Bear Stearns brokerage statement for Jeffrey Epstein, October 2004

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

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| :--- | :--- |¶

| 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 |¶

| :--- | :--- |¶

MONEY MARKET FUND BALANCE	411,764

CHANGE SINCE LAST STATEMENT	137,897

*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 |¶

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

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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¶

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Cash Flow Analysis¶

	THIS PERIOD
OpeningBalance	$115.78
Money Fund	449.24
Dividends/Interest	7,354.89
Amount Credited	$7,804.13
Money Fund	-7,266.62
Amount Debited	$-7,266.62
Net Cash Activity	537.51
ClosingBalance	$653.29

Income Summary¶

	THIS PERIOD	YEAR TO DATE
Dividends	7,800.84	83,267.91
Credit Balance Int.	3.29	843.40
Total	$7,804.13	$84,111.31

Portfolio Composition¶

Cash/Cash Equivalent	412,417
Equities	4,151,910
Total	$4,564,327

Cash Balance Summary¶

	OPENING	CLOSING
Cash	115.78	653.29
Net Cash Balance	$115.78	$653.29

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¶

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

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.¶

DESCRIPTION	SYMBOL/CUSIP	ACCT TYPE	QUANTITY	PRICE	MARKET VALUE	ESTIMATED ANNUAL INCOME	CURRENT YIELD (%)
CANHORN CHEMICAL CORP	CNCPF	CASH	19	Unpriced
FELCOR LODGING TRUST INC BSC RATING: STOCK U/SECTOR MW GREEN STREET ADVISORS, INC. RATING: S	FCH	CASH	2,000	11.6200	23,240

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EFTA00200830¶

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¶

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

STATEMENT PERIOD October 1, 2004¶

THROUGH October 29, 2004¶

ACCOUNT NUMBER¶

TAXPAYER NUMBER On File¶

| LAST STATEMENT | September 30, 2004 |¶

| :--- | :--- |¶

027¶

10/30/04;11:50 001¶

EFTA00200831¶

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¶

YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME	$120,044
YOUR PRICED PORTFOLIOHOLDINGS	$4,564,327

| LAST STATEMENT | September 30, 2004 |¶

| :--- | :--- |¶

Transaction Detail¶

MONEY FUND ACTIVITY¶

DATE MO/DAY	TRANSACTION	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	PRICE	DEBIT AMOUNT	CREDIT AMOUNT
10/01/04		OPENINGBALANCE		404,496.89

10/01/04	DIVIDEND	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES MONTHLY DIVIDEND	DICXX				449.24
10/01/04	REINVEST	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES DIVIDEND REINVEST	DICXX	449.24		449.24
10/20/04	BOUGHT	DREYFUS CASH MANAGEMENT-CL A INSTITUTIONAL SHARES	DICXX	6,817.38	1.0000	6,817.38
10/29/04		CLOSINGBALANCE		411,763.51
TOTAL						-7,266.62	$449.24

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10/30/04;11:50 001¶

EFTA00200832¶

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 |¶

| :--- | :--- |¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE ($)	DEBIT AMOUNT	CREDIT AMOUNT
10/01/04	RAMCO GERSHENSON PROPERTIES TRUST-MD SBI REC 09/20/04 PAY 10/01/04	RPT	12,000	0.4200		5,040.00
10/15/04	GLENBOROUGH REALTY TRUST INC REC 10/01/04 PAY 10/15/04	GLB	2,000	0.3500		700.00
10/15/04	GLIMCHER REALTY TRUST-SBI REC 09/30/04 PAY 10/15/04	GRT	2,000	0.4808		961.60
10/22/04	KRAMONT REALTY TRUST REC 09/24/04 PAY 10/22/04	KRT	2,000	0.3250		650.00
TOTAL						$7,351.60

INTEREST¶

DATE	DESCRIPTION	SYMBOL/CUSIP	QUANTITY	RATE (%)	DEBIT AMOUNT	CREDIT AMOUNT
10/21/04	INTEREST ON CREDIT BALANCE ACCT AT 01,12500% 09/21 - 10/20					3.29
TOTAL						$3.29

******* End of Statement*******¶

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