EFTA00200848

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





# 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



TAXPAYER NUMBER On File

## Your Portfolio at a Glance

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

<table border="1"><tr><td>TOTAL VALUE OF SECURITIES THIS PERIOD*</td><td>3,905,215</td></tr><tr><td>NET CREDIT BALANCE</td><td>383,017</td></tr><tr><td>NET EQUITY THIS PERIOD</td><td>$4,288,232</td></tr><tr><td>NET EQUITY LAST STATEMENT</td><td>4,294,063</td></tr><tr><td>CHANGE SINCE LAST STATEMENT</td><td>-5,832</td></tr><tr><td colspan="2">*This portfolio includes one or more unpriced securities that are not reflected in the Total Value of Securities and the Net Equity This Period.</td></tr></table>

ACCOUNT NUMBER

STATEMENT PERIOD July 1, 2004

THROUGH July 30, 2004

JEFFREY EPSTEIN

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

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, Stearns 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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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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STEARNS


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

3 of 6

Cash Flow Analysis

<table border="1"><tr><td></td><td>THIS PERIOD</td></tr><tr><td>OpeningBalance</td><td>$375,451.48</td></tr><tr><td>Dividends/Interest</td><td>7,565.09</td></tr><tr><td>Amount Credited</td><td>$7,565.09</td></tr><tr><td>Net Cash Activity</td><td>7,565.09</td></tr><tr><td>ClosingBalance</td><td>$383,016.57</td></tr></table>

Cash Balance Summary

<table border="1"><tr><td></td><td>OPENING</td><td>CLOSING</td></tr><tr><td>Cash</td><td>375,451.48</td><td>383,016.57</td></tr><tr><td>Net Cash Balance</td><td>$375,451.48</td><td>$383,016.57</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>7,351.60</td><td>54,248.78</td></tr><tr><td>Credit Balance Int.</td><td>213.49</td><td>462.30</td></tr><tr><td>Total</td><td>$7,565.09</td><td>$54,711.08</td></tr></table>

Portfolio Composition

<table border="1"><tr><td>Cash/Cash Equivalent</td><td>383,017</td></tr><tr><td>Equities</td><td>3,905,215</td></tr><tr><td>Total</td><td>$4,288,232</td></tr></table>



CLEARED THROUGH ITS
WHOLLY OWNED SUBSDIARY




Bear, Stearns Securities Corp.

One Metratech Center North

Brooklyn, New York 11201-3859



STATEMENT PERIOD July 1, 2004

JEFFREY EPSTEIN

THROUGH July 30, 2004



ACCOUNT NUMBER



Your Portfolio Allocation

TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

EFTA00200851



BEAR
STEARNS


OFFICE SERVICING YOUR ACCOUNT

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



CLEARED THROUGH ITS

CLEARLY WOUNDED SUBSIDIARY



4 of 6

Bear, Steams Securities Corp.

One Metrotech Center North

Brooklyn, New York 11201-3859

## CASH & CASH EQUIVALENTS

## Your Portfolio Holdings

<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>383,017</td><td></td><td></td></tr><tr><td>TOTAL CASH &amp; CASH EQUIVALENTS</td><td></td><td></td><td></td><td>$383,017</td><td></td><td></td></tr></tbody></table>

## Equities & Options

## EQUITIES

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.

STATEMENT PERIOD July 1, 2004

JEFFREY EPSTEIN

AGCOUNT NUMBER

THROUGH July 30, 2004

TAXPAYER NUMBER On File

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

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>11.4000</td><td>22,800</td><td></td><td></td></tr><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>18.2800</td><td>36,560</td><td>2,800</td><td>7.6586</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 6

JEFFREY EPSTEIN

## Your Portfolio Holdings (continued)

Equities & Options (continued)

