCOME</td><td>CURRENT YIELD(%)</td></tr><tr><td>CASH BALANCE</td><td></td><td></td><td></td><td>653</td><td></td><td></td></tr><tr><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES EST,30 DAY AVG YIELD 1,6300%</td><td>DICXX</td><td>411,763.51</td><td>1.0000</td><td>411,764</td><td>5,765</td><td>1.4001</td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$412,417</td><td>$5,765</td><td></td></tr></table>



ACCOUNT NUMBER



| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

## EQUITIES

## Equities & Options

The research ratings for Bear Stearns (BSC) are shown for certain securities covered by the Firm’s Equity Research Department. The first rating represents the stock's total return relative to the other stocks covered by that Analyst. The key for the stock rating values is as follows: O = Outperform; P = Peer Perform; U = Underperform. The second rating represents the rating of the coverage universe relative to the regional broader market index. The key for the sector rating is as follows: MO = Market Overweight; MW = Market Weight; MU = Market Underweight. In cases where a BSC rating is present, the name of an independent, third-party research provider and their rating may also be displayed, where such research is available. The various providers have normalized their ratings systems as follows: B = Buy; H = Hold; S = Sell. The ratings information contained herein is for informational purposes only and is not intended to provide tax, legal or investment advice. Bear Stearns is neither soliciting any action based on such information, nor endorsing any recommendation or opinion expressed by any independent, third-party research provider. The symbol indicates that continuing coverage of the subject company is temporarily not available due to legal reasons.

Independent, third-party research on certain companies covered by the Firm's research is available to customers of Bear Stearns at no cost. Customers can access this research at www.bearstearns.com or can call (800) 517-2327 to request that a copy of this research be sent to them.

<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<br>BSC RATING: STOCK U/SECTOR MW<br>GREEN STREET ADVISORS, INC.<br>RATING: S</td><td>FCH</td><td>CASH</td><td>2,000</td><td>11.6200</td><td>23,240</td><td></td><td></td></tr></tbody></table>

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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



**5 of 7**

## Your Portfolio Holdings (continued)

Equities & Options (continued)

JEFFREY EPSTEIN

<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>GLENBOROUGH REALTY TRUST INC<br>BSC RATING: STOCK P/SECTOR MW<br>SABRIENT SYSTEMS, L.L.C.<br>RATING: H</td><td>GLB</td><td>CASH</td><td>2,000</td><td>21.0000</td><td>42,000</td><td>2,800</td><td>6.6667</td></tr><tr><td>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>25.8200</td><td>51,640</td><td>3,846</td><td>7.4477</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>11.1900</td><td>111,900</td><td>8,400</td><td>7.5067</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST<br>SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>42.8500</td><td>85,700</td><td>5,760</td><td>6.7211</td></tr><tr><td>JOHNSON &amp; JOHNSON<br>BSC RATING: STOCK P/SECTOR MW<br>BUCKINGHAM RESEARCH RATING: H</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>58.3800</td><td>3,374,364</td><td>65,892</td><td>1.9527</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>18.8600</td><td>37,720</td><td>2,600</td><td>6.8929</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES<br>INC</td><td>PNP</td><td>CASH</td><td>436</td><td>56.6500</td><td>24,699</td><td>946</td><td>3.8301</td></tr><tr><td>PENINSYLVANIA REAL ESTATE<br>INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>40.5500</td><td>72,747</td><td>3,875</td><td>5.3267</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES<br>TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>27.0000</td><td>324,000</td><td>20,160</td><td>6.2222</td></tr><tr><td>SIRIUS SATELLITE RADIO INC<br>BSC RATING: STOCK O/SECTOR MW<br>ATLANTIS RESEARCH RATING: H</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>3.9000</td><td>3,900</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$4,151,910</td><td>$114,279</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$4,151,910</td><td>$114,279</td><td></td></tr></tbody></table>

STATEMENT PERIOD October 1, 2004

THROUGH October 29, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



6 of 7



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859



JEFFREY EPSTEIN

STATEMENT PERIOD October 1, 2004

THROUGH October 29, 2004



ACCOUNT NUMBER



TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$120,044</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,564,327</td></tr></table>

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |



Transaction Detail


## MONEY FUND ACTIVITY

<table><thead><tr><th>DATE MO/DAY</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>10/01/04</td><td></td><td>OPENINGBALANCE</td><td></td><td>404,496.89</td><td></td><td></td><td></td></tr></tbody></table>

<table border="1"><tr><td>10/01/04</td><td>DIVIDEND</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND</td><td>DICXX</td><td></td><td></td><td></td><td>449.24</td></tr><tr><td>10/01/04</td><td>REINVEST</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST</td><td>DICXX</td><td>449.24</td><td></td><td>449.24</td><td></td></tr><tr><td>10/20/04</td><td>BOUGHT</td><td>DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES</td><td>DICXX</td><td>6,817.38</td><td>1.0000</td><td>6,817.38</td><td></td></tr><tr><td>10/29/04</td><td></td><td>CLOSINGBALANCE</td><td></td><td>411,763.51</td><td></td><td></td><td></td></tr><tr><td colspan="5">TOTAL</td><td></td><td>-7,266.62</td><td>$449.24</td></tr></table>

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BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS
CLEARLY WOUNDED SUBSIDIARY



Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

7 of 7

JEFFREY EPSTEIN

## **Transaction Detail** (continued)

STATEMENT PERIOD October 1, 2004

THROUGH October 29, 2004

DIVIDENDS

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | September 30, 2004 |

| :--- | :--- |

<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>10/01/04</td><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI REC 09/20/04 PAY 10/01/04</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>10/15/04</td><td>GLENBOROUGH REALTY TRUST INC REC 10/01/04 PAY 10/15/04</td><td>GLB</td><td>2,000</td><td>0.3500</td><td></td><td>700.00</td></tr><tr><td>10/15/04</td><td>GLIMCHER REALTY TRUST-SBI REC 09/30/04 PAY 10/15/04</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>10/22/04</td><td>KRAMONT REALTY TRUST REC 09/24/04 PAY 10/22/04</td><td>KRT</td><td>2,000</td><td>0.3250</td><td></td><td>650.00</td></tr><tr><td colspan="6">TOTAL</td><td>$7,351.60</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>10/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 01,12500% 09/21 - 10/20</td><td></td><td></td><td></td><td></td><td>3.29</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$3.29</td></tr></tbody></table>





******* End of Statement*******


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