STATEMENT PERIOD July 1, 2004

THROUGH July 30, 2004

ACCOUNT NUMBER

<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>GLIMCHER REALTY TRUST-SBI</td><td>GRT</td><td>CASH</td><td>2,000</td><td>21.6600</td><td>43,320</td><td>3,846</td><td>8.8781</td></tr><tr><td>HRPT PROPERTIES TR-SBI</td><td>HRP</td><td>CASH</td><td>10,000</td><td>10.0700</td><td>100,700</td><td>8,400</td><td>8.3416</td></tr><tr><td>HOSPITALITY PROPERTIES TRUST SBI</td><td>HPT</td><td>CASH</td><td>2,000</td><td>39.8800</td><td>79,760</td><td>5,760</td><td>7.2217</td></tr><tr><td>JOHNSON &amp; JOHNSON BSC RATING: STOCK P/SECTOR MW BUCKINGHAM RESEARCH RATING: H</td><td>JNJ</td><td>CASH</td><td>57,800</td><td>55.2700</td><td>3,194,606</td><td>65,892</td><td>2.0626</td></tr><tr><td>KRAMONT REALTY TRUST</td><td>KRT</td><td>CASH</td><td>2,000</td><td>15.9000</td><td>31,800</td><td>2,600</td><td>8.1761</td></tr><tr><td>PAN PACIFIC RETAIL PROPERTIES INC</td><td>PNP</td><td>CASH</td><td>436</td><td>50.6000</td><td>22,062</td><td>946</td><td>4.2879</td></tr><tr><td>PENINSYLVANIA REAL ESTATE INVESTMENT TRUST-SBI</td><td>PEI</td><td>CASH</td><td>1,794</td><td>34.8700</td><td>62,557</td><td>3,875</td><td>6.1944</td></tr><tr><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI</td><td>RPT</td><td>CASH</td><td>12,000</td><td>25.7100</td><td>308,520</td><td>20,160</td><td>6.5344</td></tr><tr><td>SIRIUS SATELLITE RADIO INC BSC RATING: STOCK P/SECTOR MW ATLANTIS RESEARCH RATING: H</td><td>SIRI</td><td>CASH</td><td>1,000</td><td>2.5300</td><td>2,530</td><td></td><td></td></tr><tr><td>Total Equities&amp; Options</td><td></td><td></td><td></td><td></td><td>$3,905,215</td><td>$114,279</td><td></td></tr><tr><td>TOTAL EQUITIES</td><td></td><td></td><td></td><td></td><td>$3,905,215</td><td>$114,279</td><td></td></tr></tbody></table>

| LAST STATEMENT | June 30, 2004 |

| :--- | :--- |

TAXPAYER NUMBER On File

<table border="1"><tr><td>YOUR PORTFOLIOHOLDINGSESTIMATED ANNUAL INCOME</td><td>$114,279</td></tr><tr><td>YOUR PRICED PORTFOLIOHOLDINGS</td><td>$4,288,232</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

6 of 6

JEFFREY EPSTEIN



Transaction Detail


STATEMENT PERIOD July 1, 2004

THROUGH July 30, 2004

DIVIDENDS

ACCOUNT NUMBER

TAXPAYER NUMBER On File

| LAST STATEMENT | June 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>07/01/04</td><td>RAMCO GERSHENSON PROPERTIES TRUST-MD SBI REC 06/20/04 PAY 07/01/04</td><td>RPT</td><td>12,000</td><td>0.4200</td><td></td><td>5,040.00</td></tr><tr><td>07/15/04</td><td>GLENBOROUGH REALTY TRUST INC REC 07/01/04 PAY 07/15/04</td><td>GLB</td><td>2,000</td><td>0.3500</td><td></td><td>700.00</td></tr><tr><td>07/15/04</td><td>GLIMCHER REALTY TRUST-SBI REC 06/30/04 PAY 07/15/04</td><td>GRT</td><td>2,000</td><td>0.4808</td><td></td><td>961.60</td></tr><tr><td>07/22/04</td><td>KRAMONT REALTY TRUST REC 06/25/04 PAY 07/22/04</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>07/21/04</td><td>INTEREST ON CREDIT BALANCE<br>ACCT<br>AT 00,67573% 06/21 - 07/20</td><td></td><td></td><td></td><td></td><td>213.49</td></tr><tr><td>TOTAL</td><td></td><td></td><td></td><td></td><td></td><td>$213.49</td></tr></tbody></table>





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


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